AM Edition: Top 10 Business Articles on LiveNews.co.nz for April 2, 2026 – Full Text

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AM Edition: Here are the top 10 business articles on LiveNews.co.nz for April 2, 2026 – Full Text

Prime Minister Christopher Luxon announces election-year Cabinet reshuffle

April 2, 2026

Source: Radio New Zealand

Chris Penk and Penny Simmonds have been promoted to Cabinet, as the prime minister reshuffles his ministerial lineup.

The reshuffle also sees first-term MPs Cameron Brewer and Mike Butterick made ministers outside Cabinet.

The changes were necessitated by the upcoming retirement of Judith Collins, as well as Dr Shane Reti’s decision to stand down at the election.

Collins’ defence, space, and GCSB and NZSIS portfolios have been given to Penk, Paul Goldsmith takes on responsibility for the public service and digitising government, and Chris Bishop picks up the attorney-general role.

Bishop’s position as Leader of the House has been given to Louise Upston.

Bishop, who was also National’s campaign chair, was widely tipped to lose some ministerial portfolios to ease his workload to free him up for the campaign. Instead, it is the role of campaign chair that he has had to relinquish, to Simeon Brown.

Prime Minister Christopher Luxon said Bishop had a “massive workload” with housing, transport, infrastructure, RMA reform, and his new attorney-general role, and losing the campaign chair was a consequence of that.

Luxon said the two had a “very positive conversation” and he “absolutely” trusted Bishop.

“He’s key to our team, he’s a critical part of our senior leadership group,” he said.

Luxon denied it was anything to do with rumours Bishop was running the numbers against him last year.

“I think you’re really overthinking this,” Luxon said.

He said Brown was equally capable of chairing the campaign, as part of his “brains trust” which included Bishop, Upston, Goldsmith, and Finance Minister Nicola Willis.

Penny Simmonds. RNZ / Angus Dreaver

Simmonds takes up Reti’s science, innovation, and technology portfolio, and his universities role has been disestablished to make Simmonds the minister for tertiary education.

She had previously been minister for vocational education, as well as environment. The latter has been given to Nicola Grigg, who remains outside Cabinet.

Goldsmith also becomes the new minister for Pacific Peoples, with Luxon admitting National did not have Pacific representation.

“I freely admit we don’t have a Pasifika person in our National Party team and in our Cabinet. That’s something that we’re working very hard on. As I’ve said to you before, we need to make sure we continue to work as we go to 2026 on the campaign on getting great candidates from the Pasifika world.”

Brewer, who has been chairing Parliament’s Finance and Expenditure Committee (a weighty role which often leads to a ministerial promotion) has been made minister of commerce and consumer affairs and minister for small business and manufacturing, while Butterick will become minister for land information.

Luxon said he wanted to make a “super small business minister” role by giving Brewer the two roles, while Butterick was a “natural leader” of National’s rural MPs.

Brewer would also take over supermarket reforms, as the previous Commerce and Consumer Affairs minister Scott Simpson had a conflict which had led to Willis taking responsibility.

Other changes include Brown picking up the energy portfolio from Simon Watts, who in turn takes over Brown’s minister for Auckland role.

Chris Penk becomes the new Minister of Defence. RNZ / Nathan McKinnon

Luxon said the past few weeks had underlined how important energy security was, and so was giving the role to a “senior” minister.

He said he had not lost confidence in Watts.

Luxon acknowledged Collins and Reti’s departures.

“New Zealand is better for Judith and Shane deciding to enter public service and I am grateful to count them both as friends. On behalf of the government and the National Party, I wish them all the best for their futures outside Parliament.”

Matt Doocey remains in Cabinet, and has not picked up any portfolios other than his existing mental health role.

He had been the sole South Island representative in Cabinet, but that has now doubled with Simmonds’ addition.

The changes come into effect on Tuesday, 7 April.

Luxon had not reshuffled his lineup since January 2025, other than to promote Scott Simpson to a role outside Cabinet following Andrew Bayly’s resignation.

The reshuffle applies to National Party ministers only, meaning ACT’s Brooke van Velden will continue in her portfolios despite her decision to retire from Parliament at the election.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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NZ-AU: Hall Chadwick Acquisition Corp. Announces Letter of Intent with REEcycle Holdings for De-SPAC Business Combination

April 2, 2026

Source: GlobeNewswire (MIL-NZ-AU)

NEW YORK, April 01, 2026 (GLOBE NEWSWIRE) — Hall Chadwick Acquisition Corp. (Nasdaq: HCACU) (“HCAC”) and REEcycle Holdings, Inc. (“REEcycle”) today announced the execution of a non-binding Letter of Intent (“LOI”) for a proposed de-SPAC business combination.

