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Money

LATEST MONEY NEWS

David Boyle spoke to The AM Show on Friday.
AM Show

Financial expert concerned as Kiwis apply for $111m in Kiwisaver withdrawals

The Financial Markets Authority released Kiwisaver's annual report on Thursday.

1 hour ago
Money
Money

'Yeah, we were making money': KiwiSaver fund managers profit as markets plummet over COVID-19

A watchdog is asking the investment managers for an explanation.

Watch: The majority of New Zealanders don't want trans-Tasman travel bubble yet.
Coronavirus

Australian house prices fall for fifth straight month

Data from property consultant CoreLogic was released on Thursday.
REINZ chief executive Bindi Norwell says buying a 17th-century mirror as part of her house renovation is more of an investment than a fritter purchase.
Me and My Money

'A 17th-century mirror': Property boss reveals spending on house renovation

What do Kiwi top talents do with their money?
The NZX ticker.
Money

NZX chief information officer resigns following slew of cyber attacks

David Godfrey will leave the company at the end of the year.

Cameron Bagrie on The AM Show.
Economy

Economist explains why the pandemic hasn't hit house prices

An economist has a theory on why house prices have continued going up.
Watch: The Government needs a better way to help unemployed women, say economists.
Money

Business confidence plunges to lowest point on record - survey

It also found National's tax policy has more support, while Labour has the more popular Finance Minister.
Ninety percent of those who lost jobs in the June quarter were women and there are calls for the Government to do more to help them back into work.
Coronavirus

Govt needs better way to help unemployed women - economists

Ninety percent of those who lost jobs in the June quarter were women.
Areas outside major towns, such as the Kapiti Coast, are attracting 'Zoom workers'
Housing

Fringe towns to become 'Zoom towns' - property analyst

"For a lot of us, working five days in the office is a thing of the past."
Watch: Record-low housing stock, sky-high asking prices as COVID-19 pandemic impacts market.
Real Estate

The region ranked last for property investment

Property investors will emerge from the pandemic largely unscathed, it appears.
Kiwibank came to a settlement with the Commerce Commission.
Kiwibank

Kiwibank to pay $5.2m to almost 50,000 customers after system failure

Affected customers eligible for repayments will be contacted directly by the bank.
Mark Riggall on The AM Show.
NZ election 2020

Biden win a bigger risk to NZ markets than a Labour victory - expert

Businesses won't be as worried as they were in 2017 if Labour win the upcoming election, an investment manager says.

Fisher Funds senior portfolio manager David McLeish, said the funding for lending programme would effectively provide low interest rates by providing cheap funding to banks.
Economy

'A cheap loan to banks': Expert explains purpose of Reserve Bank funding for lending programme

The Reserve Bank is gearing up to use tools such as funding for lending to stimulate economic growth.
Reserve Bank Governor Adrian Orr
Interest Rates

'No change': Reserve Bank holds Official Cash Rate, but economists expect it to go negative

The Official Cash Rate will remain at 0.25 percent - for now.
According to a KPMG report, bank profits have taken a hit and are around half of what they were last year.
Economy

COVID-19 impact: Next six months seen as the real test for NZ banks

According to a KPMG report, bank profits have taken a hit and are around half of what they were last year.
Mark Ryland.
Me and My Money

KiwiSaver provider says starting saving early means no regrets

What do Kiwi top talents do with their money?
BNZ was named among a tangle involved in FinCEN leak.
Banking

Three NZ Banks named as complicit in money laundering

A BNZ spokesperson said the bank couldn't identify any concerns

Related video: Money expert Lisa Dudson spoke to The AM Show about how much Kiwis should have in their rainy day fund. Credits: Video - Newshub; Image - Getty.
Money

'Zero stress': Why putting aside money for a rainy day is a good idea

Financial experts suggest saving three-to-six months of income.
Related video: Young Kiwis care less about their finances following lockdown. Credits: Video - Newshub; Image - Getty.
Money

Financial stress affecting relationships, particularly those of young Kiwis - research

The Commission for Financial Capability says for one in five New Zealanders, financial and relationship stresses go hand-in-hand.
Nikko Asset Management has introduced a new income-based investment fund appealing to savers looking for a slightly higher rate than bank term deposits.
Investment

New investment fund offering set return rivals bank deposit rates

Investment management company Nikko AM is offering a set rate of return on a new income investment fund.
Watch: Hospitality NZ spokesman Jeremy Smith on Monday's COVID-19 alert level announcement.
Coronavirus

Calls to reduce the number of restaurant licences as sector struggles

Hospitality New Zealand says the issue is worth a debate.
Jessica Wilson on The AM Show.
Money

Why it's worth asking retailers if you can still use an expired voucher

Consumer NZ research suggests $10 million is lost in expired vouchers annually.
Related video: Former mayor of North Shore City George Wood, told The AM Show that after Friday's truck crash on Auckland's harbour bridge, a second harbour crossing looks more promising.
Business

'Accessibility is vital': Harbour bridge lane closures 'another blow' for Auckland CBD businesses

Foot traffic in the CBD was down 40 percent, expected to worsen as bridge delays keep commuters away.

