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Contact Energy CEO dismisses NZ First plan to split electricity suppliers

Source: Radio New Zealand

Winston Peters said the country was paying some of the highest power prices in the world. RNZ / Mark Papalii

The head of Contact Energy has brushed aside Winston Peters’ claims saying electricity prices in New Zealand are some of the lowest in the OECD.

New Zealand First is campaigning on splitting electricity suppliers into generators and retailers, in an effort to bring prices down.

Yesterday Peters told Morning Report the country was paying some of the highest power prices in the world.

“New Zealanders are being screwed. We’ve gone from being a very competitive pricing regime for New Zealand businesses and houses – in fact it’s a cutting-edge advantage in the good old days, against overseas competition – to now paying some of the highest prices in the world.

“This is a critical industry and [New Zealanders have] lost control of it and they’ve been paying a fortune to many foreign owners as a consequence. That’s the reason why our economy’s dragging along the way it is,” Peters said.

Peters would not be drawn on how companies retailing power – after generating it themselves as wholesalers – would be compelled to step back from the model or how a proposed split would be managed.

“You’ve got these other bodies, the public bodies, saying, oh, this will be too difficult. This will just be, logistically, not possible. The answer is, get out of the way and let people who do know what they’re doing do it,” Peters said.

Peters said the government needed to step in and stop profits from energy supply being funnelled to overseas interests.

Contact dispute Peters’ claim

But on Morning Report today Contact CEO, Mike Fuge said New Zealand First was “tapping in” to concerns over fuel and the conflict in the Middle East.

“We have some of the lowest prices in the OECD. We always rank in the bottom third in terms of affordability and a lot of those other countries that we compete with in that zone are actually getting subsidies, so we’re doing that off our own bat, and I think that’s some thing a lot of Kiwis can be proud of,” Fuge said.

He said the company worked hard to be transparent in their retail arm and investments into power generation.

“We’ve invested $2.4 bil in the last five years with a further $2 bil in the next five years. We’re one of the most scrutinised sectors in this country and the Electricity Price Review looked at us very hard and came up with the conclusion that the gentailers were in the right structure,” Fuge said.

He said New Zealand’s energy prices were dictated by supply and the country needed more resilient and sustainable energy sources.

“With the energy prices globally, Kiwi households are doing it tough at the moment and I think – whether we disagree, and we do disagree, with New Zealand First’s position – they’re tapping into frustration around high energy prices – particularly petrol and diesel at the moment,” Fuge said.

Fuge said – as a wholesaler/generator – Contact had supplied package prices to second tier energy retailers as well.

“The wholesale market we have, [has] helped the growth of a tier two retail sector and we have one of the most dynamic tier two – or separated – retail sectors globally,” Fuge said.

“The reality is we are investing aggressively to bring renewable energy on in this country and the returns we make are actually lower than the regulated section of the industry and lines companies.

“We have brought on over 5% of the total demand in this country in the last five years.

“We are building for ordinary kiwi homes right now. We have already completed significant projects, Tauhara and Te Huka 3 [geothermal power stations which came online in 2024]. We have five projects in train at the moment. We are commissioning the battery at Glenbrook. The fact is we are building and we are building as fast as we can go,” Fuge said.

Fuge said the country’s sustainable energy potential could more than twice exceed the existing market.

“If we can get on and build that we can attract new industries here. We can attract food processing, we can potentially expand the aluminium smelter, we can support data centres.

“There is plenty of electricity to go round. The challenge for the nation at the moment is what’s being imported and what’s going on in the Middle East,” Fuge said.

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

LiveNews: https://nz.mil-osi.com/2026/03/24/contact-energy-ceo-dismisses-nz-first-plan-to-split-electricity-suppliers/

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Scott Base plan ready by June – Antarctica NZ

Source: Radio New Zealand

Impression of how a revamped Scott Base might look. Antarctica NZ / supplied

Antarctica New Zealand says it is aiming to get its detailed business case to revamp Scott Base in front of Cabinet for approval in June.

This is about two years after the project was reset amid concerns over cost blowouts.

The agency said the first draft of the detailed business case was ready ahead of schedule in January and shared with agencies monitoring the job.

“The timeline has not slipped,” chief executive and chief science advisor Professor Jordy Hendrikx said in a statement.

Work on detailed designs and costs was carrying on ahead of the case going to Cabinet.

The latest Treasury report available on the project, from six months ago, rated it as ‘amber’ – in the mid-range, where red shows big problems and green is good – and said it was “moving at pace, but is sure-footed”.

The report mentioned “accelerated” arrangements for getting it built, with an end date put at December 2030.

The base project was among a dozen or so public projects rated “high profile, high risk”.

A $60 million wind farm upgrade had earlier been delayed by a few months.

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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/2026/03/24/scott-base-plan-ready-by-june-antarctica-nz/

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Rip Curl de-merger bid rejected

Source: Radio New Zealand

KMD Brands has rejected a proposal which would see Rip Curl de-merged into a separate dual-listed company, then merged with Stokehouse to create a new company. photosport

Retailer KMD Brands has rejected a proposal from a US surfwear company to slice off its Rip Curl label and marry the two brands together.

