Source: Whitireia and WelTec
Property Market – Cost of building a home up 1.5% annually – QV
Source: Quality Valuation (QV)
Construction costs have increased at their slowest annual rate since CostBuilder’s inception in 2015, despite a small spike in the last quarter.
The latest QV CostBuilder construction cost update shows the average cost of building a standard one or two storey 150/230m² home in Auckland, Hamilton, Palmerston North, Wellington, Christchurch or Dunedin has risen by just 1.5% in the 12 months to the end of November 2024.
That figure is less than a third as much as the average increase recorded in the year prior. For comparison, construction residential costs grew by an average of 5.6% in the year to November 2023, as well as by 11.3% and 18.9% over the same 12-month period in 2022 and 2021 respectively. The previous lowest annual increase was 1.6% for the 12-month period to November 2020.
Overall residential construction costs have increased by an average of 0.6% this quarter alone – compared to an average increase of 0.3% in the February, May, and August quarters – but this was also a comparatively smaller rate of growth than in recent years.
“After four years of pronounced volatility, construction costs have been significantly more stable in 2024,” said QV CostBuilder quantity surveyor Martin Bisset. “This is reflective of inflationary pressures continuing to ease at home and abroad.”
“Many of the catalysts behind the rapid residential construction cost growth we saw throughout the early years of the pandemic are now no longer a major factor. Record low interest rates are long gone, house prices have generally been on the wane for some time, supply chains have been re-established, and population growth has slowed,” he said.
“Although these are undoubtedly tough times for the residential construction industry as a whole, with demand dropping precipitously in recent years, interest rates are on their way back down again now and construction costs are largely stable. This could well pave the way for increased optimism in 2025.”
Meanwhile, he said the average building cost per square metre for non-residential buildings (excluding educational buildings) had increased by 1.4% in the year ending November 2024, including by 0.7% this quarter.
“It’s important to remember that all of these figures are averages and the cost of building will always depend on the level of finishes, internal layout, and all manner of other elements. For example, whether or not a home has a single or double garage will obviously have a significant impact on its cost of construction,” Mr Bisset added.
QV CostBuilder is an online subscription-based building cost platform. It covers everything from the building costs per square metre for warehouses, schools, and office buildings, to the approximate retail supply cost of GIB and more than 8,000 other items, plus labour rates, labour constants, and more.
In this latest monthly update, approximately 23,100 current material and labour prices were applied to QV CostBuilder’s comprehensive construction cost database of more than 60,000 rates across six main centres: Auckland, Hamilton, Palmerston North, Wellington, Christchurch and Dunedin.
Cost planning rates increased by an average of 0.3% in November, with site preparation costs falling 1.2% due to the reduced cost of steel sheet piling rates. Framing costs also reduced by 0.7%, while exterior walls, wall and ceiling finishes all increased at an average rate of between 0.8% and 1.2%.
The cost of structural steel reduced by 1.7% last month, but steel framing increased by an average of 4.7%. Suspended ceiling costs also grew by an average of 5% due to an increase in panels and grids systems.
Visit QV CostBuilder at costbuilder.qv.co.nz
Acknowledgements – Share My Super founder named a Forbes Asia Hero of Philanthropy
Source: Share My Super
Federated Farmers – BNZ bosses grilled by banking inquiry
Source: Federated Farmers
Kiwibank New Zealander of the Year Awards Ngā Tohu Pou Kōhure o Aotearoa Semi-Finalists Announced for Seven Categories
Source: New Zealander of the Year Awards Office
Miriama Kamo, Te Koruru Patron of the Kiwibank New Zealander of the Year Awards Ngā Tohu Pou Kōhure o Aotearoa says, “2024 has been a year of extraordinary achievements, from the inspiring successes of our Olympians to groundbreaking contributions in sustainability, health innovations, and community leadership. Our Semi-Finalists represent the heart and soul of Aotearoa – athletes who unite us in celebration, innovators tackling our most pressing challenges, and change-makers who strengthen the fabric of our society. Their courage, vision, and dedication remind us what it means to step up for whānau, communities, and our country. It’s an immense privilege to honour their achievements. Ngā mihi nunui ki a koutou katoa.”
2025 Kiwibank New Zealander of the Year Te Pou Whakarae o Aotearoa Semi-Finalists:
Chris Grinter MNZM (Bay of Plenty Te Moana a Toi) – As the retiring Principal of Rotorua Boys’ High School, Chris Grinter MNZM has dedicated 33 years to transforming the lives of young Māori men through education.
Dame Lisa Carrington DNZM (Auckland Tāmaki Makaurau) – Dame Lisa Carrington (Te Aitanga-a-Māhaki/Ngāti Porou) DNZM is a world champion kayaker, and New Zealand’s most decorated Olympian of all time. Her outstanding achievements have cemented her influence as a role model for perseverance, excellence and positive change.
