Best of Business

The latest GDP figures may not reflect the reality many businesses are facing right here, right now. GDP rose 0.8 percent in the March quarter - the third consecutive quarter of growth. HSBC Chief Economist Paul Bloxham outlined some predictions about the future, especially with the ongoing Middle East conflict. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Confidence in the employment market is at an all-time low, with the Iran war still rippling through the economy. A Westpac-McDermott Miller survey for the June quarter reveals confidence fell for public and private sector employees. A net 60 percent of respondents believe it's hard to find a job, up from 46 percent last quarter. Westpac senior economist Michael Gordon says employment confidence has been weak over the past five years, and this data represents another step backwards. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A social policy advocate suggests taxing superannuants' alternative incomes could be the solution New Zealand needs. National is campaigning on raising the retirement age, which Labour's ruling out. But earlier this year, Labour's Chris Hipkins appeared open to means testing NZ Super eligibility. Auckland University's Susan St John says reviving the superannuation surcharge, abolished in 1998, could get political agreement. She explained it is a middle ground between the extremes of means testing and raising the age of eligibility. LISTEN ABOVESee omnystudio.com/listener for privacy information.

More small and medium businesses are looking to trim the fat after years of constant pressure. MyHR data shows in the first three months of the year, the hospitality industry recorded 191% more restructures than in the previous quarter. Financial and insurance sectors had their highest levels of restructuring in two years. MyHR spokesperson Sylvie Thrush Marsh told Mike Hosking businesses aren't always turning to redundancies. She says some may be dropping a shift or trimming hours to save jobs. Thrush Marsh says it's reaching a crunch point for a lot of businesses – there's been high interest rates for most of 2023 and 2024, with tariffs and the Strait of Hormuz closure. LISTEN ABOVE See omnystudio.com/listener for privacy information.

