Best of Business

News that business owners are struggling to make ends meet isn't surprising to some in the sector.  Research by accounting software company Xero shows almost half of small to medium business owners aren't paying themselves. Business mentor and Whanganui Chamber of Commerce Chief Executive Helen Garner told Kate Hawkesby the statistics are dismaying. Garner says there are ups and downs in business,...

James Shaw says whether New Zealand gets a capital gains tax or wealth tax is ultimately a matter for voters. Chris Hipkins has ruled out either form of tax while he's prime minister. But Greens Co-Leader James Shaw says his party could demand those taxes, as part of any post-election negotiations on Coalition or Confidence and Supply arrangements. He told Mike Hosking the election outcome should...

Capital gains and wealth taxes may not accomplish the goals advocates think they might. After investigating, Chris Hipkins has ruled out those changes while he's Prime Minister.  Deloitte tax partner Robyn Walker says wealth taxes don't bring in a huge amount of revenue, but create higher administration and compliance costs. She says there are unintended consequences which have been seen in overse...

Net migration figures have experienced a significant resurgence in the last 12 months. Recent data shows New Zealand gained over 72,000 new people in the year to April, in a return to pre-pandemic figures. Milford Asset Management's Mark Riggall says migration is in a catch-up dynamic following a sharp decline, and it's unclear if this growth will stick. LISTEN ABOVE See omnystudio.com/listener fo...

The Reserve Bank has left the OCR unchanged at 5.5 percent- and will keep it in place for the foreseeable future. Economists predict the RBNZ will hold the rate at its current level until early to mid 2024. NZ Herald Wellington business editor Jenee Tibshraeny says the Reserve Bank now faces a difficult challenge of making the call as to how long they keep rates up. LISTEN ABOVE   See omnystudio.c...

Trade Me data shows the average salary for jobs listed has reached $70,000, a 6 percent increase on last year. Job listing have also declined significantly in the second quarter- they're down 15 percent from the first. Trade Me Jobs sales director Matt Tolich says this is down to an 'uncertain' economic environment. "We are in a recession, we've got an election coming up. With that causes some unc...

We have another OCR day, many are expecting the Reserve Bank to take a breather - with no change to the current 5.5 per cent. Westpac chief economist Kelly Eckhold joined the Mike Hosking Breakfast. LISTEN ABOVE See omnystudio.com/listener for privacy information.

We shouldn't see any surprises from the central bank on the Official Cash Rate today. Most economists are picking no change after Reserve Bank head Adrian Orr indicated they were done. It's expected to be confirmed around 2pm this afternoon. Christina Leung, Principal Economist at the New Zealand institute of Economic Research joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for pr...

The RBNZ is expected to leave the OCR untouched at 5.5 percent on Wednesday. The last time the Reserve Bank didn't raise the OCR at a formal review point was in August 2021. BusinessDesk managing editor Pattrick Smellie says one NZIER expert predicted an increase, but he'd be surprised if went up. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Dairy and Business Owners Group says shop owners should be allowed to defend themselves without being charged. Chair Sunny Kaushal spoke with Police Minister Ginny Andersen today. He says she was receptive to some suggestions. Kaushal says currently, people can be charged for injuring others while defending themselves. He says the threshold should be higher. "The Act has not been changed, and...

Are you reading about the economy and its performance, or lack of, with the alarm I am? More and more economists are now predicting a double dip recession. Grant Robertson is already working overtime trying to explain why we have had one already, while the vast majority of the rest of the world hasn’t. Now he may face the unedifying prospect of having to do it twice. Mind you, he will most likely...

I tell you what’s a good look - CEOs who walk the talk - and we’re seeing a bit more of it these days which is great. Because I think we’re at a time now where we expect more of our leadership, one of the things we expect most is that they’re the real deal. That they ‘walk among us’ and seem a little bit human. More and more you’ll see bosses or those in leadership roles sitting at desks in open p...

