Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Friday, August 15, 2025, and here are five stories you should know about.
Food prices rose 5 percent in the year to July 2025, up from 4.6 percent in June, Stats NZ reports. Grocery food led the increase, up 5.1 percent annually, driven by higher milk, butter, and cheese prices. Milk rose 16 percent to $4.70 for two litres, butter jumped 42.2 percent, and the price of cheese climbed 29.5 percent to $13.01 per kilogram. Meat, poultry, and fish rose 7.9 percent, fruit and vegetables 7.3 percent, and non-alcoholic drinks 4.4 percent. Rent rose 2.4 percent. Petrol prices fell 3.7 percent, diesel 7.2 percent. Stats NZ's Nicola Growden says all five food groups cost more than a year ago.
In other news, Suncorp New Zealand chief executive Jimmy Higgins says home insurance premiums rose 8.3 percent in the year to June, while IAG New Zealand's rose more than 10 percent. He says high post-disaster reinsurance costs drove increases, but the market has since adjusted. Higgins notes taxes and levies form a significant portion of premiums. Commercial insurance premiums fell, with Suncorp down 5.3 percent, as new underwriters entered the market. Motor insurance collections were flat or down. A year of relatively calm weather lifted profits, with Suncorp's insurance trading result up 95 percent and IAG's insurance profit up 33 percent.
Meanwhile, ASB has cut key home loan rates, matching rival banks. Its one-year fixed mortgage rate drops from 4.89 to 4.79 percent, with the two-year rate down 10 basis points to 4.89 percent, and the six-month rate down 17 basis points to 5.12 percent. All major banks now offer a one-year fixed rate of 4.79 percent. ASB's Adam Boyd says tens of thousands of customers will refix at lower rates in 2025. ASB is also reducing term deposit rates by 5 to 15 basis points. The changes come ahead of the Reserve Bank's next Official Cash Rate announcement, due on Wednesday.
In a separate development, Keith Taylor, founder of Rascals nappies, testified in the High Court over Zuru's $30 million buyout of his family's stake in 2020. Taylor says the sale was a "Hobson's choice", and claims a restraint clause preventing sales to Woolworths was introduced late in talks. He disputes Zuru's claims that business strategies and production methods were proprietary. Taylor settled with Zuru for $500 without admissions; his son Grant paid $1 million. Zuru seeks over $75 million in damages. The case, involving allegations of restraint breaches and confidential information sharing, is in its second of four scheduled weeks.
Finally, turning to media, Roy Morgan research shows subscription streaming viewership in New Zealand rose 7 percent between July 2024 and June 2025, surpassing pandemic levels. Netflix grew 4 percent to 2.3 million viewers. Prime Video surged 166 percent to 835,000, while Disney+ rose 48 percent to 1.06 million. The "other" category, including Apple TV+ and YouTube Premium, climbed 141 percent. Sky TV's streaming audience fell 0.6 percent to 1.28 million, with the previous year's numbers having been inflated by the absorption of Lightbox customers.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

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Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Thursday, August 14, 2025, and here are five stories you should know about.
Build-to-rent developer, Simplicity Living, plans a $500 million project for 600 apartments at Remarkables Park, Frankton, near Queenstown. It bought a 6.1-hectare site at 12 Lower Shotover Road from a company owned by Australian businessman Karl Jameson. Queenstown Lakes District Council values the land at $24 million, with annual rates of $27,000. Managing director Shane Brealey says it will be the company's largest development and first outside Auckland. Planned features include solar panels, rainwater harvesting, work-from-home spaces, and bike trail access. Resource consent has not been sought. The site lies near Queenstown International Airport and the planned gondola development.
In other news, Vista Group reported first-half revenue of $77 million, up 11 percent from last year, with recurring revenue also up 11 percent to $70.4 million. Software as a Service revenue rose 24 percent to $31.6 million. EBITDA increased 39 percent to $10 million, with margin improving from 10 to 13 percent. The company posted a loss before tax of $1.3 million, a 64 percent improvement. Chief executive Stuart Dickinson says demand for Vista Cloud continues to grow. Two new clients include Odeon Cinemas Group and Village Cinemas Australia. Vista shares rose one cent to $3.32 in early trading.