National's Kiwisaver promise could help address a gender savings gap. The party is committing to raise minimum contributions and make employers contribute for staff over 65, if re-elected in November. It would also make Kiwisaver compulsory - promising a $1500 boost for every newborn. Milford Asset Management's General Manager of KiwiSaver, Murray Harris told Mike Hosking that staff on paid parental leave will also get contributions. He says on average female balances are 25% lower than male, because they usually raise the children and miss out on contributions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Doubts New Zealand could avoid the problems other countries faced with wealth taxes. The Greens are proposing a 2.5% tax on net assets above 10 million dollars, excluding the family home. The package also includes income tax cuts for those earning under $160,000. Dentons tax partner Bruce Bernacchi says several European countries abandoned similar taxes, after wealth and investment flowed offshore. He says it would be a giant leap backwards for our economy, which is doing well at the moment. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's exporters are seeing success, with the total value of exports adding up to $8.9bn in May. This is a rise of $1.4bn from last year, and red meat is the biggest driver. It's jumped 43% year on year - with frozen beef being particularly successful. Beef and Lamb Chair Kate Acland told Heather du Plessis-Allan that the success is due to a combination of factors. "High demand, low supply, and I think, you know, I have to say it is supported by a low Kiwi dollar at the moment." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Businesses in the capital are looking forward to more certainty, with the controversial Golden Mile project now officially canned. Councillors voted yesterday to scrap the CBD upgrade plan in favour of more modest upgrades. It follows a review last week finding further budget blowouts were likely. Wellington Chamber of Commerce Chief Executive Hayley Horan told Mike Hosking businesses want a more vibrant city and are now feeling like they're at the table. She says the years of reviews and re-scopes have been exhausting, so having a decision beats another year of limbo. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Kevin Warsh made his debut at the wheel of the US central bank today, and it's prompted a divided response. The Federal Reserve unanimously voted to keep interest rates unchanged today. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Farmer confidence has fallen slightly, as the impacts of the Iran war continue to be felt. Rabobank's latest survey shows 29 percent of farmers expect things to improve in the coming year, down from 39 percent last quarter. Growers are feeling more negative. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's continuing to feel the knock-on effects of continuing economic downturn - but is there light at the end of the tunnel? The latest data shows GDP rose 0.8 percent in the March quarter, before the fuel crisis started to hit. However, EMA Head of Advocacy Alan McDonald is urging caution at this stage. "Everyone's kind of hedging their bets a little, but those underlying good factors that were evident in those numbers...they're still there. But some of the intentions to hire and invest - understandably, it's gone on hold." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's economic recovery had been gaining momentum before the Iran war and fuel crisis hit. Today's figures show GDP rose 0.8 percent in the March quarter. That was driven by manufacturing, business services and wholesale trade, particularly production of equipment and food. Newstalk ZB senior political correspondent Barry Soper says there's still indicators the economy could rebound - assuming the US-Iran peace deal holds up. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Our economy was well on the way to recovery, driven by a resurgence in manufacturing, before the fuel crisis hit. Stats NZ data out today shows GDP rose 0.8% in both the quarter and year to March. Equipment manufacturing, food production, accounting and businesses services, wholesale trade, and agriculture were all doing well. But mining had a big drop, as well as residential and non-residential construction. NZ Herald Business Editor Liam Dann joined Kerre Woodham to unpack the figure. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Elon Musk's SpaceX company has overtaken Amazon as the fifth most valuable in the world. It comes after a surge in its share price, driven by it joining New York's Nasdaq stock exchange, and the announcement it's buying an AI startup firm for $100 billion dollars. Milford Asset Management expert Remy Wisenberg explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Fletcher Building has asked ratings agency Moody's to withdraw its credit rating of the company, as it reports continued pressures on its business and looks to cut debt. The company has Moody's lowest investment grade rating of Baa3 rating, below which is considered a speculative grade and outside the limits for most institutional investment. Generate investment specialist Greg Smith says the company's been selling assets over the past year and they're looking to simplify the business. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's been a spike in the number of wealthy Australians expressing interest in property across the ditch. New reports show there's a surge in interest in homes in and around Queenstown since the Australian budget was released in May. Queenstown real estate agent Hamish Walker says Trade Me and similar property websites are seeing more demand from Aussies than ever - with older buyers especially interested. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Counteroffers have become a widespread retention tactic in today's hiring market, but questions have been raised about its effectiveness. The 2026 Robert Half Salary Guide reveals 95 percent of New Zealand employers extended a counteroffer to employees with external job offers in the past year. Megan Alexander from Robert Half says it's a short-term fix, as a significant percentage of employees still left within 12 months. "If you don't really understand the real reasons why the person was looking to leave in the first place and you put the band-aid of extra money on it, then it's a very short-term thing." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Bay of Plenty could be seeing the light at the end of the economic tunnel. ASB's Regional Economic Scoreboard shows the Bay's reclaimed first place after a strong kiwifruit season. Canterbury's runner up, Otago third and the West Coast last. Tauranga Business Chamber chief executive, Matt Cowley, says innovation follows money and there's a lot of innovation in the area. "Even the construction industry - that's usually our biggest contributor to GDP, so when that takes off...we really will be sailing." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The US and Iran have agreed to a peace deal, and the news has brought some hope into the economy. Oil prices have fallen about 4 percent since the countries announced an agreement to halt hostilities. Brent crude is now trading at US$84 ($143) a barrel, off the back of a similar drop in prices on Friday. Shane Solly from Harbour Asset Management unpacked the market reactions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

News of a peace agreement to be signed this between Iran and the US is prompting optimism about fuel prices and the global economy, but the Finance Minister is staying cautious. Both sides have agreed a deal, to be formally signed in Switzerland on Friday - and it's understood the the Strait of Hormuz will reopen and 60 days of nuclear negotiations will commence. Nicola Willis says there's been breakthroughs followed by backsliding over the last few months as the conflict continued. "I'm steeled for possibly bad news, but hopeful this is going to stick because we've already seen the global oil price come down pretty significantly as a result, and I'd love to see it keep coming down." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The country's richest man is passing on some advice. Zuru founders Nick and Mat Mowbray have retained the top spot on the annual NBR rich-list, with an estimated net worth of $20 billion. The rich-list's collective value has increased 26 percent in the past year to $129 billion - and the number of billionaires has also risen from 18 to 26. Nick Mowbray says there are some keys to success. "It just takes a winning mindset, I think, number one - an approach to continuous improvement. And number two - also, just a sense of belief that you can go out and win as well." LISTEN ABOVESee omnystudio.com/listener for privacy information.

