Blog

Treasury's deputy secretary and chief economic adviser Dominick Stephens. Photo: Wespac Bank An ageing population, combined with higher-than-expected government debt and structural fiscal deficits, poses a major financial challenge for New Zealand, Treasury's deputy secretary and chief economic adviser says. Dominick Stephens made a speech today in which he outlined the impact of increasing longevity on public finances. While healthcare, society and economic advances had created improvements in living standards, society would have to adapt, he said. "Including regarding government revenue and spending… I have every confidence that we can make the changes necessary to live sustainably in a society characterised by longer human lives." In the 1970s, there were about seven people aged 15 t...

More than 600 people are employed at Alliance Group's Smithfield meatworks during the peak season. (File image) Photo: RNZ / Nate McKinnon Hundreds of Canterbury meatworkers are anxiously waiting to find out if their jobs are safe. Staff employed at at Alliance Group's Smithfield meatworks in Timaru have been called to a surprise meeting at 11am Friday. The company will not say what it is about. Timaru Mayor Nigel Bowen said the plant employed more than 600 people at peak season, and workers were going into the meeting with a lot of questions. "There's a lot of concern for those workers that are affected. There's been rumours for some time now around possible changes, potential closure, so I guess one thing that is positive is that affected parties will have that confirmed in one way or...

Founder of Untouched World Peri Drysdale standing next to the company's Rubbish Socks which took home the circular business innovation award. Photo: Davina Zimmer The fashion industry says it cannot fix the massive problems it is facing alone, but getting the ear of the government is proving tricky. Half a tonne of unwanted clothes dumped in the middle of a fashion event in Auckland this week is the brutal symbol of the crisis hanging over the industry. More brutal is the fact that this half-tonne is sent to landfills in New Zealand every five minutes. The pile was on display at the annual Circular Fashion Awards, run by the non-profit clothing and textiles collective Mindful Fashion. It aims to highlight the environmental damage caused by fast fashion and show off the work of designer...

Photo: RNZ Tapping into your home's equity to fund your retirement might not be popular with children hoping for an inheritance - but it could be a way for some retirees to supplement their pension by as much as 50 percent, the Retirement Commission says. Te Ara Ahunga Ora Retirement Commission commissioned Motu Research to look at home equity release schemes provide value for money and how they might provide a suitable form of retirement income for some people. The research showed that for about 25 percent of older households who have low retirement income and savings, but high levels of equity in their home, equity release products could be a better option than turning to personal loans or credit cards. In 2021, the average net worth of retiree households was $1.143 million, of which h...