Best of Business

KiwiSaver provider Milford Asset Management’s performance has been lagging compared to its competitors in recent times.

In the year to September, its active growth KiwiSaver fund returned 3.4% (after fees and before tax) – a result well below others in the market that delivered above 10%.

NZ Herald Wellington Business Editor Jenee Tibshraeny joins Heather du Plessis-Allan to break down why, and if investors can expect to see a turn around. 

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Over in Australia, unemployment is on the rise and wages haven't kept up with inflation, leaving many to wonder if the trans-Tasman dream is at risk.

The Australian unemployment rate has reached 4.7 percent, and one expert has warned the nation is on track to have the largest increase in unemployment in the developed world over the next year.

 HSBC chief economist Paul Bloxham says disposable incomes haven't risen - and Australia's in a 'challenging' spot.

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The US share market took a dive in the weekend, and experts have linked it to recent global conflicts and a declining tech market.

This has resulted in global markets taking a hit as a result - including New Zealand.

Harbour Asset Management expert Shane Solly explained further.

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One of Christchurch's best known boutique movie theatres, Academy Gold Cinema, is officially up for sale.

The sale comes after 30 years of family ownership, but the family has recently confirmed that they feel it's time to move on.

Business consultant Charlie Loughnan is one of the family members helping to sell the boutique cinema and he says the industry's been hit hard as a result of Covid.

"It's taken a long time to recover from that and it's a longer road than most businesses, but it's back and it's trading well and it's...

Beef + Lamb NZ chair Kate Acland is set to make a case for New Zealand exporters at a hearing of the US International Trade Commission in the coming days.

This weekend's hearing will determine whether lamb imports are causing harm to US producers, with Beef + Lamb NZ arguing that imports help meet demand from US consumers.

The Country's Jamie Mackay says the Commission has until November 13 to determine whether imports are harming US industries. 

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Three months after Burger Burger went into liquidation, the Kiwi brand has been given a new chance at life.

Four big Kiwi brands, Neat Meat, Mammoth Brands, Eastrock and Sawmill Brewery, have joined forces to revive the burger chain. 

Mammoth Brands co-founder Chris Henderson says the newly reopened Torbay store is seeing huge crowds. 

"Just seeing the love from the community, the connection - it's just beautiful and brands in New Zealand really need more of that." 

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Tonight's leaders' debate between Luxon and Hipkins isn't the only big political face-off happening tonight. 

The ‘ASB Great Finance Debate’ will take place in Queenstown this evening, and the finance spokespeople from all the major parties will outline their campaign announcements.   

NZ Herald Wellington business editor Jenee Tibshraeny was there - and she unpacked the mood of the room.

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The 2026 election season is well underway - but what does this campaign mean for the economy?

The retirement sector has taken a hit on the NZX, with many leading companies seeing market drops.

Milford Asset Management expert Jeremy Hutton explained further.

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Kiwibank's new mascot sheep has been the subject of scandal and questionable content, and the bank has weighed in.

Sexualised tweets about Buck the Sheep have gone viral, and Last Week Tonight's John Oliver even discussed the reactions on his show. 

UOA marketing professor Mike Lee says Kiwibank's response video indicates the bank might have misunderstood the situation. 

"We're not talking about a psychiatric disorder... it's a joke. And I think the issue is that Kiwibank mistook the joke for a threat and ended up bringing a sledgehammer to the playground." 

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Costco is eyeing up its next location - this time in the South Island.

The US bulk retailer, which sells goods and groceries at discounted wholesale prices, opened its first New Zealand store in Auckland four years ago.

Costco told Newstalk ZB last year it was 'working on' a potential expansion, and new reports indicate this store will be in Christchurch.

Christchurch City Councillor Sam MacDonald says this new store will likely be built on a lot of land that has sat empty 'for decades'. 

"We're pretty new to it all, w...

New Zealand's aluminium extrusion industry has urged the Government to take action in order to reduce the impact of offshore competition.  

