Category: Business

Source: Radio New Zealand

Aged care provider Radius Residential Care has reported a strong full year result with net profit up 36 percent on the back of 14 percent revenue growth.

The company, which operates 24 aged care homes, made a full year profit for the year ended March of just over $10 million, with revenue of $202.5m.

Chief executive Andrew Peskett said the results were driven by stronger occupancy and other operating metrics across the business, with occupancy up 2.1 percentage points to 94.9 percent on average.

Underlying profit was up 17 percent to $27.4m or $31,100 per bed, compared with $27,900 per bed the year earlier.

The company expected to open its 25th aged care home at the end of the month, with plans to build an additional six villas over the current year.

It expected its financial performance would be further boosted by those developments.

It will pay a final dividend of 1.2 cents per share.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A group of Hawke’s Bay growers is looking at whether it could take over the McCain vegetable processing factory and save the industry.

McCain is closing its frozen vegetable factory in Hastings, a decision that’s impacting more than 100 growers of peas, beans, corn and carrots.

The international company said it had reviewed operations at the site and ‘considered a range of options to strengthen the long-term position of the site’.

However, it said the business was ‘unable to identify a sustainable pathway under the current model’.

The decision is a huge blow to the industry in Hawke’s Bay, where the impact is being felt widely from growers to contractors, and mechanics to factory workers.

Alistair Setter has been farming in Central Hawke’s Bay for decades, and told RNZ the closure has come as a shock, and with no warning.

“I was like, oh gosh…have we really grown our last crop of peas? My father grew peas back in the 70s and it’s an important business for us but it’s also an emotional thing as well.

“It’s a great thing to be part of that pea growing business – you think you’re doing good for the world and everything else. As the days go by it kinda sinks in and it really feels like a loss on quite a few levels,” Setter said.

He owns 180 hectares near Ongaonga, growing crops over the warmer months and grazing cattle in winter. About a quarter of his income is from supplying peas to McCains – so the financial hit is substantial.

“It will be significant and we will have to think of alternatives… but they won’t pay as much and it will put risks on other cropping programmes… so yeah we’ve got challenges,” he said.

“There are wider issues at play here about how we handle food security as a nation.. when the industry’s go they’re very hard to get back,” Setter said.

One of the alternatives could be a group of growers taking over the current McCain’s factory site, and processing their crops themselves.

Since the closure was announced several meetings have been held between ministers, mayors, and growers to see if anything can be done to save the industry in Hawke’s Bay.

Setter said there were a lot of people keen to see the pea, bean and corn cropping industry survive.

“There’s a lot of desire among farmers like myself and other industry participants to have a go at trying to save it.

“It’s a big thing to try and organise, and it’s a big business, but there is a lot of will out there. The farmers we know around here, a lot of them are really capable business people so sometimes when there is a will and a need… maybe there is a way,” Setter said.

One of those farmers is Hugh Ritchie. He’s been growing peas for McCain for over 30 years and said for it to work, there must be more scrutiny of the food production chain. He said to understand why big companies like McCain can’t make it work, everyone’s margins, from growers to supermarkets, must be analysed.

“If we don’t solve this problem and really understand why it’s happening then it’s just going to be the start of a downward spiral on the domestic production of food,” said Ritchie.

Central Hawke’s Bay mayor Will Foley is also keen to find out the cause of McCain decision.

“It doesn’t seem right that we can’t produce that food and sell it locally and for export – all at a success. That’s why we want to get to the bottom of what is going on here and can we take it on ourselves,” he said.

However, the pressure is on because McCain is only using its Hastings factory until January; after that the machinery could be packed up and sent overseas.

“There is a lot of urgency because any businesses involved that are thinking there is no more business going forward, they are needing to dispose of their assets, otherwise it’s just a cost to them..

“And if we lose those assets and have to start again, the cost to start up will be so much more than if we can take over what is already there,” Foley said.

The Minister for Agriculture, Todd McClay, said he had a constructive and informative meeting with the region’s mayors last week.

