‘Really insulting’: Can ANZ really claim its record profit is due to economy improving?

Source: Radio New Zealand

RNZ / Marika Khabazi

When ANZ announced its record full-year profit, of more than $2.5 billion, chief executive Antonia Watson said it was a good sign for New Zealand.

She said banks were a reflection of the economies they operated in, and the result showed New Zealand was turning a corner.

Westpac also reported a profit increase of 13 percent.

“It has taken New Zealand longer than hoped to recover from the post-Covid rebalancing, but there are now signs the nation’s economy is finally picking up,” Watson said.

But is that really the case?

Lyle McNee, portfolio manager and co-founder at saving fund provider Wedge, said it was disingenuous and “actually really insulting to all those people who have been struggling under the weight of such a weak economy this past year.

“Of course, these profits don’t signal a stronger economy. They highlight just how bad New Zealanders are being treated by their banks – especially in terms of how little interest they received on their deposits.”

He said the net interest margin – the difference between what banks pay for deposits and charge for lending – was 2.6 percent for ANZ in New Zealand compared to 1.83 percent in Australia.

Robert MacCulloch, professor of economics at the University of Auckland, said he “thought it was a comms lie”.

Simplicity chief economist Shamubeel Eaqub expressed a similar sentiment.

“If you look at where the profit growth has come from, it’s all from personal, not from business and agriculture at all…

“Banks are not a leading indicator of the economy. They win when the economy goes up, they win when the economy goes down… where they’re making the profits is on the personal side of things because we’re not going to not pay our mortgages, right?

“It’s not surprising.”

He said the economy was improving but not in terms of profits yet. “It’s kind of the sequence of events. First you get customers coming back. You have the early part of the recovery to be high cost because people aren’t making decisions as fast yet so you have to rejig your business to deal with this recovery. Then you’re able to manage your costs and manage your prices and get profits. So we tend to find profits lag the economic cycle versus the sales improvement, then the jobs improvement, then the profit improvements.”

Infometrics chief forecaster Gareth Kiernan said he was not convinced, either.

“There are small signs the economy may be staring to run around including some job and labour market data but they are still very small at this stage.

“The housing market – not that I want that to go picking up rapidly – the housing market is still very soft as well.”

Massey University banking expert Claire Matthews said she struggled with that interpretation, too.

“The ANZ profit is for the 12 months to September 30, 2025 – are they honestly arguing that 12-month period represented an improving NZ economy? No one else seems to be suggesting that. I’ve seen very recent comment that the NZ economy might now be picking up, but that would not be reflected in bank results until at least the half-year results to March 31, 2026.”

ANZ said lending to small business customers in its business and agri segment grew at more than double the market rate, and agri lending also grew more than the market. It said farm savings lifted 17 percent.

“Overall, ANZ business lending is up 2.3 percent over year to $25.5 billion driven by increased lending to small and medium business customers. Growth in lending to larger institutional and corporate customers was more muted.”

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Education Review Office ‘badgered’ students about safety – Wesley College principal

Source: Radio New Zealand

Staff and students at Wesley College did not not report assaults on junior students, the Education Review Office said in its report. RNZ / Shannon Haunui-Thompson

The principal of Wesley College south of Auckland has fired shots at the Education Review Office, saying it has been “deeply disrespectful” to students.

The school – one of the country’s oldest – is taking court action in a bid to keep its embattled hostels open.

It earlier signalled it would close them at the end of the year over safety concerns, but it was then told to shut them down last week – much earlier than it wanted.

An Education Review Office (ERO) report has now surfaced, outlining some of the office’s concerns.

‘Long history of abuse’ at Wesley College

Staff and students did not not report assaults on junior students, the Education Review Office said in its report written in September.

The ERO was checking up progress made since a review in 2024 found slow and inconsistent improvements a the school in Paerata.

It held a progress meeting with the principal and presiding board member.

The office says it was here it was told of “another significant bullying incident” in the hostel since its last visit.

“On this occasion, more than 30 senior students left their hostel building at night, entered a junior building, and a small group of senior boys either participated in or observed the bullying and assault of junior students,” the report said.

“The supervising staff and wider student body did not prevent the incident, nor was it reported immediately by either staff or students.”

The ERO report said the school was told of the incident by only one parent.

The office then sent three investigators on 30 July to further look into concerns around student safety in the hostel.

They spoke with 27 students, the Trust Board chair, the principal and parents and held follow-up online meetings.

The ERO report said leadership reacted promptly once they found out about the assaults, and staff had issues conducting their own investigations and finding who was involved.