The proposed transaction values REEcycle at approximately US$600 million, assuming no redemptions by HCAC public shareholders, with REEcycle existing shareholders expected to roll 100% of their equity into the combined publicly listed entity. The transaction is expected to include a minimum US$50 million PIPE financing at US$10.00 per share, providing committed capital at closing and supporting the execution of REEcycle’s near-term growth strategy.

The transaction comes at a pivotal time for U.S. critical minerals policy. China currently controls an estimated 90% of rare earth separation and processing and ~93% of permanent magnet manufacturing globally.1 In response, the U.S. Government, through Department of Defense and Department of Energy initiatives, has committed billions of dollars to strengthening domestic critical mineral supply chains, including rare earth processing.2 REEcycle has been awarded and is drawing upon US$5.1 million of Defense Production Act funding, supporting the advancement of its domestic rare earth processing capabilities.

REEcycle is advancing a technology-led solution to rare earth supply constraints. Its proprietary recycling process extracts and separates rare earth elements from end-of-life electronics and industrial products, offering a faster, lower-capex and scalable alternative to traditional mining. This approach enables near-term domestic supply while reducing exposure to geopolitical disruption.

The global rare earth market was valued at approximately US$19 billion in 2025 and is projected to reach ~US$36.7 billion by 2034, with recycling expected to grow at an accelerated rate as demand for domestically sourced materials increases.3

REEcycle’s Executive Chairman and largest shareholder is Mick McMullen, a highly respected mining executive with over 30 years of leadership experience across global mining and capital markets. He is best known for his tenure as President and CEO of Detour Gold Corporation, where he grew the company’s market capitalisation from C$2.1 billion to C$4.9 billion in nine months, culminating in its acquisition by Kirkland Lake Gold.4 His investment in REEcycle reflects strong conviction in recycling-led onshoring.

“We are addressing a critical U.S. supply gap with a faster and more capital-efficient solution than traditional mining, scalable across the U.S. and globally. This is both a technology opportunity and a national security priority.”

— Mick McMullen, Executive Chairman, REEcycle Holdings

Hall Chadwick Acquisition Corp. raised US$207 million in its Nasdaq IPO in November 2025 and is focused on transactions in critical minerals and industrial technology sectors.

“REEcycle represents a rare combination of proprietary technology, experienced leadership, and direct alignment with U.S. critical minerals strategy. We see this as a platform capable of becoming a meaningful domestic supplier, and we are excited to bring that opportunity to public investors.”

— Alex Bono, CEO, Hall Chadwick Acquisition Corp.

Exclusivity

The parties have agreed to a 60-day exclusivity period to undertake due diligence and negotiate a definitive Business Combination Agreement.

Non-Binding Letter of Intent

The LOI is non-binding and subject to the execution of definitive agreements, completion of due diligence, required approvals, and customary closing conditions. There can be no assurance that a transaction will be completed.

Important Information

This press release contains forward-looking statements regarding the proposed business combination, including expected structure, financing, timing and benefits. These statements involve risks and uncertainties that could cause actual results to differ materially, including the ability to execute definitive agreements, obtain approvals, satisfy closing conditions and maintain listing status. This press release does not constitute an offer or solicitation of securities. In connection with the proposed transaction, HCAC intends to file a registration statement on Form S-4 with the SEC. Investors are urged to review these materials when available at www.sec.gov. No obligation is undertaken to update forward-looking statements except as required by law.

1 CSIS, “China Rare Earth Restrictions,” 2025.
2 U.S. State Dept., “Critical Minerals Fact Sheet,” 2026.
3 Grand Research Store, “Rare Earth Market Report,” 2025
4 Globe and Mail, “Kirkland–Detour Gold deal,” 2019; Business Wire, “Kirkland Lake Gold acquisition,” 2019.

– Published by The MIL Network

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HKSTP Presents ‘Global Connect – Global Innovation Exchange’

April 1, 2026

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 1 April 2026 – Hong Kong Science and Technology Parks Corporation (HKSTP) celebrated the launch of ‘Global Connect – Global Innovation Exchange (GIE),’ a platform that creates a pull for innovation and technology (I&T) ecosystems from the World to Hong Kong, to pour collective efforts into maximising exposure and impact of emerging startups and solutions.

Representatives of consulates and chambers of commerce from 17 countries were in attendance in supporting the cause of the ‘Global Innovation Exchange’ network.

The GIE was designed to bridge for China-HK-International with I&T developments, where year-long international engagement activities are in the works, including a curated series of country-and market-focused networking events, with UK, France, and Germany lined up from April to June, as well as success story sharing sessions, opportunity overviews, and potential partnership projects examinations, building as a two-way gateway enabling overseas innovators leverage the city as a springboard into the vast opportunities in the Greater Bay Area (GBA) opportunities, while supporting companies moving from the Chinese Mainland to Hong Kong and onward to international markets.

