Category: Economy

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Axing of Pay Equity Taskforce will entrench inequities for working women

Source: Council of Trade Unions – CTU

The NZCTU Te Kauae Kaimahi is deeply disappointed by confirmation of the Public Service Commission that the Pay Equity Taskforce will be disestablished.

“The disestablishment of the Pay Equity Taskforce will result in gender and ethnic pay disparities persisting as pay equity claims go unaddressed,” said NZCTU President Richard Wagstaff.

“It sends a message that the Government is washing its hands of responsibility for ensuring that working women aren’t being discriminated against in their pay. This will mean that government abandons its role as a leader on pay equity.

“Government has an obligation to ensure that all communities are free from discrimination, paid fairly and have good incomes. That means addressing pay equity claims as a matter of urgency.

“The Taskforce was already understaffed and claims already taking too long. This decision will greatly compound the problem and undermine the progress toward pay equity in the public sector.

“The Taskforce is still needed. There are numerous claims still unresolved, and all resolved claims still need to be reviewed regularly, which means there must be a continued role for government.

“Everyone deserves good work that pays well, and that means we must not tolerate anyone being paid less because they work in industries that have been historically undervalued by virtue of being female dominated,” said Wagstaff.

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BNZ latest big name to invest in AgriZeroNZ

Source: BNZ statements

Bank of New Zealand (BNZ) is the latest business to join the growing lineup of private sector companies backing AgriZeroNZ, alongside government, to get emissions reduction tools into Kiwi farmers’ hands sooner.

Announcing the new shareholder today, Hon Todd McClay, Minister for Agriculture & Trade, confirmed the government would match BNZ’s $4 million investment, boosting AgriZeroNZ’s funds by $8milllion to total $191 million.

BNZ joins The a2 Milk Company, ANZ Bank New Zealand, ANZCO Foods, ASB Bank, Fonterra, Rabobank, Ravensdown, Silver Fern Farms and Synlait with a combined 50% shareholding of the joint venture (JV). With the government’s increased investment, it owns the remaining half through the Ministry for Primary Industries (MPI).

AgriZeroNZ Board Chair, Sir Brian Roche KNZM, says this provides a welcome boost in funds to achieve the JV’s ambition and maintain the multibillion-dollar agricultural export trade.

“I’m pleased more of the private sector is joining us to help get practical tools into farmers’ hands.

“New Zealand farmers are highly efficient producers of milk and meat for the world, but global companies that pay a premium for these products – such as McDonald’s, Nestlé, Danone, Tesco and Sainsbury’s – are all pushing deep into their supply chain for emissions reduction, with ambitious scope 3 targets.

“These customers want to see more progress and we need to act now, or we risk losing these high-end customers and potentially breaching trade agreements. Further to this, competitor markets with more intensive farms are getting access to new tools to reduce emissions so they could take our place in supplying these customers.

“There is a very real and very disruptive risk to our agricultural sector from the need to reduce emissions but there is also an opportunity to stay among the most efficient producers in the world if we can get the right tools to our farmers.

“We’re confident that with our ambition, expertise, and increasing reach through the private sector, we’ll have 2-3 tools in widespread use by 2030.”

Sir Brian Roche KNZM, AgriZeroNZ Board Chair, says the JV Is confident it will have 2-3 tools in widespread use by 2030

BNZ CEO Dan Huggins says the bank is pleased to support AgriZeroNZ and partner with government and some of the country’s largest primary sector businesses to back its farming customers by investing in tools to help reduce emissions and maintain New Zealand’s competitive advantage in agriculture.

“BNZ has a long history of banking New Zealand farmers, and over that time we have worked alongside our farming customers as they have continually adapted and innovated to meet changing market dynamics.

“This public-private partnership approach to addressing on farm emissions continues that tradition, helping to ensure New Zealand maintains a resilient and productive agricultural sector into the future,” he says.

Dan Huggins, BNZ CEO, says it is investing in tools to help reduce emissions and maintain New Zealand’s competitive advantage in agriculture.

AgriZeroNZ is a world-first public-private partnership with an ambition to ensure all farmers in Aotearoa New Zealand have equitable access to affordable, effective solutions to reduce biogenic methane and nitrous oxide emissions, supporting a 30% reduction by 2030 and drive towards ‘near zero’ by 2040.

Since being established in February 2023, the JV has committed more than $29M across 10 high impact opportunities to bring emissions reduction solutions to market for Kiwi farmers. This includes a methane-inhibiting bolus, novel probiotics, methane vaccine development, and low emissions pasture.

It recently raised $18million from The a2 Milk Company, ANZ Bank New Zealand and ASB Bank becoming shareholders in April, with their funding also matched by government.

