Best of Business

A signal from the Reserve Bank's led Westpac to hike rates - and one economist expects other banks could follow.  Westpac lifted two five-year fixed rates by 30 basis points yesterday. The bank's chief economist, Kelly Eckhold, says it seems the Reserve Bank's unlikely to cut the OCR again any time soon.  "We kind of expected that they would cut the rate by 25 basis points, but we didn't...

The debate over out long summer break is heating up.  An op-ed from businessman Toss Grimley claims New Zealand’s extended shutdown hurts productivity, a stance backed up by Auckland Business Chamber CEO Simon Bridges.  Bridges says there’s a real perception the country “shuts down until March”, and that we’re seen more as “lifestylers” than serious businesspeople.   Massey Universi...

Deloitte's Top 200 awards took place at Auckland's Viaduct Event Centre last night, with New Zealand space company Rocket Lab, founded by Peter Beck, taking the title of Company of the Year.  NZ Herald Technology Editor Chris Keall joined Matt and Tyler to chat about the win. "To actually be a New Zealander and to even dream of doing something like that, let alone be heading off to Mars with...

This morning, I'm going to pretty much let Toss Grumley do the opener for me.   Who's Toss Grumley? Well, Toss is a New Zealand business advisor and investor. The Post has run an editorial he wrote, bemoaning the Christmas shutdown. In it he said New Zealand's Christmas break has started to become way too extreme, and it's impacting our productivity on an individual business level and at the...

New Zealand’s relationship with the "Land of Opportunity" is taking the spotlight in Auckland today.  Business, trade, and political leaders are attending the annual US Business Summit.  Christopher Luxon is set to open the summit, shedding light on the Government’s actions to strengthen bilateral ties.  NZUS Council Executive Director Fiona Cooper told Mike Hosking New Zealand is d...

University of California professor and political analyst Dan Schnur talks to Heather du Plessis-Allan on the realities of doing international trade with the US in Trump's America. He explained that leaders must remember that Trump is first-and-foremost a businessman. "The city of San Francisco ... when they were worried that the Trump administration was going to send the Department of Homeland Sec...

It probably came out on the wrong day to get the coverage it deserved, but one of the last pieces in the economic turnaround told us we are basically there.  Consumer confidence is back, up six points to 98. It needs to be 100 or more for expansion, but it’s the highest figure since June and backs the business confidence, which last week was up a lot.  Business comes first because they s...

Auckland oyster farmers are facing another blow just weeks after a major wastewater spill into the Mahurangi River. Watercare says heavy rain on 19 November caused 86 cubic metres of wastewater and stormwater to overflow into the river from a Warkworth pipeline. The Ministry for Primary Industries has suspended harvesting while tests are carried out, but growers say the spill has already wrecked t...

Chris Luxon says banks need to be passing on their OCR cuts to customers - and customers should be switching banks if they don't. Mortgage rates have been falling significantly, following recent OCR cuts. But the Reserve Bank says the banks still have room to move, to be cutting the rates further. The Prime Minister says [told Mike Hosking] banks should be competing for customers, and customers sh...

Audio file  FR EDITORIAL 301125.mp3    Transcript  So, did you get yourself a bargain on Black Friday or some kind of good deal in the last 10 days that may also be associated with a Black Friday? I've done quite a bit of Christmas shopping this weekend, most of it online through Kiwi retailers, and have saved at least the shipping costs or up to maybe 25% savings, which, you k...

This week Kevin Milne wants to give a boutique business their flowers.  All Better is a toy repair business run by Janice in Te Awamutu. She specialises in fixing wooden puzzles for kids – a service Kevin was in dire need of after their dog caused a bit of damage to their vintage family puzzle.  If you’re in need of her services, you can contact her via email: jgdownhome@yahoo.co.nz &nbs...

The UK’s embattled Labour Government has unveiled a tax-raising budget - after its full contents were leaked half an hour early. The plan's designed to lift economic growth and ease cost-of-living pressures. UK correspondent Enda Brady says Chancellor Rachel Reeves acknowledged ordinary people would have to pay more, and it's prompted backlash. LISTEN ABOVE See omnystudio.com/listener for privacy...

