Best of Business

The Israel-Iran conflict has continued on for a week - and it's seen markets dropping as more fear the conflict intensifying. Experts also believes markets are likely to drop further if the US gets more involved in the conflict. Sam Dickie from Fisher Funds explains the market impact of the conflict. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data out of Stats NZ reveals the country's gross domestic product grew by 0.8 percent in the first quarter of 2025. It's a stronger result than predicted by the Reserve Bank and Treasury. NZ Herald business editor at large Liam Dann unpacks these results - and voices his concerns about the future. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Federated Farmers is calling on Revenue Minister Simon Watts to rule out new changes to the Fringe Benefit tax that would impact utes. The IRD has proposed major changes to the way FBT applies to utes and farmers are concerned this would set them back thousands of dollars a year. Federated Farmers' transport spokesperson Mark Hooper says this issue started drawing in more attention post-Fieldays. "We've had a little bit of communication with the minister's office - as I said, we looked at it from a farm perspective, we could see that there were some issues with the categories they had laid out." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Kiwibank's chief economist says GDP figures released today show good momentum - but the next report isn't looking as good. Stats NZ says our gross domestic product grew a strong 0.8 percent in this year's first quarter. It's much higher than predicted by the Reserve Bank and Treasury. Jarrod Kerr says there is less optimism around the quarter ending June. "The data that we talked about was for the first quarter - obviously, it pre-dates Trump's tariff announcements, which has thrown a whole lot of uncertainty into the year. And it also predates the recent spike in oil prices." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister's revealed top-level legal advice was sought over the Reserve Bank's battle with Treasury for funding. The bank received less money than it anticipated in the latest funding round - which prompted Adrian Orr to quit as Governor. NZ Herald Wellington business editor Jenee Tibshraeny unpacks the issue further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The conflict between Israel and Iran is continuing on - and it's sparked concerns among investors. US President Donald Trump has demanded Iran's unconditional surrender, as he weighs up whether to join Israel's targeting of nuclear sites. Milford Asset Management expert Andrew Curtayne explains the impact of the conflict. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data shows consumer confidence has gone up - but overall levels show people are feeling more pessimistic than optimistic about the economy. The Westpac McDermott Miller Consumer Confidence index rose two points in June to 91.2, a modest rise from last quarter's drop. Westpac senior economist Satish Ranchhod says negative news and the rising cost of living are contributing to an uncertain outlook, but confidence is likely to improve once more mortgages drop. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Inland Revenue Department has unveiled the horticulture sector hasn't paid their fair share of taxes. Over the last 10 months, the IRD has found $45 million dollars of undeclared tax - and almost 100 audits are in the works now, within the sector. Inland Revenue spokesperson Tony Morris says the department is seeing people being paid under the table, undeclared cash sales and withholding tax going unrecorded or not being deducted correctly "It's quite a complex industry - if there's payments going through with cash or what else, it's easy to get lost or for things to happen intentionally, where it's hard to track the money." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand businesses believe things are looking up, with optimism at a high. The 2degrees 2025 Shaping Business Study reveals 45% of surveyed business leaders are more optimistic about the year ahead – up on last year's 34%. 46% of businesses also report they're more productive than last year. Business Central CEO Simon Arcus told Ryan Bridge things will probably still fluctuate in coming years. He says there are often moments where things seem to improve, then sink back again. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Farmer confidence remains at a near-record high, according to the latest Rabobank Rural Confidence Survey. Farmer confidence in the broader agri-economy was unchanged at a net reading of +44 percent following consecutive lifts in the previous three quarters. The Country's Jamie Mackay unpacks the survey results further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Food prices increased 4.4 percent in the 12 months to May 2025, following a 3.7 percent increase in the 12 months to April 2025, according to figures released by Stats NZ. Higher prices for the grocery food group and the meat, poultry and fish group contributed most to the annual increase in food prices. Infometrics Principal Economist Brad Olsen unpacks the factors behind this data. LISTEN ABOVESee omnystudio.com/listener for privacy information.

