Best of Business

The US earnings season for the second quarter is under way - and one expert has revealed what this means for American households. Recent data shows households are staying resilient, and there's no sign of a recession as of yet. Sam Dickie from Fisher Funds explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Despite the current geopolitical environment, product prices have strongly recovered from their lows of the past couple of seasons as demand returned from key export markets. Experts claim tighter global production has contributed to improved demand for meat products. The Country's Jamie Mackay explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The hunt is on for New Zealand's next big new start-up. Icehouse Ventures recently opened a $30 million seed round in an attempt to fund 30 new Kiwi-made business ventures. CEO Robbie Paul says they're looking to invest in new technology that can go from New Zealand to the world. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Retail NZ is criticising the Commerce Commission's regulatory change to card payment fees. The Commission today announced new regulations on interchange fees, reducing charges to businesses for taking Visa and Mastercard payments. Retail NZ Chief Executive Carolyn Young says it's a complex issue - and these changes won't address everything. "This is one part of the merchant service fee, there's about 5 or 6 fees depending on how you structure your payment portfolio that may cut the merchant service fee. The Commerce Commission has said they won't get that fee down to one percent maximum." LISTEN ABOVESee omnystudio.com/listener for privacy information.

ANZ has declined a proposed settlement by lawyers leading a massive class action against the bank for giving customers the wrong information about their loans. The lawyers asked ANZ to agree to pay a penalty of up to $300 million, on top of the $35 million it has already paid more than 100,000 customers to compensate them for the error. ASB, which is also subject to the class action, is yet to respond to the proposal for it to also make a payment of up to $300 million. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Ryman Healthcare's share price has gone up for the first half of July, leading experts to speculate about the company's future. This follows a downturn from earlier in the year. Milford Asset Management's Jeremy Hutton explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Britain has lost more billionaires than any other nation over the past two years, and there's fears a tougher wealth tax could drive these figures up. New research has found the UK lost nearly a quarter of its billionaires between 2023 and 2024, with many of the UK's wealthiest individuals moving their tax residency to low-tax jurisdictions. UK correspondent Enda Brady says many of these rich-listers have moved to places like Switzerland, Monaco and Dubai - which have far more favourable tax regimes. LISTEN ABOVESee omnystudio.com/listener for privacy information.

As the summer barbecue season continues in the US, Americans are paying record-setting prices for their beef. The price for New Zealand-produced beef has surged amid ongoing demand among US consumers. The Country's Jamie Mackay reveals what this news could mean for Kiwi farmers. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New research from the Financial Services Council reveals that New Zealanders are quick to insure their cars, homes, and gadgets - but they're far less likely to protect their health, income, and lives. The report, titled Money & You: Valuing Belongings Over Ourselves, shows New Zealanders are twice as likely to have car insurance over life or health insurance. FSC CEO Kirk Hope says expanding access to private insurance through workplace schemes would help improve coverage across the population." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Commerce Commission is taking Foodstuffs North Island and its subsidiary Gilmours Wholesale to court, citing what it labels 'cartel conduct'. The regulator has alleged that the retailers pressured a supplier into an agreement to redirect supply through them. Competition lawyer Andy Matthews says it's all allegations at this stage, but New Zealand has very 'broad' cartel laws. "What it means is - pretty much any agreement with an actual or potential competitor probably has a cartel provision. And it's up to the party who's entered into the alleged cartel provision to demonstrate an exception that the Commerce Act applies." LISTEN ABOVESee omnystudio.com/listener for privacy information.

One of New Zealand's leading building sector bodies is launching standard house designs that will be available to all, in an attempt to bring down costs. The Building Research Association of New Zealand has developed an accessible plan for building an affordable and sustainable home. BRANZ General Manager of Research Dr Chris Litten says housing affordability is a significant issue in New Zealand - and the company's looking to develop a solution. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's immense pressure for young New Zealanders trying to find work as opportunities decline. Stats NZ data shows 16 percent of Kiwis aged 15-24 are unemployed. NZ Careers Expo director Mark Gillard says the market conditions show it's a tough market for young workers. "It's not anybody's fault, the onus is certainly there on employers, on industry organisations to engage with young people. There's been a propensity to step back and let the internet do all the talking, but we know face-to-face engagement with young people is what really inspires them." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister says businesses should be more confident about the economic recovery. The Reserve Bank's been weighing up lower-than-expected growth and higher inflation in its decision to keep the Official Cash Rate unchanged at 3.25%. Nicola Willis says businesses have been battening down the hatches. But she told Heather du Plessis-Allan they're maybe more wary than they should be. Willis says all of the fundamentals in the economy are good. She says the Government is business-friendly and is on the side of those wanting to invest, make money, create jobs, and export overseas. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Unions are urging Uber to consider New Zealanders needs - after drivers protested outside the Supreme Court today. It's over an Uber appeal of a 2022 ruling that deemed four drivers employees, allowed things like sick leave and holiday pay. NZ Herald Wellington business editor Jenee Tibshraeny explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank left the OCR on hold at 3.25 percent - with the bank claiming it was waiting for more economic data. Economists widely suspected the RBNZ wouldn't cut rates any further, and they believe there's more cuts to come. Milford Asset Management's Remy Morgan unpacked the market reactions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

