Category: Business

Source: Radio New Zealand

Got questions? RNZ has a podcast, Got questions? RNZ has a podcast [www.rnz.co.nz/podcasts/nostupidquestions No Stupid Questions with Susan Edmunds].

We’d love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but – even better – you can drop us a voice memo to our email questions@rnz.co.nz

Re my joint family home and joint savings. I believed these are owned by (me) the surviving partner?

Nothing is in my partner’s name only. I invited my partner’s far-flung adult children and adult grandchildren to the funeral weekend.

My own grandchild overheard them talking about a legal claim to force me to sell my home for their benefit.

My partner and I registered it as our joint family home when we built it three decades ago and it took me more than two decades to care for my non working partner and pay off the mortgage.

I am fit and well and live in my home. My friends, children, grandchild and activities are nearby.

I am extremely upset by their claims as are my own children?

Can my “steps” legally force me to sell my home to provide money for them? My legal firm said this is “not possible” then changed their position.

This is a tricky question and we got into it a bit more on the podcast this week.

Michelle Pope, who is principal trustee at Public Trust, said usually assets held in joint names, as in your family home and savings, will automatically pass to the surviving joint owner.

“However, it’s important to confirm whether the property is legally owned jointly or in equal/unequal shares.

“If it’s jointly owned, it will in most cases pass directly to the surviving owner through what’s called ‘survivorship’ in legal language and will not form part of the deceased person’s estate.

“If not, the deceased’s share will need to be administered as part of their estate, which can add complexity.”

As for whether your stepchildren could force a sale, she said probably not.

But your partner’s estate could make a claim to claw back assets that could then be subject to a claim from the stepchildren.

“An example could include if they believe they are not adequately provided for in their father’s will. If successful, selling assets might be an outcome of any legal decision.”

Pope said because your partner had a will, there would be more clarity about what was intended to happen.

“Having a will can help reduce the risk of legal disputes and give clarity for families but cannot prevent claims being made.

“Blended families are increasingly common and estate planning in these situations can be complex.

“We strongly recommend people seek professional advice to explore options and ensure your estate plan reflects your intentions.”

How do I find a financial adviser who will give me truly independent financial advice?

I’m reasonably happy with my financial plans but it’s always good to check with an expert.

However I know many advisers are remunerated through commissions and therefore are only going to recommend products or providers that pay them.

My current investment plans mainly revolve around low fees broad market index funds so I’m worried by seeking financial advice someone will try to steer me away from this and towards higher fee actively managed products because of commission. I want truly objective advice and to not be suspicious of what’s in it for the adviser.

You’re right that many financial advisers are paid by the organisations that they place their clients with.

Historically, I think that’s been because people have been really reluctant to pay an upfront fee – and the advisers need to be paid somehow.

If you want to avoid that, you could look for an adviser who is going to charge you a fee instead. You might pay by the hour for their time, or a set amount for a financial plan or ongoing monitoring and advice.

But all advisers are bound by rules including the need to disclose how they are paid and by whom as part of their advice process.

Nick Hakes, who is chief executive of Financial Advice NZ, which represents advisers, said they would need to explain how they charged, what they were paid and the scope of their advice.

“My encouragement to any client seeking a financial adviser is to go with a whole list of questions so not just about how they might be remunerated but have they helped someone in similar circumstances to you? And how did they help? Remuneration method is just one of a series of questions which all client should be asking financial advisers.”

He said Financial Advice NZ had a directory online that listed all the members of the professional body. That could be a good place to start to look through your options and see who might be a good fit.

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

Source: Radio New Zealand

Immigration Minister Erica Stanford has given an update on the government’s so-called ‘golden visa’, which aims to attract investors with at least $5 million to spend.

Changes to the Active Investor Plus visa took effect in April last year, bringing in two categories – riskier ‘growth’ investments of $5m-plus over three years and lower-risk ‘balanced’ investments of $10m-plus over five years – and reducing other barriers, including time spent in New Zealand and an English language test.

The minimum investment amount had previously been $15m.

Stanford said 573 applications had been received to date, totalling about $3.39 billion invested – with $1.05b of that already committed.

She said it compared to 116 applications and $70m of investment over the two-and-a-half years under the previous settings.

