NZ's largest tourism event underway in Rotorua
business economy 26 minutes ago
The tourism industry is eager to welcome more visitors as a leader warns growth must have the blessing of Kiwis to be successful. The country's largest tourism business event, TRENZ, is underway in Rotorua with 1200 operators, travel buyers and leaders discussing business for the years ahead. Tourism reporter Tess Brunton is at TRENZ.
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RNZ News
5 hours ago
- RNZ News
Supreme Court to hear Mt Messenger Public Works Act appeal
Tony and Debbie Pascoe. Photo: RNZ / Robin Martin The Supreme Court will hear a penniless Taranaki farming couple's appeal against the compulsory acquisition of 11 hectares of their land for the Mt Messenger Bypass. But the country's highest court has indicated the hearing would have a narrow focus. New Plymouth's mayor denounced the move which he said would add extra time and money to the already over budget project. The six-kilometre, $360 million bypass aims to deliver a safer, more resilient route north out of Taranaki, avoiding an existing steep and windy stretch of highway which includes a narrow tunnel. NZ Transport Agency (NZTA) contractors were currently constructing the road from the southern and using a gondola to access the centre of the project because the Pascoe's land had not yet been secured. In its decision to allow the Pascoes leave to appeal, the Supreme Court said a central question would be to decide whether it was permissible for negotiations prior to the compulsory acquisition of the couple's land under the Public Works Act to be undertaken by a contractor, rather than by the Minister for Land Information, Chris Penk, or his officials. It would also examine whether outsourcing of negotiations to NZTA contractor The Property Group was consistent with the minister's statutory duty "to make every endeavour to negotiate in good faith". Tony Pascoe, who owns a farm with his wife on the northern boundary of the project, said the decision to allow the appeal was significant for all landowners. "Oh, it's huge. It's huge. This is huge for all land owners. To be off to the Supreme Court and then for them to also supply a barrister," he said. "Now the barrister's also asked the court to supply another counsel to be able to help her get this right. "So, we're pretty happy about it. We don't know what's going to happen, but were pretty happy." The courts had previously recognised the Pascoes - who face a $180,000 bill for legal costs from previous unsuccessful litigation - had little to no money. The Supreme Court said due to the complexity and nature of the appeal a lawyer would be appointed to represent the couple. Currently, the Pascoes were being offered $176,000 for the land required for the project and would need to relocate during construction because their home would become unliveable. Tony Pascoe wanted the Public Works Act process in relationship to his land to be restarted . If the Supreme Court agreed, he had a vision of the future. "A home, a farm hub and an income anywhere on our property. To be able to relocate our home and farm hub, to put a new home or relocatable home on a place that's geo-teched and suitable to put there," he said. "It's basically bloody easy but they've made it extremely hard for us." Long-time supporter of the Pascoes Marie Gibbs said granting leave to appeal to the Supreme Court was significant. "It shows that the issues around the Mt Messenger Bypass and the use of the Public Works Act are important not only for the Pascoes but also for every other landowner that faces having their land taken by force for a any sort of project like the bypass." She hoped the case would improve the process. "If the minister and LINZ are making every endeavour to negotiate in good faith to reach and agreement acceptable to the landowner then it's going to make the whole process less intimidating for landowners and they will actually get what they are entitled to." Mt Messenger bypass protester Marie Gibbs. Photo: RNZ / Robin Martin New Plymouth Mayor Neil Holdom had sympathy for the Pascoes, but said enough was enough. "I do love that movie The Castle and I do believe everyone has a right to their day in court, but they shouldn't have the right to appeal a court's decision 15 or 16 times," Holdom said. "And every single time, the court has found in favour of the project going ahead, but here we are again with another expensive delay." New Plymouth Mayor Neil Holdom. Photo: RNZ / Robin Martin Holdom wasn't sure if some of the people supporting the Pascoes had the couple's best interests at heart. "This is a vital project linking Taranaki to the north and a small group of essentially vexatious litigants have cost Kiwis hundreds of millions of dollars and seven years by using every trick in the book to ensure they've had more than a dozen days in court." Holdom said the latest appeal would also likely be unsuccessful and mean the loss of another construction season adding about $40 million to the project's ballooning costs. Land Information and NZTA were unable to comment because the case was before the courts. The appeal was set to be heard in October. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
9 hours ago
- RNZ News
NZ's richest people got wealthier in the past year. Did you?
