Best of Business

The Government admits it did not get its new lending rules right. There'll be further tweaks to consumer lending regulations, including narrowing the expenses considered to exclude discretionary spending. Double counting will also be reduced when it comes to credit contracts. Commerce and Consumer Affairs Minister David Clark told Mike Hosking if you don't get it right, it's important to fix it qu...

More than 70 percent of diesel drivers buying up large amounts of discounted fuel are thought to be rorting the system. Purchasers were only meant to buy the number of units they'd typically use over a three-month period. But spot checks by Waka Kotahi on large purchases reveals 73 percent are likely to be excessive. Transporting NZ CEO, Nick Leggett joined Heather du Plessis-Allan. LISTEN ABOVE S...

In January farmer confidence was at the lowest level recorded in biannual surveys that Federated Farmers has been running since 2009. Last month's survey found it had dropped even further. More than 1200 farmers from around New Zealand responded to the July survey, Feds said. A net 47.8 per cent of farmers considered current economic conditions to be bad, down 55.6 points from January, when a net...

Michael Hill has become the first major retailer in Australasia to become an accredited seller of lab-grown diamonds. The jewellery chain has been selling synthetic diamonds since 2020. But now they can officially say they are carbon neutral and be accurately traced back to their source of manufacturing. First Retail Group managing director Chris Wilkinson joined Heather du Plessis-Allan. LISTEN A...

Jacinda Ardern has spoken at the China Business Summit this morning. She said she is looking forward to the resumption of ministerial visits with China as Covid allows, and she hoped to lead a business delegation herself "to renew and refresh in-person connections”. Ardern has also called for "diplomacy, de-escalation and dialogue”, which comes after Chinese threats to US Speaker Nancy Pelosi’s vi...

Defence for the cost of living payment after some overseas residents and former migrants receive the first deposit. Prime Minister Jacinda Ardern says some living overseas will get the boost, but it's not worth trying to recover the payment. People can opt out, and Inland Revenue confirms nearly 1000 have so far. Acting Finance Minister David Parker told Heather du Plessis-Allan says there's no ex...

A war of words has broken out between Electric Kiwi and Consumer NZ over the running of a power comparison site. Powerswitch was set up with Government funding to help consumers find the best power deal using independent advice. However, Electric Kiwi plans have been removed after the company refused to pay commission fees. Electric Kiwi chief marketing officer Andy Cooper joined Heather du Plessi...

A Kiwi HR company says wellbeing sessions at work or 4-day weeks are never going to be the work/life fix employees are currently demanding. Greaterthan has worked with Callaghan Innovation, Edmund Hillary Fellowship, AJ Hackett International, and other New Zealand organisations to address the changing attitudes of workers since the pandemic. Partner Lucia Die Gil says it’s the dog-eat-dog nature o...

It is a tough time to be in the construction industry. The annual construction industry survey shows on top of battling the well-known skill and worker shortages and cost escalations, which more and more think will affect future growth, there's also a lack of project certainty and the need for government policy changes to improve productivity and actually allow the sector to deliver on infrastruct...

A spring in the step of tourism businesses today, with New Zealand's border now fully open for the first time in more than two years. All visa categories are open for travellers from anywhere -- and cruise ships can return. Tourism Industry Aotearoa chief Rebecca Ingram says they're not expecting an immediate influx of visitors. But she told Mike Hosking the buzz around the industry is positive. I...

A sugar hit to sweeten up New Zealand's squeezed middle. The first instalment of the Government's Cost of Living payment, which was announced in May's Budget, is being dished out today. Anyone earning $70,000 or less will get $116, with two more equivalent payments in the coming months. Revenue Minister David Parker is urging people to make sure their bank details are up to date with Inland Revenu...

National, the Greens, ACT and a former Reserve Bank chairman are calling for a public inquiry into the Reserve Bank's response to Covid. It comes after Graeme Wheeler says central banks made serious errors in wake of the pandemic which now need to be acknowledged and corrected. A research paper co-authored by Bryce Wilkinson for the New Zealand Initiative argues central banks were too confident ab...

