Category: Business

Source: Radio New Zealand

Fisher & Paykel Healthcare has upped its full year revenue and profit guidance on the back of “good growth” in its full range of hospital products.

“We have continued to see good growth across the full range of our hospital products so far during our second half,” managing director Lewis Gradon said.

“While relative seasonal respiratory hospitalisations in the northern hemisphere winter may continue to impact the second half result, our performance to date suggests pleasing progress in our efforts to change clinical practice.

“Continuous improvement activities and other efficiency gains are also contributing to improvements in our gross margin and operating margin.”

23 February 2026 guidance* versus 29 November 2025

• Net profit $450m – $470m vs $410m – $460m
• Revenue $2.30b vs $2.17b – $2.27b
• Assumes US exchange rate of 60 US cents vs 57 US cents
• Does not incorporate any potential refund of US tariffs paid to date during the 2026 financial year.

Update on US tariffs

The company updated its view on US tariffs following a US Supreme Court decision invalidating tariffs imposed by the US administration under the International Emergency Economic Powers Act (IEEPA).

“There are still a number of uncertainties regarding the implications of the Supreme Court’s ruling for companies that import into the United States,” it said.

“The company continues to work through the complexities associated with the US court rulings, refund processes and application of free trade agreements and the Nairobi Protocol to its products, and will provide an update on tariff impacts with its full year results at the end of May.”

The company continued to view the current and proposed tariff structures in the context of cost increases that will be mitigated over time by the company’s long-standing continuous improvement activities.

“As such, the company does not currently believe these matters have any material impact on the company’s long-term direction, strategy or sustainable profitable growth.”

F&P declined to comment further.

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/2026/02/23/fisher-paykel-healthcare-seeing-good-growth-across-hospital-products/

Source: Radio New Zealand

The last week of the corporate reporting season is underway with more than 20 companies yet to report their results to the December 31 balance date.

The past week saw reports from some of the biggest companies including Auckland Airport, Spark, Fletcher Building, SkyCity and A2 Milk, which met or beat market expectations, with positive outlooks.

Amova Asset Management head of equities Michael Sherrock said the sentiment was helped by the Reserve Bank of New Zealand holding the official cash rate at current levels and indicating it would hold steady for the rest of the year.

“We are reassured in the fact that things aren’t getting worse. The outlook is improving,” he said.

“And so I think there’s no sort of lush lawn growing. It’s just starting to sprout. And all of the bits and pieces are in place for a recovery as we move through the year ahead.

“We’re starting to see that come through the likes of Freightways.”

Contact Energy kicked off the reporting season last week with a positive outlook, with plans to raise more than half a billion dollars to invest in three large scale renewable energy projects.

Sherrock said the rest of the three big power companies Meridian, Mercury and Genesis, were also expected to report strong results this week, in line with Contact’s.

He said the market was also expecting to see strong results from the agricultural sector, following a positive update from apple exporter Scales, which lifted its full year underlying profit to between $61m and $62m.

He said Sky TV would be watched to see if it delivered on plans to pay a 30 cents a share dividend this year.

Other companies yet to report included tourism firms, Tourism Holdings, Air New Zealand, industrial and infrastructure services sector companies, Port of Tauranga, Channel Infrastructure and Chorus.

In addition to Scales, agri-sector firms PGG Wrightson and T&G Global will be reporting, along with manufacturing firms Vulcan Steel and Steel & Tube,

The market would also see results from property firms Property for Industry, Precinct Properties and Summerset Retirement Villages, and others representing a number of sectors including banks Heartland and KiwiBank, healthcare and petfood firm EBOS, media firm NZME, tech firm Vista Group and many others.

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/2026/02/23/more-than-20-companies-yet-to-report-results-in-last-week-of-corporate-reporting-season/

Source: Radio New Zealand

As the world grapples with US President Donald Trump’s latest move raising global duty on imports into the United States to 15 percent, Trade Minister Todd McClay says how it will impact New Zealand businesses remains to be seen.

Over the weekend, Trump said on his Truth Social platform that after a thorough review of the Supreme Court’s ruling that emergency tariffs were illegal, the administration was hiking the import levies “to the fully allowed, and legally tested, 15 percent level.”

But what will this mean for New Zealand businesses?

Trade Minister Todd McClay told Morning Report, exports to the US by value had increased recently, albeit not across the board.