The net worth of all households declined by $4.185 billion in 2024, while those on the Rich List saw their wealth increase by about the same. Photo: RNZ New Zealand's richest people might be getting wealthier, but the same can not be said for the rest of us. The National Business Review released its annual rich list this week , which showed the country's wealthiest people are collectively worth more than $100 billion, up from $95.55 billion last year. But over 2024, the net worth of all households declined by $4.185 billion. Infometrics chief forecaster Gareth Kiernan said average household wealth had fallen since the end of 2021, which was unsurprising given that housing made up about half of household assets. House prices remain well below their 2021 peak. He said the super rich would have a smaller proportion of their wealth in property. "If you look at the numbers during 2024, aggregate (gross) financial assets went up 1 percent, while aggregate housing and land value went down 0.8 percent. Or since the end of 2021, aggregate financial assets went up 7.5 percent, while aggregate housing and land value went down 8.6 percent. So the more of your money during that time you've got in financial assets, and the less in housing, the better you will have done. "Of course, the portfolios of the super-rich are probably not going to be as simple as financial vs property assets - often they will have a higher-than-average concentration of their assets in companies that they directly or indirectly operate and/or control. This exposure or concentration doesn't mean that they are immune to market fluctuations, but it potentially provides them with a measure of control not available to retail investors, whose best strategy to minimise their risk is to have a diversified portfolio." He calculated the average household net wealth was $1.2 million but said that average was pulled up "massively" by the wealthiest households. New data is due from Stats NZ in August but in 2021, the median wealth was $397,000. Those aged 25 to 34 had median net worth of $34,000 and those aged 35 to 44 $117,000. Simplicity chief economist Shamubeel Eaqub agreed financial wealth had increased - boosted by growing KiwiSaver balances - but housing wealth had dropped and debt had increased, leading to lower net worth overall. "It's not so much that nothing has improved because financial markets have actually created a lot of wealth, it's our highly leveraged bet on property that's held us back." He said the richest people in the country would probably have made more of their money from businesses. "A lot of them will have ultra-successful businesses, so it's a big bet on some things and then once you've got wealth it's often professionally managed." But he said more New Zealanders now had professionally managed money than ever before with KiwiSaver and other managed funds. "So there's a glimmer of good news in there, but I think that's kind of largely offset in the last few years at least by what's been happening with house prices and continued borrowing." More KiwiSaver members would now be reaching a stage where their returns were going to supercharge their balances, he said, rather than growth relying largely on contributions. "Once you've got enough savings then your money starts to work for you. The returns from your existing investments will be much more than how much you contribute from your income. That's the magic point, the inflection point." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
9 hours ago
- RNZ News
Rugby: Next six months will be critical - outgoing NZR boss Mark Robinson
NZ Rugby CEO Mark Robinson Photo: PHOTOSPORT The outgoing boss of New Zealand Rugby believes he is leaving the organisation in a better place. Chief executive Mark Robinson has resigned and will leave the organisation at the end of the year after six years in the role. The nine-Test All Black said the decision was driven by a desire to join his family, who are now based in Australia. Robinson said the next six months would be a critical time for the sport. "We have massive opportunities as it relates to the international calendar that we're very close to finalising. Then we have a fantastic opportunity again around the financial model of the game in New Zealand ...to find a way to be on a more sustainable footing going forward," Robinson said. The 51-year-old felt he was leaving the organisation in a better place because of the significant potential for growth. "The focus we now have on fans and the positioning we've done internationally ...our teams, our athletes, our brands are far more recognisable all around the world. Our sponsorship base has more than doubled. "We now invest close to $40 million a year into the community game ...we're seeing community rugby numbers bounce back to sort of pre-Covid levels." During his time, New Zealand Rugby had to deal with the drawn-out Silver Lake negotiations when the US private equity firm invested in the game here, which Robinson said was an important juncture for the sport. "When you look at what we've been able to invest in over the last few years ...and we are definitely seeing green shoots and signs that we can grow revenue ...we were a little bit ahead of our time in terms of looking at that opportunity. "Seeing all the things we've been able to invest in to bring the Silver Lake deal to fruition and be able to invest over $60 million in participants and fans and stakeholders." He said it was important for the organisation to reflect the community. "Our country is very different to what it was five years ago and I think our environments and our team and our people have made huge shifts there around how accessible and open and inclusive our environments are." All Blacks head coach Ian Foster (left) and NZ Rugby chief executive Mark Robinson. Photo: PHOTOSPORT He said it was important to preserve the history of New Zealand Rugby, while not getting left behind. "Forcing ourselves to be different in the way we think about the future of the game and the way we connect with fans and participants is a constant challenge ...because the trends around sport, recreation and entertainment are constantly evolving." A very drawn-out public All Blacks head coaching saga occurred during his time. Scott Robertson was initially rumoured to be replacing Ian Foster but ultimately Foster was given a chance to continue to the 2023 World Cup, after Robertson was announced as his successor. Robinson said New Zealand Rugby put the success of the team at the front of all the decisions. "It meant pushing and making sure we had the right people there to have the absolute best chance of winning that tournament. And then we also had the team's best interests at heart as it relates to the medium to long term and made what changes were needed to set us up for success." Robinson said leading the organisation through Covid was the toughest part of his tenure. "I think I was three weeks into the role when Covid came along ...but what we've been able to do through the immediate aftermath of Covid in terms of growing revenue by over 60 percent on an annual basis. "We also at that time took stock of where the game was at and started talking I think for the first time around this game having to be far more fan centric ...and in the community game to really focus on our participants." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