Dr Alexander Stevens II (Auckland Tāmaki Makaurau) – Dr. Alexander Stevens II (Muriwhenua, Ngāpuhi) is a distinguished health leader in sexual violence recovery with over 20 years of expertise in trauma recovery, mental health, and addiction treatment. His innovative approach blends traditional Māori healing, Rongoā, with contemporary therapeutic practices, allowing him to provide comprehensive support to Māori and Pacific communities across Aotearoa.
Dr Hassan Mubark (Auckland Tāmaki Makaurau) – Dr Hassan Mubark is a distinguished rheumatologist, known for his pioneering work in safe, non-surgical, regenerative medicine. His impactful work continues to transform lives, advancing healthcare options across Aotearoa and beyond.
Dr Malcolm Mulholland (Manawatū-Whanganui) – Dr Malcolm Mulholland (Ngāti Kahungunu) is a staunch, prominent advocate for cancer patients in New Zealand, tirelessly lobbying for access to life-enhancing medications through his organisation Patient Voice Aotearoa.
Lydia Ko (Auckland Tāmaki Makaurau) – Lydia Ko has had a remarkable year, cementing her legacy as one of the most accomplished golfers in history. From winning gold at the Paris Olympics to being inducted into the LPGA Hall of Fame, Lydia represents New Zealand with gratitude and grace at every turn.
Mark Dunajtschik and Dorothy Spotswood (Wellington Te Whanganui-a-Tara) – Sir Mark Dunajtschik and Dorothy Spotswood are visionary philanthropists whose generosity has transformed healthcare, education, and community well-being in Wellington and beyond.
Professor Beverley Lawton (Wellington Te Whanganui-a-Tara) – Professor Bev Lawton ONZM (Ngā Porou) is a pioneering force in women’s health in Aotearoa. Over the past year, her advocacy led to New Zealand’s historic shift to HPV self-testing as the primary method for cervical screening – making Aotearoa the first high-income country to do so.
Richard Adams (Canterbury Waitaha) – Richard Adams is the founder and National Director of Taskforce Kiwi, a disaster relief charity powered by volunteers. Under his leadership, Taskforce Kiwi has so far deployed 343 skilled volunteers, contributing 13,334 hours of work to disaster-hit communities.
Sarah Hirini (Manawatū-Whanganui) – Renowned rugby union player Sarah Hirini (Ngati Kahungunu ki te Wairoa) ONZM is a true inspiration in the world of rugby. In 2024 – after making an incredible comeback from injury – she played a pivotal role in securing gold for New Zealand at the Paris Olympics.
Earlier this year, the Awards Office called on Aotearoa to honour extraordinary Kiwi, those who use their passion to make Aotearoa a better place, by casting a nomination. Thousands of nominations were then rigorously evaluated by an independent and diverse judging panel, and the 10 Semi-Finalists per category selected.
All Semi-Finalists go on for consideration in the next round of judging, where they are carefully whittled down to just three Finalists in each Award category, to be announced Wednesday 26 February 2025. Winners will then be revealed at the Kiwibank New Zealander of the Year Awards Gala Dinner on Thursday 20 March 2025 in Tāmaki Makaurau.
2025 Category Award Semi-Finalists:
University of Canterbury Young New Zealander of the Year Te Mātātahi o Te Tau
Nu’uali’i Eteroa Lafaele (Auckland Tāmaki Makaurau) – Nu’uali’i Eteroa Lafaele (Fogapoa, Leulumoega Tuai, Lefaga) is a globally recognised Samoan leader and software engineer from Cannons Creek, Porirua, forging new pathways to bridge the digital divide for Pacific communities in Aotearoa.
Te Kahukura Boyton (Waikato) – The founder of Māori Millionaire, Te Kahukura Boynton (Ngāti Kahungunu, Tuhoe, Te Whakatōhea) is a young trailblazer from Napier, dedicated to closing the wealth gap and empowering her community.
The Reverend Zhane Tiopira Tāhau (Hawke’s Bay Te Matau-a-Māui) – The Reverend Zhane Tiopira Tāhau (Ngāti Kahungunu, Ngāti Tūwharetoa) is a young community leader who has made it his mission to support the spiritual wellbeing of Māori communities in Hawkes Bay. Zhane embodies cultural leadership – he is a constant kanohi kitea (seen face) and spiritual leader amongst his people.
Alexia Hilbertidou (Auckland Tāmaki Makaurau) – As the founder of GirlBoss New Zealand, Alexia Hilbertidou is a trailblazing young leader and social entrepreneur. Her mahi has seen her take the stage at some of the world’s largest conferences, and she continues to advocate for others through international leadership roles.
Ella Scrivens (Bay of Plenty Te Moana a Toi) – Ella Scrivens is an inspiring young leader working on the ground to transform mental health and medical support systems.
Daniel Gamboa (Wellington Te Whanganui-a-Tara) – Daniel Gamboa, CEO of the Refugee Youth Council, has made a transformative impact on former-refugee youth in New Zealand – creating opportunities, empowering young leaders with essential skills, and amplifying their voices.
Keegan Jones (Northland Te Tai Tokerau) – Keegan Jones (Ngā-Hine, Ngā-Porou) is a young Whangārei lawyer transforming access to justice in Aotearoa by pioneering free, community-centred legal clinics – ensuring accessible, compassionate legal support for communities across Aotearoa.