The NZX and ASX-listed company disclosed the details of the concept, suggested by California-based Stokehouse, on Tuesday following a report in the Australian Financial Review.

KMD Brands says the proposal would see Rip Curl de-merged into a separate dual-listed company, then merged with Stokehouse to create a new company.

“The concept proposed by Stokehouse creates no value for shareholders and is challenging from an execution standpoint,” KMD Brands chairman David Kirk said.

“In addition, the combination of multiple surf brands that directly compete with each other is not a strategy that has proven effective.”

If the deal had gone ahead as proposed, Stokehouse would own 22 percent of the new business, and Stokehouse’s chief executive would also head up the entity, according to KMD’s market update.

“This proposed ownership structure is misaligned with the earnings delivered by the Stokehouse and Rip Curl businesses given Stokehouse’s immaterial contribution to combined EBITDA [earnings before interest, taxes, depreciation and amortisation], and would unfairly dilute KMD Brands shareholders,” KMD said in a statement.

In addition to Rip Curl, KMD Brands also owns Kathmandu and Oboz brands. Stokehouse’s core brand is surf label Vissla, and is run by former Billabong chief executive Paul Naude.

The dual-listed company said it carefully considered the concept but had decided it was not in the best interest of shareholders and would instead continue with its current strategy.

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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/2026/03/24/rip-curl-de-merger-bid-rejected/

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Prospecting application targets frontier acreage

Source: New Zealand Government

A new prospecting permit application in the offshore Canterbury Basin signals renewed sector confidence in pursuing opportunities in New Zealand’s search for oil and gas, Resources Minister Shane Jones says.

New Zealand Petroleum & Minerals (NZP&M) has today opened a three-month competitive process for an application submitted by CBX Energy Limited. The proposal outlines a programme of technical and economic studies, including work on a comprehensive Canterbury Basin development strategy.

“The Canterbury Basin, off the east coast of the South Island, is one of New Zealand’s 18 sedimentary basins with known or potential hydrocarbons. It has long been viewed as a promising but largely untapped opportunity,” Mr Jones says.

“The basin remains far less explored than comparable regions overseas, highlighting how much potential is still to be tested.

“Further prospecting and exploration in the Canterbury Basin could unlock new domestic energy resources, strengthening New Zealand’s long‑term energy resilience and creating valuable economic opportunities.”

NZP&M will accept competing applications until 5pm, 24 June. Applications will be prioritised in accordance with the criteria set out in the Minerals Programme for Petroleum 2025. A permit may be awarded in response to the best application that also meets requirements of the Crown Minerals Act 1991. A petroleum prospecting permit is an early‑stage, low‑impact permit that allows a company to search for evidence of petroleum/oil and gas.

Since the removal of the petroleum exploration ban in late 2025, two exploration permit applications have already progressed through the competitive process and are now under assessment, with decisions expected later this year.

For more information see: Applications under the open market competitive process – New Zealand Petroleum and Minerals

LiveNews: https://nz.mil-osi.com/2026/03/24/prospecting-application-targets-frontier-acreage/

Posted on

Prospecting application targets frontier acreage

Source: New Zealand Government

A new prospecting permit application in the offshore Canterbury Basin signals renewed sector confidence in pursuing opportunities in New Zealand’s search for oil and gas, Resources Minister Shane Jones says.

New Zealand Petroleum & Minerals (NZP&M) has today opened a three-month competitive process for an application submitted by CBX Energy Limited. The proposal outlines a programme of technical and economic studies, including work on a comprehensive Canterbury Basin development strategy.

“The Canterbury Basin, off the east coast of the South Island, is one of New Zealand’s 18 sedimentary basins with known or potential hydrocarbons. It has long been viewed as a promising but largely untapped opportunity,” Mr Jones says.

“The basin remains far less explored than comparable regions overseas, highlighting how much potential is still to be tested.

“Further prospecting and exploration in the Canterbury Basin could unlock new domestic energy resources, strengthening New Zealand’s long‑term energy resilience and creating valuable economic opportunities.”

NZP&M will accept competing applications until 5pm, 24 June. Applications will be prioritised in accordance with the criteria set out in the Minerals Programme for Petroleum 2025. A permit may be awarded in response to the best application that also meets requirements of the Crown Minerals Act 1991. A petroleum prospecting permit is an early‑stage, low‑impact permit that allows a company to search for evidence of petroleum/oil and gas.

Since the removal of the petroleum exploration ban in late 2025, two exploration permit applications have already progressed through the competitive process and are now under assessment, with decisions expected later this year.

For more information see: Applications under the open market competitive process – New Zealand Petroleum and Minerals

MIL OSI

LiveNews: https://livenews.co.nz/2026/03/24/prospecting-application-targets-frontier-acreage/

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‘Operating in this dearth of information’: Airlines pleading government for assurance

Source: Radio New Zealand

Airlines are comfortable there is currently a sufficient fuel supply, Board of Airline Representatives chief executive Cath O’Brien says. Supplied/ Air NZ

Airlines are pleading for assurance from the government, as the supply of jet fuel could be limited due to the conflict in the Middle East.

Board of Airline Representatives chief executive Cath O’Brien told Morning Report that New Zealand is a known as a “fuel risk destination”.

New Zealand had a history of experiencing issues with jet fuel allocation, she said.