AgriZeroNZ has over 77 potential investment opportunities on its radar for review as it continues scanning the globe for solutions which could work on New Zealand farms, to invest and drive development towards a pasture-based solution. It is also working with officials to clarify the regulatory pathway in New Zealand for tools to be used on-farm.

The post BNZ latest big name to invest in AgriZeroNZ appeared first on BNZ Debrief.

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ANZ, DBS Bank & EDC close maiden sustainability loan for Tata Communications

Source: ANZ statements

The transaction is the first SLL for Tata Communications under the company’s new SLL framework. Through the framework, a first of its kind in the sector in India, Tata Communications intends to link its funding with key objectives such as carbon emission reduction targets (non-financial covenants) that are core and material for the company’s long-term sustainability performance.

The interest rate margin of the loan will be adjusted up or down in accordance with the progress that Tata Communications will achieve on its carbon emission reduction targets. Such short-term targets, creating a link between the cost of banking facilities and progress achieved on key environmental milestones, are consistent with the company’s longer-term ambition to be Net Zero across its global operations by 2035.

Stella Saris Chow, Head of Sustainable Finance, International, ANZ said: “ANZ is pleased to have played a lead role in Tata Communications’ maiden SLL. We see significant opportunities for other companies to align their financing with their environmental commitments and believe the facility will pave the way for other borrowers in India and across Asia to set robust sustainability performance targets. ANZ has a strong presence in Asia and we are well-positioned to support our clients to reduce emissions and transition to net zero.”

 

About Tata Communications

A part of the Tata Group, Tata Communications (NSE: TATACOMM; BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com

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ANZ Key Dates 2H24 & 1H25

Source: ANZ statements

ANZ Group Holdings Limited (ANZGHL) has previously released dates for the 2024 Full Year Results Announcement and 2024 Annual General Meeting which are repeated below. The release dates for the Australia and New Zealand Banking Group Limited 2024 June Quarter (3Q24) APS330 Pillar 3 disclosure and ANZGHL 2025 Half Year Results Announcement are now added.

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GDP data camouflages economic weakness

Source: Council of Trade Unions – CTU

Data today released by Statistics New Zealand shows that the economy grew by just 0.2% annually, showing stalled growth and weak demand. There has now been six successive quarters of decline, the worst period since the GFC. This is not an economy that is growing or working for working people.

“This data confirms the weakness of the economy at this point. We are becoming more dependent for growth on a few sectors, such as dairy exports, tourism, and rental services. Overall, our exports of goods and services fell in real terms by 0.4%. The top level growth figure of 0.2% growth is hiding real problems in the economy,” said CTU economist Craig Renney.

“On a per capita basis, annual GDP fell by 2.4%. Business investment fell 0.5% overall, led by a decline in plant, machinery and equipment. Households annual consumption of durable and non-durable goods fell 2.6%. This is a very weak set of accounts.  

“GDP data showed declines in output for mining, manufacturing, construction, wholesale trade, retail trade and accomodation, transport, postal and warehousing. Falls occurred in professional, scientific, and technical services. Annual GDP growth was weaker than Australia, Canada, the EU, the US, and the OECD average of 1.7%.

 “This dataset supports the view that many people will already hold – the economy is limping along. Last months Budget had no plan for economic growth, nor any ideas as to how to make the economy work for working people. Countries that have invested in their productive capacity – such as the US – have seen much stronger and more sustained growth.

“Now should be the time that we invest in Aotearoa. Growth is being held back by a lack of investment, both by the government and the private sector.

There is no confidence in the economic management of this country because there is no plan for anything except a tax cut, and reducing government investment in areas such as housing, research and development, and climate change,” said Renney.

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Wellington skyline gets a facelift as BNZ’s new building in the central city officially opens

Source: BNZ statements

Te Whanganui ā Tara (Wellington’s) skyline is evolving as Bank of New Zealand’s (BNZ) 15-storey new home in the central city – BNZ Place – today officially opened its doors to colleagues and customers.








Under construction since 2020, the architecturally designed building, occupies a full city block on the corner of Whitmore Street and Customhouse Quay, and was officially opened by Finance Minister Nicola Willis at a special event this morning.

CEO Dan Huggins says the striking new building reflects BNZ’s longstanding commitment to the capital city.

“BNZ has been proudly serving Wellington’s communities for 160 years, and BNZ Place not only reflects our commitment to the city but also our vision for the future. We’re thrilled that we are able to share this vibrant and innovative space with our customers, colleagues, and the people of Wellington.”

