PM Edition: Top 10 Business Articles on LiveNews.co.nz for August 25, 2026 – Full Text

Chocolate Business is a Cash Managed Account, rather than a corporate bank account or fixed deposit. Most corporate bank accounts offer low interest. Chocolate Business aims to help businesses earn better returns on their cash while keeping it easily accessible when needed.

Walter de Oude, Founder and CEO of Chocolate Finance, said: “Businesses often earn very little on the cash sitting in their bank accounts, and frankly, the returns can be rubbish. We think we can do better. Businesses need their cash available for payroll, suppliers and whatever comes next, but there’s no reason it should sit around earning next to nothing in the meantime. Chocolate Business lets that cash work harder while staying accessible. Business owners have been asking us for this, and to us, it just makes sense.”

The launch comes as Singapore businesses face continued pressure to manage costs and use their available capital more efficiently. A recent industry survey estimated that SMEs lose S$800 million in potential interest each year by leaving idle cash in low-yield accounts, while 45% identified liquidity as a priority.

Chocolate Business gives businesses an alternative way to manage the cash that they do not immediately need for daily operations, without committing it to a fixed tenure. The launch also marks Chocolate Finance’s expansion beyond its original consumer offering. Since launching two years ago, the company has grown to approximately S$1.6 billion in assets under management and more than 150,000 customers.

Key features of Chocolate Business include:

• Returns on business cash: Businesses can currently enjoy 1.5% p.a. on their first S$300,000, supported by the Chocolate Top-Up Programme during the qualifying period, and up to 1.5% p.a. on amounts above that.

• No lock-ins: Businesses can request withdrawals at any time, with no fixed tenure, withdrawal charges or penalties.

• Daily visibility: Business owners can track their account balance and returns each day through the dedicated Chocolate Business app.

• No Fees: Chocolate Finance makes money only after it has met its target return.

Businesses can add funds to their accounts via FAST transfers or PayNow. There is no minimum or maximum deposit requirement, while withdrawals typically take between one and two business days, depending on the amount.

Chocolate Finance will be showcasing its suite of solutions at booth 220 during The Business Show Asia on 26 and 27 August 2026 at Sands Expo and Convention Centre. New business account sign-ups at the show can enjoy a special welcome reward.

The Chocolate Business app is available now to download via the Apple App Store and Google Play Store.

Central Bank of the Republic of Uzbekistan and Singapore-headquartered GFTN convene more than 6,000 participants from 74 countries in Tashkent to accelerate investment, financial innovation and regional connectivity

TASHKENT, UZBEKISTAN – Media OutReach Newswire – 24 August 2026 – Uzbekistan today put its financial reform agenda before a global audience, bringing together policymakers, regulators, investors and founders to advance its ambition to become a gateway for capital, technology and financial connectivity across Central Asia.

The Silk Road Finance & Technology Forum 2026, convened by the Central Bank of the Republic of Uzbekistan and Singapore-headquartered Global Finance & Technology Network (GFTN), and co-hosted by Ant International, brings together more than 6,000 participants from 74 countries, almost 200 speakers and more than 25 investors representing US$4 billion in assets under management.

Held at CAEx on 24–25 August, the Forum moves to the Islamic Civilisation Centre on 26 August for The Azimuth, a dedicated programme on Islamic finance and entrepreneurship.

Uzbekistan’s Reform Push Opens the Door to Global Investment
Opening the Forum, H.E. Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Uzbekistan, set out the next phase of the country’s economic transformation: converting a decade of reform into deeper markets, greater private-sector participation and long-term investment.

“Over the past 10 years, as a result of structural reforms, our economy has demonstrated strong and steady growth. During this period, the size of our economy has tripled. Going forward, we will work to achieve investment-grade credit ratings, complete accession to the World Trade Organization, further reduce the state’s presence in the economy, and continue market-oriented reform. This effort will strengthen the role of the private sector, deepen Uzbekistan’s integration into the global economy and create greater opportunities for domestic and international investors,” said H.E. Jamshid Kuchkarov.

