Latest news with #Australian-owned
1News
29-05-2025
- Business
- 1News
National accused of putting needs of banks before everyday Kiwis
The National Party is being accused of putting the needs of banks before everyday Kiwis after introducing legislation that could mean two big Australian-owned lenders avoid paying millions of dollars in refunds. One customer said the amendment to lending laws would allow the banks to get off "scot-free" while the minister in charge said it simply allowed the courts to have more discretion in settling disputes. The Credit Contracts and Consumer Finance Act (CCCFA) passed its first reading in Parliament last week and included a retrospective amendment relating to consequences for historical disclosure breaches by lenders. An investigation by the Commerce Commission had found two banks did not disclose the necessary information regarding customer loans. It meant the banks were potentially liable to refund millions of dollars in fees and interest. 'We should just be able to trust our bank' ADVERTISEMENT Lawyer Scott Russell, acting on behalf of those taking the class action, said the omission regarded "core business" for the banks. 'It's simple stuff. It's disclosure rules that allow ordinary New Zealanders to understand their financial position,' Russell said. Anthony Simons, a small business owner, was among the 170,000 customers who' took legal action against ANZ and ASB banks. 'We're just a hardworking Kiwi family trying to pay off our mortgage, struggling sometimes, and we should just be able to trust our bank that they're going to do the right thing in disclosing the right information,' Simons said. But, after four years battling through the courts, the Government last week passed the first reading of the legislation which changed the rules — retrospectively. Banks entitled to 'judicial fairness' – Minister The Minister for Commerce and Consumer Affairs, Scott Simpson, said the bill before Parliament did not affect the class action. ADVERTISEMENT 'What it does is it gives the courts the ability to use their discretion about what will be a fair and equitable outcome to the case,' he said. 'Banks, no matter what you may or may not think of them, are surely entitled to the same judicial fairness as any other entity or person.' A Cabinet paper by the minister released last month highlighted the class action against the banks, adding that "addressing these concerns through retrospective legislation is likely to attract criticism". 'Well, there will be criticism because it is retrospective and retrospective legislation is unusual but not completely unknown in our political system,' Simpson said. Russell claimed it was unfair. 'We've taken it right through to the Supreme Court and, right where we're getting to crunch time, the banks have contacted their mates in the National Party who have agreed to potentially wipe these refunds. It's hundreds of millions of dollars,' he said. Possible changes 'don't take any rights away from consumers' – banks ADVERTISEMENT ANZ and ASB Bank said the proposed amendments to the bill would not halt the current class action – or future cases. In a statement to 1News, ANZ said the proposed amendments "will not stop the current class action progressing, nor will it prevent potential future cases". "They will simply confirm that when considering these cases, the court has discretion to decide what a fair outcome should be. This change does not remove the rights and protections of consumers.' ASB Bank, meanwhile, told 1News that the potential changes "don't take any rights away from consumers, and will not prevent the current court case, or any future cases, from proceeding". "They simply clarify a confusing piece of legislation and confirm that the court has jurisdiction to decide on an outcome that is fair and reasonable.' Simpson added that, currently, for cases that occurred between 2015 and 2019, the courts could only hand down one penalty. 'And that is a full refund of all interest and all fees, no matter how small or minor the error or omission was,' he said. ADVERTISEMENT But Russell said penalties "are clear under the legislation". "All of a sudden, those penalties are being wiped out and replaced with something that's not clear which is what is a reasonable penalty.' While all three coalition parties supported the bill at its first reading, NZ First had concerns about the retrospective aspect and wanted to hear more official advice and public feedback before deciding if it would back the bill entirely. The issue would now be considered by a Parliamentary select committee.
