/news/business/rss 九一星空无限 Keep up with the latest in business and financial sector news with 九一星空无限talk ZB. Wed, 03 Dec 2025 01:33:47 Z en /news/business/black-friday-spending-down-in-2025-in-blow-to-retail-recovery/ /news/business/black-friday-spending-down-in-2025-in-blow-to-retail-recovery/ Black Friday was officially the busiest shopping day of the year according to Worldline NZ’s payments network, but has come short of passing last year’s total – a blow for an industry in need of recovery.  Data released by Worldline NZ show spending through core retail merchants selling non-food goods reached $55.6 million on November 28, 2025, surpassing the previous high this year of $49.1m on Easter Sunday.  However, non-food goods spending on Black Friday alone was down 6.2% compared with last year, and was down 4.6% on last year over the three-day weekend.  Worldline NZ’s chief sales officer Bruce Proffit said that while Black Friday sales brought out many shoppers, the pattern across the weekend was consistent with spending on non-food goods, which ran below year-ago levels over other weeks of November.  “It appears that consumer budgets are still constrained at this end of the year. Clothing merchants experienced higher spending than Black Friday 2024 over the weekend but spending elsewhere was generally down,” Proffit said.  “Across the three groups we are tracking weekly, the pattern over the month continues to show more spending at food and liquor stores but less at hospitality providers and less amongst the general category of core retail merchants, excluding food and liquor and hospitality, collectively referred to as the ‘non-food goods’ retailers.”  Proffit said merchants will no doubt be hopeful for spending growth in the busier few weeks remaining before Christmas.  Annual growth of core retail spending was the highest in the West Coast, up 6.3%, Whanganui, up 5.4% and Otago, up 5%.  Meanwhile, core retail spending was lower in Auckland/Northland, down 0.3%, Wellington, down 1%, and Gisborne, down 1.8%.  Auckland contributed the bulk of the total spending with $1.53b, with Canterbury contributing the next highest amount at $502m.  Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.  Tue, 02 Dec 2025 03:54:29 Z /news/business/air-new-zealand-reveals-outcome-of-its-investigation-into-kiwi-owned-snack-supplier/ /news/business/air-new-zealand-reveals-outcome-of-its-investigation-into-kiwi-owned-snack-supplier/ Air New Zealand has revealed the outcome of its investigation into Project 32, one of its onboard snack suppliers, after allegations the company’s claim it was Kiwi-owned was misleading. The investigation was opened after New Zealand journalist David Farrier revealed on Webworm in October that the shareholders of Project 32 were Australian companies and its two directors, brothers Daniel and David Rifkin, were based in Australia. Air NZ told Webworm that Project 32 had been supplying the airline with its snacks since November 2023 across a range of domestic and international services. In an emailed statement to the Herald today, an Air New Zealand spokesperson said its review confirmed that the “New Zealand Owned” statement on Project 32’s packaging was incorrect. “While the product is supplied to Air New Zealand by a New Zealand-registered company, the business was not New Zealand-owned at the time the packaging was produced,” the statement read. It added that Project 32 has been working “openly and co-operatively” with the airline to resolve the issue and had transferred ownership to a New Zealander. Days after the initial allegations, Project 32 made New Zealander Janice Tan a company director, effectively making the snack supplier a New Zealand company. The Air NZ statement said that Project 32 is committed to updating its packaging artwork for future stock and to ongoing transparency around its charitable giving, which, according to Webworm, lacked clarity. This included moving from annual to quarterly donation cycles. “Air New Zealand will use existing stock on hand to avoid unnecessary food and packaging waste,” the statement read. “This also preserves the product’s gluten-free certification and ensures that charitable donations already committed this year can reach the communities they were intended to support. “New packaging is expected by the end of summer.” The spokesperson added that the airline has also reviewed and strengthened their processes for verifying supplier packaging and product claims to prevent similar problems from occurring again. The Herald has contacted Project 32 for comment. Varsha Anjali is a journalist in the lifestyle team at the Herald. Based in Auckland, she covers travel, culture and more. Mon, 01 Dec 2025 01:37:58 Z /news/business/50m-tiwai-plan-to-process-toxic-smelter-waste-on-site/ /news/business/50m-tiwai-plan-to-process-toxic-smelter-waste-on-site/ Rio Tinto’s New Zealand Aluminium Smelters says it will spend $50 million on processing spent cell liner at its Tiwai Point aluminium smelter in Southland. The company said it was a big step forward in its long-term remediation programme. Highly toxic spent cell liner (SCL) had been stored at Mataura before a public outcry led to the company removing the material in 2021. SCL is a byproduct of the aluminium production process. Historically, it has been stored undercover in sheds and in a specially designed encapsulated pad on site. Since January 2024, New Zealand Aluminium Smelters (NZAS) has worked with specialist processor Regain to safely treat SCL in Australia before it is reused in the global cement industry. “Our new facility at Tiwai Point means this processing will now take place in New Zealand, reducing the need for this processing to happen overseas and forming a key part of the long-term remediation plan for the Tiwai site,” Rio Tinto-NZAS acting general manager Matt Black said. Black said that SCL previously stored in the encapsulated pad would be progressively excavated, processed on-site and exported for reuse. The project will create 20 jobs during construction and six during operations. All consents for the facility have been received and construction is expected to begin in the second quarter of 2026. Once operational, the plant will be run by Regain Services, which also operates a similar facility at the Tomago smelter in New South Wales. “Processing SCL on site is a milestone in delivering on the remediation commitments we have made to Ngāi Tahu and our community,” Black said. “The initiative builds on the remediation plan co-designed with Ngāi Tahu, guiding how legacy materials at the Tiwai site are removed, monitored and recycled, and how the whenua [land] is restored over time,” he said. The company says Tiwai is one of the world’s lowest-carbon aluminium manufacturers. Rio Tinto managing director of Pacific operations, Armando Torres, said the investment underscored the company’s commitment to the remediation programme. “Building a dedicated processing facility at the smelter is another positive step forward in the remediation of the Tiwai site and reflects our shared commitment to working in partnership to protect our environment for future generations,” Te Rūnanga o Ngāi Tahu group head of strategy and environment Jacqui Caine said. The remediation programme has already seen more than 36,000 tonnes of SCL exported for reuse since 2024, alongside major progress in returning ouvea premix and processing historical dross. SCL is the carbon and refractory material that lines the inside of aluminium reduction cells and must be periodically replaced during the smelting process. When removed, it becomes a regulated byproduct because it can contain carbon, fluorides and other compounds that require specialist handling. The aluminium smelter at Tiwai is 100% owned by Rio Tinto. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011. Mon, 01 Dec 2025 00:56:41 Z /news/business/one-nz-hit-with-11-million-penalty-for-breaching-emergency-call-obligations/ /news/business/one-nz-hit-with-11-million-penalty-for-breaching-emergency-call-obligations/ One NZ has been ordered to pay $1.1 million after admitting to 10 breaches of the emergency 111 Contact Code. The telco admitted breaches of the Code related to information disclosure, record keeping, and regular customer outreach between 2021 and 2023, following action from the Commerce Commission. One NZ senior corporate affairs lead Matthew Flood said the telco took its responsibilities under the 111 Contact Code seriously. “We want to be clear this was not a failure of the 111 service or an issue preventing customers contacting 111 from our network in an emergency,” Flood said. “The breaches never impacted our network or customers’ ability to reach emergency services.” Flood said One NZ had worked closely with the Commerce Commission to put the breaches right. “No customers were harmed as a result of these breaches, and all registered vulnerable customers always had a way to contact 111 in an emergency.” Telecommunications Commissioner Tristan Gilbertson said telecommunications services provide a vital lifeline in the event of emergencies like natural disasters and power failures. “As consumers move off traditional copper lines it’s crucial that vulnerable New Zealanders retain the ability to contact emergency services during a power failure,” Gilbertson said. The Code requires providers to give vulnerable consumers a no-cost way of calling 111 in a power cut, clearly communicate key information to consumers on their options, and accurately report their consumer engagement in relation to the Code to the Commerce Commission. “We’ll continue to monitor compliance with the Code and take action where needed to protect the interests of consumers,” Gilbertson said. One NZ was also ordered to contribute $100,000 towards the Commission’s costs. One NZ said customers that may be considered vulnerable under the 111 Contact Code can get in touch trough one of its channels listed on its website one.nz/vulnerable. Sun, 30 Nov 2025 21:33:10 Z /news/business/house-price-outlook-where-the-reserve-bank-sees-house-prices-going/ /news/business/house-price-outlook-where-the-reserve-bank-sees-house-prices-going/ The Reserve Bank is projecting a steady rise in house prices next year, but it doesn’t see prices returning to their 2021 peak within the next three years. Its forward projections have the Cotality House Price Index increasing consistently from next year through until least late 2028. However, by then it still expects the index to be about 3% below the record high reached in late 2021 at the very peak of the rapid Covid housing boom. The index rose about 36% between mid-2020 and late 2021, but then fell about 13% between early 2022 and early 2023. Prices have since gone through a period of small rises, a period of small falls, and another period of gradual small rises. The Reserve Bank’s latest Monetary Policy Statement notes recent price stability “could reflect weak population growth and elevated long-term interest rates”. It acknowledged “supply side reforms in the housing market, such as less restrictive zoning laws” may also be addressing housing demand. The statement also noted “upcoming reductions in mortgage loan-to-value ratio requirements are unlikely to have a material effect on house prices, especially with debt-to-income restrictions now in place”. Chief economist Paul Conway said the housing market appeared to have changed. “It’s