Best of Business

What's going on inside the Reserve Bank? The company appears to have been hit hard by staff turnover. 22 percent of staff left in the previous financial year, the highest portion of staff since records began in the 1990's. NZ Herald Wellington business editor Jenee Tibshraeny explained why this staff turnover may be happening. The Reserve Bank is not immune to similar issues impacting companies in...

Contact Energy is putting the increase in customers' energy bills down to rising input costs across the board. Gas and electricity bills are expected to go up by an average of 11 percent from next month, with Genesis also doing the same. More than 200,000 Contact customers will be paying around eight percent more for their electricity bills. Chief Executive Mike Fuge told Mike Hosking the increase...

I’m pleased to see the 21 year old woman in Wellington who got shafted by Uber is finally calling the ride share out for the crap service it is.  We’ve told our kids to cancel their Uber accounts. It’s just not tenable or safe anymore to catch them, because they never turn up.  The most common thing they do is cancel on you. This woman in Wellington was trying to get home after a night out and was...

Questions have been asked as to whether the Government has read the room wrong on the He Waka Eke Noa emissions plan. The Government proposes requiring farmers to pay levies on emissions from 2025, Cabinet will make the decisions on those prices and also how sequestration will be recognised, with farmers having only a small amount of input. And that's before the large expected loss in production f...

Farming organisations are hitting back at Groundswell after the controversial group slagged them off. Groundswell has called for the resignation of the chairs of both Beef+Lamb and DairyNZ, saying they haven't been tough enough on the Government's emission pricing scheme. Beef + Lamb Chairman Andrew Morrison says his group would prefer no pricing, but says the Government's made it clear at least s...

Calls to be careful about increases in gas and electricity bills, before jumping to conclusions. Genesis and Contact Energy customers will see their gas bills rise by an average of 11 percent, while Contact's electricity bills will go up by around 8 percent. The move comes as Genesis reports an increase in annual profit of 600 percent, the bills will still go up regardless. Major Electricity Users...

The labour shortage is reaching boiling point for the hospitality industry. A new Restaurant Association survey's found eight in 10 restaurant businesses are understaffed. It comes after the Government recently announced the qualification requirement to hire migrant chefs would be dropped. Restaurant Association President Mike Egan told Mike Hosking that was a good move, but more needs to be done....

Recruitment company Beyond Recruitment has found the tight labour market means businesses are focusing more on the welfare of their employees. Figures show two thirds of organisations are offering hybrid working arrangements, and the same number are offering flexible work hours. Beyond Recruitment Chief Executive Liza Viz told Kate Hawkesby the job market is a workers' market. She says worker shor...

Kiwifruit marketer Zespri will halt SunGold kiwifruit trials on the West Coast of the United States, citing a lack of commercial quality confidence and ongoing climate concerns. It comes on the back of quality issues with the fruit here in New Zealand. Chief Grower, Industry and Sustainability officer Carol Ward joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for privacy information.

My daughter’s in Queenstown with a friend and her family at the moment, and she's been snapchatting me pictures of all the shop and cafe windows, with all the 'STAFF WANTED' signs everywhere.  I haven't forgotten about the plight of Queenstown, because we still hear regularly from many business owners down there, still exasperated.  And many of the visitors who return from there have tales to tell...

A farming expert has her fingers crossed that the latest agriculture sector proposals will be given the green light. Newstalk ZB understands the Government will announce today its response to the He Waka Eke Noa report - which proposes an industry-wide emissions pricing scheme. It's likely to accept key recommendations - which would include farmers calculating and paying for their own emissions fr...

Finance Minister Grant Robertson is headed to New York on a business delegation, where he will meet with the World Bank and IMF. NZME business commentator Fran O'Sullivan has some insider insight into these discussions, and explains to us why Grant Robertson's timing is perfect in this interesting- and challenging- financial climate. "What people are looking for is- what is the further downgrading...