Ben Purua (Waikato) – Ben Purua (Tainui) embodies resilience, transformation, and hope – emerging from a troubled past to become an inspiring leader in New Zealand’s agricultural sector.
Quack Pirihi (Auckland Tāmaki Makaurau) – Quack Pirihi (Ngāpuhi, Ngāti Wai, Ngati Porou, & Ngāti Whātua o Kaipara) is a powerful force for inclusive, pro-Māori initiatives. Across advocacy boards and social media platforms, Quack inspires others to stand strong for their communities.
Nate Wilbourne (Nelson Whakatū) – As the founder of GEN-Z Aotearoa, Nate Wilbourne is leading the charge for environmental and social change across New Zealand – empowering youth to tackle key issues, from climate action to social justice.
Ryman Healthcare Senior New Zealander of the Year Te Mātāpuputu o Te Tau
Chris Grinter MNZM (Bay of Plenty Te Moana a Toi) – As the retiring Principal of Rotorua Boys’ High School, Chris Grinter MNZM has dedicated 33 years to transforming the lives of young Māori men through education.
Lexie Matheson ONZM (Auckland Tāmaki Makaurau) – With over three decades of activism under her belt, Lexie Matheson ONZM is an undeniable champion for inclusivity – working tirelessly to champion spaces where everyone feels safe, supported, and seen.
Bill Day (Wellington Te Whanganui-a-Tara) – As the founder of the Wellington Hospitals Foundation, Bill Day MNZM JP has spent two decades championing healthcare. Under his leadership, the foundation has grown into a vital organisation, positively impacting New Zealanders across the motu.
Hansaben Dhanji Naran QSM JP (Hansa) (Auckland Tāmaki Makaurau) – Since arriving from Zimbabwe in 1971, community advocate Hansa Naran has poured over fifty years to uplifting others – from championing gender equality to raising significant funds for local and global causes.
Elizabeth Ellis (Auckland Tāmaki Makaurau) – Elizabeth Ellis CNZM JP (Ngāpuhi, Ngāti Porou) is an outstanding artist and leader in Māori arts and education. At nearly eighty, her remarkable contributions to Māori arts span decades of pioneering work and advocacy.
Albie Paton (Northland Te Tai Tokerau) – Albie Paton has spent a lifetime uplifting the Maungaturoto community in Te Tai Tokerau Northland – generously giving his time and energy to a diverse range of local causes.
Jeet Suchdev (Auckland Tāmaki Makaurau) – Jeet Suchdev is a lifelong advocate for community service whose contributions have profoundly impacted New Zealand communities. His charitable trust, Bhartiya Samaj, is a vibrant hub for the elderly, children, and immigrants.
John & Lily Coleman (Northland Te Tai Tokerau) – On the rolling lands west of Kaikohe, farmers John and Lily Coleman have carved off four hectares of land encompassing a historic pā site, and gifted it to local hapu– an impactful reminder to New Zealanders of how we can work together to rebuild whānau connections to the land.
Professor Tom Roa (Waikato) – As a highly respected leader, historian, and Ahorangi/Professor at the University of Waikato’s Faculty of Māori and Indigenous Studies, Professor Tom Roa (Ngāti Apakura, Ngāti Maniapoto Waikato) has helped to shape the way New Zealand honours and understands its past.
Jenny Wake (Hawke’s Bay Te Matau-a-Māui) – Jenny Wake is a true powerhouse of New Zealand’s performing arts and children’s media, with a decades-long career dedicated to creating – and advocating for – quality programming for tamariki and rangatahi.
Spark New Zealand Innovator of the Year Te Pou Whakairo o Te Tau
Carmen Vicelich (Auckland Tāmaki Makaurau) – As the founder of Generate Zero, dynamic entrepreneur Carmen Vicelich has developed a groundbreaking AI-powered platform that enables organisations to accurately measure, monitor, and reduce carbon emissions.
Dr Simon Malpas (Auckland Tāmaki Makaurau) – As co-founder and CEO of Kitea Health, distinguished New Zealand scientist Professor Simon Malpas led the development of the world’s smallest implantable brain pressure sensor – offering patients a groundbreaking method to monitor brain pressure at home.
Blair Rawiri Anaru Jamieson (Manawatū-Whanganu) – Blair (Ngāpuhi, Te Rarawa), CEO and founder of Tāmata Hauhā Limited, is a visionary leader dedicated to empowering Māori landowners and farmers revitalise whenua right across New Zealand.
Julia Arnott-Neenee and Nu’uali’i Eteroa Lafaele (Auckland Tāmaki Makaurau) – Julia Arnott-Neenee and Nu’uali’i Eteroa Lafaele are the visionary co-founders of Fibre Fale, a social enterprise dedicated to increasing Pacific representation in the technology sector.
Becs Percasky and Kate Bezar (Auckland Tāmaki Makaurau) – Becs Percasky and Kate Bezar are the visionary co-founders of the Better Packaging Company (BPCo), a pioneering force in the global shift towards sustainable packaging.
