Screened wastewater now being discharged straight into Cook Strait

Source: Radio New Zealand

Sewage can be seen on Wellington’s South Coast after a leak from the Moa Point wastewater plant. Kate Taptiklis

Wellington Water says screened wastewater is now being discharged straight into the Cook Strait again after days of being discharged near the shoreline on the South Coast.

On Wednesday the Moa Point wastewater plant’s lower floors completely flooded when sewage backed up in the 1.8km outfall pipe, which normally sends treated wastewater into the Cook Strait.

Since then raw sewage has been spewing from a five-metre pipe directly into the southern coastline.

In an discharge notice on Friday morning, Wellington Water said screened wastewater was now discharging to the long outfall pipe again.

Mayor Andrew Little previously described the event a “catastrophic failure”, and said there must be an independent inquiry into what happened.

There were also concerns the leak could contaminate a nearby marine reserve and put several species at risk.

Wellington Water strongly advised the public to stay away from South Coast beaches, and not to collect kaimoana in the area.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/screened-wastewater-now-being-discharged-straight-into-cook-strait/

Basketball: Undermanned Breakers beaten by Phoenix in playoff blow

Source: Radio New Zealand

Tai Webster of the Breakers is challenged by John Brown of the South East Melbourne Phoenix. photosport

The New Zealand Breakers have been left with a mountain to climb to reach the NBL playoffs after being outplayed on their home court 114-83 by the South East Melbourne Phoenix.

Missing a number of key players, the Breakers fell away in the second half after going to the main break with the scores locked at 52-52.

It completed a season-sweep for the Phoenix over the Breakers, having won all four of their games, and lifted the Melbourne club to the top of the table.

The Breakers dropped one place to eighth and will probably need to win all of their four remaining games to have any hope of reaching the top six, starting with tonight’s quick-turnaround contest against the Illawarra Hawks – also in Auckland.

Coach Petteri Koponen’s team will need to be better if they’re to beat the seventh-placed visitors, having been eclipsed in most departments by the Phoenix.

Izaiah Brockington on the dribble for the Breakers. photosport

They were without rising star Karim Lopez, who picked up an injury in the buildup, adding to a medical list that also includes Sam Mennenga and Rob Baker, whose seasons have been ended prematurely by injury.

Izaiah Brockington stepped up to score 19 points while Tai Webster had 16 points and eight rebounds before he was ejected in the fourth quarter.

Guard Parker Jackson-Cartwright mixed 15 points with seven rebounds, five assists and two steals before he was ejected in the final quarter after earning two technical fouls.

South East Melbourne’s defence also forced New Zealand into 14 second half turnovers and they dominated the third quarter, winning it 34-15.

Six of their players scored double figures, led by Ian Clark with 23 points.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/basketball-undermanned-breakers-beaten-by-phoenix-in-playoff-blow/

Lower pollution during Covid boosted methane: study

Source: Radio New Zealand

[repuv]

By Julien Mivielle and Laurent Thomet, AFP

Methane levels rose at a record pace in the wake of the pandemic, research has found. 123RF

In an ironic twist, lower air pollution during Covid lockdowns fuelled an unprecedented surge in the powerful greenhouse gas methane in the early 2020s, a study said Thursday.

Methane levels rose at a record pace in the wake of the pandemic as the super pollutant’s main natural “cleaning agent” weakened during that period, the research found.

The rise was also partly attributed to an increase in emissions from wetlands, lakes, rivers and agriculture, the result of wetter-than-average conditions in tropical areas, according to the study published in the journal Science.

Methane, the second biggest contributor to climate change, stays in the atmosphere far less longer than CO2, but its warming effect is roughly 80 times more potent over a 20-year period.

The greenhouse gas is scrubbed from the atmosphere over time by hydroxyl radicals (OH), molecules that act as natural “cleaning agents” and have a very short lifespan.

As Covid lockdowns limited travel and kept businesses shut, it caused a decline in a key ingredient – nitrogen oxide – which is needed to produce hydroxyl radicals.

“These drops in OH are partly linked to the fact that we emitted less nitrogen oxide,” Philippe Ciais, the study’s lead author, said in a press briefing.

“It seems paradoxical: We pollute less but it’s not good for methane [levels],” said Ciais, associate director at the Laboratory of Climate and Environment Sciences outside Paris.

The sharp drop in hydroxyl radicals in 2020 and 2021 explains roughly 80 percent of the annual variation in methane accumulation, the study said.

Methane levels had been rising steadily since 2007 but their growth accelerated during the pandemic, peaking at 16.2 parts per billion per year in 2020 before declining by half by 2023.

“The impressive increase in methane in the air at the beginning of the 2020s is mainly due to a reduction in the oxidizing capacity of the atmosphere,” Ciais said.

The paradox raises questions about how to ensure that clean air policies and efforts to cut pollution from cars, planes and ships do not have a negative effect on climate.

Marielle Saunois, a co-author of the study, described it as “collateral damage”.

“For me, this means we need to improve air quality and, even more importantly, mitigate greenhouse gas emissions, to offset these negative effects linked to the chemical-climate relationship,” Saunois said.

The methane pledge

The paper also linked the rise in methane levels to exceptionally wet conditions due to the cooling La Niña weather phenomenon between 2020 and 2023, especially in tropical Africa and southeast Asia.

Some 40 percent of methane emissions come from natural sources, mainly wetlands.

The rest are from human activities, particularly agriculture and the energy sector.

“As the planet becomes warmer and wetter, methane emissions from wetlands, inland waters, and paddy rice systems will increasingly shape near-term climate change,” said Hanqin Tian, a Boston College professor and co-author of the study.

The scientists said these effects need to be better understood and factored into global efforts to reduce methane emissions.

Under the Global Methane Pledge, launched at COP26 in Glasgow in 2021, nearly 160 countries have committed to cutting global methane emissions by 30 percent by 2030 compared with 2020 levels.

– AFP

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/lower-pollution-during-covid-boosted-methane-study/

IREN Reports Q2 FY26 Results

Source: GlobeNewswire (MIL-NZ-AU)

$3.6bn GPU Financing Secured for Microsoft Contract1

Targeted 140k GPU Expansion on Track to Deliver $3.4bn ARR by End of CY262

New 1.6GW Data Center Campus in Oklahoma

NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today reported its financial results for the three months ended December 31, 2025.

Highlights

  • $3.6bn GPU financing secured for Microsoft contract1
    • Interest rate of
    • Together with Microsoft prepayment ($1.9bn) covers 95% of GPU-related capex
  • Targeted 140k GPU expansion on track to deliver $3.4bn ARR by end of CY262
    • Horizon 1-4 construction progressing to schedule
    • British Columbia AI Cloud expansion ongoing, with ~$0.4bn ARR now under contract for Prince George and remaining contract negotiations supporting >$0.5bn ARR3
  • New 1.6GW data center campus in Oklahoma
    • Increases secured grid-connected power to >4.5GW
    • Grid-studies complete, with power scheduled to ramp from 2028
    • Large scale site (2,000 acres) with low latency network connectivity

Financing

  • IREN continues to strengthen its capital structure and fund growth through diversified sources:
    • Cash and cash equivalents were $2.8bn as of January 31, 20264
    • >$9.2bn funding secured financial year to date across customer prepayments, convertible notes, GPU leasing and GPU financing
  • Ongoing financing workstreams include:
    • GPU financing
    • Data center financing
    • Select corporate level initiatives

Q2 FY26 Financial Results

  • Results reflected continued progress in the transition from Bitcoin mining to AI Cloud, with capacity increasingly allocated to higher-value AI workloads and AI Cloud revenues accelerating as deployments ramped:
    • Total revenue decreased to $184.7m (vs. Q1 FY26 $240.3m)
    • Net income (loss) of $(155.4)m (vs. Q1 FY26 $384.6m)
    • Adj. EBITDA decreased to $75.3m (vs. Q1 FY26 $91.7m)5
    • EBITDA of $(243.9)m (vs. Q1 FY26 $662.7m)5
  • Net income (loss) and EBITDA were impacted by significant non-cash and non-recurring items, primarily:
    • Unrealized losses related to prepaid forwards and capped calls associated with convertible notes (vs. significant unrealized gains on such positions in Q1 FY26), together with a one-time debt conversion inducement expense, totaling $(219.2)m
    • Mining hardware impairments of $(31.8)m related to the ongoing ASIC-to-GPU transition across British Columbia
    • Stock-based compensation expense of $(58.2)m, including $(22.3)m of accelerated amortization on performance-based restricted stock units and stock options, driven by materially higher share prices exceeding defined performance thresholds
    • Partially offset by an income tax benefit primarily on the release of previously recognized deferred tax liabilities relating to the unrealized gain on financial instruments of $182.5m

Management Commentary

“Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation, reflecting IREN’s progress as a scaled AI Cloud platform,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.