Uzbekistan enters the Forum with strong economic and regulatory momentum. GDP grew 8.5% in the first half of 2026, foreign investment reached US$8.3 billion in the first quarter, and Moody’s upgraded the sovereign rating to Ba2 in June. Presidential Decree PQ-359 and the National FinTech Strategy are advancing open banking, digital payments and financial innovation, with a target of US$1 billion in fintech investment by 2030. Digital-payment adoption rose from 39% in 2021 to 71% in 2025.

In his opening address, The Silk Road Initiative: Turning a Socio-Economic Heritage into Central Asia’s Financial Innovation Corridor, H.E. Timur Ishmetov, Governor, Central Bank of the Republic of Uzbekistan, framed the country’s fintech strategy through five building blocks drawn from the region’s intellectual and commercial heritage: Al-Jabr, restoring what is missing; Al-Muqabala, balancing the elements of a sustainable financial ecosystem; Zarkaynar, creating a marketplace where innovation meets opportunity; Saroy, building shared financial infrastructure; and Madrassa, developing talent.

With 57% of payments now cashless, SMEs accounting for more than half the economy and a target of 5,000 young people trained in financial technology by 2030, the Central Bank is translating these principles into its regulatory sandbox, open-banking APIs, payments infrastructure and innovation framework.

“Scale alone is not sufficient. The objective must be to translate technological adoption and transaction growth into sustainable economic value, competition and broader financial development, while maintaining financial stability, resilience and public trust,” Governor Ishmetov said.

Sopnendu Mohanty, Group CEO, Global Finance & Technology Network added:.

“Uzbekistan has the ingredients to become Central Asia’s digital finance gateway: strong political commitment, bold regulatory reform, growing digital adoption and a clear ambition to attract international investment. The next step is to turn those foundations into investment, partnerships and financial corridors that connect Central Asia to the world. That is what the Silk Road Finance & Technology Forum is designed to accelerate.”

That opportunity comes as fintech moves firmly into the global financial mainstream. In 2025, global fintech revenues reached US$504 billion, growing 22% and more than four times faster than incumbent financial institutions, while 74% of the largest public fintechs were profitable, according to the 2026 Global Fintech Report by BCG and FT Partners.

For Central Asia, the opportunity is to capture more of that growth by combining financial innovation, inclusion and regional connectivity with the regulatory and institutional foundations required to attract long-term capital.

From Domestic Reform to a Financial Silk Road

The Forum is examining how Uzbekistan’s domestic transformation can support a more connected Central Asian financial system, with priorities spanning investable markets, interoperable payments, digital identity, open APIs, tokenisation, digital money, cross-border settlement and long-term institutional capital.

Central Asia’s relatively young financial infrastructure creates an opportunity to build interoperable systems without inheriting all the constraints of legacy architecture. The next step is moving from domestic digitalisation to cross-border connectivity, with faster settlement, lower remittance costs and infrastructure capable of connecting national financial systems.

The wider ambition is to recast the historic Silk Road for the digital economy, extending its role from the movement of goods to the movement of money, capital and data between Central Asia and markets across the Middle East, China, South Asia and Southeast Asia.

Greater connectivity, however, will require more than technology. Predictable regulation, deeper markets, institutional capital, cybersecurity and trusted governance will determine whether new payment rails, AI, tokenisation and digital assets can scale safely across borders.

New Islamic Banking Law Opens Uzbekistan to US$6 Trillion Market

Uzbekistan’s new Islamic banking law, effective from June 2026, creates the country’s first legal framework for Shariah-compliant banking and opens a potential channel to a global Islamic finance market approaching US$6 trillion in assets.

The Forum culminates on 26 August with The Azimuth at the Islamic Civilisation Centre, focused on the standards, Shariah governance, liquidity, digital infrastructure and cross-border capital required to scale the sector. The opportunity extends beyond domestic Islamic banking to positioning Uzbekistan as a bridge between Central Asia and Islamic finance markets across the Gulf, Türkiye, South Asia and Southeast Asia.

