Best of Business

Numbers have been released around how expensive sick days are for businesses. On average, each worker is taking five and a half sick days a year, which all up is costing $2.86 billion per year for the total economy. This could increase in the coming years, considering the legislation change that all businesses need to offer a minimum of 10 days. And quiet quitting is real - 22 percent of surveyed...

Freightways have their sights set on a listing across the ditch, following a solid performance led by the Allied Express acquisition.  The company today posted a 29 percent revenue lift since the expansion- profit rose to $1.12 billion in the year to the end of June. Chief Executive Mark Troughear says the Australian market presents 'massive' expansion opportunities for the future. "The market sha...

Wellingtonians are finally snapping up tickets to the city's craft beer festival. Two Beervana sessions are fully sold out, overturning concerns people weren't keen this year. Event Manager Ryan McArthur says there's a lot to get excited about this weekend. He says almost 60 breweries are represented, some from Australia, and about 340 brews to try. LISTEN ABOVE   See omnystudio.com/listener for p...

Mixed feedback for the Government's three-year transport budget. It's proposing a 12 cent fuel tax rise, to fund more than $20 billion of infrastructure, road maintenance, upgrades and public transport. National Road Carriers spokesperson, James Smith told Mike Hosking it's great to acknowledge infrastructure needs, but disappointing taxes are being used as the sole funding solution. He believes g...

There's a view from a retail boss that Countdown trialling cameras in the self checkout area is to catch thieves rather than people who make mistakes. The chain is trialling the method in five stores which records the customer and transaction, seeing what items are scanned as the wrong thing. Retail NZ Chief Executive, Carolyn Young, told Mike Hosking crime and theft is a massive issue, and retail...

The transport industry is warning everyone will feel the pain if fuel tax increases. The Government is proposing a 12 cent rise over the next three years, to fund infrastructure, road maintenance, upgrades and public transport. More than a dozen routes will be prioritised - from State Highway 1 linking Warkworth to Whangarei, right down to a second bridge for Ashburton. Transporting NZ Interim CEO...

Weight loss drugs have been the talk of the market recently. Fisher Funds' Sam Dickie talks to Heather du Plessis-Allan about the topic. See omnystudio.com/listener for privacy information.

National wants to give people the ability to invest in multiple KiwiSaver providers. Chris Luxon was speaking at a financial services council event. NZ Herald Business Editor at Large spoke to Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Governor of the Reserve Bank is confident the country is on track to squeezing out inflation. Adrian Orr is keeping the Official Cash Rate at 5.5 percent, with the possibility of another hike later this year. Inflation is still running high on 6 percent. Orr told Mike Hosking we're sitting in a pretty strong position. He says the economy's outlook is one of subdued domestic spending, continued...

Concern the country's economic outlook isn't taking China seriously. The Official Cash Rate remains unchanged at 5.5 percent. There's a chance the OCR might need to go up soon, due to inflation woes. Meanwhile, the Chinese economy is struggling, with reports the publication of the youth employment rate is now banned. Jarden Investment Strategist John Carran told Mike Hosking interest rates and the...

The housing market is unlikely to be greatly impacted by the latest Reserve Bank announcement. The bank confirmed the Official Cash Rate will remain at 5.5 percent, although there is a possibility this could be raised again this year. Corelogic Chief Property Economist Kelvin Davidson told Kate Hawkesby the decision is neutral for the housing market, with a muted recovery still likely. He says wha...

It's thought the majority of farmers won't make a profit this year. The country’s biggest farm lender ANZ says some farmers are struggling to make their debt repayments. Total lending to agriculture rose by $564 million in June  the highest rise since June 2018. ANZ Agricultural Economist Susan Kilsby says told Mike Hosking some customers are looking to defer debt repayments until the end of the s...

Global dairy prices plunged by 7.4 percent overnight at the Global Dairy Trade auction. Whole Milk Powder - a key driver for Fonterra's prices - dropped 10.9 percent, the lowest level in nearly 5 years. Dairy NZ director Jacqueline Rowarth says this decline is partially led by softening demand from China amid Covid-19 restrictions.  "This has been a game that has been played before, it's very diff...