Meanwhile, the Commerce Commission has warned Kmart New Zealand over its "100% sustainably sourced cotton" claim, saying it could not be substantiated. Kmart admitted its "Better Cotton" was mixed with conventional cotton, meaning it could not confirm full sustainable sourcing. The commission says the claim potentially breached the Fair Trading Act. Kmart has removed the statement from its website. Commerce Commission general manager Vanessa Horne says greenwashing misleads consumers and disadvantages legitimate sustainable businesses. Kmart New Zealand is owned by Wesfarmers and reported a $106 million profit for the 2024 financial year, with revenue of $999.5 million, up 8.1 percent.
In a separate development, Grimshaw & Co has won an appeal, overturning a High Court ruling that found it negligent in advising Takapuna's Spencer-on-Byron apartment owners. The earlier judgment awarded over $3 million in damages, citing delayed repairs to the leaky building due to disputes over a $20.1 million settlement. The Court of Appeal ruled the High Court erred on findings of negligence and causation. The cross-appeal from the body corporate was also dismissed. The original litigation settled in 2013 against Auckland Council and builder Multiplex. The appeal decision requires respondents to pay Grimshaw & Co's legal costs.
Turning to banking, mortgage rate cuts continue as Kiwibank lowers its special one-year fixed mortgage rate by 10 basis points to 4.79 percent, matching ANZ and BNZ. Its special two-year fixed rate drops 6 basis points to 4.89 percent, with larger reductions on six-month terms. Special rates apply to those with a minimum 20% equity, and are also available for first home loan customers. Westpac also cut its one-year fixed rate to 4.79 percent and reduced rates on other terms, effective Friday. BNZ and ANZ made similar reductions earlier in the week. The Reserve Bank's next Official Cash Rate decision is due August 20, with market expectations of a 25 basis point cut from 3.25% to 3%.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Wednesday, August 13, 2025, and here are five stories you should know about.
ASB's net profit after tax fell 0.4% to $1.45 billion in the year to June, as operating expenses rose 10% from wage inflation and a 13% staffing increase of 768 employees. The bank set aside A$33 million for potential customer remediation, unrelated to an ongoing class action over past disclosure breaches involving ASB and ANZ. Net interest income rose 5%, mortgage lending grew 7%, business and rural lending 2%, and deposits 3%. Net interest margin increased to 2.27%. CEO Vittoria Shortt says the staffing boost supports technology upgrades, fraud prevention, and crime risk management, reflecting a long-term investment strategy.
In other news, an independent review finds SkyCity Adelaide historically prioritised profit over compliance but can retain South Australia's sole casino licence. Retired judge Brian Martin cited two decades without board compliance meetings and significant anti-money laundering failings. The casino paid a A$67 million fine last year for breaches between 2016 and 2022. Since 2021, SkyCity has invested about $60 million over three years to improve governance, culture, and systems. CEO Jason Walbridge says the company accepts the findings, apologises for failings, and remains committed to regulatory engagement. The review, paused during court action, resumed to acknowledge substantial remedial changes.
Turning to property, New Zealand's average home value fell 0.5% in the July quarter to $909,671, now 13.1% below the January 2022 peak. QV data shows Auckland values down 1.2% in the quarter and Wellington down 3.3%. Some regions, including Northland, Tauranga, Queenstown and Invercargill, recorded gains. Queenstown values are 16.9% above the peak, while Wellington remains 27.3% below. Christchurch dipped 0.2%, and Dunedin fell 1.5%. QV's Andrea Rush says national values have broadly stabilised, but recovery is uneven. Activity is strongest in lower to mid-value properties, supported by stable interest rates, better finance access, and a wide choice of listings.
Meanwhile, BNZ has cut most home loan rates to their lowest in three years, following similar moves by ANZ earlier this week. BNZ's one-year and 18-month fixed rates drop 10 basis points to 4.79%, matching ANZ's lowest one-year offer. The six-month fixed rate falls 20 points to 5.29%, and the two-year rate eases to 4.89%. General manager James Leydon says the cuts provide competitive borrowing costs and ease household budgets. ANZ reduced its six-month special to 5.14% and two-year to 4.89%. The Reserve Bank's Official Cash Rate is 3.25%, down 225 points since August last year, with a cut widely expected next week.