Governor Ishmetov issued a direct invitation to international investors and innovators: “Uzbekistan is open to investment, technology, expertise and long-term partnership. Build here. Test new solutions here. Invest here. Develop talent here. With the right partnerships, Central Asia can become a more connected, competitive and internationally integrated financial region.”

Hashtag: #GFTN

From a Vietnamese barbershop to an international network of more than 130 locations

In the global men’s grooming industry, building an international brand requires barbershop chains to solve a fundamental challenge: How can they standardize services, train staff, maintain a consistent customer experience and scale their model without losing their identity?

This is the formula behind many of the world’s leading names in the hair and grooming industry, including Great Clips, Supercuts, Sport Clips Haircuts, TONI&GUY, QB House and Jawed Habib Hair & Beauty. These brands have transformed a service industry traditionally dependent on individual craftsmanship into scalable business systems.

East West Barbershop (Dong Tay Barbershop) is pursuing a similar path. Founded in Vietnam in 2018, the company has grown into a network of more than 130 locations, with over 1,000 barbers, while gradually expanding into international markets. At this scale, East West operates in a different league from independent barbershops.

The value of a barbershop chain with hundreds of locations lies in its ability to deliver a consistent experience across the entire network. This is also why East West Barbershop (Dong Tay Barbershop) has been ranked among the Top 10 large-scale grooming brands in the world.

But as it prepares to enter the U.S. market, the key question is whether this model can be successfully transferred and operated in a completely different market.

Beyond the haircut: When a barbershop becomes an experience

East West Barbershop (Dong Tay Barbershop) seeks to differentiate itself by developing an “Experiential Barbershop” concept, combining grooming with relaxation and entertainment.

From the moment customers walk through the door, they are greeted by a space filled with greenery, along with relaxation areas featuring pool tables, chess, a piano, a bar and bookshelves. The chain, which caters exclusively to men and boys, also features car-themed barber chairs and dedicated play areas for its younger customers.

Its services extend well beyond a haircut, including hair washing, ear cleaning, massage, hair restoration treatments, perming, coloring, nail care, shoe cleaning and phone sanitization.

East West Barbershop (Dong Tay Barbershop) aims to change the way customers perceive a barbershop. Rather than simply purchasing a grooming service, customers can take time to relax, look after themselves or bring their children along to a space designed around the overall experience.

As consumers increasingly value the overall experience alongside service quality, this approach reflects the changing dynamics of the men’s grooming market.

The United States: East West Barbershop’s next major test

The United States is no random choice. It represents the next step in East West Barbershop (Dong Tay Barbershop)’s international strategy, building on a business model that has already been tested in Vietnam and several overseas markets.

The U.S. is home to many major barbershop and salon brands and is one of the world’s most mature markets for franchising in the service sector.

Great Clips is a prime example. With thousands of salons across the United States and Canada, the brand demonstrates the scale a haircut business can achieve when its model is standardized and successfully replicated.

Supercuts, Sport Clips and many other chains have likewise spent years building strong brand recognition and extensive customer networks.

Against this backdrop, the Vietnamese brand must answer a fundamental question: Why would American consumers choose a brand from Vietnam over names they already know and recognize?

East West Barbershop (Dong Tay Barbershop)’s answer is not simply to compete on price. Its goal is to “export” a business model that combines customer experience, workforce training, operating standards and franchising.

This requires the company to turn its operational experience into a transferable system while addressing the many differences between Vietnam and the United States.

East West Barbershop (Dong Tay Barbershop) identifies barber training, skills standardization and the ability to adapt to a new environment as key foundations of this process. International expansion also creates opportunities for Vietnamese barbers to gain exposure to international working environments.

East West Barbershop (Dong Tay Barbershop) has also linked its development with social initiatives, including free vocational training for young people, mobile haircut programs offering free services, and contributions to charitable activities. These efforts contribute to a distinctive brand story: a service business seeking to develop its brand, its profession and its community at the same time.

