Category: Business

Source: Radio New Zealand

Shoppers who look beyond the cheapest price tag might be able to save on their Christmas groceries in supermarkets trying to extract top dollar from them, Consumer NZ says.

Spokesperson Gemma Rasmussen said there was a risk people buying the item with the lowest advertised price might miss out on something that would be cheaper on a per-unit basis.

“We know the supermarkets will be filled with specials like multi-buy deals and member prices as we get closer to the big day – using unit pricing can help you cut through the promotions and figure out the best value.

“Grocery shopping can be stressful and expensive at the best of times. Unit pricing is an easy way to see through all the different brands, quantities and promotional chaos. So, instead of just grabbing the big container of custard, thinking it’s better value, you can check that it really is. You might find you’re paying less per 100g if you buy the smaller container.”

Supermarkets are now required to display a unit price for items as well as the overall package price, to make it easier to compare different sizes.

Rasmussen said Consumer research showed many people found that useful when products came in different sizes or when something was on special and they wanted to work out which size was the most price-effective.

“If you need eggs for whipping up the pavlova, unit pricing will make it easy to see what you’re paying for each egg regardless of whether you’re comparing six-, 10-, 12- or 18-packs.”

Consumer looked at the cost of creating a pavlova at Rasmussen’s local supermarket. The shopping list included eggs, caster sugar, vanilla extract, cornflour and cream.

“We compared the cost of buying the cheapest and then the cheapest unit price option for each item.

“The cheapest overall picks cost a total of $18.61 and would have been enough to make one pavlova, with a small amount of leftover sugar and plenty of vanilla extract and cornflour to spare.

“When we went for the cheapest unit price items we would have spent more in total, at $37.37, but we would have bought enough produce to make three pavlovas. This version equated to a cost of just under $12.50 per pavlova, with two eggs, sugar, cream, cornflour and vanilla to spare.”

She said shoppers would have a lot of things vying for their attention in the supermarket.

“Maybe you’ve got a lot of things that you need to buy, there’s a lot of pricing and promotional activity that’s happening with signs and the unit pricing is very small.

“So sometimes it can be hard to give your attention to that, but we have heard that 64 percent of New Zealanders have said that unit pricing is helping them.

“Often when we are looking at a product, maybe you’re looking at Weetbix for example, and one packet which is smaller might be on sale and so automatically you think that is a better deal, but if you to look at the unit price of the Weetbix between multiple sizing, you’ll actually be able to see where the best value lies.

“We completely understand that sometimes purchasing more is not cost-effective for families, given how stretched many budgets are particularly around Christmas time, but by looking at the unit pricing, it really does enable you to understand the value of a product and how much you could be paying for that.”

She said supermarkets sometimes made their savings sound better than they were.

“We would really advise people to try and cut out the noise with that type of with the specials and the promotions and to lean on that unit pricing a little.”

She said anyone going to the supermarket at the moment would think there were deals to be had everywhere.

“Supermarkets are really good at creating this feeling of savings and promotions. Supermarkets are experts of customer behaviour and they know the things people are going to be buying around this time of year.

“Obviously there are benefits like things like strawberries, blueberries, raspberries… we get these seasonality benefits where the price of certain items do come down, but I think that those supermarkets’ modus operandi is to get as much money as possible from shoppers, and I think they employ really sophisticated technology in terms of those price points and knowing how far that they can push people, particularly around the festive season.”

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

Source: Radio New Zealand

Netflix’s $125-billion (US$72b) plan to buy Warner Bros could have adverse implications for New Zealand’s Sky Television as well as the price of Netflix subscriptions.

Brokerage firm Forsyth Barr analyst Ben Crozier said the deal, announced Friday, could have a negative affect on Sky’s annual revenue, particularly from Neon subscriptions.

“SKT is the exclusive distributor of Warner Bros. and HBO content in New Zealand, with SKT’s Neon platform particularly reliant on HBO content,” Crozier said, adding Neon’s current top 10 content was from HBO,” Crozier said.

“Netflix’s acquisition may be a potential catalyst for HBO to accelerate its global direct-to-consumers reach, including to New Zealand.”