He said now there would be a little bit of “wait and see” as to what would happen.

“Looking at other markets we’ve seen our exports to the EU going up.”

McClay said he was not presently speaking to the Trump administration about the tariff situation, but there had been ongoing conversations with them about the tariff rate.

“But ultimately, they haven’t come down below 15 percent for any country that has a surplus against them. There’s no evidence anywhere else in the world they’re dropping below that.”

So far for New Zealand exporters, the products that were sold to the US were still wanted and in demand despite tariffs, McClay said.

“What we’re doing is making sure they’ve got options elsewhere, which is part of why the India free trade agreement is so important for us.”

He said New Zealand also had agreements with other countries including the EU, Uk, China and Japan which were important.

“It’s not a plan B – you can sell to America and you can sell to the others if you want to.”

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/2026/02/23/its-a-little-bit-of-wait-and-see-trade-minister-todd-mcclay-on-donald-trumps-tariff-hikes/

Source: Radio New Zealand

International student Huda Jamali says studying in Palmerston North is a bit cheaper than in other parts of the country – but she was still surprised by how pricey it could be.

She says a non-catered spot in the university halls is about $230 a week. “I don’t recommend living in halls. I don’t think it’s worth the price for the halls I’ve seen here in Palmerston North.”

She is paying $270 for a room in a house while she finishes her animal science studies. “I think it’s worth it because it’s bigger and more comfortable.”

She said she had been particularly surprised by the cost of food. “Our groceries are very expensive as well. Fresh produce is crazy. It’s very expensive and it’s so hard to eat healthy just because of the expensive fresh produce.”

Darcy Nelson found studying in Dunedin very expensive, too. She said rent was “ridiculously expensive”, “especially considering what you’re getting for it. Rent in my second year was $205 and then rent in my third year was $220. It’s really crazy for what you’re paying for – it’s a room in a very, very cold mouldy house.”

She said she looked for work for a long time but was not able to get one. “It’s really difficult to get a job down there.”

She ended up borrowing more on her student loan to pay for living costs. “My parents were helping with rent in my second year because $300 [in student loan support] for rent, food, power… you can’t do that. One of my best friends who was in my house both years didn’t have any help from her parents, she got the full loan out and she was skimping by truly eating pasta just all the time. She couldn’t afford anything, it was crazy.

Nelson said she had a falling out with flatmates over the power bill because it was so hard to save money. “You just can’t because the house isn’t properly insulated, you’ve got broken windows, you’ve got a dryer going… I think the biggest power bill between seven girls got to $900.”

Rent went up every year, she said.

“Especially on Castle St in Dunedin. The rent goes up by $15 a year, or $20. I know the girls who moved into our house this year are paying $250 or $260 a week each compared to our $220.”

She has moved back to Auckland to be able to live with her parents and work while she studies.

“I did two years there and two years is enough. I’ve got a couple of papers to complete and I’ll do it from Auckland, save my cash, save my money.”

Simplicity chief economist Shamubeel Eaqub said the cost of being a student had increased significantly.

“In 2005, the average student could just about make it work. A weekly student allowance of $160 against essential costs of $140 left a slim $20 buffer. Not comfortable, but survivable. Rent was $86, food $42, electricity $11. You could manage, especially if you had a part time job too.

“Fast forward to 2025 and that buffer has flipped into a deficit. Student support has risen 86 percent, but the cost of essentials has increased more – by 220 percent. Rent is now $193. Food $96. The $20 surplus is now an $8 weekly shortfall, before you’ve bought a textbook, caught a bus or bought a beer. You need over $300 a week just to live.”

Ministry of Social Development data shows that in the first quarter of last year, just under 35,000 students received some form of financial assistance under the student allowance scheme.

That was up 5.2 percent on the year before. On average, they received $1882 in payments in the quarter, which was down 3 percent.

The maximum after tax for a student under 24 living with parents was $277.72 a week. For those away from home it was $323.33.

How much people can get from the allowance depends on their own income and that of their partner, if they are over 24, and their parents’ income if they are under 24.

Someone under 24 whose parents’ joint earnings are more than $69,935.32 a year before tax will have the amount they can receive in the allowance reduced.

There is no student allowance available for them if their parents own over $127,701.81 and they live at home, or $137,187.86 if they do not.

Students who do not qualify for an allowance can borrow more money for living costs on top of their student loans but this has to be paid back.

