Pacific Edge aims to raise up to $24 million more after loss of US insurer

Source: Radio New Zealand

Pacific Edge’s revenue dropped to $11.5 million from $21.8 million the year earlier, reflecting the Medicare cut. Supplied / Pacific Edge

Cancer diagnostics company Pacific Edge is aiming to raise up to another $24 million as it continues to battle to regain Medicare coverage in the United States, get reimbursement for its tests, and position the business for growth.

The company’s battle was reflected in its financial results for the year ended March, with a bigger net loss of $35.7m compared with a $29.9m loss last year.

Revenue dropped to $11.5m from $21.8m the year earlier, reflecting the Medicare cut, with testing at US labs falling to 18,784 tests from 23,885 tests the year earlier.

The case for more capital

“The new capital we are seeking today will … support the Company and its operations to regain Medicare coverage and assist our move towards the broader adoption of our tests by commercial payers in the US and further afield,” chair Simon Flood said, adding the company had already made progress.

“Backed by robust clinical evidence, the endorsement of our tests in clinical guidelines, and growing momentum in clinical opinion, we have firmly established ourselves as the first mover and market leader in bladder cancer diagnostics.

“We are determined not to lose that momentum. All of Pacific Edge’s Directors intend to take part in the equity raising. We encourage you to support this offer.”

Second round of funding

The company raised $20m and cut costs last year to help it gather scientific evidence to convince Medicare authorities to reinstate coverage, as well as get payment coverage for its tests.

The latest equity offer consisted of a placement of $18m new ordinary shares to eligible investors at 17 cents per share and an offer of $6m new shares to retail investors with an ability to accept over subscriptions.

The case for support

Pacific Edge expected Medicare administrative contractor Novitas to release a draft documentation to support the reinstatement of Medicare approval before September 2026.

Pacific Edge chief executive Dr Peter Meintjes said reimbursement would assist with increasing revenue and reducing average monthly cash burn below the current target of $2.5 million per month for FY 27.

“The capital we are seeking today will set a clear path to reimbursement for our tests … support continued investment in our clinical evidence and invest in product innovation,” he said.

“We are excited by the growth we see ahead, and we encourage shareholders to support us to take advantage of these opportunities.”

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

Record-breaking $161,000 bull worth every cent, owner says

Source: Radio New Zealand

The hammer fell at $161,000 for Tangihau U418 at last year’s East Coast bull sales setting a national price record. supplied

The buyer of a record-breaking bull says it’s delivering strong returns nearly a year after a landmark purchase.

Last June Wairarapa farmer Keith Higgins paid $161,000 for an Angus bull from a renowned Gisborne stud.

Ahead of this season’s autumn bull sales Higgins told RNZ, despite the eye watering price tag, his top sire was worth every cent.

He’s satisfied with the purchase which set the national price record.

“Everything’s gone extremely well,” Higgins said.

“He’s parked in the paddock here, he’s had a great season with his females.”

Higgins bought Tangihau U418 at auction during the East Coast Angus bull week – which generated $8.6 million, up nearly $3.7m on the year before.

During the auction he outbid the competition, with plans to take the bull home to his Oregon Angus farm near Masterton for its breeding and artificial insemination programme.

So how could he tell it was the right match?

Tangihau Angus yearling bulls, December 2025. Gianina Schwanecke / Country Life

“It depends how you can get that bull to blend in with your programme,” Higgins said.

“For us this bull was exactly the style with what we breed with now in our females, but he’s an an outcross, he’s a different bloodline.

“That was the big attraction, not just his quality and type.”

This sales season Higgins won’t be getting his chequebook out after downsizing from 570 hectares to a smaller 60 hectare property.

“I’ll be having a pretty quiet season this year,” he said.

“I don’t really require a big high-priced bull because I’ve sold all my cows. I’m just looking for a couple of yearling bulls. I’m taking all my calves with me to my smaller block.”

At Tangihau Angus bulls are sold via on-farm sales each June, with a custom sale barn holding up to 300 people. Gianina Schwanecke / Country Life

“There’s a lot of confidence in the sheep and beef industry and it’s fantastic to see it,” he said.

“There’s plenty of great feeling and I hope it continues for a few years yet because we need it.”

PGG Wrightson auctioneer Neville Clark said he remembers the excitement of the auction day.

“That’s all you really want. You want to buy a bull and two months later, five or six months later say ‘I bought the bull I wanted and I’m happy.’ That’s the perfect result.”

Autumn bull sales season upon us

Last year’s sales attracted big crowds, full clearances and staggering prices.

Auctions are now kicking off with sales around the country through until late next month.

