Best of Business

Salaries are continuing to rise. Trade Me figures show the average salary now sits at just over $70,000. Trade Me Jobs Sales Director Matt Tolich says this quarter has seen an 8 percent year on year growth - meaning it's now beating inflation. "15 of our 25 categories have had big growth year-on-year, so healthcare's up 10 percent, trades and services up 9 percent, education up 8 percent and hospi...

House prices are in recovery mode after a 18-month slump, according to new data. The Reserve Bank's today held the Official Cash Rate at 5.5 percent- with the next review of monetary policy late November. Infometrics chief forecaster Gareth Kiernan says increased interest rates are still a concern for prospective buyers, but an uptick in migration has added to demand. LISTEN ABOVE See omnystudio.c...

Little surprise the Official Cash Rate remains unchanged- for the time being. The Reserve Bank has today held the OCR at 5.5 percent, claiming interest rates are constraining economic activity as required. Milford Asset Management's Katlyn Parker says there's a lot of uncertainty around this point in the election campaign, and the RBNZ will be waiting for a change. LISTEN ABOVE See omnystudio.com/...

Goldman Sachs analysts have warned National's proposed tax cuts could risk worsening existing economic pressures. Andrew Boak and William Nixon believe National's plan could  exacerbate inflation, and therefore cause interest rates to remain higher for longer. NZ Herald Wellington business editor Jenee Tibshraeny agrees, claiming National's proposed foreign buyers tax and increased immigration fee...

Suggestions the wheels are falling off the economy faster than expected. The Reserve Bank today held the Official Cash Rate at 5.5 percent, with the next review of monetary policy happening in late November. There's no saying whether the OCR will rise again, but the central bank is signalling it doesn't expect it to drop until early 2025. But BNZ's head of research, Stephen Toplis, says he predict...

The Reserve Bank of Australia has kept the OCR on hold for the fourth month in a row. The decision to keep the cash rate at 4.1 percent is the first one made by the RBA's new governor, Michele Bullock. However, Bullock warned that Australia isn't out of the woods yet when it comes to inflation, and warned of future hikes to come. HSBC Chief Economist Paul Bloxham thinks the RBA could hike interest...

Another key GDT auction is set to take place tonight, and experts have an optimistic outlook. This auction is off the back of two positive lifts in September, with a 2.7 percent and 4.6 percent increase improving moods within the sector. The Country's Jamie Mackay says he consulted rural economists from Westpac, Jarden and Rabobank- and they're feeling positive about tonight's predicted results. L...

Weet-Bix will soon be back in trolleys at the Warehouse. Sanitarium has reversed a decision announced last week to withhold supply - although still stocking supermarkets. The Warehouse's $6 charge for Weet-Bix is lower than other outlets. Chief Product Officer Tania Benyon says despite Sanitarium's change of heart, they still want the issue looked into. "What led Sanitarium to this decision, and j...

Last week's Mood of the Boardroom survey ranked National's Chris Luxon over his Labour counterpart. The survey compiled responses from more than 100 chief executives and leaders- with Luxon scoring 3.24 out of 5 compared to Hipkins' 2.95. NZME business commentator Fran O'Sullivan says voters are still sceptical of National's tax package, with experts criticising the party's priorities. LISTEN ABOV...

Southern Cross health insurance premiums are set to rise as inflationary pressures bite. So what premiums can you afford to live without? Plus, w hat’s the first thing to go (and the last thing) when you have to tighten your belt. Lisa Dudson gives us her top tips to save money.     See omnystudio.com/listener for privacy information.

The property market is experiencing some pre-Election jitters.   It seems Kiwis are holding off on making big decisions until after D-Day - with the national average asking price staying flat the whole of September - t his is according to realestate.co.nz's last report before the Election.   Vanessa Taylor, head of sales at realestate.co.nz, joined Kate Hawkesby on Early Edition to discuss the rep...

National's Deputy leader says its economic plan is solid despite widespread doubts.   The party released its fiscal plan on Friday, Finance Minister Grant Robertson describing it was being built on sand.   A recent Newshub Reid Research poll found 53 percent of respondents don't think National can pay for its tax cuts.   The tax plan was also criticised by economists from across the political spec...

Trading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. China Evergrande said in a notice on Thursday night that authorities had informed the firm that its chairman, Hui Ka Yan, had been subjected to “mandatory measures in accordance with the law due to suspicion of illega...