“We are seeing the strongest demand environment to date, and importantly, that demand is being met by a proven execution capability. Over several years, we have consistently delivered data center capacity on time and at scale, and that delivery track record continues to resonate with customers who value reliability alongside performance.

“With more than 4.5GW of secured power, we are able to advance a broad set of opportunities in our pipeline and support the next phase of growth. Our $3.4bn ARR target represents an early stage of monetization relative to the size of our secured power portfolio, highlighting the scale of the platform we are building.”

Q2 FY26 Results Webcast & Conference Call

IREN will host its Q2 FY26 results webcast and conference call at the following time:

Time & Date: 5:00 p.m. Eastern Time, Thursday, February 5, 2026
  Participant Registration Link
  Live Webcast Use this link
  Phone Dial-In with Live Q&A Use this link
     

The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

About IREN

IREN is a leading AI Cloud Service Provider, delivering large-scale GPU clusters for AI training and inference. IREN’s vertically integrated platform is underpinned by its expansive portfolio of grid-connected land and data centers in renewable-rich regions across the U.S. and Canada.

Contacts

Investors
ir@iren.com

Media
media@iren.com

Assumptions and Notes

  1. GPU financing and applicable interest rate is subject to agreed pricing parameters, level of base interest rates, execution of definitive long form documentation and customary conditions precedent.
  2. ARR of $3.4bn represents expected $1.94bn average annual revenue under Microsoft contract plus estimated $1.5bn ARR from ~63k GPU deployment at British Columbia sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs.
  3. ARR under contract of $0.4bn at Prince George is calculated as GPU/hour pricing for contracted GPUs as of February 5, 2026 multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR under contract includes amounts that are not yet revenue-generating until the relevant GPUs are delivered, commissioned, and in service. There can be no assurance that contracted GPUs will result in such hours or pricing, and actual revenue may vary materially.
  4. Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of January 31, 2026.
  5. EBITDA and Adjusted EBITDA are non-GAAP financial measures. Refer to page 12 for a reconciliation to the nearest comparable GAAP financial measure.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies and trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “potential,” “could,” “would,” “may,” “will,” “forecast,” and other similar expressions Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this press release.

We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations, and could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that may materially affect such forward-looking statements include, but are not limited to: Bitcoin price and foreign currency exchange rate fluctuations; our ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate our expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any existing or future financing, which could require us to comply with onerous covenants, restrictions or guarantees, and our ability to service our debt obligations; our ability to successfully execute on our growth strategies and operating plans, including our ability to continue to develop our existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high-performance computing (“HPC”) solutions (including the market for AI Cloud Services and potential colocation services such as powered shell, build-to-suit and turnkey data centers (collectively “HPC and AI services”)); our limited experience with respect to new markets we have entered or may seek to enter, including the market for HPC and AI services; our ability to remain competitive in dynamic and rapidly evolving industries; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the useful life and obsolescence of hardware (including GPUs, hardware for Bitcoin mining and any current or future HPC and AI services we offer); delays, increases in costs or reductions in the supply of equipment used in our operations including as a result of tariffs and duties, and certain equipment (including GPUs, hardware for Bitcoin mining and any other hardware for any current or future HPC and AI services we offer) being in high demand due to global supply chain constraints, and our ability to secure additional hardware (including GPUs, hardware for Bitcoin mining and any other hardware for any current or future HPC and AI services we offer), on commercially reasonable terms or at all; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC and AI services we offer; our ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to our strategy to expand into markets for HPC and AI services; our ability to establish and maintain a customer base for our HPC and AI services business and customer concentration; our ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of our HPC and AI services and other counterparties; the risk that any current or future customers, including customers of our HPC and AI services or other counterparties, may terminate, default on or underperform their contractual obligations; our ability to perform under, and observe our obligations pursuant to, contractual obligations with counterparties, including customers of our HPC and AI services; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs, surtaxes and other similar import or export duties, or trade restrictions; Bitcoin global hashrate fluctuations; our ability to secure renewable energy, renewable energy certificates, power capacity, timely grid connections, facilities and sites on commercially reasonable terms or at all; delays and costs associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects, including as a result of the Electric Reliability Council of Texas’s (“ERCOT”) announced amendments to the approval process for large load interconnection requests; our reliance on power, network and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; our participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to us; any variance between the actual operating performance of our miner hardware achieved compared to the nameplate performance including hashrate; electricity market risks relating to changes in laws, regulations and requirements of market operators, network operators and/or regulatory bodies, including with respect to interconnection of facilities of large electrical loads to the ERCOT grid (for example, via a process that may batch multiple large load interconnection requests), grid stability, voltage ride-through, frequency ride-through and curtailment obligations; heightened complexity and additional constraints in energy markets including load ramp requirements by utilities or grid operators which may not align with our planned data center development and commissioning timelines; our ability to curtail our electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken or inaction by electricity network and market operators, regulators, governments or communities in the regions in which we operate, including such actions that could result in the estimated power availability at secured sites being materially less than initially expected, available too late, delayed, conditioned upon technical or operational requirements or not available in each case whether at sustainable cost or at all; the availability, suitability, reliability and cost of internet connections at our facilities; our ability to operate in an evolving regulatory environment; our ability to successfully operate and maintain our property and infrastructure; reliability and performance of our infrastructure compared to expectations; malicious attacks on our property, infrastructure or IT systems; our ability to secure connection agreements to access power sources and permits or to maintain in good standing the operating and other permits, approvals and/or licenses required for our operations, construction activities and business which could be delayed by regulatory approval processes, may not be successful or may be cost prohibitive; our ability to obtain, maintain, protect and enforce our intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions, including our ability to consummate any such transactions on terms favorable to the Group or at all; the occurrence of any environmental, health and safety incidents at our sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures; settlement and termination of proceedings relating to the default under certain equipment financing facilities, ongoing securities litigation, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; our failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of our compliance and risk management methods; any laws, regulations and ethical standards that may relate to our business, including those that relate to data centers, HPC and AI services, Bitcoin and the Bitcoin mining industry and those that relate to any other services we offer, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; damage to our brand and reputation; evolving stakeholder expectations and requirements relating to environmental, social or governance (“ESG”) issues or reporting, including actual or perceived failure to comply with such expectations and requirements; volatility with respect to the market price of our ordinary shares (“Ordinary shares”); that we do not currently pay any cash dividends on our Ordinary shares, and may not in the foreseeable future and, accordingly, your ability to achieve a return on your investment in our Ordinary shares will depend on appreciation, if any, in the price of our Ordinary shares; and other important factors discussed under “Part 1. Item 1.A. Risk Factors” in our Annual Report on Form 10-K for the year ended June 30, 2025 and “Part II. Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https:// investors.iren.com.

The foregoing list of factors is not exhaustive and does not necessarily include all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements.

These and other important factors could cause actual results to differ materially by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release refers to certain measures that are not recognized under GAAP and do not have a standardized meaning prescribed by GAAP. IREN uses non-GAAP measures including “EBITDA” and “Adjusted EBITDA,” and “Adjusted EBITDA margin,” (each as defined below) as additional information to complement GAAP measures by providing further understanding of the Company’s operations from management’s perspective.

EBITDA is defined as net income (loss), excluding income tax (expense) benefit, finance expense, interest income and depreciation and amortization, which are important components of our net income (loss). Further, “Adjusted EBITDA” also excludes stock based compensation, foreign exchange gain (loss), impairment of assets, certain other non-recurring income, gain (loss) on disposal of property, plant and equipment, unrealized fair value gain (loss) on financial instruments, debt conversion inducement expense, gain (loss) on partial extinguishment of financial liabilities, increase (decrease) in fair value of assets held for sale and certain other expense items. “Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by revenue.

