Best of Business

There's hopes poor financial results don't spell the final act for cinemas.  Revenue dropped for all the Hoyts, Reading and Event Cinemas chains in 2024.  Auckland's Capitol Cinema co-owner Roger Wyllie says the combination of Covid and the Hollywood writer's strike brought tough times. He says there are good movies out there - but interest is low.   "We've probably done 40 percent...

A hairdresser says the industry has lots of 'silly little rules'. Cabinet has agreed to all the Ministry for Regulation's recommendations - allowing drinks and dogs if businesses want them. Rules about the spacing of chairs and how bright lights are will also be scrapped from July. Hairdresser Hailey Ashton says she's always offered tea and coffee, but she might decline to invite the pooches. "I'v...

The Reserve Bank's Monetary Policy Committee revealed it failed to reach a consensus today - before they voted to cut the OCR 25 basis points to 3.25 percent. But Westpac Chief Economist Kelly Eckhold says that's surprising. He explained that the fact someone is prepared to put their hand up and say they wouldn't support the move shows it was more a line-ball call than they were expecting. LISTEN...

All eyes will be on the Reserve Bank tomorrow afternoon, when stand-in Reserve Bank Governor Christian Hawkesby delivers the bank's latest monetary policy statement. A 25 basis point cut to the OCR to 3.25 percent is taken as a given - but experts are wondering what the future path of interest rates will look like. HSBC chief economist Paul Bloxham explained further. LISTEN ABOVE See omnystudio.co...

The 2025 Budget has come and gone, but the Finance Minister has confirmed raising the superannuation age was still on National’s radar after they campaigned on it in the last election. She's explained it was not on their mandates or the coalition agreement - but changes need to be phased in. Infometrics principal economist Brad Olsen weighed in on the ongoing debate. LISTEN ABOVE See omnystudio.co...

The use of AI has become more widespread, with 77 percent of New Zealanders using it over the past year. Despite this, the new One NZ AI Trust Report found that nearly half don’t trust large companies to use AI ethically. Furthermore, 62 percent say they would stop using a company if they had concerns about its AI use, with top concerns being the misuse of personal data, job losses, and unfair dec...

Air New Zealand is bringing domestic jets back to Hamilton, for the first time in 25 years. Airbus A320 Jets will fly the airline's Hamilton-Christchurch route from September. It'll add about 25,000 seats a year between the cities. The airline's general domestic manager, Kate O'Brien, says it's one of their fastest growing regional routes. "We've had a number of our aircraft out - we're starting t...

Despite the challenging economic conditions, Turners Automotive is standing strong.  The company announced a record year to March, returning a profit of $38.6 million – a 17% increase.  The result capped off what the company said was a decade of sustainable growth.  CEO Todd Hunter told Mike Hosking the secret to sustainable growth is to provide a great environment for their people....

The Reserve Bank is set to make another Monetary Policy Statement on Wednesday, and experts have predicted another 25-basis-point cut. The cut, priced in by financial markets and widely expected by economists, would take the OCR to 3.25 percent. Despite this, Kiwibank chief economist Jarrod Kerr believes the Reserve Bank should cut the cash rate down to 3 percent - saying the economy needs stimulu...

On Friday, US President Donald Trump threatened to impose 50 percent tariffs on the EU from June 1 due to slow progress on discussion. He also threatened to put a 25 percent tariff on Apple (-3%) and other device makers if they don’t start moving production to the US. Harbour Asset Management spokesperson Shane Solly revealed how the markets responded. LISTEN ABOVE See omnystudio.com/listener for...

They are two industries experiencing massive growth; social media management and health and wellness. But why would you set up a new business in tough economic times in a city that's struggling even more than others?  That was the question posed to O-Studio founder Kate Twigg and Glide Media director Lukas Halikias on the Wellington Mornings business panel this morning.  The pair spoke a...

KiwiSaver.  I was thinking about this at the weekend. I get why the government is doing the old switcharoo. I get it. Means test the government sweet we, halve it for everyone else… save some money.  Then we workers… and our employers… will slowly put more into the scheme… So that when it all comes out in the wash, we’re at least no worse off than before budget day.  Except that we...

