Best of Business

The Consumers Price Index (CPI) has increased 4.1% in the 12 months to the June 2026 quarter, according to figures released by Stats NZ today. As expected, the increase can be partially contributed to the US-Iran war as the largest upwards contributor to the annual inflation rate was petrol, up 27.5%. Finance Minister Nicola Willis is labelling annual inflation hitting its highest level in more than two years a “Trump spike”. Former Reserve Bank senior economist Michael Reddell told Andrew Dickens that economists don't tend to look at the headline numbers but they will be digging through the numbers to find trends. "It's a bit like the famous line about democracy, you know, it's not a perfect system, it's just better than any of the alternatives that have been tried, and inflation targeting is a bit like that as well. It's definitely not perfect." LISTEN ABOVE See omnystudio.com/listener for privacy information.

I have so many questions around the Government bailout of Golden Bay Cement, which is not in fact manufactured in Golden Bay, but in Northland. Fletcher owns the company and they said Golden Bay Cement operates New Zealand's only domestic cement manufacturing facility at Portland near Whangarei. It supplies nearly 60% of the cement used in New Zealand – about 95% of its output is sold domestically. Golden Bay Cement took a long hard look at the account books and participated in an independent assessment which confirmed that without support, rising costs —including carbon costs— would force the closure of the company and a shift to an import only model for cement from 2030. So in steps the Government with a $60 million payout. They say it's a specific one-time response to an exceptional set of circumstances, to keep the plant open at least through to 2040. In return, Golden Bay Cement has committed to continue producing cement at its Northland plant at least until 2040 and to invest at least 150 million through to 2040, phased over time. Finance Minister Nicola Willis told Heather du Plessis Allan last night the decision to offer a bailout was not made lightly and does not set a precedent. “We went through three steps. One, this is quite different in that it is strategically so important that you can produce cement for your domestic economy, that you're not exposed to not being able to have cement if there was an international trade disruption. Two, the financial case here is that actually this is a business that is working overall. The key thing is just that emissions cost. And three, we've set in place some really firm requirements that Golden Bay need to meet in order to get this cash with clawbacks if they don't meet those requirements. And that includes keeping production going through to at least 2040 making $150 million worth of investments in that manufacturing capability, keeping the jobs at that factory going, and having an open book exercise with us, the Government, so that we can audit that investment. So we set a very high bar, we took a very case by case approach. Believe you me, I did not want to be setting a precedent that we're going to keep doing this.” Well, yeah, you kind of have set a precedent though, haven't you? Because when you bail out one company, that's precedent. The other companies can say you've done it before, so it's a precedent. And Nicola Willis made the point that, oh, this is a thriving company, it's just that emissions cost. Yeah, about that... that's one of those questions. If it's just that emissions cost, then that's not going to change unless you change our obligation to the Paris Agreement and unless you do as other European countries have done and delay the introduction of the ETS or scrap it all together. So “just that emissions cost” is what's snookering a whole lot of New Zealand companies. Fletcher says that New Zealand manufacturers face carbon costs that importers largely avoid. They want to see a carbon border adjustment mechanism, something they say addresses the structural imbalance directly and would let the ETS work as intended without exposing domestic manufacturers like Golden Bay to ongoing domestic advantage. A CBAM would apply a carbon charge to imported goods based on the emissions generated during their production. While we're all being, hey look at us, we're being so good and we're saving the Arctic shelves and we're snookering our own companies because we believe in the greater good of the of the planet and the universe, other countries go, yeah, no, not for us. Not really. We don't buy into that