Representatives of 17 countries were in presence, apart from local bodies, in supporting the cause that tech ventures are to be introduced to markets overseas, and vice versa. Maurits ter Kuile, Consul General of the Netherlands in Hong Kong and Macao, stated: “Hong Kong is an interesting spot for Dutch companies that are looking to explore the Chinese market. Language, regulations, taxes and an international orientation, are part of the attraction. As a Dutch government body that is looking to support them, we would say that the GIE looks like an appealing concept to give them a leg up.”

Panel discussions on Hong Kong’s unique position on the world stage as a multicultural anchor for the flow of capital in and out of Asia, echoed the notion. Johannes Hack, Chairman of European Chamber of Commerce, said “One of the challenges when setting up a partnership is understanding the other side’s value drivers. Only when you truly match what each side expects can the joint business flourish. Hong Kong is an excellent place to establish common ground and HKSTP is a great partner to support finding a shared vision.”

Terry Wong, CEO of HKSTP, said “We introduced ‘Global Connect – Global Innovation Exchange’ with heart full of confidence that it will bring convergence of all efforts under one platform, so that international networks, delegations, and I&T communities are able to connect better with more seamless access to even broader resources.”

The Network represented not an event, but an enunciation of commitment to contribute in driving an influx of cross-border business matching and investment opportunities, further strengthening the city’s appeal as an international I&T hub, and continuing the momentum of technological advancement in the GBA and beyond.

Hashtag: #HKSTP

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

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Why retailers are hoping you don’t work from home

April 2, 2026

Source: Radio New Zealand

RNZ

Employers might be being encouraged to let people work from home if they are struggling with fuel costs, but not everyone hopes they heed the message.

As fuel costs have risen in recent weeks, unions have called on organisations such as banks to be more flexible with staff wanting to skip the commute.

Retail NZ chief executive Carolyn Young said that should be done carefully.

“This is an economic issue, not a health issue. The work from home edict [during Covid] came about because there were concerns that ongoing engagement and connection with people could cause harm to people’s lives.

“We’re not in that situation, this is quite a different situation. The economic situation would be worse if people don’t come into towns and cities across the country. If people stop coming into town they stop buying. Eighty-five percent of sales are done in person, in store, people in town. They’re walking past shop windows, they’re seeing items they might need.”

Retail NZ chief executive Carolyn Young. Supplied

The increased prevalence of working from home through Covid has been credited with changing the makeup of some central business districts around the country.

Young previously told RNZ that she worried that foot traffic levels might never return to where they were, for some businesses.

But Brad Olsen, chief executive at Infometrics, said consumer confidence more generally was likely to be more of a concern for retailers than whether people were working from home.

When people were at home, their spending tended to drift more to food-related items, he said. The pattern of spending could be affected, but the total amount would not be.

“I don’t think it’s a full and complete view that people only spend when they’re working in town and don’t spend otherwise.”

Brad Olsen, chief executive at Infometrics. RNZ / Samuel Rillstone

But he said the wider economic environment had more potential to dent total spending. “The wider impact of having to spend more on fuel, people are more worried about the economy, that will drive overall spending down. If we see spending activity drop it won’t be because people are working from home, it will be because people are paying more for fuel and worried about their financial lives.”

Westpac chief economist Kelly Eckhold said it would make it harder for CBD retail. “But past experience suggested that there were flows of business to suburban shops and cafes when WFH was more prominent. I would expect the same dynamics again.”

‘Big hit coming through on households’ disposable income’

BNZ chief economist Mike Jones said it would add to all the other headwinds on spending at the moment.

“Chief among them is the big hit coming through on households’ disposable income from the fuel cost spike. Cuts are being made to discretionary spending already. But there’s also a potentially weaker labour market and reduced job security to contend with, broader cost of living pressures, and reduced tourism spending. It’s shaping up as a big hit and consumers are feeling it, as we saw from last week’s slump in consumer confidence.”

But Young said going back to isolating at home would not be a solution to an economic crisis.

“That creates another beast in itself and it multiplies the impact of the inflationary measures if we get to a place where people stop coming into town and they stop buying a coffee and they stop going into the stores to buy things. More businesses will close, which creates greater, you know, demise for the New Zealand economy.”

She said she had seen some positive economic data in the early months of this year and had been hoping that 2026 would be a time of recovery.

“Then of course in March we’ve been hit by this and it feels like another blow and we just can’t seem to get a break.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Easter weekend: What’s open, what’s not and when you have to pay a surcharge

April 2, 2026

Source: Radio New Zealand

Some stores will be forced to close on certain days over Easter weekend. RNZ/Nick Monro

It’s that time of year again – but before you unwrap the chocolate bunnies, be sure you’re aware of what Easter weekend holiday closures and shop hours will be.