“There is a huge amount of optimism in the region and the Minister is looking to meet with growers over the coming weeks,” he said.

McCain told RNZ it has received ‘potential interest in the plant and its equipment from several parties and is continuing discussions’.

‘Massive’ flow-on effect

Many growers, especially for crops like peas, beans and sweet corn, would normally get a contract in mid-year and then start planting crops through August and September.

The impact of McCain closing is rippling through the region, from growers to factory workers, to companies selling seeds and chemicals, contractors and machinery engineers.

Fogarty Spraying in Ongaonga sprays about 1500 hectares of McCain crops each season, and employs three people to help run the operation.

Owner Stuart Davies told RNZ that with McCain’s shutting up shop he’s looking at scaling down by cutting one worker and possibly selling one of his spraying machines.

He said while others were much harder hit than him, this was the kind of impact that was being felt widely in the region.

“That whole economical side of it. It’s all singing and dancing until all of a sudden the big red button’s been hit and that’s it – she’s all stopped. It has a massive flow-on effect,” he said.

Davies said luckily there was currently a lot of confidence in other farming sectors like red meat and dairy, but it would still be a tough time for growers.

The news came out of the blue for most, and Davies said McCain could have done a better job at communicating its closure, as there was no notice that it was even being considered.

“We didn’t quite expect the rug to be pulled just like that, it would’ve been nice to have some warning.

“That was the feel around the place – that the rug was pulled pretty abruptly rather than maybe a softly softly ‘hey guys this is happening in 18 months’,” he said.

McCain declined RNZ’s request for an interview, saying in a statement the business informed key stakeholders of the closure on the same day as its Hastings team was told.

“We indicated to our stakeholders that we are available to answer any questions about the closure and are also available to discuss the impact the closure may have on them.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Soaring petrol prices could be deepening the cost-of-living divide between urban and rural communities, with new data suggesting households in parts of rural New Zealand are spending nearly a quarter of their total discretionary spending on fuel and some regions seeing record petrol prices.

Figures and analysis provided to RNZ by Dot Loves Data showed that in April motorists in many rural districts spent as much as five times more of their household budgets on fuel than city dwellers.

In Hurunui, fuel accounted for 24 percent of all household spending in April, compared to 16 percent in December 2025, before the US-Iran war began. Local consumers in the Mackenzie district, Rangitikei and rural Waikato regions spent 23 percent on petrol and diesel (up from 18 percent, 19 percent and 21 percent respectively in December).

Other districts where drivers are feeling pain at the pump include Selwyn at 22 percent (up from 16 percent in December), Southland at 21 percent (up from 15), and Opotiki at 21.5 percent (up from 19).

By contrast Wellington households spent just 5 percent of their weekly budget on fuel in April, a jump of 1 percent from December.

The national media for April was 13 percent of total discretionary spending, compared to 10 percent in December.

Nelson sits at 8 percent (a 2 percent increase), and Dunedin and Queenstown at 9 percent (up 6 and 7 percent respectively). Auckland and Christchurch sit 11 percent and 10 percent respectively – up from 8 percent and 7.5 percent in December.

Dot Loves Data director Justin Lester said the findings showed fuel inflation was becoming “an increasingly unavoidable financial burden” for rural New Zealanders.

“Fuel isn’t discretionary spending in rural New Zealand. For many families, it’s the cost of getting to work, school, healthcare, and even the supermarket. Rural families are more exposed to the global fuel shock due to longer travel distances and heavy dependence on private vehicles.”

People in larger cities had more alternatives, and these “insulated” them from the worst impacts of rising fuel prices, he added. “They can use public transport, travel shorter distances, or work closer to home.”

Rural communities did not have those options available to them. “It’s beginning to bite [and it] will begin to impact other sectors.”

The report also found grocery spending in urban centres averaged around 33 percent of household expenditure, compared with a national median of 41 percent, further highlighting the sharper affordability pressures outside the main centres.

