Best of Business

Once again, I find myself a bit confounded by a government that seems, at heart, basically dishonest. Can they argue the GST treatment on KiwiSaver fees is not a new tax, given they said there would be no new taxes? Yes they can, because GST is not a new tax. But are you paying more tax because of the Government's move on KiwiSaver fees? Yes you are. So has the tax take gone up because you are pay...

The Government's plan to impose GST on KiwiSaver fees is being labelled by some as a tax grab. The move, which would kick in from April 2026, will give the Government an extra $225 million a year. Modelling suggests it will raise fees and mean $103 billion fewer saved in accounts by 2070. KiwiSaver provider Koura Wealth Managing Director Rupert Carlyon told Mike Hosking there's no need to do this....

A Kiwi company has struck a deal with researchers in Singapore to create alternative meat from fermented bio-waste. Off-Piste Provisions is also raising $15 million with which to build an export-grade fermentation plant once the R&D side of the process is ironed out. Company founder is  who joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Transport NZ says soaring diesel prices are putting transport operators out of business. Average diesel prices have hit over $2.50, compared with the average price of 91 at $2.60 without taking into account road user charges. Transport NZ chief executive Nick Leggett told Mike Hosking diesel has become a significant business cost for some. “We have seen the price of diesel as a proportion of total...

The Revenue Minister is accepting criticism of the cost of living payment. The Auditor-General says it should have been rolled out more carefully. New screening measures are being launched ahead of the second $116 payment on Thursday. Minister David Parker says 31,000 people won't get the second payment until they confirm they're in New Zealand. He told Mike Hosking the Auditor-General's criticism...

The statistic that should send a chill through every one of us was the one you might have seen over the weekend from a construction company. They hired 52 people, but lost 54 to poaching. It's that fundamentally destructive aspect of the economy that has seen us almost certainly in a recession in the first half of this year, and quite possibly another one in the latter part of this year and into n...

Fixed term mortgage rates may already have peaked according to Kiwibank's latest forecasts. It also says the Reserve Bank may start lowering interest rates in the second half of next year. Kiwibank chief economist Jarrod Kerr joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Philanthropist Sir Ray Avery is packing his bags for Australia. He says he's sick of the tall poppy syndrome here, whereas Australians hold their high achievers in high regard. He also claims the Government refused to listen to his ideas on how to make New Zealand a better place. NZME Business Commentator Fran O'Sullivan joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for...

New screening measures have been launched ahead of the second cost of living payment. The next $116 payment is due out on Thursday. The Auditor-General says the payment should have been rolled out more carefully to stop ineligible people living overseas getting it again. 31,000 people won't get the second payment until they confirm they're in New Zealand. Finance Minister Grant Robertson told Heat...

Transporting NZ is quietly confident the Government will extend fuel tax relief past January. A litre of diesel is just nine cents a litre cheaper than regular petrol at the moment. New Zealanders have been saving around $276 a week on a 40-litre tank since the tax pause was introduced in April. CEO Nick Leggett told Heather du Plessis-Allan fuel needs to be kept low at the moment. “For us to tran...

So last week, my opening comments centred on how opposition MPs and anti-government commentators have been fear mongering about the state of the economy. When it was published online it became one of our most commented on pieces of the day with over 500 people expressing what they thought. Many called me a Labour party apologist. A lot asked why I was praising Labour's management of the economy. P...

New Zealanders may have to cut back on the Friday night fish and chips. The country's favourite takeaway has been unable to escape the grip of inflation, as businesses face rising costs. Bluff fish and chip shop Galley Takeaways has been hit and the business has been forced to put prices up. Owner Diane Williamson says a Blue cod fillet is going for $12.50 this week, plus the scoop on top. She tol...

There is a push to end an unfair pay gap within the nursing industry. Rallies will be held nationwide today; as primary healthcare nurses demand Te Whatu Ora pay them the same as their hospital counterparts. Currently primary health care nurses are paid up to 15 percent less, but in some cases the gap is wider. Nurses Organisation Co-President Kerri Nuku told Mike Hosking the unfair way this is ha...