An economist says it won't be long until 91 petrol is consistently back down at $2.80. The US and Iran peace agreement to cease hostilities and reopen the Strait of Hormuz is sending positive signals for the global oil industry. Westpac chief economist Kelly Eckhold says prices will stay low, once ships are moving normally. "We know that there's pretty low inventories out there around the world at the moment, so we need that supply chain to be working at full tilt for a while so that all of those things can get replenished." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Questions over whether SpaceX will live up to its colossal share price. Shares soared above $160 US dollars as the rocket, satellite and data centre company hit the market yesterday. It's sent Elon Musk skyrocketing to trillionaire status - a world first. Eric Berger, who's authored two books about Musk, says it's still a risky investment for those buying in - partly due to Musk's erratic personality. "You're betting on the company being able to get Starship, the rocket, flying rapidly and safely - and then build an enormous consolidation of data centres in space." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Last week, an Ashburton family won 28.6 million in the Powerball draw. Just imagine how overwhelming that must be. We all dream about it, but the reality of managing such a windfall and all that comes with it is more complicated than the fantasy. Then this week, the world got its first trillionaire and suddenly getting your head around a huge windfall got even more surreal, and the wealth gap got so much more confronting. With the SpaceX float, the public got to invest in Elon Musk's dream of humans on Mars and data banks in space. The biggest float in history, the shares opened at US$150, then rocketed up to $168 within an hour. This price gave the company a market value of US$2.21 trillion - Musk himself is now worth around US$1.1 trillion according to Forbes. A trillion is a thousand billion. These are inconceivable amounts for all of us. What's really interesting about this IPO is that on paper, and using traditional valuation methods, many experts felt the company was overvalued - but these reservations didn't stop investors from flocking to be part of the dream. SpaceX lost around $4.9 billion in 2025, and is trading at around 90-95 times its annual revenue. Many analysts argue its valuation is out of whack with what the business fundamentals support, with some estimates putting fair value at roughly half the IPO valuation. So, what does this IPO tell us about investors, about ourselves? It tells us that in this time of uncertainly, economic pressures, and geopolitical chaos, we still love a good story. And man, does Elon Musk know how to sell a good story. Investors are valuing SpaceX not as a company, but as a platform for multiple future industries. It's not about its present profitability - there is none, it's about what it could become. Much like Amazon and Telsa when they were first floated - but super-sized. This is a story about spaceships, orbital infrastructure, AI computing, and creating a one million person Martian colony. According to SpaceX it's about saving humanity by establishing other outposts in space, as well as massive AI data centres. And to do all this Space X needs money. Lots and lots of money. I quite like that people are buying into this sci-fi future, the Mars shot. It's ambitious, adventurous, and SpaceX's vision is much more fascinating than almost all other companies. It's clear why investors flocked to buy - if you had the chance, why wouldn't you buy into what could become the defining company of the 21st century. And that's the next interesting aspect of this IPO. As much as investors have shown they have faith in Elon Musk, how well will the share price hold up? If you are keen to invest through the S&P 500 - you will have to wait 12 months. Who knows what the share price will be. I suppose that's the fun in being an investor. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A lot of investor attention on Wall Street - with Space X heading to market on Saturday. The debut of Elon Musk's rocket, satellite and data centre company will be one of the most-watched in years. A chunk of shares will be available in a company that up to now, was exclusive to Musk and a select group of rich private institutions. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

