Best of Business

After years of a historically strong labour market, there are now growing signs of softening beneath the surface. Work opportunities in the US are dwindling amid ongoing economic uncertainty, with the Trump administration's policies contributing to high unemployment figures. Milford Asset Management expert Brendan Larsen explains further. LISTEN ABOVE See omnystudio.com/listener for privacy inform...

The New Zealand Chambers of Commerce have warned that the Government’s proposed ban on retail payment surcharges risks hitting small businesses with higher costs. Simon Bridges, CEO of the Auckland Business Chamber, acknowledged that the Government was trying to protect consumers from additional fees - but voiced concerns about what this ban could do for smaller operators. He says the ban isn't a...

Air New Zealand's new CEO appointment isn't a shock within the sector, according to one expert. Chief Digital Officer Nikhil Ravishankar will step up to replace Greg Foran in October. Forsyth Barr Head of Research Andy Bowley says he's unsure whether this appointment suggests a lack of international interest. "There's been a reasonable understanding that he was one of the leading - if not the lead...

The Finance Minister's floating the idea of listing KiwiBank on the stock exchange.  Cabinet has given KiwiBank's parent company the green light to raise an extra $500 million. However, Finance Minister Nicola Willis says this won't occur without an electoral mandate. "That will be for individual parties to take a position at the election - but I've been advised that any potential public offe...

Jeremy Williamson, head of private wealth and markets at Craigs Investment Partners, recently claimed there was momentum building for Kiwis to move away from investing in property - but one expert has suggested differently. Matt Ball from the Property Investors Federation acknowledged people were getting more savvy about outside investments and that the property market was changing, but claimed th...

A top lawyer working with the plaintiffs in a large-scale banking class action is calling for a formal investigation into the 'serious civil service process failures' by MBIE. Rachael Reed, KC, has outlined her objections in a letter to Public Service Commissioner Sir Brian Roche and Attorney-General Judith Collins, voicing concerns with the Reserve Bank's risk assessment. She says the $12.9 billi...

Australian exporters may face tariffs of up to 20 percent as US President Donald Trump keeps flagging higher baselines. Trump revealed the range for the new minimum tariff earlier this week, and the pressure's on the Albanese-led Government to strike a better deal. Australian correspondent Murray Olds says it's unclear how the Government will proceed here. LISTEN ABOVE See omnystudio.com/listener...

One investment expert says New Zealand would be a lot better off if people sold off their property investments and put money into assets that helped boost the economy. Jeremy Williamson, head of private wealth and markets at Craigs Investment Partners, recently claimed the time has come for the nation to move away from its 'love affair with property'. He joined the Afternoons team to discuss furth...

There is much that this coalition government is dealing with that is not of their own making – they are mopping up, cleaning up the mess. Then there are the own goals that should not be happening 18 months into office – and I would argue that the announcement trumpeted yesterday afternoon is an example of an own goal.   The Government is planning to ban merchants from adding surcharges to in-...

BNZ is taking advantage of the Government’s ban on in-store card surcharges to promote its new banking platform.  Payap, an open banking platform, allows customers to pay directly from their bank account.   It provides a lower-cost alternative with transaction fees of just 0.39% or 0.59%, and is compatible with all major NZ banks.  BNZ Head of Payment Development Jonathan Dale told...

The Commerce Minister says he's disappointed in businesses who say they will pass on the cost of surcharge scrapping.   Most in-store surcharges on card payments will be banned, with the changes set to kick in next May.   Scott Simpson says this is a win for consumers.   He told Mike Hosking they've also taken action on the fees banks charge businesses.   Simpson says those rat...

President Donald Trump recently announced that the United States and the European Union reached a framework for a trade deal. Trump reportedly had talks with European Commission President Ursula von der Leyen in Scotland. Harbour Asset Management spokesperson Shane Solly explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Recent data shows there were 27,850 fewer jobs in New Zealand in June compared to the year before, and young Kiwis are being hit hard by a tightening labour market. Over 12,000 of those lost jobs came from the construction sector, manufacturing lost 5850 jobs, professional, scientific and technical services lost 5150 jobs and admin and support services lost 4860 jobs. Infometrics principal economi...

