Category: Business

Source: Radio New Zealand

• ANZ headline business confidence down 5 points to net 59 percent optimism
• Firms’ own outlook edges higher to 52.6 pct, manufacturing most bullish
• ANZ puts the stumble down to the rise in wholesale interest rates
• Profit, exports, investment indicators steady or a touch lower
• ANZ warns price/cost indicators mixed, may test RBNZ confidence inflation headed lower

The rise in business confidence has taken a breather amid rising wholesale interest rates, but remains broadly upbeat.

The ANZ bank’s February survey showed headline confidence falling five points to a net 59 percent optimism level, but the measure of firms’ own business performance edged higher.

Chief economist Sharon Zollner said the survey overall was solid and the dip might only be temporary.

“The sharp turn in interest rates seen from late-November until mid-February has had an impact on the Business Outlook survey – expected credit conditions and profitability have taken a hit, and past activity has also seen a bit of a wobble.”

She said the Reserve Bank’s recent comments about policy seems to have helped ease rates, which may calm nerves in the next survey.

However, Zollner said there were a few inflation signs that needed to be watched, with inflation expectations the highest since mid-2024.

“The net percent of firms expecting to increase their prices eased very slightly but is still trending in the opposite direction to our and the RBNZ’s inflation forecasts.”

“The net percent of firms expecting higher costs also remains elevated.”

Zollner said the RBNZ has frequently expressed confidence that inflation was headed back into the 1-to-3 percent target band in the near term, but might yet be surprised.

She warns that inflation expectations and pressures are rising which may test Reserve Bank confidence that inflation will fall back into its target band soon.

Manufacturing was the most upbeat at the headline level, but agriculture related firms had the highest readings for export, profit and investment expectations.

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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/2026/02/26/anz-headline-business-confidence-down-amid-rising-interest-rates/

Source: Radio New Zealand

Estate planning, trust and investment manager Perpetual Guardian Group is stepping back into the corporate supervision market with the purchase of Trustees Executors Limited for an undisclosed sum.

The companies are the oldest trustee institutions in the New Zealand, with histories stretching back more than 140 years.

Perpetual Guardian Group provides estate planning and investment services, and looks after over 125,000 client relationships, with $2.8 billion in funds under management, and $8b in total assets under management.

Trustees Executors supervises more than $200b worth of KiwiSaver, managed funds and other investment products.

It is the appointed supervisor for a wide range of investment managers and listed entities, including Milford Asset Management funds, Fisher Funds schemes, Midlands Funds, and the NZX‑listed Vital Healthcare Property Trust.

Perpetual Guardian previously exited the supervision sector in 2021, but said the acquisition will make it the country’s largest provider of fiduciary services.

Fiduciary services make sure that fund managers follow the rules, protect investors’ money, report accurately, and run their fund the way they promised.

Perpetual Guardian said it has notified the Financial Markets Authority of the sale.

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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/2026/02/26/perpetual-guardian-purchases-trustees-executors-for-undisclosed-sum/

Source: Radio New Zealand

The fizz has gone out of the beer industry.

Stats New Zealand numbers out Tuesday show beer consumption fell 10 percent to 265 million litres in the year ended December 2025.

It’s part of a sustained downward trend in overall alcohol consumption, happening in New Zealand and around the world.

Brewers Association of New Zealand executive director Dylan Firth told Midday Report it saw a bit of a shift this past year.

But not only that, Firth said there have been a “slight decline” over recent years, giving the industry time to look at what it was doing and understand its consumers.

He said there was “definitely” more of a push towards the lower, no alcohol space.

Firth said the higher alcohol beers had taken more of a hit.

“If you actually break down the data closely, the real story isn’t just about total volumes that are moving, it’s about how they’re shifting.

“The beer above 5 percent ABV, it fell about 27 percent which is quite significant but at the same time, 2.5-4 percents category was broadly stable, in fact a slight increase, so what that shows is there’s a shift in that space.”

Firth said lower carb options had seen “massive growth” and he put it down to a generational shift.

He said the younger generation don’t drink as much and they are drinking less as they get older for health reasons.

Firth also said Covid-19 lockdowns saw a change in the way people meet – with a lot moving to online – meaning not as many people were going out socially to have a drink.

Despite this, beer wasn’t going away, he said.

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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/2026/02/26/fizz-goes-out-of-the-beer-industry-as-consumption-keeps-falling/

Source: Radio New Zealand

The Defence Force is going to begin testing air, land and sea drones from a Mount Maunganui company.