After nearly a decade of establishment and development, East West Barbershop (Dong Tay Barbershop) is gradually proving that a business model built in Vietnam can be standardized, franchised, and compete on the same playing field as the major players in the global hair industry.

If successful in the U.S., East West Barbershop (Dong Tay Barbershop)’s story will go beyond being a Top 10 brand or a network of more than 130 locations. It will be the story of how a Vietnamese service business transformed capabilities built at home into a model capable of reaching the global stage.

https://dongtaybarbershop.com

Hashtag: #EastWestBarbershop #Dongtaybarbershop

Source: Morningstar DBRS

August 23, 2026

DBRS, Inc. (Morningstar DBRS) confirmed New Zealand’s Long-Term Foreign and Local Currency – Issuer Ratings at AAA. At the same time, Morningstar DBRS confirmed New Zealand’s Short-Term Foreign and Local Currency – Issuer Ratings at R-1 (high). The trend on all credit ratings is Stable.

KEY CREDIT RATING CONSIDERATIONS

New Zealand’s AAA credit ratings are underpinned by the country’s fundamental strengths, including its effective policy frameworks, strong central bank credibility, and robust governing institutions. Although the public debt-to-GDP ratio has risen in recent years amid successive shocks, the debt burden remains moderate relative to other advanced economies. The government is pursuing a gradual fiscal consolidation strategy, and New Zealand benefits from a longstanding cross-party commitment to prudent fiscal management, thereby limiting election-related uncertainty around the consolidation path. New Zealand’s small and open economy is vulnerable to external shocks, but the country’s structural strengths, including a flexible exchange rate, provide substantial buffers.

The Stable trend reflects Morningstar DBRS’ expectation that New Zealand’s fundamental strengths will support an economic recovery over the next few years and that the government will make progress with its fiscal consolidation plan. The economy began to recover last year, supported by strong export commodity prices and accommodative monetary policy. The U.S.-Iran war temporarily dampened growth momentum early this year, as higher energy prices renewed inflationary pressures and weighed on domestic demand. In addition, the Reserve Bank of New Zealand’s (RBNZ) started to withdraw monetary stimulus, raising the OCR by 25 bps to 2.50% in July. Morningstar DBRS anticipates further hikes to bring inflation back to target, while spare capacity should also help contain underlying price pressures. The IMF expects the recovery to pick up in the second half of this year, with growth of 2.0% in 2026 and 2.7% in 2027, supported by strong primary exports and a recovery in domestic demand as the energy shock fades.

CREDIT RATING DRIVERS The credit ratings could be downgraded due to one or a combination of the following factors: (1) absence of fiscal consolidation over the medium term, or (2) a severe financial or external shock, leading to a prolonged deterioration in growth prospects.

CREDIT RATING RATIONALE

Gradual Fiscal Consolidation Underway, But Further Delays Remain a Risk

New Zealand’s fiscal deficit remains elevated following the pandemic and a period of subdued growth, but the government is pursuing a gradual, expenditure-led fiscal consolidation as the economy recovers. The government’s preferred fiscal measure OBEGALx (the operating balance before gains and losses excluding Accident Compensation Corporation (ACC) revenue and expenses) is estimated to have widened to a 2.6% of GDP deficit in FY25-26, from 2.1% in FY24-25. This higher deficit reflects weak cyclical tax revenue, increased benefits and pension payments, and higher debt servicing costs. In general government terms, the IMF projects a fiscal deficit of 3.9% in 2026. Successive economic shocks have delayed the consolidation, but the government is also phasing the adjustment to avoid constraining the economic recovery. The government projects the deficit will modestly narrow to 2.4% in FY26-27, before declining more quickly and shifting to a small surplus in FY28-29. Expenditure restraint is expected to lead the fiscal improvement, with stronger growth and bracket creep also supporting revenues. Nevertheless, the backloaded nature of the adjustment leaves the consolidation path vulnerable to downside risks. Softer near-term growth, rising social spending, and higher borrowing costs could slow fiscal repair, while growing defence and demographic spending pressures may make sustained expenditure restraint increasingly difficult.

