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Articles by Andy Macdonald
Inquiry into RNZ budget blowout may widen to earlier fiscal periods
The scope of any inquiry into Radio New Zealand’s shock $11.8 million deficit may yet spill into earlier fiscal periods in its bid to find out what happened and why, expert auditors say. The prospect of a wider inquiry comes after RNZ posted its second budget-busting annual loss in a row, as focus also falls on its unlawful $5m loan. “There is potential for [inquiry] creep if … the [RNZ financial] controls are weak.
Westpac not moving to risk-based pricing of mortgages for natural hazards
Westpac NZ says it is not moving to risk-based mortgage pricing, as it makes summary natural hazard information more available to home-loan applicants. The bank will provide applicants with a brief natural hazard risk insight report based on the data it considers in mortgage decisions. It follows the bank’s investment in ClimSystems, owned by UK-incorporated SLR BD Limited.
Auditor-General says spectre of financial misstatement after RNZ $12m hole
Andy Macdonald Senior Reporter 10 Nov, 2026 2:17am4 mins to read Radio New Zealand’s almost $12 million fiscal hole is a timely reminder to use appropriate controls with public money and raises issues of financial misstatement, says The Audit Office. “During the audit, the [Ernst & Young] auditor examined the financial statements and performance information, assessed the risk of material misstatement,” Auditor General Grant Taylor said.
Fighting talk as ANZ Bank prepares to compete
Andy Macdonald Senior Reporter 9 Nov, 2026 4:00pm7 mins to read ANZ Bank says its full-year 2026 result was a steady one in a tricky economic environment, and that it sees further pressure on already tight sector net-interest margins as competition ratchets up. “It’s a competitive space out there and doesn’t get any easier with new competitors coming in as well,” chief executive Ben Kelleher said, referencing the impact of rivalry on net-interest margin (NIM).
ANZ Bank NZ’s profit slips on expenses and impairments
ANZ Bank NZ posted a lower annual bottom-line profit, weighed down by higher operating expenses from class-action provisioning, a credit impairment charge, and a weaker economic hedge. In the year to September 30, ANZ posted a statutory net profit after tax of $2.4 billion, from $2.5b a year earlier. Net interest margin (NIM), a key gauge of profitability in the banking sector, fell 7 basis points to 2.52%.
Simplicity Growth Fund tops KiwiSaver peers over 10 years
Andy Macdonald Senior Reporter 8 Nov, 2026 4:00pm5 mins to read Simplicity says a dollop of investment-mix innovation gave its Growth Fund the fillip it needed to outshine medium-risk KiwiSaver peers over three- and 10-year timeframes. “It’s our first year of ranking as a 10-year [fund], and so we’re pretty thrilled,” said Simplicity co-founder and chief investment officer Andrew Lance.
Westpac NZ charged over Depositor Compensation Scheme breach
The Reserve Bank of New Zealand said it has filed a charge against Westpac NZ alleging it breached the Depositor Compensation Scheme disclosure requirements. Westpac’s Custodian PIE product was absent from its Depositor Compensation Scheme (DCS) webpage for about 109 days between December 5, 2025, and March 24, 2026. DSC requirements were addressed under the Deposit Takers Act 2023, the Reserve Bank (RBNZ) said. The charge has been filed with the District Court of NZ.
BNZ looks to credit growth amid fierce competition as economy improves
Andy Macdonald Senior Reporter 5 Nov, 2026 2:54am5 mins to read Bank of New Zealand says it anticipates achieving further credit growth in its current financial year, with cautious hopes that the nation’s economy will thaw in 2027. This view comes as BNZ posted a lower annual profit, thanks to a one-off reduction in capitalised software assets, and as its net interest margin (NIM) tightened amid fierce rivalry.
BNZ full-year profit falls to $1.2b as lending grows
Andy Macdonald Senior Reporter 4 Nov, 2026 10:02pm2 mins to read Bank of New Zealand has posted a lower full-year profit, as net loans and advances increased, in a year of economic disruption on the back of conflict in the Middle East. Its statutory net profit was $1.2 billion for the year to September 30, from $1.5b previously.
