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Fri 23 Jan 2026 09:18:49am
MARKET MOVEMENTS
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Fri 23 Jan 2026 09:18:49am
MARKET MOVEMENTS
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National’s Maureen Pugh to quit politics at this year’s election
National’s West Coast-Tasman MP Maureen Pugh is the latest politician to announce her retirement from politics.
Pugh first came into Parliament as a list MP in 2015 but lost her position in the 2017 election. She then came back as a list MP in March of 2018 before winning her electorate seat in 2023. She said it was time for her to rest a little and spend more time with her family.
But Pugh said she was looking forward to continuing in her role as Assistant Speaker for the rest of the year and would work hard to ensure a National-led Government was re-elected on November 7.
Kinetic lands $100m Dunedin bus contract
Kinetic, the country's largest provider of public roading transport, will expand its electric bus fleet in Dunedin after landing a contract with the Otago Regional Council for 37 new buses.
The US-owned private equity-owned company currently operates 13 EV buses for Orbus, under its Go Bus brand. The nine-year contract, which will expand its on-road presence by about 10% to almost 400 EV vehicles, will commence in October, it said.
The operator has about 1500 battery-powered buses across its fleet of 12,000 buses in NZ, Australia, Singapore, and the UK.
For the past year to June, the company's New Zealand after-tax earnings were $10.2 million, on revenues of $604.5m. Its biggest customer is Auckland Transport, for which it operates 657 vehicles, more than half its public transport fleet.
Government finances in better shape than expected
The Government’s books for the first five months of the financial year are looking better than forecast in the December half-year update. The operating balance before gains and losses and excluding ACC (Obegalx) recorded a deficit of $5.6 billion in the five months to the end of November, $1.1b less than the forecast deficit. The operating balance recorded a surplus of $3.5b, compared with an expected $200 million deficit. That was driven by the better-than-expected Obegalx deficit, net gains on financial and non-financial instruments, and stronger results from State-owned Enterprises and Crown entities. Net core Crown debt was $900m lower than forecast at $183.1b, or 41.6% of GDP. While tax revenue was down slightly on expectations, spending was down even more.
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Fri 23 Jan 2026 09:18:16am
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