In a bid to boost Kiwis' retirement savings, the Government is increasing the default KiwiSaver contribution rate to 3.5 percent next year and then 4 percent by April 2028.  The scheme will also be extended to 16 and 17-year-olds from April 1, 2026 - they will need to opt in, as the automatic enrolment will remain at 18. The Government contribution rate, however, will reduce by half, from 50c...

The first real indicator of the impact of the trade war is coming out of China. The country cut their key lending rates by 10 basis points on Tuesday in an effort to boost the economy. The People’s Bank of China (PBOC) trimmed the 1-year loan prime rate, which influences corporate and most household loans in China, to 3.0% from 3.1%. Asia Business Correspondent Peter Lewis talks to Heather du Ples...

An increase in default KiwiSaver contribution rates announced in Thursday's Budget could leave some households better off for retirement - but experts warn not everyone will benefit. The Government will halve the member tax credit available to people who contribute at least $1042 in a year to $260.72. Fisher Funds expert Sam Dickie explains further.  LISTEN ABOVE See omnystudio.com/listener f...

The Government's bid to bring hope back to New Zealand's gas sector has been met with approval from industry experts. In the Budget, the Government said it would set aside $200 million over four years for co‑investment in new gas fields. Former CEO and president of Methanex, Bruce Aitken, says this is a good idea. "Anything that encourages exploration for natural gas is great - it's a real pity th...

The Finance Minister says refusing unemployment benefits to teenagers is about helping parents.  This Budget makes 18 and 19-year-olds ineligible for JobSeeker, if their parents can support them.  Nicola Willis says the Government has the same expectations as most parents.  "I have met parents who say - look, I've got a 19-year-old who spends all day on the couch playing PlayStation...

The country's soon going to see if the Government will stay true to its proclaimed 'year of growth'.  Finance Minister Nicola Willis is hours away from unveiling her second budget and is promising no frills or excess.   It's been slowly teasing figures, with a vast majority of initiatives being funded through cost-savings and cuts.  Auckland Business Chamber CEO Simon Bridges told R...

A promise today's budget will deliver real growth for the economy.  Finance Minister Nicola Willis is hours away from unveiling her 'No BS Budget', claiming there'll be no frills or excess.   The Government's been slowly teasing figures, concentrating on balancing the books through cuts and reprioritisation in spending.  Business NZ CEO Katherine Rich told Mike Hosking the governmen...

Smith and Caughey's closure indicates what needs to change in Auckland's CBD  The city's most iconic department store is closing its doors after 145-years, with the loss of almost 100 jobs.  The closure comes down to increased competition, economic hardship, and the state of the central city.   Heart of the City Chief Executive, Viv Beck told Mike Hosking it's a sign of fundamental...

Budget 2025 is set to be revealed to the nation tomorrow - and Finance Minister Nicola Willis has promised it will be a “No BS Budget” with “some surprises”. Willis will take a step towards unwinding the expansion of Government that accompanied (and followed) the pandemic - while growing the economy. NZ Herald Wellington business editor Jenee Tibshraeny outlines some questions she hopes to see res...

Mastercard has recently released a survey showing a significant amount of Kiwis want credit card surcharges banned. The data shows 61 percent of respondents would support a ban and 75 percent don't believe surcharges are fair - and 44 percent feel retailers should absorb the costs. Consumer NZ's Acting Head of Research and Advocacy, Jessica Walker, says the surcharge debate is a complicated topic....

A record number of businesses have sought advice about redundancies in the first three months of the year, according to new Employers and Manufacturers Association data. EMA’s AdviceLine received 403 queries from businesses on the topic of restructuring and redundancies last quarter - almost double that in the same period two years ago (204). EMA’s head of advocacy and strategy Alan McDonald says...

A strong primary sector performance has produced a billion-dollar monthly trade surplus - for the first time in five years. Stats NZ data reveals it sat on $1.4 billion dollars in April, compared with a $12 million dollar deficit for the same time last year. Export NZ Executive Director, Joshua Tan, says it's a team effort across the food and fibre sector. He says dairy, red meat, fruit and wood e...

The Revenue Minister says Donald Trump was a factor in scrapping the incoming Digital Services Tax Bill.   A legacy of the last Government, it would've imposed a three percent tax on revenue from Kiwis - earned by the likes of Facebook and Google. The US President has called such legislation 'overseas extortion', and said he'd act against it. Simon Watts says they considered recent developmen...