Best of Business

The duo behind one of Australia's most well-known investment podcasts are back with a new guide to securing your financial future. Alec Renehan and Bryce Leske sell themselves as investment experts for millennials, and they aim to help people new to investing get ahead. Their new book, Don’t Stress, Just Invest, promises to educate readers on taking advantage of technology to automate the investin...

New alcohol legislation is being dubbed a move in the right direction.   Communities will now have more of a say on whether liquor licences should be issued in their area.   Community Law Centres Aotearoa's Sue Moroney told Mike Hosking people are concerned about the impacts of alcohol in their neighbourhoods.   Moroney says although crime is often alcohol fuelled, communities don't have the oppor...

How much financial pain is too much to inflict on young families struggling to pay off their first homes? History indicates it's a rite of passage- baby boomers endured mortgage rate spikes of 20 percent and Generation X suffered under rates that soared above 10 percent. NZ Herald business editor at large Liam Dann agrees it's a generational rite of passage, but the weight of the burden has grown...

Qantas has posted an underlying profit of nearly $2.5 billion- their first since Covid-19. The flying kangaroo has bounced back from a $1.9 billion loss last financial year, driven by a 132 percent increase in passengers. Australian correspondent Oliver Peterson says Qantas has been trying to distract their customer base with sales and extra points ahead of potential outrage. See omnystudio.com/li...

Auckland International Airport has managed to bounce back following the return of international travel. A sharp increase in both domestic and international passengers enabled the company to report their first profit since the pandemic. CEO Carrie Hurihanganui says the airport still requires upgrades, and they're confident the forecast growth will support these developments.  "After 10 years of con...

Sky TV has reported results in line with expectations and seeks to double their dividend payout to 30 sends in the next three years.  Full-year profit fell 18 per cent to $51 million - but when adjusted for one-offs including restructuring costs, rose 15 per cent to $56.7m. However, the company is struggling to get consumers to switch to their new Sky Box, as only 7 percent of users have traded in...

Air New Zealand's chief executive warns that their fares are unlikely to go back to pre-pandemic levels. The company today reported a full-year underlying profit of $585 million on operating revenue of $6.3 billion, up 9 per cent on pre-Covid levels. This result is a turnaround on pre-tax losses of $725m last year.   CEO Greg Foran says customers should expect prices to come down as they add more...

Criticism has come of the millions of dollars being spent to educate the children of our diplomats serving overseas. The Taxpayers' Union says the children's premium education costs taxpayers $5 million a year - with $800,000 going to children in the US, and $500,000 to children in China. Union spokesperson Oliver Bryan told Mike Hosking it's a waste given the amount he claims diplomats earn. Brya...

An Auckland secondary principal's coming to the defence of using artificial intelligence in schoolwork. But parents are split almost 50-50 on whether it's a good idea, according to a Norton cybersecurity survey. Albany Senior High School Principal Claire Amos told Mike Hosking instead of restricting it, we should instead educate kids on how AI works. She says AI is already woven into Microsoft and...

One roof figures show the house price slump is over in Auckland, Christchurch and Wellington. The quarterly rises show a 0.3 percent increase in the value of Auckland properties, a 2 percent increase for Christchurch properties and 0.1 percent decrease in Wellington properties - but One Roof believes that will rise again shortly too. Editor Owen Vaughan says it's not a large increase but it's stil...

Food and fibre export revenue has hit new heights. It's drawn $57.4 billion for the year to June 30, bringing $1.2 billion more into the economy than was originally forecast. Dairy, horticulture, seafood and processed food exports have driven the record increases. Business NZ chief executive Kirk Hope told Francesca Rudkin these are good headline numbers, but there are underlying factors. He says,...

This year's DHL export NZ barometer shows nine out of ten Kiwi exporters report seeing an increase in total costs in the past year. Minister for Trade and Export Growth Damien O'Connor is hitting back telling Mike Hosking everybody knows prices have gone up as there's international inflation. "Words like staggering and remarkable in DHL's Export New Zealand press release, a bit of an over hype of...

Kiwi exporters say high costs are a major barrier to doing business here. This year's DHL export NZ barometer shows nine out of ten Kiwi exporters report seeing an increase in total costs in the past year. Many are increasing prices to compensate. DHL Operations Vice President Chitra Shinde told Mike Hosking many companies are withholding stock, and pulling back. She says companies are holding ont...

