Best of Business

Ozempic, Wegovy and Mounjaro are among the weight-loss drugs that more people are taking - but questions have been raised about their economic impacts. These drugs will also have an impact on other sectors, including healthcare and food, and research is still ongoing.  Fisher Funds expert Sam Dickie explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Synlait chief executive Richard Wyeth is leaving - after one year in the job.  The South Island dairy processor's released an NZX market update, saying Leon Fung will be acting CEO, effective immediately.  Wyeth will remain supporting the transition, until the end of June.  The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Air New Zealand's CEO says the airline will trim more flights, with a forecast it'll be $390 million in the red this financial year. It's blaming the fuel cost hike lifting spending $240 million more than expected.  The airline told NZX it's already reduced overall capacity three to five percent since the Iran war began. Nikhil Ravishankar says cuts may continue even after jet fuel prices ease, with cuts for August to October announced soon. "We either sort of roll over the changes that we've made into July - or we might have to go a bit further, depending on what fuel's doing." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New research suggests nearly 100 of our CEO's are backing their businesses but not New Zealand.   The Pivot and Pace survey found many CEOs are growing frustrated with the country's lack of long-term thinking.   Many are saying three-year political cycles and a lack of cross-party agreement are holding the country back.  Founding Partner of Pivot & Pace Kendall Langston told Mike Hosking there are other countries with visions longer than two political cycles.   He says CEOs aren't wanting Government involvement – rather a runway and guaranteed resilience to create some confidence in the direction they're heading.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's international credit rating has hit a tipping point, and economists have raised concerns. Back in March, Fitch Ratings placed New Zealand’s AA+ long-term credit rating on a 'negative outlook', downgraded from 'stable'.  Moody's later followed suit, claiming the global economic and political uncertainty presented downside risks to growth. Fitch's Head of Asia-Pacific Sovereigns, Thomas Rookmaaker, says this was driven by a number of factors, including the Middle East conflict and Government debt.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Kiwis appear to be shopping close to home, according to new reports.  Data from retail management platform Lightspeed shows about 77 percent of Kiwis surveyed prefer shopping in store above online.  40 percent shop at local businesses, and 34 percent buy online from New Zealand retailers. Retail NZ CEO Carolyn Young says they want more of this, and for people to be proud of local stores. She says people should think about stores in their neighbourhoods that they really love. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's growing calls to drop the All Blacks down from business class to premium economy, as travel costs set to get worse during the fuel crisis. Dropping all of New Zealand's premium rugby teams down a flight class would reportedly save $6 million per year - as NZ Rugby looks to cut down losses. NZ Rugby CEO Steve Lancaster says the All Blacks need to travel multiple times a year, and this downgrade would be a stretch.  "The All Blacks carry a huge load for us...so we're not just sending them halfway across the world and putting them there, we're flying them multiple times over long distances. So this is not a consideration." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Competition in New Zealand's economy isn't as strong as it could be.  New Commerce Commission analysis of 22 years of Stats NZ data shows average business concentration has dipped slightly.  However, smaller businesses are still struggling to gain traction against larger firms.  Commission Chair John Small says weak competition in essential sectors is also weakening the rest of economy.   He told Mike Hosking that while the size of New Zealand does have an impact on the amount of competition we have capacity for, we can still do a lot better than we are.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Treasurer Jim Chalmers is set to deliver the next Australian federal budget, and reports indicate it's going to be focused on housing. It's likely new property tax reforms will be unveiled, with an expected crackdown on capital gains tax discounts and negative gearing. HSBC Chief Economist Paul Bloxham explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Rabobank has just released their latest agribusiness monthly report for May, and it's good news for Kiwi farmers. The report has positive prospects for beef and dairy, thanks to ongoing international demand. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The manufacturing sector has been hit hard over the past few years, but ongoing global conflict has worsened current market conditions. Average profit margins have plunged to 31.53 percent, the lowest since records began in 2018. This has resulted in more manufacturers clearing out their warehouses, with stock on hand dropping to historically low levels.  Unleashed Head of Product Jarrod Adam says the challenges to the supply chain are being worsened by the Middle East conflict, and experts are unclear on what will happen next. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Oil prices have jumped more than three percent on the back of another snag in negotiations between the US and Iran.  Donald Trump has taken to social media to call Iran's response to a US 14-point memorandum 'totally unacceptable'.  Brent crude is now trading at more than 104 US dollars a barrel.  Harbour Asset Management's Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Despite the rising cost of living, growing fuel prices and ongoing concerns about inflation, the demand for travel still hasn't dropped. The Auckland Travel Show is on this weekend, and it's clear demand is alive and well, but there are some new trends emerging.  Founder Rob Eliott says people have redirected their plans - with plenty still planning trips for Asia and the Pacific Islands.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The cost of computer components has shot up, and there's concerns about what it could mean for the tech sector. The shortage of memory chips has prompted tech investors to worry about what this could mean for the market. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Protein is seeing a surge in popularity all over the world, and that's great news for Kiwi farmers. Reports claim a boom industry has developed around supplying high protein calories for those who are losing muscle mass from taking weight loss drugs like Ozempic and Wegovy.  The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The rise in AI has seen demand for professionally written CVs in a bid to stand out against algorithms. Experts say while AI can be useful to screen hundreds of applicants faster, it's created a transparency gap between employers and jobseekers. CVs by Sarah director Sarah Wrightson says the screening software rules out applicants before a human gets a chance to look at their CVs, and it results in qualified applicants getting filtered out. "I've had clients come to me saying that they've applied for 80 jobs and heard nothing back - and often, they've actually got really solid experience. The software's looking for alignment and clarity, humans read context, the software doesn't."  LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's treading water, with a warning our increasingly overloaded pension system isn't sustainable. The latest OECD snapshot of our economy suggests unless we adjust systems, including the costs of health, long-term care and pension will increase by about five percent of GDP by 2060. It says it could be countered by changes including upping Superannuation contributions.  Economist Cameron Bagrie says we can't keep kicking the can down the road - and that we need to address entitlements, through lifting the retirement age or means testing.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