“A pervasive culture of not speaking out and accepting bullying and assault as a rite of passage in the hostel persists, despite the efforts of the principal, senior school leaders and some hostel staff to shift this,” the report said.

It said there were “deeply entrenched practices” and beliefs and attitudes among students and some hostel staff that perpetuated a culture of intimidation and systemic abuse.

There were physical improvements in the hostel, the report said, but it noted the upgrading of surveillance cameras was not complete at the time of the review.

“Students reported to ERO that they are still wandering at night and only being apprehended 50 percent of the time,” it said.

The ERO report said the Office was not assured that further physical bullying and assault would not happen again.

Among the issues cited was the filming and sharing of assaults and complaints about staff behaving unprofessionally and encouraging a code of silence.

“ERO does not have confidence that hostel culture has sufficiently improved and that the five hostel buildings are positive, inclusive and emotionally safe climates and environments for all borders,” it said.

The ERO ended its report recommending the suspension of the hostel’s licence.

“ERO acknowledges that suspending the hostel licence is a serious step which may impact the school’s ability to maintain its roll,” it said.

Principal responds

In a statement, principal Brian Evans said students had said they felt pressured to give negative answers to the ERO.

“Over the past few years we have found the stance of the ERO staff to be deeply disrespectful of the students they interviewed, claiming they were lying and covering up,” he said.

“In fact, the students disclosed after several visits ERO staff had left that they felt that the ERO staff were trying to put words in their mouths and badgered them about whether they felt safe at the school.”

Evans said the school was confident it had “broken down the former culture of silence”, and that its systems were effective for anonymous reporting.

The September ERO report referenced both historical and recent events but offered no clarity on which issues were ongoing and which have been addressed,” he said.

“Conflation of timelines risks misleading both the public and our school community about the scope and persistence of challenges.”

Evans said there was only one incident during the year when the report was written, involving students possessing cannabis.

“We certainly don’t condone these students’ behaviour, but you would be hard pressed to find a school in New Zealand that doesn’t have low level issues such as these,” he said.

The principal said its current safe-guarding programme was “gold-standard” and its improvements had been vastly understated.

“Significant investments have resulted in demonstrably safer and more transparent hostel environments, yet these advances are barely foregrounded in recent reporting.”

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Quality of education at risk with curriculum ‘change overload’ say Canterbury primary principals

Source: Radio New Zealand

The Canterbury Primary Principals’ Association has outlined its concerns in a letter to Education Minister Erica Stanford. RNZ / Samuel Rillstone

Primary school principals in Canterbury have written an open letter to the government expressing concern about further revisions to the English and maths curriculum.

In the letter to Education Minister Erica Stanford, the Canterbury Primary Principals’ Association (CPPA) called for the timeline for implementation to be extended, saying “change overload” was putting the quality of students’ education at risk.

The association said the latest revision was the third major change in two years, with constant shifts creating confusion, uncertainty and increased school staff workloads.

“The ongoing “change overload” facing schools is unsustainable and places at risk both the quality of education provided to our ākonga and the wellbeing of tumuaki and kaiako,” the letter said.

“We urge that the timeframe for implementation be extended until at least Term 3, 2026, to allow schools sufficient opportunity to deeply engage with, understand, and embed these changes through relevant and high-quality professional learning and development.

“Regarding the wider curriculum areas and the move toward a “knowledge-rich” curriculum, the current timeframes are unworkable. Successful implementation requires meaningful consultation with those most connected to teaching and learning-principals, teachers, and school leaders. Although we acknowledge the resources made available, the pace and sequencing of these reforms are unrealistic.”

Canterbury principals also opposed the removal of the requirement for school boards to give effect to Te Tiriti o Waitangi and the overhaul of teacher registration body the Teaching Council.

“Our association and members are firmly committed to Te Tiriti. Any move to weaken these responsibilities would be a significant step backward for equity and partnership in education,” the letter said.

The association said the government should not move responsibility for teacher education and standards to the Education Ministry.

“The CPPA strongly opposes the proposed changes to the Teaching Council’s governance structure and role. Maintaining an independent, sector-led Teaching Council is essential to preserve trust between educators and government, and to ensure that professional standards remain the responsibility of those who work within education,” the letter said.

Education Minister Erica Stanford said the Ministry of Education was meeting the Canterbury association on Wednesday and other associations throughout the week to provide an opportunity for discussion and provide feedback.

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Christchurch primary school plunged into lockdown as police search for armed offender

Source: Radio New Zealand

South New Brighton School. Google Maps

A Christchurch primary school has been plunged into lockdown as armed police search for an offender reported to have a gun.

