Category: Business

Source: Radio New Zealand

• State-owned Kiwibank’s $500m capital raise won’t go ahead
• Its parent Kiwi Group Capital cited recent RBNZ capital settings and $400m raise
• KGC engaged with leading investors

Kiwibank has scrapped a plan to raise extra capital from local investors to strengthen its finances.

The state-owned bank had been working with potential investors to raise up to $500 million in new equity capital to compete better with the big four Australian-owned banks.

In a statement on Friday, Kiwibank’s parent company, Kiwi Group Capital (KGC), said recently announced easing of the Reserve Bank’s capital settings, combined with Kiwibank’s recent $400m Tier 2 capital raise via bonds, meant it could grow without the need for additional equity.

“While prospective investor feedback has been positive on Kiwibank’s performance and strategy, it appeared unlikely by the time of the Reserve Bank’s announcement that terms would be able to be agreed with prospective investors that would meet KGC’s objectives for the transaction,” it said in a statement.

“Kiwibank is in a strong position to continue growing and challenging the larger banks.”

KGC would not reveal the structure of the proposed raise and the price of the offer, and it would not reveal investor feedback.

It said it engaged with a number of leading institutional investors, KiwiSaver funds and professional investment groups, including Māori institutions.

“When KGC started the process, it was unclear whether the Reserve Bank would review its capital settings,” it said. “KGC acted prudently to ensure Kiwibank could maintain its above market growth under the previous rules.

“The changes announced during the process, combined with the successful Tier 2 capital raise, mean Kiwibank remains well funded to maintain its abovemarket growth trajectory.”

Throughout the process, the government remained committed to retaining a minimum 51 percent stake and said no share market listing would occur without an electoral mandate.

Maverick challenger

The Commerce Commission banking study said Kiwibank should be given a financial boost to become a maverick challenger to the big four.

When the proposal was first floated, the extra funds were said to be enough for Kiwibank to chase billions of dollars worth of extra business and home lending, and over the past year or so it has been expanding at a faster rate than the others.

But some observers suggested $500 million was not enough to break the grip of the big four banks and may have led to Kiwibank chasing riskier business that others did not want.

Victoria University associate professor of finance Martien Lubberink previously said the amount might sound large, but it was small in banking terms, and he was dubious about the impact it would have on banking competition.

He said investors would have needed to see a plan before committing to an investment, a point which was echoed by the head of KiwiSaver provider Simplicity, Sam Stubbs, who said Kiwibank needed billions not just millions.

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

Source: Radio New Zealand

Have you had a Christmas gift from your KiwiSaver provider?

A small number of KiwiSaver schemes have been sending gifts to members this Christmas.

RNZ has discovered an umbrella sent to a member from Generate KiwiSaver, who said he received a gift last year, too.

Pie Funds said it liked to give gifts to recognise customers.

“Christmas is a time for giving, and at Pie Funds we view our investors as whole-of-relationship clients, not just account holders,” chief executive Ana-Marie Lockyer said.

“At this time of year, we like to recognise and thank our clients for the trust they place in us and have been lucky to be able to do so in person with many over the last month at our annual investor updates.

“Any Christmas gift we provide is personal to the individual client and reflects that relationship, rather than being a broad promotional item or incentive. There is no universal entitlement or set criteria – it is about acknowledging our clients in a thoughtful and appropriate way at the end of the year.”

MAS, while not giving a gift to customers, is giving gift bags showcasing New Zealand food and beverage products to customers at random through the pre-Christmas period.

The largest KiwiSaver provider, ANZ, said it was not sending gifts.

Simplicity did not give gifts but donated to charity. Milford said that was its strategy, too. It had donated $66,600 each to Nurturing Families, Pet Refuge and Pillars this year.

Bodo Lang, a marketing expert at Massey University, said showing customers they were appreciated was “seldom used but is an incredibly powerful tool to keep customers for longer, particularly when the relationships are likely long-lasting and revenue and profit from each customer is high”.

