Category: Business

Source: Radio New Zealand

There’s a strong appetite for McDonalds to maintain an environmentally and “socially responsible” standard when it arrives in Wānaka, a community leader says.

The fast food giant was finally given the green light to develop a 450 square-metre 24 hour restaurant and drive-through in the Otago town.

On Thursday, the Queenstown-Lakes District Council finalised its decision to grant resource consent for a McDonalds at the commercial precinct Three Parks on Sir Tim Wallis Drive.

It follows a previous failed bid to obtain clearance to build a restaurant in rural zoning, along a highway passage into the township below Mt Iron – plans that were met with overwhelming resistance from locals.

Almost 93 percent of the 366 public submissions opposed the initial application.

Key concerns included the visual and aesthetic impact on the town, litter, as well as the area’s values about protecting the natural environment.

Commissioners declined the application in February last year.

The latest proposal was approved on a non-notified basis under the Resource Management Act, meaning public consultation was refused.

Queenstown-Lakes deputy mayor Quentin Smith said some concerns remained.

“There’s no question that McDonalds generates a lot of litter, probably more than most food providers. That remains a concern for a lot of people,” he said.

“We just hope that when they do come here they’re socially responsible operators and they do work hard to keep that under control.

“I’ve seen it first hand, a large distance around a McDonalds site you see litter and all sorts.”

Waste management had been raised as a concern by disgruntled community groups during earlier public submissions.

In his decision, council senior planner Ian Bayliss said the issue of waste generation effects generated from the proposal on the wider environment were considered to be “no more than minor”.

Relocating the planned site into a commercial zone went a long way in allaying other concerns, Smith said.

“The visibility and the character of Mt Iron and the entrance to Wānaka on a rural site were legitimate things that were considered under that previous application. They were largely the reasons it failed,” he said.

In a statement, McDonalds said it was pleased to be granted resource consent at Three Parks.

“We will now move on to the next stage of development and construction planning. As it stands, we are hopeful of opening the McDonald’s Wānaka restaurant in the next 12 months,” a spokesperson said.

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

Source: Radio New Zealand

New Zealand’s average weekly rent has dropped for the first time in a decade – but one representative for renters says it’s not necessarily a sign they have it easy.

Realestate.co.nz said, based on its data, the national average weekly rent was down 1.8 percent in 2025 compared to 2024.

Wellington had the largest drop of the main centres, down 9.7 percent. Auckland was down 2.5 percent.

Realestate.co.nz spokesperson Vanessa Williams said there were a few factors driving the change.

“Just after National got in, there was all this talk about legislative changes around the bright-line test, loan-to-value rules and interest deductibility.

“What we saw was a bunch of rental properties come off the market, be done up to get ready for sale, and then the realisation that the property market hadn’t moved at all in terms of price so they came back on to the rental market at an elevated price point because they had been done up.

“Then basically that was when we saw a real shift in the volume of listings coming on to the market and saw that shift to more properties than renters.

“You couple that with the increased exodus of people going outside of New Zealand, more specifically to the Australian market, especially people who would typically rent like tradies, frontline workers and nurses… and there is also this phenomenon of younger people just not moving out of home.”

Stats NZ data for December showed an annual drop in rents of 0.3 percent based on the flow measure of new rental properties, and growth of 0.1 percent in the stock measure.

But Realestate.co.nz data showed over the ten years to 2025, the national average was still up almost 50 percent.

“Over the past 10 years, the national average weekly rental price has shown consistent growth, from an average of $424 in 2015 to $638 in 2024. To see weekly rents fall 1.8 percent between 2024 and 2025 is a clear signal the market has shifted,” Williams said.

“We’re seeing the effects of sustained rental supply meeting softer demand. Rental prices will need to remain realistic to be competitive.”

Over the ten years to 2025, the national average rental price increased 47.8 percent compared to inflation of 35.3 percent over the same period.

Gisborne’s rent more than doubled over the decade, from $290 in 2015 to $641.

Southland and Manawatu/Whanganui also doubled.

Luke Somervell, spokesperson for Renters United, said the increase in national rent over 10 years was “extraordinary”.

“This $214 increase in just 10 years, that’s a lot of money for people. That’s a lot of cash, let alone the capital gains that people will also make when they cash in after they pay off their mortgages and so on.”

He agreed many of the young people who had left the country recently were likely to have been renters.

