Best of Business

The GDP number for the third quarter  is released today, with most economists predicting a drop of at least 3 percent.   It comes on the back of the big numbers from the half yearly economic and fiscal update.  Almost a $21 billion deficit but a return to surplus in 2023-24, inflation peaking at 5.6% next year, wage growth less at 4.6%, unemployment dropping further still but house prices up 10%. ...

Today's GDP figures are likely to be better than expected.  They're due out mid-morning.  ANZ economist Finn Robinson told Tim Dower the ANZ bank thinks the economy has contracted by four and half percent.  He says that's considerably better than the seven percent the bank had initially pencilled in.  “What we have with that is the preliminary data that is released about how construction and retai...

Today's GDP figures are likely to be better than expected.  They're due out mid-morning.  ANZ economist Finn Robinson told Tim Dower the ANZ bank thinks the economy has contracted by four and half percent.  He says that's considerably better than the seven percent the bank had initially pencilled in.  “What we have with that is the preliminary data that is released about how construction and retai...

Farmers are evenly split on their expectations for the coming year.  Dairy is the most optimistic sector, while dry stock farmers and horticulturalists are more pessimistic.   Rabobank NZ's CEO Todd Charteris joined Tim Dower.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Taxpayers are expected to pay down the track for a large jump in Government spending.  The Government's giving itself an operating allowance of $6 billion in next year's Budget, possibly the highest in history.   Former National Finance Minister, Steven Joyce, told Mike Yardley the books are improving because inflation is going up, which is bringing in more tax for the Government.  “Kiwis are gett...

The price of building has risen significantly and apparently there is no end in sight.  A survey from industry leader, EBoss, found suppliers increased prices by 16% in the past 3 months and are looking to further rises of 12% in the new year.  EBoss managing director, Matthew Duder, told Heather du Plessis-Allan the most remarkable price increases are on structural products; steel, structural tim...

What came as a shock to investors this year?  What are the big lessons investors have learnt this year?  Sam Dickie from Fisher Funds joined Heather du Plessis-Allan to discuss what investors learnt this year.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Now that the year is drawing to a close, we can focus on what we can expect the happen to the markets in 2022.  What companies are well-placed and which will feel the pressure?  Ian Robertson from Milford Assets Management told Heather du Plessis-Allan what he expects the key themes to be.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Air New Zealand has revised their Crown Law Agreement.  They will receive an additional 5 million dollars from the government, bringing the total amount to 2 billion dollars.   Wellington Business Editor, Hamish Rutherford, told Heather du Plessis-Allan it looks like they’re delaying their capital raise again.   “They’re meant to be doing it at the start of next year, they have enough money to do...

Apparently, the government is considering another hike in the minimum wage.  We're told MBIE has been out consulting and now the government is considering another three-year cycle of increases, starting with the first of more than a dollar.  Frankly, they need to kill this idea.  I do feel for people struggling to make ends at the moment with the rising cost of living: rents have gone up in a mass...

NZ Post is in the news for the wrong reasons today.  The Auckland borders are open and it seems Aucklanders are waiting to see how the traffic holds up before leaving.   Should the government go ahead with increasing the minimum wage?  LISTEN ABOVE to Hayden Munro and Tim Wilson talk about this and the rest of today's news with Heather du Plessis-Allan. See omnystudio.com/listener for privacy info...

A New Zealand Post worker's been caught on video throwing parcels from a carrier bin onto the ground.   NZ Post has unreservedly apologised for what it says is a one-off incident.   CEO of Consumer NZ, Jon Duffy, told Heather du Plessis-Allan it was pretty disappointing to see.  “Your contract is with the seller and then the seller is the one who has arranged for the delivery, so if something turn...

The Employers and Manufacturers Association says it's a rubbish time to consult on minimum wage rises.   It's understood the Government's consulting on three years' worth of wage increase.   Head of Advocacy & Strategy, Alan McDonald, told Heather du Plessis-Allan they believe the first rise will be around one-dollar, which is a blow to businesses.  “There is very little financial resilience left...

The Taxi Federation wants the right to deny passengers who aren't vaccinated, but its calls to the Government may be falling on deaf ears.   The Federation expressed its concerns to the Government earlier this month.  Because their service is classified as ‘life preserving’, drivers are prohibited from asking passengers for a vaccine pass.  But Taxi Federation Executive Director, Warren Quirke, to...

Greg Smith, Head of Distribution and Strategy at Devon Funds Management joined Mike Yardley to discuss the big news in the finance world. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Air New Zealand is expecting a bumper summer.  The airline says 12 thousand people will travel in and out of Auckland on its flights today, with the city's borders now open.  Chief executive Greg Foran says they're operating nearly a third higher than normal until January 31.  And he says there'll be 15 to 20 percent more people travelling in the lead up to Christmas.  “Well over 300,000 people no...

Mixed feelings for businesses on the re-opening of the Auckland border.   Those in the south are looking forward to seeing the influx of tourists they so desperately need.   Queenstown's Totally Tourism director Mark Quickfall told Mike Yardley they're ready to welcome Aucklanders back.  “We do certainly welcome this cashflow into our businesses and we will just try to hang on until international...

A housing trust says taxpayers should feel like their money's been wasted.   The Auditor-General has criticised the Social Development Ministry renting private properties for emergency housing.   37-million dollars went to Auckland private landlords and property managers between November 2017 and June 2020.   The Ministry's stopped using them, after concerns about the impact on the private market....

Are we being reluctantly drip-fed information about the Auckland border system?  Luxon’s bump in the polls, does this bode well for National?  LISTEN ABOVE as Jack Tame and David Farrar discuss this and the rest of today’s news with Heather du Plessis-Allan. See omnystudio.com/listener for privacy information.

Max Key has just revealed his new career move. He's just completed and sold his first property development project.   Sir john Key's son shared photos of a Glen Innes property he developed. Captioned "Crazy 18 months... They say the first project is always a challenge"  Max told Heather du Plessis-Allan, before taking on this project he had “textbook knowledge” of how the process worked.   Max Key...

Pressure on the Government to lift the minimum wage before Christmas.  Stats New Zealand figures show a six percent annual increase in rents across the country, and a four percent annual rise in food prices.   Both easily top wages at 2.4 percent.  Council of Trade Unions economist, Craig Renney, told Heather Du Plessis Allan a change could be made before the Government adjourns for the year.  “Wh...

New Zealand's leading tradie marketplace Builderscrack has been acquired by Australia's hipages Group Holdings Limited.  The 100 per cent acquisition of MyQuote Limited, trading as Builderscrack, is for A$11.8m in cash and equity.  Founded in 2007 by general manager Jeremy Wyn-Harris, Mark Dickson and Keith Roberts, Builderscrack grew to post more than 95,000 jobs on its platform in the past 12 mo...

NZME business correspondent joined Heather du Plessis-Allan to break down the Government's decision to move parts of the country to orange on New Year's Eve. LISTEN ABOVE See omnystudio.com/listener for privacy information.

JMI Wealth director Anderw Kelleher joined Mike Yardley to discuss New Zealand's net migration going negative for the first time since 2013, as well as the latest round of REINZ housing data. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Some businesses are offering Christmas bonuses.   Waikato Regional Council bus drivers will each receive a $1000 bonus.   Recruitment agency director Katherine Swan told Mike Yardley people appreciate added bonuses whether it's money or a gift.  “Particularly over the last two years we’ve seen people go above and beyond, so I’m not surprised to see that organisations are really taking time.”  LIST...