An ACT MP claims cultural requirements in resource consents are creating extra costs and slowing down solar farm projects. Undersecretary for RMA Reform, Simon Court says at one Hawke's Bay site local hapu have to be invited to perform karakia every time a native tree is removed. He says ultimately it will be consumers missing out. "What this means is that if solar farms can't get built, or if they get built but there's all this extra cost, that's going to add to your power bill." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Another cut to the Official Cash Rate still looks more likely than not, according to one expert. The Reserve Bank's kept the OCR unchanged at 3.25 percent today, following six consecutive cuts. It's waiting for more economic data, before further moves. But Infometrics principal economist, Brad Olsen, says the bank's explicitly signalling the chance of more cuts. "If things continue to evolve as they broadly expect, that will give them more scope to continue to cut the Official Cash Rate - maybe one or two cuts by the end of this year." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Hopes a move to boost New Zealand's use of AI will get small businesses on board. Science Minister Shane Reti's announced the Government's first strategy for using Artificial Intelligence to reduce barriers to adoption and promote responsible use. He says it could lift our GDP $76 billion by 2038. BusinessNZ Advocacy Director Catherine Beard told Andrew Dickens AI use for Kiwi small businesses is currently well behind Australia. She says to boost their productivity they need to embrace it, and there are plans to help support them. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank of Australia has defied market expectations by leaving its cash rate target unchanged at 3.85 percent. Market expectations were for the central bank to cut its rate by 25 basis points. HSBC chief economist Paul Bloxham this came as a surprise to experts - but the central bank opted to wait ahead of the CPI release. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank is expected to take a breather when it reviews the Official Cash Rate on Wednesday, before pushing on with cuts later in the year. The central bank's Monetary Policy Committee is widely expected to keep the Official Cash Rate (OCR) at 3.25 percent. Westpac Chief Economist Kelly Eckhold says the central bank runs some risks if they cut at this point. "What they risk is that the CPI, which is due later on this month, comes in uncomfortably high - and some of the data we've seen since May suggests that it is actually going to be a bit stronger than what they forecasted." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A property lawyer says new proposals take a major burden off realtor's shoulders. The Government is streamlining the process for selling a house held by a family trust - as it makes changes to laws preventing money laundering. It says real estate agents must currently collective excessive amounts of information about the trust. But McVeagh Fleming Associate Mario Thorne says documents are often missing - or never existed. "You're dealing with really straightforward situations where it's clear where the funds have come from - and then to cast the net too wide and ask for these invasive documents, it's cracking a nut with a sledgehammer." LISTEN ABOVESee omnystudio.com/listener for privacy information.