“The fact that it’s only dropped a couple of percent is not that encouraging, especially when we know the average wages haven’t even been able to keep pace with inflation…Maybe rents have decreased a little bit but it’s definitely not a party for renters at the moment, that’s for sure.”

He said no steps had been taken to help renters get a fair deal.

“They’re just sort of getting buffeted by these trends. And investors are happy about that… they’re looking at this and they’re thinking, great, we’re going to be able to cash in in the next 10 years. Hopefully this is just going to be a little dip for now. But don’t worry, you’ll still get your profits, no problem.”

He said more properties needed to be built, but people also needed to be supported to negotiate with their landlords and dispute their rents.

Williams said people who thought they were paying more than market rent could have a conversation with their landlords.

“Say ‘hey look, I’ve been looking around these other three-bedroom houses for $50 less a week, this week, can we have a little bit of negotiation here, I don’t really want to move, but I also would like to save myself $50 a week if I can do that…”

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

Source: Radio New Zealand

Many New Zealanders’ summer holidays have ended with a washout as wild weather battered the North Island.

Campers packed up tents, plans to travel to beach towns were abandoned and road trips turned around.

But what are your rights if you have to abandon plans?

Your accommodation

If you’ve booked an Airbnb or a hotel that you now won’t use, your rights will depend a bit on the terms and conditions you agreed to.

A spokesperson for Consumer NZ said it recommended reading these before making a booking.

“Pay particular attention to clauses about what happens if the accommodation can’t be used for reasons like a storm – this might be referred to as ‘act of God’ or ‘ force majeure’. Cancellation terms must be fair, otherwise the accommodation provider risks breaching the Fair Trading Act (FTA).”

If there is nothing in the terms and conditions to state what would happen, then people could rely on the Contract and Commercial Law Act (CCLA).

“The CCLA applies when a contract can’t be fulfilled for reasons outside the parties’ control. It gives people the right to request a refund and limits what the company can charge to reasonable administration costs.”

Consumer NZ said not all terms and conditions would be appropriate, though. If a company had given itself the right to keep a large amount of money, that was likely to be unfair.

If someone was entitled to a refund but refused it, they could ask their bank for help with a charge back.

Sometimes, you might be charged a fee to change a booking. This is allowed if it is outlined in the terms and conditions, but still needs to be reasonable.

Airbnb’s policy for cancellations in New Zealand is generally that you can have a refund if there is a severe and unforseeable event but normal bad weather won’t usually qualify unless the host agrees.

It says it encourages guests and hosts to find mutually acceptable solutions such as partial refunds or a change of dates.

Camping

The Department of Conservation said if a facility was closed due to weather, people would usually get a refund.

Visitor services manager Cameron Hyland said if the site was open but people chose not to travel because of the weather, refunds would not automatically be available.

“Weather conditions can vary and are outside DOC’s control. However, when severe weather may make travel unsafe, DOC may assess refund requests on a case-by-case basis. For example, we may consider a refund if someone was travelling through or from an area where a weather warning was in effect, even if the booked destination itself was unaffected.

“These situations are discretionary and aren’t guaranteed under DOC’s published terms and conditions. Refunds also aren’t applied automatically, customers need to contact the DOC bookings team to request one.”

Travel

Consumer NZ said if a flight was cancelled or delayed by the weather, travellers’ rights would be limited.

“For cancellations, the airline will usually offer you a credit or rebook you on the next available flight. Any additional costs you incur, such as accommodation or taxis, are on you. For ferry travel that’s disrupted by the weather, your entitlement will depend on the operator. You could be entitled to a refund, rebooking or a credit. Read the operator’s terms and conditions to see what you’re entitled to, or contact the operator directly.”

What about insurance?

You may find you have some cover if you have travel insurance.

A spokesperson for Southern Cross said it would usually cover situations where travel plans had been cancelled or postponed unexpectedly, or where costs had been incurred. It would not usually cover cases where someone had changed their mind about going.

In the year to June 2025, Southern Cross paid out more than $7000 for a tour that was cancelled because of severe weather, Consumer NZ said.

It said the top three most common claims for domestic travel were changes to journeys.

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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 government’s finances were better than expected nearly half way through the financial year as a fall in expenses offset a lower tax take.