And finally, new data from the Aotearoa Hotel Industry Conference shows no major New Zealand city has hotel occupancy rates above pre-Covid levels, with a widening gap between North and South Islands. STR's Matthew Burke says demand is improving but lags supply growth, driving declines, especially in Auckland and Wellington. Rotorua shows the strongest recovery, with Christchurch and Queenstown also up year-to-date. Auckland faces falling demand despite new supply, particularly in its CBD, while Wellington's occupancy is hit by weaker weekday business. Queenstown is forecast to have the highest occupancy next summer, though still below last year's performance.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

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Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Tuesday, August 12, 2025, and here are five stories you should know about.
Spark has sold 75 percent of its data centre operations to Australian private equity firm Pacific Equity Partners in a deal valuing the business at $705 million. Spark will receive 486 million dollars upfront, with a potential 98 million dollars more in 2027 if performance targets are met. Proceeds will go toward debt reduction, with net debt at $2.74 billion as of December 31, 2024. A new company, DC Co, will run the centres, with Spark retaining 25 percent. The sale values the business at 38.8 times forecast operating earnings. Shares were steady at $2.61. Pacific Equity Partners manages more than A$14 billion.
In other news, improved farm profitability has boosted PGG Wrightson's annual net profit to $10.7 million, up 248 percent, on 975 million dollars revenue. Operating earnings rose 27 percent to $56.1 million. The rural services group declared a final dividend of 4 cents per share, taking the full-year payout to 6 and a half cents. Chairman Garry Moore says constrained livestock supply and higher commodity prices have improved farm margins. The retail and water group revenue rose $39.4 million. Shares climbed 5.3 percent to $2.59. Chief executive Stephen Guerin says farmers largely used increased returns to reduce debt while investing in production improvements.
Elsewhere, Alliance Group says Ireland-based Dawn Meats may acquire 65 percent of its business for $250 million, valuing the co-operative at $502 million. The deal requires farmer shareholder, High Court, and regulatory approvals. Proceeds would repay $200 million in debt, fund capital projects, and allow up to $40 million in distributions. Dawn Meats processes more than 3.5 million sheep and 1 million cattle annually across 10 countries. Alliance, New Zealand's largest sheep meat exporter, reported a $95.8 million loss last year as turnover fell to $1.8 billion. The vote on the proposal is scheduled for mid-October in Invercargill.
Meanwhile, the BusinessNZ Energy Council and Optima warn New Zealand's industrial gas market faces severe pressure, with nearly half of surveyed users cutting operations, jobs, or raising prices due to rising costs. Fertiliser maker Ballance Agri-Nutrients may halt its Kapuni plant without affordable supply. Prices have doubled in five years, with a quarter of businesses paying $25 or more per gigajoule. Most contracts expire by 2027. More than forty percent say switching to alternative fuels is not viable within five years. The Government is reversing the 2018 oil and gas exploration ban, and has allocated $200 million to aid exploration and supply.
And finally, Westpac's chief economist says New Zealand's recovery is continuing broadly as expected despite uncertainty over US tariffs. Kelly Eckhold describes the recent decision to impose 15 percent tariffs on New Zealand exports to the US as disappointing, but manageable. Annual GDP growth is expected to strengthen, supported by high export prices and lower borrowing costs. Eckhold says about half of mortgage holders have yet to benefit from rate cuts, with many refinancing in the coming months. Inflation is expected to be near the top of the Reserve Bank's 1 to 3 percent target band in the second half.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Monday, August 11, 2025, and here are five stories you should know about.
A $130 million luxury resort is being developed in Queenstown by Coherent Hotel, backed by Japanese and Hong Kong investors. Named Noctis by Kamana, it will feature 10 villas, including a 10-bedroom, 1200-square-metre penthouse. Designs are by Hallion Architects, Y-6 Design and 3Eyes Construction Group. The 1.2-hectare site near Lake Wakatipu will offer 37 bedrooms, wellness facilities, a restaurant, conference space for 120 guests, and uninterrupted lake and mountain views. Coherent Hotel also owns Kamana Lakehouse and the Nest restaurant. The investment was approved under the Overseas Investment Act in April 2024, with an opening planned for late 2027.