too early to call it a structural change in the housing market, but there are some indications that that might have happened. “Changes of zoning rules in Auckland over the years may mean that we are getting residential investment becoming more responsive to changes in demand for houses. “If that is the case, we are less likely to see volatility in house prices and more likely to see changes in demand come through in changes in investment.” Outgoing governor Christian Hawkesby said house prices had been unsustainable but are now expected to rise more in line with rises in income. “That’s a good place to be in. It’s a world of a sustainable outlook, where house prices are near sustainable, and we’re expecting them to continue on that path.” In written commentary following Wednesday’s OCR decision, Cotality chief property economist Kelvin Davidson said he did not expect it to affect the housing market much. “More generally, given lower financing costs and the prospect of a stronger economy in 2026, there’s a solid case for thinking that property sales activity will continue to rise next year, which is also likely to lead to a degree of growth in house prices too.” Davidson said the rise projected by the Reserve Bank was a “modest lift by past standards, but consistent with the fact we now have debt to income ratio caps”. The Reserve Bank said the projections were conditional on a wide range of assumptions, are subject to significant uncertainty, and may change substantially over time. Michael Sergel is 九一星空无限talk ZB’s business reporter, covering the daily life of business and the business of daily life. He’s been covering business, politics, local government and consumer affairs for over a decade. Thu, 27 Nov 2025 16:00:04 Z /news/business/looking-up-recovery-taking-hold-as-business-confidence-hits-11-year-high/ /news/business/looking-up-recovery-taking-hold-as-business-confidence-hits-11-year-high/ Business confidence jumped another nine points from 58 to 67 in November, the highest level in 11 years, the ANZ Business Outlook survey for November shows. “Things are looking up!” said ANZ chief economist Sharon Zollner. “Out of a hole, admittedly,” she added. When interpreting questions about whether things will go up or down from here, the base effects (ie it can’t get worse) were important to consider. “But even so, something has clearly changed,” she said. Reported past activity (the best indicator of GDP in the survey) was looking much brighter for every sector except construction, though this was also off its lows. Reported past employment was also rising, off weaker levels. “Green shoots are looking well established,” Zollner said. “It is particularly encouraging that the improvement in sentiment is rooted in an improvement in experienced activity, not just hope. That provides a degree of reassurance that the lift will be sustained this time.” Inflation indicators were mixed: the net percentage of firms expecting to raise prices in the next three months lifted from 44% to 51%, the highest since March, but those expecting cost increases eased two points to 74%. One-year-ahead inflation expectations were steady at 2.7%. ANZ’s industry “heat map” showed a lot more rises than falls. Lifts were broad-based but by far most meaningful and consistent for manufacturing, Zollner said. “In level terms, construction past activity and employment are a weak spot but the latter did lift sharply, and leading indicators for construction such as consents, ANZ card spend at architects and Google searches for renovation terms are all lifting, suggesting the sector is turning the corner.” The regional breakdowns showed Wellington remained the weakest region in terms of both experienced and expected activity, but it didn’t miss out on the improvement this month. “The lift in past activity this month was broad-based regionally, but was particularly dramatic in Auckland and the South Island outside of Canterbury,” Zollner said. With the recovery under way and Consumer Price Index inflation at the top of the target band, ANZ was not expecting the Reserve Bank of New Zealand to cut the Official Cash Rate (OCR) again this cycle, barring unexpected developments, she said. The Reserve Bank yesterday cut the OCR by 25 basis points to 2.25% and has reduced the odds of another cut in February. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Heraldin 2003. Thu, 27 Nov 2025 01:01:02 Z /news/business/radio-ratings-newstalk-zb-rules-the-airwaves-the-breeze-tops-the-music-stations/ /news/business/radio-ratings-newstalk-zb-rules-the-airwaves-the-breeze-tops-the-music-stations/ 九一星空无限talk ZB has finished the year as the country’s leading commercial radio station, for the 17th year in a row, while The Breeze is New Zealand’s top music station.  Both 九一星空无限 and MediaWorks will take heart from the performance of several of their stations in the latest GFK radio ratings, released today.  九一星空无限’s 九一星空无限talk ZB - led by breakfast host Mike Hosking - retains its number one position, with a share of 14.8 - down 0.1 on the previous survey. MediaWorks’ The Breeze retains second spot with a share of 9.5 (+0.2).  MediaWorks music stations (The Rock, More FM, Magic/Breeze Classic, Mai and The Sound) hold the next five positions, followed by 九一星空无限’s Coast, The Hits and ZM rounding out the top 10.  Coast - which has undergone a music review and overhaul in recent months - has had the biggest jump in national share, up 0.9 to a share of 5.4afternoon. The Magic/Breeze Classic also enjoyed a rise, up 0.4 points to a national share of 6.8.  Jason Reeves, Toni Street and Sam Wallace host the breakfast show on Coast. Photo / 九一星空无限  In a relatively stable market, 九一星空无限’s ZM (-0.6) and MediaWorks’ More FM (-0.4) recorded the two biggest falls.  Of much interest will be the progress of RNZ, whose own ratings are released separately from the commercial networks next week.  The Breeze's Auckland breakfast hosts Robert Rakete and Jeanette Thomas.  Cumulative audiences fell for almost every radio station nationally. ZB was the only station to maintain an audience above 600,000 - at 603,600, it was down 16,400 listeners. The Breeze has 547,900 listeners, down from 558,400.  Hosking has a national breakfast audience of 424,300 - back slightly from 433,400 in the previous survey. Second-place The Breeze has a national breakfast audience of 287,500, up from 272,200.  Matt Heath and Tyler Adams have made strong inroads, nationally and in Auckland.  One of the standout performers for ZB is its 12pm-4pm afternoon show. Hosts Matt Heath and Tyler Adams are up 2.6 points in Auckland, to a share of 10.9, and from third to second place. They are now nipping at the heels of The Breeze, which has stayed stable on a share of 11.7. Nationally, the pair rose 0.7 points.  Meanwhile, 九一星空无限’s newest station, iHeartCountry, has debuted with 40,200 weekly listeners in Auckland, Wellington and Christchurch.  The Radio Bureau chief executive Alistair Jamison said: “Our linear audiences continue to show resilience and when combined with the incremental audiences that we know we are generating from our digital platforms, audio offers advertisers a powerful, cost-efficient audience on an ongoing basis.”  MediaWorks chief executive Wendy Palmer said audio continued to deliver strong results.  “Looking at annualised cumulative audiences across the three surveys in 2025, audio reached 3.410 million Kiwis on average each week this year.”  九一星空无限 chief executive Michael Boggs added: “2025 has been a strong year in terrestrial radio but also digital audio, with Infinite Dial showing the growing strength of local digital platforms. We’re particularly proud of iHeartRadio’s growth over the past two years. In 2025 we have seen ongoing investment and enhancement of both local platforms and as a result we expect to see digital audiences and advertiser support continuing to flourish in 2026.”  Thu, 27 Nov 2025 00:13:31 Z /news/business/reserve-bank-cuts-official-cash-rate-in-final-decision-of-2025-before-new-governor-begins/ /news/business/reserve-bank-cuts-official-cash-rate-in-final-decision-of-2025-before-new-governor-begins/ (function(n){function c(t,i){n[e](h,function(n){var r,u;if(n&&(r=n[n.message?"message":"data"]+"",r&&r.substr&&r.substr(0,3)==="nc:")&&(u=r.split(":"),u[1]===i))switch(u[2]){case"h":t.style.height=u[3]+"px";return;case"scrolltotop":t.scrollIntoView();return}},!1)}for(var t,u,f,i,s,e=n.addEventListener?"addEventListener":"attachEvent",h=e==="attachEvent"?"onmessage":"message",o=n.document.querySelectorAll(".live-center-embed"),r=0;r',c(t.firstChild,i)))})(window); Wed, 26 Nov 2025 00:41:07 Z /news/business/air-nz-ceo-says-a320-engine-issues-may-take-two-years-to-resolve/ /news/business/air-nz-ceo-says-a320-engine-issues-may-take-two-years-to-resolve/ Air New Zealand’s chief executive says next month’s planned cabin crew strike will impact customers but he hopes cancellations can be kept to a minimum. Nikhil Ravishankar also told Herald NOW the engine issues with Airbus A320 Pratt & Whitney engines would likely take 18-24 months to resolve. A need to check the PW1100G engines for microscopic cracks threw maintenance schedules for those engines into disarray. “I have a high level of trust that they are on top of what they have to do to fix that,” Ravishankar’s predecessor Greg Foran said of Pratt & Whitney earlier this year. The issues affect Airbus A320 and A321neo aircraft. The airline has 34 of the narrowbody jets in its fleet. Ravishankar also responded to Bruce Cotterill, who said the airline had reliability issues and the leadership team had to improve customer experiences. “Perception is reality. And we have to deal with that perception,” Ravishankar said today. He said frontline staff were already empowered to use common sense and show initiative to look after customers. “Within guardrails, they’ve got the right to make sure that customers are taken care of.” In some situations that meant frontline staff could change flights, he said. Ravishankar said about 2% of the airline’s roughly 170,000 flights a year involved “controllable cancellations”. Those involved engine issues, aircraft issues or crew issues. He said a world-class rating in this area was 1%. “So we have to halve that before we are very proud internally about where we are.” He said aviation engineering staff issues were being addressed but issues lingered with spare parts, and the global aviation supply chain was stretched. Ravishankar said he’d been in touch with previous Air New Zealand chief executives. He added: “It’s been one hell of a five-week period for me in my new role. And one of the things that makes it possible to do a job like this is the support of your team.” He said he wanted Air New Zealand to be the “world’s best little airline from the best little country in the world”. He said the airline was well-respected around the world. On fares, he said the airline had faced high inflation. He said the airline was trying to control costs where possible, and elsewhere trying to influence change. Airline costs include airport landing charges and levies from air traffic control and aviation security. An Air New Zealand Airbus A320. Photo / 123RF Ravishankar today also addressed possible strike action. Of next month’s planned cabin crew strike, he hoped cancellations could be kept to a minimum. “We’re doing everything we can to avoid strike action. We’re meeting again with the