Syos Aerospace drones are used in Ukraine and it recently took another step towards helping develop ‘wingman drones’ for the UK’s Apache attack helicopters, including for strike and target acquisition

The government said the trial of the combat-proven tech would strengthen capability while growing local industry.

“Having cutting-edge drone technology developed and supported by local businesses will reduce supply chain risk and strengthen our resilience,” said Defence Minister Judith Collins in a statement on Thursday.

Neither the Beehive or Syos’ media releases said how many drones or what the deal was worth. RNZ has asked for more information.

The trials in coming months would include transporting supplies, and doing maritime patrols and route reconnaissance.

NZDF said it was looking at integrating the drones with a fire control system designed and built in New Zealand by European firm Hirtenberger.

New Zealand consulting firm Sysdoc would support training.

Defence ran consultations with companies in January around a potential plan for surveillance drones to scour the Pacific.

Its long-range drone project has a ballpark budget of $100-$300 million over four years. Other sums would be spent on AI in behind that.

Budget 2025 funded counter-drone systems – say, that shoot down drones – as one of 15 “priority” projects, but not maritime or other drones.

Collins said the Syos deal was exactly what the recently released defence industry strategy called for, for delivering on the $12 billion defence capability plan.

The army and navy get to test Syos’ SG400 Uncrewed Ground Vehicle, SM300 Uncrewed Surface Vessel, SA2 ISR drone and SA7 one-way effector drone.

The NZDF has been part of big drone-testing exercises by the US and other Five Eyes partners in recent years, but last year took just a single drone to one such joint exercise in Australia.

Syos said it was delighted.

“Our platforms and systems have been proven in some of the world’s most demanding environments, and we’re proud to bring that experience to New Zealand’s capability development,” said chief executive and founder Sam Vye.

“Structured experimentation” at NZDF aligned with how they worked, he added.

The NZDF is trying to align itself with its Australian counterpart on emerging military tech. This was an objective of the AUKUS Pillar Two agreement; NZ has not joined that agreement but was still pushing to become more interoperable as combat, reconnaissance and other tech becomes more advanced.

Australia announced a three-year research project into counter-drone technology this week.

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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/2026/02/26/defence-force-to-test-air-land-and-sea-drones-from-mount-maunganui-company/

Source: Radio New Zealand

Deputy Prime Minister David Seymour has renewed his call for the government to sell its 51 percent stake in Air New Zealand after it reported a significant half-year loss.

The airline posted a bottom-line loss of $40 million in the six months ended December, compared to last year’s profit of $106m.

Revenue was up just over 1 percent to $3.44b, compared to $3.4b a year ago.

Seymour, also the leader of the ACT Party, criticised the airline, saying it should go back to the basics.

“The taxpayer has to have a purpose for having all that capital tied up. My question is, what is that purpose if they’re not providing a service that is affordable and timely? Instead, they seem to have been distracted by a million other objectives.”

Seymour said Air NZ had been doing “politically motivated stuff” when it couldn’t take off and land on time for a decent price.

“Get woke, go broke. We hear about electric planes, glossy reports on climate change, paper cups in the Koru Lounge. What they can’t seem to do is take off and land on time,” he said.

“I’m fortunate that as an MP I don’t have to pay for work flights, but whenever I look at one privately, they’re looking at $600 to go from Wellington to Invercargill one way. That’s crazy.”

Seymour’s comments come as the airline continues to face severe disruption due to grounded aircraft.

Air NZ said the half-year loss was largely driven by global engine maintenance delays, slower-than-expected recovery in domestic demand, increasing costs, and a weaker New Zealand dollar.

It said that while capacity would likely increase modestly in the second half with aircraft returning to service and new aircraft, the airline was cautious on whether it would translate to earnings uplift.

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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/2026/02/26/david-seymour-renews-call-to-sell-governments-air-nz-shares-after-half-year-loss/

Source: Radio New Zealand

Deputy Prime Minister David Seymour has renewed his call for the government to sell its 51 percent stake in Air New Zealand after it reported a significant half-year loss.

The airline posted a bottom-line loss of $40 million in the six months ended December, compared to last year’s profit of $106m.

Revenue was up just over 1 percent to $3.44b, compared to $3.4b a year ago.

Seymour, also the leader of the ACT Party, criticised the airline, saying it should go back to the basics.

“The taxpayer has to have a purpose for having all that capital tied up. My question is, what is that purpose if they’re not providing a service that is affordable and timely? Instead, they seem to have been distracted by a million other objectives.”

Seymour said Air NZ had been doing “politically motivated stuff” when it couldn’t take off and land on time for a decent price.