Meanwhile, Foodstuffs North Island has begun building a $70 million chilled and frozen food distribution centre at The Landing business park in Auckland Airport. The 28,000-square-metre facility is leased for 25 years and will replace the Wiri hub, moving around 250 staff to Māngere. Features include two temperature zones, racking for more than 27,000 pallets, 27 loading docks, parking for 30 trucks, and a 1.96 megawatt rooftop solar array. The hub will service 182 supermarkets across the upper North Island. Macrennie Construction is the builder, and Auckland Airport is partnering on the development, which opens in 2028.
In other news, Parliament is considering the Climate Change Response Amendment Bill to restrict exotic forestry entry into the Emissions Trading Scheme on high-value farmland. The bill limits ETS registrations on Land Use Capability class 6 land to 15,000 hectares annually via ballot, and allows up to 25% of a farm into the ETS. Agriculture Minister Todd McClay says the changes will protect food production and rural jobs. Federated Farmers supports tighter rules, while forestry groups raise concerns over uncertainty. Ministry data shows exotic forestry peaked at 1.827 million hectares in 2003, with current levels around 1.7 to 1.8 million hectares.
On the aviation front, the Civil Aviation Authority reports 310 laser pointer attacks on aircraft in 2023, up from 291 in 2022 and 207 in 2021. This year, 198 incidents have already been recorded. Customs intercepted 13 high-power laser pointers last year, compared with 10 in 2022. The CAA says laser strikes endanger pilots and passengers, working with police to investigate. Lasers above 1 milliwatt require import consent and seller authorisation. Possession without reasonable excuse carries penalties of up to three months' jail or a $2,000 fine, while endangering transport can mean up to 14 years' imprisonment.
In overseas news, the New York Times reports sealed US court records reveal Uber received more than 400 thousand reports of sexual assault or misconduct between 2017 and 2022, averaging one every eight minutes. The company had previously disclosed 12,522 serious assault cases for that period. Internal documents show Uber tested safety tools such as predictive algorithms, cameras, and female passenger-driver matching, but delayed or limited implementation. About 75% of reported cases involved less severe conduct. Litigation against Uber includes over 3000 lawsuits from passengers. Uber has settled some claims while defending others, and recently announced plans to pilot a women-matching option in Los Angeles, San Francisco, and Detroit.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Friday, August 8, 2025, and here are five stories you should know about.
Airports and airlines are at odds over regulation. The Ministry of Business, Innovation and Employment in April asked for feedback on whether existing regulations were adequate, but Wellington Airport chief executive Matt Clarke says repeated reviews over 15 years undermine investor confidence. Clarke cites the Ministry's 2018 review, the Civil Aviation Act 2023, and intensive Commerce Commission oversight. Umbrella group NZ Airports says the current system is working well, with no additional rules needed, but one airline group says airports would exploit a system soft on regulation. Board of Airlines of New Zealand's Cath O'Brien says rules are essential to prevent "monopoly" airports from overcharging. MBIE has advised Minister Scott Simpson, with no law changes planned, though the Commerce Commission may review disclosure rules.
In other news, Rocket Lab posted record quarterly revenue of US$144.5 million for the three months to June 30, up 36% year-on-year. Its net loss widened to US$66.4 million, with cash reserves at US$564 million. The firm completed its US$275 million acquisition of US defence contractor Geost, increasing headcount to over 2,600. Rocket Lab also tested its new Archimedes engine for the upcoming Neutron rocket. Shares closed at US$44.21, valuing the company at more than US$21 billion. Around 32,000 New Zealanders now hold shares, with an average purchase price of US$12.76.
Meanwhile, fresh produce exporter T&G Global has returned to profit. For the six months to June, net profit was $1.7 million, reversing an $18.6 million loss the previous year. Revenue rose to $920 million from $820 million, with operating earnings of $18.1 million. Strong demand for premium apples and efficiency gains boosted results. Apples accounted for nearly three-quarters of revenue, with the Envy variety performing well. The T&G Fresh division also returned to profit after expanding into stone fruit and berries. Majority shareholder BayWa is exploring the sale of its 74% stake, with Craigs Investment Partners advising on potential buyers.