Beginning in the fiscal year ended June 30, 2026, the Company has changed its definition of Adjusted EBITDA to exclude debt conversion inducement expense. This is a change from the presentation of Adjusted EBITDA in prior periods, and these adjustments did not have any impact on the calculation of Adjusted EBITDA in prior periods.

The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are shown in the Appendix hereto.

     
Consolidated Balance Sheet
US$m As of December 31, 20251 As of September 30, 2025
Assets    
Cash and cash equivalents 3,260.6 1,032.3
Accounts receivable, net 9.6 24.1
Deposits and prepaid expenses 55.3 53.3
Derivative assets 2.9
Income taxes receivable
Assets held for sale 20.1
Other assets and other receivables 37.8 11.4
Total current assets 3,383.4 1,124.0
Property, plant and equipment, net 3,170.5 2,115.4
Intangible assets, net 107.6
Operating lease right-of-use asset, net 1.3 1.4
Deposits and prepaid expenses 148.8 30.5
Financial assets 681.4
Derivative assets 215.7 314.4
Other non-current assets 0.3 0.3
Total non-current assets 3,644.2 3,143.4
Total assets 7,027.6 4,267.4
Liabilities    
Accounts payable and accrued expenses 576.3 151.9
Operating lease liability, current portion 0.4 0.4
Finance lease liability, current portion 61.9
Deferred revenue 6.8 1.1
Income taxes payable 0.8 0.1
Other liabilities, current portion 36.1 50.2
Total current liabilities 682.1 203.7
Operating lease liability, less current portion 0.9 1.0
Finance lease liability, less current portion 94.1
Convertible notes payable 3,685.3 964.2
Deferred revenue, less current portion 39.8 22.2
Deferred tax liabilities 8.1 195.4
Income taxes payable, less current portion 2.3 2.0
Other liabilities, less current portion 3.8 2.7
Total non-current liabilities 3,834.3 1,187.5
Total liabilities 4,516.4 1,391.2
Stockholders’ equity 2,511.2 2,876.2
Total stockholders’ equity 2,511.2 2,876.2
     
Total liabilities and stockholders’ equity 7,027.6 4,267.4

1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Consolidated Statement of Operations
US$m Quarter ended Quarter ended
December 31, 20251 September 30, 2025
Revenue    
Bitcoin Mining Revenue 167.4 233.0
AI Cloud Services Revenue 17.3 7.3
Total Revenue 184.7 240.3
Cost of revenue (exclusive of depreciation and amortization)    
Bitcoin Mining (63.4) (80.0)
AI Cloud Services (2.4) (0.7)
Total cost of revenue (65.8) (80.7)
Operating (expenses) income    
Selling, general and administrative expenses (100.8) (138.4)
Depreciation and amortization (99.2) (85.2)
Impairment of assets (31.8) (16.3)
Gain (loss) on disposal of property, plant and equipment 0.0 (0.0)
Other operating expenses (5.5)
Other operating income 1.8 3.8
Total operating (expenses) income (235.3) (236.0)
Operating (loss) income (116.4) (76.4)
Other (expense) income:    
Finance expense (10.7) (9.3)
Interest income 15.8 7.1
Increase (decrease) in fair value of assets held for sale (6.4)
Realized gain (loss) on financial instruments (2.9) (5.8)
Unrealized gain (loss) on financial instruments (107.4) 665.0
Debt conversion inducement expense (111.8)
Foreign exchange gain (loss) 1.9 (5.4)
Other non-operating income
Total other (expense) income (221.5) 651.7
Income (loss) before taxes (337.9) 575.3
Income tax (expense) benefit 182.5 (190.7)
Net income (loss) (155.4) 384.6

1)  For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Consolidated Statement of Cashflows
 US$m Quarter ended Quarter ended
December 31, 20251 September 30, 2025
Cash flow from operating activities    
Net income (loss) (155.4) 384.6
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:    
Depreciation and amortization 99.2 85.2
Impairment of assets 31.8 16.3
Increase (decrease) in fair value of assets held for sale 6.4
Realised (gain) loss on financial instruments 2.9 5.8
Unrealised (gain) loss on financial instruments 107.4 (665.0)
Debt conversion inducement expense 111.8
(Gain) loss on disposal of property, plant and equipment (0.0) 0.0
Foreign exchange loss (gain) 5.5 2.2
Stock-based compensation expense 58.2 72.4
Amortization of debt issuance costs 2.0 1.3
Changes in assets and liabilities:    
Accounts receivable and other receivables (11.9) (13.1)
Other assets 0.0 0.2
Tax related receivables (2.6) 2.6
Tax related liabilities (180.3) 187.9
Accounts payable and accrued expenses (12.5) 3.5
Other liabilities (13.0) 48.7
Deferred revenue 23.3 22.5
Prepayments and deposits (1.1) (12.6)
Operating lease liabilities (0.1) (0.0)
Net cash from (used in) operating activities 71.6 142.4
Investing activities    
Payments for property, plant and equipment net of hardware (539.7) (180.3)
Payments for computer hardware (179.4) (100.3)
Payments for Intangible Assets (107.6)
Payments for prepayments and deposits (14.1) (0.3)
Deposits paid for right of use assets (10.1)
Net cash from (used in) investing activities (850.9) (280.9)
Financing activities    
Proceeds from the issuance of Ordinary shares 1,632.4 618.4
Payment for induced conversion of convertible notes (1623.5)
Payment of offering costs for the issuance of Ordinary shares (18.5)
Proceeds from loan funded shares 0.1 0.6
Proceeds from exercise of options 6.6
Proceeds from convertible notes 3,299.6
Payment of capped call transactions (252.3)
Payment of borrowing transaction costs (48.8) (0.9)
Repayment of lease liabilities
Net cash from (used in) financing activities 3,007.5 606.1
Net increase (decrease) in cash and cash equivalents 2,228.2 467.6
Cash and cash equivalents at the beginning of the financial year 1,032.3 564.5
Effects of exchange rate changes on cash and cash equivalents 0.1 0.1
Cash and cash equivalents at the end of the financial year 3,260.6 1,032.3

1)  For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Non-GAAP Metric Reconciliation
Adjusted EBITDA Reconciliation
(US$m)
Quarter ended
December 31, 2025
Quarter ended
September 30, 2025
Net income (loss) (155.4) 384.6
Net income (loss) Margin1 (84)% 160%
Income tax expense (benefit) (182.5) 190.7
Income (loss) before tax (337.9) 575.3
Finance expense 10.7 9.3
Interest income (15.8) (7.1)
Depreciation and amortization 99.2 85.2
EBITDA (243.9) 662.7
     
Reconciliation to consolidated statement of operations    
Add/(deduct):    
Unrealized (gain) loss on financial instruments 107.4 (665.0)
Stock-based compensation expense 58.2 72.4
Impairment of assets 31.8 16.3
(Gain) loss on disposal of property, plant and equipment (0.0) 0.0
(Increase) decrease in fair value of assets held for sale 6.4
Debt conversion inducement expense2 111.8
Foreign exchange (gain) loss (1.9) 5.4
Other expense items3 5.5
Adjusted EBITDA 75.3 91.7
Adjusted EBITDA Margin4 41% 38%

1)  Net Income Margin is calculated as Net Income divided by Total Revenue.
2)  Debt conversion inducement expense relating to the induced conversion of a portion of the 2030 Convertible Notes and 2029 Convertible Notes.
3)  Other expenses include a one-time liquidation payment incurred in August 2024 resulting from the transition to spot pricing at the Group’s site at Childress, the reversal of the unrealized loss recorded on fixed price contracted amounts outstanding at June 30, 2024, a litigation related settlement provision, loss on theft of mining hardware in transit, one-off professional fees incurred in relation to litigation matters, and transaction costs incurred on entering the capped call transactions in conjunction with the issuance of the convertible notes.
4)  Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue.

