ASB Partners with POLi to Enable Secure Open Banking Payments
ASB Bank has reversed its previous stance on the POLi payment platform by establishing a partnership that allows customers to make secure open banking-based payments. Traditionally, using POLi required customers to provide their internet banking login credentials, raising security concerns. However, under the new arrangement, ASB customers can authenticate payments through the bank’s mobile app, eliminating the need to share login details. This integration utilizes ASB’s open banking APIs, enhancing security and user experience. ASB spokesperson Michael Maclean highlighted that POLi processes the highest volume of online debit payments in New Zealand and emphasized the importance of offering customers more choices and improved security. The feature will become available as POLi merchants transition to open banking, and currently, it is exclusive to ASB customers. This move aligns with ASB’s broader efforts to embrace open banking and mitigate fraud risks.
Published date: 2 May 2025
Source: RNZ
Kiwibank Reduces Long-Term Fixed Home Loan Rates
Kiwibank has announced reductions in its long-term fixed home loan interest rates, effective from Monday. The special three-year fixed rate for customers with over 20% equity has been lowered from 5.58% to 5.35%. Similarly, the four-year rate drops from 5.79% to 5.59%, and the five-year rate decreases from 5.89% to 5.79%. Standard rates for these terms are now set at 6.15%, 6.39%, and 6.59%, respectively. These adjustments come amid expectations that the Reserve Bank’s easing cycle is nearing its end, with forecasts suggesting that while the official cash rate may continue to decline through 2025, longer-term fixed rates might not see significant further reductions. Economists advise borrowers to consider their individual circumstances when choosing between fixed and floating rates, as the benefits of fixing rates may vary depending on market conditions.
Published date: 5 May 2025
Source: RNZ
ANZ New Zealand Reports 23% Rise in Half-Year Profit
ANZ Bank New Zealand has reported a 23% increase in its net profit for the first half of the 2025 financial year, reaching NZ$1.15 billion. The surge was largely driven by higher margins on home lending and reduced bad debt provisions, reflecting the bank’s strong operational performance amid challenging economic conditions. ANZ’s CEO Antonia Watson noted that while overall customer financial health remains steady, the impact of rising living costs and interest rates continues to be a concern. The bank has also committed to ongoing investment in digital services and maintaining strong capital levels to navigate ongoing economic uncertainty. Despite headwinds, the result reinforces ANZ’s dominant position in the New Zealand banking sector.
Published date: 8 May 2025
Source: RNZ
NZME Teams Up with Aussie Company to Launch Online Auto Marketplace
New Zealand Media and Entertainment (NZME) has announced a strategic partnership with Australia’s Automotive Transformation Group (ATG) to launch a new online automotive marketplace, AutoPlay AutoMarket. This platform aims to streamline vehicle listings and enhance the online car buying and selling experience in New Zealand. NZME will leverage its wide media reach—including platforms like the New Zealand Herald and OneRoof—to promote the new marketplace. The initiative seeks to provide consumers and dealers with a more efficient and integrated platform, featuring automation tools and real-time inventory updates. The move also marks NZME’s expansion into the fast-growing digital classifieds and automotive retail sector. The platform is expected to be operational by the second half of 2025.
Published date: May 10, 2025
Source: RNZ
Median house price falls 1.1% to $781,000
The Real Estate Institute of New Zealand (REINZ) reports that the national median house price decreased by 1.1% year-on-year in April 2025, settling at $781,000. Auckland experienced a more significant decline of 4%. The REINZ House Price Index indicates that prices are now 15.3% below their peak, with central Auckland and Wellington showing minimal annual growth over the past five years. Despite the price drop, property sales increased by 9.5% compared to the previous year, suggesting that sellers are adjusting expectations to align with market conditions. Westpac’s senior economist, Michael Gordon, notes a gradual recovery, with the house price index rising by 0.4% in seasonally adjusted terms. He anticipates that price growth will continue to pick up throughout the year. The current market conditions, characterized by ample stock and adjusted pricing, may present opportunities for first-home buyers.
Published: 15 May 2025
Source: RNZ
Woolworths claims NZ groceries cheaper than UK and Australia, excluding GST
Woolworths New Zealand’s interim managing director, Pieter de Wet, asserts that a full basket of groceries in New Zealand is approximately 10% cheaper than in the UK and Australia when excluding the Goods and Services Tax (GST). This claim is based on internal research comparing grocery prices across these markets. De Wet emphasizes that the intention is not to debate the presence of GST but to provide transparency regarding the components of product pricing. He also highlights the evolving competitive landscape in New Zealand’s retail sector, noting the entry of international players like Costco and Chemist Warehouse, which have diversified consumer options and influenced shopping habits. Despite Woolworths and Foodstuffs collectively holding about 80% of the market share, De Wet believes the market remains intensely competitive, with consumers readily switching to alternatives if prices are not favorable. He further points out that supplier costs are the most significant factor in grocery pricing and calls for collaborative efforts to reduce these costs for consumers. Additionally, De Wet expresses concerns over regulatory processes, citing a four-year, NZ$3 million effort to obtain consent for a new store in Halswell, Canterbury, and urges the government to streamline such procedures to facilitate better consumer access to retail outlets.
Published: 16 May 2025
Source: RNZ
U-GO Overtakes Gull as New Zealand’s Cheapest Petrol Provider
Fuel price monitoring site Gaspy reports that U-GO’s Waikaraka station in Auckland is now offering the lowest petrol prices in New Zealand, selling 91-octane fuel at $2.29 per litre. This marks a shift from Gull Ātiamuri, which previously held the title for the cheapest fuel. The price gap between Gull and the national average has narrowed, with Gull now only 2.53 cents cheaper than average, down from 3.45 cents in January. Other competitors like Allied, NPD, and Waitomo are also offering competitive prices, indicating a broader trend towards more affordable fuel options across the country.
Published date: 20 May 2025
Source: RNZ
Kiwi Property Posts Profit as Rent Income Rose, Downturn Eased
Kiwi Property reported a $57 million profit for the year ending March 2025, reversing a $2.1 million loss last year. Net rental income rose 5% to $194.1 million, and operating profit increased 7% to $116.2 million. Reduced property devaluations and 23% lower admin costs aided the recovery. The Resido build-to-rent project leased 85% of units in 12 months. IKEA’s opening near Sylvia Park is expected to boost retail traffic.
Published date: 26 May 2025
Source: RNZ
BNZ Cuts Home Loan Rates Ahead of OCR Decision
BNZ has reduced its home loan rates in anticipation of the Reserve Bank’s OCR decision. The 18-month fixed rate dropped to 4.89%, the six-month fixed rate to 5.35%, and the one-year fixed rate to 4.95%. The standard variable rate decreased from 6.69% to 6.44%. James Leydon, BNZ’s General Manager of Home Lending, stated that these cuts aim to provide customers with more options and alleviate household financial pressures. The bank has also observed a 20% increase in home loan applications compared to the same period last year.
Published date: 27 May 2025
Source: NZ Herald
Reserve Bank Cuts OCR to 3.25%, Signals Further Reductions
The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) by 25 basis points to 3.25%, citing a recovering economy and easing inflation pressures. The decision, supported by a majority within the Monetary Policy Committee, reflects concerns over global economic uncertainties and aims to support domestic growth. The Bank’s forecasts suggest the OCR may decrease to 3% by year-end, with some economists predicting it could reach 2.75% or 2.5% due to ongoing global challenges.
Published date: 28 May 2025
Source: NZ Herald