Auckland's port company has come back strongly after navigating some choppy financial waters. It's confirmed this year's net profit after tax increased by more than $50 million, following last years $10 million loss. The dividend to its parent Auckland Council have also increased by $15.8 million, to $30 million. Ports of Auckland CEO Roger Gray told Mike Hosking their continued success is dependa...

Retail spending is continuing to decline as people opt to spend less money, according to new Stats NZ data. The total volume of retail sales fell 1 percent in the June quarter compared to the March quarter in the third consecutive quarterly decline, following on from March and December. Infometrics principal economist Brad Olsen says inflation and interest rates are finally hitting consumers, forc...

ANZ has followed in ASB's footsteps in lifting mortgage and term deposit rates. Most of the increases target mortgages with two or more years, raising most of those rates by 20 basis points. NZ Herald Wellington business editor Jenee Tibshraeny says ANZ is blaming rising wholesale interest rates and inflation for these hikes- but it's tough to say if this is a justification.  LISTEN ABOVE See omny...

ANZ has followed in ASB's footsteps in lifting mortgage and term deposit rates. Most of the increases target mortgages with two or more years, raising most of those rates by 20 basis points. NZ Herald Wellington business editor Jenee Tibshraeny says ANZ is blaming rising wholesale interest rates and inflation for these hikes- but it's tough to say if this is a justification.  LISTEN ABOVE See omny...

Several Kiwi businesses are feeling the impacts of a tougher economic climate as they report their earnings. Significant cost inflation and rising interest rates have impacted demand, and New Zealand's biggest companies aren't immune to the associated cost challenges. Milford Asset Management portfolio manager Mark Riggall says it's gotten harder for businesses to offset input prices with consumer...

So our post-pandemic dining behaviours, according to this Herald article I read, talked about how much more expensive dining out is these days - $50 mains it quoted. The upshot is we appear to be getting less food for more money, restaurants are getting tougher on turning tables, and people are dining earlier. The reporter asked, ‘what’s happened to hospitality?’ and I take her point. It can feel...

There are fears a plan to charge for stolen vehicle records will make one car ownership record provider's business unaffordable. Waka Kotahi plans to charge 19 cents for each query for stolen vehicle records from next month, while the Police service will remain free. CARJAM argue while they do charge for some information, this'll cost them around $1.5 million per month. CEO Paul Osborne told Mike...

Cancelled ferry sailings are causing a headache for freight. Interislander's Kaitaki sailings were cancelled Wednesday through to this Thursday afternoon as a safety precaution after weather-related damage. A door on the ship was hit by a large wave and needed to be looked at and repaired. Its Aratere ferry put on extra freight sailings to compensate. Canterbury Bulk Freight Managing Director, Ale...

One of the largest business delegations  from this country to India could strengthen economic ties. The 50 business people will travel to the nation this week. India's economy is expected to be the world's third largest economy by 2030. New Zealand International Business Forum Executive Director Stephen Jacobi told Mike Hosking it could be beneficial for both nations. He says our trade doesn't ref...

US sheep farmers are calling for further tariffs to be imposed on New Zealand sheep meat imports in order to save their industry. Trade and Export Growth Minister Damien O’Connor has expressed concern over this bid, and the ministry has approached the relevant US agencies. The Country's Jamie Mackay says domestic lamb and mutton production is down 60 percent in the US, and farmers have been taking...

On the other side of the Tasman, Australians are wondering how much further interest rates can rise. Australia's current OCR is sitting at 4.10 percent, and economists are predicting the RBA will hike interest rates again before the year is out. HSBC chief economist Paul Bloxham says inflation is likely to persist longer, and the Reserve Bank will have to lift interest rates by the fourth quarter...

Kiwi entrepreneur and Zuru co-founder Anna Mowbray has launched a new app designed for the younger wave of job-seekers. Dubbed as 'Tinder for jobs', ZEIL allows candidates to easily browse through and save jobs they're interested in applying for. Mowbray explains that the app will connect job-seekers and employers in a more engaging, enjoyable and intuitive way.  "What's really incredible as well...