Tuesday January 13
External members of Financial Policy Committee appointed
Rodger Finlay.
Heidi Richards and Professor Prasanna Gai have been appointed as the external members of the Reserve Bank’s Financial Policy Committee.
They join Governor Anna Breman, Reserve Bank board chair Rodger Finlay, and non-executive board members Byron Pepper, Grant Spencer, and Philip Vermeulen on the committee. Pepper is its chair.
In a statement, Finlay said Richards was a former senior prudential regulator and an internationally respected regulatory, risk, and compliance leader. Gai was professor of macroeconomics and head of the Departments of economics, accounting & finance, and property at Auckland University. “The FPC’s work will be crucial in promoting New Zealand’s financial stability, and the wealth of experience of all the FPC’s members will enhance and bring focus to RBNZ’s financial policy making,” Finlay said.
Wednesday January 14
Employment confidence improves as economy adds more jobs
New Zealand added more jobs at the end of 2025, just as confidence improves about employment prospects over the months ahead.
Statistics NZ data today showed the country added 6569 jobs in November to 2.35 million filled jobs, when compared with October. There were gains across the board, with more roles filled in the primary sector, goods-producing industries, as well as the services sector.
That reinforces a mood shift at the end of last year and provides concrete evidence of an economic recovery across the economy. But there’s still a short supply of new jobs, as noted in the Westpac-McDermott Miller Employment Confidence Index, out today.
The index rose 3.9 points to 93.8 in the December quarter, the highest reading since March 2024.
Senior economist Michael Gordon reckoned unemployment rate had now peaked at 5.3%, while there was more confidence about job security and opportunities in 2026.
More properties get consent approval in November: Stats NZ
Satish Ranchod.
Building consents regained lost ground in November with more stand-alone houses and townhouses in the pipeline for construction.
Statistics NZ data today showed the seasonally adjusted number of new dwellings consented rose 2.8% in November, after falling 0.7% in October. Overall, there were 3517 new dwellings consented, with 1607 stand-alone houses; 1596 townhouses, flats, and units; 184 apartments; and 130 retirement village units.
On an annual basis, in the year ended November, the number of new dwellings consented was 35,969, up 7% from the year before.
Westpac senior economist Satish Ranchhod said builders and developers had noted tough trading conditions in recent months, but there were signs of increased optimism amid lower interest rates.
“While the lift in consents is encouraging news for our building sector, we don’t expect a return to the boom times that we saw in the wake of the pandemic."
Hostel takeover by Chinese private equity
Prakash Pandey's CP Group has sold the former Base backpackers hostel on Shotover Street in Queenstown to a Hong Kong-based private equity fund for $31 million. The buyer was an entity linked to Gaw Capital Partners, led by Goodwin and Kenny Gaw. The deal expands Gaw Capital’s footprint in New Zealand, following its renovation of the Haka House flashpacker hostel in Wanaka. The 977sqm freehold site, which has 65 rooms across four levels, comes with plans for a 69-room boutique hotel. CBRE Hotels' Peter Hamilton, who managed the deal, said the strong buyer interest in the campaign reflected investor optimism for sustained tourism growth in the Queenstown market. The sale comes as hotel average daily rates hit $364 in the district in November, compared to the NZ average of $255 during that month. Hotel demand also surged in the resort town last year, with 1.46 million guest nights recorded, of which 60% were from international visitors.
Thursday January 15
Ryman reports modest quarterly sales lift
Ryman village.
Dual-listed retirement village operator Ryman Healthcare has reported a quarterly uplift in unit sales. The company sold a total of 375 occupational right agreements (ORAs) in the three months ended December. This was up on the 367 sales recorded in the prior quarter, but down on the 394 units it sold in the same period a year ago. The third-quarter figures included 32 ORAs from current residents who have elected to relocate to other Ryman villages after the closure of care facilities at two sites in Christchurch. “We maintained sales momentum through to the holiday break, amid mixed housing market conditions and heightened competition continuing in some regions,” Ryman chief executive Naomi James said in a statement. Occupancy at its aged-care centres crept up to 96% from 95.8% in the prior quarter, but this excludes six developing centres which have not reached 90%. The company reiterated its full-year guidance of between 1300 and 1400 ORA sales.
Sealord required to pay $145,000 following fatality
A Nelson district court judge has fined Sealord $80,000 on top of reparations of $65,000 following the June 21 death of a crew member on board the deepwater Ocean Dawn. The fishing and seafood company, owned jointly by Māori company Moana and Japanese seafood company Nissui Corp, was found to have not applied resources and processes despite the seriousness of the medical emergency at sea. Sealord was found guilty by attribution for breaching its duty to the worker due to the inaction of skipper Eru Puata. Puata was fined $10,200 under health and safety legislation. Deb Despard, deputy chief executive of regulatory operations at Maritime NZ, said the regulator expected the industry to have "robust arrangements" in place to manage risk.
2 Cheap Cars speeds up at end of FY26
NZX-listed 2 Cheap Cars has reported a bump upwards in performance during the third quarter and start of the fourth quarter, and given a more bullish outlook for FY26. It said it was helped by higher margins and the Government’s decision to relax the Clean Car Standard from January 1. “As inventory accepted under the new settings is sold, these benefits are set to continue, delivering an uplift in margins through the fourth quarter of FY26,” 2CC said today. As a result, it now expects second-half net profit after tax (npat) to reach or exceed $2 million, with full-year npat expected to be at least $3m, subject to final audit and standard year-end adjustments. In November, when reporting first-half results, 2CC warned that market conditions were expected to remain challenging through the second half and for the pace of recovery in demand to be gradual. At that stage, it thought FY26 profit would be below FY25’s $3.3m.
