Best of Business

The first trading quarter of 2024 has come to an end, giving investors an opportunity to take stock of what's to come. The market has struggled under the pressure of the economy, with construction, housing, and retail taking a financial hit. Milford Asset Management's Jeremy Hutton explains what this means for the rest of the year. LISTEN ABOVE See omnystudio.com/listener for privacy information.

One expert has labelled the Government's Budget Policy Statement a 'sobering reality check' with no surprises. The Finance Minister says a surplus is unlikely to happen by 2026/27 and Treasury has warned the economy will slow down- forcing the Government to borrow more. NZ Herald Wellington business editor Jenee Tibshraeny unpacks what this could mean for the proposed tax cuts. LISTEN ABOVE See om...

A struggling retail sector is urging the Government to roll back the Easter trading restrictions. Under current laws, shops all over New Zealand are required to close this upcoming Good Friday and Easter Sunday. ACT has created a bill that would scrap these trading rules and National has expressed support for it- but NZ First doesn't agree. Retail NZ Chief Executive Carolyn Young says the sector h...

Posties will be no more in four to six years, as NZ Post announces significant change to their delivery service. It's confirmed both mail and parcels will eventually be delivered by courier drivers, meaning up to 750 people will lose their jobs in mail delivery, processing and support roles. Postal Workers Union spokesperson John Maynard says it's clear New Zealand Post hasn't been fighting for ne...

The Government is still committed to delivering on their tax cuts, despite last week's announcement that New Zealand is in recession. Finance Minister Nicola has spent the last few days holding true to that Government promise. NZME business commentator Fran O'Sullivan is among the many experts calling for the cuts to be delayed, amid concerns. LISTEN ABOVE See omnystudio.com/listener for privacy i...

The ratification of the free trade agreement with the EU is now complete after it gained Royal Assent. Trade and Agriculture Minister Todd McClay says it was ratified in a small ceremony at the Beehive today - and is now confirmed to come into effect from May. Zespri Head of Global Public Affairs Michael Fox says the timing is super helpful for the kiwifruit industry, after a couple of 'bumpy' yea...

Australia is short 90,000 tradies to meet new housing targets. The Government plans to build 1.2 million new homes over the next five years. Australia correspondent Oliver Peterson says they'll get tradies to finish their qualifications, or will poach some from overseas. But he says it has to compete with the mining industry. "That's just always going to be the lure for a lot of people who might b...

A group of prominent Aucklanders have voiced disapproval with the planned long-term lease of the council-owned Port of Auckland. Over 30 high-profile figures have signed an open letter against the plan, including Lady Pippa Blake, Sir Stephen Tindall, Sir Ralph Norris, and Chloe Swarbrick. Stop Stealing Our Harbour spokesperson Michael Goldwater says the Council needs to consider its long-term vis...

The US economy is stunning experts as it goes from strength to strength. The US Federal Reserve is predicting GDP will grow by 2.1 percent in 2024- an upgrade from December's forecasted 1.4 percent. Fisher Funds senior portfolio manager Sam Dickie explains why America continues to flourish economically. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The first Rabobank Rural Confidence Survey for 2024 shows farmer confidence has risen from a record slump- but remains low overall. This latest survey found farmer confidence in the agri-economy was up to a net reading of -16 per cent from -47 per cent. The Country's Jamie Mackay explains why the mood in New Zealand's rural community has lifted, citing a change in leadership and overseas markets....

One economic expert believes there are 'bright pockets' to be found in today's newly-released GDP figures. Data from Stats NZ shows the economy contracted 0.1 percentage points in the final quarter of 2023- putting New Zealand in a technical recession. NZ Herald business editor Liam Dann says this means the economy is turning faster than expected, which will hopefully mean rates could come down. L...

The boss of Fonterra is playing down concerns about the Chinese market. Fonterra's half year profit is up 23 percent, and its interim dividend is up 50 percent, as it sells more processed product at a higher profit margin. But it's keeping the forecast milk payout midpoint unchanged at $7.80, following a recent drop in global raw product prices. Fonterra Chief Executive Miles Hurrell says China is...