McDonalds is increasing the size of medium and large coffees for Super Gold cardholders. It had previously sold any size McCafe coffee, tea or hot chocolate for $3 but it has now increased the price for medium and large to $4 and $5, respectively. Massey University marketing professor Bodo Lang says it's likely there will be some upset people as a result of these changes. "If the costs have increased dramatically, then, you know, price increases are warranted. But there's some really interesting research, particularly from Europe, that shows that price increases are well beyond the cost increases." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The cost of hiring the wrong person is racking up for employers, despite a large number of applicants. New Seek data estimates small and medium sized businesses lose more than $900 million a year from bad hires. Small Business NZ founder Phil Wicks told Francesca Rudkin the quality of applicants seems to be slowly declining. He says often in the trades, it's hard to find the right person, and yet the industry's under immense pressure to find people quickly. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The High Court has ordered ASB Bank to pay $6.731 million for breaching anti-money laundering laws. The penalty is the largest ever imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009. NZ Herald Wellington business editor Jenee Tibshraeny explained the case further - and whether it sets a precedent. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Experts are warning investors to brace for a 'choppy' market in the tech sector. Some of the US's leading chip companies have been getting some extra attention on them, as the market looks set to change. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Tough economic conditions over the past six years have taken a toll on the survival rate of small and medium-sized businesses, but franchises appear to have fared better. International data supplied by the Franchise Association of New Zealand (FANZ) indicates about 75 to 85 percent of franchises were still operating after five years, compared with about half of independent small businesses. Franchise Association of New Zealand CEO Katrina King says business is tough for everyone in this climate, but some sectors have been able to hold on. "I think with franchising, because of the breadth of industry and because it is in every part of New Zealand - there's going to be resilience." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data shows Australian business confidence is on the up - but things are still gloomy across the Tasman. The survey from National Australia Bank showed its index ​of business conditions held at +3 in ​May, ending four months of losses. Confidence ⁠improved modestly to -14, from -23 in April. HSBC Chief Economist Paul Bloxham explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Amid the ongoing fuel crisis, Jetstar is celebrating a major milestone. The airline is celebrating 17 years of operating in New Zealand, and they see the nation as a solid growth market. Jetstar CEO Stephanie Tully says it's a big milestone, and the company's marked the occasion with a big sale. "It's important for us, and we get excited when we have big sales - and we always have a big birthday sale as well." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Apple's announced digital assistant, Siri, is getting an upgrade - expected later this year - to become Siri AI. The company is promising a better artificial intelligence experience for users. With the help of Google, Siri will remember past conversations, have a more conversational tone, and help across apps. BusinessDesk's Peter Griffin says Apple isn't trying to compete with the AI giants. "This is really to supercharge the features on an iPhone, or on your Mac with the Safari browser - making it more intelligent, maybe being able to talk to your photos app to select a number of photos." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Two new Woolworths stores have opened in the South Island, but you can't get the weekly shop done there. The educational facilities in Dunedin and Invercargill are giving young people with disabilities training for jobs in a supermarket environment, creating 'launchpads' for future employment. Front-Line Training chief operations officer Nadia Steedman says this will allow people to work in a space that suits their individual needs. "With that, we have a direct connection with the local Woolworths stores, where work experience will eventually be available - as well as putting them in the limelight, with the potential for them to become employed." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New research paints a gloomier picture for business leaders. The latest 2degrees Shaping Business Report suggests optimism about post-pandemic recovery has fallen away. It says leaders are now shifting from recovery mode to simply playing the hand they've got. Chief Business Officer Andrew Fairgray told Heather du Plessis-Allan people were looking for a return to normalcy in the years since Covid, but with all the volatility, businesses are starting to realise they need to control their own outcomes. But he says there are still some signs of positivity and moving forward, just in the new normal. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The US sharemarket took a hit last Friday, largely due to weakness in the information technology sector. The semiconductor sector was hit hard, and experts are unpacking the economic implications. Harbour Asset Management's Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Air New Zealand has indicated its long-running engine problems may have come to an end. Air New Zealand's chief has claimed the airline reached a breakthrough in Brazil this weekend after years of crippling engine issues. Aviation industry expert Grant Bradley explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is promising more detail is coming regarding a billion dollar pre-Budget allocation. The funding's been labelled 'secret spending' by Labour. Nicola Willis says this reflects the Government's provision for a potential capital to operating forecast change in transport spend - that can be subject to future decisions. "That is literally what it is, and we will be taking policy decisions on that over the next few weeks and months." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A new report has found New Zealand renters are better off than a year ago. The Regional Rental Affordability Index found affordability improved in most of the country over the past 12 months, as rents ease and incomes rise. Property Investors Federation Advocacy Manager Matt Ball says it's not the same story in every region, but renting is definitely more affordable. "If you look at Auckland - rents have been flat in Auckland for a number of years now, so renters are in a much better position now than they have been in previous years." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Crimson founder Jamie Beaton is on a mission to find and inspire the next generation of entrepreneurs. In a joint venture with Icehouse, five high school students will be offered a fully funded scholarship to Crimson Global Academy and provided a yearlong immersive experience to pursue their entrepreneurial ambitions. Beaton says entrepreneurship is one of the most exciting careers out there, because it helps people be creative and create future jobs. "I want more young Kiwis able to do this, and I want them able to do it earlier in their lives. And through my work at Crimson, I've seen many entrepreneurs who are 20 years old, 24 years old in Silicon Valley, and I want New Zealand to be this kind of startup nation." LISTEN ABOVESee omnystudio.com/listener for privacy information.

This Sunday marks a historic milestone for McDonald's New Zealand, with the franchise turning 50. What began as a single restaurant in Porirua in 1976 has grown into a network of 177 restaurants, with thousands of employees and 53 local franchises. McDonald's managing director Kylie Freeland says McDonald's was initially focused on expanding out to bigger countries, but a convincing business case saw New Zealand being one of the first countries to get one. "By 1991, we had 50 restaurants and between 1991-97, we doubled that to 100 restaurants. Today, we have 177, but we've got another 6 opening this year." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Higher mortgage rates have given the Reserve Bank a 'bit of breathing space', its chief economist says. Paul Conway, one of the Reserve Bank committee members who voted to keep the OCR on hold last week, said the market is doing some of the work for the central bank. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.