“You look at what’s happening around the world with beef cow numbers,” Clark said.

“We’ve got the three biggest countries in the world going into a herd rebuild – America, Australia and Brazil. So the situation for our beef looks exceptional.”

Clark said there’s growing interest in online bidding, but most farmers prefer to attend an auction in person.

But if that doesn’t suit, they can arrange an inspection ahead of the sales day.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

How OECD’s tax change could give you more money in KiwiSaver

Source: Radio New Zealand

RNZ / REECE BAKER

A 25-year-old earning an average income could end up about $90,000 better off over the course of their working life if reforms suggested by the OECD for the retirement savings system were implemented.

But not everyone is convinced it’s the right way forward.

The OECD’s latest economic survey for New Zealand said New Zealand’s tax treatment of financial savings was unusual.

When New Zealanders save for retirement, their contributions are made from taxed income and their investment returns are taxed, but the eventual withdrawal is not. This is referred to as a tax-tax-exempt, or TTE system.

Australia and Turkey are the only other OECD countries that operate this way, and Australia has tax incentives to encourage saving.

The OECD said almost all other countries use a system where returns are exempt, and sometimes tax the withdrawal.

This can mean better outcomes because untaxed returns are able to compound.

“New Zealand’s TTE taxation of retirement savings significantly suppressed long-term wealth accumulation relative to expenditure tax benchmarks such as EET,” the OECD report said.

The report said, as part of overall reform of New Zealand’s capital and savings income taxation regime, the government should shift the burden of taxation of pension savings from contributions and returns towards withdrawals.

The Retirement Commission said higher-income earners would be the most significantly affected by tax concessions under the EET system. “The value of exempting contributions and fund earnings rises sharply with income and investment returns.”

That was something the OECD noted – it said higher-income people hold 50 percent of all the assets in KiwiSaver.

“A quid pro quo would be to means test their access to public pensions based on the extra revenue they accrue from higher KiwiSaver balances due to the pensions savings returns tax reform. Confining means testing to the top income decile would also help minimise the private pension savings disincentive effects, although these appear to be tiny when tax changes are made inside an autoenrolment scheme like KiwiSaver.”

The commission said there was little evidence that the concessions would increase overall saving and instead were likely to incentivises saving that would have happened anyway.

“Many people have saved under a TTE regime with the expectation that withdrawals will be tax free. Taxing those withdrawals would amount to excessive taxation, while exempting them would require complex grandfathering and parallel systems.”

Shamubeel Eaqub, chief economist at KiwiSaver provider Simplicity, calculated the changes could mean about $90,000 extra in today’s dollars at retirement for a 25-year-old earning an average income.

“The political fight is about who that $90,000 of efficiency gain accrues to, versus who pays for it now.”

Kirk Hope, chief executive of the Financial Services Council, which represents KiwiSaver providers, said the report was a useful contribution.

“Anything that helps Kiwis save more for retirement is worth looking at. Reducing the tax people pay while their savings are growing could help build stronger balances over time.

“But the detail matters. Changes could affect savers, employers, future retirees and the Government’s books, so they need to be carefully thought through.

“Retirement is a long-term plan, so people need confidence that the rules are clear and stable.”

Koura founder Rupert Carlyon said the suggestions made perfect sense.

“I think what they’re actually recommending is a move to the UK-based model which is you tax on the way out versus the way in. In the UK how it works is that you let people contribute pre-tax income and then tax withdrawals. Generally people like it because they withdraw less, they’ve got a lower income in retirement so they end up saving and moving to a lower tax bracket at that point in time.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make and spend money

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

How to ask for a pay rise

Source: Radio New Zealand

Asking for more money can feel daunting — two in three workers told recruitment website SEEK they don’t feel confident doing it.

Yet fewer than half of New Zealanders are happy with their current salary, and more than 45 percent say they’ve never asked for a raise, according to SEEK’s survey of more than 1000 New Zealanders across several sectors.

While promotion‑ and performance‑based increases were less common, they were far more likely to deliver rises above 5 percent, the survey found.

Why we’re working harder than ever

Life and career coach Liz Barry, who offers a course on negotiating pay rises and starting salaries, says the conversation isn’t about proving you “deserve” more. It’s “more about demonstrating your impact and market value”.

Liz Barry has been a life and career consultant for more than 20 years.

Supplied

Before you ask for a meeting

Barry recommends gathering clear evidence of your achievements — such as client retention, new business, revenue generated, or efficiency improvements. If you struggle to quantify your impact, ask for the relevant data or collect feedback from peers, managers or clients.

She also suggests regularly highlighting your “wins” so they’re visible: share short updates in team meetings, at project completion, or when collaborating across teams.

