Category: Business

Source: Radio New Zealand

Lyttelton Port Company has delivered record earnings and profit in the first half of its financial year, thanks to strong growth in bulk imports and exports.

Total revenue was $108.5 million for the six months ending 31 December, an increase of 7.6 percent on the same period last year.

Operating earnings (EBITDA) rose 15.4 percent to $35.8 million, while net profit after tax increased 19.2 percent to $14.6 million.

Bulk cargo volumes rose 13 percent year-on-year in the first half.

LPC chief executive Graeme Sumner said the results were another step on the road towards a financially sustainable organisation.

“This growth demonstrates the ongoing resilience of our bulk operations and the important role the port continues to play in supporting Canterbury’s and the South Island economy,” he said.

“Our cost base remains carefully managed and aligned with the future needs of the organisation.”

Lyttelton Port Company is 100 percent owned by Christchurch City Holdings, the investment arm of the Christchurch City Council.

The port reported no significant health and safety events in the six months to the end of December.

Sumner acknowledged staff for their professionalism and commitment, saying their work continued to underpin the port’s safety and success.

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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/2026/02/04/lyttelton-port-posts-record-half-year-profit/

Source: Radio New Zealand

A man who has cancer says he’s been so discouraged by what he’s discovered about early KiwiSaver withdrawals that he hasn’t even tried to get much-needed money out of his account – and wants the system to change.

The man, who wants only to be identified as Christopher because he has not told his teenage children about his prognosis, said he had been given about three years to live.

He was told in August that his cancer was stage four and terminal.

“At the time of discovery in August, the doctor said that based on what he saw, I only had a handful of months left. Fortunately, I have private health insurance and was therefore able to actually be seen and start treatment. If I hadn’t already had private health insurance, I’m sure I would have died before I was able to start treatment, if I’d been forced to rely strictly on the public health system.”

He said researching what was involved in a hardship application for KiwiSaver was “so discouraging” that it did not make sense to go through it and be rejected.

“I’ve got limited time and fighting with someone that’s holding my money and refusing to give it up is just one more stress I can’t afford.”

He pointed to a case that was dealt with by Financial Services Complaints Ltd, in which a woman wanted to withdraw her money early.

She too had incurable cancer and was not expected to reach 65.

She applied on the basis of serious illness but was declined because the supervisor for the scheme said she did not meet the criteria because she was expected to live at least another 12 months.

She argued it was unfair because she was not going to need the money for retirement. She said it was also unfair to say she was able to work because she was sacrificing time with her family to do so.

FSCL said the decision to decline her application was reasonable given that she did not face an imminent risk of death, which was determined as likely to happen in the next six to 12 months.

Christopher said he had lost his job as a public servant and had eight months without work before he found a contract role that lasts until June.

“Different kinds of cancer have different effects. Pancreatic cancer for example, is extremely painful and quite brutal. I’ve got bowel/colon cancer so the immediate first-order effects are moderate in comparison. However, things like the side-effects of chemo, the fact that treatment is two days out of five working days … it’s a lot for an employer to be willing to deal with. Those two days are strictly for the treatment/chemo infusion. The next day … it’s hard to even get out of bed. For me, that’s every other week.

“And that’s not even going into the various side effects of the medication, like puking, hyper-sensitivity to cold, brain fog and so forth.

“Even when I move, I’m super slow compared to a few months ago … Future contracts mean I have to disclose my diagnosis and hope that doesn’t mean I lose the contract to someone that doesn’t have cancer.”

He said living in Wellington with a mortgage and two kids meant that he had to work.

“I’ve got two or three years where I’ll be able to essentially function but … living ain’t easy. And dying is surprisingly hard too it seems. Instead of being able to spend time with the family, I’m either working or sleeping.”

He said the system should change.

“In theory, it’s my money. The government is apparently confident enough in my ability to manage it and get good returns, that they’ve cut the amount they’re willing to match.

“And yet trying to actually do something with it, people are treated as if they’re applying for a loan and have to justify it to the bank/service provider. I understand that there need to be rules to prevent people withdrawing it willy-nilly but when you’re talking about someone literally dying … I think it’s a bit ridiculous.

“I don’t deserve to actually enjoy the couple of remaining years of good life that I have and instead have to wait until I’m knocking on the hospice door, before they’ll reluctantly agree that they guess they can release my money? It feels like the banks/service providers consider it to be their money and it’s massively inconvenient for them when we need access to it. With the amount of profits the banking sector has turned in over the last few years, it’s kind of hard to swallow that these rules are in place just for my own good.”

David Callanan, general manager of corporate trustee services at Public Trust, said he was sorry to hear about Christopher’s situation. He said while he could not speak about a specific case, in general people could apply to withdraw money under significant hardship or serious illness criteria.

“Under a serious illness application, people may meet criteria for ‘imminent risk of death’ as stated by law, allowing a full withdrawal of their KiwiSaver investment. The Financial Services Council’s guidelines interpret this as the person being diagnosed with a terminal illness with 18 months or less to live.

“However, supervisors and providers are encouraged to take a commonsense approach and the supervisor assesses each application individually.

“As part of the withdrawal application, the person will need a doctor or nurse practitioner to complete a declaration form confirming their illness. This form asks the medical practitioner to give a detailed description of their patient’s condition and attach any supporting evidence.

“Under a serious illness withdrawal application, a person may meet criteria to withdraw if they are totally and permanently unable to work due to their illness. This could allow them to access a full or partial withdrawal, or one-off costs.

“A person can also apply to withdraw on significant financial hardship grounds. In most cases, this could allow them to access an amount equivalent to up to 13 weeks of living expenses, including any one-off costs. We encourage people to speak to their KiwiSaver provider in the first instance to discuss early withdrawal options.”

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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/2026/02/04/dying-is-hard-to-do-cancer-patient-says-kiwisaver-withdrawal-bar-too-high/

Source: Radio New Zealand

Dairy company Synlait is forecasting a hefty half-year loss as its recovery takes longer than hoped.

The company has forecast a net loss after tax of between $77 million-$82m for the six months ended January.

The company – a key supplier to A2 Milk – said manufacturing challenges at its Dunsandel plant in Canterbury had been resolved, but the need to rebuild inventory pushed up costs, forcing Synlait to sell more raw milk at low margins.

Lower returns from commodities and a conservative approach to tax accounting also dragged down the results.

Chief executive Richard Wyeth said the company was “very disappointed” with the half-year result and the slower than expected pace of the turnaround.