There's growing concerns from experts about the risks surrounding AI investments. Investors believe AI is at risk of forming a stock market bubble, and some analysts are worried about the risks coming home to roost. Fisher Funds expert Sam Dickie explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Can I give you a positive spin on the recession that we're just coming out of? I mean, maybe it's not so much a positive spin, but maybe it's an explanation for why this recession was harder than it needed to be - but why it actually did need to be this hard. If you've been following the commentary around the Reserve Bank's last two OCR decisions, you'll know there's been a fair bit of chat about...

The Reserve Bank has blamed the ongoing recession on an uncertain property market, prompting experts to weigh in. New Zealand has traditionally relied on housing as an engine of growth, but years of flat property prices have reportedly contributed to the ongoing economic downturn. Infometrics principal economist Brad Olsen explained further. LISTEN ABOVE See omnystudio.com/listener for privac...

The Inland Revenue Department has launched some new steps in bringing down tax debt - with one scheme linked to a key credit agency. Following a successful pilot, the IRD will report more recalcitrant tax debtors to credit reporting agency Centrix. Centrix Group Managing Director Keith McLaughlin says this scheme is designed to bring down company debt at this stage, not personal debt. LISTEN ABOVE...

Business as usual for Jetstar, despite Air New Zealand taking a swipe at its airport discounts.  Air New Zealand head Nikhil Ravishankar claimed airports are unfairly subsidising the Qantas-owned airline - on our most profitable air routes.  BusinessDesk reports Ravishankar says that includes open-ended discounted landing rights and cost cutting deals.  Jetstar CEO Stephanie Tully s...

The Reserve Bank is addressing concerns cash is becoming inaccessible by bringing money to rural communities.   It has opened a 12-month trial of a cash depot in Hawke's Bays' Waipukurau - offering a closer site to make withdrawals. Local banks have recently closed, meaning the nearest ATM for locals is 50 kilometres away. Reserve Bank Money and Cash Director, Ian Woolford, says, currently, o...

Businesses are taking class-action over a power outage to of all Northland last year - although the exact loss is still unknown. In June, an inexperienced worker removed nuts from three legs of a pylon, which toppled, cutting electricity to almost the entire region. An opt-out class action against Transpower and its lines maintenance contractor is progressing through the courts.  Stout Street...

The Pohutukawa are out and flowering and abundant. The days are longer, the sun is shining, the Reserve Bank has cut the OCR, Christmas is coming, summer holidays are on the horizon, Chris Hipkins was talking tough around any kind of coalition with the Greens. We're in charge, we're not going to have this rabidly socialist nonsense, was the clear implication.  Commentators are saying that thi...

Leaky-home experts fear a proposed overhaul of the Building Act could leave unlucky home owners - apartment owners in particular - in financial ruin. Under the new regime, liabilities are only assigned to the party responsible, and for many new buildings, a warranty will be required. NZ Herald Wellington business editor Jenee Tibshraeny unpacks the concerns further. LISTEN ABOVE See omnystudio.com...

The Reserve Bank ended the year on a hopeful note and brought down the OCR for the end of 2025. The central bank cut the Official Cash Rate another 25 basis points today - bringing it to 2.25 percent. Milford Asset Management's Sam Trethewey explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Port of Auckland's CEO says a 'no' culture has permeated New Zealand.  Roger Gray says a cruise ship representative he spoke to in the US labelled our country 'No Zealand'. Gray says they claimed excessive regulation made things too difficult for them. He says he doesn't think it's the case in Australia. "I think Australians are a bit more optimistic and go - yeah, let's have a crack. We'...

The Reserve Bank's outgoing Governor says New Zealand's economy may be doing better than we realise. The central bank has cut the OCR 25 basis points today - to 2.25 percent. Christian Hawkesby says the economy already appears to be recovering from this year's downturn. He says what's unclear - is its pace. "The recovery could be faster and stronger than we expect, because we have cut interest rat...

The Reserve Bank is set to deliver their final Monetary Policy Statement for 2025 tomorrow, and reports indicate the OCR will be cut further. Economists are widely expecting the OCR to drop 25 basis points to 2.25  percent - with room for further cuts down the line.  HSBC chief economist Paul Bloxham speculated further. LISTEN ABOVE See omnystudio.com/listener for privacy information.