whole ETS thing, so we're not going to do it. They can make their goods a whole lot cheaper on so many levels without the ETS even coming into it. Add the ETS on that, the fact that they're ignoring it completely, no wonder their goods are cheaper. So as Fletcher says, why don't we bring in the carbon border adjustment mechanism so wherever it's made in the world, you have to pay your ETS if we're all going to buy into that. How is a one-off payment going to help given the trading environment isn't changing or they've given no indication of the ETS obligations changing anytime soon? And they won't under Labour and Greens, if anything they'd go up. And if Golden Bay is so critical, why isn't Carter Holt Harvey's pulp and paper and plywood? I would have thought that was pretty critical too. Except of course they closed down and it wasn't an election year. Perhaps that's the difference. Last year Carter Holt Harvey saw the closure of Kinleith and Eves Valley sawmill with the loss of hundreds of jobs. We had the closure of Ravensdown, Smithfield, and Ruapehu. Each of these towns and regions could argue that what they made was critical to the supply chain. It was certainly critical to the economic viability of their particular region, which is not awash in situations vacant. Cameron Bagrie has called the bailout of Golden Bay corporate welfareism. Of course it is. Fletcher says it's not, the Government says it's not, but if it's taxpayer money going to an entity that can't support itself, that's welfareism. Nicola Willis might not want to set a precedent, but she has. And a one-off payment is not going to fix the problem, as Fletcher points out. We have signed up to the Paris Accord, we've said, oh yes, bring on the ETS, please let's cripple ourselves so we can maintain the moral high ground. And in the meantime, we're going to have to import goods that are made by other countries that have stuck two fingers to Paris and said we can't afford it. How does that work? How do we maintain the moral high ground by buying goods from countries that are ignoring their carbon offset obligations? We do our own companies out of business, we put people out of work, and we buy from countries that ignore the ETS. It doesn't make any sense to me at all. See omnystudio.com/listener for privacy information.

Nicola Willis told us she did not take the decision lightly, and well, she might have said that. She's lucky it's only cost $60 million. We still don't know the terms, but we need to. This is Golden Bay Cement, and the Government has come to their rescue. Without this help, allegedly, they would have closed. There is only one supplier in the country – this in and of itself would seem to be an issue. They produce 60% of what we use. Is the other 40% cheaper? And what of the climate mitigation issues Fletchers speak of? Why do we worry about the 60% and not the other 40%? Why is climate so important in the cement business, and is climate worth worrying about if it means the closure of business and the loss of jobs? That is one of the questions of the age, especially given the Europeans over the weekend signalled their intentions to pull back on climate expectation for businesses for exactly the same reasons. Climate versus jobs? We quite like the work, thanks. Fletcher Building is the owner and a company with no shortage of drama around their reputation and activities, but not a business desperate, you wouldn't have thought, for $60 million. But, and here is the crunchy bit, they're a company that in straightened times is perfectly entitled to pull the pin on things that aren't working. So, a good business decision, or blackmail? Is the business run as they claim? In other words, it's not workable, or are they a bit useless? Britain is having the same conversation currently over a nationalised steelworks involving the Chinese and a water company that's on its knees. The trouble is the specifics and the precedent. Every story is unique. Can a government write a cheque for one-offs? Maybe. Does it set a potential precedent? Yes. Should the Government be in cement? No. Should we be more resilient in the basics of things like building materials? Yes. We have just had that debate by cleaning out an old tank at Marsden. Resilience is important. So I don't mind this as a one off. But is it a bad business or is it a business hampered by dumb rules around climate? And if it's the latter, would a change of rules fix the problem better than a bailout cheque would? See omnystudio.com/listener for privacy information.