The Reserve Bank has kept the Official Cash Rate at 5.5 percent, in line with predictions from banks and economists. Many experts believe the OCR may shift later in the year to get the CPI down to target range. Milford Asset Management analyst Katlyn Parker says there was limited market reaction to the announcement, but it's hard to think of more positives for the economy in the coming months. LIS...

Tough times for one of New Zealand's largest listed construction companies. Fletcher Building's annual net profit fell 46 percent to $235 million, according to a statement released to the NZX today. CEO Ross Taylor says the extra costs incurred by the troubled international convention centre in Auckland are causing the company some grief. "We're committed to getting the convention centre delivered...

The Reserve Bank has signalled it wants interest rates to stay unchanged for some time. It's kept the Official Cash Rate at 5.5 percent, matching predictions. But Kiwibank Chief Economist Jarrod Kerr says he's surprised, because the RBNZ seems more concerned about inflation than Kiwibank is. "I think they came out with a very strong message that we want to keep wholesale rates high, we want to kee...

In watching the Prime Minister yesterday in the house, I once again wondered to myself whether he either has a clue economically, or whether he actually does but just assumes the people who may vote for him don't, so he can pull the wool over their eyes.   This time it was about the wages. He was crowing about the wage stats, saying the wage stats are up, hourly earnings are up and the median wage...

Global dairy prices plunged by 7.4 percent overnight at the Global Dairy Trade auction. Whole Milk Powder, which has the biggest influence on Fonterra's milk price, dropped 10.9-percent. It comes less than two weeks after the dairy co-op drastically cut its forecast Farmgate Milk Price - with the midpoint falling from $8 to just $7. The result is unsurprising considering Fonterra was putting more...

A former Reserve Bank economist says the Official Cash Rate may not be able to be halted for long. The central bank will give its latest update today, with economists predicting it will stay at 5.5 percent. At its last review the bank expected it to remain at a restrictive level for some time. But Michael Reddell told Mike Hosking you could make a credible case for at least signalling the prospect...

A leading economist is sceptical of claims Official Cash Rate hikes will be halted until next year. The Reserve Bank is providing an OCR update today, with economists predicting it will stay at 5.5 percent. Westpac Chief Economist Kelly Eckhold says the bank believes this will be on hold until the second half of next year. But he told Kate Hawkesby with a strong labour market, strong migration, an...

Claims have come that businesses are struggling to keep up as wages continue to rise. Stats NZ has revealed median weekly earnings from wages and salaries leapt 7.1 percent annually in the June quarter. It's the second largest annual increase since records began in 1998 and ahead of inflation's 6 percent. Tauranga Chamber of Commerce Chief Executive Matt Cowley told Mike Hosking it's a win for wag...

Global dairy prices plunged by 7.4 percent overnight at the Global Dairy Trade auction. Whole Milk Powder, which has the biggest influence on Fonterra's milk price, dropped 10.9-percent. It comes less than two weeks after the dairy co-op drastically cut its forecast Farmgate Milk Price - with the midpoint falling from $8 to just $7. JMI Wealth Director Andrew Kelleher told Mike Hosking the drop wa...

More than half of New Zealanders say they're starting to sink when it comes to money. Fresh data collected by the Retirement Commission, shows 55 percent are having a hard time with their finances, up 17 percent from 2021. However, Sorted Personal Finance Lead Tom Hartmann told Kate Hawkesby the research also shows more people are starting to focus on positive money management skills. He says more...

Sky TV are on the receiving end of backlash over their recent business decisions.  The Herald's Chris Rattue has labelled the Sky Box an 'absolute dog', lambasting its recording abilities and 'general clunkiness'. Sky have also announced that their broadband and entertainment package prices will increase by 10 percent, starting October 1. Tech commentator Paul Spain says Sky is moving towards a ne...

New REINZ figures show the housing market is still subdued- but some buyer confidence is returning. Their house price index shows the national median house sale price has dropped 1.3 percent in the month to July and sales have declined 15 percent. Despite this, REINZ chief executive Jen Baird says there's been a clear uptick in buyer activity. "More people are showing up at open homes, more people...