As much as we tried to celebrate last week's excellent economic numbers regarding the food and fibre, the bullishness of Fieldays, the boost in elective surgery and the boom in teacher numbers, what you can't ignore is the manufacturing read for April. It hit a brick wall. It fell over six points and is below the 50 point expansionary mark. A couple of key things about that - while services and sentiment and spending figures have been bad manufacturing, for months now, has been on the increase each and every month. It has been above 50, it has been growing. It has been a significant green shoot in the overall economic picture. The other thing is employment. That is a sub category that had its biggest reversal in the history of the index. What makes this worse? For those of you saying "oh, it will be Trump", the experts don't think it is. So the big question is, how much of it is the world? Remember the World Bank last week reduced global growth all over the place. So how much of it is the world vs how much of it is the U.S? Has New Zealand Inc hit a tough spot? For trainspotters it was suggested fairly far and wide at the time that April and May seemed to be an issue. All the momentum that we felt we had at the start of the year had suddenly run out of puff. These numbers would tend to suggest the vibe was real. Ironically this week we get the GDP figures for Q1, that's January, February and March, and the broad consensus is that we will have seen good growth. They think about 0.7% for the quarter. If you annualised that out it gives you a number very close to 3%, which anyone would take in this troubled and turbulent world. But we can't annualise it out, not with manufacturing numbers like this. It might be short term. It may involve the Reserve Bank and that idea they had that things were a bit neutral and therefore not needing a gee up. They may well be hopelessly wrong. Politically it's a hole in the head the Government don't need, because its not like they aren't pedalling fast. But when one of your major economic reads that was good, now isn't, it doesn't take an economics degree to recognise a big, fat, red flag. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Israel and Iran have been engaged in air strikes for several days now - and experts have wondered what the conflict could mean for the wider world. It's day three of the latest conflict, as the two countries exchange deadly attacks following Israel's initial assault on Friday. Harbour Asset Management's Shane Solly unpacked the market reactions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

This week on the Business Panel, Nick was joined by two second-generation Wellington business owners. On the agenda was the state of the city, potential changes to sick leave, and the mood amongst the business community about upcoming local elections. Listen to Dragonfly owner Tania Siladi and Nada Bakery owner Michael Gray above. LISTEN ABOVESee omnystudio.com/listener for privacy information.

This week marks the end of an era for two classic Kiwi brands - department store Smith & Caughey's announced it will shut their doors for the last time at 4pm today, and hosiery manufacturer Columbine that they're closing their Gisborne factory in August. These are both sad events. Smith & Caughey's has been part of Queen St for 145 years, and Columbine has kept me in opaque tights for as long as I can remember, and others for longer before! But the news was hardly shocking. Manufacturing in New Zealand has become increasingly challenging and costly over decades. Retail has been transformed by online shopping and parallel importing. A disruptive pandemic didn't help, and continuing economic uncertainty means closures are an unfortunate reality. It's incredible tough for staff, and while no one involved is likely interested in silver-linings right now, we should take a moment to celebrate that Smith & Caughey's employed people for 145 years, and Columbine for 75 years. Both are significant achievements. But it's going to be an emotional afternoon on Queen St today. A tough day for staff, shoppers, suppliers, and those who loved making the annual trip up the elevator to see Santa Claus and the incredible Christmas displays. I have a collection of photos in which at least one of my kids is crying while posing next to the bearded stranger. I know, my bad. But the bauble for the tree was always appreciated. Many of us have memories of this Auckland retail icon. Whether you live in Auckland or have visited over the years, Smith & Caughey's initially offered service and products you couldn't get anywhere else. It was a historic company with a female founder ahead of her time, set in a beautiful building. Think of the secrets and stories hidden in those walls. Smith & Caughey's explanation for closing was a “perfect storm of adversity”. In addition to economic uncertainty, they referenced increased parking costs, ongoing roadworks and the slow progress of the City Rail Link (CRL) as having an impact on shoppers. While today should be a day of appreciation and fond memories, retailers can't afford to be quite so nostalgic. There are lessons to be learnt about moving with the times, adapting to competition, less exclusivity and retaining customers. Also announced this week, Columbine, a family business and the last hosiery manufacturer in New Zealand, will shut its doors and 45 jobs will go. Once again, reality bites. A written statement from the company said the decision was “driven by a combination of declining sales and increased operational costs, which made it unsustainable to continue manufacturing in Gisborne”. Interestingly, recently released data compiled by Infometrics looked at the types of jobs which have disappeared over the last 25 years. If you look at jobs in manufacturing - such as a sewing machinist, footwear production machine operator, hide and skin processing machine operator, knitting machine operator, textile dyeing and finishing machine operator and others, employment has fallen from 14,472 to 5608 since 2000. This isn't just because companies have closed, but because technology has taken over. It's a reminder that change and challenge are constant in most sectors. So surviving as a manufacturer in New Zealand for 75 years is nothing to scoff at. It's actually very impressive and quite something really. Both companies should be proud of their legacies. LISTEN ABOVESee omnystudio.com/listener for privacy information.

