Best of Business

The Government says changes to the Accredited Employer Work Visa should make hiring migrants easier, and protect Kiwis in low-skilled jobs.  Amendments from March include altering the median wage threshold - and reducing minimum experience requirements for lower-skilled roles.  Immigration Minister Erica Stanford says previous settings skewed the market, as low-skilled immigrant workers...

The Government's devised a new measure for counting its coins, which gives it a more positive look. Treasury reports the Government now won't hit surplus before 2030 at the earliest, rather than 2027. But the Finance Minister says the official measure will no longer consider the $4.1 billion ACC deficit, putting the books in the black mid-2029.  Nicola Willis says the Government inherited a t...

The grim outlook for the economy in the coming years doesn't come as a surprise to experts. Treasury's opened its books for the Half Year Economic and Fiscal Update - showing the expected surplus has been pushed out from 2027 to beyond 2030. Infometrics Principal Economist Brad Olsen says economic recovery will likely be a slow-burn process - slower than the 'survive til '25' timeline. LISTEN ABOV...

The finance industry is approving a shake up to KiwiSaver. The Government is looking at loosening the rules about where people can put their savings - as part of a package of reforms it's considering to unlock capital. Harbour Asset Management spokesperson Shane Solly explains further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Assistant Police Commissioner says a trip police officers took to China is no different to any Kiwi going on holiday. More than 30 police staffers visited in October.  Concerns have been raised over the potential for foreign interference, but police say it was a private, self-funded trip to encourage cultural competency. Sam Hoyle says individuals paid for every little part of the trip. "...

The average New Zealand home chews twice as much data each month, as its Australian counterpart. Chorus recorded its busiest day for ultrafast broadband fibre on November 2, driven by an update to the video game, Fortnite. Of this year's 17 biggest spikes - 14 came from Fortnite updates. Chorus network strategy manager Kurt Rodgers says fibre is the main difference with Australia. "Fibre's really...

Domestic travel prices are rising as the year draws to a close. Stats NZ says fares rose nearly 11 percent in November on the month before - the biggest lift since July last year. Aviation commentator Peter Clark says, to a degree, it's down to supply and demand.  "Then I think sometimes the airline doesn't have the supply to offer, so they capitalise on filling every seat at the last minute...

This week on Politics Central, Climate Change Minister Simon Watts opens up about the Government's new action plan set to increase the use of hydrogen energy  Later, Fleur Fitzsimmons from the PSA addresses the backlash towards the Government's new working-from-home policies. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand’s primary sector export revenue is expected to jump by 7 percent to $56.9 billion in the June 2025 year after contracting in 2024, the Ministry for Primary Industries says.  MPI, in its Situation and Outlook for Primary Industries report, also expects that growth to be sustained, with revenue forecast to hit $58.3b in the June 2026 year. The Country's Jamie Mackay explains further...

The Finance Minister's set to update the country on the state of the books next week, and experts aren't feeling too optimistic. Nicola Willis will reveal whether or not the nation is still on track to reach surplus in 2027-2028.    NZ Herald business editor at large Liam Dann explains why he's not feeling too hopeful about this target. LISTEN ABOVE See omnystudio.com/listener for privac...

2024 is nearly over - so which companies did the best on the New Zealand stock exchange for the year? Tower Insurance leads the pack, off the back of a series of upgraded earnings and regained inclusion back in the NZX50 Index. Milford Asset Management's Jeremy Hutton unpacked the winners and the losers for the year. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A significant decision from the Court of Appeal could see Gloriavale shut down its' operations for good. The court has thrown out an injunction that prevented BNZ from closing the West Coast Christian community's accounts. BNZ attempted to stop doing business with Gloriavale in 2022, after the community's child labour usage breached its human rights policy. NZ Herald Wellington business editor Jen...

The latest card spending data from November indicates Kiwis are keeping their expenses down for another month. Kiwibank reports claim the value of spending dropped 2.5 percent in November and new ANZ data shows a drop of 1.2 percent year on year. Infometrics Principal Economist Brad Olsen says there's hope for the economy - as we're seeing early green shoots ahead of the Christmas season. LISTEN A...

