Latest news with #CGA
Scoop
a day ago
- Business
- Scoop
MoneyHub Unveils The Fleeced Kiwi Awards: Exposing New Zealand's Worst Financial Rip-Offs
Press Release – MoneyHub New Zealanders deserve a financial system that rewards trust, not exploits it, says Christopher Walsh, MoneyHubs Head of Research. Auckland, NZ – 1 June 2025 – MoneyHub today launches the inaugural Fleeced Kiwi Awards 2025, affectionately dubbed The Fleecys, a bold initiative to expose and shame the most egregious financial rip-offs plaguing New Zealanders. From sneaky surcharges to predatory scams, The Fleecys spotlight practices that drain wallets and betray trust, demanding accountability and reform in a cost-of-living crisis. Since 2018, MoneyHub has saved Kiwis millions by advocating for fairer financial products. Now, The Fleecys turn up the heat, naming and shaming the worst offenders in 2025. 'New Zealanders deserve a financial system that rewards trust, not exploits it,' says Christopher Walsh, MoneyHub's Head of Research. 'The Fleecys are our rallying cry to expose rip-offs—like a $10.50 ATM fee for a $20 withdrawal or $2.3 billion lost to scams on Meta's platforms—and spark a movement for fairness.' The 2025 Fleecys Winners: A Roll Call of Rip-Offs The Fleecys call out six practices that fleece Kiwis with hidden costs, deceptive tactics, and unchecked scams: Debit and Credit Card Surcharges, including PayWave – For slapping 1–3% fees on everyday transactions, turning a $100 restaurant bill into $102.50. 'Paying extra just to tap your card is a rort,' Walsh fumes. 'Shops must show fees upfront, and regulators need to outlaw these wallet-draining tricks.' Extended Warranties – For pushing $200+ add-ons on a $1,000 TV, duplicating free protections under the Consumer Guarantees Act (CGA). 'Retailers scare Kiwis into buying peace of mind they already have,' says Walsh. 'Know your CGA rights and save your money.' Ticketing Fees – For ambushing fans with 8% 'booking' and 'service' fees, inflating a $200 concert ticket to $218+. 'Fans deserve transparent pricing for the events they love,' Walsh insists. 'These fees should be outlawed.' Administration Fee on Road User Charges (RUC) for Electric Vehicles – For charging EV drivers $12.44 to print a sticker, a 16% markup on a $76 eco-friendly commute. 'This fee is a tax on a tax,' Walsh argues. 'NZTA must modernise RUC to stop fleecing green drivers.' Private ATM Fees – For extortionate charges like $10.50 to withdraw $20, a 52.5% markup. Walsh recounts a personal sting: 'Stranded in Kapiti, I paid $10.50 for $30 cash to catch a bus. That's not an error—it's a rip-off. Operators must lower fees to $2–3.' Meta Platforms – For profiting from scam ads on Facebook and Instagram, costing Kiwis $200 million to $2.3 billion annually. 'Meta's inaction is a scandal,' Walsh declares. 'They must verify advertisers like in Australia to protect vulnerable Kiwis from financial ruin.' A Movement for Change The Fleecys aren't just about naming names—they're a call to action. MoneyHub invites Kiwis to nominate 2026 candidates, share stories with #FleecedKiwiAwards, and report rip-offs anonymously via their secure form. 'Every nomination fuels our fight for a fairer New Zealand,' says Walsh. 'Together, we can force businesses to prioritise transparency and value.' The awards highlight systemic issues, from redundant warranties to scams devastating pensioners, like a Taranaki retiree who lost $220,000 to a Facebook crypto ad. 'These aren't inconveniences—they're obstacles to financial stability,' Walsh notes. 'In a cost-of-living crisis, every dollar counts. The Fleecys empower Kiwis to fight back with knowledge, like checking CGA protections or reporting scam ads.' Why The Fleecys Matter With living costs squeezing households, The Fleecys expose practices that hit hardest when budgets are tight. 'A dairy charging 40 cents for a debit tap or an 8% fee on a family's concert tickets isn't just annoying—it's a betrayal of fairness,' says Walsh. MoneyHub's research, backed by Commerce Commission guidelines and Netsafe data, ensures The Fleecys target widespread, evidence-based rip-offs. Looking ahead, MoneyHub is developing resources to tackle supermarket pricing, a complex issue warranting deeper scrutiny. 'We're committed to transparency at the checkout and beyond,' Walsh promises. 'The Fleecys are a stand against complacency, driving honest conversations between consumers, businesses, and regulators.' Join the Fight Kiwis can shape the 2026 Fleecys by emailing nominations, posting on social media, or submitting anonymous tips. Monthly reviews will culminate in updates by mid-2026. 'Financial literacy is power,' Walsh concludes. 'By exposing The Fleecys, we're arming New Zealanders to reclaim control and build a financial system that works for everyone.' 10 Things to Do Differently with Money in 2025 and 20 Supermarket Ripoffs. About MoneyHub: Since 2018, MoneyHub has empowered New Zealanders with guides and tools to save millions through fairer financial products. The Fleeced Kiwi Awards continue this mission, exposing rip-offs and advocating for a transparent, consumer-focused financial landscape.