They can borrow up to $323.43 a week, an amount that is adjusted with inflation each year.

Eaqub said Dunedin and Palmerston North rents were 60 percent of AUckland pries in 2015 but that had risen to now more than 80 percent.

University tuition fees were up 113 percent and polytech fees up 60 percent.

“To pay for tuition and living costs – I hope not for other things – the median student loan balance has increased from $10,000 in 2005 to $24,000 in 2023.”

He said it was also less clear that students were getting a payoff for their studies.

“Post GFC, between 2009-2014, graduate incomes held up even as more people entered tertiary education. Pre-Covid, income premiums started flattening, and post-pandemic, returns have become dispersed and uncertain, with 25-34 year olds facing declining returns and stiffer competition than the cohorts before them.

“A qualification still helps. But the field you study and the sector you enter now matter far more than whether you have a piece of paper at all.”

Earlier, RNZ reported data from Education Counts showed higher-level qualifications had traditionally brought earning benefits over a person’s working life.

It said wages would generally increase as people gained work experience, but higher levels of education seemed to mean that people’s income grew at a faster rate. Getting a degree gave more of a wage benefit to European workers than it did for other groups.

“For those with a Level 4-6 tertiary qualification, they’ve been around 10 percent more. Adults with no qualifications, on average, have received around 20 percent less in weekly income, and 12 percent less in hourly earnings, when compared to those with school qualifications only.”

For employed adults, the hourly earnings of those with a degree have been around 35 percent more than for those with school qualifications only.

But Eaqub said people were being asked to take on significant debt and live in weekly deficit with the increasing uncertain hope that their income would pay off on the other side.

“Some will make it work. Many will be squeezed in ways that shape their financial lives for decades. Delaying homeownership, limiting savings, starting careers already behind, or getting ahead because of parental support.”

Indexing student support to living costs would help, he said, as would redirecting KiwiSaver subsidies to young people at birth to help them build up an account to help with education costs.

The housing problem also needed to be addressed he said, and the student loan scheme reimagined.

“Income-contingent repayment already exists, which is good. But with balances now averaging $24,000 and incomes more volatile, could there be a case for repayment smoothing, such as repayment holidays, when income drops, or maybe bonded or time-limited debt forgiveness for fields with demonstrable public benefit – teaching, nursing, social work, – where forgiveness is earned only after verified service. “

He said young people now were being asked to take on debt, work a lot or rely on their parents. “We want our young people to have access to affordable and high quality education. They are the future of our country.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest.

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

LiveNews: https://nz.mil-osi.com/2026/02/23/being-a-student-is-pricier-than-ever-does-it-pay-off/

Source: Radio New Zealand

Got questions? RNZ has launched a podcast, ‘No Stupid Questions’, with Susan Edmunds.

We’d love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but even better, you can drop us a voice memo to our email questions@rnz.co.nz.

You can also Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

My dad passed away in 2015. While he was sick, he and his partner both wrote wills. In his will he said if he died the house he built would be sold after my stepmother died and the money divided up between me, my sister and my three stepsisters. They wrote matching wills. After he passed, she stayed in the house at least a year then sold it and bought another house. She changed her will so only her children would get the money from the house sale. Is there anything I can do?

Michelle Pope, principal trustee from Public Trust, said there are some general points that could help.

She says you should start by getting a copy of your father’s will and understanding how the home was owned when he died.

“That information is central to understanding what rights and interests each party may have had, and whether any specific conditions were attached to the house or other assets.

“Many couples make matching or ‘mirror’ wills, and there’s a common assumption that this means the surviving partner can’t later change their will. Unless the wills were legally mutual – meaning there was a clear, binding agreement not to change certain provisions after the first death – the surviving partner is generally free to update their own will. Mirror and mutual wills are often confused, but they are not the same.

“How the house was owned is a key issue in situations like this, because it determines whether the property became part of the estate or passed automatically to the surviving owner.”

If your dad and stepmother owned the house jointly, it would have passed automatically to her when he died and not been part of his estate.

“If this is the case, the house belongs to the surviving joint owner and they are free to decide what to do with it.

“If the house was owned solely by your dad or as ‘tenants in common’ with your stepmother, your dad’s ownership of the house may have remained part of the estate and protected for the beneficiaries named in the will. In some cases, wills give the surviving partner a life interest, allowing them to live in or use the property during their lifetime (or receive the income from it), with the value passing to beneficiaries later.

