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Source: Reserve Bank of New Zealand
The 2024 General Insurance Stress Test (GIIST) bulletin published today noted insurers’ resilience in managing claims from an extreme seismic event. It also highlighted the need for a coordinated response across the industry and government to manage such shocks and ensure ongoing insurance availability.
Source: Ministry of Business Innovation and Employment MBIE (2)
The multidisciplinary Paihau—Robinson Research Institute will host the platform, leveraging its world-leading expertise in superconductors, magnets and materials technologies. The platform will increase jobs in advanced tech in New Zealand, and create innovations that will benefit many sectors from space to fusion energy, quantum computing, aviation, medical devices and sensors.
The science platform brings together the expertise needed to turn innovative ideas into real-world products and services. It will support our scientists and innovators to achieve technological breakthroughs and take their ideas to market.
Funding is being provided through the MBIE-administered Strategic Science Investment Fund. Details on the platform plan, outlining the goals, scope and approach to achieving these are being worked through alongside contracting with MBIE.
This investment marks the first step towards establishing an advanced technology Research Organisation (PRO) in New Zealand. Details about what the advanced technology PRO will look like, its structure, form and function are to come.
Read the Minister’s announcement:
Boosting high-tech exports with advanced technology(external link) — Beehive.govt.nz
Source: BNZ statements
BNZ is offering targeted support for customers affected by severe weather events in Canterbury and Wellington.
Available immediately, the support includes package includes:
“We understand that some of our customers may be facing unexpected challenges to their homes, businesses and communities and we are offering practical support to help relieve some of the pressure during this time, so people can focus on the clean-up and recovery,” says BNZ Executive Customer Products and Services Karna Luke.
“We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help.”
To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ.
BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz
The post BNZ offers support for Canterbury and Wellington customers affected by severe weather appeared first on BNZ Debrief.
Source: Council of Trade Unions – CTU
The decision to nearly halve the amount of new investment being made in the next Budget signals that this Government doesn’t care about the users of public services, said NZCTU Te Kauae Kaimahi Economist Craig Renney.
“$1.3bn in operating allowance isn’t enough to pay for cost pressures in health alone ($1.55bn). There is no money for cost pressures in education and other public services, or proposed defence spending. This is a Budget that will be built on cuts to essential services,” said Renney.
“The fact that this announcement has come only three weeks away from Budget suggests that there is no agreement around the cabinet table about what government should be doing.
“We now know that we are looking at a Budget where departments will be asked to make further rounds of deep cuts – just after cuts at Budget 2024.
“The Minister of Finance is blaming borrowing for the need to make cuts. At the last Budget the government borrowed $12bn to pay for tax giveaways, including to landlords and tobacco companies.
“This decision to cut investment is a choice. When child poverty rises, as it currently is, it’s a choice to not increase support. When we can’t support people losing their job, that’s a choice. This Government’s choices are now very clear.
“We implore the Government to rethink this decision. It doesn’t help solve the public investment gap that already exists. It doesn’t help tackle unmet need in health and education. It’s time for a better approach, and to rebuild our public services,” said Renney.
Source: Council of Trade Unions – CTU
The NZCTU Te Kauae Kaimahi is concerned for low-income workers given new data released by Stats NZ that shows inflation was 2.5% for the year to March 2025, rising from 2.2% in December last year.
“The prices of things that people can’t avoid are rising – meaning inflation is rising faster for those on low incomes,” said NZCTU Economist Craig Renney.
“Inflation was driven by increases in rents (up 3.7%), rates (up 12%), household energy (up 7.2%) and insurances (up 8%). Grocery prices were also higher, rising 4.3%.
“Earlier this year, the minimum wage rose by 1.5% – a full 1% less than actual inflation. This is the second year the Government has increased the minimum wage by less than inflation, which means that a full-time minimum wage worker is now cumulatively $2,438 worse off in real terms. Minimum wage workers are missing out on $28.36 a week because of the Government’s decisions.
“The Government is considering removing the Living Wage guarantee for government contractors who are caterers, cleaners, and security guards. This data shows why that protection is so important – working people can’t rely on this Government to protect them through the Minimum Wage.
“With 46% of workers receiving a pay rise less than inflation last year, it also shows that many working people are still doing it tough. Unemployment is still rising, with tens of thousands of more people on Jobseekers Support. It is clearly not workers who are benefitting from the very little economic growth is being delivered.
“This data is another piece of evidence about who is winning and losing in the economy. The poorest working people are facing higher costs they can’t avoid – but with less money to pay.
“Workers need a change in direction and a government that will actively address low pay, unemployment, and poverty – it’s time for a different approach,” said Renney.
Source: BNZ statements
BNZ today cut interest rates across a number of home loan terms, with a market-leading 18-month fixed rate of 4.95% p.a.*
BNZ’s rates include 5.49% p.a. for 6 months, 4.99% p.a. for 1 year, and 4.99% p.a. for 2 years. The new rates are available from today for both new customers and existing customers who are eligible to refix.
