Latest news with #ASBBank
Business Times
6 days ago
- Business
- Business Times
New Zealand labour market remains soft, adds to rate-cut expectation
[WELLINGTON] New Zealand's jobless rate rose slightly in the second quarter as the labour market remained soft, supporting the view that the central bank will proceed with a flagged 25 basis-point interest cut at its August policy meeting. The jobless rate reached 5.2 per cent for April-June from 5.1 per cent three months prior while employment fell 0.1 per cent, Statistics New Zealand data showed on Wednesday. The labour force participation rate - which includes workers either employed or actively looking for work - fell to 70.5 per cent from 70.7 per cent, its lowest since the first quarter of 2021. The jobless rate compared with the 5.3 per cent average of analyst estimates compiled by Reuters and matched the central bank's forecast. Following the data release, the New Zealand dollar was steady at US$0.5899 and the chance of an Aug 20 rate cut reached 88 per cent. After a strong start to 2025, the economy's momentum looks to be slowing and the outlook remains incredibly uncertain, senior economist Mark Smith at ASB Bank said in a client note. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'With the trajectory for medium-term inflation well within the (central bank's) 1-3 per cent target range, further monetary easing looks appropriate to support the labour market and broader New Zealand economy,' Smith said. Since August 2024, the Reserve Bank of New Zealand has cut its cash rate by 225 basis points to support an economy which sank into recession last year. The economy showed signs of improvement with gross domestic product increasing 0.8 per cent in the first quarter. Last month, the central bank held the cash rate steady at 3.25 per cent to assess the impact of trade ruction and a slight acceleration in inflation but indicated a further cut was likely in August. Wednesday's data indicated the economy continues to operate with a considerable degree of excess capacity which could slow the rate of inflation, said ANZ senior economist Miles Workman in a note. This data and the possibility that firms could start to shed excess labour over the second half of this year 'means we think the RBNZ will over time start putting more weight on downside medium-term inflation risks,' Workman said. Statistics New Zealand said wage growth increased in the second quarter with its private-sector labour cost index excluding overtime recording a 0.6 per cent lift, compared with 0.4 per cent in the prior quarter and in line with forecasts. Seasonally adjusted private-sector wages increased 2.2 per cent. REUTERS
Scoop
12-07-2025
- Business
- Scoop
ASB Offers Support For Customers Affected By Severe Weather
With the effects of severe weather being felt across much of the country, ASB is offering a range of support options for customers impacted by weather this weekend. Tailored support for personal, farming and business customers affected by weather will be offered on a case-by-case basis, with options including: Deferring loan repayments for up to three months or interest only for three months. Immediate consideration of requests for emergency credit card limit increases and overdraft facilities. Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000. ASB Executive General Manager for Personal Banking Adam Boyd says ASB wants to hear from any customers needing financial assistance or support. 'It's concerning to see Nelson Tasman being challenged again, with locals already dealing with the fallout from recent weather events. We understand this is a very tough time for the region. We encourage any personal, business or farming customers who are worried about money as a result of this weekend's storms to please get in touch. Our teams have practical options available and we're here to help.' Personal customers needing support should call ASB's contact centre on 0800 803 804. Alternatively, customers can email hardship@ Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287. Further detail on available support is available at Extreme support l ASB. More information and full terms, fees and charges can be found on ASB's website. ASB Bank Helping you get one step ahead. In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today. ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance. ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want. We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
Scoop
07-07-2025
- Business
- Scoop
ASB And Cogo Launch Online Energy Calculator To Help Customers Save Thousands A Year By Switching To Electric
Press Release – ASB Bank The Better Energy Calculator is available now, to anyone, on the ASB website: Get better energy with ASB. When homeowners are ready to upgrade, they can use the Better Energy Calculator to view and compare options and energy savings that are specific … ASB has partnered with global carbon management fintech Cogo to launch a new online calculator which enables Kiwi to measure, understand and optimise the efficiency of their home and vehicle, helping to lower costs, while making their homes more sustainable. When homeowners are ready to upgrade, they can use the Better Energy Calculator to view and compare options and energy savings that are specific to their property. By choosing to switch heating, appliances or their vehicle to electric, ASB customers stand to benefit from installation discounts and could borrow up to $80,000 at 1% for up to three years through the 'Better Homes Top Up' for eligible upgrades. ASB Lend and Protect Tribe Lead, David Jackson says: 'The Cogo team are experts in their field at building technology that has great economic and environmental value. We're thrilled to be leading the way by providing this online tool to our customers and to all Kiwi. 