What will be open?

Good Friday is a public holiday, and so is Easter Monday.

However, the trading restrictions that mean many stories will close are only in effect on Good Friday and Easter Sunday.

The government requires retail stores to close for three-and-a-half days a year – Good Friday, Easter Sunday, Christmas Day and Anzac Day morning until 1pm.

Dairies, service stations and cafes are allowed to open under certain conditions.

However, to complicate things, local councils can also make some exceptions.

There are three types of exemption to the shop shutdowns:

  • tourist resorts such as Taupō and Queenstown on Easter Sunday only
  • places where the local council has said shops can open on Easter Sunday only
  • certain kinds of shops (limited to “small grocery shops”, service stations, takeaways, bars, cafes, duty-free stores, “shops providing services” (and not selling things), real estate agencies, pharmacies, garden centres (only on Easter Sunday), public transport terminals, souvenir shops and exhibitions “devoted entirely or primarily to agriculture, art, industry and science”).

Everyone else has to keep the doors shut on Good Friday and Easter Sunday, including department stores and supermarkets.

Which means that if you’re going shopping on Thursday, you might face a horde of shoppers desperately stocking up for the prospect of a day or two without the shops open. Be prepared.

So the shops are open on Easter Monday?

Yes – although they can choose to close if they want, so check first. Supermarkets and such should generally be open though, if you need to stock up on your chocolate.

Wait, so why isn’t Easter Saturday a holiday? How come Monday is the public holiday and not Easter Sunday?

We don’t make the rules.

Will there be surcharges?

Shop owners typically cite increased wage costs for employees who work on public holidays.

Some places may add a surcharge over Easter weekend, but there are strict guidelines from the Commerce Commission about how much and when.

They’ve got to clearly disclose the surcharge in advance, not hidden behind the counter or on a note put back in the employee toilets.

Businesses can’t mislead about why they’re doing a surcharge – the Commerce Commission notes that “For example, a business must not claim it is applying a surcharge on Easter Sunday because it is a public holiday. This would be inaccurate because the only public holidays over the Easter weekend are Good Friday and Easter Monday.”

If a surcharge feels misleading, you can report it to the Commerce Commission.

What if you have to work?

You usually can only be required to work public holidays if it is stated in your employment agreement and the public holiday is on a day you will normally work.

If you’re working on a public hoilday, you generally must be paid time and a half and given a day in lieu.

Okay, so can I get a drink?

There have been restrictions about buying alcohol over Easter, but that is likely to change a little this year.

A member’s bill from Labour MP Kieran McAnulty that passed its third reading Wednesday would amend the Sale and Supply of Alcohol Act to allow premises that are already open on Good Friday, Easter Sunday, Anzac Day morning and Christmas Day to sell alcohol under normal licence conditions.

It is possible it may receive royal assent on Thursday, in time for Good Friday. However, the bill would not change rules around bottle shops or supermarket alcohol sales.

What else should I know?

While you’re at it, don’t forget that Daylight Saving time ends on Sunday, too. It’s all go this four-day weekend.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Much-needed relief for hospitality businesses in time for Easter

April 2, 2026

Source: New Zealand Government

A member’s bill reforming alcohol laws comes into force at midnight tonight, providing much-needed regulatory relief and clarity for the hospitality sector just in time for the Easter long weekend, says Associate Justice Minister Nicole McKee.

The Sale and Supply of Alcohol (Sales on Anzac Day Morning, Good Friday, Easter Sunday, and Christmas Day) Amendment Bill, put forward by Hon. Kieran McAnulty, received Royal Assent today.

“As the Minister responsible for the Sale and Supply of Alcohol Act, I want to provide clear guidance to hospitality businesses about what this change means in practice,” says Mrs McKee.

The Ministry of Justice has published guidance on their website for the benefit of those involved in the alcohol regulatory system. 

“Thanks to this law, and a common-sense amendment from ACT MP Cameron Luxton, bars and pubs will no longer be forced to close at midnight tonight, or wait until 12.01am on Saturday morning to open.

“This is a practical fix that removes confusion and inconsistency between alcohol laws and shop trading restrictions.

“It also removes outdated requirements at restaurants and cafes for customers to order a ‘substantial meal’, and restrictions preventing alcohol from being served more than an hour before or after eating.

“Businesses that hold an on-licence can now operate under their normal licence conditions across Good Friday and Easter Sunday, as well as Anzac Day morning and Christmas Day.

“We are aware of some businesses that have been planning to open or host events this weekend, but have had concerns raised about whether doing so would be lawful, or whether they can even promote events that are conditional on the law being passed.