He said there had been progress in the company’s operations, with a refreshed Canterbury-based leadership team and the asset sale (of its North Island businesses) helping strengthen the business.

“Our strategy is being reset, and we are confident it will provide a pathway to return Synlait to success, although this will take at least 12 months,” he said.

The company’s sale of its North Island operations was still expected to go through on 1 April, with the proceeds to be used to pay down debt.

Synlait said the sale would allow it to refocus on its core operations in Canterbury.

Along with a heavy bottom line loss, Synlait also expected an operating loss of between $28m-33m, and an underlying loss of $33-38m.

Synlait had an insurance claim approved that would cover part of the losses linked to its manufacturing issues, but the final amount and timing of the payout were still being worked out.

The insurance payout would be added back into the accounts at a later date, and the figures were subject to an audit.

Synlait said it was in active talks with its banking syndicate as it worked towards completing the North Island asset 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/2026/02/04/synlaits-comeback-delayed-as-costs-stay-high/

Source: Radio New Zealand

The head of a Mount Maunganui business association says local shops are trying to return to normal after the fatal Mauao landslide.

Six people died after a section of the maunga collapsed into a campground.

Mount Mainstreet manager Jay Banner told Morning Report locals had been grieving, but businesses needed the Mount to return to its usual vibrancy.

“We had a couple great events over the weekend with the Fisher concert, and it was great to see some joy being brought back into the town and boosting the moral of our locals.”

“We are looking for the community to get in behind and support local businesses, for people that are outside of town, you know, come have a weekend here, support local cafes and our hospitality sector, our retailers and help us move forward.”

Banner also acknowledged the cruise ship schedule provided some relief, but said summer was a time where hospitality and retail businesses made most of their money.

“To not be able to trade through this period had significant finical implications, not just for the immediate, but their plans for how they get through winter.”

He said the business association was looking into running events to “drag in a little bit of foot traffic”.

“We would love you all to come back into the Mount, we would welcome you with open arms,” he said.

“Many people have been reaching out to me and asking what they can do to support and that really is the way that you can support our local community, it keeps people employed it keeps businesses open.”

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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/2026/02/04/significant-financial-implications-for-mount-businesses-after-deadly-landslide/

Source: Radio New Zealand

will outsource more functions in a measure aimed at reducing its cost base.

Around 270 jobs head office jobs will go from the Warehouse, and more functions will be outsourced, in a measure aimed at reducing its cost base.

Chief Executive Mark Stirton said the company’s cost base was unsustainable for a value retailer.

The job losses are expected to cost the Warehouse around $6-million in redundancy costs this year.

More to come …

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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/2026/02/04/270-head-office-jobs-to-go-as-the-warehouse-restructures/

Source: Radio New Zealand

The Insurance Council says although one insurer has stopped offering home policies in some South Island towns, it’s not an industry-wide issue.

RNZ has revealed that the company had halted new home, business and landlord insurance policies in the West Coast town of Westport, due to the high flood risk the town faces.

The insurer had also stopped offering new policies in the north Canterbury township of Woodend, along with Rolleston and Lincoln, RNZ reported.

It has also emerged AA has a blanket exclusion for new policies in Blenheim, with several residents contacting RNZ about the issue.

In a statement, AA Insurance told RNZ the temporary restrictions were in place because the company has reached the maximum level of exposure to seismic risk it can take on in the areas.

Meanwhile, the government has launched a probe into high home insurance costs.

Insurance Council chief executive Kris Faafoi told Morning Report AA had made the “difficult decision” not to issue new policies, due to its current exposure.

“It’s only one insurer – it’s not an industry-wide issue. They’re obviously making a business decision based on the exposure they’ve seen with customers in one particular area.”

He said customers needed to shop around and other insurers were already picking up the business in the affected areas.

He denied the country had reached “a tipping point” with insurance because of its natural hazards, including seismic risk, and the impact of climate change, however, insurers had been warning for soe time of the higher risks the country was facing.

“The risk of events becoming more severe and more frequent is real and as a country we need to deal with that, not just to protect communities from the kinds of damage that has been caused over the last couple of weeks but also to keep insurance accessible and affordable over the long term,” Faafoi said.

He welcomed the government review of insurance costs. Many people would not realise that 40 percent of the cost of premiums was due to taxes and levies.

Treasury has highlighted that insurance companies were more profitable in this country than in Australia.

Faafoi responded that New Zealand had a high risk profile – it was the second highest in the world, according to Lloyds Premiums, and this had a flow-on effect, he said.

In 2023 insurers had a $4 billion exposure to events such as Cyclone Gabrielle and the Auckland anniversary weekend floods for private customers, so they needed to ensure they had strong balance sheets.

There were peaks and flows around insurance payouts relating to major events and hopefully premium prices were starting to stabilise.

There were 22 members of the Insurance Council, so it was a competitive environment and customers had choices.

On the review, Faafoi said: “It’s a pretty short and sharp review … The government wants to work with the insurance industry to get an understanding of the drivers of premiums and we welcome that.”

The council hadn’t heard what was required as yet but was keen to cooperate.

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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/2026/02/04/insurers-block-on-new-policies-not-a-tipping-point-for-nz-customers-insurance-council/

Source: Radio New Zealand

A cancer sufferer says he’s been so discouraged by what he’s discovered about early KiwiSaver withdrawals that he hasn’t even tried to get much-needed money out of his account – and wants the system to change.

The man, who wants only to be identified as Christopher because he has not told his teenage children about his prognosis, said he had been given about three years to live.

He was told in August that his cancer was stage four and terminal.

“At the time of discovery in August, the doctor said that based on what he saw, I only had a handful of months left. Fortunately, I have private health insurance and was therefore able to actually be seen and start treatment. If I hadn’t already had private health insurance, I’m sure I would have died before I was able to start treatment, if I’d been forced to rely strictly on the public health system.”

He said researching what was involved in a hardship application for KiwiSaver was “so discouraging” that it did not make sense to go through it and be rejected.

“I’ve got limited time and fighting with someone that’s holding my money and refusing to give it up is just one more stress I can’t afford.”

He pointed to a case that was dealt with by Financial Services Complaints Ltd, in which a woman wanted to withdraw her money early.

She too had incurable cancer and was not expected to reach 65.

She applied on the basis of serious illness but was declined because the supervisor for the scheme said she did not meet the criteria because she was expected to live at least another 12 months.

She argued it was unfair because she was not going to need the money for retirement. She said it was also unfair to say she was able to work because she was sacrificing time with her family to do so.