There's concern among petrol station owners, following BNZ signalling its lending period for fossil fuels is ending. BNZ has informed one business lending to petrol store owners will end - and the bank needs all debt repaid by 2030.  The bank says it's an economic decision, as they're foreseeing people switching to electric vehicles.  An anonymous owner of multiple rural petrol stations...

Australia's central bank has opted to keep rates on hold in its final meeting of 2024 - the same position it's held all year. The RBA did soften its language a bit, and revealed the board had 'some confidence' that inflation was heading back to target. HSBC Chief Economist Paul Bloxham predicted rates would come down by 2025. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Following a significant lift in September, farmer confidence has surged again to the highest level since 2017. According to Rabobank's final Rural Confidence Survey for 2024,  farmer confidence in the broader agri-economy has risen from 3 percent to 34 percent. The Country's Jamie Mackay unpacks the factors behind this lift. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Most New Zealanders are still keen on using physical cash, a new Reserve Bank consultation has found.  Their online survey drew in over 18,000 respondents, with many worried digital money would replace banknotes and coins. The central bank's Director of Money and Cash, Ian Woolford, says people are worried about privacy and control when it comes to money. "It's a personal choice - money is qu...

There's no Christmas gift for Australian mortgage holders - as the central bank has left rates unchanged again. The Reserve Bank of Australia has kept the OCR in place at 4.35 percent, in line with expectations from economists. Australian correspondent Murray Olds says this will come as a blow to Prime Minister Albanese - as the cost of living crisis is set to be a hot-button issue for voters ahea...

The Government is taking action and giving Kiwibank a financial boost in order to bolster banking competition. A new Commerce Commission report on banking has found the sector isn't competitive enough - and offered up14 recommendations. Harbour Asset Management spokesperson Shane Solly says this is an important step - and signals key changes to come. LISTEN ABOVE See omnystudio.com/listener for pr...

The Government is looking to shake up how builders can meet insulation standards for new homes in a bid to reduce building costs. Building and Construction Minister Chris Penk has proposed several new changes - with a consultation period set to take place until February. New Zealand Certified Builders Association CEO Malcolm Fleming says this shows the Government is taking industry opinions into a...

The Finance Minister is determined to ensure New Zealanders get access to more competitive banking services. A Commerce Commission report on banking has found the sector isn't competitive enough - and the Government is looking to make some changes. Nicola Willis says she doesn't want to threaten the banks, but she's hoping for better results for Kiwis. "That means fairer prices, that means more in...

The Government's beefing up Kiwibank - at the request of the Commerce Commission. Its report on banking has found the sector isn't competitive enough, and offered up 14 recommendations. Simplicity co-founder Sam Stubbs says the banks would be foolish to ignore Government warnings. He says the Prime Minister's telling the banks - the game is up. "Remember, the only person that can seriously do dama...

The Government's helping boost competition in banking by bolstering Kiwibank.  The Commerce Commission recently painted the banking landscape as an oligopoly in a review - pointing to the domination by the big four Australian players.  Today, Prime Minister Chris Luxon's announced he wants to implement all its 14 recommendations and disrupt the status quo.  Newstalk ZB senior politi...

Auckland Transport has been forced to scale back its 'bus to the mall' campaign after facing pushback from local business owners. The campaign included a singing bus stop in Newmarket - but more controversially, billsticker posters placed throughout Auckland’s small retail villages. Karangahape Road Business Association chair Muy Chhour says this campaign is a 'kick in the guts' to local business...

It's been one of the toughest years in memory for many businesses around Wellington with a sluggish economy, public-sector job cuts, high inflation, and roading changes around the CBD.  But there is still loads of positivity around the capital according to our two guests on the final Business Panel of 2024, who are both hoping  Retail NZ chief executive Carolyn Young and Backhouse Interi...