Industry leaders have asked the Government to introduce tougher safeguard protection measures - a request the Government has since rejected.     

McKechnie Aluminium Solutions managing director Dave Slomp says it's a 'dark day' for the industry. 

"I guess we're disappointed that we haven't acted with pragmatism and courage, so it's a tough day for the industry."   

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Air New Zealand's partnership with Qantas is due to come to an end, and there's growing speculation a new partnership with Virgin Australia could replace it. 

If the deal is approved, Virgin Australia could become Air New Zealand's new official domestic partner for Australia - which opens up new opportunities for the airline.

Forsyth Barr Head of Research Andy Bowley says Air New Zealand had a prior partnership with Virgin Australia, but things have since changed.

"You've got to be wary of the inroads Qantas has made across the Tasman since Covid - b...

ASB says elections aren't usually a handbrake for business or household decisions.  

Fresh analysis from the bank has found activity doesn't tend to slow down before an election or speed up right after one.  

Senior Economist Mark Smith says there were two exceptions around the 2008 and 2020 elections but adds that was probably because of the GFC and the pandemic. 

Business Canterbury CEO Leeann Watson told Andrew Dickens from what they're hearing, businesses are looking past the short-term uncertainty to the longer-term opportunities ahead.  

She says investment and hiring intentions have remained pret...

Hss Paddock to Pantry just confirmed what most of us who think the whole “blow up the super market” game is stupid …were in fact right?

The most open display of pandering to the lowest common denominator I have seen in years is virtually every party promising to take you to the promised isle of cheap food, and the only one left with common sense and an adult approach is ACT, who see this for what it is.

Paddock to Pantry is an NZ operation that has largely been on line - they have some bricks...

Auckland Startup Week is set to begin for another year, and it's set to draw some extra attention to the tech sector.

The event runs from October 12-16, and it features 45 events across Auckland's city centre. 

Auckland Council General Manager of Economic Development Pam Ford says these startups will be creating more jobs and helping find solutions for global issues.

"We're just trying to build that pipeline of more of those big companies - and then they feed the whole kind of system." 

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The election season is well underway, and employment is a key issue for many voters.

National has pledged more drug testing for beneficiaries, to ensure more Kiwis are ready to get into work, and Labour has voiced opposition to this idea.

National Social Development Minister Louise Upston says she's confident the Government's measures to reduce unemployment are working - but there's more to be done.

"We've seen 84,000 people leave welfare into work in the last year, so we're really confident that the measures that we are making are working."

Meanwhile, Labour...

Talks are underway between McDonald’s and New Zealand's arable industry to encourage the fast food giant to use locally grown grain for its burger buns.

The New Zealand branch of McDonald’s currently uses grain sourced from imported Australian wheat - which then gets processed in Auckland.

The Country's Jamie Mackay explained further.

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The US mid-term elections are set to take place in four weeks, and experts are speculating about what this means for the economy.

Donald Trump's approval rating has fallen - and it's increased the likelihood that the Democrats could take the House.

Fisher Funds expert Sam Dickie explained what this could all mean for investors. 

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In last night's debate, politicians and influential business leaders outlined their visions for the future of New Zealand's economy.   

The future of growth is top of mind for many, and one expert has outlined a plan for how the nation could grow its GDP.

Growth NZ co-chair Bowen Pan says New Zealand needs to focus on the sectors where it can be 'world-class' - as it can't be good at everything.

"This is things like clean, cheap energy, like technology innovation... it's obviously not the whole answer, but it's a really good part of...

New Zealand Rugby is filing in the High Court to protect its Chiefs trademark as Australian rugby league bosses push ahead with calling the NRL's 19th team the Papua New Guinea Chiefs.   

The new team is set to join the competition in 2028, with the official launch intended for October 21.  

Chiefs chief executive Simon Graafhuis says there's been 30 years of growth and development for the Super Rugby franchise, and they're hoping to avoid confusion.    