FSCL said the decision to decline her application was reasonable given that she did not face an imminent risk of death, which was determined as likely to happen in the next six to 12 months.

Christopher said he had lost his job as a public servant and had eight months without work before he found a contract role that lasts until June.

“Different kinds of cancer have different effects. Pancreatic cancer for example, is extremely painful and quite brutal. I’ve got bowel/colon cancer so the immediate first-order effects are moderate in comparison. However, things like the side-effects of chemo, the fact that treatment is two days out of five working days … it’s a lot for an employer to be willing to deal with. Those two days are strictly for the treatment/chemo infusion. The next day … it’s hard to even get out of bed. For me, that’s every other week.

“And that’s not even going into the various side effects of the medication, like puking, hyper-sensitivity to cold, brain fog and so forth.

“Even when I move, I’m super slow compared to a few months ago … Future contracts mean I have to disclose my diagnosis and hope that doesn’t mean I lose the contract to someone that doesn’t have cancer.”

He said living in Wellington with a mortgage and two kids meant that he had to work.

“I’ve got two or three years where I’ll be able to essentially function but … living ain’t easy. And dying is surprisingly hard too it seems. Instead of being able to spend time with the family, I’m either working or sleeping.”

He said the system should change.

“In theory, it’s my money. The government is apparently confident enough in my ability to manage it and get good returns, that they’ve cut the amount they’re willing to match.

“And yet trying to actually do something with it, people are treated as if they’re applying for a loan and have to justify it to the bank/service provider. I understand that there need to be rules to prevent people withdrawing it willy-nilly but when you’re talking about someone literally dying … I think it’s a bit ridiculous.

“I don’t deserve to actually enjoy the couple of remaining years of good life that I have and instead have to wait until I’m knocking on the hospice door, before they’ll reluctantly agree that they guess they can release my money? It feels like the banks/service providers consider it to be their money and it’s massively inconvenient for them when we need access to it. With the amount of profits the banking sector has turned in over the last few years, it’s kind of hard to swallow that these rules are in place just for my own good.”

David Callanan, general manager of corporate trustee services at Public Trust, said he was sorry to hear about Christopher’s situation. He said while he could not speak about a specific case, in general people could apply to withdraw money under significant hardship or serious illness criteria.

“Under a serious illness application, people may meet criteria for ‘imminent risk of death’ as stated by law, allowing a full withdrawal of their KiwiSaver investment. The Financial Services Council’s guidelines interpret this as the person being diagnosed with a terminal illness with 18 months or less to live.

“However, supervisors and providers are encouraged to take a commonsense approach and the supervisor assesses each application individually.

“As part of the withdrawal application, the person will need a doctor or nurse practitioner to complete a declaration form confirming their illness. This form asks the medical practitioner to give a detailed description of their patient’s condition and attach any supporting evidence.

“Under a serious illness withdrawal application, a person may meet criteria to withdraw if they are totally and permanently unable to work due to their illness. This could allow them to access a full or partial withdrawal, or one-off costs.

“A person can also apply to withdraw on significant financial hardship grounds. In most cases, this could allow them to access an amount equivalent to up to 13 weeks of living expenses, including any one-off costs. We encourage people to speak to their KiwiSaver provider in the first instance to discuss early withdrawal options.”

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/2026/02/04/dying-is-hard-to-do-cancer-sufferer-says-kiwisaver-withdrawal-bar-too-high/

Source: Radio New Zealand

Australian accountants are still getting paid more than New Zealanders – but the local sector had a bigger pay bump in the past year.

That’s according to the Chartered Accountants Australia New Zealand (CAANZ) remuneration survey released on Wednesday.

It showed that members’ median pay was up 0.3 percent in Australia for the year, while New Zealand’s was up 6 percent.

People who were full-time employees in New Zealand were earning a median $153,000 a year. Part-timers were earning a median $98,800.

In Australia, full-time employees were getting a median A$160,500 (NZ$185,800) and part-time employees A$138,664 (NZ$161,000).

Full-time employees in the United Kingdom were earning a median GBP 133,522 (NZ$303,500).

Charlotte Evett, general manager NZ regions at CAANZ, said there had been higher salaries in Australia through the history of the survey.

“Australia is a powerhouse economy compared to ours… they have the big mining engine in minerals that we don’t have. But it’s still very, very good pay in New Zealand.”

She said it was notable that Otago accountants reported a 27 percent pay increase year-on-year.

“Nelson was up 11 percent, Canterbury was up 7 percent. Even the South Island and West Coast were up 6 percent. If you compare that to Australia, they had some good growth, Queensland was up 10 percent but apart from that ours are certainly standout numbers.”

She said that was part of the “two-speed economy” that had been seen in other sectors recently as Auckland and Wellington were slower to recover.

“On top of that I think we’d be remiss not to look at lifestyle… central Otago has got rivers, lakes, mountains, snow, beautiful weather… the story has been New Zealanders are moving to Australia in droves. While that is true, I think the report shows that Kiwis should look at specific regions in New Zealand before considering Australia.”

In New Zealand, general managers were earning $287,000, chief financial officers $270,400 and directors $215,080.

In Australia, CFOs were earning the most, at A$280,800 (NZ$326,000) and directors $231,000 (NZ$268,100).

Aucklanders topped the New Zealand table.

The largest pay growth was seen in the not-for-profit sector in Australia and corporate New Zealand.

The survey showed that while 76 percent of people had received a pay increase, almost a quarter had received 2.5 percent or less.

Only 8 percent of New Zealanders had experienced a pay increase of more than 10 percent. But 21 percent of those aged 20 to 29 had received such a lift.

New Zealand’s gender pay gap remains at 24 percent while Australia’s is 14 percent.

Artificial intelligence is expected to transform accounting further in the near future, with new tools emerging to assist with tools such as GST returns.

Evett said the industry was making the most of it.

“When you look at accounting back over time, I think it continues to and historically has moved with technology faster than any other profession. When you think of technology as the abacus, the calculators, then we’ve gone to cloud computing and now AI. So, I think it’s very exciting.

“It’s definitely has and continues to reshape accounting, but it’s not replacing accountants. Most New Zealand organisations would say they’re using AI and report positive results, especially in finance teams.”

She said it could be used to free accountants up to add value, spend time and build trust. Recent research by Infometrics had shown there would be a shortage of 15,000 accountants over the next five years. “Pretty exciting when you combine that with technology.”

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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/2026/02/04/how-much-do-accountants-actually-earn/

Source: Radio New Zealand

Home insurance premiums fell across all regions of the country in the last year, even in areas prone to weather-related risks, new Treasury data shows.

