On the third anniversary of the fatal Loafers Lodge fire, the senior station officer who lead the response says crews were confronted with an “absolute nightmare of a scene”, which escalated rapidly.

Michael Wahrlich, Melvin Parun, Peter O’Sullivan, Kenneth Barnard and Liam Hockings died, when the the blaze, which was deliberately lit, swept through the multi-storey budget accommodation building with nearly 100 people inside.

Operating out of Newtown fire station on 16 May, 2023, senior station officer Clark Townsley was charged with making the first decisions on how to fight the fire.

He said residents and people were beginning to gather on the street, as fire crews arrived, and thick black smoke was already pouring from the upper windows of the building.

A nightmare scene

“It’s amazing how quick you kick into gear,” Townsley said. “You go from being at the station and, within about three minutes, you’re at an absolute nightmare of a scene.

“The gravity of it was almost instantaneous. This is a highly densely tenanted building and the smoke was just so thick.

“It was quite terrifying.”

Inside the building, Townsley had only moments to assess the extent of the blaze and to determine the safety of the structure.

“I’d never ask anybody to do anything I wouldn’t,” he said. “Sending some of your friends into a potentially catastrophic incident, it’s not something you take lightly.

“It was either ‘we do something or people will die’, and ‘if we do do something, people might die’. We’ve got training, we’ve got equipment, those people inside they’ve got nothing, so we had to give it a go.”

Crews got to work fighting the fire, while Townsley began to organise teams to search for trapped residents.

“While I was doing that, I’m getting – over the radio – that there’s people inside still and then, as I’m trying to deal with that, there’s people on the roof,” he said. “As I was delegating the aerial [appliance] to get those off, then the ambulance officer comes and tells me that there’s people jumping out of the window.

“This all happened well inside the first 10 minutes.”

Fire crews withdraw as conditions become unsurvivable

Conditions inside the building deteriorated rapidly and firefighters were forced to withdraw from the building.

“Once the crews started saying that the roof was coming in on them and that they were starting to see conditions for flash over [the simultaneous ignition of any combustible materials in an enclosed area] – which is almost unsurvivable conditions for people inside – we were lucky to get our guys out.

“Subsequently, talking to one or two [firefighters], they said they thought they were going to die inside. We pushed all of the limits and tactics to their absolute limit.

“Everybody gave 100 percent to everything they did in there. We tried everything we could, but the conditions were horrific.”

Lasting impact of Loafers Lodge fire

Townsley said, when he came away from the fire, 15 people were still unaccounted for. The feeling of that moment has stayed with him to this day.

“That’s a lot,” he said. “Five is a lot.

“One is too many, but you have to remind yourself that building had the capacity for 105 people.

“You have to be positive. We did everything we could to help those people in there.

“Obviously, it doesn’t sit well with me. We play to win, we don’t go in there to lose lives.”

Townsley testified in court proceedings where Esarona Lologa was convicted of the murder of five victims of the fire.

Townsley, who Wellington branch president of the New Zealand Professional Fire-fighters’ Union, refused a citation for his work on the fatal blaze, calling it “premature and inappropriate”.

He said he’d had the opportunity to talk to some of the survivors of the fire, and the experience had given him an insight into the community and relationships among the building’s residents.

He spoken to one former resident, who had taken nearly a year to find a new place to live, as he struggled to feel safe in the standard of accommodation offered by social services.

“All of these things start making you think a little bit more about what we do and how we do it, with other agencies, and things like health and mental health,” Townsley said. “They’re all very much interlinked and now I see how important these safety nets in our communities really are.”

He said the fire had also taken a toll on the crews who fought the blaze.

“It’s not done without leaving a little bit of scar tissue. It always leaves you with a bit of something.”

Fire and Emergency said its thoughts were with those who lost loved ones during the Loafers Lodge fatal fire, those who survived this tragic event and those impacted by it.

“This includes our own people, who faced severe fire conditions, yet performed multiple rescues that evening, as well as our 111 calltakers.

“By the very nature of what we do, our people can be exposed to traumatic events. When this happens, Fire and Emergency New Zealand has processes in place to ensure we offer them comprehensive support.

“This includes wellbeing advisors and psychologists, our employee assistance programme and peer support network, all of which are available to all our personnel, career and volunteer.

“Our people’s safety, health and wellbeing are paramount. We are continuing and will continue to provide support to those involved in the Loafers Lodge response.”

Loafers site to be redeveloped

In late 2025, Wellington developer Primeproperty Group agreed to purchase the property.

The group said it had bought the ground floor of the building, but the remainder of the property would remain under the ownership of the existing owner until April 2027.

It said it was in the early stages of working out what to do with the site, including potential redevelopment for modern apartments, a medical centre or a mixed-use combination of both.

“At this stage, our focus is on understanding the site fully, and ensuring any future considerations are approached thoughtfully, responsibly and with appropriate respect for those affected.”

The group said it recognised the deep significance the site held for many people, and that it was approaching its involvement with care, humility and sensitivity.

“While the events that occurred can never be forgotten, we hope any future decisions regarding the site can balance remembrance and dignity with the opportunity for the building to eventually become a safe, positive and caring place again for future occupants and the wider community.”

Wellington City missioner hoping for closure

Wellington City missioner Murray Edridge said he was delighted Primeproperty had plans to redevelop the site.

“In its current form, it just reminds people every day of the trauma of what happened three years ago.”

Also retraumatising for residents in the last 12 months, he said, had been the murder trial for Esarona Lologa.

“They got to live it all again and that was a terribly difficult process for them.”

Edridge said he believed Lologa’s conviction did not give many residents the closure they hoped for.

A second trial is scheduled for later this year for four people involved with the management and operation of the building.

Each face 10 charges of manslaughter, with two charges relating to each of the five victims.

“I am hopeful that the trial this year of those who were responsible for the building will, in fact, bring that closure,” said Edridge, who still works closely with several of the former Loafers Lodge residents.

“Regardless of the outcome of that trial, it sends a message to building owners, to operators throughout this country that, actually, you need to take responsibility for the people you look after and care for, and make sure they’re OK. I think that’s a really healthy and helpful message to be giving.”

Councillor says families need conclusion

Wellington City Councillor Nureddin Abdurahman said families who had lost their loved ones needed a conclusion.

Families still had unanswered questions about what exactly happened that day and a lot of pain.

He also hoped the end of the court case this year would help bring the chapter to a close for some.

Reviews that followed the fire

A Wellington City Council audit released in June 2023 found 25 similar buildings to Loafers Lodge in the capital. Twenty-one had a current building warrant of fitness, one never had one and three did, but they were not current.

Following the fire, the Ministry of Business, Innovation and Employment (MBIE) launched a probe into 37 buildings like Loafers Lodge – buildings that were at least three storeys tall, a boardinghouse and had no sprinklers. It found more than 100 problems, including smoke detectors not working and unmonitored alarm systems.

Tenancy compliance and investigations team national manager Brett Wilson said boardinghouse compliance remained a priority for MBIE.

“The team works with boardinghouse operators to ensure they are meeting their safety obligations, including a recent operation in Auckland, where 15 properties were visited,” he said. “MBIE has also been focused on providing education and information to tenants on the different types of tenancies, and associated rights and responsibilities.”

Building system, delivery and assurance head Simon Thomas said it also worked closely with local governments in relation to building warrants of fitness and compliance schedules, and had provided guidance on how to improve compliance.

Last year, central government also confirmed it would amend the building code to better protect New Zealanders, following strong calls for change, as part of the nationwide fire safety review.

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

Police, and Fire and Emergency New Zealand, enquiries are underway after one person died following a house fire in Mairehau.

Emergency services were called to a house on Whitehall Street at around 8.25pm on 14 May.

Sadly, a child died at the scene.

One person received critical injuries, three were in a serious to moderate condition, and two received minor injuries. The injured are two adults and four children and were all transported to hospital.

Detective Senior Sergeant Jo Carolan, says a scene guard was put in place at the property overnight.

“Police will be carrying out a scene examination today, including working with Fire and Emergency New Zealand Fire Investigators.”

The cause of the fire is still to be determined, but it is not believed to be suspicious.

At this stage, there is no further information available.

ENDS

Issued by Police Media Centre

MIL OSI

Police, and Fire and Emergency New Zealand, enquiries are underway after one person died following a house fire in Mairehau.

Emergency services were called to a house on Whitehall Street at around 8.25pm on 14 May.

Sadly, a child died at the scene.

One person received critical injuries, three were in a serious to moderate condition, and two received minor injuries. The injured are two adults and four children and were all transported to hospital.

Detective Senior Sergeant Jo Carolan, says a scene guard was put in place at the property overnight.

“Police will be carrying out a scene examination today, including working with Fire and Emergency New Zealand Fire Investigators.”

The cause of the fire is still to be determined, but it is not believed to be suspicious.