"In terms of brand and IP lore, I think it's pretty clear." 

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National's small business plan is being seen as practical, but not transformational. 

The party's released a 47 point plan to cut red tape for small businesses, which it would implement if re-elected.  

It features tweaks to non-trade barriers, employment relations, health and safety, and a review of the compulsory GST registration threshold. 

ABC Business Sales Managing Director Chris Small told Mike Hosking that yes, it will help, but it's not particularly transformational or material when you think of being a business owner.  

He says the idea is good and they're showing they have...

A tick of approval for the National Party's small business plan. 

It's released a 47-point plan to cut red tape for them around things like employment disputes and health and safety. 

Small Business New Zealand Founder Phil Wicks says it creates a fairly cohesive plan. 

He told Andrew Dickens while any help is appreciated what businesses really want is a growing economy. 

Wicks says that gives businesses the confidence to hire more staff or invest in more equipment. 

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The 2026 election campaign is a big topic for Kiwis, but it's not the only political topic impacting the economy.

France and the US are facing their own mid-terms and the results are likely to have wide-reaching economic implications.

Milford Asset Management expert Brendan Larsen explained further.

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Labour has suggested that if elected, everyone in the public service would be paid the living wage of $29.90 an hour - $6 more than the current minimum wage.

Economists have raised concerns with this proposal and claimed this could likely lead to inflation going up.

NZ Herald Wellington business editor Jenee Tibshraeny explained further.

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A new app is helping restaurants offer dynamic pricing.

EatClub lets businesses with empty tables offer impromptu discounts on the app, to bring in customers.

The French Cafe, Cassia, Eden Noodles and Joe's Garage are among restaurants signed up.

Chief marketing officer Louis Esther says in the case of a cancellation, it lets them still book customers.

"We operate at scale across Australia and the UK already, and the space is 30 minutes to an hour - they can turn those empty tables into pretty full ones." 

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The union for public servants says morale is low, with the axe hovering over more IRD jobs.

Chief executive Peter Mersi has told Inland Revenue staff by the 2028/29 financial year, the baseline budget will have been cut 20 percent.

They've been told cost-slashing will include considering reducing jobs.

PSA spokesperson Duane Leo says the future is uncertain and staff have endured years of cuts.

"We have had a Government, for the last three years, that is simply coming up with arbitrary figures and seeking to make those savings."

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Pressure's on the next government to keep the momentum going on business confidence. 

The NZIER's latest Quarterly Survey of Business Opinion shows 40% of firms expect the economy to improve in the coming months. 

That's up from just 14% last quarter. 

Business Canterbury Chief Executive Leeann Watson told Andrew Dickens businesses want policies that lift productivity, and more certainty about what's ahead. 

She says they want to make sure they have access to the right people and compliance is reduced. 

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Businesses could be spending more increasing staff next year. 

The latest NZIER Quarterly Business Survey shows a net 40 percent of companies expect general economics to improve.

NZIER Principal Economist Christina Leung says businesses are finally starting to see the light at the end of the tunnel, despite domestic concerns. 

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An investment fund manager says political parties need to reach a consensus on KiwiSaver, so people can get on with saving. 

ACT has announced it wants to cut the tax on investment earnings through KiwiSaver, while also scrapping the $260-a-year Government contribution. 

Labour, National, New Zealand First and Opportunity also have revealed plans for the scheme.

Milford Asset Management KiwiSaver general manager Murray Harris says we need a cross-party accord.

"If we change the rules or make it too confusing, people disengage and then they'll stop saving. So a long-term plan wi...

Inflation could keep running hot for the rest of the year, driven by high prices at the pump and our weakening NZ dollar.

ASB's latest quarterly economic forecast predicts the Reserve Bank will push the OCR up two more times, to 3.25 percent. 

It also expects unemployment to stick around 5.6 percent and house prices to flatline. 