Treasury figures, excluding ACC finances (OBEGALx), showed a deficit of $5.6 billion for the five months ended November, $1.1b lower than outlined in an updated forecast issued in the December half year update (HYEFU).

The deficit including the ACC finances (OBEGAL) was $1.05b lower than forecast at $5.9b.

Treasury said all the main financial indicators were better than forecast.

The core tax take was $200m lower at $49.1b, with company tax about $300m lower, and GST down $200m, which was partly offset by a rise in other individuals’ tax revenue.

State owned enterprises and other crown entities earned more, and strong financial markets boosted the value of the NZ Superannuation Fund and other assets.

Crown spending was more than $1.1b lower than forecast at $59.8b, driven by reduced spending on core government services, health, and a fall in the cost of carbon credits.

However, Treasury said some of the reduced spending was likely to be because of the timing of programmes and might be reversed later in the financial year.

Net debt was $900m lower than expected at $183.1b, about 41.6 percent of the value of the economy.

The December HYEFU forecast an OBEGALx deficit of $13.8b for the year ended June 2026.

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

Source: Radio New Zealand

* Correction: This story has been updated since publication to clarify ownership and impact to the businesses.

A Wellington man says his business lost money after its Instagram and Facebook accounts were banned. 

Alex Hoang owns the Velvet Nail Room, and is general manager for Pho Viet Street Food.

On 14 January he was notified that the Instagram and Facebook accounts were locked due to sexual content on his page which he completely rejected.

Hoang immediately appealed which resulted in Meta services saying he was permanently banned.

He told RNZ after he was not getting anywhere with the normal process of escalating these issues, he contacted an email address that was not public after seeing an influencer use it who had similar problems.

Following that the ban was reversed on Saturday.

Hoang said his businesses relied social media a lot.

“Social media is really important for those businesses as it is a channel for us to communicate with customers.”

He said it had cost his nail business money.

“A lot of customers very luckily they contacted me, they thought something was wrong with me [or] something was wrong with the business, which is really, really frustrating.”

Hoang was concerned he’d have to wait months for the issue to be resolved and noted he also contacted a Ministry of Business, Innovation and Employment mailbox that was set up for people in similar situations.

Small Business and Manufacturing Minister Chris Penk told RNZ around 100 requests had been received through the dedicated inbox since the beginning of October.

“The consistent concern raised by these businesses is the disruption caused by losing access to their accounts. For many small businesses, social media platforms are a primary channel for communicating with customers and promoting their products and services.”

Penk said MBIE continued to engage constructively with Meta and was passing on emails received directly for the company to review in cases where small businesses alleged their accounts may have been incorrectly suspended.

A Meta spokesperson told RNZ it took action on accounts that violated their policies, and people could appeal to the social media company if they thought it made a mistake.

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

Source: Radio New Zealand

Christmas brought an early end to activity in the housing market for the year, but confidence is continuing to build, the Real Estate Institute says.

It has released its data for December, which shows the national median price was up 1.4 percent year-on-year to $786,977. Month-on-month it was down 1.6 percent.

Excluding Auckland, the national median price was up 2.1 percent for the year and Auckland was down 1.7 percent in the month.

The national days to sell measure was down two days to 39.

The number of sales was up 8.1 percent nationally year-on-year but down 12.2 percent for the month.

Auckland was down 19.1 percent for the month. Seasonally adjusted, the national decline was 2 percent.

“This time of year, from November through February, can make it difficult to separate normal seasonal changes from genuine market shifts,” Real Estate Institute chief executive Lizzy Ryley said.

“While raw sales counts usually fall from November to December, after adjusting for seasonal trends, it’s clear that the market is holding up.”

There was a lot of other regional variation too.

Gisborne’s median price was up almost 25 percent year-on-year to $730,000. Hawke’s Bay’s was down 6.2 percent to $680,000. A new territorial-authority record was set in Opotiki and Gisborne Districts, recording $765,000 and $730,000 respectively, the highest since early 2022.

Ryley said Canterbury had been a standout. Prices there were up 3.6 percent, and sales up 10 percent on a seasonally adjusted basis, compared to a year earlier.

“Christchurch has rebounded as a city. It’s vibrant, it’s rebuilt and that provides employment, which then provides people with the opportunity to perhaps get more bang for their buck in their properties,” Ryley said.

“As soon as inventory goes down a bit and days to sell go down a bit, then you start to see the more affordable regions leading the house price growth as opposed to the centres that have already had their potential overheating.”