Could be Mobile’s best muffuletta
It must be six years or more since I have eaten at Regina’s Kitchen. I was sort of a regular at their old building near the Loop, now occupied by the Italian restaurant T. Marie’s. Regina’s spent nine years in that facility, shelling out soups and sandwiches like it was nobody’s business, then moved to their “new” location near Brookley Field sometime just after my last visit. kAm!C@I:>:EJ AC6G6?E65 >6 7C@> <66A:?8 FA H:E9 E9:D =F?49 9@EDA@E] p7E6C 2==[ qC@@<=6J D66>D D@ 72C 2H2J] (96?
Revolut Bank sees home loans on the horizon in NZ
Andy Macdonald Senior Reporter 4 Nov, 2026 4:00pm6 mins to read Newly minted Revolut Bank says it sees home-loan lending in its future New Zealand business roadmap, as the deposit taker moves to roll out of its maiden credit card offering in a fiercely contested market. “Obviously, home loans need to be part of a roadmap at some part of the journey,” said its NZ chief executive, career banker Ryan Brosnahan. “I wouldn’t say it’s a near-term priority for us,” he added.
Policy Probability: The pension age
Andy Macdonald Senior Reporter 3 Nov, 2026 4:00pm6 mins to read Plenty of election policy dies between campaign launch and coalition agreement. Our Policy Probability analysis series tests which promises are likely to survive coalition politics and implementation realities. Today’s subject – the pension age – looks unlikely to change post-election.
Revolut bank rated ‘BBB+’ by S&P Global
New digital bank Revolut Payments New Zealand has received a ‘BBB+’ long-term issuer credit rating from S&P Global Ratings. The Reserve Bank of NZ (RBNZ) on Tuesday said Revolut’s NZ operation had achieved registration as a bank. The process began in December 2024. S&P said its ratings on Revolut Payments NZ (RPNZ) benefited from Revolut’s unconditional guarantee of all the issuer’s debt obligations. Both entities share an ultimate parent, Revolut Group Holdings.
Revolut secures bank registration
Revolut launched as a registered bank in New Zealand on Tuesday after securing regulatory approval, backed by a commitment to invest $120 million in the local market. It will be NZ’s first digital bank, bringing with it credit card plans and what it says is a much-needed fillip for rivalry in a market dominated by traditional players. “It’s clear the market is primed for disruption,” Revolut Bank NZ chief executive Ryan Brosnahan said.
Westpac NZ backs investment amid rivalry, headwinds
Westpac New Zealand plans to invest strongly in its business through 2027 as old and new deposit takers bustle for market share in a fiercely contested sector buffeted by economic and geopolitical headwinds. “We’ve all recognised that the calm, blue waters that you’d like to have to chart your business through are no longer existent,” chief executive Catherine McGrath said.
Westpac NZ’s profit slips as lending grows
Westpac NZ posted a slip in its bottom-line profit as operating expenses and impairment charges ate into already lower net operating income. The bank’s statutory net profit after tax was $1.1 billion, down from $1.2b a year ago. Net interest margin, a key banking-sector gauge of profitability, was 2.23% for the year to September 30, down 9 basis points from 2.32% at the same time a year previous. At the same time, net loans and total deposits increased in a hotly contested market.
Precinct Properties pauses $1.5b Downtown Carpark project in Auckland
Precinct Properties Group says pausing its $1.5 billion Downtown Carpark redevelopment in central Auckland will lower its near-term earnings. The decision, a month after it paused another large Auckland project, was accompanied by news of a capital return, share buyback and rebased dividend.
Trouble with The Curve: targets reign as withdrawals weigh
The Curve Fund founder Victoria Harris has reiterated the recently acquired vehicle’s bullish targets, even as a run of investor withdrawals slashed its total asset value by a third. “The churn from existing investors has been higher than expected,” Harris told BusinessDesk in an exclusive interview on Thursday. “In my mind, not material.” Some churn was expected but “I guess we underestimated how many”.
