Ponsonby Road's flavour shifting to hospitality
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NZ Herald
22 minutes 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.
NZ Herald
22 minutes ago
- NZ Herald
Society Insider: East Imperial founder Tony Burt's new business with chef Peter Gordon; Sir Colin Giltrap's family motorsport legacy; Kylie Bax's model agent Kim Larking's new venture
The New Zealand-based business went on to sell some 33 million bottles of its products in more than 20 countries. Tony Burt pictured at a Viva event in 2019. Photo / Babiche Martens Then the Covid pandemic hit, dealing a heavy blow to trading, while mounting pressure on supply chains drove up its costs. And, in July 2024, the business went into liquidation after its parent company, Singapore's East Imperial Pte, defaulted on a loan to INL Investments Ltd. INL took over the international parent firm and decided to wind up the New Zealand subsidiary. A final report by liquidator Deloitte, released last month, showed the New Zealand branch of East Imperial was deregistered from the Companies Office, still owing $7.8 million. Tony Burt, pictured in 2014, with products from his East Imperial range. Photo / Babiche Martens Burt tells Society Insider he has learned a lot from losing East Imperial, and says the reality of the liquidation was more complex than it might have appeared. 'At the time, we were in advanced acquisition talks with a major international company,' says Burt. 'Our lawyers had requested a repayment statement to clear the INL Investments loan in full before [the liquidation]'. Burt also says most of the money reported as being owed was not trade debt in New Zealand but intercompany loans to East Imperial PLC, a British holding company. 'It was widely reported at one point that the company owed $23m, [which was] later revised to $7m. 'Neither figure reflected the true position; the overwhelming majority was intercompany balances rather than unpaid local creditors,' Burt says. The East Imperial brand was taken over after the liquidation by INL Investments' director, Horace Ngai, who is based in Hong Kong. Ngai told Society Insider INL wasn't aware of any proposal for East Imperial to pay the cash loan advanced to it. He also disputed comments that advanced acquisition talks were under way for East Imperial to be sold. Ngai says INL is committed to ensuring the long-term financial stability and success of East Imperial and strengthening its market position. Despite losing the brand he started, Burt said he is immensely proud of what the company achieved before the liquidation. 'We built an innovative, global-leading brand that connected New Zealand to the world,' he said of East Imperial. And now Burt is back with a new venture, this time in the food industry. He has teamed up with business partner Dana Johnston, well known for creating some of Auckland's most iconic hospitality spots, including 1885, 46 & York, and Pineapple on Parnell. Dana Johnston, Sir John Key and JP Schmidt at 46 & York in Parnell. Together, they are developing Maris Vitae, a Southland-based start-up focusing on exporting premium NZ seafood as high-end gourmet canned fish. They have also brought in NZ celebrity chef Peter Gordon as culinary director, the man behind restaurants including SkyCity's The Sugar Club, and Homeland, which closed last year. Burt and Johnston tell Society Insider that their Maris Vitae project is still in its early stages, but their ambition is significant. 'It will include a boutique, semi-automated canning facility in Southland producing a range of premium New Zealand seafood,' says Johnston. 'All sourced sustainably and transformed into gourmet products under the culinary direction of internationally renowned chef Peter Gordon,' he says. Chef Peter Gordon is among those working on Maris Vitae, a Southland-based start-up focusing on exporting premium NZ seafood as high-end gourmet canned fish. Photo / Jason Oxenham Gordon told Society Insider that working with Maris Vitae is 'an exciting opportunity' to showcase NZ seafood to the world, where 'canned seafood is held in high esteem'. 'I have always strongly advocated for New Zealand kaimoana,' he says. 'It's an incredible venture and I'm genuinely excited to be a part of it'. Burt and Johnston see an incredible opportunity to showcase New Zealand seafood in a completely new way. 'The response so far has been overwhelming. Iwi, quota holders, government agencies, chefs and distributors all see the potential to take this to the world,' says Johnston. Blair Wolfgram from Ocean Beach, Bluff, Tony Burt and Dana Johnston. The pair say Maris Vitae is supported by a heavyweight advisory board spanning seafood, Māori enterprise, governance and investment. Through the research Maris Vitae has conducted with Introspective Market Research, the team believes the venture could unlock new value chains, create year-round jobs in Southland, and position New Zealand as a serious player in the growing global gourmet seafood market, currently worth more than $50 billion. Dana Johnston, MP Jenny Marcroft and Tony Burt. In June, the pair had a meeting at parliament, introducing Maris Vitae to NZ First MP Jenny Marcroft, in her capacity as Under Secretary to the Oceans and Fisheries Ministry, along with Ministry of Primary Industries officials. 