Author: MIL-OSI Publisher

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Afghanistan: One in 10 children acutely malnourished as plummeting funding closes nearly 600 health facilities

Source: Save the Children

The number of acutely malnourished children in Afghanistan is increasing with nearly one in 10 children under five suffering from wasting at a time when plummeting funding is shuttering essential services and threatening progress, Save the Children said. [1]

Levels of wasting in children – or acute malnutrition – worsened in two thirds of provinces in the second quarter of 2026, compared to the same period last year, according to the UN, with current cases driven by increases in infectious diseases [2]. This is the peak season for malnutrition in Afghanistan, where the Taliban regained control five years ago.

Over the last four years, acute malnutrition in children under five has surged by 14%, affecting 3.7 million children in 2026 [3]. The same four-year period has seen humanitarian aid for Afghanistan fall by almost 70% from $3.27 billion in 2022 to $1 billion in 2025, with only $438 million secured more than halfway through 2026 – a 74% funding gap [4].

Nearly 600 health facilities have been shut or suspended due to funding cuts, impacting about four million people – around half of them children [5].

Save the Children has managed to keep 14 health clinics open following aid cuts with short-term funding, providing essential services in some of the most remote parts of the country, but the future of those clinics – and others – is now in jeopardy.

In a mountainous, hard to reach part of northern Afghanistan, Save the Children is the only healthcare provider for 10,000 people. The clinic sees over 100 patients every day, some of whom travel for two to three hours on foot to see doctors, nutrition nurses and midwives.

Transport options are limited and costly, and few can pay about US$60 to reach the city hospital. If the clinic closes, people would have to walk for seven hours for treatment.

Sama-, 35, lives with her seven children and her husband – who earns about US$3 a day – and relies on Save the Children’s free clinic when her children are sick. When her youngest child Mustafa-, nine months, became weak, she took him to the clinic where he was diagnosed with malnutrition and received treatment, while Sama- was advised on how to prepare nutritious food. Mustafa-’s condition has now stabilised and he is recovering well. Left untreated, acute malnutrition can be life-threatening, but with the right treatment, many children can fully recover.

Sama- said:

“As he is the youngest child in the family, when he is unwell, the whole family becomes worried and does everything possible to make sure he recovers and stays healthy, active, and happy.”

Marva-, a Save the Children nutrition nurse at the clinic, said:

“Before this clinic was established, people had to travel to the district clinic, which could take several hours by donkey or motorbike, or to the city hospital, which was often almost inaccessible.

“Many community members could not afford the cost of treatment, and during the winter, roads are frequently blocked by snow, rainfall, and flooding, making them extremely difficult to cross and preventing people from accessing essential healthcare services.”

About 700,000 people, including 140,000 children under five, have lost access to primary health services due to closure or scale-down of Save the Children supported health facilities and mobile health teams as a result of aid cuts since early 2025.

Afghanistan’s population has grown by up to 12% since September 2023 – adding to increasing numbers in need as humanitarian funding is decimated. More than six million people have returned from Iran and Pakistan as both countries enforce criteria that Afghans must meet to remain in those countries, or face deportation.

Ashish Damle, Country Director, Save the Children in Afghanistan said:

“The world cannot look away. Severe hunger, the staggering number of returnees and mass internal displacement due to disasters, recent conflict and four years of drought are stretching limited humanitarian resources to the brink.

“Poverty affects nutrition. Water scarcity contributes to illness. Illness interrupts education. Reduced household income increases child labour. Climate shocks, displacement and declining economic opportunities deepen these pressures, creating a cycle that is increasingly difficult for families to escape.

“We know what Afghanistan’s 22 million children need. We know what works to break the ever-increasing crises that upend their lives, but essential humanitarian programmes are under threat due to a devastating lack of funding and an absence of long-term development assistance from governments.

“The international community now faces a choice: continue responding only after families reach breaking point, or act early enough to protect children’s lives, rights and futures.”

