Morning Report Essentials for Thursday 7 August 2025
In today's episode, a Christchurch man says he has applied for hundreds of jobs with no success, and despairs about what to do next; New Zealand's unemployment rate has hit 5.2% - the highest since 2020; The government is planning to abolish petrol tax and move towards all vehicles paying road user charges, or RUCs, to pay for roads; Auckland high school principal Claire Amos says the Education Minister is overstating schools' readiness to use Artificial Intelligence; Contact Energy is ramping up its renewable energy supplies, saying investment in that area is critical to the economy; New research has revealed that song birds may need a good night's sleep to sing.
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NZ Herald
12 hours ago
- NZ Herald
Late selling drives NZ sharemarket down
'It's been a good week and the markets seem to be taking the US tariffs in their stride as we head into the reporting season next week,' he said. 'We are confident that we'll see an Official Cash Rate cut from the Reserve Bank [on August 20], which I think will be good for the market and the economy overall. 'We've managed to get through this week without any profit warnings, so that's good,' Lister said. Spark firmed 4c or 1.6% to $2.59 after a difficult period. Lister said the telco appeared to be enjoying the beginnings of a recovery after two years in the investment wilderness. 'It's still got a long way to go, but I think there is a general feeling among the analyst community that there might be a little bit of value there because it's fallen as much as it has,' he said. Also firming were KMD Brands, up 1c at 25c, and Sky TV, up 6c at $3.02. Infratil dropped by 18c or 1.59% to $11.84. The infrastructure investor earlier announced that it and the NZ Superannuation Fund had entered a binding agreement to sell their 100% interest in RetireAustralia to Invesco Real Estate, for A$845m ($925m). As of March 31, the carrying value of Infratil's investment in RetireAustralia was $404m, with the transaction expected to result in an accounting loss on sale of about $80m, the company said. Market heavyweight Fisher & Paykel Healthcare, which has a 16% weighting on the S&P/NZX50 index, fell 31c to $36.69. Retirement village operator Summerset dropped by 25c (2.25%) to $11.08. Transport software specialist Eroad took back some of Thursday's gains, which were on the back of New Zealand's plan to introduce universal road user charges, the stock dropping 6c to $1.95. In the second-tier stocks, major apple exporter T&G Global rallied by 15c (6.7%) to $2.40 after posting a turnaround in its first half to a $1.7m profit from a loss of $18.76m in the previous comparable period. 'As we head into the second half of the year, T&G is in a strong position to build on this momentum,' the company said. 'We're confident in our ability to continue delivering improved financial performance.' T&G's majority owner, Germany's BayWa, has put its stake up for review. BayWa, which has interests ranging from food to construction and energy, first made its play in 2011 for what was then Turners and Growers, with the intention of a complete takeover. T&G's shares have gained 53% in the last 12 months. With a 15% tariff on New Zealand exports to the US now in place, ASB Bank expects beef, dairy and wine exports to be the most heavily affected. 'We think beef is currently under the most risk, but there are opportunities to mitigate the hit,' the bank said. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
RNZ News
12 hours ago
- RNZ News
Wellington council's planned sludge minimisation plant faces increased costs
An artist's impression of the new sludge minimisation facility at Moa Point. Photo: Supplied / Wellington City Council Wellington City Council's sludge minimisation plant, which is expected to be completed by next year, is facing increased costs. On Friday morning several councillors confirmed to RNZ they had been made aware of a budget blow-out during a public-excluded session last week. On Friday afternoon Wellington City Council said elected members had been given a preliminary briefing about the challenges faced with building the new Te Whare Wai Para Nuku sludge minimisation facility currently under construction at Moa Point, with several factors driving increased costs to complete the project. The project is expected to be built to a $428 million budget. Initially up to $400m was raised for its construction, with a levy introduced to ratepayers in August last year to fund the the facility without affecting council funding for other important infrastructure and community projects. The levy will be collected for a period of 33 years commencing 1 July 2024. A council spokesperson said while staff were still investigating the situation, several key themes that were driving increased costs to complete the project had emerged. "These include a later practical completion date than anticipated, changes in design, identification of historical costs which weren't originally included, and re-assessment of risks with the pathway and process for commissioning the plant," the spokesperson said. A more detailed report on cost and funding implications will be outlined to elected members in a briefing on Thursday 14 August. The matter will also be considered at the council's long-term plan finance and performance committee on Wednesday 20 August. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
12 hours ago
- RNZ News
Nelson Mayor Nick Smith launches his re-election campaign
Nick Smith was elected mayor of Nelson in 2022. Photo: RNZ / Samantha Gee Nelson Mayor Nick Smith has launched his re-election campaign, with a pledge to keep rate increases over the next three years under 5 percent, except in the case of an extraordinary event like a natural disaster. Smith, a former National MP, retired from Parliament in June 2021. He had been the MP for Nelson for 24 years and was elected mayor of Nelson in 2022. He said the cost of living and the increase in rates were the biggest issues facing ratepayers in this year's local elections. "Nelson's rate increases have been lower than most councils over the past three years, despite the huge costs of the August '22 storm damage , but we need to work harder at getting efficiencies and savings to keep rates down." Smith said he was confident that the required investment in infrastructure and city revitalisation could be made while keeping future rate increases to under 5 percent. He signed the pledge at his campaign launch in Nelson on Friday evening. "Nelson rates increased 38 percent during the decade 2010-20 as compared to inflation of 15 percent. My long-term goal is for rate increases to be in line with inflation and economic growth." Smith said he could not achieve the rates cap alone and invited any other council candidates to make an under five rates pledge, which he said was a statement of common policy, not endorsement. "There are wider benefits for Nelson from committing to rates increases of under 5 percent with many councils around New Zealand proposing ongoing double-digit rate rises. A commitment to under 5 percent will give Nelson a competitive advantage in attracting business, investment and people and help our economic recovery." Smith joins current Nelson City councillor Aaron Stallard, Money Free Party New Zealand's Richard Osmaston and John Wakelin in contesting the Nelson mayoralty. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
