Best of Business

Exactly how long big businesses are taking to pay their bills could soon become public. Small Business Minister Stuart Nash wants to introduce legislation to create the disclosure regime by the end of the year and aims to have it up and running by 2024. It would apply to any business that makes more than $33 million a year. Canterbury Employers' Chamber chief executive Leeann Watson told Mike Hosk...

Grant Robertson is defending the Government's multi-million dollar spend-up on Three Waters consultants. Newstalk ZB can reveal in the last financial year, $16 million has been paid to contractors working on the reforms. National is questioning the bill, in particular the $15,000 spent on creating a job description for the yet-to-be named Chief Executive for the new Water Entity. The Finance Minis...

New Zealand has dodged recession after the economy 1.7 grew per cent in the June quarter. To discuss, NZ Herald Business Editor at Large, Liam Dann, joined Kerre Woodham. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Online shoppers are being misled through online sales. The Commerce Commission has issued a formal warning to online retailer, Occasion Box, for making false and unsubstantiated claims on its website last year. It comes after The Warehouse Group's 1-Day, has been fined $840,000 for misleading how long its daily deals would run for, and the quantity available.  Fair Trading General Manager Vanessa...

Confidence our GDP will grow, but disagreement about by how much. Economists from multiple banks are predicting around a 1 percent growth for the second quarter Westpac acting Chief economist Michael Gordon says he's more confident with a 1.6 percent prediction. He told Mike Hosking there's good reason to feel bullish. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

A potential solution has been raised for some of our labour shortage problems - but NZ businesses are reluctant. We know that 20 percent of all roles can now be done remotely, especially in the likes of the IT sector. And of those overseas there's a good chunk who would be keen to work for a New Zealand-based business. Problem is, businesses here don't want to hire from overseas, even if they are...

Slight GDP growth is expected in the second quarter. It follows a 0.2 percent fall for the first three months of the year. ASB Chief Economist Nick Tuffley says while it's hard to predict at the moment, his best guess is a 1.2 percent rise. He told Kate Hawkesby while it's not a sure thing, there are some promising signs. Tuffley says air travel and construction looked like they performed well. Th...

Sophie Gray, author of Destitute Gourmet, called in to Kerre Woodham with ways to manage the grocery spend through tough financial times. Gray has lots of free resources on her Destitute Gourmet Facebook page and website. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Rising supplier costs are being blamed for food prices. Annual food prices have shot up to the highest rate in 13 years. Stats New Zealand data shows food cost 8.3 percent more this August than the last. Tomatoes NZ Chair Barry O'Neill told Mike Hosking there are some local structural issues in the industry. “One being the heating costs have got so high that a number of growers can’t afford to hea...

A win for residents who've been fighting for Christchurch City Council to reject housing density plans for the city, but it's not over yet. Ten councillors have voted no to the Government’s plans to allow up to three homes of three storeys each on most sections across the city without consent. Five councillors voted yes, one abstained and one was absent The council will now write to Environment Mi...

Severe weather is being blamed by some for soaring food prices. Annual food prices have shot up to the highest rate in 13 years. Stats New Zealand says it cost 8.3 percent more to buy food this August, compared with last year. Vegetables New Zealand Chair John Murphy told Kate Hawkesby the weather's been horrendous. He says severe weather isn't something that starts in 2050, businesses are facing...

The traffic light system is gone, most of the mask requirements are gone and the vaccine mandates will be gone by September 26 - although employers will still be able to decide whether or not they want to stick with the mandates. The only place the Government will require us to keep wearing masks is in places where health services are provided - so hospitals, GP practices etc. I’m not going to lie...

Well, it was as expected. Yesterday we heard that 927 days since the Covid pandemic triggered extraordinary defensive measures here and around the world, the Government has decided, as the Prime Minister put it, to turn the page. No more mandates, no more requirements for masks, except in health care facilities and aged care environments, no more traffic light settings. I think I'm happiest about...

Nurses' Society Director David Willis joined Mike Hosking to discuss the dropping of vaccine mandates for health workers and how it will affect the industry. LISTEN ABOVE See omnystudio.com/listener for privacy information.

I've just been watching the news coverage of the cortege as the Queens coffin has been making its way from Balmoral Castle on its way to Edinburgh. It has been stopping off in places so people could pay their respects and there's some very moving footage of just people lining the streets, not just in the countryside but also thousands of mourners lining the streets in Edinburgh. Clearly the coming...

What a relief and not before time that we’re waving goodbye to the traffic light system. Big raps to the Government for getting their heads around that. We’ve moved on, and so should they. It was apparent yesterday when Grant Robertson said to Mike Hosking that they’ll ‘still take Covid seriously’ that they were laying the ground work for the naysayers, the panickers, those who’d freak out, that t...

The masks are gone for all but a few sectors, but where do they all go? A new free recycling initiative is being launched by our biggest mask manufacturer to try and make sure our masks don't all end up in landfill. It's being done by Meo and co-founder Kenneth Leong joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Mixed feelings about a one off public holiday to mark Queen Elizabeth II's death. Monday, September 26 will be a public holiday, with a state memorial service held on the same day in Wellington. Hospitality New Zealand CEO Julie White told Mike Hosking businesses will carry the cost, but the Queen's reign has to be recognised. She says the Queen gave 70 years of service to the people and at the he...

Due to global supply chain issues, some shipping companies are leaving New Zealand off their schedule entirely. This is of course causing massive headaches for companies who rely on export. Rockit Global are a Hawke’s Bay based apple company whose largest export market is China. They were concerned this year's apples wouldn't make it by sea and normal air freight was too pricey. So they've managed...

The Tourism Minister says any remaining restrictions won't keep people from visiting. Vaccine requirements for international travellers and the need to wear a mask in most places are gone. Despite the easing of restrictions, travellers still have to fill out a travel declaration form. Stuart Nash told Mike Hosking it's not a big deal. He says it's something which happens around the world and isn't...

New Zealand's superannuation value has tumbled by $3.3 billion. The value has dropped by nearly seven percent in the year to June, as sharemarkets around the world tumbled amid rising inflation and recession fears. It had returned about 9.7 percent per annum since it was launched in 2003. Super Fund Chief Executive Matt Whineray says told Mike Hosking it's a sharp downturn. He says the first six m...

Praise for an easing of restrictions from our retail sector. Covid-19 restrictions have been scrapped almost completely, with only aged care facilities and hospitals still requiring masks. Retail NZ Chief Executive Greg Harford says it takes away a lot of tension and confusion around exemptions that retail workers had to deal with. He told Kate Hawkesby he doesn't expect many retailers to ask thei...

Questions have been asked as to whether we are seeing the running down of buy now pay later lenders and some are saying they have they done it to themselves. The pay later scheme operators are struggling in this country as a growing number of us using the schemes are falling behind on payments and being stung by late fees. It’s a snowball effect with more people jumping on these schemes but also t...

The Deputy Prime Minister is promising transparency around Covid-19 protocol. The decision about whether to do away with our traffic light system will be announced at 4pm after a cabinet meeting.  Grant Robertson told Mike Hosking we will have complete clarity around the rules by the end of the day. He says while the virus can be unpredictable, New Zealanders need to know what's expected of them....

Cost increases from grocery suppliers to supermarkets continue to accelerate. The Infometrics-Foodstuffs Grocery Supplier Cost Index shows an 8.7 percent rise last month. Almost three times the number of products increased in cost than for the same month in 2019. Infometrics Principal Economist Brad Olsen says farm expenses like fertiliser are rising at decade highs. He says that means people who...