Ben Phillpotts-Scales and William Murrell (Canterbury Waitaha) – As the co-founders of KiwiFibre, Ben Phillpotts-Scales and William Murrell (Ngāi Tahu) are pioneering sustainable innovation on world stage by harnessing some homegrown goodness: our humble harakeke.
Emma Lewisham (Auckland Tāmaki Makaurau) – Emma Lewisham is Co-Founder and CEO of Emma Lewisham, a skincare company established in New Zealand in 2019. Renowned for delivering evidence-based skincare, uniting luxurious, high-performance, and natural formulations while leading the industry in sustainability.
Paul Charteris (Waikato) – Paul Charteris is the creative mind behind saveBOARD – an organisation dedicated to transforming the built environment through the development of sustainable building materials.
Tama Toki (Auckland Tāmaki Makaurau) – As the founder of Aotea Health and Aotea Energy, Tama Toki (Ngāti Rehua, Ngāti Wai, Ngāpuhi) is an innovative Māori entrepreneur championing sustainability, kaitiakitanga, and social impact.
Murphy O’Neal (Auckland Tāmaki Makaurau) – Murphy O’Neal is a trailblazer in modular housing, transforming the field with his innovative designs that simplify construction while championing sustainability.
Genesis New Zealand Sustainability Leader of the Year Te Toa Taiao o te Tau
Adam Thompson (Waikato) – As a passionate champion for two of the things New Zealand is best known for – our farming sector and our precious endemic wildlife – Adam Thompson is driving positive change with a strong focus on education and community support.
Deborah Manning (Otago Ōtākou) – Lawyer turned social entrepreneur, Deborah Manning is a trailblazer in sustainability and food security – transforming New Zealand’s food rescue landscape through her venture KiwiHarvest and the NZ Food Network.
Joel and Awhina Ngātuere (Bay of Plenty Te Moana a Toi) – Joel (Ngāti Kahungunu ki Wairarapa, Rangitāne o Wairarapa) and Awhina Ngātuere (Ngāi Te Rangi, Ngāti Ranginui, Te Whānau a Apanui) from Mt Maunganui are true champions for their community, advocating restlessly to protect the air, land, and water for the people they love and wider community.
Sam “The Trap Man” Gibson (Gisborne Tairāwhiti) – Sam Gibson, known as Sam ‘The Trap Man’ is a trapper and conservation communicator whose efforts are making a profound impact. The recent publication of his book, Sam the Trap Man, has cemented his position as a respected voice in conservation.
Dan Henry (Wellington Te Whanganui-a-Tara) – Dan Henry is the driving force behind Predator Free Miramar, a thriving community project that aims to eradicate introduced predators from the peninsula.
Biz Bell (Marlborough Te Tauihu-o-te-waka) – With years of experience delivering significant biodiversity gains in Aotearoa New Zealand and globally, Elizabeth (Biz) Bell is a leading force in ecological restoration and predator eradication.
Dr Mike Joy (Manawatū-Whanganui) – Dr Mike Joy is a leading freshwater ecologist and science communicator, renowned for his unwavering dedication to conservation and environmental protection.
Barry Coates (Auckland Tāmaki Makaurau) – Barry Coates, founder and CEO of Mindful Money, is a passionate advocate for ethical investing and sustainability. His mahi empowers individuals to drive global change – aligning their investments with a vision of a more ethical, sustainable future.
Riley Hathaway (Auckland Tāmaki Makaurau) – Riley Hathaway is a passionate environmental advocate, inspiring young people to become kaitiaki of the ocean by sharing educational videos, leading school programs, and promoting ocean conservation through interactive, engaging and fun initiatives.
Professor Aisling O’Sullivan (Canterbury Waitaha) – As Director of the Centre for EcoLogical Technology Solutions (CELTS) at the University of Canterbury, Professor Aisling O’Sullivan is making waves in the world of ecological engineering – advancing sustainable solutions to complex problems.
Kiwibank New Zealand Local Hero of the Year Te Pou Toko o te Tau
Shirley Potter (Waikato) – Since retiring to Tauranga-Taupō in 2011, Shirley Potter has become a remarkable force in environmental conservation and community service, leading the restoration of the Oruatua Recreation Reserve.
Birgette McCarthy (Waikato) – As CEO / Director of Talitonu Te Kaha Trust (Believe in Potential), Birgette McCarthy is a dedicated advocate for vulnerable rangatahi across Aotearoa – working tirelessly to transform lives and break cycles of hardship.
Dr Mai Tamimi MNZM (Otago Ōtākou) – Dr Mai Tamimi MNZM is a respected community leader in Ōtepoti Dunedin. Since arriving from Palestine in 2008, she has dedicated her career to fostering cultural understanding – making her a key figure in the movement for a more inclusive Aotearoa New Zealand.
Tāme Iti (Bay of Plenty Te Moana a Toi) – Tāme Iti (Ngai Tūhoe, Te Arawa, Waikato) is a well known champion for Māori rights, fearlessly and creatively challenging conventional narratives. In 2024, he led a powerful hīkoi to the Waitangi Treaty Grounds, serving as both an inspiration and a call to action.