“So sending gifts to every person who buys Wattie’s baked beans would not be feasible but sending gifts to highly profitable customers in subscription industries, such as banking and finance, can be well worth it. The success of such tactics would have been calculated in advance. The campaign would have taken place because that analysis showed it would likely be profitable.”

Mike Lee, of the University of Auckland, said it could help keep the KiwiSaver provider top of mind for a service that did not have many opportunities to provide immediate benefits.

“So just something to remind their customers that the relationship still exists and potentially to stop them from transferring their funds to another provider.”

Rupert Carlyon, founder of KiwiSaver provider Koura, said people were better off to pay lower fees and miss out on Christmas gifts.

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

Source: Radio New Zealand

Consumer confidence has risen to the highest level in more than four years.

The ANZ-Roy Morgan Consumer Confidence index lifted 3 points to an optimistic 101.5 points in December from a still pessimistic 98.4 points in November.

While that sounds like a strong uplift, ANZ chief economist Sharon Zollner said it is not, considering anything under 100 points was pessimistic.

“Consumer confidence took a body blow from the rapid increase in inflation in 2021 and is still recovering,” she said.

The proportion of households thinking it was a good time to buy a major household item rose 8 points, though remained still slightly in negative territory at negative-1, with mortgaged households more keen to buy than others.

“Mortgage holders have had a bigger swing in willingness to spend, understandably, as interest rates have cycled,” Zollner said.

“It will be interesting to see in January whether the recent change in direction in interest rates affects this sentiment, or whether the RBNZ Governor’s reassuring words about interest rates staying low for a considerable period, alongside brighter economic headlines, see willingness to spend continue to lift.”

Inflation expectations eased to 4.6 percent from 5.2 percent, consistent with easing food price inflation.

Zollner said the drop in food price inflation could have contributed to the more positive outlook.

As for the outlook, the future conditions index made up of forward-looking questions lifted to 108.9 from 106.8, which was the highest level since July 2021, though the current conditions index remained at 90.4 points.

Still, a net 22 percent of respondents expected to be better off this time next year, which was the highest level since April.

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

Source: Radio New Zealand

Houses in holiday hotspots have increased in value significantly over the past decade – but there’s a warning for anyone daydreaming about a purchase this summer.

Realestate.co.nz data shows asking prices for properties in Albert Town, in the South Island, have lifted 225 percent over the past 10 years, from $553,500 in 2015 to $1.796 million this year.

Hahei, Coromandel houses lifted from $623,000 to $2.005m.

Russell, in the Bay of Islands, rose from an average price of $1.356m in 2015 to $3.563m in 2025.

Lake areas had delivered large price increases, too, Realestate.co.nz said.

Lake Hawea was up 199 percent over 10 years and Lake Rotoiti 175 percent. Lake Wanaka was just behind at 171 percent.

Spokesperson Vanessa Williams said the data showed how big increases could be over time,

“We all love a bit of hindsight, but these numbers are next level. If you bought in Albert Town or Hahei a decade ago, you’ve basically won the property lotto. It just goes to show sometimes the dream bach can also be the dream investment.

“While iconic destinations still hold lifestyle appeal, we’re seeing serious price gains in less expected spots, particularly around the lakes. Buyers chasing both lifestyle and long-term value gains may need to look beyond the classic beachside favourites.”

Kelvin Davidson, chief property economist at Cotality, said most people probably only day dreamed about buying a house in the places they visited over summer. They would then get back to normal life and do nothing about it.

“But some people would have no doubt acted too.

“The issue with holiday houses is that they don’t generally have the same level or consistency of cashflow as a standard rental. Yes, some will do really well on Airbnb and the likes, but the average bach purchase right now probably doesn’t stack up purely as an ‘investment’ – you’d need to factor in non-monetary benefits such as pleasure in being able to get away to your own place, as well to justify it.”

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

Source: Radio New Zealand

Rapid growth in AI is driving demand for high tech superconductors, and creating shortages of less powerful chips used in such things as computers, consumer electronics and smart phones.

The surge in demand has already spurred panic buying and driven up global prices for all types of chips.

Technology Users Association (TUANZ) chief executive Craig Young said chip shortages were likely to affect all manner of consumer electronics, with New Zealanders likely to pay more for consumer electronics, with potential for supply shortages.

