HSBC Treasury Management Profiles 2018 -

Current section, Introduction


New Zealand has a modern and competitive economy that is largely dependent on international trade (exports accounts for about 30 per cent of GDP) and tourism (5.6 per cent of GDP in the year ending March 2016). Economic growth has averaged around 3 per cent over the past three years driven by strong demand for exports, particularly from Australia and China. The New Zealand Treasury has forecast a growth of 3.7 per cent in the year to June 2018. However, the country’s open economy and heavy reliance on exports makes it highly susceptible to economic trends and the fortunes of its trading partners; New Zealand is exposed to protectionist trade policies and slowing Chinese economic growth, for example. Domestically, New Zealanders enjoy high living standards, although GDP per capita is low owing to low labour productivity; the OECD has identified improving productivity as a major long-term challenge for the country. Unemployment remains high, approximately 4.8 per cent in Q2 2017, but a rebound in exports (exports grew 9 per cent year-on-year in August 2017) and a strong tourism sector has seen unemployment fall to its lowest levels since 2008. New Zealand’s government forecasts an NZD2.85 billion budget surplus in the year to June 2018; surplus cash will be invested in infrastructure. The government plans to spend NZD11 billion in infrastructure over the next four years.

To read the detailed report, please click on the Download PDF option

Legal and regulatory

  • Foreign exchange and domestic currency (NZD) accounts can be held by residents both domestically and abroad. Resident domestic currency accounts are freely convertible into foreign currency
  • Non-resident bank accounts are permitted in both foreign and domestic currency. Non-resident domestic currency accounts are convertible into foreign currency
  • A sample of 450 and 1,200 resident companies are required to report transactions with non-residents to Statistics New Zealand on a quarterly and annual basis respectively

To read the detailed report, please click on the Download PDF option


  • Resident companies are taxed on their worldwide income
  • Non-resident companies are taxed on their New Zealand-sourced income only
  • The standard rate of corporation tax is 28 per cent

To read the detailed report, please click on the Download PDF option

Payment instruments and systems

  • Cash remains an important payment medium in New Zealand, particularly for low-value retail transactions. Electronic credit transfers are used for both high-value corporate and low-value retail payment transactions. Cheque use is in terminal decline. Payment card use, particularly of credit cards, is high. Mobile payment schemes are available but not widely used at present
  • New Zealand operates five main payment systems: ESAS, an RTGS system; the HVCS, for high-value electronic transfers; BECS, for low-value electronic retail payments; CECS, for banks’ proprietary debit card payments; and the PCS, for paper-based payments

To read the detailed report, please click on the Download PDF option

Cash management

  • Domestic and cross-border notional pooling and cash concentration are permitted
  • Private couriers or collection agencies are used to facilitate collections by delivering invoices and picking up customer payments

To read the detailed report, please click on the Download PDF option

Electronic banking

  • Electronic banking is available in New Zealand. There is no bank-independent electronic banking standard
  • Internet and mobile banking services are provided by all of the country’s banks for both corporate and retail purposes 

To read the detailed report, please click on the Download PDF option



To read the full report on New Zealand and to discover more on these and other topics, including banking and trade, please click on the Download PDF option.



  • Organisation for Economic Co-operation and Developments: Economic Survey of New Zealand 2017
  • World Bank
  • Statistics New Zealand
  • Ministry of Business, Innovation & Employment
  • The Treasury

The materials contained on this page were assembled in April 2017 (unless otherwise dated).



This document has been produced by HSBC Bank plc and members of the HSBC Group (“HSBC”), together with their third-party contributor, WWCP Limited. We make no representations, warranties or guarantees (express or implied) that the information in this document is complete, accurate or up to date. We will not be liable for any liabilities arising under or in connection with the use of, or any reliance on, this document or the information contained within it. It is not intended as an offer or solicitation for business to anyone in any jurisdiction. The information contained in this document is of a general nature only. It is not meant to be comprehensive and does not constitute financial, legal, tax or other professional advice. You should not act upon the information contained in this document without obtaining your own independent professional advice. The information contained in this document has not been independently verified by HSBC.

This document contains information relating to third parties. The information does not constitute any form of endorsement by these third parties of the products and/or services provided by HSBC or any form of cooperation between HSBC and the respective third parties.

Under no circumstances will HSBC or the third-party contributor be liable for (i) the accuracy or sufficiency of this document or of any information, statement, assumption or projection contained in this document or any other written or oral information provided in connection with the same, or (ii) any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this document and the information contained within it.

HSBC and the third-party contributor do not undertake, and are under no obligation, to provide any additional information, to update this document, to correct any inaccuracies or to remedy any errors or omissions.

No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of HSBC and the third-party contributor. Any products or services to be provided by HSBC in connection with the information contained in this document shall be subject to the terms of separate legally binding documentation and nothing in this document constitutes an offer to provide any products or services.