Campbell Hill (Bay of Plenty Te Moana a Toi) – Campbell Hill is a co-founder of Good Neighbour in Tauranga, providing practical opportunities for people to connect with and support one another.
Char Jean Harris (Bay of Plenty Te Moana a Toi) – Char Jean Harris is a driving force behind Unseen Heroes; celebrating the strength and pride of young carers while ensuring they are seen, heard, and supported.
Kahira-Rata Olley MNZM (Bay of Plenty Te Moana a Toi) – Kahira-Rata Olley MNZM is a passionate advocate for survivors of domestic violence and those facing generational trauma – founding a range of support programmes and initiatives in the Rotorua community.
Matt Ashton (Canterbury Waitaha) – Matt Ashton is a committed peer support worker for male survivors of sexual trauma. His dedication and courage has empowered others, offering understanding, hope and validation on the journey to recovery.
Henare O’Keef QSM JP (Hawke’s Bay Te Matau-a-Māui) – Henare O’Keefe QSM JP is a living legend in Te Matau-a-Māui Hawke’s Bay, known for his humble, proactive approach to combatting violence and uplifting disadvantaged communities.
Subash Chandar K (Auckland Tāmaki Makaurau) – Subash Chandar K – known online as ‘infinityplusone’ – is a game-changing educator who has made a significant impact on students across Aotearoa, creating a popular YouTube channel that provides free, detailed tutorials covering NCEA mathematics.
Mitre 10 New Zealand Community of the Year Ngā Pou Whirinaki o te Tau
Red Frogs NZ (Across Aotearoa) – Red Frogs is a volunteer-driven organisation dedicated to safeguarding young people in high-risk, alcohol-fuelled environments – supporting thousands of young party-goers and achieving a notable reduction in alcohol-related harm.
Islamic Women’s Council of New Zealand (Auckland Tāmaki Makaurau) – Representing over 35,000 Muslim women from more than 50 ethnic backgrounds, The Islamic Women’s Council of New Zealand empowers and advocates for women across Aotearoa, creating a platform for positive change locally and globally.
Featherston Booktown Trust (Wellington Te Whanganui-a-Tara) – Featherston Booktown Trust has transformed a little town in South Wairarapa into Aotearoa New Zealand’s only Booktown, a thriving cultural hub and source of deep community pride.
Speed Freaks Trust (Canterbury Waitaha) – The Speed Freaks Trust started in 2021 with one goal: to use running and walking as a vehicle to support those in recovery from addiction and mental distress.
Trees for Change NZ (West Coast Tai-o-Poutini) – Trees for Change NZ is a dynamic, student-led social enterprise connecting West Coast rangatahi with their environment through native tree planting.
Live Well Waihī Beach (Bay of Plenty Te Moana a Toi) – Live Well Waihī Beach is a community-led organisation driving innovative collaboration between residents, groups, and organisations while working closely with hapū to make their corner of Aotearoa more inclusive, sustainable, and connected.
Jolt (Canterbury Waitaha) – Since 2001, Jolt have been pioneers of innovative, inclusive dance practice. Their work has transformed perceptions around dance and disability, creating a vibrant community of dancers and teachers with a powerful creative contribution to share.
AWHI (Bay of Plenty Te Moana a Toi) – Founded in 2018 by two Tauranga police officers, AWHI is a groundbreaking, tikanga-based initiative that connects people in need with community-based support services.
dsport Incorporated (Wellington Te Whanganui-a-Tara) – Since 1969, dsport has been a vital force in the Wellington region, empowering disabled individuals through sports and recreation. In 2024, they took it to the next level: co-hosting the World Wheelchair Rugby Paralympic Qualification Tournament.
Citizens Commission on Human Rights New Zealand and the Lake Alice Survivors(Across Aotearoa) – Over the last five decades, survivors of ill-treatment at the Lake Alice Child and Adolescent Psychiatric Unit – have bravely fought for justice, leading a historic case against New Zealand at the United Nations. With steadfast support from the Citizen’s Commission of Human Rights (NZ), lead by their director Mike Ferriss, they have brought long-awaited recognition to thousands.
ABOUT KIWIBANK NEW ZEALANDER OF THE YEAR AWARDS:
Kiwibank New Zealander of the Year Te Pou Whakarae o Aotearoa
The most prestigious national award, honoring people for their outstanding impact and contribution to our country. With unwavering dedication and deep commitment, these remarkable people are those New Zealand is proud to call their own.
Spark New Zealand Innovator of the Year Te Pou Whakairo o te Tau
These game changers in their field have used their insight and passion to make a significant impact. In the spirit of Kiwi inventiveness and resourcefulness, they have created a better future for Aotearoa.
Mitre 10 New Zealand Community of the Year Ngā Pou Whirinaki o te Tau
The communities who have shown the best of collective change, achieving outstanding impact together. A group of people whose achievements enhance the social, economic, cultural, or environmental prosperity of the community they serve.