'This is about moving forward positively,' Johnston says. 'We want to prove, once again, that New Zealand can lead with premium, sustainable products that celebrate our provenance and create value for our people.' Burt and Johnston have formed a parent company, Rolf Ventures, which is both the holding company for Maris Vitae and a partner to several other FMCG brands. The pair aim to help with strategy, creativity and execution for brands looking to export to global markets. Sir Colin Giltrap's motorsport family legacy Marco Giltrap, the grandson of Sir Colin Giltrap. NZ Fashion Week: Kahuria begins on Monday, and this year's re-energised event will include a raft of off-runway activations. One of those gives attendees the chance to meet Kiwi motorsport racer Marco Giltrap, the grandson of the late, great Sir Colin Giltrap. Marco is the son of Richard Giltrap, who, along with his brother Michael, is the co-executive director of the family's Giltrap Group, with a family net worth of more than $400m. Sir Colin, known as much for his philanthropy as for the powerhouse motoring group he started in the 1960s, died in April last year aged 84. Giltrap Group announced in June that it had signed a three-year partnership deal with NZ Fashion Week, as the official naming rights sponsor of the event. Richard tells Society Insider his father had an incredible passion for helping Kiwis fly on the world stage, and it is something he and Michael have been proud to continue. Marco and his grandfather, Sir Colin Giltrap, at his investiture in 2012. Photo / Greg Bowker Marco Giltrap, 21, will be part of a meet-and-greet next Thursday morning at one of the Beyond the Runway speaking series, called Menswear Unfiltered, at the Giltrap Cupra showroom on Great North Rd. Richard tells Society Insider that his son Marco is part of a talented team of Kiwi drivers who have won international titles with Giltrap Group. Marco will be a special guest on the panel, alongside fellow Giltrap Group racers Clay Osborne and Liam Sceats. Marco started go-karting at the age of 10, with his family and beloved grandfather cheering him on. He quickly progressed through the ranks, winning championships. He then moved from karts to cars, where he competed in the NZ Toyota 86 Championship. After two years, he moved on to Porsche Cup cars. Giltrap won the Porsche Sprint Challenge Australia title at Supercheap Auto Bathurst International in 2023, and Marco secured a podium finish, claiming the Jim Richards Enduro Cup. The same year, he clinched the 2023 Lamborghini Super Trofeo Asia PRO Championship. Marco has had Kiwi motor sport champion Simon Evans as a mentor, and looks to be following in Evans' steps as one of the hardest-working drivers from go-karts to cars. Marco Giltrap and Kiwi motor sport champion Simon Evans. As well as Giltrap Group, Marco has had sponsor and partner deals with streetwear label Huffer, UDC Finance, car and rental company SIXT, and Italian appliance giant Smeg. And as well as the racing stars, the speaking panel for Unfiltered features highly influential leaders in menswear: Rodd and Gunn CEO Mike Beagley, Longform Limited's Des Rusk, and Porter James Sports designer Joshua Heares. The following afternoon, Porsche is highlighting NZ's most compelling contemporary designers, with The New Guard: Rewriting the Rules of NZ Fashion taking place onsite at Shed 10. On the panel are Wynn Hamlyn founder Wynn Crawshaw; Harris Tapper co-founder Lauren Tapper; Rebe founder Rebe Burgess; and Georgia Alice and Flowers founder Georgia Currie. The other must-see panel is From Idea to Empire: Turning Creativity into Global Success, which features visiting Australian Ksubi Creative Director Pip Edwards with Karen Walker, who is showing at the week for the first time in 15 years, and Stolen Girlfriends' Marc Moore, who will feature onsite at Shed 10 on Wednesday. Designer Karen Walker is showing at Fashion Week for the first time in 15 years. Ksubi's Pip Edwards will be part of New Zealand Fashion Week 2025. NZ Fashion Week owner Feroz Ali tells Society Insider that after being away for two years, he and his team are looking forward to giving the fashion industry the jumpstart it needs. 'We've been overwhelmed with the way the industry has embraced the new direction for the event, and I look forward to seeing people experience it in real life,' says Feroz. NZ model and agency founder Kim Larking goes from fashion to philanthropy Former model and founder of Clyne Model Management, Kim Larking. For more than 25 years, Kim Larking was a giant in the fashion and modelling industry. His next chapter has focused on giving back to create a better world. Larking, 61, walked the top runways around the world in the mid-1980s and the early 1990s, going on to create one of New Zealand's top modelling agencies, Clyne Model Management, where Kylie Bax was one of his signings. He now runs a charitable organisation, Vision for Humanity, and has become an author. 'I've gradually redirected my life from the heights of the fashion world, while wishing to stay authentic to who I am,' Larking tells Society Insider. 'I try to use my fashion experience to create relatable, inspirational role model messages to make healthy, constructive habits fashionable.' Larking says that through social media, everyone now has a platform to magnify their beliefs, values, and interests, subtly influencing the direction of society. 