“Get woke, go broke. We hear about electric planes, glossy reports on climate change, paper cups in the Koru Lounge. What they can’t seem to do is take off and land on time,” he said.

“I’m fortunate that as an MP I don’t have to pay for work flights, but whenever I look at one privately, they’re looking at $600 to go from Wellington to Invercargill one way. That’s crazy.”

Seymour’s comments come as the airline continues to face severe disruption due to grounded aircraft.

Air NZ said the half-year loss was largely driven by global engine maintenance delays, slower-than-expected recovery in domestic demand, increasing costs, and a weaker New Zealand dollar.

It said that while capacity would likely increase modestly in the second half with aircraft returning to service and new aircraft, the airline was cautious on whether it would translate to earnings uplift.

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/2026/02/26/david-seymour-renews-call-to-sell-government-air-nzs-shares-after-half-year-loss/

Source: Radio New Zealand

Deputy Prime Minister David Seymour has renewed his call for the government to sell its 51 percent stake in Air New Zealand after it reported a significant half-year loss.

The airline posted a bottom-line loss of $40 million in the six months ended December, compared to last year’s profit of $106m.

Revenue was up just over 1 percent to $3.44b, compared to $3.4b a year ago.

Seymour, also the leader of the ACT Party, criticised the airline, saying it should go back to the basics.

“The taxpayer has to have a purpose for having all that capital tied up. My question is, what is that purpose if they’re not providing a service that is affordable and timely? Instead, they seem to have been distracted by a million other objectives.”

Seymour said Air NZ had been doing “politically motivated stuff” when it couldn’t take off and land on time for a decent price.

“Get woke, go broke. We hear about electric planes, glossy reports on climate change, paper cups in the Koru Lounge. What they can’t seem to do is take off and land on time,” he said.

“I’m fortunate that as an MP I don’t have to pay for work flights, but whenever I look at one privately, they’re looking at $600 to go from Wellington to Invercargill one way. That’s crazy.”

Seymour’s comments come as the airline continues to face severe disruption due to grounded aircraft.

Air NZ said the half-year loss was largely driven by global engine maintenance delays, slower-than-expected recovery in domestic demand, increasing costs, and a weaker New Zealand dollar.

It said that while capacity would likely increase modestly in the second half with aircraft returning to service and new aircraft, the airline was cautious on whether it would translate to earnings uplift.

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/2026/02/26/deputy-pm-david-seymour-renews-call-to-sell-govt-shares-after-air-nzs-big-half-year-loss/

Source: Radio New Zealand

Sky TV has made a strong first-half profit and is on track to pay shareholders a full year dividend of at least 30 cents a share.

While it expects trading conditions to remain challenging, Sky TV chief executive Sophie Moloney said earnings growth would continue into the next financial year.

“The first half of FY26 marks an important step forward for Sky,” she said.

• Net profit $52.4m* vs $1.7m loss
• Revenue $415.4m vs $385m
• Underlying profit $78.2m* vs $60.7m
• Operating expenses $346.8m vs 347.9m
• Interim dividend 15 cents per share vs 8.5 cps

*includes purchase of Sky Free

Moloney said Sky’s half-year performance reflected the execution of Sky’s multi-year strategy] and the financial and strategic benefits of the Sky Free purchase of Three owner Discovery NZ for $1.

“The Discovery NZ acquisition was a well-structured deal for Sky,” she said.

“It’s not often you get to acquire an asset for $1 and significantly strengthen the balance sheet at the same time – as is also evidenced by the gain on bargain purchase of $34.4 million we report today, reflecting the fair value of the assets acquired.”

Moloney said the combined business was already demonstrating benefits for Sky.

The company expected to report a full year underlying profit in a range of $145m and $160m, with revenue in a range of $820m and $835m and a dividend of at least 30 cps.

“Although the economic environment remains uncertain, earnings growth is expected to continue from FY27, and we remain confident in our ability to deliver at least $10m of incremental EBITDA (underlying profit) by FY28 through delivery of synergies across the group.”

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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/2026/02/26/sky-tv-trumpets-major-turnaround-with-52-4m-half-year-profit/

Source: Radio New Zealand

Explainer – New Zealand has cracked down on two hugely popular online prediction markets, declaring them illegal here.

The Polymarket and Kalshi platforms are valued at billions of dollars, but the Department of Internal Affairs (DIA) has now ordered them to stop providing services to Kiwis.

“To avoid breaching New Zealand law, they must cease offering services to New Zealanders,” Vicki Scott, director of gambling for the DIA, told RNZ.