“I am delighted that our new visa settings are helping to open up possibility and opportunity for investment,” Stanford said.

“These investors bring not just capital, but global experience, expertise, and networks. I have had the pleasure of meeting some of these investors over the last year and I have seen firsthand their love for, and commitment to, New Zealand.”

She made the announcement at Hectre, an AI startup focused on orchard management and fruit quality.

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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 manufacturing sector’s turnaround continued into the new year as firms recorded growth in new orders and production, while employment also grew.

The BNZ-Business NZ Performance of Manufacturing Index (PMI) fell 0.9 points in January to 55.2, but was comfortably above its long running average of 52.5. A score above 50 indicated the sector was expanding.

“The January PMI provides further evidence that the economy has finally turned the corner,” BNZ senior economist Doug Steel said.

“It is consistent with our forecasts and a breadth of indicators suggesting decent economic growth.”

All five sub-indices in the survey showed expansion.

“This was led by the two key indices of production (56.6) and new orders (56.4), followed by deliveries (53.3),” BusinessNZ director of advocacy Catherine Beard said.

“Employment (52.9) recorded its third straight monthly expansion, which had last occurred in the first few months of 2025,” she said.

Steel said the turnaround in employment was “good news”.

“When you’ve got more production and using up spare capacity… it does mean more jobs, and that’s what we see in the survey on Friday,” he said.

“If you look back at last year it implies that the net labour shedding that was occurring has drawn to an end.”

But despite the headline PMI index remaining strong, the survey noted the proportion of positive comments fell from 57.1 percent in December to 47.7 percent.

It said some manufacturers did report weak demand, while the Christmas and summer holiday shutdowns disrupted production.

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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 wet summer has kept Meridian’s hydro storage lakes topped up, which could help keep power prices in check down the track.

Record rainfall in both the North and South Islands in January saw flows coming into the lakes exceed historical averages.

Meridian spilled from both its Waitaki and Waiau schemes throughout December and January, with national storage falling from 135 percent to 117 percent of the historical average.

“Wholesale electricity prices through the month of January were as low as I ever remember them being – they were $1 per MWh which is, you know, [basically] free,” chief executive officer Mike Roan said.

He said lower wholesale prices were down to both the large amount of rain and investment in new generation into the system.

“Hydro lakes are fuller than they’d normally be this time of year, which bodes well as we approach winter.

“[The lakes] hold about four months of water and they’re above average.

“So we’ve got a lot of fuel in the system right now, but you jump four months ahead – that’s kind of end of June, early July – so we can see most of winter, which is great, and in a month’s time, we’ll be even more confident.”

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

Source: Radio New Zealand

Some potato growers are reporting yields could be down 20 percent this winter due to bad weather, but it’s still a bit early in the season to know the full impact.

Some growers are harvesting early varieties now, with the main harvest getting underway in a few weeks.

Potatoes New Zealand chair Paul Olsen said his crop in Manuwatu is looking good, but further north in Pukekohe, growers have had a lot of rain.

“What I’m told sort of further north that the yields are back by maybe 20 percent in some areas, and then the earlier crops in Canterbury, I’m told, are sort of on par,” Olsen said.

“It’s hard to know the full impact of the weather until we get into the thick of harvest in about a month or so.”

Olsen said if the national crop does end up being smaller, prices could remain higher as demand for potatoes has been solid.

“The general rule of thumb is that the prices do ease as the main crop comes on, so it’s sort of hard to gauge and I’d hate to jump to conclusions so early on in the season given, we’re only in February. But yeah, it’ll definitely be one to watch. “

Pukekohe company Hira Bhana and Co grows 140 hectares of potatoes year-round.

Owner Bharat Bhana said the potatoes have been struggling with the changeable weather.

“When it’s to wet, the roots don’t go down deep enough to go and search for water, then when it goes dry the roots aren’t prepared and then they dry out,” Bhana said.

“So, you need to keep the water on, yesterday it was 27 degrees during the day and only got down to 20 at night, it’s not cooling down enough – the muggy weather isn’t ideal for getting a decent crop of potatoes.”

Bhana said they aim is to get 45 to 50 tonnes a hectare, but they’re getting about 40.

He said if there are fewer spuds around, prices will probably go up.