Watch: Newshub asked Kiwis if they would give money away if they won Lotto.
Lotto

Three lucky Lotto punters split $1m First Division prize

The top-tier Powerball prize went unclaimed and will rollover to $5 million.
Watch: The downturn has forced businesses to lay off staff, leaving thousands of Kiwis unemployed. Credits: Video - Newshub; Images - Getty Images
Economy

How New Zealand's recession compares to the rest of the world

GDP provides a snapshot of the value added to the economy.
Related video: Ian Hutson of the Salvation Army talks about New Zealand's housing on The AM Show.
New Zealand

'Messed up': Kiwi first-home buyers share tales of despair as demand surges

The national average asking price in August was $701,750.
The amount owed to creditors has skyrocketed from $7m to $10m.
Coronavirus

STA Travel closure: Administrators still trying to find where customers' money has gone

The amount owed to creditors has skyrocketed from $7m to $10m.
Negative GDP for two consecutive quarters confirms New Zealand is technically in recession. But how long will it last?
Economy

New Zealand in recession: What you need to know

Leading economists put the record-drop in GDP in perspective.
RBNZ deputy governor Geoff Bascand.
Economy

NZ banks could survive an economic scenario much worse than COVID-19

However RBNZ urged banks to put aside more capital.

Watch: Wedding venues, nightclubs fearful for future after 'brutal' alert level extension.
Politics

'I just don't buy it': Government's plan for growth could worsen inequality - economist

"You recover from the recession but you're permanently on [a] lower track."
Watch: The downturn has forced businesses to lay off staff, leaving thousands of Kiwis unemployed.
Economy

'In the eye of the storm': Quarterly GDP falls a record 12.2 percent, New Zealand officially in recession

Gross Domestic Product is negative for two consecutive quarters.
Watch: Richardson says he's surprised he's in the top 2 percent of earners.
Politics

Richardson happy to pay more tax but 'all I want is a little bit of thanks'

The AM Show sports reader was surprised to find out he's in the top 2 percent of earners.
Frances Sweetman on The AM Show.
Economy

Why economists can't agree on just how bad the GDP drop will be

The latest GDP figures, out on Thursday, are expected to show a huge drop. But just how big, no one can agree on.
Watch: Record-low housing stock, sky-high asking prices as COVID-19 pandemic impacts market.
Real Estate

Buyers sceptical of Treasury's prediction house prices will fall

Economists, real estate agents and property buyers are shrugging off a forecast of falling house prices.
The GDP for the June 2020 quarter will be released on Thursday.
Coronavirus

NZ's net debt tipped to increase to 50 percent of GDP - Kiwibank chief economist

The figures will be released on Thursday.

Watch: Prime Minister Jacinda Ardern comments on Microsoft's planned investment in New Zealand when it was announced in May.
Microsoft

'Fully committed': Microsoft gains approval for $100m New Zealand data centre

The company plans to open a cloud-based data centre to store large amounts of data.
Zuru director Nick Mowbray says companies have a moral obligation to do the right thing.
Business

'Unethical': Zuru boss calls out companies claiming wage subsidy and posting huge profits

Zuru managing director Nick Mowbray says companies have a moral obligation to do the right thing.
Host and broadcaster Petra Bagust shares what she invests in and spends her money on.
Me and My Money

'Connecting with people, God and nature': TV personality Petra Bagust says happiness comes from 'free' things

What do Kiwi top talents do with their money?
Raveen Jaduram.
Auckland

Watercare boss says 'unnecessary focus' on $780k salary contributed to resignation

"It was a distraction for me but more importantly it was a distraction for Watercare."
Amanda Wilton-Skinner's Ben died unexpectedly in a truck accident. She is urging young Kiwis to plan for the unexpected and get a will in-place.
Money

Woman endures year-long wait for husband's estate, forced to take flatmates after truck accident

A Kiwi woman is urging others to plan for the unexpected and get a will in-place.