The availability of insurance from multiple underwriters also improved in most hazard-prone areas, despite major insurer AA Insurance halting new policies in selected postcodes.

However, areas in high flood risk zones are still attracting thousands of dollars a year in extra premiums, in some cases.

Actuarial consultancy Finity has monitored insurance premiums on behalf of Treasury since late 2022, for a dataset of properties chosen to match New Zealand’s natural hazards profile.

The addresses are real but other information, such as property age, sum insured and construction materials, has been randomised so that the ‘houses’ in the dataset are not real people’s homes.

Since October 2023, the monitoring has expanded to include 1710 properties in suburbs around the country that are known to be flood-affected, either by river or surface flooding.

Smaller subsets are used to monitor pricing and availability for other hazard risks, such as landslides.

The most recent report, based on October 2025 data but released on Tuesday, showed that premiums had fallen since October 2024 – the first drop in pricing since monitoring began.

That was true for every region in the country.

Nationally, the average cheapest premium available fell from $1999 a year to $1886.

In its report, Finity said that multiple insurers had implemented decreases, driving the average price down.

“New business prices peaked around mid to late 2024 and have been falling since, driven by favourable reinsurance conditions and a benign period of natural perils losses.”

The monitoring occured prior to the recent massive storm and flooding in the upper North Island.

Experts have previously warned that insurance will become prohibitively expensive or impossible to get at all for some properties, as the risk from climate change-driven weather events continues to rise.

RNZ revealed last week that AA Insurance has temporarily stopped offering new home insurance policies in Westport because of the town’s flood risk.

The Finity data was collected prior to that decision – which AA Insurance informed Buller District Council of in late December.

However, there was “clear evidence that many insurers are using flood risk as a driver for their online underwriting criteria”, the Finity report said.

“Availability is limited in some high risk flood areas, specifically Avondale, Edgecumbe, Woolston and Westport,” the Finity report said.

“For example, the majority of low and high flood risk quotes in Westport only received quotes from two underwriters, with only one [property] quoted by three or more underwriters.”

As flood risk increased, availability dropped, the report said.

“High flood risk locations received approximately twice the number of rejections as locations with no flood risk.”

For insurers who did provide online quotes, the additional flood premiums were now higher.

The average quote for some of these properties was more than $1000 extra, up to a maximum quote in one case of $9250.

The report noted AA Insurance’s approach to new policies in “specific postcodes with very high seismic risk”, where a temporary halt had been placed on new policies.

RNZ reported on Tuesday that north Canterbury township Woodend was among those postcodes, along with Rolleston and Lincoln.

The pause, which began last September, also appeared to apply to Blenheim and the neighbouring settlements of Renwick and Seddon.

“Any impact from this restriction on the data shown will be outweighed by the wider increases in online availability in high seismic areas,” the Finity report said.

Overall, 95 percent of homes in the seismic dataset could get an online quote from at least two of the four underwriters included in the Finity monitoring (IAG, Tower, AA Insurance and Vero) – a small jump from 93 percent the year before.

That was mostly due to improved availability in Canterbury, central Wellington and the Hutt Valley.

Since the fatal Mount Maunganui landslide last month, landslide risk in New Zealand had earned heightened public attention.

The Treasury data did not show any evidence that insurers were charging additional premiums for properties with a high landslide risk – in fact, these properties attracted slightly lower premiums than the national average.

However, it noted that insurers were paying attention to landslide risk, with Tower expanding its property-level risk-based pricing last year to include landslide hazard.

Tower chief executive Paul Johnston said that had allowed the company to classify 93 percent of its customers as ‘low risk’ or ‘very low risk’, with an average reduction of $70 in premiums for those properties.

A ‘couple of percent’ had been classified as ‘very high risk’, with increases to their premiums.

A third of those increases were over $100 but Johnston would not say what the largest premium increase was.

For properties facing very large increases, “we’re calling them individually and talking to them about that and what we can do”, he said.

An Insurance Council spokesperson said it was “important New Zealand takes a long-term view on the risks from natural hazards as we face the prospect of more frequent and severe events due to climate related events”.

“We support a government-led approach to mitigate and adapt to the changing climate and an agreed set of natural hazard and climate risk data so we are all on the same page.

“This in turn will help reduce risk, protect communities and keep insurance accessible in the future.”

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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/2026/02/04/home-insurance-premiums-fall-despite-ongoing-weather-risks/

Source: Radio New Zealand

New Zealand authors have missed out on an annual payment that some describe as a key part of their income.

The Public Lending Right (PLR) scheme makes a payment to authors each year, when they have sufficient books in New Zealand libraries.

The payments are made in December from a government fund of $2.4 million. In 2025 there were 1541 registered and the per-book rate was $5.19.

But this year, a number of authors did not receive the payments they were told they were due.

Authors have to confirm their eligibility for payment every year, whether or not they have new books in libraries.

The Department of Internal Affairs (DIA) said the National Library became aware of an issue with the payments for 2025, in late December.

“Due to an administration error, 318 authors received an email in error in July confirming they were registered for the scheme when, according to our records, they were not  registered.   

“These authors did not  receive  a payment when 1248 eligible authors received their PLR payment in mid-December. A portion of these authors would have been eligible for payment had they registered.

“We have been in contact with all authors to apologise for any upset or inconvenience this has caused and advise we are considering options to put things right. Authors financially impacted by the error will receive further contact regarding next steps once decisions have been finalised.”

It said it was also reviewing its administration of the scheme and usability to stop the error happening again.

“We have had useful feedback from authors about how the registration process could be improved. A key recommendation  from authors is an automated response in real-time to let them know that their registration has been received would resolve many concerns.”

One author, Linda Jane Keegan, said she was sure she had registered but when she queried the lack of payment, she was told she had not. She said she had been counting on the money.

“The PLR payment is a huge chunk of income for me, and I was expecting it to cover some expenses. Not receiving it when I was expecting to caused significant financial stress in what is an already high-cost time of year.

“I am also worried that even after putting time and mental energy into contacting the DIA to resolve the issue, that a payment won’t be possible because the fund, as a limited pool, has already been divided and paid out.”

NZ Society of Authors spokesperson Anna Mackenzie said it was a concern that the error had happened.

“That this arose at all also highlights how overdue we are for an overhaul of the PLR legislation, which was written in a pre-digital world and in a particularly prescriptive manner.”

She said she had been told about half of the authors who were incorrectly told they had registered would have been eligible for a payment.