“This change makes it clear: those businesses can now proceed with confidence that they can operate under their normal licence conditions, without fear of falling foul of the law.

“Regulatory agencies are aware of the changes and will apply the new law from midnight tonight.

“Any business experiencing difficulties or being advised otherwise is encouraged to contact my office directly via my email N.McKee@ministers.govt.nz which will be monitored over the weekend.”

Mrs McKee says the change provides long-overdue certainty for the sector.

“This is huge for hospitality, especially after a rough few years, and something I’ve been keen to see fixed for some time.

“In practical terms, it means treating Kiwis like adults. These days are important to many New Zealanders, but people should be free to recognise them in their own way.

“No business will be forced to open, and no one will be required to drink. This is about restoring choice.”

ACT MP Cameron Luxton was responsible for the amendment ensuring bars and pubs can continue trading past midnight.

“I put forward this amendment after realising that the opening night of Christchurch’s new Te Kaha Stadium would have been cut short by outdated alcohol laws on Anzac weekend,” says Mr Luxton.

“This change will also benefit hospitality businesses on other restricted trading days, including Good Friday and Easter Sunday this weekend.

“Taxpayers and Christchurch ratepayers have invested hundreds of millions of dollars into this stadium, in part to drive economic activity and showcase the city.

“It would have made no sense to undermine that opportunity during the opening weekend, when 10 Super Rugby teams and tens of thousands of supporters will be in town, simply because the day after opening falls on Anzac Day.”

Mrs McKee says the change will also improve public safety.

“The last thing we want is large numbers of people being pushed out onto the streets all at once at midnight. That creates unnecessary risk, particularly with large crowds and international visitors who may not understand what’s going on.

“Allowing venues to operate under their normal trading hours means people can leave gradually and safely, rather than all at once.

“This is a good example of MPs across Parliament working together to fix what matters and solve practical problems for New Zealanders. I hope to see more of this.”

Notes to editors:

  • The Ministry of Justice has published the attached fact sheet here: https://www.justice.govt.nz/about/news-and-media/news/changes-to-alcohol-sales-on-restricted-trading-days/
  • As originally drafted, Kieran McAnulty’s member’s bill would allow businesses to sell alcohol under their normal licence conditions every day of the year – but only if their principal business is selling food (i.e. restaurants and cafes). Many bars and pubs don’t fit this requirement and therefore would be forced to remain closed under separate Shop Trading Hours Act restrictions relating to alcohol. Cameron Luxton’s amendment overrides the Shop Trading Hours Act restrictions in this narrow situation.

MIL OSI

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Live: Prime Minister Christopher Luxon announces election-year Cabinet reshuffle

April 2, 2026

Source: Radio New Zealand

Chris Penk and Penny Simmonds have been promoted to Cabinet, as the prime minister reshuffles his ministerial lineup.

The reshuffle also sees first-term MPs Cameron Brewer and Mike Butterick made ministers outside Cabinet.

The changes were necessitated by the upcoming retirement of Judith Collins, as well as Dr Shane Reti’s decision to stand down at the election.

Collins’ defence, space, and GCSB and NZSIS portfolios have been given to Penk, Paul Goldsmith takes on responsibility for the public service and digitising government, and Chris Bishop picks up the Attorney-General role.

Bishop’s position as Leader of the House has been given to Louise Upston.

Penny Simmonds is returning to Cabinet after an earlier demotion. RNZ / Angus Dreaver

Simmonds takes up Reti’s science, innovation, and technology portfolio, and his universities role has been disestablished to make Simmonds the minister for tertiary education.

She had previously been minister for vocational education, as well as environment. The latter has been given to Nicola Grigg, who remains outside Cabinet.

Brewer, who has been chairing Parliament’s Finance and Expenditure Committee (a weighty role which often leads to a ministerial promotion) has been made minister of commerce and consumer affairs and minister for small business and manufacturing, while Butterick will become minister for Land Information.

Other changes include Simeon Brown picking up the energy portfolio from Simon Watts, who in turn takes over Brown’s minister for Auckland role.

Chris Penk becomes the new Minister of Defence. RNZ / Nathan McKinnon

Prime minister Christopher Luxon said the past few weeks had underline how important energy security was, and so was giving the role to a “senior” minister.

Luxon acknowledged Collins and Reti’s departures.

“New Zealand is better for Judith and Shane deciding to enter public service and I am grateful to count them both as friends. On behalf of the government and the National Party, I wish them all the best for their futures outside Parliament.”

The changes come into effect on Tuesday, 7 April.

Luxon had not reshuffled his lineup since January 2025, other than to promote Scott Simpson to a role outside Cabinet following Andrew Bayly’s resignation.