At this stage, there is no further information available.

ENDS

Issued by Police Media Centre

MIL OSI

The Government is strengthening plant variety rights (PVR) to protect investments underpinning high‑value exports, regional jobs and global demand for New Zealand produce, Trade and Investment and Agriculture Minister Todd McClay and Commerce and Consumer Affairs Minister Cameron Brewer say.

“High‑value horticulture relies on years, often decades, of breeding, testing and commercialisation. Strengthening the Plant Variety Rights Act 2022 gives New Zealand the intellectual property settings it needs to compete internationally, protect our investment and grow export returns,” Mr Brewer says.

“From drought-resistant grass seed that benefits pastoral farmers, to higher-yielding and better-tasting produce for New Zealanders and our export markets, these changes will provide vital support for growers,” Mr McClay says.

“In 2024, 75 per cent of the $3.5 billion in export returns from kiwifruit and an estimated 55 per cent of the $979 million in export returns from apples came from plant variety rights‑protected varieties. This shows the vital contribution that new plant varieties make to growing export earnings and taking us closer to New Zealand’s ambitious goal of doubling the value of exports in 10 years.

“A successful sector means thriving communities, economic growth, secure jobs and a prosperous economy.”

“Zespri’s projections show that extending the PVR term by five years for SunGold Kiwifruit alone would mean additional revenue of around $1.8 billion over five years from the time of the extension, to the kiwifruit industry and the Biosecurity Science Institute,” Mr Brewer says.

“Growers will also benefit from additional returns as PVR varieties maintain their market value for longer, allowing growers to continue to build high value demand ahead of supply.

“Directly and indirectly we all benefit when our domestic growers are thriving. 

“Breeding and importing new varieties can be a long, expensive and uncertain process. Breeders and importers take a significant risk, and we need to ensure they are supported in this process.”

The Government is also restoring provisional protection, so breeders are covered from day one of their rights application instead of when it is granted.

“This means plant breeders can take immediate legal action if new varieties are stolen and commercially exploited during the application process, which can take up to five years and sometimes much longer,” Mr Brewer says.

“By providing greater certainty and support, we are empowering plant breeders to keep innovating – driving economic growth and ensuring New Zealand remains competitive on the world stage,” Mr McClay says.

“The National-led Government is fixing the basics and building the future by making common-sense changes for industry that help support more opportunities for New Zealanders.” Mr Brewer says.

MIL OSI

Police, and Fire and Emergency New Zealand, enquiries are underway after one person died following a house fire in Mairehau.

Emergency services were called to a house on Whitehall Street at around 8.25pm on 14 May.

Sadly, a child died at the scene.

One person received critical injuries, three were in a serious to moderate condition, and two received minor injuries. The injured are two adults and four children and were all transported to hospital.

Detective Senior Sergeant Jo Carolan, says a scene guard was put in place at the property overnight.

“Police will be carrying out a scene examination today, including working with Fire and Emergency New Zealand Fire Investigators.”

The cause of the fire is still to be determined, but it is not believed to be suspicious.

At this stage, there is no further information available.

ENDS

Issued by Police Media Centre

MIL OSI

Investor confidence fell to 6% in the March quarter, down five percentage points from the previous quarter after stabilising late last year, ASB’s latest Investor Confidence survey shows.

ASB Senior Economist Chris Tennent-Brown says global events played a clear role in shaping sentiment during the quarter.

“The change in mood was especially clear in March, which aligns with the timing of recent global developments. These events tend to amplify uncertainty, even if the underlying economic fundamentals have not materially changed,” says Chris.

Younger investors stood out as a relative bright spot. Net confidence among those under 30 rose to 21%, up from 16% in the previous quarter, while confidence declined for all other age groups. Confidence in KiwiSaver among under-30s also lifted, increasing to 23% from 16%.

Chris says it is important to distinguish between confidence levels and actual market performance.

“While confidence has dipped, the world’s major sharemarkets have continued to perform well, albeit with bouts of volatility. KiwiSaver, managed funds and global share markets have recovered from earlier volatility, with US equities back trading around their highs,” he says.

”Markets are forward-looking and tend to move quickly, which is why making reactive changes based on short-term sentiment can be counterproductive.”

During the quarter, New Zealanders have stuck with familiar, long-term investment options. In terms of perception of best return, respondents rated their own home and KiwiSaver jointly as the investments most likely to provide the best returns, with both options selected by 16% of respondents, while rental property also rose over the quarter.

Overall, the survey reinforces the importance of maintaining a long-term focus, even when confidence softens.

“A key message for investors is to stay anchored to a well-planned, long-term investment strategy rather than reacting to short-term noise,” says Chris.

Notes:

ASB has tracked investor confidence in the NZ market since 1997. This analysis is based on 727 online interviews in Q1 2026 with adults aged 18 years and older throughout New Zealand.  A sample of this size has a maximum margin of error of 3.6% at the 95% confidence level.  Fieldwork occurred between 7th January and 1st April 2026.

MIL OSI

A paediatrican who treats obese teens expects funding to come swiftly for weight loss drug Wegovy.

Pharmac has added the drug to its list of medicines suitable for future funding.

In a decision released on Thursday, the drug-funding agency confirmed it had added Semaglutide – brand name Wegovy – to its list of ‘Options For Investment’, which includes all the medications that Pharmac would fund, if the budget allowed.

Currently unfunded, Wegovy would cost someone about $400 a month.

The order of Pharmac’s list is not made public for commercial reasons, but if chosen, the drug would be available to people with a Body Mass Index (BMI) of more than 50 and also to those with a BMI of more than 35 with at least two co-morbidities.

Auckland University paediatric endocrinology professor Wayne Cutfield said questions remained over final eligibility criteria, whether the drug would be fully funded or subsidised, and – crucially – when, but he did not expect to wait long.

“This isn’t the only drug in their cross-hairs that they [Pharmac] are considering,” he said. “Yes, it’s big and, yes, it’s important, but I don’t know if it will be weeks or months.

“I have no idea, but it’s not going to be years.”

Cutfield said the cost of the drug was prohibitive for many and, if approved as recommended, a huge number of New Zealanders – including teens – would benefit.

“They use the term ‘people’, which doesn’t exclude teenagers, because Wegovy in New Zealand [is] licensed for those over the age of 12. In Australia, it is a far more exclusive recommendation that has been imposed.”

Weight loss specialist Gerard McQuinlan said the addition of Wegovy to Pharmac’s list was significant and the recommended eligibility criteria made sense.

He said comorbidities, such as high blood pressure, obstructive sleep apnea and diabetes, were all improved by weight loss and funded Wegovy could potentially deliver savings to the healthcare system.

McQuinlan hoped approval would come before 2030 and expected Wegovy to be fully funded, with people paying no more than the standard $5 prescription fee.

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

HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 14 May 2026 – The finance industry in Southeast Asia is changing very rapidly, Singapore’s long-standing dominance giving way to the emerging technology markets of Indonesia, Vietnam, and the Philippines. Vietnam alone saw domestic securities trading accounts climb to 12.26 million by February 2026, according to VSDC.

Gone are the days when traders used their desktop terminals. Now, all of this can be done through a smartphone. The use of mobile internet increases day by day, owing to cheap smartphones and improved connections. While Singapore and Malaysia have become the leaders in terms of fintech adaptation, countries like Indonesia and Vietnam are predominantly mobile-first.

Moreover, financial literacy increases in the region every single day, particularly when it comes to young generations. As one can see from statistics, in the Philippines, for example, the proportion of retail investors aged 18–29 equals 26.5%. In Indonesia, over half of all 16.2 million registered investors are under 30.

Factors Driving the Mobile Trading Boom

Here are some factors behind the popularity of mobile trading:

• Availability – a trader can start without high capital and expensive equipment;
• Speed – instant execution and live updating allow reacting to market shifts rapidly;
• Functionality – modern applications offer tools such as charts, indicators, and AI support for analysis;
• Localization – applications offer local payment methods like GCash, OVO, and GrabPay, as well as language support.

All this makes trading more accessible to the wider community of users.

JustMarkets Meeting the Region’s Demands

Brokers have an important part in driving the process. JustMarkets offers all of the advantages described above in its trading app for Southeast Asian clients:

• Integrated TradingView charts for in-depth analysis;
• Instant and efficient execution even in tough market conditions;
• Ability to trade with a leverage of up to 1:3000;
• Localized service that offers regional payment options, different language packs, and support 24/7.

JustMarkets delivers the tools and support for traders at every level to trade on their own terms.

New Habits of Traders

Investors in Southeast Asia are mostly mobile-first and rely heavily on technology. This is clearly visible in Thailand, where internet trading now accounts for 24.61% of all stock exchange activity, supported by 6.82 million active online trading accounts as of February 2026. Many traders do not limit themselves to trading only, finding it necessary to combine this activity with entrepreneurship or freelancing.