Amid higher fiscal deficits, government debt has increased. New Zealand’s general government gross debt-to-GDP ratio rose from 32% in 2019 to 55% in 2025. The IMF projects the debt ratio will peak at 58% in 2027 and 2028 and then marginally decline, reaching 55% in 2030. New Zealand’s debt ratio remains moderate compared to other advanced economies, and the projected downward trajectory would help strengthen the credit profile. Sustaining sufficient fiscal buffers will be important to preserve the government’s capacity to respond to future shocks without materially weakening debt dynamics or fiscal sustainability. The debt profile is also supported by New Zealand’s sizeable Crown assets in the form of state-owned enterprises, the Superannuation Fund, and the ACC’s investment fund. According to the IMF, New Zealand’s net debt ratio stood at 26% of GDP in 2025, one of the lowest among advanced economies. The interest cost-to-GDP ratio also remains low relative to peers, supported by New Zealand’s moderate debt burden and substantial public sector financial assets.

RBNZ Begins Withdrawing Monetary Stimulus Amid Renewed Inflation; Housing Market Remains Subdued

The RBNZ has started to withdraw monetary accommodation in response to renewed inflation pressures. Prior to the U.S.-Iran war, headline inflation was slightly above target, reflecting persistent administered and other non-tradables price pressures. However, higher petrol and diesel prices lifted annual headline inflation to 4.1% in the second quarter, compared with 2.9% excluding fuel. Headline inflation has likely peaked and should ease as the energy shock fades and the pass-through to other prices remains limited. In July, the RBNZ raised the OCR by 25 bps to 2.50% to limit second-round effects. The increase represents a withdrawal of stimulus, rather than a shift to restrictive policy. The RBNZ expects inflation to ease towards the 2% midpoint in mid-2027, with subdued demand and a soft labour market supporting disinflation.

New Zealand’s housing market remains subdued following the sharp post-pandemic correction. House prices surged during the pandemic due to strong demand, fiscal stimulus, and low interest rates, before tighter financing conditions sparked a sizeable correction in 2022 and 2023. House prices have since broadly stabilized and remain about 13% below the 2021 peak (to the fourth quarter of 2025). However, more recently, renewed softness has emerged as the prospect of higher borrowing costs, economic uncertainty, and weaker growth weigh on demand. Increased listings relative to subdued buyer demand are limiting upward price pressure, even as New Zealand continues to face a longer-term housing supply shortage.

Financial stability risks related to the housing market appear contained. Non-performing loans and mortgage arrears have declined from their recent peaks. While mortgage holders have recently refixed at lower rates, the RBNZ expects this trend to reverse, with borrowing refixing at higher rates on average by March 2027 as financial conditions tighten. Relatively short fixed-rate mortgages are prevalent in New Zealand, which accelerate the transmission of interest rate changes to households. Most mortgage borrowers appear well-positioned to manage higher mortgage payments. Even if loan losses were to rise, the banking sector has strong buffers to absorb increases. Banks are well-capitalized, profitable, and liquid, while macroprudential measures help contain riskier mortgage lending. Even under more adverse conditions, New Zealand’s financial system should remain sound, and banks’ robust balance sheets and profitability should continue to support lending to the private sector.

Solid Medium-Term Growth Prospects Despite External Vulnerabilities

New Zealand has a strong record of economic growth, with real GDP expanding by an average pace of 2.8% per year between 1990 and 2019. Structural reforms implemented in the 1980s and early 1990s transformed the Kiwi economy from a highly regulated and protected system into a more open and competitive economy. Rapid growth in China also supported the expansion through strong demand for New Zealand’s commodity exports and services, particularly tourism. Although growth is likely to moderate from the pace recorded over the past 30 years, medium-term growth prospects remain comparatively solid. The IMF estimates potential growth at 2.2%, above most advanced-economy peers. Comparatively weak labour productivity levels, however, continue to constrain the outlook. Additionally, New Zealand’s small, open economy remains vulnerable to external and environmental shocks, including commodity price volatility, tourism downturns, and natural disasters such as earthquakes and tsunamis.

