Category: Business

Source: Radio New Zealand

New Zealand exporters have been notified by NZ Post of a new 10 percent flat-rate US tariff on global imports.

The new 10 percent levy came into effect late Tuesday evening after the Supreme Court last week blocked many of President Donald Trump’s earlier sweeping import taxes.

The administration is applying the 10 percent levy to all imports, including those coming from New Zealand.

However, Trump – angered by the Supreme Court ruling – has threatened to raise the tariff to 15 percent but has not yet issued an official directive.

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

Source: Radio New Zealand

Genesis Energy cannot guarantee its customers won’t receive further price increases this year.

It comes as customers are told their electricity prices will increase at the end of March.

The company has also just revealed a massive bump in profit.

On Monday, Genesis said its half-year net profit ending 31 December was $95 million, compared to $70m the previous year.

Chief executive Malcolm Johns said increased hydro-generation across the country allowed it to buy cheaper electricity on the wholesale market, divert gas towards industrial customers, and reduce expensive coal and gas-fired generation at Huntly.

That resulted in the company posting record operating earnings.

Johns then told Newstalk ZB there were no plans “in the immediate future” for price increases, but customers have received letters as recently as Saturday advising them of just that.

Genesis Energy chief revenue officer Stephen England-Hall told Checkpoint there were price changes happening at the end of March – but Johns was talking about price increases “beyond what is already in circulation”.

Despite Johns saying there wouldn’t be any, England-Hall said he couldn’t guarantee there would be no further price increases in 2026.

Where the majority of customers would see an increase of between 10 and 20 percent in their bill, some would see an increase of 30 percent.

England-Hall said “no one was very happy or thrilled” about price increases but inflation was driving it and it was beyond their control.

“Over the last few years we’ve had price increases that we’ve tried to hold.

“Since 2021, which some of us will try to forget, but 2021 until today, price increases have tried to be managed relatively efficiently and effectively, we’ve tried to not pass through full inflation costs to customers because we know that things have been challenging.”

England-Hall said he believed Genesis was a fair offer in the market and data showed it was in the middle of the market with some companies cheaper, some more expensive.

“I do believe we are a fair proposition,” he 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

ASB is set to start opening all its branches half an hour later.

It has told customers that they will start opening at 9.30am between Monday and Saturday.

“This will allow our teams more dedicated time for training and development, so that they can keep providing great support to our customers. Opening hours on Sundays and at sites that operate half-days will not change.”

Consumer NZ said most people were not using their branches to interact with their banks.

It found in its most recent banking survey that most people were dealing with their banks via their mobile app.

Only 4 percent said their main access was a physical visit to the branch.

Consumer said, of the people who said they had experienced a problem with their branch in the previous 12 months, almost one in five of those problems were because of things like the branch being closed or reduced hours.

“Switching rates for banking in New Zealand are very low, only 3 percent of people changed their primary bank in the previous 12 months. Of those that did switch their main bank, 15 percent said they did so because of branch closure.

“While we know that most people do their banking online, for some people their branch really matters.”

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Source: Radio New Zealand

A third of New Zealanders have savings of less than $500, Westpac says, with Auckland and Northland lagging the rest of the country.

Westpac has released new data that shows Canterbury and Otago are top of the savings stakes – in both regions 28 percent of Westpac customers are making monthly payments into savings, and they have the highest median savings balance of $4200.

Those regions also had the highest proportion of customers with savings of $15,000 or more, at 32 percent.

Auckland and Northland were at the opposite end, with only 20 percent of customers making monthly payments into savings and median savings balances of less than $1500.

Overall, 36 percent of people had less than $500 in savings. The median amount being saved each month was $150 and only 38 percent had a Westpac KiwiSaver balance over $40,000.

Some savings account interest rates are quite low.

Warren Ngan Woo, programme manager for financial wellbeing for Westpac NZ, said that could be driving people to look at other options.

“I think people are looking at those options around other sort of investment types.

“When you think of platforms that are out there, those micro investment platforms that are on the market … people are sort of saying, maybe I’ll shave a little bit off my savings, put a little bit into that to have a little bit of a dabble, a bit of a go into that.

“I always encourage people to just do your research, make sure it fits you and what you’re looking at … people should look at other avenues, try not to have all your eggs in one basket but have a look at different investment classes that might suit their life and stage and their position and what their goals are now and into the future.”