Also, governments are actively involved in the growth of fintech companies, working on regulating and improving the infrastructure of the industry in the region.

The Next Chapter in Southeast Asia’s Trading

Technology will always remain the main driver of trading. Artificial intelligence, automation, and analysis of consumer sentiment will provide personalization of this activity for clients. Blockchain technology and new generation mobile connections will make it much faster and more transparent. This will help traders across Southeast Asia align their financial ambitions with the tools to achieve them.

Risk Warning: Trading financial instruments involves significant risk and may not be suitable for all investors. Market conditions can change rapidly, and losses may exceed deposits. This article is for informational purposes only and does not constitute investment advice.

Hashtag: #JustMarkets #trading

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

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

Pharmac has added the weight-loss drug Wegovy to its list of medicines suitable for future funding.

In a decision released Thursday, the drug-funding agency confirmed it had added Semaglutide – brand name Wegovy – to its list of ‘Options For Investment’, which includes all the medications that Pharmac would fund, if the budget allowed.

The order of that list is not made public for commercial reasons.

If chosen for future funding, Wegovy would be available to people with a Body Mass Index of 35 or more with at least two comorbidities.

In February, Pharmac’s obesity treatments advisory group recommended the drug be funded with high priority.

Currently unfunded, Wegovy would cost someone about $400 a month.

The original application was for Wegovy to be funded for chronic weight management in adults with a BMI of more than 30.

According to the 2024/25 New Zealand Health Survey, that would apply to an estimated 34 percent of New Zealanders over 15 years of age, but the committee’s recommendation bumped that up to a BMI of 35, in line with comparable countries like Canada, England and Scotland.

“However, the group also considered that this threshold could be raised to a BMI of 40… if funding treatment down to this level proved to be cost-prohibitive or not cost-effective.”

With a BMI over 50, a person would not need comorbodities to qualify, according to the recommendation.

Below that threshold, a person would need to have at least two of the following – dyslipidaemia, hypertension, diabetes, obstructive sleep apnoea or established cardiovascular disease.

It also included a condition that treatment would stop, if someone did not experience at least a 10 percent reduction in weight after six months.

It noted that, due to the “relatively high prevalence of obesity and weight-related comorbidities, the budget impact of funding semaglutide for weight management would be very high”.

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

Andrew Maaka disappeared suddenly one Tuesday in west Auckland nearly 35 years ago, ceasing all contact with his family.

Despite an open Police investigation, no one has seen or heard from the known Headhunters associate in that time.

Investigators suspect foul play. Now, Waitematā Police are renewing public appeals for information.

Andrew Michael Maaka, who was 29 at the time, was formally reported missing to Henderson Police by family in early 1992.

Detective Inspector Callum McNeill says the circumstances have been considered suspicious from the outset.

“At the time of his disappearance, it was known that Mr Maaka had been involved in criminal networks which created clear concerns for his safety,” he says.

Mr Maaka’s last known sighting was on 5 November 1991, on View Road in Henderson.

That location is the headquarters of the West Auckland Chapter of the Headhunters.

Police initially treated the matter as a missing person’s case, elevating to a suspected homicide investigation.

“There have been no confirmed sightings or contact from Mr Maaka since his disappearance,” Detective Inspector McNeill says.

“The information and intelligence gathered by investigators over this time has only heightened our suspicions, leading to the belief he has likely succumbed to foul play.”

Police believe there are people who have information about what happened to Mr Maaka, and they are urged to come forward now.

“We have received information over the years pointing to specific individuals and locations that may be connected to the case.

“There will be people that still hold vital information that can assist us in seeking closure for Mr Maaka’s whānau 35 years on.

“Anyone who has information about Andrew Maaka, his movements in late 1991 or any events connected to his disappearance should come forward.”

Waitematā Police acknowledge all those who have come forward over many decades with information.

“We are determined to bring about a result in this investigation,” Detective Inspector McNeill says.

“Time does not diminish the importance of this case or the need to bring closure for Mr Maaka’s loved ones.”

Do you have information to assist the Operation Clarity investigation team?

You can provide information to Police online at 105.police.govt.nz or by calling 105.

Please use the reference number 920217/9553.

Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

ENDS.

Jarred Williamson/NZ Police

Note for media: Police have additional still images of Andrew Maaka, please contact media@police.govt.nz

MIL OSI

Communities will have more power to decide how social services funding is spent locally under a new approach being delivered through the Government’s Social Investment Fund, Social Investment Minister Nicola Willis says.

“Expressions of interest are now open for Community-led Commissioning, which will give trusted local leaders and organisations with a proven track record more say over how funding is used in their communities, while holding them accountable for delivering measurable results,” Nicola Willis says.

“The Social Investment Fund is driving this new approach to social services which is focused on improving outcomes for New Zealanders and ensuring taxpayer funding is directed towards what works.

“Every year, the Government commissions more than $8 billion worth of social services – choosing who delivers support, what is delivered, and where funding goes – from non-government organisations, iwi and community providers, in addition to core health and education services.

“Too often, the current way of commissioning means that funding is tied up in siloed contracts, duplicated reporting requirements and Wellington-designed processes that do not reflect local needs.

“This new approach is about giving communities the flexibility to design solutions that work for their people, while maintaining a strong focus on outcomes including; fewer people on the Jobseeker Support benefit, higher educational achievement, better health outcomes, and fewer victims and offenders of crime.

“Following the expression of interest process, shortlisted groups will work with the Social Investment Agency to agree shared objectives, outcomes and accountability measures. A request for proposals process will then follow.

“Ultimately, we want community led commissioning to become the norm – moving away from fragmented government contracts and backing communities to deliver better outcomes for the people they serve.”

The Social Investment Fund is supporting reforms including consolidating NGO contracts, commissioning new outcomes-based contracts, enabling Community-led Commissioning, and developing future funding partnerships with philanthropists.

Notes to editors: 

The Government allocated $190 million in Budget 2025 for the Social Investment Fund. 

Social Investment Fund Ministers will consider recommendations for up to two community commissioning design partners. Expressions of interest will be assessed on their potential to support improved outcomes for their target cohort. Following the design phase, Social Investment Fund Ministers will consider formal Community-led Commissioning proposals for implementation.

Accountability for Community-led Commissioning will be achieved through reporting on progress against the measures and requirements set out in the outcome agreement between the Community-led Commissioning entity and the Social Investment Agency.

More information on criteria and specifics of applying can be found here.

Social Investment Fund FAQs can be found here.

MIL OSI

Analysis – Nicola Willis has put her money where her mouth is and reduced her Budget’s operating allowance for a third year running.

For years, the Finance Minister has been relentless in her criticism of the previous minister, Grant Robertson, and his extensive operating allowances – $5.9 billion in 2022 and $4.8b in 2023 – promising to rein in spending and prioritise fiscal discipline.

In her first Budget in 2024 she told reporters in the lock-up that she was “weaning off the addiction to spending” that Robertson had created over six years of a Labour government.

At that year’s Budget, an operating allowance of $3.5b had been forecast, which was ultimately reduced by $300 million to $3.2b.

Last year the slashing was even more aggressive when a forecast $2.4b allowance was chopped in half by her pre-Budget speech to just $1.3b – a reduction of $1.1b.

And on Wednesday the Prime Minister delivered the news for her, telling a Business NZ audience in Auckland that the forecast $2.4b allowance had been nudged down by $300m to $2.1b.

Those operating allowances are tight, but critics will find it difficult to describe them as austerity, especially with the likes of the Taxpayers’ Union arguing the number should be closer to zero.

Singing from that same songsheet traditionally is the ACT Party. When leader David Seymour was asked at Parliament on Wednesday whether he would have liked the cuts to go further, he said his aim would have been a “less than zero” Budget.

“Speaking as the ACT leader, yeah, I think we need to be a lot tougher on reducing the deficit and reducing government spending, but also speaking as the Deputy Prime Minister, I’m proud to be part of this government and I know that we wouldn’t have made the level of savings we have [without ACT].”

Seymour said the savings had ACT’s fingerprints all over them and his ministers were the ones at the Cabinet table putting pressure on the coalition to make “careful use of taxpayer money”.

Willis told RNZ on Wednesday that if it weren’t for the fuel crisis her operating allowance reduction would be larger and more in tune with the cuts seen last year.

“It is the case that without the fuel crisis, yes, we may have been able to have an even tighter allowance, but my view is that we have achieved a great deal by reducing our forecast operating allowance, ensuring that we’re building up buffers for the future, keeping New Zealand financially secure.”

The buffers are needed more than ever given the increasingly volatile world countries are operating in, where in the space of a few weeks a US-Israel attack on Iran can shoot petrol prices at the pump in New Zealand beyond $3 a litre.

That’s required unexpected support packages that are already chewing up some of the operating allowance put aside for this year’s Budget to the tune of hundreds of millions of dollars.

