Best of Business

Residential building work has dropped for the third consecutive quarter in a row, according to new data. The Wellington region led the annual decline, with a 13 percent PA fall in residential construction put in place. Infometrics principal economist Brad Olsen says this downturn reflects high interest rates and declining house prices trickling down to the construction sector. LISTEN ABOVE See omn...

More trouble for the carbon credit scheme that Labour wants to use to fund climate initiatives. The Government has tried - and failed - a third time to auction off credits, giving businesses the right to emit carbon dioxide. This means Treasury is now short over $900 million ahead of Tuesday's Pre-election Economic and Fiscal Update. The Country's Jamie Mackay says the credits will be available to...

One expert warns that Kiwis will soon feel more pain at the pump. Crude oil prices have climbed to new heights, after Saudi Arabia and Russia committed to maintaining their production cuts through to the end of 2023. Brent oil reached $90 per barrel for the first time since November.  NZ Herald business editor at large Liam Dann says this is the first time since 2021 that crude oil prices have sur...

EV charging network provider ChargeNet welcomes the latest announcement from National. The party pledges it will roll out 10,000 more EV chargers up and down the country, to the tune of $257 million. CEO Danusia Wypych says this investment from National would encourage more people to use electric vehicles. "Now, people are more worried about- will I get a charger? And we've seen from our own custo...

A drop in share prices for Sky City - over the possibility its casino license could be suspended for up to 10 days. The Department of Internal Affairs has applied for a temporary suspension from the Gambling Commission after it accused the operator of not complying with Host Responsibility rules. Milford Asset Management's Jeremy Hutton says the stock price dropped 13 percent on Monday, prompting...

ANZ economists are warning that taxpayers may have to cover the extra interest accumulated on Government debt. If the Treasury has to issue more bonds than the market wants, the price of the bonds will fall, and their yields will rise- which will cost taxpayers. NZ Herald Wellington business editor Jenee Tibshraeny says the Government is bringing in less tax revenue that expected as the economy sl...

The Commerce Commission is keeping a close eye on petrol prices. It's asked fuel companies to 'please explain' the differences in prices between and within various cities. Ruapehu Mayor Weston Kirton called for an inquiry into petrol price inequity three months ago. Commission chair John Small says this is likely to come down to competition. "What we need to do is find ways to promote local compet...

The Reserve Bank of Australia kept the cash rate unchanged at 4.1 percent, but the door is open for future hikes. Outgoing governor Philip Lowe said Australian inflation had 'passed its peak', but further monetary policy may be needed to return inflation to target. HSBC chief economist Paul Bloxham says the Australian economy is still running at full capacity- and it will take time to bring inflat...

New Zealand's trading power has proved more resilient than expected, but one economist warns the worst is yet to come. Stats NZ data shows the June quarter bucked expectations as the 'terms of trade' rose 0.4 percent after easing 1.5 percent earlier in the year. The Country's Jamie Mackay says ANZ's Susan Kilsby observed that the data didn't capture recent slumping global dairy prices- indicating...

A fiery start to the campaign season, as political leaders addressed prospective voters at a BusinessNZ-hosted conference. Luxon assured business leaders he would treat them 'like adults' as he criticised Labour's ongoing relationship with the sector. Hipkins, speaking after Luxon, defended the Government’s choppy economic record and claimed Labour's 'economic fundamentals were in good shape.' ACT...

Controversial Qantas boss Alan Joyce resigned today- retiring two months earlier than planned. This comes as the airline faces allegations of misleading conduct over airline ticket sales. His replacement, Vanessa Hudson, will take over from tomorrow. Australian correspondent Oliver Peterson says it's unlikely this change in management will clear the airline's reputation- but fast-tracking Alan Joy...

Experts are warning against relying on Facebook Marketplace for your livelihood.   A New Plymouth couple has been locked out of their business account without explanation, cutting them from their income.   Social media expert Vaughan Davis told Kate Hawkesby that putting all your eggs in this basket is risky.   Davis says it means hitching your wagon to an offshore company who can change the rules...

