Best of Business

The Commerce Commission is taking Foodstuffs North Island and its subsidiary Gilmours Wholesale to court, citing what it labels 'cartel conduct'. The regulator has alleged that the retailers pressured a supplier into an agreement to redirect supply through them. Competition lawyer Andy Matthews says it's all allegations at this stage, but New Zealand has very 'broad' cartel laws. "What it means is...

One of New Zealand's leading building sector bodies is launching standard house designs that will be available to all, in an attempt to bring down costs. The Building Research Association of New Zealand has developed an accessible plan for building an affordable and sustainable home.  BRANZ General Manager of Research Dr Chris Litten says housing affordability is a significant issue in New Ze...

There's immense pressure for young New Zealanders trying to find work as opportunities decline. Stats NZ data shows 16 percent of Kiwis aged 15-24 are unemployed. NZ Careers Expo director Mark Gillard says the market conditions show it's a tough market for young workers. "It's not anybody's fault, the onus is certainly there on employers, on industry organisations to engage with young people. Ther...

The Finance Minister says businesses should be more confident about the economic recovery.  The Reserve Bank's been weighing up lower-than-expected growth and higher inflation in its decision to keep the Official Cash Rate unchanged at 3.25%.  Nicola Willis says businesses have been battening down the hatches.  But she told Heather du Plessis-Allan they’re maybe more wary than they...

Unions are urging Uber to consider New Zealanders needs - after drivers protested outside the Supreme Court today. It's over an Uber appeal of a 2022 ruling that deemed four drivers employees, allowed things like sick leave and holiday pay. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank left the OCR on hold at 3.25 percent - with the bank claiming it was waiting for more economic data. Economists widely suspected the RBNZ wouldn't cut rates any further, and they believe there's more cuts to come. Milford Asset Management's Remy Morgan unpacked the market reactions. LISTEN ABOVE See omnystudio.com/listener for privacy information.

An ACT MP claims cultural requirements in resource consents are creating extra costs and slowing down solar farm projects.  Undersecretary for RMA Reform, Simon Court says at one Hawke's Bay site local hapu have to be invited to perform karakia every time a native tree is removed.  He says ultimately it will be consumers missing out.  "What this means is that if solar farms can't ge...

Another cut to the Official Cash Rate still looks more likely than not, according to one expert. The Reserve Bank's kept the OCR unchanged at 3.25 percent today, following six consecutive cuts. It's waiting for more economic data, before further moves. But Infometrics principal economist, Brad Olsen, says the bank's explicitly signalling the chance of more cuts. "If things continue to evolve as th...

Hopes a move to boost New Zealand's use of AI will get small businesses on board.   Science Minister Shane Reti's announced the Government's first strategy for using Artificial Intelligence to reduce barriers to adoption and promote responsible use.   He says it could lift our GDP $76 billion by 2038.   BusinessNZ Advocacy Director Catherine Beard told Andrew Dickens AI use for Kiwi...

The Reserve Bank of Australia has defied market expectations by leaving its cash rate target unchanged at 3.85 percent. Market expectations were for the central bank to cut its rate by 25 basis points. HSBC chief economist Paul Bloxham this came as a surprise to experts - but the central bank opted to wait ahead of the CPI release. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank is expected to take a breather when it reviews the Official Cash Rate on Wednesday, before pushing on with cuts later in the year. The central bank’s Monetary Policy Committee is widely expected to keep the Official Cash Rate (OCR) at 3.25 percent. Westpac Chief Economist Kelly Eckhold says the central bank runs some risks if they cut at this point. "What they risk is that the CPI...

A property lawyer says new proposals take a major burden off realtor's shoulders.  The Government is streamlining the process for selling a house held by a family trust - as it makes changes to laws preventing money laundering.  It says real estate agents must currently collective excessive amounts of information about the trust. But McVeagh Fleming Associate Mario Thorne says documents...

