Author: Press Room
The Reserve Bank has trimmed its forecast for house price growth, and says the fact that house prices aren’t rising as fast as expected is weighing on the economy.The central bank now expects house prices will fall 0.3% this calendar year. At the end of last year, it had expected 7% growth.Its monetary policy statement seemed to lament the fact that the market had not responded as quickly as expected to interest rate cuts. It said housing was a key component of household wealth and influenced household spending.”Annual house price growth has been lower than annual [Consumer Price Index] inflation…
By Amanda Gillies of RNZ Red tape, high costs and tough rules have cruise companies turning their backs on New Zealand – and our cruise industry on the brink of sinking. In what has been called a devastating blow for tourism, the number of cruise ships docking in our ports is declining rapidly and industry insiders worry about the economic impact on the entire country. An industry leader and a travel journalist tell The Detail New Zealand risks being left behind as the rest of the world embraces a thriving cruise sector post the Covid-19 pandemic. Globally, they say, cruising is…
Prime Minister Christopher Luxon has requested official advice on “appropriate next steps” following Australia’s expulsion of Iran’s ambassador and move to designate the Iranian Revolutionary Guard Corps as a terrorist organisation.Australian Prime Minister Anthony Albanese announced the expulsion yesterday after the country’s spy agency said it had “credible evidence” that the Iranian government directed at least two anti-Semitic attacks on Jewish premises in Sydney and Melbourne.”These were extraordinary and dangerous acts of aggression orchestrated by a foreign nation on Australian soil.”Iran denied the allegations through its Foreign Ministry spokesman Esmail Baghaei, who tried to link it to the challenges Australia…
New Zealand’s gender pay gap has narrowed to its lowest level on record – and one economist says some sectors have contributed more to the improvement than others.Stats NZ said today the gender pay gap was a median 5.2% in the June quarter, down from 8.2% a year earlier.That is the lowest level since the data began in 1998.It was the first significant annual decline since 2017.Stats NZ said there were larger increases in median hourly earnings from wages and salaries for women than for men.In the year ended June 2025, median hourly earnings from wages and salaries rose $1.44…
A Dunedin man who grew up in his family’s sex shop is preparing to say goodbye to one of the country’s oldest adult stores. Cupid Shop, in Princes St, will be closing today after more than 50 years in business. Co-owners Tyler and Jenna Lapham took over the business in 2019 from Mr Lapham’s parents. Not many people expected the running of an R18 store to be a family affair, Mr Lapham said. “Being a 12-year-old boy going to high school and then all your friends … find out that your parents own a sex store, you become a bit…
New Zealand’s largest bank has trimmed several of its fixed home loan interest rates, bringing all its special rates for terms between six months and three years below 5%.ANZ’s six-month fixed special rate has dropped by 15 basis points to 4.99% – the lowest since 2022 – while the two-year fixed special has been cut by 14 basis points to 4.75%. The three-year fixed special now sits at 4.99%, down 10 basis points.ANZ NZ general manager for homeowners Emily Mendes Ribeiro said the move reflects the highly competitive nature of the current mortgage market.”It is an incredibly competitive home loan…
ADVERTISEMENT With the renewed promise of future EU membership, the French, German and Polish leaders visited Moldova on 27 August, the country’s national day. The message from the French President Emmanuel Macron, German chancellor Friederich Merz and the Polish Prime Minister Donald Tusk to Moldova’s pro-European president, Maia Sandu, was simple: To reaffirm the EU’s support for Chișinău’s accession to the bloc. This meeting comes one month before parliamentary elections in Moldova scheduled for 28 September. According to the EU, the Moldovan electoral campaign and elections will take place under the threat of hybrid offensives by Russia, as happened in…
New Zealand’s two dominant supermarket operators, Foodstuffs and Woolworths NZ, have cautiously welcomed the Government’s reforms aimed at boosting competition in the grocery sector.Economic Growth Minister Nicola Willis announced the changes on Wednesday, saying the Government would introduce legislation to fast-track supermarket development, streamline building consents, and remove investment barriers to help new entrants challenge the duopoly.The reforms follow a Request for Information process earlier this year, which revealed widespread frustration among prospective operators over restrictive zoning, slow consenting, and regulatory hurdles.Pak’nSave Whanganui. (Source: Google Maps)In a statement to 1News, a Foodstuffs spokesperson said the co-operative would “carefully work through…
By Euronews Published on 27/08/2025 – 19:32 GMT+2 ADVERTISEMENT Hungary’s government has sued the European Union over a decision to grant billions of euros of aid to Ukraine from frozen Russian assets. The lawsuit, filed against the European Peace Facility (EPF), was originally brought before the EU Court of Justice, but has since been referred to the General Court. The Council decided last year to give 99.7% of interest payments from frozen Russian central bank assets to Ukraine via the EPF, a financial programme which facilitates military aid to allied countries. Ukraine receives between €3–5 billion every year through the EPF…
Periods are a pain — literally. Three enterprising Otago Girls High School students have developed a drink concentrate to provide natural relief from period-related inflammation. Year 13 business students Emma Fahey, 18, Theresa Radka, 17, and Hayley Reynolds, 17, drew on their own personal experiences for their Young Enterprise Scheme project. They had a desire to do some that benefited others struggling with similar issues and they also wanted to reduce stigma around periods and encourage women to have open conversations about menstruation. Darcy Schack and Dr Anna Campbell, from Zestt Wellness, helped the trio formulate their product Rhythm, making…