“We saw that in 2017. We had the pipeline rupture. We saw it in 2022 and 2023 when we had insufficient jet fuel imported into the country.”

She was concerned that there had been no information, as suppliers could give 12 hours notice of rationing but airlines could not respond in the same way as usual because if there was limited jet fuel in New Zealand, the same would apply elsewhere.

“If we knew how a scarce resource of jet fuel might be managed, then we would be able to say how airlines might respond and whether that jet fuel is allocated more or less to long haul, or short haul, or freighters, or licensed flights, or regional services.

“At the moment, we’re kind of operating in this dearth of information.”

However, O’Brien said airlines were comfortable that there was currently a sufficient fuel supply, and could continue their usual operations.

“If we get to a point, as we have in the past in New Zealand, where jet fuel is 10 days away from arriving and we have a limited amount to get us through, then we might need to be careful with that jet fuel that we have as we wait for the next shipment.

“I think that’s increasingly likely as an outcome of the conflict up in the Middle East … so we need to know how we will manage that delay.”

Meanwhile, regional airlines are warning key air links are under growing pressure due to the rising fuel prices and operating costs.

Originair is poised to scrap its Wellington to Westport route, while Air Chathams has introduced a $20 fuel surcharge per ticket.

Barrier Air chief executive Grant Bacon said fuel price rises so far equated to about $15 extra per person on an average Wellington to Tākaka Golden Bay Air flight.

Reuters reports that jet fuel prices have soared from US$85-90 per barrel to US$150-200 per barrel in recent days leading to a number of airlines including Air New Zealand increasing fuel surcharges.

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

LiveNews: https://livenews.co.nz/2026/03/24/operating-in-this-dearth-of-information-airlines-pleading-government-for-assurance/

Posted on

‘Operating in this dearth of information’: Airlines pleading government for assurance

Source: Radio New Zealand

Airlines are comfortable there is currently a sufficient fuel supply, Board of Airline Representatives chief executive Cath O’Brien says. Supplied/ Air NZ

Airlines are pleading for assurance from the government, as the supply of jet fuel could be limited due to the conflict in the Middle East.

Board of Airline Representatives chief executive Cath O’Brien told Morning Report that New Zealand is a known as a “fuel risk destination”.

New Zealand had a history of experiencing issues with jet fuel allocation, she said.

“We saw that in 2017. We had the pipeline rupture. We saw it in 2022 and 2023 when we had insufficient jet fuel imported into the country.”

She was concerned that there had been no information, as suppliers could give 12 hours notice of rationing but airlines could not respond in the same way as usual because if there was limited jet fuel in New Zealand, the same would apply elsewhere.

“If we knew how a scarce resource of jet fuel might be managed, then we would be able to say how airlines might respond and whether that jet fuel is allocated more or less to long haul, or short haul, or freighters, or licensed flights, or regional services.

“At the moment, we’re kind of operating in this dearth of information.”

However, O’Brien said airlines were comfortable that there was currently a sufficient fuel supply, and could continue their usual operations.

“If we get to a point, as we have in the past in New Zealand, where jet fuel is 10 days away from arriving and we have a limited amount to get us through, then we might need to be careful with that jet fuel that we have as we wait for the next shipment.

“I think that’s increasingly likely as an outcome of the conflict up in the Middle East … so we need to know how we will manage that delay.”

Meanwhile, regional airlines are warning key air links are under growing pressure due to the rising fuel prices and operating costs.

Originair is poised to scrap its Wellington to Westport route, while Air Chathams has introduced a $20 fuel surcharge per ticket.

Barrier Air chief executive Grant Bacon said fuel price rises so far equated to about $15 extra per person on an average Wellington to Tākaka Golden Bay Air flight.

Reuters reports that jet fuel prices have soared from US$85-90 per barrel to US$150-200 per barrel in recent days leading to a number of airlines including Air New Zealand increasing fuel surcharges.

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/2026/03/24/operating-in-this-dearth-of-information-airlines-pleading-government-for-assurance/

Posted on

Fog cancels and delays flights at Christchurch airport

Source: Radio New Zealand

The fog was believed to have cleared by 8am on Tuesday but returned shortly after 9.15 am. 123rf.com

Intermittent fog at Christchurch airport is leading to flight delays and cancellations on Tuesday morning.

Eight domestic flights were cancelled when fog descended on the airport at about 7.25 am but by 8 am the initial pall had cleared.

Airport spokesperson Sean Tully said the fog had returned shortly after 9.15 am and more disruptions were likely.

“Visibility at the airport is about 400 metres so we’re in low visibility operations which slows traffic between arrivals and departures,” Tully said.

Tully said the fluctuating conditions could continue to disrupt flights and advised passengers to check with their airline for any delays or cancellations.

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://livenews.co.nz/2026/03/24/fog-cancels-and-delays-flights-at-christchurch-airport/

Posted on

Christchurch man could have been trying to take copper from transformer when electrocuted

Source: Radio New Zealand

Superintendent Lane Todd said the incident was a reminder of the dangers of power infrastructure. RNZ / Diego Opatowski

Christchurch police are investigating the electrocution of a man who is believed to have been attempting to take copper from a transformer.

