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Commerce and Consumer Affairs Minister Andrew Bayly and Energy Minister Simeon Brown. Photo: RNZ / REECE BAKER Consultation on open banking and open electricity has begun. Commerce and Consumer Affairs Minister Andrew Bayly and Energy Minister Simeon Brown have now asked for feedback in both of those areas. Open banking was expected to be the first cab off the rank, with a view of it being operational by the end of 2025. Bayly said that was well before the target set by the recent Commerce Commission banking market study. "At the moment, banks and electricity companies are operating inside a walled garden," he said. "New entrants face high barriers to entry and as a result consumers do not benefit from innovative new products and services." Bayly said the government was seeking feedback...

Expectations were high going into the latest reporting season but overall results, for the period ended June, ultimately disappointed. Photo: RNZ / Angus Dreaver The corporate reporting season has produced some mixed results, with a difficult outlook for most companies exposed to the domestic economy. Expectations were high going into the latest reporting season but overall results, for the period ended June, ultimately disappointed - leaving the NZX Top 50 Index little changed. The biggest highlight over the past month was the Reserve Bank's 25-basis-point cut to the official cash rate, which was followed by a strong rebound in business confidence. "Even though we've had some good news in terms of that rate cut, there's still clearly parts of the economy which are still hurting, and th...

Photo: RNZ The reduction in the official cash rate is flowing through to the property market with improved buyer sentiment. A new property report from realestate.co.nz shows buyer enquiries increased by 8.5 percent in August in the fortnight following last month's OCR cut to 5.25 percent. The national average asking price dipped to $844,595 in August, the lowest in three-and-a-half years, with a further a 0.5 percent decrease from July and a 3.4 percent decrease from August 2023. Stock levels remain high increasing across the country by 30 percent year-on-year in August. August also marked a return to seasonal listing trends, according to realestate.co.nz chief executive Sarah Wood. "The rise in new listings suggests that vendors view this as a favourable time to sell, likely in response...

Summerset by the Park Rest Home in Flatbush. Photo: Google A report on the state of retirement villages highlights regional inequities and a critical shortage in the number of aged care units, despite a recent ramp-up in development. Property management firm JLL's latest Retirement Villages Market Review to the year ended December 2023, indicates there needed to be a significant increase in the rate of development to meet future demand. "New Zealand's retirement village sector has shown remarkable growth over the past decade, reflecting the increasing demand from our ageing population," JLL head of research Gavin Read said. "However, the findings of our review underscore the importance of strategic planning and development to ensure that future demand can be met." Development falls behi...