Best of Business

Economists have revealed retail spending numbers were better than expected for the month of December. The total value of electronic card spending, including in non-retail services and other non-retail categories, rose a seasonally adjusted 1.5 percent to $9.23 billion in December from November, according to Stats NZ.  That brought total spending in line with levels last seen in November 2023....

It's a tough market for people on the job hunt in today's climate.  Seek data shows job ads fell 2 percent in December - and were down 22 percent compared to December 2023. Recent surveys also indicated at least 64 percent of employees are also hoping for a pay rise this year. Robert Half Managing Director Megan Alexander says applicants need to demonstrate proactivity and initiative - and fo...

There's a growing push to make banking more accessible for the disabled - and one major bank aims to launch a solution. A new Westpac-commissioned found nearly one in four Kiwis have a disability, and can encounter barriers to accessing accounts and services. The bank wants to introduce a new 'basic' bank account, to help reduce numbers of people not using banking. Chief executive Catherine McGrat...

New Zealand's energy sector is hoping Prime Minister Luxon's Cabinet reshuffle will lead to potential solutions to the country's energy crisis. Yesterday's shake-up resulted in Climate Change Minister Simon Watts picking up the energy portfolio from Simeon Brown. Octopus Energy's Margaret Cooney says more innovation is needed to boost the sector. LISTEN ABOVE See omnystudio.com/listener for privac...

This week's inflation data will set the economic tone for the new year, but experts are hoping the final months of 2024 brought positive results. The latest inflation results from the December quarter will be out this Wednesday, and there's hope enough steam has been let out of the economy. Kiwibank Chief Economist Jarrod Kerr explains what we can expect. LISTEN ABOVE See omnystudio.com/listener f...

Nicola Willis says her new role in Cabinet is all about driving New Zealand's growth.  The Finance Minister has been given the Economic Growth portfolio, formerly known as the Economic Development portfolio It's been taken off Melissa Lee - who's been stripped of all ministerial responsibilities. Willis says she'll now be taking the lead at the Ministry of Business, Innovation and Employment....

Online stars are scrambling to change platforms amid uncertainty about TikTok. The Chinese social media platform 'went dark' yesterday because of a US ban that aimed to force its sale to a neutral party.  Access is being restored after Donald Trump promised to delay enforcement. TikTok influencer and mental health advocate, Jazz Thornton, says the US ban affects New Zealanders by reducing eng...

An industry expert says lack of windows and poor ventilation in newly built homes is putting Kiwis at risk. Concerns have been raised as more terraced houses in Auckland are overheating - causing discomfort and potential health issues for residents. Independent urban planner and strategic development expert Bruce Weir says it's difficult to address overheating once houses have been built. "You can...

Businesses are feeling optimistic they could be in for a better 2025.   The latest Quarterly Survey of Business Opinion from the Institute of Economic Research reveals a net 9% of firms are expecting general economic conditions to improve.   This is a jump from a net 4% feeling downbeat three months prior.  Infometrics’ Brad Olsen told Tim Beveridge that it’s definitely a good sign,...

The strong US jobs report is out and raising questions about further interest rate cuts. A quarter of a million jobs were added to the market in December, causing the unemployment rate to drop to 4.1%. As employment rose stock prices fell as a result of such strong labour market data. Economist Brad Olsen joins the show to discuss how this will affect New Zealand, the Prime Ministers trip to the U...

Several Greens members have been caught asking to use the private carparks belonging to Wellington retailers for a party event. These retailers were impacted by Green-led cycleway project, which took away on-street parking in the area. Independent Business and Residential Group chairwoman Urmila Bhana says this cycleway has negatively impacted several businesses. "Businesses are down 60, 80, 100 p...

One transport planner is looking into the feasibility of a fixed link between New Zealand's two islands. KiwiRail are officially cancelling an overseas contract for building more mega-ferries, after the Government declined to foot the bill. Nicolas Reid, the Principal Public Transport Planner for MRCagney, says there are other options available to cross the Cook Strait. "There's options around the...