Meal kit delivery service HelloFresh are calling for a new food labelling system, in order to minimise waste. New research has found over half of Kiwis throw away food after it passes the best-before date- despite these dates not reflecting the use by terms. HelloFresh Australasia CEO Tom Rutledge says a time-temperature indicator (TTI) will give people a better idea of when food is safe to eat. "...

Banking customers are losing out, according to a draft report that finds a lack of competition. The Commerce Commission's found ANZ, ASB, BNZ and Westpac also have sustained high profits compared with global peers. The report says Kiwibank also lacks the capital to disrupt the big four in a meaningful way. Commerce Commission chair John Small says these banks aren't interested in competing with ea...

Tough economic choices are on the horizon for the Government. GDP slipped 0.1 percent in 2023's last quarter, the second of negative growth in a row. Associate Finance Minister David Seymour says the previous Government left plenty of fiscal cliffs. He says it's unfortunate there isn't more money to go around. "I don't think there's a single person around the Cabinet Table who doesn't want to pay...

Australia's unemployment rate dropped to 3.7 percent in February, down from 4.1 percent. This decrease comes off the back of an ongoing economic slowdown, as Australia aims to tamp down inflation. Australian correspondent Murray Olds says it's likely employers are feeling more confident, amid the promises of rate cuts later this year. LISTEN ABOVE See omnystudio.com/listener for privacy informatio...

I don't think many of us are surprised to hear that we’re back in a technical recession for the second time in a year, it's pretty rough out there. Personally, I know people involved in retail. They're behind on rent, they can’t pay it because they aren’t making enough money any more. I know an architecture business that hasn't had any business for months now, I've heard of contractors like drafts...

Many local retailers, including Kathmandu and The Warehouse, have reported less-than-stellar earnings this week.  KMD Brands has posted a $10 million loss, and The Warehouse Group today announced a $23.7 million net loss. Milford Asset Management's Sam Trethewey says it's clear economic conditions and interest rates are having an impact on consumer spending. LISTEN ABOVE  See omnystudio.com/listen...

Everybody's looking forward to extra tax cuts- but some people will have to take a hit to pay for them. The Government has confirmed new changes to the income tax system are coming from April 1, and commercial and industrial building owners are uniquely affected for the worse. NZ Herald Wellington business editor explains why they won't be able to deduct depreciation as an expense under these rule...

The Warehouse Group has revealed it plans to sell or close its online shopping website TheMarket.com by the end of the financial year. It comes just weeks after the company sold off its outdoor chain Torpedo7 for just a dollar. Today's announcement also comes as The Warehouse Group announces a $23.7 million net loss in the six months to January 28, amid grim retail conditions. Chief Product Office...

A supermarket action group is questioning the Commerce Commission's decision making. The Commission's decided not to investigate Sanitarium's move to pause the Warehouse's Weet-Bix supply, finding no evidence of anti-competitiveness. Sanitarium paused supply after the Warehouse began selling the cereal more cheaply than major supermarkets. Grocery Action Group's Ernie Newman says the Warehouse has...

According to new reports, a record-shattering number of wealthy Americans are looking to make the move overseas. The political turmoil and social instability are inspiring investors, entrepreneurs and similar rich-listers to relocate.  US correspondent Dan Mitchinson says Portugal, Malta, Spain, Greece and Italy are among the most popular locations people want to immigrate to. LISTEN ABOVE See omn...

The Reserve Bank of Australia has held interest rates steady at 4.35 percent. Australia's OCR has stayed in place since November 2023 off the back of 13 rate hikes- but governor Michele Bullock says the fight isn't over. HSBC Chief Economist Paul Bloxham explains further- and predicts when Aussie homeowners can expect cuts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Lower tomato prices might be great news for consumers- less so for the country's growers. Farmers still can't export their product over to Australia, due to a pepino mosaic virus, or PepMV, outbreak impacting business  The Country's Jamie Mackay says the cost of production outweighs sale prices- and Kiwi farmers have been hit hard. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Property developers Du Val Group have found themselves in another patch of controversy. The company has reportedly taken hundreds of millions from investors- and have since tried to convince investors to turn their loans into shares.  BusinessDesk's Pattrick Smellie recaps the whole saga here. LISTEN ABOVE See omnystudio.com/listener for privacy information.