But acting chief economist Kim Mundy says the economy's shown some resilience and should gradually build momentum. 

"At least, for the here and now through til the end of the year - and maybe early 2027. We exp...

Inflation across Europe jumped to 3.8 percent in September - a higher rate than economists were predicting.

This increase was largely down to energy costs, and these are expected to make inflation rates go up further. 

Business correspondent Vicky Pryce explained how these rates could increase, and how that's likely to impact households. 

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The Government books were opened up last week, and they unveil a somewhat more promising outlook ahead of the election.

The Pre-election Economic and Fiscal Update shows the planned 2028/29 surplus - will be nearly $2 billion dollars bigger than forecast, and the Crown will borrow less. 

Political commentator Brigitte Morton says the focus is now on Labour to respond to this with their own announcements and financial updates - including their pay equity plan. 

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Last week, Australia's ban on credit and debit card surcharges took effect, and it's sparked debate as to whether we should follow suit.

National expressed interest in implementing a similar rule with the Retail Payment System (Ban on Merchant Surcharges) Amendment Bill, but it appears to have stalled following backlash. 

Retail NZ CEO Carolyn Young says this ban led to Australian businesses increasing prices - and it's likely Kiwi businesses will have to do the same if these changes were made. 

"In such a tight environment, everyone's struggling - consumers are struggling, businesses ar...

National and NZ First have expressed interest in pulling apart Foodstuffs, and the company is looking to fight back.

Foodstuffs recently commissioned consultancy firm Houston Kemp to review the Government-ordered cost-benefit analysis of making the split - with the review claiming the earlier conclusions were 'too good to be true'.

Houston Kemp founding director Greg Houston says the recipe of lower prices, higher costs and wiping out profits doesn't seem 'plausible.'

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New data shows Australia's house prices have taken a plunge, with Sydney and Melbourne leading the way. 

Prices across the nation have taken a significant drop since the property market peaked in March, and experts are unpacking the economic implications.

Australian correspondent Murray Olds says the recent increases to the OCR are having a real impact on the housing market.

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National says it'll make trans-Tasman travel more 'seamless' if re-elected.

The party is promising to trial fully digitalising airport processes between Australia and New Zealand, so people don't need to show passports.

Eligible travellers could provide details digitally and pass through gates with facial recognition.

Tourism spokesperson Louise Upston says this will make the process faster and encourage more Australians to come to New Zealand. 

"In 2009, when National was last in office, we got the SmartGate technology - and so this is really the next step, which means you don't have t...

The current Government earlier indicated they could be looking to make changes to NZ Super and adjust the eligibility age, but they've changed their tone ahead of election season.

Chris Luxon and Nicola Willis recently declined opportunities to explicitly back the policy when asked about it after Treasury released its Pre-Election Economic and Fiscal Update earlier this week.

NZ Herald Wellington business editor Jenee Tibshraeny says it seems like there's a shift, but they haven't unveiled any campaign announcements related to NZ Super yet.

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The Warehouse Group recently reported an improved annual financial result.

It's confirmed an annual net profit of $11.2 million dollars - a departure from last year's $2.8 million dollar net loss.

Milford Asset Management expert Jeremy Hutton unpacked the market reactions.

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The Warehouse Group has turned their luck around after the most recent downturn.

It's confirmed an annual net profit of $11.2 million - a far cry from last year's $2.8 million net loss.

Noel Leeming made a 21.8 million profit, and Warehouse Stationary made 15.9 million.

Warehouse Group CEO Mark Stirton says these smaller companies allowed the brand to do the work on the main Warehouse chain - which also had an improved fourth quarter. 

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Hallenstein Glasson is reporting a boost in earnings, with net profit up in the full year ended August.

The retail giant posted a net profit of $59.2 million, up from $39.5 million a year ago.

Generate investment specialist Greg Smith says the brand's doing well in Australia, but the data shows Kiwi shoppers are also contributing to the growth.

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