Here’s what you need to know about the world of prediction markets and how it’s changing in New Zealand.

What exactly are prediction markets, anyway?

Basically, it’s where people place bets on the future – that could be sports, politics, weather – even whether or not Jesus Christ might return before 2027.

Polymarket is the big dog in the arena, but there are many other sites, and they’re particularly popular among younger people. Billions of dollars in trading volume was seen during the recent American Super Bowl – not just the game, but things like what musician Bad Bunny would do during his halftime show.

“Any number of things have now been gamified and monetised and turned into basically a casino,” Bobby Allyn, a technology correspondent for America’s National Public Radio, told RNZ’s Afternoons recently.

“Prediction markets are apps where you can wager money on sports, on the outcome of say, a press conference – what will someone say at a press conference … even things like how many people will die of famine in Gaza this year, what will President Trump do in Venezuela now that Maduro has been toppled.”

Some of the big bets doing the rounds this week include whether the former Prince Andrew will be sentenced to prison and when or if the United States might launch a military strike against Iran. But it can even get as granular as what exact words a politician might say in a speech, in “mention markets”.

There are New Zealand predictions in the mix, such as one on Kalshi over who will win November’s election, or wagers on Polymarket on what the Reserve Bank will decide in future Official Cash Rate announcements.

Kalshi co-founder and chief executive Tarek Monsour has said: “The long-term vision is to financialise everything and create a tradable asset out of any difference in opinion.”

New Zealanders have used the platforms and there are many variations of them, not all of which wager money. An Auckland engineer recently told The Spinoff that the appeal of betting on outcomes “makes me feel more engaged and connected to events, because I want to see how things go”.

So is it just a forecasting tool or is it officially gambling?

What has the government decided?

The DIA has weighed in to say these platforms are indeed a kind of gambling under New Zealand laws.

“Prediction markets such as Polymarket and Kalshi are caught by both the Gambling Act 2003 and the Racing Industry Act 2020,” Scott said.

“They both offer products that meet the general definition of ‘gambling’ and the more specific definition of ‘bookmaking’ in the Gambling Act. They are accordingly prohibited under the Gambling Act.”

Scott said that “the surge in popularity and growth of prediction markets means time is right to take a clear regulatory stance”.

The government has sent letters to the companies asking them to prevent access in New Zealand.

Other countries like Australia and the UK have taken similar positions.

One of the big legal debates going on world-wide is whether these sites actually are gambling sites. Multiple lawsuits are playing out in America. The Trump administration has so far tended to back the prediction markets.

And then there are competitors such as Manifold, which uses its own “play” currency Mana instead of betting money.

“Those involved say they’re not gambling,” NPR’s Allyn said.

“They say these apps are placing a bet on a future outcome. But, I mean, look, if I were to explain to you in detail how this works and then you compare this to a casino I think you’d basically say there’s virtually no difference. I think it’s very fair to say that this is just a new tech-powered version of gambling.

“It’s a classic sort of tech company move to say ‘we’re not the thing that you think we are because we want to avoid the regulations.’”

Prediction websites aren’t entirely new, of course. In New Zealand, the iPredict site produced by Victoria University of Wellington ran from 2008 to 2015.

It closed not because it was decreed a gambling site, but instead after former Associate Justice Minister Simon Bridges refused to grant it an exemption from the Anti-Money Laundering and Countering Financing of Terrorism Act, declaring that it was a “legitimate money laundering risk”.

New Zealand Initiative chief economist Eric Crampton said that back then, iPredict wasn’t being held to the standards prediction markets are now by the DIA.

“Deciding that prediction markets are necessarily gambling, however, is inconsistent with New Zealand’s prior authorisation of iPredict. It also shuts Kiwis out of an emerging financial market sector.

“iPredict, like other prediction markets, provided remarkably accurate predictions on future events like election outcomes, inflation outcomes, and interest rate decisions. It ended in 2015 not because it was considered gambling, but because it was too small to be able to afford to comply with new regulations that were mainly aimed at banks.”

Scott said the Financial Markets Authority and Problem Gaming Foundation were consulted and supportive of the DIA’s stance.

“I note that neither Kalshi nor Polymarket applied to the FMA for consideration or licensing of their products,” she said.

Crampton said electronic trading companies such as Tradeweb are increasingly working with prediction markets like Kalshi, and Allyn also noted that “they also are partnering with pretty huge institutions on Wall Street”.

