Best of Business

Today's GDP figure is expected to show small growth, but some economists are more optimistic than the Reserve Bank. It predicted 0.8 percent growth, but ANZ Senior Economist Miles Workman is picking a 1.1 percent growth. He told Tim Dower other data released prior to today's announcement  is why he's changed his tune. Workman says things like retail spending data and manufacturing surveys are more...

A glimpse into how our economy is continuing to fare post-pandemic... Stats NZ is set to release our GDP figures for the third quarter later this morning. It was up 1.7 percent in the June quarter. ASB's chief economist Nick Tuffley told Roman Travers they expect today's numbers will show the economy is still going through a recovery. He says they're tipping it'll show a decent growth of 0.9 perce...

House prices are down sharply and questions remain as to whether they will stay down. ASB Bank predicts prices will eventually be lower by 40 percent once we adjust for inflation and 25 percent in cold cash terms. They're now 14 percent below the peak last year and there are signs the rate of decline may be increasing. ASB's Nick Tuffley joined Tim Dower. LISTEN ABOVE See omnystudio.com/listener f...

The Treasury will be opening its book for the Half Year Economic and Fiscal Update today. Westpac Acting Chief Economist Michael Gordon says it will show us the state of the Government's finances. He says it's likely to predict flat growth or even a recession like the Reserve Bank has. Gordon told Tim Dower it will most likely be grim reading for the Government. He says they will probably be looki...

The Bluff Oyster and Food Festival has been canned once again. The festival was to be held in May,  but has been postponed due to a former hotel adjacent to the site,  having a dangerous building notice on it. It’s the second year running it’s been cancelled, with Covid-19 the reason last year. Festival chair John Edminstin, who owns the building next door told Roman Travers he knows this is disap...

Ivan Vella, the Chief Executive of Aluminium at Rio Tinto is on a visit to New Zealand. He did an interview with BusinessDesk and said that Rio Tinto's aluminium smelters had marginal commercial viability and were unlikely to generate revenue in their own right, but they were still useful as part of Rio Tinto's presence in the aluminium industry.  BusinessDesk managing editor Pattrick Smellie says...

A tobacco giant is threatening the Government with legal action over its vaping review. Newstalk ZB has seen documents that reveal British American Tobacco is calling in the lawyers over a review of the country's vaping substances, including high nicotine levels. Our newsroom understands questions remain over the compliance of almost 1700 products in New Zealand - with 466 already removed. Massey...

2022 was a fantastic year for McArthur Ridge wine; its Southern Tor Pinot Noir 2020 has been awarded trophy after trophy, including gold at the New Zealand International Wine Show. McArthur Ridge now has our most-awarded Pinot Noir and Winemaker of the Year Matt Connell joined Tim Dower. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Cancer Society says New Zealand is taking a step towards a Smokefree 2025. Newstalk ZB understands questions still remain over the compliance of almost 1700 products in New Zealand - with 466 already removed due to banned ingredients or high nicotine levels. The deadline for information passed on Friday - and officials are now reviewing details. It comes as our newsroom can reveal British Amer...

With how high interest rates could now go scaring some people a little, and with terms of four and five years only fractionally higher than terms for one or two years, some are probably wondering whether they should opt for a little more certainty and go long, especially if anything over 7% becomes problematic for them. But fixing long term can be problematic in the context of the economic environ...

I thought, given that it's FriYay, we could start today's show with a bit of good news, a bit of positivity. Incredibly to me, a survey commissioned by small business lender Prospa showed that New Zealand's small businesses are feeling positive heading into the Christmas holiday period. 514 businesses with between one and 49 employees - 73 percent of those said that they felt good about their over...

New data shows that regional accommodation is already at full capacity for New Year’s. Baches filling up fast may not be new for this time of year, but it has been a few years since we have seen it happen. Is this a flash in the pan, or will we see it continue throughout the summer period? Head of Revenue for Bachcare Nick Pierce joined Mike Hosking. LISTEN ABOVE   See omnystudio.com/listener for...

Fletcher Living are looking at a new retirement village model. Retirees who buy into Fletcher Building’s new Vivid Living on Auckland’s North Shore will enjoy 50 percent of any capital gains made on the property, lower management fees, and the 'weekly fees' will be removed when the resident vacates. Head of Retirement Vivid Living Gemma Gloyne joined Mike Hosking. LISTEN ABOVE See omnystudio.com/l...