“One of the biggest mistakes that people make before asking for a pay rise is assuming their manager already knows the value they bring,” she says. “When you ask for a raise, you don’t want to be introducing your achievements then — you want to be building on a track record they already know.”

How much should you ask for?

Research the market by looking at similar roles in your industry, location and experience level, Barry says. Review annual salary surveys from agencies such as Hays and Robert Walters, and use SEEK or Glassdoor salary tools. You could also ask AI, but always double‑check, she adds.

“When you’re informed and you’ve got those facts, you’re more empowered. The more comprehensive your salary research, the more effectively you’ll advocate for yourself.”

SEEK’s survey found the sectors most likely to receive a pay rise in the past 12 months were industrial (57 percent), professional services (53 percent) and technology (52 percent).

How likely are pay rises this year?

Afternoons

When to ask for a meeting

Avoid approaching your manager when they’re stressed or busy, Barry says. Better moments include after a significant achievement, completing a major project, expanding your responsibilities, or during annual reviews or budget cycles.

Even if the business is struggling, it may still be worth raising the conversation if you feel supported, she says.

“They may jump through hoops to try to find a way that you could stay, that’s going to suit both of you,” Barry says. “But always give them a chance, because the last thing they want to do is lose you to someone else who pays higher when they didn’t even get a chance to talk to you in the first place.”

If you’re new to a role but feel underpaid, Barry suggests requesting a six‑month performance review. “If you’ve had an outstanding year and your research shows you’re under market value, ask.”

During and after the meeting

Book a dedicated meeting rather than dropping the topic casually. Barry suggests saying something like: “Hey, I’d love to book some time to talk about my role and contribution over the past year, and to discuss how my compensation aligns with the market and the value I’m delivering.”

In the meeting, stay professional and forward‑looking, and refer to the evidence you’ve gathered. You might say: “Based on my research and the additional responsibilities I’ve taken on, I believe a salary in this range would better reflect the value I’m contributing to the team.”

Then pause, allowing space for a response. “Silence can be really powerful,” Barry says. “It really does signal confidence. You need to embody and know, ‘yeah, I’m worth this’.”

Afterwards, follow up with an email summarising the discussion and your request, she says. Managers often need time to consult HR.

Avoid comparing yourself to colleagues, demanding a raise, or leading with cost‑of‑living pressures — you can mention this later, but start by demonstrating value, Barry advises.

If you’re rejected or don’t like the offer

Ask what you’d need to achieve to reach the desired pay level, Barry suggests. Send a short email thanking them for their time, summarising key points, and noting you’ll update them on your progress.

“You’re helping your employer see the connection between your evolving contribution and fair compensation.”

Barry notes employees should consider asking for alternatives to salary increases, such as flexible or hybrid work, one‑off bonuses, extra leave, health insurance or ergonomic equipment.

In large organisations or public agencies, a promotion may be required if you’re already at the top of your pay band. SEEK’s data shows company‑wide pay rises are most common in the public sector (59 percent who remained in the same company) and retail, hospitality and sports (59 percent), compared with construction (37 percent) and technology (25 percent), where increases vary more and performance‑based rises were more common.

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

Tax I paid in 1962 was meant to give me a pension. Where did that go? Ask Susan

Source: Radio New Zealand

RNZ’s money correspondent Susan Edmunds answers your questions. RNZ

Got questions? RNZ has launched a podcast, ‘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.

You can also sign up to RNZ’s new money newsletter, ‘Money with Susan Edmunds’.

I was born in New Zealand and still have a valid NZ passport, started work in 1962 at the age of 15, and one shilling and sixpence of the tax I paid went into social security for my age pension. Where is it?

What happened to it? When did it stop?

After paying taxes for 33 years in NZ, why will the NZ system not pay me an age pension, if I live overseas in southeast Asia. That’s where all my family and friends are?

After working another 17 years in Australia, I retired at age 65, after paying taxes for 50 years, and I do collect the OAP in Australia, but only for 26 weeks and then it stops, which means I have to return to Australia every 26 weeks.

When you are near 80 years of age and have health problems, it is not easy to do.

I’ll take your questions in order.

University of Auckland associate professor Susan St John tells me that, in 1939, a social security tax of one shilling in the pound was imposed on all income. Later, it was increased to one shilling and six pence.

This was paid into a separate fund, but it was not intended to be regarded as a contributory insurance scheme. Revenue from the tax was only expected to cover about half the cost of the social security system.

She said the fund was abolished in 1964 and, in 1969, the social security tax was absorbed into the income tax scales. That money isn’t somewhere you can access now.