“I expect that new hybrid financial instruments will soon be developed combining prediction market contracts and traditional financial market contracts,” Crampton said. “Regulating this space as gambling makes little sense.”

So are they really predicting the future?

Betting odds for Polymarket and Kalshi have seeped into the real world. Allyn said such reporting can influence actual events.

“Right now we’re seeing a number of awards shows, a number of news organisations like CNN using the odds of prediction markets as part of their broadcast.

“These Polymarket odds are just mostly young men speculating on Discord and Reddit about what they think is going to happen – I mean, it’s pure speculation. When odds move up or down in some way it’s just a bunch of young people in basements slamming on their phones $10 here, $10 there, I don’t really see how this is providing something that’s more authoritative and more credible than polls.”

But as a counterpoint, Crampton called such descriptions clueless.

“Prediction markets prove remarkably accurate, providing regular updated data in areas where official forecasts are few and far between. The (US) Federal Reserve recently published a working paper based on Kalshi data, showing both the accuracy of Kalshi’s prices and their importance as leading financial market indicators.”

Researchers have found that speculators make markets more accurate, he said.

“Informed traders then have a stronger incentive to work hard at figuring out accurate prices, because they have people to trade with.”

Crampton cited an example in the 2024 US presidential election where a trader won big betting on Trump winning, by looking at polls that asked people who they thought their neighbours would vote for.

“From that he learned that Trump was (sadly) far more popular than the polls expected. He bought a lot of contracts that would pay out if Trump won, moving the prices to reflect that reality. And he was rewarded for his efforts.”

Does this only cover Polymarket and Kalshi?

The two companies have been specifically called out, but the decision sets a precedent for others in the prediction market space in New Zealand.

“The issues are not specific to Polymarket and Kalshi, although they are the biggest players in this space currently,” Scott said. “We will take a similar approach to other providers as they arise.”

“The approach we have taken aligns with our approach to overseas betting operators (including many well-known international brands) who have been advised they must withdraw immediately from the NZ market.

“Most have complied, geo-blocking their sites. In our view there’s no reason why prediction markets should be treated any differently.”

What did the platforms say?

The DIA sent letters to both Kalshi and Polymarket, informing them their services were illegal and they must prevent them from being accessed by people in New Zealand.

“Whilst neither have formally responded, Kalshi responded almost immediately by deactivating customer accounts and preventing new accounts,” Scott said this week.

“Polymarket do not appear to have taken any action, and we will be following up with them directly.”

Is online gambling legal at all in New Zealand?

At the moment, only TAB New Zealand can legally offer online race and sports betting.

Currently it’s legal to try your luck on offshore casino gambling sites, according to the DIA, but online casinos based in New Zealand are illegal and it’s illegal to advertise offshore casino gambling websites in New Zealand. Safer Gambling Aotearoa warns to use those sites “at your own risk”.

The Online Casino Gambling Bill, which would regulate and license up to 15 offshore casino operators, is currently progressing through Parliament.

The bill “will introduce a regulatory system for online gambling in New Zealand, which will prioritise harm minimisation, consumer protection, and tax collection,” Minister of Internal Affairs Brooke Van Velden said in introducing the legislation last year.

What happens if I find a way to still use Polymarket or similar sites?

Scott warns that it’s risky.

“New Zealanders who engage with Polymarket should do so with caution. There will be no recourse through the gambling regulator if things go wrong and there appears to be no harm minimisation protections in place.”

However, Crampton said that he felt the sites were legitimate enterprises.

“Kalshi at least is (United States Commodity Futures Trading Commission)-authorised and CFTC-regulated. And I have never heard of payout issues at Polymarket.

“There are the occasional problems that every prediction market has in contract interpretation; iPredict had those too. Even if everyone is diligent and well-intentioned, sometimes the world moves in ways that make it hard to interpret whether a contract should pay out at $1 or at $0. It’s rare, but occasionally unavoidable.”

While Polymarket and Kalshi are now considered illegal in New Zealand, Scott said the DIA will not be going after individual users.

“Although it is technically an offence to participate in illegal gambling, we will not be looking to penalise those engaging with these platforms, our focus is on the platforms themselves.”

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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/2026/02/26/why-betting-on-top-online-prediction-markets-is-now-illegal-in-new-zealand/

Source: Radio New Zealand

Air New Zealand has slumped to a half-year loss as it continues to face severe disruption due to grounded aircraft, with challenges likely to continue in the short-term.

The airline posted a bottom-line loss of $40m in the six months ended December, compared to last year’s profit of $106m.

Revenue was up just over 1 percent to $3.44b, compared to $3.4b a year ago.

