Business
Australian miner reports gold find near Dunedin
New Age Exploration says early drilling suggests a deposit potentially worth $4 billion, with an underground mine preferred if the project advances.
ASB upgrades NZ economic outlook as oil prices fall
The bank now expects inflation to peak at 4.1% in the year to June before easing, citing greater economic resilience than forecast in March.
39% of dairy farmers fail to report nitrogen fertiliser use
Compliance with mandatory nitrogen reporting has fallen from 70% to 61% as the Government considers removing the requirement introduced in 2021.
Govt allocates up to $50 million for West Coast critical minerals processing
Two mineral sands operations near Barrytown and Westport will receive up to $50 million from the Regional Infrastructure Fund to build facilities processing titanium, zirconium and rare earth concentrates.
Govt to recognise US and EU toy safety standards
New Zealand will accept international toy safety certification, removing the requirement for separate local testing that currently costs up to $5,000 per product.
Electricity regulator gains power over connection fees
The Electricity Authority will be able to scrutinise and regulate up-front charges for new network connections from August, amid concerns over rising costs.
Treasury review finds ministerial confidence drop, staff losses
An independent review has identified a cycle of declining performance at Treasury driven by high turnover, pandemic pressures and shifting ministerial priorities.
ASB lifts short-term mortgage rates, cuts term deposits
The bank has raised its 6-month and 18-month fixed home loan rates while cutting term deposit rates by up to 25 basis points.
Business confidence jumps 27 points in ANZ June survey
Net 37% of businesses now report confidence in their outlook, up 27 points from May, while inflation expectations fell to 3.36%.
Property values edge down 0.2% in June, Auckland leads falls
The national median dwelling value fell to $806,512 in June, down 0.9% from a year earlier and 17.5% below the 2022 market peak.
Genesis Energy pushes for incandescent lightbulb ban
The power company is preparing a petition to revive a 2008 ban proposal, citing $300 annual savings for households that switch to LED bulbs.
IMF recommends capital gains tax and super changes to NZ
International Monetary Fund mission calls for comprehensive capital gains tax and superannuation reforms as rising NZ Super costs put pressure on government finances.
Bank economists split on OCR decision ahead of Wednesday's review
The Reserve Bank will announce its Official Cash Rate decision on Wednesday, with major bank economists divided on whether a 25 basis point increase is coming.
ANZ NZ in material breach of Reserve Bank outsourcing rules
The Reserve Bank has determined ANZ New Zealand breached its banking registration conditions, with deficiencies in outsourcing oversight dating back to June 2022.
NZ dollar rises as oil prices jump on Strait tensions
The New Zealand dollar edged higher after oil prices climbed more than 2% following Iranian Navy activity in the Strait of Hormuz.
Inchcape drops KGM brand after three years in NZ
The South Korean vehicle brand's future in New Zealand is uncertain after its distributor ended the relationship.
One NZ chief executive Jason Paris to step down
Nick Judd, currently chief financial officer, will take over as CEO after Paris departs following nearly eight years leading the telco.
WorkSafe inspectors finish machine safety training overhaul
The training programme was revamped after manufacturing businesses raised concerns about inconsistent assessments and impractical advice.
Meridian secures approval to access Lake Pūkaki reserve water
The fast-track panel has granted Meridian Energy access to contingent storage for three years, with the company's CEO saying it will reduce dry-year pricing risk.
Canterbury solar farm gets provisional fast-track approval
A 320-hectare solar facility near Lake Benmore capable of powering 45,000 homes has cleared a key hurdle, with final approval pending feedback from 19 stakeholder groups.
Air NZ's last grounded Dreamliner back in service
The airline's final affected aircraft has returned to operation after engine issues grounded up to five planes.
Auckland packaging firm underpaid holiday pay for over 20 years
An Auckland packaging company [failed to include shift allowances](https://www.stuff.co.nz/nz-news/361001700/auckland-packaging-firm-underpaid-holiday-pay-more-two-decades) when calculating holiday pay for its workers for more than two decades.
El Niño forecast prompts on-farm planning across regions
Forecasters predict one of the strongest El Niño patterns on record, with dry conditions expected in the north and east while western areas could see above-normal rainfall.
Consumer confidence rises 4.8 points as fuel prices ease
The ANZ-Roy Morgan index climbed to 91.3 in June, recovering ground lost during the recent Middle East conflict, though households remain wary of major spending.
