Best of Business

The country's overdue tax debt has hit $9.3 billion for the year to June, according to new reports. It's growing faster than the Government's tax take and New Zealand's overall economy, prompting concern from experts. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Shares in Transport and logistics company Mainfreight have rallied today, despite the company posting an 18.5 percent drop in first-half profit. The result's better than expected, with performance improving and expected to rise more. Mainfreight CEO Don Braid says they've had a tough start to the year, but he feels things are improving ahead of the new year. LISTEN ABOVE See omnystudio.com/listene...

Costco's interest in New Zealand could be a good sign for our grocery sector.  The big-box US retail chain's bought a large plot in the new Drury Town Centre for its second Auckland store.  A Westgate branch opened three years ago.  Grocery Action Group chair Sue Chetwin says Costco clearly sees profit potential in New Zealand.  "It would be really good if a third or a fourth o...

Artificial intelligence is growing and changing and reshaping industries, but there's growing concerns about the harm it could bring. Trust is a valuable asset in the digital space, and many businesses are concerned about how the online experience could change - and how it could impact their output. Former White House CIO and Fortalice Solutions CEO Theresa Payton says it's going to get harder for...

At what point, when you're a business owner, do you decide that you've had enough? There was Covid, then there were the boom times, then there was the recession that seems to have gone on and on, there's a crisis in consumer confidence, there's global uncertainty that too has gone on and on. There are problems finding staff, there are problems keeping staff, there are problems finding work, proble...

Many businesses that limped through the pandemic are now going under.  Insolvency practitioners have been reporting a sharp rise in the number of insolvencies since mid-2022.  Smaller retail, hospitality, construction, transport and manufacturing operators are failing far more now than they were before the pandemic.  Waterstone Insolvency Principal Damien Grant told Kerre Woodham a...

Business NZ believes further action is still needed to address compliance costs for small businesses.  It says the Government's making good on its promise to cut red tape, but its new progress report shows several compliance burdens across sectors, including construction.  The Ministry for Regulation’s engaging with businesses, councils, and industry bodies to begin removing inconsistent...

Rocket Lab is set to unveil their results for Q3, and it's prompted speculation from experts. The company's seen some growth and shares have gone up, but concerns have still been raised. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Prime Minister has indicated trade talks with India are progressing well - and speculation claims both nations could have a trade deal by next year. Trade Minister Todd McClay has been hosting Commerce Minister Piyush Goyal in Auckland for a fifth round of talks on a trade deal. Finance Minister Nicola Willis won't disclose too much, but she says good progress is being made. LISTEN ABOVE See o...

A $2.5 billion dollar boost for our largest bank. ANZ New Zealand's announced a 21 percent increase in its annual profit. It's largely down to a good year for the bank's hedging - investments designed to offset financial risks. Chief Executive Antonia Watson says the bank also grew its balance sheet, and adjusted funds set aside for covering unpaid loans.  "In a sign of green shoots, we've ac...

There's growing calls to revisit the asset sales debate ahead of the election next year. Chris Luxon's calling for an asset-recycling debate before next year's election, after the Treasury warned of unsustainable Crown finances. Infometrics Principal Economist Brad Olsen joined the Afternoons team to discuss further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

What do you do, when you have invested all your money into an idea you thought was going off, and then the whole world shuts down?   Do you try to fight on? Or do you completely change your business to survive?  That’s the decision Aidan Bartlett faced.   He’s the co-founder and chief Executive of online marketplace Designer Wardrobe. It was, once upon a time, a designer rental shop...

The battle of the bank BS is back. BNZ, who announced their profit last week, talked of the strong competition out there. But I note their margin went up, up, 6 points to 2.43%. So if there is so much competition, how come the margin is up? Then came the claim from the Reserve Bank among others that the big banks are being tardy when it comes to passing on the Reserve Bank cuts to us punters. Smal...

Many businesses that limped through the pandemic are now going under. Insolvency practitioners have been reporting a sharp rise in the number of insolvencies since mid-2022. Smaller retail, hospitality, construction, transport and manufacturing operators are failing far more now,  than they were before the pandemic. BWA Insolvency Founder Bryan Williams told Mike Hosking that many have burned...

The 2025 China International Import Expo has gotten underway in Shanghai and some familiar Kiwi brands are making an appearance. Fonterra, Zespri, Silver Fern Farms and Comvita are among the big names showcasing their output on the world stage. The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Officials warn the $200 million set aside to encourage gas exploration may be too small - with production falling and closure of the ageing Māui field looming. The Government's widening the scope and terms of the commercial co-investment fund. BusinessDesk reports a Cabinet paper released today states the field will stop production, with the rest of the sentence redacted. Resources Minister Shane...

Those who are in work are taking more sick leave.  New research by Southern Cross Health Insurance and Business NZ has found an average staff member took almost seven days of sick leave last year, up 1.4 from two years earlier.  It's costing the country about $4 billion a year.  Business NZ Chief Executive Katherine Rich told Mike Hosking the rise in leave entitlements has had an im...

There’s a form of economic nimbyism that’s going on in this country.  And if we want to get ahead, everyone knows there must be trade-offs. No economic miracle. New business or growth opportunity comes without a cost. Whether its intensive agriculture on the environment or water to run the data centres that power your smart phones. Every success costs you something. The trick is to be reasona...

Former Reserve Bank Governor Adrian Orr has threatened one of his fiercest critics with legal action. He has compelled a London-based central banking news publication to unpublish an article about his tumultuous resignation, written by a former Reserve Bank senior staffer, turned blogger, Michael Reddell. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVE See omn...

One expert is warning the job market won't get easier any time soon. The latest Stats NZ data shows the unemployment rate has reached an almost nine-year high of 5.3 percent in the September quarter. That's 160,000 people looking for a job, and another 138,000 wanting more work. Infometrics principal economist Nick Brunsdon says we're on the cusp of a recovery - but not a quick one. "Our forecast...

Five years ago, Port of Auckland was struggling with a shocking health and safety record. Three people had died and many more had been injured at work. Financially, the company was dealing with a costly but flawed automation project, and COVID added plenty of headaches for the global shipping industry too. The company needed a complete turnaround, and Roger Gray was picked as the new chief executi...

The Government's putting more than a million dollars into rolling out farming tech designed to cut down emissions. A $1.2 million dollar investment's been announced through AgriZero. It's developing a device for cows that spreads their urine across a farm as fertiliser- reducing the need for artificial application. The Country's Jamie Mackay explained the project further. LISTEN ABOVE See omnystud...

Over in Australia, the Reserve Bank has opted to leave interest rates on hold at 3.6 percent, in line with expectations from economists. Experts had largely predicted this, given the current state of inflation data in Australia. Australian correspondent Murray Olds says it's unlikely Australians will see a rate cut until 2026. LISTEN ABOVE See omnystudio.com/listener for privacy information.

They say when one door closes, another one opens.   That’s certainly been the case for Lisa King. In the same breath she closed her first business Eat My Lunch and started a drinks brand AF Drinks. AF stands for alcohol free - and it's a range of booze free cocktails. The brand has picked up on a huge rise in people who want to drink less or not at all.   It’s a change not just seen in N...

Westpac New Zealand recently saw a significant profit boost - and it's prompted discussion. The Australia-owned bank's reporting a 13 percent jump in net profit after tax of of $1.20 billion in the year to September.  Harbour Asset Management expert Shane Solly explained the market reactions. LISTEN ABOVE See omnystudio.com/listener for privacy information.