Key numbers for the six months ended December 2025 compared with a year ago:

• Net loss $40m vs $106m
• Revenue $3.44b vs $3.4b
• Pre-tax loss $59m vs $155m profit
• No interim dividend vs 1.25 cents per share

The airline said the result was largely driven by global engine maintenance delays, slower-than-expected recovery in domestic demand, increasing costs, and a weaker New Zealand dollar.

The pre-tax loss came in worse than market expectations and the airline’s own forecast of between $30m and $55m.

Air NZ was also undergoing a major review of the business as it looked to cut costs and return to profitability.

“With the support of the board we are undertaking a comprehensive review of all aspects of the business, with the objective of returning the airline to sustained profitability through enhanced operational performance, growth and further cost transformation initiatives,” chief executive Nikhil Ravishankar said.

“While we are disappointed that the engine availability issues have taken longer than anticipated to resolve, we are pleased with recent progress and now expect a total of four grounded Airbus neo and Boeing 787 aircraft to return to service throughout the 2026 calendar year.”

Ravishankar expected Air NZ to receive two of its 10 new 787 aircraft later in the financial year, providing widebody capacity growth of 20-25 percent over the next two years.

Domestic demand soft, costs high

Air NZ said overall passenger revenue improved 4 percent to $3 billion on the back of more capacity to Australia and the Pacific Islands, and more premium seats on long-haul routes.

But it said domestic demand recovery was slower-than-expected, while international performance was supported by strong offshore bookings, particularly for premium cabins.

It said demand for outbound long-haul travel was subdued.

Jet fuel prices were on average slightly weaker than the prior period, but the airline said lower fuel prices were more than offset by a weaker New Zealand dollar.

“Non-fuel operating cost inflation of approximately $75 million was driven primarily by higher mandated domestic passenger levies, engineering and maintenance costs, and airport landing charges,” the airline said.

“The airline’s concern is not only about the current level of these costs, but the future trajectory and potential for further increases over time, which would place additional pressure on the business, and the sustainability of regional connectivity.”

Conditions not expected to improve in second half

Air NZ said while capacity would likely increase modestly in the second half with aircraft returning to service and new aircraft, the airline was cautious on whether it would translate to earnings uplift.

“This is because widebody capacity cannot be operationalised into the schedule and sold at short notice,” it said.

“The primary constraint is uncertainty in the timing of aircraft and engine returns, which limits the ability to plan and sell additional flying with confidence.”

The airline said disruption-related costs and inefficiencies would also take time to unwind.

Based on current trading conditions, and assuming a jet fuel price of US$85 per barrel, Air NZ expected second-half earnings to be broadly in line with, or modestly below the first half.

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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/2026/02/26/air-new-zealand-swings-to-half-year-loss-amid-severe-fleet-disruption/

Source: Radio New Zealand

A man who took out a loan for a car but was unable to make the repayments when he lost his job has had the default interest and fees charged refunded.

The case may offer insights for other borrowers struggling with their loan commitments.

The man complained to Financial Services Complaints Ltd (FSCL), an external dispute resolution provider for some of the financial sector.

It does not identify people who complain or the organisations they complain about.

But it said in a case note that the man borrowed $9995 to buy a car in 2022.

He had to arrange insurance to qualify for the loan so he borrowed a total of $14,000 to cover mechanical breakdown insurance, payment protection insurance and guaranteed asset protection insurance, all through the car dealership.

In 2024, he lost his job and found it hard to keep up with the $107 a week loan payment. He contacted his insurer but was told his cover did not include any provision for redundancy. The car dealer was no longer in business.

He said he told the lender about his problems but default fees and interest were added every time he missed a payment.

The lender offered to his increase his weekly payment to $150 to get him back on track but he continued to fall behind.

He finally complained to FSCL, saying the lender had not done enough to help and it was unfair that he was being charged fees and default interest when he was in hardship.

FSCL investigated and said because he had not missed any loan payments before he lost his job it was likely that the loan was affordable when he borrowed the money.

Lenders have an obligation to ensure they do not give borrowers loans they cannot pay back.

“We considered that the lender had not done anything ‘wrong’. The lender had given [him] information about financial mentoring services and had restructured the loan once to avoid default interest and fees. Reviewing the lender’s diary notes, it appeared that [the borrower] was offering to increase his payment to get the loan back on track and avoid repossession of his car.”

The lender agreed to refund the default interest and fees, refinance one payment into the loan balance so he was not in arrears and reduce payments to $110 a week.

