Category: Business

Source: Radio New Zealand

Just 21 people have received non-financial benefit sanctions since the new traffic light scheme took effect.

That is despite the government at the time describing them as a “very fair and reasonable” way for people to receive their full benefits even when they had not been meeting their obligations.

The government introduced a traffic light system in 2024 and expanded it last year, adding non-financial sanctions for beneficiaries who fell foul of the rules.

If beneficiaries do not meet their obligations without good reason, they are moved to “orange” in the system. If they do not then get back on track within five days, they are shifted to “red”, at which point their benefit can be stopped or reduced, or they can face non-financial sanctions.

Non-financial sanctions include such things as going on a course, keeping a record of job searches, having some of their benefit put on a payment card or being sent on community work experience.

At least ten thousand sanctions have been imposed in each quarter since the rule change was introduced.

But between 1 May 2025 and 31 January this year, just 21 non-financial were imposed.

Nine were people told to go on community work experience. Three people had some of their benefit put on a money management card to limit how it could be used, six were subject to job search sanctions and three were required to upskill.

“From the get-go we knew this would be unworkable because frontline organisations know that these benefit sanctions don’t actually help people to find employment,” said Green Party spokesperson Ricardo Menendez March.

“What is worse, we know that the government has continued to put financial sanctions for tens of thousands of people each year when they’ve only been able to find 20 people to apply non-financial sanctions, which at least do not strip people of their full benefit.”

He said part of the problem was that some of the non-financial sanctions required people to take beneficiaries “basically under duress” for things like community work experience.

“Money management also requires people to be able to afford their basic expenses, such as rent. And when 50 percent of your income is put into a green card under the money management sanction, most beneficiaries won’t actually be able to make ends meet due to the policy, making the policy effectively unworkable.

“All of this shows that the minister is more interested in punishing beneficiaries and actually finding solutions that help people into employment and create jobs. This process took months, millions of dollars’ worth of money for IT changes, and it’s resulted in effectively the status quo continuing as opposed to seeing any significant changes.”

In a statement, Social Development Minister Louise Upston’s office said non-financial sanctions were an alternative and ensured there was accountability in the system for people who did not meet their obligations, “while also recognising that reducing a benefit is not the answer for everyone”.

It said Ministry of Social Development staff could apply them in specific circumstances such as when someone had dependent children, when it was their first obligation failure or when they had attended an appointment with a case manager within five working days of their obligation failure.

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

Source: Radio New Zealand

MONDAY

The government is making changes that could mean Inland Revenue is able to change its use-of-money interest rates more quickly.

The change is included in the Taxation (Annual Rates for 2025-26, Compliance Simplification, and Remedial Measures) Bill.

Use of money interest applies to overdue and underpaid tax. Since mid-January the debit rate has been 8.97 percent and the credit rate, for people who overpay tax, has been 2.25 percent.

The debit rate peaked at 10.91 percent in 2023.

At the moment the rate is set by an order in council, a process that can take up to eight weeks.

The proposed change would allow the commissioner of Inland Revenue to set the rate, based on Reserve Bank data on average floating mortgage rates, plus 2.5 percent.

Deloitte tax partner Robyn Walker said the rate for underpayment had to be set at a level that made Inland Revenue “the bank of last resort” and as unappealing to owe money to as possible.

“That said, the increasing levels of tax debt is indicating that strategy may not be effective anymore.”

Tax Traders co-founder Josh Taylor said the planned change would be a positive step.

“The current system probably takes in practice about a four-month delay for a rate reset to move through the system.

“And you can appreciate in the current world environment we’re in, where things are quite dynamic, things can change quite quickly in four months. So the rate can almost be out of date by the time it’s changed.”

He said, when there was downward pressure on rates, and Inland Revenue was slow to move, taxpayers were exposed for longer to higher charges.

“So it’s just helping to align those incentives more closely with what’s happening in the market.

“Conversely, when rates are moving upwards, it may mean that Inland Revenue is a bit slow to increase their rates.