He said the change would not mean the end for Neon.

“There are a lot of other entertainment studios out there that Sky TV can find rights with to distribute through the Neon platform.

“The longer-term success of Neon in particular, will come down to SKT’s ability to either renew its Warner Bros. deal, or source non-Warner Bros. entertainment content.”

Sky Television saw no immediate change in its line-up of popular HBO content resulting from Netflix’s plan to takeover Warner Bros.

A Sky spokesperson said it had long partnerships with a broad range of entertainment studios, such as Paramount, which produced its popular Yellowstone series.

It said its approach to entertainment and sports resonated with subscribers and expected that would continue, regardless of how the Netflix deal played out.

The deal would place the streaming giant’s HBO brands under the Netflix umbrella as well as control of Warner Bros.’ television and film, studio assets and content library.

While Netflix was positioning the takeover as a done-deal, there were other potential bidders and the deal would still need regulatory approvals, which could take 12-to-18 months.

Warner Bros. would also need to split off its other assets, which were not part of the deal, including global cable television networks, such as CNN, which will be spun off into a separate company.

“We estimate SKT will generate about $45m in revenue from Neon subscriptions in FY26,” Crozier said, in addition to other undisclosed revenue lines.

“We see this as the most likely impacted revenue stream.”

However, he said Sky Box entertainment subscriptions could also be adversely impacted, while advertising revenue was expected to be less affected.

He said potential for HBO to bypass Sky TV and go direct-to-consumers in NZ was not a new risk for Sky, though it was not certain when or whether it would be an outcome of the Netflix deal.

“It’s a bit of a negative hit, but it’s been the risk there for a while, and these legacy assets are like that.

“Given SKT’s existing deal and acquisition timing the impact to FY26 for SKT is likely to be minimal, but FY27 and beyond have become slightly more uncertain.”

Netflix subscriptions could rise

Tech commentator Paul Spain told RNZ’s Morning Report said the deal was likely to push up the price of Netflix’s subscription.

“When you’ve got one big player that has a lot of control over the market, then they can really pick the prices that they want to sell at, and they can somewhat justify that, with an increased catalogue of content.”

Spain said there was also a concern Netflix would have too much control over the movie industry.

The Netflix deal had potential to reshape the global entertainment business, as Warner Bros. was one of the most prized and oldest Hollywood assets, established in 1923.

Sky TV has been asked 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

Leaving your credit card on the bar to run up a tab this summer might be an expensive mistake.

Financial Services Complaints Ltd, an external dispute resolution scheme for some of the country’s financial service providers, said it was common practice but could be a breach of your card provider’s terms and conditions.

In one case it dealt with recently, a couple were in Miami on holiday with friends.

They booked a table at a day club with a minimum spend of $3000.

They handed over their card when they arrived and it was charged when they ordered food and drinks.

“[They] said they ordered a drinks package and some food for their guests, totalling around US$1700 (NZD$2,941).” FSCL said.

They collected their credit card on the way out but did not receive a receipt. They expected the bill to be US$3000 (NZD$5190).

“When they got home and checked their credit card statement, they saw that they had been charged over US$7500 (NZD$12,110).”

FSCL said they asked for a receipt and planned to dispute the charge but did not get a response. They then applied for a chargeback with their card provider.

“The credit card provider initially issued the chargeback. However, they later reversed the chargeback after the day club provided their response and copies of several signed receipts. The card issuer said that these signed receipts, along with the fact that the charges were processed in person with the card present, supported the day club’s view that all the charges, totalling US$7500 (NZD$12,110) were ‘authorised’.”

They complained to FSCL that the signatures on the receipts were not theirs and they had been overcharged by US$4700 (NZD$8,131).

FSCL looked into it and found the credit card providers’ terms and conditions said a consumer would not be liable for unauthorised charges if they complied with the card terms and conditions.

But that included keeping the card in their possession and secure at all times, and not letting anyone else use the card, as well as taking their card back after they made a charge.

“We acknowledged that it may be common practice for some venues, particularly hospitality venues, to ask to hold onto the consumers credit card, and that it may even be required at some venues.