Fresh off the back of a successful business delegation to India, Auckland Business Chamber CEO Simon Bridges is set to take 30 businesses to China. Despite the unstable economic climate, Bridges still thinks there's plenty of commercial opportunity in China. He says New Zealand does significantly more trade there than with India and there's room for more partnerships and relationships. LISTEN ABOV...

Questions remain over whether Air New Zealand will match its competitor and remove the expiration on Covid flight credits. Qantas is ditching the expiration dates for more than $500 million worth of travel credits that were due to run out at the end of the year.   Air New Zealand CEO Greg Foran joined Kerre Woodham Mornings in studio to answer questions around what the airline's next move is. LIST...

I am on what seems a never-ending quest to find a good fruit and vege supplier - and it’s not the supermarket. I’m so sick of soft old apples and wilted lettuce on supermarket shelves, I’m hankering for a good farmers market vibe to get fresh produce into the house. I’ve tried many of the online ones, the companies who purport to pick it fresh that morning and deliver straight to your door. But so...

Questions over whether Air New Zealand will match its competitor and remove the expiration on Covid flight credits.   Qantas is ditching the expiration dates for more than $500 million worth of travel credits that were due to run out at the end of the year.   Consumer NZ CEO, Jon Duffy, told Mike Hosking now that Air New Zealand's in the green again, there's no reason it couldn't offer something s...

Air New Zealand is expected to follow suit and ditch expiry dates on Covid travel credits. Qantas is removing the expiration dates for the credits that were due to run out at the end of the year. Customers with these credits can request a cash refund, while Jetstar customers can use their vouchers for flights indefinitely. Aviation commentator, Irene King, told Kate Hawkesby copying the idea would...

Some could take a glass half full view of ANZ's latest business confidence survey.   It shows a nine point lift in August, to -4.   Inflationary expectations are also down.   ANZ Chief Economist Sharon Zollner told Mike Hosking everything has gone up - most notably the jump in construction intentions in the residential sector.   LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Conflicting reports have emerged of how business owners are feeling about the state of the economy.   ANZ's latest business outlook survey shows business confidence has lifted another nine points in August, with inflationary expectations down.   But, Canterbury Business Chamber CEO Leeann Watson told Kate Hawkesby they've done their own survey - which paints a different picture.   She says 58 perc...

Supermarkets could cop multi-million dollar fines for unfair treatment of smaller, local suppliers.   The Government's new grocery code of conduct has been released requiring chains to pay suppliers in a short time span, and engage in good faith.   The new rules will initially apply to Woolworths and Foodstuffs - coming into force on September 28.   Consumer Affairs Minister Dr Duncan Webb told Mi...

Following global inflation peaking at the end of 2022, US interest rates had descended by November of that year. However, these interest rates have been spiking up again, to the confusion of economists. Fisher Funds senior portfolio manager Sam Dickie says the US managed to escape a recession- and that's making the Federal Reserve evaluate future hikes. LISTEN ABOVE See omnystudio.com/listener for...

The latest ANZ Business Outlook survey shows there's a change of heart throughout the sector. According to the data, business confidence lifted nine points in August to -4, the highest read since mid-2021. Expected own activity also jumped 10 points, to +11. NZ Herald business editor at large Liam Dann says business confidence has been on a slow and steady rise throughout the year- but the promise...

An independent power company says the industry needs structural reform. Consumer NZ has raised concern about historically high profits made last year by our biggest power companies. Meridian, Contact, Genesis and Mercury made a combined $2.7 billion operating profits in the past year. Consumer estimates 40,000 households couldn't afford power over the same period. Electric Kiwi chief executive Luk...

What’s that old line? If something sounds too good to be true, it probably is too good to be true.   And that’s how I’m feeling about the National Party’s new tax plan, now that I’ve had a day to think about it.   Even more so, after listening to Finance spokesperson Nicola Willis on Newstalk ZB this morning.   I’ll come back to that. But first, in terms of how much better-off National reckons we...

The Bluff oyster season ends today.   But thanks to dry weather conditions quality hasn't been quite as good this year - one operator says it's the worst he's ever seen.   Graeme Wright, the General Manager of Barnes Wild Bluff Oysters, joined Mike Hosking. LISTEN ABOVE    See omnystudio.com/listener for privacy information.