“The bad part of that is that from a tax-based perspective, not paying your tax to IRD starts to look a little cheaper for a while, and that’s also not good. It’s also not good for the country if there’s a bit of an incentive for people to not pay their tax because not paying your tax looks like a cheaper option.”

He said tax pooling, such as offered by Tax Traders, gave people a way to avoid the Inland Revenue debit rate.

“Most people that actually underpay their tax aren’t exposed to that 8.97 percent rate because the tax pooling industry is able to provide lower cost options for people.”

Walker agreed tax pooling was a way to avoid the rates.

“Tax Pooling is a NZ-unique and innovative process whereby tax pooling intermediaries are able to essentially form a market place for taxpayers who have underpaid or overpaid their tax to buy and sell tax payments. The intermediary ensures that both parties pay or receive a fairer rate of interest. In the interim, the tax is paid over to Inland Revenue, but it sits in a pool.”

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Source: Radio New Zealand

Several Gull petrol stations have run dry for the second time in three days, as motorists worry about rising prices and supplies.

Petrol (91) has tipped over the $3 a litre mark in some areas because of the conflict in the Middle East.

US President Donald Trump is calling for countries to send ships to secure the Strait of Hormuz, which is effectively closed as Iran launches attacks to halt maritime traffic.

The area is critical because around 20 percent of the world’s oil consumption or 20 million barrels a day, usually pass through it.

Gull has 113 petrol stations, mostly in the North Island and said they were very busy on Sunday.

Locals said the self-serve Gull petrol station at Rosebank roundabout in West Auckland ran out of fuel on Saturday night and the Gull at Rosebank East has a sign up saying “no fuel”.

Meanwhile, the Tasman petrol station in Epsom was offering unleaded petrol at $2.72 on Saturday and had a sign on the pumps saying “no petrol containers”.

Locals and store workers

Lloyd McInnes goes to the self-serve Gull petrol station on the Rosebank Road roundabout every week and was surprised to see a message saying the pump was unavailable.

“Today’s the very first time ever that they’ve said they don’t have any for me. I expected a price increase, but I did not expect to not be able to buy any.

“Apparently this is throughout Gull’s in West Auckland … they seem to be the one with the most issues, so now I’m going to head to another brand to get some petrol.”

Meanwhile the Coffee and Convenience store, not managed by Gull, put up signage itself as the worker inside (who did not wish to be named) told RNZ the team had copped a lot of abuse as a result.

He said he wasn’t sure when the fuel had run out.

The Tasman petrol station in Epsom, which was offering unleaded petrol at $2.72 on Saturday, also had a sign on the pumps saying “no petrol containers”.

The Ministry of Business, Innovation and Enterprise’s most recent assessment of New Zealand’s current fuel stock level was published on its website a week ago and said at that point, New Zealand has 52 days cover of petrol, diesel and jet fuel.

Gull responds

In response, Gull told RNZ customers continued to “flock to our stations in search of fair fuel prices”.

It said the high demand was running some of their network to run dry.

“Some of our logistics providers are struggling to meet the current 15 percent plus increase in demand.

“Gull has good levels of fuel at its terminal and is working as fast as practical with our logistics’ providers to get fuel to our sites to meet Gull’s customers increased demand,” a spokesperson said.

The fuel company said there was still plenty of fuel for everyone in Auckland the rest of the country.

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

Source: Radio New Zealand

Laura, a home support worker in Nelson, says it’s getting increasingly difficult to do her job.

She travels between clients she provides care for, in her own vehicle, using petrol she has paid for.

She said, although she’s on the second-highest pay band for her role, she’s still not paid the living wage, which is currently $28.95 an hour.

All that means that covering the increasing cost of petrol is getting increasingly difficult, as the price pushes ever higher.

But the subsidy she gets to help pay for fuel has not changed since 2022.

