Category: Business

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MoneyMinded program adds scams awareness module

Source: ANZ statements

The scams module is available to more than 8,000 accredited MoneyMinded coaches in Australia and builds on ANZ’s ongoing work to grow awareness of scam threats in the community.

ANZ Head of Social Impact and Community Partnerships Janet Liu said: “Scams continue to present a significant threat to the financial wellbeing of Australians. Through our new MoneyMinded scams module, we hope to further inform and educate people by providing practical skills that can assist them to stay ahead of cyber criminals.”

The MoneyMinded scams module includes practical lessons in spotting scams, and how people can protect themselves and access support.  Lessons are delivered through animation, prompt cards, guided coaching and participant handouts.

It outlines various scam types such as investment scams, dating and romance scams, phishing scams, remote access scams, and employment scams.

MoneyMinded is ANZ’s flexible financial education program designed to help adults enhance their money management skills, knowledge and confidence. Eligible community professionals can enquire to become accredited MoneyMinded Coaches, using the program to educate their clients. Since launching, more than 250 MoneyMinded coaches have already been trained to use the new module.

ANZ controls prevented more than $100 million of customer funds going to cyber criminals in the twelve months to March 2024. 

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 13 14 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the MoneyMinded program visit: https://www.anz.com.au/about-us/esg/financial-wellbeing/moneyminded/

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Update on capital position

Source: ANZ statements

These changes include:

  • Previously advised model reviews of mortgage risk weights have now been approved by both APRA and RBNZ. Once fully implemented, the benefit of these model changes will be a ~$22bn reduction in Advanced Internal Ratings Based Risk Weighted Assets.
  • On 26 June, APRA released amendments to its capital framework which come into effect on 30 September. APRA has subsequently approved ANZ’s application of this revised framework (APS 112).

The net benefit of these methodology and prudential changes will be ~30 basis points (bps) of Level 2 CET1 by 30 September 2024.

In addition, ANZ disclosed on 9 July it expects the impact of the Suncorp Bank acquisition to result in a reduction of 105 bps in Level 2 CET1. This represents an improvement of approximately 18 bps relative to the pro-forma estimate announced at ANZ’s half year results in May.

Further details are included in the charts attached. Given the complexity of this disclosure, ANZ will host an analyst and investor briefing at 2pm AEST with ANZ’s Group Treasurer and its Group General Manager Risk Metrics & Measurement. Details will be distributed separately.

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Unemployment increase demands a plan from Government

Source: Council of Trade Unions – CTU

New data shows the unemployment rate accelerating to 4.6%, and worrying labour market trends that should spur the Government into action, according to the NZCTU Te Kauae Kaimahi.

“Unemployment is now growing across the labour force. There are now 30,000 more people unemployed than a year ago, and communities already facing labour market challenges are bearing the brunt of the impact,” said NZCTU Economist Craig Renney. 

“Young people aged between 15 to 24 accounted for around half the increase. Māori unemployment increased by 2% to 9.1% last year, and Pacific unemployment increased by 2% to 8.3%.

“New Zealand has gone from having an unemployment rate among the very best in the world, to now having a higher rate than the UK (4.3%), Australia (4%), the US (4%), and Ireland (4.3%). We are now ranked 18th in the OECD.

“Wages are also going backwards. Nearly one in two Kiwis (45%) saw a pay rise lower than inflation. Average ordinary time wages rose by the same rate as inflation last year – meaning workers aren’t getting ahead.

“The Government should be taking urgent action to get ahead of what could become a much deeper crisis. GDP is likely to fall again. Work in sectors like construction is falling away. Planned cuts to infrastructure and other spending by government will make that grim situation worse. There is an urgent need for an economic plan to tackle these issues,” said Renney.

“Rising unemployment means more and more families struggling just to put food on the table, keep a roof over their heads, and pay the bills,” said NZCTU President Richard Wagstaff.

“This Government is out of touch with the realities of working people. They have no plan to keep people in work and are making life harder for unemployed people by attacking their right to access benefits.

“They also scrapped plans to introduce the social insurance scheme, which would have meant that people who lost their jobs would have a guaranteed income to tide them over as they searched for a new job.

“Everybody deserves good work, work that is secure and pays well, and enables people to support their families. Government needs to step up with a plan to keep New Zealanders in work, and to support those who lose their jobs during these difficult times,” said Wagstaff.