“But, in saying that, potatoes at the moment, at $1.50 a kilo, or even at $3 a kilo, is cheap compared to anything else. Consumers normally complain about $3 a kilo for spuds, but go and get $3 worth of chicken or $3 worth of steak and see what that gets you.”

He hasn’t made money on potatoes for 18 months, so getting higher prices will be good for cash flow.

“Just the other day, Balance sent us a nice newsletter again saying that fertilizer price is going up again.

“As our dollar fluctuates and the New Zealand dollar loses value, everything we bring into the country like fertiliser, chemicals, machinery, it all goes up so our costs have risen a lot.

“It’s getting to the stage now where growers have decided, well, it’s not worth growing anymore, so they got out of it.”

Bhana said with rising costs more vegetable growers are leaving the industry – especially in Pukekohe, where some can sell land to developers for hefty profits.

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

Source: Radio New Zealand

An investment company predicts New Zealanders will have to work into their 70s if the country wants to afford superannuation.

A debate has been held at the New Zealand Economic Forum at Waikato University.

Milford Investments CEO Blair Turnbull said 40 percent of retirees rely entirely on income from super because they have no savings.

He believes it’s inevitable the age for super will rise and be means tested.

He said Treasury is very clear, saying that unless the retirement age rises to 72 or 73, New Zealand can’t afford to pay superannuation.

“By 2030, we’ll have over one million people over the age of 65 and we want New Zealanders to retire with dignity and in a lifestyle they deserve.

“That is just going to compound. Why? Looking back, in the 1970s you had seven workers for every person over the age of 65. Today that’s about four workers for every person over the age of 65 and by 2060 it’ll be two workers for every person over the age of 65.

“The truth is we cannot afford the superannuation system, because we don’t have the workers and we don’t have the productivity – and just to bring the productivity point to life – in terms of the 37 OECD countries, we are 27th in the rankings in terms of productivity.

“And here’s the killer stat that follows that, in terms of our savings, we’re 33rd, so if we have lower productivity and lower wages, that, unfortunately, really hurts our ability to save because we literally don’t have the money to save for the future, even though we know we need to save.

“Fifty percent of people today are just surviving pay cheque to pay cheque and the news isn’t any better for retired people because 40 percent of them arrive at 65 and they have little to no private savings and they’re fully reliant on income from New Zealand super, which we simply can’t afford.”

Former cabinet minister David Parker told the conference that we have to match Australia on their better superannuation savings rate.

“I’m in favour of following Australia into compulsory KiwiSaver and there should be a tax incentive.”

Former MP and CEO of the Aged Care Association Tracey Martin said a much broader conversation is needed than whether the age of superannuation should be raised.

Sharon Zollner, the chief executive of ANZ, told the conference the health care costs for older people are also a consideration. She said the health needs of people over 85 cost five times more than those aged 65.

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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 country’s largest medicinal cannabis grower is about to harvest its biggest crop, and is working with iwi on plans to increase its production in Kaikōura.

Puro New Zealand has been growing medicinal cannabis since 2018 and has two facilities in Marlborough, one in the Waihopai Valley and another at Kekerengu on the Kaikōura Coast.

Co-founder and chief development officer Tom Forrest said staff were about a month away from harvesting around 65,000 plants from across 15 hectares, which would produce around 100 tonnes of material that would be dried or formulated into oils for medicinal use.

He said while cannabis could be grown almost anywhere, Marlborough was chosen because its environment was ideally suited to growing a high grade product.

“[Cannabis] has a genetic plasticity that allows it to grow from the mountains of the Himalayas to deserts to tropical islands but not all of those places grow [plants] in a way that is suitable for high quality medicine.”

He said the Kekerengu farm was special because it had an optimal soil profile, the right aspect, gradient and the elevation from sea level along with protection from the mountains.

“There’s a really, really perfect melting pot of agronomic traits that work to grow cannabis here.”

On Thursday, Puro opened the gates of its Kekerengu farm to academics, growers, buyers and prescribers.

“In an industry where factory farming is a bit of the norm, we want to show why our plants and our crops and our medicines are grown differently and we’ve invited other farmers from around New Zealand and the world so we can share knowledge and we can collaborate and build really lovely partnerships.”