Emergency services were called to a fire at a transformer in Brooker Avenue in the suburb of Burwood about midnight.

Superintendent Lane Todd said a person was found critically injured and died at the scene.

“We are making a number of enquiries, however it appears the man may have been attempting to retrieve copper from the transformer,” Todd said.

“Emergency services were unable to reach the man immediately as the transformer was still live. Power had to be cut to the transformer and about 700 homes before first aid could be provided, but the man was unable to be revived.

“While our enquiries are ongoing, this is a reminder of the dangers of power infrastructure and why it should never be interfered with. Anyone who sees suspicious activity around power infrastructure should call Police immediately on 111.

“This was a traumatic incident and we’re making sure the officers who responded have support.”

St John sent an ambulance, two critical care units and an operations manager.

Fire and Emergency was called by St John to provide medical assistance.

The death has been referred to the coroner.

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

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

LiveNews: https://livenews.co.nz/2026/03/24/christchurch-man-could-have-been-trying-to-take-copper-from-transformer-when-electrocuted/

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Reserve Bank governor Anna Breman warns of higher inflation, lower growth

Source: Radio New Zealand

Reserve Bank governor Dr Anna Breman. RNZ / Samuel Rillstone

  • RBNZ govenror says NZ is likely to see higher short-term inflation
  • Rates could rise if there are effects on medium-term inflation or inflation expectations
  • Economic growth likely to be dampened

The Reserve Bank governor is warning of higher inflation and weaker economic growth due to the Middle East crisis.

The Israel and United States-led war against Iran has sent global energy prices soaring due to the closure of the Strait of Hormuz, and attacks on key energy infrastructure in the Gulf.

Economists had already warned of the inflationary impact facing the New Zealand economy.

In speech notes published on Tuesday, Reserve Bank (RBNZ) governor Dr Anna Breman echoed that sentiment.

“We are likely to see higher headline inflation over the near term, and somewhat weaker growth momentum,” Breman said.

Annual inflation was at 3.1 percent in the December quarter, above the RBNZ’s 1-3 percent target band.

The remarks come two weeks ahead of the RBNZ’s next monetary policy decision, where the Official Cash Rate is expected to remain on hold.

“A short-lived disruption and a temporary increase in petrol prices can – and should – be looked through from a monetary policy perspective if it is unlikely to have an impact on medium-term inflation outcomes,” Breman said.

“For this type of disruption, we would likely see higher inflation over the next few quarters, along with squeezed real incomes and demand.”

She said the peak impact of monetary policy on inflation took about six to nine quarters.

“So, tightening monetary policy in response to a short-lived disruption would only dampen growth without materially improving near-term inflation outcomes,” Breman said.

“If there are effects on medium-term inflation or inflation expectations, the appropriate policy response could be to increase interest rates to prevent these second round effects.”

Breman said “it is critical” for monetary policy to be forward-looking and focused on medium-term inflation pressures.

She said global supply chains were feeling the effects of the conflict, and it “will take time for the full effects of this shock on the global economy to play out”.

“We should try to avoid reacting too early to near-term inflation pressures that monetary policy can do little about – or reacting too late if above-target inflation becomes embedded in the economy.”

High near-term inflation, weaker growth

Breman said the higher short-term inflation spike would primarily be driven by higher petrol and diesel prices, which made up about 4 percent of the Consumer Price Index.

Higher fertiliser prices were another factor, and she believed it could take up to nine months to fully pass through to supermarket prices.

“Autumn fertiliser requirements are already on-hand in New Zealand, and fertiliser imports usually decrease over the winter months,” Dr Breman said.

“We expect fertiliser use to pick up for spring planting, which is when we may see more direct impacts on farms.”

Breman said the conflict meant New Zealand’s economic growth momentum would be “somewhat weaker” than the RBNZ’s previous assessments.

The bank’s February Monetary Policy Statement published forecasts of GDP growth of 1.1 percent in the March quarter, and 0.5 percent in the June quarter.

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://livenews.co.nz/2026/03/24/reserve-bank-governor-anna-breman-warns-of-higher-inflation-lower-growth/

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Neil Barnes, Mike Blair, Tana Umaga confirmed as All Blacks assistant coaches under Dave Rennie

Source: Radio New Zealand

Tana Umaga is one of the new All Black assistant coaches. PHOTOSPORT

The All Blacks assistant coaches have been confirmed, with Neil Barnes, Mike Blair and Tana Umaga joining Jason Ryan in the coaching team under new head coach Dave Rennie.

More to come…

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/2026/03/24/neil-barnes-mike-blair-tana-umaga-confirmed-as-all-blacks-assistant-coaches-under-dave-rennie/

Posted on

Christchurch man could have been trying to take copper from transformer when electrocuted

Source: Radio New Zealand

Superintendent Lane Todd said the incident was a reminder of the dangers of power infrastructure. RNZ / Diego Opatowski

Christchurch police are investigating the electrocution of a man who is believed to have been attempting to take copper from a transformer.

Emergency services were called to a fire at a transformer in Brooker Avenue in the suburb of Burwood about midnight.

Superintendent Lane Todd said a person was found critically injured and died at the scene.

“We are making a number of enquiries, however it appears the man may have been attempting to retrieve copper from the transformer,” Todd said.