Nationally, there were 4900 new listings in December, up 2.8 percent year on year.

Southland had its lowest number of days to sell since March 2021.

“December is usually a quiet month for the housing market. However, compared to the same time last year, activity appeared stronger in several areas,” Ryley said.

“Attendance at open homes and enquiries around listings were above what was seen at this time last year, suggesting improved engagement despite the typical seasonal slowdown.”

She said first-home buyers and owner-occupiers were the dominant buyer groups in most areas and there were signs of steady and healthy growth in the whole market.

She said buyers were showing less fear of paying too much and, instead, there was more fear of missing out (FOMO).

“I think what you’re seeing with young people is that they’re going okay it’s safe for us to now buy, we’re buying a home, and they’re spreading the money they have to invest across different things than their parents did, which is actually healthy. We’re seeing things coming out from the government in their election run, talking about house prices and the stability in the property market being really critical. So I guess the economics are designed to support that. And that’s what seems to be happening.”

She said while Auckland and Wellington were the areas under the most pressure, they were still inching up.

“Lower interest rates have improved affordability and encouraged more buyers to re-enter the market, while pricing remains relatively accessible compared with previous peaks. At the same time, high levels of available stock mean buyers have plenty of choice, allowing them to take a more measured and confident approach when making decisions. Overall, 2025 closed with confidence continuing to build, setting a constructive foundation for the year ahead. Looking to 2026, the market is expected to see momentum gradually improve as conditions continue to stabilise.”

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

Source: Radio New Zealand

• Headline inflation likely around 3 percent in December quarter
• Seasonal factors like international airfares pushed prices higher
• Economists say RBNZ is unlikely to be moved

The Reserve Bank will probably have to wait a bit longer for its wish for lower inflation, as new numbers are likely to show inflation remaining at the top of its 1 to 3 percent target band.

Expectations are for Stats NZ’s Consumer Price Index (CPI) to have risen 0.5 percent in the December quarter, taking the headline annual rate to 3 percent, on par with the September quarter, but higher than the RBNZ’s November forecast of 2.7 percent.

ANZ senior economist Miles Workman said seasonal factors were at play in the December period, forcing it to revise up its forecast to 3 percent.

“Well, the big surprise to us actually came with the release of the December Selected Price Indexes where we saw international airfares rise almost 33 percent month-on-month,” he said.

Higher accommodation prices also played a part, as well as higher petrol prices, offset by a seasonal fall in fruit and vegetable prices.

But beneath the surface, the underlying trend was heading in the right direction, Workman said.

To look at the underlying trend in the CPI, he said to look at the domestic side of the CPI basket (non-tradeables inflation), as well as services, and core measures that exclude volatile components like food and energy prices that tend to move around more often.

“On those measures, we are expecting to see inflation pressures still relatively contained,” Workman said.

“Non-tradeables inflation (domestic inflation) is expected to slow slightly, [and] the core measures are expected to remain close to that 2 percent target midpoint.”

Reserve Bank unlikely to be moved

ASB, which forecast annual inflation of 3.1 percent, did not think the RBNZ would be “in a mad rush” to change the Official Cash Rate (OCR) from 2.25 percent.

But it cautioned the central bank may step in if the economy began to heat up too fast, and inflation remained stuck near 3 percent.

Recent economic data such as quarterly gross domestic product, monthly manufacturing and services indexes numbers all pointed to the economy staging a recovery.

“We don’t envisage the RBNZ will be in a rush to change the 2.25 percent OCR and have pencilled in 50 basis points of OCR tightening from early 2027,” ASB senior economist Mark Smith said.

“We caution that the RBNZ may step in if the NZ economy heats up too quickly and inflation remains stuck around 3 percent.”

BNZ senior economist Doug Steel expected Friday’s headline rate to be 2.9 percent, and also did not think it would trouble the RBNZ.

“We don’t think the run of data is enough to have the [RBNZ] hiking its cash rate soon,” Steel said.

“But the data flow so far in the New Year firmly supports the case that the next move in interest rates is up, and that the balance of risk is accumulating toward this happening earlier than the Q1 2027 timeline the RBNZ indicated at its November MPS.”

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

Source: Radio New Zealand

Have you ever wondered how your boss decides what you will be paid?