A major bank believes unemployment will remain fairly flat this year, rather than anything catastrophic. The national rate dipped slightly to 5.3% in the first three months of this year. ASB chief economist Nick Tuffley told Ryan Bridge says he's not overly pessimistic about the next couple of quarters. But he cautions the next few months are really the danger zone as businesses hunker down and defer some decisions. Youth unemployment is up from 13.3% to 14.4%. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A new test case for the standards of political neutrality expected in the public service. Craig Stobo has resigned as chair of the Financial Markets Authority, after an investigation found he'd voiced too many political views for someone in an apolitical public sector role. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

ASB is set to launch their own answer to Sharesies with their new app. ASB Share Central will include a mobile app and desktop platform, and it will allow Kiwis to make their own investments into shares.  CMC Markets managing director Chris Smith says it's 'exciting' ASB wants to take this step, and they're looking forward to working with the bank on this project. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's hopes the Iran war won't bring a big bump in unemployment. Stats NZ data shows the rate reached 5.3 percent in the March quarter, down from 5.4 percent in the three months to December. Infometrics expect it'll rise again throughout 2026. Principal Economist, Brad Olsen, says they're not expecting any mass firings. "It's more that those hiring intentions are likely to be more subdued - i.e., businesses probably won't be as keen to hire into the future just because of how uncertain things are."  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Icehouse is celebrating 25 years of powering Kiwi business growth.  They’re a non-profit dedicated to training and mentoring the small to medium enterprises that make up 97% of New Zealand’s economy.  And today is their Ignite Growth Summit, in which they bring together legendary founders who have gone from the garage to the global stage to inspire the next wave of business talent.   CEO Olivia Blaylock told Kerre Woodham there are so many great businesses around New Zealand, and while some, like Pic’s, are well known, there are plenty that we don’t hear about.  She says we need to tell more of their stories and create a culture where it’s okay to put your hand up and say you’re doing well.   LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Australia's Reserve Bank has lifted the country's Official Cash Rate 25 basis points, to 4.35 percent.  The move was expected by economists and financial markets, fearing the Middle East oil crisis could worsen inflation before it gets better. HSBC Chief Economist Paul Bloxham explained the move further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Despite the mounting concerns about the economy and the ongoing Middle East conflict, New Zealand's rural sector is booming. Reports reveal farm worker pay growth has levelled off after a post-Covid period of rapid growth. The Country's Hamish McKay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Westpac's CEO says they have noticed changing customer habits in the backdrop of a tougher economy. The bank's half-year profit is up four percent, with its net profit rising to $545 million dollars. It's down 19 percent on the previous six months. CEO Catherine McGrath says businesses are getting good at controlling what they can. "There's a little bit less money being spent on things like hospitality and retail spend - with businesses, some of them are pausing a bit on whether they want to do their expansion plans." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Donald Trump has floated the idea of the US guiding neutral ships out through the Strait of Hormuz, and it's made an impact on the oil markets. The Brent oil price was little changed above $108 a barrel, after falling as much as 2.4 percent at the open - below last week's $118 high. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