The reshuffle applies to National Party ministers only, meaning ACT’s Brooke van Velden will continue in her portfolios despite her decision to retire from Parliament at the election.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Cost of living to rise 50 pct more than expected this year – economists

April 2, 2026

Source: Radio New Zealand

A rise in fuel costs is expected to affect the price of other goods and services. RNZ

  • Household living costs about $55 a week higher this year – ASB research report
  • About 50 pct higher than might have been because of Middle East conflict
  • Higher fuel costs add $16.50 a week
  • Flow through to other goods and services, dampening demand, growth, jobs
  • Assumes conflict ends mid-year, easier costs by year end

Households face a $55 a week rise in living costs this year partly because of the Middle East conflict, according to ASB economists.

In a research report released Thursday they said the cost of living will be 50 percent higher than it might normally have been, with a direct hit from the rise in fuel costs and indirect increases in the price of other goods and services.

“Overall, the recovery in household consumption we had pencilled in for 2026 now looks to be a 2027 story,” ASB chief economist Nick Tuffley said.

He said there was much uncertainty because of the conflict.

“Our central assumption is that the conflict lasts for three months, and that the price impacts last another three months.”

The report said it expected the increase in fuel costs to add $16.50 a week directly to living costs, with rural communities feeling the pinch harder because of a greater reliance on diesel-fuelled private transport.

It expected not just a drop in spending but also a change in spending habits.

“Typically, during times of financial pressure, households prioritise essential purchases such as groceries, food and beverages, and pharmaceuticals, while reducing spending in other areas.

“This shift in spending patterns is expected to partially offset the overall increase in household expenses.”

The report’s base assumption was that the conflict would last three months to about mid-year, with the biggest impact on spending would be over the next six months before the start of a rebound in the final three months of the year.

Iran has threatened to sink tankers transiting through the Strait of Hormuz. AFP PHOTO /NASA/HANDOUT

Bigger hit to broader economy

The weaker domestic demand was also expected to affect other parts of the economy.

“Given that the conflict in the Middle East is also likely to impact economic growth, we see downside risks to household consumption via both the wealth and labour market channels as well,” Tuffley said.

That would also mean a brake on house prices and job creation.

The temporary increase in the base rate of the in-work tax credit for working about 143,000 families was expected to have only limited impact.

The report said the lift in living costs and its effect on consumer spending was a double edged sword for the Reserve Bank.

“The resultant weakness in domestic demand should help keep a lid on inflation, but it also makes the [Reserve Bank’s] job harder, as weaker growth and rising prices are pulling in opposite directions.”

It was still holding to a forecast of a 25 basis point rise in the official cash rate in December to 2.5 percent, but was watching the risk that the RBNZ may have to raise sooner and more aggressively because of medium-term inflation pressures.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Property Market – Property values not feeling war effects … for now

April 2, 2026

Source: Cotality

Property values across Aotearoa New Zealand increased by 0.2% in March, matching the same rise seen in February. While this marks a modest lift, it comes against the backdrop of the Iran conflict that began in late February and continues to weigh on business and household confidence.

Cotality NZ’s latest Home Value Index (HVI) also shows that the national median value in March of $802,599 was -1.3% lower than a year ago and still down by -17.1% from the peak in early 2022 – which was $968,333.

Trends across the main centres were a little more divergent in March, with Kirikiriroa Hamilton and Te-Whanganui-a-Tara Wellington both edging down by -0.1%, while Tauranga and Tāmaki Makaurau Auckland were flat. By contrast, Ōtautahi Christchurch was up by 0.6% and Ōtepoti Dunedin by 0.7%.

Cotality NZ Chief Property Economist, Kelvin Davidson said that March’s subtle rise in property values at the national level would pique the interest of those looking for early signs of a market upturn, but he also noted that uncertainty remains high.

“Coming off the back of February’s small gain, the latest rise means we’ve now had two increases in a row, potentially signalling a change in trend.”

“That being said, the increases in national values in the past two months clearly remain small and have only made a minor difference to the drop from early 2022’s peak.”

“The Iran conflict is throwing an extra layer of uncertainty over everything.”

“In the property market, values were already still proving slow to respond to the falls in mortgage rates since mid-2024 and the nascent economic recovery.”

“The missing piece has probably been a confidence factor, and now, in light of the latest conflict and sharply higher fuel prices, it’s difficult to see housing sentiment or property values lifting sharply in the near term.”

“Of course, there are always two sides to the coin, and while some sellers/owners may not be too pleased with current housing conditions, first home buyers are capitalising – provided that they feel secure about their jobs in this current uncertain environment.”

“In a nutshell, both the economy and housing market still face a testing period ahead.”