unions this week,” he said. “I’m still hopeful that it won’t get there but if we did go down that path, we’ve got teams working very hard to make sure that customer disruptions are kept to a minimum.” He said most cabin crew were union members. “We are looking at options of how we deal with the strike option on a progressive basis. We think we can work hard to keep disruptions to a minimum. That said, we will have to cancel flights but we will reaccommodate customers.” He said flight attendants were paid about $58,000 to $85,000 a year. “It’s a job that is quite unique. So there are a lot of non-base allowances as well.” Sun, 23 Nov 2025 23:05:06 Z /news/business/building-a-new-home-govt-says-you-will-need-to-buy-a-warranty/ /news/business/building-a-new-home-govt-says-you-will-need-to-buy-a-warranty/ Those who get new homes built or do major renovations are soon going to be required to buy warranties on the building work. Building and Construction Minister Chris Penk is changing who is liable for defective building work under an overhaul of the Building Act. For decades, all parties involved in a build have been jointly liable for problems. If one can’t pay, whoever is still standing – usually the local council – picks up the tab. Under the proposed change, those responsible pay their share only. The challenge is that the new regime effectively shifts liability on to those in the building industry, whose pockets aren’t as deep as local councils’. So, to avoid a builder being unable to compensate a home owner for playing their part in a defective build, the Government is going to require all building work to be covered by a warranty. Currently only about 46% of new builds are covered by a home defects warranty, such as those offered by Master Builders, Certified Builders and Stamford Insurance. The cost is usually the equivalent of spending between $120 and $275 per year over the warranty’s 10-year term. “The benefits of a home warranty scheme for those planning to build a house or carry out major renovations are significant. For around half a per cent of the total build cost, home owners are protected against defects after the build is finished,” Penk said. “Home warranty schemes are already widely available across New Zealand, and the sector has assured me it can scale to meet new demand, allowing consumers to shop around to find coverage best suited to their build.” Warranty providers will need to register with the Ministry of Business, Innovation and Employment (MBIE). All home warranty providers will be required to register with the MBIE. Providers will need to demonstrate they can meet actuarial and operational requirements and stand by their claims for a 10-year period, verified through an independent audit. Unlike insurance companies, these providers won’t need to meet capital requirements set out by the Reserve Bank. Because builders aren’t the only ones who could be culpable for a defective build, the Government is also going to require architects, engineers and other professionals to hold professional indemnity insurance. This way, if they are liable for a problem, they can use their insurance cover to pay for the claim. About 90% of designers and engineers in New Zealand already have professional indemnity insurance. Again, the idea behind making professional indemnity insurance and building warranties compulsory is to ensure the tradesperson, or professional or whoever is culpable for defective work, can access the funds required to compensate the home owner. Under the current “joint and several liability” regime, builders can shut up shop and pawn off the liability to someone involved in the build who has deeper pockets – ie the local council that consented the build. For the new “proportional liability” regime to work, home owners need to have confidence that whoever is responsible for defective work can pay for it. To further strengthen the system, the Government is increasing the penalties builders can face for failing to comply with the Building Act. It will also introduce new offence under the act. Penk said: “Together, these measures provide strong protections that underpin building system reforms, safeguard building owners, boost consent productivity, enforce accountability, and make building faster, easier and more affordable.” Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Sun, 23 Nov 2025 22:54:33 Z /news/business/genesis-gives-green-light-to-236m-bay-of-plenty-solar-project/ /news/business/genesis-gives-green-light-to-236m-bay-of-plenty-solar-project/ Genesis Energy has pushed “go” on its $236 million Edgecumbe Solar Farm project in the Bay of Plenty, which is expected to start generating enough power for around 29,800 homes by the second half of its 2027 financial year. The generator-retailer said reaching its final investment decision (FID) for the project marked a significant milestone in the delivery of its “Gen35″ renewable energy strategy. The Edgecumbe Solar Farm will have a capacity to generate about 238 gigawatt hours (GWh) annually. Construction is expected to start shortly. Horizon Networks has been appointed for the design and construction of the overhead line connecting the site to the national grid. Global industrial and energy company Metlen, through its Renewables and Energy Transition Platform Sector, has been hired for the engineering, procurement and construction of the farm. Genesis said the Edgecumbe project would initially be funded from its own balance sheet. Following commissioning, Genesis remained open to opportunities for “capital recycling” or bringing other parties in to the mix. “This aligns with the three approaches to capital management already announced: by investing directly from its own balance sheet, using third-party capital with joint ventures and power purchase agreements to indirectly leverage third-party capital. “These capital management options enable Genesis to deploy capital efficiently while maintaining our BBB+ credit rating and financial flexibility for future Gen35 [renewable energy] investments,” the company said. Genesis said the project would enhance the value of its three hydro generation sites and battery storage investments, by providing flexible, renewable energy to meet growing demand. It would also further displace gas generation, particularly over the summer months. The decision to proceed with Edgecumbe follows Genesis’ announcement in October that it would proceed with a solar farm at Rangiriri, near Huntly, which is expected to be completed by the second or third quarter of its 2026 financial year. NZX-listed Genesis is 51% owned by the government. Sun, 23 Nov 2025 22:35:13 Z /news/business/%C4%81repa-ceo-looks-back-on-the-companys-rise-and-fall/ /news/business/%C4%81repa-ceo-looks-back-on-the-companys-rise-and-fall/ Ārepa’s had a spectacular rise - and a significant fall before it picked up again. And founder Angus Brown has also been on a big personal journey of his own.  After losing loved ones to cognitive-related conditions, Brown told Kerre Woodham on the Bosses Unfiltered podcast that he wanted to develop a solution - a drink that was significantly healthier than the usual sugar-packed energy drinks.   “I started to think - why can’t we make something that’s natural, that’s good for you, that doesn’t contain caffeine? And could we work with a neuroscientist to develop it, so that when we put it through a clinical study, we could show that it actually had a benefit to the brain? And then if they consumed that regularly, could it make their brain work better?” It was a compelling concept, but it took a while to get off the ground. After a few rejections and some failed projects, Brown managed to meet with a neuroscience expert based in Australia to develop a drink designed to match his vision. “The goal for our business is that we want to make brains work better through science-backed nutrition and that if we can push out a healthier brain for longer, then there’s less economic burden later on in life… it took a while for him to be convinced that he should work with Angus Brown from Hawke’s Bay.” The new formula utilised two locally-sourced key ingredients- pine bark extract and a specially-produced type of blackcurrant, dubbed ‘neuroberry’. Once Brown’s team managed to get the flavour right, the product was ready to be taken out for testing. Brown revealed that he was committed to investing in the drink’s future, despite the significant cost. “A clinical study could cost anywhere from $80,000 to $1.5 million. But from the foundation of the business, we wanted to invest more in the science upfront than whatever we could afford later on marketing because we think the science is more defensible if we can actually show something.” After more tests, the new and improved Ārepa started generating some buzz, and even the All Blacks got involved. Things were going well, sales were growing, and positive headlines kept coming. But then things began to turn and competitors started to raise concerns. “We had a journalist come knocking on our door to say - hey, we hear that you’re going to get a letter from MPI soon. And we’re going - what letter from MPI, we don’t really know what’s going on here? And then we had MPI touch base with us to say - we’re going to issue you a notification. Turns out, a whole bunch of competitors had complained about our science communication.” Ārepa had to update its website and associated platforms to clarify that the earlier scientific claims were unsubstantiated. This story spread over to TVNZ and the New Zealand Herald, but Brown clarified to Kerre that the snafu wasn’t as straightforward as it appeared. “There was a whole piece on us that was already prepped…and TVNZ had brought in an ‘expert scientist’ to comment and they chose the scientist that we had worked with on our old formula that didn’t work to comment on our research. And he was not aware of what we had coming through the pipeline.” The mistake impacted Ārepa and cost them millions in lost revenue, and Brown revealed he and his team never got the chance to get on air and have their say. Things were later corrected, but the ship had sailed on Ārepa’s reputation. “We didn’t know what we could or couldn’t say and I was so scared that if we spoke truly about the science and really defended ourselves publicly that MPI would say - no, you’re in even more trouble and pull the products off the shelves. Which would have resulted in even more of a revenue decline for us.” Sales are going strong to this day, even if Brown admits they’re ‘haunted’ by this incident. Luckily, he revealed to Kerre he’s still feeling optimistic about the future ahead.  “We still have really interesting opportunities abroad, we’re still here and we believe we can grow. We’ve just launched a brand new product and we plan to launch new products, we’re going out to retailers. So it’s been a two-year comeback plan.”   