The Tourism Minister has hopes of a long-term future for Ruapehu Alpine Lifts. The Government has expanded its loan to the company by another $6 million, to give it more time to explore options, and open the ski fields next winter. The company went into voluntary administration in October, with Covid exacerbating long-standing issues including bad snow years. Stuart Nash told Mike Hosking people a...

International airlines are now in doubt about their ability to fill up their planes with fuel in New Zealand. Airlines are having to limit fuel consumption, after a bad batch of refined fuel was imported into Northland's Marsden Point. No flights have so far been cancelled, and a new shipment is due in the country on Monday. But Board of Air Line Representatives Executive Director Cath O'Brien tol...

A new and efficient way of getting across the Hauraki Gulf. Fullers has teamed up with sustainable boat company SeaChange, to bring a zero-emission hydrofoil onto Auckland's waters from next year. The boat is fully electric, carries 10 passengers and can reach a top speed of 55 km/h. SeaChange founder and CEO Max Olson told Tim Dower they're much more efficient than the ferries currently on the wa...

Online investment company Sharesies is expanding into Kiwisaver next year, by launching its own scheme.  Sharesies has already set up a waiting list for any interested customers over 18 who wish to join up. NZ Herald Wellington business editor Jenee Tibshreany says that this is a new system shaking up a crowded market. Jenee Tibshreany explained that this expansion will give consumers a range of f...

Strawberries could be available all year-round. Backed through a government pilot project based in Foxton, strawberries will be grown using a controlled environment growing system. The Government are partnering with 26 Seasons to find cost-effective methods for growing strawberries out of season, costing more than $920,000 over two years. 26 Seasons CEO Grant Leach joined Mike Hosking. LISTEN ABOV...

The Office of the Privacy Commissioner is investigating the ransomware attack on information technology company Mercury IT. It's potentially compromising sensitive data for clients including Business NZ, the Nurses Organisation and the Ministry of Justice. AUT computer expert Kenneth Johnson told Mike Hosking data is being compiled throughout the world about the motivation of these attacks, who is...

First home buyers aren't taking their eyes off the housing market. The Real Estate Institute of New Zealand's latest survey shows first home buyers remain much more interested in making a purchase than investors. It comes as agents report a new downward pressure on average sales prices. Chief executive Jen Baird told Tim Dower there's been a noticeable drop in investors in the market. She says fir...

International visitors have been spending up large in New Zealand. The latest International Visitor Survey shows in the three months to the end of September, overseas visitors spent more than $1 billion. The survey shows holidaymakers spent $479 million,  while visitors here to see friends or relatives spent nearly $300 million. The regions benefited as well, with the Tourism Electronic Card Trans...

There's no prizes for going harder than we need to on interest rates. KiwiBank says the Reserve Bank is at risk of going too far. The central bank lifted the Official Cash Rate by 75 basis points last month, while Australia's Reserve Bank lifted theirs by 25 basis points yesterday. KiwiBank CEO Steve Jurkovick told Mike Hosking the Reserve Bank should watch and see the impact coming through of the...

The hospitality industry is reporting growth figures again, after two years of restricted trading. According to a new report from the Restaurant Association, the industry has brought in $13 billion dollars in sales. This is a 7.7 percent increase from 2021. Restaurant Association Chief Executive Marisa Bidois says that these figures have returned to pre-pandemic levels, but the industry is still b...

Making it big in the US market is what every Kiwi company dreams of — but for Monday Hair Care it has become their reality. The Kiwi company has just renewed its contract to sell its hair care products in Costco USA. After an initial three-month trial from its start in January, Monday became the number one hair care brand in Costco USA. Monday Hair Care co-founder Jaimee Lupton joined Mike Hosking...

The Government has a challenge in front of it over what to do about the plight of the Ruapehu ski fields. Ruapehu Alpine Lifts is in voluntary administration, carrying debt of $45 million.  The Government isn't throwing anymore lifelines, leaving the business that runs the Turoa and Whakapapa ski fields staring down the barrel of liquidation. The company's demise would cost taxpayers up to $100 mi...