Best of Business

The stats suggest not many of us do it, but there are compelling reasons why you would – and also circumstances when you wouldn’t. Most people think only of getting a better interest rate – but there are more strategic reasons why you might consider switching (and it’s not as much of a faff as it used to be) – plus there are some significant cash incentives on offer as the banks compete for busine...

A tourism boss says we should reconsider Sir John Key's 2009 idea of making trans-Tasman travel domestic. In 2009, the then Prime Minister floated the idea of passport-free travel between Australia and New Zealand. But the idea was shut down with Australia's changing of prime ministers and a tightening of their border. Haka Tourism Group general manager Eve Lawrence told Mike Hosking it will not j...

Auckland's city rail link is the project that appears to keep bleeding money with no end date in sight. The public has already been warned there has been a cost blowout of the originally budgeted $4.4b project. But now bosses have admitted they have no idea when the project will be completed. They even haven't ruled out works going beyond 2025. Chief executive of Auckland Business Chamber, Simon B...

The green light could be given to get rid of the traffic light framework. Our newsroom understands Cabinet will be deciding on a recommendation to scrap the framework altogether, rather than tweaking the settings or moving to green. If it goes ahead, it will come into effect as soon as next Wednesday. Retail NZ Chief Executive Greg Harford told Mike Hosking he supports axing it, including getting...

Small businesses are hoping to enact change in this year's local body elections. More than nine in 10 small to medium sized business owners are planning to vote next month, with one in three believing council support for them is worse than three years ago. Business NZ Chief Executive Kirk Hope told Kate Hawkesby he's not surprised by the numbers. He says if you think about the worsening of CBDs ar...

How much merit did Revenue Minister David Parker's now dead tax bill actually have? Yep - the proposal to increase GST on some investment fund fees. NZ Herald Buisness editor Jenee Tibshraeny explains and addresses these merits here today. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The White Lady is a food truck in Auckland that has been operating for 74 years. Back in June/July they were battling with Auckland Council who told them to get their license renewed they must make changes so that there was less litter, less drunk people around the truck and that their cooking fumes didn't drift to other businesses. They believed they complied with all that and now the complaint h...

The Government is rejecting calls to review tax brackets amid rising inflation. New Zealand’s marginal tax rate system means higher rates of tax are applied as someone earns more income. Stats NZ data shows median weekly earnings increased 8.8 percent in the year to the June quarter, the biggest jump since records began. Tax expert Terry Baucher says told Kate Hawkesby tax brackets have not change...

The first of New Zealand Rugby’s Silver Lake money is about to be dished out. Yesterday applications opened for clubs all around the country to get a slice of $7.5 million. It will see more than 450 clubs get between $10-40,000, with an expected focus on upgrading club facilities to make them community hubs again. North Harbour Rugby chairman Gerard van Ttilborg joined Mike Hosking. LISTEN ABOVE S...

Calls for the Government to review tax brackets amid rising inflation. New Zealand’s marginal tax rate system means higher rates of tax are applied as someone earns more income. Stats NZ data shows median weekly earnings increased 8.8 percent in the year to the June quarter, the biggest jump since records began. Deloitte partner Robyn Walker told Mike Hosking it needs some tweaking at the lower en...

Potential job losses at AUT are being seen as a tragedy for staff and students. Up to 230 staff could be cut. A drop in student numbers and growing economic pressures are being cited as the reason for the proposed restructure. The Tertiary Education Union says there seems to be too much focus on business outcomes rather than academic ones. President Tina Smith told Kate Hawkesby this isn't the rig...

Tough times for universities are forcing them to look at their balance sheet. Around 230 staff face redundancy at AUT, despite the university having a $12 million surplus last year. Universities New Zealand Executive Director Chris Whelan says inflation has hit the sector hard. He told Mike Hosking the lack of international students is also causing dramas.  Whelan says it will take a while to retu...

Banks are apparently starting to come down on property investors when it comes to their levels of debt. Rising interest rates and rents not increasing at the same pace has banks taking the hard line, which could involve getting investors to sell a property or being told to pay down debt when they voluntarily sell rather than pocketing the profits. Property Investors’ Federation president Andrew Ki...