Designed to be modern and resilient, the building’s unique shape and structural design was informed by extensive research, including wind tunnel testing and seismic hazard assessments. The new headquarters represents a fresh start after the former BNZ building on Waterloo Quay was demolished in 2019, one of several buildings deemed irreparable after the Kaikōura earthquake in 2016.

BNZ Place offers a branch and customer service centre for retail and business banking and a public café on the ground floor. As New Zealand’s largest business bank, BNZ’s Partner Centre offers BNZ business customers state-of-the-art meeting rooms and office space with views of Wellington’s harbour which can be booked and utilised at no cost.

Newcrest Director Lincoln Fraser says, “We are proud to welcome BNZ’s customers and colleagues into their new Wellington home at the completion of what has been an exciting and highly collaborative project. The Newcrest and BNZ project teams have worked closely together to deliver a landmark building with market leading resilience and energy efficiency.”

BNZ Place at 1 Whitmore Street combines sustainability and innovation, aiming for a 5-star green rating with features like high-performance solar control glass and energy-efficient systems, supported by base isolation and a structural steel diagrid. Efficient floorplates, a double-height high entry lobby, inter-floor stairs, a rooftop courtyard, and panoramic views contribute to the state-of-the-art facility.

The design, development and internal fitout of the building also provided an opportunity for BNZ to support its business customers, with Studio Pacific Architecture, Vidak, Alaska Construction, Europlan, and Egmont Dixon all contributing to the build. In addition, the bank collaborated with another BNZ customer, Maxwell Rodgers, using their sustainably sourced wool fabrics to re-upholster and up-cycle furniture from the bank’s previous office, reducing waste to landfill.

“BNZ Place firmly cements our commitment to the capital, and we look forward to welcoming everyone to our new home,” Mr Huggins says.

Tracing BNZ’s roots in Wellington

BNZ’s history in Wellington began in 1862 with temporary offices on Willis Street. Over the years, BNZ has been a pioneer in architectural innovation, from the first drive-in bank in New Zealand to the construction of the Aon Centre in Wellington in the 1980s, the tallest building in New Zealand at the time of construction.

The bank’s architectural legacy includes the innovative use of reclaimed land for its early headquarters, the 1901 building designed by Thomas Turnbull, the purpose-built BNZ Centre in 1985, and the transition to a 5-star green building on the Wellington waterfront.

A brief history

In 1862, BNZ purchased a triangular section on reclaimed land with a frontage along Lambton and Customhouse Quay. The architect was William Mason of Dunedin. The location of the entrance door was later moved due to Wellington’s high winds.

Wellington 1863 building. Cnr Lambton and Customhouse Quay.
Wellington 1863 building. Cnr Lambton and Customhouse Quay. Photograph taken 1878 and shows the relocation of the main doorway.
Wellington premises built in 1901 (before removal of parapet) c.1920
Wellington Branch premises 1901 (after parapet removed) photo taken 1978.

 

In 1899, the earlier bank and adjoining Brandon Building were demolished to be replaced with a larger building following the subsequent purchasing of an additional 4 sections of land.

Since 1901, three other buildings on the block bounded by Lambton and Customhouse Quays and Hunter Street were purchased and occupied by various departments of BNZ’s Headquarters.

 

In 1985, the purpose built BNZ Centre was opened across the road. An underground tunnel linked the Old Bank and the New ‘Black Tower’. At the time of its construction, it was the tallest building in NZ (replaced by the BNZ Tower when that opened in Auckland in 1986). It remained the tallest building in Wellington until the opening of the Majestic Centre in 1991.

BNZ Centre, Wellington 1984

 
In 2009 BNZ moved out of the BNZ Centre and leased a purpose-built office building located on the Wellington waterfront, referred to as ‘Harbour Quays’. Owned by Centre Port, this building was a 5-star green building, later achieving 6 start for the interior fitout. Following the November 2016 earthquake, the building remained empty with BNZ staff re-located into temporary office sites around the Wellington CBD. The building has since been demolished.

 
 

 

 

 BNZ colleagues from The Terrace, Spark Central and Ricoh House are now reunited at BNZ Place, Wellington. A branch, community centre and collaborative workplace will co-exist in the same building in the heart of Wellington’s CBD. ​​​​​​​​​​​​​​​​​​​​​​

The post Wellington skyline gets a facelift as BNZ’s new building in the central city officially opens appeared first on BNZ Debrief.

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Consumer confidence: back above 80

Source: ANZ statements

• Consumer confidence rose 3.3pts last week to 80.3pts. The four-week moving average fell 0.4pts to 79.5pts.

• ‘Weekly inflation expectations’ ticked up 0.1ppt to 4.9 per cent, keeping the four-week moving average unchanged at 4.9 per cent.

