Best of Business

A petition urging the Government to keep the ban on live animal exports in place is gaining traction. Despite the Government promising to repeal the ban during the election, over 13,000 people have signed. The Country's Jamie Mackay says this is a polarising topic that's divided New Zealand's farming community. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Financial journalism veteran Liam Dann aims to guide New Zealanders through the business world using familiar Kiwi terms. BBQ Economics examines everything from interest rates, to economic conditions to the price of cheese- and it's out in bookstores this week. Liam Dann himself explains the purpose of this book here today. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Chinese e-commerce firm Temu has been taking the world of online retail by storm. The retailer's 'shop like a billionaire' campaign reflects their too-good-to-be true prices and deals promoted to consumers on social media- and beyond. Brand strategist Jill Brinsdon says Temu's targeting bargain hunters, and they seem determined to sweep the competition.  "It's quite a classic strategy, Chemist War...

There's hope that the Government's plan to fast-track consents will speed up the production of independently created windfarms- eventually leading to cheaper electricity. The new regime gives ministers the final say to sign off on initiatives it considers to be of regional or national significance. Ventus Energy CEO Glenn Starr says shorter consenting timeframes will allow the company to compete w...

There's growing concern Australia's Reserve Bank may have gone too far to reduce inflation. The RBA infamously pushed the Official Cash Rate up 13 times in a row, and some economists are concerned Australia's economy may suffer as a result. Australian correspondent Murray Olds says decreased spending has shrunk economic growth in the last three months of 2023. LISTEN ABOVE See omnystudio.com/liste...

The motel sector is welcoming the Government's new priority one emergency housing policies. Families with children living in emergency motels are being pushed to the front of the queue for a state house. It's also introducing a new verification system to crack down on who can access emergency motel accommodation to begin with. Hospitality New Zealand Accommodation Chair Troy Clarry says most motel...

The Government has promised bigger projects will be built faster and more cost-effectively under their fast-track approval scheme. This legislation, which would give power to ministers to sign-off consents for major infrastructure projects, has passed its first reading in the House. Minister for Regional Economic Development Shane Jones says a 'long-term pipeline' of projects will encourage invest...

Former Prime Minister Helen Clark says trimming TVNZ's flagship news show in half would be tragic. TVNZ has confirmed it is proposing to cut up to 68 roles. Our newsroom understands about 35 are news roles. It comes a week after Warner Brothers Discovery announced a proposal to scrap Newshub. Clark says we'd barely get 14 minutes of news, then sport and the weather, and that just wouldn't cover it...

First it was Newshub, now it's TVNZ. We are still waiting on the details- staff have been told there will be 68 job losses, but the rest they’ll find out tomorrow. The speculation in the media is that half of those job cuts will be in the newsroom. Fair Go and Sunday reportedly will be merged, Breakfast and Seven sharp are affected, as is the late bulletin. Shortland Street will be cut down to thr...

Non-residential building work has shot up in the December 2023 quarter, according to the latest data. Commercial buildings have outpaced residential homes, with residential building activity dropping 2 percent in the December quarter. Infometrics Principal Economist Brad Olsen explains what this means for economic growth ahead of the upcoming GDP results. LISTEN ABOVE   See omnystudio.com/listener...

BNZ is following other banks in cutting some mortgage rates, following ANZ and ASB. This comes off the back of last week's Reserve Bank decision to keep the Official Cash Rate unchanged at 5.5 percent. NZ Herald Wellington business editor Jenee Tibshraeny says higher interest rates are driving prospective home buyers away- and the banks need to win people back. LISTEN ABOVE See omnystudio.com/list...

A new survey has revealed a majority of people think contributing to KiwiSaver should be compulsory. Data from financial advice firm National Capital shows 62 percent of Kiwis are in favour of mandatory KiwiSaver contributions. Director Clive Fernandes says younger people in particular are getting more financially savvy and learning the importance of saving. "We've done quite well in the last few...

There's growing evidence Kiwis are embracing US-style tipping culture. New data from financial information site, Banked, says 47 Kiwis approve of tipping- and at least 60 percent of Kiwis sometimes leave tips. Restaurant Association President and Monsoon Poon owner Mike Egan says customers like to show appreciation for enthusiastic or knowledgeable workers.  "When you give good service, you sort o...