Scoop
a day ago
- Business
- Scoop
MoneyHub Unveils The Fleeced Kiwi Awards: Exposing New Zealand's Worst Financial Rip-Offs
Press Release – MoneyHub Auckland, NZ – 1 June 2025 – MoneyHub today launches the inaugural Fleeced Kiwi Awards 2025, affectionately dubbed The Fleecys, a bold initiative to expose and shame the most egregious financial rip-offs plaguing New Zealanders. From sneaky surcharges to predatory scams, The Fleecys spotlight practices that drain wallets and betray trust, demanding accountability and reform in a cost-of-living crisis. Since 2018, MoneyHub has saved Kiwis millions by advocating for fairer financial products. Now, The Fleecys turn up the heat, naming and shaming the worst offenders in 2025. 'New Zealanders deserve a financial system that rewards trust, not exploits it,' says Christopher Walsh, MoneyHub's Head of Research. 'The Fleecys are our rallying cry to expose rip-offs—like a $10.50 ATM fee for a $20 withdrawal or $2.3 billion lost to scams on Meta's platforms—and spark a movement for fairness.' The 2025 Fleecys Winners: A Roll Call of Rip-Offs The Fleecys call out six practices that fleece Kiwis with hidden costs, deceptive tactics, and unchecked scams: Debit and Credit Card Surcharges, including PayWave – For slapping 1–3% fees on everyday transactions, turning a $100 restaurant bill into $102.50. 'Paying extra just to tap your card is a rort,' Walsh fumes. 'Shops must show fees upfront, and regulators need to outlaw these wallet-draining tricks.' Extended Warranties – For pushing $200+ add-ons on a $1,000 TV, duplicating free protections under the Consumer Guarantees Act (CGA). 'Retailers scare Kiwis into buying peace of mind they already have,' says Walsh. 'Know your CGA rights and save your money.' Ticketing Fees – For ambushing fans with 8% 'booking' and 'service' fees, inflating a $200 concert ticket to $218+. 'Fans deserve transparent pricing for the events they love,' Walsh insists. 'These fees should be outlawed.' Administration Fee on Road User Charges (RUC) for Electric Vehicles – For charging EV drivers $12.44 to print a sticker, a 16% markup on a $76 eco-friendly commute. 'This fee is a tax on a tax,' Walsh argues. 'NZTA must modernise RUC to stop fleecing green drivers.' Private ATM Fees – For extortionate charges like $10.50 to withdraw $20, a 52.5% markup. Walsh recounts a personal sting: 'Stranded in Kapiti, I paid $10.50 for $30 cash to catch a bus. That's not an error—it's a rip-off. Operators must lower fees to $2–3.' Meta Platforms – For profiting from scam ads on Facebook and Instagram, costing Kiwis $200 million to $2.3 billion annually. 'Meta's inaction is a scandal,' Walsh declares. 'They must verify advertisers like in Australia to protect vulnerable Kiwis from financial ruin.' A Movement for Change The Fleecys aren't just about naming names—they're a call to action. MoneyHub invites Kiwis to nominate 2026 candidates, share stories with #FleecedKiwiAwards, and report rip-offs anonymously via their secure form. 'Every nomination fuels our fight for a fairer New Zealand,' says Walsh. 'Together, we can force businesses to prioritise transparency and value.' The awards highlight systemic issues, from redundant warranties to scams devastating pensioners, like a Taranaki retiree who lost $220,000 to a Facebook crypto ad. 'These aren't inconveniences—they're obstacles to financial stability,' Walsh notes. 'In a cost-of-living crisis, every dollar counts. The Fleecys empower Kiwis to fight back with knowledge, like checking CGA protections or reporting scam ads.' Why The Fleecys Matter With living costs squeezing households, The Fleecys expose practices that hit hardest when budgets are tight. 'A dairy charging 40 cents for a debit tap or an 8% fee on a family's concert tickets isn't just annoying—it's a betrayal of fairness,' says Walsh. MoneyHub's research, backed by Commerce Commission guidelines and Netsafe data, ensures The Fleecys target widespread, evidence-based rip-offs. Looking ahead, MoneyHub is developing resources to tackle supermarket pricing, a complex issue warranting deeper scrutiny. 