“Emergency services were unable to reach the man immediately as the transformer was still live. Power had to be cut to the transformer and about 700 homes before first aid could be provided, but the man was unable to be revived.

“While our enquiries are ongoing, this is a reminder of the dangers of power infrastructure and why it should never be interfered with. Anyone who sees suspicious activity around power infrastructure should call Police immediately on 111.

“This was a traumatic incident and we’re making sure the officers who responded have support.”

St John sent an ambulance, two critical care units and an operations manager.

Fire and Emergency was called by St John to provide medical assistance.

The death has been referred to the coroner.

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

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

LiveNews: https://nz.mil-osi.com/2026/03/24/christchurch-man-could-have-been-trying-to-take-copper-from-transformer-when-electrocuted/

Posted on

Fog cancels and delays flights at Christchurch airport

Source: Radio New Zealand

The fog was believed to have cleared by 8am on Tuesday but returned shortly after 9.15 am. 123rf.com

Intermittent fog at Christchurch airport is leading to flight delays and cancellations on Tuesday morning.

Eight domestic flights were cancelled when fog descended on the airport at about 7.25 am but by 8 am the initial pall had cleared.

Airport spokesperson Sean Tully said the fog had returned shortly after 9.15 am and more disruptions were likely.

“Visibility at the airport is about 400 metres so we’re in low visibility operations which slows traffic between arrivals and departures,” Tully said.

Tully said the fluctuating conditions could continue to disrupt flights and advised passengers to check with their airline for any delays or cancellations.

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/2026/03/24/fog-cancels-and-delays-flights-at-christchurch-airport/

Posted on

Reserve Bank governor Anna Breman warns of higher inflation, lower growth

Source: Radio New Zealand

Reserve Bank governor Dr Anna Breman. RNZ / Samuel Rillstone

  • RBNZ govenror says NZ is likely to see higher short-term inflation
  • Rates could rise if there are effects on medium-term inflation or inflation expectations
  • Economic growth likely to be dampened

The Reserve Bank governor is warning of higher inflation and weaker economic growth due to the Middle East crisis.

The Israel and United States-led war against Iran has sent global energy prices soaring due to the closure of the Strait of Hormuz, and attacks on key energy infrastructure in the Gulf.

Economists had already warned of the inflationary impact facing the New Zealand economy.

In speech notes published on Tuesday, Reserve Bank (RBNZ) governor Dr Anna Breman echoed that sentiment.

“We are likely to see higher headline inflation over the near term, and somewhat weaker growth momentum,” Breman said.

Annual inflation was at 3.1 percent in the December quarter, above the RBNZ’s 1-3 percent target band.

The remarks come two weeks ahead of the RBNZ’s next monetary policy decision, where the Official Cash Rate is expected to remain on hold.

“A short-lived disruption and a temporary increase in petrol prices can – and should – be looked through from a monetary policy perspective if it is unlikely to have an impact on medium-term inflation outcomes,” Breman said.

“For this type of disruption, we would likely see higher inflation over the next few quarters, along with squeezed real incomes and demand.”

She said the peak impact of monetary policy on inflation took about six to nine quarters.

“So, tightening monetary policy in response to a short-lived disruption would only dampen growth without materially improving near-term inflation outcomes,” Breman said.

“If there are effects on medium-term inflation or inflation expectations, the appropriate policy response could be to increase interest rates to prevent these second round effects.”

Breman said “it is critical” for monetary policy to be forward-looking and focused on medium-term inflation pressures.

She said global supply chains were feeling the effects of the conflict, and it “will take time for the full effects of this shock on the global economy to play out”.

“We should try to avoid reacting too early to near-term inflation pressures that monetary policy can do little about – or reacting too late if above-target inflation becomes embedded in the economy.”

High near-term inflation, weaker growth

Breman said the higher short-term inflation spike would primarily be driven by higher petrol and diesel prices, which made up about 4 percent of the Consumer Price Index.

Higher fertiliser prices were another factor, and she believed it could take up to nine months to fully pass through to supermarket prices.

“Autumn fertiliser requirements are already on-hand in New Zealand, and fertiliser imports usually decrease over the winter months,” Dr Breman said.

“We expect fertiliser use to pick up for spring planting, which is when we may see more direct impacts on farms.”

Breman said the conflict meant New Zealand’s economic growth momentum would be “somewhat weaker” than the RBNZ’s previous assessments.

The bank’s February Monetary Policy Statement published forecasts of GDP growth of 1.1 percent in the March quarter, and 0.5 percent in the June quarter.

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/2026/03/24/reserve-bank-governor-anna-breman-warns-of-higher-inflation-lower-growth/

Posted on

More banks hike interest rates as fuel threatens to push up inflation

Source: Radio New Zealand

The changes bring ASB and Kiwibank into line with all other major banks SUPPLIED

ASB and Kiwibank have become the latest to increase interest rates, on the back of market fears the rising oil prices may push up inflation.

Wholesale rates have lifted since war broke out, even though the Reserve Bank has not yet moved the official cash rate.

Kiwibank is increasing its special one-year rate from 4.49 percent to 4.59 percent, its three-year rate from 5.25 percent to 5.35 percent, its four-year rate from 5.69 percent to 5.79 percent and its five-year rate from 5.79 percent to 5.89 percent.