TVNZ is set to launch an independent review of its news content to check for balance and bias. This follows Media Minister Paul Goldsmith expressing interest in seeing trust in media improve - particularly for the state broadcasters. NZME Editor-at-Large Shayne Currie says viewers have taken issue with the 'editorialising' of the news. "The reporter comes in at the end and gives an opinion or analysis that the viewer might take issue with. The feedback that we get a lot of is - just report the news." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The organisation tasked with helping to grow the Wellington region's economy has a new boss - and he says Wellington needs to focus more on its successes, rather than it's struggles. Mark Oldershaw took over the reins at WellingtonNZ a month ago and joined Nick Mills to discuss the role of the organisation, the state of the region, and some exciting major events at Sky Stadium that hopefully will be announced soon. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Buyer interest in Central Otago's iconic Cardrona Hotel is breaking records, and it's looking on track to become Trade Me's most-viewed property this year. The 162-year old building - sitting right between Queenstown and Wanaka - is for sale through private negotiation. Cardrona co-owner Cade Thornton joined the Afternoons team to discuss. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand isn't likely to get a better deal than we're currently getting, when it comes to trade with the US. Almost all goods to the US now face a 10% base tariff rate. Donald Trump's announced a 25% tariff rate for Japan and South Korea from the start of next month and may also raise tariffs on other trading partners. Business NZ Advocacy Manager Catherine Beard told Heather du Plessis-Allan New Zealand probably can't negotiate a tariff rate below the 10% rate we're facing. She says if that's the best rate going, it's probably not worth New Zealand trying to get into a "David and Goliath" battle with the US. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Iwi-owned commercial entities have outperformed some of New Zealand's largest listed companies. ANZ's annual Te Tirohanga Whanui report shows the entities emerged from the economic downturn in good shape, faring better on a return on assets basis. Waikato-Tainui's Te Arataurare among the strong performers, having a balance sheet of $1.9 billion. Māori Development Minister Tama Potaka told Heather Du Plessis-Allan there are some reasons behind the uplift. He says many iwi and Māori businesses are land and people based, they have low debt levels, and are often generational players. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Time's ticking for US trade partners to sign tariff deals with Donald Trump. In April, the President announced most countries, including New Zealand, would face a 10 percent minimum levy - but has delayed their implementation. This week, he's promised to send out what he's calling 'take it or leave it' letters. Harbour Asset Management's Shane Solly revealed how the markets reacted. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand has a limited range of ventures producing medicinal cannabis - but the most successful distributor doesn't even sell directly to Kiwis. Medical marijuana company Puro has just signed a $16 million distribution deal in the UK, but co-founder Tim Aldridge says red tape is stopping the business from selling domestically. Aldridge says there's no manufacturing or packaging companies that can take their product - and they need to ship that out to Australia. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A Realestate.co.nz survey found that 24% of respondents bought a property without initially intending to purchase, with 8% buying spontaneously in the past year. Agent Rawdon Christie told Heather du Plessis-Allan it's hard to believe people are really buying on a whim. He says there's a mountain of paper work and regulations to get through before signing on the dotted line. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Mastercard and a small handful of other companies have dominated the way money moves between banks, shops and consumers, but that could soon change. Stablecoins have been touted as a possible disrupter - but what does that mean for people? Fisher Funds expert Sam Dickie explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Prices continue to drop in the latest Global Dairy Trade auction, with a 4.1 percent decrease across the board. It is the largest decline this calendar year, following a 1 percent dip from the previous auction, and is the fourth consecutive event where the average price has decreased. The Country's Jamie Mackay explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Simeon Brown has told various Government-owned companies they must explain why they are failing to deliver their cost of equity and how they will improve their returns. The Minister for State Owned Enterprises told several of the SOEs - including NZ Post and Landcorp - that they've been underperforming over the last few years. Landcorp was also singled out because its CEO's pay climbed from $760,000 in 2021/22 to $927,000 in 2023/24, but company's profit nearly halved to $36.3 million dollars during that time. Landcorp's Chief Operating Officer Will Burrett says the company's had to go back to basics - and they're not the only agricultural entity that's had to scale back. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Building and Construction Minister is backing scaling back some insulation standards. The Government's called the changes 'common sense' - with building costs rising more than 40 percent since 2019. It's expected building code insulation requirements will be relaxed by the year's end. Chris Penk says they add huge costs. "Depending on where you are in the country or depending on what the conditions are or which way your house faces, you don't need all of that, you just need some of that. So as long as we can get to the same good overall result without being so prescriptive, then there's money to be saved and houses to be built." LISTEN ABOVESee omnystudio.com/listener for privacy information.