Index results for March 2026
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Tāmaki Makaurau Auckland
0.0%
-0.2%
-3.4%
-23.1%
$1,039,955
Kirikiriroa Hamilton
-0.1%
0.6%
-2.1%
-12.5%
$723,721
Tauranga
0.0%
0.1%
2.0%
-14.7%
$917,527
Te-Whanganui-a-Tara Wellington*
-0.1%
0.1%
-1.7%
-25.0%
$771,699
Ōtautahi Christchurch
0.6%
1.1%
2.4%
-2.2%
$689,739
Ōtepoti Dunedin
0.7%
1.7%
2.0%
-9.3%
$622,269
Aotearoa New Zealand
0.2%
0.3%
-1.3%
-17.1%
$802,599

Tāmaki Makaurau Auckland

Tāmaki Makaurau Auckland saw flat property values in March across the market as a whole, but this reflected ups and downs at a more granular level. For example, Manukau saw a 0.3% rise, while North Shore was up by 0.2%. Yet Rodney, Waitakere, and Franklin all dropped by -0.3% or more.

Waitakere and Franklin have also been weaker over a three-month period to start the year (down by -0.8% and -0.9% respectively), while North Shore and Manukau have both edged slightly higher since December.

Mr Davidson said, “Auckland’s housing affordability has improved significantly in recent years as more supply has become available, prices have dropped, and incomes have increased. It’s not cheap as such, but better affordability probably does still set the scene for rising house prices eventually.”

“It’s just that in the meantime, general economic confidence around Auckland still looks subdued and it doesn’t benefit as much from a booming agricultural sector as much as say the Canterbury/Christchurch or Otago/Dunedin areas – where property values lifted again in March.”

“Until we can see more of an improvement in the services sector of the economy, Auckland’s housing market may well remain slow – but favourable for buyers.”

 
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Rodney
-0.3%
-0.6%
-2.4%
-21.3%
$1,194,535
Te Raki Paewhenua North Shore
0.2%
0.1%
-0.8%
-17.9%
$1,299,465
Waitakere
-0.3%
-0.8%
-2.7%
-24.9%
$902,907
Auckland City
-0.1%
-0.2%
-4.8%
-24.6%
$1,073,683
Manukau
0.3%
0.3%
-3.8%
-24.5%
$975,458
Papakura
-0.1%
-0.4%
-3.4%
-24.1%
$796,089
Franklin
-0.4%
-0.9%
-3.9%
-23.2%
$916,700
Tāmaki Makaurau Auckland
0.0%
-0.2%
-3.4%
-23.1%
$1,039,955

Te Whanganui-a-Tara Wellington

Variability in property values was also on show in the wider Te Whanganui-a-Tara Wellington area in March, with Te Awa Kairangi ki Tai Lower Hutt for example dropping by -0.6%, but Kāpiti Coast and Te Awa Kairangi ki Uta Upper Hutt both rising by at least 0.7% over the month.

That being said, Wellington has still broadly been one of the weakest parts of the country over a longer horizon, with all sub-markets down to some degree over the past 12 months and all by more than 20% from the peak.

Mr Davidson noted, “to a degree new housing supply will have been one factor keeping a lid on values lately, especially in the markets outside Wellington City itself. But as we also see in Auckland, economic confidence in the Wellington area remains muted and it clearly also has a lower exposure to growth sectors such as farming. In this environment, it’s no great surprise that Wellington’s property values remain patchy.”

“The Iran conflict may again push this year’s election into the background for a while, but as domestic political uncertainty rises later in 2026 this is also cause for caution around Wellington’s house prices.”

 
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Kāpiti Coast
0.7%
1.7%
-2.2%
-21.8%
$786,281
Porirua
-0.1%
-0.5%
-3.0%
-24.2%
$731,942
Te Awa Kairangi ki Uta Upper Hutt
0.9%
1.0%
-0.7%
-23.8%
$707,441
Te Awa Kairangi ki Tai Lower Hutt
-0.6%
-0.5%
-3.4%
-26.9%
$657,422
Wellington City
0.0%
0.4%
-0.8%
-24.6%
$857,311
Te-Whanganui-a-Tara Wellington
-0.1%
0.1%
-1.7%
-25.0%
$771,699

Regional results

March’s data showed a pretty consistent picture of rising property values in the next tier of markets down from the main centres, with areas such as Te Papaioea Palmerston North and Ngāmotu New Plymouth only edging higher (0.1% apiece) but Ahuriri Napier up by 0.7%, Tairāwhiti Gisborne 0.8%, and Waihōpai Invercargill by 1.7%.

“Invercargill continues to outperform most other parts of the country, rising by 7.1% over the past 12 months. Wairoa and Grey Districts are the only other areas to have growth of 7% or more since March last year,” Davidson noted.