I have good news and bad news for you this morning.  The good news, I was out shopping on the weekend, which means I didn't actually buy anything but drove halfway across town looking for a bed-head, couldn't find one that fit, and went home empty-handed.  But the good news is the shops I visited were full of people spending money. Hardware store, full. Furniture store, less full but still busy. The Devil Wears Prada on Saturday night was 100% booked out for sessions running almost on the hour.  I've never rated Anne Hathaway's acting chops, but literally thousands of middle-aged women, glass of Savvy B in hand, clearly did.  A survey out today says retailers are worried about the fuel shock, but I didn't see much reason to be freaking out on the weekend.  Now the bad news, all the stuff we buy in this country comes by sea.  All the trinkets and furniture and non-perishables come over the ocean, because we're, yah know, an island. More than 80% of our trade is done on a ship, by value and weight. Half of that trade - imports and exports - is done by the shipping giant Maersk. In a little-reported note to customers Friday, Maersk is slapping an almost 30% fuel surcharge on to inland transport.  The fuel bill for imports is increasing 27%. The Aussies' is going up 18%.  This cost gets added to all the stuff we buy. So anything in country right now will be cheaper than anything that's about to be sent here.  They started the new charging rate on Friday.  Which does make my weekend in busy shops and gay old time at the pictures on Saturday night feel somewhat like, to use another movie analogy, a dinner party aboard the Titanic as it listed into the Atlantic ocean. See omnystudio.com/listener for privacy information.

No-one knows what the future of AI has in store for us, and one journalist has raised concerns about the impact of the technology. When investigative journalist Karen Hao started looking into Sam Altman’s OpenAI, she had hopes for the technology, but extensive research and unparalleled access to those closest to the AI arms race left her with a different view.  Her work in this space has made her one of the foremost tech journos covering AI.  She’s been listed in Time Magazine’s 100 Most Influential People.   She's heading to New Zealand for the Auckland Writers Festival with her book EMPIRE OF AI: Inside the Reckless Race for Total Domination. "My criticism of companies that use this kind of rhetoric is that they are essentially just leveraging the lack of a shared definition as a way to just hype up their technologies."  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The world's leading tech giants - Microsoft, Amazon, Alphabet and Meta - all recently reported their latest earnings. All of these companies surpassed investor expectations, but one clearly came out on top. Fisher Funds expert Sam Dickie explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A former senior economist at the Reserve Bank is calling releasing details of who voted which way on the Official Cash Rate a 'baby step'. It's been agreed by the Minister of Finance and the Monetary Policy Committee that vote details will be released publicly if committee members are unable to come to consensus on the OCR. The charter comes into effect today.  Michael Reddell says it's fairly rare for the committee not to come to a consensus, but it's a good step.  "So I'm not criticising it, it's just that it's not a particularly bold move." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Hopes some relief for businesses will be on the cards in a public meeting to discuss the future of Mount Maunganui this evening. Mauao has been closed to the public ever since a landslide killed six holiday-makers almost 100 days ago. The Mt Maunganui Ratepayers, Residents and Retailers Association expects discussions tonight about allowing one route to the top of the mount. President Michael O'Neill says businesses rely on the patronage of people using the mount. He explained the same goes for people using the campground, hot pools, and boat ramp - all of which are closed.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Confidence for small business owners, with sales continuing to grow.   New Xero small business data shows business sales rose 3.9% in the March quarter – March alone rising 5.5%.    ABC Business Sales Managing Director Chris Small told Mike Hosking it's been a tough 12 months, with many weaker businesses weeded out, leaving high quality small businesses in the market.   He says data doesn't reflect the current climate, given two out of three months were not impacted by the war in Iran.   Small says volume of transactions were up 10% and dollars invested in small business were up 16% – all with a positive mindset until March kicked in.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The recent burst of bad weather and growing concerns about inflation have prompted Kiwis to worry about their insurance premiums going up. Insurance premiums have dropped back down and more buffers have been built since Cyclone Gabrielle, but concerns have been raised. NZ Herald Wellington business editor Jenee Tibshraeny explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Following the market downturn in March as a result of the Iran conflict , things appear to be more hopeful towards the end of April. The ceasefire caused a significant market rally and the S&P 500 saw a boost as a result. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

