Category: Radio New Zealand

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Interest rates rise, so what’s the best strategy now?

Source: Radio New Zealand

Economists were split on whether the conflict in the Middle East would mean lower or higher interest rates. Stuff/Kathryn George

Banks are moving interest rates higher, but the right term to pick depends a lot on how you think the economy will fare through the rest of this year.

BNZ on Wednesday increased its 18-month rate by five basis points, to 4.69 percent. Its two-year rate lifted by 20 to 4.89 percent, its three-year rate by 30 to 5.29 percent, its four-year rate by 30 to 5.49 percent and the five-year rate to 5.69 percent.

A day earlier, Westpac said it was increasing its rates, too. The one-year rate lifted by 10 basis points to 4.59 percent, and the two-year and three-year rates by 30 basis points to 5.19 percent and 5.29 percent, respectively.

It comes on the back of rising wholesale interest rates, which drive what it costs banks to borrow the money they lend.

The two-year rate has lifted from about 2.6 percent at the end of February to more than 2.8 percent.

Squirrel chief executive David Cunningham said although economists were split on whether the conflict in the Middle East would mean lower interest rates because of the impact on the economy, or higher interest rates because of the impact on prices, the markets were pricing in hikes.

“Ultimately, what the market prices is what flows through to the mortgage rates. We’ve really seen the pass-through of much higher swap rates, and so the banks naturally protect their margins and lift mortgage rates.”

He said other banks were likely to follow.

“The lowest point on the curve now is the six-month rate… if you take the six-month rate, it’s much lower right now, but you’re betting on interest rates not increasing, you’re almost betting against the market and taking the risk that they won’t be as high as the market’s pricing.”

Six month rates are available from about 4.49 percent, although some of the main banks are also offering one-year rates at that level, too.

Cunningham said if people thought markets had got ahead of themselves, it could be worth taking a shorter fix. “I’d probably go with six months on the basis that it feels to me like the market’s gone all gloom, and if anything, we’re going to unquestionably have a weaker economy because of the Middle East conflict.

“When it finishes, the oil price comes back down to the same level.

“Eventually, the world has a habit of sorting itself out, then the inflationary threats sort of disappear.”

He said people would need to consider their own circumstances and how they could cope with an increase, if interest rates did move higher.

But Infometrics chief forecaster Gareth Kiernan said there was “so much risk to the upside on lots of bad stuff at the moment”.

“Even though the two-year is a bit higher… in a world of uncertainty, paying a bit more in the short term to lock in at 5 percent-ish for two years is probably not a bad thing in my view.”

He said anyone who fixed for six months could be underestimating the chance of interest rates rising later this year.

“Financial markets would tend to back me up on that in terms of what swap rates and longer-term rates have done over the last few weeks.”

He said he expected a lift in the official cash rate in September.

“I guess the difficulty for the Reserve Bank is they’re trying to weigh up the negative effects on growth from higher fuel prices versus the effects of higher fuel prices on inflation more generally.

“We still have the view that businesses are more in a mindset to pass that kind of thing on than they were a decade ago… the Reserve Bank probably has to push back against that more than might otherwise be the case.”

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David Seymour announces new iwi-led charter school for Wellington region

Source: Radio New Zealand

Associate Education Minister David Seymour RNZ / Mark Papalii

An iwi-led charter school will open in Porirua later this year.

Associate Education Minister David Seymour announced the Ngati Toa-run secondary school for children in Y7-13, Kura Toa, would open in the third school term.

Seymour said Ngāti Toa’s education organisation, Puna Mātauranga, would work with the school along with Te Pikau o te Rangi, an iwi-designed service that supported learners.

He said the school and others opening this year would take the total number of privately owned, publicly funded charter schools to 21.

Seymour said Kura Toa would provide pastoral care founded on an iwi framework and would track students’ physical, mental, cultural, and social wellbeing.

He said it would ensure none of its students were falling through gaps in the education system.

Seymour said 28.5 percent of Māori students in Porirua left school without achieving NCEA Level 1, compared to 17.8 percent across all students in Wellington and 32.9 percent achieved NCEA Level 3 or higher, compared to 43.8 percent of all students in the region.

