Best of Business

The Government has recently stated that they will take the Three Waters legislation to parliament's Business Committee to discuss entrenchment. This entrenchment provision, if implemented, will require 60 percent of MPs to overturn the provision in the future, an increase to the previous threshold of 50 percent. Fran O'Sullivan, NZME business commentator says that it's important that legal experts...

There are fears young people will come out worse off from any upcoming recession. Reserve Bank Governor Adrian Orr has confirmed the bank is deliberately engineering a recession, with plans to hike the Official Cash Rate as high as 5.5 percent. That recession is expected to hit around the middle of next year. Former Finance Minister Steven Joyce told Mike Hosking it will be felt particularly by yo...

Investors are keeping calm, after this week's stark warnings from the Reserve Bank. Governor Adrian Orr has left many mortgage holders reassessing their options, after lifting the OCR to 4.25 percent and warning it could peak at 5.5 percent. He's also confirmed the bank is deliberately engineering a recession, that's likely to hit about the middle of next year. JMI Wealth Director Andrew Kelleher...

The Government are determined to pin Three, or Five, Waters confusion on the farmers. Megan Woods on the Mike Hosking Breakfast on Wednesday said the whole "Five Waters" discourse was because the farmers wanted geothermal and coastal waters to be covered by Three Waters. Federated Farmers said that wasn't the case, but Local Government Minister Nanaia Mahuta doubled down in the house yesterday whe...

Calls for a shake up to immigration. Act has unveiled a new immigration policy that scraps temporary visas, charges based on demand, and allows more migrants to bring their parents. Business NZ Advocacy Director, Catherine Beard, says in a global contest for talent, other countries have made it easier for immigrants. She told Tim Dower new ideas are needed to fulfil New Zealand's future workforce....

Foodstuffs is clearing the air over concerns it's been collecting sensitive information from shoppers without their knowledge. Our newsroom has confirmed 29 of its supermarkets in the North Island are already using facial recognition technology. It comes as supermarket crime has skyrocketed, with a 246 per cent increase in serious incidents. And just last night in Auckland's Sandringham, a dairy w...

Adrian Orr believes he's struck the right approach with the latest unprecedented hike to interest rates. The Reserve Bank Governor has lifted the Official Cash Rate by 75 basis points, to a 14 year high of 4.25 percent. Orr is warning the country could be in recession by the middle of next year, and the OCR may have to peak at 5.5 percent to get inflation under control. While some have accused him...

A call for employers to take more precautionary action, as supermarket crime soars. Since 2020, Foodstuffs says there's been a 246 percent rise in serious crime. The company has confirmed 29 of its supermarkets in the North Island are using facial recognition technology, prompting concern Foodstuffs is collecting sensitive information about shoppers without their knowledge. First Union General Sec...

Is the Reserve Bank raising the Official Cash Rate too far, too fast? The central bank has lifted the OCR by an unprecedented 75 basis-points to 4.25 percent and is forecasting the country could be in recession by the middle of next year. It's also warning the OCR may have to peak as high as 5.5 percent to bring inflation under control. But Jarden Investment Strategist and Economist John Carran to...

National is adjusting its tax plans, heading into next year's election. The party is reviewing its policies following the Reserve Bank's unprecedented OCR hike yesterday and its warning of a pending recession. Finance Spokesperson Nicola Willis says plans to cut the top tax rate may no longer be affordable. But she told Mike Hosking National still wants to index tax thresholds to inflation, and ot...

Over in Wellington, the Building Nations infrastructure conference is underway, and set to continue on for the rest of the week.  Infometrics Principal Economist Brad Olsen has observed from this conference that the infrastructure sector is the latest among many requiring investments for long-term projects. Brad Olsen says that the vibe of the conference is optimistic, but people are aware that th...

The Hawkes Bay could be lining up for an economic boost. Japanese-owned company Tatsumi Limited is constructing a mega glasshouse in the hope of producing millions of strawberries all year round. Japan and China will make up the main export markets. Project director for the build, Mike Harper joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

A word of caution as cyber scammers continue to lift their game to target unsuspecting victims. The Government’s cyber security agency has recorded a  “massive” jump in online fraud. Data obtained by the Herald from CERT NZ shows scammers have drained nearly $9 million from unsuspecting victims in just three months. CERT New Zealand Threat and Incident Response Manager Jordan Heerspring told Mike...

