Best of Business

A 20-year deal with Southland's Tiwai Aluminium Smelter could be good news for everyday New Zealanders. The agreement signed by Meridian, Mercury, Contact Energy and New Zealand Aluminium Smelters will guarantee supply until 2044. Milford Asset Management's Jeremy Hutton says this is positive news for the electricity sector.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Government's tax take has surpassed Treasury’s expectations for the first time in a while. This positive result was found to have come from efforts to minimise the amount of tax trustees pay.  NZ Herald Wellington business editor Jenee Tibshraeny says this shows how hard companies worked to flush out their retained earnings.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Precinct Properties plans to funnel over $300 million into housing in Auckland CBD. The company has announced it'll build student accommodation of 500 units on Queen Street, to boost housing in the city centre. CEO Scott Pritchard says moving toward residential property is a natural next step. "For a long time now, we've been developing commercial office - and in the last few years, we've sort of...

The Government's drafting legislation to change the Holidays Act 2003, and will put it out for consultation in September. It'll include proposals to pro-rata sick leave and move annual leave from an entitlement system, to one using accrual. Workplace Relations and Safety Minister Brooke van Velden says she aims to simplify the Act so businesses can spend less time on workplace admin. "It hasn't re...

Auckland's largest real estate agency experienced a significant boost last month. Barfoot & Thompson's property sales for May were up 30 percent on April and up 27 percent compared to May 2023. The agency's managing director, Peter Thompson, says the company's experiencing a small boom in demand, which has been lessened by the current interest rates.  "I think we're in for a quite a good littl...

Struggling dairy processor Synlait has confirmed a significant majority of its farmer suppliers want to leave. The Canterbury-based organisation told yesterday's Australian securities exchange the exodus of most of its 280 suppliers was expected. Dairy insights consultant Stuart Davison says this comes off the back of a 'concerning' 18 months for the business. LISTEN ABOVE See omnystudio.com/liste...

As technology advances, more parents have their reservations about giving their children smartphones. The rise of violent or explicit content online and the harmful impact of social media is enough to cause concern among parents and caregivers. The founder of Safe Surfer, Rory Birkbeck, has worked out a way around these issues by teaming up with Samsung to introduce a kid-friendly device. He says...

Over in the US, a slew of big-box retailers have slashed prices across their stores. Walmart, Target and Amazon are among the big names bringing down their prices ahead of the summer season. Sam Dickie from Fisher Funds says these moves are being made to appeal to inflation-weary customers. LISTEN ABOVE See omnystudio.com/listener for privacy information.

One expert says the 2024 Budget was never going to be transformational, amid everything working against it. The Government unveiled their Budget today, and Minister Nicola Willis says keeping the books sound was her main priority. Listen to NZ Herald business editor at large Liam Dann unpack all of today's new updates. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Finance Minister admits the Budget could have gone further on tax cuts, but it wouldn't have been responsible. Today's documents included the Government's long anticipated tax package, at a cost of $3.68 billion. Funded through a suite of scrapped spending initiatives, all workers on more than $14,000 a year will receive between $4 - $40 dollars a fortnight. Nicola Willis says she was determin...

Changes to tax thresholds will help deliver tax relief to three and a half million people from the end of July. Tax expert Robin Oliver says the brackets haven't moved enough. "They're nowhere near where they would be if the tax brackets were indexed for inflation - or for wages." LISTEN ABOVE See omnystudio.com/listener for privacy information.

Global logistics company Mainfreight is still meeting investor expectations, despite suffering drops in profit. It's been revealed the company posted a 33 per cent fall in profit before tax to $395.4 million for FY24. Milford Asset Management's Sam Trethewey explains these figures further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Reserve Bank governor Adrian Orr has stepped up his verbal war against the big four banks. It's been revealed Orr sent a letter using 'colourful' language to defend the amount of capital the Reserve Bank requires these banks to hold. NZ Herald Wellington business editor Jenee Tibshraeny explains the issue further. LISTEN ABOVE See omnystudio.com/listener for privacy information.