Sun, 23 Nov 2025 01:42:28 Z /news/business/the-kiwisaver-members-wiping-out-their-balances/ /news/business/the-kiwisaver-members-wiping-out-their-balances/ By Susan Edmunds of RNZ As many as 30% of people who are making withdrawals from their KiwiSaver funds for hardship reasons are taking all of their available money. Hardship withdrawals have increased substantially in recent years as cost-of-living pressures have hit households. It was raised as a concern by Retirement Commissioner Jane Wrightson in her latest three-yearly review of retirement income policy. In the year to June, 45,000 people accessed their KiwiSaver funds early because of financial hardship, compared with about 18,000 five years ago. The average withdrawal was about $10,000. Wrightson said it could have a lasting effect on a person’s retirement outcomes. “In some cases, the funds do not resolve the underlying financial problem, and hardship continues. Repeat withdrawals are becoming more common, with many members returning for additional funds after the initial 13-week relief period, sometimes depleting their entire balance.” She said it could particularly be a problem for low-income earners who might already face barriers to contributing to KiwiSaver regularly. Pie Funds chief executive Ana-Marie Lockyer said it was not uncommon for people to withdraw their full KiwiSaver balance. Some 30% of KiwiSaver hardship withdrawals involve taking all available funds. Photo / 123rf She said this was the case for about 30% of withdrawals. “This typically occurs when their assessed needs – such as 13 weeks of living expenses or essential one-off costs like a car needed to get to work – exceed the total balance in their account. In these situations, the total KiwiSaver balances involved are usually on the lower side. “It’s important to note that KiwiSaver providers are not the decision-makers in hardship applications. The assessment is carried out independently by the scheme’s licensed supervisor, who applies strict legislative criteria. “There is often a misconception among members that hardship automatically allows them to withdraw all of their savings, but that is not always the case. The supervisor determines the amount that can be withdrawn based solely on demonstrated financial need.” A spokesperson for Generate said people could not withdraw the $1000 kickstart payment, if they got it, or government contributions, which meant there was always something left. “We find even after a full withdrawal of all allowable funds, there are investment gains on the remaining balance so we have a handful of people who come back for those every few months.” She said the amount withdrawn would be determined by Public Trust as the supervisor based on the evidence the member provided about their financial situation. “Public Trust will look at the evidence and decide on an amount that will allow the member to subsist for 13 weeks. If the members need more funds after that, they can reapply.” At Koura, founder Rupert Carlyon said most people would try to get it all. “But most won’t get it all, they don’t understand that we can only pay out 13 weeks of bare minimum living costs. That is often when we get the second and third withdrawals as they keep coming back.” ANZ said one in five people who withdrew money in the past 12 months would make more than one request. – RNZ Tue, 18 Nov 2025 02:09:39 Z /news/business/uber-drivers-win-battle-for-employee-status-in-landmark-supreme-court-case/ /news/business/uber-drivers-win-battle-for-employee-status-in-landmark-supreme-court-case/ Four drivers have won their battle against Uber to be treated as employees rather than contractors. The Supreme Court has rejected Uber’s bid for the court to overturn a 2024 Court of Appeal ruling that found the drivers were employees. The multinational ride-sharing company did not believe it needed to give drivers the rights afforded to employees, such as the minimum wage, leave entitlements and KiwiSaver contributions. It argued the flexibility enjoyed by drivers, who can choose their hours, work for competitors, control their expenses and maximise incentives offered by Uber, made them contractors. The contractor model is fundamental to Uber’s business. However, all five Supreme Court judges who heard Uber’s appeal in July, ruled the drivers were really employees. Three agreed with the rationale of the Court of Appeal and Employment Court; two arrived at this conclusion for other reasons. The ruling technically only applies to the four drivers, represented in court by E tū and First Union. The way it affects other Uber drivers in New Zealand is yet to be seen. The ruling could influence the way the law is applied to those in the gig economy in the future. Confusion over the distinction had prompted the Government to change the law to codify how what constitutes being an “employee” versus a “contractor” is applied. It is proposing to classify a worker as a contractor when there is a written agreement that specifies the worker: is an independent contractor. is not restricted from working for others. is not required to be available to work certain times or days or for a minimum period. is able to sub-contract the work; and the business does not terminate the arrangement for not accepting an additional task. The Employment Relations Amendment Bill had its first reading in Parliament in June. Members of the Education and Workforce select committee have considered public submissions on it, and will publish a report on it before Christmas. The Supreme Court considered Uber’s case under the existing law. More to come. Jenée Tibshraeny is the Herald’s Wellington business editor, based in the Parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Mon, 17 Nov 2025 02:05:27 Z /news/business/the-warehouse-to-slash-head-office-costs-in-major-cost-reset-plan/ /news/business/the-warehouse-to-slash-head-office-costs-in-major-cost-reset-plan/ Continued margin pressure and an unsustainable cost base has led The Warehouse Group to implement a comprehensive cost reset programme, something which could see head office roles slashed to save costs. Chief executive Mark Stirton said the group’s shareholders expect decisive action, and that’s what he plans to deliver. “Our strategy is twofold: reducing costs now to recover profitability, while continuing to invest in the areas that will strengthen The Warehouse Group for the long term, like our stores, prices and product range. “These are difficult decisions, and we do not take proposed changes that impact our people lightly. We know the effect this has on our team and their families, especially in the current economy, and we are committed to supporting our people through the upcoming consultation and change processes with care and respect over the coming months.” The Warehouse Group chief executive Mark Stirton is launching a comprehensive cost reset programme that could affect a number of jobs. The programme will focus on continuing to drive down the CODB across the business, with a proposed restructure of head office roles without reducing front line team member roles. A spokeswoman for The Warehouse Group could not confirm any details as to how many roles could be affected. “As this is a proposal and we are entering a consultation process with our teams, we are not able to confirm any details at this stage. Our priority is to work through this carefully and support our people with care and respect throughout the process,” she said. The business is also pursuing opportunities to expand its partnership with Tata Consultancy Services and potentially co-sourcing additional areas of the business. The group partnered with Tata Consultancy Services to support its digital transformation, estimating the partnership would reduce costs for licences and managed services by up to $40m over five years. The Warehouse Group has previously signalled its intent to reduce its cost of doing business (CODB) to below 31% of sales. The group’s CODB increased 0.2% to $993.8 million according to its 2025 annual report, although it decreased 40 basis points as a percentage of sales from 32.6% in FY24 to 32.2% in FY25. For the business to reduce its CODB from 32.2% to 31% and below, it would need to reduce costs by roughly $30m. “These changes are unfortunately essential to ensure our operating model is fit for purpose and to secure the future of The Warehouse Group as New Zealand’s leading value retailer,” Stirton added. First quarter updateWith the announcement of its cost reset programme, the group shared its first quarter results for the 2026 financial year, reporting a 0.9% increase in group sales to $674.1m over the first 13 weeks. The group reported positive sales growth across all three brands, with The Warehouse sales lifting 0.7% to $389m compared to the same period last year, Warehouse Stationery up 2.6% to $52.2m and Noel Leeming up 0.7% to $230.7m. Group like-for-like same-store foot traffic increased by 0.2%, and conversion improved 30 basis points to 58.4% with units sold up 2.6%. However, average selling prices declined by 2.4% because of the highly promotional retail environment, changing sales mix as grocery continues to grow, and ongoing clearance activity. Gross profit margins at The Warehouse also remain under pressure, with the group gross profit margin down 40 basis points in the year to date compared to the same period last year. Online sales have also grown, lifting by 8.2% compared to the prior corresponding period and now comprise 7% of total sales in FY26 Q1 compared to 6.5% in FY25 Q1, driven by particularly strong online sales growth in Noel Leeming. “Sales revenue and units sold are up, which is an encouraging sign. However, we’re not yet seeing the scale of full price home and apparel sales needed to materially improve margin performance at The Warehouse.” “There are encouraging signs our new product ranges and in-store experience are resonating with customers. Trading conditions remain challenging, and we are doubling down on our efforts to improve gross profit margins and reduce Cost of Doing Business (CODB) in order to help improve profitability.” The Warehouse Group will hold its annual shareholder meeting on November 28. Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism. Sun, 16 Nov 2025 21:17:39 Z /news/business/retailers-adopting-artificial-intelligence-to-compete-against-global-giants/ /news/business/retailers-adopting-artificial-intelligence-to-compete-against-global-giants/ Many New Zealand retailers are adopting artificial intelligence to remain competitive against global shopping websites, but retail leaders still want humans serving customers. A survey of 250 New Zealand retail decision-makers, commissioned by software company Monday.com, has found most respondents used AI in at least some part of their business. However, the vast majority of respondents didn’t trust AI to manage the entire customer service experience without any human involvement. Electronic card data from Stats NZ shows spending at local retailers hasn’t been keeping pace with inflation and is being mostly driven by higher food and grocery prices. New Zealanders are spending more on online shopping websites like Temu, Shein and Amazon, with spending far more on foreign shopping websites than they were before the Covid pandemic. The survey showed leaders of larger local retailers saw AI as helping level remain more competitive against global giants. Smaller operators had more reservations about the value of the AI for their business and their ability to keep up with changing technology. Monday.com Senior Industry Lead Gavin Watson said retailers are trialling the use of AI for specific primarily administrative tasks. “What they want to do is actually test and learn, and then actually figure out where it’s going to have the best impact in terms of bottom lines and efficiencies without impacting the customer experience,” he said. “Retailers who may only have one employee at a store level bring information directly to the front when they’re answering customer questions. That may be around product ingredients.” Fashion and e-commerce businesses reported using AI more for customer support and managing stock, furniture and homeware stores used it more for product recommendations, and food and beverage sellers were most likely to use it for sales assistance and inventory. Nutrition Warehouse chief operating officer Duncan McHugh said it used AI tools for e-commerce, HR, marketing campaigns, internal communications, and other back-office functions. He said the company was also trialling internal chatbots for store staff to compare products and answer customer questions quickly and accurately but was careful not to have AI directly interacting with customers. “Complex formulas, allergens, and supplement claims need human oversight. So, while AI speeds up research and training, any advice we give is still checked by our qualified team before it reaches shoppers.” Sun, 16 Nov 2025 16:00:04 Z /news/business/angus-simms-unveils-inspiration-behind-wonky-box/ /news/business/angus-simms-unveils-inspiration-behind-wonky-box/ New Zealand produces a lot of food - leaving a lot of waste in return. Fruit and vegetables are often thrown on the scrap heap because they don’t look right, which contributes to our nation’s ever-expanding waste issues.  