Tourism NZ's Michelin Guide campaign costs nearly $8m
Auckland chefs say they feel excluded from the recognition programme as the tourism agency launches an international promotional campaign.
Auckland median house price drops to $940,000 in June
Barfoot & Thompson's median selling price fell 4.1% from May to its lowest June level since 2020, while sales rose 1.6% year-on-year.
Financial confidence rises but most can't last 3 months without pay
Nearly two-thirds of New Zealanders say they are confident making financial decisions, yet 25% could sustain their lifestyle for only one month without income, and 23% for one to three months.
Flood-risk homes gain value faster than safer properties
Properties in flood zones have risen in value 18% since 2020 in Auckland, outpacing the 13% increase for homes outside flood zones.
Hybrid registrations outnumber petrol and diesel combined
Hybrid vehicles accounted for 19,424 new registrations in the June quarter, outnumbering the 18,055 combined registrations of petrol and diesel vehicles.
Te Puke horticulture firm fined $135,000 for migrant worker breaches
Dosanjh Horticulture Limited and its director underpaid four workers $61,312 and charged one worker a $4,500 premium for employment.
Building consents climb 19% annually, ending three-year decline
Nearly 40,000 new dwellings were consented in the year to May, marking the first annual increase since three consecutive years of decline, though volumes remain well below the 2022 peak.
Government deficit $3 billion smaller than forecast on tax, spending gains
The government's budget deficit for the 11 months to May came in at $6.8 billion, roughly $3 billion below forecast, driven by stronger tax revenue and lower-than-expected spending across multiple portfolios.
IMF urges RBNZ rate rises, calls for tax and super reforms
The International Monetary Fund has recommended the Reserve Bank begin lifting interest rates soon, while calling for a capital gains tax and superannuation changes to tackle government deficits.
Electricity retailers must offer time-of-use pricing plans
New regulations require major power companies to give households and small businesses the option to pay different rates depending on when they use electricity.
Wellington mayor appoints business leaders to advisory groups
Three volunteer panels covering tech, hospitality and infrastructure will meet quarterly to recommend council actions for economic growth.
Ben Kepes named Kordia chair as board reshuffled
The state-owned enterprise has appointed a new chair and two directors, with three board members departing.
Govt loans $4.5m for Northland mussel spat nursery
A nursery in Houhora Bay is expected to produce around 700 tonnes of spat annually in its first stage, with iwi partners contributing $1.3 million in co-funding.
Prep chef awarded $15,000 after work schedule changed on parental leave return
The Employment Relations Authority ruled an employer breached obligations by altering a worker's days and hours without consultation when she came back from parental leave.
Tech group calls for cyber security law to shift burden from users
TUANZ wants the government to replace voluntary guidelines with binding regulation and place greater responsibility on network providers to block scams and deepfakes.
Insurance brokers seek national register of hazard properties
The Insurance Brokers Association wants government to establish a public database of properties carrying Section 72 natural hazard notices, with its chief executive saying awareness of such notices remains limited.
NZ dollar rises 0.5% as global markets rally
The New Zealand dollar climbed to around US56.90¢ in offshore trading as equity markets posted strong quarterly gains and US-Iran talks were scheduled in Qatar.
TSB-Heartland takeover feedback period closes
Toi Foundation trustees will spend up to two weeks reviewing community submissions on the proposed $620 million sale of TSB Bank to Heartland Group Holdings.
Commerce Commission clears Mohawk-Bremworth carpet deal
The acquisition will eliminate competition between New Zealand's two largest wool carpet makers, but regulators say synthetic and imported alternatives will constrain the merged entity.
Three lenders settle with Commerce Commission over lending breaches
ASB, TSB and Nelson Building Society have agreed settlements after admitting failures in responsible lending compliance, as the regulator prepares to hand enforcement duties to the FMA.
Consumer debt arrears fall to four-year low
Some 432,000 people were behind on payments in May, though 89,000 remain 90 days or more overdue as hospitality liquidations surge 51%.
Property asking prices fall 6.6% since February
Average asking prices on Realestate.co.nz dropped to $839,730 in June, down $58,947 from February, as stock levels reached their highest for the month since 2014.