It's all go at Fieldays 2025, and the Country's Jamie Mackay is taking it all in. Farmers are in a better mood as primary export figures soar - and business is booming. Jamie Mackay recaps the mood of day two of Fieldays. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The GDP for Q1 is set to drop next week - and experts are feeling confident about the state of the economy. Predictions from economists claim figures will pick up this time round. NZ Herald business editor at large Liam Dann speculates further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's growing calls to implement price controls on alcohol sold at off-licence stores to boost the hospitality industry and reduce the negative impacts of alcohol harm. Experts say a significant percentage of alcohol consumed in New Zealand is purchased at an off-licence and consumed in the home, where there's more room for harm. Caller Sam says it's not fair that off- and on-licence businesses are expected to pay the same levies. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The NZ sharemarket lifted today as Fletcher Building announced it had received inquiries from parties interested in buying its businesses. The S&P/NZX 50 Index closed up 0.33% or 41.51 points, rising to 12,605.93, with 39,702,689 shares changing hands to the value of $139.77 million. Milford Asset Management's Sam Trethewey explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There are fears Finance Minister Nicola Willis is opening a can of worms by potentially allowing young farmers to dip into their KiwiSavers to buy farms. She explained she was seeking advice from the IRD on the matter, which is yet to be considered by Cabinet. NZ Herald Wellington business editor Jenee Tibshraeny weighed in on the debate. LISTEN ABOVESee omnystudio.com/listener for privacy information.

An open letter has been written to the Prime Minister urging Luxon to ease the ban on foreign house buyers. This letter comes after multiple NBR Rich Listers told NBR that making it easier for foreign investors to buy homes here would make New Zealand a better place to do business. Luxury property real estate agent Anthony Morsinkhof provided the open letter - and he says he has clients looking to invest in New Zealand. "I've got clients there that want to invest into big land developments for residential houses, I've got a biotech company that wants to come to New Zealand - I've got a lot of different sorts of people who want to invest here in New Zealand and they want to buy properties." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A former Reserve Bank economist is calling out his former employers' lack of transparency. The bank today revealed Adrian Orr quit as Governor in March, when the five-year funding for the RBNZ was much less than anticipated. Michael Reddell says the bank waited far too long to say why Orr left so abruptly. "It's just extraordinary - maybe they couldn't tell us the full story on the day, but the new Reserve Bank funding agreement was published on the 16th of April. There's absolutely no excuse at this point for lack of clarity." LISTEN ABOVESee omnystudio.com/listener for privacy information.

As more people take the leap to owning their own businesses, many seem to be buying into already established brands. Data suggests the business of franchising and owning established brands is booming, with around 30,000 franchise unites currently existing nationwide. Association CEO Katrina King told Kerre Woodham they see franchising as being in business for yourself, but not by yourself. She says as a franchisee you're part of a system, but you're very much still a small business in your local community. LISTEN ABOVE See omnystudio.com/listener for privacy information.

There's been plenty of buzz around AI in the last few years. The most recent headlines have been highlighting its evils, such as the creation and lack of regulation around deepfake technology and fake pornography. However, there are many positive applications for AI technology, particularly in business. Jason Flitter, founder of NewZealand.AI, joined Kerre Woodham to discuss the potential it holds to transform a workplace, as well as taking listener questions as to how it all works. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Acting Reserve Bank Governor Christian Hawkesby left experts speculating about the future of interest rates following the recent OCR cut. More banks have slashed their rates after the recent announcement, but questions have been raised over future cuts. HSBC chief economist Paul Bloxham speculates further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New census data shows more Kiwis are moving house than ever and it's raised questions among experts. 45 percent of New Zealanders have moved address over the last five years - a noticeable increase on previous data. Infometrics principal economist Brad Olsen explains why this could be the case. LISTEN ABOVESee omnystudio.com/listener for privacy information.