2025 is halfway over - so how are the global markets holding up, and what can investors expect for the second half of the year? Several key markets have delivered decent returns so far, but Trump's 'Liberation Day' delivered a turbulent period. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Australian mining firm Santana Minerals has forecasted making $3.8 billion (NZD) in pre-tax profit off a proposed gold mine it hopes to open in Otago by 2027. The company believes it could get 1.25 million ounces of gold from the mine near Cromwell - and the profit is predicted to be significant if gold prices keep holding up. Santana Minerals CEO Damian Spring says this mine will come with dividends for New Zealand, in terms of royalties and jobs and services. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Finance Minister Nicola Willis says New Zealand has not “escaped the aftershocks of world events” as new data shows hardship rising and more Kiwis struggling to pay the bills. Speaking to Newstalk ZB Wellington Mornings host Nick Mills about the state of the economy, Willis acknowledged it had been “a tough time”. “Things were starting to come along and then come April there were some reasonably significant announcements by the US President that sent ramifications through the world”, Willis said. Donald Trump's April “Liberation Day” announcement saw sweeping tariffs introduced for more than 125 countries, including 10% on imports coming from New Zealand. Willis said business confidence has been impacted as a result and growth forecasts have been downgraded.“Little old New Zealand, just recovering, has been really impacted by that.” She said in spite of the global uncertainty growth is still forecast to improve, but “we haven't escaped the aftershocks of global events”. Credit reporting agency Centrix released its June Credit Indicator today. It showed household arrears were levelling out while hardship and company liquidations were on the rise. Nearly 50,000 individual billpayers were in financial hardship, an increase of 300 from May, and 14% more than a year ago, Centrix said. An uptick in hardship began in November 2022, and today's figures “continues a steady upward trend”, Centrix managing director Keith McLaughlin said. “I don't deny those numbers, as you say, they're facts and I meet enough New Zealanders each week to know there are still a lot of people doing it tough”, Willis said. She said it comes at a time when New Zealand is at its “peak unemployment”. “When unemployment is higher, of course that is when you see people unable to pay their bills”, Willis said. On the increase in business liquidations, which Centrix recorded as being up 27% on last year's figures, Willis said that there would be a variety of reasons for that and disputed the Government was responsible. Asked by Mills if her government could have done more to assist struggling businesses, she said there were “certainly things we could have done which would have made it harder for them”. Willis pointed to moves like tax cuts, cutting red tape, and the investment boost policy, which she said are benefiting small businesses. Wellington's ‘disappointing chapter' Willis, a lifelong Wellingtonian, was asked about the state of the capital. She responded by criticising Wellington City Council for having had “its eye completely off the ball”. “It feels to me like a place that needs a fresh start”, she said. Willis believes the city still has “cool things” going for it like smart tenacious people, the native bush, and the city's hospitality scene, but said “man oh man have we mucked up” with regard to council decision-making. She said the council must be focused on keeping rates low. It comes after the council approved a 12% rates increase for the 2025/2026 year. “It seems to me that the council has not been focused on that mission and at the same time has been quite distracted by what I would say are interesting political debates.” She said the city has been in a “disappointing chapter”. Asked whether she is excited by any of those running in the upcoming local election, Willis said she does not endorse candidates but is looking for two things. The first was getting rates rises under control. “That means actually being prepared to stop doing some things, we've had to do that as a government”, Willis said.The second thing she was looking for in candidates was policy that is “genuinely pro-business”, citing Wellington's disproportionately high commercial rates. She also spoke on the Golden Mile project saying while she understands the vision, now is not the time.“I'm looking for councillors who are pledging to be disciplined about the way they spend ratepayer money”, Willis said. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Business NZ's Advocacy Director says Invest New Zealand is looking to hire people with an array of international connections. The government organisation's been given $85 million over four years to work with global investors to create jobs, boost innovation, and lift productivity. Catherine Beard told Ryan Bridge potential employees should be well-connected around the world. She says they should be looking at where the opportunities and gaps are, and where we actually need investment. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Canada recently scrapped its digital services tax targeting US technology firms - just hours before it was due to take effect. Canadian Prime Minister Mark Carney and US President Donald Trump are set to re-open trade talks in order to agree on a deal by July 21, according to Canada's finance ministry. Harbour Asset Management's Shane Solly explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Strategic Pay's latest Directors' Fees Survey has uncovered an unexpected trend in the nation's private sector boardrooms. The data shows women are out-earning their male counterparts - despite still being somewhat under-represented. Strategic Pay managing director Cathy Hendry says this is 'surprising' - but it's still good to see. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government's slamming the requirement for builders of a new Ikea in Auckland - to consult with seven mana whenua groups. Consent for the Sylvia Park store requires iwi consultation around erosion, stormwater treatment, and planting. ACT's Simon Court flagged the issue, and the Prime Minister's called it insane. RMA Reform Minister Chris Bishop says it's ridiculous - and why we can't have nice things in New Zealand. "And it's exactly the reason why we are ultimately repealing and replacing the RMA with new legislation. This is the red tape that gets in the way and drives up the costs." LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's concerns not all landlords will comply with the Healthy Homes standards set to kick in tomorrow. New rental compliance standards for heating, insulation, ventilation, and moisture in rental properties will come into effect from July 1. NZ Green Building Council CEO Andrew Eagles says it's likely a significant percentage of homes won't meet the standard by the deadline. "There's been an awful lot of assessments and work and I know that many are pushing to get it done in the final month, which is a real shame, because lots of people are booked up." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New reports show Nike's stock has plummeted 68 percent from its November 2021 peak. Experts say it's a textbook 'fallen angel' - a former market darling now trading at beaten-down prices. Sam Dickie from Fisher Funds explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.