Electricity and money go hand-in-hand. Every house needs power, and everything costs money. So how do you balance the two in the midst of a Cost of Living Crisis? And what should you keep an eye out for that might impact the number on your energy bills? Harbour Asset Management Co-CEO Andrew Bascand & Harbour Asset Management Senior Manager Sue Walker join Tim Beveridge on Smart Money. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Trade Minister Todd McClay addressed media with his Swiss counterpart Helene Budliger Artieda at the Future of Investment and Trade (FIT) Partnership ministerial meeting in Auckland to announce trade partnership talks. Limited details are available as the talks are in the early stages. "What we've agreed today is to start a formal trade investment dialogue," McClay told Heather du Plessis-Allan. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Meat industry leaders are disappointed with the United States' move to initiate a safeguard investigation into lamb imports from New Zealand and Australia. The investigation, to be carried out by the US's International Trade Commission, is expected to take up to six months to complete. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Kiwis are often told to look for the best deals on power, and they're not afraid to swap providers for a better price. So who's winning and who's losing the battle for those customers? Data from the Electricity Authority shows that Genesis Energy is the biggest loser here, with the company losing a net 35,015 customers in the year to June. Nova lost 9059, Manawa 3329 and Mercury 2706. On the opposite end, Contact gained 20,577, Electric Kiwi gained 11,590 and Meridian gained 10,288. Consumer NZ Paul Fuge says the energy market is quite volatile, and many companies have been making changes to keep up. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's a belief sluggish retail spending is a reminder retailers need to stick to the basics. Stats NZ says core retail spending last month was only 0.4% higher year on year. Spending on clothes fell the most at 4.2% – its fourth straight decrease. First Retail Group Managing Director Chris Wilkinson told Ryan Bridge retailers have to be hungry in the market with strong retail disciplines, but he understands it's tough. He says rising costs and distribution has made things challenging for retailers. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Recent reports indicate the listed retirement sector in New Zealand has continued to struggle in 2026. Share market expectations were high in the new year, but the predicted growth has since turned flat and negative. Milford Asset Management expert Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Netflix is in talks to buy the New Zealand-founded Letterboxd for $423 million, according to new reports. Letterboxd was created by Auckland designers Matthew Buchanan and Karl von Randow, and it allows people to create profiles and log and rate their favourite movies. Entertainment journalist Karl Puschmann says Letterboxd has a reputation as a niche social network, and there's concerns about what a corporate takeover could do for it. "That sense of community around it, you feel like you're with film enthusiasts, you feel part of that club - they've got a delicate balance here to keep that feeling and also get that return on investment." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Australia's moving to protect local content, as it pushes through on mandatory AI standards. Prime Minister Anthony Albanese has promised to pass legislation by early next year. The protective controls will include barring AI companies using Australian books, music, art or news to build or train AI without the creator's consent and control. Gorilla Technology CEO, Paul Spain, says he thinks music will be a particular focus. "What they're probably not going to tolerate is music that is too obvious as a rip-off of Australian music, and we would see that across a whole range of areas." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Another positive sign for the economy. Kiwi manufacturer Skellerup —who makes everything from gumboots to industrial rubber products— has lifted its annual profit forecast to as much as $65 million. They credit stronger than expected US demand for the increase. CEO Graham Leaming told Mike Hosking they thought tariffs and the conflict in the Middle East might drive inflation and dampen demand in the US market, but that hasn't materialised. He says demand remains strong, and the things they manufacture and sell are often pretty critical to customers, so they were able to adjust prices in response to tariffs and increases to the cost of raw materials. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Strategic Pay's latest Directors' Fees Survey shows the non-executive director pay gap has narrowed to just 0.5 percent. The findings highlight a significant narrowing of the gender pay gap across New Zealand boardrooms - with women earning 5.9 percent less than their male counterparts in 2025. Strategic Pay managing director Cathy Hendry says growth in the public sector has helped move this change. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data shows that business confidence has picked up for in the June quarter, but Middle East tensions and higher fuel prices remain a concern. The latest NZIER survey shows a net 12 percent of business owners are feeling positive - up from just 1 percent in March. Westpac senior economist Michael Gordon says things are changing day-to-day, and it's unclear where things will end up. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New data shows that Kiwis spent a collective $1.1 billion on takeaways in the first quarter of 2026, as delivery services see more popularity. Delivereasy, Uber Eats, and DoorDash are becoming a key part of New Zealanders' lives - and diets - and many local eateries are reliant on these services. Delivereasy founder Tim Robinson says people like the convenience, and the growth has been interesting to watch. "Even when times are a little bit tough, people seem to like the convenience and the comfort." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Customers of a liquidated solar-panel subscription service are complaining they're stuck in expensive contracts. SolarZero went into liquidation in 2024, with thousands of customers still on 20-year-agreements. Now many customers say their power bills are rising more than expected - with no easy solution. Customer Rohan Metrani says he has no one to speak to, to cancel his contract. "We want to get rid of their system, we're paying for the rental - which isn't really getting us any savings. So it's become more of a liability." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reports indicate the ceasefire in the Middle East has been scrapped and the conflict is starting back up again. The US claims it's struck 140 Iranian military targets in response to an attack on a merchant ship in the Strait of Hormuz. Iran says it's hit multiple US military sites. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The editorial this morning goes out to all the small and medium business people. Those of you who are starting the work week looking to earn your own keep, employ some New Zealanders, pay your taxes, and provide a product or service that people want or need. You don't want luxury yachts and private jets. You just want to work hard, be rewarded fairly, have people get out of your way, not be strangled by red tape. Seems a fairly reasonable state of being. But as we know, small and medium enterprises are struggling and have been struggling for a few years now. And with an election looming, the EMA has released its election policy directives for 2026 And there are five of them: stability and certainty, wouldn't that be lovely, infrastructure and consenting, energy supply, employment legislation, and investment and innovation. Amongst its directives, the EMA highlighted what it says is a big issue for businesses: the lack of work readiness among those graduating from educational institutions. The number of those not in employment, education, or training in the 18 to 24 age bracket continues to rise. They've come out of school, they've come out of training, and nobody will take them on, nobody's willing to take a risk. There's no doubt one of the drivers behind these numbers is a reluctance by employers to hire those new faces, says the EMA. They're simply not ready for the workforce, lacking many basic skills and struggling with the simple disciplines of turning up, listening, and engaging in the workplace. So the finger's being pointed squarely at the young people and the schools and educational institutions that have trained them. On early edition this morning, employment lawyer Max Whitehead disagreed. He said it's not the young people, it's the businesses lacking confidence to hire right now. Young people have always been young people. We've always been a bit useless when we start in our job unless you're a rare and wonderful unicorn, you don't know the job. You might have been trained, that's not the same thing as doing and being in the job, you don't really earn your keep until a little later. So it's no use pointing the finger at the young person. Max Whitehead said it's the environment and the conditions at the moment that mean employers aren't willing to take a chance. And he also says that the corresponding lack of productivity is due to us being a nation of one or two men bands who lack the technological capability to be more productive. New Zealand's now a nation of contractors. They're just like one or one man bands or just a couple of people of employees. And they are the people that are really the core of our country. And that's where I think EMA's missing out is focusing on that, getting them on their feet again. Maybe even if some of many of our contractors worked as cooperatives and actually purchased collectively some equipment that would make them actually more productive. That would be better ideas, but that needs to be incentivised. Where do you think the issue is? If you are a one or two man band, you might have a few little young people working for you. You might have some people who've been with you for 50 or 60 years, but three, four, up to 10 employees. There's been an ongoing issue with New Zealand's lack of productivity. It's not that we don't know how to work hard. People are working hard, but they're not being as productive as they could be. Max Whitehead says we lack the technological capability that a group of like minded SMEs could get together and buy the technology, the computer programs that might be expensive, the capital that might be expensive, that you couldn't do on your own but you might be able to do as a team. I just don't think it's the young people. Everywhere I look, there are young people keeping shops, stores, businesses going over the long weekend. Without them, we'd be stuffed. And I bet there'd be a hell of a lot more young people in work if they could get it. You certainly hear of young people going around and knocking on doors and wanting to work. if you're a small, medium business operator, owner operator, are you exactly where you want to be? If you're not, what is it going to take for you to be where you want to be, to be as productive and earning as much as you want to be? LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Employers and Manufacturers Association is pushing for a bipartisan approach to business policy ahead of the election. The EMA wants greater certainty for businesses. Including plans for manufacturing, a clear energy future and stable settings. Head of Advocacy Alan McDonald told Mike Hosking that as long as everyone can agree on the major settings, it shouldn't matter which government gets in. He says the changing back and forth over the past decade has been highly problematic. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A new era is on the way for one of the nation's most iconic fashion labels. Urban streetwear brand Federation is celebrating 25 years in business this year. To mark the occasion, founder Jenny Joblin is taking a step back, handing the reins to her children to evolve the business for the next generation. "When we hit this milestone, we were like - okay, we need to pause for a moment and just really look at all these different chapters and celebrate it." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Microsoft is cutting 4800 jobs - about two percent of its global workforce - in a sweeping restructure. Most cuts are part of a restructure of its struggling Xbox gaming division. It's the latest in a string of mass layoffs by the tech giant alongside major investment in AI. Sam Dickie from Fisher Funds explained the implications of this move. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A private jet company boss has voiced concerns about what could happen if there's not reform at the Civil Aviation Authority - and he's taken these worries to the Government. NZ Jet owner John Ambler has heard concerns from former and current CAA staff about the organisation's culture. He says it includes an erosion of expertise, and operators fearing they'd be punished for raising concerns. "We are losing experienced people within the civil aviation department at a great rate...it's alarming. And obviously, if these people within the unit aren't able to speak up for fear of reparations - what sort of system have we got?" Meanwhile, Air Chathams CEO Duane Emeny says there was need for change three years ago, and that Minister Simeon Brown acted quickly. "He got quite a few new board members in, the whole leadership team in the CAA changed and, actually, we can sit here today and say, quite confidently, that we are seeing some of the good and positive outcomes of those changes." LISTEN ABOVESee omnystudio.com/listener for privacy information.

People are not moving between jobs as seamlessly as they should in a productive economy, thanks to overly restrictive employment contracts. This is the conclusion reached by the Organisation for Economic Co-operation and Development (OECD), after a major new study spanning 15 countries including New Zealand. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The OCR has been increased for the first time in three years, and it's prompted a divided response among experts. The Monetary Policy Committee's unanimously agreed to raise the cash rate to 2.5 percent. Milford Asset Management's Remy Wisenberg unpacked the reactions further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Official Cash Rate has gone up by 25 basis points. This is the first rise we've seen in three years. It was unanimous around the committee table that it needed to happen because of inflation. Even though petrol and diesel prices have fallen sharply since the Iran war ceasefire deal was struck, they're not back to pre-war levels yet and they won't be for some time. That, of course, is inflationary. You know what struck me, though? Even though this is the first hike in the Official Cash Rate in three years and even though there wasn't consensus among high-profile economists that this should happen - I mean, plenty of them were calling very strongly for it to be held for the sake of the economy - there isn't nearly as much angst around this as there was around any of the decisions Adrian Orr made. Even when they were decisions we wanted, we still got angsty because they were either too late, too early or whatever. Instead, the news conference was boring. So boring, in fact, that it was refreshing. Anna Breman slowly talked us through the decision with a slideshow. She let Paul, on one side of her, pipe up occasionally. Karen, on the other side, was also allowed to chip in. She took questions from journalists on video link. She explained really basic economic concepts to them. The impression you got the whole way through was that Anna Breman is in control. Because we knew this. This was not a surprise. We knew it was coming. It was very well signalled. Seventy percent of economists were expecting it. The market had priced it in. The NZIER Shadow Board was picking it. There was, as I say, consensus around the committee table. It gives the impression that she's not the victim of a knee-jerk reaction but is instead being quite deliberate in the path she's taken. You could argue that her job right now is every bit as hard as Adrian Orr's was, at least towards the end of his tenure. Because this Iran stuff is really mucking around with forecasts, isn't it? That news conference was so boring - and so angst-free - that it gives me some hope. The further we get away from COVID, and from the characters who were around during COVID, the more things might return to their boring averages. Maybe we'll get on with each other and get on with the jobs we're supposed to do a lot better. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years. The cash rate has been raised to 2.5 percent. Governor Anna Breman says inflation's been eating up household budgets. She says getting inflation back down helps everyone. "It will actually make sure that households get their purchasing power back, they can spend more, they can get more demand, and we will see better growth and employment coming back." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy. The central bank raised the cash rate to 2.5 percent - the first hike in more than three years. Some economists thought inflation could surge as high as 4.8 percent this quarter. Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so this was the right move. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank has lifted the Official Cash Rate for the first time in more than three years. It's raised the OCR 25 basis points to 2.5 percent. The Monetary Policy Committee's six members all agreed to raise the cash rate - despite divided opinions from economists. Infometrics Principal Economist Brad Olsen says the Reserve Bank will be looking to get the OCR down to a more 'normal' level - and this increase is the first step. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Plugging a a solar panel into your own wall is currently illegal in New Zealand, but the Government's looking into changing that. In a post on Facebook, Energy Minister Simeon Brown says work is currently under way to make this change happen. Rewiring Aotearoa CEO Mike Casey has welcomed this move, saying this development would be 'amazing'. "It's something that we thought needed to happen in New Zealand, it hasn't happened in Australia yet - we copy a lot of our regulations and standards from Australia, so we're breaking the mould and heading out and doing it ourselves." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Has a second NRL team in New Zealand edged closer to a reality after the NRL's new multi-billion dollar broadcast deal? The Australian Rugby League Commission has signed a new seven-year TV rights deal with its existing partners on both sides of the Tasman, including Sky TV, starting in 2028. The NRL wants to increase to 20 teams during that period, with Christchurch considered a candidate for an expansion licence. Sky TV boss Sophie Moloney has been asked what the new deal means to that end. "That's definitely one for the commission - that wasn't determinist of our values, we've valued it up based on what we've got and we love our Warriors." LISTEN ABOVESee omnystudio.com/listener for privacy information.

It's been a turbulent time for AI-based investments. The AI capital expenditure-leveraged Korean and Japanese share markets have recovered from last week's drop, but experts say things are still 'volatile'. Shane Solly from Harbour Asset Management explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Sleep Store is celebrating 20 years of helping families find the right products for their kids. The brand has gone from a kitchen table start-up to filling more than 150,000 orders per year. Co-founder and director Louise Tanguay says it's 'wild' to look back at how much the brand has grown. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is hopeful that New Zealand's exports will grow significantly over the next ten years. If reelected, National says it will pursue trade negotiations with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association. It would seek talks with a further six trading nations over the next decade. Nicola Willis says it's likely there will be more demand for New Zealand-made products over the years as the market grows and changes. "If you'd asked me 20 years ago - what will China buy from us? I probably wouldn't have predicted some of the products that they now buy from us. I wouldn't have said that they would be an importer of our wine, that they would be such a massive importer of dairy products." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A former Trade Minister says he's very encouraged by National's election promise that it'll pursue trade talks with seven economies. It says it would prioritise trade talks with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association. It's also promised to advance negotiations with a further six countries over the next decade. Tim Groser says if you don't aim high, you achieve low. "It's possible - and even if they fall short, it's certainly going to set the direction of travel." LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's hopes compulsory KiwiSaver can help New Zealand catch up to Australia's economy. The National Party is campaigning on making KiwiSaver mandatory for all workers, and for gradually raising the matching rate to six percent. NZ Herald Business Editor at Large Liam Dann says he wants to see a bipartisan effort and for the Labour Party to get on board. He says people will need to get used to that six percent figure. "They're at higher levels than that in Australia - it's painful in the short term, but they do cope. And then, you move on and then you forget about it and you just look at that giant figure on your KiwiSaver statement." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A Michelin-trained chef has criticised the Michelin Guide after Tuesday night's inaugural awards ceremony in a post on social media. Jack Crosti, who has worked for Michelin-starred kitchens across the UK and Europe, voiced his support for Michelin coming to New Zealand, but described the ceremony as a 'joke' and questioned the selection process. He says this was a 'once-in-a-lifetime' event for chefs and operators and it wasn't delivered properly. "It felt very disconnected...some restaurants were left out, some others were included, there's no consistency, really." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Finding a deal online is getting harder and harder, according to new reports. Delivery software firm Shippit has found standard New Zealand delivery fees have risen 30 cents this year, to an average of $10. Express delivery's gone up $3 to average $17.40 Retail NZ CEO Carolyn Young says it's down to global factors. "When the Middle East crisis started, we know that freight companies increase their prices immediately." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The International Monetary Fund is broadly happy with how the Government and Reserve Bank are steering the economy - but it's warned some changes need to take place. The agency says the Government will need to hike taxes, as well as continue cutting spending, to get the country's finances on a more sustainable path forward. NZ Herald Wellington business editor Jenee Tibshraeny explained how this could be implemented. LISTEN ABOVESee omnystudio.com/listener for privacy information.