'That should be used for constructive purposes,' he says. Kim Larking, 61, walked the top runways around the world in the mid-1980s and the early 1990s. Larking modelled around the world for six years in Milan, Paris, London, Tokyo, Canada, and Spain, and worked for designers Armani, Missoni, and Valentino in Milan. As an 18-year-old, Larking says, his education was travelling the developing world on a shoestring budget of 50 cents a day, which he says was an extreme contrast to being backstage at the haute couture runway shows of Jean Paul Gaultier with all the supermodels of the era. It was these extreme life perspectives that he says helped shape his unique view of the world. With a book filled with solid global industry contacts, Larking started Clyne Management in 1991. He credits the success of Kylie Bax as a key milestone in turning his agency into a powerhouse. 'Having discovered and managed Kylie, placing her globally, every door in the fashion world opened wider,' he says. Kylie Bax's success was key to turning Kim Larking's agency into a powerhouse. One of Larking's most significant moments for Bax was signing her with Woman Agency in New York, where she worked with photographer Steven Meisel – famous for his work in Vogue as well as for photographing Madonna for her controversial book Sex. 'Her stardom flowed from there,' Larking says. Other famous names on Clyne's books included Michelle Blanchard, who went on to feature on Real Housewives of Auckland, and Nicola Robinson, later known as Nicky Watson while married to Eric Watson, as well as Nick Bryant, Andrew Healy, Andrew Von Lochner, Jannette Williams, Racheal Millar, Peter Nolet, Chloe Hardy, Tia Woods, Jessica Clarke, and Emily Baker. The last thing Larking did at Clyne was to place Georgia Fowler with IMG New York, sparking her international career. Georgia Fowler's move to IMG New York, aided by Kim Larking, sparked her international career. He finished with the modelling industry in 2011, but retained the agency's offices in Auckland's Martin's Lane, turning them into his base to focus on his new business, Vision Products. Kim Larking at his St Martin's Lane home office. Photo / David Rowland The skin and body care range is made from natural, organic, wild-harvested ingredients, and presented in advanced eco-packaging. Vision Products also has a range of bamboo eco-apparel. Larking says he reinvests in "Biospherically Correct" systems. 'A Biospherically Correct system takes into account all eco-social aspects of how products and services can be ethically produced – as per the principles of how our biosphere works,' says Larking. Larking's goals are lofty. Vision Products generates funds and awareness to support its sister charity Vision for Humanity, which he says aims to 'elevate global consciousness and empower people to co-create a successful planet, with more peace, prosperity and joy in the world'. Larking says VFH is developing a wide range of resources to help people 'holistically advance their lives', and there are large-scale templates the charity is working on as initiatives to positively shape the world. When VFH officially launches, Larking says he will bring all of the services into a planned 'urban sanctuary' he hopes to open next year. Larking is also a self-published author, with his first book, Health Psychology: A Paradigm Shift to Greater Health Span, released last year. It includes techniques to assist people with life balance, authentic happiness, self-empowerment, and functional ageing. Kim Larking released his first book last year. 'The greatest satisfaction has come from the regular stream of people who have informed me how the book has helped them,' Larking says. He lives what he teaches, looking years younger than his 61 years, but he believes age is irrelevant anyway – it's your functional or biological age that counts. He says he has refined all his lifestyle habits for optimal well-being and health span, but likes to blend in at a party. 'I drink kombucha from a champagne glass and cranberry juice from a red wine glass to keep everyone feeling comfortable,' he says. Party people of the week Forever Auckland FC Sky TV teamed up with Auckland FC at Event Cinemas Newmarket on Friday night to celebrate the launch of its upcoming docuseries, Forever Auckland FC. AFC founders Anna Mowbray and Ali Williams were joined by a host of Black Knights players, including captain Hiroki Sakai, defenders Francis De Vries and Dan Hall, AFC's CEO Nick Becker and head coach Steve Corica (recently named Isuzu UTE A-League Coach of the Year). Dan Carter and Anna Mowbray at the premiere of Forever Auckland FC at Event Cinemas Newmarket. Photos / Michelle Hyslop and Kellie Blizzard Other guests included former All Black legend Dan Carter, former Olympian Steve Ferguson and his wife, TV personality Shelley Ferguson, Sky's chief corporate affairs officer Chris Major, Sky NZ Original's Nick Ward (senior commissioner and executive producer of the series), and head of sport content, Gary Burchett. Guests were treated to a preview of the first two episodes of the eight-part series, executive produced by a Kiwi television icon, NHNZ Worldwide's Dame Julie Christie. Newstalk ZB's