Sarah Hearn, Westpac’s managing director of product, sustainability and marketing, said customers with money in low-interest accounts received nudge emails encouraging them to look at better options.

“Good savings habits can make a big difference in the long run. Even if you’re only putting aside a small amount each month, simply establishing the behaviour is a great start,” she said.

She said some people would be focusing on paying off their mortgages rather than saving but 81 percent of Westpac home loan customers had a savings account.

“We know costs are typically higher in Auckland than in other regions and that’s reflected in this savings data,” she said.

“And around the country, households and businesses continue to grapple with high costs. Saving more money might feel unrealistic for many people right now and we understand that. But taking some time to review your overall spending and making small savings commitments can have a big impact over time.”

Ngan Woo said the South Island’s outperformance reflected the positive signs of activity in the economy.

“Auckland being a big economic hub that it is, we haven’t been immune to a few things with business closures and the like and restructures across businesses.”

He said the overall figure of 36 percent having a balance of less than $500 painted a picture of things still being difficult for households.

“We’re trying to do our best to keep things as optimistic and positive as possible, it can be a self-fulfilling prophecy, if we keep talking about, ‘oh, it’s hard, it’s tough’ .”

He said he encouraged people to start small and build lasting habits that could be built upon when circumstances improved.

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Source: Radio New Zealand

Media company NZME is back in the black with increased earnings, as it put the asset writedowns and tougher economy of a year ago behind it.

The owner of the OneRoof property platform, New Zealand Herald, and Newstalk ZB radio network said it was cautiously optimistic heading into 2026.

Key numbers for the year ended 31 December 2025 compared with a year ago:

• Profit $13.1m vs $16.0m loss
• Revenue $345.1m vs $350.2m
• Operating earnings $62.3m vs $54.2m
• Expenses $289.3m vs $300.5m
• Full year dividend unchanged 9 cents per share

Chief executive Michael Boggs said the performance reflected “a huge amount of hard work” across the company, supported by easing inflation and improving business and consumer confidence.

“We’ve remained focused on our digital-first strategy, continuing to innovate and adapt to changing audience and client needs, we’ve reduced our costs, and we’ve simplified our structure to allow us to operate at pace, placing specialist support services under each of our three main business divisions.”

Revenue dipped slightly after the company closed 14 community newspapers at the end of 2024.

OneRoof delivered a strong year, with listings revenue rising 18 percent, lifting its operating profits by a third.

Its audio division – which includes Newstalk ZB – saw operating profits rise by 23 percent, and NZME said it was seeing positive momentum heading into 2026.

The publishing division, led by the NZ Herald, reported total subscriptions rising from 236,000 to 243,000, with digital-only subscriptions up 10 percent.

The company did not offer any earnings guidance for 2026, but chairperson Steven Joyce struck an upbeat tone.

“We have entered 2026 with a strong balance sheet, diversified revenue streams and strong market positions across audio, publishing and OneRoof, providing a solid foundation for future growth,” he said.

“The renewed momentum and focus we have built through 2025 positions us strongly for 2026 and beyond.”

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Source: Radio New Zealand

Renewable energy generator and retailer Mercury has reported a strong return to profit, reflecting ongoing cost savings as well as investment in renewable energy projects.

Mercury chief executive Stew Hamilton said the company had invested 50 percent ($270 million) of the first half earnings in renewable energy and was on track to meet its full year underlying profit guidance of $1 billion, as well as operating costs of $370m – down 6.6 percent on the last year.

Key numbers for the six months ended December compared with a year ago:

• Net profit $20m vs $67m loss
• Revenue $1.66b vs $1.76m
• Underlying profit $537m vs $418m up
• Operating expenses $183m vs $207m
• Interim dividend 10 cents per share vs 9.6 cps up 4%

[h Results overview

Hamilton said all three of Mercury’s large renewable developments, totalling $1b investment, were progressing on budget and on time.

He said the Ngā Tamariki Geothermal Station unit came online in January 2026, while stage two of Kaiwera Downs Wind Farm and Kaiwaikawe Wind Farm were both due to begin generating this year.

“Our disciplined strategic execution is delivering a strong performance today, while enabling us to invest significantly in new renewable generation for New Zealand, helping meet future demand growth and build resilience,” he said.