Sometimes, salary-setting can seem like a bit of a mysterious dark art.

New research from recruitment firm Robert Half has found that, for familiar roles, New Zealand employers lean heavily on online salary guides.

More than 40 percent of employers said they would use them to help determine what staff would be paid. Next were industry benchmarking tools and recommendations from direct managers.

For unfamiliar roles, such as new positions, they were less reliant on external sources. Four in 10 would turn to fixed-salary scales for these, just ahead of recommendations from direct managers, or guidance from HR and internal salary benchmarks.

Robert Half managing director Megan Alexander said recruitment firms that frequently placed people in roles could provide information that allowed companies to benchmark their salaries in the market.

“Where the challenge also lies, though, is there’s always that internal business knowledge that an employee has and how much value that becomes.” she said. “That’s where sometimes you see salaries become a little bit subjective.”

What can you do if you’re not happy with what you’re offered?

Alexander said much would depend on the economic climate.

About 37 percent of employers cited company performance or profitability as a driver of salaries.

“We’re in a climate where there’s a lot of restructuring and unemployment around, so there’s been less room to negotiate in the last couple of years than previously.

“We’re seeing less ability, because companies are under great cost control and it’s a real balancing act. They don’t want to lose good people, but at the moment, the same people aren’t able to go out and just command a big pay increase across the market, because it doesn’t exist.”

She said employees could use many of the same tools to get a sense of where their salary would sit.

“Where the disconnect can often lie is the conversations around someone’s soft skills – you know, their initiative, their drive – versus the actual skills that they’re using on a day-to-day basis. If you look at a job spec, yes, this is my job and this is my job title etc, but how well on the spectrum is that person able to execute?

“There may be differences in perception between the hiring manager and the employee.”

Alexander said employers must look at salaries carefully and not opt for an across-the-board increase.

“That’s what happened last year in a lot of places.”

She said an employer could get out of step with the market quickly.

BNZ chief economist Mike Jones said conditions in the labour market were still weak.

“I think we’ll see overall wage growth remain pretty low and slow in a 2-3 percent area this year. That’s potentially problematic for inflation-adjusted incomes, given headline inflation is still around 3 percent.

“Real growth in labour incomes will be modest at best. As we move through the year, though, some improvement in real wage growth is anticipated, as the spike up in inflation starts to unwind.”

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Source: Radio New Zealand

First-home buyers are paying the highest prices for their homes on Auckland’s North Shore, new data shows.

Cotality data for the last quarter of last year shows how much first-time buyers are paying around the country.

On the North Shore, first-home buyers paid a median $1.035 million.

Trade Me listings indicate that, at about that pricepoint, buyers could get a Mairangi Bay townhouse or a three-bedroom house in Glenfield.

Nearby Rodney was in second place at $987,000 and central Auckland at $975,000.

Queenstown came fourth at $938,750. Manukau was just after at $865,000, followed by Western Bay of Plenty at $850,000.

Trade Me said an increase in the number of properties available under $800,000 – the typical first-home buyer bracket – was a reason why the city’s average asking price dropped in its latest data update. Bay of Plenty had overtaken it as the most expensive of the regions for the first time in a long time.

Cotality chief property economist Kelvin Davidson said what buyers would get for for their money varied around the country.

“The median property in Auckland is different from the median in Invercargill.”

He agreed Auckland had more diverse property options, with 9 percent apartments, 17 percent townhouse and 70 percent houses.

Canterbury had 1 percent apartments, 18 percent townhouses and 74 percent houses.

The Cotality data showed the cheapest first-home buyer houses were in Whanganui, where people paid a median $469,000 and Invercargill, with a median $482,000. Timaru was only a little more expensive at $490,000.

“We’re definitely still seeing first-time buyers very, very active,” he said. “You’d call them the dominant force in some ways.

“If you look at market share, the fourth quarter of last year was another record high, pushing up towards 28-29 percent of the market.

“First-time buyers have been strong for a long time – there’s nothing new there – but they just keep getting even stronger. They’re able to get in at reduced prices compared to what would have been the case 2-3 years ago.”

He said lower interest rates and more options were helping.

Banks were willing to lend to people with a smaller deposit too, he said.

“A lot of people are getting in with 15 percent or 10 percent, so it is not saying it’s easy. It’s never easy to buy a first house, but at the moment, first-time buyers are finding conditions in their favour and really making the most of it.