However, allowing anyone else to take possession of your credit card is a risk, and a risk that [this couple] willingly took. By allowing the day club to hold onto their card, [they] compromised the security of the card, and breached the card terms and conditions.

This meant that [they] were liable for the charges even though they claimed they had not authorised them.”

FSCL said the credit card provider had done what it could to help by attempting to charge back the disputed charge.

“However, when the day club provided evidence to support the charge, the credit card provider was required to reverse the chargeback.

“We acknowledged [the couple’s] comments about the validity of the receipts the day club submitted. However, it was not our role to investigate the day club’s actions and assess whether the receipts were valid. We explained that our role was to look at whether the credit card provider had to refund the unauthorised charges. [They] could continue to dispute the charges with the day club directly.”

FSCL ombudsman Susan Taylor said it was a good reminder for credit cardholders.

“With the holiday season upon us, people may be tempted to leave a card behind the bar when hosting parties.

“It might feel normal to let a venue ‘babysit’ your card to keep a tab running, but that convenience can come at a high price,” she said. “If you hand your card over and walk away, you are risking someone using your card and charging items to it without your knowledge.

“Your credit card is effectively a direct line to your money. You’re responsible for all the charges, even those made without your authority, if you’ve breached the terms and conditions,” Ms Taylor said.

“Keeping it in your hands is the simplest way to stop a fun night out from turning into a very expensive one. Remember to get a receipt for the items you’ve bought and check statements promptly so any surprises are picked up early.”

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

Source: Radio New Zealand

• Economy in recovery mode for 2026 – ASB Bank
• Lower interest rates, exports, tourism, consumers drive growth
• Growth forecast to average 2-3 pct over next couple of years
• Inflation back at 2 pct target mid-2026, unemployment above 5 pct all year
• Official cash rate starts rising end of 2026.

ASB Bank has raised a flag of confidence over the economic outlook for next year, driven by a mix of lower interest rates, solid exports, and consumer spending.

Chief economist Nick Tuffley said the economy has turned the corner after recession.

“We’re seeing clear signs that the recovery is gathering pace. Consumer spending is up, especially on big-ticket items like cars and electronics, and rural incomes are holding strong despite global uncertainty.”

He said the benefit of falling interest rates would continue to be felt as households refix their mortgages, which would likely support consumer spending.

Tuffley said the rural sector would retain strong incomes even as milk prices eased from highs, Fonterra shareholders had the added bonus of a $3.2 billion capital return, and beef producers were currently exempt from US tariffs.

He said the growth outlook for country’s main trading partners was still below average, which had been caused by the US tariffs, but New Zealand has been diversifying markets, while tourism had shown only slight growth.

“Continued tourism recovery will be linked to improvements in global growth and confidence, which will both take time to come through.”

Inflation, unemployment down, rates up or down

Tuffley expected the slack in the economy would keep pressure on prices, which would see the annual rate fall from the current 3 percent level, at the top of the Reserve Bank’s target zone, towards the 2 percent midpoint around the middle of next year.

Unemployment, currently at 5.3 percent, was forecast to take longer to recover, not falling below 5 percent until 2027.

“The jobs market is also stabilising after a period of overall job losses … Job ads are on the way up, and 2026 should bring strengthening employment prospects.”

A modest lift in the housing market from lower borrowing costs, plenty of listings, and still relatively flat prices.

“Mortgage rates are about as low as they are likely to go. People who have been waiting for interest rates to reach the lows before acting have nothing further to wait for.”

Prices are expected to rise 3-4 percent.

Tuffley doubted there would be any more rate cuts by the Reserve Bank unless the recovery stalled.

“The RBNZ has very likely done enough to get the recovery going sufficiently strongly, even if it has taken longer than anticipated to show through.”

ASB forecast the official cash rate to be held at 2.25 percent through next before a couple of rises in early 2027.

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

Source: Radio New Zealand

This year’s Visa Wellington On a Plate (WOAP) and Beervana festivals delivered a $10 million boost to the capital’s economy.