“We are on track to deliver on our plan of adding 3.5 terrawatt hours (TWh) of new generation by 2030.”

That was the equivalent of powering an additional 430,000 homes.

“Our contributions are supporting the fastest rate of renewable generation development in history, helping power economic growth over the next two decades,” Hamilton said.

“We are also investing significantly in our existing assets, with Karāpiro Hydro Station upgrade complete and plans to invest $590m in hydro refurbishment over the next decade.

“Enabling our customers to shift consumption and lower their costs is another key focus and we continue to provide additional support to our customers in need.

“We are facing into energy system challenges with confidence, including actively shaping and contributing to solutions for gas and firming, while helping deliver a bright future for New Zealand powered by an increasingly renewable energy supply.”

Outlook

“Our balance sheet remains strong, with capital headroom and prudent risk settings,” Hamilton said.

He said the full year underlying profit guidance of $1b was supported by above average hydro generation and lower operating costs, while the full year dividend guidance of 25 cps remained on track.

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Source: Radio New Zealand

Winston Peters’ public spat with two unions has gone up a notch, with the PSA and Workers First now writing to the Prime Minister.

Secretaries from both unions say the New Zealand First leader is being “wilfully misleading” and it was “unequivocably” untrue they hadn’t engaged with the party earlier.

They want Peters investigated for breaching the cabinet manual.

Peters responded on social media, saying the Unions had been “whinging” about being “called out” and then throwing an “unhinged tantrum,” criticising the unions for being out of touch with ordinary workers.

He included a screenshot of an email sent by the unions the day before the Employment Relations Amendment Bill was set to be debated at committee stage, highlighting his criticism from last week that “you don’t alert someone within 24 hours after these things have been going for months what your concerns are.”

It comes after both New Zealand First and the unions publicly attacked each other over the Employment Relations Bill, which passed last week.

Peters said he would have been able to stop the law removing the right for contractors to challenge their employment status if the unions had come to him earlier.

The Unions wrote to Christopher Luxon on Sunday, outlining their view that Peters was in breach of the cabinet manual by making, and then defending, statements that were “wilfully misleading.”

Those comments were the claim from Peters last week that he could have changed the law, and that New Zealand First was only alerted to unions’ concerns within 24 hours of the Bill going through the Committee stage in the House.

“This is unequivocably and demonstrably untrue,” the unions wrote, outlining again the series of meetings and interactions that had taken place between representatives for both the unions and New Zealand First, which RNZ reported last week.

Those engagements included at least 8 meetings between New Zealand First and Workers First union to discuss the Bill, the letter stated.

Beyond that, PSA National Secretary Fleur Fitzsimons had multiple meetings with New Zealand First representatives too, including with MP Mark Patterson

“Mr Patterson asked for possible amendments to take the harsh edges off the proposed legislation so on 10 February 2026 we sent him some suggested amendments New Zealand First could adopt,” in reference to the email sent the day before committee stage.

However, the unions had “engaged extensively with New Zealand First about the Employment Relations Amendment Bill, some months and years before Parliament considered the legislation” the letter stated.

Their concern was that Peters had “breached the expectations around “Conduct of Ministers” set out in paragraph 2.56 of the Cabinet Manual 2023:

In all of these roles [i.e., as per para 2.56, not only when acting in “in a ministerial capacity”, but also when acting “in a political capacity” or “in a personal capacity”] and at all times, Ministers are expected to act lawfully and behave in a way that upholds, and is seen to uphold, the highest ethical and behavioural standards. This includes exercising a professional approach and good judgement in their interactions with the public, staff, and officials, and in all their communications, personal and professional. Ultimately, all Ministers are accountable to the Prime Minister for their behaviour.

The unions asked Luxon to consider the matters and investigate their concerns.

On Monday, Peters posted on social media in response, including a screenshot of the email sent the day before the Bill was due at Committee Stage. He indicated all the unions were included in the email.

“Apparently both the PSA Union and Workers First Union have written to the Speaker whinging that I called them out for them demanding NZFirst make changes to the Employment Relations Bill just 24-hours before the committee stage debate in the House – and then them throwing an unhinged tantrum when they didn’t get their way,” Peters wrote.

A spokesperson for the PSA confirmed they had not written to the Speaker, only the Prime Minister.