While the operating allowance restraint speaks direct to Willis’ narrative over the past two-and-a-half years, this year’s Budget is accommodating a $2.2b increase on what was forecast for capital expenditure – up from $3.5b to $5.7b.

Christopher Luxon addressed that increase, saying “the recent crisis has acted as a timely reminder that significant levels of capital investment will be required in the coming years”.

But he also signalled it didn’t reflect a “permanently higher rate of borrowing” and that in the years ahead a balance would be found between saving and borrowing.

Seymour also defended the increased capital spend saying it was to deal with “things that are yet to be announced, that I think are significant and timely investment”, adding that in later years in the fiscal cycle the capital expenditure would reduce.

While Budgets are drastically impacted by global and national events and disasters – think the Christchurch earthquakes, the Covid-19 pandemic, or the ongoing fuel crisis – they’re also shaped by individual government’s political decisions.

Willis will be commended by many for slashing the operating allowances at each of her Budgets to date, but remains open to criticism from other quarters about both what the coalition cut and continues to prioritise spending on.

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

Transformational Acquisitions Expected to Contribute to Long Term Growth Starting 2Q26

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

Good evening, everyone. Thank you to the New Zealand Institute of International Affairs for the invitation to deliver this year’s annual lecture. It’s a pleasure to be here.

I would like to acknowledge NZIIA Patron and former Governor General Sir Anand Satyanand, members of the diplomatic corps, distinguished guests. I would also like to acknowledge the outgoing members of the NZIIA Board, Dr James Kember and Suzannah Jessep and new board members Rosemary Banks and Dr Julia Macdonald.

The NZIIA has been asking hard questions about New Zealand’s place in the world for over seventy years. Tonight those questions are as relevant as at any point in that history.

I want to start with a simple observation. New Zealand is a trading nation. Not in the casual sense that politicians invoke when they want to sound economic – but fundamentally, and structurally.

One in four jobs in this country depends on our ability to sell to the world. A quarter of our GDP is generated offshore. We know that exporters pay higher wages at home and are more productive than domestically focused firms. We are geographically remote, domestically small, and globally dependent. That is not a problem to be solved. It is the defining condition of our economic prosperity.

And the system that has underwritten that economic life – the rules-based international trading order – is under more pressure than at any time since it was constructed after the Second World War.

The Global Trade Landscape
Two developments in the past twelve months have made that pressure acute.

The conflict in the Middle East has disrupted global supply chains in ways our exporters are feeling directly. The closure of the Strait of Hormuz – which carries around 20% of the world’s daily oil supply – has driven up fuel costs and made getting products to market harder and more expensive.

The ceasefire is welcome, but the situation remains fragile, and the impacts on our exporters are real. They are navigating challenges with sourcing key inputs, maintaining competitiveness in the face of rising production and distribution costs, and finding reliable routes to market.

And even before that conflict, our exporters were already navigating a fundamentally changed approach to tariff policy from the United States. And the US is not the only one. Just ask our dairy exporters to Canada. The major economies really are playing outside the rules with very sharp elbows. These shifts are the clearest signal yet of a broader global trend: we are moving from a world governed by shared rules to one increasingly shaped by power.
For a small trading nation, that shift matters more than it does for many other countries.

I want to be clear about the stakes. Our exports rose 11.8% last year in 2025 – growth that happened because Kiwi exporters are world class and consumers will pay a premium for what we produce. That is a remarkable achievement in a difficult environment.

But it is not an achievement we can take for granted. It depends on continued access to markets, continued investment in relationships, and a continued commitment to the rules that provide certainty and transparency and enable our exporters to compete on a level playing field.

Tonight I want to talk about how this Government is responding to that challenge. Not reactively. Not defensively. But with a clear plan. Our plan has three parts: 
•    shoring up and creating new rules that underpin our trade. 
•    building resilience so our exporters can weather disruption. 
•    and innovating – because in a world where the old rules are contested, New Zealand has to earn its seat at the table.

Shoring Up Trade Rules
For a small trading nation like New Zealand, the rules-based system has always mattered more to us than it does to the large economies that can apply asymmetrical bilateral leverage.

Kiwis believe in fairness and the rules deliver exactly that. They level the playing field. They give our exporters the certainty, the transparency, and the market access that no amount of diplomatic relationship-building can substitute for.

It is worth remembering that despite everything, 72% of world trade still takes place under WTO rules. The system is battered. But it is not broken – and New Zealand has a clear national interest in saving as much of the multilateral furniture as possible.

That said, we are pragmatic. Progress at a multilateral level moves slowly. Too slowly for our exporters, who need better and certain access now. Which is why this Government has invested heavily in free trade agreements – the bilateral and regional deals that lock in the access we need and provide certainty that WTO processes alone cannot deliver.

FTAs
In 2025, 71% of New Zealand’s exports were covered by 17 high-quality FTAs. That is not an accident. It reflects a sustained, deliberate investment in trade architecture over 25 years – and this Government has moved faster and further than any that came before.

The results are tangible. Since our EU FTA entered into force in May 2024, New Zealand’s exports to the EU have grown by NZ$3 billion. Our exports to the UK grew 13% in the year to December 2025, following the conclusion of our UK FTA. 
Our exports to the UAE have seen record growth of 33% following that agreement’s entry into force.

And we have now concluded a deal with India – the world’s soon-to-be third largest economy, with 1.4 billion people and within the next 5 years a middle class of 700 million. That’s greater than the entire population of the EU or ASEAN.

When our Gulf Cooperation Council (GCC) agreement enters into force, 75% of New Zealand’s exports will be covered by FTAs. These are not theoretical gains. These are the binding international treaties that are the building blocks of long-term prosperity for New Zealand.

Shoring up trade rules is not only about securing new FTAs – equally important is investing in existing FTAs to make sure they continue to deliver for the evolving needs of our exporters. This means upgrading and expanding these FTAs. We upgrade them by negotiating new rules to meet the new issues and challenges our traders are grappling with – for example last year an upgrade negotiation for Asean- Australia New Zealand FTA (AANZFTA) was informed by the COVID supply shock experience and delivered outcomes which make trade of essential goods easier and more efficient during times of crises.

We are working energetically to expand our plurilateral FTAs through accession negotiations. This brings more economies within the umbrella of FTA rules our exporters rely on and provides new preferential market access. CPTPP already consists of 12 economies that represent around 16% of global GDP, and we have concluded accession negotiations with Costa Rica, with an ever-growing list of countries queueing up to join.

The Regional Comprehensive Economic Partnership is the world’s biggest FTA globally by population and total GDP, and we are working to expand it further including into important markets where New Zealand does not currently have FTAs, such as Sri Lanka and Bangladesh.

WTO
These agreements will continue to be an essential component of New Zealand’s economic resilience strategy. And we will continue to prioritise the WTO which provides the foundation for the global system of trade rules that matters so much to New Zealand.

But let me be direct about the WTO. The 14th WTO Ministerial Conference in Cameroon was deeply disappointing. And I say this as the Vice Chair of the Conference and as the facilitator for the negotiations on reform.

The absence of multilateral outcomes – extending WTO reform, on the e-commerce moratorium, on agriculture and fish subsidies – reflected the entrenched positions of major economies unwilling to compromise. That is a real setback, and we should not pretend otherwise.

New Zealand will not walk away. We will continue to be a constructive, pragmatic broker. We will continue to push on agricultural trade reform, harmful fisheries subsidies, trade-distorting industrial policy, and digital trade rules. Because in a world shifting from rules to power, every institution we can support and every norm we can embed makes New Zealand safer. The alternative – abandoning the multilateral system – is not an option for a country like ours. And we will invest in the institution. I am delighted that the 165 WTO members have endorsed the appointment of the New Zealand Ambassador to Geneva to lead the WTO peak body, the General Council.

Building Resilience
Trade rules alone are not enough. Our second pillar is resilience – the ability to keep New Zealand’s trade flowing when the system is under stress. I see our resilience agenda through three lenses: engagement with our exporters, diversification in our international relationships, and the unglamorous but high-value and critical work of removing non-tariff barriers.

Engaging our exporters
When the US tariff announcements hit, we moved immediately to get real-time information out to exporters and to hear from them directly. We have run regular, well-attended webinars since then. And MFAT’s website contains 754 market intelligence reports for New Zealand traders.

I have already done five India FTA roadshows around the country over the past few months with more to come. Getting out and hearing from our exporters and the public – not just in Auckland and Wellington, but across the regions – is one of the most valuable things I do as a Minister. It shapes our priorities and it builds trust.

We will continue to prioritise this kind of engagement, particularly in the current tumultuous environment. Kiwi exporters have shown time and again that they are resourceful and resilient. Our job is to make sure they have the information, the access, and the support they need to make the most of the opportunities we have secured for them.