Enter Wonky Box, the subscription-based service founded by Angus Simms and his partner, Katie Jackson. The company was founded in 2021 and has expanded faster than expected. “There were plenty of surprises along the way, we initially set ourselves up to create something that was very purposeful and sustainable.” Wonky Box has since exploded in popularity, having rescued millions of kilos of fresh produce from being thrown out. Simms revealed to Kerre Woodham on the Bosses Unfiltered podcast that the company’s origin story may feel cliched, but money was starting to run low since the pair moved back to New Zealand. “We were in the start of summer at that point, and we thought, let’s go do some picking, let’s go do some harvest prep and things like that, things we never really thought we would get stuck into…a somewhat carefree job and still living that lifestyle in our van. And that’s where we were exposed to the issue.” Simms observed that some companies had tried to utilise their rejected produce - like with Woolworths’ The Odd Bunch - but no one had tried to reach out to the home delivery space. He revealed to Kerre he wanted to ensure the product was accessible to all Kiwis, not just the ones who wandered into the right supermarket. Subscription services had seen a boom over the Covid-19 pandemic, so it was an easy niche to fill.  “You talk to any business owner - online business, that is - around that period, and there was definitely a huge spike and some great momentum off the back of Covid in terms of interest and people purchasing products, especially in food as well. So with food being a basic need and people being forced to stay at home, it was a case of: right, we’re going to have to fundamentally do a lot of our food shopping online.” That lockdown period was nearly four years ago, and since then, Wonky Box has seen significant growth and become a nationwide business. Simms revealed he reached out to growers across the country to set up deliveries across both the North and South islands. “It started off as consumer-led, because in the early days, it was very challenging for us to often convince the growers that there was an appetite for this product. For years, decades, growers had been throwing a lot of this product out or were finding it very challenging to find a home for this product. Whereas now, I think we were trying to push it so hard in the eyes of the consumers, who were very adoptable, and they were taking it on board…I think it initially shocked a lot of growers.” Over the years, Wonky Box has expanded and brought in packers and couriers to get the product out to Kiwis. Simms told Kerre that the company kept a lean structure, but all their staff are driven by the mission, every day.  “The number one rule for Katie and I when we’re making a key hire is - we know where, in the business, someone needs to be, we know what they need to do and ultimately, can we trust that they’re going to do an even better job than we’re going to be able to do. That’s been our mantra.” Wonky Box has since expanded into meat and cheese too, and it recently launched its Good Groceries by Wonky service - a grocery concept designed to give Kiwi shoppers ethically and responsibly sourced food staples. But Simms revealed he doesn’t plan to stop there. “Not just in the farming space, the horticultural space, but potentially into the pantry, and now, obviously into the floral culture and things like that. For us, there’s no real end goal, we’re just hustling day to day, week to week at the moment, trying to do more, trying to do better.”  LISTEN ABOVE Sun, 16 Nov 2025 01:34:16 Z /news/business/us-jury-boeing-owes-503m-to-family-of-ethiopian-airlines-crash-victim/ /news/business/us-jury-boeing-owes-503m-to-family-of-ethiopian-airlines-crash-victim/ A United States jury in the first civil trial over a fatal Boeing 737 Max crash determined today that the aircraft manufacturing giant owes US$28.45 million ($50.3m) to the family of a newlywed Indian victim. The case involves the survivors of Shikha Garg of New Delhi, who died in the March 2019 Ethiopian Airlines crash, one of two fatal Max crashes that together claimed 346 lives. After about two hours of deliberation, a jury in a federal court in Chicago returned with an award that included US$10m for grief, US$10m for Garg’s pain and suffering, and other compensation. “We happily accept the verdict. We came here for a jury trial and it’s absolutely acceptable,” Garg’s widower, Soumya Bhattacharya, told AFP. Boeing expressed regret about the deadly accidents. “We are deeply sorry to all who lost loved ones on Lion Air Flight 610 and Ethiopian Airlines Flight 302,” a Boeing spokesperson said. “While we have resolved the vast majority of these claims through settlements, families are also entitled to pursue their claims through damages trials in court, and we respect their right to do so.” Lawyers representing Bhattacharya had argued the estate should receive between US$80-$230m, while Boeing’s counsel had proposed US$11.95m. The lawsuits stem from the March 10, 2019 flight that crashed six minutes after departing Addis Ababa for Nairobi, killing all 157 people on board. Garg’s was the first case to go to trial after Boeing reached dozens of other civil settlements in cases brought by family members from the Ethiopian Airlines crash and from the Lion Air 737 Max crash in 2018. Boeing had accepted responsibility for the Ethiopian Airlines crash and acknowledged the need to pay damages to Garg’s survivors. But the trial weighed the sum, with Boeing’s lawyer contesting testimony from a plaintiff witness on the extent that Garg suffered prior to dying. During this closing argument, Boeing lawyer Dan Webb stressed the company’s remorse, turning to Bhattacharya to express Boeing’s apology in court. Webb also told the jury that they must decide on one issue: a fair and reasonable amount of damages. Boeing expressed regret and acknowledged responsibility, emphasising the trial was solely about fair compensation. Photo / Getty Images He added that the jury must not base their decision on sympathy, echoing trial instructions from Judge Jorge Alonso. “This trial for example does not involve damages punishing Boeing, this trial only has to do with compensation,” Webb said. “There is nothing in this case to punish Boeing and yet when I sat here and heard Mr Specter asking for US$80 to US$230 million, that’s not fair and reasonable compensation. He is asking to punish Boeing.” Garg had been a consultant for the United Nations Development Programme and had been travelling to Nairobi for a UN Environment Assembly. She married three months earlier and had planned to travel with her husband, who cancelled his flight at the last minute because of a meeting. In a closing statement, the plaintiffs’ lawyer Shanin Specter emphasised the loss of Garg’s potential when she died. He touched on Bhattacharya’s comments on the witness stand, when he described his late wife as a “brilliant” young professional studying renewable energy. “Part of Soumya’s grief is knowing that he doesn’t get to see her do that,” Specter said. “He doesn’t get to share that with her.” -Agence France-Presse Thu, 13 Nov 2025 01:55:11 Z /news/business/reserve-bank-building-in-wellington-closes-temporarily-due-to-asbestos-bank-s-operations-unaffected-as-staff-work-from-home/ /news/business/reserve-bank-building-in-wellington-closes-temporarily-due-to-asbestos-bank-s-operations-unaffected-as-staff-work-from-home/ The Reserve Bank has confirmed its central Wellington building has been closed since last Friday, and might not reopen for nearly a fortnight, due to asbestos. The building, at 2 The Terrace, is known to urgently need refurbishing due to “encapsulated asbestos”. However, a routine building-wide survey done last Thursday found “isolated disturbance of asbestos”. The Reserve Bank said the area was contained. But coincidentally, a magnitude 4.9 earthquake closed the building that evening, as air quality monitoring had to be done. “Assurance testing has since been completed, however, the building needs to remain closed while the asbestos disturbance is remediated, as fire sprinkler systems on a key emergency exit floor need to be deactivated,” the Reserve Bank said. “The health and safety of our staff and tenants is a priority. Therefore, the building has been closed while remediation works take place, which could take until November 24.” While Wellington staff are now working from home, the central bank didn’t expect the disruption to impact its services. Planning has been under way to refurbish the building, which is in the vicinity of underground maximum-security cash vaults that also need refurbishing. The Reserve Bank has been warning ministers of the need to upgrade the vaults and cash processing system – deemed to be infrastructure of “national significance” - for more than a decade. The asbestos is an added complication to the project. This isn’t the first time asbestos has caused a temporary closure of the building. Construction to refurbish the vaults is expected to begin next year, while construction to fix the building is due to start in 2028. The cost associated with the work hasn’t been disclosed. It isn’t included in the five-yearly funding agreement the Reserve Bank has with the Government which says the costs will be covered separately. The Reserve Bank made headlines this week, when the Herald revealed the astronomic cost of its new office in Britomart, Auckland. Finance Minister Nicola Willis gave it a hurry-up to sublet space in the building, made vacant due to the bank cutting staff as its 2025-30 funding agreement was smaller than it hoped. Jenée Tibshraeny is the Herald’s Wellington Business Editor, based in the Parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Wed, 12 Nov 2025 02:40:07 Z /news/business/asb-faces-new-commerce-commission-court-action-over-lending-law-breaches/ /news/business/asb-faces-new-commerce-commission-court-action-over-lending-law-breaches/ The Commerce Commission is preparing to file proceedings in the High Court against ASB for alleged breaches of lending laws. The Commission said the alleged breaches relate to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) in connection with the provision of overdrafts and debt collection overpayments. The Herald has contacted ASB for comment. This is the latest in a string of issues ASB has had with regulators in the past few years. The bank entered a settlement with the Commerce Commission in 2021 and repaid over $8 million to some borrowers because they breached loan disclosure laws. Borrowers brought a class action lawsuit against ASB because of this and they settled for more than $135m in October this year. The bank also faced legal action from the Financial Markets Authority (FMA) for allegedly failing to apply multi-policy discounts to some customers who bought insurance from them. ASB apologised and acknowledged mistakes alongside making refunds to some customers, but the case continues in the High Court. Insurer IAG, which provides home insurance sold through the bank, was fined almost $20m at the High Court in October for overcharging customers and making mistakes in calculating government levies. ASB is also being investigated by the commission for self-reported financial breaches of lending laws. Wed, 12 Nov 2025 02:33:50 Z /news/business/new-zealand-s-second-giant-costco-wholesale-to-be-built-at-drury/ /news/business/new-zealand-s-second-giant-costco-wholesale-to-be-built-at-drury/ New Zealand’s second giant Costco Wholesale shop will be built at South Auckland’s Drury, it has been confirmed.  