Property values drop 0.2% nationally, Dunedin and Christchurch gain
National property values fell 0.2% in June as Middle East uncertainty weighed on the market, but Dunedin and Christchurch recorded increases.
ASB cuts longer fixed mortgage rates, lifts short terms
The bank has reduced three- to five-year home loan rates by up to 30 basis points while raising its six-month and 18-month terms.
Business confidence jumps 27 points as oil fears ease
Net optimism among firms reached 37% in June, up from 10% in May, while expectations of future inflation dropped to 3.36%.
Treasury losing ministers' trust, independent review finds
A performance review commissioned by Treasury's chief executive has found the department's economic policy advice capability is weak and ministerial confidence in the institution is eroding.
One New Zealand CEO Jason Paris steps down after 8 years
Chief financial officer Nick Judd takes over immediately as Paris exits after nearly eight years leading the telecommunications company.
Bishop rejects heavier truck loads, cites road damage costs
Transport Minister Chris Bishop has turned down the trucking industry's push for relaxed weight limits after modelling showed $150 million in infrastructure damage would far outweigh fuel savings.
Government fuel support to end as petrol falls below $3/litre
Fuel payments and increased mileage rates will cease after 91 octane petrol prices dropped beneath the $3 per litre threshold.
Kiwibank cuts longer fixed mortgage rates, lifts six-month term
The state-owned bank has reduced its two to five-year fixed rates by up to 30 basis points while raising its six-month rate to 4.65%.
NZ dollar holds steady as Iran tensions ease
The currency traded in a narrow band around 0.5650 against the US dollar as reports of reduced US-Iran tensions calmed markets.
Work begins on $4.55 million Southland satellite station headquarters
The Awarua Satellite Ground Station near Bluff will grow its workforce from 21 to around 30 highly skilled roles as part of a $4.55 million expansion backed by government infrastructure funding.
Diesel price fall steadies construction costs in June
A 6.5% drop in diesel prices helped offset rises in plumbing and carpentry, with excavation and concrete work among the categories showing declines.
Household power bills up 8% this winter, network costs key driver
The Electricity Authority reports an 8% average increase in household power bills, with network charges accounting for up to 45% of the rise.
Treasury acknowledges need for improvement in review
An independent assessment has identified strengths in Treasury's Budget work but found multiple areas requiring faster change.
Australian insurers eye NZ home warranty market after reforms
International underwriters are exploring opportunities in New Zealand's building warranty sector as the Government prepares to mandate coverage for new homes and major renovations.
FMA to scrutinise car loan commissions and mortgage fraud
The financial conduct regulator will examine how lenders manage conflicts of interest in commission-based lending, with a particular focus on motor vehicle finance and mortgage fraud prevention.
Govt commits $40.7 million to university research commercialisation
Universities will receive $40.7 million over three years to bring research to market, while new IP rules from 1 July 2026 give researchers more control over their inventions.
Construction costs stabilise as diesel prices drop 6.5%
Fuel-intensive areas like excavation saw cost reductions after diesel prices fell, though diesel remains well above levels from earlier this year.
Starlink captures 27% of rural broadband market
Satellite technology is reshaping New Zealand's telecommunications sector as Starlink becomes a major rural provider, but customer satisfaction remains low across the industry.
Kiwibank delays recovery forecast to 2027, urges RBNZ to hold
The bank's chief economist says the Middle East conflict has pushed back New Zealand's economic rebound by a year, but urges the Reserve Bank not to overreact to temporary inflation.
Investment firm director absent as court hears of $12m deficit
Bernard Whimp did not attend a High Court hearing where the Financial Markets Authority alleged investor funds were used to pay existing clients and expenses.
Filled jobs rise 0.3% in May, annual growth fastest in two years
New Zealand added 2515 jobs in May, with public administration, healthcare and education leading gains as annual growth reached 0.7%.
Oil prices fall as Strait of Hormuz reopening looms
Crude prices dropped US$2.50 per barrel in the US market and US$3 per barrel internationally after an agreement to reopen the Strait of Hormuz without tolls, with hundreds of ships expected to move soon.
ANZCO Foods to acquire Greenlea for $800 million
The Japanese-owned beef processor will buy Hamilton-based Greenlea Group in a deal requiring Commerce Commission and Overseas Investment Office approval.