University of Canterbury Young New Zealander of the Year Te Mātātahi o te Tau
The leaders of tomorrow, brimming with the potential to build a bright future for Aotearoa. These people strive to improve themselves, their communities, and their nation.
Genesis New Zealand Sustainability Leader of the Year Te Toa Taiao o te Tau
The people working towards a sustainable and thriving future for Aotearoa, making remarkable contributions to the wellbeing of our planet. They are actively engaged in initiatives that protect, restore, and regenerate the environment of Aotearoa and beyond.
Ryman Healthcare Senior New Zealander of the Year Te Mātāpuputu o te Tau
Creating a legacy for tomorrow, these people have made a positive contribution to Aotearoa later in their life, following their careers in any service, sector or field. They are actively involved in making the world around them a better place.
Kiwibank New Zealand Local Hero of the Year Te Pou Toko o te Tau
These people have made a positive difference in their corner of Aotearoa. They demonstrate selflessness and determination in their efforts to make a difference to their community – be it their local (geographical) community, or community of specific interest.
Local News – Porirua City plugs in to electric vehicles
Source: Porirua City Council
Energy Sector – Neal Barclay steps down in 2025, Mike Roan appointed Chief Executive
Source: Meridian
12 December 2024 – Following seven years leading Meridian Energy, Neal Barclay has made the decision to step down as Chief Executive at the end of June 2025. Neal Barclay was appointed as Chief Executive in January 2018 after holding a number of senior executive roles at the company.
Meridian Chair Mark Verbiest said the Board sincerely thanked Neal for his exemplary leadership.
“During his time as Chief Executive, Neal has grown a renewable development pipeline that will double the size of Meridian’s current asset base, championed customers and decarbonisation, secured a sustainable 20-year contract with New Zealand Aluminium Smelters and deepened Meridian’s relationships with a variety of stakeholders.”
Barclay has also continued to drive Meridian’s commitment as a leader in sustainability.
“Neal’s vision has always been that businesses and countries who lead in sustainable practice will form the thriving economies of the future. He has been unwavering in his mission to ensure Meridian plays its part while providing long-term value for customers and Aotearoa New Zealand,” adds Verbiest.
“Neal’s legacy will be this vision and his unique ability to balance commercial imperatives with a focus on people both inside and external to the company.”
The Board also announced today that Mike Roan, Meridian’s Chief Financial Officer (CFO), has been appointed as the company’s next Chief Executive.
Mike’s tenure at Meridian started in 2006 in the Strategy team. Since then, he has taken on various leadership roles, including General Manager of Wholesale and his current role as CFO. Prior to joining Meridian, he held roles in the New Zealand electricity sector and banking and spent time away from his homeland working in the United States.
Last week Mike was awarded the Deloitte Top 200 CFO of the Year award.
Verbiest says the Meridian Board ran a comprehensive succession planning process, which included an international scan of talent, and that process supported directors to reach the decision to appoint Mike.
“The Board is delighted that Meridian’s development programme and succession planning is nurturing world class talent.”
“Mike has been the driving force behind several of Meridian’s strategic and commercial initiatives and his work has underpinned the company’s goal to build seven new renewable projects in seven years. He’s also played a key role in negotiating the new Tiwai Point demand response and supply contract, providing long-term certainty and flexibility to the electricity system,” says Mark Verbiest.
Mike Roan will take on the Chief Executive role following Neal’s departure from Meridian on 30 June 2025.
Property Trends – CoreLogic’s Best of the Best 2024 unveils a year of contrasts
Source: CoreLogic
Alongside an overview of the year that’s been, the annual CoreLogic NZ Best of the Best 2024 report highlights the country’s top property sales, highest and lowest growth suburbs and best-performing regional markets. (ref. https://www.corelogic.co.nz/news-research/reports/nz-best-of-the-best-report )
CoreLogic NZ Chief Property Economist Kelvin Davidson said this year’s report painted a nuanced picture of a market in flux after early optimism gave way to renewed price declines and slower activity.
“After an initial lift in values early in the year, driven by sentiment following the late-2023 election, property prices quickly resumed their decline as unemployment rose and interest rate cuts were delayed,” he said.
The CoreLogic hedonic Home Value Index (HVI) shows national property values have declined 5% since February, with Auckland and Wellington particularly hard-hit, while Christchurch and Dunedin proved more resilient.
“This year has been a buyers’ market, with plenty of stock on offer, giving purchasers more negotiating power. First-home buyers have made up a record 27-28% of purchases, supported by improved affordability, access to KiwiSaver withdrawals, and low-deposit lending allowances,” he said.
“Meanwhile, mortgaged investors have struggled with high interest rates and low yields, which have kept many on the sidelines.”
Auckland dominates the luxury market
Herne Bay retained its position as the country’s most expensive suburb, with a median value of $3.36 million as Auckland accounted for nine of the top 10 high-value suburbs. Saint Marys Bay ($2.76 million) and Remuera ($2.45 million) were second and third respectively. Arrowtown was the only suburb outside Auckland to make the top 10, ranking fifth with a median value of $2.39 million.