Mackenzie said New Zealand was behind other countries when it came to compensating authors for their work. There current rules did not allow for payments for electronic copies or for copies in school libraries.

“It’s a very inappropriate-in-today’s-world piece of legislation. It can only be changed at the behest of the minister and many ministers have been spoken to over the last 15 years and often they’ll say that, yes, they understand and they see it’s a priority, but we are yet to get that to the point where we’re even looking at a review.

“However, the current minister has indicated that she does think this is an issue that should be addressed, so we are once again hopeful that this will get back on to the table and be looked at properly.”

The society said the requirement that 50 books of a particular title are stocked in libraries was also unfair.

*Disclosure: Susan Edmunds is one of the registered authors who receives this payment and received it successfully in 2025.

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Source: Radio New Zealand

Blenheim residents say AA Insurance has stopped offering new home insurance policies in their town, following similar decisions in Westport and parts of greater Christchurch.

The insurer would not confirm that Blenheim, and the neighbouring settlements of Renwick and Seddon, were subject to its temporary halt.

However, several residents contacted RNZ to say a blanket exclusion for new policies appeared to be in place.

AA Insurance’s online portal declined to provide quotes for a dozen addresses that RNZ tried across the three locations.

A message onscreen said the company was unable to offer insurance because of “the suburb or town where your home is located”.

RNZ revealed last week that the company had halted new home, business and landlord insurance policies in the West Coast town of Westport, due to the high flood risk the town faces.

The insurer had also stopped offering new policies in north Canterbury township Woodend, along with Rolleston and Lincoln, RNZ reported on Tuesday.

There, AA Insurance said that it had reached its maximum exposure limit to seismic risk.

The company would not confirm if new policies in Blenheim were being declined for the same reason, or for flood risk like Westport.

Parts the wider Blenheim area flooded last winter after the wettest June on record since 1942, and some residents in Renwick were evacuated.

AA Insurance head of underwriting Dee Naidu said managing risk exposure was common practice in the insurance industry and the list of areas with temporary restrictions was not static.

“We are always monitoring where we are growing and the accumulation and exposure to risk from that growth. We have no plans to introduce any new temporary restrictions beyond those that have been previously reported on.”

None of the restrictions affected existing customers, Naidu said.

Blenheim woman Shelley Tapp moved to the town at the end of last year and was surprised when AA Insurance turned down cover for a house she was trying to buy.

The agent she spoke with on the phone was unable to provide any detail, she said.

“I asked him why, and he said, ‘I can’t tell you why, it’s just too high risk.’”

Tapp and her husband inspected council records and previous insurance claims and could see no problem with the property.

“That particular property has never had earthquake damage, it doesn’t have any claims for flooding.”

Tapp said she asked the real estate agent, who told her that AA Insurance was declining new cover for the 7201 postcode, which encompassed Blenheim.

The couple ended up buying a different house, insuring it with AMI instead of AA Insurance.

“I thought there’s no point me going back to AA because they told me no.”

The company needed to be transparent with people about why it was declining cover in certain areas, Tapp said.

“I think other insurance companies do it as well. It creates uncertainty around the property – you think, is it something wroing with the property itself?”

Other residents who got in touch with RNZ reported a similar experience.

“We enquired about insuring a new build in Blenheim yesterday and discovered that AA have blacklisted Blenheim,” one said.

Another said he had his request for home and contents cover in Blenheim declined “because they said they were not taking on any more risk here”.

A third person, who had been insured with AA Insurance for a decade in his previous house, said he and his wife were unable to get a new policy when they moved within Blenheim in May last year.

“They would not insure the new house at all. The advisor was apologetic and mentioned they wouldn’t be covering Blenheim due to the risk.”

In a written statement, Finance Minister Nicola Willis said it was up to individual businesses to decide how they managed their exposure to risk.

Treasury’s annual insurance monitoring surveys “indicate that there is reasonable availability of online insurance quotes in areas of higher seismic risk”, she said.

The Natural Hazards Commission declined to comment, referring questions to the Insurance Council.

An Insurance Council spokesperson said insurance remained generally available across New Zealand.

“The insurance industry has consistently said it’s important New Zealand takes a long-term view on the risks from natural hazards as we face the prospect of more frequent and severe events due to climate-related events.”

The council supported “a government-led approach to mitigate and adapt to changing climate and an agreed set of natural hazard and climate risk data so we are all on the same page”.

The current Natural Hazards Commission levy, and the cap the commission paid out for natural hazards claims, were sufficient to maintain insurer confidence, the spokesperson said.

“The real solution lies in proactively reducing underlying risk, including avoiding development in high-risk areas, investing in resilient infrastructure, improving building standards, and sharing consistent natural hazard data.

“These steps would reduce losses and signal to global reinsurers that New Zealand is managing its risk exposure, helping to stabilise costs.”

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Source: Radio New Zealand

If you’re in the market for a new house, you might be wondering what to offer on any you’re interested in.

Do you offer the asking price? Try to cut 10 percent off? How hard do you negotiate?

As new data from Realestate.co.nz shows a 1.5 percent dip in average asking price in January, Cotality has confirmed that the gap between what sellers are asking and buyers are willing to pay appears to be shrinking.

Chief economist Kelvin Davidson said, excluding auctions, the median discount that buyers paid on the original list price of properties sold in 2025 was 3.8 percent.

It was 4.2 percent in 2024, 4.6 percent in 2023, 5.1 percent in 2022 and 2.9 percent in 2021.

Gisborne had the biggest discount, at 5.9 percent. That was followed by Northland at 5.5 percent and the West Coast at 5 percent. Taranaki had the smallest, at 3.1 percent.

Davidson said that could be affected by sellers in Taranaki setting more reasonable asking prices to start with.

“In some ways it’s a marketing tool. You’re never quite sure if someone is just hoping for too much of whether they’re actually setting a reasonable asking price or what their true motivations might be.

“Over time the availability of information to both sellers and buyers has widened. Any time, anybody can look up a free valuation estimate or you could come to Cotality, for example, and pay for a higher grade one but either way that information is widely available. It suggests that the chances vendors can sneak an above-market asking price in there have probably reduced because everybody’s got the same information and they are going to know what’ s unrealistic.

“I guess it applies to buyers as well …the chances putting in a sneaky 10 percent under offer and getting it accepted are also reduced because maybe asking prices are more realistic to start with.

“The scope for an excessive price is probably reduced but at the same time the scope for buyers to get a sneaky deal is probably reduced.”

The data does not include properties that went to auction.

Property prices have been broadly flat in recent years even as vendor discounts have reduced, suggesting it is sellers who have shifted their expectations.

