Best Start tax credit to be income-tested
children economy 22 minutes ago
More than 60,000 families will be worse off as a result of a move to income-test the Best Start tax credit in the first year of a baby's life. Leading expert in parental leave and financial wellbeing in New Zealand Stephanie Pow spoke to Charlotte Cook.
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RNZ News
an hour ago
- RNZ News
Kiwibank cuts home loan interest rates
Photo: Kiwibank Kiwibank is the latest bank to cut home loan interest rates. It has cut its one-year special fixed rate to 4.89 percent, its two-year to 4.95 percent and its three and six-month rates to 5.29 percent. It is also cutting a number of its term deposit rates by between 10 basis points and 15 basis points. The official cash rate has fallen from a peak of 5.5 percent to 3.25 percent. But a warier tone in the most recent update has raised questions about how much further the rate might fall. The decision went to a vote, and one member of the monetary policy committee was not in favour of a cut. That prompted swap rates to pick up a bit, although they have started to drift down again since. David Cunningham, chief executive of mortgage advice firm Squirrel, said the main retail interest rate movements now would be driven by competition between the banks. "Pre-OCR, the two-year swap was 3.12 percent. It bounced a bit and has drifted down, but is still slightly higher than a month ago. "I'd say that until we get a decisive move in wholesale rates below 3 percent, any fixed rate moves by banks will be at the margin as banks jostle for positioning. Maybe we'll see 4.75 percent one- or two-year rates but a break towards 4.5 percent would need another OCR cut and signals of more to come. That would be three to six months away, if it did happen. "Long story short, fixed rates are likely to hover around existing levels for a wee while." Last week, ANZ on Tuesday cut its 18-month fixed rate special by 10 basis points to 4.89 percent. The six-month rate dropped by 20 to 5.29 percent. Then on Wednesday morning, ASB cut a range of its fixed home loan rates by up to 20 basis points. It was the bank's seventh fixed rate mortgage drop of 2025. Its six-month rate drops by 14 basis points to 5.45 percent, its one-year by four basis points to 4.95 percent, its 18-month rate by 10 basis points to 4.89 percent, its two-year by four basis points to 4.95 percent and its three-year by 20 basis points to 5.15 percent.
Scoop
an hour ago
- Scoop
Mindful Fashion Announces New Sponsor For Circular Business Innovation Award
Mindful Fashion New Zealand is pleased to announce that entries are now open for the Circular Business Innovation Award, a category within the Mindful Fashion Circular Design Awards 2025, celebrating bold leadership and innovation in New Zealand's transition to a circular economy. This year, the Circular Business Innovation Award is supported by a new sponsor - Untouched World, a pioneer in sustainable fashion and last year's winner of the award. By stepping into the role of sponsor in 2025, Untouched World is demonstrating its ongoing commitment to positive impact and leadership across the fashion and textile industry. 'With an estimated 143 tonnes of clothing waste sent to landfill every day in New Zealand, it's imperative we shift to a more circular way of operating — one that designs out waste and keeps our clothing and textiles in use,' says Jacinta FitzGerald, Chief Executive of Mindful Fashion. 'This award recognises the businesses leading that shift — turning challenge into opportunity and inspiring change at every level of the system.' The Circular Business Innovation Award recognises businesses across the fibre, textile, and clothing sectors that are actively embedding circular principles into their operations - from product design to business models, supply chain innovation to end-of-life solutions. The award is open to all New Zealand-based businesses committed to accelerating circular practices that regenerate, reduce waste, and rethink value creation 'Untouched World has long been at the forefront of sustainable business in Aotearoa,' says Jacinta FitzGerald, Chief Executive of Mindful Fashion NZ. 'To see last year's winner return as this year's sponsor is a powerful demonstration of leadership — and a commitment to nurturing the wider ecosystem of change.' 'We're honoured to sponsor this year's award,' says Peri Drysdale, Founder and CEO of Untouched World. 'Winning in 2024 was a powerful moment for us. It reinforced how these awards can amplify impact not just within our own operations, but across the broader industry and beyond our borders. As a company deeply committed to positive change, we believe in lifting others as we move forward.' The Mindful Fashion Circular Design Awards are a celebration of creative thinking, collaboration, and system innovation. Now in their third year, the Awards continue to spotlight and support the changemakers shaping a thriving, resilient and regenerative future for fashion and textiles in Aotearoa. Entries are open now and close Friday 1st August 2025. For more information and to enter, visit: Here's the full timeline for the Circular Design Award process leading up to the Gala event in October: Entries open | 9th June 2025 Entries close | 1st August 2025 at 5pm Judging | August 2025 Finalists notified | August/September Circular Design Award Gala | 7th October 2025
RNZ News
an hour ago
- RNZ News
NZ Rugby boss Mark Robinson resigns
NZ Rugby chief executive Mark Robinson Photo: Martin Hunter/ActionPress New Zealand Rugby chief executive Mark Robinson has resigned and will leave the organisation at the end of the year. Robinson has been in the position for six years and has led the organisation through some difficult times. During his time New Zealand Rugby had to deal with the Covid pandemic, the drawn-out Silver Lake negotiations when the US private equity firm invested in the game here and the debate over the organisation's governance. Robinson acknowledged that there have been challenging times during his tenure, which brought with it significant scrutiny. "The past six years have been a period of rapid change, or unprecedented challenges through the pandemic, and significant evolution across commercial, competitions and structures," Robinson said in a statement. "I will reflect on that as I get closer to stepping away, but I firmly believe the foundations of our organisation are extremely strong and the game is well-placed for the future. "I have had the privilege of leading an amazing group of people at NZR who have a huge amount of care for the game. There's a deep hunger to get better every day no matter how well we think we are doing and that drive sits right across every person working for NZR, our competitions and our national teams." "We remain focused on implementing a new financial model for the game in New Zealand and completing the remaining work on what will be an exciting future international calendar." Robinson's family has been based in Australia for the last few months. NZR chair David Kirk acknowledged Robinson for his contribution over a six-year period. "Mark has driven significant change, both in New Zealand and internationally, and the Board believes the organisation is well-placed to capitalise on this. Of note was his leadership through a global pandemic that saw the game deal with an unprecedented crisis. "We also understand Mark's desire to relocate to Australia where his family are now all living. He will go with our best wishes when he moves there at the end of this year. Mark will continue to lead for the remainder of the year as we conclude key projects, and the Board will now commence recruitment for the new role." Robinson played nine tests for the All Blacks between 2000 and 2002. He was on the NZR Board for seven years before taking over as chief executive. -RNZ