“It was not a fund like the NZ Super Fund, with actual invested assets.”

In terms of travelling around the world and receiving a pension, people can sometimes receive a New Zealand pension in another country, depending on what social security agreements are in place between the countries.

It sounds like your entitlement is now coming from Australia, so you probably need to discuss this with that country’s government to determine your path forward.

My wife and I are separated. I live in Tauranga and she in our home in Wellington.

Can you please advise which pension rate I will be entitled to when I reach 65 at the end of the year.

If you’re separated and living separately, you should be entitled to the single rate.

You’ll be asked for details of your living situation when you apply for NZ Super.

I am wanting to find out whom to advise when someone is about to turn 65 please. I understand we need to inform a Government department?

Also, does that mean employer automatically stops contributing to KiwiSaver? Can we still contribute to KiwiSaver and continue to work as per normal?

What is the amount a single person receive after tax? Is there a disadvantage, if you keep working, even if your income is quite low, for example $66,000?

How do we maximize the best bang for the buck, without paying too much tax, or how to navigate paying the correct amount of tax to avoid tax payment at the end of year.

Also, is it good to talk to a financial adviser and what is the best way to find out the right adviser for you? Without all the fluff?

I’ll answer these questions in order too.

You do need to apply to Work and Income to receive NZ Super. You can do this online and the process steps you through it.

If you don’t already have a client number, you’ll need to apply for one, and that can take a day or two.

Your employer does not have to continue to contribute to KiwiSaver once you’re 65, but some do. You can continue working and contributing as normal for as long as you want to.

The after-tax rate will depend on whether you’re working or not. If you’re on the M tax rate and NZ Super is your main income source, the single rate is $1110.30 a fortnight.

If you keep working, you may pay a higher rate of tax on your NZ Super.

As you are probably aware, New Zealand has a marginal tax system. If you earn $66,000 a year, your first $15,600 is taxed at 10.5 percent, then your income between $15,601-53,500 is taxed at 17.5 percent, and your income above that is taxed at 30 percent.

If you earn another $33,600 a year from NZ Super, that means you’re earning a total $99,600 before tax. The amount up to $78,100 will be taxed at 30 percent, but the amount over $78,101 will be taxed at 33 percent.

If you weren’t working, all your pension would be taxed at the 10.5 percent and 17.5 percent rates.

You still end up better off overall for working, but make sure you have the right tax code applied to all your income streams, so you don’t end up being taxed too much or left with a bill.

It’s a great idea to get advice on your finances when you’re approaching a change like this. An accountant can help with the tax stuff or a financial adviser, such as members of Financial Advice New Zealand, could be a good option.

[ https://rnz.us6.list-manage.com/subscribe?u=211a938dcf3e634ba2427dde9&id=b4c9a30ed6 Sign up for Money with Susan Edmunds], a weekly newsletter covering all the things that affect how we make and spend money

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

Mediawatch: Putting down the watchdog?

Source: Radio New Zealand

The Broadcasting Standards Authority may soon be abolished or changed with pending media regulation reforms. RNZ / Nik Dirga

“This will be a free-for-all, will it?” RNZ host Guyon Espiner – with tongue in cheek – asked Media and Communications Minister Paul Goldsmith on Midday Report last Wednesday.

“We’ve got no Broadcasting Standards Authority (BSA), so I can go for it?”

Moments earlier, the minister had announced the government’s intention to scrap our official broadcasting watchdog.

RNZ Nights host Emile Donovan opened his show that night with a blast of bleeped-out spoof swearing. Stuff political reporter

Glen McConnell kicked off his TikTok post with a video volley of bleeped bad language, before explaining the differences between the internet and the airwaves – but airwaves are not a free-fire zone just yet.

Goldsmith’s just-released statement also said new legislation “will be drafted in the coming months”.

“The BSA will continue in its role until it is passed into law.”

There’s also an election in the coming months and Goldsmith went on to tell Midday Report the change wasn’t likely before then.

(The BSA also handles complaints about election advertisements with a fast-track system during the election period. That might come in handy if the campaign is a nasty one)

A change of government may mean it never happens.

Why scrap the 37 year-old watchdog anyway?

Media and Communications Minister Paul Goldsmith. RNZ / Mark Papalii

Media policy is rarely an election-year priority. National-led governments are usually hands-off.

Internal Affairs Minister Brooke Van Velden scrapped a slow-moving, four-year review of media regulation soon after the current government took over in 2023.

Culling the BSA wasn’t in any of the government’s action plans either, but in the last month, Goldsmith had hinted at it.