Standard rates shift by a similar amount.

It is also lifting its term deposit rates by 20 basis points for one year, to 3.75 percent, 10 basis points for two years, to 4.1 percent, and 30 basis points for three- to five-year terms, to 4.4 percent, 4.6 percent and 4.7 percent, respectively.

ASB is cutting its six-month rate and increasing longer home loan terms and term deposit rates.

ASB’s two and three-year fixed home loan rates have increased by 14 and 20 basis points respectively, while the six-month rate is down 10 basis points.

It will offer 4.59 percent for a year, 4.49 percent for six months, 5.09 percent for two years and 5.69 percent for five years.

ASB has also lifted term deposit rates by up to 50 basis points across 12-month to five-year terms, including a five-year rate of 5 percent. Its one-year rate is 3.7 percent, up 20 basis points.

ASB’s executive general manager personal banking Adam Boyd said it was driven by market pricing.

“Wholesale interest rates have remained volatile and continue to trend higher. These movements reflect heightened global economic uncertainty and renewed pressures across global markets. For savers, the same environment means stronger returns, and it’s worth considering how your money could work harder.

“We understand that any increase to home loan rates is significant for households. We encourage customers to talk to us about their situation. There’s no one-size-fits-all answer, and we want to help people find the approach that works best for them.”

Westpac and ANZ announced increases last week.

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

LiveNews: https://livenews.co.nz/2026/03/24/more-banks-hike-interest-rates-as-fuel-threatens-to-push-up-inflation/

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More banks hike interest rates as fuel threatens to push up inflation

Source: Radio New Zealand

The changes bring ASB and Kiwibank into line with all other major banks SUPPLIED

ASB and Kiwibank have become the latest to increase interest rates, on the back of market fears the rising oil prices may push up inflation.

Wholesale rates have lifted since war broke out, even though the Reserve Bank has not yet moved the official cash rate.

Kiwibank is increasing its special one-year rate from 4.49 percent to 4.59 percent, its three-year rate from 5.25 percent to 5.35 percent, its four-year rate from 5.69 percent to 5.79 percent and its five-year rate from 5.79 percent to 5.89 percent.

Standard rates shift by a similar amount.

It is also lifting its term deposit rates by 20 basis points for one year, to 3.75 percent, 10 basis points for two years, to 4.1 percent, and 30 basis points for three- to five-year terms, to 4.4 percent, 4.6 percent and 4.7 percent, respectively.

ASB is cutting its six-month rate and increasing longer home loan terms and term deposit rates.

ASB’s two and three-year fixed home loan rates have increased by 14 and 20 basis points respectively, while the six-month rate is down 10 basis points.

It will offer 4.59 percent for a year, 4.49 percent for six months, 5.09 percent for two years and 5.69 percent for five years.

ASB has also lifted term deposit rates by up to 50 basis points across 12-month to five-year terms, including a five-year rate of 5 percent. Its one-year rate is 3.7 percent, up 20 basis points.

ASB’s executive general manager personal banking Adam Boyd said it was driven by market pricing.

“Wholesale interest rates have remained volatile and continue to trend higher. These movements reflect heightened global economic uncertainty and renewed pressures across global markets. For savers, the same environment means stronger returns, and it’s worth considering how your money could work harder.

“We understand that any increase to home loan rates is significant for households. We encourage customers to talk to us about their situation. There’s no one-size-fits-all answer, and we want to help people find the approach that works best for them.”

Westpac and ANZ announced increases last week.

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/2026/03/24/more-banks-hike-interest-rates-as-fuel-threatens-to-push-up-inflation/

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Health targets delivering for New Zealanders

Source: New Zealand Government

Clear improvements are being delivered across all five Government health targets, with the quarterly results for October to December 2025 showing year‑on‑year gains and more Kiwis accessing care sooner, Health Minister Simeon Brown says.

“Across every target, more New Zealanders received care sooner during the quarter, despite sustained pressure on hospitals and services,” Mr Brown says.

“These results show tangible progress in our commitment to putting patients at the centre of the healthcare system, with improved access, timeliness, and outcomes across the health system.”

Key improvements for the October to December quarter compared to the same quarter in the previous year include:

Shorter stays in emergency departments – 74.2 percent of patients were admitted, discharged, or transferred within six hours, up from 72.1 percent.
Shorter waits for first specialist assessment – 62.2 percent of patients were seen within four months, up from 60.6 percent.
Shorter waits for elective treatment – 64.5 percent of patients received treatment within four months, up from 59.2 percent in the same quarter 12 months prior.
Faster cancer treatment – 87.0 percent of patients received cancer treatment within 31 days of the decision to treat, up from 85.9 percent.
Improved childhood immunisation – 82.9 percent of children were fully immunised at 24 months, up from 77.0 percent. 

“These improvements were delivered despite significant challenges facing the health system, including disruption to planned care and appointments, a measles outbreak, and high demand in emergency departments.”

