Best of Business

Wānaka's business community doesn't appear to have been fazed by the now unlikely prospect of McDonalds setting up shop in town.   The fast-food giant has had its resource application to open in the town declined after 90% of submissions opposed the idea.   Wānaka Business Chamber Chair Jo Learmonth told Mike Hosking there was a variety of opinions in their community survey.   But s...

It's looking more likely that NZ First is on board with the new rules for foreign investors - including a shake-up for overseas buyers of property. New reports claim NZ First is set to agree to allow wealthy people to purchase homes over a certain threshold - it's rumoured to be $5 million. BusinessDesk's Pattrick Smellie explains further. LISTEN ABOVE See omnystudio.com/listener for privacy infor...

The upcoming reporting season looks likely to reflect the tough times seen in the economy in the second half of last year, yet company 'outlook' statements may provide some optimism for the year ahead. The season – comprising mostly second-half 2024 results – gets under way this week, and it's widely expected most major companies won't do too well. Milford Asset Management's Jeremy Hutton explains...

The Government is running the ruler over the way the Accident Compensation Corporation manages its $50 billion investment portfolio. The newly appointed minister responsible for the state injury insurer, Andrew Bayly, has commissioned consultants at Willis Towers Watson to review the performance of the Accident Compensation Corporation’s investments, its governance, and the approach it takes to ma...

ASB is reporting a one percent increase in net profit, for last year's second half. Profit margins remained flat, but home lending grew five percent and business and rural lending increased two percent. CEO Vittoria Short says this is a sign the economy is turning a corner for the better after a lengthy downturn. "Inflation's back in target range, we know that the OCR or interest rates are moving...

More and more companies are mandating their workers return to the office after months or years of working remotely - and these moves are proving controversial. It can be jarring to have to deal with a lengthy commute and all the additional costs that can come with it, but one expert has revealed how workers can address these changes. Gareth Abdinor, Director of Abdinor Employment Law, joined the A...

The Prime Minister has copped some backlash over the state of the economy during his morning media round. This follows two disappointing showings for the coalition in the polls, with Chris Luxon's standing as preferred Prime Minister taking a hit. Luxon has stayed optimistic - and Infometics Principal Economist Brad Olsen is hopeful things will turn around later in the year. "Those interest rates...

Questions have been raised over how much tax Netflix is currently paying in New Zealand. Research indicates there are over 1.3 million Netflix users in New Zealand paying at least $18.50 per month each. However, new reports reveal the company apparently doesn't meet the $11 million revenue threshold to make finances public - indicating Netflix pays a smaller-than-expected tax bill. Edward Miller,...

The Tai Rāwhiti mill that ran for 30 years before it was shut down in late 2023 is set to re-open in the coming months, with new Australian owners. About 87 staff were impacted by Japanese-owned Juken's decision to close the mill - amid financial difficulties and weak demand for Japanese housing wood products. Millari Group of Australia confirmed in a statement that it will upgrade and re-establis...

The Trade Minister is laying bare the cost of Donald Trump's tariffs for New Zealand.  The US President is imposing 25 percent tariffs for all steel and aluminium imports - and says there'll be no exceptions. Todd McClay says that's not surprising, following similar moves by Trump in his first term. He says it won't significantly impact us, especially compared to exports like beef and wine.&n...

An economist says New Zealand needs to have a tough conversation about superannuation. Finance Minister Nicola Willis yesterday told Newstalk ZB the scheme needs to become sustainable and a debate about age eligibility will be needed eventually.  Bagrie Economics says raising the age makes sense, with the average life expectancy up a lot. Cameron Bagrie says we can't keep kicking the can down...

Kāinga Ora's hoping more tenants will stay on top of rent after it's written off debts.  It's announced a tougher stance on rental debt - and will end tenancies for people who skip rent with no attempt to get back on track.   But it also says it'll forgive and reduce debt for consistently paying customers owing more than 12 weeks’ rent. Chief executive Matt Crockett says the debt otherwi...