Sydney Morning Herald
28-05-2025
- Business
- Sydney Morning Herald
How beauty giants are battling it out for Australian shoppers
To this end, Wesfarmers has been expanding its beauty offerings in Priceline and a new dedicated beauty store atomica, while Adore Beauty launched its first bricks-and-mortar store in Melbourne last year after 25 years in business. Dr Marian Makkar, a senior marketing lecturer at the Royal Melbourne Institute of Technology, says differentiation is a key challenge for multi-brand retailers. Exclusive brand partnerships and a warm, bespoke customer service experience with an emphasis on bricks-and-mortar retail are central. 'When you go into the retail space itself, you want to feel like an exclusive customer,' she says. For Mecca, staff training is an essential part of the offering, with the brand investing four per cent of turnover in education. Loading 'Our team members are true beauty experts – deeply knowledgeable about our brands, products, and application techniques – and skilled at sharing that expertise in a warm, engaging, and high-touch way,' the company told this masthead. While Sephora's two main competitors in Australia – Mecca and Priceline – are Australian-owned, Cheah thinks its international positioning gives the brand an edge. 'We go back to the profile of our consumers, and they're more well travelled. The fact they come to Sephora, they can shop anywhere in the region and they will still be able to earn points,' she says. 'We bring global brand equity and exclusive brand partnerships.' Makkar attributes Mecca's success in part to its high concentration of exclusive brands (around 80 per cent). It appears to be working, with revenue growing from $971,523 in 2022 to an estimated $1.3 billion for the 2025 financial year. Sephora was unable to say what percentage of its more than 500 brands were exclusive, but it's clear that it's a strategy pivotal to retailers' success, at a time when consumers can order online or buy in store. This month, Sephora will add Lady Gaga's Haus Labs to its stable of Sephora-only brands in the Asia-Pacific region, which also includes Selena Gomez's Rare Beauty and Rihanna's Fenty Beauty. First launched in 2019 on Amazon, Haus Labs relaunched in 2022 with Sephora. Cheah thinks this has been key to it becoming one of the highest-earning celebrity beauty brands today. 'With all due respect to Amazon, I think Haus Lab's story is better communicated [at Sephora], and I think the brand appreciates that out of us as well,' says Cheah. In today's oversaturated market of celebrity beauty brands, it takes more than a famous face to move product. 'Consumers today are so savvy. They won't spend money on products that don't work, no matter how inexpensive they are,' says Cheah. She thinks Haus Lab's focus on 'clean beauty' (defined by Sephora as products free from ingredients such as phthalates, sulphates and parabens), skincare-based make-up and focus on social issues (a portion of every sale goes to support Gaga's charity, Born this Way Foundation) have all contributed to its success. In June, Sephora and Haus Labs will create 31 activations across Australia in line with Global Pride Month. Cheah says Haus Lab's foundation is the top-selling foundation in US Sephora, with similar hopes for the Australian market. Sephora has made a concerted effort to support Australian beauty brands too – most notably Ultra Violette, a sun care brand that's seen rapid success since launching in 2019. Loading Ultra Violette is sold exclusively in store at Sephora Australia, and has recently entered into the US and Asian markets, again with the help of Sephora. But securing that coveted 'exclusivity' can be tough – Ultra Violette is also available direct from its website and on The Iconic. Cheah is pragmatic. 'A brand deserves to have the brand available to consumers in the way they would like to be. We cannot put a frame around that,' she says. 'In some cases, like Ultra Violette, we would love for them to just be in Sephora and only in Sephora because that gives them a greater marketing edge as well with us.' Indeed, when brands have the ability to go direct to consumer, why enter an exclusive partnership with a retailer like Sephora? Cheah says a partnership offers a brand access to their global supply chain, consumer data, merchandising and advice on product development. And she thinks having multiple fronts in different retailers can confuse shoppers about a brand's messaging. From a consumer standpoint, Makkar says multi-retailers offer convenience for busy shoppers. 'People are looking for a one-stop shop … you have options all the way from Australian brands, all the way to international brands.'