Peter said the PSA and Workers First had made it clear the workers unions in the country “no longer represent ordinary, hard working blue-collar kiwis like they once did – they are now controlled by leftwing political agendas and arrogant elitist Labour Party sycophants with soft hands who live in leafy suburbs.”

“When the leaders of these unions are Labour Party candidates, sitting on Labour Party policy committees, run third party campaigns for the Labour Party in elections, and affiliated unions get a vote for the Labour Party leader, New Zealanders need to be asking what their true motivations are and who they truly work for.”

A spokesperson for the Prime Minister told RNZ the issue was a specific disagreement between two parties.

“The Prime Minister is satisfied that it is not a Cabinet Manual matter.”

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Source: Radio New Zealand

A New Zealander who has left for Australia says he’s been hit hard by Inland Revenue “annualising” his income to claw back Working for Families credits.

Kenneth, who wanted to be identified only by his first name, said he moved with his family from Auckland to Australia in January last year.

“My total New Zealand earnings for that tax year were just under $84,000. However, the IRD has annualised my income, claiming I should be treated as if I earned closer to $110,000.

“Because of this imaginary higher income, they are demanding we pay back $4000 in Working for Families tax credits-money my wife used to keep us afloat while caring for our youngest in one of the most expensive cities in the world.”

He said a number of one-off payments were being treated as though they were daily wages, including $7213 in final holiday pay and $7027 in back pay from a two-year salary negotiation.

“When we challenged this, staff explained that if someone earned $20,000 in one month and nothing for the rest of the year, the IRD would treat them as if they earned $240,000. It is a rigid, ‘computer says no’ approach that is leaving families who are already struggling with a massive bill on their way out the door.

“I believe many other Kiwis are being “ripped off” by this same rule without realizing the math is flawed.”

Tax expert Terry Baucher said the reason that Inland Revenue took this approach was out of concern that otherwise people who left early in a tax year could end up paying less tax than they would otherwise be meant to.

He said the issue was also clearly connected to the abatement level, at which Working for Families credits are removed.

When households earn more than $42,700 a year, their Working for Families entitlements are cut at a rate of 27 percent.

“The threshold is so low, and everything above that is abated at 27c on the dollar. So we have an extremely low threshold, it’s now below the minimum wage. Someone getting 40 hours of minimum wage is now above that. So that’s the real kicker. The extra $26,000 of income just exacerbates that.”

He said that threshold had not been increased since 2018 and when the abatement rate was first introduced it was only 20 cents in the dollar.

Working for Families debt has been highlighted as a problem for some time. There are hundreds of millions of dollars owing, often because people earned more than was expected in a year and received too much Working for Families support. RNZ earlier reported on a case where a couple were overpaid $20,000 and having to pay it back at a rate of $350 a fortnight. (https://www.rnz.co.nz/news/business/562593/couple-owes-20-000-working-for-families-debt-through-no-fault-of-our-own)

The Government last year announced a review of Working for Families intended to avoid households getting into debt. Options being considered included more frequent reporting of income to ensure that people were not overpaid.

In the 2022 year, only 24 percent of households receiving weekly or fortnightly payments who were squared up by IRD had received the right amount of Working for Families credits.

Baucher said Inland Revenue could make use of tax codes to claw back overpayments.

“Instead of requiring people to suddenly front up with $4000 at a time, it’s probably easier for them to say, ‘ okay, we’re going to adjust your PAYE code and take a bit extra to claw that back’. It would be for those families far more manageable … but to me the review’s window dressing, to be frank.

“The whole question around abatements and thresholds, and the amounts of being paid just needs complete rethink, in my view.”

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Source: Radio New Zealand

Some parents returning to work are facing childcare bills of $15,000 or $20,000 a year, and the industry is warning bills could rise.

Stephanie Pow, founder of Crayon, which helps employers with staff wellbeing, particularly around support for parents, said the cost of childcare and early childhood education was a big pressure point for a lot of families.

“It’s equivalent almost to private school fees. A lot of them are parents who would not otherwise be putting their kids in private school. And that’s per child, so if you have twins or you have two or more young children, it multiplies from there. When you look at the OED data, New Zealand is one of the least affordable countries in the world for childcare as a percentage of income.”