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Concerns with health and safety approach at Lyttelton Port Company

Source: Maritime Union of New Zealand

The Maritime Union of New Zealand says it has concerns about the approach of the Lyttelton Port Company (LPC) to mandatory fitness tests.

The concerns come after the sentencing of LPC in July 2024, following the death of MUNZ member Don Grant while loading coal on the ETG Aquarius in April 2022.

LPC pleaded guilty in November 2023 to one charge under the Health and Safety at Work Act 2015 brought by industry regulator Maritime NZ.

Maritime Union National Secretary Carl Findlay says workers have welcomed the guilty plea and sentencing, but have concerns about the current approach of LPC to listening to its workers.

Mr Findlay says a lot has changed since the tragic death of Mr Grant, a friend and much loved colleague at Lyttelton.

“This is not only in work practices involving coal operations, but in Management and Governance and the relationships between LPC and Unions.”

Mr Findlay says LPC has many new members on the Board and a new Chair Barry Bragg.

LPC also have their third CEO in a short time in Graham Sumner, following the resignation of former CEO Kirstie Gardener and interim CEO Jim Quinn.

Mr Findlay says LPC have now announced a new mandatory fitness for work program for all employees.

He says this has been pushed through without regard to workers concerns over their financial protection and wellbeing of any members who fail the assessment, with the ultimate result of people losing employment if they don’t meet the standard. 

“In short, MUNZ see this as a breach of good faith and LPC not honouring our Collective Employment Agreement.”

Mr Findlay says the Union is agreeable to fitness for work health monitoring, but want LPC to negotiate in good faith.

He says LPC are imposing a fitness for work test and the consultation process was not working.

“MUNZ is very concerned how the death of a worker has been used to implement new policies without bringing along workers and listening to their voices.” 

Mr Findlay says workforce morale is sinking with a lack of commitment shown towards LPC by some Council leaders, and the ongoing churn of management and Board members.

“Former LPC CEOs Roger Gray and Kirstie Gardener took part in open engagement with the unions, and LPC container terminal was the 35th best performing terminal out of the top 415 terminals in the world.”

“Unfortunately, with ongoing changes at the top and a less open approach by Management,  LPC container terminal has now dropped to 385 in the list of the top 415 terminals in the world.”

MUNZ and LPC are attending mediation on 16 August on the issue of health monitoring.

“We are confident we can find a way forward with not only LPC, but also CCHL who manage LPC on behalf of Christchurch City Council.”

MUNZ is committed to ensuring the safety and wellbeing of not only our members, but all workers in the port of Lyttelton, says Mr Findlay.

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ANZ-Indeed Australian Job Ads: steady decline

Source: ANZ statements

ANZ Economist, Madeline Dunk: “ANZ-Indeed Australian Job Ads recorded its sixth consecutive monthly decline in July, with the series down 16.7 per cent since January. This points to continued cooling in the labour market.”

“We’ve also seen the share of employers recruiting fall sharply in June to levels last seen during the east coast 2021 lockdowns, while average hours worked per employed person has declined 30 minutes a week since February 2023. Taken together, there is a risk the labour market could slow more sharply than we and the Reserve Bank of Australia are forecasting.”

Indeed Senior Economist, Callam Pickering: “In July, the decline in ANZ-Indeed Job Ads was once again concentrated in Victoria and New South Wales. Falls in other states were more modest. The nation’s two most populous states account for around 86 per cent of the total decline in Job Ads over the past year.

Recent declines in Job Ads have reflected reduced demand in education, food preparation & service and nursing. Over the past three months, Job Ads have fallen for 57 per cent of occupational categories. Among those bucking the national trend, with Job Ads rising, have been physicians & surgeons and banking & finance.

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Consumer confidence falls for second week

Source: ANZ statements

“ANZ-Roy Morgan Australian Consumer Confidence recorded another decline for a second consecutive week, following a six-month high a fortnight ago,” ANZ Economist Sophia Angala said.

“Weekly inflation expectations rose 0.1 points to 5.1 per cent despite second quarter Consumer Price Index data printing largely in line with the RBA’s expectations, alleviating concerns around a potential cash rate hike. This would usually be a positive for consumer confidence. However, coverage of the heightened recession concerns in the US over the weekend may have offset this.

