Category: Banking and Finance

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BNZ scores naming rights partnership with the NZ Breakers; teams up with Kiwi Hoops to grow grassroots basketball

Source: BNZ statements

The New Zealand Breakers, the country’s top professional basketball team, are set to embark on a new chapter as the BNZ Breakers, thanks to a new naming rights partnership with the Bank of New Zealand (BNZ). The naming rights partnership was announced in Auckland this morning.

In addition, BNZ is joining forces with Kiwi Hoops, Basketball New Zealand’s junior basketball programme, to help grow the sport at the grass roots level and foster the next generation of talent. These partnerships come hot on the heels of the bank’s naming rights sponsorship of the BNZ Northern Kāhu women’s basketball team, confirmed last month.

BNZ CEO Dan Huggins says the bank is thrilled to back the Breakers and further cement its support for the sport. “From nurturing young talent in Kiwi Hoops, to bolstering women’s basketball with the Northern Kāhu, and now backing the premier professional team, the BNZ Breakers, our support is generational.”

“Through these partnerships, we want to inspire the next generation and provide resources and opportunities that will help grow the sport, promote physical health, and foster a sense of community. We’re looking forward to seeing the positive ripple effects of these partnerships, from the school playground to the professional court.”

Matt Walsh, majority owner of the Breakers, welcomed the new partnership. “We’re delighted to partner with BNZ, an organisation that shares our passion and commitment to basketball and the positive role it plays in schools and communities across Aotearoa. This partnership will provide us with the support to continue our success on the court and expand our programmes in the community.”

“Our captain Tom Abercrombie is a shining example of how the Breakers is a pathway for local players to create a career out of basketball.  Tom went to school less than four kilometres from our club headquarters on Auckland’s North Shore and has travelled the world playing across the globe.

“Next month he will play his record 400th game for the Breakers in our opening game of the season against the Cairns Taipans at Spark Arena.”

The BNZ Breakers are actively involved in a range of community outreach initiatives, including their Champions Programme, teaching children aged 5-12 years about goal setting, nutrition, active lifestyles, and basketball fundamentals.

Kiwi Hoops

Kiwi Hoops is the Basketball New Zealand junior basketball programme. It aims to introduce the sport to young people, foster a love for the game, and develop skills. The partnership with BNZ will support the expansion of the programme, which already reaches 26,000 kids per year, to engage even more young people across New Zealand.

Dillon Boucher, CEO of Basketball New Zealand, says, “By partnering with BNZ, we can expand our reach and impact, providing more opportunities for young Kiwis to engage with basketball. This partnership will not only help us grow the sport at the grassroots level, but also build a strong foundation for the future of basketball in New Zealand by developing the next generation of players.”

Huggins concludes, “At BNZ, we’re committed to growing the social, cultural and financial wellbeing of New Zealanders, and believe in the power of sport to bring people together and inspire positive change. We’re proud to be part of the journey of basketball in New Zealand, and we can’t wait to see where these partnerships take us.”

The post BNZ scores naming rights partnership with the NZ Breakers; teams up with Kiwi Hoops to grow grassroots basketball appeared first on BNZ Debrief.

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Consumer confidence softens despite rates pause

Source: ANZ statements

Consumer confidence decreased by 3.4 points last week. Confidence was down across all the mainland states – New South Wales, Victoria, Queensland, South Australia and Western Australia.

‘Weekly inflation expectations’ decreased 0.1 percetnage points to 5.4 per cent. The idexes’ four-week moving average was unchanged at 5.5 per cent.

‘Current financial conditions’ plunged 6.9 points, while ‘future financial conditions’ dropped 9.6 points. This follows two weeks of strong gains in both financial conditions.

‘Current economic conditions’ softened 0.7 points after three straight weeks of gains. ‘Future economic conditions’ were up 2.1 points, rising above 90. ‘Time to buy a major household item’ fell 2 points after a 5.5 point gain the week before.

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ANZ-Indeed Job Ads: small rise

Source: ANZ statements

ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads rose a touch in July. But the series has fallen 2.1% over the past three months, suggesting the July lift is likely to be a blip.

“There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity. NAB’s Business Survey shows the proportion of businesses reporting labour as a constraint on output has fallen from a peak of 91% to 83% in Q2.Other leading indicators such as forward orders and consumer employment expectations are also coming off. Alongside the downward trend in Job Ads, this suggests we’ll see a gradual cooling of the labour market from its very strong starting position.”

Indeed Senior Economist Callam Pickering said: “In July, ongoing declines in New South Wales and Victoria were offset by gains in the other states and territories. That has been a common occurrence throughout 2023. Since the beginning of the year, Job Ads are down in three-quarters of sectors Indeed analysed, led by food preparation, personal care and cleaning & sanitation. Some occupations, most notably those in the healthcare sector, have strengthened this year, defying the national trend.

“Recruitment overall remains quite challenging but high population, combined with the ongoing decline in Job Ads, is slowly addressing skill shortages.”

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ACCC decision regarding the acquisition of Suncorp Bank

Source: ANZ statements

ANZ today acknowledged the decision by the Australian Competition and Consumer Commission (ACCC) not to grant authorisation for ANZ’s proposed acquisition of Suncorp Bank.[1]

ANZ Chief Executive Officer Shayne Elliott said: “We are naturally disappointed and disagree with the ACCC’s decision. We are closely reviewing the determination and will seek an independent decision through the avenues of review available to us.

“We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland. All of the relevant markets are intensely competitive and will continue to be intensely competitive after the acquisition.

“Indeed, the acquisition will create a combined bank which is better equipped to respond to competitive pressures, and deliver significant public benefits, particularly in Queensland,” Mr Elliott said.

Under Australian competition law, a decision by the ACCC to not grant authorisation can be reviewed by the independent Australian Competition Tribunal.

In addition to authorisation under Australia’s competition laws, the acquisition remains subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments.

While the acquisition remains subject to these conditions, ANZ continues its preparations for the integration of Suncorp Bank into ANZ.

Approved for distribution by ANZ’s Continuous Disclosure Committee

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Consumer confidence picks up

Source: ANZ statements

Consumer confidence increased by 3.2 points. Among the mainland states, confidence rose in New South Wales, Victoria, and South Australia, while it fell in Queensland and Western Australia.

‘Weekly inflation expectations’ increased 0.1 percentage points to 5.5 per cent. Its four-week moving average fell from 5.6 per cent to 5.5 per cent.

‘Current financial conditions’ rose slightly by 0.3 points. ‘Future financial conditions’ jumped 5.7 points rising to its highest since early April.

‘Current economic conditions’ were up 2.4 points. ‘Future economic conditions’ rose 1.7 points offsetting the 1.6 points fall the week before. ‘Time to buy a major household item’ surged 5.5 points.