• ‘Current financial conditions’ (over last year) softened 0.3pts, while ‘future financial conditions’ (next 12 months) jumped 9.9pts.

• ‘Short-term economic confidence’ (next 12 months) was up 5.4pts and ‘medium-term economic confidence’ (next five years) rose 1.1pts.

• The ‘time to buy a major household item’ subindex increased 0.7pts.

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ANZ-Indeed Australian Job Ads: downhill

Source: ANZ statements

ANZ Economist, Madeline Dunk: “The (revised) ANZ-Indeed Australian Job Ads series shows a softening over 2024, with an 8.2% fall since the end of last year. Other data also show the labour market is cooling, but only gradually.

The latest labour force survey had employment up 71k over the three months to May, less than half the pace seen over the same period last year. While the unemployment and underemployment rates are up 0.5ppt and 0.8ppt respectively from this cycle’s lows, they have both lifted just 0.1ppt since December last year. Annual growth in hours worked has also slowed to just 0.6% y/y, well down from last May’s 5.2% y/y. The path of Job Ads suggests we’ll see a continued moderation in the labour market over the coming year.”

Indeed Senior Economist, Callam Pickering: “In May, the decline in ANZ-Indeed Job Ads was relatively broad-based, with the largest subtractions coming from Victoria and Western Australia. The annual fall has been concentrated in New South Wales and Victoria, with more minor declines across the rest of Australia.

Accounting and construction Job Ads subtracted the most from national Job Ads in May, which offset some strength in education and for nurses. Overall, Job Ads are down in around 90% of occupational categories over the past year.” 

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ANZ named No.1 bank for customer relationship strength for the 15th time

Source: ANZ statements

ANZ was also named No. 1 for overall lead bank penetration and market penetration, business momentum, and most trusted adviser.

The survey also recognised ANZ as No.1 market leader for Environmental, Social and Governance (ESG) and sustainable finance, and equal-first for advice and insights for ESG and sustainable finance.

ANZ Managing Director Institutional Australia & PNG (Acting), Jo Scotney, said: “This result is a testament to our team for their ongoing focus on building and maintaining customer relationships, as well as providing strategic advice and solutions across our core products and services, and the increasingly important area of ESG.”

In the Coalition Greenwich, 2024 Large Corporate & Institutional Transactional Banking Survey, Australia, ANZ was ranked No. 1 for transaction banking product development and innovation for the second consecutive year. It was also named lead bank penetration for overall transaction banking and separately, for trade services, as well as no.1 for market penetration for host-to-host and trade platforms.

ANZ Managing Director of Transaction Banking, Lisa Vasic said: “We are appreciative of the feedback from our customers that recognises ANZ’s continued investment in our people, payments and cash management platform. We remain committed to helping our clients with tools and insights to help them make the most of strategic business opportunities as they adapt to a digitalised landscape.”

Highlights of the Coalition Greenwich, 2024 Large Corporate & Institutional Relationship Banking Survey, Australia (Ranking the four major banks)

  • #1 Relationship Strength Index (15 times since 2005)*
  • #1 Lead Bank penetration 2016-24 
  • #1 Overall Market penetration 2013-24 (=1st in 2024) 
  • #1 Most Trusted Adviser 2016-21, 2023-24
  • #1 In Business Momentum 2024
  • #1 Market Leader in ESG/Sustainable Finance 2021-24
  • #1 for Knowing Company’s Industry best 2014-24**
  • #1 for Advice and Insights for ESG & Sustainable Finance 2022-24 (=1st in 2022,2024) 


Coalition Greenwich, 2024 Large Corporate & Institutional Transactional Banking Survey, Australia (Ranking the four major banks)

  • #1 Transaction Banking Product Development and Innovation
  • #1 Lead Bank Penetration for Overall Transaction Banking
  • #1 Market Penetration for Host-to-Host and Trade Platforms
  • #1 Lead Bank Penetration for Trade Services

* #1 RSI in 2005-06, 2008, 2010 (=1st), 2011, 2014-21, 2023-24

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ANZ welcomes passage of legislation in Queensland Parliament

Source: ANZ statements

Following its proclamation, the State Financial Institutions and Metway Merger Amendment Act (the Act) will amend the Metway Merger Act to facilitate ANZ’s proposed acquisition of Suncorp Bank.

This follows the decision of the Australian Competition Tribunal to authorise the proposed acquisition on 20 February 2024.

Completion of the acquisition remains subject to the commencement of the Act and approval by the Federal Treasurer.

ANZ remains committed to completing the acquisition as soon as possible once all sale conditions are met.