Business

'We're doing what we can to survive': Hope of Ponsonby Road bounce-back The owners of Beau Restaurant on Ponsonby Rd say it's a vibrant and beautiful area, despite the retail downturn. Photo: Google Maps Ponsonby is one of Auckland's oldest neighbourhoods, and while Ponsonby Road's boutique fashion outlets, cafes and restaurants have been struggling recently, there is still plenty of optimism that the area will bounce back. With high interest rates and the country dipping in and out of recession, many retailers say business is the quietest it's been in years. But there is also optimism that even with changing consumer trends, the street will see a revival. Ponsonby retailers say having a shop front on the vibrant street is as much about community as it is about customers. Diva opened...

Photo: RNZ / Nate McKinnon Forget a "soft patch" - New Zealand's property market has been going through a second downturn, Corelogic says, and the median property value has dropped $30,000 since the most recent price peak. The property research firm has released its data for August, which shows values slipped nationally by 0.5 percent in the month. That is the sixth monthly fall in prices in a row. Prices are now down 3.7 percent from their most recent peak, in February this year, and 16.8 percent from the peak recorded after the pandemic in January 2022. Auckland prices are down 6 percent from the most recent peak alone. "It's a bit wrong to label this some kind of soft patch now," chief economist Kelvin Davidson said. "We're into a second downturn really. In dollar terms the median val...

The money was a $5000 donation to a charity, but was put in the wrong account. Photo: 123RF A woman who received thousands of dollars in an accidental transfer to her bank account says it was more difficult to return the money than expected. The money was a $5000 donation to a charity, but one wrong digit meant it had turned up in a Kiwibank account she managed. When she noticed the money last month, she got on the phone to her bank to have the funds returned, but said the process was far from clear. "Our first move was to actually phone Kiwibank and go, 'How do we give some money back'?" the woman, who wished to remain anonymous, said. "I was quite surprised. I thought they might have been, 'Hey, thanks for bringing this to our attention well, here's the process,' but the focus was mor...

Ethical funds now make up 39 percent of all KiwiSaver members. File photo. Photo: 123RF The Booster Socially Responsible High Growth fund is the top-performing ethical KiwiSaver fund, according to new data from National Capital. This was ranked as the standout performer by the advisory firm in its Value For Money report, based on historical five-year returns until March 2024. The report analysed 110 KiwiSaver funds, with half of these classified as Environmental, Social, Governance (ESG) focused. The majority of KiwiSaver accounts remain with traditional fund managers, with ethical or ESG funds now making up 39 percent of all KiwiSaver members. That equates to 1,099,103 New Zealanders investing in ESG, with the total value of these investments at retirement projected to be $244 billion,...

Photo: Unsplash / Tom Rumble New Zealand's standard of living is going backwards according to global ratings agency S&P as the country continues to live beyond its means, while increasing debt. S&P director of government ratings Martin Foo said New Zealand's sovereign AA+ foreign currency debt rating was stable and among the highest in the world, but there were a number of risks it needed to address. He said central government debt was not a constraint on the rating, but local government debt and the current account deficit were risks, along with a weak economy. S&P considered New Zealand's local government debt to be among the highest in the world at 180 percent of gross operating revenue on average, and forecast to rise further to a cap of 350 percent of gross operating rev...

The government must break up the supermarket duopoly and stop major players enjoying high profits at the expense of consumers, a consumer watchdog is urging. The Commerce Commission's grocery report released on Wednesday revealed competition in the sector has not improved and margins and profits are too high. Consumer NZ said it supports the grocery commissioner Pierre van Heerden's plans to ramp up regulation and enforcement - which could come with fines of up to $10 million. But even more drastic change was needed, Consumer NZ head of research and advocacy Gemma Rasmussen said. "Ultimately, it is the role of government to step in and talk about structural change and market break-ups, if they feel that the supermarkets aren't complying." It was disappointing the supermarkets had not made ...

Kainga Ora says it tries to strike a careful balance around rental debt. File photo. Photo: RNZ / Nate McKinnon Dozens of Kainga Ora tenants have been taken to the Tenancy Tribunal over rent arrears in recent months - and advocates say they are part of a growing number facing housing-related debt. But the department says it is trying to get on top of the situation. In one case, a Wellington woman owed $34,440 in rent arrears, which she was told to pay off through an additional $60 a week on top of her rent. In another, Auckland tenants were told to clear $18,021 in rent arrears via an extra $50 payment per week. In other cases, tenancies were terminated and tenants told to pay arrears immediately. Kainga Ora general manager of national services Nick Maling said it tried to strike a care...

Photo: RNZ / Marika Khabazi Tourism operators are concerned increasing the levy will be another barrier for travellers The current $35 levy will be increased from next month after undergoing a review The majority of the 1101 submissions supported an increase Minister Matt Doocey says he was advised there would be no significant decrease in visitors There are calls for better transparency to ensure funds go where they are needed Hiking the international visitor levy to $100 may deter some travellers who are already facing increased costs to come to New Zealand, tourism businesses say. It has been five years since the $35 levy was introduced and following a review, the government announced the increase on Tuesday. Rotorua Canopy Tours general manager Paul Button expected the increas...

Photo: Photo / 123RF New Zealanders are feeling financial strain which is threatening emergency and retirement savings. One in five retirees have less than a year's worth of savings to maintain their current lifestyle. 50 percent of people reported the economy has had a negative impact on personal finances. Renters are less likely to manage through these tough conditions compared to homeowners. A new report shows short term financial strain is leading to a looming retirement savings crisis. The Financial Services Council's latest research reveals households are facing the choice between relieving immediate financial pressures or saving for the future. Its latest Money & You research showed 94 percent of people are concerned about their finances as the cost of food, petrol, ren...

Photo: RNZ / Nate McKinnon House price expectations fell - only net 13% of respondents believed house prices will increase A net 20 percent of respondents expect lower interest rates, the highest share since October 2020 Only a net 8 percent think now is a good time to buy Confidence in the property market has nose-dived in the latest survey with price expectations dropping. The ASB Bank's Housing Confidence Survey for the three months to July showed people were not expecting an uptick in prices any time soon. ASB senior economist Kim Mundy said: "The gloomy sentiment from most Kiwis regarding house price gains is in step with the recent data we've seen showing house prices falling over the past three months. "We're currently seeing a soft housing market, with plentiful supply, high...