“Whether you have any interest in your stepmother’s new home depends on what, if any, interest you have in your dad’s estate. It is possible that if your stepmother had a life interest that gave her the right to sell the initial property and buy another, your dad’s interest may have transferred to that replacement property. “

When it comes to his other belongings, Pope said that unless a will set out household and personal effects to someone in particular, families often decided among themselves how things were divided.

“Where there is a spouse or partner, it is not unusual that they would keep most of these items because they are considered assets of the relationship. This can be hard for children, particularly when items of sentimental value are sold or given away, as the law doesn’t always reflect their emotional significance.

“At Public Trust, we specifically ask people when they’re making a will whether there are particular belongings they want to go to specific people. This helps create clarity and reduce misunderstandings for families later on.”

She said if you were still not sure, you could speak to the executor of your father’s estate, who would have been responsible for administering the will. You could then seek legal advice if you were not happy with the information you were given.

I am a personal investor and an active one. I do it because I love it. I have a problem with the managed fund industry in that they are very careless with the truth. When they claim to have achieved a return of say 8 percent, if they have been investing in NZ shares they should say that the client has contributed 4 percent or 6 percent from the dividends they have foregone.

New Zealand has two main types of funds – accumulating and distributing.

KiwiSaver funds are accumulating funds. They reinvest the dividends that they get from investing back into the fund rather than paying them out to investors.

When accumulating funds talk about the returns they are giving investors, they include the dividends that are reinvested.

If a fund pays out, when it reports returns, it includes the dividend in that return.

Rupert Carlyon, founder of Koura KiwiSaver, point sout that the NZX50 is an index that includes dividends in return calculations, but the S&P500 is not. It only includes price movements.

He said investors comparing the performance of their share portfolio versus the performance of a managed funds should think about the dividends, too.

“When looking at returns we always want to look at total returns after fees.

“If anything, I would argue fund managers are doing it correctly and individual investors should probably be talking about a slightly higher return.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest

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

LiveNews: https://nz.mil-osi.com/2026/02/21/my-stepmother-took-the-house-can-i-get-a-share-ask-susan/

Source: Radio New Zealand

Households spending more than a third more on utility bills than they did a year ago do not have much money left for fun stuff, Kiwibank economists say.

They have released new spending data, which shows a tough end to the year for shops, particularly fashion retail.

“We typically see spending ramp up into the summer holidays,” economist Sabrina Delgado said.

“But our Kiwibank electronic card data showed this effect was less pronounced this time around. The silly season kicked off on a good note with the number of transactions in December up 0.4 percent on last year’s levels. But it seems consumer spending got hit with a bad new year’s hangover in January. The number of transactions in January dropped 2.7 percent below the overall 2025 monthly average. And compared to last January, transaction volumes were down 2.3 percent.”

The total amount spent was up 8.6 percent in December and 3.7 percent in January, which indicated people were shopping less but spending more.

The January data in particular showed that was because of higher prices, she said.

“Inflation has picked up over the past year, and many households are still feeling the squeeze after several years of tight budgets, elevated consumer prices, and expensive credit. So it’s no surprise we’re still seeing fewer shopping trips with more spent per trip.”

She said although interest rates were “significantly lower” than the year before, household budgets were still under pressure because the cost of essentials was rising.

They were spending 36 percent more on utilities across December and January than a year earlier.

“That’s taking a big chunk out of disposable incomes. It means that we have less to spend in other areas because utilities are essentials. We have to pay them.”

She said it was hitting clothing shops particularly hard, and spending on apparel seemed to be in persistent decline.

The data indicated that more of the same was happening in February, she said.

“Looking at the early data we have for February, which runs to just after Waitangi weekend, transaction volumes are currently tracking about 4.3 percent lower than this time last year. That suggests that the same kind of soft consumption we saw through January may be lingering into February. While this may be the case, we’ll flag that it may be too soon to draw firm conclusions for February. There’s still plenty of the month left, and a late-month pickup could shift the final outcome significantly.”

People seemed to be going out to dinner more but spending less at cafes, she said.

“We frequented our local coffee and brunch spots less than last year. And higher food prices seem to be hitting here the most. Because while the number of café visits has dropped, the dollars spent have instead risen. Compared with last summer, café spending is up almost 9 percent, meaning each visit is costing noticeably more. So for now it seems were gritting our teeth through our homemade instant coffees instead.”