“There are some examples of international chip makers increasing prices, up to 60 percent and not for the high end stuff,” Young said.

“That is going to cause an issue for us, particularly for those of us trying to keep up with technology and the demands that it makes.”

He said the price increases and potential shortages were likely to become obvious in the new year, once current inventories run out.

“We won’t necessarily see an increase before Christmas, but I’m expecting that in the new year, and particularly as we have to restock after Christmas.”

Global automakers were also scrambling to find and stockpile tech chips as a semiconductor supply crunch was triggered in late October after the Dutch government banned chipmaker Nexperia from exporting products to its Chinese parent company Wingtech, which had been flagged as a possible national security risk by the United States.

Young said New Zealand had seen this type of shortage before.

“We saw this also during Covid, where there was a real shortage of those particular chip sets that are used for specific items like . . . heated seats in cars.

“But it’s not just that. It’s actually the chips that are inside the car that keep it running, that keep an eye on things.”

Technology research group IDC said tariff negotiations and policy uncertainties had been affecting supply chains, investment, and costs, with global revenues for AI chips expected to exceed $1 trillion a year by 2028.

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

Source: Radio New Zealand

Auckland woman Roisin Connolly is stoked to move into her new home before the festive season.

Her Christmas tree is out and decorations are up, but some key furniture is still missing before she can comfortably welcome her guests.

Specifically, she’s missing an entertainment unit, a coffee table, a toy boy, and two bedside tables.

And the reason?

“I won’t be buying flatpacks again,” Connolly said at the painful sight of half-built furniture.

“They can be a little bit cheaper, but a lot more stressful. I have tried and my son has tried, and my friend came over and did half of one, and everyone, everyone’s finding it very difficult to do them. I feel like you have to be good at Lego, and I was never good at Lego.”

Connolly is not alone. Flatpack frustration and flatpack-furniture grief are the terms coined to that feeling when missing pieces, unclear instructions, and uncooperative partners drive one to a state of despair.

One well known store has even gone as far as nicknaming one of it’s most difficult pieces “The Divorce Maker”.

But two rangatahi have made a business out of solving the flatpack puzzle and easing the frustrations.

Twelve-year-old Aalia Hooker explains how she started Flatpack Girls with her 14-year-old sister Jala in 2021.

“When we were little, we would always help Dad with the flatpacks that we made for our house, and one day we had a homework challenge at school which was to start a business. So we thought: ‘Oh why don’t we help people make flatpacks’ and it’s just carried on since then.”

And with more furniture than ever being sold as self-assembly, business is busy.

Over the last five years, the girls have turned their hands to everything from chairs to cabinets, and even a gym.

“One time we got to a person’s house and they asked, can you build a gym? We said yes but everything was back to front, or around the wrong way, and the instruction was all in Spanish so we just had to rely on the pictures. We went there after dinner, and we were there till it was dark and that was in summer.”

Jala said their dad Nathan had to help quite a bit.

“We were really short as well so we couldn’t build half the stuff that was up high. So he held us up when we were building it.”

Aalia said Connolly’s furniture sets were challenging to build, but they persevered.

“It’s so satisfying like putting the last piece in. It’s like, click, it’s done.”

When they first started their business, Jala’s favourite task was building a six-drawer tallboy. That’s no longer the case.

“Drawers are the worst, you have to get the details exactly right, otherwise it doesn’t work,” she said.

Aalia agreed.

“I don’t like drawers. Because on most tallboys, there’s five or six to do. You just have to do it over and over and over again, and it just gets really repetitive.”

The sisters’ expertise has earned them many recommendations and jobs, but Aalia said not everyone’s glad to see them.

“Sometimes when we get to a house, the full family was there and the husbands will take off as soon as we get there.”

I asked them why that happened.

“I don’t know, I guess it’s sort of embarrassing knowing they can’t do it and two little girls can.”

After five years assembling hundreds of flatpacks, the sisters have some advice on combating flatpack frustration.

It starts before you buy the flatpack.