Take for example an ice cream company that established a New Zealand and Asian plastic packaging supply chain following COVID 19.  Given the low stocks, they are now exploring how cardboard could be used instead.

Investing in relationships
This Government has prioritised both investing in our partnerships and diversifying our trade relationships.  This has included more international visits than any previous government in a parliamentary term to build and strengthen New Zealand’s relationships with key partners.  

Trade missions are about opening doors for New Zealand exporters – helping them build relationships, understand markets, and turn opportunities into real contracts, and the trade missions we’ve achieved to date have helped deliver over 200 commercial outcomes valued at more than NZ$2 billion. Those are not just numbers. They represent new connections, new contracts, and new confidence for Kiwi businesses in markets they might not have entered alone.

Our Saudi Arabia mission is a good example. We unlocked five commercial deals worth over $100 million. The 21 businesses who came with us opened doors in premium food, technology, services, construction, and the creative industries. Those doors opened because we showed up.  We invested in the relationship, and we demonstrated that New Zealand is a serious partner.

Our relationship with Singapore tells a similar story. New Zealand’s original trade agreement with Singapore was one of our first. We have invested in that relationship for over two decades. And that investment recently produced something genuinely new – the world’s first Agreement on Trade in Essential Supplies, designed specifically to keep essential goods moving in times of crisis. It delivers better fuel predictability for New Zealand and food security for Singapore. 
It only became possible because we had built the relationship long before we needed it.

Not only have we prioritised engagement with our long-standing partnerships – such as Australia and the EU- but we are also future-proofing our trade resilience through diversification, which can help open alternative markets and sources of supplies.

This is why we saw the China market as a good opportunity back in 2008 – when no other developed country had an FTA with China. China is now New Zealand’s largest export market and the value of our exports to China has soared from between $2 to $3 billion to around $23 billion per annum.

Another approach we have taken to strengthening partnerships is through our leverage of CPTPP to establish formal dialogues with the EU and ASEAN – something the PM and I have prioritised in these challenging times.  This provides a valuable opportunity for large trade blocs (with the EU and CPTPP representing a third of global trade) to move on issues that are currently paralysed at the WTO.

And our partnerships with the Pacific, through the PACER Plus agreement, are essential to the prosperity and resilience of our region. That is why our government, alongside Australia, has invested NZD 38 million in Aid for Trade initiatives that strengthen countries’ trade capacity under the agreement.
I will also continue to strengthen relationships with Pacific Island Countries that have yet to join PACER Plus, including Fiji, because regional economic integration through trade makes us all more resilient.

Removing non-tariff barriers
Our relationships are also critical to resolve many of New Zealand’s non-tariff barriers (NTBs) – from certification requirements, labelling rules, testing regimes, to environmental regulations – these issues slow growth.

NTBs currently affect almost NZ$9 billion worth of New Zealand’s exports across more than 50 markets, and this government is committed to finding solutions. 
Last year alone, we resolved NTBs affecting around $600 million of exports. Some examples include unlocking access to China’s $200 million cosmetics and skincare market, signing and implementing a deer velvet arrangement with China providing market growth worth $64.5 million in the year to December 2024, and expanding access for New Zealand dairy products and blueberries to Korea worth $5 to $10 million, and $5 million, respectively.

We are also progressing a new plurilateral arrangement with like-minded partners to tackle NTBs in third markets cooperatively. This work does not generate headlines. But it directly affects whether Kiwi exporters can compete.

Innovation: Securing Our Seat at the Table
Our third pillar is innovation. I have heard the phrase: “New Zealand needs the world to trade, but the world doesn’t need New Zealand.” That just means we have to earn our place. And innovation is how we do that.

New Zealand has a record of bringing trade ideas to the world that larger countries haven’t thought of yet. The Digital Economy Partnership Agreement – DEPA – is a clear example. New Zealand, Singapore, and Chile created the world’s first standalone digital economy agreement, covering everything from business facilitation and digital trust through to AI and digital inclusion. The Republic of Korea has since joined. Costa Rica and Peru are seeking membership. That agreement started as an idea from three small, like-minded countries, and it is now shaping the architecture of global digital trade.

Similarly, we are working to maximise the commercial value of indigenous business connection through the Indigenous Peoples Economic and Trade Cooperation Arrangement (IPECTA).

Our leadership in institutions like APEC, the OECD, and the Small Advanced Economies’ Initiative has gradually found its way into the hard rules of agreements like CPTPP. That is how small countries shape the world.

We are building on that legacy with the Green Economy Partnership Agreement. Working with Chile and Singapore, GEPA will make the green transition easier for producers, exporters, and investors, and position Kiwi businesses to compete in a global green economy projected to be worth US$11 trillion by 2040.

And through the Future of Investment and Trade Partnership – FIT-P – New Zealand is working with 16 like-minded, trade-dependent economies with a global reach ranging from Norway to Rwanda to Malaysia. Our approach is to cooperate on practical solutions for supply chains, paperless trade, non-tariff barriers, and trade-distorting subsidies. This initiative came about when I got together with trade colleagues from Switzerland, Singapore and the UAE. We knew we needed to find a way to support each other, reinforce the rules-based system, and work together to create new rules that give our traders more certainty.

Most recently at MC14, Eleven FIT-P members released a Joint Statement on maintaining open and resilient supply chains given the impact on global trade of the Middle East conflict. New Zealand and these FIT partners have committed to working together to identify disruptions to the trade of essential goods and exchanging information on how we will approach and mitigate these.

I will host my fellow trade ministers at the next FIT-P Ministerial in Auckland later this year. That is a leadership role, and we intend to use it to find new ways to support our exporters and their jobs, incomes and productivity in New Zealand.

The Long Game
Our goal is ambitious: to double the value of New Zealand’s exports in ten years. That requires growth in trade relationships – but it also requires growth in investment.

New Zealand is well below the OECD average for foreign direct investment as a share of GDP. That gap has a direct cost in productivity and wages. That is why this Government established InvestNZ – New Zealand’s first dedicated foreign investment agency – to attract more capital into sectors with the highest growth potential: renewable energy, technology, data infrastructure, advanced manufacturing. More capital means higher productivity. Higher productivity means better wages for New Zealanders.

And we are also seeing our export base diversify in ways that are genuinely exciting. Technology, commercial services, and education are growing fast. Companies like Auror – which exports retail crime prevention software to Australia, the UK, and North America – and Halter, exporting high-tech livestock management solutions globally, are proving that New Zealand innovation can compete anywhere. These are exactly the kinds of businesses we want to see more of, in more markets, with more support behind them.

We also want to venture deeper into global markets that are bursting with opportunities – like Latin America, which is fast becoming a key growth market for New Zealand exporters, with our exports to the region rising by 41% since 2021.  

This Government has already started making inroads – the Minister of Foreign Affairs led a Parliamentary and large business delegation to Argentina, Brazil, Chile, and Uruguay earlier this year to strengthen our partnerships, deepen our people-to-people links, and boost our profile.  

The visit was a huge success, with a range of New Zealand exporters announcing new commercial agreements with companies in Argentina – fostering connections, and growing partnerships.  

We’re also exploring additional markets in Asia and looking at opportunities in Africa.  Diversification is not just an economic strategy – it is insurance.

Conclusion
Let me finish with this.

The world New Zealand trades in today is harder and much more uncertain than the one we were trading in five years ago. The rules are more contested. The relationships are more complex. The disruptions are more frequent. I do not expect that to change anytime soon.

But this is not a new challenge for a country like ours. New Zealand has always had to work that much harder and smarter than larger economies to secure and protect its access to markets. We have always had to be more creative, more constructive, more persistent, and more present.

What this Government has done is bring that same mindset – and more energy, and more urgency – to the task.

That’s why this Government has run more trade missions than any previous administration in a parliamentary term.

That’s why this Government established New Zealand’s first dedicated investment agency.

Because 400 million people around the world get around 10% of their diet from New Zealand. Our farmers, our food producers, our tech companies, and our service exporters are among the best in the world. They deserve a government that fights for them on the world stage.

We are fighting for them. And we are not finished.
 

MIL OSI

The Guardians of New Zealand Superannuation (Guardians), manager of the $90 billion New Zealand Superannuation Fund (Super Fund), has confirmed it will not appeal a recent Judicial Review that found two of its policy documents were not formulated in accordance with the relevant statutory requirements.

In a decision published on 16 May 2026, Justice Mount said parts of the Guardians’ Statement of Investment Policies, Standards & Procedures and its Sustainable Investment Framework were “materially less clear and specific than the previous iterations” and “framed in such general terms as to provide no practical benchmark for those applying them in relation to alleged breaches of human rights standards.”

General Manager of Corporate Affairs Cristina Billett said the Guardians accepted that its policies need more specificity and would be amending them accordingly.