The Broadcasting Minister is staying tight-lipped about the future of TVNZ. It is understood TVNZ newsroom staff are bracing for a meeting tomorrow about the future of news operations - which will include job cuts. Minister Melissa Lee says she spoke with TVNZ bosses on Friday about how they plan to remain financially viable. "They did not tell me that they were cutting staff on news- they were ta...

Spark customers with Xtra Mail accounts will have to pay $5.95 a month to use them from mid-May. It's citing rising maintenance costs as the reason. Spark product director Tessa Tierney says the company considered scrapping the service altogether. She says it's hard to say what its future will be. "So it'll be interesting to see over the next few weeks - and months - what decisions customers make....

The Reserve Bank's decision to hold the OCR in place at 5.5 percent has inspired some banks to lower their rates. This is despite some economists warning inflation is still running too high at this point. HSBC chief economist Paul Bloxham says New Zealand's Reserve Bank is one of the only central banks in the world saying rates might need to go up again. See omnystudio.com/listener for privacy inf...

Chris Luxon is set to meet with more key trading partners this week. The Prime Minister will fly to Melbourne tomorrow for a special summit, to mark Australia's 50-year relationship with the Association of Southeast Asian Nations. NZME business commentator Fran O'Sullivan explains this will be a crucial summit for Luxon- as he missed the chance to meet some of these leaders during APEC. LISTEN ABO...

While New Zealand's media industry struggles to survive, their Australian counterparts are battling setbacks from social media giants. Facebook's parent company, Meta, recently confirmed it wouldn't renew commercial deals with news publisher Network 10. Australian Financial Review media reporter says it's likely Meta never believed they were going to see much profit out of this deal. "There was a...

Finance Minister Nicola Willis warns the Government could likely miss the proposed 2027 surplus forecast. The Government included this deadline as a key goal in their pre-election fiscal plan. Willis blames worsening economic conditions and the resulting lower tax income. "I want to be upfront with New Zealanders about the fact that the numbers are looking a lot harder now than they did before Chr...

There's a prediction big drops in mortgage rates are on the cards. Both ANZ and ASB have lowered some of their mortgages rates, following the Reserve Bank's decision to keep the Official Cash Rate unchanged at 5.5 percent. KiwiBank Chief Economist Jarrod Kerr says if the central bank starts cutting in November, it could be just the start. "They'll be cutting throughout 2025, so we'll see mortgage...

The demand for beer nationwide has dropped significantly, according to new figures. Stats NZ data shows consumption has dropped by 4 percent, the largest drop in 15 years. Brewers Association NZ executive director Dylan Firth says smaller breweries have taken a significant hit as consumers look to curb their spending. "With interest rates being very high and consumers looking to curb their spendin...

Households can breathe a temporary sigh of relief following yesterday's announcement from the Reserve Bank. The Bank has held the OCR steady at 5.5 percent, in line with with what most economists were predicting. NZ Herald business editor at large Liam Dann says it's going to be a long battle to get inflation down, so the future's uncertain. LISTEN ABOVE   See omnystudio.com/listener for privacy i...

There's growing concern that the proposed closure of Newshub could be a sign of tougher times for the media industry.  Warner Bros. Discovery revealed they planned to shutter newsroom operations from July, forcing hundreds out of work. AUT media researcher Merja Myllylahti says the entire industry is in trouble, revenue-wise. "For example, results from NZME were not as good as expected because of...

There's salt in the wound for Christchurch Blink-182 fans after bassist Mark Hoppus was filmed ripping on the city. It comes after the band announced they were cancelling their Christchurch show, just two weeks ahead of the event taking place. Consumer NZ Communications and Campaigns Manager Jessica Walker says the band's actions have encouraged fans to seek extra compensation beyond tickets. "It'...

ACT Party leader David Seymour has asked Treasury to look into the returns the station is offering tax-payers, after 1News' competitor Newshub revealed it was broke. Warner Bros. Discovery has proposed shuttering Newshub from July, axing one of the country's biggest commercial news operators. Seymour says it's possible requesting dividends could improve returns- and competition. "It's one possibil...