New Zealand has run current account deficits for decades, largely due to a negative income and transfer balance. The current account deficit peaked at 9.0% of GDP in 2022 as strong import demand, weak tourism, and deteriorating terms of trade widened the trade deficit. Since then, the current account deficit narrowed, reaching 3.7% of GDP in the first quarter of 2026 (on a rolling 4 quarter basis). The improvement reflects stronger external demand, improved terms of trade, and weak import demand, all of which have helped to bring the trade deficit close to balance. Morningstar DBRS expects the current account deficit to slightly widen this year due to higher energy-related import costs, before narrowing gradually over the medium term. New Zealand’s small and open economy in tandem with its persistent current account deficit makes it vulnerable to external shocks. However, exchange rate flexibility continues to help the Kiwi economy adjust to evolving global conditions. While New Zealand’s net international liability position remains elevated at 43% of GDP (at the end of the first quarter of 2026), it has improved in recent years, and balance sheet risks from currency volatility appear limited. These mitigating factors, together with substantial net errors and omissions in New Zealand’s balance of payments statistics, support Morningstar DBRS’ one-category adjustment to the ‘Balance of Payments’ building block assessment.

Strong Governing Institutions Underpin New Zealand’s AAA Credit Ratings

New Zealand’s robust institutions and stable political environment are fundamental strengths of the sovereign credit profile. New Zealand is a stable, parliamentary democracy with effective governing institutions. The political environment is characterized by strong rule of law, low levels of corruption, and high regulatory quality. For over 80 years, governments have formed around either the Labour or National Party, reflecting the stability of New Zealand’s party system. New Zealand’s proportional voting system commonly results in coalition governments, requiring cooperation among coalition partners to pass legislation.

General elections will be held in early November, with the incumbent centre-right National-led government seeking a second term. The National Party governs in coalition with ACT New Zealand and New Zealand First, holding a combined total of 67 out of 122 seats. Polling for the upcoming election remains tight between the two major parties, leaving support of smaller parties likely pivotal for the next government’s formation. Economic conditions, cost-of-living pressures, and fiscal management remain the key issues shaping the current political landscape.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental, Social, or Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (July 20, 2026) https://dbrs.morningstar.com/research/485522 [1].

For more information on the Rating Committee decision, please see the Scorecard Indicators and Building Block Assessments at https://dbrs.morningstar.com/research/487780 [2].

Notes: All figures are in New Zealand dollars unless otherwise noted. Public finance statistics reported on a general government basis unless specified.

Source: Better Taxes for a Better Future

The National Party’s promise that there will be no taxes – including ruling out a bank tax and a bed tax – mean everyday New Zealanders will continue to foot the bill to maintain the profits of multi-national corporations and the lifestyles of the wealthiest, warns Better Taxes for a Better Future.

“Currently our tax system is unbalanced, with ordinary working people and local businesses contributing the vast majority of the tax revenue to keep our country going. In refusing to properly tax the major Australian-owned banks or to ask tourists to pay their fair share to maintain the infrastructure they use, the National Party is asking everyday New Zealanders to take on even more of the load,” said Kate Stone, Better Taxes spokesperson.

“For most New Zealanders taking a holiday is a luxury they simply cannot afford right now. Yet, we’re all being asked to cover the costs of the services and infrastructure being used by those who have the money to travel. That is rates’ and tax revenue that is not being spent on maintaining basic public services that we rely upon, like public transport and hospitals.”

“As the Mayors of Auckland, Rotorua and Queenstown Lakes have said, we’re already being taxed to pay for the cost of tourism. A bed tax would have been a small additional charge on those who can afford to stay in a hotel and reduce the amount of rates spent on tourism. Luxon’s concernabout a couple spending a weekend away in Queenstown having to pay an additional $6 a night via a bed tax, is a joke at a time when we’re seeing record levels of homelessness, and local and national housing providers unable to keep up with the need for emergency housing,” said Stone.