“The longer the flat patch goes on the more people are saying ‘I just want to get this done I’ll set a more reasonable asking price’,” Davidson said.

“I think if you’re a market watcher, maybe you’ve been thinking about selling, maybe you held back because you thought ‘oh the market might pick up I’ll wait’. Now you might not necessarily be… you have to sell at some point. I think in general the fact those discounts have been slowly trending down suggests people are just being a bit more realistic than they might have been a few years ago.”

Realestate.co.nz said national stock levels rose 2.3 percent year-on-year in January, the first time the number of available properties for sale hit more than 33,000 in January since 2014.

Gisborne led the pack, with a 15.1 percent increase in available stock.

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Source: Radio New Zealand

Toyota Aquas are New Zealand’s most stolen car – but how can you keep your insurance costs down if you own one?

AMI Insurance said it received more than 9000 vehicle theft and attempted theft claims in 2025.

Toyota Aquas were 8 percent of all stolen vehicle claims, it said, followed by Toyota Corollas at 7 percent and Nissan Tiidas at 6 percent.

The data also showed Toyota Aquas were disproportionately targeted, with a theft rate nearly four times that of the country’s most insured vehicle, the Toyota Corolla.

For every 1000 insured Toyota Aquas, 54 had a theft claim, compared with 15 per 1000 Toyota Corollas.

Auckland had the most vehicle theft, followed by Canterbury and Waikato.

Executive general manager of claims Steph Ferris said claim numbers had been lower recently, after a peak in 2023.

“Lower crime rates, improved security systems in newer vehicles, and New Zealanders adopting security practices – including being more mindful about where they park – likely play a part in this.”

AMI said older cars were more likely to be stolen. Nearly nine out of every 10 stolen vehicles was more than 10 years old.

“Older vehicles often lack modern, electronic encrypted locking systems, making them easier for thieves to compromise,” Ferris said.

Justin Lim, spokesperson for insurance comparison site Quashed, said a Toyota Aqua was typically 37 percent more expensive than a Corolla to insure with a comprehensive policy and 47 percent more expensive for third-party fire and theft policies.

“Insurance providers price their policies very differently.

“There is a difference of up to $1262 [a year] for a comprehensive policy. This means that on the higher end, insurance providers are charging $2000-plus for a policy, while on the lower end, they are charging $1000 or less. The same is true for third-party fire and theft, where we see a data variance of $667.

“Car owners should compare at least four to five providers to find the most competitive deal and policy for them.”

One Auckland woman said the cost of insuring her Aqua was a major factor in the decision to sell it.

“Last year we were thinking about freeing up some cash to put towards buying a house and realised we didn’t really need two cars for our household, so decided we should sell one. Although we actually used the Aqua more frequently and it was more fuel-efficient than our other car, the insurance costs made getting rid of the Aqua a better financial move,” she said.

“When we first got the Aqua in 2019 the insurance costs weren’t too bad, but it increased dramatically in 2023.”

In December 2022, the car was $71.78 a month to insure. The next year, it jumped up to $143.65 and then in 2024 it was $183.54 a month.

“In May 2025 we switched insurance companies for both cars and our contents. With the new insurer, we paid $136.07 per month for the Aqua. That was a better deal, but I still thought the premium was ridiculous given that the market value was about $7500 at the time. We’re currently paying $67.49 per month for our other car.”

Insurance and Financial Services Ombudsman Karen Stevens said models that were more frequently stolen were likely to be more expensive to insure.

“Insurers look at risk-based pricing. If it’s likely to be a higher risk in terms of theft, the premium will take that into consideration. That’s why consumers are always asked about modifications – they’re likely to make the vehicle more attractive to thieves.”

Consumer NZ insurance specialist Rebecca Styles said insurers might add a higher excess for high-risk cars, too.

“Where you park your car is likely to factor into the price of your premium, too.”

Ferris said people could protect themselves by parking down a driveway or in a garage if possible. If they could not, they should look for a well-lit area.

Car alarms, immobilisers, fuel cut out switches, steering locks or car tracking systems could also be used.

Ferris said people should always lock their car doors when driving and consider keeping the windows up, especially in low-speed areas.

AMI said about 64 percent of stolen vehicles were recovered and 40 percent were repairable.

AMI’s top 10 stolen cars list

• 1. Toyota Aqua
• 2. Toyota Corolla
• 3. Nissan Tiida
• 4. Mazda Demio
• 5. Toyota Vitz
• 6. Toyota Hilux
• 7. Subaru Impreza
• 8. Mazda Atenza
• 9. Toyota Mark X
• 10. Mazda Axela

Most stolen vehicle by region (regions ranked by claims volume)

• 1. Auckland – Toyota Aqua
• 2. Canterbury – Toyota Aqua
• 3. Waikato – Toyota Corolla
• 4. Wellington – Toyota Corolla
• 5. Bay of Plenty – Toyota Corolla
• 6. Manawatū – Nissan Tiida
• 7. Northland – Toyota Corolla
• 8. Hawke’s Bay – Mazda Atenza
• 9. Gisborne – Mazda Demio
• 10. Taranaki – Toyota Corolla and Nissan Tiida
• 11. Otago – Toyota Aqua
• 12. Southland – Suzuki Swift
• 13. Nelson – Nissan Tiida
• 14. Tasman – Mazda Demio and Toyota Corolla
• 15. West Coast – Toyota Hilux
• 16. Marlborough – Honda Jazz

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Source: Radio New Zealand

Demand for consumer credit rose 9.4 percent last month, reflecting an increase in the number of mortgage applications and an elevated number of personal loans.

Credit research firm Centrix’s January Credit Indicator showed the increased demand for credit was somewhat offset by mixed number of credit arrears, and rising business liquidations.

“Arrears on the consumer side continue to follow the seasonal patterns. But that’s 0.8 percent down on last year. So that’s a really good sign that the tides are starting to turn, which is fantastic,” Centrix chief operating officer Monika Lacey said.

New household lending also rose in the December quarter, with lending for new mortgages up 14 percent, while non-mortgage lending rose 12 percent.

Arrears

Mortgage arrears were steady, though vehicle loans were under pressure.

The South Island had the lowest number of arrears, while the central North Island and East Cape had the highest level of arrears.

Company failures highest since 2010

“On the business side, they’ve also seen an increase in demand, but liquidations have definitely hit their highest peak since 2010 largely impacted by hospitality, retail, transport and construction, and this is largely as a result of IRD (Inland Revenue) increasing their activity following a softer approach over the Covid time,” Lacey said.