“Our mandate requires us to manage the Super Fund in a manner consistent with, among other things, avoiding prejudice to New Zealand’s reputation as a responsible member of the world community, and our investment policies are designed to ensure we achieve that objective,” Ms Billett said.

“We accept Justice Mount’s finding that it is important we not only adhere to and comply with our sustainable investment policies, but that the standards and procedures underlying those policies must be identified more clearly in our policy documents.

With that in mind, we are now working on how we can reformulate those documents to ensure they satisfy that condition.”

Ms Billett said the court decision focused on the way the Guardians’ policy documents described the Guardians’ sustainable investment decision-making processes.

Updates to the policy documents in recent years had not, however, materially changed the Guardians’ actual engagement and exclusion practices.

Further information about the Guardians’ sustainable investment approach is available in our Stewardship Report: https://nzsuperfund.cmail19.com/t/d-l-guthuud-hujkdust-n/

And in the investment section of our website: https://nzsuperfund.cmail19.com/t/d-l-guthuud-hujkdust-p/

MIL OSI

Prime Minister Christopher Luxon has promised “careful” immigration policy and signalled more capital spending than expected in an annual pre-Budget speech,

Speaking about the need for social cohesion, Luxon highlighted his own electorate of Botany as “more diverse than most”, saying many of Chinese, Korean, Malaysian and Indian New Zealanders were being “unfairly and unreasonably vilified”.

He said during the Covid-19 pandemic, ministers had “too often prioritised their own political interests over the interest of the public”, and the media “determined to flatter New Zealand’s relative performance, also failed”.

“Since then, failed immigration policies in Europe and North America have also stoked a politics of division online. Despite prudent policies and the natural advantages of geography, immigration now seems to be an emerging political issue in New Zealand, too,” he said, in what could be seen as a swipe at New Zealand First’s criticisms of the India free trade deal.

He pointed to the government’s moves to tighten immigration law and said National would be watching closely.

“And you should expect to see careful policy on immigration from National as we get closer to the election … when it comes to immigration, when faced with a choice between social stability and your bottom line, I will choose the former every single time.”

Pointing to the United States “now focusing more exclusively on its own view of its own interests – America first”, and Russia having made “its brutal intentions clear in Europe” and China “expanding its influence”, Luxon painted a now-familiar picture of an erosion of the international rule of law.

“When you turn on the news at night and see alliances straining, trade wars flaring and the rules being rewritten by the powerful, it is only natural to feel as though the ground is shifting beneath you,” he said, before offering an optimistic observation.

“We have faced similar challenges before, and we have overcome them.”

He hearkened back to world wars, giving a message of hope in an increasingly volatile world.

“The outcome was not inevitable. It was not guaranteed. People were frightened, and they were right to be frightened,” he said. “They didn’t just win a war. They built the peace that followed.”

Also addressing a need for cooperation with like-minded partners on defence and trade, he also drew attention to the need for energy independence.

“On too many occasions, private capital, eager to bolster domestic energy production, has been pushed to the sidelines by overzealous planners and politicians in recent years,” he said.

“The reality is that when faced with energy shock after energy shock, it’s very hard to justify backing the skink over the solar farm.”

He pointed to the government’s responses to the fuel crisis, while noting “more action is required”.

That could be delivered through changes to Budget allowances – with less operational spending at $2.1b, down from $2.4b; but more capital spending at $5.7b.

“The recent crisis has acted as a timely reminder that significant levels of capital investment will be required in the coming years,” Luxon said.

“That doesn’t reflect a permanently higher rate of borrowing – we’ll need to get the balance right in the years ahead, as we rebuild our fiscal buffers … The truth is that as a country we don’t save nearly enough, and rely too much on money borrowed from overseas to support our lifestyles. That must change.”

Finance Minister Nicola Willis will deliver her third Budget on 28 May in what are constrained fiscal times.

The conflict in Iran and the global fuel crisis it has triggered required a certain level of re-forecasting and reprioritising of the Budget in recent months.

There were no pre-Budget announcements expected in Christopher Luxon’s speech to a Business NZ audience on Wednesday, though some are due to trickle out from other ministers in the coming days.

The only policy announced to date is the scrapping of the third year of fees-free tertiary study.

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

RNZ will livestream the Prime Minister’s pre-Budget speech in Auckland that is due to start at 1pm at the top of this page.

Prime Minister Christopher Luxon is set to give a speech focussing on geopolitics, New Zealand’s role in the world, and the impact it will have on this year’s government Budget.

Finance Minister Nicola Willis will deliver her third Budget on 28 May in what are constrained fiscal times.

The conflict in Iran and the global fuel crisis it has triggered required a certain level of re-forecasting and reprioritising of the Budget in recent months.

There are no pre-Budget announcements expected in Christopher Luxon’s speech to a Business NZ audience on Wednesday, though some are due to trickle out from other ministers in the coming days.

The only policy announced to date is the scrapping of the third year of fees-free tertiary study.

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

Story Highlights:

• New IDC research commissioned by Dell Technologies finds Sovereign AI has surged to the second-highest investment priority for Asia Pacific governments.
• Almost all (99%) government leaders in Asia Pacific believe agentic AI will accelerate AI adoption with the majority calling for strong governance frameworks to unlock its full potential at scale.
• Nine in 10 government organizations report critical skills shortages that could determine whether pilots become trusted national platforms.

SINGAPORE – Media OutReach Newswire – 13 May 2026 – New research commissioned by Dell Technologies (NYSE: DELL) and conducted by International Data Corporation (IDC), reveals that governments across Asia Pacific (APJ) are moving decisively from AI exploration toward structured activation of Sovereign AI.

The study, based on a survey of 360 government IT decision-makers across eight APJ markets, finds that Sovereign AI has risen from the seventh to the second-highest government investment priority in just one year. This signals a fundamental shift in how the region’s public sector leaders view AI, seeing it as critical national digital infrastructure rather than a simple technology upgrade.

APJ governments are shifting from awareness to activation, but investment needs to catch up

The research reveals that Asia Pacific governments have moved well beyond conceptual discussion. Nearly half (46.1%) are actively evaluating Sovereign AI technologies, while more than a third (36.1%) are running initial proofs of concept.

This activation is underpinned by a clear strategic rationale. More than three-quarters (76.9%) of government leaders agree that investing in Sovereign AI enhances their agency’s resilience against geopolitical risks and supply chain disruptions.

Despite this, only 3.1% are investing significantly so far. Meanwhile, only 1.7% of respondents say they have no plans to adopt Sovereign AI.

Across the region, governments are pursuing “selective sovereignty” to maintain strong control over sensitive data, critical systems, and regulated workloads, while continuing to leverage global technology ecosystems for innovation and scale. Hybrid sovereign models that combine on-premises infrastructure and sovereign cloud environments with broader ecosystem access are emerging as the preferred deployment approach.

Agentic AI poised to accelerate government AI adoption across Asia Pacific

Asia Pacific government leaders are signalling near-universal confidence in agentic AI as a catalyst for accelerating AI adoption in the public sector. The research reveals that 99% of leaders see agentic AI as an accelerator, with more than a third (36.9%) believing it will play a major role and a further 62.1% expressing strong confidence in its potential when paired with robust governance and oversight frameworks. Only 1.1% remain uncertain.

This positions Asia Pacific as bullish on agentic AI suggesting the region’s governments are not hesitating on agentic AI, rather, they are actively preparing the governance foundations that will allow them to deploy it with confidence and at scale.

This confidence is driven in part by operational necessity. With nearly nine in 10 APJ government organizations reporting critical digital skills shortages, agentic AI is emerging as a practical workforce multiplier, capable of automating complex administrative and analytical tasks and enabling government teams to deliver more with the talent they have. In a region where technology is outpacing workforce capability faster than the global average, autonomous AI systems offer a path to close the gap between ambition and capacity.

In this context, Sovereign AI is increasingly functioning as the trust layer that unlocks the adoption of next-generation AI capabilities. By ensuring that agentic and generative AI systems operate within national policy, security, and auditability frameworks, governments can move faster precisely because the right controls are in place from the outset.

Skills shortages emerge as the region’s most critical constraint

Despite strong strategic intent, APJ governments face acute workforce bottlenecks that risk constraining the transition from pilot to production. Nearly nine in 10 organizations report digital skills shortages, and more than half say these shortages are having a major impact on digital initiatives, significantly more so than the global average of 66.8%.

The hardest-to-hire roles map directly to Sovereign AI readiness: AI safety and alignment researchers (42.5%), data architecture, management, and analytics professionals (35%), sovereign data governance (30%), sovereign cloud architecture and operations specialists (25.3%), and AI policy and governance specialists (25%).

The research findings recommend a four-layer capability model in which governments retain direct ownership of policy, governance, and data stewardship roles while partnering with trusted ecosystem providers for frontier AI specialization and delivery at scale.

