Best of Business

Export prices for meat and logs tumbled in June as slower-than-expected Chinese economic growth impacted demand. The ANZ World Commodity Price Index fell 2.3 percent month on month in June, but the meat and fibre index dropped 7.8 percent. Infometrics Chief Economist Gareth Kiernan says weak demand across Europe and China paired with increased supply from Australia and South Africa created a 'perf...

The local share market has had a lacklustre first half of 2023, but the tide may soon turn. Milford Asset Management Portfolio Manager Sam Trethewey says investors have had a lot to digest this year, but the strong return of migration and dwindling rate hikes show a clear path forward. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

According to the Government's latest accounts, businesses paid 10.7 per cent less tax than expected in the 11 months to May. The Crown received $2 billion less in corporate tax than the Treasury forecasted at the May Budget. NZ Herald Wellington business editor Jenee Tibshraeny says it's been 48 days since the Government delivered a forecast and being off target already is not a good sign. LISTEN...

A former Reserve Bank economist's dampening worries about a deterioration in the Government coffers. Treasury's latest Crown accounts show the tax take for the 11 months to May was $2.2 billion lower than expected. Meanwhile, debt is more than $5 billion dollars greater than anticipated. Michael Reddell says we shouldn't overdo concerns - and forecasting is a tough game. "So it's weaker than expec...

Facebook owner Meta is set to unveil its new app to rival Twitter. 'Threads' is a text-based conversation app that will be linked to Instagram, which teased a Twitter-like micro-blogging experience. US Correspondent Richard Arnold told Tim Dower this isn't the first time Meta has tried to replicate popular forms of social media. He says many have tried to dent Twitter in the past and failed, but M...

Latest CoreLogic data shows the property market may have further to fall. The value of properties across the country weakened last month, down 1.2 percent compared to 0.7 percent the previous month. Most of the main centres saw larger declines with Auckland dropping three percent, but Wellington was a less extreme drop of 0.6 percent. Head of Research, Nick Goodall says it brings uncertainty to th...

Honey producer and exporter Comvita has expanded into Singapore- and they're eyeing future growth. The company have bought honey retailer HoneyWorld Singapore and their associated consumer brands in a deal worth $10.4 million NZD. Comvita CEO David Banfield says the region is predisposed to their product- leaving lots of room for future expansion. "It just really gives us an opportunity to tell ou...

Business confidence has improved in the latest survey from NZIER, but there are worries in the mix. Quarterly Survey of Business Opinion data shows 59 percent of businesses expect a deterioration of business conditions, down from 63 percent. BusinessDesk managing editor Pattrick Smellie says businesses are worried about soft sales as the economy slows down. LISTEN ABOVE See omnystudio.com/listener...

Will the latest business confidence survey findings kill off thoughts of another Official Cash Rate hike? Latest Economic Research Institute data shows 59 percent of businesses expect economic conditions to deteriorate in coming months. That's down from 61 percent last quarter. BNZ Economist Stephen Toplis says he thinks the hikes are over. He says the figures will indicate to the Reserve Bank it'...

When you hear the name Nigel Latta, what comes to mind? He's taught us about criminals, raising kids, travelling and managing money. Now the Order of New Zealand recipient and clinical psychologist is back after five years away from our screens. He has a new four-part series, which debuted last night, called 'You've Been Scammed by Nigel Latta' which is aimed at teaching us all about how to see th...

Rising interest rates are affecting some people more than others. Latest figures from credit bureau Centrix has found 426,000 New Zealanders are now behind on debt repayments, making up 11.7 percent of people with active credit. It's the first time arrears have surpassed the levels reached in 2019. Centrix managing director Keith McLaughlin told Tim Dower people who have recently reached the life...

Building consents are unlikely to see a return to last year's spike. Stats NZ says consents fell 11 percent in the year to May. JMI Wealth Director Andrew Kelleher says stand alone home consents have been falling for a while, but now we're seeing consents for multi-unit builds decreasing as well. He told Tim Dower that's unlikely to change anytime soon. Kelleher says consents could fall even furth...