ACT, which this week claimed the minister’s announcement as a ‘sweet victory’ – was pushing him in that direction.

ACT ran a public petition and drafted a members’ bill to scrap the BSA. An ACT newsletter last month chided the media minister for not falling into line, asking: “Does Paul Goldsmith get paid over $200k just to sit on the fence?”

ACT’s Parmjeet Parmar, chair of the select committee conducting the BSA’s annual review last week, challenged BSA top brass to “justify its existence”.

The Free Speech Union – which said the BSA was censorious – joined in and so did the Taxpayers Union, condemning the $1.7m annual cost to the taxpayer and the cost to broadcasters, which paid levies for the BSA (although only at $250 for every $500,000 of turnover.)

Big-name broadcasters – including those pinged in the past for breaching broadcasting standards – also joined in on the air. Among them, Mike Hosking who said “good riddance” this week.

The issue that catalysed the calls to kill the BSA in recent months was its decision last year to consider a complaint it had received about Sean Plunket describing tikanga as “mumbo jumbo” on his live-streaming outlet, The Platform.

It’s highly unlikely that comment would be upheld as a breach of standards, even if it did offend more than one complainant. The BSA often rules that offence doesn’t override freedom of expression.

Its critics claimed this extended its authority over the internet. Some claimed the BSA would soon come after blogs and podcasts, although the BSA insisted those were not covered by the law that defined its jurisdiction.

Does no BSA mean broadcasting without accountability?

Screenshot

The BSA itself has been among those calling for reform for years.

Our fractured, pre-internet media regulation system also has the New Zealand Media Council (NZMC) covering non-broadcast news outlets, the Advertising Standards Authority (ASA) and the Classification Office headed by the chief censor.

The BSA is the only one backed with an act of parliament allowing it to financially punish broadcasters and even take them off the air for serious breaches of the standards it applies.

Goldsmith told RNZ broadcasters currently faced more formal oversight than other media – and he preferred the self-regulation of the NZMC.

ACT leader David Seymour agreed.

“In a free society, people form different organisations to achieve together what they can’t achieve alone,” he told journalists last month. “The Media Council is an example of that.

“The BSA is forced on us and the funding of it is forced on people by parliament,”

Founded as the Press Council in 1972 by newspaper publishers, the NZMC now handles complaints about original online content too – including that of broadcasters TVNZ and RNZ.

Media outlets agree to abide by its principles voluntarily to reassure readers they are accountable.

It does not impose fines, prevent publication or order apologies, but members must take their medicine by publishing its rulings on upheld complaints.

Goldsmith has formally urged the state-owned broadcasters to lift public trust in themselves and the wider media too, but the most active media lobby group – Better Public Media (BPM) – claimed this week that taking out the BSA could drive down standards.

Rush to judgement

supplied

“He’s removing an enforceable standards regime with a regime that is, in a sense, ‘best intentions’,” BPM deputy chair Dr Peter Thompson told Mediawatch.

“If we expand the role of the NZMC, which by and large does a very professional job, that would extend some of the standards, but I don’t think what is proposed is clear and the fact that the minister hasn’t even worked through the options… suggests that this is a premature announcement.

“Other countries have created platform-neutral models that include both some form of industry self-regulation and co-regulation with a statutory body behind it, so I think we’re remaining an anomaly in the current environment, far from removing one,” said Thompson, an associate professor in media at VuW, who has scrutinised media policy for more than 25 years.

“These standards have evolved over time and the BSA conducts a significant amount of research… and looking at how audiences are engaging in the media. If a member decided that it didn’t want to abide by those standards, the most it could actually get in terms of consequence is public criticism.

“Say, a foreign billionaire coming here to New Zealand, buying up a chunk of the shares in a media company, ousting its board and then dictates a new set of editorial standards. If that billionaire happened to have a penchant for conspiracy theories or a right-wing view of the world, I would say that that’s actually a very dangerous scenario, if there is no mechanism for enforcing [standards].”

Different – but same?

The Media Council’s principles are similar to the broadcasting standards, which also echo the guidelines reputable media companies have for their own newsrooms, but extending the authority of the Media Council over willing broadcasters means they will still have to respond to similar complaints.

Media law expert Stephen Price pointed out this week that the Media Council currently upholds two to three times more complaints than the BSA.

“That’s partly because – irony alert – the BSA takes the right to freedom of expression under the New Zealand Bill of Rights act very seriously,” he wrote. “The Media Council, not so much.”

There’s also no means of appealing a Media Council decision, whereas Broadcasting Standards Authority rulings can be challenged in court. The Media Council frequently asserts the media is not obliged to avoid causing offence (or perceived ‘harm’), but it does not consider complaints about taste and decency or law and/order matters.