BNZ General Manager Home Lending James Leydon says these competitive rates respond to customers’ diverse home loan needs, giving customers more options as they navigate the current interest rate environment.
“We know many of our customers are looking beyond the very short-term fixed rates as the interest rate environment evolves. By offering a market-leading 18-month option, we’re giving customers more choice and the ability to lock in a competitive rate for a longer period,” he says.
“At the same time, we continue to compete hard for those New Zealanders who prefer the flexibility of our 6-month and 1-year fixed rate options. With fixed rates reduced across multiple terms, we’re providing solutions that work for a wide range of borrowers.
“It’s also a timely Easter bonus for homeowners, when household budgets can face a bit of extra pressure from those extra school holiday costs.”
The changes follow BNZ’s announcement last week that it will cut its floating home loan rates by 25 basis points, following the Reserve Bank’s OCR reduction.
BNZ lending criteria (including minimum equity requirements), and terms apply. Rates subject to change. Up to $150 establishment fee and early repayment charges may apply.
*As at 6.30am, 16 April 2025, BNZ has the market leading 18-month fixed rate of the five main banks.
The post BNZ cuts home loan rates, offers market-leading 18-month fixed rate appeared first on BNZ Debrief.
Source: BNZ statements
The cost of returning to school and work put pressure on households this year, with 70% of those who faced these expenses reporting negative impacts, according to a BNZ survey.
The survey found that of the 48% of respondents who faced start-of-year expenses in 2025, nearly one in three (29%) reported feeling pressure when deciding what to pay, how to pay, and when to pay. To manage, 37% turned to Buy Now Pay Later (BNPL) services, credit cards, and other high interest lending.
“The financial pressure at the start of the year is very real for some households, especially after the holiday period when budgets are already stretched,” says Anna Flower, Executive for Personal and Business Banking at BNZ.
“For some, these pressures led to difficult sacrifices – 14% of affected households reported selling things to help meet these costs,” she says.
The biggest start-of-year expenses were stationery (53%), followed by transport (42%), school and work uniforms (42%), and technology-related costs (40%).
Budget service sees impact on families and seniors
“The findings from the BNZ survey mirror what we’re seeing on the frontlines,” says Claudette Wilson, General Manager of North Harbour Budgeting Services (NHBS).
“2025 has been challenging for parents, with many turning to Buy Now Pay Later schemes and other high-interest credit options that can create longer-term financial strain.
“Perhaps most concerning is seeing children excluded from essential school activities because their parents simply can’t afford them,” Wilson adds.
“We’re witnessing families forced to choose between paying rent, putting food on the table, or covering basic school costs like technology, books and camp fees. With the ongoing cost of living pressures, some families simply can’t stretch their budgets to cover all these necessities.
“We’ve also identified a concerning trend that’s often overlooked – a significant increase in seniors over 65 seeking our support because they’re raising grandchildren. These older New Zealanders, who should be enjoying retirement, are instead navigating school uniform purchases and technology requirements, creating substantial financial pressure on fixed incomes.”
Wilson encourages those feeling financial pressure to reach out for support. “NHBS offers free, confidential financial guidance to anyone struggling with these costs. Our team can help with personalised budgeting solutions, negotiate with creditors if needed, and provide ongoing support as circumstances change.”
Planning ahead can ease financial pressure
While the costs can be a significant burden, the survey shows many households are finding ways to manage. Of those with start-of-year expenses, 57% took proactive steps, including 48% saving in advance and 17% spreading payments over time.
Flower says saving even a small sum each month can make a big difference when new year costs roll around.
“Putting aside a little each month can ease the financial pressure when these costs come around. Even better, using a dedicated high interest savings account can help these funds grow with interest throughout the year, giving families a bit extra when costs arrive.”
Practical tips for managing start-of-year costs
Source: BNZ Voice customer panel survey, 18th February – 2nd March 2025. Total responses: n=300 respondents. The profile of participating customers was not controlled for this survey.
The post Households relying on Buy Now Pay Later and high interest credit to meet back to school and work costs appeared first on BNZ Debrief.
Source: Council of Trade Unions – CTU
Figures released by Statistics New Zealand today showed that the economy grew by 0.7% ending the very deep recession seen over the past year, said NZCTU Te Kauae Kaimahi Economist Craig Renney. “Even though GDP grew in the three months to December, our economy is still 1.1% smaller than it was in December 2023. Unemployment is up. Annually, business Investment is falling. We are still very far away from being back on track.”
“While any economic growth is welcome, this data further demonstrates the compelling need for an actual economic plan, not just a few slogans. One based upon growing both public and private investment. One based upon growing wages and household incomes. Many might celebrate this economic signal, but that one note needs to be put in context. Unemployment is up. Child Poverty is up. Homelessness appears to be rising. Our economic challenges are still very much here and worse than they were a year ago,” Renney said.
“The GDP data now shows that our GDP per capita fell 2.2% from last year. GDP per capita is lower than it was in 2021. On quarterly basis, it increased by 0.4%, not enough to offset recent falls. Real household spending on durable goods, which is a key measure of consumer confidence, was 2.6% lower than December 2023.