FSCL said lenders were required to consider whether they could do anything to alleviate financial hardship but they were entitled to charge default fees and interest.

“If you experience financial hardship and struggle to repay a loan, keep in contact with your lender, show a willingness to repay what you can, and seek help from a free financial mentor early.”

Commerce Commission general manager of competition, fair trading and credit Vanessa Horne said people who were facing financial difficulty and could not afford their repayments had two options.

“The first is to contact the lender as soon as possible to see if they can make changes to the credit contract.

“While lenders do not have to alter the contract, they are required to act reasonably and ethically when problems arise.

“The other option is making a hardship application, which [the] lender must consider by following a specific process.”

Horne said under the Credit Contracts and Consumer Finance Act, a borrower could ask a lender for a change to their loan, mortgage or credit card or other consumer credit contract if they had suffered a hardship they could not have seen coming, and could not make their repayments as a result of that hardship. They also needed to believe they could make the repayments if the contract was changed in the ways specified under the Act, including extending the loan term or a payment holiday.

“A borrower must make a hardship application in writing. They need to state the reason, or reasons, for the unforeseen hardship. It can also be worthwhile including supporting information, such as a medical certificate or letter of redundancy.

“The letter must also include the specific changes the borrower wants to make such as extending the term of the contract and reducing the amount of the repayments or postponing repayments for a specified time and both the borrower and lender must agree to the changes before they are permitted.”

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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/2026/02/26/what-can-you-do-if-you-cant-afford-a-loan/

Source: Radio New Zealand

Whangārei woman Kate recently became a solo homeowner, after her relationship ended.

While being able to keep her family home has given her some stability, it’s come at a financial cost.

“I honestly don’t know how I would do it without a decent job,” she said. “If I had career breaks I would have had to sell up.

“Now I have to work harder … I think it would be hard for lots of females.”

She said she had been lucky that she made extra repayments on the mortgage earlier on, which means she can structure her loan in a way that makes it more manageable now.

“Just means less clothes for me. And being more conscious. But lucky I am financially literate.”

Data shows that as a millennial, she’s in a minority.

Women – and particularly younger women – are being left behind in the property market, a situation that could exacerbate wealth gaps over time.

Cotality has released its latest Women and Property report that shows, while both men and women value home ownership, there is a gender gap when it comes to ownership rates.

More than half of Gen Z males (those born from 1997-2012) and 66 percent of Millennial males (those born from 1981-1996) own the home they live in.

But only 33 percent of Gen Z females and 37 percent of Millennial females can say the same.

There is also a disparity among investors. Twenty percent of Gen Z men own investment properties and 15 percent of Millennial men, compared to 13 percent and 9 percent for women, respectively.

That is despite 62 percent of women saying property ownership was very important, compared to 54 percent of men.

Cotality chief property economist Kelvin Davidson said respondents pointed out various reasons for the different outcomes. “Certainly, look at incomes. We know there’s a wage gap in New Zealand. When you look at the proportion of women earning over $100,000… it’s quite a bit lower than males.”

A quarter of men told the survey they earned at least $100,000 a year, compared to 12 percent of women.

That would affect women’s ability to save deposits as well as pay mortgages, Davidson said.

Her said there also seemed to be a gap in the understanding of the home buying process. “In some cases that actually put females off even bothering.”

In total, 16 percent of New Zealand women said they had not bought a property yet because they did not know where to start. Only 6 percent of males said the same.

“There’s some potential policy implications here in terms of trying to fix the wage gap, and also looking at education initiatives perhaps pushing accounting or economics or finance in terms of education pathways,” Davidson said. “Earlier ownership is going to be associated with more stability, more security and greater options later in life.”

He said the figures showed systemic barriers rather than a lack of aspiration from women.

“Women clearly want to own property – in fact, more women than men rate property ownership as highly important.

“The challenge isn’t motivation, it’s knowledge, equity and support.

“The system often assumes a level of confidence, capital and experience that many women simply haven’t had equal opportunity to build.”

He said the most common method of ownership overall was co-ownership.

“Property is still a priority but it comes down to other factors, monetary and non-monetary.”

Cotality chief commercial officer Lisa Jennings said early entry to the property market gave people more time for their wealth to accumulate.

“And a gateway to more options later, as well as the tenure benefits from owning a property. This is a concern for younger females, who don’t own property as frequently as males.

“Building a deep understanding and specific gender knowledge of tomorrow’s property buyer is critical in addressing these disparities between males and females. It’s about strengthening communities and the resilience of New Zealand’s property market.”