Extending its remit to broadcasting complaints would also seriously extend the Media Council. Its members – a mix of senior editors and laypeople – have other jobs, and its annual budget is tiny (currently about $330,000) and shrinking, like many of the media organisations that provide it.

The wisdom of the crowd?

Predictably the BSA opponents and free-speech advocates applauded the government decision, but some journalists and editors resent the watchdog too.

“Complainants to [the Media Council] and the BSA are generally politicised whingers,” veteran political editor Richard Harman declared. “We have a pluralistic media market, that should be enough.”

The broadcasting minister has suggested media that irritate the public will lose support or even go out of business. Maybe media that operate only online – not on public airwaves – should have the freedom to do that unregulated?

“If you are running a media organisation that persistently can reach tens of thousands or even millions of people, then I think you have some degree of power,” Thompson said. “That’s the debate that hasn’t happened here.”

Advertisers under the radar

Hilary Souter, ASA chief executive supplied

Another outfit that self-regulates its area of the media without much controversy is the Advertising Standards Authority (ASA).

The ASA’s annual report also noted pointedly: “Processes anchored in legislation are usually more complex, take longer and cost more – for the parties involved in the complaint or the taxpayer.”

News and editorial content is not the same as advertising, but many complaints about both are about being misled.

“Advertisers need to be aware that, if you can’t prove it, you can’t say it in ads,” longserving ASA chief executive Hilary Souter told Mediawatch.

“I think we dealt with our first internet ad in 2004,” she said. “In general, all of the rules apply, regardless of whether the medium’s 100 years old, 10 years old or was set up last week.”

Its boards accommodate advertisers, agencies, media companies and public members, and – unlike the news media regulators – it’s ‘platform-neutral’.

The ASA 2025 annual report out last week said the number of ads complained about was up 48 percent on 2024. More than three-quarters of ads complained about were accepted for review by the complaints board.

Two of the five ads that generated the most complaints were provocative political advocacy ads that had to be pulled – but generated plenty of coverage.

Is self-regulation working to uphold standards there – and against agents who play fast and loose with rules?

“In 2024, there was a drop,” said Souter, also the current president of the International Council for Advertising Self-Regulation, which meets in Italy this week.

“That was probably the bigger story. Over $4 billion was spent on ad placement in 2025, so the proportion of ads that we get complaints about is pretty small.

“There are quite a few incentives for [brands] to get that right, not wrong in terms of alienating their customer base.”

The ASA’s codes are currently up for review and public input.

Among the things up for debate are ‘shifting community standards’ and ‘widespread offensiveness’.

“If a billboard is seen by lots of people, but we only get three complaints, does that mean it’s not widespread?” Souter said. “It had the potential to be widespread, but people didn’t come to us.”

While Souter is a global advocate of self -regulation, she says our media regulators can all save time and big money for those who object to bad ads or bad news, but can’t afford to go legal to get a verdict.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

Consumer test: Which butter tastes best?

Source: Radio New Zealand

Margaret Jaszowska for Unsplash

When it comes to butter, paying more doesn’t necessarily pay off, a new taste test shows.

Consumer NZ ran a blind taste test of 11 types of butter available to New Zealand shoppers.

It said the worst rated was a Market Kitchen block of butter, for sale at The Warehouse for $5.99 per 400g block. The butter was made in New Zealand, but only had a two-out-of-five-star rating on The Warehouse website too.

It was the second-cheapest of the blocks tested, but samplers noted a “strange aftertaste”.

The controversial US butter Burtfields & Co was second-worst. It was the cheapest butter tested at $6.99 per 500g.

“People were able to tell it was the American butter just based off the colour,” said Consumer NZ spokesperson Vanessa Pratley. “I tried it myself and a couple of other tasters also said it’s just butter.”

Even pricier butter options did not fare as well as you might expect.

Lewis Road butter, which cost $8.99 per 250g at Woolworths this week, was third from the bottom.

The best was Westgold, selling for $9.29 for 400g at New World this week, but second was Alpine, which was $8.49 for 500g at Woolworths, and Pam’s butter, which was $8.29 for 500g at Pak’n Save.

“The winner was Westgold,” Pratley said. “That is quite an expensive butter.

“We worked out, based on the price we paid, that it was about $2.32 per 100 grams, but the most expensive premium butters came towards the bottom-middle of the pack.

“Lewis Road Creamery was third from the bottom. Then we’ve got an organic butter by Macro, which is actually a Woolworths brand, sort of middle of the pack, and the same with Lurpak – they scored the same.