No surprise at all, this year's Mood of the Boardroom survey has shown that businesses are extremely disappointed in the Labour government. But it also shows nervousness over whether National will be decisive enough to turn the economy. In the CEO’s ranking, Christopher Luxon beat Chris Hipkins, but with an average of 3.5 points out of 5, Luxon looks far from a candidate that has the business team...

Westpac has hiked their mortgage rates up again, joining Kiwibank and BNZ. From tomorrow, Westpac is lifting its standard rates for its two-year and four-year mortgages to 7.59 percent and 7.19 per cent respectively, up 10 basis points. The 18-month and five-year standard home loan rates have been bumped up 14bp to 7.69 percent and 6.99 percent respectively. NZ Herald business editor at large Liam...

From Saturday, a Kiwi breakfast staple will be removed from The Warehouse's cereal aisle. Sanitarium is no longer providing Weet-Bix products to any Warehouse stores, citing 'supply constraints'. The Warehouse headed straight to the Commerce Commission for a solution- after they discovered they were the only retailer affected. Chief Product Officer Tania Benyon says it's 'very strange' that Sanita...

Auckland restaurant The Grove has been named the 11th best fine dining eatery in the world, according to Tripadvisor.  Tripadvisor's list measures traveller ratings and reviews- and only the most favourably ranked restaurants make the cut. Co-owner Michael Dearth says this is amazing news, following years of uncertainty for Kiwi businesses after the Covid-19 pandemic. "Anyone who owns a business-...

Employment confidence is declining, with workers claiming it's gotten harder to find jobs. The Westpac McDermott Miller employment confidence index fell in the September quarter. Economists also warn unemployment is likely to rise for the rest of the year. EMA Head of Advocacy Alan McDonald says the company's advice line is seeing a wave of inquiries about restructuring and redundancy advice. LIST...

The property market roared to life in August, according to new data.  The Reserve Bank's latest mortgage lending data shows banks issued $5.8 billion worth of mortgages last month- up 15.7 percent from July. NZ Herald Wellington business editor Jenee Tibshraeny says this marks a turnaround for the property market. LISTEN ABOVE See omnystudio.com/listener for privacy information.

A Wellington business owner is incredibly frustrated over police precautions ahead of a planned protest. Brian Tamaki's Freedoms and Rights Coalition plans action tomorrow, alongside other protests in coming days. Police have shut some roads and access ways to Parliament. Backbencher pub owner Alistair Boyce says it's unnecessary. "They are not a foreign power invading the country- this Parliament...

Farmers have expressed alarm as some banks set targets to reduce emissions when their sector is under growing financial strain. BNZ has confirmed their dairy emissions reduction target is an 11 percent reduction in financed biological emissions intensity by 2030, against a 2022 baseline. Federated Farmers has met with BNZ to raise concerns about the target, as the sector is undergoing a difficult...

Air New Zealand is still figuring out how to deal with a shortage of planes after losing some of its fleet. The airline recently had to ground several planes, citing engine issues. BusinessDesk managing editor Pattrick Smellie says Air New Zealand will have to struggle through the aircraft shortage for the next 6 to 8 months- and this may impact services. LISTEN ABOVE See omnystudio.com/listener f...

First Union are publicly campaigning as the four big banks are raking in mega-profits. They say ANZ, ASB, BNZ and Westpac's profits have increased 80 percent in the past decade- and it's not being passed on to workers or customers. First Union Policy Analyst Edward Miller says staff and customers alike are suffering from increased net interest margins. "We represent bank workers, but we represent...

Synlait Milk has reported an annual loss of $4.3 million, following a difficult few months for the industry. The Canterbury-based milk processor reportedly earned $38.5 million the previous year. Chief executive Grant Watson aims to turn the company's profit around by diversifying growth strategies and reducing internal costs. "There's a huge amount of effort going on throughout the business to st...

Z Energy says demand for petrol is falling substantially, due to fuel price spikes and lifestyle changes among Kiwis. Brent crude oil prices are at a 10-month high, with 91 fuel reaching $3.20 a litre in some parts of the country. Retail General Manager, Andy Baird says demand for jet fuel remains strong, while the consumer market is under pressure. "And that's, we think, just a factor of the pre-...