Elsewhere, Intrepid Travel has fully acquired New Zealand tour operators Haka Tours and ANZ Nature Tours, completing the purchase from founder Ryan Sanders. Intrepid first acquired 60% in 2021. Haka Tours focuses on small-group Māori cultural experiences, while ANZ Nature Tours offers inbound travel packages across New Zealand, Australia, and the Pacific Islands. All operations will rebrand to Intrepid by year-end, with Simon Mckearney becoming Intrepid's first country manager for New Zealand. Intrepid's Brett Mitchell says the acquisition strengthens its operational presence in one of its highest-performing markets per capita.
Finally, turning to consumer safety, Netsafe has reported a 25% rise in consumer products and service fraud scams in July, increasing from 136 cases in June to one hundred and seventy one. The scams involve fake listings for products or services on trusted platforms, including social media marketplaces, and bogus gambling services. Netsafe says recent growth came from sellers offering non-existent goods on social media. The National Cyber Security Centre reported $7.8 million in cyber losses in the first quarter, with ten individuals losing over $100,000 each. Netsafe urges victims to document evidence, notify platforms, banks, and police.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Thursday, August 7, 2025, and here are five stories you should know about.
Accountant Luke Daniel Rivers has been sentenced to five years and eleven months in prison for orchestrating New Zealand's largest known wage-subsidy fraud. Rivers, who moved from China and changed his name to further his career, used fake employees and multiple companies to illegally claim $1.6 million. He sent over $900,000 to Singapore bank accounts using false documentation. Rivers pleaded guilty to 29 charges, admitting to a prolonged scheme exploiting Covid-19 subsidies. Judge Kathryn Maxwell told Rivers "You did not take what you needed. There was a smorgasbord of dishonesty and considerable personal gain.". Rivers has repaid $1 million and received a 10% discount on his sentence for reparations made.
In other news, the Grocery Action Group says Kiwi shoppers have seen little improvement in supermarket food prices despite new regulations. The Commerce Commission's second Annual Grocery Report found the state of competition is still impacting consumers as New Zealand grocery prices remain higher than the OECD average. And Grocery Action Group chairwoman Sue Chetwin says competition remains weak outside major cities, as prices for milk, cheese and eggs remain high. Supermarket chains maintain significant market control, especially in rural areas. In response, Foodstuffs North Island CEO Chris Quin says the company is meeting new regulatory obligations and expanding to underserved communities.
Turning to technology, US President Donald Trump has announced Apple will invest an additional 100 billion US dollars in the United States, bringing its total pledged investment to US$600 billion over four years. Trump, joined by Apple CEO Tim Cook, says the spending includes a new glass production facility in Kentucky and aims to boost the domestic supply chain. Cook says 19 billion chips will be made in 24 factories across 12 states this year. Despite the investment, Cook says full iPhone assembly will remain overseas. Apple reported a US$23.4 billion quarterly profit, outperforming expectations amid ongoing tariff costs.
Meanwhile, the latest data from BCI shows New Zealand's busiest home builders experiencing varied fortunes depending on region. Christchurch-focused companies including Mike Greer Homes, Wolfbrook, and Oakridge have risen in the rankings, reflecting the city's ongoing growth. G.J. Gardner Homes remains New Zealand's largest, completing 837 homes valued at $462 million. In contrast, Auckland-based builders face flat or declining volumes despite interest rate cuts. Most top builders are still in Kiwi ownership, often family-run. The market remains subdued, with some group builders seeing volumes drop by up to 40 percent over the past four years.
In Auckland, the High Court has heard a secret recording between Zuru Group's Nick Mowbray and former Tall Blacks player Kirk Penney, linked to a legal dispute over the Treasures nappy brand. Until last year, Penney was one of three partners of JJK Group - alongside businessmen Jarrod Armitage and James Collie - who had acquired the ailing nappy brand in late 2020. Mowbray and his Zuru Group launched legal proceedings in 2021 over claims Grant Taylor, his former business partner in the nappy company, "Rascals", breached restraint terms and provided JJK with confidential information that allowed them to snap up the Treasures brand from under Rascals' nose. JJK Group denies the allegations and is defending the claims. The trial and Mowbray's testimony, which began early Tuesday, continues.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, sub...

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Wednesday, August 6, 2025, and here are five stories you should know about.
New Zealand's seasonally adjusted unemployment rate reached 5.2% in the June 2025 quarter, the highest level since 2020, according to Stats NZ. The figure was slightly lower than economist expectations and in line with Reserve Bank forecasts. Unemployment in Auckland rose sharply to 6.1%, with 15,000 more unemployed people than a year ago. Nationally, the number of unemployed increased by 16,000 year-on-year. The underutilisation rate, a broader measure of labour slack, climbed to 12.8%. The employment rate fell to 66.8%. Average hourly earnings rose to $43.39. Wage inflation was 2.4%, slower than last year. The New Zealand dollar remained stable.
In other news, whole milk powder prices surpassed US$4000 per tonne in August for the first time since 2013, according to NZX Dairy data. Fonterra's auction recorded a 2.1% rise in whole milk powder to US$4012 a tonne, while skim milk powder edged up 0.4%. Butter prices dropped 3.8% to US$7214 a tonne. Fonterra's milk price for the past season is yet to be confirmed but stands at $10 per kilo milk solids for both the previous and current seasons. A low New Zealand dollar at 59 US cents is supporting prices. June milk production increased 17.8% year-on-year.
Turning to politics, the Government has allocated $25 million for a possible referendum on four-year parliamentary terms, planned to run alongside next year's election. Cabinet has approved the funding in principle, with a final decision expected in September after a select committee report. The budget is 25% lower than initial estimates, with $6.2 million for public information campaigns and $18.8 million for the Electoral Commission to conduct the referendum. The question wording and legislative details remain under review. The funding covers both this and the next fiscal year, with planning already underway at the Electoral Commission.
In a separate development, Kiwibank has been warned by the Financial Markets Authority for overcharging more than 8,600 customers just over $912,000 over 13 years due to a fee waiver error on joint accounts. The issue, occurring between July 2011 and November 2024, was self-reported by Kiwibank after a customer complaint and an internal review. The bank says it has reimbursed affected customers and strengthened internal controls. The FMA's Louise Unger says clear communication and robust systems are essential to prevent such errors. Most overcharging occurred after the 2013 Financial Markets Conduct Act came into force.
And finally, Downer is set to play a significant role in New Zealand's major project pipeline, with $111.6 billion in funded projects reported by the Infrastructure Commission. Managing Director Murray Robertson says the infrastructure pipeline includes $70.9 billion for transport over ten years. Downer is involved in projects such as the Northern Corridor and Auckland City Rail Link. Its Hawkins unit is delivering projects including Auckland Airport's new terminal and hospital upgrades. Downer maintains over 50,000 kilometres of roads, employs 8,000 people, and recently developed a New Zealand Infrastructure Resilience Index to guide regional investment priorities.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

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Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Tuesday, August 5, 2025, and here are five stories you should know about.
Revitalisation of Auckland's central business district is still in question as several high-profile development sites sit vacant, some for decades. Despite major projects like the $5.5 billion City Rail Link and the $1 billion-plus New Zealand International Convention Centre nearing completion, many sites remain undeveloped, delayed, or abandoned. Plans for residential and office towers - including Saint James Suites, Elliott Tower, and Federal Apartments - have stalled or been dropped. Notable sites, such as the ex-Auckland Star and Royal International Hotel, are empty. Key properties, including Smith & Caugheys and the former police station, are now for sale. Developers cite funding difficulties and challenging market conditions. See more from Anne Gibson in today's Property Insider.
In other news, the Shotover Jet tourist attraction in Queenstown marks sixty years of operation, having carried more than 4.6 million passengers since 1965. Owned by Ngāi Tahu since 2004, Shotover Jet operates seven jetboats and recently tested a prototype electric jetboat. Business manager Donald Boyer highlights ongoing electrification research and technical challenges, especially around weight limits. Ngāi Tahu's tourism division, employing 261 people, reported an operating surplus of $4.8 million last year. The wider Ngāi Tahu group posted $347.3 million in total revenue for 2023-24, down from the previous year.
Meanwhile, a cybersecurity start-up, in-Webbed, reports finding more than 198,000 compromised credentials for Kiwi organisations for sale on the dark web. This includes more than 18,000 Government worker logins, 3,200 banking staff accounts, and 2,000 healthcare workers' credentials. Some healthcare and banking logins had recent activity, according to founder Julian Wendt. He says his findings have been shared with affected organisations and the Office of the Privacy Commissioner. Wendt's analysis shows compromised credentials are sometimes available for free as samples, while bulk lists are sold for low prices. He advises using long pass phrases to improve security.