“GDP data also shows that the wages rose far less quickly than profits – asking questions about where the benefits of this growth are going. Across the economy, the broad measure of wages (compensation of employees) rose 1.7% last year. The broad measure of profit (Gross operating surplus and gross mixed income) rose 5.7% – or 3.3 times the rate of wages. If there is a recovery, it’s not yet ending up in workers pockets,” said Renney.
Source: BNZ statements
From streaming services to gym memberships, keeping track of subscriptions and recurring payments can be a challenge. BNZ is making it easier by becoming the first New Zealand bank to adopt the latest Payments NZ open banking standard.
The new standard allows for recurring payments to be processed directly between bank accounts through a secure API. This allows different systems like banks, apps or third-party service providers to securely connect and share payment instructions in real time, unlocking new functionalities for businesses and customers.
To bring these benefits to life, BNZ is working with homegrown fintech BlinkPay to help businesses seamlessly integrate new payment options. Through integration with online banking, Blink AutoPay allows businesses to process regular payments from customer accounts with improved flexibility and control for both parties.
“Blink AutoPay is purpose-built to be a modern, customer-friendly solution that makes recurring bills simpler and more efficient for everyone involved,” says BlinkPay CEO Adrian Smith.
“Customers can approve payment arrangements instantly in their banking app without any paperwork hassle, set their own payment limits, and have better visibility of what’s coming out of their account and when.
“Businesses will benefit by being able to more easily offer customers subscription options that ensure bills get paid on time, every time. Whether it’s utilities, digital services, memberships, or any recurring payment, it means more reliable payments, better cashflow, and happier customers.”
Karna Luke, BNZ’s Executive of Customer Products and Service, says, “We’re excited about the opportunities this creates for businesses to build new and innovative payment experiences to best meet the needs of their customers. This is about making payments more reliable and flexible while retaining bank-grade security – ultimately making financial services work better for all New Zealanders.
“With over 250,000 BNZ customers already using secure API-connected services, this update continues to drive innovation in the country’s growing open banking ecosystem.”
For more information about BNZ’s open banking capabilities and developer resources, visit https://developer.bnz.co.nz/
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Source: BNZ statements
As the country’s attention turns to economic growth initiatives, Bank of New Zealand (BNZ) is scaling up its Growth Academy programme to give 1,400 businesses nationwide more tools and technology to drive strategic growth.
After a successful pilot with 250 businesses last year, BNZ is expanding its Growth Academy across New Zealand in partnership with growth navigation software company D/srupt. The Growth Academy combines hands-on workshops with sophisticated AI-powered digital tools that help businesses refine their strategy, enhance performance, and create new pathways for growth.
BNZ General Manager, Growth Sectors, Brandon Jackson says it’s a solution to the challenge most business owners face when growing their enterprise – moving from working ‘in’ their business to working ‘on’ their business.
“As New Zealand’s largest business bank, we’ve seen time and again how successful businesses thrive when owners can step back from daily firefighting to focus on strategy,” he says.
“With this expanded programme, business owners will leverage the power of AI to help them cost effectively assess their strategic drivers, understand their growth potential, future funding needs, and opportunities to strengthen their market position.”
Driving real results
The Growth Academy has already delivered meaningful results for businesses like BlueDoor, a boutique internet service provider offering a range of services to residential and business customers. As a growing company looking to strengthen their market position, they saw the Growth Academy as an opportunity to develop a more structured approach to their future expansion.
“The Growth Academy helped us take our strategic thinking to the next level,” says BlueDoor Director Mark Anderson.
“Like many businesses, we had ideas about where we wanted to go, but the programme gave us powerful tools to evaluate options effectively and build a robust strategy.”
Following their participation, BlueDoor secured nearly half a million dollars in financing from BNZ to fund their strategic expansion plans – a direct result of the clarity and confidence gained through the Growth Academy process.
“Our workshops cut through the complexity that often makes strategic planning feel overwhelming,” says Debbie Humphrey, founder of D/srupt.
“We combine practical guidance with technology to help turn big-picture thinking into concrete action plans you can actually implement.”
Leveraging AI
D/srupt’s Growth Navigation program uses AI to make strategic planning faster and more accessible for small to medium businesses.
“Our AI technology personalises recommendations for each business’s specific industry and helps owners express their strategy in language that really connects with their teams and shareholders,” explains Humphrey.
“We see this making a real difference because so many business owners struggle with applying high level business frameworks to their specific situation, and they often find it hard to put their vision into words that drive real operational change.
“What might have taken a full day of workshops can now be done in minutes. For time-poor business owners constantly juggling priorities, this means strategic planning actually happens instead of being perpetually pushed to the bottom of the to-do list.”
The 2025 Growth Academy launches on 31 March, with applications opening on March 10. It includes in-person workshops in 16 locations from Whangārei to Invercargill. Online options further extend the programme’s reach, ensuring accessibility for businesses throughout New Zealand.
The programme will run for 12 months and includes:
For more information, visit the BNZ website BNZ Growth Academy – BNZ
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