She said two parents earning full-time average wages in New Zealand with two children in full-time daycare would spend more than a third of their income just on childcare.

Data from the Household Economic Survey shows that the average cost of early childhood education has risen from $25.71 a week in 2007 to $85.18 in 2013, $95.45 in 2019 and $90.62 in 2023.

Between the March 2025 quarter and December 2025, early childhood education costs increased by 2.5 percent.

Family Boost payments took effect in July 2024, which contributed costs falling 22.8 percent through the same period a year earlier.

Family Boost covers 40 percent of a household’s childcare cost, up to $1560 for households earning up to $35,000 a quarter.

Households with income between $35,000 and $57,286 a quarter an claim either 40 percent of their ECE fees or the maximum $1560 minus 7c for every dollar earned over $35,000 – whichever is less.

Centres are also funded through the 20 Hours ECE scheme, which provides a subsidy for up to 20 hours a week of childcare, at six hours a day. Some centres offer 30 hours using other subsidies.

Costs vary

The Office of Early Childhood Education, an advisory body for the sector, said home-based education fees could range from $5 an hour to $12 or more.

Playcentres were the most affordable. Kindergartens received more money under the 20 hours scheme and could charge as little as $3 per hour for care beyond that, it said.

Most other centres charged $5 to $8 an hour for children not receiving 20 hours funding.

Amanda White, a researcher at the NZ Council for Education REsearch, said the cost could differ a lot.

“Sadly this variation does exist, and can be very costly for some parents and whānau. High quality ECE should be a public good for all children to access. A higher cost does not in any way reflect the quality of education children receive in a particular centre – there is no evidence that private centres offer better education/care than non-profit ECEs like community-based and kindergartens.

“Teacher qualifications, teacher-child ratios and group size are critical factors in terms of ECE quality.”

Fee warning

But the Early Childhood Council, which represents operators, said if changes were not made, the costs were likely to increase, or more centres would close.

It said 443 closed between March 2022 and July 2025 as pay parity requirements and “sustained underfunding” affected the sector.

The Government established a Ministerial Advisory Group in June to review funding for early learning. A paper as part of the review noted that the intention of the 20 hours scheme was for regular reviews to adjust funding to reflect increases in the cost of providing care.

“Many EE service providers say that the funding received for the 20 hours free does not cover the cost of delivering the service. While this may be correct, it is largely anecdotal.”

Services can require kids to attend more than 20 hours and charge for the additional hours, as well as asking for top-up payments.

Early Childhood Council chief executive Simon Laube said since 2019 there had been an 11.5 percent gap between the cost adjustments of the subsidy and inflation.

“We’re saying to the government that they need to, to try and just keep the lights on, put a bit more money into the system.

“If they don’t put in a significant cost adjustment this budget it’s going to lead to either parents having to pick up some of the rising costs through increased fees or more providers are going to fail.

“Our view is yes you can always afford to lose a few centres, overall there are thousands of centres in New Zealand… but the trend has kind of turned and we are losing more centres than we are opening… it’s not really in the interests of parents to lose these options.”

He said because centres were funded on a demand basis, they were sensitive to things like changes in the job market that could mean more parents staying home.

“If you’re putting up your fees, anyone who can do that should have already done that… so now you’re in the real crunchy period where every time you put up fees you’re going to lose enrolments.

“Every time you do it you’re just going to trigger a demand change because they don’t have the ability to pay.”

He said the funding review needed to consider centres’ ability to pay higher salaries. “The Government funding doesn’t actually try to keep up, it’s just set at a certain rate and it never increases. Whereas the obligation we’ve got is that every single teacher moves up an increment every year. Some of those increments are 7 percent between steps once you’re on the scheme.. there’s a real pressure on providers to increase fees just so they can retain their teachers.”

He said the government’s review was a good opportunity to address the problems and find a solution. “But solutions take time and changes to the funding system will take years to design and implement… I can’t just go ‘oh you know, it’ll be okay in the future’. Providers today need a bit of help just to keep the lights on.”

Some centres are making the numbers work, however. It was reported in 2024 that childcare cahrity Best Start made a profit of $32 million in 2023.

Occupany questions

Pow said parents were already finding it tricky to find care in some places.

“When we’re coaching parents we often tell them they should look into it 12 months or more before they intend to put their child into care because it can be so difficult to ge ta spot. There are a lot of wait lists and you don’t want to be in a position where you return to work and you haven’t secured childcare or weren’t able to get your first preference.”

