On The Up: The AI disruptors – Kiwis using new tech to boost their businesses and leading the way
Some Kiwis, and their organisations, are tentatively prodding around the edges of artificial intelligence. Our AI disruptors have grabbed it by the scruff of the neck and used it to create new opportunities for their business or helping their organisations adapt to the new terrain.
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NZ Herald
4 hours ago
- NZ Herald
Student loan debt hits $16 billion, most overseas borrowers aren't paying it back on time
There are Kiwi expats who took out loans as young students, often only 18 years old, and who did not understand the responsibilities and obligations, one tax barrister believes. As the debt mounts with interest, some will bury their heads in the sand. Others had settled in new home countries and forgotten they even had the debt, he says. Dave Ananth, special counsel at law firm Stace Hammond, says he has had clients so distressed by out-of-control debt, they became suicidal or had their marriages break apart – 'I've heard it many times.' Breakdown of who owes what and who's falling behind At the end of March, there were 626,728 borrowers with a student loan. More than 18% of those borrowers have overdue payments, amounting to 116,286 people. And most of those with overdue payments are overseas. More than $4b has been lent to Kiwis now overseas, and nearly $12b has been lent to New Zealanders still in the country, making the total balance just over $16b. Just over 18% of student loan debtors are abroad, with 114,347 overseas-based borrowers listed in the latest dataset from the Inland Revenue Department (IRD). Of those, 85,911 were overdue on repayments. This means more than 75% of overseas-based borrowers have overdue payments. And those tens of thousands of overseas debtors collectively owe repayments worth $2.3b, meaning they hold 92% of the overdue student loan balance. A breakdown of overdue loan repayments splits the debt between penalties and interest, and the principal loan. And more than half of overseas-based borrowers' debt is just interest and penalties: $1b worth of interest and penalties, and $1.3b of assessed principal. New Zealand-based debtors, meanwhile, are overdue on $18 million, 7% of the total $2.5b worth of overdue payments. And of the 512,381 borrowers in the country, 30,375, or 26%, had overdue payments. About 39% of domestic-based borrowers' debt is made up of penalties and interest. How do loan repayments work while overseas? Anyone outside New Zealand for more than six months is categorised as overseas-based. Interest will be charged on the loan from the day the borrower leaves the country. And loan repayments from overseas-based borrowers are based on the loan balance at the time the borrower left the country. In the year to April 2026, the annual interest rate was 4.9%. A late payment interest rate, applied to the outstanding payment for every day it goes unpaid, is set at 8.9%. Rates are set every April. Minimum annual repayments are set progressively, so borrowers with a balance of between $1000 and $15,000 must repay $1000; a balance of up to $30,000 will see $2000 required in repayments; up to $45,000 will require $3000; up to $60,000 requires $4000, and any loan over $60,000 will need $5000 worth of repayments. There are several reasons the IRD would consider keeping a loan interest-free while the borrower is overseas. Borrowers can apply through their MyIR account online and will need to provide evidence of their situation. The IRD did not respond to a request for comment, instead pointing the Herald to information available on its website. 'I'm scared of opening IRD letters': Kiwi expat A 29-year-old Kiwi expat in Berlin, Germany told the Herald the weight of his loan repayments was difficult to handle while he was doing odd jobs on his overseas experience (OE). 'I'm scared of opening the online letters from IRD to see how much I owe on my student loan while overseas,' the man, who wanted to remain anonymous, said. 'It's stressful enough having to learn a new language and find a job in a foreign country, let alone leaving your home and familiarity. 'Obviously, student loans should be paid back – and mine will be repaid as my income returns to normal.' A 49-year-old woman was arrested last Monday while trying to leave the country at Christchurch International Airport. Te Amo Matangi, who has called Australia home for the last 21 years, had a balance of $13,000 balloon to $58,000 in interest and penalties. As she tried leaving the country, a ticket scan triggered an alert and a police officer seized her passport, informed her she had a warrant out for her arrest then took her into custody. 'I don't think that I needed to be put in jail, and that's what the police officers were reiterating as well,' Matangi said. 'I just feel like [the IRD] is really trying to make a statement.' She urged other Kiwis living overseas to take the time with the IRD in order to not make the same mistake. IRD says crackdown is changing borrowers' attitudes The coalition Government poured $29m a year into the IRD for compliance and collection work in Budget 2024. In this year's Budget, the Government allocated a further $35m for compliance and collection. The IRD says this funding has driven its jump in collecting repayments from overseas-based borrowers. In the nine months from July last year, the IRD collected $207m from overseas debtors. That figure was 43% higher than the amount collected in the same period the previous year. 'As a result of the work we've been doing, we're also starting to see a more positive attitude by new borrowers, most of whom are meeting their payment obligations,' the IRD said. The IRD's customer segment lead, Jane Elley, said in May: 'We've contacted more than 12,000 borrowers, 1320 have entered repayment plans, and 960 people have fully repaid their overdue amounts. 'Three hundred and four overseas-based borrowers own property here, and during the first six months of our increased compliance work, they paid up $1.7m. 'For defaulters within this group who have refused to engage and resolve their default, further legal enforcement action will be taken, which may include NZ-based bankruptcy or charging orders over their properties,' Elley said. 