“The positive impact of Stage 3 tax cuts appears to be waning, driven by a 4.9 point drop in households’ confidence in their own financial conditions over the next 12 months, one of the largest weekly falls for this subindex in 2024 so far. However, the boost to disposable incomes from the tax cuts may still be supporting the ‘time to buy a major household item’ subindex, which lifted

1.3 points last week.”

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Concerns for public broadcasting as TVNZ proposes more cuts – E tū

Source: Etu Union

Workers at TVNZ have today been notified about an upcoming change process at TVNZ which union members are worried could lead to further job losses as the state-owned broadcaster.

Management have initiated this process with the claim they need to increase their annual earnings by $30m, by either increasing revenue or reducing costs.

Earlier this year, TVNZ cancelled significant news and current affairs offerings as a cost-saving measure. E tū Negotiation Specialist Michael wood says today’s development demonstrates a worrying trend at TVNZ.

“E tū members at TVNZ and across media have been campaigning hard to ‘Save our Stories’ so that New Zealanders continue to have access to media that informs and holds power to account,” Michael says.

“As such we are concerned that TVNZ is looking into further significant changes that could lead to even larger cuts than we have already seen.

“The good news is that because union members at TVNZ have successfully campaigned on this issue, and defended their rights in the Employment Court, that there is now a proper process in place to have union members at the table and involved in discussion about possible change at a much earlier stage.

“We will be taking this process seriously. An ongoing move towards a digital future at TVNZ is a reality, however we will fight hard to ensure that as this change happens, that TVNZ fulfils its obligations to New Zealanders by ensuring that it produces high quality content, produced by skilled and experienced media workers. TVNZ, and the Government as the sole shareholder, cannot and must not use this process to walk away from news and current affairs, and telling the stories that matter to New Zealand.”

Michael says that further cuts at TVNZ demonstrate the need for rapid Government intervention to save our media landscape.

“Decent journalism is an absolute necessity in a well-functioning democracy. That’s why TVNZ needs to be supported as a public broadcaster.

“It makes no sense to allow such a crucial tool for information and accountability to gradually wither away as the traditional commercial model for media becomes less financially sustainable in the digital age.

“TVNZ, and the wider media landscape, must be supported by the Government to thrive – and we should all be gravely concerned about a future where purely commercial interests dictate the way we conduct our public discourse.”

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Finance Minister needs to explain ferry decision cost to taxpayer

Source: Maritime Union of New Zealand

The Maritime Union of New Zealand says the cancellation cost for the iRex ship build is likely to come in at more than NZ $300 million, and could run up to a maximum cost approaching a half a billion dollars (NZD) at current rates. 

This would be on top of around a half a billion NZD in sunk cost on the cancelled iRex project – figures the Maritime Union has been advised on after consulting with the maritime industry here and offshore.

Maritime Union of New Zealand National Secretary Carl Findlay says the Finance Minister needs to explain how this happened and why she should keep her job. 

“This single decision is likely to have torched a billion dollars of taxpayer’s money with nothing to show for it. It’s fiscal arson.”

Mr Findlay says on top of this cost, New Zealand still needs to buy new ferries. 

He says unlike the iRex ferries cancelled by the Minister, which were purchased at a fixed price in 2021, their replacement will have to be bought at 2024 shipbuilding prices, which are currently at their highest since before the global financial crisis of 2008.

“Between that and our dollar being much weaker than it was when we struck the 2021 deal, the Government’s replacement ships could cost twice as much to build as the cancelled ones.”

Mr Findlay says industry players believe the Government is looking to hide some of this cost through a Private Public Partnership. 

He says we’ve seen time and time again all this would do is increase the expense, and shift it onto users and future taxpayers.

“Putting a private for-profit gatekeeper on the key freight route between our main islands is a recipe for economic disaster.

“Prime Minister Luxon needs to bite the bullet, try to salvage the iRex deal in whatever way he can, and admit the cost his Finance Minister’s commercial blunder has put on the taxpayer.

“He should also ask himself whether his Finance Minister should be left in charge of running our economy after making this colossal economic and commercial mistake.”

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Money Month 2024: BNZ survey reveals retirement concerns

Source: BNZ statements

A BNZ survey has highlighted the importance of financial education as Sorted Money Month 2024 begins. Coordinated by Te Ara Ahunga Ora Retirement Commission, the annual campaign aims to equip New Zealanders with education, resources, and tools to better navigate their financial journey.