Lester said prolonged international instability and higher fuel prices could continue to place significant strain on regional economies.

“When fuel prices rise, rural households have less flexibility in their budgets, and that pressure flows directly into local businesses and communities. These numbers show the cost of living crisis is not being felt equally across New Zealand.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Almost 20 percent of Auckland sellers lost money on properties they sold in the first quarter of this year, Cotality says – and more than 40 percent of people selling apartments.

Cotality said across the country, 12.2 percent of sales in the first quarter of this year were for less than the sellers had paid for them.

But in Auckland 19.9 percent of sales were for a loss. In Hamilton it was 13.1 percent and in Wellington 16.7 percent. Palmerston North recorded 17.4 percent losses. In Christchurch, fewer than 5 percent were for a loss.

For apartments, 41.1 percent were sold for a loss, the weakest since 2011. Cotality chief property economist Kelvin Davidson said there was no evidence of a “fire sale” in apartments but they tended to have less growth in value over time, so there was more potential for a loss. “I don’t think apartments are necessarily collapsing, the figures aren’t strong by any means but it’s not as if people are abandoning apartments. I think it just reflects the fact there’s less capital gain over time so at any point in the cycle you’re less likely to make a profit simply because apartment values don’t go up as much.”

The national median gross profit was $285,000, down from a peak of $440,000 but similar to recent quarters.

Profit-making sales had been held for a median 10 years.

Sellers who made a loss had held their properties for a median 4.2 years and lost a median $54,000.

For owner-occupiers, 11.1 percent of resales in the first quarter were for a loss, down from 11.6 percent in the last quarter of 2025 but still about the highest levels since 2013.

For investors, 13.7 percent of sales were for a loss, up from 11.3 percent in the fourth quarter last year and the highest level since 2012.

“We’re in a buyer’s market, lots of choice, prices are flat, so that’s working against resellers,” Davidson said. “Eighty-eight percent is down a lot from where it used to be but that’s still pretty much nine in every 10 people making a gross profit of some degree so it’s still quite strong and it’s quite in favour of sellers.

“If you’re an Auckland seller of an apartment and you’re an investor, it’s been a tricky few years.”

He said there had been previous periods of time that had been similarly difficult for people who bought just before a drop in prices.

“If you go back to the worst point of the GFC, the figure [making a gain] was down at about 80 percent … and in the Asian financial crisis it was about 70 percent.

“Things are not great for sellers at the moment but it has been worse in the past even though this downturn in property values has been bigger. I guess it’s just telling you that people are able to hang on.

“There’s been serviceability testing, there’s probably higher credit standards than what they might have been 20 or 30 years ago so even though the downturn in values has been bigger people have been able to hold on and ride it out. “

In some cases, people may be taking their homes off the market rather than selling at a loss.

Davidson said very few listings “failed” in 2020 and 2021 but since the proportion had risen to between 25 percent had 30 percent and stayed there.

“We recorded about 21,850 ‘pulled’ listings in 2025, the highest since 2018, but that’s in the wider context of more properties just being listed and sold anyway.”

QV data, meanwhile, shows the average value nationally had grown by 0.3 percent since the start of the year to $912,406 but was 0.2 percent lower than a year earlier.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

New Zealand will avoid slipping into recession, but faces a difficult year of weak growth, rising unemployment and higher interest rates as global energy prices surge, according to Westpac’s latest Economic Overview.

The bank said the Middle East conflict had driven a sharp rise in oil and fuel costs, hitting households and businesses and forcing a significant downgrade to the economic outlook.

“The outlook for the economy has changed materially in recent months,” Westpac chief economist Kelly Eckhold said.

“While we are not forecasting a recession, the economy has been knocked off course by a surge in fuel prices and heightened global uncertainty.”

Westpac now expected economic growth of around 1.5 percent in 2026, describing it as another year of “sub par” performance as the recovery loses momentum.