The Age
28-05-2025
- Business
- The Age
How beauty giants are battling it out for Australian shoppers
To this end, Wesfarmers has been expanding its beauty offerings in Priceline and a new dedicated beauty store atomica, while Adore Beauty launched its first bricks-and-mortar store in Melbourne last year after 25 years in business. Dr Marian Makkar, a senior marketing lecturer at the Royal Melbourne Institute of Technology, says differentiation is a key challenge for multi-brand retailers. Exclusive brand partnerships and a warm, bespoke customer service experience with an emphasis on bricks-and-mortar retail are central. 'When you go into the retail space itself, you want to feel like an exclusive customer,' she says. For Mecca, staff training is an essential part of the offering, with the brand investing four per cent of turnover in education. Loading 'Our team members are true beauty experts – deeply knowledgeable about our brands, products, and application techniques – and skilled at sharing that expertise in a warm, engaging, and high-touch way,' the company told this masthead. While Sephora's two main competitors in Australia – Mecca and Priceline – are Australian-owned, Cheah thinks its international positioning gives the brand an edge. 'We go back to the profile of our consumers, and they're more well travelled. The fact they come to Sephora, they can shop anywhere in the region and they will still be able to earn points,' she says. 'We bring global brand equity and exclusive brand partnerships.' Makkar attributes Mecca's success in part to its high concentration of exclusive brands (around 80 per cent). It appears to be working, with revenue growing from $971,523 in 2022 to an estimated $1.3 billion for the 2025 financial year. Sephora was unable to say what percentage of its more than 500 brands were exclusive, but it's clear that it's a strategy pivotal to retailers' success, at a time when consumers can order online or buy in store. This month, Sephora will add Lady Gaga's Haus Labs to its stable of Sephora-only brands in the Asia-Pacific region, which also includes Selena Gomez's Rare Beauty and Rihanna's Fenty Beauty. First launched in 2019 on Amazon, Haus Labs relaunched in 2022 with Sephora. Cheah thinks this has been key to it becoming one of the highest-earning celebrity beauty brands today. 'With all due respect to Amazon, I think Haus Lab's story is better communicated [at Sephora], and I think the brand appreciates that out of us as well,' says Cheah. In today's oversaturated market of celebrity beauty brands, it takes more than a famous face to move product. 'Consumers today are so savvy. They won't spend money on products that don't work, no matter how inexpensive they are,' says Cheah. She thinks Haus Lab's focus on 'clean beauty' (defined by Sephora as products free from ingredients such as phthalates, sulphates and parabens), skincare-based make-up and focus on social issues (a portion of every sale goes to support Gaga's charity, Born this Way Foundation) have all contributed to its success. In June, Sephora and Haus Labs will create 31 activations across Australia in line with Global Pride Month. Cheah says Haus Lab's foundation is the top-selling foundation in US Sephora, with similar hopes for the Australian market. Sephora has made a concerted effort to support Australian beauty brands too – most notably Ultra Violette, a sun care brand that's seen rapid success since launching in 2019. Loading Ultra Violette is sold exclusively in store at Sephora Australia, and has recently entered into the US and Asian markets, again with the help of Sephora. But securing that coveted 'exclusivity' can be tough – Ultra Violette is also available direct from its website and on The Iconic. Cheah is pragmatic. 'A brand deserves to have the brand available to consumers in the way they would like to be. We cannot put a frame around that,' she says. 'In some cases, like Ultra Violette, we would love for them to just be in Sephora and only in Sephora because that gives them a greater marketing edge as well with us.' Indeed, when brands have the ability to go direct to consumer, why enter an exclusive partnership with a retailer like Sephora? Cheah says a partnership offers a brand access to their global supply chain, consumer data, merchandising and advice on product development. And she thinks having multiple fronts in different retailers can confuse shoppers about a brand's messaging. From a consumer standpoint, Makkar says multi-retailers offer convenience for busy shoppers. 'People are looking for a one-stop shop … you have options all the way from Australian brands, all the way to international brands.'