National’s decision to rule out a banking levy also looks out of touch. Polling commissioned by Better Taxesahead of the Budget in May showed that a majority of people thought the government should bring in a major bank levy – 52% agreed; 24% disagreed. The support was even higher amongst National and ACT party voters – 59% and 57% respectively.

“Banking levies are common sense measures that already exist in Australia, the UK and elsewhere in Europe. These are measures that would bring in much needed revenue to fund critical public services and infrastructure. Our analysisshows that a levy like Australia’s could generate $275-300 million. With the addition of an excess profits surcharge, as in the UK, we could generate a further $250 million. This would be more than enough to fund high, quality free school lunches for all our tamariki,” said Stone.

“What’s more the Big 4 Australian-owned banks are making enormous profits out of New Zealand – their profits increased by 25% in real terms over the past 10 years, a higher profit margin than in Australia, but they pay a banking levy there and not here. So when the National Party says “no new taxes” and rules out a banking levy, they’re really asking ordinary New Zealanders and local businesses to keep carrying more of the load to keep our economy ticking, while big multinationals making extreme profits aren’t paying their fair share.”

“It’s understandable that people might be concerned that banks will pass the cost of the levy on to consumers, because the banks are determined to make as much profit for their shareholders as possible. But there are ways that these levies can be designed to mitigate this risk. To refuse to act because big corporates will try to avoid paying their fair share is basically giving up on the idea that New Zealanders should get a fair go,” said Stone.

You can read the full Better Taxes and Tax Justice Aotearoa policy platform here.

The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.

Source: Tāhono Trust and Amnesty International Aotearoa New Zealand

This is a joint statement by Tāhono Trust and Amnesty International Aotearoa New Zealand on today’s announcement that the Government will introduce the Online Safety (Minimum Age and Child Safety Risk Assessment) Bill.

“For a long time, we along with many others across society, have been calling on the Government to provide greater safeguards for online safety based on tech company accountability, including a duty of care (including risk assessments), independent oversight, and penalties for non-compliance.

“We are pleased that it appears the Bill will introduce these requirements. The opportunity now is to extend these protections to everyone. Earlier this year Tāhono and Amnesty released an open letter that was signed by a major cross-sector coalition, from business to media, to community. The letter outlined the serious harm people across society are facing, from attacks to scams. We need action on online harm that addresses the broad range of harms and protects all people,” says Anjum Rahman from the Tāhono Trust.

“While expected, we continue to oppose a social media ban for under-16yr olds, included in the Bill. Our concern, shared by the Children’s Commissioner, is that an under-16 access ban, modelled on Australia’s law, addresses a symptom while leaving the underlying causes largely untouched.

“Requirements like risks assessments and independent oversight are the sort of changes that can make a real difference, but everyone should get the protection they afford. By extending these requirements to everyone, it could be the beginning of the transformation of online platforms into a positive force in our lives, which lives up to the potential we saw when the platforms first came into being,” says Lisa Woods from Amnesty International Aotearoa New Zealand.

Notes:

The Amnesty and Tāhono #NoHarmware campaign recommends:

• Transparency: Tech companies should clearly show how their algorithms work, like what content they recommend, what they remove, and how complaints are handled.
• Duty of care: Tech companies must actively try and make sure their products and services are safer by design. This means having strong checks to find risks and ways to reduce them.
• Independent oversight: There should be outside monitoring with the power to penalise companies that don’t follow the rules. Tech companies must also provide reports to show if they are following these rules.
• The Government’s obligations under Te Tiriti o Waitangi are upheld, with Māori genuinely involved in developing this regulation, and that people with lived experience of online harm are heard in shaping the final law.

To learn more about the #NoHarmware campaign and the impact online harm is having on human rights, visit: noharmware.nz