Local iwi Te Rūnanga o Kaikōura established a strategic partnership with Puro. Two years ago, the business, which is owned and operated by the local tribe Ngāti Kūri of Ngāi Tahu, invested in the company and together had established cadetships to build talent in the industry.

Managing director Rāwiri Manawatu said it was working to establish a contract growing model similar to the wine industry.

“We could have our own piece of land, we could be growing the product ourselves and then sell it on to Puro or for processing.

“The idea is building that capability and capacity, training and supporting [the cadets] to learn everything they need to know about the farm and how it works so that we can start building this growth model.”

Columbia University professor and organic chemist Colin Nuckolls, who visited the Kekerengu farm on Thursday, had spent the better part of the last decade studying the chemical differences between indoor and sun-grown cannabis.

He originally thought cannabis was mainly just THC (tetrahydrocannabinol) and CBD (cannabidiol) but found “a whole plethora of really interesting compounds” were present, often into the thousands, particularly in cannabis that was grown in soil and under the sunlight.

He said cannabis in the United States was tested for a certain number of cannabinoids and terpenes, so on paper, the certificate of analysis for different cultivars looked the same.

“Based on that you can’t tell any difference between them but the effect that a patient or a consumer has when they try one versus the other can be night and day, so what that’s telling you is that there’s many, many components in there that are having a big effect.

“It’s probably a fool’s error to think that you can actually reproduce what nature gave you in soil and sunlight in an indoor environment, the vegetative equivalent of a death camp.”

Auckland based GP Dr Graham Gulbransen started the first medical cannabis service in New Zealand nine years ago and said until recently, the products he prescribed had to be imported from Canada, Australia or Europe.

“Since 2022, we’ve had the option of organically grown CBD from this site here at Kekerengu and patients will often choose New Zealand grown or organically grown for the fact that it’s sustainable, using sunlight as the energy source rather than lights indoors.

He mainly prescribed medicinal cannabis to those with persistent pain, neurological conditions, those suffering from emotional distress, or with side effects from cancer treatment but at a cost of between $5 to $10 a day, the cost remained a barrier for many.

“We’d love to see subsidies where clearly we’re reducing the cost of standard medicines when patients are not responding to standard treatment.”

He said the Medicinal Cannabis Agency required a very high level of research in the form of clinical trials that showed the pharmaceutical benefits, which was tough when there were so many different strains of cannabis.

“It’s very difficult to do research where one variety may work better for a particular group of patients and other varieties are going to suit other people and some respond to low doses, others to high doses.”

He said research was happening around the world, but it was very expensive and work was ongoing to encourage the government to consider subsidising medical cannabis.

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

Source: Radio New Zealand

Any small business owner will tell you taking a risk on an idea and starting a company is hard work, but New Zealanders in the United Kingdom are proving their businesses can thrive overseas.

London hairdresser Ash Hornell is one of them.

She moved to the UK 10 years ago, and started out working in a local salon.

But Hornell quickly built her own list of clients.

“I got to the point where I was like ok, I’ve got no more capacity to bring any more clients in, so what next?” she said.

She had always wanted to start her own hairdressing business, but thought that would happen in New Zealand.

However, with a bit of guidance from friends, Hornell found a space to rent in London, and even some Kiwi builders to help turn it into a hair salon.

More than a year and a half later, her Hackney salon ‘Peach Stories’ has continued to grow.

Hornell explains that there have been a few lessons along the way, including when she first opened to clients.

“I was working alone and I had double booked myself all day, because at the start you’re like, ‘Oh my god, now I’ve got to pay all this rent, so let’s just work 10 hour days’, and anyway I ended up overbooking myself, I ran late for every client by like an hour, the salon was a mess, I was here until 11 o’clock, but I feel like you have to have that day,” she said.

Hornell now employed six staff members, including several New Zealanders.

Eighty percent of the salon’s clients were Kiwis and Australians, and word of mouth had helped grow the business.

“I always get told by my Kiwi and Australian clients, they were so happy to find a Kiwi salon, because they also feel like we do the hair slightly different as well,” Hornell said.

New Zealander Regan McMillan believed the Kiwi reputation was a big part of his company’s success too.