The number of company failures rose to its highest annual level since 2010, with liquidations unevenly seen across sectors, with rises in hospitality (+50 percent), retail trade (+34 percent) and transport (+27 percent) accounting for most of the failures.

There were also increases in construction (+13 percent), manufacturing (+12 percent) and property/rental (+17 percent) recording liquidations, even as credit defaults declined and average credit scores improved in many areas.

In contrast, agriculture stood out as the most resilient sector, with liquidations down 11 percent year-on-year, supported by stronger credit demand and improving financial health.

“Agri has definitely had a bit of a turnaround. There’s been a lot of positive news in the agricultural sector. So long may that continue,” she said.

“We’re hearing a little bit more about other good economic signals filtering through onto the market, so I think we are starting to see some signs of recovery.”

Credit demand

Overall business credit demand edged slightly higher, rising 0.7 percent year-on-year over the period.

Growth was highly concentrated in a few sectors, led by a 38 percent increase in hospitality credit demand, reflecting improving trading conditions and funding needs.

Education and training (+17 percent) and retail trade (+13 percent) also recorded solid gains, while demand elsewhere remained subdued.

“I think the increase in mortgage activity is largely attributed to refinancing,” she said.

“And personal loans, we would tend to see an uptick at this time of year anyway, but I think it’s certainly a sign that consumers are feeling a little bit more confident and perhaps have a little bit more cash in their pockets.”

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Source: Radio New Zealand

Interest rates might have started to rise but what home loan borrowers pay in interest is likely to keep falling through this year.

BNZ chief economist Mike Jones said while 2025 was the “year of the refix” – with 81 percent of fixed-rate mortgage borrowers refixing, the highest percentage in 13 years – there was still more activity to come this year.

Over 2026, 68 percent of fixed rate loans were due to come up for renewal.

“It’s the coming six months in which mortgage term expiries are the most pronounced relative to average,” he said.

“There’s approximately $132 billion worth or 34 percent of total borrowings. The long-run average is 27 percent.”

He said there would mean cash flow improved for many borrowers.

“A hypothetical one-year $300,000 loan locked in a year ago at 5.74 percent could currently be refixed for another 12 months at a rate of around 4.5 percent. That would result in an interest saving of a little over $300 a month.”

He said, in November, the average rate being paid was 5.17 percent.

“It has been a slow 14-month descent from the 6.39 percent peak in October 2024.”

He expected it could get to 4.5 percent by the middle of the year.

“It’s kind of a weird time because you’ve got mortgage rates seemingly bottoming, starting to turn higher but for the average person coming up for renewal they will still most likely be experiencing or be facing a menu of options lower than what they were previously paying, just by virtue of the slow-moving nature of the refixing beast.

“That is obviously a key plank of the economic recovery last year and also this year… we think we’re about 80 percent of the way through that process of refixing on to lower rates with roughly 25 points’ worth of easing still to come through that pipeline over the next six months.”

He said many people were choosing to pay off their mortgages more quickly rather than using their savings to spend.

“There’s a strong element of that, keeping your repayments perhaps similar to what they were but applying the extra relief from lower interest rates just to principal. We’re seeing quite a bit of that. I think there’s quite a lot as well that’s just been soaked up more or less immediately by the higher costs that households are staring into.”

Some was going into discretionary spending, he said.

“It’s helping turn that retail sector but it’s certainly not turning with any great force which I think speaks to the fact of some of those pressures that households are still under.”

The reduction in debt would be good for long-term sustainability, he said.

He said the average home loan rate being paid by households would probably hit the bottom of this cycle in the middle of the year.

“It take some time to turn and it will stay at a relatively supportive level for a period of time and probably all of 2026.”

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Source: Radio New Zealand

Central Otago District Council (CODC) has granted road access to an Australian company planning an open-cast gold mine near Cromwell.

Santana Minerals will be able to use two roads linked to the Bendigo-Ophir Gold Project in exchange for an annual payment of about $1.25 million, adjusted for inflation, once gold production begins.

The company submitted a fast-track consent application for the open-cast-mine in November.

Panel convenors have indicated a decision could take 120 working days.

In a message to shareholders on Monday, Santana Minerals described the access agreement as endorsement from the council and said it would deliver multi-generational benefits to the district.

However, Central Otago district Mayor Tamah Alley said the council had not taken a position for or against the project and acknowledged the community was divided.

“This agreement ensures that if the project goes ahead, the Central Otago community receives tangible, long-term benefits, while maintaining transparency and public accountability,” she said.

“Our focus is on ensuring decisions are made objectively, lawfully and with full consideration of the information available.”

Santana Minerals said the agreement covered Thomsons Gorge Road and Shepherds Creek Road – a paper road – including a 20-metre strip on either side of each.

Any future road stopping – where the roads cease to exist as public roads and become private use only – would still require Public Works Act or Local Government Act approval, the company said.

“If any roads are stopped, replacement routes would be built to ensure continued public access,” Santana said.

Santana Minerals chief executive Damian Spring called the approval a material step forward for the project.

“This agreement resolves a long-standing statutory access requirement, provides durable clarity around roading and access arrangements and establishes a transparent framework for long-term community benefit.”

Council excluded the public – advocacy group

In a statement, advocacy group Sustainable Tarras said the access agreement was disappointing.

“We believe there are considerable legal pitfalls to granting such access and we have repeatedly pointed these out to CODC and cautioned them to take time to consult, consider the consequences and involve the wider community. Today, in announcing this behind-closed-doors decision, they’ve made it clear that community is secondary to their private negotiations with Santana.

“We do not understand the urgency with which CODC has decided to conclude this agreement with Santana. From the information we have so far, it again excludes the public and local community impacted and fails to take into account what Santana has clearly stated it will do with these roads.”

On Saturday 150 people attended a lunch to raise money to fight the mine, including actor Sam Neill and artist Grahame Sydney.

The Wine not Mine event organised by Sustainable Tarras was supported by 12 local wineries and held close to the proposed mine site.

Neill described the mining plans as ruinous for the region and said a growing community of ordinary, hard working people were joining together to fight a “very large, very powerful, very well-funded Australian mining company”.

Sydney spoke of the “breathtaking, mystical, pristine and ever-changing” landscapes of Central Otago and urged people to fight against the “madness” of an open-cast gold mine.

Sustainable Tarras said funds from the event would cover expert fees and legal support costs as the group made submissions to the fast-track process.