“We don’t expect a recession right now. Rather the view is that the Iran war will merely cause a pause in the economic recovery,” Eckhold said

The bank expected stronger growth to return from 2027, but warned the outlook was highly uncertain and depended heavily on how long the conflict lasted.

Inflation surge and higher interest rates

A key impact of the oil shock was a renewed lift in inflation, with higher petrol prices flowing through into a broad range of costs.

“The spike in fuel and other costs is driving a renewed lift in inflation pressures across the economy,” Eckhold said.

Westpac expected annual inflation to rise into the 4 percent to 5 percent range over the coming year, remaining above the Reserve Bank’s target band until well into 2027.

That was likely to force the Reserve Bank to begin raising interest rates.

“Interest rates are set to rise – it’s a question of ‘when,’ not ‘if’ hikes occur,” the bank said.

Westpac expected the Official Cash Rate to climb to around 3 percent by the end of 2026, with more increases in 2027.

Households squeezed, spending slows

Rising living costs were expected to weigh heavily on households over the coming year.

Fuel prices had jumped sharply since the conflict began, adding to earlier increases in essentials such as food and electricity.

“Cost of living pressures have intensified,” the bank said, warning that household finances were coming under renewed strain and spending growth was set to slow sharply.

Higher borrowing costs would also add to the pressure to household budgets, with mortgage rates likely to increase as interest rates rose.

Businesses were expected to respond to rising costs and uncertainty by pulling back on hiring.

“Businesses are likely to shelve hiring plans while oil prices and uncertainty are elevated,” Eckhold said.

Westpac expected the unemployment rate to rise to around 5.6 percent over the coming year as hiring growth stalled.

Housing and investment hit

The housing market, which had shown signs of recovery earlier in 2026, was expected to lose momentum.

House prices were forecast to be flat to slightly lower over the year, reflecting weaker confidence and rising interest rate expectations.

“The housing market is unlikely to be a driver of growth for the coming year or so,” Eckhold said.

Business investment and construction were also expected to slow, as firms delay decisions amid heightened uncertainty.

Outlook depends on conflict

Westpac said the next steps for the economy would depend heavily on how events unfolded in the Middle East.

A prolonged conflict would mean weaker growth and more persistent inflation, while a faster resolution would ease pressures sooner.

“The economy is navigating rocky waters, with subdued economic growth, a soft labour market and high inflation,” the bank said.

“Firms need to manage what they can control,” Eckhold said.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

KiwiSaver providers say kids are missing out on a chance to have time to supercharge their returns.

The number of people aged under 17 in KiwiSaver has halved in the past decade.

In June 2015, there were 368,079 kids in KiwiSaver, but that had dropped to 169,409 last June.

The $1000 kickstart that used to be offered to all new KiwiSaver enrolments was removed in 2015.

Kernel founder Dean Anderson said it was a worry that fewer children had accounts.

“We want to see serious political discussion this election on KiwiSaver settings – starting with the roughly half a billion dollars a year the government spends on contributions. Right now that’s largely a tax credit flowing to the middle class. Redirected, it could have a far more meaningful impact for New Zealand.”

He said it could instead be directed to younger people, who would then have the benefit of it compounding over their lifetimes.

“Youth unemployment is now at 14.4 percent nationally – 18.7 percent in Auckland and 23.5 percent for young Māori. These are the rangatahi who most need a solid financial footing, especially in a world of AI, and the key to building one is getting them engaged early with their own dollars.

“With the right settings – government seeding from birth, parent matching where families can, full engagement from 16 – the average 18-year-old could enter the workforce with $10,000 to $20,000 already behind them. Not a handout. A foundation. And we are seeing the demand, one of our most requested products at Kernel is for kids investing accounts, including kids KiwiSaver – which we have on our radar.”

Sharesies said it hoped to encourage participation by offering a contribution of 25 cents in every dollar for children’s KiwiSaver accounts on its platform, up to $100 during the 2026/27 contribution year.