He said Māori youth were referred to attendance services at a rate of 23 per 1000, nearly twice the Wellington rate of 12.8 per 1000.

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Fire and Emergency postpones decision on cutting 140 jobs

Source: Radio New Zealand

Auckland firefighters protest for better pay and work conditions on November 2025. RNZ/Lucy Xia

Fire and Emergency (FENZ) has once again postponed its final decisions about restructuring.

Originally, FENZ said it would decide before Christmas on a proposal made last November to cut 140 positions and make changes to 700 roles in total.

It pushed that back to January, then again to Wednesday.

It has now been postponed again.

“The release of Fire and Emergency New Zealand’s organisational structure consultation decisions has been postponed until we have received the second determination from the Employment Relations Authority,” it said.

This second Employment Relations Authority (ERA) ruling was in response to two unions challenging FENZ’s consultation process.

FENZ said the ERA’s first ruling aligned with its position that it was not required to consult with the unions before issuing its change proposal last November, and that it can consult with them at the same time about the reason for changes and actual proposed changes.

The two sides were scheduled to go back to facilitated bargaining for two days in late March.

The Professional Firefighters Union earlier dropped a proposed ban on some administrative duties, such as doing fire reports.

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Consumers ‘nervous’ about economic outlook amid war in Middle East

Source: Radio New Zealand

RNZ / Quin Tauetau

Consumer confidence slipped in the March quarter as global uncertainty made households more nervous about the economic outlook.

The Westpac McDermott Miller Consumer Confidence Index fell 1.8 points to 94.7. A level below 100 indicates pessimists outweigh optimists.

Westpac senior economist Satish Ranchhod said the survey was conducted in the first two weeks of March, when the Middle East war took hold.

“Against that increasingly uncertain global backdrop, households have grown a little more nervous about the economic outlook,” he said.

“However, at the time we spoke to households, many will not have seen the full impact of the conflict or experienced the rise in fuel prices.”

Ranchhod said the longer the war went on, the economy would see more disruptions and lead to more pressure on households.

“Many households actually told us that their financial position had improved over the past year, and that lifted spending appetites in recent months,” he said.

“However, cost-of-living pressures are picking up again, led by sharp increases in fuel prices.”

Confidence was highest in Gisborne/Hawke’s Bay, followed by Auckland, with both regions sneaking into optimism territory above 100.

Taranaki/Manawatū-Whanganui was the most pessimistic region.

“Women remain much more pessimistic than men and their confidence has dropped this quarter by 4.7 points, down to an index score of 85.9. In contrast, men have experienced a small rise in confidence of 1.5 points to 104.1,” said Imogen Rendall, market research director at McDermott Miller.

“Looking ahead to next year, both men and women have similar expectations for their personal finances, with around a quarter expecting to be worse off.”

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Four teens charged charged burglary and high-speed chase in Auckland

Source: Radio New Zealand

Police at the scene. RNZ / Kim Baker Wilson

Four teenagers have been charged over an Auckland home invasion that resulted in a high-speed chase across the city, ending on Karangahape Road with a forced stop.

The accused – aged between 15 and 17 – are due to appear in the Manukau Youth Court on Wednesday.

They face charges of aggravated burglary and the driver has been charged with assaulting a person with a blunt instrument and failing to stop.

It started with an alleged armed home invasion in the sleepy eastern suburb of Howick and ended with police forcing a stolen ute to stop on Auckland’s Karangahape Road.

Manukau area commander Shanan Gray said four people, one armed with a machete, carried out the home invasion in Howick before stealing a white Ford ute and heading south, shortly after 3pm on Tuesday.

The superintendent said the ute reached high speeds and drove dangerously, sometimes on the wrong side of the road, as the four people made their way through Manukau and Ōtara.

Police inspect a Ford ute at the scene. RNZ / Kim Baker Wilson

The police helicopter watched from above and Gray said at times, the ute crashed into cars and rammed patrol cars as they headed into the city.

Members of the police armed offenders squad (AOS) joined in the chase and a sponge round was fired.