Kiwi Property chief executive Clive Mackenzie and Costco country manager Chris Tingman made a joint statement about a conditional land deal.  “Kiwi Property has reached a conditional agreement with Costco Wholesale to sell the retailer 6.4ha of land at its new Drury development, paving the way for New Zealand’s second Costco store,” they said.  Kiwi is spending hundreds of millions on a new town centre at Drury, where the American-headquartered retailer is to be its trump card after the same NZX-listed entity brough Ikea here, to open on December 4.  Mackenzie referred to the success of Costco opening at Westgate on September 28, 2022.  “Costco has been a hit with Kiwi consumers since it opened its first store in Auckland and we’re pleased to be working with them on this exciting opportunity to bring Costco further south,” Mackenzie said.  Drury is to be the site of the giant American wholesale store's second New Zealand outlet.  Tingman referred to Waikato and areas south of Auckland, where Costco’s customers live but are now travelling to Westgate at Massey in the northwest.  “We are very excited to be entering into this agreement with Kiwi Property in a location as great as Drury,” he said.  “While still subject to planning and corporate approvals, our aim is to introduce our unique high-quality, low-cost merchandise to Drury, serving our significant membership base in the south of Auckland as well as Hamilton and the Waikato region.”  David Schwartfeger and Clive Mackenzie at Drury in 2023 when earthworks were under way. Photo / Michael Craig  Kiwi has a 53ha site where it started earthworks in October 2022, ready for a new town hub to be created with two other developers: Oyster Capital and Fulton Hogan.  That is to be a city the size of Napier within Auckland’s boundaries.  Costco is buying a site at the southern end of Kiwi’s land, adjacent to State Highway 1.  Last week, RMA Reform Minister Chris Bishop welcomed the Kiwi Drury metropolitan centre project winning fast-track approval.  An expert panel approved Kiwi Property Holdings’ application in April for the development.  Fans already tipped Drury as Costco Wholesale's second site, beating Christchurch. Image / 九一星空无限  “The development is projected to inject over $1.45 billion into Auckland’s economy over the next 11 years and is expected to deliver around 3420 fulltime direct employment roles in construction and related services,” Bishop said on Friday.  The 14,000sq m Costco Wholesale Westgate is on land sold by Mark Gunton’s New Zealand Retail Property Group.  Kiwi is expected to say more at its November 24 interim result.  Drury East – what is it?  Kiwi Property Group, New Zealand’s largest listed developer, owns 53.5ha of a wider 330ha  Plans are 20 to 25 years away from being fulfilled  New city the size of Napier is planned for 330ha by Kiwi Property, Fulton Hogan and Oyster Capital  Kiwi is most advanced: consented earthworks began October 2022  Ex-dairy land is Kiwi’s focus  Plans are for a new town, offices and large-format retail  Area may also include three schools and a hospital, depending on Government decisions  Last Friday: won fast-track consent for stage 1 and 2 of town centre  Today: Costco Wholesale says it will buy 6.4ha of Kiwi’s site  Deal is subject to planning and corporate approvals.  Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.  Wed, 12 Nov 2025 00:00:50 Z /news/business/trump-threatens-air-traffic-controllers-over-shutdown-absences/ /news/business/trump-threatens-air-traffic-controllers-over-shutdown-absences/ An additional 2000 US flights were cancelled on Monday as President Donald Trump threatened to dock pay for air traffic controllers who called in sick during the Government shutdown. After Trump ripped absent aviation workers as unpatriotic, the National Air Traffic Controllers Association (NATCA) labour union hailed members working without pay as “unsung heroes” in a statement that called for Congress to immediately end the shutdown. “Enough is enough,” the union said. The back-and-forth highlights the mounting strain on the aviation industry as the record-breaking shutdown hit day 41, though a compromise bill advancing in Congress was raising hopes of an imminent resolution. The air traffic control system was already under strain prior to the shutdown because of understaffing, and is facing a surge in passengers with upcoming Thanksgiving holiday travel. Besides more than 2000 cancellations, some 7100 flights involving US airports were delayed Monday, according to tracking website FlightAware. The Trump administration last week ordered 10% reductions in flights at dozens of airports, including some of the nation’s busiest, because of “staffing triggers”. Trump took to social media on Monday to threaten that controllers who do not return to work “will be substantially ‘docked’.” “All Air Traffic Controllers must get back to work, NOW!!!” he demanded on his Truth Social platform. Trump said he was recommending a bonus of $10,000 to the “GREAT PATRIOTS” who did not take time off during the shutdown. His statement was posted just as the air traffic controller union was concluding a press conference, timed to the second consecutive zero-dollar paycheck for its members. Union president Nick Daniels called an emerging deal in Congress a “right step in the right direction”. “Air traffic controllers should not be the political pawn during a government shutdown,” said Daniels, who has spoken in increasingly dire terms since federal funding first lapsed on October 1. A Natca statement released later Monday, following Trump’s social media threat, said controllers “deserve our praise”. “This nation’s air traffic controllers have been working without pay for over 40 days,” the union said. “The vast majority of these highly trained and skilled professionals continue to perform one of the most stressful and demanding jobs in the world, despite not being compensated. Many are working six-day weeks and ten-hour days without any pay.” Democratic Congressman Rick Larsen called Trump’s comments “nuts”. “The women and men working long hours in air traffic control towers to keep the aviation system running deserve our thanks and appreciation, not unhinged attacks on their patriotism,” said the Democrat from Washington state. Working two jobs Prospects for a resolution to the longest shutdown in US history looked brighter on Monday, after enough Democrats in the US Senate joined Republicans to advance a Bill to fund the Government through January. However, Daniels noted that after a lengthy shutdown in 2019 it took two and a half months for all controllers to receive back pay. Meanwhile, “January 30 will loom around the corner,” he added, alluding to uncertainty about what will happen after the next spending bill expires. Daniels was joined at the event by Amy Lark, who works at an air traffic facility in Virginia. Her family is having to make do without two paychecks, because Lark’s husband also works for the agency. “Yesterday, my kids asked me how long we could stay in our house. Having to answer that question was heartbreaking,” said Lark. She also described increased stress at work because of colleagues who have been up late working as an Uber driver or another job, while others face trouble paying for childcare. The cutbacks are also forcing travellers to adapt. “It’s a little crazy this morning,” said Jack Nicks at Miami International Airport, who said he double-checked to make sure his flight would be ready for take-off. “I have other friends that are flying today. They’ve already had three flight changes. So it’s a little rough.” - Agence France-Presse Tue, 11 Nov 2025 00:42:48 Z /news/business/comvita-s-cornerstone-shareholder-backs-florenz-bid/ /news/business/comvita-s-cornerstone-shareholder-backs-florenz-bid/ Comvita’s cornerstone shareholder has come out strongly in favour of a bid from Florenz and says a rival offer may damage the mānuka honey exporter’s brand. Florenz – a unit of Christchurch-based Masthead, the investment vehicle of the Stewart family – is offering 80c a share via a scheme of arrangement, valuing the former high flyer at $56 million. Comvita shares were trading at 78c this morning. Added to the mix is a possible challenge to the scheme from co-founder and 3.36% shareholder Alan Bougen, who is leading a group to form a competing bid which, so far, has been light on detail. A scheme-of-arrangement meeting for the Florenz offer is scheduled for this Friday. The cornerstone shareholder, Li Wang, said her family were long-term supporters of Comvita, having established the market in China for the company. The takeover tangle comes as the mānuka honey industry struggles with oversupply and aggressive discounting. Comvita’s last result showed it sank deeper into the red with a loss of $104.8m from $77.4m a year earlier. Wang, who is a New Zealand citizen, said in a statement the family did not believe the current management team could turn around the company’s performance. “Any delay to a resolution on Comvita’s ownership structure will irreplaceably damage the brand that has been built up over decades and put several hundred jobs at risk in New Zealand and overseas,” she said. “I support the bid by Florenz as it offers the highest value for all shareholders at the moment and they have a solid track record to improve Comvita for the good of New Zealand and the manuka honey industry which relies on thriving international business,” Wang said. “I would of course welcome any bonafide party that can come up with a higher offer,” she said. “Should the current bid by Florenz fail, and no higher bid emerges, I believe the Comvita management and board will seek to conduct a highly dilutive capital raising and/or take on high interest subordinated debt, which may further worsen the operating cashflow.” Wang added that the business