– Published by The MIL Network

LiveNews: https://feedcreatorngin2.fifthestate.nz/2026/02/06/iren-reports-q2-fy26-results/

Watch live: Waitangi Day celebrations continue, as waka hit the water

Source: Radio New Zealand

Celebrations have begun at Waitangi Day, starting with a dawn service which included a rowdy reception for the deputy prime minister.

Follow coverage on our live blog below.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/watch-live-waitangi-day-celebrations-continue-as-waka-hit-the-water/

Pedestrian dies after being hit by vehicle in Ōtara

Source: Radio New Zealand

A pedestrian died in Ōtara after being hit by a vehicle. RNZ/ Marika Khabazi

A pedestrian has died after being struck by a vehicle on a northbound lane of the Southern Motorway at Ōtara early on Friday morning.

Emergency services were called about 12.30am on Friday, between the Te Irirangi Drive on-ramp and the East Tamaki Road off-ramp.

First responders attended to the person, who died at the scene.

The northbound lanes were closed until 6am Friday.

Police said enquiries into the crash were ongoing.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/pedestrian-dies-after-being-hit-by-vehicle-in-otara/

Pedestrian killed after being hit by vehicle in Ōtara

Source: Radio New Zealand

A pedestrian died in Ōtara after being hit by a vehicle. RNZ/ Marika Khabazi

A pedestrian has died after being struck by a vehicle on a northbound lane of the Southern Motorway at Ōtara early on Friday morning.

Emergency services were called about 12.30am on Friday, between the Te Irirangi Drive on-ramp and the East Tamaki Road off-ramp.

First responders attended to the person who died at the scene.

The northbound lanes were closed until 6am Friday.

Police said enquiries into the crash are ongoing.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/pedestrian-killed-after-being-hit-by-vehicle-in-otara/

Body found at Napier beach

Source: Radio New Zealand

123rf

A body has been located at a beach in Napier, police say.

At around 8:25pm on Thursday, police were notified that a body was seen in the water off The Esplanade, Westshore.

Police and Coastguard responded and conducted a search for the body, which was recovered just before 1:30am.

A formal identification process is underway, and the death will be referred to the Coroner.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/body-found-at-napier-beach/

Green Party celebrates decision to decline Taranaki seabed mining

Source: Radio New Zealand

Green Party co-leader Marama Davidson RNZ / Mark Papalii

The Green Party is celebrating the decision to decline plans to mine the Taranaki seabed.

In a draft decision on Thursday, the fast-track approvals panel declined Trans-Tasman Resources’ (TTR) bid to mine 50 million tonnes of seabed a year for 30 years in the South Taranaki Bight.

The panel found there would be a credible risk of harm to Māui dolphins, kororā/little penguin, and fairy prion.

Green Party co-leader Marama Davidson said it was a huge win for the environment and the community.

“We’re absolutely delighted to see the proposal not backed.

“Even the government’s own panel have come out and said seabed mining has little regional or national benefit and that it would only benefit destructive corporations.

“It’s an incredible win for the environment, but massive props to the local campaigns, local community people, iwi, NGOs, researchers, scientists, fishers, just regular, ordinary people who care, who have said the same thing for many years and have fought hard and long.”

TTR have until 19 February to comment on the decision.

Davidson said the mining company would be putting profit before people and the environment if they tried to appeal it.

“How silly would they look. The message is already very clear. This is destructive, overrides local community voices and Te Tiriti, and it’s harmful and dangerous to our environment, which people actually care about.

“They have no support.”

She said the draft decision set a precedent and sent a message to the government that seabed mining was a “dumb idea”.

“Stop putting forward your stupid ideas.”

Davidson said if the government was relying on seabed mining as a way to grow the economy, they were “at a dead end.”

“It’s short-sighted, it’s stupid, and it will not work.”

Trans-Tasman Resources says it will now consider its next options.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/green-party-celebrates-decision-to-decline-taranaki-seabed-mining/

No diagnoses and no gap fees for physios and speechies. What else do we know about Thriving Kids?

Source: The Conversation (Au and NZ) – By Helen Dickinson, Professor, Public Service Research, UNSW Sydney

Kindel Media/Pexels

Thriving Kids is back in the spotlight, after the states and territories agreed last week to match the federal government’s A$2 billion dollar investment.

The new national program is targeted at children aged 0-8 with developmental delay and/or autism with low to moderate support needs. Under the proposal, many children currently supported through the NDIS would instead access assistance through this new “foundational supports” program.

But Thriving Kids has been clouded by uncertainty since its surprise announcement last August.

Nearly 500 submissions to a senate inquiry showed many families, advocates and service providers are anxious about the lack of clarity and fear kids could miss out on essential support.

On Tuesday, the government released a report that finally provides more detail.

This is welcome news. But important questions remain about how Thriving Kids will be rolled out, who for, and how the government will measure whether it’s working.

The new detail we have about Thriving Kids

In last week’s deal, the Commonwealth agreed to a delay, pushing back the start date to October.

Changes to NDIS access will not take effect until January 2028, allowing more time for service transition, workforce development and quality assurance.

The long-awaited report from the Thriving Kids Advisory Group has also set out guiding principles and key design features.

Thriving Kids will deliver a mix of universal supports – such as advice and skill-building for families – and targeted supports, “delivered where children live, learn and play”.

Precisely how these will be rolled out depends on each state and territory’s approach and will vary, building on existing services.

Targeted supports could involve group or one-on-one sessions with a specialist to work on particular skills (such as language or social interaction) and take place online or at home, school or childcare, depending on what the child and family needs.

There will be multiple pathways to get onto the program, such as referral from teachers, early childhood educators, and GPs. There will also be formal intake mechanisms but these are up to the states and territories to design.

Significantly, children will not need a formal diagnosis to receive support, removing a process that can be time-consuming, costly and inequitable.

Some children will likely still need a functional analysis of their support needs to access allied health professionals, such as occupational therapists, speech pathologists and physiotherapists.

Butler also indicated these targeted allied health supports would not involve gap fees – an issue that had raised concerns about access and equity.




Read more:
Occupational therapists tackle obstacles in the home, from support to cook a meal, to navigating public transport


Thriving Kids will include greater supports for parents. These aim to build self-advocacy skills, help them support their child’s development and navigate complex service systems.

The report also commits to evaluating the program. This means making sure public investment leads to meaningful improvements in children’s lives.

Importantly, children with significant and permanent disability will remain eligible for the NDIS, including those with developmental delay or autism.

What we still don’t know

Despite the additional information released this week, there are outstanding questions.

On Tuesday, Butler commented that “there was a life before the NDIS”, indicating a return to state-run service models for children.

Under Thriving Kids, families will not receive individualised budgets as they did under the NDIS, to purchase supports. Instead, children will access services commissioned and delivered by states and territories.

But this prospect may concern families who recall limited choice, long waiting lists and uneven quality prior to the establishment of the NDIS.

The report does not yet explain how Thriving Kids will avoid replicating these problems, particularly in areas where services are thin on the ground.

It does identify workplace development as critical, and there will be a focus on building disability capability across health services, early childhood education and care, and schools.

However, research consistently shows that workforce capability depends on more than individual skills. So training – while necessary – will not be enough by itself.

School leadership, staffing levels, time, resources and families’ capacity to navigate complex systems all shape whether inclusive practices are possible in practice.

Without addressing these factors, there is a risk responsibility will be shifted onto front-line workers without the conditions they need to succeed. These challenges are likely to be particularly acute in regional and rural areas.

What would make Thriving Kids successful?

In late 2025, we helped convene a policy forum involving 35 stakeholders from across education, health, early childhood and disability sectors to consider what would enable Thriving Kids to succeed.

This forum agreed that Thriving Kids must be holistic and universal, meaning it’s properly embedded wherever children live, play and learn. From the GP office to their school and beyond, there should be as few barriers to entry as possible.

It should be locally led, free of charge and neuro-affirming. This means there is recognition and support for the diverse ways people’s brains function – and this is valued as a strength, not a deficit.