Police said they were called to Rocking Horse Road after a car has collided with two parked vehicles. No one was injured in the crash.

“It is reported the offender fled the scene with a firearm,” a police spokesperson said.

Police are making enquiries to identify and locate the offender.

The aftermath of a crash in the Christchurch suburb of South Brighton, on Rocking Horse Road. RNZ/Adam Burns

South New Brighton School in Christchurch was put in lockdown just after 2pm on Tuesday.

A school representative confirmed the school is in lockdown and parents have been contacted.

A message from the school said police had advised the school of an incident in the area, and to go into lockdown.

It said police will let the school know when students could go home.

Police said cordons are in place and the public is asked to avoid the area.

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‘Unnecessary’ for ratepayers to fund meals, newly-elected councillor says

Source: Radio New Zealand

Five new councillors, Bo Burns, John Gillon, Sarah Paterson-Hamlin, Victoria Short, and Matt Winiata, have joined mayor Wayne Brown and 20 re-elected councillors. RNZ / Jessica Hopkins

An Auckland councillor wants his colleagues to ditch their ratepayer-funded meals.

At their first governing body meeting after the local body elections on Tuesday, first-time Auckland councillors gave maiden speeches, sharing their priorities for the next three years.

Five new councillors, Bo Burns, John Gillon, Sarah Paterson-Hamlin, Victoria Short, and Matt Winiata, have joined mayor Wayne Brown and 20 re-elected councillors.

In his speech, North Shore councillor John Gillion cited data showing that in the past five years, the council had spent an average of $30,000 a year on catering for council meetings.

“It’s just so unnecessary for the ratepayer to be paying for elected members to eat.”

He said that as chairperson of the Kaipātiki Local Board, he got rid of catering for board meetings, and would encourage councillors to do the same.

Shortly after Gillon’s speech, councillors took an early lunch break because tech issues halted proceedings.

Gillon told RNZ he went out to get lunch and that there was enough time for other councillors to do the same if they needed to.

In her speech, Whau councillor Sarah Paterson-Hamlin shared that she is neurodiverse and improving accessibility in the city was important to her.

“I have been elected to represent Whau, but I also consider it my honour and duty to represent the best I can the needs and aspirations of Auckland’s tāngata whaikaha, disabled people.

“As an autistic ADHD person, I am accustomed to navigating a world that is not built for people like me, that often does not understand either the challenges or strengths that come with being born this way.”

She said working for UpsideDowns, the NZ Down Syndrome Association, and Raukatari Music Therapy, she had applied for hundreds of council grants, and aimed to make the process easier to navigate.

Bo Burns said it was unacceptable that Flat Bush and Ormiston in her Howick electorate were without a community facility.

“It’s the fastest growing community in East Auckland and has been waiting over 20 years for a proper facility.”

She said it was putting pressure on other facilities in her ward.

Victoria Short said she was looking forward to “rolling up her sleeves and cracking on with it” when it came to tackling issues in the city.

“As someone who comes from financial struggles, I value every single dollar, a mindset I will apply to all council expenditure.

“If you were to tell me when I was 18, pregnant, no job, and no money that I would become a fricken councillor for the Albany ward, an accountant, and the first person of Kiribati descent to be elected into a government position in New Zealand history, I never would have believed you.”

Matt Winiata wanted more to be done to make his community safer.

“Dog attacks are destroying communities and keeping kids in fear just from walking to school.

“There’s illegal dumping from those without a care or consideration for the environment and community they are polluting.

“Kids are huffing on laughing gas in quantities that bring tears to the hearts of families it’s destroying.”

He also thanked almost 100 of his family, friends, and colleagues during his speech.

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Person killed in quadbike crash near Palmerston North

Source: Radio New Zealand

A file photo of an ATV. 123RF

A person has died after a crash involving an All-Terrain Vehicle at a property near Palmerston North.

Emergency services were called shortly after 8.30am on Monday to the Weber Road address in Waitahora,Tararua District.

The person died at the scene, police said.

WorkSafe has been advised and the death would be referred to the Coroner.

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Stakeholders have confidence in the country’s financial markets, FMA says

Source: Radio New Zealand

Financial Markets Authority chief executive Samantha Barrass. Supplied

The Financial Markets Authority (FMA) says stakeholders are more confident in its performance.

Its annual report and the attendant Ease of Doing Business (EODB) survey shows 84 percent of respondents have confidence in the country’s financial markets, a similar level to last year

The ease of doing business survey seeks feedback from stakeholders and industry participants to understand the effectiveness of their interactions with the FMA, and their views on FMA’s overall effectiveness in delivering its mandate.