KiwiSaver transfers gather speed
Nearly all KiwiSaver scheme transfers between providers are completed within 14 working days, with three-quarters taking seven or fewer, new data shows. The figures released by the Inland Revenue Department (IRD) show that in September, 97.5% of transfers from one KiwiSaver provider to another took up to 14 working days, with 75.4% taking seven or fewer. In September 2021, these were 95.7% and 79% respectively.
Fair brings thrilling rides and eats
The last time I was there, I was twice decorated. The Greater Gulf State Fair at The Grounds has always been a source of entertainment for the thrill-seekers, but for yours truly, the thrills are those of an edible nature. Imagine my excitement as an ill-prepared city mouse with a cattle prod managing to squeak out a third-place ribbon for showing (and answering some tough questions about) a stubborn black cow who didn’t take kindly to strangers.
Policy Probability: KiwiSaver compulsory contributions and birth enrolment
Andy Macdonald Senior Reporter 27 Oct, 2026 4:00pm7 mins to read Plenty of election policy dies between campaign launch and coalition agreement. Our Policy Probability analysis series tests which promises are likely to survive coalition politics and implementation realities. Today’s subject – KiwiSaver compulsory contributions and birth enrolment – looks highly likely post-election, but is it needed? And what about the other KiwiSaver ideas being proposed?
Heartland Group forecasts an improved full-year profit
Andy Macdonald Senior Reporter 26 Oct, 2026 9:20pm2 mins to read Heartland Group Holdings expects to produce a full-year 2027 net profit after tax of at least $102 million, excluding transaction costs linked to its $620m proposed acquisition of TSB Bank. In forecasting this, Heartland cited strong reverse mortgage growth, stable operating expenses and improved asset quality. Its reported after-tax profit to June 30, 2026, was $93.2m.
KiwiSaver reform: Dean Anderson calls for voluntary contributions and early access
Andy Macdonald Senior Reporter 22 Oct, 2026 4:00pm4 mins to read Kernel Wealth chief executive Dean Anderson says KiwiSaver needs to embrace a plateful of change if it’s to provide for Kiwis in retirement and facilitate greater capital markets participation. Part of that, he said, involved encouraging New Zealanders to become a nation of investors rather than savers whose wealth has been traditionally and heavily linked to real estate.
Fraser Whineray envisages a pathway to KiwiSaver 2.0
The pathway to improved KiwiSaver outcomes in retirement is all about New Zealanders engaging in an open and honest discussion about the retirement savings vehicle, says Fraser Whineray. The end result, says the high-profile executive, director and KiwiSaver expert, will be a second iteration of the retirement savings vehicle that is future-fit for the next generation of New Zealanders.
BNZ unaffected by National Australia Bank job cuts
Bank of New Zealand says it is unaffected by the roughly 2500 job cuts that parent National Australia Bank plans to enact on the other side of the Tasman. Asked by BusinessDesk if it was affected by the cuts, comprising 1500 before Christmas and 1000 before end-June, BNZ said these related to its parent bank’s Australian business. “There’s nothing to announce for BNZ,” a spokesperson said in a statement.
Fisher Funds names Paul Huxford as new CIO
Fisher Funds has appointed Paul Huxford as its new chief investment officer. Fisher Funds has appointed experienced investment executive Paul Huxford as chief investment officer, the company said.“Paul has had an impressive global career and is a highly strategic chief investment officer (CIO),” Fisher Funds said in a statement.He joins Fisher Funds in mid-November.Huxford, whose career spans three decades, joins from Macquarie Group Australia, where he was CIO of wealth.
Banks withstand oil shock, recession and cyber-attack in stress test
A joint RBNZ-APRA stress test has found banks remain resilient through a downturn. Image / 123rf A trans-Tasman stress test by New Zealand and Australian regulators has indicated that banking systems in both economies will remain resilient through a severe downturn.The 2026 Trans-Tasman Stress Test was carried out by the Reserve Bank of New Zealand (RBNZ) and the Australian Prudential Regulation Authority (APRA).
Digital banking up as cash use fades
NZ Banking Association chief executive Roger Beaumon observes that cash use across the nation continues to decline.
