The SME Stream

Auckland’s CBD should be at its brightest right now, but this Christmas season has exposed just how far the city has slipped.

The former Smith and Caughey’s building - once the centre of Auckland’s festive traditions with its iconic window displays and enchanted forest - now sits dark.

Across the CBD, retail spending is down, site vacancy rates are up, and the district has been plagued by stalled developments and empty lots.

But could a new life for Auckland be on the horizon? The long-awaited City Rail Link is set open next year and Seascape, the country’s tallest residential tower, is resuming construction after a series of delays.

Today on The Front Page, NZ Herald property editor Anne Gibson joins us to unpack what’s really happening in the heart of Auckland and whether we might see a Christmas miracle for the City of Sails.

Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts.

You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.

Host: Chelsea Daniels
Editor/Producer: Richard Martin
Producer: Jane Yee

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The year is nearly at its end and thus the Prime Minister joined Mike Hosking in studio for the final time in 2025. 

Christopher Luxon admits many Kiwis still haven't felt the economy turn a corner. 

GDP data, due out later this month, is expected to show the economy's started growing again in the September quarter. 

But while interest rates are falling, unemployment and inflation remain relatively high. 

The Prime Minister told Mike Hosking many people have been seeing things improve under his government, particularly in the South Island. 

He says it's taking longer for the economic turn-around to benefit other people. 

Plus, Luxon caught Mike off guard in this year's gift exchange. 

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Fonterra’s chief executive announces the Co-operative Group’s FY26 Q1 business update.

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A view the Government has to get a handle on debt, with forecasts showing the economy's now finally recovering. 

BusinessNZ's Planning Forecast projects the GDP will grow at just under 3% per year to 2027. 

But it warns that an ageing population's set to drive superannuation and healthcare costs to unsustainable levels, consuming all income tax revenue by the late 2040s. 

Chief Economist John Pask told Mike Hosking we’re not getting back to surplus until 2028/29, and even that’s touch and go. 

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You may not know it, but you’ve probably used a Ventia service today. Dean Banks, Managing Director and Group CEO, tells us how the essential infrastructure giant manages the assets that power daily life, like water, transport, and telecommunications. 

Dean explains the advantages of being a broad portfolio business across Australia and New Zealand, and how the company’s sheer size helps them gather the data to deliver cost savings for customers.

Hear how Ventia hopes to get a bigger piece of the $100 billion energy opportunity, and new five-year contract awards in telecommunications. Dean reveals why in a volatile era, what he terms "boring reliability" is a big advantage, with a focus on keeping their 35,000 employees safe, and defending against cyber threats as a major government contractor. 

Plus, how Ventia's telecommunications expertise is being used in space, with telescopes in the deserts of Western Australia to take “pictures of the past". 

For more or to watch on YouTube—check out http://linktr.ee/sharedlunch

Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website.

Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance.

Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.

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In the creaky world of financial advising, where compliance paperwork devours hours and clunky software feels like a relic from the dial-up era, a New Zealand startup is deploying AI to free advisers from the drudgery. 

Marloo, co-founded by Hardy Michel, who cut his teeth as head of operations at Wellington-based share trading platform Sharesies, isn't building robo-advisers to supplant humans.

Instead, he is using artificial intelligence to free up advisors so they can focus on the trust-building conversations that truly matter to their clients. In the latest episode of The Business of Tech podcast, Michel shares how his London-based venture is already winning paying customers across four countries, proving New Zealand fintech can scale globally from day one.

Relocating to London in 2022, Michel joined Estonian-founded investing platform Lightyear, helping it launch across 22 European countries amid regulatory mazes far more complex than New Zealand's. 

"I felt like I'd really rounded out probably the missing piece of my knowledge and learning, which was kind of how do you build the machine at scale?" Michel told me.

Freeing advisors from low-value admin

That experience, combined with angel investing via Blackbird Ventures, convinced him to co-found Marloo with fellow Sharesies alum Shakeel Lala.

Marloo’s mission? Financial advice is potentially transformational but inaccessible, the founders realised. Advisers spend 70% of their time on low-value admin, from anti-money laundering checks to 50-page suitability reports that gather dust. 

Existing tools are clunky, with Michel describing the "Windows 95-esque" systems financial advisors had to choose from before Marloo arrived on the scene. Marloo offers a hyper-specialised AI note-taker for client meetings. Unlike transcription tools, it sifts through hours of chit-chat to extract the 5% that counts – goals, risk tolerance, fees – and structures it for compliance or client follow-ups.

From there, the AI evolves into a full operating system, turning advisors into "reviewers, not doers", Michel said.

Finish a meeting, and Marloo drafts an annual review letter in two minutes, 95% ready for a quick edit. 

"You no longer have to take notes after the meeting, have a second person in the meeting taking notes for them, or rely on anything else other than our product," Michel explained. 

The result? Advisors onboard more clients without burnout, firms cut outsourcing costs, and the human element, crucial for navigating life's emotional money milestones like retirement or inheritance, stays front and centre.

Giving robo-advice a wide berth

This augmentation ethos sets Marloo apart from robo-advice hype. "If robo-advice was kind of as good as it was cracked up to be, we'd all be using it right now. And the reality is we're not," Michel told me. 

He predicts regulators will be reluctant to green-light fully AI-driven advice, given the trust factor. Instead, Marloo aims to overhaul unit economics: lower fees, drop minimum balances (now often $500,000+), and make quality guidance available to more than just the wealthy. 

"The mission is [to] transform the underlying [profit and loss]  in the unit economics of what it means to deliver advice to a customer so that we can actually reverse that," he said

Marloo recently raised NZ$4.6 million in pre-seed funding to accelerate development. 

"We're going to raise a little bit of money to answer a true false question in 12 months... that we are confident we can spend the next 10 years working on this and it's going to be a massive business," he recounts of the Blackbird pitch.

As AI bubbles inflate, Michel warns against shiny tech without substance. 

"It's never been easier to build... [but] also... to deliver a really shitty product experience," he said. 

Marloo, he added, prioritises delight – a consumer-grade user experience in a B2B world. For an industry pricing out everyday clients amid rising fees (up 6% in the UK last year), this could be the reset financial advice needs.

Tune into episode 129 of The Business of Tech, powered by 2degrees, for the full conversation, where Michel dives deeper into Estonia's entrepreneurial edge, Sharesies' early battles, and why financial advice must stay human-powered. Available now on all major podcast platforms. 

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The Prime Minister comments on another drop in the GDT Auction, the US Business Summit, a farm visit today to Hawke's Bay, whether Pāmu is on the chopping block, and whether holding local body rate rises to 2-4% is realistic.

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