He started his moving business, Kiwi Movers, 18 years ago.

What began as a bit of extra work on the weekend with one moving van, had grown into an operation with 20 staff.

“From just everyday people just wanting to move a few items, to billionaires, to movie stars – some of the guys have had, you know, sitting in the truck with a movie star for a few hours,” McMillan said.

Many of the staff were trained lawyers, engineers, teachers, or sportspeople who had left New Zealand for their OE (overseas experience).

“One of the refreshing things you get is the feedback, just about the attitude of the guys and how friendly and proactive they are,” McMillan said.

“New Zealand is a trusted brand in itself, and people feel comfortable with Kiwis, they go, ‘Right, ok, I know what I’m getting’.”

McMillan said starting a business overseas came with the extra challenge of figuring out how to do things in another country, but he believed the right attitude was a big help.

McMillan encouraged anyone who was in the position he was 18 years ago, to take the chance.

“Just go ahead and do it, give it a go, you’ve got nothing to lose. Being a Kiwi, you’ve probably got the right attitude, and people will be more open to giving you a shot as well”.

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

Source: Radio New Zealand

Sky TV is apologising for what it says is a processing error that meant some Sky Sport Now annual pass customers were not given enough information about their contracts rolling over.

RNZ reported last year that some customers were not happy they did not receive notice of the automatic rollover of their contracts, including the information that they would shift from the promotional price of $365 a year to a new rate of $549.

“I emailed within two hours of our card being charged yesterday to see if they would offer us the promotion, but they have not and are sticking to charging us the full $549,” one customer said.

“I am particularly concerned regarding the price aspect here, and whether an annual rollover is fair when the price of the contract increases by 50 percent. We can’t find any notice of that price increase either.”

Sky TV said this week it had looked into the issue and conducted a full investigation.

“Due to a process error, we didn’t send some Sky Sport Now Annual Pass customers – those whose pass renewed between June 6 and December 15, 2025, the usual reminder email before renewal.

“This should have been sent 30 days before payment was taken and would have both confirmed the renewal and notified them of the new Annual Pass price of $549.99 effective from March 21, 2025.

“We’re sorry for this and are taking steps to make it right.”

The Sky TV spokesperson said affected customers had been sent an apology email.

This would also let them know they would receive a $50 refund, which took them back to the standard price before the price increase.

“We have also let these customers know that if they don’t wish to continue with their annual pass, they can choose to cancel their pass early. Customers who opt for this will receive a pro rata refund but will lose access to Sky Sport Now from the day of cancellation.

“Finally, we have let customers to know that we are sorry this has happened, we’ve fixed the issue and have strengthened our renewal notification processes to avoid this happening again.”

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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 rising cost of living is seeing New Zealanders increasingly choosing to buy and sell goods in the secondhand marketplace.

According to TradeMe’s latest report on the circular economy which surveyed 4000 people, 64 percent cite financial pressure as the reason for looking to buy and sell pre-loved items more often, up 4 percent on last year.

Younger generations are leading the trend, with 83 percent of those aged 24 to 39 having offloaded items in the last six months.

“The younger generations are the real power players in this space,” says Lisa Stewart, TradeMe head of marketplace.

“Many in that generation are not just selling their unwanted goods, but they’re looking at them as a side hustle and proactively hunting out things that they could upcycle to make some extra profit.”

Concern for the impact on the environment of buying new and a desire to recycle was also a big factor in younger people’s choice to buy and sell secondhand.

Time to clean out the garage?

The report suggests 75 percent of people have unused, unwanted items in their homes they could sell, which adds up to 76 million items ready for a new home.

Stewart said on average, each person has 19 items to sell, with an estimated value of $1300 per person. And when it comes to decluttering, clothing and home and living are the most popular items to sell.

“In terms of the things that are flying off our digital shelves, we’re seeing lots of demand for outdoor furniture this time of year, and also for fashion brands like Kowtow or Lululemon,” Stewart said.

“For many households, $1300 isn’t a small amount, it’s a flight to see family, a significant buffer against rising bills, or a kickstart for a savings goal.”

The report also points to conservative spending behaviour, with 56 percent saying the cost of living has directly led them to extend the life of their household goods through upcycling, repurposing, or restoring them.

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