Takeaway spending was also on a steady slide.

Demand for housing-related goods was strengthening. Trips to hardware stores were up 6 percent year-on-year in December and dollars spent were up just over 30 percent.

“Overall the lift in housing-related spend offers an encouraging sign for the housing market. The need for a fresh lick of paint or new furniture is often suggestive of increased housing market turnover. To us, the data signals that households are getting ready for a better year for the housing market. And we expect it will be with interest rates in their low ranges. “

Delgado said households were still worried about the labour market, which made people nervous about spending.

“Unemployment is at 5.4 percent. Even though we’ve seen the underlying details in the labour market showing some signs of strengthening, the average household only looks at that headline unemployment rate.

“If they see that that’s rising, that job insecurity weighs on that confidence to be splurging a bit more right now.”

She said it was also significant that the housing market was still soft because a lot of wealth was tied up in it.

“In our view, though, we do still see the rest of this year to be a recovery for consumption because as the broader economy is recovering, things like the labour market will improve. The housing market also is going to improve. And that should give a bit more confidence to households and their spending this year.”

She said any interest rate rises should still be left for 2027.

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest.

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/2026/02/21/soaring-bills-put-households-spending-on-ice/

Source: Radio New Zealand

Westpac says it is cutting its three-, four- and five-year home loan rates.

It is the first bank to move after the latest official cash rate (OCR) announcement.

The Reserve Bank indicated it expected to raise interest rates a little faster and earlier than previously forecast – but not as quickly as markets had priced in.

Wholesale markets fell as a result.

Commentators said it could be good news for borrowers and should mean a temporary end to the increases in home loan rates seen in recent weeks.

Westpac said it would cut its three-year special to 4.99 percent, which it said was the only three-year rate below 5 percent at the main banks.

The four- and five-year rates will drop by 20 basis points to 5.19 percent and 5.29 percent respectively.

Meanwhile, ASB economists say borrowers need to work out the best strategies for their circumstances in the current environment.

“With so much going on, it is an important time to have a mortgage plan.”

They said shorter-term rates were now down the most compared to their peaks. Floating, six-month and one-year terms are all 2.9 percent from the highest point.

Senior economist Chris Tennent-Brown said the message for borrowers was that rate were likely to rise over the next few years.

“The timing of when they’ll go up is the uncertain bit and that just depends on if inflation cools quick enough for the Reserve Bank to be comfortable on the sidelines for this year or they need to act earlier or swifter than their forecasts imply.”

It has tended to be the case that a series of one-year fixes has proved cheapest overall, over time.

Tennent-Brown said whether that continued would depend on whether inflation and the economy turned out to be stronger than expedited.

“There’s still a lot of value in strategies like splitting mortgages over one, two and three years.

“It still comes back to that story of balancing up people’s needs for certainty because you can get a lot of certainty now for historically low prices.

“We don’t expect one-year mortgages will get up to the levels that the four- and five-year mortgages are unless inflation turns out to be a much bigger problem than we’re currently thinking.”

He said one- and two-year rates had historically been where banks were most competitive.

“It looks like it’ll be the place to be, but I don’t want to discount the certainty you get if inflation turns out to be more persistent than the current thinking is, for some of the longer-term rates.”

He said he expected one-year rates to get into the early 5 percent range and two-year rates to go a little higher.

“Clearly the low point in rates is at best here and likely behind us. So you just need to work out, what are your needs for flexibility and what are the big risks for you? If I had a lot of debt and I couldn’t deal with rates getting too much higher, there’s a lot of value in those longer-term rates.

“If I need flexibility, the part of the curve around the one-year space has worked incredibly well for years and based on our forecasts should be okay, but it doesn’t give you much protection if inflation and higher interest rates turn out to be on the horizon.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest

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

LiveNews: https://nz.mil-osi.com/2026/02/20/major-bank-cuts-home-loan-rates/

Source: Radio New Zealand

The Auckland Business Chamber is cautiously optimistic that government promises to ban paywave and credit surcharges from card payments appear to have stalled.

In July last year, Commerce and Consumer Affairs Minister Scott Simpson moved to scrap the fees, declaring: “That pesky note or sticker on the payment machine will become a thing of the past.”

The ban was set to kick into effect no later than May 2026, and the move was heavily opposed by businesses.