“All I do is cry” was the quote that broke my heart over the weekend. The ODT had a story about the state of Queenstown at the moment, and it talked to café and restaurant owners who’re still in dire straits over lack of staff. They claim there’s no light at the end of the tunnel, and that this is worse than Covid was.  Hospitality NZ’s regional manager was quoted as saying that it’s such a pressu...

Doom and gloom is on the economic horizon. Higher interest rates, lower spending and low population growth are all pointing towards a higher chance of recession for the first two quarters of the year. Westpac Senior Economist Satish Ranchhod says while he thinks there won't be a recession, our growth will be soft. He told Kate Hawkesby he's expecting a pretty weak end to the year in retail spendin...

Dairy owners fear someone will die as ram raids surge. There's been a 400 percent increase in the crime in the last five years, with the Police Minister revealing it's happened 129 times since May. Chris Hipkins has also confirmed almost all of these people are under 18 years old, with the median age being 15. Dairy and Business Owners Group Chair Sunny Kaushal told Kate Hawkesby we need a solutio...

Economic signs are pointing towards a greater chance of a recession. Stats NZ data shows sales slumped 2.3 percent over the last quarter, for a second consecutive quarterly drop. ASB Senior Economist Mark Smith says declining sales combined with interest rate increases and low population growth are all contributing. He told Mike Hosking labour market conditions aren't helping lower the risk. Smith...

Air New Zealand is hoping for a better year ahead. The airline made a net loss of $591 million in the year to June, up from a loss of $292 million in the previous financial year. But revenue has increased by nine percent, to $2.7 billion. Chief Executive Greg Foran told Mike Hosking they're off to a good start, with much depending on what happens with the cost of fuel. LISTEN ABOVE See omnystudio....

Concerns about a lack of certainty over the delivery of infrastructure projects. Waka Kotahi is warning the Government's $8.7 billion NZ Upgrade transport package is flashing red, with monthly reports showing more delays and increasing costs. Construction Industry Council Executive Director Graham Burke says it's likely due to the cost pressures we're all facing. But he told Mike Hosking processes...

Do we want a big country or not? That's the question the Reserve Bank is posing. It comes as data shows there are now two job vacancies per unemployed person and the Government being set to respond to the Productivity Commission's report on immigration. Sense Partners economist Kirdan Lees believes if the Government essentially stepped aside, then firms and households could increase our population...

The latest government move to try and bring down prices at the supermarket checkout has been announced. It will force Countdown and Foodstuffs to sell groceries to rival retailers at regulated prices - if they fail to supply them on the wholesale market "adequately." This rule change wasn't recommended by the commerce commission and questions have been asked as to whether it will actually make a d...

More calls have come for reduced taxes to help ease supermarket prices. The Government will force Foodstuffs and Countdown to sell groceries to competitors at regulated prices, if they don't supply them on the wholesale market fairly. Retail NZ Chief Executive Greg Harford says the real problem is how expensive it is for new businesses to enter the market. He told Kate Hawkesby the best way to red...

Communism has finally arrived and it's lobbed into Countdown. Or New World or Pak'nSave. Anyway, your can of beans will now be priced by David Clark. I am assuming suppliers will be happy. Under the Government's threat yesterday, and that’s all you can call it, supermarkets have to cut a deal with anyone and everyone at commercial rates. What's a commercial rate? Well, once upon a time in a free a...

New fears that the Government's cost cutting on recruiting staff for public sector could lead to an already hopeless and unstaffed workforce. The Government is requiring a further 3,423 staff to fulfil their budget commitments, but now want to charge recruiters the same price for filling a low-skilled position as a high-skilled position. Jon Ives is the CEO at OneStaff and Chairperson of the RCSA...

Stacks of cash will be required to create competition against the supermarket duopoly. The Government is requiring Countdown and Foodstuffs to provide competitors with fair access to their products on wholesale terms. Supie online supermarket founder, Sarah Balle, says meaningful competition will only happen when other supermarket players get bigger. She told Mike Hosking for this to occur, consum...