The jobs market is remaining buoyant, despite a small decrease in listings. The latest Seek Employment Report shows job ads fell one percent between September and October. But they're up 16 percent compared to October last year. Hospitality and Tourism, Trades and Services and Retail and Consumer Products have had the largest monthly falls. Seek Country Manager Rob Clark says the number of applica...

Today's Reserve Bank decision on the Official Cash Rate is almost certain to be historic. The central bank is expected to raise the OCR by 75 basis points today, the highest rates hike ever. That would bring the rate to 4.25 percent, it's highest point in 14 years. ANZ Chief Economist Sharon Zollner told Mike Hosking there's a small chance they will go even further, and raise the OCR by truly unpr...

Ice cream company Tip Top has pulled one of its challenges from its new promotional campaign after sparking significant backlash. The company's latest campaign encourages Kiwis to try something new, of the 32 different messages printed on the sticks, one reads to "take a selfie with a stranger". Tip Top is now removing the stick from their Popsicle range, and apologised. AUT marketing expert Bodo...

The classic brown L&P bottle could be on its way out, due to its effect on our recycling system. Coca-Cola is looking to swap out the brown, and go for clear to make the bottles easier to recycle. The green Sprite bottles have already been ditched for the same reason. Hauraki District Mayor Toby Adams told Kate Hawkesby the L&P bottle is a huge tourist attraction in Paeroa. He says people...

Rob Fyfe, former Air New Zealand boss and current chair of Recorp, has announced his latest investment- a can manufacturing plant operating out of South Auckland. This plant is a $100 million dollar investment, and is set to make 500 million cans a year, as well as smelting them down on site eventually.  Rob Fyfe says that another can manufacturing plant in the country is a necessary investment, b...

The Government has confirmed an extension is being considered for all landlords, including private rentals and Kāinga Ora, to meet minimum Healthy Homes standards. Auckland Property Investors President Kristin Sutherland joined Heather du Plessis-Allan to discuss. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Few are surprised that many Kiwis want the fuel tax cut to be extended. A new poll states that more than two-thirds of respondents want the current fuel tax cut extended until annual inflation is below 3 per cent. In the 12 months to September 2022 inflation was at 7.2 per cent. On current forecasts that would mean extending the cut until the middle of 2024, costing more than $2 billion. Gull NZ g...

An employers group says it's been forced to play a part in the Government's new Fair Pay Agreements system. The Government had offered the lobby group funding to act on behalf of employers that need representation and play a supporting role in the system more generally. But BusinessNZ says it wanted nothing to do with the scheme, partly due to its compulsory nature. Advocacy Director Catherine Bea...

The Reserve Bank is set to meet next week, and speculation suggests rates may be hiked again. Liam Dann, NZ Herald business editor at large is among the many who assumes a 75 basis points hike is looking likely. Liam Dann notes that this basis points hike is high, and that it could put the OCR at a level we haven't seen since the global financial crisis. Even the less likely 50 percent basis point...

After two years of stunted growth our local economies could be doing better than we realise. With international tourism boosting activity over the winter season, the South Island and Auckland saw some of the strongest economic gains over the last year, specifically in the September 2022 quarter. However, questions remain over how New Zealand will find the resources to support a strong summer of to...

A glimmer of hope is in sight for split migrant families. It's believed the Government is creating a priority pathway for family members stuck overseas. The issue was meant to be fixed by the Covid R21 visa, which replaced the family reunification border exemption, but instead left many waiting months in limbo. Immigration adviser David Cooper told Mike Hosking most of the holdup has been down to...

Belief businesses aren't out of the woods yet, despite economic activity increasing in the September quarter Infometrics data shows a 2.6 percent year-on-year rise, driven by stronger tourism and household spending. Auckland and South Island areas have seen some of the strongest gains. Tourism Export Council Chief Executive Lynda Keene told Kate Hawkesby Australian visitors through the winter mont...