US President Donald Trump has signalled an incoming announcement of 25 percent tariffs on all steel and aluminium imports into the US.  Trump also reaffirmed that he would announce 'reciprocal tariffs', meaning the US would impose import duties on on products in cases where another country has levied duties on US goods. Harbour Asset Management's Shane Solly explains what this means for the N...

Banks are clearing a backlog of lending requests after 'unacceptable' delays of up to five weeks, which caused stress for borrowers before Christmas.   A significant drop in interest rates late last year resulted in a surge of new home loan applications and refinancing and restructuring requests, according to mortgage brokers.   Loan market advisor Michelle Isemonger says the weeks befor...

Two new polls show a shift in the political mood - but National's Nicola Willis isn't too worried about these results. Both the Taxpayers' Union-Curia poll and the 1 News Verian poll - out today - show Labour, the Greens and Te Pati Māori would have the seats to form a Government. Both also have Chris Luxon losing support in the preferred Prime Minister stakes. But Willis says polls move around -...

The Government could be willing to let more foreign investors into a summit it announced today, as demand exceeds spaces. The Prime Minister's announced the two-day event in March - designed to encourage foreign investment in New Zealand projects and industries.  Infrastructure Minister Chris Bishop says the Government funded, 100-person, invite-only event is already over-subscribed. He says...

A former CIA agent is cautiously optimistic Donald Trump's plans for the agency won't affect its core mission. The US President has extended buyout offers to the entire agency, which would see employees take some benefits like extended pa, in exchange for agreeing to resign. Former agent and author David McCloskey, says he's hopeful the headlines are more smoke than fire. He says agents he worked...

Alphabet, the parent company of Google, has reported its latest financial earnings - and the investors aren't thrilled. Shares reportedly dropped 7 percent after the company posted a slight miss in expected revenue. Milford Asset Management's Stephanie Batchelor unpacked the market factors behind this drop. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Air New Zealand has confirmed it is looking into developing a new luxury lounge for frequent flyers. The airline is staying tight-lipped about what these plans entail - but the idea was floated during a presentation for investors during their Investor Day late last year. Aviation commentator Irene King says Air New Zealand's existing lounges tend to crowd out during peak times - and the airline mi...

The Government is talking up the fact it’s exploring ways of making the tax system more business-friendly, with details of potential changes to be unveiled at the May 22 Budget. Finance Minister Nicola Willis is wary that at 28 percent, New Zealand’s corporate tax rate is above the OECD average of 24 percent. NZ Herald Wellington business editor Jenee Tibshraeny speculates what the Government migh...

DeepSeek, the new Chinese AI-powered chatbot platform that made headlines all over the world, will be banned from Australian Government devices after it was found to pose an 'unacceptable' security risk. The ChatGPT competitor has seen a surge in downloads worldwide after it attracted international attention for wiping billions from Wall Street and causing a frenzy. AI commentator and psychologist...

Kiwibank says the latest unemployment figures are ugly, but in line with expectations.  The unemployment rate rose to 5.1 percent in the December quarter - the highest it's been since September 2020.  It's being blamed on a slow economy reducing demand and making employers trim jobs.  Chief economist Jarrod Kerr says the Reserve Bank needs to do more to put New Zealand into recovery...

Australia has kept their official cash rate on hold for an entire year - but one expert believes that's likely to change. The nation has been committed to bringing down inflation, but HSBC's Paul Bloxham predicts a rate cut will come this February. He explained the factors contributing to this choice, and outlined his predictions for the rest of 2025. LISTEN ABOVE See omnystudio.com/listener for p...

Experts are hoping for a good result ahead of tonight's GDT auction. Jarden economists are expecting a 4 to 5 percent lift - off the back of a solid auction in January. The Country's Jamie Mackay explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Treasury has warned the Government that 'significant reforms' or 'reductions to public services' will be needed in the not-too-distant future if it sticks to its current, restricted spending track. New reports reveal the Government will not post a surplus under the traditional Obegal measure until 2031 - even with this relatively tight spending. Infometrics Principal Economist Brad Olsen explains...