“It’s kind of hard because the more money you spend on a flat pack, the better the instructions will be. We sort of have to charge more for the worse quality ones because they’re harder to make.”

Then, when it’s time to build, “it takes a lot of patience and resilience,” Jala said.

Aalia’s advice is attention to detail.

“You have to look through the instructions and double check everything before you put it together. If you do one thing wrong, it messes up the whole thing.”

But as anyone who’s tried to put something together themselves knows, sometimes the frustration is with your do-it-yourself partner.

“Sometimes when we’re working on the same thing, we’d start to argue, that’s my piece of wood or whatever. No, that’s mine. Give me the screwdriver. It can be really annoying sometimes.”

While the girls do fight, they say building flatpacks is definitely a two-people job, and they have some advice on how to avoid conflicts.

“Usually there’s stages in flatpacks, so one person can do the drawers and one person can build the base, so you’re not going together at the same thing. You probably will have to use the same tools, but usually you can just wait instead of having to argue who wants to drill this bin.”

If you are in the market for some help, depending on the complexity of the job, Jala and Alia charge $80 for large furniture and up to $60 for small pieces.

They donate 10 percent of their earnings to a charity that helps people access clean and safe drinking water.

And the rest?

A frozen Coke right after the job, bought with the money they just earned.

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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 man who says he is facing repossession of his vehicle, the loss of items in storage and the forced sale of his house says it takes too long to access money in KiwiSaver.

Mark, who did not want to be identified publicly, contacted RNZ upset at the delays he was facing.

“I have battled with ASB for almost a month now trying to access some of my KiwiSaver. It is an absolutely horrific process, with long delays, repeated requests for the same information. Evidence of everything, even though I also had to sign a declaration in front of a justice of the peace.

“Today I sent them my last email. I’ve given up and will just have to see my car repossessed, personal belongings in storage auctioned off, and spend Christmas alone. I know they didn’t put me in this position, but they sure as hell aren’t helping me get out.

“It is by far the most gruelling, inhumane, humbling, revolting process I have ever been through – at a particularly stressful time when all you want is assistance and access to your own money.”

He said he had given evidence of loans from family and friends but the bank wanted declarations of what had been lent, the agreed terms and repayments required.

• No Stupid Questions this week – You, me and the IRD [ https://www.rnz.co.nz/podcast/no-stupid-questions/2025/You-me-and-the-IRD Listen to No Stupid Questions with Susan Edmunds]

“I have already stated that while there is an expectation of repayment there are no terms, and I was not prepared to divulge to the lenders just how bad things had got that I was dipping into my KiwiSaver.”

RNZ contacted ASB on Tuesday and he received an email the same day to tell him that his application was with the scheme’s supervisor and it could take five days for a decision to be made.

“The car is being repossessed unless I pay $7000 today.”

David Callahan, general manager of corporate trustee services at Public Trust, which is a supervisor for a number of KiwiSaver schemes including ASB, said December was always a busy month for KiwiSaver financial hardship withdrawals.

“That reflects it’s been a tough year financially for many people, and with essential bills pilling up, some families are limping to the finish line. We’re hearing that many providers are dealing with a surge in financial hardship applications and those high volumes are creating processing backlogs. For members counting on funds to come through urgently, any delay is bound to be frustrating.

“As a supervisor, we prioritise quick and efficient turnaround of applications as soon as they reach us for a decision. To ensure support reaches those who need it, our team will continue assessing applications throughout the holiday period.”

The number of people making withdrawals for hardship reasons had increased a lot in recent years.

In November, 5380 KiwiSaver members withdrew savings for hardship reasons, up from 4950 a year earlier.

Dean Anderson, founder of Kernel Wealth said the industry had increased its resourcing to support this and both providers and supervisors were monitoring response times.

“However, the process can still feel slow for members who are under financial stress.

“One of the main causes of delay is the amount of documentation required. If the information provided with an application is incomplete or unclear, there can be multiple rounds of follow up, and that back and forth can significantly extend the time it takes to make a decision and process a payment.”

He said the hardship process could be improved.