'There were also 151 overseas-based borrowers with NZ-based investments, and between July and December last year, we received payments totalling $84,000 from some of them. Again, there could be legal action ahead, including taking deductions from their investments or bank accounts receiving interest income.' The IRD can apply to the courts for a warrant to arrest overseas debtors who 'knowingly default' on their repayments, Elley said. She said Customs and airlines helped the IRD keep track of debtors by handing over information and alerting it to travel information or border crossings. 'We apply to the District Court and the police make the actual arrest. Once arrested and taken before the courts, a judge can order the defaulter to make reasonable efforts to arrange repayment to Inland Revenue,' Elley said. Nation of Debt series Monday: NZ nears trillion-dollar debt burden Tuesday: Are higher taxes inevitable? Wednesday: Consumer debt dips but 470,000 Kiwis behind on payments Raphael Franks is an Auckland-based reporter covering business, breaking news and local stories from Tāmaki Makaurau. He joined the Herald as a Te Rito cadet in 2022. Sign up to The Daily H, a free newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
a day ago
- Scoop
ACT Welcomes Game-changing Building Consent Reforms
ACT Housing, Building and Construction spokesman and Licensed Building Practitioner Cameron Luxton is celebrating moves to end joint and several liability and to allow for mergers of Building Consent Authorities. 'Tradies have been railing for years against cost and delays caused by badly incentivised councils. The joint and several liability system leaves councils and ratepayers on the hook for other people's defective work. Under these conditions, it's a miracle when a council signs off on anything. 'ACT has campaigned to fix this madness, and now we're getting there. Moving to proportionate liability, where each party is responsible for their own work, will cut the risk-averse red tape that turns small projects into headaches. "Of course, this leaves the question of what local councils will actually be left liable for, and how far the councils' liabilities will extend in practice if they remain liable for inspections. I look forward to seeing how the legislation handles this. "ACT also welcomes moves to allow mergers of Building Consent Authorities. We've repeatedly highlighted the madness of having 66 different BCAs, each with their own interpretation of the Building Code, meaning a builder's paperwork can be rejected in one district but accepted in the next. "Some councils have maintained positive relationships with builders while others have struggled to keep up, and home builders have had issues with poorly skilled council staff assessing consents. Consolidation will allow poorly performing councils to adopt best practice from their neighbours, and pooling resources will help to ensure a more consistent level of professionalism in processing consents. 'Whether you're building, buying, or renovating, these reforms are good news. Both owners and buyers have a stake in clearing the consenting quagmire. If we want a property-owning democracy, we need a system that's faster, fairer, and less costly. These changes move us closer to that vision, and ACT is proud to see our advocacy reflected in this overhaul. 'With ACT in Government, we're tackling big challenges with positive sum thinking. It would be easy to say the solution to expensive housing is to finger-point and to whack homeowners and investers with new taxes. Instead, we're getting bureaucracy out of the way so Kiwis can build more homes and create the conditions for prosperity.'
Scoop
2 days ago
- Scoop
Street Smart And Keep New Zealand Beautiful Partner To Tackle Litter And Protect New Zealand's Environment
Street Smart, a community initiative focused on reducing street litter that enters stormwater systems and pollutes our oceans, has announced a partnership with Keep New Zealand Beautiful (KNZB), New Zealand's leading not-for-profit organisation dedicated to protecting and enhancing the environment. Every year, tonnes of litter dropped on our streets wash into drains and can end up in rivers, harbours, and oceans. Street Smart was created to make it easier for people to do the right thing - right when it matters most. A Simple Solution with a Big Impact Street Smart uses highly visible decals and stickers to signal that a business or household is doing their part - and inviting others to join in. The message is simple: 'My bin – is your bin.' For Businesses: A Street Smart window decal means the business commits to clearing litter within a 10-metre radius of their premises each day. Members of the public are welcome to place street litter in their bin - no need to carry it further or leave it behind. For Residents: A Street Smart wheelie bin sticker shows the household supports the initiative. If there's space in the bin, anyone can drop in litter they've picked up nearby, helping keep the street clean for all. This visible commitment builds a culture of shared responsibility, making it easier for communities to stop litter at the source before it reaches our waterways. Strength in Partnership By partnering with KNZB, Street Smart gains a national platform to grow awareness and participation, while KNZB is able to extend its environmental impact with a practical, community-driven tool. Together, they aim to inspire more New Zealanders to protect their streets, waterways, and coastlines. Quotes: 'Street Smart is about creating awareness that what we drop on the street doesn't just vanish - it travels through stormwater systems and ends up polluting our oceans. Partnering with KNZB allows us to take that message to a national scale.' – Richard Harri, Founder, Street Smart 'Keep New Zealand Beautiful is proud to partner with Street Smart. Together we can empower more New Zealanders to understand the journey of litter and take simple steps that make a big environmental difference.' – Wayne Gazley, National Support Manager, KNZB About Street Smart: Street Smart is a grassroots initiative that raises awareness of how litter on our streets ends up in stormwater systems and pollutes our oceans. Through simple decals for businesses and residents, Street Smart makes it easier for people to do the right thing and take collective action for cleaner communities. About Keep New Zealand Beautiful (KNZB): Since 1967, KNZB has been New Zealand's leading environmental charity, inspiring Kiwis to care for and protect their local environments. Through initiatives like Clean Up Week and nationwide beautification projects, KNZB works to create cleaner, greener, and more beautiful communities.