“Tasters weren’t really here nor there or them. They didn’t score in a premium way that you would expect.”

She said Alpine and Pam’s butter were good budget picks for people looking for decent butter.

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

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

Is your savings account interest rate really as good as you think it is?

Source: Radio New Zealand

123RF

New Zealanders are warned to check they’re being paid the interest rate they think they are in their savings accounts.

Many banks offer “bonus” interest rates on savings accounts, if people meet certain criteria, such as making a deposit each month or not withdrawing money.

For example, ANZ offers 1.55 percent interest, if people make no withdrawals, and deposit $20 or more a month into their Serious Saver account. Otherwise, they earn 0.05 percent.

ASB offers 1.6 percent to people who do not make withdrawals from its Savings Plus or 0.05 percent if they do.

Kiwibank said there was a risk the accounts were not delivering the value their headline rates suggested.

“When life doesn’t run exactly to plan, those bonus rates can fall away surprisingly easily,” Kiwibank chief customer officer retail Mark Stephen said.

“A single unexpected expense can mean the bonus disappears for the month, leaving savers earning a very low base rate instead.”

He said this could significantly reduce the actual return households received, particularly when household budgets were already under pressure.

“The conflict in the Middle East is a clear example of how global events can quickly feed into costs here at home. When uncertainty increases, we value predictability.

“Savings accounts are meant to provide that, but the structure of some products can undermine it.”

He said the problem was the design of the products, not customer behaviour.

“Savers don’t miss out on bonus interest, because they’re careless. They miss out because real life doesn’t always align with rigid conditions set by your bank.

“When savings products rely on people behaving perfectly every month, value naturally shifts away from customers to the banks.

“If you stand back and think, why would you have an online call-type savings product? You want a fair return on your funds when you don’t require them, but you also require your funds to be absolutely accessible when you need them.

“We’ve just taken a very simple approach and a fair return, absolutely accessible, but the rate that’s quoted is the rate that you earn, regardless of whether you are accessing those savings constantly.”

He said there was a risk that the product design of bonus saver accounts benefited the bank rather than the customer.

“Our stance is very much to be simple by design, fair and transparent, so an easy-to-understand, easy-to-use product. How it’s described is exactly what it does and the rate of interest that we quote is the market rate, and that’s exactly what the customer gets.”

Squirrel chief executive David Cunningham, who was previously chief executive of The Co-operative Bank, said BNZ and Kiwibank were the only banks not offering bonus accounts.

“If you look at the base interest rate, if you don’t do the required task, it’s hopeless. It’s gaming the customer.”

He said the accounts were initially designed with the intention of encouraging saving.

“I was around when we launched those about 25 years ago. The reason they were launched was because research said, ‘Hey, reward me when I save and I do what I say’.

“At that time, interest rates were around 12-13 percent. It was structured as, ‘We’ll pay 11 percent and give people a 1.5 percent bonus, if they make a regular deposit’.

“Over time, it became, ‘Pay them bugger all, unless they do what they’re required and that makes the bank make more money’.”

He said his experience was that about half the customers in the accounts would get the bonus rate, but about 80 percent of the funds by value.

“People with more money in there are more conscious of making the deposit.”

ASB said its bonus saver account encouraged more disciplined saving by rewarding customers who made limited, fee-free withdrawals with higher interest.

“Interest rates are cyclical, and move up or down, depending on where we are in the cycle. In this environment, we actively encourage customers to review whether their savings are working as hard as they could be.

“For customers with larger balances in on-call and savings accounts, we pro-actively reach out to suggest alternatives, such as term deposits or other higher-interest options that may better suit their circumstances.

“In the past 12 months, we’ve contacted more than 190,000 customers to encourage them to consider higher interest-bearing alternatives and make their money work harder for them.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

Olive industry confident despite closure of Wairarapa producer

Source: Radio New Zealand

Pixabay

Olives New Zealand is confident growers and olive oil supply will not be significantly affected by the collapse of Wairarapa producer The Olive Press, despite concerns the closure marks the end of an era for the region.

The family-owned company confirmed this week it had gone into liquidation after 27 years in business.

Executive officer Emma Glover told RNZ the wider olive industry had enough capacity to absorb the work previously handled by The Olive Press.

“The Olive Press managed groves, and they harvested and pressed for different growers within the Wairarapa, but we are a national industry and there is capacity within the service providers of the industry to be able to pick up the work or the groves that have been left,” she said.

Glover said, although the liquidation was disappointing, the industry remained strong and collaborative ahead of the upcoming harvest season.