Top restaurants are being spammed with fake reviews on Google. Overseas internet scammers have been known to start posting five-star reviews from fake accounts, where they then follow up by threatening to leave unfavourable reviews unless they receive payment from restaurants. CEO of the Restaurant Association Marisa Bidois joined Mike Hosking to discuss. LISTEN ABOVE     See omnystudio.com/listen...

The Commerce Commission has appointed a new Grocery Commissioner to referee New Zealand's supermarkets. Former Sanitarium New Zealand boss Pierre van Heerden will take up the role this Thursday. Commission chair John Small says van Heerden brings more than 25 years of experience on the supply side of the grocery sector. The appointment is part of reforms brought in by the passing of the Grocery In...

We now have a Fair Trade Agreement with the European Union. And Australian farmers are rubbishing the deal - urging their Trade Minister to walk away from negotiations with the EU if they are offered a similar deal. Minister for Trade and Export Growth Damien O'Connor joined the Mike Hosking Breakfast. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Dwelling consents have fallen 10 percent this year - slowing down demand for residential building. Latest CoreLogic figures show construction costs still increased by 0.6 percent in the June quarter, in line with March figures. But it's a decrease on the average quarterly rise of two percent which we've seen in 2021 and 2022. Chief property economist Kelvin Davidson says the sector is slowing down...

This Matariki weekend, New Zealand will host the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Commission. Set to be the biggest biggest international trade event held in the region recently, trade ministers from 11 nations will review and update the terms of this pact. NZME business commentator Fran O'Sullivan says this meeting will establish the next phase of CPTPP Commis...

The New Zealand-European Union free trade agreement includes 'unprecedented' climate commitments in the deal. New Zealand will be required to follow conditions set out in the Paris climate agreement or potentially face punishment. NZ International Business Forum executive director Stephen Jacobi says it's most unlikely that the climate requirements within the agreement will be enforced. "The cost...

Thirty-million users have signed up for Mark Zuckerberg's newly-launched Threads app on its first day. The owner of Facebook, Instagram, and WhatsApp - Meta - has released its direct competitor to Elon Musk's Twitter, which offers a text-based version of Instagram. US correspondent Richard Arnold told Tim Dower this is a significant move from the Meta boss. He says Zuckerberg hopes to turn Threads...

The Bank of England may have to keep interest rates at 7 percent to counter inflation, economists warn. US-based investment bank JP Morgan says there's a risk that persistent inflationary pressures could force the central bank to raise interest rates. UK correspondent Enda Brady says the region experienced years of people buying huge houses and spending while credit was cheap- and the chickens are...

A Fisher Funds expert says the mid-year state of the global financial markets has taken a different turn than predicted. Senior portfolio manager Sam Dickie says tech shares have risen, with Nvidia and Meta shares doubling in 2023 and the crypto industry recovering. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealanders are getting less wealthy and saving less money, according to new Stats NZ data. The region's collective household net worth dropped $42.7 billion or 1.9 per cent, in the March 2023 quarter. The data shows the value of financial assets also fell, by $8.3 billion. NZ Herald business editor at large Liam Dann says falling house prices and reversing pandemic stimulus are the key factors...

11 percent of mortgage holders responding to a survey have said they'll likely need to sell in the next 12 months. That's according to an opt-in Horizon Research survey on the impact of higher interest rates. About 70 percent are worried repayments could be unaffordable. Principal researcher Graeme Colman says right now, just over a million mortgages are fixed. He says they're the ones for whom in...

Fog cannons don't always stop robberies. An Auckland dairy owner's wife and a customer were injured by robbers with hammers at Jyoti's Dairy in Mount Roskill yesterday. The criminals fled with tobacco and cash. Sandringham Business Association's Jithin Chittibomma says fog cannons don't stop violent attacks. "It works as a deterrent for young criminals, maybe, but not these kind of criminals who'v...

The Education Ministry has opted for an American carpet supplier, rather than buy New Zealand wool for 600 small and rural schools, They've gone for nylon tiles instead. General Manager of Campaign for Wool NZ Tom O'Sullivan and Head of Property for the Ministry of Education Sam Fowler joined Tim Dower. LISTEN ABOVE   See omnystudio.com/listener for privacy information.