The country’s highest transaction of the year was the $21.8 million sale of 84 Paritai Drive, Orakei. The remaining nine in the top 10 sales were all in Auckland too.
Regional growth centres stand out
Blaketown (Grey) recorded the strongest annual median value growth rate at 16.7%, while Kaikoura (12.8%) and Cobden (Grey) (12.8%) also demonstrated robust performance. Over a five-year period, Cobden’s median value increased 108.8%.
Rental yields highest in the regions
Mataura (Southland) delivered the highest gross rental yield at 10.8%, based on advertised rents and the values of those properties rented out. Next was Wellington Central which has a gross rental yield of 9.2%. In contrast, Whitford (Auckland) recorded the lowest rental yield of 1.2%, reflecting subdued rental returns in higher-value areas.
Diverging market activity
Wallacetown (Southland) had the fastest-moving market, with properties selling in seven days, likely reflecting strong demand and limited supply. At the other extreme, Waimate recorded a median of 83 days on market, highlighting slower activity in some rural areas.
Challenges in declining suburbs
Auckland Central experienced the most significant five-year median value decline (-9.1%), while Mataura (Gore) led the annual decline rate at -10%. These figures underscore the challenges faced by some areas in maintaining property value amidst broader market fluctuations.
Cautious optimism ahead
With inflation now under control and mortgage rates falling, Mr Davidson is cautiously optimistic about 2025 suggesting the country is set for a period of modest recovery.
He estimates conditions could lead to a 10% rise in sales volumes and potential uptick in property values of around 5% over the year, however Mr Davidson warned values will remain well below the post-COVID peak, partly due to the dampening pressure caused by a build-up of listings.
“Affordability has improved compared to recent years, but the lingering effects of high listings and economic uncertainty might mean an uneven recovery for the property market. While 2025 brings some positive sentiment, it’s unlikely to deliver sharp gains, with a steadier path ahead for buyers and sellers alike,” he said.
“There are further risks to the market include rising unemployment, which is expected to peak mid-year, and the introduction of debt-to-income (DTI) restrictions, which could limit borrowing capacity for some.
“Investors may find opportunities as lower interest rates improve cashflow conditions, though access to finance could remain a key hurdle for some.
“Overall, 2025 could be a year of conflicting forces for the property market, with some factors more supportive, and others still challenging,” Mr Davidson concluded.
Best of the Best 2024 key highlights:
- Most expensive suburb: Herne Bay (Auckland) retained its position at the top, with a median value of $3.36 million.
- Most affordable suburb: Murupara’s (Whakatane) median dwelling of $191,600 makes it the most affordable suburb in the country.
- Top sale: 84 Paritai Drive, Orakei (Auckland) sold for $21.8 million in March 2024.
- Regional performers: Blaketown (Grey) had the top annual median value growth at 16.7%, while Cobden (Grey) recorded the strongest five-year gain of 108.8%.
- Highest rent change: Median rents in Nukuhau (Taupo) increased 27.7% over the year as Kawerau tenants experienced a -9.1% fall in median rents.
- Highest rental yield: Mataura (Southland) delivered a gross rental yield of 10.8% followed by Wellington Central at 9.2%.
- Days on market: Wallacetown (Southland) properties sold in seven days, while Waimate recorded the slowest median sales rate, averaging 83 days.
- Weakest markets: Mataura (Gore) experienced an annual drop in median value of -10%, while Auckland Central recorded decline in value of -9.1% over the past five years.
University Research – Sex, drugs and terror: a glimpse inside Kabul’s fortified compounds – UoA
Source: University of Auckland (UoA)
What happens when you take individuals from around the world, confine them to a prison-like environment in the middle of a war zone, and expect them to work and live together?
This was one of the questions explored by University of Auckland Business School doctoral candidate Sam Mackay in his thesis ‘Sexcapades, drug hazes and terrorist attacks: exploring expatriate work and well-being in fortified compounds in a hostile environment’.
Mackay, who spent a year and a half in Kabul between 2018 and 2019 as a senior consultant for the United Nations, encountered a surreal environment within his compound. The “crazy, intense experience” inspired his doctoral research.
Drawing from in-depth interviews with 36 expatriates, including three New Zealanders and two Australians, Mackay’s study reveals how fortified compounds, designed to protect employees in hostile environments, introduced additional stressors that compounded expatriates’ already challenging experiences in war-torn Kabul.
“I found that although they were designed to shelter inhabitants from the risks outside, compounds generated additional threats on the inside— particularly in the inescapability of toxic bosses and colleagues, sexual harassment, racism and social exclusion.”
For expatriates working and living in fortified compounds in Afghanistan’s capital, life was a mix of extreme monotony and extraordinary stress, blending overwork with an intense, often toxic, living environment.
These expatriates, most of whom worked for aid and development agencies, shared deeply personal insights with Mackay about life inside different compounds between 2014 and 2021.
Many expatriates described compound life as “oppressive” and “claustrophobic,” with the monotony of daily routines leading one interviewee to label it a “pathetic… repetitive life.”