Laube said centres had the highest occupancy in areas like Canterbury, where they could be up to 80 percent full.

“Whereas Auckland, you know, if you talk to the providers, they think that there are too many providers in Auckland. But that’s not really what the data is showing. The data is showing there are, you know, thousands of children up in Auckland who don’t even participate…Auckland’s challenge is something that we’re really trying to drill into.”

Otago University economist Murat Ungor said it was something that the country should address.

“ECE plays a critical role in human capital development. The World Bank notes that the first five years of life are the fastest period of human growth and development, with around 90 percent of brain development occurring by age five. Investing in these early years helps break cycles of poverty, reduce inequality, and boost long-term productivity.

“Recent UNICEF reports rank New Zealand fourth lowest out of 36 OECD and EU countries for child wellbeing, and lowest for mental wellbeing specifically. These statistics show the urgent need to prioritise early investment in the health, education, and wellbeing of New Zealand children.

“Today’s children are tomorrow’s labour force, so by investing more in our children, we will have a healthier and more skilled labour force and thus, a more productive Aotearoa.”

What are parents paying for childcare?

Khandallah Nursery School: One child, 8am to 4.30pm five days a week: $452.40

Chelsea House, Raumati Beach: One child, 35 hours a week: $150

University Kids Fairlee Terrace:: Two children, 28 hours a week: $474.64

Krafty Kidz, Ranui, Auckland: One child, four days a week: $105

High Five Early Education Centre, Hataitai: One child, 8.30am to 5.30pm five days: $275

Busy Bees Westgate: One child, 26 hours a week: $236.60

Little Minds, Whalers Gate, New Plymouth:: Two children, 28 hours a week: $584 a fortnight

Kindercare Belmont: One child, three half days: $218 a week

Busy Bees Daycare, Dargaville: One child, 35 hours a week: $136.50 a week

Royal Oak Childcare Centre, Auckland: One child, 9.5 hours a week: $115

Grey Lynn Kindergarten: One child, two full days: Free

BestStart Ponsonby: One child, 37 hours a week: $254

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Source: Radio New Zealand

• Majority chief executives expect improved economics this year
• More than a third expecting higher revenue
• NZ chief execs more positive about finances, less worried about global issues than global peers
• Biggest concern is keeping up with AI technology developments

The country’s top executives are optimistic about economic recovery and the fortunes of their own companies, but fear being left behind in the development and use of artificial intelligence.

PricewaterhouseCoopers’ (PwC) annual chief executive survey found 58 percent expected improving economic growth in the coming year, fractionally lower than last year. That compared with the global rating of 55 percent.

Thirty seven percent were “very or extremely confident” about their company’s revenue prospects this year, rising to 54 percent looking over the coming three year’s revenue outlook.

PwC New Zealand chief executive Andrew Holmes said the optimism shown in the survey was “cautious”.

“Unlike many of their global peers, they have been less impacted by geopolitical issues and are poised to take advantage of better operating conditions.”

New Zealand’s small economy and isolation accounted for the reduced impact and concern of global issues.

Losing pace in the AI race

Holmes said the big issue worrying chief executives was artificial intelligence, and not being able to keep up with developments.

“It’s being left behind with outdated business models, unable to take advantage of new technology, specifically AI.”

More than half of the local respondents cited this as their main concern, although close to two-thirds also said their organisations were ready for AI, and 70 percent said their technology could support AI.

But Holmes said the survey showed little significant effect of AI on businesses.

“Over 78 percent have yet to see AI have any impact on their organisation, and only a minority are reaping any benefits from AI to their bottom line.”

On most of the issues polled, New Zealand responses were close to those of the global survey, but cyber security and climate change were two weak spots displayed in the survey.

“Only a third of New Zealand respondents [are] expecting their companies to take action to a significant extent to improve cyber security, as a response to geopolitical risk, in the next three years.

“Climate resilience is another weak spot, with fewer than a quarter of respondents, in New Zealand and globally, reporting robust measures to manage climate-related risks while seizing associated opportunities,” the report said.

PwC surveyed 4454 CEOs across 95 countries and territories from 30 September through to 10 November, with 103 New Zealand CEOs taking part.

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