Best of Business

Our country's Kiwifruit pickers may soon have a robotic friend to help them out. Waikato University engineers have developed an e-bin which rolls alongside workers. They can drop the fruit into the bin, where it will be safely caught and stored in a net, instead of having to lug heavy bags on their backs. Waikato University Engineering Lecturer Nick Pickering says it will make the job more accessi...

Westpac has just released their building consent numbers, and they've dropped down lower than predicted.  Dwelling consent numbers are down by 11 percent, which is larger than the 5 percent drop that Westpac had forecasted. This drop goes deeper than the normal month-to-month volatility, and tougher financial conditions play a role in these figures. Liam Dann, NZ Herald business editor says that t...

Sandringham Business Association chair Jithin Chttibomma has enlisted the help of Sir Ray Avery to give trial emergency watches to Sandringham businesses to let workers in trouble alert police. These watches will send alarms directly to the police, who will apparently respond to an emergency call within three minutes. This trial was launched a week after Sandringham dairy worker Jamal Patel was fa...

Men are bigger Christmas spenders than women. New data by Banked shows people will spend an average $623 on gifts this year, with two thirds happy to fork out for a more sustainable gift if they have the option. Head of Publishing, Kevin McHugh, says when it comes to the gender differences, women tend to be a bit more sensible and conservative with their money. LISTEN ABOVE See omnystudio.com/list...

The company started by the Government to build Auckland's Light Rail had zero employees a month after it was founded. Written parliamentary questions show it now has at least one; chief executive Tommy Parker. Auckland Light Rail Limited was established on October 6, and as of November 9, it engages 54 contractors and consultants. National's transport spokesperson Simeon Brown says all Labour has...

Fair pay negotiations could end up being a long, drawn out process. Unions say they already have enough signatures to demand a Fair Pay Agreement for hospitality workers. It means any negotiated pay and working conditions will apply to all employers in the industry. But Employers and Manufacturers' Association Head of Advocacy Alan McDonald told Mike Hosking there are some very complex things arou...

Canterbury businesses are making sure they're not forgotten as retailers grapple with crime across the country. 80 of the city's business owners have signed a letter asking the Government to hold offenders to account. They're concerned the recent crime support announcements don't go far enough. Canterbury Employers' Chamber Chief Executive Leeann Watson told Mike Hosking it's not unique to Christc...

Fonterra and Swiss food giant Nestle have formed a partnership to develop New Zealand’s first zero carbon emissions dairy farm. In what the parties said was a New Zealand first, the project, to be run with co-partner Dairy Trust Taranaki, will examine all aspects of farm operations to reduce carbon with the aim of cutting emissions by 30 per cent by mid-2027, with a 10-year ambition of reaching ne...

New Zealand's primary producers could be our saving grace as an economic storm brews. Our food and fibre export revenue is on track to reach record heights, in what's hoped will help protect New Zealanders from the global downturn. The Situation and Outlook for Primary Industries report released today, shows food and fibre exports are tracking to grow to $55 billion in the coming year - up almost...

Restaurant workers are ready to lodge a claim for better wages. The Fair Pay Agreement bill comes into effect today, and unions are saying they already have enough signatures to demand an FPA for hospo workers. It means any negotiated pay and working conditions will apply to all employers in the industry. Restuarant Association President Mike Egan told Kate Hawkesby it's been a long time coming. H...

The number of people behind on debt repayments has increased by five percent in the year to October. Data by credit bureau Centrix shows the number of missed home loan repayments has risen for the third month in a row. Meanwhile, demand for consumer credit has risen, with personal loan demand up around 18 percent and vehicle loan demand up 17.3 percent year on year. Centrix Managing Director Keith...

ANZ released their latest business survey and it's showcasing a bleaker look at the economy than in previous years.  The survey states that the expected own activity outlook is at its' lowest level since September 2020 and that employment intentions have dropped down to negative for the first time since October 2020. There is also a broad weakness across various industries, especially construction...

Should our banks be doing more to help cover the cost of money printing? The RBNZ is holding $49 billion dollars of banks' reserves, thanks to all the money printing of 2020. The problem is, the RBNZ is now having to pay interest on that at the rapidly rising OCR rate. NZ Herald Wellington business editor Jenee Tibshraeny weighed in on this issue. LISTEN ABOVE See omnystudio.com/listener for priva...

