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.
Looking to join a team that offers more than just co-workers? We’re proud to have built a firm which engenders loyalty and provides an environment in which life-long professional connections and friendships can flourish.
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We offer a workplace where striving for excellence and being supported to achieve your professional and personal best, are par for the course.
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We foster a dynamic and respectful work culture, where growth and development are encouraged, and initiative is rewarded.
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.
Applying for a graduate position at William Buck is the first step in a rewarding career.
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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
HEAD OF RESEARCH,
PRINCIPAL, WEALTH ADVISORY
For the month of April the Reserve Bank of Australia (RBA) left the cash rate on hold at 1.5%. The housing markets were a cause for caution and concern, with continued growth in the Melbourne and Sydney markets mismatching slower growth in other parts of the country. The Board also noted mixed figures in the labour market, where unemployment has slightly risen.
In the first couple of days of May the Board yet again decided to leave interest rates at 1.5%, unchanged for the past eight consecutive months. The Bank’s forecasts for the Australian economy have also not changed much, with economic growth expected to increase gradually over time. Labour market indicators remain mixed, unemployment data remains sound, whilst wage growth remains slow.
The Board met in June to yet again announce no changes to the cash rate. The Board reiterated concerns about low core inflation. Slow growth in real wages remained a concern – firstly putting a strain on household consumption, and secondly falling behind rising household debt levels. The housing market seemed to be at the forefront of decision making over the past three months, with continued rising prices remaining a concern.
The RBA once again made no change at the July meeting; however the minutes of the meeting released on the 18th of July included some interesting comments. Board members hinted at the potential to bring the cash rate to a “neutral rate” of 3.5% in the future. Investors assumed these comments were a signal that interest rates may be entering a new rising phase. The Board’s comments reflected the sentiments of most major international central banks, who now seem focused on “normalising” interest rates.
April saw global yields fall as they continued the downward trend from the previous month; global bonds returned 0.74%, and Australian government bonds returned 0.79%. Australian 10- year Treasury yields fell 12 basis points to 2.58%; US counterparts returned 2.28% respectively.
Global yields fell further in May, continuing the trend from March; as investors increased their fixed income holdings. Global bonds returned 0.64%, the US 10- year Treasury yield fell to 2.2%, Australian government bonds returned 0.15%, and Australian 10- year Treasury yields fell to 2.39% – the lowest since November 2016.
Global yields pushed higher in the month of June and July, but have since settled back given Janet Yellen’s cautious comments about the pace of US interest rate rises. The market view remains that the US Federal Reserve will increases rates again in December this year. The combination of potentially slower interest rate rises in the US and faster rises in Australia put a rocket under the $A, which remains around the $0.79 level.
The Australian equities market had a mixed month in April, returning 1.03%. The Materials, Energy, and Consumer Staples sectors weighed on performance, while gains came from the Industrials sector. After complications in its US business caused Brambles to make losses in the previous months, the company came back strong during April to gain +10.59%. This followed the announcement that it is on track to meet its 5% sales growth target; with the stock finishing the month at $10.34 per share.
The month of May saw Australian equities post a pullback of -2.75%. Losses were driven by the Financials sector (-7.16%) after having rallied on positive sentiment since November 2016 – ANZ (-11.24%) and Westpac (-9.26%) were hardest hit amongst the big four banks. The Materials sectors also posted an overall loss despite mixed results amongst companies. May’s market conditions generally benefitted income stocks, with Telstra gaining 4.27% alone.
The Australian market was relatively unexciting in June as the otherwise thrilling financial year came to an end, gaining a meagre 0.17%. The Healthcare and Financials sectors led the market gain. Despite leading throughout the year, Materials have been trending downwards since the end of January.
The Australian market has been having an interesting time through the month of July, with intraday volatility prevalent. APRA’s new regulation on bank capital supported the big four banks, with the new requirements already factored into the big banks’ capital plans. Healthcare also had a blow as CSL shares dropped following the Bioverativ’s law suit, however, the company’s impressive run continued with the shares bouncing back, lifting the whole healthcare sector.
In the global environment, the MSCI World Index gained 3.57% in $AUD terms, boosted by Europe and emerging markets. US markets continued to rally during the month with the S&P 500 gaining 3.05% in AUD terms, despite a poor GDP growth figure of 0.7%. With US valuations starting to look a little on the high side, investors are holding out for the Trump administration’s proposed tax cuts to be made law. Tax cuts would be beneficial for company earnings and lend support to the current market valuation.
The EuroStoxx 600 Index rose 5.79%, as Emmanuel Macron looked to be the winner in the presidential election. The UK, Japan, and Chinese markets also made modest gains, and the MSCI Emerging Markets Index was up 4.24%, supported by gains from the Taiwanese and Indian markets.
For the month of May the MSCI World Index gained 2.68% in AUD terms, once again supported by Europe and emerging markets. The Eurostoxx 600 Index increased 5.38% and the MSCI Emerging Markets Index rose 3.43% with strong performance in the Chinese, Hong Kong, and Korean markets. In the US, the S&P 500 gained 1.87% in AUD terms.
The MSCI World Index fell 2.54% in AUD terms during June, dragged down by the European markets, and the MSCI Emerging Index also fell 1.97%. The US market showed signs of slowing down in June – the S&P 500 fell -2.34% in AUD terms, as the US central bank was unable to halt US dollar weakness late in the month.
In July the US Consumer Discretionary sector, particularly “bricks and mortar”, were being negatively impacted by Amazon’s purchase of Whole Foods. Tech stocks were also down slightly month to date, but remain in a continued upward trend. Overall, July may well end up negative for global equities as a result of a jump in the $AUD post the release of the RBA’s July minutes.
Hedge Fund strategies were largely flat over the quarter, with sector returning 0.03% across a broad range of strategies according to the Credit Suisse Hedge Fund Index. Contributors to performance were exposure to Emerging Market equities and Long / Short Equity, while Managed Futures continued to detract from performance. Managed Futures, which benefit from trending prices across a wide range of markets, were unable to sustain early positive momentum in the quarter.