'We're committed to transparency at the checkout and beyond,' Walsh promises. 'The Fleecys are a stand against complacency, driving honest conversations between consumers, businesses, and regulators.' Join the Fight Kiwis can shape the 2026 Fleecys by emailing nominations, posting on social media, or submitting anonymous tips. Monthly reviews will culminate in updates by mid-2026. 'Financial literacy is power,' Walsh concludes. 'By exposing The Fleecys, we're arming New Zealanders to reclaim control and build a financial system that works for everyone.' 10 Things to Do Differently with Money in 2025 and 20 Supermarket Ripoffs. About MoneyHub: Since 2018, MoneyHub has empowered New Zealanders with guides and tools to save millions through fairer financial products. The Fleeced Kiwi Awards continue this mission, exposing rip-offs and advocating for a transparent, consumer-focused financial landscape.
Scoop
a day ago
- Business
- Scoop
MoneyHub Unveils The Fleeced Kiwi Awards: Exposing New Zealand's Worst Financial Rip-Offs
Auckland, NZ – 1 June 2025 – MoneyHub today launches the inaugural Fleeced Kiwi Awards 2025, affectionately dubbed The Fleecys, a bold initiative to expose and shame the most egregious financial rip-offs plaguing New Zealanders. From sneaky surcharges to predatory scams, The Fleecys spotlight practices that drain wallets and betray trust, demanding accountability and reform in a cost-of-living crisis. Since 2018, MoneyHub has saved Kiwis millions by advocating for fairer financial products. Now, The Fleecys turn up the heat, naming and shaming the worst offenders in 2025. 'New Zealanders deserve a financial system that rewards trust, not exploits it,' says Christopher Walsh, MoneyHub's Head of Research. 'The Fleecys are our rallying cry to expose rip-offs—like a $10.50 ATM fee for a $20 withdrawal or $2.3 billion lost to scams on Meta's platforms—and spark a movement for fairness.' The 2025 Fleecys Winners: A Roll Call of Rip-Offs The Fleecys call out six practices that fleece Kiwis with hidden costs, deceptive tactics, and unchecked scams: Debit and Credit Card Surcharges, including PayWave – For slapping 1–3% fees on everyday transactions, turning a $100 restaurant bill into $102.50. 'Paying extra just to tap your card is a rort,' Walsh fumes. 'Shops must show fees upfront, and regulators need to outlaw these wallet-draining tricks.' Extended Warranties – For pushing $200+ add-ons on a $1,000 TV, duplicating free protections under the Consumer Guarantees Act (CGA). 'Retailers scare Kiwis into buying peace of mind they already have,' says Walsh. 'Know your CGA rights and save your money.' Ticketing Fees – For ambushing fans with 8% 'booking' and 'service' fees, inflating a $200 concert ticket to $218+. 'Fans deserve transparent pricing for the events they love,' Walsh insists. 'These fees should be outlawed.' Administration Fee on Road User Charges (RUC) for Electric Vehicles – For charging EV drivers $12.44 to print a sticker, a 16% markup on a $76 eco-friendly commute. 'This fee is a tax on a tax,' Walsh argues. 'NZTA must modernise RUC to stop fleecing green drivers.' Private ATM Fees – For extortionate charges like $10.50 to withdraw $20, a 52.5% markup. Walsh recounts a personal sting: 'Stranded in Kapiti, I paid $10.50 for $30 cash to catch a bus. That's not an error—it's a rip-off. Operators must lower fees to $2–3.' Meta Platforms – For profiting from scam ads on Facebook and Instagram, costing Kiwis $200 million to $2.3 billion annually. 'Meta's inaction is a scandal,' Walsh declares. 'They must verify advertisers like in Australia to protect vulnerable Kiwis from financial ruin.' A Movement for Change Advertisement - scroll to continue reading The Fleecys aren't just about naming names—they're a call to action. MoneyHub invites Kiwis to nominate 2026 candidates, share stories with #FleecedKiwiAwards, and report rip-offs anonymously via their secure form. 