She is paid $2.35 for travel between clients, based on a calculation that a typical support worker travels 3.7 kilometres between clients. That works out at 63.5c per kilometre, compared to an Inland Revenue mileage rate for petrol cars of $1.17 per kilometre.

The same $2.35 rate is paid for travel up to 15km, after which it is paid at a rate of 64c.

“I’ve got a 2003 Mitsubishi Lancer, it’s currently got 258,000 kilometres on it,” Laura said.

It needed repairs and maintenance, she said, but she could not afford it and was also not able to purchase a new vehicle.

She said she had started to try not to look at what she was spending on petrol.

“I managed to pick up a little second-hand moped and I’m trying to do as much as possible on that and just praying that it doesn’t rain.”

She said there were some more rural areas where no one wanted to work because there could be 11km from one client to the next, then 14km to another.

“You end up just paying to be able to work those days.”

Public Service Association national secretary Fleur Fitzsimons said it was something that deserved more attention.

“We need to see direct intervention for home support workers. They are among our lowest-paid workers. They use their own car and the government subsidy for their petrol hasn’t increased in four years,” Fitzsimons said.

“They are bearing the brunt of the fuel crisis. They’ve had their pay equity claim cancelled and they’re being forced into poverty because of these actions. We’re calling on the government to show leadership for these workers.”

Deborah Woodley, acting director for funding, community and mental health at Health New Zealand, said the care workers were employed by third-party providers.

“We are currently looking at 2026/27 funding for third-party providers. As part of this work, we consider cost pressures for providers and their workforce and this includes fuel costs.”

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Source: Radio New Zealand

Got questions? RNZ has launched a podcast, No Stupid Questions, with Susan Edmunds.

We’d love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but even better, you can drop us a voice memo to our email questions@rnz.co.nz

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

No matter what mental gymnastics I do in my head and what calculators I use, I can’t work out how to maximise growth as I head towards retirement. Am I better off increasing my KiwiSaver contributions, or should I increase my mortgage repayments to minimise interest and term? It’s probably down to one’s own situation, but are there examples where one might be a better option than the other?

You’re right that it depends a lot on your own situation, and also your personality.

I talked to Rupert Carlyon, founder of Kernel KiwiSaver about this.

He points out that when you pay off your mortgage, you’re guaranteed a five percent taxfree return (or whatever interest rate you would otherwise be paying). As long as you keep paying, there is pretty much no risk that you won’t save yourself pretty significant sums of money in the long run by paying off your mortgage.

“With a KiwiSaver growth fund you may get a return of five percent to eight percent over a 10-year period,” he said.

“The returns from the market may be higher than that – though they may also be lower”.

He said you would also need to manage the downside risk. What would happen if your KiwiSaver fund did not perform as expected or lost money?

“If a member is a long term investor and plans to remain invested for at least eight to 10 years – then the probability of achieving an eight percent to 10 percent return with the KiwiSaver are higher than if they are a short term investor. If they need the money inside that time horizon – there is a significant chance of a market downturn and potentially the investment loses money – that is why the client should be in a balanced or conservative fund, and it is very unlikely that a balanced or conservative fund outperforms the mortgage over the medium term.

“If the person wants to maximise and is able to afford to take a little more risk – then potentially a KiwiSaver growth fund is the right answer. Though it depends on their time horizon and appetite for risk.”

You’ll need to weigh up how much you stand to save by paying off your home loan, what you will do once you’ve done that, and what sort of investment returns you can expect to get over the same period.

I know some people put all their money into clearing their mortgage and then plan to invest afterwards. This does reduce the amount of time you have for returns to compound, and relies also on you having the personality to actually do it.

If you can go into retirement with a mortgage-free home, that’s likely to reduce your stress quite significantly.

Can you advise me, I am getting NZ Super this year and will continue working. Which one should be secondary tax? I pay market rent and am single.

This will depend on how much you are earning from your job.

You should choose a main income tax rate for which ever income source gives you more. If you earn more than you get in NZ Super, you should have NZ Super as your secondary income. But if NZ Super will be more, you should switch your other income to a secondary tax code.