Nearly two thirds of respondents to the survey said they had made changes to improve the energy efficiency or sustainability of their homes.

Of those who have made changes, just over half have made minor or low-cost updates such as LED lighting or draught-proofing, while just under half had made significant upgrades like solar panels/batteries, double glazing, or insulation.

Women were more likely to prioritise stability, security and long term liveability in property decisions.

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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/2026/02/26/young-women-being-left-behind-in-property-market/

Source: Radio New Zealand

Consumer NZ is asking how it is fair that power prices are rising at the same time as power companies are reporting large profits.

Meridian Energy on Wednesday reported a $226 million half-year profit. Earlier, Mercury had recorded a net profit of $20m in the year six months to December, and Genesis said its half year profit was $95m.

But at the same time, many customers have been receiving emails in recent weeks telling them that the cost of their power is set to rise this year.

After an increase of 12 percent last year, Consumer NZ has estimated that it is likely power prices will rise about 5 percent this year, largely driven by increases in lines charges.

A Consumer survey found that almost half of respondents said the price of their latest power bill was not fair and 46 percent of New Zealanders through gentailers’ profit levels were not justified.

An earlier survey found that almost one in five people cut back on food or other essentials to pay their power bills last winter and 21 percent went to bed earlier to keep warm.

Chief executive Jon Duffy said it appeared the gentailers’ social licence was starting to fade.

He said consumers saw companies talking “year after year” about needing profits to be able to invest in generation but had not seen that generation happen in a meaningful way for households.

“We don’t see that new generation come online or at least in the quantities that we need to lower prices. Consumer patience is running out with that.”

He said much of the new generation was tied to commercial contracts so households did not benefit.

The price of generation had come down on the back of a good year for hydro power, he said, but retail prices did not change. “That’s just printing money.

“The wholesale market is pricing in the potential dry year risk of there not being enough water in the lakes and there not being enough gas in the gas fields and that means they have to price in their risk which pushes prices up… I think people would have more patience if you saw a flood of renewable generation coming on to the market but we’re just not seeing that we’ve seen piecemeal incremental projects.”

He said in an advanced and industrialised economy the ability to pay for power should not be the issue it is in New Zealand.

Contact chief executive Mike Fuge said it had invested $2.4 billion in building energy infrastructure in the past five years.

“That is 2.4 terawatt hours of new generation, this is enough to power the equivalent of 320,000 Kiwi households…Contact remains focused on minimising price increases; however our input costs are increasing.”

He said lines and transmission charges made up 40 percent of an energy bill and continued to rise.

“New Zealand is in the middle of a renewable energy transition which requires significant investment in lines and distribution infrastructure, alongside the development of more renewable electricity generation.”

Mike Roan, chief executive of Meridian Energy, said he knew people wanted to lower prices.

“So do we, and we’re doing everything we can to achieve that – increasing generation supply and investing in new technology so we can offer even better offers to our customers. This result is going to help us deliver all that and more. When we do well, New Zealand gets the benefits. Around 80 cents of every dollar we pay in dividends goes to the government – 54 cents – or directly to Kiwis through their KiwiSaver and investment funds – 25 cents. We’re also one of New Zealand’s largest taxpayers – 27 percent of everything we earn is paid back as tax for the benefit of New Zealanders.

“Any suggestions that there’s not enough generation being built is just wrong. It’s in our best interests – and everyone’s interests – to make sure New Zealand has all the power it needs and at prices that are as affordable as possible. We’re continuing to build as much as we can, as fast as we can. And we’re not alone.

“The industry is currently building at a rate that is 25 percent higher than at the peak of Think Big and our development pipeline is big enough to double Meridian’s generation. We now hold 8.0 TWh of secured development options and a further 7.3 TWh of advanced prospects – more than a third of New Zealand’s current electricity demand.”

Bridget Abernethy, chief executive of the Electricity Retailers and Generators Association, said the organisation understood it was a challenging time for many households.

“New Zealand is in the midst of a renewable building boom.

“ERGANZ members have added more than $4.3 billion of investment in new wind, solar and geothermal to the renewables pipeline in the past year alone.”

She said MBIE data in the September quarter last year showed the lines component of a power bill up 16.7 percent and energy 6.6 percent.

“This reflects significant capital investment in transmission and local network infrastructure required to meet growing electricity demand across New Zealand.

“Anyone struggling to pay their power bill should contact their retailer as soon as possible, as there is a range of support options available.”

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LiveNews: https://nz.mil-osi.com/2026/02/26/is-it-fair-that-prices-rise-as-power-companies-bank-profits/