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The pressure is on for people looking to rent in Queenstown. Photo: RNZ / Marika Khabazi Tenants looking for a new place to live face less competition at the moment - and that may be because of the drop in immigration. Trade Me said on Thursday that asking rent prices had stabilised in August after two months of declines. The median weekly rent across the country was $640 and prices were 3.2 percent higher than in August 2023. The number of available rental listings was up 38 percent, compared to a year earlier. But demand was down 13 percent compared to July and 36 percent compared to 2023. "We've seen a step change in market dynamics this year with increasing supply coming at the same time as reducing demand," said Trade Me Property's customer director Gavin Lloyd. "While we've seen a...

New Zealand has signed a free-trade deal with the United Arab Emirates - the fastest agreement the country has ever struck. The deal lifts duties on 98.5 percent of New Zealand's exports immediately on entry into force, rising to 99 percent within three years. Aotearoa exports amount to more than $1 billion across the dairy, red meat, industrial products, horticulture and tourism sectors. Trade Minister Todd McClay announced the deal with his UAE counterpart Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi in Wellington on Thursday morning. He said the UAE was one of New Zealand's most important trading partners in the Gulf region and today's deal would boost Kiwi exports and strengthen supply chains. "This will create new opportunities for New Zealand businesses in the dy...

MusicWorks left the Hobson St building in February 2023. Photo: Melanie Earley For nearly 60 years, one of New Zealand's largest music stores sat in Auckland's CBD, adorned with brightly coloured paintings of microphones, guitars and saxophones. But for months now, the old store has been in a state of partial demolition with only part of the storefront remaining among a pile of wood, concrete and an ever-growing pile of rubbish. Wooden boards and a metal fence surround the site covered in various tags and graffiti and a Barfoot and Thompson for sale or lease sign is displayed front and centre on the only remaining piece of the storefront. MusicWorks moved out of the site in February 2023 into a new store on Mt Eden's Dominion Rd, and since then the future of the site on one of the city'...

First published on By Stephen Blumenfeld, Victoria University Centre for Labour, Employment and Work director, Chris Peace, Victoria University occupational health and safety lecturer, Joanne Crawford, Victoria University Worksafe New Zealand chair in health and safety, Roya Gorjifard, Victoria University doctoral candidate Photo: 123RF Prime Minister Christopher Luxon sparked debate on the future of work in New Zealand this week when he ordered public service employees back to the office. But Luxon's edict neglects a broader transformation in work culture. Work from home (WFH) arrangements have grown considerably over the past decade, propelled by an increase in dual-income households and rapid technological advancements. The Covid pandemic acted as a catalyst for ...

Photo: RNZ / Nate McKinnon Major retailer The Warehouse Group has reported a large loss, which the company says reflects one of its toughest years on record. Key numbers for the 12 months ended July compared with a year ago: Net loss $54.2m vs $29.8m profit Sales revenue $3.0b vs $3.24b Adjusted profit $18.9m vs $57.4m No final dividend vs 8 cents per share The group, which owns The Warehouse, Noel Leeming and Warehouse Stationery chains, said its bottom line was significantly affected by its disposal of outdoor goods brand Torpedo7 for just $1 in March. The company reported a loss of $60 million from the sale of Torpedo7. Leaving aside one-offs, its adjusted profit was also well down from the previous year. Chair Dame Joan Withers said the year was one of the most challenging in its...