“One option would be to shift hardship assessments to a central government function – for example, within the Ministry of Social Development – or a similar agency tasked with both consistency and customer support. A central team could apply the hardship criteria more consistently across all providers, consider whether other forms of assistance or benefits such as those available through Work and Income might be more appropriate or effective than accessing retirement savings and help ensure that withdrawing KiwiSaver funds is genuinely a last resort rather than the first response to financial pressure.

“Our view is that KiwiSaver is primarily a long term retirement savings vehicle, so hardship withdrawals should be available where needed, but managed in a way that is both timely and consistent, and integrated with the broader support systems already in place for New Zealanders in financial difficulty.”

ASB has not yet responded to a request for comment.

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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 retail, construction and manufacturing sectors are cautiously optimistic about recent growth in the country’s economy.

Stats NZ data showed gross domestic product (GDP) – the broad measure of economic growth – rose 1.1 percent in the September quarter.

This followed a 1 percent fall in the June 2025 quarter.

The strongest sector was manufacturing, which grew 2.2 percent, and there were smaller positive contributions from real estate services, retail, and energy and water industries.

Finance Minister Nicola Willis believed Christmas had come early for New Zealanders, and said the growth showed there were better times ahead.

But her optimism was not shared by members of the public in Christchurch.

“I was made redundant about eight weeks ago for the first time in my life and I have an appointment with Work and Income tomorrow.

“I am pretty disappointed with the economy and what this government is doing,” one woman said.

“I did what (Prime Minister Christopher) Luxon said, I got off the benefit and went to work and where did it get me… nowhere,” another person said.

Among the strongest sectors was construction, rising 1.7 percent in the quarter.

Construction Industry Council executive director Tommy Honey said its members remained cautiously optimistic, but wanted to see a few more quarters of growth.

“When we had our members’ meeting in late November, a number of our members reported in their areas that there was more work being requested, and more work coming online and that’s always the important thing, it’s not just how the economy is doing,” he said.

Retail sales only improved slightly, up 1.2 percent.

Retail New Zealand chief executive Carolyn Young admitted the sector was still struggling.

“We haven’t seen that growth in that September quarter, but when you see overall growth for the economy, it will eventually come through into retail.

“We are really dictated by consumer confidence at the moment and what confidence consumers have that they’ve got their job, that they’ve got security, and that they can afford the items they need to purchase.”

Manufacturing also went up 2.2 percent and Employers and Manufacturers Association head of advocacy Alan McDonald said only time would tell if the economy was really on an upward trend.

“If we can get a couple quarters of positive, that will go a long way to restoring a lot more confidence across the business sector.

“As the figures point out there are some sectors are doing better than others, but some are still struggling a bit,” he said.

McDonald said while the recovery signs were there, it did not take much to knock back confidence – and having a positive next few quarters would go a long way.

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

Source: Radio New Zealand

Savings account rates generally aren’t offering enough interest to keep up with inflation. But what are savers’ options if they don’t want to see their money going backwards?

Reserve Bank data shows that the average interest rate paid by bonus-paying savings account, such as those that reward someone when they make regular deposits or don’t withdraw, was 1.82 percent in November.

Other types of savings accounts had much lower rates, nearer one percent.

Inflation as measured by the consumer price index has been running at three percent.

Dean Anderson, founder of Kernel Wealth, said there had been clear cycles over time when the return on savings accounts after inflation had moved between positive and negative.

“In the years following the Global Financial Crisis, interest rates fell but inflation was also relatively low, so real returns on cash were small but often still slightly positive.

“From around 2013-2019 we had a ‘low rate, low inflation’ environment – the so called new normal – which typically meant modest, but not exciting, real returns for savers.

“Covid then changed the picture. Policy rates were cut to record lows, and more recently raised sharply to combat a spike in inflation. The result is that many savers have been earning a zero to negative real return: after inflation, and especially after tax on interest, the purchasing power of their savings has often been going backwards.

“That doesn’t mean holding cash is always a bad idea. Cash and on call savings still play an important role – for example, as a buffer for emergencies, as a short-term parking place for funds, or as a deposit for a home. But it does mean cash is usually not a great sole solution for long-term wealth building.”