More care was also delivered overall:

179,816 first specialist assessments were completed this quarter, up from 167,917 in the same quarter in the previous year.
51,513 people were treated from the elective waitlist, up from 46,841 in the same quarter in the previous year.
4,824 patients received their first cancer treatment, up from 4,546 in the same quarter in the previous year.
12,127 children were fully immunised at 24 months, up from 11,462 in the same quarter in the previous year.

Emergency departments also saw increased demand, with 340,967 attendances this quarter compared to 332,110 in the same period last year.

“Despite this higher demand, a greater proportion of patients were seen within six hours, which is a strong result for both patients and staff.”

Mr Brown says the Government remains focused on continuing to fix the basics and lift performance across the healthcare system.

“While there is more work to do, these results show meaningful progress for patients across the country.

“I want to thank the doctors, nurses, allied health professionals, support staff, and everyone working across our health system who continued delivering care under sustained pressure. Their dedication and professionalism continue to make a real difference for the patients they care for every day,” Mr Brown says.

LiveNews: https://nz.mil-osi.com/2026/03/24/health-targets-delivering-for-new-zealanders/

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Molesworth Station: The groups vying to take over the country’s largest farm

Source: Radio New Zealand

The Molesworth landscape. Supplied / Pamu Farms

Five groups are vying to take over the country’s largest farm.

Molesworth Station, the iconic high country property, is run as a cattle farm by state-owned Pāmu.

The area, known formally as the Rangitahi/Molesworth Recreation Reserve, at the top of the South Island, covers 180,000-hectares of land owned by the Crown and administered by the Department of Conservation (DOC) .

However, with Pāmu’s lease ending in June, DOC has been seeking new applicants to take over.

Applications closed last week with five groups putting forward applications to take over running farm operations at Molesworth.

DOC’s South Marlborough operations manager Stacey Wrenn said it was a “big decision”.

“We’re looking at the next 30 years of this absolutely, incredibly and nationally important place as well as New Zealand’s largest farm,” she said.

“So we are so excited that we have got this set of really high quality proposals. And we’re looking forward to working through those and working out who the best and most appropriate person is to take Molesworth forward into the future.”

Jim Ward, former manager of Molesworth station. PAMU / SUPPLIED

Molesworth’s former-manager of more than 20 years, Jim Ward, confirmed he had been involved in a proposal to see it run as a not-for-profit with heritage status.

“There’s three things that everything revolves around,” he told RNZ.

“The first is the vision for the proposal is we’re calling it the ‘Station for the Nation’, and the values are ensuring accessibility for all and the mission is to maintain the integrity of the land and ensure the longevity of the cultural and historic assets.”

The existing lease with Pāmu expires on the 30th June 2026. It would not confirm if it had put forward an application.

DOC and Pāmu were working together to ensure operations continue smoothly while the preferred operator is selected and new concession processed, and to work through the change of operators, if necessary.

“As the incumbent, Pāmu continues to engage closely with the Department of Conservation regarding the future of the Molesworth lease, and we’re committed to working constructively through their process,” a Pāmu spokesperson said.

Wrenn said she appreciated the effort that had gone into preparing the applications which would now be carefully assessed against set criteria with DOC hoping to select a preferred operator by the end of May.

“Assessment criteria includes the operator’s experience, skills and resources, how biodiversity and heritage values will be protected, how cultural values will be upheld, and how public access will be improved and facilitated.

“Once a preferred operator is chosen, they will be invited to apply for a concession, which will be publicly notified so people can have their say on the proposal.”

Wrenn previously said Molesworth was a special place that was home to threatened plants and animals so there would be restrictions on any lease – the farm can not be used for deer farming, forestry or for activities like game hunting or safari parks.

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://livenews.co.nz/2026/03/24/molesworth-station-the-groups-vying-to-take-over-the-countrys-largest-farm/

Posted on

Health targets delivering for New Zealanders

Source: New Zealand Government

Clear improvements are being delivered across all five Government health targets, with the quarterly results for October to December 2025 showing year‑on‑year gains and more Kiwis accessing care sooner, Health Minister Simeon Brown says.

“Across every target, more New Zealanders received care sooner during the quarter, despite sustained pressure on hospitals and services,” Mr Brown says.

“These results show tangible progress in our commitment to putting patients at the centre of the healthcare system, with improved access, timeliness, and outcomes across the health system.”

Key improvements for the October to December quarter compared to the same quarter in the previous year include:

Shorter stays in emergency departments – 74.2 percent of patients were admitted, discharged, or transferred within six hours, up from 72.1 percent.
Shorter waits for first specialist assessment – 62.2 percent of patients were seen within four months, up from 60.6 percent.
Shorter waits for elective treatment – 64.5 percent of patients received treatment within four months, up from 59.2 percent in the same quarter 12 months prior.
Faster cancer treatment – 87.0 percent of patients received cancer treatment within 31 days of the decision to treat, up from 85.9 percent.
Improved childhood immunisation – 82.9 percent of children were fully immunised at 24 months, up from 77.0 percent. 

“These improvements were delivered despite significant challenges facing the health system, including disruption to planned care and appointments, a measles outbreak, and high demand in emergency departments.”

More care was also delivered overall:

179,816 first specialist assessments were completed this quarter, up from 167,917 in the same quarter in the previous year.
51,513 people were treated from the elective waitlist, up from 46,841 in the same quarter in the previous year.
4,824 patients received their first cancer treatment, up from 4,546 in the same quarter in the previous year.
12,127 children were fully immunised at 24 months, up from 11,462 in the same quarter in the previous year.