'Every nomination fuels our fight for a fairer New Zealand,' says Walsh. 'Together, we can force businesses to prioritise transparency and value.' The awards highlight systemic issues, from redundant warranties to scams devastating pensioners, like a Taranaki retiree who lost $220,000 to a Facebook crypto ad. 'These aren't inconveniences—they're obstacles to financial stability,' Walsh notes. 'In a cost-of-living crisis, every dollar counts. The Fleecys empower Kiwis to fight back with knowledge, like checking CGA protections or reporting scam ads.' Why The Fleecys Matter With living costs squeezing households, The Fleecys expose practices that hit hardest when budgets are tight. 'A dairy charging 40 cents for a debit tap or an 8% fee on a family's concert tickets isn't just annoying—it's a betrayal of fairness,' says Walsh. MoneyHub's research, backed by Commerce Commission guidelines and Netsafe data, ensures The Fleecys target widespread, evidence-based rip-offs. Looking ahead, MoneyHub is developing resources to tackle supermarket pricing, a complex issue warranting deeper scrutiny. 'We're committed to transparency at the checkout and beyond,' Walsh promises. 'The Fleecys are a stand against complacency, driving honest conversations between consumers, businesses, and regulators.' Join the Fight Kiwis can shape the 2026 Fleecys by emailing nominations, posting on social media, or submitting anonymous tips. Monthly reviews will culminate in updates by mid-2026. 'Financial literacy is power,' Walsh concludes. 'By exposing The Fleecys, we're arming New Zealanders to reclaim control and build a financial system that works for everyone.' About MoneyHub: Since 2018, MoneyHub has empowered New Zealanders with guides and tools to save millions through fairer financial products. The Fleeced Kiwi Awards continue this mission, exposing rip-offs and advocating for a transparent, consumer-focused financial landscape.
India.com
2 days ago
- Business
- India.com
Govt Succeeds In Keeping Fiscal Deficit In Check At 4.8% Of GDP For FY25
New Delhi: The government has succeeded in meeting its fiscal deficit target for 2024-25, fixed at 4.8 per cent of the gross domestic product (GDP) in the revised budget estimate for the year, data released by the Controller General of Accounts on Friday showed. According to the CGA data, the Central government collected Rs 30.36 lakh crore as revenue from both tax and non-tax receipts, which works out to 98.3 per cent of the revised Budget Estimates (RE). The Central government's expenditure during 2024-25 was Rs 46.56 lakh crore or 98.7 per cent of the RE. The capital expenditure on building physical infrastructure, such as ports, highways, and railways, was Rs 10.52 lakh crore, up from Rs 9.49 lakh crore in the previous year. This reflects the government's investment in bid ticket projects to spur growth and create more jobs. The Centre's fiscal deficit for 2023-24 was 5.63 per cent of the GDP. Finance Minister Nirmala Sitharaman has fixed a glide path of lowering the fiscal deficit to 4.4 per cent for 2025-26. A declining fiscal deficit reflects the strengthening of the fundamentals of the economy and paves the way for growth with price stability. It leads to a reduction in borrowing by the government, thus leaving more funds in the banking sector for lending to corporates and consumers, which leads to higher economic growth. Meanwhile, the Reserve Bank of India (RBI) on Friday approved its highest ever dividend of a staggering Rs 2.69 lakh crore to the Narendra Modi government. The dividend payout is a robust 27.4 per cent increase over the corresponding figure of Rs 2.1 lakh crore for the previous year. The record dividend will help to keep the fiscal deficit in check while enabling the Finance Ministry to continue with its expenditure on big infrastructure projects to spur growth and social welfare schemes to uplift the poor in 2025-26.