The economic impact of the event came from ticket sales, visitor nights, burgers purchases, and out-of-town visitor spending throughout both festivals, according to data from WellingtonNZ, WOAP and industry reporting.

Out-of-town visitor spending also jumped 44 percent in September at venues which had been Burger Wellington finalists.

Wellington Mayor Andrew Little said the results reinforced the crucial role events played in the city’s economic and cultural vitality.

“This significant injection into the local economy is welcome news – especially for our hospitality sector – and contributes meaningfully to revitalising our CBD.

“The festivals showcase culinary creativity, innovation, and the sheer joy of sharing good food with friends and whānau,” he said.

Heidi Morton, general manager events and experiences at WellingtonNZ, said that as the nation’s culinary capital, it was great to see the ongoing creativity and innovation from Wellington’s hospitality industry during WOAP and Beervana.

“Wellington is known nationwide as having a fantastic food and beverage offering to delight all tastes and budgets, and these two festivals really help bring that unique offering to life,” she said.

“The increase in out-of-region visitor nights during these festivals shows their appeal beyond Wellington, and that brings greater opportunity for economic benefit to the region across industries – including accommodation, retail and transportation.”

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

Source: Radio New Zealand

Got questions? RNZ has launched a new podcast, [https://www.rnz.co.nz/podcast/no-stupid-questions ‘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’.

Is it realistic or just a pipe dream to consider taking out a mortgage to buy a beach house in our mid-50s? What level of debt should/could one take on, considering retirement is on the 10-year horizon?

People do take on home loans in their 50s and even beyond. The important thing to think about is what your strategy will be to deal with the repayments.

I checked in with Link Advisory head Glen Mcleod about this.

He says banks will generally want you to think about what your exit strategy is, if your debt is likely to hang around longer than you’ll be working.

Can you cope with payments once you retire? Do you plan to sell at that point?

Can you generate enough income from renting it out when you’re not using it that you can cover the loan? Can you pay the loan down quickly, so that you no longer have repayments in retirement?

If you already own your own home and have built up a good amount of equity in it, you should be able to borrow against this for your purchase.

There’s definitely no harm in asking a mortgage adviser or your bank what might be possible here.

I have been in Australia since 1979, I’m a New Zealand citizen, not an Australian citizen, but I’m a Australian resident.

I’ve just turned 65 look like going back to New Zealand to live in 2026.

I just would like to know the ins and outs of me be able to get the pension there. I think they call it ‘super’ over there.

Your situation would probably be similar to that of people I responded to in November.

New Zealand and Australia have a Social Security Agreement, which means people can use time spent living in either country to meet the pension residency requirements of the other.

Just note, though, if you are relying on time in Australia to meet the requirements for the New Zealand pension – it sounds like you are, because you haven’t spent five years here since you turned 50 – you can’t qualify for NZ Super until you reach the Australian age of eligibility, which is 67.

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Source: Radio New Zealand

Financial Markets Authority chair Craig Stobo has stepped aside temporarily, as an investigation into unspecified matters is launched.

The Ministry of Business Innovation and Employment (MBIE), which monitors the FMA, said it would conduct an independent investigation into matters that have been raised.

“Mr Stobo has agreed to temporarily step aside as FMA chair, while the investigation is undertaken,” it said. “He will also step aside from his other crown governance and advisory responsibilities.”

Stobo’s other official position is chair of the Local Government Funding Agency and he was a founding director of Auckland Council’s Future Fund.

MBIE said it would make no further comment, until the investigation was complete.

Stobo is a 35-year veteran of the finance sector, with a wide range of roles in investment banking and taxation, and directorships of listed companies.

He been on taxation advisory groups to Labour and National-led governments, which led to the current approach tax system for Kiwisaver funds and was extended to overseas investors.

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Source: Radio New Zealand

Authorities in New Zealand and China are investigating claims that nearly 200 Chinese New Zealanders have lost about $600,000 in an airline ticket scam.

Around 180 people have joined a group on social media platform WeChat claiming to be victims of a travel agency based in Xingyi, Guizhou province, in southwestern China.

Carriers believed to be unknowingly caught up in the scam included Cathay Pacific Airways, China Eastern Airline and Air China.

