Blog

Sharemarket returns were boosted by holdings in the so-called 'magnificent seven' technology stocks, including Microsoft, Amazon, Tesla and Nvidia. Photo: 123RF The value of the NZ Superannuation Fund has hit a record high of $76.6 billion on the back of a strong performance by overseas technology stocks. The fund earned $11.2b for the year ended June, a 14.9 percent rise on the previous year, as sharemarkets were driven higher by improving economic factors and surging overseas sharemarkets. "Declining inflation, positive macroeconomic data and optimism that generative AI technology will boost corporate profitability saw global markets perform exceptionally well," chief executive Jo Townsend said. She said the fund's active investment strategies, which included commitments to real estat...

Generally areas with the lowest house prices have the smallest jump from average rent to mortgage payments. Photo: Unsplash / Blake Wheeler It's a common complaint from first-home buyers: If I can pay $750 a week in rent - and have been doing it every week for years - why is that not enough to prove to the bank that I can afford a mortgage at that repayment level? Unfortunately, it's not that simple. A repayment of $750 a week would service a $540,000 loan with a 6 percent interest rate. A household with two borrowers and two children under 18 would need an income of about $115,000 a year to qualify for that, depending on their expenses. Read more: Data shows that it is generally the areas with the lowest house prices that have the smallest jump from average rent to mortgage payments. ...

Photo: Getty Images Synlait Milk to retain North Island plants Sees a path to profitability for the money losing plants Sale was a possible solution to Synlait's financial woes and debt burden Future of company rests of 18 Sept meeting to approve $218m injection Beleaguered dairy company Synlait Milk has decided against selling its North Island processing facilities to restore its finances. The company had been reviewing the future of its processing and manufacturing plant at Pokeno, and a blending and canning facility in Auckland and looking at possible sales to reduce its large debt burden. Chief executive Grant Watson said the review had looked at selling, mothballing the plant, and rebalancing operations at the plant. "The review has been detailed and thorough. It's given us the in...

One of the richest people in the country supports paying more tax, but says the super wealthy worry the government will "squander" the money raised. Bruce Plested, the billionaire co-founder of Mainfreight, said he supported the idea of a wealth tax to help address concerns about inequities in society. "I believe I do," he told RNZ in a new series on wealth launching on Monday. RICH: The meaning of wealth in Aotearoa, produced by Morning Report co-host Corin Dann and investigative reporter Anusha Bradley, canvases a diverse range of the country's rich and powerful about attitudes to wealth; ideas for making us a richer country and what to do with money when you have plenty of it. Plested is among the wealthiest people in the country, according to the 2024 NBR rich list, with an estimated...