'Based on research conducted by Rewiring Aotearoa, [1] consumers could save up to $3,000 per year in energy costs with changes such as switching to an EV when it's time for a new car and replacing old gas appliances with electricity. It means that customers looking to upgrade, are able to make an informed decision on cost-effective long-term choices that are also sustainable.' ASB is the first bank in New Zealand to offer Cogo's Home and Vehicle Electrification solution. It's part of an 'electrification ecosystem' on ASB's website, which offers personalised suggestions on changes energy users could make, and the upfront costs and potential savings of these changes. For example, the Better Energy Calculator shows that for a four-person dwelling in the Auckland suburb of Birkenhead, a homeowner could save $1,400 per year by switching their heating, hot water and cook tops to electric, with upfront costs from $15,500. Adding solar to the home increases potential savings by an additional $1,600 per year, based on upfront costs from $11,000. In fact, if they go electric with their next vehicle (costing $49,990), this homeowner could save another $1,200 per year on car running costs. [2] With a click of a mouse, people can connect directly with Cogo's trusted installers offering exclusive discounts, and with the ASB team, who can support with financing of upfront costs. The Better Energy Calculator even removes the hard work of research by suggesting EVs most similar to the user's existing vehicle. Cogo founder and CEO, Ben Gleisner says: 'We share a strong alignment with ASB in our mission to encourage people to take personal action on climate change, and electrifying their homes and cars is a great way to start. Success for us would be thousands of Kiwi making changes that save them money and reduce their carbon footprint.' The Better Energy Calculator is available now, to anyone, on the ASB website:
Scoop
07-07-2025
- Business
- Scoop
ASB And Cogo Launch Online Energy Calculator To Help Customers Save Thousands A Year By Switching To Electric
Press Release – ASB Bank The Better Energy Calculator is available now, to anyone, on the ASB website: Get better energy with ASB. When homeowners are ready to upgrade, they can use the Better Energy Calculator to view and compare options and energy savings that are specific … ASB has partnered with global carbon management fintech Cogo to launch a new online calculator which enables Kiwi to measure, understand and optimise the efficiency of their home and vehicle, helping to lower costs, while making their homes more sustainable. When homeowners are ready to upgrade, they can use the Better Energy Calculator to view and compare options and energy savings that are specific to their property. By choosing to switch heating, appliances or their vehicle to electric, ASB customers stand to benefit from installation discounts and could borrow up to $80,000 at 1% for up to three years through the 'Better Homes Top Up' for eligible upgrades. ASB Lend and Protect Tribe Lead, David Jackson says: 'The Cogo team are experts in their field at building technology that has great economic and environmental value. We're thrilled to be leading the way by providing this online tool to our customers and to all Kiwi. 'Based on research conducted by Rewiring Aotearoa, [1] consumers could save up to $3,000 per year in energy costs with changes such as switching to an EV when it's time for a new car and replacing old gas appliances with electricity. It means that customers looking to upgrade, are able to make an informed decision on cost-effective long-term choices that are also sustainable.' ASB is the first bank in New Zealand to offer Cogo's Home and Vehicle Electrification solution. It's part of an 'electrification ecosystem' on ASB's website, which offers personalised suggestions on changes energy users could make, and the upfront costs and potential savings of these changes. For example, the Better Energy Calculator shows that for a four-person dwelling in the Auckland suburb of Birkenhead, a homeowner could save $1,400 per year by switching their heating, hot water and cook tops to electric, with upfront costs from $15,500. Adding solar to the home increases potential savings by an additional $1,600 per year, based on upfront costs from $11,000. In fact, if they go electric with their next vehicle (costing $49,990), this homeowner could save another $1,200 per year on car running costs. [2] With a click of a mouse, people can connect directly with Cogo's trusted installers offering exclusive discounts, and with the ASB team, who can support with financing of upfront costs. The Better Energy Calculator even removes the hard work of research by suggesting EVs most similar to the user's existing vehicle. Cogo founder and CEO, Ben Gleisner says: 'We share a strong alignment with ASB in our mission to encourage people to take personal action on climate change, and electrifying their homes and cars is a great way to start. Success for us would be thousands of Kiwi making changes that save them money and reduce their carbon footprint.'
Scoop
30-06-2025
- Business
- Scoop
ASB Offers Relief To Upper South Island Customers Affected By Severe Weather
ASB will support customers affected by severe weather across Nelson, Tasman and Marlborough with tailored packages, including suspension of home loan repayments and emergency overdraft facilities for personal, business and rural customers. ASB Executive General Manager for Personal Banking Adam Boyd says ASB's team is here to help any customers who require financial assistance or support. 'We understand this is a really hard time for the region, as communities focus on the huge clean-up effort, while preparing for the potential of further heavy rain later this week. To take some pressure off, we're activating our relief packages and our teams are ready to talk through practical ways we can help customers facing weather damage to their homes, businesses or farms.' ASB's emergency assistance can be offered to personal, farming and business customers on a case-by-case basis, including: Option to suspend home loan principal repayments for up to three months. Immediate consideration of requests for emergency credit card limit increases and overdraft facilities. Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000. Mr Boyd says weather events such as these are a good reminder for customers to check they have the right insurance cover in place. 'We encourage property owners to check their polices are up to date and their coverage is sufficient, particularly if there have been renovations to the property.' Personal customers needing support should call ASB's contact centre on 0800 803 804. Alternatively, customers can email hardship@ Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287. Further detail on available support is available at Extreme weather support l ASB. More information and full terms, fees and charges can be found on ASB's website. ASB Bank Helping you get one step ahead. In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today. ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance. ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want. We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