Police in New Zealand and China have launched an investigation in the allegations.

The Chinese consulate in Auckland issued a statement Friday, encouraging those who thought they might be a victim of the scam to file a report with the police.

Auckland woman Mia Liu bought a pair of airline tickets from Guizhou Yiqifei Tourism Information Ltd through Yanjing Shen, a local agent for the company.

Shen introduced Liu to the company after telling her she had started a new job as a tourism agent.

In August, Liu bought tickets for her son and his girlfriend to return to New Zealand from Tokyo via Beijing from Shen.

She paid just over 10,000 yuan (about $2500) for the tickets, an amount that was a little cheaper than more recognisable agencies.

Guizhou Yiqifei Tourism Information sent Liu the flight itinerary the following day.

In early November, Shen told Liu to check her flights as the tickets might not have been secured.

Liu asked a relative in China to help confirm the booking but neither China Eastern nor Cathay Pacific were able to do so.

Upon contacting Shen, Liu was told she could cancel the tickets, but it would take seven to 15 working days to process a refund.

Liu has yet to receive a refund for the tickets she had paid for, and Shen was not responding to her messages.

Mi Xiang, administrator of the WeChat group of victims, also bought airline tickets from Shen, having known her for more than a decade.

In September, Xiang paid around ¥24,000 yuan (about $5900) to Guizhou Yiqifei Tourism Information for return tickets to China for her family of four.

She was also advised to check her booking in early November, with the airline confirming the tickets were fake.

“China Eastern says it doesn’t have the tickets,” Xiang said. “The tickets did not exist.”

Xiang started the WeChat group after hearing that Liu and a couple of other acquaintances also bought tickets from Shen.

She claimed victims who had joined the WeChat group had lost more than 2.4 million yuan (about $600,000) in the ticket scam.

Auckland woman Nahong He, who claims to have lost 17,000 yuan (about $4200) paying for fake bookings, was in China helping those who had been affected to submit evidence with local police.

Chinese police told He they suspected the bookings to be a scam.

Police reports

Shen said she stopped selling airline tickets as soon as she sensed something was wrong.

She said she had filed a report with New Zealand Police on 4 November and flew back to China the next day to report the case to police in her hometown.

Some victims questioned this, claiming local police in Shen’s hometown didn’t have jurisdiction to investigate a case in Guizhou province.

Shen said she had also been a victim of the scam, claiming to be assisting the police investigation in China.

“I have handed over all the bank transfer records and all the chat histories to police,” Shen said.

Another agent, Ella Chen, who sold nearly 20 tickets, including a few for herself and her family, repaid clients from her own pocket after learning that the bookings were problematic.

She started to work for Guizhou Yiqifei Tourism Information in September after seeing an advertisement recruiting agents in Chinese media.

Chen said the advertisement looked legit, and she also checked the company’s authenticity before signing a contract with them.

Bookings through most of October largely proved to be unproblematic, but certain issues started to appear in November.

“There seemed to be two possible issues,” Chen said. “[Either] the ticket was issued but later cancelled, or the ticket was never issued at all. They only created a booking reference number.”

Chen first learnt of problems with bookings while she was on holiday in China.

She claimed to have reported the case in person to local police in Xingyi on 13 November.

She also visited the physical address of Guizhou Yiqifei Tourism Information after local police shared the information with her.

“I … saw that the office was already empty with no one around,” she recalled.

A couple of days later, Shen and another agent also arrived in Xingyi to report the case to police, Chen said.

Authorities investigate

A staff member at the Public Security Bureau in Xingyi said investigations were ongoing, although they refused to disclose more details.

“The relevant department is handling the case,” they said. “They will contact the relevant departments when there are any results … and will release information if necessary.”

Detective senior sergeant Craig Bolton from the Auckland City Financial Crime Unit said reports of a scam involving Guizhou Yiqifei Tourism Information had been made in November.

“To date, we have collated 33 complaints from right across the Auckland region,” Bolton said, noting that the unit was in its early stages of the investigation.