AI seems to be having a positive impact on Kiwi businesses.  A new report from 2degrees and Deloitte suggests small and medium businesses using high levels of AI made around $400,000 more in 2025 than comparable non-users.  Larger businesses averaged around $59.1 million more, with 82% of firms using some form of AI.   2degrees Chief Business Officer Andrew Fairgray told Mike Hosking the ones getting the best results are being disciplined and going deep.  He says they’re not just redesigning existing workflows with the addition of AI, they’re stepping back and looking at what they need to do going forward, and how they can leverage AI as an enabler.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

While most of the world will hold interest rates and wait out the energy shock, Australia and New Zealand are set to lift their rates up. Both nations are looking to bring down inflation, and the ongoing fuel crisis is set to pose additional economic risks.  HSBC Chief Economist Paul Bloxham explained why this is the case. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand and India have signed a landmark FTA - which is set to slash tariffs on Kiwi exports to India. The agreement will now be examined by Parliament’s Foreign Affairs, Defence and Trade Committee before legislation is introduced to bring it into force.  The Country's Jamie Mackay explains how Kiwi farmers will benefit from this arrangement. LISTEN ABOVESee omnystudio.com/listener for privacy information.

One expert has noticed there doesn't appear to be any significant surprises in New Zealand's new trade agreement with India. The agreement was signed in New Delhi overnight, and will reduce or eliminate tariffs on 95 percent of exports to the world's largest country. BusinessDesk senior journalist Dileepa Fonseka says there's no numerical limits on the international student numbers, but we can make tweaks if needed.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The popularity of American sports could keep growing here - as streaming giants compete for viewers. Disney Plus is pushing its ESPN sports offering across Australasia with a new lower-cost subscription plan. Media commentator Duncan Greive says younger audiences are increasingly turning to American sports on global platforms over watching traditional sports like rugby and cricket. "The had a moat as wide as the Tasman around them in terms of TV and radio - now with YouTube and TikTok, rugby doesn't have the kind of hold over them."  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Banks around the world are meeting this week to discuss interest rates.   Financial conditions are tightening, the ongoing conflict in the Middle East causing inflationary pressures.  They’re broadly expected to keep policy unchanged, opting to remain in wait-and-see mode as the length of the conflict is still unknown.  Business Correspondent Vicky Pryce told Ryan Bridge there’s a lot of real uncertainty at the moment.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Here's a small myth-busting exercise for you – things aren't as bad as you might think.  Business sales from small and medium businesses are up and by quite a lot. They're up 21% in fact.  Why would you buy a business at a time like this?  You know why. Because life goes on and people have dreams and those dreams don’t get buffeted about by fiscal uncertainty.  There were 27,000 confidentiality agreements signed in the past year. That's a lot of agreements.  For an average of $800,000 you can buy your dream. Values are up, listings are up, demand is up (it's up more than listings), so prices are holding and the returns, multiple, is up.  So a lot of people are doing fine, thank you very much.  This is a nation of small businesses and all these numbers show is nothing changes that. Not a war, not petrol, not an election, and not the weather.  If you ran a poll and asked, "is it a good time to buy a business", like they ask, "is it a good time to buy a major household item", you know what the answer would be.  And yet life goes on.  Now, for all the New Zealand First supporters about to text me and say it's all Indians, save your 20 cents.  It isn't.  It's another myth busted. 9.7% are Indians, 15% are Asian (so that will be Chinese and Koreans, maybe Filipinos), which leaves 67% identifying as European.  So the idea this is all about migrants buying jobs is not the tsunami you thought it might be.  I think these stats are a microcosm, or a small example of the disconnect between studies, surveys, polls, politics, news headlines, and what is really going on.  The rhythm of New Zealand life gets buffeted about by issues of the day; the petrol price, the war, the spend. And why wouldn’t it?  But if you believed the polls and the stats and the national conversation, as driven by the headlines, you'd think we were at home huddled in a corner waiting for the end.  Yet we are not. We are buying businesses, planning the future, taking the risks and, God forbid, having a good time.  What a shock. See omnystudio.com/listener for privacy information.