Building consents are coming back to earth after record highs last year. Stats NZ says consents fell 11 percent in the year to May. Certified Builders Association Chief Executive Malcolm Fleming says homeowners are favouring doing up their own houses instead of building new ones. He told Francesca Rudkin that doesn't mean builders haven't been busy. Fleming says there was already existing high dem...

Auckland business representatives have slammed the uptick on closures and restrictions on the Harbour Bridge as 'disruptive'. Strong wind gusts have shut sections of the bridge and caused speed restrictions twice today. EMA Head of Advocacy and Strategy Alan McDonald says Waka Kotahi needs to be more thoughtful about the impact frequent closures have on businesses. "We've got to be a bit more thou...

ASB customers faced unpleasant news when the bank lifted six-month and one-year mortgage rates to 7.25 percent. Kiwibank has also increased rates- their six-month rate is now 7.15 percent, a one-year rate 6.89 percent and a two-year rate 6.59 percent. Enable.me financial adviser Nadine Higgins says this move is unjustified for everyday mortgage holders, as the OCR hasn't budged.  "Normally rates m...

Economist Tony Alexander joins the Weekend Collective to discuss whether buying is as lucrative as it’s made out to be- or does it just create more stress? LISTEN ABOVE   See omnystudio.com/listener for privacy information.

It's all over. Today our petrol goes up 29c per litre. It's at this point you will realise, if you haven't already, what a madly, false world of cocked-up economics we have all been living in. Money the Government never had was spent to save us from the real world. As we pointed out at the time, once you tap into that world of the false economy, you can't easily extract yourself. At some point rea...

After over a year of decline, some house prices are on the road to recovery. The latest OneRoof report shows quarterly value growth in 107 metro suburbs - with growth stronger in Christchurch while Auckland, Dunedin and Wellington play catch-up. Almost half of those suburbs recorded a quarter on quarter increase, with 17 suburbs values growing more than 1 percent. OneRoof Editor Owen Vaughan joine...

Single-use plastic items will be officially banned from shelves from tomorrow. It's the second step in the Government's plan to reduce plastic waste. Plastic cutlery, plates and bowls, cups, straws and produce bags will all be cut. Foodstuffs Sustainable Packaging Manager, Debra Goulding joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Time is ticking to fill up, before the fuel tax returns. The Government's relief package ends tomorrow, meaning petrol prices will rise around 29 cents a litre including GST. It'll still be substantially less than the peaks seen after Russia's Ukraine invasion in March last year which saw oil prices skyrocket. Gull NZ General Manager, Dave Bodger told Kate Hawkesby sales have been up, rather than...

A raft of cost-of-living subsidies and temporary tax cuts are set to end tomorrow, with economists and budgeting services warning it will hurt those already struggling financially. Other changes made by the Government will begin tomorrow, including a total ban on plastic straws, parental leave payment increases and new rules on child support benefits. The biggest hit to New Zealanders’ back pocket...

The tide is starting to turn for business confidence, according to new ANZ data. The bank’s latest business confidence survey shows confidence increased by 13 points in June to -18, the highest recorded since November 2021. ANZ Chief Economist Sharon Zollner says the increase in migrants filling up staff shortages and the Reserve Bank potentially easing rate hikes have given the business community...

Kiwis are bracing themselves for the end of the Government's fuel tax subsidy this weekend. Petrol prices are expected to rise by around 29c a litre, but they'll remain lower than the peaks they hit following Russia's invasion of Ukraine. NZ Herald business editor at large Liam Dann says global oil prices have been plunging this year by almost 40 percent- and hopes this can wash the increase out....

AT's Chief Executive is sounding the alarm over the agency's uncertain revenue model. Speaking to the agency's board meeting on Tuesday, CEO Dean Kimpton called for more certainty in the agency's current funding model. He explained that AT needed to maintain their future investments, the cost to deliver those investments and be clear about what's needed over the next decade. "We've got to put this...

Is Meta finally doing better at protecting kids online? The tech giant is adding new safeguards across Messenger and Instagram. It's the first time parental supervision tools will be connected to their instant messaging app. Tech commentator Paul Spain joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for privacy information.