It is as expected - if our office is anything to go by, Auckland is a miserable town today because the house valuations are out, and they're bad. Just about everyone has jumped on the computer to have a look by now, I'd say, and just about everyone's house has gone backwards. So my house - it's gone down in value by 8 percent. One of the bosses, not too bad, only gone back by 4 percent. I don't think anyone's house has gone up in the office. Someone's house has dropped by $250,000. One colleague, and this colleague is suffering more than anybody else - her house has gone down by 21 percent. That's $1.15 million down to $900,000. That's another $250,000 shaved right off right there. Someone's feeling agitated. I called a real estate agent today to see if it's wider than just our office. They told me, yep - and people are not happy. Another real estate agent reckons he's already fielding calls from buyers who are mid-negotiation, who are now saying they're not gonna lift their offer anymore. They're just gonna leave it right where it is, because look at the valuation that's out today. Auckland Council says they normally have about 500 people on their website at any one time. When we called, they said they were watching 12,000 people on their website at any one time. As I said yesterday, spare a thought for Auckland. If you have an Aucklander in your life, spare a thought for them because it's a tough day for Auckland today. Because, I mean, we take the mickey out of Auckland, but there is good reason why Auckland feels like this. Houses in Auckland mean a lot, don't they? I feel like probably more than anywhere else in the country apart from maybe Queenstown and the surrounding area, because houses are expensive in Auckland. Young Aucklanders obsess about it. They scrimp and they save, and they try so bloody hard to get into their first house. It's totally understandable that absolutely no one in this town wants to watch their house then go down in value. But of course, bear in mind, it is slightly irrational. If you are one of these Aucklanders doing this, you are being irrational, you realize that, because you're not suddenly poorer today than you were yesterday, are you? I mean, the value of the thing has not changed overnight. It's simply just been written down. In fact, it was written down a year ago, it's just taken them a year to put it out there. And if you're buying and selling in the same market, it really doesn't matter at all. It's only if you're cashing up to move out of town or to get rid of an investment property or something like that, that this actually matters. Now, I say that knowing that none of that is gonna sink in - we're gonna continue to be irrational because it is all in our heads, isn't it? We feel wealthier when the house is worth more, and that ain't what happened today. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New figures from NZ Post's latest eCommerce Market Sentiments Report show more Kiwis get last-minute jitters before they check out. The data shows 68 percent of shoppers would abandon their cart if the cost of delivery was too high and 57 percent would hit the exit button if free returns weren't available. Murray Crane from Crane Brothers says it's likely people are treating the cart like a 'Pinterest board' and saving things they like before they move to make a purchase. "And then they kind of do a review and realise they don't like it. There's a whole lot of factors contributing to them not going through with that last part of the transaction." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Buyers could hold all the cards, based on a plunge in Auckland Council home valuations. Numbers have been released today for 630,000 properties across the region, and will affect how the spread of rates from next month. On average, residential homes dropped nine percent from 2021 CVs. Real estate agent, Rawdon Christie, says buyers could use it to help beat down prices. He explained they're making it clear they think they're making a good offer - given values have dropped. LISTEN ABOVESee omnystudio.com/listener for privacy information.