Hannah McQueen joins the boys to discuss the fact that New Zealand's official cash rate was lifted to 4.25% & whether we should be tightening our spending like Adrian Orr has suggested. See omnystudio.com/listener for privacy information.

For many of us, the thought of supermarket queues are draining. But for others, they are seen as an entrepreneurial opportunity. Entrepreneur Jo Castasus has stepped into the game with her bulk shopping business 'Aunty Jo's'. By paying a $20 fee, Aunty Jo will do a Costco shop and ship it to you, whether you are near or far. The name behind Aunty Jo, Jo Castasus joined Mike Hosking. LISTEN ABOVE  ...

Scary times for some home-owners, with ANZ the first to react following last week's record OCR rise. It's increasing its home loan and deposit rates, after the OCR was lifted to 4.25 percent last week. ANZ expects house prices to continue dropping until mid to late next year, falling 22-percent from their peak last year. But the New Zealand Institute of Economic Research is forecasting a lower int...

Immigration experts are concerned a change to work rights for migrants' partners could put people off coming here. Until now, a partner could get an open work visa. But a change going ahead next month will only allow partners of green list workers to do that. Couples will instead have to find accredited employers to sponsor applications for each of them, or have a partner who can visit but not wor...

An immigration consultant says changes to the partners of migrants' right to work, will make it harder to attract migrants. A change going ahead next month will only allow partners of green list workers to get an open work visa. Couples will instead have to find accredited employers to sponsor applications for each of them, or have a partner who can visit, but not work. Into NZ Immigration Princip...

A major New Zealand bank is the first to move on the back of last week's historic OCR rise. ANZ has lifted its floating and flexible mortgage rates by 65 basis points - all fixed term rates are now over 7 per cent for those who don't have a 20 per cent deposit or equity. All eyes are now on how other big banks will react. Infometrics Chief Forecaster Gareth Kiernan told Kate Hawkesby he is expecti...

The southern hemisphere's largest agricultural event will be a little warmer this year. Thousands are expected to flock to Fieldays at Mystery Creek in the Waikato this morning, with more than 1,000 exhibitors ready to show off their products and services. The opening will end a 17-month hiatus after the June event was postponed this year, due to uncertainties around Covid restrictions.. National...

Big moves for Meridian's green hydrogen project in Southland, as they have picked a collaborator off a shortlist. Meridian Energy chose the Australian oil and gas giant Woodside Energy as their preferred partner to develop this plant. It would produce hydrogen and ammonia from renewable energy on a wide scale. Pattrick Smellie, BusinessDesk managing editor says that Meridian's final decision was u...

New Zealand's video game industry is booming. Revenue has almost doubled from last year’s $267 million to $407 million in the past year - heading to be a billion dollar industry by 2026. Not to mention digital games are New Zealand’s single fastest growing export and one of our most productive sectors. Chairperson of New Zealand Game Developers Association Chelsea Rapp joined Mike Hosking. LISTEN...

Retailers are struggling to see how yesterday's crime announcement will change anything. $4 million will be made available to local councils to assist with crime prevention measures. Funding will also be available for all small shops and dairies to install fog cannons and the Crime Prevention Fund will be extended. Glengarry Wines General Manager Liz Wheadon told Mike Hosking it's not much differe...

Concerns the Government hasn't addressed the real issue around ram raids. It's announced a $4 million fund to support local councils in Auckland, Hamilton and Bay of Plenty and a $4,000 fog cannon subsidy scheme. Waikato retailer Ash Parmar told Kate Hawkesby there have been 66 prosecutions and 10 youth referrals, but some 200 young people have been arrested. He says that means there are 129 kids...

Opposites have attracted in an unexpected collaboration of lipstick and New Zealand strong wool. In what is thought to be a world-first, Wool Source and lipstick brand Karen Murrell have joined forces to create a lipstick coloured with a wool keratin-based pigment. The new lipstick “Kera Kisses” uses wool from Ashburton's Westmere Farm. Karen Murrell says Lincoln Agritech's wool industry research...