You won’t pay more tax overall for having a secondary tax code, but the addition of extra income will increase your overall tax bill which means more may need to be taxed at higher rates.

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Source: Radio New Zealand

War in the Middle East might have developed beyond US President Donald Trump’s ability to end it at whim, but has it yet reached a worst-case scenario?

Bloomberg reported on Friday that “international and US efforts to mollify oil markets continued to fail in the face of the long-feared worst-case scenario”.

Iran had pledged to keep the Strait of Hormuz effectively shut.

New Zealand commentators said the situation was deteriorating with each day that passed – but could it yet be called a worst-case scenario?

Mike Jones, chief economist at BNZ, said there were still a wide range of scenarios at play.

“I think what we’ve seen over the past few days is markets adjust expectations around the length and impact of this conflict. Oil prices have continued to grind higher since Tuesday’s brief reprieve, and global bond yields are rising as a bigger inflation shock is factored in. That’s not a growth-friendly mix, although the magnitude of any impact is still highly uncertain.

“I think what is clear is that every day the Strait is closed the risk to the global and domestic economies rises. And even when shipping does resume, it looks as if it will take some time for energy trade to recover. That means we could see some sort of risk premium built into oil prices for a longer period.”

Kelly Eckhold, chief economist at Westpac, said it was a “very serious situation” that was unprecedented outside the 1970s oil embargo period.

“Our analysis last week showed that the economic impacts would scale up significantly the longer the straits are closed. There will be an accumulating shortage of crude oil in Asian jurisdictions which is where we source our refined products. And the reality is you can’t refine and export what you can’t access.

“Right now, the impacts are modest. We have fuel inventories on hand and new supplies seem to be arriving as usual. Business has likely not needed to do much more than prepare contingency plans. Consumers are noticing an uncomfortable rise in fuel prices that hasn’t extended beyond the experience of the last few years. However, that will change as the closure period grows. Crude oil and refined product will become scarcer and more expensive and cause increasing economic losses.”

At Otago University, Murat Ungor said he did not think the situation was yet a “worst-case scenario” – because things could still get “considerably worse”.

“What is likely happening is anchoring to recent experience: oil has traded in the US$70-95 range since August 2022, so breaking US$100 feels dramatic relative to that baseline. To put this in historical context, we have seen far more extreme oil price environments. During the 2008 financial crisis, Brent crude reached US$147/barrel.

“Or, following the 2019 Abqaiq attack on Saudi facilities, markets briefly priced in severe supply disruption scenarios.

“A genuine worst-case oil scenario would involve several interrelated factors not yet observed.

“First, a large-scale physical supply disruption. Second, prices rising to US$150 to US$200 per barrel and remaining there some weeks or even a few months. Third, cascading macroeconomic effects: global recession, stagflation, and supply-chain paralysis as transport costs make moving goods uneconomical. Finally, severe demand destruction, with airlines grounding fleets, industrial production halting, and possible fuel rationing in major economies – surely, this is a part of the worst-case scenario.”

He said the current prices did not reflect worst-case outcomes.

“I think we are in a regime of significantly elevated risk rather than a worst-case realisation. That captures the seriousness without overstating where we currently stand.”

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Source: Radio New Zealand

• Manufacturing activity eases slightly by 0.1 points to 55.0 – above 50 is expansion
• Activity remains near four-year highs
• All five sub-indexes are in expansion – deliveries and employment slow
• Middle East chaos clouds outlooks – increases inflation risks

Manufacturing activity in February continued expanding at the same pace as in January, reinforcing expectations that the economic recovery is continuing.

The BNZ-BusinessNZ Performance of Manufacturing Index (PMI) eased by just 0.1 points to 55.0 – just below January’s 55.1 reading.

Manufacturing activity remains near four-year highs, and comfortably above the long‑term survey average of 52.5.