It would apply to contributions made to the accounts of people under 16 from 1 July 2026 to 30 June 2027 and would be paid directly into the child’s KiwiSaver account, between July and August 2027.

Co-founder Brooke Roberts said that could have an outsize impact over time. She calculated if $500 was contributed into a KiwiSaver account when a child was born and nothing more until retirement, at 65, using an aggressive fund type this could end up worth $26,500.

“The earlier a child is invested, the harder time works for them. We want to help parents and guardians to take that step sooner and we’re backing that with our own contribution.”

She said she wanted to advocate for more people to be able to save for retirement as soon as possible and start building a future nest egg whether it was for a first home or retirement.

“The most valuable aspect of money is time. And so the earlier that people can use that time, the better for more opportunities to grow them into the future.”

She said Sharesies had only recently launched KiwiSaver for kids but there were 100,000 kids accounts on the wider Sharesies platform.

Roberts said the intention was to see how the contribution worked this year and determine from that point whether it continued.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The chief executive of accounting software company Xero says it does not tolerate sexual harassment or misconduct in the workplace.

It comes amid allegations of misconduct and inappropriate behaviour from multiple women against its founder Sir Rod Drury.

Former Xero staffer Ally Naylor first raised the allegations of misconduct against Drury last month.

The business tycoon rejected “any allegation of wrongdoing” and described his relationship with Naylor as “limited” and “consensual”.

Since then, further allegations of inappropriate behaviour have been raised by media outlet Stuff and entrepreneur Jenene Crossan.

Xero’s current chief executive Sukhinder Singh Cassidy said she had a “deep empathy” for anyone who has ever experienced sexual harassment, and she and the board were taking Xero’s past handling of complaints “extremely seriously”.

“Our expectations of our people make it clear we do not tolerate sexual harassment or misconduct in the workplace, and we have clear policies to handle any such allegations.”

She pointed to the appointment of Maria Dew KC to conduct a review of Xero’s handling of the 2017 complaint reported by Stuff.

“It is the seriousness of the allegations that informed our approach to this matter,” she said.

Singh Cassidy she is proud Xero’s current employees recognise it as a safe and inclusive environment.

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Source: Radio New Zealand

A growing number of New Zealanders are investing in share markets as a way to build their wealth.

But what do you need to know if you’re just getting started?

Here are five things to think about.

What are your goals?

A good starting point is to think about what you want to achieve with your investments.

Are you investing for your kids’ education? To build a deposit for a house? Or to achieve financial independence?

Knowing what you are aiming for, and how far in the future that is, will help you devise a strategy to get there.

If you have a goal in mind, you could work backwards to determine how much money you need to put aside each fortnight or month to get there. Sometimes, automating the payments can make it easier to implement your plan.

Invest in assets that align with your risk

Generally, the longer you have until you need the money, the more risk you can take. This should mean your returns are better over the long term, but you might see the value of your investments move around a bit in the short term.

When you’re investing in shares or managed funds, being able to take more risk means you can afford to put more of your money into direct share investments or into funds that invest in assets like shares.

When you’re using platforms like Sharesies you can choose to invest in companies directly or via funds, which pool your money with other investors’.

Investing in direct shares can be riskier than funds because your risk is not spread in the same way. If you invest in a company that performs well, you can achieve really strong returns, but if you invest in a company that performs poorly you could miss out, even if the rest of the market is strong.

If you don’t have so long until you’ll need the money, you might need to keep your money in investments like funds that are more conservative, or even money in the bank if you know you’re going to need it very soon.

It helps to understand the market conditions you’re investing in and how you can expect your investment to behave.

How hands on do you want to be?

It can be time-intensive to manage an investment portfolio. If you would rather not manage the task yourself, you might want to delegate it to a fund manager. You can invest in managed funds through platforms such as Sharesies, Kernel and Hatch.

Funds can be a good way to get quick diversification at a scale that is hard to achieve as a single investor.