Now, Prime Minister Christopher Luxon said the government was taking “a breather” on the policy.

“[It’s] still under consideration. We just want to make sure we understand all of the implications before we push the final button on it,” Luxon said.

Auckland Business Chamber chief executive Simon Bridges, who campaigned for an end to the policy, told Morning Report he was hopeful this was a win for small and medium businesses.

“We’ve been stuck between the big banks and the payments providers, the visas and mastercards and consumers, and I suppose politics. I can tell you 29 chambers all over the country reacted viscerally to this, the submissions almost to a single one opposed this strongly,” he said.

“I’ve made and I know Retail NZ has made clear to any minister who will listen our opposition to this. So, look, we don’t know for sure but we’re hopeful this is a win.”

Bridges said the problem with the bill as it stood was a very serious unintended consequences from a blanket ban.

“It’s a slogan in a sense more than it is a policy. In Australia, I understand they walked away from a very similar policy after the unintended consequences and so were there,” he said.

“I hope Scott Simpson and his colleagues will go back and either ditch this or find something more nuanced for the issues that are there.”

The move to axe surcharges followed growing public frustration at the cost and transparency of the charges; the Commerce Commission estimated New Zealanders were paying up to $150 million in surcharges each year, including $45 to $65 million in what it considered excessive charges.

Businesses pushed back, Retail New Zealand arguing every one or two and a half percent made a difference in a tough economy.

The Retail Payment System (Ban on Merchant Surcharges) Amendment Bill is now languishing on the order paper, ready for be read a second time.

“It’s going nowhere,” New Zealand First leader Winston Peters told reporters on Thursday afternoon, after Luxon’s comments.

Asked if there was any disagreement between the coalition parties, Luxon said no.

“We want to take a breather and have a think and make sure that we fully understand the implications of that on all businesses,” he said.

ACT leader David Seymour said businesses could not afford it.

“The government said it would do it. We’ve listened to the very strong feedback. I’ve listened to small business people saying we get a million bucks through our card system, a 2 percent fee we have to eat would be $20,000, our small business can’t afford that, and that’s why the conversations carry on,” Seymour said.

“We are listening as a government to small business and we’ll get to a better place.”

Seymour said the surcharge ban bill had been through Select Committee, where his colleague Parmjeet Parmar suggested businesses should be able to keep surcharges if they offered a free alternative, like EFTPOS.

“Maybe that’s where we end up, who knows.”

Asked whether the ban would be in place by May as promised, Commerce and Consumer Affairs Minister Scott Simpson said he was “hopeful”.

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/2026/02/20/auckland-business-chamber-optimistic-govts-surcharge-ban-efforts-have-stalled/

Source: Radio New Zealand

A Christchurch woman whose landlord tried to end her tenancy because of the state of her property has been allowed to continue to live in it – and discovered the law is on her side for her cat, thanks to new rules.

The Tenancy Tribunal gave her notice that she would need to improve the state of the house if she was to remain, but she was allowed a pet.

“Regardless of whether and on what terms that consent [for a cat] was given, the new section 18AA RTA now provides that a tenant may have a pet unless the landlord does not consent on reasonable grounds,” the adjudicator said.

“The landlord has consented to the tenant keeping one adult cat at the premises provided the tenant pays a pet bond of two weeks’ rent or $1300.

“The tenant has agreed to remove the kittens from the property and to clean the carpet to remove the smell of cat urine.”

It is one of 2379 pet bonds lodged so far with Tenancy Bond Services, since the rule changed to allow them on 1 December.

Landlords are now required to allow pets, unless there are reasonable grounds to refuse.

The Ministry of Business, Innovation and Employment (MBIE) said landlords could charge a pet bond of up to two weeks’ rent in addition to the existing bond with clear rules for the tenants’ pet damage liability. Only one pet bond could be charged regardless of the number of pets.

“Tenants do not need to ask their landlord again for pet consent for existing pets that were lawfully kept as part of a tenancy before 1 December 2025,” MBIE said in a statement.

“A pet bond cannot be charged for these pets, but tenants will be fully liable for any pet related damage above fair wear and tear caused after 1 December 2025.”

But parts of the industry were proving slow to catch up with the rules.

David Pearse, managing director of Pukekohe Rental Managers, said he had a rush of inquiries but most tenants did not realise they still had to go through an application process.