“We’ve got a pretty strong industry, and there’s a lot of support within the growers and the providers, and I think that much as it’s not ideal for anyone to go into liquidation, we are confident that even with a season only a week or so away from kicking off, that we can work through it and everyone’s coming together and working together well.”

She said New Zealand extra virgin olive oil continued to occupy a strong niche premium market.

South Wairarapa mayor Dame Fran Wilde said the closure was still a significant loss for the region.

“This is disappointing for Wairarapa,” Wilde told RNZ, adding she hoped local growers would still be able to have their olives processed locally through the region’s remaining operators.

The Olive Press announced its closure this week, saying difficult economic conditions and a lack of investor interest had forced the business to shut down after nearly three decades.

Director Rod Lingard said shareholders were devastated to leave the industry in such circumstances.

“The company’s shareholders are devastated to be leaving the industry in such a manner after 27 years, but can do no more,” he said. “We have to accept it’s time for our two families to move on.”

Lingard also criticised the state of the industry, claiming there had been insufficient strategic support and investment.

Lingard said The Olive Press had attempted to revitalise the industry, but failed to attract investors.

He also criticised industry governance and the withdrawal of government research funding, saying it had discouraged investment, despite New Zealand olive oil’s reputation internationally.

“Our former growers face a disheartening choice – they either sell their premium quality fruit to another commercial processor or distributor outside the region, or they simply leave the olives on the tree,” he said.

The company described itself as the country’s only registered wholesaler of certified premium olive oils and warned local food service customers could increasingly rely on imported products.

Liquidators from BDO chartered accountants are now seeking expressions of interest in the company’s assets.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

Number of jobs to go in major Auckland public transport shake-up revealed

Source: Radio New Zealand

LDR

The number of jobs in jeopardy from a major shake-up to public transport in Auckland has been revealed.

In six months, significant transport decision-making will be taken away from Auckland Transport’s (AT’s) board and given to Auckland Council’s governing body and local boards.

AT would become a smaller council-controlled organisation, focused on delivering public transport.

The changes to the city’s transport governance have been in the making since 2025, when the government agreed to change legislation to give the council more control.

In a statement to RNZ, Phil Wilson confirmed an overall decrease of 20 roles had been proposed.

“One hundred and eighty roles across Auckland Transport and Auckland Council are proposed to be disestablished. However, new and different roles are being created, so the proposed net reduction in roles, on paper, is about 20.”

Of the nearly 2000 staff at AT, the council said roughly a third (about 650) were expected to go to the new Public Transport CCO. The remaining roles would go to the council.

Phil Wilson said a prudent approach to filling vacancies at AT had been taken in recent months to avoid the cost of redundancy and negative impacts on people.

The council said no final decisions had been made, and a two-and-a-half-week consultation period was underway.

“The consultation process is critical, and it’s important people understand that decisions will not be made until after staff input has been fully considered.”

Auckland’s transport reform is set to be completed by the end of October 2026.

AT refused to comment on details of the transport reform proposal.

Another proposed change outlined in documents seen by RNZ is the creation of a new Transport and Infrastructure Directorate in the council.

A proposed new department under the directorate, Transport Performance and Optimisation, would monitor the city’s transport network and aim to make it more efficient and safer.

Greater Auckland director, Matt Lowrie, hoped elected members would implement what he said were long called for changes, like more bus lanes, particularly in high-congestion areas.

“Any bus stuck in traffic is going to be slower than a car. Bus lanes mean they [buses] can speed up and be more efficient, and potentially be not just faster for the people using them, but do more runs in a day and therefore cost ratepayers less.”

But Tramways and Public Transport Employees Union president, Gary Froggatt, was sceptical proposed governance changes would do anything to make buses safer.

“I don’t think it’ll make any difference to the safety. There’s really not much more I see that can be done. Certainly, having transport officers on buses more frequently would help.

“We welcome any new initiatives, but the unions haven’t been consulted, and the drivers haven’t been consulted, and we’re a major stakeholder in this industry.”

All AT roles related to cycling infrastructure were proposed to go under another new department, Roading Infrastructure, which was also under the new directorarte.

Bike Auckland co-chair Karen Hormann was optimistic increased council control would speed up the delivery of cycle infrastructure.

She hoped the Transport Emissions Reduction Pathway, a strategic framework for reducing Auckland’s transport emissions, which was adopted by the council in 2022, would motivate elected officials to prioritise sustainable transport modes.

“There’s a mixed representation of people [on council and local boards] who completely understand the benefits of riding a bike and making it accessible for a range of communities.

“Different communities have different barriers, so we’re hoping local boards will help make more progress in some areas.”

She said especially with fuel prices skyrocketing there was a growing interest from the public in cycling to make commutes more affordable.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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