Scoop
22-05-2025
- Health
- Scoop
Magical Thinking On Hospital Projects: NZNO
Press Release – New Zealand Nurses Organisation NZNO Primary Health Care Nurses College chair Tracey Morgan says the Coalition Government has 'utterly failed' to address the crisis in primary and community care which is leaving New Zealanders unable to see their GPs when they need to. Low-paid women health workers have paid for the Coalition Government's Budget centrepiece – tax incentives for business, New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) says. Budget 2025 is largely funded through $12.8 billion saved by gutting the pay equity scheme and scuppering 33 claims, including 13 from NZNO members across the health system including in the care and support, Plunket, primary care and hospice sectors. NZNO Primary Health Care Nurses College chair Tracey Morgan says the Coalition Government has 'utterly failed' to address the crisis in primary and community care which is leaving New Zealanders unable to see their GPs when they need to. 'There is nothing in this Budget to fix the chronic staff shortages that last year resulted in 36% of general practices being unable to take new enrolments. The Government chose not to close the 10% wage gap forcing primary and community care nurses to leave their communities for better paid hospital jobs. 'That would have been a $52.3 million investment with research showing the benefits would have been 14-fold. Instead, the Coalition Government has enabled further privatisation of the health system by giving $164 million to mainly Australian-owned urgent care franchises most New Zealanders can't afford to go to. 'There is also nothing in this Budget for iwi and Māori health providers who receive the lowest levels of funding in the health system,' Tracey Morgan says. NZNO president Anne Daniels says the Coalition Government's estimates it can build new facilities or remediate old ones at four hospitals, increase inpatient beds across New Zealand and fund small-scale infrastructure projects for $1 billion is simply 'magical thinking'. 'The Finance Minister has found her unicorn after all. This is kicking the can down the road for a future government to acknowledge it can't be done. 'There is no new operational spending for hospitals. The $1.37 billion for cost pressure funding announced in last year's Budget is not enough to keep the lights on. Our health system is desperately understaffed, and there is no money here to escape the ongoing and entrenched hiring freeze in the sector. 'The health system is not over budget as the Government claims. It is under-funded and under-resourced. Patients need health investments based on their care needs, not an arbitrary bottom line. 'Nicola Willis was right. This is a no BS Budget – a no basic services Budget,' Anne Daniels says.
Scoop
22-05-2025
- Health
- Scoop
Magical Thinking On Hospital Projects: NZNO
Low-paid women health workers have paid for the Coalition Government's Budget centrepiece - tax incentives for business, New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) says. Budget 2025 is largely funded through $12.8 billion saved by gutting the pay equity scheme and scuppering 33 claims, including 13 from NZNO members across the health system including in the care and support, Plunket, primary care and hospice sectors. NZNO Primary Health Care Nurses College chair Tracey Morgan says the Coalition Government has "utterly failed" to address the crisis in primary and community care which is leaving New Zealanders unable to see their GPs when they need to. "There is nothing in this Budget to fix the chronic staff shortages that last year resulted in 36% of general practices being unable to take new enrolments. The Government chose not to close the 10% wage gap forcing primary and community care nurses to leave their communities for better paid hospital jobs. "That would have been a $52.3 million investment with research showing the benefits would have been 14-fold. Instead, the Coalition Government has enabled further privatisation of the health system by giving $164 million to mainly Australian-owned urgent care franchises most New Zealanders can't afford to go to. "There is also nothing in this Budget for iwi and Māori health providers who receive the lowest levels of funding in the health system," Tracey Morgan says. NZNO president Anne Daniels says the Coalition Government's estimates it can build new facilities or remediate old ones at four hospitals, increase inpatient beds across New Zealand and fund small-scale infrastructure projects for $1 billion is simply "magical thinking". "The Finance Minister has found her unicorn after all. This is kicking the can down the road for a future government to acknowledge it can't be done. "There is no new operational spending for hospitals. The $1.37 billion for cost pressure funding announced in last year's Budget is not enough to keep the lights on. Our health system is desperately understaffed, and there is no money here to escape the ongoing and entrenched hiring freeze in the sector. "The health system is not over budget as the Government claims. It is under-funded and under-resourced. Patients need health investments based on their care needs, not an arbitrary bottom line. "Nicola Willis was right. This is a no BS Budget - a no basic services Budget," Anne Daniels says.