Finance Minister Grant Robertson is off to New York tonight on a business delegation. As part of the trip he'll be meeting the U.S Federal Reserve chair Jerome Powell, and head to a World Bank and IMF meeting. Grant Robertson discusses what he expects to get out of tonight’s delegation, as well as reaffirm his confidence in his chosen political party. "I think it'll be a great chance to reconnect...

There has been some debate as to whether or not the New Zealand job market has peaked. Recent data coming out of Seek indicates that it has, and employers say that it's gotten easier to find staff. Liam Dann, NZ Herald business editor, is here to weigh in on this discussion. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Economists are trying to read between the lines of the Reserve Bank's latest decision on the Official Cash Rate. The central bank has hiked the OCR by another 50 basis points to 3.5 percent. Some of its comments have left the market in no doubt that it's taking a tougher, more hawkish, stance on inflation. Former Reserve Bank economist  Michael Reddell told Tim Dower the comments are interesting....

The Finance Minister is standing by decisions to borrow a lot of money to get through Covid, after the Government's books were opened. Treasury has reported a budget deficit of $9.7 billion, almost half the Budget forecast. Grant Robertson told Tim Dower relative to where we thought we'd be, and the rest of the world, we've done well. He says every country had to find a way of dealing with this ma...

National is warning people are in for a pummelling as the Reserve Bank continues to hike the Official Cash Rate. Five 50 basis point rises in a row has the OCR at 3.5 percent. National Finance spokesperson Nicola Willis says every signal is interest rates will need to go higher to get inflation under control. She told Roman Travers government spending is having an influence. Willis says the more s...

The tide is high for the aquaculture industry as it gets a $210,000 government boost. The funding will be used for a strategy to boost the sector's workforce which is currently struggling, like every industry, to fill vacancies. Sanford CEO Peter Reidie joined Roman Travers. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Canstar have released a survey of 700 small business owners, which shows many small business owners feel positive about their futures, having survived the struggles of recent years. Along with feeling optimistic, more than a third of small businesses say their revenue has also increased in the past twelve months. Jose George is the general manager of Canstar New Zealand, and he joined Roman Traver...

The Reserve Bank is widely expected to deliver another 50 basis point hike to the Official Cash Rate today, as it moves to try to head off inflation in the economy. That would be the fifth 50 basis point hike in a row, an unprecedented run, and would take the OCR from 3 per cent to 3.5 per cent. To discuss further, Westpac acting Chief Economist Michael Gordon joined Roman Travers. LISTEN ABOVE  ...

New Zealand isn't expected to follow Australia, when it comes to interest rates. Economists expect the Reserve Bank to lift the OCR by another 50 basis points today, bringing it to 3.5 percent. Yesterday, Australia's central bank surprised experts by opting for a more modest 25 basis point rise. Infometrics Principal Economist Brad Olsen told Tim Dower our Reserve Bank must not follow that lead. “...

The property market is continuing to cool after steep growth. Property prices across the country fell an average of 4.1 percent in the last quarter. CoreLogic Head of Research Nick Goodall says it's the fastest drop since the financial crisis of 2008 He says some regions are seeing bigger falls than others. Goodall says Wellington's houses have seen a 8.5 percent fall, while Dunedin's have fallen...

People are prioritising some debt, over other debt, as the cost of living crisis continues to bite. New figures from credit company Centrix shows a rise in arrears. Managing Director Keith McLaughlin says households that are struggling with rising costs tend to put off small debts they can afford to defer. He told Tim Dower they focus on paying off larger debts, to keep their larger assets secure....

The aged care sector is having to turn away new residents amid a 1200 nursing shortage. It means some older people are staying in hospitals or at home. Aged Care Commissioner Carolyn Cooper says immigration settings and a lack of funding for education and training are contributing to the shortage. Arvida Chief Executive Jeremy Nicoll told Tim Dower they look offshore but the process can take betwe...

Kiwisaver investors are still feeling brave when contributing to their managed funds. The Financial Markets Authority says Kiwisaver funds have seen a 10 percent growth in the year to March. Financial author Mary Holm told Tim Dower more people are moving into the higher risk funds and out of the lower risk funds. She says the people who are braver and go into the riskier funds are going to retire...