Reserve Bank data also shows there is $118.4 billion in savings accounts, up from $110.7 billion a year ago.

There has also been growth in the amount of money in transaction accounts, which often pay no interest at all, up from $123.4 billion to $139.9 billion.

Term deposit balances have grown from $227.4 billion to $228.6 billion over the same period.

David Cunningham, chief executive at Squirrel, said it could be due to customer inertia.

“When interest rates are high, a savings account is as good a place to have your money as any, but when interest rates fall they become really very unattractive relative to term deposits, for example.

“Why would you have money sitting in Westpac’s standard savers account, which I think is called Simple Saver or something like that, at 0.05 percent. You know, five basis points. I mean, it’s as good as zero, right?

“It really is apathy. Why would you have money sitting in a transaction account? Lots of people will probably have a thousand or two, just free cash flow but there are people with tens of thousands of dollars sitting in transaction accounts.”

He said it made the banks money.

“It’s the classic ‘pay the rate-sensitive customer and effectively subsidise it from the non-rate sensitive customer or the customer displaying inertia’. That’s one of the secrets of banking.”

He said it was sometimes the case that people did not even realise the rates they were getting.

It was not displayed clearly on internet banking homepages.

“What would the answer be? You get it on your home screen where it displays the balance… if it showed the interest rate, people would wake up, wouldn’t they? “

So what can you do about it?

Anderson said there were a few things people could think about to boost their returns,

If they needed their money in the next year or two it should be in cash or short-term deposits even if they were getting a lower return.

“Longer term goals may benefit from a more diversified mix of assets that have a better chance of outpacing inflation.

“As term deposits mature into a lower rate environment, it’s a natural time to reassess whether all of your savings should stay in cash, or whether some could be allocated to other income generating or growth investments.”

He said people comparing returns should look at them after tax, inflation and fees rather than the headline rate.

“Cash Plus managed funds can be a compelling alternative to traditional term deposits or flexible savings accounts. Structured as a diversified fund, they invest in cash and cash equivalents – like bonds and short-term deposits. While their value can fluctuate slightly, they typically aim to provide a yield that is competitive with, or superior to, traditional savings and term deposits, while still being liquid.”

He said a defensive fund could also be an option. These have a higher proportion of income-generating assets.

Liz Koh, founder of Enrich Retirement, said people were missing the point if they were worrying about savings account interest rates.

“The bank is a place where you keep money safely until you want to spend it or invest it elsewhere. You should not rely on bank deposits for income. Bank deposits should be kept to the minimum of what you need in cash for the next two to five years and the rest should be invested in other asset classes or diversified funds to provide both income and growth. When interest rates are low you don’t want to be paying fees on investment products that invest primarily in cash or cash equivalents as you could well get a negative return after fees.”

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

Source: Radio New Zealand

Rocket Lab has successfully launched a fourth spacecraft into orbit for the United States Department of War.

The launch, named ‘Don’t Be Such A Square’, lifted off from Wallops Island in Virginia at 12:03am (NZ 6:03pm) to deploy four DiskSat spacecraft a 550km low Earth orbit. It came five months ahead of schedule, the New Zealand-founded company said.

It said DiskSat hoped to improve the build, integration, and cost of future small satellite missions.

The launch completed a run of four launches in the past three months.

Rocket Lab founder Sir Peter Beck said the company was proud to be strengthening the US’ space capabilities.

“We’re meeting the space access demands of the US Space Force with our consistent execution, and this launch is another proud moment in Rocket Lab’s long history of successful missions for defense, national security, and commercial space users.”

Department of War Space Test Program director Lieutenant Colonel Brian Shimek said he was also proud of the collaboration, dedication and teamwork.

“Proving these advanced technologies in the space environment is a critical step towards their integration into future operational Space Force systems, ensuring our nation maintains its edge in space. Accelerating this launch by five months underscores our commitment to rapidly delivering innovative capabilities to the Space Force.”

‘Don’t Be Such A Square’ further extended Rocket Lab’s new annual launch record, and the company said it would announce details of its next launch in the coming days.

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