Strange things afoot at Dauphin and I-65
Those of us who started our school year battling the infrastructure improvements on Dauphin Street near the interstate are ready to pull our hair out. I hope my kids haven’t learned any new words this year. The maze of lane changes and multiple white lines, cones and barrels have even the good drivers confused. Culinarily speaking, we have ups and downs in the midst of the travel challenges. First positive light in all of this is the new 7 Brew in front of the old Greer’s.
Results roundup: Building societies grapple with housing softness and subdued economy
New Zealand’s property market was in focus in the building societies’ results.
'We took the hard path': Fintech Qippay gets a $5m equity investment
Qippay's Ashley Lake-Johns and Wayne Deas look ahead after securing a $5m equity investment. Open-banking fintech Qippay has secured a $5 million equity injection from Australian investment vehicle All Roads Wholesale Fund to drive its transtasman growth.The fund will take a 25% equity stake in Qippay Group, which is the parent of Qippay. “You can call that seed or Series A capital,” said Qippay chief executive Ashley Lake-Johns.
Review - Kitchen on Main in Olde Towne Daphne | Cuisine | lagniappemobile.com
The Daphne area is a safer bet for good meals than it gets credit for. I’ll leave someone out, but Southwood Kitchen, those tamales from Champy’s Fried Chicken, the bulgogi from Korea Chefs and the Teak House Thai Cuisine all pepper a short stretch of Highway 98. The Waterfront, Boudreaux’s Cajun and Market by the Bay are closer to the interstate. kA 5:ClQ=ECQm(96?
D&O Ongoing Disclosure Notices - Multiple
SHINTR Wed, Oct 07 2026 02:40 pm Ongoing Directors and Officers Disclosures – FY24 LTI Plan vesting and FY27 Equity Incentive Plan issue The attached Ongoing Disclosure Notices are being filed on behalf of the following senior managers of the Company: - Stephen England Hall; - Tracey Hickman; - Ed Hyde; - Malcom Johns; - Matthew Osborne; - Emma Oettli; and - Claire Walker.
Notice of Annual Meeting and Director Nominations
MEETING Wed, Oct 07 2026 01:45 pm Notice of 2026 Annual Meeting and Director Nominations Please find attached Allied Farmers Limited's Notice of Annual Meeting to be held at 11am on 19 November 2026, the template Proxy Form, and the Director Nominations Notice. Ross O'Neill Company Secretary Announcement PDF Markets News Finance Labour pledges to open up banking competition Labour would create a new e-money licence for digital wallets and payments.
Labour pledges to open up banking competition
Labour has outlined its election policy to open up banking sector competition.
New Zealand investment: Offshore dealmakers still see it as attractive
Simpson Grierson partner Anastasiya Gamble says the firm’s survey highlights international dealmakers’ perceptions of NZ as an investment destination.
CO2's NTA as at 2 October 2026: 1.6241
MKTUPDTE Mon, Oct 05 2026 03:13 pm CO2 NTA and Allotment Notice Salt Investment Funds Limited would like to report details of the Units on Issue for the Carbon Fund as at: 2/10/2026 Units on Issue: 20,102,559 Units Allotted: 0 Net Tangible Assets (NTA): 1.6241 The Fund’s aim is to provide investors with a total return exposure to the price of carbon credits. The Fund has the ability to buy carbon credits in emissions trading schemes in New Zealand and offshore.
Partial Takeover Offer Declared Unconditional
TRANSACT Mon, Oct 05 2026 01:05 pm On 4 September 2026, Mangawhai Collective Limited (“Mangawhai Collective”) made a partial takeover offer for 43.93667% of the fully paid ordinary shares in Bremworth Limited (NZX: BRW) that it did not already hold or control (“the Offer”). The Offer closed at 11.59pm on Friday 2 October 2026.
Kiwi Property updates Sustainable Debt Framework
GENERAL Mon, Oct 05 2026 12:27 pm Kiwi Property today released its updated Sustainable Debt Framework (Framework), which governs the issuance of its Green Debt. A copy of the Framework is attached to this announcement. The Framework was last updated in May 2023. The update supports the future introduction of green loans into Kiwi Property's debt programme.