The survey* uncovered some significant concerns about retirement preparedness:

  • Nearly four in ten (39%) respondents aren’t confident they’ll have saved enough for retirement
  • One quarter lacked confidence in making investment decisions, with younger people (aged 25-44), lower-income households, and non-homeowners particularly affected
  • 74% felt they can’t rely on NZ Super for their retirement, including those who believed it won’t provide sufficient income, or had concerns it may change in the future

Anna Flower, Executive, Personal and Business Banking at BNZ, says, “These findings highlight the importance of financial education and early planning. Money Month is an opportunity for people to take that crucial first step towards financial preparedness.”

Continuing and building on last year’s theme “Pause. Get sorted,” Money Month 2024 focuses on actions to help people grow their money and build resilience.

“Understanding concepts like compounding interest and starting your savings journey early – even with small, regular amounts – can significantly enhance financial outcomes,” Flower says.

The survey also highlighted KiwiSaver’s role in long-term financial health, with 89% of respondents enrolled. However, 16% revealed they aren’t making regular contributions, highlighting the need for ongoing education and engagement.

“People think investing is for the wealthy, but investing is for everyone, and KiwiSaver is the easiest and most accessible way to get started,” Flower says.

“For those not contributing, it’s important to understand that you could be leaving money on the table. With KiwiSaver, in addition to your own savings, you can benefit from both government and employer contributions. These additional contributions can make a real difference to your savings over time, helping put you in a much stronger position for retirement or buying your first home.”

Supporting your goals

While Money Month shines a spotlight on financial health, BNZ is committed to supporting financial wellbeing throughout the year.

“Our free Banking Reviews are designed to align customers’ banking with their financial goals and enhance their overall financial health,” Flower says.

These reviews involve building a comprehensive understanding of an individual’s financial goals and needs – from day-to-day transactions to borrowing, investments, and insurance. This holistic approach allows for tailored advice and personalised recommendations to support overall financial health.

“Our experts are always here to discuss your savings goals, advise on home loans, or help you use our BNZ KiwiSaver Scheme Navigator to understand how to get on track with your retirement savings. These reviews ensure that banking solutions work for what’s important to customers now and in the future,” she says.

In addition, BNZ offers a range of online tools and resources to help New Zealanders take control of their finances. The BNZ app’s Activity tab enables customers to track their spending, categorise transactions, and manage cashflow across personal accounts. For homeowners, the MyProperty tool provides insights into home loans, allowing users to explore scenarios like changing repayments or assessing the impact of different interest rates and what impact this may have on their mortgage free date. These digital tools, along with comprehensive calculators and other resources, support customers in making informed financial decisions.

“Don’t let another year pass without taking charge of your financial future. Whether you’re just starting out or looking to optimise your investments for retirement, now is the time to act. Small steps today, like ensuring you’re making the most of your KiwiSaver or booking a Banking Review, can lead to meaningful improvements in your financial well-being tomorrow.”

For more information on Money Month initiatives and to access financial resources, visit www.sorted.org.nz

The post Money Month 2024: BNZ survey reveals retirement concerns appeared first on BNZ Debrief.

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NZCTU submit in opposition to charter schools

Source: Council of Trade Unions – CTU

“The NZCTU Te Kauae Kaimahi strongly opposes the reintroduction of charter schools in the education system and calls on the Government to withdraw this dangerous bill,” said Acting NZCTU Secretary Erin Polaczuk.

“It is outrageous that David Seymour has said that he is trying to undermine unions by amending the legislation to restrict the ability of unions to initiate bargaining for multi-employer collective agreements involving a charter school.

“We are demanding that the Government protect workers rights to redundancy and collective bargaining, and not breach it’s obligations under both the New Zealand Bill of Rights Act and the ILO conventions.

“This Bill threatens to introduce a for-profit education model in schools and communities right across Aotearoa, with the potential to fundamentally reshape the education system.

“This significant reform to our education system is being hastily pushed through by the Government, which is restricting the ability for those affected by the Bill to have their say.

“This model is far worse than what was legislated for under the last National government – giving the Minister and ministerial appointees the unilateral power to convert state schools to charter schools without due process and agreement from school communities is unprecedented and contrary to the principles of Aotearoa’s education system.

“Children and parents have the right to expect a high standard of education delivered by qualified teachers and to have a say in how their schools are run.

“We are also deeply concerned that under these proposals charter school sponsors will not be under the same legal obligation as state school boards to give effect to Te Tiriti o Waitangi,” said Polaczuk.

Read the submission here: