Category: Business

Source: Radio New Zealand

• Commerce Commission rejects interim bid for banks and some retailers to negotiate with Armourguard
• Interim bid was over cash transit services
• Commission intends to make a final decision at a later date

The Commerce Commission has declined an interim request by the Banking Association to negotiate collectively on behalf of the banks and some retailers, for cash-in-transit services with Armourguard.

The Commission was not satisfied that the benefits of collective bargaining by the banks would outweigh the negatives, although it intends to make a final decision at a later date.

It was a split decision, with one of the three commissioners dissenting.

“All commissioners agreed that this was a finely balanced decision,” Commission chair John Small, who voted to decline, said.

“However, on the information provided the majority of commissioners are not satisfied that the potential benefits of permitting collective bargaining would outweigh the potential detriments,” Small said.

Commissioner Bryan Chapple also declined the request, while associate commissioner Nathan Strong dissented.

“Commissioner Strong’s dissenting view is that granting interim authorisation and allowing the participants to begin collective negotiations would preserve the potential for the benefits of collective negotiation to be realised should the Commission grant full authorisation, and that this outweighed the potential detriments of interim authorisation,” Small said.

Armourguard (owned by US-based Evergreen International) is the only supplier of specialised cash transport services, after the Commission allowed Evergreen to buy out its only competitor in 2024.

Armourguard had previously warned against the banks’ application.

“On one side, you have New Zealand’s last remaining cash services provider, which has been carrying heavy losses while continuing to invest in the nation’s resilience,” Armourguard chief executive Shane O’Halloran said in September.

“On the other, a group of banks that make billions each year and now want permission to act as a cartel to drive costs down for banks as opposed to the broader market,” 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

Infrastructure investor Infratil has reported a strong first half net profit with revenue up more than a third to $2 billion.

It said underlying profit rose 7 percent, despite New Zealand’s economy remaining relatively subdued throughout the period ended in September.

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

• Net profit $631.5m* vs net loss $206.4m**
• Revenue $1.993b vs $1.482b
• Underlying profit $662.4m vs $68.8m
• Total debt $2.62b vs $2.19b as at 31 March
• Total asset value $19b versus $18.3b
• Interim dividend 7.25 cents a share vs unchanged
• *Reflected sale of Manawa Energy resulting net surplus of $606m
• **Net loss reflected a number of one-time costs and a revaluation gain in the year earlier.

Infratil chief executive Jason Boyes said profit growth was largely driven by United States-based Longroad Energy, Australasia’s CDC data centre business, while capital expenses fell $52m to $1.14b on the year earlier.

“Digital and renewable energy thematics are stronger than ever, with CDC and Longroad building strong earnings momentum on the back of new waves of demand,” Boyes said.

“CDC has recently announced 140 megawatts of contracts and Longroad Energy reached financial close for 925MW of new projects.

“Gurīn Energy in Asia is another investment poised for growth and we’re always scanning for other attractive new growth sectors.”

He said the company was about 58 percent on its way to meeting its $1b divestment target, with sale agreements in place for RetireAustralia, Fortysouth and a legacy property asset. A strategic review of Qscan is also underway.

“Our focus is on simplifying our current portfolio and reinvesting in areas with strong thematic drivers, to position Infratil for continued growth and shareholder returns.”

New Zealand business performance

Despite the weak New Zealand economy, Boyes said Infratil’s New Zealand businesses had been largely resilient.

Wellington Airport reported 4 percent growth in underlying profit with international passengers numbers up 7 percent, while domestic passenger numbers fell 5 percent.

Telecommunications company One NZ, which accounted for about 58 percent of underlying profit, saw revenue rise by $14 million on the year earlier.

“Revenues have lifted through a mix of pricing and service initiatives, including the One Wallet loyalty programme and SpaceX text services – with more than 6 million texts now sent via the exclusive satellite service.”

The RHCNZ Medical Imaging business saw a pick-up in scans, though underlying profit fell on lower margins and cost inflation. However, Boyes said the outlook was more positive for the second half.

“This includes creating a standalone teleradiology service provider that will include staff and assets from Infratil’s Australian diagnostic imaging investment, Qscan, ” he said, adding its Qscan’s underlying profit rose 11 percent, with a positive mix of imaging demand and pricing changes.

Boyes said the company was poised for long-term growth, with its increased investment in Contact Energy expected to generate financial flexibility for the firm.

Underlying profit guidance for the full year ending in March was between $1b and $1.05b on a like-for-like basis, or between $960m to $1b following the sale of RetireAustralia and Fortysouth.

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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 author of new research looking into the benefit of a kids’ KiwiSaver scheme says if all children were enrolled from birth, they could have $10,000-20,000 in savings by the time they reach adulthood.

The report outlines several possible models, including a government kickstart and matching annual contributions to help children build savings from an early age.

Max Rashbrooke, co-founder of the Institute for Democratic and Economic Engagement Analysis, told Morning Report that as a country we’re not saving enough.

“We thought that an elegant but practical way to solve that problem, as well as building a savings culture and trying to improve the future prospects for our young people, would be to set up some kind of kids’ KiwiSaver scheme.

“I think the core of it would be to imitate the things that have made KiwiSaver itself successful as much as possible,” he said.

“So there’d be a kickstart for parents to start saving, maybe $1000. Then you’d have the government matching small amounts of parental savings.”

Rashbrooke said there could be government contributions for those that couldn’t afford to contribute to ensure no one missed out.

Six scenarios were modelled in the report with different levels of contributions from both the government and parents.

The first-year cost to the government ranged between $20 million to $80m across scenarios.

Rashbrooke said in 18 years the total savings could plausibly be somewhere around $10 billion to 13b in total.

There have been various attempts to introduce similar schemes around the world.

In the United States and Hungary there were “baby bonds”, while the United Kingdom previously had “child trust funds”.

Meanwhile, domestically Ngāi Tahu operates a matched savings scheme, Whai Rawa, which runs similarly to the proposed Kids KiwiSaver scheme.

As of early 2025, Ngāi Tahu’s scheme has over 35,000 members and $165 million in funds under management.

Ngāi Tahu has contributed over $75m in matched savings, payments to newborns and annual distributions.

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

Source: Radio New Zealand

Proponents of a proposed Super Liquor in Lake Hāwea have insisted they are acting in the town’s best interests, as their clash with local residents enters the hearing room.

There were a record 538 submissions opposing a liquor licence for the store, which would be the town’s first standalone bottle store, and two in support.

A three-day District Licensing Committee hearing began on Wednesday afternoon at the Lake Wānaka Centre, where Keyrouz Holdings Ltd laid out its case for a new Super Liquor store under the watchful eyes of more than a dozen Lake Hāwea residents.

The company operates Super Liquor franchises in Cromwell, Alexandra, Wānaka, Queenstown and Lorneville, near Invercargill, and also owns the Five Stags restaurant and The Gate Hotel in Cromwell.

Gate Group chief executive Glen Christiansen said the town was growing and residents could be assured Super Liquor was responsible and community-focused.

“I do believe that Lake Hāwea will get a bottle store at some point, and that we are the suitable operator due to our great history and strong operational standards, which are held by our staff and guided by Super Liquor Holdings,” he said.

The company earlier secured building consent to construct the outlet in the Longview subdivision – a fast-developing pocket of the town with a playground, school bus stop, and new homes.

Locals argued the proposed site was too close to children and sent the wrong signal about the town’s priorities.

Keyrouz Holdings director Alan McKay said the company was confident it could work with residents to find common ground.

“Over the last 25 years we’ve gained considerable experience, and we have extremely competent people working for us,” he said.

“It takes a bit of confidence to put a new business in the middle of a vacant paddock. But it is a commercial area, and what we’re doing I think will attract other businesses, which will eventually help the community.”

Outside the hearing, resident Lisa Riley said she firmly disagreed.

“The growth is inevitable, but I think Lake Hāwea needs to have the infrastructure in place first – things that so many other towns and cities take for granted… medical services, public transportation, police. When someone gets hurt in our community, they have to be airlifted out by helicopter,” she said.

“When this first happened, some people said they thought it was a joke, like a bad April Fool’s joke, because when you look at the site and you look at the proximity to the family-friendly neighbourhood, it just absolutely makes no sense whatsoever. They can go on about it being a commercial centre. It is incredibly small… it was not meant for large liquor chains to come in and take up space.”

Resident Andre Meyer said it was entirely backwards for the company to seek a liquor licence before laying a single brick.

“The application should have never got this far,” he said.

“The land… it’s simply still just a paddock. It’s fairly straightforward – my opinion is they don’t have a chance.”

Counsel for Keyrouz Holdings, John Young, said the company was simply carrying out its due diligence.

“I’ve been at hearings and my clients have built a bar, done everything, and they’ve had objections, and they’ve been accused of being cocky and presumptuous. So you can’t win either way sometimes,” he said.

He said the majority of objections were in template form, and cited an earlier Alcohol Regulatory and Licensing Authority decision suggesting such submissions might not reflect the authors’ genuine views.

“Such objections suffer from a lack of author authenticity and are likely to carry less weight… What I want to say about that point though is that I can assure the committee my client is here today with an open mind and here to listen.”

The debate took on an added edge after one of the company’s Super Liquor stores in Queenstown’s Remarkables Park was ram-raided in the early hours of Monday morning.

Young told the committee it was an unfortunate incident.

“No one wants it to happen. The police have responded quickly and appear to have apprehended those responsible. And the applicant cooperated with the police as fully as it could. The store was remedied and ready to trade at 9am on the day of the incident so the community was not exposed to the damage that had been done,” he said.

The hearing was expected to run for at least three days, with objectors due to take the stand on Thursday.

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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 OECD study indicates people are less likely to find a job in New Zealand if they are open and agreeable.

Being extroverted or emotionally stable doesn’t help as much with employability in this country as it does in most others, but being conscientious does.

But none of those traits have as much impact on employability as being literate.

The findings come from the Survey of Adult Skills conducted in 2023 with 160,000 respondents in 31 countries, 29 of which included questions about social and emotional skills.

It measured respondents’ scores in five areas – agreeableness, conscientiousness, emotional stability, extraversion, and openness to experience – and compared them with their level of education and employment outcomes.

The report said the results showed adults’ social and emotional skills were linked to their education attainment and “cognitive proficiency”.

“Among the five domains assessed, openness and emotional stability stand out as consistent, albeit moderate, predictors of educational attainment. These skills likely support autonomous learning and independent thinking, which are particularly valuable in post-secondary education,” it said.

“They are also positively related to proficiency in literacy, numeracy and adaptive problem solving, above and beyond their impact on formal education. Individuals with high levels of openness use cognitive skills more frequently and are more likely to participate in adult learning, which may contribute to their higher average cognitive proficiency.”

The study found agreeableness had the least impact on respondents’ likelihood of being employed across the OECD, with a weak positive effect in some countries and a weak negative effect on most others.

But agreeableness had a stronger negative effect on employment in New Zealand than any other nation in the study, especially among people with low literacy.

Openness had a weak effect in most countries and New Zealand was among a handful where it was negatively associated with employment, again with a stronger effect on people with low literacy.

Being conscientious had a stronger positive effect on the likelihood of employment of poorly literate New Zealanders than any of the five traits on any group of workers in any of the OECD countries.

But across all respondents literacy had a bigger average effect on employment and on wages than any of the traits, including in New Zealand.

None of the traits had much effect on people’s wages and in most countries including New Zealand educational attainment had the biggest effect on earnings.

Across the participating nations, teachers and social and religious professions showed the highest levels of agreeableness and mechanics, builders and bus and truck drivers the lowest.

Waiters and bartenders had the lowest levels of conscientiousness and cleaners the lowest levels of emotional stability and extraversion.

Managers had the highest levels of emotional stability and conscientiousness.

New Zealand was one of the few countries where extraversion was not linked to job satisfaction, but in this country emotional stability and literacy were.

Emotional stability was the trait most strongly linked to life satisfaction and also with self-reported health, including in New Zealand.

Older people reported higher levels of conscientious in nearly all countries and especially in countries including Denmark, Hungary, New Zealand, Canada and Czechia.

New Zealand was one of the few countries where there was little to no difference between younger and older people’s reported openness, extraversion and agreeableness.

Men reported lower agreeableness and conscientiousness but higher emotional stability than women across nearly all countries, including New Zealand.

The study found socio-economic background affected social and emotional skills though the effect was smaller in New Zealand than in most other countries on most of the measures.

“Adults with at least one tertiary-educated parent tend to report higher levels of openness and lower conscientiousness than their counterparts with less educated parents,” it said.

Similarly, adults with a tertiary education reported higher levels of openness and, to a lesser extent, emotional stability, extraversion and conscientiousness than those without a higher secondary school education, though in New Zealand the effect was generally smaller.

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

Source: Radio New Zealand

Fast food giant McDonald’s is worried about losing lower-income customers, as data shows it can probably no longer be considered a “cheap” food option.

When McDonald’s released its latest earnings report in the United States it said comparable sales were up but chief executive Christopher Kempczinski said low-income customers were avoiding its restaurants.

CNBC reported that he noted “traffic from lower-income consumers declining nearly double-digits in the third quarter, a trend that’s persisted for nearly two years.

“Traffic growth among higher-income consumers remains strong, increasing nearly double-digits in the quarter.”

A spokesperson for McDonald’s in New Zealand said this country did not report on total sales or business performance so he could not say whether the same trend was happening here.

On social media posts recently, customers have questioned the price of the new Big Arch burger, and complained that there had been price increases on the McDonald’s app.

On Uber Eats this week, a Bacon & Egg McMuffin was $9.30, a Big Mac was $11.80 and a cheeseburger $6.80. A Big Arch burger was $16.

Another said it was like a Big Mac but more expensive while a third customer said it was due to wage rises.

Burger King had a Whopper with cheese for $14.80 and a Hawaiian BK Chicken for $17.60. Its triple cheeseburger was $13.90.

Gareth Kiernan, chief forecaster at Infometrics, said Stats NZ data showed takeaway food of all types had become a lot more expensive recently.

Between September 2005 and September 2025, the consumer price index had risen 66 percent, the food price index 84 percent, ready-to-eat food 103 percent and a Big Mac 93 percent.

Fish and chips had lifted 154 percent.

Kiernan said the fact the Big Mac had increased in price less than the 147 percent increase in the minimum wage over the period could be considered a good outcome.

He said takeaway food prices would have been driven up by both the wider increase in food prices and the cost of labour.

Bodo Lang, a marketing expert at Massey University, said it was often said that McDonald’s had stopped being a cheap option but he was not convinced that weas the case.

“Despite offering high priced menu items, McDonalds still offers a range of choices for smaller appetites and smaller wallets. Classic items, such as the Big Mac or Quarter Pounder are still likely at the cheaper end when compared to others. For example, McDonald’s prices are comparable with other international chains such as Burger King or KFC. Even when compared to local independent operators, McDonalds prices are still fairly comparable. At least for its classic items. Ordering anything via an app and have it delivered will obviously at much cost and little convenience, thus distorting consumers price impression.”

Burger Fuel was charging $24.50 for a Bacon Backfire burger on Uber Eats this week.