falling into the hands of receivers was a “distinct possibility”, particularly if the business in China did not rapidly improve. “Any such actions like highly dilutive capital raising and/or high interest subordinated debt, will be value-destructive for all existing shareholders, including myself,” she said. Wang she was “disturbed” to learn that a few shareholders and people formerly involved with Comvita have expressed negative views on the Florenz bid. “I would encourage that they come up with a higher offer for all shareholders, instead of looking to take advantage of the situation at the expense of other shareholders and the company.” Wang said the current board and management were “on a tight leash” from the company’s banking syndicate “after years of poor decision-making, profit downgrades, sales down while costly inventory piling up”. In 2016, Bougen sold down his stake in the then high-flying company for just over $12m. Wang said that since the sell-down, the company had been in a downward spiral. She pointed out the board of Comvita unanimously supported the Florenz bid. “There can be no question that in the absence of a superior offer the Florenz bid is the best opportunity shareholders have to recoup at least some of their investment,” Wang said. Comvita was founded by the late Claude Stratford in 1974. Bougen became Stratford’s business partner two years later. Mon, 10 Nov 2025 00:38:46 Z /news/business/anzs-profit-up-21-to-record-25-billion/ /news/business/anzs-profit-up-21-to-record-25-billion/ ANZ New Zealand grew its net profit after tax by 21% in the year to September to a record $2.53 billion. The country’s largest bank attributed much of the jump to the hedging it did to manage its interest rate and foreign exchange risk. It reported a $163 million gain from its economic hedges – a turnaround from the $196m loss suffered in 2024. The impact of hedging was also notable in BNZ’s result, announced last week. ANZ NZ grew its lending by 4% and its deposits by 5% over the year, in what it described as a “strongly competitive market”. This saw its net interest income rise by 4% to $2.28b. The bank’s net interest margin rose by 3 basis points to 2.60%. Like the other banks, ANZ NZ noted an improvement in bad debts as interest rates fell over the year. It said that in the past three months, nearly a quarter of those refixing their home loans at lower rates have kept or increased repayments, meaning they’ll pay off their home loans faster. More than 40% of home loan customers are now ahead on payments by six months or more, and more than 45% have savings buffers of $5000 or more. Farms in strong agricultural sectors are also paying down debt and building resilience. ANZ NZ chief executive Antonia Watson said: “It has taken New Zealand longer than hoped to recover from the post-Covid rebalancing, but there are now signs the nation’s economy is finally picking up. “Global uncertainty hasn’t helped but we expect lower inflation and falling interest rates to flow through and boost the recovery as we head into the new year. “Confidence is returning, particularly in regional areas. However, Auckland and Wellington, because of the mix of their economies, will take longer to feel the improvement.” With households and businesses strengthening their balance sheets, house prices stabilising and interest rates significantly lower, Watson said the stage was set for a “cyclical recovery to complement New Zealand’s strong agriculture sector performance”. “If we don’t have any significant events, we expect the economy – driven by rural New Zealand – to be heading back to pre-Covid levels late in 2026, with the uplift, when it comes, likely to be broad-based,” Watson said. Jenée Tibshraeny is the Herald’s Wellington Business Editor, based in the Parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Sun, 09 Nov 2025 23:12:52 Z /news/business/rocket-lab-mars-launch-scrubbed-now-faces-indefinite-us-govt-shutdown-delay/ /news/business/rocket-lab-mars-launch-scrubbed-now-faces-indefinite-us-govt-shutdown-delay/ Satellite components developed in Auckland will soon be on their way to Mars as part of Nasa’s “Escapade” mission. But not today after the Blue Origin New Glenn N2 launch, carrying twin Rocket Lab spacecraft, scrubbed at the last minute because of high cumulus clouds over its Florida launch site. No immediate date was named for a second attempt, which will depend on both weather and US political turbulence. The New York Times reported earlier today, “If the launch is delayed by weather or a technical glitch, it may be grounded indefinitely. In an attempt to relieve congestion in the nation’s airspace during the ongoing federal government shutdown, the Federal Aviation Administration announced that, beginning on Monday [Tues Nov 11 NZT], no commercial rockets can lift off between 6am. and 10pm local time.” Over the past week, the FAA has progressively restricted US flights due to a high absentee rate among air traffic controllers, who have to work but have not been paid during the 40 days and counting US Government shutdown. Issues on Blue Origin’s side had already delayed the launch by a year. A 2.5-hour launch window began today at 8.45am NZT for a New Glenn Rocket, made by Jeff Bezos’ Blue Origin, to blast off from Cape Canaveral in Florida. Onboard were two identical Rocket Lab-designed and built spacecraft, named Blue and Gold (each around 550kg), which will ferry satellites to Mars, then control them as they orbit the Red Planet, studying how solar wind interacts with Mars’ magnetic environment in a bid to learn how its atmosphere – which once supported water – was stripped away. The twin satellites, managed by the University of California, Berkeley, will reach Mars in September 2027. Blue and Gold’s various Rocket Lab systems showcase the Kiwi-American firm’s reach, following the acquisition of multiple space companies. They include reaction control systems developed in Auckland (for keeping the satellites in the correct orientation), propulsion tanks and satellite radios made in Long Beach, California, star trackers developed in Toronto and solar panels made in New Mexico. Technical issues on Blue Origin’s side meant a postponement of the original launch date – scheduled for the time when Earth and Mars are in alignment for the shortest journey, which only happens once every 26 months. It now means the twin spacecraft will now take a long way around. After takeoff, the twin spacecraft will soar into deep space. But rather than turning toward Mars, the two orbiters will instead aim for Lagrange Point 2, or L2 — a cosmic balance point about 1.5 million kilometers from Earth, where they will sit in a “loitering orbit” for 12 months before proceeding to Mars. Nasa says the entire Escapade mission will be executed for under US$100 million ($178m) under the US space agency’s Small Innovative Missions for Planetary Exploration (“SIMPLEx”) programme to develop low-cost missions. Today’s launch will also see Blue Origin attempt to land the New Glenn rocket’s first stage on a foating platform — a barge at sea named Jacklyn after Bezos’ late mother. All going well, Rocket Lab will one day have its hardware on the surface of the Red Planet, too. In October last year, the firm revealed it was one of the contenders selected by Nasa to complete a study into retrieving rock samples from the surface of Mars (already collected by various rover missions) and returning them to Earth – something never done before. It’s a modest contract, with huge potential, according to the firm. “The study contract is US$625,000 [$1.02m]. The opportunity should the study concepts be progressed is in the billions,” Rocket Lab marketing and communications vice-president Morgan Connaughton told the Herald. Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer. Sun, 09 Nov 2025 21:45:29 Z /news/business/chaos-and-covid-how-aidan-bartlett-turned-designer-wardrobe-around/ /news/business/chaos-and-covid-how-aidan-bartlett-turned-designer-wardrobe-around/ Designer Wardrobe is well-regarded by Kiwis as the ultimate place to sell off their high-end pieces for extra cash - but the platform’s undergone a significant journey over the years.   CEO Aidan Bartlett told Kerre Woodham on the Bosses Unfiltered podcast that Designer Wardrobe began on Facebook, where friend and business partner Donielle Brooke had to sell her clothes after falling ill with thyroid cancer. “She had a huge love for fashion, so when you haven’t got income, you need to start liquidating things. And so, the most value that she had was in her wardrobe. So she started a Facebook group called Designer Wardrobe and she started listing her things.” Over a decade later, the Facebook group designed for people to buy and sell fashion expanded out into a proper brand with its own community. Bartlett saw there was clear demand out there for a fashion-based online service designed to benefit buyers and sellers alike. “We were growing as a business, but being New Zealand and being quite small, especially being venture-backed, there’s an expectation to really grow. And being very New Zealand-centric, we weren’t seeing enough growth to just be a pure-play marketplace - we had to look at where else could we grow.” Designer Wardrobe also allows customers to rent high-end clothes - and Bartlett saw that this service had worked for similar platforms overseas. He revealed to Kerre that checking out other markets helped him figure out the next steps for the business. Designer Wardrobe’s investors were also interested in the rental idea, as it made good financial sense. “Essentially, you could buy a dress for retail or even wholesale - by the time you’ve rented it out six times, it had paid itself off. The economics made a lot of sense. We were typically renting out a dress between 12 and 20 times, so the vast majority of dresses were paying themselves off relatively quickly.” The physical stores were a logical next step, with the first opening in Auckland’s Grafton in 2017. Customers could try on their clothes and have an outfit ready for an event without having to worry about deliveries and couriers. The famous Newmarket flagship store opened a few years after that in early 2020, which marked a difficult period for Designer Wardrobe. “There were these whispers of lockdowns, we thought that was just propaganda, almost, at the time. And then school balls were also coming up, which is a super important part of our business at the time and everybody was talking about how school balls might be cancelled. We just said - no way. No way are schools going to allow the flagship event of the year to be closed down. It was really scary, just so many unknowns.” The Covid-19 pandemic was difficult for many businesses, but Bartlett was determined to make it through the rough patch and make Designer Wardrobe work through the lockdowns and restrictions. People still had free time to go through their clothes and list things, but it was still a rocky experience, as the team had to work around unexpected cancellations brought about by more lockdowns. And Bartlett revealed the experience had taken its toll. “We did end up having to make that really tough call to essentially turn the stores off. That was one of the hardest decisions we’d ever made - at that time, we just couldn’t see any consistency in how these lockdowns were folding out, so we decided to shut the stores down….we essentially transferred our energy from stores and just made online as good as it can be.” Designer Wardrobe’s had some tough years with the pandemic and the resulting economic downturn, but Bartlett revealed things have been looking up since the brand expanded across the Tasman and started utilising AI - and he’s confirmed there’s more milestones to come. “We’ve got a lot of room to grow in New Zealand. The resale fashion category in New Zealand is worth roughly $700 (million) to a billion dollars a year and it’s still growing 15 percent roughly - and it’s the same in Australia, it’s the same as what you’re seeing globally. So we don’t feel like we’ve hit the ceiling in New Zealand at all, we think there’s a lot of room to grow here. And also Australia, we’re seeing some green sprouts too. And that’s something we’ll continue to nurture as well.”  