Mussel company fined $135,000 over wastewater discharge
Whakatōhea Mussels pleaded guilty to three charges after 79 odour complaints from at least 35 Ōpōtiki residents between January and March 2025.
Jones says US has eased position on minerals deal
Resources Minister Shane Jones says American negotiators have moderated their approach to a critical minerals agreement with New Zealand.
Jetstar suspends two trans-Tasman routes from October
The airline will end Auckland-Sunshine Coast and Christchurch-Cairns services, citing weak demand and rising operational costs.
First home buyer mortgage approvals flat in May at 2875
Banks approved 2875 mortgages to first home buyers in May 2025, nearly unchanged from April, with the average loan size holding at $584,348.
First-home buyers reach 27.7% of property sales as market softens
First-time purchasers bought 10,025 properties in the first five months of 2026, up 2% on the previous year, while overall sales fell 4.7%.
Rockit apple sales jump 135-fold after China celebrity tie-up
A partnership with Chinese actor and singer Wang Yibo drove a 135-times surge in daily Rockit apple sales, depleting stocks at retailer Pagoda.
UBS predicts July OCR hike after split RBNZ vote in May
The bank warns a two-month gap to September raises risks if inflation expectations drift, while Westpac maintains its call for rates to hold until then.
ASB reverses call, now expects RBNZ to hold OCR in July 2026
The bank cites easing US-Iran tensions and expects internal MPC members will need more data before backing a rate rise, with hikes now forecast from September 2026.
Former Meta executive sues company over book silencing attempt
Sarah Wynn-Williams, a New Zealander who worked at Facebook from 2011 to 2017, is challenging an arbitration order that prevents her from discussing her memoir about the company.
NZ dollar edges up to 0.5650 as US dollar weakens
The New Zealand dollar rose slightly against a broadly weaker US dollar, while oil prices jumped 2% after Iranian naval actions in the Strait of Hormuz.
KiwiSaver managers trim tech holdings after volatility spike
Fund managers are reassessing their exposure to AI and technology stocks following recent market turbulence, though views differ on the long-term opportunity.
ANZ holds OCR hike forecast despite oil price drop
The bank's economists expect three 25-basis-point increases between July and October 2026, taking the official cash rate to 3%, and predict house prices will fall 2% this year.
Rocket Lab wins NASA contract for three Māhia launches in 2027
The contract will see Electron rockets carry two Earth science missions from the Mahia Peninsula, with NASA citing the company's precision and rapid launch capability.
Treasury publishes 2025 Long-term Insights Briefing
The Treasury has released Te Ara Mokopuna, its 2025 Long-term Insights Briefing.
Treasury publishes nine-month financial statements to March
The Government's interim financial statements covering the nine months to 31 March 2025 have been published by Treasury.
Treasury releases interim financial statements for ten months to April 2025
The Government's financial statements for the period ending 30 April 2025 have been published by Treasury.
Treasury publishes government accounts for eleven months to May
The Treasury has made public interim financial statements for the government covering the period to 31 May 2025.
Green bank withholds $78m as solar farm venture collapses
The joint venture behind the Far North Solar Farm has fallen apart, prompting the government's green investment bank to pause its $78 million funding commitment.
Treasury seeks public input on responding to economic shocks
A draft long-term insights briefing examines how New Zealand should handle future economic crises, with public consultation now open.
Govt sets out tourism policy aiming to double export value by 2034
A new tourism policy statement divides responsibilities between government and industry, while $5 million in new regional funding targets Australian, Chinese and North American visitors.
BusinessNZ calls for review of business levies
The business group wants Deputy Prime Minister David Seymour to direct a review of all levies, with chief economist John Pask arguing some should be funded through general taxation instead.
Santana Minerals pauses fast-track bid for Cromwell gold mine
The mining company has voluntarily halted its application to allow time for additional data and consultation with regulators, delaying a decision expected in October.
Kmart eyes furniture-only stores for NZ as IKEA rivalry grows
The retailer is weighing a K Home concept for New Zealand after launching a furniture-focused trial store in Melbourne, while IKEA draws strong crowds in Auckland.
Donation tax credit capped at $100k from April 2027
The change affects 350 donors who collectively claimed $103 million, with charities warning the timing compounds existing funding pressures.
Rocket Lab wins NASA contract for three Māhia launches
The contract covers missions studying ice clouds and the sun, set to launch from 2027 as Rocket Lab's order book exceeds US$2 billion.