Indian Express
3 days ago
- Business
- Indian Express
Centre's FY25 net tax collections miss revised estimate by over Rs 58,000 crore
The central government missed its revised estimate for net tax collections, which includes direct and indirect taxes, for 2024-25 by Rs 58,075 crore, data released by the Controller General of Accounts (CGA) on Friday showed. As per the data, the Indian government collected Rs 24.99 lakh crore as net taxes in the last fiscal, 2.3 per cent lower than the revised estimate of Rs 25.57 lakh crore. However, compared to the previous year, the net tax collected by the Centre in FY25 was up 7.4 per cent. The miss in the net tax collections – which is the tax accruing to the Centre after paying states their share from the gross tax revenue – was led by a Rs 9,747 crore shortfall in the excise mop-up, which came in at Rs 3 lakh crore as against the revised estimate of Rs 3.10 lakh crore. Direct taxes – which include corporate tax, personal income tax, and Securities Transaction Tax, among others – were around Rs 6,500 crore less than anticipated at Rs 22.30 lakh crore even though corporate tax collections exceeded the revised estimate by Rs 6,767 crore in FY25. Personal income tax collections, inclusive of Securities Transaction Tax and other taxes, were around Rs 13,000 crore lower than the revised estimate, while the customs duty mop-up was Rs 2,104 crore lower at Rs 2.33 lakh crore. Fiscal deficit target met Despite the miss in net tax collections, the Centre met its fiscal deficit target of 4.8 per cent of GDP for the year ended March 2025, with total expenditure during the year 1.3 per cent lower than the revised estimate of Rs 47.16 lakh crore. The fall in expenditure during the year was because of a 2.6 per cent reduction in revenue expenditure, while capital expenditure exceeded the revised estimate of Rs 10.18 lakh crore by Rs 33,578 crore. The government's capex picked up pace in the last four months of FY25 after a slow start in the beginning of the year that had made the government revise down the target. It had initially budgeted the capital expenditure for FY25 at Rs 11.11 lakh crore. Higher-than-expected non-tax revenues also helped the Centre achieve the FY25 fiscal deficit target. At Rs 5.38 lakh crore, the Centre's non-tax revenues were Rs 6,544 crore higher than the revised estimate. Finances for April 2025 The CGA on Friday also released data on the central government's finances for April 2025, which showed that capex in the first month of the new fiscal stood at Rs 1.60 lakh crore, up 61 per cent on year, accounting for 14.3 per cent of the full-year target of Rs 11.21 lakh crore. The Indian government's capex had got off to a slow start last fiscal due to the general elections, amounting to Rs 1.81 lakh crore in the first quarter – just Rs 21,261 crore more than what the Centre spent in April 2025 alone. The fiscal deficit for April stood at Rs 1.86 lakh crore as against the budget estimate of Rs 15.69 lakh crore for FY26. As a percentage of GDP, the Centre is targeting a fiscal deficit of 4.4 per cent for the current fiscal. The Reserve Bank of India's (RBI) record dividend of Rs 2.69 lakh crore for FY25, transferred to the government earlier this week, is likely to show the Centre's finances in a very healthy state when data for May is released at the end of June. The RBI's dividend makes up much of the Centre's non-tax revenues, with the government having estimated in February 2025 that it would get Rs 2.56 lakh crore as dividend from the central bank and public financial institutions this year. The budget estimate for non-tax revenue for the current fiscal is Rs 5.83 lakh crore.