Beyond these principles – which are shared by the Thriving Kids Advisory Group – success will depend on several practical commitments, ensuring:

  • families, advocates and workers are involved in its design

  • those working with children with disability are well-resourced and have the right skills, abilities and supports

  • Thriving Kids and the NDIS work together, rather than operating as separate systems

  • there are clear pathways for children to transition between services within Thriving Kids and, at age 9, into other supports or the NDIS, and

  • funding is sustained to prevent geographic inequities.

Supports must be delivered in genuinely inclusive, mainstream settings. Otherwise, routinely withdrawing children from the places they live, play and learn for therapy risks reinforcing their exclusion, rather than participation.

The report’s guiding principles are encouraging. But whether Thriving Kids delivers meaningful change will hinge on the detail of its implementation.

Helen Dickinson receives funding from ARC, NHMRC, MRFF and Australian governments.

Molly Saunders does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. No diagnoses and no gap fees for physios and speechies. What else do we know about Thriving Kids? – https://theconversation.com/no-diagnoses-and-no-gap-fees-for-physios-and-speechies-what-else-do-we-know-about-thriving-kids-274951

Evening Report: https://eveningreport.nz/2026/02/06/no-diagnoses-and-no-gap-fees-for-physios-and-speechies-what-else-do-we-know-about-thriving-kids-274951/

Super Rugby Pacific preview: Moana Pasifika

Source: Radio New Zealand

Super Rugby Pacific is back after a real return to form last year, with the competition kicking off in Dunedin on 13 February. As usual, each team has gone through an eventful off season, so today we’re checking in on last year’s fairytale team, Moana Pasifika.

Highlanders team preview

Overview

Moana Pasifika head coach Fa’alogo Tana Umaga before the Super Rugby Pacific – Moana Pasifika v Waratahs at North Harbour Stadium, Auckland – on Saturday 5th April 2025. Photo credit: Brett Phibbs / www.photosport.nz Brett Phibbs / www.photosport.nz

Moana pretty much saved themselves from extinction by finishing in seventh place and memorably making the play-offs last year. That was done off the back of a gigantic workload by Ardie Savea, who will not be with the team this year as he plies his trade in Japan. His absence will be the talking point over Moana this year, as they look to keep the momentum going on and off the field.

The Good

Photosport Ltd 2020

Despite Savea leaving, the squad assembled by coach Tana Umaga is definitely beginning to make Moana look more like a favoured destination than second or third resort. Former Hurricane and All Black Ngani Laumape is the big addition to the midfield, while Jimmy Tupou and 132 kg Alefosio Aho will add a lot in the second row.

The Bad

Moana Pasifika. Andy Radka/ActionPress

While they’ve stepped out of last resort category, Moana are seemingly in another stage they probably don’t want to be in. Kyren Tamouefolau’s departure to the Chiefs is a sign that other teams are now very much eyeing up any young talent Moana produces, so the pressure is on to be a title contender simply to make those players stick around.

Big boots to fill

Moana Pasifika Miracle Faillagi scores his third try during the Super Rugby Pacific match, Moana Pasifika v Hurricanes, North Harbour Stadium, Auckland. Michael Thomas/ActionPress

Miracle Faiilagi has been handed the unenviable task of replacing Savea as not only captain, but also the key loose forward. However, he will have plenty of help in the form of Semisi Paea and last year’s breakout star Semisi Tupou Ta’eiloa.

What makes Moana fans different

Moana Pasifika fans during the Super Rugby Pacific – Moana Pasifika v Waratahs at North Harbour Stadium. Photosport

Moana went from playing in front of three men and a dog to establishing a fan base so dialled in they made North Harbour Stadium feel like Ellis Park. The most important game on the calendar is now definitely the crosstown derby with the Blues, which will likely be ramped up through both sides’ willingness to take shots at each other on social media.

Big games

Once again, it’s all of them. There will be an extra edge when Moana travel across town to play the Blues at Eden Park in round five, while they host their rivals in round 11. That run from round three on sees them play the Chiefs twice and the Crusaders once as well, after which we’ll have a decent barometer of what sort of post-Ardie reality Moana are in.

2026 squad

Props: Abraham Pole, Chris Apoua, Feleti Sae-Ta’ufo’ou, Malakai Hala-Ngatai, Paula Latu, Tito Tuipulotu

Hookers: Mamoru Harada, Millennium Sanerivi, Samiuela Moli

Locks: Alefosio Aho, Allan Craig, Jimmy Tupou, Ofa Tauatevalu, Tom Savage

Loose Forwards: Dominic Ropeti, Miracle Faiilagi, Niko Jones, Ola Tauelangi, Semisi Paea, Semisi Tupou Ta’eiloa, Tupou Afungia

Halfbacks: Augustine Pulu, Jonathan Taumateine, Melani Matavao, Siaosi Nginingini

First Fives: Faletoi Peni, Jackson Garden-Bachop, Patrick Pellegrini

Midfield: Julian Savea, Lalomilo Lalomilo, Ngani Laumape, Tevita Latu

Outside Backs: Glen Vaihu, Israel Leota, Solomon Alaimalo, Tevita Ofa, Tuna Tuitama, William Havili

Next up on Monday: The Blues

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/super-rugby-pacific-preview-moana-pasifika/

Green MP seeks recognition of tohorā/whales as legal persons

Source: Radio New Zealand

Whole blue whale fluke credit Mark Carwardine

A Green MP wants tohorā/whales to be recognised as legal persons.

In New Zealand, laws have been passed to grant legal personhood to natural features, allowing them to be represented in court and have rights similar to those of individuals.

Teanau Tuiono has lodged a member’s bill, the Tohorā Oranga Bill, which would give whales inherent rights, including the right to freedom of movement, a healthy environment, and the ability to thrive alongside humanity.

“Because they’re such an iconic taonga species, they’re like an avatar for the environment, it’s incredibly important to protect them as a species and protect their habitat as well, and the part that they play in the fuller ecosystem,” Tuiono said.

Green MP Teanau Tuiono RNZ / Mark Papalii

With whales under threat from commercial fishing, pollution, and the climate crisis, a different approach to marine protection was needed.

“Humans, we often see ourselves as the centre of the world and the centre of our universe. Actually, we share the planet with other species and with other sentient species as well.

“I think recognition would shift the mindset of decision-makers across a range of environmental laws to make sure they’re paid specific attention.”

He said iwi Ngāti Wai and the Hinemoana Halo Ocean Fund had been heavily involved in the kaupapa.

“I’d like to acknowledge the work of Ngāti Wai as part of Hinemoana Halo, who are in many ways the genesis of this and other iwi around the country who are looking at different ways to do whale conservation around whale strandings as well, and everyone who loves the moana.”

Members’ bills are put forward by an MP who is not a minister, and are drawn via a ballot system.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/green-mp-seeks-recognition-of-tohora-whales-as-legal-persons/

Waitangi 2026: Dawn service in pictures

Source: Radio New Zealand

RNZ / Layla Bailey-McDowell

Politicians, church leaders, local iwi and a crowd in the thousands attended the dawn service which kicked off Waitangi Day celebrations.

The service included a rowdy reception for deputy prime minister David Seymour, who faced boos, and audience members heckling him during his speech. A pūtatara (conch shell) could also be heard blowing.

RNZ photographers and journalists were at the service.

Here is how the morning unfolded in pictures.

Sunrise at Waitangi today. RNZ / Layla Bailey-McDowell

Crowds gathered early for the dawn service. RNZ / Mark Papalii

The governor general Dame Cindy Kiro, deputy prime minister David Seymour, National’s Dr Shane Reti and Labour leader Chris Hipkins at the service. RNZ / Layla Bailey-McDowell

Defence Force personnel at the service. RNZ / Mark Papalii

One of those attending. RNZ Mark Papalii

Waitangi Day 2026 is marked at Te Whare Rūnanga, the Waitangi Treaty Grounds in the Bay of Islands. RNZ Mark Papalii

Deputy Prime Minister David Seymour delivers his reading. RNZ Mark Papalii

Bishop Te Kito Pikaahu asked the crowd for calm while Seymour delivered his prayer. RNZ/Mark Papalii

A protestor during Seymour’s reading. RNZ Mark Papalii

A band plays during the service. RNZ Mark Papalii

The crowd as the sun rises. RNZ Mark Papalii

Greens’ co-leader Marama Davidson. RNZ Mark Papalii

Dame Cindy Kiro. Mark Papalii

National’s Dr Shane Reti. Mark Papalii

Labour leader Chris Hipkins. Mark Papalii

Bagpipes at the dawn service. Mark Papalii

A flag is raised at the dawn service. Mark Papalii

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/waitangi-2026-dawn-service-in-pictures/

Body located, Napier

Source: New Zealand Police

A body has been located at a beach in Napier.