A reading above 50 indicated the sector was expanding.

BusinessNZ’s Director of Advocacy, Catherine Beard, said the February result marked the first time since mid-2021 that activity had recorded three consecutive months at 55.0 or higher.

“All five sub-index values were again in expansion during February, led by the two key indices of New Orders (57.6) and Production (56.7), followed by Deliveries (51.0),” Beard said.

“Employment (50.4) dipped from January, but still remained in slight expansion,” Beard said.

The proportion of positive comments from respondents stood at 55.5 percent in February, up from 47.7 percent in January, but down from 57.1% in December.

Manufacturers reported more orders, enquiries, and sales, supported by stronger export demand and improving conditions in certain sectors, with some reporting a growing pipeline of work and a gradual improvement in business confidence.

BNZ’s senior economist Doug Steel cautioned that February’s data did not capture the impact of the conflict in the Middle East and said recent data had taken a backseat to the recent chaos there.

Steel said the conflict’s timing was poor, with the economy just beginning a fragile recovery and inflation still above three percent, posing risks to both.

Additionally, a significant proportion of manufacturing output was exported overseas and the conflict’s impact on our trading partners would also have to be watched closely.

Despite external events, Steel was still upbeat, noting “the February out-turn well above the breakeven 50 mark is a useful starting point”.

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Source: Radio New Zealand

The Commerce Commission is putting fuel companies on notice if they hike prices too high at the pump.

The market watchdog is boosting its scrutiny while the conflict in the Middle East causes volatile global wholesale prices.

Commissioner Bryan Chapple told Morning Report that they were seeing big prices overseas, including refinery and shipping costs, but the average retail prices in New Zealand were roughly what they would expect.

“We’re seeing nothing out of the ordinary.”.

He encouraged motorists to shop around for better fuel prices.

“The best thing that we can all do, and I do too, is look at apps like Gaspy or notice the fuel boards when you’re going past them and look for a better deal,” he said.

“That has the effect of driving competition, which then forces other companies to lower their prices too.”

He believed competition was improving.

Law changes meant it was easier for operators who did not import their own fuel to access fuel, and they were opening often unstaffed sites that tended to offer lower prices, driving down prices of nearby stations, he said.

“You’re seeing some of the existing large companies converting some of their staffed sites to unstaffed sites in order to deal with the competition they’re facing, so I think that’s a good sign for Kiwi motorists.”

The Commerce Commission has been monitoring average fuel prices and how much they had increased since February, and Chapple said the Commission would publish that information weekly.

There were other factors at play including when operators bought their fuel and transport costs.

But Chapple said the Commission would call out operators if unjustified price rises started to appear.

“Prices go up in response to international prices. What we’ll be watching really closely is that they come down at the same rate as they’ve gone up when prices turn again.”

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Source: Radio New Zealand

A former director at Marsden Point says the country has aligned itself with “MAGA US States” in its pursuit of fossil fuels and rejection of renewable energy sources.

David Keat, who was the refining manager at Marsden Point, told Morning Report the hydrocarbons supply chain was particularly vulnerable to geopolitical upheaval, and New Zealand was the last cab off the rank.

“We know that something could blow up in the South China Sea, who knows what [US President] Donald Trump might do next and so on,” he said.

“So those risks come along fairly regularly. When I used to run things … we used to expect something once a decade, you can never predict it.”

He said the country needed to be insulated against such global energy shocks.

Brent crude oil is currently trading at just under $US100 (NZ$170) a barrel, leading to sharp price rises at the country’s pumps.

“If I was running New Zealand we should use this as the impetus to move us to energy self-sufficiency.”

Keat said that had two components; 100 percent renewable electricity generation and slowly electrifying the transport fleet.

“Most other countries in the world outside the MAGA US states are doing that now, at pace. For some reason, New Zealand is going down the 1980s’ path.”

For example, he said South Australia was on track to hit its target of 100 percent renewable electricity generation by 2027.