If you turned up to work yesterday, first day of a new week, with a bad case of Mondayitis, feeling like you're getting nowhere working for the man, thinking now is the time in your life when you should be the master of your own destiny, making your own decisions, getting the true reward for your labours, well join the queue. Buyer demand for New Zealand businesses is on the up with large business brokerage firm LINK reporting a record 19% year-on-year increase in would-be buyers signing confidentiality agreements, even though times are tough. You would think in a relatively depressed economy that people would stay put, that going out on your own would be the last thing you'd want to do, but no. It's not just LINK, ABC Business Sales CEO Chris Small also reported a record number of sales. He said business sales were countercyclical to unemployment, with people looking to buy themselves into a job when employment opportunities dry up or they're made redundant. He says right now there's a lack of stock, listings were down 10%, while the number of buyers looking to buy a business was up 30%. You can put that down to immigration, a significant number of would-be buyers are immigrants, but Small says a growing number of those who are just sick of working for other people. “It's becoming a real thing that people are coming to us and going, you know what I'm sick of, I'm sick of working for a big corporate. It's too woke or it's too annoying. I don't like my boss, and I want that financial freedom where actually, if they work really hard, you get rewarded. If you don't work hard, you're obviously going to be in a bit of trouble versus in corporate New Zealand - you can probably work pretty hard and not necessarily get rewarded for the hours you put in.” Now, when I've talked to people who own their own businesses, who are one of the myriad small to medium businesses that are the backbone of the business economy, a lot of them grew up with parents who had their own business. That's the way they saw the world. That you had your own business, that you worked as a team, husband and wife within the business, the kids quite often helped out, and so it was the culture of your family, was to own your own business. In our family, it was a bit different. My dad was adamant that my brother and I should get good jobs. When I signed up to the Broadcasting Corporation of New Zealand and my brother was an officer in the New Zealand Army, that was it for him. It was job done. We both had good, safe, secure jobs. Wonder how we'd look at the media landscape right now, but for him, it was getting a good, secure job. That was the dream. And I'm really interested in those people who are leaving paid employment. Leaving a corporate or middle management role and deciding to go out and buy a business. Can you actually make a go of it if it's not in your bones? If it's not in your in your blood? Because running your own business is hard work and I wonder if people underestimate that when they think no, I'm going to buy myself a little business and everything will be tickety-boo. I won't have to answer to anybody if I work hard, I'll get the return on it, it won't be going to anybody else. If I want to take Saturday off then I can. Well, can you? I mean, most of the business owners I know, especially in the early days of the business, were working seven days a week. Can you actually become a business owner later in life, without any kind of experience? Running your own business – it's not for the faint hearted. I totally understand that for people who don't enjoy their jobs, turning up, sitting down at the hot desk and finding filth is the first thing you do to start your day, having some overpaid tit telling you what to do and when to do it would be really grinding. You know, endless, pointless meetings would sap your soul. And I totally understand the desire to pick up your jacket, walk out, and start doing it for yourself. I'd be really interested to hear from people's experiences and those of you who are business owners, who have been business owners since you left school. And what your words to these would-be businesspeople, what your words of wisdom might be to them. What would you tell those who are looking to leave the corporate world, where they've been a paid employee for the most of their working life, they're now in their 30s or 40s, and they've had a gutsful. And they want to buy a business and get out there and make something of themselves. What would you tell them? See omnystudio.com/listener for privacy information.

We got the press release recently from the Restaurant Association where they said there were flat sales, cost pressures and regional divergence was the theme. I have changed my mind a bit on hospitality. More broadly, I wonder whether there are too many vested interests in this country who get in the way of real progress. The hospitality story has been a long, arduous and well told one. We hear hospitality is shot, hospitality is a disaster, no one makes money and no one wants to work in hospitality. Yet my increasing observation is that is not true. If you take a very large industry as a whole and average everything out, you might well be able to find some dour times. But what is increasingly obvious, not just from personal experience but a lot of anecdotal expert opinions as well, is a lot of hospitality is not only fine, it's actually going quite well. The thing about hospitality is it is malleable. You are not a log exporter reliant on a single market to either buy, or not buy, your tree. In hospitality you can vary what it is you are offering and what I see is a lot of people doing really good things and, as a result, they are doing very nicely thank you. It took us over a week to get the last table for lunch the other day at a local that, in our experience, has changed hands and boosted their product and offering and as a result has gone from a quiet, regional operator to a booming tourism business rushed off its feet. Same place, same name, new product - whole different result. The other thing about hospitality is it doesn't require any skill to enter. Anyone can buy a café, and a lot do, and I have seen them, often immigrants, as it's an easy entry point. They take over a going concern and wreck it, change a menu, employ the family, kill the service and they're dead in a week. We are over supplied of course. So in your area where you have a choice of a dozen places, only two have to be good before they boom and the others wilt. So the Restaurant Association telling us things aren't flash is not the real story. Bits aren't flash, but then if you are not up to much in the first place - they never will be. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Now is the time to sell your business. According to ABC Business Sales, the number of buyers enquiring about purchases is up 30%. Demand is currently outstripping supply, as new listings are down 10% on last year. CEO Chris Small told Mike Hosking much of the interest is led by migrants, and hospitality, services, and construction are the three sectors people are primarily looking to buy in. LISTEN ABOVE See omnystudio.com/listener for privacy information.