Consumer confidence may be low, but New Zealand households are still spending. This is according to the latest ANZ-Roy Morgan numbers, which show that while consumer confidence is still really, really low, it has gone up a little bit this month, which is good news. ANZ chief economist Sharon Zollner joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A regional visitor levy is back on the cards to cover the costs of tourism on small communities as borders fully re-open on Sunday. The proposal was a common theme in new destination management plans written by regional tourism organisations following the Covid-19 lockdowns. Many say they need more financial support to manage the effects of tourism. Regional Tourism New Zealand chair David Perks j...

The tourism sector is bracing for the long-awaited return of international cruise ships. The maritime border re-opens on Monday, with the Pacific Explorer set to be the first to arrive at Auckland's Queens Wharf from Brisbane on August 12.The official cruise season begins in October, with a full roster of arrivals locked in until mid-July next year. Cruise Association chief executive Kevin O'Sulli...

A building company director says nowhere near enough plasterboard is arriving in the country. Housing Minister Megan Woods says a taskforce set up to address an industry shortage has made good progress Twelve plasterboard importers, four of them new, have 100 containers of product en route to the country. Brightbuild director Jennifer Taylor says they can't access enough of it, and are turning awa...

How good was it to hear Stephen Joyce with Kerre Woodham yesterday morning? The former Finance Minister talked calmly and rationally about our inflation crisis and government spending. I hope Christopher Luxon was listening, because he has a lot to learn. It was great to hear Mr Joyce talking about the inflation spike and it’s causes. He correctly said it’s unique quality was that it was a supply...

Vehicle importers are shining a light on apparent faults within the the Government's Clean Car rebate scheme. The Imported Motor Vehicle Industry Association is pulling its support on the programme. It claims the programme isn't appropriate for its supply dynamic, and the Government won't work together on a suitable scheme. Chief Executive David Vinsen told Kate Hawkesby there's an unnecessary lev...

An employment law expert says the Kamahl Santamaria saga should send a clear warning about the dangers of hiring friends. TVNZ Head of News Paul Yurisich has resigned, after a review found he did no reference checks before hiring the former Breakfast presenter. The pair had previously worked together at Al Jazeera. Employment law expert Max Whitehead told Kate Hawkesby TVNZ has suffered huge reput...

Hold the front page, the Government has done something eminently sensible. The changes to the investment visas make some real sense. Buying your way into a country without a proper contribution is an invite to simply have money parked and not necessarily being used for the betterment of New Zealand.   They didn’t actually need to raise the "Category A” up to $15 million. The amount is not always t...

A new certification programme has been launched for businesses this morning. Developed by the Restaurant Association, it's called HospoCred and it will reward businesses who meet certain standards in a wide range of areas. Restaurant Association CEO Marisa Bidois joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for privacy information.

An end to the Gib shortage is becoming closer by the day. Twelve importers of plasterboard now have 100 containers of product on their way to the country, including four new importers. MBIE is publishing advice on substitutions and minor variations tomorrow and will issue further technical advice and guidance next week. Naylor Love Chief Executive Rick Herd told Mike Hosking it's going to help. He...

Does it seem like the Reserve Bank has learned anything over the last couple of days? This is in relation to Graeme Wheeler's comment that central banks drove inflation. Since then, the Reserve Bank has released a statement acknowledging their role in creating the high inflationary environment we're in right now. Infometrics Chief Forecaster Gareth Kiernan joined Heather du Plessis-Allan. LISTEN A...

All eyese are on the US Federal Reserve tomorrow. They're announcing the interest rates, and a economists are expecting a 0.75 percent rise to 2.5 percent. If it happens, it will be second big increase in a row and the fastest pace of rate hikes in 40 years. Milford Asset Management Global Equities Analyst Deb Lambie joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for pri...

The Crown has started recapitalising the Reserve Bank. It comes after the Government provided a backstop for the bank to buy bonds at the start of the pandemic. Now the value of these bonds has fallen, and the change in value is worth $8.8 billion. Wellington Business Editor Jenée Tibshraeny joined Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.