At around 8:25pm on Thursday 5 February, Police were notified that a body was seen in the water off The Esplanade, Westshore.

Police and Coastguard responded and conducted a search for the body, which was located just before 1:30am.

A formal identification process is underway, and the death will be referred to the Coroner.

ENDS

Issued by Police Media Centre

LiveNews: https://nz.mil-osi.com/2026/02/06/body-located-napier/

WHO membership doesn’t threaten NZ’s sovereignty – walking away from it would

Source: The Conversation (Au and NZ) – By Helen Petousis-Harris, Associate Professor in Vaccinology, University of Auckland, Waipapa Taumata Rau

Hagen Hopkins/Getty Images

When NZ First leader Winston Peters responded to the recent US withdrawal from the World Health Organization (WHO) by questioning whether New Zealand should continue funding it, he employed a familiar narrative.

Peters was not speaking in his capacity as foreign minister, but describing the WHO as an organisation full of “unelected globalist bureaucrats” nonetheless plays into fears that New Zealand’s membership is a risk to national sovereignty.

The rhetoric mirrors wider international narratives that frame global health cooperation as a threat to national interests.

But such fears are misplaced.

The WHO is a global advisory body and cannot override New Zealand law. No WHO instrument has any legal force in New Zealand unless it passes through a domestic implementation process like any other international treaty.

In practice, that means decisions are made in Wellington, through Cabinet and Parliament – not in Geneva.

The most recent amendments to the WHO’s international health regulations explicitly preserve national decision-making flexibility. The pandemic agreement, adopted by the World Health Assembly last year, does the same.

Even during the COVID pandemic, WHO guidance remained advisory. Countries deviated constantly. New Zealand adopted measures stricter than WHO baselines in its elimination strategy by choice. Sovereignty was not lost in 2020. It was exercised.

Why the WHO is easy to attack

Part of the problem for the WHO is not that it is too powerful, but that it is oddly invisible.

As the scientific journal Nature recently noted, the WHO struggles to succinctly explain what it does, not because it does little, but because it does everything only a global public health authority can do. It is the sole body mandated to coordinate international public health action across borders, systems and income levels.

For low-income countries, the WHO is a lifeline providing access to affordable medicines and vaccines, quality and safety standards, laboratory capacity and expertise during disease outbreaks.

For high-income countries like New Zealand, the benefit is less visible but no less real. We rely on the WHO to limit the international spread of infectious diseases before they reach our borders through surveillance, data sharing and coordination that no single country can run alone.

The WHO’s signature achievement was the eradication of smallpox in 1980. It is often invoked nostalgically, as if it were a relic of a more cooperative era. In reality, that success defined the WHO’s modern role, shifting from time-limited eradication campaigns to permanent global surveillance and coordination.

During the COVID pandemic, the WHO provided early alerts, technical guidance and global intelligence, but it did not dictate New Zealand’s response. New Zealand’s elimination strategy was only possible because global information flowed early.

In recent years, the organisation has also strengthened its scientific backbone by embedding evidence review more deeply in decision making, including through its chief scientist’s office. This development rarely features in political attacks on the WHO, which tend to portray it as ideological rather than technical.

The irony is that the WHO is most effective when it is least visible. When surveillance works, outbreaks are smaller. When standards hold, medicines are safe. When coordination succeeds, crises are quieter.

That makes the WHO easy to caricature and to dismantle rhetorically.

What New Zealand gets from the WHO

Lost in this debate is a more important question. What would New Zealand lose by stepping back?

New Zealand benefits from global disease surveillance systems we could not replicate independently. For example, the global influenza surveillance and response system provides early warning, viral strain characterisation and vaccine reference data that feed directly into Medsafe decisions and national preparedness.

The WHO also sets international reference standards for vaccines, blood products and diagnostics that small regulators rely on to function efficiently and safely. Without that shared scientific baseline, New Zealand would have to either duplicate global work at extraordinary cost or accept greater uncertainty in regulatory decisions.

Then there is the Pacific. New Zealand’s role as a regional partner is amplified, not diluted, through the WHO.

During recent health emergencies in the Pacific, the WHO provided the coordination framework that allowed New Zealand and Australia to act quickly, coherently and legitimately.

Walking away would not make New Zealand more independent, but rather less effective at detecting, preparing for and responding to health threats.

The current resurgence of WHO hostility is not happening in isolation. It closely tracks developments in the United States, where public health institutions have become ideological targets.

In Aotearoa New Zealand, sovereignty has always been exercised through negotiated authority and collective responsibility, not isolation. Sovereignty is not the ability to opt out of reality. It is the ability to choose how you engage with it.

Information sharing, early warning and coordination are not signs of weakness. They are tools that allow national governments to act decisively in their own interests. In practice, sovereignty has never meant standing alone.

New Zealand’s COVID response was successful not because it ignored the WHO, but because it used global intelligence and then made its own choices – sometimes stricter, sometimes different – based on local conditions and values. That is a model to be defended, not caricatured.

Helen Petousis-Harris has recieved funding from GSK for expert advice. Her organisation receives research grants from industry. She is a member of the Aotearoa New Zealand National Immunisation Technical Advisory Group (NITAG). Helen does not work for, consult for, or receive funding from the World Health Organization. She is a former Chair of the WHO Global Advisory Committee on Vaccine Safety (GACVS) and has provided unpaid expert input to vaccine research initiatives, including work related to gonorrhoea vaccines.

ref. WHO membership doesn’t threaten NZ’s sovereignty – walking away from it would – https://theconversation.com/who-membership-doesnt-threaten-nzs-sovereignty-walking-away-from-it-would-274844

Evening Report: https://eveningreport.nz/2026/02/06/who-membership-doesnt-threaten-nzs-sovereignty-walking-away-from-it-would-274844/

Can a bird be an illegal immigrant? How the White Australia era influenced attitudes to the bulbul

Source: The Conversation (Au and NZ) – By Simon Farley, Assistant Lecturer, History, The University of Melbourne

The Conversation, CC BY-NC-SA

In early January, authorities from South Australia’s Department of Primary Industries took to the streets of Adelaide on the hunt for a suspicious individual.

This individual had been spotted several times in the preceding weeks: they had red cheeks, brown wings and a black crest. It was a red-whiskered bulbul — a non-native bird, often seen around Sydney and Wollongong but not normally present in SA. Most Australians have likely never heard of a red-whiskered bulbul, much less seen one. But these birds have been living here since the First World War.

A spokesperson for the state explained why one little bird was causing such a fuss:

the red-whiskered bulbul is a high-risk pest bird that can damage SA’s vineyards and orchards by eating soft fruit, flower buds and insects, potentially reducing yields or causing crop failure

Is this bulbul really a harbinger of catastrophe for SA’s fruitgrowers? As a historian who researches introduced species in Australia, I suspect there is more at stake here than a few grapes and cherries.

Australia is a country forged through suspicion and fear of outsiders – a theme still prevalent in politics today. The bulbul first arrived here in the heyday of the White Australia Policy, and at the time, its Asian origin influenced the way Australians reacted to it. Could this history still influence attitudes towards it today?

The red-whiskered bulbul’s natural range includes much of India, southern China and Southeast Asia. But humans have brought it to places as far apart as Mauritius, Hawaii and Australia.
Nafis Ameen/Creative Commons, CC BY-SA

First bulbuls were likely escapees

The red-whiskered bulbul’s “natural range” — where it lived before humans transported it elsewhere — includes much of India, southern China and Southeast Asia. But humans have brought it to places as far apart as Mauritius, Hawaii and Florida, as well as Australia.