Gray said a police dog was also used in the arrest.

The drama unfolded in the afternoon as commuters began making their way home from work.

A shopkeeper who only wanted to be known as Dave said the ute was heading into oncoming traffic when it was stopped.

“It was like full speed, boom. And the cop’s car … it just hit from the side. At that moment one guy jumped from the car with his hands up.”

A crashed car at the scene. Kim Baker Wilson/RNZ

A bridal shop worker, Jessie, was talking with a client when she heard two collisions outside on the street and what sounded like an explosion and a gun shot.

“I saw this white ute that had seemingly been the one that had crashed earlier, a bunch of men all kind of piled out of the car and all kind of got down on their stomachs…

“It had clearly been a police chase that had been going on for a while, because there were lots of police cars and police on them right away, and police dogs as well,” she said.

The worker said she was pretty shaken and locked the doors to their shop.

“We’re definitely kind of accustomed to some craziness happening outside on K’Road, so we’re definitely quick to lock our doors on occasions to keep our team and customers safe.

“But yeah, definitely nothing like this has ever happened before.”

Two other vehicles were involved in the crash.

Kim Baker Wilson/RNZ

She said one of the vehicles that the white ute crashed into looked like it had a young couple in, but she said they looked unhurt.

“It is extremely lucky that the reckless behaviour of these individuals did not result an anyone suffering serious injuries.”

Gray said two of the accused needed hospital treatment following the events.

“The victim of the aggravated burglary in Howick was shaken by the violent event that took place and has been provided support.”

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Moana Pasifika’s Augustine Pulu gets three week ban for dangerous tackle

Source: Radio New Zealand

Moana Pasifika halfback Augustine Pulu tackles Blues opposite Sam Nock. Alan Lee / www.photosport.nz

Moana Pasifika halfback Augustine Pulu has been suspended for three weeks for a dangerous tackle during his side’s 43-7 defeat to the Blues last weekend.

It’s a blow for Moana who have three tough games on the horizon. They host the Crusaders on Friday before matches against the Highlanders and Chiefs.

The high shot on Blues opposite Sam Nock occurred in the 17th minute of the Super Rugby match at Eden Park with former All Black Pulu receiving a yellow card which was later upgraded to red.

After the game Moana Pasifika coach Tana Umaga lamented Pulu’s sending off and said it made it harder for his side.

“That did harm us. It obviously harmed Sam Nock, which isn’t ideal. He’s a good, young man,” Umaga said.

“To play half an hour with 14 players… but the funny thing is, when we did have 14 men, we seemed to have a lot more urgency and showed what we can do.

“When we were 15, it wasn’t the same.”

The judiciary determined that the mid-range entry point of six weeks/matches was appropriate for the incident in which Pulu made direct contact with a swinging arm to an opponent’s head, with no mitigation.

Due to Pulu’s guilty plea and other factors such as his prior disciplinary record and remorse, the judiciary applied the full 50 per cent reduction in sanction, reducing the ban to three weeks.

The ban will be reduced to two weeks if Pulu takes part in World Rugby’s Coaching Intervention Programme.

If he doesn’t attend the coaching programme he will miss Moana Pasifika’s upcoming matches against the Crusaders (21 March), Highlanders (27 March) and Chiefs (11 April).

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‘Trail went cold’: The hunt for masterpieces stolen in the Gardner Museum heist

Source: Radio New Zealand

Thieves stole 13 artworks by masters such as Rembrandt, Vermeer, Manet, and Degas from Boston’s Isabella Stewart Gardner Museum in 1990. Screeenshot / FBI

Thirty-six years on, mystery still lingers at Boston’s Gardner Museum.

In the early morning hours of 18 March 1990, two men dressed as police officers talked their way into the Isabella Stewart Gardner Museum. Within minutes, they had overpowered the security guards, duct taping and handcuffing them, and set about stripping the walls of treasures that may never be seen again.

The thieves moved between galleries, unbuttered by security who were still duct taped at the entrance. They triggered motion sensors and proceeded to cut canvases from their frames. By the time they left, 81 minutes after they arrived, they carried with them 13 works now valued at more than US$1 billion, names such as Rembrandt, Vermeer, Manet, and Degas.