Nelson firm developing crew-free fishing boats, prototypes planned within five years
Maidenfleet is working on remotely operated commercial fishing vessels that automate key functions, with prototypes expected on the water within the next three to five years.
Racing industry at critical juncture, review warns of collapse risk
Thoroughbred foal numbers have dropped 22% over a decade as the $1.72 billion industry runs an annual deficit exceeding $50 million.
Facebook and Instagram outage hits NZ users for 16 minutes
More than 900 problem reports were logged as the Meta-owned platforms failed to load pages on Wednesday morning.
NZ businesses hit targets as CFO global outlook darkens
More than half of New Zealand companies met their revenue goals in the past year, even as the share of chief financial officers expecting worldwide contraction doubled to 45%.
US Federal Reserve holds rates at 3.5-3.75%
The central bank cited Middle East uncertainty and inflation above its 2% target as it kept rates unchanged on 17 June 2026.
Tiger Brokers NZ proposes cutting up to 20 jobs
The online trading platform is consulting staff on cuts of 30-40% after its parent company was hit with a fine exceeding $100 million by Chinese regulators.
Juken confirms Kaitāia mill closure, 60 jobs at risk
The Northland Mill will close after no buyer was found, with consultation beginning 8 July and a final decision due by 16 July.
Business fossil fuel use peaked in 2019, EECA data shows
Electricity and renewables are gradually replacing fossil fuels in New Zealand businesses, particularly in dairy and meat processing, though transport remains 96% fossil-fuel driven.
Falling fuel prices may sustain inflation pressure, BNZ warns
The bank's research head says cheaper petrol could boost consumer spending and demand, potentially requiring further interest rate rises.
Government provides $22.4 million loan for Manawatū freight hub
The Regional Infrastructure Fund loan will support business case work and construction planning for a rail link connecting Palmerston North Airport to Bunnythorpe.
99.5% of KiwiSaver contributors stay on higher rate
Just 9,300 of the 1.8 million members contributing through payroll deductions opted out of the April contribution increase.
Manufacturing drives 0.8% GDP growth in March quarter
The transport equipment and machinery sector grew 4.0% as manufacturing delivered the strongest contribution to the economy in the first three months of 2026.
Five Eyes warn frontier AI cyber threats have arrived
Five Eyes intelligence agencies have issued a joint warning that frontier AI cyber threats have arrived, with the agencies saying the timeline for fundamental transformation is months away, not years.
Rocket Lab launches US Space Force tracking mission in 16 hours
The Mahia-based company deployed a spacecraft to monitor a target satellite just over 16 hours after receiving authorisation in a mission the US Space Force said demonstrates rapid threat-response capability.
KiwiSaver providers urge super reform despite election delay
Industry figures say retirement settings must be addressed after the government deferred decisions to the election campaign, with superannuation now the second-biggest item in the Budget.
Banks and insurers to pay $209 million levy over four years for RBNZ regulation
A new levy on financial institutions will recover around $209 million over four years to cover the Reserve Bank's prudential supervision costs.
Employment rises 4,333 jobs in April but sustainability questioned
New Zealand added 4,333 jobs in April, the second consecutive monthly increase, but an economist warns the growth may not last amid Middle East conflict uncertainty.
Consumer confidence rises to 86.5 but remains below neutral
The ANZ-Roy Morgan index lifted six points in May after April's sharp drop, but inflation expectations remain elevated at 5.3%.
Tourism Holdings cuts profit outlook as takeover bid emerges
The campervan rental firm has downgraded its earnings forecast to $40-43 million while a private equity consortium offers $3.10 per share.
LNG imports not needed for dry-year cover, Meridian says
Meridian Energy chief executive Mike Roan told Parliament that existing agreements can manage electricity supply in dry years without liquefied natural gas imports.
ANZ appeals High Court class action decision over loan error
The bank says the court incorrectly applied the law in a case over a coding error that affected 17,000 customers between 2015 and 2016.
Business confidence rises to net 10% in May ANZ survey
Headline confidence jumped 21 points but activity indicators remain well below pre-conflict levels, with retail and construction reporting falling activity.
Super Fund contributions to rise $2.2 billion above forecast
Government contributions to the New Zealand Superannuation Fund will total $3.1 billion over four years, $2.2 billion more than forecast in December.