“Property managers are struggling with owners that do not want pets and working within the stated exemptions. I believe that there will be a host of Tenancy Tribunal hearing decisions that will need to be held to start to give a clear picture of what is acceptable or not.

“An interesting side issue is that while many like the idea of a pet the cost of ownership has not been carefully considered, and with the bond required, has made many have second thoughts about getting a pet.”

Property Brokers general manager David Faulkner said Trade Me had recently changed its advertisements to say “pets by consent” because many property management companies were still advertising saying “no pets” without realising it could breach the new rules.

Sarina Gibbon, director of Tenancy Advisory, said she had seen instances online where people within the industry were advising tenants not to disclose their animals until they had confirmed a tenancy.

“There are cynical players trying to game the system. My general view is that unless the economic model of renting to tenants with pets shift and unless we have more pet-friendly champions from the landlord side stepping forward to show leadership, we are always going to have to grapple with bad faith dealing.”

Joanna Pidgeon, a director of Pidgeon Judd and a member of The Law Association’s Property Law Committee, said any landlords who said they would not allow pets outright were likely to be breaking the rules.

“We have heard anecdotally that people are finding that they are discriminated against in terms of obtaining a tenancy when they disclose that they have a pet.

“It is very hard to prove that it is discrimination because maybe that there is a better tenant out there that has a better credit record or better references. But people with pets are still finding it very hard to locate tenancies when they disclose that they have pets.

“We are hearing anecdotally that people are feeling discouraged from disclosing it up front, whereas you can, once you have a tenancy, request to have a pet and then the law obviously applies that you can’t unreasonably withhold that consent.

“If a landlord did withhold that consent unreasonably, then you’d be able to prove there was a problem and you could take action and say go to the tenancy tribunal about it.

“Whereas if you just don’t get picked to be a tenant, if there’s a shortage of rental properties, it’s very easy for landlords to pick someone else and very hard for a tenant to prove that it was because they wanted to have a pet that they weren’t chosen as a tenant.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

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

LiveNews: https://nz.mil-osi.com/2026/02/20/landlords-tenants-grapple-with-new-pet-rules/

Source: Radio New Zealand

Hicks Bay locals are worried how their businesses will survive after being cut off for weeks of the peak tourism season and still facing a major clean up.

On Thursday, three weeks since heavy rainfall and flooding brought down multiple slips, closing the road between Pōtaka and Te Araroa, the section of State Highway 35 from Pōtaka through to Hicks Bay and around to Te Araroa reopened.

The road which will open daily between 7am and 7pm is still in a fragile state with reduced speed limits and traffic management in place.

Maree Brownlie, who owned the Twilight Coffee Garden, said the biggest immediate positives of having the road reopen was reconnecting friends and family between Te Araroa and Hicks Bay.

She said it also meant locals now had access back to local shops and schools.

She was not so convinced the road reopening would have business booming with some still in clean up mode following the floods.

“It’s not going to make a great deal of difference to small business there, particularly over the summer.”

She said the road was currently not really fit for town cars to drive on either.

With peak season nearly over, Brownlie said most tourism was unlikely to return until next summer.

“This will be another year that’ll be difficult for businesses around the 35.”

“[For] small businesses, like myself, it’s going to be, can you hang in there till next summer?”

Brownlie said since Covid there had been many catastrophes in a row for the community.

“It’s been really hard for everyone on the 35 to keep their head above water, basically, literally.”

One of those businesses in clean up mode was 35 Eat Street which was based in Te Araroa Holiday Park.

Owner Nina McClutchie said her caravan had suffered water damage and silt had surrounded the premises.

She expected it would not be open for another four to eight weeks.

“We’re facing a really huge clean-up here.

“Tourists are not going to come here, we feel, for quite a while until they see, a substantial clean-up that’s happened.

McClutchie said the impact on her business was “massive”.

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/2026/02/20/hicks-bay-businesses-fear-for-survival-after-being-cut-off-for-weeks-of-peak-tourist-season/

Source: Radio New Zealand

Sky TV is increasing the price of its Sky Sport and Sky Sport Now packages again.

The Sky Sport price will lift from $47 to $52 a month, a roughly 10 percent increase.

Last March, Sky put up its price by 12 percent, from $42 to $47.

In February 2024, it rose from $37.99 to $42.

Sky said Sky Sport Now customers’ monthly pass would increase from $54.99 to $59.99, while the premium monthly price increased from $59.99 to $64.99.