With bedrooms sometimes mere steps from offices, the line between professional and personal time practically disappeared, says Mackay. Many expatriates felt overworked, describing a culture that expected 24/7 availability.
While the compounds were meant to provide safety, they exposed workers to new dangers inside.
Seven out of 18 of the female expatriates interviewed experienced sexual harassment, and several more expressed feelings of unsafety.
Racism was another troubling theme, with some interviewees experiencing discriminatory behaviours that exacerbated the difficulties of life in the compounds.
With limited opportunities to leave, expatriates formed cliques for social support, but these groups often created divisions.
Meanwhile, most interviewees said privacy was difficult to achieve, and the close quarters fuelled gossip, which became a source of both entertainment and tension.
These dynamics turned the compounds into what Mackay calls hostile environments within a hostile environment.
Faced with these challenges, expatriates developed various coping strategies.
On the healthier end of the spectrum, some turned to exercise, meditation or gardening. But for many, escapism took the form of binge drinking, drug use, and what several interviewees called “sexcapades”—casual sexual encounters.
“Some people become hunks, some people become monks, some people become chunks, and some people become drunks,” one participant said, capturing the diverse and sometimes destructive ways people in the compounds managed their stress.
Many interviewees reported conflicts with colleagues and managers, exacerbated by the confined nature of the compounds. Mackay says some of their experiences were akin to living in a “total institution,” where the organisation dictated every aspect of life, work, sleep and recreation.
Beyond the bubble
Mackay’s research highlights the paradox of fortified compounds. While designed to shield employees from external threats such as terrorism, they also became targets for attacks and generated internal dangers.
One interviewee said: “The thing that was killing me most was not the Taliban… it was the toxicity of the environment and the culture.”
Fortified compounds remain a standard operating practice for many international organisations working in conflict zones and Mackay says decision makers should consider the appropriateness and sustainability of placing employees in such environments.
“My research shows the limits of compounds as an effective strategy to protect employees in hostile environments and I hope the findings will contribute to improving expatriates’ experiences in these extreme contexts.”
Reserve Bank – Second Amendment to insurance Interim Solvency Standard issued
Source: Reserve Bank of New Zealand
12 December 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua has today issued the second amendment to the Interim Solvency Standard 2023, which will take effect for all relevant insurers from 1 March 2025.
The Reserve Bank is responsible for the prudential regulation of New Zealand’s insurance sector, which includes setting rules and regulations to ensure the country’s financial system remains resilient.
A review of the existing insurance solvency standards began in mid-2020, partly in response to the new accounting standard for insurance contracts (NZ IFRS 17), culminating in the release of the Interim Solvency Standard 2023.
As the standard was applied during the course of 2023 we identified some issues and since then have conducted a robust consultation process to restore the original policy intent. The Interim Solvency Standard Amendment Standard 2024 is designed to achieve this, without introducing new policy or increasing capital requirements beyond those originally intended.
“This amendment represents good regulatory stewardship. It ensures that the Interim Solvency Standard is now fit for purpose, balancing the need for clarity, stability, and providing a strong framework for insurers while preserving the original policy intent,” Deputy Governor Christian Hawkesby says.
“By addressing key technical areas, we have taken the necessary steps to ensure the solvency standard continues to meet the needs of the industry and remains aligned with the evolving financial landscape.”
A feedback statement has been published alongside the amendment, outlining how stakeholder input has shaped the final amendment.
“We are grateful to the industry for its active participation throughout the consultation process. Their valuable feedback has played a pivotal role in refining the amendment and ensuring that it addresses the core needs and concerns of stakeholders,” Mr Hawkesby says.
Background notes
What is an insurance solvency standard?
Solvency standards set out a common method for insurers to measure their risks and ensure they have enough capital to absorb significant losses before policyholders are affected.
We set solvency standards tailored to the New Zealand market but also factor in international comparability where appropriate.
Why did the Reserve Bank launch its solvency standard review?
The Reserve Bank initiated the review of the existing suite of insurance solvency standards to address the new accounting standard for insurance contracts (NZ IFRS 17) and to modernise the regime.
What are the key changes that have been made?
The second amendment has addressed remaining issues relating to the structure of the solvency regime and handling of NZ IFRS 17.
Key changes include:
Ensuring that sufficient capital is set aside against pricing risks.
Ensuring that capital is set aside against credit risk on bonds.
Ensuring that pre-paid reinsurance premiums fully count towards solvency capital.
A series of clarifications of interpretation.
What has the feedback been from the insurance industry on this consultation?
Overall industry generally welcomed the proposed redraft. We received eight responses, including four from industry and professional bodies, and four from insurers. We thank stakeholders for their valuable feedback. Our feedback statement summarises the submissions we received and explains our response in detail.
How will these changes affect consumers’ insurance premiums?
The changes are unlikely to impact premiums, as we believe insurers are already holding adequate capital and have had sufficient time to align with the original policy intent. While the adjustments are aimed at improving market stability, they are not expected to result in higher costs for consumers.
More information
Review of the Insurance Solvency Standards: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=95d8d438a5&e=f3c68946f8