Fears for the impact inflation could have on those saving for retirement. Massey University research shows the savings needed for retirees to fund a basic household living, with few luxuries, sits at $191,000 dollars in the city, and $77,000 in the provinces. A more comfortable living standard in the city requires $755,000 dollars, while a provincial household needs $480,000. It shows many Kiwis i...

I feel bad that Sir Ray Avery is leaving New Zealand. He is far from the only one; the stats tell you the embarrassing story which is that we currently have more people leaving than arriving. You wonder when that will actually stop, when do more people arrive and who are those people? Most of the people leaving right now are the younger ones and we can only hope that some of those will be back. Ra...

Very proud, but some serious imposter syndrome at play for Miranda Harcourt. She's been named Supreme Winner at last night's Kea Awards in Auckland. They recognise those who have demonstrated unique power of Kiwi connection and used it to benefit Aotearoa. The actor, director and performance coach told Mike Hosking she was in awe of the other winners. Harcourt told Mike Hosking as the evening prog...

A kiwi in the coal mine. That's what the Financial Times is calling New Zealand's housing market in a video that warns other countries to take heed of our market's fast rises and quick falls. Infometrics Principal Economist, Brad Olsen, says our income to housing affordability ratio is far worse than other countries. He told Mike Hosking while our housing market might provide an indication as to h...

Organisations representing the construction sector are standing together to address the industry's health and safety crisis. They want a renewed focus, as WorkSafe reveals at least two workers have died in construction every month since the start of last year. A further one person is seriously injured every day. Construction Health and Safety Council Chief Executive Chris Alderson says told Mike H...

Fears confusion with our Covid restrictions could be turning off international tourists. The Tourism Export Council says around 20 percent of US travellers planning to visit are now looking elsewhere for their summer stay. As a result, the local tourism sector could lose millions, with Australia picking up the cancellations. Council Chief Executive Lynda Keene told Mike Hosking many cite the traff...

As far as U-turns go, this is a spectacular one. On Tuesday, the Government announce GST on KiwiSaver fees, Wednesday afternoon they're gone, so less than 24 hours. They were gone before they even arrived. What it tells us, apart from the fact it's good news and we can take that money and actually save it, as opposed to giving it to the Government, is that the Labour Party has literally no idea wh...

Chris Luxon says KiwiSaver is about making sure people are set up for their retirement and we shouldn't be messing around with it. The Government has u-turned on plans to impose GST on KiwiSaver fees, less than 24 hours after the proposal emerged. He told Mike Hosking he's seen the power of having a good KiwiSaver-type operation in other countries, giving them a good backbone for investing in the...

A suggestion has come that having 13 to 15 year olds help address staff shortages is actually a good idea. The Australian Retailers Association is floating the idea to address staff shortages in retail and hospitality. New Zealand's in a similar situation, with no employment age limit here. AUT human resources expert Jarrod Haar told Mike Hosking there are lots of good things that teens can learn...

A rise in the number of people not clearing their debts. The latest data from Centrix shows consumer arrears increasing 13 percent year-on-year in July, while vehicle arrears rose for the fourth consecutive month. Centrix Managing Director Keith McLaughlin told Mike Hosking it's a trend they were expecting. He says they expected the discretionary arrears to rise first, and then go into secured len...

No sympathy for big corporates opposing a Government bill limiting the number of tobacco retailers. Foodstuffs and Z Energy are lobbying against the proposal, which could see a 95 per cent reduction of around 8,000 retailers. But Cancer Society New Zealand says maintaining thousands of tobacco retailers will hinder the country's Smokefree 2025 aim. Chief Executive Lucy Elwood told Mike Hosking wid...

An attempt to tidy up the GST charged on different investment products. The Government is planning to impose GST on Kiwisaver fees, which will give it an extra $225 million a year. Kiwisaver provider Pathfinder's Chief Executive John Berry told Kate Hawkesby unfortunately for investors, the tidy up is quite brutal. Modelling suggests it will raise fees and mean $103 billion fewer saved in accounts...