“The cost of Sky Sport Now day pass and annual pass is not changing. All existing discounts and deals will stay in place until they expire,” it said in a statement.

“We work hard to keep providing exceptional value for fans, and we’re proud that Sky Sport offers an extraordinary amount of world class sport for New Zealanders. While we understand every household has to choose what to spend their money on, we believe it’s great Kiwi fans are able to access a breadth and depth of live international and local sport (that is genuinely rare in global markets) in a single subscription.”

It said it was able to offer a range of sporting events because of its long-term commitment to securing rights.

“We’re also improving the viewing experience this year, with a range of sporting events now being broadcast in 4K, and more to follow.”

Forsyth Barr New Zealand equities analyst Benjamin Crozier said Sky had been able to maintain customer numbers in recent times despite its price increases.

“It’s always the question, how much do you push the price… But you look at what Sky’s done, it’s renewed the rugby, it’s won back the cricket… it’s got a broader suite of sports there.”

He said there was less competition for Sky in sport than in other parts of the business.

“As with any good business, you’ve got to test the price elasticity of your customers. In the last couple of years they’ve put up prices and in terms of the numbers they report in terms of sport subscribers, they’ve held steady.

“There’s always ups and downs depending on what sports events are on around the word but it has been working for them and they’ve been able to offset some of the declines in the legacy parts of their business.”

He said the arrival of HBO Max would be an area to watch.

“There’s already so many competitors in that space, is one more going to make that much difference? A big area to watch over the next six months is when Neon loses HBO, do people start dropping their subscriptions to Neon? Sky will want to keep people subscribed with other content.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest.

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

LiveNews: https://nz.mil-osi.com/2026/02/19/sky-to-lift-prices-of-sky-sport-and-sky-sport-now-by-about-10-percent/

Source: Radio New Zealand

Wholesale interest rates have softened a little since the Reserve Bank’s Wednesday update, but there is unlikely to be any relief for home loan borrowers.

The Reserve Bank kept the Official Cash Rate (OCR) at 2.25 percent but updated its forecast for the future path of interest rates. It now expects rates to lift a little higher and earlier than previously, but not as early as the market had been pricing in.

The five-year swap rate has now dropped from a high of 3.8 percent at the start of this month to 3.52 percent.

The three-year rate has dropped from 3.45 percent to 3.19 percent over the same period.

Two- and one-year swap rates have also fallen.

Simplicity chief economist Shamubeel Eaqub said it could mean a minor drop in home loan rates.

The main banks have all put up their longer-term rates in recent weeks.

But Brad Olsen, Infometrics chief executive, was not convinced that rates would fall.

He said it was notable that the Reserve Bank had tried to dampen down the market excitement at the end of last year, when attention quickly turned from how far the OCR would fall to when it would rise again, and many retail rates lifted.

“I don’t think any of the banks are going to come out and reverse the increase to interest rates that they’ve put through in the last couple of weeks. It probably just delays whenever the next changes might come through.

“The long-term rates have lifted. I don’t think you’re going to see much in the way of changed six-month rates. And even if you do, who’s going on a six-month rate at the moment? In the most recent lending data, there was a huge pivot away from floating and six-month rates and a much bigger increase in the number going longer. It’s still probably a question of when you see further increase in retail rates and what magnitude?”

He said the economy was in an uncomfortable position with a lot of changes happening at once.

“Interest rate changes last year that are still to fully hit the economy. You’ve got weaker recent economic trends through parts of last year, but then a bit more hot inflationary pressure, hopefully temporarily.

“The Reserve Bank’s still got a lot riding on expectations that spare capacity in the economy will limit how ready businesses feel to pass on costs and an expectation that with a weak housing market that consumer spending or growth will remain low. The challenge so far is that both of those trends are true and headline inflation is at 3.1 percent.”

Mike Jones, BNZ chief economist, said the Reserve Bank’s messaging set the stage for some consolidation in wholesale and retail interest rates.

“Just how long that pause might last will depend on how the economic numbers fall from here, particularly those around inflation.

“The next move in the OCR is up, and we think in September, so I think we can expect the uptrend to resume at some stage, but the Reserve Bank’s ‘time is on our side’ messaging does buy a bit of extra time on that.

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

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

LiveNews: https://nz.mil-osi.com/2026/02/19/ocr-why-no-move-was-probably-good-news-for-home-loans/