“Whether you look in expensive parts of the main centres or cheaper parts of provincial markets, it is pretty much across the board.”

He said that was probably because incomes varied for first-home buyers, too.

“Houses might cost more in Auckland or Tauranga, or markets like that, but the incomes will be higher too. Generally, housing affordability has improved and that’s helping first-time buyers into the market.

“In a place like Ashburton or Invercargill or Whanganui or wherever it is, maybe they can find that 20 percent deposit, whereas if you’re looking in, say, Auckland, you might be getting in with 10 percent, so that helps even out the numbers as well.”

For some buyers, paying a home loan was cheaper than covering rent.

“That incentive to get into the owner-occupier market is still pretty strong,” he said. “Yes, you’ll have extra costs of rates and insurance, and that sort of thing, but if you just look at a simple weekly living cost number, in many cases, it is going to be cheaper now to pay that debt than pay rent.”

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Source: Radio New Zealand

The start of the year can be a tough time financially for many families.

Westpac research this week found many people felt stressed about their holiday spending and the costs that come with the start of the year.

Financial coach Shula Newland said it happened every year.

“There’s the hangover of Christmas, where you might have overspent and potentially taken on more debt, especially Afterpays, then you’ve got back-to-school costs.”

She and other financial mentors say you can do a few things, if you’re worried or stuck.

[h[Plan ahead

The ideal scenario is to plan ahead, so you have money set aside.

North Harbour Budgeting Services financial mentor David Verry said, when he worked with families, he put school costs such as uniforms, stationery, devices and school camps into their budgets, and suggested money be saved for them through the year.

Newland agreed.

“Ideally, they would have back-up money for this in savings to access, in an ideal world, but it’s not an ideal world.”

[h[Consider your options

If that was not possible, Verry said there were ways to save on some costs.

A secondhand uniform can be a lot cheaper, as can secondhand laptops.

He said some people could buy secondhand textbooks or use stationery items left over from last year.

Newland said some seemed reluctant to buy secondhand uniforms.

“Sometimes, you can get the generic ones from places like The Warehouse.”

Other school costs

Verry also encouraged people to consider whether a non-compulsory school donation was included in the costs they were facing, and whether they could put that off or not pay it.

“School camps can be expensive – can the cost be staggered or, unfortunately, not go to camp?”

He said, sometimes, people who were on a benefit could ask for more support from Work and Income, or organisations such as the McKenzie Trust could help with things like uniform costs.

Juggle cash flow

Newland and Verry said some juggling might be required to consider what could be put off until later, or what costs could be spread.

Newland said some items around the house could be sold to raise some money.

She said people should be careful about using buy-now-pay-later to shift the cost of purchases.

“It’s probably what a lot of people will look to, but the problem with Afterpay is it’s going to have consequences. There’s a hangover from the Afterpay that is then going to put you on the back foot for the next four pays and so on.

“The ‘Afterpay trap’ traps you into using it constantly, because it’ s so disruptive to your finances.”

Debt consolidation

Westpac said it saw people looking for debt consolidation options to handle debt left over from the holiday period.

Newland said an overdraft could be another option, because it gave people more flexibility about how they repaid it – although, in some cases, the discipline of a loan might be helpful.

“I’d be reluctant to encourage people to use a credit card, unless it’s the last option.”

KiwiSaver

If people are badly in debt arrears, they may be able to get help from their KiwiSaver provider, through a hardship withdrawal.

This needs to be done carefully, because of the impact on your retirement savings.

A spokesperson for Public Trust, a supervisor for many KiwiSaver schemes, said hardship application numbers usually dropped in January.

“Many KiwiSaver members who need support tend to get their applications in before the holidays and scheme providers work hard to process them ahead of the break.

“While we do sometimes see new year applications linked to back-to-school costs, this hasn’t historically been one of the major drivers of hardship withdrawals.”

Get help

People could ask for help, either from their lenders or a financial mentor.

“If people are struggling, let something good come out of it and seek some help,” Newland said. “If you can access EAP funding for financial coaching to put a plan in place, really hit your new year’s resolutions.”

She said people who did not want to pay could also benefit from listening to podcasts or reading about ways to improve their financial situation.

“There are different things they can do to improve their education and motivation – it is changing that mindset – instead of being stuck in this position, thinking ‘what can I do to better myself?'”

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