Best of Business

Queenstown will need to double its infrastructure within 15 years to keep pace with growth, according to Southern Infrastructure chief executive Ross Copland. Copland warned  the resort town’s roads could reach capacity by the end of the decade - and said changes need to be made. Infrastructure NZ chief executive Nick Leggett says Queenstown draws in a lot of visitors and it'll leave a bad ta...

Following the release of last week's Budget, there's growing claims that Australians are looking across the Tasman with 'genuine envy'. A recent article in The Australian claimed that with no capital gains tax, no stamp duty or land tax, and the opportunity to negatively gear, business owners and property investors have taken more interest in New Zealand as a result. Australian independent economi...

The services sector continues to contract.  The latest Services Index rose 2.7 points to 48.9 – with anything below 50 signalling contraction.  New orders was the only category in expansion, sitting at 51.2, while employment remained negative for the 29th consecutive month.   BusinessNZ Advocacy Director Catherine Beard told Mike Hosking the figures are the result of the fuel situat...

It's tourism's time to shine this week as TRENZ hits Auckland.  The country's largest tourism business event runs from today to Thursday at the International Convention Centre.  More than 12 hundred delegates will attend from key markets like the US and China, and it’s projected to inject more than $3 million into Auckland's economy.  Tourism Industry Aotearoa CEO Rebecca Ingram tol...

The BNZ-BusinessNZ Performance of Services Index (PSI) rose 2.7 points to 48.9, up from 46.2 in March. A reading below 50 indicates the sector - which accounts for nearly three-quarters of the economy - is contracting. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A former Finance Minister once forced to bail out BNZ says buying it back would be lunacy.  New Zealand First is proposed re-nationalising the bank, buying it back from Australia's NAB and merging it with Kiwibank. Leader Winston Peters says bank profits should remain in New Zealand.  But Ruth Richardson says the idea has no weight.  "It makes New Zealand look like a tinpot country,...

The United Kingdom isn't facing as many financial troubles as predicted, after the latest data shows their GDP holding steady.  The past few months in the UK have been dominated by challenges to Prime Minister Sir Keir Starmer's leadership, and many believed the issues in Parliament would damage the country's financial stability.  Business Correspondent Vicky Price told Ryan Bridge that,...

Ozempic, Wegovy and Mounjaro are among the weight-loss drugs that more people are taking - but questions have been raised about their economic impacts. These drugs will also have an impact on other sectors, including healthcare and food, and research is still ongoing.  Fisher Funds expert Sam Dickie explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Synlait chief executive Richard Wyeth is leaving - after one year in the job.  The South Island dairy processor's released an NZX market update, saying Leon Fung will be acting CEO, effective immediately.  Wyeth will remain supporting the transition, until the end of June.  The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information...

Air New Zealand's CEO says the airline will trim more flights, with a forecast it'll be $390 million in the red this financial year. It's blaming the fuel cost hike lifting spending $240 million more than expected.  The airline told NZX it's already reduced overall capacity three to five percent since the Iran war began. Nikhil Ravishankar says cuts may continue even after jet fuel prices eas...

New research suggests nearly 100 of our CEO's are backing their businesses but not New Zealand.   The Pivot and Pace survey found many CEOs are growing frustrated with the country's lack of long-term thinking.   Many are saying three-year political cycles and a lack of cross-party agreement are holding the country back.  Founding Partner of Pivot & Pace Kendall Langston told Mik...

New Zealand's international credit rating has hit a tipping point, and economists have raised concerns. Back in March, Fitch Ratings placed New Zealand’s AA+ long-term credit rating on a 'negative outlook', downgraded from 'stable'.  Moody's later followed suit, claiming the global economic and political uncertainty presented downside risks to growth. Fitch's Head of Asia-Pacific Sovereigns,...

Kiwis appear to be shopping close to home, according to new reports.  Data from retail management platform Lightspeed shows about 77 percent of Kiwis surveyed prefer shopping in store above online.  40 percent shop at local businesses, and 34 percent buy online from New Zealand retailers. Retail NZ CEO Carolyn Young says they want more of this, and for people to be proud of local stores....

There's growing calls to drop the All Blacks down from business class to premium economy, as travel costs set to get worse during the fuel crisis. Dropping all of New Zealand's premium rugby teams down a flight class would reportedly save $6 million per year - as NZ Rugby looks to cut down losses. NZ Rugby CEO Steve Lancaster says the All Blacks need to travel multiple times a year, and this downg...

Competition in New Zealand's economy isn't as strong as it could be.  New Commerce Commission analysis of 22 years of Stats NZ data shows average business concentration has dipped slightly.  However, smaller businesses are still struggling to gain traction against larger firms.  Commission Chair John Small says weak competition in essential sectors is also weakening the rest of econ...

Treasurer Jim Chalmers is set to deliver the next Australian federal budget, and reports indicate it's going to be focused on housing. It's likely new property tax reforms will be unveiled, with an expected crackdown on capital gains tax discounts and negative gearing. HSBC Chief Economist Paul Bloxham explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Rabobank has just released their latest agribusiness monthly report for May, and it's good news for Kiwi farmers. The report has positive prospects for beef and dairy, thanks to ongoing international demand. The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The manufacturing sector has been hit hard over the past few years, but ongoing global conflict has worsened current market conditions. Average profit margins have plunged to 31.53 percent, the lowest since records began in 2018. This has resulted in more manufacturers clearing out their warehouses, with stock on hand dropping to historically low levels.  Unleashed Head of Product Jarrod Adam...

Oil prices have jumped more than three percent on the back of another snag in negotiations between the US and Iran.  Donald Trump has taken to social media to call Iran's response to a US 14-point memorandum 'totally unacceptable'.  Brent crude is now trading at more than 104 US dollars a barrel.  Harbour Asset Management's Shane Solly explained further. LISTEN ABOVE See omnystudio....

Despite the rising cost of living, growing fuel prices and ongoing concerns about inflation, the demand for travel still hasn't dropped. The Auckland Travel Show is on this weekend, and it's clear demand is alive and well, but there are some new trends emerging.  Founder Rob Eliott says people have redirected their plans - with plenty still planning trips for Asia and the Pacific Islands.&nbs...

The cost of computer components has shot up, and there's concerns about what it could mean for the tech sector. The shortage of memory chips has prompted tech investors to worry about what this could mean for the market. Sam Dickie from Fisher Funds explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Protein is seeing a surge in popularity all over the world, and that's great news for Kiwi farmers. Reports claim a boom industry has developed around supplying high protein calories for those who are losing muscle mass from taking weight loss drugs like Ozempic and Wegovy.  The Country's Jamie Mackay explained further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The rise in AI has seen demand for professionally written CVs in a bid to stand out against algorithms. Experts say while AI can be useful to screen hundreds of applicants faster, it's created a transparency gap between employers and jobseekers. CVs by Sarah director Sarah Wrightson says the screening software rules out applicants before a human gets a chance to look at their CVs, and it results i...

New Zealand's treading water, with a warning our increasingly overloaded pension system isn't sustainable. The latest OECD snapshot of our economy suggests unless we adjust systems, including the costs of health, long-term care and pension will increase by about five percent of GDP by 2060. It says it could be countered by changes including upping Superannuation contributions.  Economist Came...

A major bank believes unemployment will remain fairly flat this year, rather than anything catastrophic. The national rate dipped slightly to 5.3% in the first three months of this year. ASB chief economist Nick Tuffley told Ryan Bridge says he's not overly pessimistic about the next couple of quarters. But he cautions the next few months are really the danger zone as businesses hunker down and de...