US share markets have continued to pick up recently, sparking discussion among experts. Harbour Asset Management's Shane Solly explains the factors behind the change. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Wellington City Council is being called on to review its rating system over fears increased rates are driving businesses out of the capital. Newly released figures show Wellington's average commercial rates bill is $47,881. That compares to $20,716 in Auckland, $18,059 in Christchurch, $24,768 in Hamilton, and $25,670 in Tauranga. Director of The Wellington Company, Ian Cassels, says there's a lot of overspending going on - with 'eye-watering' levies impacting businesses. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Auckland home values have fallen, down nine percent on CVs released in 2021. New capital values are being released tomorrow for 630,000 properties, with inner-city suburbs taking a bigger hit. Central Auckland areas - including Mount Eden and Maungakiekie - fell about 13 percent. Auckland Council Group CFO, Ross Tucker, says a few reasons have driven the slump. "We've seen apartments fall 12 percent, converted flats fall 12 percent as well - also, we're seeing some of the areas where there's a lot of development potential have bigger than average falls." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Federated Farmers has launched a petition calling for KiwiSaver rules to be changed to help young farmers get their foot on the ladder. The petition's launch has been timed to coincide with Fieldays, where thousands of farmers, industry leaders and politicians will gather at Mystery Creek. Federated Farmers' banking spokesperson Richard McIntyre says farming is very capital intensive and young farmers need a boost in the name of fairness. "Kiwi farmers are really struggling to put that money aside and a lot of them are actually deciding not to put money into KiwiSaver and basically scrimp and save because they know they need all the money they can get to actually get their foot in the door." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Positive news from the manufacturing sector. Data from inventory management software company Unleashed shows that both revenue and profitability is up. In the first quarter of the year, revenue across the sector was up 7.5%, and profitability was up 30% compared to the same time last year. Food, beverage, and the building industry are the big winners. Alan McDonald, EMA Head of Advocacy, Finance and Strategy, told Mike Hosking this latest survey just reinforces the trend we're seeing about growing confidence in the sector. He says all signs indicate things are looking much better down the track. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The US debt burden has been thrust into the spotlight - and it's an ongoing point of concern. Sam Dickie from Fisher Funds explains why this is happening. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Labour has slammed the Government for not getting a better trade deal out of the current Trump administration. New Zealand currently has to pay a 10 percent tariff on all imports on New Zealand products out of the US. But the opposition has claimed the Government is failing Kiwis by 'being comfortable' with a 10 percent tariff. Former trade negotiator Stephen Jacobi says the Government is watching and consulting with trading partners. "It's doing all those right sort of things. You have to remember that we are being charged as an additional tariff at the lowest end of the scale - we don't have a lot to offer the United States." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Commerce Commission is proposing to give grocery suppliers a leg up in their dealings with the supermarket giants. The commission has proposed updates to the Grocery Supply Code, including stopping retailers charging suppliers for stocking shelves and requiring retailers to keep records on how they're complying with certain parts of the code. Night 'n Day general manager Matthew Lane says this crackdown comes with encouraging implications for the sector. "What's most encouraging for us is that the CommComm's cracking down on the fact that other retailers are being charged more for their wholesale than what the supermarkets are actually retailing the same products for." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The UK has managed to escape Donald Trump's recent executive order doubling steel and aluminium tariffs from 25 percent to 50 percent. The order raises import taxes for US-based firms buying metals from other countries going forward. UK correspondent Gavin Grey says the UK evaded these tariffs as a result of the trade deal between both nations. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Homeowners need to brace for another cost increase, this time to help fund the state disaster insurer, the Natural Hazards Commission. The minister responsible for the commission, David Seymour, says levies will 'almost certainly' need to rise, with Cabinet set to decide the changes in the coming months. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.