In a separate development, Treasury documents reveal broadcaster Paul Henry sought approval from Minister Paul Goldsmith to host the New Zealand version of The Chase while discussing his TVNZ board appointment. Henry asked Goldsmith if his hosting role would pose a problem, and Goldsmith replied, "Should be fine." TVNZ later announced Henry as host and board member. Officials' recommendations to reappoint at least two existing TVNZ directors were overruled, with only John Quirk reappointed out of three considered. Treasury highlighted the need for expertise in digital technology, media, and financial management on the TVNZ board, which currently has one vacancy remaining.
And the New Zealand wine industry faces more than a hundred million dollars in extra tariffs after the United States increased tariffs on New Zealand wine exports from 10% to 15%. The US is New Zealand's largest wine export market, worth about $750 million annually. NZ Winegrowers' Sarah Wilson says the higher tariff now adds about $1.10 per bottle, compared to 10 cents previously. The change could add $112 million in extra tariff costs. Trade experts say New Zealand faces a disadvantage compared to competitors, with some countries subject to lower tariffs on wine exports to the US.
That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.

See omnystudio.com/listener for privacy information.

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Monday, August 4, 2025, and here are five stories you should know about.
Precinct Properties is rebranding its Auckland flexible office leasing business, previously known as Generator, to Precinct Flex. The change takes effect from August 4. Precinct Flex leases desks, rather than by the square metre, to major clients including Meta, Amazon, IBM, and HP, in places including Britomart, Wynyard Quarter, and Wellington. CEO Scott Pritchard says the new name reflects bringing the business under the Precinct umbrella. The Pipiri Lane building, formerly the Flowers Building, now includes the Halsey Traders event space and will be available from September. Precinct Flex serves around 250 businesses, including start-ups and multinational corporations.
In the energy sector, Genesis Energy, Meridian, Mercury, and Contact have signed agreements to create a strategic energy reserve centred on Genesis' Huntly Power Station. The 10-year agreements, subject to Commerce Commission review, cover 150 megawatts of Huntly Firming Options and a solid fuel reserve of up to 600,000 tonnes. Genesis CEO Malcolm Johns says the deal is essential to maintaining energy security and keeping Huntly's Rankine units operational. The agreements respond to recent power supply concerns and last winter's price spikes. The Major Electricity Users' Group welcomes the move, but questions whether it is sufficient.
Moving to transport, Auckland Transport is expanding its diesel ferry fleet, while private equity-owned Fullers is investing in electric boats. Fullers has added a second hydrofoiling electric vessel from start-up Vessev and continues to back electrification for operational savings. CEO Mike Horne says electric ferries are "materially cheaper to run" over time. But progress on electric ferry megachargers at Queens Wharf has been delayed. The first electric ferry is undergoing tests, and a two-level charging station now has resource consent. Fullers' financial recovery continues, with a reduced net loss and increased revenue, as Auckland's ferry electrification strategy remains mixed.
In other news, ANZ group chief economist Richard Yetsenga says New Zealand's economy can absorb the impact of new 15% tariffs imposed on exports to the United States. Yetsenga says tariffs are a significant burden for affected exporters but the value of US-bound exports represents about 2% of New Zealand's GDP, making the overall macroeconomic impact manageable. Major affected sectors include red meat, dairy, medical devices, and wine, with the US accounting for around 11% of total exports. Yetsenga describes tariffs as a byproduct of global competition but says New Zealand's economic recovery is underway, supported by lower interest rates and improved growth in 2025.
And Jahangir Alam has been jailed for four years in Auckland for his involvement in a two-decade immigration and identity fraud scheme, while his wife, Taj Parvin Shilpi, received 12 months' home detention due to health reasons. The couple were convicted of 40 charges after a three-week jury trial. Alam used his brother's identity to secure New Zealand residency, citizenship, and passports, and assisted with additional visa applications for family members. Immigration New Zealand general manager Steve Watson says the case demonstrates the seriousness of immigration fraud and he thanked international authorities for their assistance in the lengthy investigation.
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