Mission-critical public services drive investment priorities

Governments expect Sovereign AI to deliver the greatest citizen benefit in high-consequence public domains. National security and cyber-resilience top the list at 45.6%, followed by justice and public safety (37.5%), financial and taxation (37.5%), public healthcare (34.4%), social services and welfare (32.2%), education (31.7%), and workforce development (31.1%).

Investment decisions are increasingly policy-led. More than half (53.3%) of government leaders cite alignment with national security and sovereign priorities as the top factor in technology investment decisions, followed by security capabilities and reliability of technology providers (52.5%). Four of the top six decision factors are directly linked to sovereignty considerations.

Perspectives:

“This research confirms what we’re hearing from government leaders across Asia Pacific: the question is no longer whether Sovereign AI matters, but how to operationalize it at national scale,” said Nicole Jefferson, Vice President, Global Government Affairs, Dell Technologies. “What stands out is the region’s confidence in agentic AI as an accelerator and the understanding that strong governance is an enabler of progression, not a hinderance. The findings show a region that is serious, structured, and pragmatic about building AI capabilities it can trust. Governments want partners who understand that sovereign-ready infrastructure, skills transfer, and governance maturity are inseparable from the technology itself. At Dell Technologies, we’re committed to helping public sector organizations build AI on their own terms – with the security, resilience, and openness that mission-critical national services demand.”

“Agentic AI is moving quickly from concept to practical consideration for government and executive decision-makers,” said Ravikant Sharma, Research Director, IDC. “The study shows strong momentum, with public sector leaders looking to autonomous systems to help close skills gaps, ease workforce pressure and accelerate AI adoption. However, that momentum is conditional. Governments will only move at scale if they have confidence in the security, privacy, sovereignty and infrastructure foundations underpinning these systems.”

About the study

The findings are drawn from IDC’s Asia Pacific Government Survey, conducted in December 2025 on behalf of Dell Technologies. The survey polled 360 government IT decision-makers supplemented by 13 in-depth interviews with senior government officials across eight markets: Australia, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, and South Korea. Respondent organizations spanned national civilian government, defense, financial administration, public safety, healthcare, education, critical infrastructure, and other public sector functions. To view the full Asia Pacific research findings, click here: building-a-sovereign-ai-foundation-for-apj-governments.pdf

IDC InfoBrief, sponsored by Dell Technologies, Building a Sovereign AI Foundation for Asia/Pacific Governments, #AP24257IB, May 2026

Hashtag: #Dell

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

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

Kiwibank has been instructed by the government to once again look at its options for long-term growth, including revisiting the possibility of partial privatisation.

The taxpayer-owned bank had previously looked at raising $500 million in capital from local investors, but ditched that plan last year.

The new request is included in a letter of intent to Kiwibank’s parent company Kiwi Group Capital (KGC) from State-Owned Enterprises Minister Simeon Brown.

“We expect KGC to undertake work on alternative growth scenarios, along with the capital required for these.” Brown said.

He went on to note in the letter that KGC should now engage with Treasury about how much capital might be required for different growth scenarios.

In accompanying Cabinet paper, Brown and Finance Minister Nicola Willis signalled that while the government wanted Kiwibank to grow into a market disrupter that can boost competition, the government’s coffers were constrained and it was unlikely to be in a position to provide extra capital.

“The Crown could continue to be the sole provider, or be one of the contributors, of additional capital,” the paper said. “However, this would see Crown funding directed to Kiwibank and away from other priorities. Given the significant constraints we are facing, the Crown is not in a position to support this course of action.”

The paper also noted that if Kiwibank was to grow and increase competitive pressure, it would need to know in advance that it had access to capital markets.

Last year KGC said that the easing of the Reserve Bank’s capital settings, combined with Kiwibank’s recent $400m Tier 2 capital raise via bonds, meant it could grow without the need for additional equity.

The government had approved the possible partial public listing for Kiwibank to acquire new capital, but had stressed it could only proceed with an electoral mandate.

National promised no asset sales this term.

The Commerce Commission’s banking study in 2024 said Kiwibank should be given a financial boost to become a maverick challenger to the big four.

Kiwibank’s response

In a statement to RNZ, Kiwibank’s parent company KGC stressed it had sufficient capital to fund its lending growth in the medium-term and noted that the Crown had asked it to work with Treasury on new options for raising capital in future that could boost Kiwibank’s ongoing competitive potential.

“This process will consider a range of factors including investor feedback, market conditions and growth scenarios, as well as the potential amount, sources and timing of any future capital requirements” the statement said.

It went on to stress that it was early-stage work, and no decisions had been made on timeframes.

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

MIL OSI

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) — Argentum AI, an emerging institutional AI infrastructure platform founded by Andrew Sobko, today announced its strategic focus on supporting large-scale artificial intelligence infrastructure deployments through integrated financing, GPU procurement, and power-backed data center development.

As demand for artificial intelligence infrastructure accelerates globally, Argentum AI is positioning itself to address growing market challenges surrounding long-term compute capacity, infrastructure deployment, and institutional capital access.

According to the company, the rapid expansion of AI applications is increasing demand for GPUs, energy infrastructure, networking systems, cooling technology, and dedicated data center capacity. Argentum AI believes financing and deployment capabilities are becoming increasingly important components of the broader AI ecosystem.

“The AI industry is entering an infrastructure phase where long-term capital deployment and execution capacity will play a major role in determining scalability,” said Andrew Sobko, founder of Argentum AI. “As enterprise AI adoption accelerates, the market is seeing increased demand for structured infrastructure solutions capable of supporting large-scale compute operations.”

Argentum AI stated that it is working with institutional investors, infrastructure funds, sovereign capital groups, and financial institutions to support AI infrastructure projects across North America and Europe. The company’s strategy combines compute infrastructure sourcing, energy access, and financing coordination into a unified platform designed to support enterprise-scale AI deployments.

The company noted that AI developers are increasingly pursuing long-duration infrastructure agreements rather than relying exclusively on short-term cloud-based compute access. This shift is contributing to rising demand for dedicated GPU clusters and large-scale AI data center capacity.

“Access to infrastructure now extends beyond semiconductors alone,” Sobko added. “Financing, power availability, and deployment speed are becoming equally important considerations for organizations scaling AI systems.”

Argentum AI stated that its long-term objective is to support the development and financing of institutional-grade AI infrastructure capable of meeting growing global compute demand.

For more information, visit Argentum AI.

Media Contact:
Andrew Sobko

andrew@argentum-ai.com

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– Published by The MIL Network

World-First Innovations Showcase Hong Kong’s Thriving Life and Health Tech Ecosystem from Bench to Bedside

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

• With the inclusion principle integrated into main innovation projects, Ant International now links 2 bn user accounts with 150 mn merchants through multi-layered partnerships, provides global account services to 1.6 mn SMEs, and helps over 30 mn underserved businesses and individuals access quality credit.
• As its global payment, global account and embedded finance services expand rapidly, it is accelerating investments in compliance capabilities and advanced security technologies to tackle evolving regulatory and risk environments.
• From basketball courts in New York to marine protection in Java Indonesia, we build extensive partnerships to protect the environment and empower local communities.

SINGAPORE – Media OutReach Newswire – 12 May 2026 – Ant International, a leading global digital payment, digitisation and financial technology provider, today published its 2025 Sustainability Report, the 2nd since the Company began independent operation.

This is also the first year Ant International integrated sustainability metrics into the management’s performance evaluation framework. As Eric Jing, Chairman of Ant Group and Ant International said, “Accountability must be structural, not aspirational. When sustainability outcomes are valued as much as revenue growth or operational efficiency, the whole organisation is more likely to align accordingly-just like how it might work with entire economies.”

In the Company’s 6Ts Sustainability Framework (Travel, Trade, Thrive, Tech, Talent, Trust), Inclusion remains the critical objective. “Our success relies on our ability to innovate for small businesses and emerging markets to thrive above social and technological shifts. Doing great by doing good should be our strategic differentiator,” said Peng Yang, CEO and Douglas Feagin, President at the Report’s launch.

• Alipay+ and Antom, the Company’s Global Payment pillars, now connect 2 bn user accounts globally to over 150 mn merchants. This vibrant ecosystem of interoperability links up more than 10 national QR systems and supports 300+ payment methods in over 220 markets, including all card schemes, and 50 digital wallets, bank apps and BNPL apps.
• Beyond payment, WorldFirst and Bettr, our Global Account and Embedded Finance services, support over 1.6 mn SMEs and provide credit access to 30 mn MSMEs and underserved users, integrating new AI and blockchain capabilities.
• The inclusion metric was built systemically into major innovation projects, for instance, more SME-friendly agentic payment and AI commerce tools, AI-as-a-Service platform for emerging markets, and the EPOS SME AI solutions.

“We will continue to double down on responsible innovation and collaboration to achieve our shared vision: a more inclusive, prosperous, and trustful global economy,” said Yang.

