The SME Stream

We ask the PM what’s in the Budget for farmers? With cuts to the Public Service, is Wellington doomed as a city? Is Winston barking mad or just barking up the wrong tree in wanting to buy the BNZ? And at Fieldays, will he be attending the Rural Industry Leaders Event (dinner and debate) to raise funds for the Rural Support Trust?

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Fonterra’s CFO comments on last night’s final GDT Auction for the 25/26 season. The headline move (up 0.6%) was largely in line with expectations, with a few unders and overs. Butter came out better than thought, and SMP a little worse (WMP 1.2%, SMP 0.2%, Butter 2.5%, and Cheese -1.3%).

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The ongoing conflict in Iran has led to bond yields and interest rates going up all over the world, and it's prompted concerns among experts.

This will impact Kiwis as well, as many KiwiSaver portfolios have taken a hit as a result.

Milford Asset Management's Jeremy Hutton explained further.

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Labour leader Chris Hipkins doesn't think the public much cares about which companies would be in the party's Future Fund. 

It won't be revealing key details - including the cost to the Crown and which state assets would go into it - until after voters go to the polls.

NZ Herald Wellington business editor Jenee Tibshraeny unpacked the reactions to this announcement.

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Retailers are feeling the pinch, with card spending plunging across the board. 

Stats NZ data reveals retail electronic card purchases dropped 1.3% last month. 

Kiwis are spending more overall compared to last year, but on cheaper food and are cutting back on buying items like clothing. 

Retail NZ CEO Carolyn Young told Ryan Bridge margins are being squeezed and cash flows is tight. 

She says the cost of things like freight and rubbish collection are up, and retailers are bearing the brunt 

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Oil prices surged, inflation risks are rising again, and all eyes are now on the Reserve Bank’s next OCR decision. Liam Dann and Tamsyn Parker break down why petrol prices haven’t hit worst-case forecasts, what it means for the wider economy, and whether interest rate hikes are coming sooner than expected.

The Economy of Everything is brought to you by NZ Herald in partnership with CMC Markets.

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Fear of failure is not protecting you. It is paralyzing you. In this episode I share my fail forward framework and the four mindset shifts that completely changed how I think about failure, including how a gift box business that nearly destroyed me now does a million dollars in a single month.

Ready to start building? Join my Business Masterclass today ⬇️

👉🏼 https://www.makeithappen.org.nz/ 📲 Socials: https://www.instagram.com/makeithappen

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Independent economist comments on a 4.1% rise in global food prices over the past two months, what it means for NZ farmers, and why rising global bond yields are keeping the NZ dollar in the US 58–59c range. Plus, the May 27 OCR decision, fuel and fertiliser pressures, the BNZ buy-up, what’s in the Budget for farmers — and why, in the end, it could be worse: we could be in Australia.

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Following the release of last week's Budget, there's growing claims that Australians are looking across the Tasman with 'genuine envy'.

A recent article in The Australian claimed that with no capital gains tax, no stamp duty or land tax, and the opportunity to negatively gear, business owners and property investors have taken more interest in New Zealand as a result.

Australian independent economist Saul Eslake says this is likely just wishful thinking as a response to the recent Budget.

"People look over the ditch and see that New Zealand's top rate of 39 is lower than our top rate of 46...and that you don't really have a capital gains tax, other than on assets that are held for less than two years, so they might think that looks more attractive than Australia."

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Kiwis appear to be cutting back on discretionary spending as fuel prices bite. 

Data from Stats NZ shows retail electronic card purchases fell 1.3% last month, with Kiwis buying less or cheaper food and cutting back on their clothing budget. 

Non-retail spending on the likes of travel and health is down 4%. 

Infometrics Principal Economist Nick Brunsdon told Mike Hosking it makes sense, as these are more discretionary purchases. 

He says people are bound to spend less on holidays, or even at the dentist, if they're trying to make up the dollars to fill the tank. 

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