William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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Sweeping changes to financial reporting may impact your financial position and business operations.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
Interested in joining our team? We have positions across Australia and New Zealand for forward thinking, enthusiastic, intelligent individuals.
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We’re committed to recruiting outstanding people. Our culture is built on respect and team work, making William Buck a great place to develop a rewarding career. From day one, you will be given every opportunity to realise your full potential.
We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
Hello. Kia Ora. Talofa. Ni Ho. However, you say it, there’s always a warm welcome at William Buck. Creating an enjoyable environment to spend our days is part of our master plan to create an exceptional place to work.
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Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
As a member of Praxity, the world’s largest international accounting alliance, our local team is supported by our extensive network, representing an unrivalled global resource and knowledge pool.
From Western Australia, to New Zealand; and everything in-between; check out our offices, and local team, representing an unrivalled global resource and knowledge pool.
By CHRIS RYLANDS
RESEARCH MANAGER, WEALTH ADVISORY
There was no Reserve Bank of Australia (“RBA”) meeting scheduled in January, leaving February as the first month for the Board to meet and consider the level of domestic interest rates. The Board left interest rates on hold at 2.00% as expected, however, Governor Glenn Stevens did make reference to the recent volatility in global markets and the potential for it to drag on domestic economic growth.
Domestic economic data remains reasonable given the slowdown observed in other areas of the global economy. Unemployment data has recently been stronger than expected and the January inflation reading of 1.7% remains below the RBA’s upper tolerance level of 2%. The RBA did reassure investors that it is willing and able to cut interest rates should the recent financial market volatility leak into the domestic economy. This message was consistent with the March meeting where interest rates also remained on hold at 2.00%.
The RBA was under considerably more pressure for the remainder of March after global events caused a strong rally in the Australian dollar (“$A”). The currency bounced after changes to United States (“US”) interest rate expectations caused the US dollar (“$US”) to weaken against almost all the major currencies. A weaker currency has been an extremely important factor in domestic economic strength and increases the likelihood that the Board will try and “talk down” the currency at its April meeting.
Recent changes to bank funding profiles have provided some attractive term deposit rates.
The highest term deposit rates currently available are 3.00% across 3 months, 3.10% across 6 months and 3.12% for 12 months.
A sharp decline in risk appetite during January led to an increase in volatility and weakness across equity markets. Global fixed interest markets saw increasing inflows as investors sought a safe haven. The weight of money pushed yields lower and prices higher. By the end of January the global fixed income sector increased by 1.65%, whilst the Australian sector rose by 1.22%.
Risk appetite declined further in February, adding to investor caution and driving further support for the sector. Concerns over global growth and commodity prices resumed, convincing many investors to remain parked in fixed income investments. As a result, fixed income markets continued to climb, with global fixed income rising 1.09% and the domestic sector posting a 1.03% increase. The positive returns from the sector during the first two months of equity market volatility provided excellent portfolio diversification.
Sentiment became much more positive during March as global central banks moved to restore confidence. March saw some of the recent gains in the sector reverse as volatility in global equity markets declined. Investors cheered the likelihood of lower US interest rates for longer and the renewed confidence caused investors to relocate some of their fixed income holdings back into the equity market.
The Australian equity market experienced a volatile start to 2016, finishing the month of January down -5.48%. Global market weakness was the key driver, with the Australian market generally following offshore market moves. Commodity stocks once again led the market lower, with Materials and Energy falling -9.1% and -6.5% respectively for the month, as concerns around Chinese growth intensified.
The selling pressure grew stronger in February as investors weighed continued weakness in the global economy. Investors also focused on the domestic reporting season, which was generally better than expected. Aggregate profits rose 2.10% for the half year compared to the prior period. Dividend payments rose by 7.1%, with 62% of companies lifting payment levels.
The major themes for the resource sector remained cost cutting and lower dividend payouts as profits declined. Much of the bad news had already been factored into share prices, leading to a recovery in the Materials sector of 9.12% during the month.
The other main area of focus was the outlook for bank profits and dividend payouts. The reporting season saw banking bad debts start to tick up, adding to existing concerns about the need for capital levels to protect against a downturn in the property market. The negative sentiment surrounding the sector led to a decline of -5.32% for the month. The market as whole declined 1.76% during February.
Source: Ord Minnett
The theme of stronger Resources stocks and weaker Banking stocks continued during March. The remainder of the market was generally well supported as investors continued to embrace the prospect of US interest rates remaining on hold. The rebound in the $A did limit gains for those companies with offshore earnings which benefit from a weaker currency.
Global equity markets were dominated by threats of slower growth in China and a sharp drop in oil during January. Chinese economic data was generally weaker than forecast, with investors alert for further weakness in the currency. Volatility and caution remained the overarching themes, however, shares globally came off their lows towards the end of the month on hopes of further central bank action. The sector finished the month off 3.23%.
January’s themes remained in focus during February. The market volatility reflected uncertainty surrounding the US Federal Reserve’s March meeting to decide on interest rates. Global equity markets began to rally towards the end of the month as rumours of further easing from global central banks gained traction, with the sector down -1.7% for the month.
Co-ordinated action from central banks arrived in March, with the European Central Bank announcing a raft of new measures to spur European economic growth. A further boost was provided by the US Federal Reserve when it announced that had reduced its forecast of interest rate hikes from four to just two in 2016. Markets responded favourably to these developments, led by a strong bounce in US equities.
Hedge Funds and alternative strategies also provided significant diversification benefits during January and February. Positive contributions from fixed income, currencies and commodities generated strong returns 2.8% and 3.2% in January and February respectively. Returns have moderated somewhat during March as equity markets and risk appetite rebounded.