The Finance Minister has hinted changes are on the way for the supermarket sector, with a further update due out by the end of August. Speculation indicates the Government will make an announcement to address the situation. Nicola Willis says Prime Minister Luxon has confirmed the Government will be making an announcement this quarter. LISTEN ABOVE See omnystudio.com/listener for privacy informati...

The news of the day, politically, is that surcharges are gone, as the Government's just banned them. You know what I'm talking about here, right? They're the little extra amount that you get pinged when you turn up at the dairy and you use your credit card, or you use your paywave - it's gone from May next year. The big sell behind this is basically that it's to help you with the cost of living cr...

The Government's recent ban on on payment card surcharges has been met with criticism from the retail and hospitality sectors. The Government's announced it will scrap extra in-store card fees by next May. The Commerce Commission has already reduced bank interchange visa and master card fees for businesses. Dairy and Business Owners Group chair Ankit Bansal says these proposed changes are 'unfair'...

The Government's scrapping card surcharges at the till, which collectively cost Kiwis $150 million each year. Commerce and Consumer Affairs Minister Scott Simpson confirmed they'll ban in-store credit and debit card surcharges, like paywave fees.  He says it's important for consumers to have transparency when it comes to pricing.  "In a competitive world, businesses understand the price-...

Can I suggest Jarrod Kerr for Governor of the Reserve Bank? Jarrod is Kiwibank's Chief Economist. He has been completely consistent in his ongoing commentary around interest rate cuts and the Reserve Bank's need to do more. To be fair, our own Greg Smith at Devon Funds Management has told us, and argued, a similar story. The Kiwibank economic report that got a decent amount of coverage over the we...

It's a Hutt Valley special of the Wellington Morning's business panel this week, with a successful engineer and the man in charge of advocating for business in the area joining Nick on the show. On the agenda; the state of the Wellington economy in the outer cities, rising rates and insurance costs, public sector cuts and the rise of artificial intelligence.  Hutt Valley Chamber of Commerce C...

The job market is slowly rebounding from last year's low point.   SEEK's latest Employment Report shows job ads dropped for a second month, down three percent month on month.  Applications per job ad fell two percent.  Country Manager Rob Clark told Mike Hosking this is just a small drop, and we're still at record unemployment levels.  He says the job market in the last 12 mont...

Christchurch entrepreneur Nic Gaviria's business idea designed to address binge eating has landed a new major supporter - and a cash boost. Gaviria was selected from 16,000 business owners around the world to be mentored by Steven Bartlett, a Dragon's Den investor and host of the Diary of a CEO podcast. She says it's been extremely 'validating' to have the business recognized.   "I saw t...

The South Island seems to be pulling ahead of the North as New Zealand crawls out of the recession.  Kiwibank’s latest report reveals economic activity is picking up across most of the country - but recovery remains fragile.  It indicates booms in agriculture and tourism have aided recovery in places like Otago and Southland. Kiwibank chief economist Jarrod Kerr says the tide is turning...

Times are tough, many businesses unable to survive the cost of living crisis and downturned economy.  Cultural institutions and smaller businesses alike are closing up shop, and Kevin Milne is dismayed by the loss of Kiwi enterprises.  One in particular, the colourful Matakana ceramics firm Morris & James, is particularly saddening for him.  LISTEN ABOVE  See omnystudio.com...

Stock exchange operator NZX chief executive Mark Peterson has resigned from the role - and will step down at the end of April 2026. Peterson explained that the time was right for him to stand down and for the board to look for a new chief executive. He says he's overseen plenty of challenges and successes in the role over the last few years. "You've got to make these tough calls - but we've also,...

The Treasury has confirmed concerns were raised about former Reserve Bank Governor Adrian Orr’s conduct. Its comment comes as it responds to an allegation there was more to Orr’s departure than the public has been led to believe. NZ Herald Wellington business editor Jenee Tibshraeny speculates further. LISTEN ABOVE See omnystudio.com/listener for privacy information.