Fees are part of your investing picture. Depending on your investments, you could be paying annual fees, transaction fees and currency fees. It’s a good idea to check in on these every so often to make sure you understand what you’re being charged and what you’re getting for your money. Sometimes there may be other structures that are more cost-effective.

What does the rest of your financial life look like?

Your investments should fit into the wider picture of your financial life.

It might help to think about what other exposure you have. People often have a lot of investment in their own country, through a house and job, and might benefit from the diversification of investing in other countries’ companies, or in different sectors.

If you have savings in an emergency fund, it may mean you can afford to take a bit more risk with your investments because you’re less likely to need the money in a hurry. But if your investments are the only spare funds you have, you might need to take more care with them.

Don’t panic

Once you have a strategy in place, stick with it.

Sometimes, investors get nervous when markets wobble and want to move their money to less risky options.

This can be an expensive idea because it may mean you sell at the bottom of the market, and miss out on the recovery.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The Commerce Commission says work is underway to introduce stronger sector-specific regulation to improve competition in some critical industries.

The commission’s first State of Competition report provides an evidence‑based assessment of how competition was working across New Zealand’s economy, indicating a need for increased oversight.

Commission chair Dr John Small said competitive pressure had weakened in many parts of the economy.

He said the competition report suggests market conditions favoured larger incumbent businesses, particularly in electricity, gas, water and waste services, as well as financial and insurance services.

“Weak competition in these markets can mean higher costs and lower-quality services cascade through to businesses and households, increasing the prices people pay for everyday goods and services,” he said.

“That’s why work already underway to promote stronger regulatory settings and more effective competition is so important.”

Size matters

Small said there was value in promoting competitive opportunities for a wider range of businesses, particularly for smaller and newer firms that appear to be facing greater barriers to growth.

“While smaller, newer businesses may be able to enter markets, it is harder for them to displace the established players.

“When competition weakens, innovation slows, costs rise, and consumers pay the price. A competitive environment enabling small businesses to grow is essential for productivity and long-term growth.”

He said the report was grounded in domestic data*, though the findings aligned with international trends, pointing to OECD reports indicating evidence of weakening competition across many advanced economies since 2000.

“Competition agencies around the world are increasingly balancing law enforcement with more active tools, including access, inter-operability and non-discrimination requirements,” Small said.

“This reflects a broader shift in how competition policy is applied in practice, including in response to the challenges of digital innovation and more complex markets.”

In light of these challenges, he said the report was an important step in building the evidence-base needed to promote fair, dynamic, and competitive markets.

“As a diagnostic tool, it highlights where system‑level settings may need attention, and where competition settings may need to evolve as markets change, alongside the commission’s ongoing regulatory and enforcement work.”

*The report drew on data from individual businesses held by Stats NZ over a period of 22 years (2001-23), though was limited to businesses that interact with the New Zealand tax system.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Trade Minister Todd McClay said he was expecting the United States government to announce it was launching a trade investigation into New Zealand and Australian lamb imports in the coming weeks.

New Zealand lamb exports to the US have grown in recent years, with more than $600m of sheep meat – including lamb sold to the US – in 2025.

US Trade officials are thought to be launching investigations into so-called unfair trade practices, as a way to reintroduce tariffs deemed illegal by the Supreme Court.

“We know they are doing investigations at the moment, so-called investigations, they are looking for other ways to put that tariff wall back up,” McClay said.

McClay said an investigation into lamb was likely and it was possible that if the president needed to shore up votes in some states, he could hit New Zealand and Australia with tariffs.

He said that his officials were talking to their US counterparts and reminding them that New Zealand was providing good product, was not flooding the market and was helping US farmers grow the market for lamb.

“But the nature of it is when the president decides, the president decides, and so if he decides, you know, that if he’s had a bad lamp chop or something, who knows what’s going to happen”

Most New Zealand exports to the US face the blanket global tariff rate of 10 percent.

This was imposed after an earlier 15 percent tariff on New Zealand exports was deemed illegal by the Supreme Court.

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