Todd McClay will sign the free trade deal with India in Delhi today following uncertainty as New Zealand First pulled support and Labour held out until the last minute. Earlier this month some of New Zealand’s top exporters and business associations signed an open letter calling on all political parties to back the agreement.  India New Zealand Business Council deputy chair Tony Martin told Andrew Dickens, "I think deep down, you know, there's a very strong sense from both sides of the political spectrum that this is the right thing for New Zealand to do." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Some experts have raised concerns that the Government's fuel response is not proactive enough. A month ago, the Government detailed our response phases and what would trigger a move between phases - but the country remains in level one with no restrictions.  Wise Response Society chair Nathan Surendran says margins are getting eroded and the economic outlook is worsening as a result. "We should at least be at phase two, we should be saving, we should be conserving fuel - it takes time for people to adapt, they have to think through what they can actually do without." LISTEN ABOVESee omnystudio.com/listener for privacy information.

David Seymour's floating the idea of giving high school students 500 dollars each, to learn investing. Students would be able to track earnings and losses, and will be tested on it. Seymour told Matt and Tyler, "I just think, especially for poor children from poorer households, if you don't have someone in your household who knows how to invest and talks about this stuff, how would you learn?"  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Christchurch bars, restaurants and retailers are preparing for a bumper weekend with the city's new stadium playing host to its first crowds.  One NZ Stadium hosts Super Rugby’s Super Round over the next three days, with the Crusaders taking on the Waratahs in the opening match tonight.  Recent alcohol law changes mean hospitality venues can now open past midnight and sell alcohol without serving meals.  Business Canterbury Chief Executive Leeann Watson told Ryan Bridge that the stadium will bring people into the city and have them spend locally, which is exactly what they want.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Victorian Hydrogen is proposing a $3 billion urea plant to be located 30km northeast of Invercargill. The company says it could deliver 1.5 million tonnes a year of urea fertiliser (using 3 million tonnes of lignite), making New Zealand's agricultural sector fully self sufficient. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister says politicians should see our downgraded Moody's economic outlook as a wake-up-call, as she pieces together her Budget. The rating agency's moved our designation from stable to negative, but reaffirmed our triple A credit rating. Nicola Willis says she's got a clear set of goals for the 2026 Budget - and she's committed to sticking with them even during the ongoing crisis. "The most urgent thing I'm having to do, pretty much every day at the moment, is say no to spending more...many New Zealanders are saying cut the petrol tax, do this for us, do that for us - I get it."  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The ongoing uncertainty about the Middle East conflict is impacting the markets, but there's some hope. Initial ceasefire talk saw things pick up, but enthusiasm took a dive after the weekend. Milford Asset Management's Remy Morgan explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Michael Hill International is set to trial customisable engagement rings across some of its stores. The popularity of its TenSevenSeven brand has highlighted the increasing popularity of custom-made jewellery - and the company's looking to utilise that as part of a restructure. Michael Hill CEO Jonathan Waecker says more people want to build something special and unique - and they want to create that experience. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The latest NZIER Quarterly Survey of Business Opinion has revealed business confidence has taken a hit for the March quarter. Only a net 1 percent of firms expect better general economic conditions over the coming months on a seasonally adjusted basis. EMA Head of Advocacy Alan McDonald says people were expecting the economy to get better - and this conflict put an economic 'handbrake' on recovery.  LISTEN ABOVESee omnystudio.com/listener for privacy information.