Chief Executive Samantha Barrass said after a decline in a number of key indicators in last year’s survey, a year of hard work and extensive industry engagement saw better results from this year.

“Overall belief that the FMA’s actions help raise standards of market conduct and integrity is up slightly, at 82 percent this year, but still behind our ambitious 90  percent target.”

The financial markets regulator said it had improved its communications and engagement measures with the industry, and 74 percent of participants found FMA communication clear, concise, and effective, an improvement on last year’s 63 percent.

Still work to do

The regulator is still seen falling short on several measures, which only marginally improved from last year.

It is still regarded as too bureaucratic, with just 55 percent of the industry believing it develops and implements streamlined processes; a slight improvement from 48 percent last year.

Only 56 percent agreed it was easy doing business with the Authority, a marginal improvement from 53 percent a year ago.

The FMA had achieved nine of 12 targets, but still had work to do improving its systems and processes, which may have dragged its overall rating lower, Barrass said.

“We are committed to improving and modernising our systems, to uplift performance and support new features.”

Barrass said regulating the financial markets continues to be a balancing act which may have affected their confidence and market integrity ratings.

“We note comments vary between those who favour more enforcement and those who favour lighter regulation, perhaps reflecting tensions in the balance the FMA seeks to strike- between the need to make it easier for the financial sector to do business with the need to ensure integrity.”

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Details of gun law reforms unveiled as Cabinet signs off

Source: Radio New Zealand

Cabinet has signed off on an overhaul of the country’s gun laws that shifts the responsibility of the firearms regulator from the Police Minister to the Firearms Minister.

National and ACT agreed to rewrite the Arms Act – in place since the early 1980s – as part of its coalition arrangement.

The legislation has had many iterations, more recently a ban on semi-automatics and a new firearms regulator, introduced after the March 15 terror attacks.

Associate Justice Minister Nicole McKee has been working on rewriting the act to “improve public safety” and make it easier for licensed firearm owners (LFOs) to comply with the law.

Firearms regulator will answer to Firearms Minister

Te Tari Pūreke the Firearms Safety Authority (FSA) was a key part of the Crown’s response to the Royal Commission of Inquiry into the terrorist attack on Christchurch masjidain on 15 March 2019.

It administers gun laws in the police department and reports to the Police Commissioner.

National and ACT agreed to transfer the FSA “to another department such as the Department of Internal Affairs”, though the FSA is staying with police.

Associate Justice Minister Nicole McKee has been working to rewrite the Arms Act. RNZ / Samuel Rillstone

It is being reformed into a new regulator without sworn police officers and headed up by its own chief executive, appointed by the Governor-General.

This new chief executive will report solely to the Minister responsible for firearms, currently McKee, with the Ministry of Justice providing oversight and monitoring.

Tweaks to laws regulating military-style guns

Muslim leaders expressed concern laws regulating military-style guns would be liberalised in the re-write, after both McKee and the Prime Minister refused to rule this out last year.

There are no changes to the very limited number of people who can legally hold these types of guns – ‘endorsed’ pest controllers and collectors – in the overhaul.

The government is extending the duration of a pest control endorsement from 2.5 years to five years, with a mid-term check in to confirm holders’ circumstances haven’t changed.

It’s also giving collectors who own prohibited firearms the option of storing vital parts of a gun (that when removed, disables it) at the address of any licensed firearm owner, not just someone who has the same endorsement.

High-capacity pistol magazines, those with more than ten rounds, will also only be able to be purchased and held by those with a pistol endorsement, effectively closing a loophole in the current system.

Other changes

Other parts of the reforms include automatically disqualifying identified gang members (those on the National Gang List) from holding a firearms licence, preventing them from gaining legal access to guns.

The reforms will also introduce a statutory ‘red flag’ system so police and other agencies can signal to the firearms regulator when they have relevant intel that might trigger a review of whether a LFO remains a fit and proper person.

Penalties for more than 60 Arms Act offences will be increased and eight new offences created, including one that makes it illegal to own a firearm without a serial number.

The new act is also supposed to plug gaps in the law to address new and emerging technologies such as the illegal manufacture of 3D printed firearms and parts, and possession of digital files without a licence.

‘Agree to disagree’ on military-style guns for competitive shooters

A competitive shooter herself, McKee was seeking a carve out for competitors to access military-style semi-automatic firearms.

She’s now confirmed she has failed to find coalition support for this and her party will invoke the ‘agree to disagree’ clause.