Many of the birds Australians see every day have been introduced since the beginning of colonisation. This is true of domesticated birds such as chickens and pigeons, brought here on the First Fleet in 1788. In the 19th century, “acclimatisers” — naturalists who made it their mission to move species of animal and plant across the globe — successfully introduced several species of wild bird, such as blackbirds and common (or “Indian”) mynas.

Bulbul populations appeared almost simultaneously in both Sydney and Melbourne in the late 1910s. The bulbul was a popular pet at the time, and it’s probable these populations arose from aviary escapees. (This seems to be how the bird became established in the wild in other regions such as Florida.)

At first, the bird prompted not much more than curiosity. Some warned its penchant for fruit would lead it to becoming a pest; others praised it for eating troublesome insects such as aphids.

A.H. Chisholm, ‘Ways of the Wild’, Daily Telegraph (Sydney), 16 December, 1922, 13, https://trove.nla.gov.au/newspaper/article/245786530.
CC BY-ND

Bulbul scrutinised in era of xenophobia

The bulbul arrived during the zenith of the White Australia Policy, and its Asian origin meant it received extra scrutiny. As early as 1922, commentators wrote about the bird under headlines like “Another Asiatic Menace”, “Asiatic Settler” and “Immigrant Bird”. A 1926 headline in the Melbourne Herald was even more explicit: “Mr. Bulbul: Asiatic Bird That Has Beaten the Migration Laws”. Farmers and gardeners wrote to newspapers to complain of bulbuls eating their fruit, calling the birds “undesirables” and “foreigners in feathers”.

Some people thought these responses were prejudiced, and said so. One correspondent of Sydney’s Evening News called on readers to give “the bul-bul a fair go”. There was no denying that the bird was charming and had a beautiful song, even if it did eat fruit and flowers. Some commentators argued the bulbul had become “naturalised” – that it had earned a right to belong in Australia, regardless of origin.

There is something hopeful in all this. Even at a time of intense and wide-ranging racism and xenophobia, an Asian bird could still “become Australian”.

But these voices were always a minority. As the species was never protected by law, orchardists and gardeners encouraged each other to shoot and trap bulbuls whenever possible. By 1935, an employee of the Sydney Botanic Gardens was shooting up to six bulbuls a day.

Much ado about nothing?

Today, bulbuls still thrive around Greater Sydney, their range stretching north to Newcastle and south to Nowra. But Melburnians rarely see them, according to publicly accessible data on the Birdata and Ebird platforms. Perhaps they have been muscled out by growing numbers of aggressive and adaptable native birds such as noisy miners and pied currawongs.

Like the recent visitor to Adelaide, bulbuls have been spotted occasionally in SA since the 1940s, but decades can pass without a single bulbul being seen in the state. Whether or not bulbuls someday form a viable population in SA remains to be seen. But if they did, would it really be so bad?

We know that some non-native birds, like starlings, cause immense problems for farmers and do compete with native birds for nesting sites. However, there is very little peer-reviewed research on the red-whiskered bulbul in Australia. In 2014, ecologist Matthew Mo wrote there was no evidence that competition between bulbuls and native birds is “ecologically significant”. Even the evidence for its impact on fruit crops and role in spreading weeds remains scant. At best, we have a deficiency of research. At worst, we’re getting worked up about a relatively harmless bird, just because it’s not native.

White Australians of the interwar period let their xenophobic attitudes towards Asian humans distort their view of an Asian bird. I’m not arguing those worried about the bulbul today are doing so because they are personally racist. But today’s anxieties about the bulbul do seem acute, given the lack of any hard evidence. After all, native birds can do enormous damage to fruit crops, too.

In many cases, we’re right to be concerned about the ecological and agricultural impacts of non-native wildlife — I’m not here to defend rabbits, brumbies or feral cats. But that doesn’t mean every introduced species is a catastrophe waiting to happen. The story of the bulbul in Australia should give us pause. During more than a century on this continent it has been, at worst, a minor nuisance. When the intensity of our emotions does not match the evidence, we need to ask ourselves why.

Simon Farley does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. Can a bird be an illegal immigrant? How the White Australia era influenced attitudes to the bulbul – https://theconversation.com/can-a-bird-be-an-illegal-immigrant-how-the-white-australia-era-influenced-attitudes-to-the-bulbul-273347

Evening Report: https://eveningreport.nz/2026/02/06/can-a-bird-be-an-illegal-immigrant-how-the-white-australia-era-influenced-attitudes-to-the-bulbul-273347/

Is federal government spending really to blame for higher inflation? It’s not clear cut

Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

There has been a spate of articles and commentary in recent days calling on the Australian government to reduce spending.

Those calling for government cuts – mostly long-time advocates of smaller government – claim this would lower inflation, and as a consequence reduce interest rates.

In fact, claims that government spending is now a very large share of the economy are exaggerated.

So, what’s actually going on with government spending?

Federal government spending has fluctuated between 23% and 27% of the economy (gross domestic product or GDP) since the mid-1970s. The exception was a spike during the COVID pandemic. Its current level is not particularly unusual.

Straight talking from the RBA

The latest Reserve Bank forecasts estimate that “public demand” (spending by all governments, federal, state and local) expanded by 2.2% during the course of 2025. This was less than the growth in consumer spending (3.1%), home building (5.5%) and business investment (2.5%).

Nor has increased government spending on services led to a wage explosion in the public sector, which was a significant contributor to inflation in the 1970s.

Both public and private sector wages have been growing around an average of 3.5% in recent years.

Michele Bullock, the Reserve Bank governor, does not try to direct the government on fiscal policy. Likewise, the government does not tell her what to do with interest rates.

The RBA prides itself on independence. Bullock is an independent agent and a direct speaker. If she thought government spending was the main force driving up inflation, she would say so.

Asked directly at her press conference this week, she instead cited other factors driving the pick-up in inflation:

  • supply constraints in some sectors
  • private demand being stronger than forecast
  • greater-than-expected resilience in the global economy
  • and easier financial conditions.

Under questioning in parliament, Treasurer Jim Chalmers has also said government spending has not contributed to the latest rate rise decision.

How do we want our taxes to be spent?

An increase in government spending without a matching increase in taxes would, in theory, fuel higher inflation. However, it would depend on the type and location of the spending.

Spending on foreign aid in other countries (or for that matter on US submarine shipyards) pushes up domestic demand by workers and companies in those locations – not in Australia.

It is entirely reasonable for the community to decide it wants a greater share of its resources to be spent collectively. It may want better health and child care or support for the disabled, for example. This is not inflationary if funded from taxes, as the taxes reduce other areas of demand.

The government budget has moved back into deficit this financial year, after two years in surplus. But the current position, and projections over the next decade, are for relatively small deficits by historical standards.

The projected deficits are also lower than in many comparable countries.

There is no correlation between high government spending and high inflation. Nordic countries with much larger governments than Australia, such as Norway and Sweden, have inflation rates of 3.2% and 0.3%, respectively. Turkey, with some of the lowest government spending and debt among advanced countries, has an inflation rate persistently higher than 30%.

Where government spending can lift prices

It could be argued that it would be better for Australia to return to budget balance more quickly. This would make us better placed to respond to a future recession.

But the current fiscal settings are not the primary cause of the uptick in inflation.

They are, at best, a contributor in some areas of the economy. For example, infrastructure spending during COVID caused prices to rise in construction, more generally.

Other things being equal, cutting government spending, while leaving taxes unchanged, could in theory help reduce inflation. It is incumbent on those arguing for this to specify precisely what they would cut.

To make a difference to inflation, cuts would need to be large, targeting areas where spending is growing the fastest, such as health, the National Disability Insurance Scheme, defence and natural disasters.

Trimming at the margins — for example, cutting public service budgets — would not help much. In any case, the federal government has reportedly already asked public service department heads to suggest where 5% could be cut.

In health, costs are rising mainly due to advances in medical technology, which then leads to government spending. This pressure is hard for government to push back on. Voters tend to prefer a longer and healthier life over helping the government reduce inflation.

Another way government can help inflation is on the supply side, by improving productivity. That is a long, hard journey, but one that offers more promise in the long term.

John Hawkins was formerly a senior economist with the Australian Treasury and the Reserve Bank of Australia.