“As a result their electricity prices have reduced by about 30 percent. Of course we’re looking to go the other way with LNG.”

The Middle East conflict pushing up prices at the pump has sparked bickering between Coalition partners over the refinery’s closure.

Keat said the shut down was a commercial decision based on the company’s bottom-line and not in the interest of New Zealand.

“I would argue if you had your eye on the strategic value of that asset, [it] definitely shouldn’t have been allowed to sell.”

He said the refinery’s closure slashed the country’s options from several sources of crude oil that could be refined, to just a couple of already-refined options.

Keat maintained the current global energy shock should be viewed as a strategic gift by the government.

During debate over the refinery closure this week New Zealand First MP Shane Jones said Labour was at fault because it was wrong to allow the oil refinery to close.

Labour’s leader Chris Hipkins said Jones was being dishonest.

The closure of Marsden Point as a refinery in April 2022 was a business decision, made by its private owners, he said.

ACT Party leader David Seymour is also at odds with his coalition colleague.

He said the cost of refining oil at Marsden Point was more expensive than elsewhere, and the decision to close was a business one.

Keeping the refinery open would have meant hiking fuel tax, with little to no improvement in security of supply, he said.

It came after government ministers met on Wednesday night to discuss the country’s fuel security as the ongoing war in Iran puts pressure on supply.

Currently the country has about 52 days worth of fuel supply either in country or en route.

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Source: Radio New Zealand

Government is being asked to let the public sector work from home where possible in the face of rising fuel prices – and some private employers are considering what support could be offered.

Petrol prices have increased rapidly in recent weeks as war in the Middle East put pressure on oil supplies.

Some countries, such as Vietnam and Thailand, have urged people to work from home to save fuel.

Public Sector Association national secretary Fleur Fitzsimons said the New Zealand government should do the same.

“We’re calling on the New Zealand government to take note of these overseas examples and also encourage public sector workers in New Zealand to work from home,” Fitzsimons said.

“Working from home in this environment has lots of benefits. It will reduce the demand on fuel. It will mean more workers are able to get by and don’t suffer the shock of increased petrol prices.”

She said with 91 hitting $3 a litre in some places, many people were struggling to get by.

“Government could easily indicate to the public sector that more workers should work from home and it would overnight have a difference for those people,” Fitzsimons said.

In the private sector, ANZ said its flexible work policy offered options for employees, giving the majority the ability to work remotely up to 50 percent of the day.

“We understand flexibility doesn’t mean the same thing for everyone and flexible arrangements will vary depending on the employee’s role, what part of the business they work in, where they are, personal circumstances, and available technology,” a spokesperson said.

“ANZ staff who need extra assistance can talk to their manager about short-term support options which may be available to them.”

Woolworths said it was monitoring the situation but operating as usual at this stage.

Fonterra said it offered flexible working arrangements for office-based roles and encouraged employees to have an open discussion with their manager about their situation if required.

Employers and Manufacturers Association head of advocacy Alan McDonald said it was likely to be considered by more employers if prices rose significantly further, or the situation continued for longer.

Employment lawyers said even those whose employers were not openly offering work from home solutions could request it, if they were feeling budget pressure.

“You can always ask,” said Alastair Espie, at Duncan Cotterill. “The question is whether they have to say yes and the starting point will be they probably don’t necessarily have to.

“If your contract says your place of work is the employer’s premises or offices or site or whatever, then any deviation from that would need to be by agreement.

“If the employer says no, you can look at making say a formal flexible working request. But that’s a sort of a longer process and it’s not necessarily just going to solve it on a day-to-day basis in the short term.”

Alison Maelzer, a partner at Hesketh Henry, said a formal flexible working application was a more structured way of making a request, and there was a framework within which an employer must consider it.

“Many employers and employees will prefer to have a more informal conversation, at least in the first instance. Obviously, working from home will not be possible for all employees, in all roles. However, where a request can be accommodated, this may help employers with retention, employee engagement, and productivity.”

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