Speaking to reporters on Tuesday morning, McKee said she was not prepared to “die in a ditch” over it.

“When looking at the bigger picture, I think that we have a lot of really good stuff within this Arms Act and so I was prepared to do the agree to disagree,” she said.

“I tried. I did not succeed there so we had an agree to disagree.”

ACT invoked the ‘agree to disagree’ clause in May, arguing a review of the firearms registry fell short of what was promised in its coalition agreement with National.

McKee reiterated her continuing opposition to the registry today.

“I still do not agree with the firearms registry, especially in its current state. I see lots of problems with it.”

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Tongariro tracks shut until at least next week after devastating wildfire

Source: Radio New Zealand

The main Tongariro track is expected to stay shut until at least next week after devastating wildfire.

Recent rain is helping hugely to bring the massive Tongariro National Park blaze under control, Fire and Emergency says.

Thirty-five crews of Department of Conservation firefighters remain at the site on Tuesday, while drones with thermal imaging equipment have begun checking the flanks of the fireground for hotspots.

A helicopter is on standby to fly over and assess the full extent of the damage. However, low cloud has meant it has been unable to do an aerial assessment of the site, which is estimated to cover up to 2800 hectares.

Minister of Conservation Tama Potaka said part of the National Park is open, but the Tongariro Alpine Crossing, Tongariro Northern Circuit, Tama Lakes and walks near Whakapapa Village would be closed until at least Monday.

“We will be in a better place to give an indication of when tracks and huts will re-open and any impacts on summer tramping once the fire has been controlled and FENZ have confirmed it is safe for us to assess damage,” Potaka said.

“But there will be some time before everything is cleared away and we know the true extent of biodiversity loss, but also what’s in front us, which is a restoration opportunity.”

Potaka said police were investigating the cause of the fire.

“We have managed to protect some key infrastructure so we hope to be able to reopen the Tongariro Alpine Crossing and Tongariro Northern Circuit (except Oturere Hut) quickly.”

FENZ assistant commander Renee Potae. RNZ/Jimmy Ellingham

FENZ assistant commander Renee Potae said recent rain had been a huge help.

“The key thing has been the rain, especially the runoff from the mountain. That runoff is running into the fireground and really helping us get control of this fire.”

However, while flames may no longer be visible, it does not mean the fire has been fully extinguished.

“While you can’t see too much sign of fire right now on the surface, it doesn’t mean it’s not still burning underground,” Potae said.

“So while we’ll start to see some of the resources start to demobilise over the next few days, there will be, for several days, some crews continuing to monitor the fire just to make sure it’s out.”

Diggers at work at the site of the fire in Tongariro. RNZ/Jimmy Ellingham

Meanwhile, an iwi representative said the rāhui over the scene will give the whenua time to breathe.

Two rāhui have been put in place, covering the Tongariro Alpine Crossing track and any burnt areas.

Te Rūnanganui o Ngāti Hikairo ki Tongariro representative Te Ngaehe Wanikau said: “The restoration is not about excluding, it’s not prohibiting.”

Wanikau said the restorative rāhui was not in the usual sense of rāhui which happens after a tragedy.

RNZ / Jimmy Ellingham

A restorative rāhui was about focusing on bringing the area back to what it should be, he said.

The “greatest” fear was the burnt area going into the “too hard basket and then we see yellow flowers of broom all over our mountain”.

The rāhui was an opportunity for “everyone and anyone” to focus on making it a restorative project that showed what the area could look like if the problem was dealt with.

He said they would work with agencies to determine the extent of the damage.

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Police poised to roll out new roadside drug test

Source: Radio New Zealand

RNZ / Alexander Robertson

Police are poised to begin testing drivers for drugs with a device that involves a quick swipe of the driver’s tongue.

The government on Tuesday announced roadside testing for four types of drugs will begin next month in Wellington, spreading nationwide by mid-2026.

It said there would be “fewer tragedies” as a result.

An oral-fluid testing device would be able to detect cannabis, cocaine, ecstasy or meth.

If a tongue-swipe test taking a few minutes was positive, a second roadside test would follow.

If that was positive too, then the driver would be prohibited from driving for 12 hours.

In addition, police will take a saliva sample for analysis in a lab that can test for 25 types of drug, and any infringement notice will follow from that.

“Most drivers will be free to go within about five minutes once they have a negative test result,” the government announcement said.

“Around 30 percent of all road deaths now involve an impairing drug,” Transport Minister Chris Bishop said in a statement.

“If you take drugs and drive, you’re putting innocent lives at risk – and we will not tolerate it.”

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