Jason Pine MC-ed the event, leading a pre-screening Q&A with Christie, Mowbray, Becker, Corica, and De Vries. The AFC panel shared their experiences of inviting cameras into the club – an idea of Christie's, greenlit by AFC to honour their rapidly amassed and loyal fanbase. The series premieres on Sky Open and Neon on August 27. Nick Ward and Dame Julie Christie. Photos / Michelle Hyslop and Kellie Blizzard Ali Williams and Anna Mowbray with members of their families at the premiere of Forever Auckland FC. Photos / Michelle Hyslop and Kellie Blizzard Marlee François. Photos / Michelle Hyslop and Kellie Blizzard Anna Mowbray, Dame Julie Christie and Jason Pine. Photos / Michelle Hyslop and Kellie Blizzard Shelley and Steve Ferguson. Photos / Michelle Hyslop and Kellie Blizzard Logan Rogerson, Jordie Gibbens, Dan Hall and Lachlan Brook. Photos / Michelle Hyslop and Kellie Blizzard Megg Alexander. Photos / Michelle Hyslop and Kellie Blizzard Francis De Vries and Steve Corica. Photos / Michelle Hyslop and Kellie Blizzard Real Housewives of London preview The exclusive New Zealand preview of The Real Housewives of London took place in Auckland last Thursday. The show is reality streaming platform Hayu's first commission of an original series, expanding the global franchise that includes versions filmed in Beverly Hills, New York, Dubai and many other cities around the world. Guests watched the first episode, which introduced its six stars – Juliet Angus, Karen Loderick-Peace, Juliet Mayhew, Panthea Parker, Amanda Cronin and Nessie Welschinger – while enjoying prosecco and a British-inspired high tea at the Library boutique cinema at Westfield Newmarket. Guests included RuPaul's Drag Race Down Under Season 1 winner, Kita Mean, former reality stars Colin Mathura-Jeffree and entrepreneur lyia Liu, ZM host Georgia Burt and influencer Win Wolf. The Real Housewives of London is available to stream on Hayu, with episodes dropping weekly for a 10-episode run. The series will culminate with a reunion special hosted by London-based Canadian comedian Katherine Ryan. Tony Collins, Colin Mathura-Jeffree and Lucy Sharp at the Real Housewives of London premiere in the Library boutique cinema at Westfield Newmarket. Photo / 818 Carmen Tsoi and Bethany Pettengell. Photo / 818 Arii Jade. Photo / 818 Kita Mean. Photo / 818 Win Wolf. Photo / 818 Yasmina Coe. Photo / 818 Dominic Corry and Anna-Lisa Tombolato. Photo / 818 Flynn Adamson. Photo / 818 Ricardo Simich has been with the Herald since 2008 where he contributed to The Business Insider. In 2012 he took over Spy at the Herald on Sunday, which has since evolved into Society Insider. The weekly column gives a glimpse into the worlds of the rich and famous.
RNZ News
22 minutes ago
- RNZ News
Retailers upbeat following OCR cut, but experts say next six months will be crucial
Talk of lower interest rates has retailers feeling more positive about the economy. Photo: Yiting Lin / RNZ Shopkeepers might have high hopes for an economic turnaround and better sales, but the data indicates otherwise. Retail NZ chief executive Carolyn Young said Wednesday's cut to the official cash rate was unlikely to see shoppers flooding retail stores just yet. The Reserve Bank cut its cash rate by 25 basis points to a three-year low of 3 percent, and left the door open for further reductions . Young said the group's latest quarterly report from April to June, showed 62 percent of retailers did not meet their sales targets. But she said talk of lower interest rates had them feeling more positive about the economy. "Businesses are optimistic that we are through the worst of it, but their trading levels aren't showing that they are. Optimism is based on emotion and trading sales figures are based on fact." She said the next six months would be crucial for businesses facing closure and hoped to see the Reserve Bank deliver on more aggressive cuts. Retail NZ chief executive Carolyn Young. Photo: Supplied Previous OCR drops have not delivered the hoped-for economic boost, she said. "We're not seeing growth, we're not seeing many green shoots, we're seeing businesses that are still being challenged. Businesses closing, laying off staff, doing restructures. We know a lot of retailers are still trading at a loss. "It's a really difficult economic environment. Consumer confidence needs to be higher in order for retail to survive." Young said there was always a lag between rate changes and spending habits, and right now, people were focused on paying for the essentials. Meanwhile, Kelvin Davidson, chief property economist at Cotality was not expecting any big changes in the housing market following the lowered OCR . He said despite significant falls in the rate over the past year, the housing market had remained flat. "The influence of low mortgage rates is already out there, yet the housing market isn't really responding. "I think what were seeing on the other side of the ledger is restraint from the weak economy and weak labour market, people have lost jobs and even if you've kept the job there's that spillover impact on confidence." Davidson said until there was a shift in the economy and employment rates, the housing market was unlikely to change, and he expected it would remain subdued for the next 6-9 months. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