“What McDonald’s has done very well is to diversify its product portfolio to appeal to different tastes and wallet sizes. While its classics are still available at comparatively low prices, McDonald’s luxe items, such as its Grilled Chicken Bacon Deluxe, are at the upper end of the price range and compete head on with the likes of local chains, such as Burger Fuel. So McDonald’s has done an excellent job of trying to appeal to its classic customers, particularly through bundles and offers, while appealing to others with premium priced items,” Lang 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

• Body Shop brand returns to NZ after seven month absence
• New local franchise opens shop in Richmond, new website
• Gradual growth expected, plans for two more shops

Ethical beauty brand The Body Shop has returned to this country with a new franchise owner and a new store in Richmond, a town near Nelson in the South Island.

The New Zealand operation was caught in the financial troubles of the UK business and was put into liquidation in April with the [https://www.rnz.co.nz/news/business/556928/all-body-shop-stores-close-around-country-70-staff-lose-jobs

closure of 16 shops and the loss of about 70 jobs].

The collapse and later sale of the UK business ended the financial lifeline for the New Zealand operation, and attempts to finalise a local sale did not succeed, resulting in its liquidation and liabilities of around $12 million, half of which was inter-company loans.

A new locally owned franchise, Version3, owned by Nelson based Pamela Bonira and Khan Wyman, has relaunched the brand with the shop and an online retail site.

Franchise general manager Wyman said there had been strong public demand and backing for the return of the brand.

“Our vision is simple: to provide high-quality ethical products while rebuilding strong relationships with our community.

“We expect organic growth in 2026 and beyond and plan for at least two more stores across the country in the coming years, guided by customer feedback and demand.”

The chair and chief executive of the revived UK Body Shop, Mike Jatania, said the re-entry to New Zealand was a step forward in growing the business.

“This launch will not only reconnect us with a passionate customer base but also contribute to the sustainable, long-term growth of our business.”

The Body Shop brand, founded by the late Anita Roddick, built its marketing on producing and retailing natural beauty products emphasising environmental and ethical values.

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Source: Radio New Zealand

Global transport firm Mainfreight has seen a difficult first half, driving net profit down more than 18 percent, with tighter margins and sales harder to make.

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

• Net profit $93.4m vs $114.6m down 18.5 percent
• Revenue $2.61b vs $2.55b up 2.1 percent
• Underlying profit before tax $131.7m vs $161.2m down 18.2 percent
• Interim dividend 85 cents per share – unchanged

“The first quarter was extremely tough. We are now seeing trading improve, particularly in New Zealand and Australia,” managing director Don Braid said.

Both regions were seeing improvement in the second half, with increasing market share and a pick-up in freight volumes.

He said Mainfreight was continuing to open more warehouses, with Christchurch and the planned Auckland sites examples of customer-driven demand.

Asia and Europe divisions were also continuing to see improvements.

“America’s our toughest market for us at this point in time. It’s an ongoing, long term business for us. We see a large amount of potential for us over a long period of time,” Braid said.

“It reminds us a little bit of when we were in Australia, 20 years ago, 25 years ago. How tough that was then.

“Now, Australia is our biggest market, and at some point in time, we think that America will do the same for us.”

He said the outlook was brighter overall.

“Our team have done a magnificent job in gaining market share,” Braid said.

“I think you’ll see that through to the year end results, where we’ve picked up more market share, particularly in our home market of New Zealand and Australia.

“It’s a really tough operating environment, but for us, we’re starting to see improvements and we do expect a busy Christmas.”

Mainfreight will release its financial results for the full 2026 financial year on 28 May 2026.

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Source: Radio New Zealand

Hotels are expected to reach capacity next week with two major events coming to the city, Auckland Council’s cultural agency says.

Hotels in the city reached 96 percent occupancy in November 2024 with concerts from Pearl Jam and Coldplay, and 90 percent earlier this year in January thanks to the Luke Combs concert and SailGP.