China's downturn and conflict in the Middle East remain front of mind for Fonterra. The dairy co-op is forecasting a Farmgate Milk Price midpoint of $8 next season, just up from its current season forecast of $7.80. It says global conditions remain volatile, and demand from China is taking a while to recover. Fonterra Chief Executive Miles Hurrell says Middle Eastern markets increased their stockp...

Households can expect to pay an extra $15 per month for their power bills if a Commerce Commission proposal is confirmed. The commission regulates prices and performance standards for the national grid operator, and says these higher prices are necessary to fund investment in the electricity network. Commissioner Vhari McWha says they're being mindful of the possible effect this could have on cons...

Flagship Auckland department store Smith and Caughey's will close down next year, after 144 years. This closure comes off the back of a 40 percent drop in revenue drop across their Queen Street and Newmarket stores in the past five years. Chair Tony Caughey says they tried to find a way through the rough patch two years ago - but there was no solution. "We really turned over every stone we could f...

Ahead of Budget 2024, there's concern the proposed tax cuts will contribute to existing inflationary pressures. The Government has confirmed they plan to deliver tax relief to most households - the details of which will be revealed on Thursday. Infometrics principal economist Brad Olsen explains why people shouldn't be too concerned. LISTEN ABOVE See omnystudio.com/listener for privacy information...

The Reserve Bank surprised economists by revealing they considered hiking the Official Cash Rate - and haven't ruled out further hikes either. Last week, the Reserve Bank confirmed they were keeping the OCR in place at 5.5 percent, in line with expectations. HSBC chief economist Paul Bloxham said this was 'surprisingly hawkish', given the economy is weakening. LISTEN ABOVE See omnystudio.com/liste...

Ahead of Budget 2024, the rural community is holding out hope for improvement. The Government has promised more tax cuts, but it's been hinted plenty of cuts will take place too. The Country's Jamie Mackay isn't feeling too hopeful - listen to him predict some outcomes ahead of the big day. LISTEN ABOVE See omnystudio.com/listener for privacy information.

One of New Zealand's smallest banks has posted significant earnings amid a boost in customers and lending. The Co-operative Bank today reported a 10 percent rise in full year profit, compared to last year's $11.5 million. CEO Mark Wilkshire says this comes on top of leading in customer satisfaction - which is a key priority for the company. LISTEN ABOVE See omnystudio.com/listener for privacy info...

Auckland Council has moved one step closer to determining the future of the city's stadiums. Quay Park and Eden Park 2.0 are in the running, as both will be recommended for further investigation and examined for feasibility. Shane Henderson, the stadium working group chair, says both options will be analysed in detail this coming Thursday. "Then we'll come back around the table in probably about n...

The Advertising Standards Authority released its latest annual report today - celebrating 50 years of complaints from the public. The medium has grown and changed over the past several decades, and so have the standards from audiences. ASA Chief Executive Hilary Souter says the areas that used to push buttons have changed, and certain topics have become less acceptable. "The things we don't see an...

One Labour MP says Wilson Parking is abusing its rights - and wants the company's access to the personal information of customers revoked. Duncan Webb has written a letter to the Transport Minister urging NZTA to remove the ability for Wilson Parking to access the personal data they use to issue infringements. Webb says Wilson's ability to utilise the home address and number plate details of their...

New Zealand Thoroughbred Racing has embraced a report revealing the industry contributes over a billion dollars to the economy. In last year's season, almost 10,000 people worked in the industry - and race attendance was at under half a million. Chief executive Bruce Sharrock says the company has been experiencing rapid growth over the last 6 to 8 months. "There's certainly some green shoots appea...

The United States Department of Justice is suing music promoter Live Nation - claiming it's using illegal tactics to hold a monopoly over live music. The Ticketmaster parent company has been accused of running an illegal monopoly on live music events in America. Variety Executive Music Editor Jem Aswad says it's unlikely if things will get better for fans, even if the companies are broken up "The...