Other masterpieces went ignored. Works Titian and Michelangelo remained hung untouched, leaving investigators to wonder whether this was a targeted theft or simply a hurried snatch and grab. Whatever the motive, the result was the same: thirteen irreplaceable works gone, their empty frames hanging to this day in the museum’s Dutch Room.

Few know the case better than retired FBI agent Geoffrey Kelly, who spent 22 years interviewing hoaxers, chasing whispers and tracking rumours of Vermeer and Rembrandt masterpieces reportedly seen in darkened warehouses or in private vaults. His book, Thirteen Perfect Fugitives, is a true crime detective story.

An empty frame at the Isabella Stewart Gardner Museum on 27 December, 2017 in Boston, Massachusetts. AFP / Ryan McBride

The former Special Agent told First Up the reason the case fascinated the public was the audacious nature of the robbery.

“About 1.24 in the morning, on a Sunday morning right after St Patrick’s Day had ended, which is a big deal in Boston, these two subjects dressed as Boston police officers bluffed their way into the museum by claiming they were responding to a disturbance, and the guard – against protocol, let them in.”

For the FBI, the heist has become both legend and burden. Declared the largest property crime in United States history, the case has led agents through Boston’s criminal underground, across international smuggling channels, and down countless dead ends.

Kelly said that didn’t mean there weren’t suspects. Two men from Boston were identified.

“They were part of a bigger crew. It was an organised crime crew out of a section of Boston called Dorchester, and I’m confident they committed this robbery because they wanted to steal Rembrandts and hold on to them as a bargaining chip.

Isabella Stewart Gardner Museum. AFP / Philippe Renault / hemis.fr

“In Massachusetts there had been a few instances in the previous two decades where subjects had stolen Rembrandts from museums in a effort to leverage their return in exchange for getting leniency on pending criminal sentences.”

Unfortunately for the suspects, and for investigators, both men died within a year of the robbery.

“One was violently murdered, and the other died under some very suspicious circumstances which, as you can imagine, can have a chilling effect on efforts to recover the artwork and might prevent somebody with information coming forward after seeing what happened to the subjects.”

Kelly said there were theories about where the art works went. “We were able to track some of the pieces up into Maine, down to Connecticut and down to Philadelphia but from there the trail went cold and that’s kind of where we were looking when it was time for my retirement two years ago.

“I think it’s quite possible the pieces have been split up and right now they’re waiting somewhere, waiting to be apprehended and our job is to find them.”

A US$10m reward remains on the table for information leading to full recovery.

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‘Morning Report: Chris Hipkins Hipkins says he considered his future in politics after ex-wife’s claims

Source: Radio New Zealand

Labour leader Chris Hipkins says he did consider his future in politics after his ex-wife levelled claims at him on social media, but he remains “absolutely committed” to staying on.

Hipkins appeared on a suite of morning media on Wednesday – including Morning Report – where he again flatly denied all the claims, but said he would not be litigating them in public for the sake of his children.

The claims are not criminal and relate to a lack of support for his ex-wife Jade Paul during and after their relationship.

Speaking on Morning Report, Hipkins acknowledged he had considered stepping down, noting the impact on his family.

“It would be untrue to say that those thoughts hadn’t crossed my mind in the last 48 hours, but everybody in their lives at some point goes through rough patches, and you just have to keep getting out of bed every day.

Labour leader Chris Hipkins. RNZ / Mark Papalii

“I love my job and and I’m absolutely committed to continuing to do it.”

Hipkins said the public debate was “very unfair” on his children, partner and parents – “you do pause and think about that” – but he had received a lot of support over the past day or two.

“Our marriage broke up. That was a traumatic thing. You know, clearly, there are always going to be lots of regrets in a situation like that.

“Many, many people have contacted me in the last 24 hours to indicate that they’ve been through a relationship break-up that has been difficult. I think people will understand that litigating those things through the public is in no one’s best interest.”