Tātaki Auckland Unlimited said supported major and business events contributed to an $89 million boost in GDP in the last financial year.  

Rock band Metallica was set to draw crowds next week, alongside the World Indigenous Peoples’ Conference on Education.

The conference was expected to be the largest academic conference the country had ever held, with roughly 3,800 attendees, while was set to play a sold out crowd at Eden Park.

Tātaki Auckland Unlimited’s Director of Destination Annie Dundas said they were hoping to reach 100 percent occupancy by next Wednesday.

“We are almost at 100 percent occupany,” she said.

“It doesn’t happen often but our plan is, with our major event and business event programme of work, that we want this to happen more often to support our amazing accomodation and hospitality sectors.”

Dundas said a successful summer season was needed for the city’s hotel sector.

She said summer was when hotels and most tourism operators make their money for the whole year.

“We need summers to be good,” Dundas said, “we’ve got a lot of increased capacity in Auckland in terms of accomodation so a lot of great new hotels have opened over the last sort of 12 to 18 months, which was, of course, all planned prior to Covid.”

“We’ve got about 18,000 rooms to fill across the city every night, and so having a really great roster of major events as well as business events really helps to fill that volume into those properties.”

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Source: Radio New Zealand

Lower interest rates may be saving first-home buyers more than $480 a month, and helping more people into the property market.

Cotality and Westpac have released their latest First-Home Buyer Report, which shows first-time buyers accounted for 27.7 percent of property purchases nationwide in the September quarter.

That is a record, up from a previous high of 26.9 percent in December.

In the wider Wellington region, they were responsible fort 36 percent of property purchases in the first nine months of the year. Rotorua was another area where they were strong, at 32 percent.

The data shows they are buying houses with smaller deposits. Westpac said the average loan-to-value ratio for first-home buyers was 79 percent, up from less than 75 percent three years ago.

Cotality New Zealand chief property economist Kelvin Davidson said there were a number of factors on first-home buyers’ side, including more houses for sale to choose from and easing loan-to-value rules.

Westpac senior economist Satish Ranchhod said falling interest rates had been a big help to allow people to enter the market sooner, with smaller deposits.

“It’s meaning the housing market is now a lot more affordable for New Zealanders looking to get their first home.

“We’ve seen a lift in lending to first home buyers, with activity now at its highest level in more than three years. Lower interest rates mean some FHBs won’t need to raise as much equity, given that the same cash outflow will now service a larger loan.

“Compared to this time last year, one-year fixed mortgage rates are nearly 150 basis points lower, while two-year fixed mortgage rates are around 250 basis points lower than in 2023.

“The fall in the one-year mortgage rate over the past year shaved around $485 off the average FHB’s monthly minimum mortgage payments. That’s a saving equivalent to 4 percent to 5 percent of the average first-home buyer’s monthly income, based on the median price of $700,000,” he said.

The average age of a first-home buyer has increased to 36, from about 34 pre-Covid.

First-home buyers had paid a median price so far this year of $700,000, just above the $695,000 paid last year.

They favoured standalone houses.

Davidson said a typical first-home buyer was not purchasing the cheapest properties in the market. The lower-quartile price across all buyers is $585,000.

They made up 35 percent of purchases in the cheapest 30 percent of the market. But activity was rising across all price brackets.

Ranchhod and Davidson said conditions should remain favourable for first-home buyers in the near term.

“House prices may well start to rise again in 2026 but the pace should not be so strong that first-home buyers fall behind,” Davidson said.

Ranchhod agreed their strength in the market should continue.

“We’re still expecting to see another reduction in the official cash rate from the Reserve Bank and importantly we’ve had big interest rate cuts over the past year and we haven’t seen the full impact yet. As that ripples through the economy and the jobs market that will support a pickup in the housing market including first-home buyers.”

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