“Invercargill also sits alongside Grey, Westland, Ashburton, Timaru, Central Otago, Southland District, and Gore as the only markets where house prices are currently at a new peak. Those are all in the South Island and with a strong farming base.”

“Of course, even in these areas, the Iran conflict puts a new level of uncertainty into the mix, especially around diesel supply for primary production. In other words, housing market activity and prices in most if not all parts of the country are vulnerable to this developing economic shock.”

 Region
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Whangārei
0.4%
0.4%
-1.3%
-19.3%
$725,087
Heretaunga Hastings
0.2%
0.6%
-0.5%
-17.9%
$730,431
Te Papaioea Palmerston North
0.1%
0.7%
1.8%
-17.8%
$594,523
Ahuriri Napier
0.7%
1.3%
0.1%
-17.6%
$710,615
Tairāwhiti Gisborne
0.8%
1.4%
4.0%
-13.6%
$608,363
Whakatū Nelson
0.4%
0.7%
-1.1%
-13.3%
$714,059
Rotorua
0.2%
0.6%
-0.8%
-12.2%
$652,298
Whanganui
0.3%
1.3%
2.4%
-9.5%
$497,509
Ngāmotu New Plymouth
0.1%
-0.9%
-1.7%
-6.7%
$698,943
Tāhuna Queenstown
0.3%
2.2%
2.9%
-2.0%
$1,583,378
Waihōpai Invercargill
1.7%
2.6%
7.1%
At peak
$531,571

Property market outlook

Mr Davidson noted that the Reserve Bank remains on high alert and although there won’t necessarily be any knee-jerk official cash rate rises in the short term, it’s important to remember that mortgage rates are driven by a broader range of factors.

“Global uncertainty stemming from the Iran conflict and concerns about wider inflationary pressure have already seen interest rates rise in world money markets, and that’s flowed through to mortgage rate lifts at some NZ banks.”

“Many households will be watching that very closely and recent data shows there’s recently been a strong shift by borrowers towards fixing longer.”

“That will give some sense of security to individuals, but for the wider housing market the risks of higher inflation, rising interest rates, and/or a softening economy both point to headwinds,” Davidson said.

“Indeed, our modelled forecast for property sales to rise from around 90,000 last year to 100,000 this year is starting to look a stretch. In the end, though, everything is a watching brief at the moment when it comes to the economy and housing market.”

MIL OSI

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Union win for home support workers – but mileage increase still falls short – PSA

April 2, 2026

Source: PSA

A temporary increase in the mileage allowance for home support workers is a welcome response to the fuel crisis but more is needed.
Health Minister Simeon Brown announced today a temporary 12 month increase in the allowance from 63.5 cents to 82.5 cents per kilometre.
“This is a positive step forward for home support workers who have been subsidising our public health system system with their own vehicles and their own wallets for too long,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pukenga Here Tikanga Mahi.
“This is a win for these low paid workers doing essential life-preserving work in clients’ homes all over New Zealand. They campaigned loud and strong for an increase, but this must be just the beginning of the support they need.
“These workers were already doing it tough after the Government cancelled pay equity, stripping away the prospect of fair pay for a workforce that is overwhelmingly female and chronically undervalued.
“The mileage rate has been frozen since March 2022. Fuel prices have surged, vehicle running costs have climbed, and these workers have worn every cent of that gap. A temporary fix does not cut it. It must be higher, it must be made permanent.”
The PSA is continuing legal action in the Employment Relations Authority, arguing that requiring home support workers to use their own vehicles as a tool of the trade breaches the Wages Protection Act 1983. That claim will proceed regardless of today’s announcement.
“The mileage allowance must be set at an adequate level that properly reflects costs and we still need to see the annual statutory review of the In-Between Travel allowance result in further increases,” said Fitzsimons.
“Many home support workers cannot get enough guaranteed hours to earn a decent living. The additional hours that top up their incomes can change week to week, leaving them with precarious and unpredictable pay.”
The Government’s Employment Leave Bill adds further pressure. Many home support workers are part-time, and the proposed changes to sick and annual leave entitlements will leave them worse off.
“The Government has taken away pay equity, offered a temporary mileage fix that does not go far enough, and is now moving to cut leave entitlements for part-time workers.
“Every one of these decisions hits the same workers: women, part-time, doing essential work for low pay – it speaks so much to this government’s priorities – workers won’t forget the $3 billion tax cut to landlords, money that could have helped make their lives better.
“The PSA will keep fighting for home support workers in the ERA, at the bargaining table, and wherever else it takes. These workers deserve a permanent, adequate mileage rate, secure hours, and the pay equity they were promised.”
Previous statement
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

MIL OSI

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