Emergency departments also saw increased demand, with 340,967 attendances this quarter compared to 332,110 in the same period last year.

“Despite this higher demand, a greater proportion of patients were seen within six hours, which is a strong result for both patients and staff.”

Mr Brown says the Government remains focused on continuing to fix the basics and lift performance across the healthcare system.

“While there is more work to do, these results show meaningful progress for patients across the country.

“I want to thank the doctors, nurses, allied health professionals, support staff, and everyone working across our health system who continued delivering care under sustained pressure. Their dedication and professionalism continue to make a real difference for the patients they care for every day,” Mr Brown says.

MIL OSI

LiveNews: https://livenews.co.nz/2026/03/24/health-targets-delivering-for-new-zealanders/

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Fuel ‘demand restraint’ being considered by government, Shane Jones says

Source: Radio New Zealand

Shane Jones. RNZ / Mark Papalii

The government will be hearing from officials later this week on possible steps towards “demand restraint”, Associate Energy Minister Shane Jones says.

Petrol prices have increased by almost $1 per litre on average in the past month, according to price tracker Gaspy, and diesel even more, as global energy markets react to Iran’s military grip on the Strait of Hormuz following the war launched by the US and Israel.

Around 20 percent of the world’s supply usually transits through the strait.

The government is expected to unveil a support package later on Tuesday which it says will be highly targeted and temporary. Finance Minister Nicola Willis has regularly stated there have been no plans to restrict usage, with stockpiles remaining healthy and supplies still arriving as scheduled.

The latest data from the Ministry of Business, Innovation and Employment showed stocks for about 47 days of fuel, including about 50 days worth of petrol, 46 days of diesel, and 45 of jet fuel.

Jones, speaking to Morning Report on Tuesday morning, said New Zealand consumed 24 million litres a day – nearly half of which was diesel, a third petrol and the rest aviation fuel.

Towards the end of the week… we’re going to be briefed at a granular level by the officials who are in contact with different industry groups as to the steps we would take if we move towards demand restraint.

“I am focused more on enhancing advancing, broadening and simplifying access to greater levels of supply.”

Reports from importers such as Z Energy were coming in daily, he said.

“We have never once been told that they are unable to deliver, or contracts are being terminated. Naturally, we’re watching that with a pair of hawk eyes. The challenge remains… the access of the refineries owned by Exxon and other such global giants to enough feedstock so they can produce the fuel in suitable quantities.”

Channel Infrastructure chief executive Rob Buchanan and Regional Development Minister Shane Jones atop a 30-million-litre jet fuel tank. RNZ / Peter de Graaf

New Zealand no longer refines crude oil, with the Marsden Point facility shutting down a few years ago.

“The fuel import companies are operating exactly within their statutory envelopes. They are observing what they promised to bring to New Zealand.

“If we are to increase and store more diesel fuel in New Zealand, we need to increase the storage. And I keep saying, the reason we can’t do that at scale is because they closed down the refinery, and I don’t care if you get annoyed with me saying that. I want New Zealanders to bear that in mind. This is the consequence of closing down the refinery.”

Jones has falsely claimed the Labour government closed the refinery down, repeating that claim again on Morning Report. Refining NZ (now Channel Infrastructure), a private company, made the call to end refining at the Marsden Point site and transition to being an import-only hub. The government considered stepping in, but decided against it, with advice to ministers being that risks to fuel security were “very low”, because any event that cut off the supply of refined oil would likely cut off crude as well.

Jones said the government was working with Channel to “enhance” how much product could be stored at Marsden.

“That will give us additional diesel storage. However, I don’t want any Kiwi this morning to doubt whether there’s diesel in the country on its way. There certainly is.”

Speaking to Morning Report after Jones, Labour leader Chris Hipkins said it was a “private decision made by the fuel industry” that would not have hindered New Zealand’s fuel security.

“Marsden Point was refining crude oil that was imported from overseas, so the same supply constraints would be hitting us now whether MarsdenPoint was operating or not.”

He suggested it was ironic that coalition MPs were criticising Labour for having spent “too much money” during the Covid response, yet were now saying “we should have kept a refinery that was going out of business because it was obsolete technology and because it wasn’t economic”.

Asked whether the crisis had shifted his thinking on electrification and moving away from fossil fuels, Jones said it was a “fair point” to stay open-minded.

“There is a source of hydrogen energy in New Zealand. It’s called white hydrogen. It’s called natural occurring hydrogen. I met last week with the Auckland University who are doing extraordinary work in Wairarapa, and they believe they’ve tapped into a vein of infinite power of a hydrogen character, of all places in the hills and the valleys of the Wairarapa coast.

“So I think it’s a fair point that you’re making that we need to be open-minded. And then I say to Kiwis, OK, how do you imagine we’re going to pay for it? To do that, certain things, if we are to underwrite this electrification journey, will have to go by the way.

“And that’s why we have an election. No doubt people will be contesting all of those ideas.”

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://livenews.co.nz/2026/03/24/fuel-demand-restraint-being-considered-by-government-shane-jones-says/