KiwiSaver hardship withdrawals top first-home buys again
The Inland Revenue Department’s latest monthly KiwiSaver data shows cost-of-living pressures remain.
KFL – Notice of acquisition of securities - 2 October 26
SECISSUE Mon, Oct 05 2026 09:08 am Section 1: Issuer information Name of issuer Kingfish Limited NZX ticker code KFL Class of financial product Ordinary shares ISIN (If unknown, check on NZX website) NZKFLE0001S0 Currency NZD Section 2: Capital change details Number issued/acquired/redeemed 52,040 Nominal value (if any) n/a Issue/Acquisition/redemption price per security $1.0659 Nature of the payment (for example, cash or other consideration) Cash Amount paid up (if not in full) $ n/a...
Seeka Invests in Expansion of Gisborne Produce Hub
MKTUPDTE Mon, Oct 05 2026 09:00 am Seeka Limited [SEK] will invest approximately $15.5 million into the Gisborne region, following an approval to progress a tenancy agreement with Gisborne District Council. The investment will include the development of a packhouse and coolstore facility adjacent to existing Gisborne operations to support local growers, create jobs and provide additional produce handling and storage capacity for the region.
Net Asset Value as at 01 October 2026
MKTUPDTE Mon, Oct 05 2026 08:30 am Net Asset Value as at 1 October 2026 Net assets per ordinary share (prior charges at market value) - ex income 378.08 pence Net assets per ordinary share (prior charges at market value) - cum income 379.19 pence Net assets per ordinary share (prior charges at nominal value) - ex income 366.29 pence Net assets per ordinary share (prior charges at nominal value) - cum income 367.40 pence Announcement PDF Markets News KiwiSaver Aurellan ponders KiwiSaver’s...
HFL - Net Asset Value as at 1 October 2026
MKTUPDTE Mon, Oct 05 2026 08:30 am JANUS HENDERSON FUND MANAGEMENT UK LIMITED HENDERSON FAR EAST INCOME LIMITED LEGAL ENTITY IDENTIFIER: 2138008DIQREOD38O596 2 October 2026 Henderson Far East Income Limited (the ‘Company’) As at close of business on 1 October 2026, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items), was 263.3p.
Aurellan ponders KiwiSaver’s growth-assets exposure
Aurellan's Chris Di Leva explores growth assets and diversification in KiwiSaver.
RBNZ begins work with banks on cash access
RBNZ and banks are working on the issue of the nation's cash-access services.
Heartland shareholders approve $620m buy of TSB Bank
Heartland's Andrew Dixson says the proposed merger achieved a strong shareholder endorsement.
Slurp Society closes, deMaiz opens
No more comedy nights with the whippersnappers, mahjong or your favorite noods at 609 Dauphin Street. The friends at Slurp Society reached the end of their lease at that address and decided it best not to renew. kA 5:ClQ=ECQmuC@> E96:C 9F>3=6 368:??:?8D @? $E] |:4926= E@ E96:C =2C86C =@42E:@? ?6IE E@ (:?EK6==’D[ E9:D H2D 2=H2JD 2 7F?
EXERCISE OF ME TODAY LIMITED SERIES 1 WARRANTS (MEEWA)
OFFER Thu, Oct 01 2026 09:15 am Dear Warrant Holders, EXERCISE OF ME TODAY LIMITED SERIES 1 WARRANTS (MEEWA) Further to our announcement on 18 September, the Me Today Limited (“Me Today”) Series 1 Warrants exercise website is now live. If you wish to exercise some or all of your Series 1 Warrants, visit www.warrants.co.nz/metoday and complete the online Exercise Form. You must also pay the exercise price in accordance with the payment instructions set out on the website.
Proposed Share Transaction Requiring Shareholder Approval
GENERAL Thu, Oct 01 2026 08:50 am 1 October 2026 Proposed Share Transaction Requiring Shareholder Approval New Zealand King Salmon Investments Limited (NZX/ASX: NZK) notes that existing NZK shareholders China Resources Asset Management Limited (CR Assets), Oregon Group Limited (Oregon) and the trustees of the Porus Holdings Trust (PHT) have advised entry into an agreement.
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