“In total, these victims have been scammed out of around $176,000. The Auckland City Financial Crime Unit is liaising with our police liaison officer in China via Interpol.”

He believed the perpetrators of the scam were residing in China, and officers had been working through Interpol to better understand this.

“Police urge the community to be vigilant around sales or services being offered at bargain or heavily discounted rates, particularly on social media or messaging applications,” he said.

“Please be extremely cautious when these sorts of services are offered. Do your research on whether the organisation is legitimate.”

People who suspected they had fallen victim to the scam were encouraged to file a report with police, Bolton said.

The Chinese Embassy in New Zealand told RNZ it was watching the case closely.

“The Chinese police have launched an investigation into the relevant case,” the embassy said in a statement.

“The Chinese government attaches high importance to protecting the lawful rights and interests of Chinese citizens and stands firm in combating crimes of telecom and online fraud.

“The Embassy and Consulates-General of China in New Zealand will continue to provide necessary assistance to the Chinese citizens concerned in accordance with the law.”

Simon Pope, head of fair trading and product safety investigations at the Commerce Commission, warned consumers to ensure they knew who they were dealing with.

“A good way to do this is by checking independent review sites, social media and trusted resources such as Scamwatch to learn about other people’s experiences before sharing personal information or making payments,” Pope said.

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

Source: Radio New Zealand

Women are still more than two-and-a-half times as likely to experience sexual harassment compared to men in the finance sector.

Chartered Accountants Australia and New Zealand’s (CA ANZ) latest two-yearly diversity, equity and inclusion report showed 13 percent of women respondents reported sexual harassment in the workplace, compared to 5 percent of men.

That compared to 11 percent of women in 2023 and 19 percent in 2021.

CA ANZ general manager for New Zealand, Charlotte Evett, said the findings – based on a survey of nearly 2000 members – did not reflect a structural problem in the profession.

“The profession is not without fault, because it’s not zero percent, but I think it’s reflective of a broader societal issue – but absolutely, we’re not going to wait for other people to fix it.

“We have a responsibility, as Chartered Accountants of Australia and New Zealand, to help address it across the accounting profession.”

Evett said the biennial survey aimed to shine a light on issues and uncomfortable truths such as harassment.

Despite reports of sexual harassment against women dropping from 2021 levels, Evett said it remained too high.

“We’ve seen some great improvements across other negative behaviours, but we continue to shine a light on the uncomfortable truths so that we can work with members and our profession to do something about them.

“The right percentage of sexual harassment cases is zero.”

CA ANZ chief executive Ainslie van Onselen said 51 percent of its provisional membership were women, compared to 43 percent of its full members, and it was clear the demographic sands of the profession were shifting.

“Therefore, it is imperative for us to collectively address the issues facing women if we are to retain and develop key talent within the profession.”

Encouraging more Māori and Pasifika accountants

CA ANZ data also showed Māori made up 4 percent of membership, compared to 18 percent who identify as Māori in the wider population.

Evett wanted their membership to reflect the communities they serve, noting that the Māori economy had grown from $17 billion in 2018 to $32b in 2023.

“It makes absolute business sense, as well as being the right thing to do.”

CA ANZ was developing partnerships with Iwi and educators, and had introduced a “learn while you earn” pathway to formal accounting qualifications.

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

Source: Radio New Zealand

Fletcher Building has simplified its funding structure as debt remains above its guidance range.

The building materials firm prepaid all outstanding United States Private Placement notes and associated cross-currency interest rate swaps at a total cost of $7.2 million, along with measures to increase its liquidity over the next three years.

Fletcher Building managing director Andrew Reding said changes to its funding structure would give it greater flexibility, lower the ongoing cost of capital, while supporting its strategic reset.

He said there were no internal concerns regarding compliance with its standard bank covenant level, but dividend payouts would be suspended as long as debt remained above its target.

“We remain committed to reducing leverage and ensuring the business is well positioned to navigate current market conditions and return to sustainable, long-term performance,” he said.

“Simplifying our funding structure and extending key facilities gives us greater flexibility, lowers our ongoing cost of capital, and supports the disciplined execution of our strategic reset.”

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