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Source: Radio New Zealand

The former owner of the luxury Fiordland Lodge near Te Anau is relieved a weekend fire did not completely destroy the building.

Guests were evacuated when the fire broke out late on Saturday night, with crews from across Southland battling the blaze.

Fire and Emergency investigators were examining the cause of the fire although it was not being treated as suspicious.

Former owner Robynne Peacock and her late husband Ron, built the lodge in 2002 and ran the luxury accommodation for years until Peacock and her business partners sold it late last year.

Peacock arrived at the lodge on Sunday afternoon where a fire inspector showed her the damage.

She said most of the building was intact, despite part of the roof collapsing and damage to the kitchen and conference room, where the fire was believed to have started.

“I did not want to see it burning,” she said.

“It all looks quite fixable and some of the lodge hasn’t been touched at all so we were pleasantly surprised and thrilled to see it’s not catastrophic.

“The fire inspector assured us that the structural integrity of the building was good in most areas.”

Peacock said it was a terrible blow for the new owners and she wished them well as they recovered from the fire.

Owner Vicki Onions previously confirmed no one was injured but all guests were moved to local hotels in Te Anau as a safety measure.

She was grateful for the swift response and support of emergency services, Onions said.

A Fire and Emergency spokesperson said the fire had badly damaged the building.

“However, firefighters were able to contain the fire which prevented some of the structure from being destroyed,” they said.

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Source: Radio New Zealand

A long-running hole-in-the-wall fish-and-chip shop in Wellington is closing its roller door for the last time at the end of this month.

Rice Bowl Burger Bar’s current owner, Wawa Shen, said the small kitchen and serving counter – which opens out onto Riddiford Street near Wellington Hospital – had run since the early 1970s.

She said her family had owned the business since 2009, but now the building’s landlord planned to redevelop the site.

On a notice posted to the shop’s Facebook page, they thanked their customers for their “continued love and support over the last 17 years” .

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Source: Radio New Zealand

A number of concerns have been raised about proposed changes to the Commerce Act which could disadvantage consumers, deter investors and increase the cost of doing business.

Law firm Chapman Tripp said some of the changes to the Commerce (Promoting Competition and Other Matters) Amendment Bill were positive, but others were problematic.

“Setting aside the several changes that we think have the potential to be really positive, for the ones we have concerns about, there are probably two categories,” Chapman Tripp competition and antitrust partner Lucy Cooper said.

“One is that they will add unnecessary uncertainty, time and cost to the Commerce Commission processes.

“And the other one … is the Commerce Commission will get a lot more discretion or power without solid process protections, or the ability to really scrutinise its work.

“I don’t intend that to be a criticism of the current commission at all. It’s more that in general, as you know, proper process is absolutely critical to making sure we can see that the service we are getting from the Commerce Commission is robust and fair.”

Mergers and acquisitions

She said a specific concern dealt with the commission’s ability to retroactively take action against a series of acquisitions that would, in hindsight, be found to have a cumulative effect of lessening competition.

“The focus should remain on the lawfulness of the marginal transaction, rather than allowing the commission to retrospectively impugn earlier transactions that would otherwise be lawful if considered in isolation.

“Allowing the commission to treat a sequence of separate transactions as a single transaction and find them all unlawful on the basis of their combined effect could also undermine investor confidence.”

Cooper said the commission had an existing power to block a transaction, when it had potential to put a company or organisation in the position of becoming a dominant player in a particular market.

“The commission already enforces against serial acquisitions, as demonstrated by successful action against Wilson Parking in local parking markets. We see no evidence that the commission is unable to intervene in serial acquisitions.”

Predatory pricing

Another proposed change would automatically see any below-cost pricing, that lasted for a period beyond three months, in a year, as predatory pricing.

“This is a change to the current position,” it said.

“The current regulation kicked in when a dominant player offered low prices as a means to price rivals out of the market or to deter a new entry.

“We consider that this test should remain.”

The proposed change could also act as a deterrent to pro-competitive low pricing and disadvantage consumers.

“We urge a rethink.”

The closing date for submissions on the bill is Wednesday 4 February.

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Source: Radio New Zealand

KiwiSaver members are withdrawing from their funds in record numbers, but one financial services complaints resolution service is warning that some people don’t realise how difficult it can be.

RNZ reported last week that more than 10,000 more withdrawals were made from KiwiSaver for hardship reasons last year than in 2024.

Inland Revenue data shows there were 58,460 withdrawals for hardship reasons in 2025, 10,000 more than were made for a first home.

In total, $514.8 million was withdrawn from KiwiSaver because of hardship, and $2.1 billion for a first home.

Financial Services Complaints Ltd, an ombudsman service for financial services, said it dealt with a 41 percent increase in disputes in the first half of its reporting year.

Ombudsman Susan Taylor said KiwiSaver withdrawal rejections were the biggest contributing factor.

People were seeking help with their bills but unaware of how hard it could be to meet the hardship requirements of the KiwiSaver Act.

“People often don’t realise how strict the KiwiSaver rules are, leading to complaints about declined applications,” Taylor said. “We see people with ideas about using their KiwiSaver for longer-term financial relief.”

In one recent case, she said a woman wanted to withdraw KiwiSaver funds to buy a tiny home, rather than renting, but was only able to secure a smaller, short-term financial solution.

“We understand this is frustrating when you need financial security, but KiwiSaver savings are meant for your retirement,” she said. “You can’t access your funds before retirement, except for a few limited exceptions, and this is reflected in the act, rules and industry guidance.”

People who want to get their KiwiSaver savings out due to hardship reasons usually need to be in a situation where they cannot meet minimum living expenses, cannot pay the mortgage on their home, need to modify their home to meet special health needs or need to pay for medical treatment.

The decision about the withdrawal is made by the scheme’s supervisor.

Earlier, a woman who contacted RNZ said any suggestion accessing funds was easy was false.

“The process is invasive and onerous. You cannot apply, until you are effectively destitute – less than $3000 cash to your name.

“You must open your entire life to scrutiny, including providing the financial details of a partner. There is no guarantee that the hardship withdrawal will be approved, so as you watch your savings dry up, your stress levels ramp up, your mental health suffers and dark thoughts often crowd your mind.”

Taylor said the increase in complaints more generally reflected the wider economic challenges New Zealanders faced.

“We expect high dispute levels to persist as long as economic conditions remain difficult for many”. The rise also signals consumers’ growing awareness of dispute resolution services and their willingness to challenge financial providers and demand accountability.”

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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/2026/02/02/kiwisavers-struggle-to-get-their-money-amid-record-hardship-withdrawals/