LISTEN ABOVE Sat, 08 Nov 2025 20:59:01 Z /news/business/taxpayers-fork-out-107m-in-redundancy-costs-for-government-agency-callaghan-innovation/ /news/business/taxpayers-fork-out-107m-in-redundancy-costs-for-government-agency-callaghan-innovation/ The Government has forked out $10.7 million in redundancy payments in under two years as it dismantles research institute Callaghan Innovation, an Official Information Act (OIA) request shows. Details released to the Public Service Association (PSA) reveal 209 workers were laid off at the Government-led agency between November 2023 and September 2025. The Callaghan Innovation workforce has been reduced by 57% in that time, with roles falling from 367 to 158. Of the 209 jobs cut, 114 are scientists and researchers, including the agency’s chief scientist. More staff are expected to be laid off as the organisation closes its doors next year. “This is an obscene waste of money from a Government which claims to want to spend taxpayer money wisely,” said PSA national secretary Fleur Fitzsimons. “But more importantly, this is a critical loss of expert scientists and researchers who had more to give New Zealand. “It will set New Zealand back for years.” Former Callaghan Innovation scientist Ben Wylie-van Eerd, who was made redundant this year, said: “I don’t understand why the Government was so determined to shrink the science sector, that it thought spending $10m to get rid of these skilled people who still had so much to give made sense. “Many of my colleagues have moved overseas and have been snapped up quickly by organisations in Europe and Australia where their skills are valued.” Dr Shane Reti, Minister of Science, Innovation and Technology, said the Government is progressing the most significant reform of New Zealand’s science system in more than 30 years. “[We’re] making the system more effective and therefore creating more opportunities long-term. “Callaghan Innovation was spread thinly across many conflicting functions. It was tasked to deliver a wide range of grants, advice, technical services and research, alongside innovation support for businesses, and has struggled to work to a clear, focused purpose. “Although Callaghan is closing, as part of these reforms the Government is investing in new areas of science which present new opportunities for New Zealand scientists and researchers.” Reti said this included $70m for artificial intelligence research and $71m for future materials and magnet technology as part of the newly created New Zealand Institute of Advanced Technology. A further $42m is going towards a new biodiscovery platform to harness the country’s unique biodiversity and support the development of high-value products, he said. The National-led Government has slashed thousands of public sector roles since returning to power in 2023 as it looks to make cost savings. In April, it was announced Government landlord and developer Kāinga Ora would shed 673 roles– 195 of which were vacant. The public service shrank by 2162 people in the first six months of last year. Callaghan Innovation was created by the National-led Government in 2013. Fri, 07 Nov 2025 03:02:57 Z /news/business/media-insider-jack-tame-to-assume-tvnz-6pm-newsreading-role-at-weekends/ /news/business/media-insider-jack-tame-to-assume-tvnz-6pm-newsreading-role-at-weekends/ Q+A host Jack Tame is TVNZ’s new 6pm weekend newsreader. He and TVNZ have been in discussions about him assuming the role left vacant by Melissa Stokes, after her elevation to the weekday newsreading role. Stokes will take over from long-serving newsreader Simon Dallow in three weeks - Dallow’s departure, first reported by Media Insider three weeks ago, was confirmed by TVNZ earlier this week. TVNZ presenters, from left, Jack Tame, Melissa Stokes, and Daniel Faitaua. Tame hosts TVNZ’s Q+A on Sunday mornings and the state broadcaster is understood to be keen to use more of his talent - he is, arguably, the best TV interviewer in the country. And while newsreading requires a slightly different skillset, he is considered a polished presenter. Another leading contender who will likely continue to be a fill-in newsreader is Daniel Faitaua. Media Insider learned of Tame being the new newsreader on Thursday morning and sent questions to TVNZ at midday. At 2pm, a TVNZ spokeswoman said the company had not made an appointment. At 3.25pm, the company announced Tame as the weekends newsreader. He will continue to host Q+A on Sunday mornings. “Jack is one of New Zealand’s most accomplished broadcasters and interviewers,” said TVNZ chief news & content officer Nadia Tolich. “He’s a two-time best presenter winner at the NZ Screen Awards and was named Political Reporter of the Year at last year’s Voyagers. We’re delighted to have him join the 1九一星空无限 at Six presenting team. His experience across news, current affairs and live reporting brings enormous depth to our coverage. “With Melissa leading weekdays and Jack on weekends, 1九一星空无限 at Six has an exceptionally strong team in place - one that will serve our audience well.” Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at 九一星空无限 including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in 九一星空无限. Thu, 06 Nov 2025 02:42:55 Z /news/business/rising-crane-numbers-point-to-tentative-recovery-in-construction-sector/ /news/business/rising-crane-numbers-point-to-tentative-recovery-in-construction-sector/ The construction sector is showing tentative signs of recovery as crane numbers rise across the country, according to new figures. The twice-yearly Rider Levett Bucknall (RLB) Crane Index revealed the number of long-term cranes in operation across New Zealand’s seven major centres rose from 105 to 116 in the third quarter, when compared with the first quarter of the year. “Cranes may be climbing, but they are doing so against a backdrop of economic uncertainty, cautious investment, rising unemployment, and declining migration,” said Vanessa Rader, head of research at Ray White Group. “The long-term outlook remains positive, underpinned by a strong rural economy and the expectation of continued lower interest rates. “For now, however, the recovery is uneven, and the skyline tells the story of a market showing tentative signs of revival.” Auckland has the most cranes in operation with 59 – more than half the national total. Te Kaha Stadium in Christchurch remains the largest single site in the country with 10 cranes in operation. Christchurch added four cranes in the third quarter to reach 23. Tauranga added three cranes in the quarter, taking its total to 14. Meanwhile, Wellington dropped to a record-low five cranes, down from eight in Q1. Dunedin recorded zero cranes for the first time since Q1 2021. Overall, the national crane index rose 10.5% from 133 points to 147 points. The non-residential index recovered after two consecutive declines, with long-term cranes increasing from 79 to 87. “Net crane additions in data centres, industrial projects, aged care and hotels highlight areas of long-term investment linked to infrastructure demand, demographic shifts and tourism,” said Rader. The residential index stabilised after bottoming out in Q3 2024. There are now 29 residential cranes across the seven main centres. Civil cranes now total 26, accounting for 22.4% of the national total. New Zealand’s record high for crane numbers is 157, set in the first quarter of 2023. Thu, 06 Nov 2025 01:09:05 Z /news/business/bnz-boss-cites-pretty-strong-competition-as-the-bank-does-more-business-but-its-profits-stay-the-same/ /news/business/bnz-boss-cites-pretty-strong-competition-as-the-bank-does-more-business-but-its-profits-stay-the-same/ BNZ’s profitability stood still last year, despite the bank increasing its lending and receiving more in deposits. The Australian-owned bank reported a net profit after tax of $1.5 billion in the year to September – a 0.5% decrease from the same period the prior year. BNZ increased its mortgage lending by 6.4% and its business lending by 2.2%. The value of the deposits it received also increased by 5.8%. However, the income the bank received from its lending relative to that it paid its depositors fell over the year. Speaking to the Herald, chief executive Dan Huggins said that if you strip out all the other factors that go into the bank’s net interest margin and only look at the margin on lending versus deposits, this fell by 9 basis points. Huggins said this reflected the fact banks competed “pretty” strongly on the interest rates they offered customers. BNZ’s overall net interest margin, as reported in its results, rose by 6 basis points to 2.43%. Huggins said this was largely because of the way the bank managed its financial risk, using hedging etc. Another factor that influenced BNZ’s profitability, when compared with 2024, was the sale of its wealth management business in 2024 to Harbour Asset Management, which is part of FirstCape Group. The sale boosted the bank’s revenue in 2024, partially explaining why its revenue fell by 3.7% in 2025. BNZ’s operating expenses were consistent between 2024 and 2025, while its credit impairment charge fell. The value of the banking sector’s bad debts, as a portion of its loan books, appears to be turning a corner now that interest rates are falling. Huggins said BNZ’s overall financial result reflected the economic environment over the year. BNZ chief executive Dan Huggins. He defended BNZ – one of New Zealand’s main business bankers – increasing its mortgage lending more than its business lending. “There has been plenty of capital available for businesses, but for that capital to be deployed by businesses, they need to be investing in their businesses,” Huggins said. “We’ve come through this period where there’s been a bit more uncertainty and in a number of business sectors, people have been strengthening balance sheets by paying down debt, which is appropriate in the environment we’ve been in.” While the economy is taking longer than expected to recover, Huggins believed there were “reasons for optimism”. “Interest rates have fallen significantly and New Zealand’s primary export sector is experiencing buoyant conditions, driven by high export prices, a lower NZ dollar and solid production,” he said. “Manufacturing and tourism activity is recovering, and building consents and job ads are starting to lift after a long period of low activity.” Huggins’ pay packet rose from $1.76 million in 2024 to $1.82m in 2025. Jenée Tibshraeny is the Herald’s Wellington Business Editor, based in the Parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking. Thu, 06 Nov 2025 00:17:47 Z