In 2025, Ant International’s sustainability work focused on 3 priorities across the 6T arenas:

Ant International rolled out various AI tools to ensure emerging markets and SMEs need to be able to leverage AI without massive infrastructure or capacity investments.

Payment AI & Agentic Commerce :

• Antom Copilot 2.0 completes payment integration, onboarding, risk and chargeback resolution in secure, automated workflow.
• Antom Agentic Payment Solution enables AI agents to securely initiate and complete card- and APM-based transactions in a pioneering payment mandate model.

FinAI Capacity Building:

• FinAI-as-a-Service platform, the GenAI Cockpit gives toolkits to fintechs, such as Malaysia’s TNG eWallet, and easypaisa, Pakistan’s first digital bank, to build flexible and autonomous AI commerce solutions, from customer-service assistants to sales copilots.
• Custom-made agentic AI assistants such as Alipay+ Voyager, an agentic AI travel companion embedded in super apps.
• Open-sourced AI FX solution delivers FX forecasts with up to 93% prediction accuracy across complex, volatile currency markets.
• EPOS360, an AI-powered SME operation and financing platform, rolls out in Southeast Asia.

The Company invested heavily in 2025 on technologies and partnerships on AML and security.

• SHIELD 3-in-1 Transformer model, supported by 7 bn parameters, identifies high-risk transactions with over 95% precision, while raising payment success rates by up to 13.5%.
• Digital Wallet Guardian Partnership shares risk tech, anti-fraud and funds protection solutions among wallet partners to protect consumers and merchants.
• The Alipay+ Privacy Enhancing Technology (PET) programme was cited by Singapore’s Personal Data Protection Commission in its practical guidance for industry application.

Meanwhile, advanced technology application must be harnessed by rigorous compliance standards and practices. In 2025, we further expanded:

• Our Risk Management Committee mechanism, which implements a comprehensive risk governance framework from the corporate down to the ground unit level.
• Our 3-layered Anti-Money-Laundering programme is anchored in a global baseline of minimum control standards to ensure consistency and integrity across all markets. We also use AI-powered risk detection and security review tools to improve accuracy and efficiency.

The Company plans to accelerate investments in global and local compliance capabilities to meet evolving regulatory and risk environments.

3. Digitalising Public Participation to Drive Social Impact

In 2025, working with partners from New York to West Java, our people started new grassroots efforts to support youth, environment and community projects with digital expertise.

• As the Innovation Partner for Sustainability of the New York Liberty, Alipay+ began supporting New York Liberty, the WNBA champion team on Liberty Sneaker Drives for underprivileged groups, Math Hoops project to build youth skills, and Threes for Trees project in NYC and Brooklyn.
• AlipayHK launched a main digital channel for charity fundraising after the Tai Po fire, raising HK$200 million from 450,000 super app users in first three days.
• Ocean Buddy, an in-app mini-programme for whale-shark protection in Indonesia, was launched in collaboration with DANA and Konservasi Indonesia, leveraging gamification to connect users’ everyday digital activities to marine protection.
• 10×1000 Tech for Inclusion, a joint initiative with the International Finance Corporation (IFC) and over 50 global partners, has certified 9,504 since 2018, 55% of whom are women.

“Sustainability is increasingly becoming our primary driver of responsible innovation, “said Leiming Chen, Chief Sustainability Officer of Ant International, “we will work together to ensure that as we expand globally, our progress remains inclusive, measurable, and impactful for the communities we serve.”

Find the full Report on our website: www.ant-intl.com

Hashtag: #AntInternational

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

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

Associate Justice Minister Nicole McKee has welcomed the passage of two major Anti–Money Laundering (AML) reform Bills through their final readings in Parliament today, cutting red tape and fixing what matters for thousands of businesses.

“Once these Bills receive Royal Assent in the next couple of days, Kiwis will immediately begin experiencing faster and less duplicative AML requirements, saving them time and money,” says Mrs McKee.

Additional changes come into force on July 1 this year.

“The Bills cut red tape, improve clarity, and ensure requirements on businesses and the customers are proportionate to risk. For example, low-risk trusts won’t be treated the same as high-risk entities, and businesses will face fewer repetitive reporting requirements.

“The current AML regime has drifted into costly box-ticking that frustrates businesses and everyday New Zealanders, without doing enough to stop serious criminals.

“These Bills refocus the system on genuine risk – reducing pointless paperwork for low-risk customers while improving the detection and disruption of real financial crime.”

The Anti–Money Laundering and Countering Financing of Terrorism (Supervisor, Levy, and Other Matters) Amendment Bill streamlines oversight by establishing a single AML supervisor, improving consistency and responsiveness across the system.

“At the moment, there are three different AML supervisors. That creates confusion, delays, and inconsistent guidance. A single supervisor will provide clarity and faster, more reliable support,” says Mrs McKee.

The Bill also enables more flexible rule-making through secondary legislation and introduces an industry levy to ensure the system is properly resourced.

Alongside this, the Anti–Money Laundering and Countering Financing of Terrorism Amendment Bill delivers targeted, practical changes to reduce compliance burdens.

“I’d like to thank Parliament’s Business Committee for agreeing to associate these Bills so they could be debated together. That has helped deliver regulatory relief sooner.

“The Supervisor, Levy and Other Matters Bill will be effective on 1 July 2026, while the other Amendment Bill will be effective the day after Royal Assent. A final ‘Omnibus’ Bill, that will provide further regulatory relief for businesses, is expected to be introduced to the House in the current term of Government.      

“These reforms preserve New Zealand’s access to global financial markets while making the system far more workable at home.

“For years, AML compliance has meant higher costs, slower transactions, and endless frustration. These changes deliver the most meaningful reduction in AML red tape since the regime was introduced.”

Notes to editors:

• Once passed into law, DIA will update guidance to reflect changes in the AML/CFT Amendment Bill that will be effective immediately. Updated guidelines will be published on DIA’s website.
• Planning for the transition to the Department of Internal Affairs as the single AML supervisor (regulator) is on track to go live on 1 July 2026. DIA is working in partnership with the FMA and RBNZ to ensure a co-ordinated and seamless transition and minimal disruption for the sector.

MIL OSI

A growing number of New Zealanders are investing in share markets as a way to build their wealth.

But what do you need to know if you’re just getting started?

Here are five things to think about.

What are your goals?

A good starting point is to think about what you want to achieve with your investments.

Are you investing for your kids’ education? To build a deposit for a house? Or to achieve financial independence?

Knowing what you are aiming for, and how far in the future that is, will help you devise a strategy to get there.

If you have a goal in mind, you could work backwards to determine how much money you need to put aside each fortnight or month to get there. Sometimes, automating the payments can make it easier to implement your plan.

Invest in assets that align with your risk

Generally, the longer you have until you need the money, the more risk you can take. This should mean your returns are better over the long term, but you might see the value of your investments move around a bit in the short term.

When you’re investing in shares or managed funds, being able to take more risk means you can afford to put more of your money into direct share investments or into funds that invest in assets like shares.

When you’re using platforms like Sharesies you can choose to invest in companies directly or via funds, which pool your money with other investors’.

Investing in direct shares can be riskier than funds because your risk is not spread in the same way. If you invest in a company that performs well, you can achieve really strong returns, but if you invest in a company that performs poorly you could miss out, even if the rest of the market is strong.

If you don’t have so long until you’ll need the money, you might need to keep your money in investments like funds that are more conservative, or even money in the bank if you know you’re going to need it very soon.

It helps to understand the market conditions you’re investing in and how you can expect your investment to behave.

How hands on do you want to be?

It can be time-intensive to manage an investment portfolio. If you would rather not manage the task yourself, you might want to delegate it to a fund manager. You can invest in managed funds through platforms such as Sharesies, Kernel and Hatch.

Funds can be a good way to get quick diversification at a scale that is hard to achieve as a single investor.

Fees are part of your investing picture. Depending on your investments, you could be paying annual fees, transaction fees and currency fees. It’s a good idea to check in on these every so often to make sure you understand what you’re being charged and what you’re getting for your money. Sometimes there may be other structures that are more cost-effective.

What does the rest of your financial life look like?

Your investments should fit into the wider picture of your financial life.

It might help to think about what other exposure you have. People often have a lot of investment in their own country, through a house and job, and might benefit from the diversification of investing in other countries’ companies, or in different sectors.

If you have savings in an emergency fund, it may mean you can afford to take a bit more risk with your investments because you’re less likely to need the money in a hurry. But if your investments are the only spare funds you have, you might need to take more care with them.

Don’t panic

Once you have a strategy in place, stick with it.

Sometimes, investors get nervous when markets wobble and want to move their money to less risky options.

This can be an expensive idea because it may mean you sell at the bottom of the market, and miss out on the recovery.

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make and spend money

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