2026 is halfway over, and experts have noticed which trends are leading investor conversations. The chips and computer hardware sector has seen some growth thanks to the AI boom, but the Middle East conflict has continued to generate concerns. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

I totally run the risk of being way too much of a fangirl about the Michelin stars handed out, but I am so excited about this. Mainly, I'm excited for the people who run those restaurants because I realise what this means for them. It means full bookings. It means international recognition. It means the ability to walk into a kitchen anywhere in the world and say, "I worked in a Michelin-starred restaurant," and have people know exactly what that means - and know that you're good. I am also stoked for the people who love eating out. All of a sudden, there's a list to tick off, isn't there? How is it, for example, that I've eaten at Arataki Restaurant in Queenstown but never at Paris Butter in Auckland, even though it's just down the road from me? I now intend to rectify that quickly. But there's also a part of me that is really pleased because this has righted a wrong - the local punishment that has been going on for Amisfield. I don't dispute that the alleged behaviour of the former head chef wasn't good and I don't dispute that the owners of the restaurant should not have allegedly turned a blind eye to it for so long. But I did not like the fact that the establishment continued to be punished even after Vaughan Mabee, who was at the centre of the controversy, had left the building. Especially by Cuisine magazine, which then refused to recommend Amisfield as a restaurant. Amisfield was the best restaurant in the country until, all of a sudden, it was no longer the best restaurant in the country according to Cuisine because one man had left. Michelin has now righted that wrong by giving it a star. That decision was controversial. I've already read one take on it that wasn't entirely complimentary. But I don't care. Because what I want to know is this: is Amisfield a good place to eat? Now that the legendary - and problematic -chef has gone, is it still good? Apparently, the answer is yes. But we had to get foreigners to tell us that because we all went a bit weird and a bit cancel-culture on the place. For the record, I ate at Amisfield when the chef at the centre of the controversy was still there. It was one of the best meals I've ever had and I'm pleased it remains excellent - at least according to Michelin. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Wellington council has unveiled their new team aiming to help the capital get its mojo back. The council has brought together a lineup of business, property, technology and creative sector leaders to help shape a five-year plan to grow the city's economy. Mayor Andrew Little says Wellington's seen limited economic growth over the last few years, and the council's hoping to turn that around. "We've got our work cut out for us. We do have some strength - beyond being a public service city, we do have some other strengths, and it's about drawing on those things." LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's been a surge in bookings for the world's first Michelin star Samoan restaurant. Auckland's Tala was awarded a single star at last night's New Zealand Michelin Guide awards, alongside 14 other star-winners. It was first time the event was held on our shores - after a $6.3 million dollar Government investment. Restaurant founder and chef Henry Onesemo says he's already noticed some additional interest. "There's like 300 emails that we have to go through today, and it just seems non-stop at the moment." LISTEN ABOVESee omnystudio.com/listener for privacy information.