TVNZ is set to launch an independent review of its news content to check for balance and bias. This follows Media Minister Paul Goldsmith expressing interest in seeing trust in media improve - particularly for the state broadcasters. NZME Editor-at-Large Shayne Currie says viewers have taken issue with the 'editorialising' of the news. "The reporter comes in at the end and gives an opinion or anal...

The organisation tasked with helping to grow the Wellington region's economy has a new boss - and he says Wellington needs to focus more on its successes, rather than it's struggles.  Mark Oldershaw took over the reins at WellingtonNZ a month ago and joined Nick Mills to discuss the role of the organisation, the state of the region, and some exciting major events at Sky Stadium that hopefully...

Buyer interest in Central Otago's iconic Cardrona Hotel is breaking records, and it's looking on track to become Trade Me's most-viewed property this year. The 162-year old building - sitting right between Queenstown and Wanaka - is for sale through private negotiation. Cardrona co-owner Cade Thornton joined the Afternoons team to discuss. LISTEN ABOVE See omnystudio.com/listener for privacy infor...

New Zealand isn't likely to get a better deal than we're currently getting, when it comes to trade with the US.  Almost all goods to the US now face a 10% base tariff rate.  Donald Trump's announced a 25% tariff rate for Japan and South Korea from the start of next month and may also raise tariffs on other trading partners.  Business NZ Advocacy Manager Catherine Beard told Heather...

Iwi-owned commercial entities have outperformed some of New Zealand’s largest listed companies.  ANZ’s annual Te Tirohanga Whanui report shows the entities emerged from the economic downturn in good shape, faring better on a return on assets basis.  Waikato-Tainui’s Te Arataurare among the strong performers, having a balance sheet of $1.9 billion.  Māori Development Minister Tama Po...

Time's ticking for US trade partners to sign tariff deals with Donald Trump. In April, the President announced most countries, including New Zealand, would face a 10 percent minimum levy - but has delayed their implementation.  This week, he's promised to send out what he's calling 'take it or leave it' letters.  Harbour Asset Management's Shane Solly revealed how the markets reacted. LI...

New Zealand has a limited range of ventures producing medicinal cannabis - but the most successful distributor doesn't even sell directly to Kiwis. Medical marijuana company Puro has just signed a $16 million distribution deal in the UK, but co-founder Tim Aldridge says red tape is stopping the business from selling domestically. Aldridge says there's no manufacturing or packaging companies that c...

A Realestate.co.nz survey found that 24% of respondents bought a property without initially intending to purchase, with 8% buying spontaneously in the past year.   Agent Rawdon Christie told Heather du Plessis-Allan it's hard to believe people are really buying on a whim.   He says there's a mountain of paper work and regulations to get through before signing on the dotted line.  LI...

Mastercard and a small handful of other companies have dominated the way money moves between banks, shops and consumers, but that could soon change. Stablecoins have been touted as a possible disrupter - but what does that mean for people? Fisher Funds expert Sam Dickie explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Prices continue to drop in the latest Global Dairy Trade auction, with a 4.1 percent decrease across the board. It is the largest decline this calendar year, following a 1 percent dip from the previous auction, and is the fourth consecutive event where the average price has decreased. The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Simeon Brown has told various Government-owned companies they must explain why they are failing to deliver their cost of equity and how they will improve their returns. The Minister for State Owned Enterprises told several of the SOEs - including NZ Post and Landcorp - that they've been underperforming over the last few years. Landcorp was also singled out because its CEO's pay climbed from $760,0...

The Building and Construction Minister is backing scaling back some insulation standards. The Government's called the changes 'common sense' - with building costs rising more than 40 percent since 2019. It's expected building code insulation requirements will be relaxed by the year's end. Chris Penk says they add huge costs. "Depending on where you are in the country or depending on what the condi...

2025 is halfway over - so how are the global markets holding up, and what can investors expect for the second half of the year? Several key markets have delivered decent returns so far, but Trump's 'Liberation Day' delivered a turbulent period. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.