Stephen Bartos does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. Is federal government spending really to blame for higher inflation? It’s not clear cut – https://theconversation.com/is-federal-government-spending-really-to-blame-for-higher-inflation-its-not-clear-cut-274961

Evening Report: https://eveningreport.nz/2026/02/06/is-federal-government-spending-really-to-blame-for-higher-inflation-its-not-clear-cut-274961/

Taxi Driver at 50: Martin Scorsese’s film remains a troubling reflection of our times

Source: The Conversation (Au and NZ) – By Alexander Howard, Senior Lecturer, Discipline of English and Writing, University of Sydney

IMDB

Martin Scorsese’s Taxi Driver turns 50 this month. Nominated for four Oscars and winner of the Palme d’Or at the 1976 Cannes Festival, Scorsese’s searing, hallucinatory portrait of urban alienation is widely regarded as one of the most important American films of all time.

It is also unquestionably one of the most troubling.

Taxi Driver channels the anger, paranoia and alienation of an American decade shaped by economic decline, imperialist violence and political scandal. Set in the dilapidated squalor of a rapidly deindustrialising New York, the film proffers a forlorn portrait of a society coming apart at the seams.

At its heart sits a deeply unsettling vision of masculinity, bound up in racism and misogyny.

The social and psychological forces Taxi Driver brought into focus have not disappeared. If anything, they have simply migrated – finding new expression in digital cultures shaped by the platforming of grievance, aesthetised resentment and the monetisation of male rage.

American existentialism

Travis Bickle (portrayed with unnerving intensity by Robert De Niro) was the creation of screenwriter Paul Schrader, who drew heavily on his own experiences of isolation and emotional crisis. Schrader also looked to literature for inspiration, citing Fyodor Dostoevsky’s misanthropic Underground Man as a formative influence.

In placing the European existential hero in an American context, said Schrader:

you find that he becomes more ignorant, ignorant of the nature of his problem. Travis’ problem is the same as the existential hero’s, that is, should I exist? But Travis doesn’t understand that this is his problem, so he focuses it elsewhere: and I think that is a mark of the immaturity and the youngness of our country.

Schrader also drew on contemporary events, including the attempted assassination of right-wing politician George Wallace by Arthur Bremer. The result was a character who crystallised the violent confusions of the era.

Like Bremer, Travis keeps a diary. We see him writing in it at various points in the film and we hear excerpts from it in voiceover:

All the animals come out at night. Whores, skunk pussies, buggers, queens, fairies, dopers, junkies, sick, venal. Someday a real rain’ll come and wash all this scum off the streets.

Travis, a decidedly unreliable narrator who claims to have served in Vietnam, takes a job as a taxi driver because he has trouble sleeping. Working almost exclusively at night and wound impossibly tight, he rides through the city in a state of heightened unease.

One morning, after clocking off from a long shift, he notices a young woman through the window of a midtown Manhattan office. This is Betsy (Cybill Shepherd), an ambitious campaign worker employed by a presidential hopeful Charles Palentine (Leonard Harris).

Betsy quickly becomes the object of Travis’s fixation. He begins loitering in his cab outside her workplace, watching her from a distance. Eventually, he somehow persuades her to go on a date with him. It does not go well.

Socially inept, Travis’ idea of a good time is a trip to a Times Square porno theatre. He appears genuinely baffled when Betsy decides she has had enough and storms out, cutting off all contact with him. This only deepens Travis’ indignation and culminates in an angry confrontation at Betsy’s office, where he berates her in front of her coworkers.

Travis starts to spiral, confessing to a fellow cabbie that he’s got “some bad ideas” in his head. He settles on a plan of action. His diary entries become even more ominous.

He starts working out obsessively, loads up on guns and plots the public assassination of Betsy’s boss. Political violence becomes a way of giving shape to his discontent, transforming indignation into a pipe dream of historical consequence. He practices shooting in front of the mirror in his dingy apartment.

De Niro’s improvised line, “You talkin’ to me”, became (to borrow from film scholar Amy Taubin) “arguably the most quoted scene in movie history”.

When his plan to murder Palantine collapses, Travis redirects his attention to Iris, a 12-year-old sex worker played by Jodie Foster. He decides he must “help” her get away from her pimp, believing himself morally just. Carnage ensues – so ferocious that it initially led to the film being refused a commercial rating.

It ends on a bleakly ironic, ambiguous note.

A dark afterlife

Taxi Driver divided critics but proved an immediate hit with viewers.

Its disquieting power did not diminish with time; if anything, the film’s afterlife has been almost as troublesome as the work itself.

In 1981, John Hinckley Jr. – who had become obsessed with the film – attempted to assassinate Ronald Reagan in an effort to impress Jodie Foster. This incident shook Scorsese, who briefly considered giving up filmmaking altogether.

Travis Bickle has been repeatedly elevated to the status of anti-hero. The character has cast a long cultural shadow, most obviously in Todd Phillips’s Joker (2019).

A 2025 documentary series reflecting on Scorsese’s career returns to this question of legacy. Director Rebecca Williams puts it to Schrader that she gets the impression that “there are a lot of Travis Bickles, especially right now.” Schrader’s reply is blunt:

They’re all talking to each other on the internet. When I first wrote about him, he was talking to nobody. He really was, at that point, the Underground Man. Now he’s the Internet Man.

It is a sobering thought.

Alexander Howard does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. Taxi Driver at 50: Martin Scorsese’s film remains a troubling reflection of our times – https://theconversation.com/taxi-driver-at-50-martin-scorseses-film-remains-a-troubling-reflection-of-our-times-261662

Evening Report: https://eveningreport.nz/2026/02/06/taxi-driver-at-50-martin-scorseses-film-remains-a-troubling-reflection-of-our-times-261662/

Five apprehended following burglary in Upper Hutt

Source: New Zealand Police

Four youths and a 20-year-old man have been apprehended following a burglary at a commercial premises in Upper Hutt overnight.

Hutt Valley Area Commander, Inspector Wade Jennings says Police were notified of an attempt to break into a store on Main Street at around 12:40am.

“The alleged offenders made multiple attempts to gain access to the store, however those attempts were unsuccessful. They then fled the scene in a vehicle.”

That vehicle was later seen by Police where it was stopped, and five people were apprehended.

“The quick reporting of this incident by the store owner assisted Police greatly with gathering all necessary information, leading to locating and apprehending these youths.

“We understand the impact that this kind of offending has on local businesses and will continue to work to ensure we hold these offenders to account.”

The alleged offenders are due to appear in Court on 12 February.

ENDS

Issued by Police Media Centre

LiveNews: https://nz.mil-osi.com/2026/02/06/five-apprehended-following-burglary-in-upper-hutt/

Black Caps scramble to beat the US in World T20 warmup

Source: Radio New Zealand

Matt Henry celebrates a wicket. photosport

Seamer Matt Henry grabbed five wickets and came up clutch in the final over as the Black Caps saw off the United States by seven runs in a T20 World Cup warmup match in Mumbai.

It capped a difficult day for New Zealand, who couldn’t field ill batsmen Rachin Ravindra, with a viral infection having struck the team this week, according to coach Rob Walter.

Devon Conway was only cleared late to play the game while fellow-opener Finn Allen missed the game with a shoulder complaint.

Walter said he expected to have a fully fit squad to choose from for Sunday’s opening pool match against Afghanistan in Chennai.

Henry at least showed he was fit and firing, finishing with 5-32 as the US reached 201-8 off their 20 overs, in response to New Zealand’s 208-7.

The unheralded American side needed 12 to win off the final over but experienced seamer Henry halted them in their tracks, conceding just four runs and taking the wickets of Shubham Ranjane and Mohammad Mohsin off the second and fourth balls.

Earlier, Henry claimed the scalp of Andries Gous from the first ball of the chase and he later removed Milind Kumar for 43, while legspinner Ish Sodhi (2-27) dismissed top-scorer Saiteja Mukkamalla for 50.

New Zealand’s best with the bat was opener Tim Seifert, who blasted 66 off 31 balls before retiring to give others time at the crease.

Glenn Phillips struck a rapid 40 and Daryl Mitchell contributed 32.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://nz.mil-osi.com/2026/02/06/black-caps-scramble-to-beat-the-us-in-world-t20-warmup/