Hipkins confirmed he had sought legal advice about the further publication of his ex-wife’s allegations by others, as well as the addition of other “completely unsubstantiated things”.

“The online world is a bit of a sewer pit, and it seems that no one has any hesitation in adding to that,” he said.

“Social media certainly has emboldened a lot of people, and, you know, we have a virtual vigilante approach on social media that anybody in a public profile role now has to contend with. I don’t think that’s been healthy for democracy.”

Paul’s initial post was published on her private Facebook page on Sunday evening, but screenshots were quickly circulated online.

Paul later removed the post, but told RNZ she stood by the comments.

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Popstar Robbie Williams announces New Zealand tour

Source: Radio New Zealand

Global popstar Robbie Williams will play Christchurch’s new stadium later this year.

Williams will be one of the first international acts at the One New Zealand Stadium when he brings his BRITPOP World Tour to the city on 28 November – the singer’s first concert in Christchurch in 25 years.

He will also play Auckland’s Eden Park on 24 November.

“Australia and New Zealand have always had a very special place in my heart. Ever since my first solo tours, you have welcomed me with open arms and made me feel at home,” Williams said in a statement.

Released in January, BRITPOP was a nod to the 90s Britpop era and featured collaborations with Coldplay’s Chris Martin, Gaz Coombes (Supergrass), Black Sabbath legend Tony Iommi, Mexican pop duo Jesse & Joy and Gary Barlow.

The government said Williams was bringing his BRITPOP World Tour to Aotearoa with the support of its $70 million Major Events and Tourism Package.

“It’s fantastic to welcome a showstopper act like Robbie, giving fans the chance to see him entertaining us,” said Tourism and Hospitality Minister Louise Upston.

“We know concerts like his bring a significant economic injection into our cities and create a real buzz. It’s been calculated that for every dollar spent on live performance, $3.20 is returned in benefits to the wider community and that’s why we’re investing in them.”

The brand new 30,000 multi-use arena One New Zealand Stadium is due to open in April, and the following month, a dance and light extravaganza will take over.

Six60 and Synthony will perform in Christchurch on 16 May, the first live music set at the city’s brand new stadium.

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‘Batteries on wheels’: EV expert says power grid well-equipped for rise in use

Source: Radio New Zealand

If more Kiwis make the switch to an EV, could the electricity network handle the extra demand? ABC News / Brendan Esposito

With interest in electric vehicles increasing due to the ongoing conflict in the Middle East, questions have been raised over the reliability of New Zealand’s power grid, should there be an influx of EVs plugging in.

Petrol prices have risen past $3 per litre, and EV dealers told RNZ’s Morning Report they’ve seen a spike in sales since the Middle East conflict started to hit fuel prices.

But, if more Kiwis do make the switch, could the electricity network handle the extra demand from charging at peak times?

Drive Electric, an organisation established to advocate for cleaner transport options in New Zealand says even under the most extreme predictions of EV uptake, there’s no risk of the country running out of power.

Kirsten Corson, the chair of Drive Electric told Morning Report if all cars in New Zealand went electric, there would only be an increase of 20 percent in demand for electricity.

Corson says most people charge their cars overnight during off-peak hours, so are paying around $3 per 100 kilometres.

On top of the savings that can be made, Corson says smart charging set ups can often earn money with cars essentially becoming “batteries on wheels,” by allowing EVs to feed electricity back into the grid.

“Potentially, a car could put $2000 worth of value back into the electricity system. If you’re looking at something like a truck it was around $10,000 and a milk tanker was around $25,000 of value it could put back into the grid.”

Despite that, New Zealand has dropped behind other counties in the EV field.

“Embarassingly so, we’ve gone from a leader to a lagger. Over the last ten years we’ve seen around one in 10 new car sales are electric, compared to globally where one in four car sales are electric.

“The Australians are even ahead of us with one in five new car sales being electric, so we’re really behind the eight-ball. And, in China, one in two car sales are electric,” Corson said.

Corson says the government’s decision to drop incentives for EV purchases is concerning .

“We obviously want to see energy independence in this country, which we currently don’t have.” she said.

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