Best of Business

Sylvie Thrush Marsh: MyHR Spokesperson on the sectors recording increased restructuring activity

More small and medium businesses are looking to trim the fat after years of constant pressure.  MyHR data shows in the first three months of the year, the hospitality industry recorded 191% more restructures than in the previous quarter.  Financial and insurance sectors had their highest levels of restructuring in two years.  MyHR spokesperson Sylvie Thrush Marsh told Mike Hosking businesses aren't always turning to redundancies.  She says some may be dropping a shift or trimming hours to save jobs.  Thrush Marsh says it's reaching a crunch point for a lot of businesses – there's been high interest rates for most of 2023 and 2024, with tariffs and the Strait of Hormuz closure.  LISTEN ABOVE  See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Murray Harris: Milford Asset Management's General Manager on National's Kiwisaver boost promise

National's Kiwisaver promise could help address a gender savings gap. The party is committing to raise minimum contributions and make employers contribute for staff over 65,  if re-elected in November. It would also make Kiwisaver compulsory - promising a $1500 boost for every newborn.  Milford Asset Management's General Manager of KiwiSaver, Murray Harris told Mike Hosking that staff on paid parental leave will also get contributions. He says on average female balances are 25% lower than male, because they usually raise the children and miss out on contributions. LISTEN ABOVE See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Bruce Bernacchi: Dentons tax partner says Green's tax will send investments overseas

Doubts New Zealand could avoid the problems other countries faced with wealth taxes. The Greens are proposing a 2.5% tax on net assets above 10 million dollars, excluding the family home. The package also includes income tax cuts for those earning under $160,000. Dentons tax partner Bruce Bernacchi says several European countries abandoned similar taxes, after wealth and investment flowed offshore. He says it would be a giant leap backwards for our economy, which is doing well at the moment. LISTEN ABOVE See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Kate Acland: Beef and Lamb Chair comments on red meat driving increase in exports

New Zealand's exporters are seeing success, with the total value of exports adding up to $8.9bn in May.  This is a rise of $1.4bn from last year, and red meat is the biggest driver. It's jumped 43% year on year - with frozen beef being particularly successful.  Beef and Lamb Chair Kate Acland told Heather du Plessis-Allan that the success is due to a combination of factors.  "High demand, low supply, and I think, you know, I have to say it is supported by a low Kiwi dollar at the moment." LISTEN ABOVE See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Hayley Horan: Wellington Chamber of Commerce CEO on the canning of the Golden Mile project

Businesses in the capital are looking forward to more certainty, with the controversial Golden Mile project now officially canned.   Councillors voted yesterday to scrap the CBD upgrade plan in favour of more modest upgrades.  It follows a review last week finding further budget blowouts were likely.  Wellington Chamber of Commerce Chief Executive Hayley Horan told Mike Hosking businesses want a more vibrant city and are now feeling like they're at the table.   She says the years of reviews and re-scopes have been exhausting, so having a decision beats another year of limbo.   LISTEN ABOVE  See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.