Over in the US, share prices have slumped after the US Federal Reserve hinted at a slower than expected pace for rate cuts in the new year. The Federal Reserve set its key lending rate in a target range of 4.25 percent to 4.5 percent - down a full percentage point since September. Fisher Funds expert Sam Dickie explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Country's Jamie Mackay has been catching up with politicians and farming experts to discuss their picks for Ag Person of the Year. There's been a diverse range of favourites - but who is Jamie's? He revealed his favourites for 2024, ahead of his final show for the year. LISTEN ABOVE See omnystudio.com/listener for privacy information.

This was a dire week for the economy - but experts say things can only go up from here. Stats NZ revealed that GDP was down 1 percent in the September quarter, and had been down 1.1 percent the previous quarter. This is the biggest drop since 1991, excluding the Covid-19 lockdowns. Despite the gloomy outlook, NZ Herald business editor at large Liam Dann says this will likely be as bad as things ge...

Mastercard is pushing back against the Commerce Commission's plan to put a cap on credit card fees. The Commission says regulation for credit and contactless payments could deliver $280 million in savings a year for merchants and consumers.  But Mastercard New Zealand says the draft decision is disappointing, will undermine competition, and set back the local economy. Mastercard NZ Country Ma...

People will have questions, after one of the country's worst quarterly GDP dips in decades. Stats NZ figures show New Zealand's gross domestic product crashed down one percent in the September quarter. It's put the country in the deepest recession since the Covid-driven slump in 2020.  Former Finance Minister Steven Joyce says the Reserve Bank Governor, Adrian Orr, needs to speak up and expla...

We're less than a week out from Christmas - and some key stocks could be well-placed for a Christmas charge-up. The 'Santa Rally' phenomenon refers to a strong share market over the last 5 trading sessions in December, and the first 2 trading sessions in the new year. Milford Asset Management's Stephanie Batchelor unpacks the phenomenon. LISTEN ABOVE  See omnystudio.com/listener for privacy i...

The surprisingly large uptick in the amount of debt the Treasury is expected to issue in coming years will come at a cost, S&P Global Ratings warns. On Tuesday, Treasury increased its forecast bond issuance programme by a whopping 16 percent. It now believes it’ll have to issue $146 billion of New Zealand Government Bonds (debt) in the four years to 2027/28 - $20b more than forecast at the Bud...

There's expectations fast-tracked projects will kick in next year.  The controversial Fast Track Approvals Bill passed its final reading in the House last night - despite heated protest in the public gallery and from Opposition MPs.  It's being characterised as a one-stop shop, facilitating consents for large-scale development, infrastructure, and mining. Infrastructure Minister Chris Bi...

There's disappointment that a bill has been voted down to remove trading restrictions on Good Friday and Easter Sunday. The MP conscience vote landed on 74 to 49 against it. Retail NZ says it would have allowed better competition with online websites that still operate on both public holidays.  Chief executive Carolyn Young says it's sensible to let businesses be open if they want. "People th...

The ACT Party won't keep pushing to remove trading restrictions from Good Friday and Easter Sunday. Politicians have toppled a bill today in a conscience vote - 74 to 49. Newstalk ZB senior political correspondent Barry Soper says it's 'incredible' the bill was voted down - considering the impact it would have on retailers. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Businesses hope to employ more migrants after changes to work visas.   The Government's updating the Accredited Employer Work Visa in March, removing the median wage threshold and reducing minimum experience requirements for lower skill roles.   They'll also reduce the minimum threshold for how many domestic workers must be employed.  BusinessNZ Chief Executive Katherine Rich told H...

The Government's half-year fiscal update paints a bleak economic picture for the years ahead.  It revealed the Government's debt path is steeper than previously anticipated - and surplus won't be reached until the end of the decade. Infometrics Principal Economist Brad Olsen explains how things got to this point - and how the Government can redirect the economy. LISTEN ABOVE See omnystudio.co...

Business advocates believe the latest minimum wage increase strikes the right balance during an economic downturn. The minimum wage will rise 1.5 percent - or 35 cents an hour - to $23.50. The Government says the moderate increase reflects the current economic climate and labour market.  Employers and Manufacturers Association Advocacy Head Alan McDonald says this won't cause businesses to cu...