Save the Children has been working in Afghanistan since 1976, including through periods of conflict, displacement and natural disasters. We currently run programmes in nine provinces and work with partners across an additional 11 provinces, delivering services in health, nutrition, education, child protection, shelter, water, sanitation, hygiene and livelihoods. Last year we reached more than 2 million people, nearly half children. Nearly 5,000 children were successfully treated for severe acute malnutrition and 1.4 million people received outpatient consultations in our clinics.

References:

– Denotes name changed to protect identity.

[1] Afghanistan Nutrition Surveillance Bulletin, 15th edition, quarter 2 2026:
https://reliefweb.int/report/afghanistan/afghanistan-nutrition-surveillance-bulletin-15-edition-quarter-2-2026

[2] Afghanistan Nutrition Surveillance Bulletin, 15th edition, quarter 2 2026:
https://reliefweb.int/report/afghanistan/afghanistan-nutrition-surveillance-bulletin-15-edition-quarter-2-2026

[3] 2022:
https://www.ipcinfo.org/ipc-country-analysis/details-map/en/c/1156185/?iso3=AFG

2026:
https://www.ipcinfo.org/ipc-country-analysis/details-map/en/c/1159817/?iso3=AFG

[4] Figures as of 4 August 2026:
https://fts.unocha.org/countries/1/summary/2026

[5] 445 health facilities suspended or closed as of December 2025:
https://reliefweb.int/report/afghanistan/afghanistan-suspendedclosed-health-facilities-due-us-government-work-stop-ban-update-20-december-2025

150 closed or suspended since January 2026 according to the World Health Organization:
https://x.com/HananBalkhy/status/2074752651045294333

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Australia – Commonwealth Bank’s full year results announcement

Source: Commonwealth Bank of Australia

Commonwealth Bank Chief Executive Officer Matt Comyn has today updated the market on the bank’s FY26 results.

Wednesday, 12 August 2026

Commonwealth Bank has released its financial results for the year ended 30 June 2026.

More on the full year results:

  • ASX announcement
  • Investor presentation
  • Insights into the results and how Commonwealth Bank is supporting customers
  • Media assets, including photography, video and audio grabs

Commonwealth Bank FY26 financial results

Commonwealth Bank of Australia | 230/2026

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Property Market – Share of NZ homes selling for a profit falls to lowest level since 2012

Source: Cotality NZ

13 August 2026

The proportion of New Zealand properties resold for a gross profit has fallen to its lowest level in almost 14 years as the country’s prolonged housing downturn weighs on resale outcomes.

Cotality NZ’s Pain and Gain Report for the June quarter shows 86.9% of residential properties were resold for more than their original purchase price, down from 88.1% in Q1 and the lowest proportion since Q4 2012.

The share of loss-making resales increased from 11.9% to 13.1%, continuing a gradual deterioration from the market peak, when more than 99% of properties resold for a gain.

Cotality NZ Chief Property Economist Kelvin Davidson said the gradual deterioration in resale performance reflected the prolonged property market downturn, with national values around 18% below their peak.

“Property values peaked in early 2022 and have been through more than four years of falls and stagnation since,” Mr Davidson said.

“While the share of profitable resales has fallen from more than 99% at the peak to 86.9% today, it’s been a gradual adjustment rather than the sharp deterioration we saw during the global financial crisis.”

Mr Davidson said during the GFC, the proportion of profitable resales fell from around 98% in mid-2007 to about 80% within two years.

“We’re not seeing the same widespread repayment problems or mortgagee sales in the current cycle, partly reflecting stronger serviceability testing within the banks. The rise in unemployment has come from more labour supply rather than mass job losses too,” he said.

The national median gain was $280,000 in Q2, down from $292,000 in Q1 and the late-2021 peak of $440,000. The median loss increased from $55,000 to $60,000.

Profitable sellers hold for record 10.4 years

Properties resold for a gain in Q2 had been owned for a median of 10.4 years, a new record for a series dating back to the mid-1990s and up from 10 years in Q1.

The record is part of a longer-term trend towards extended property ownership, with the median hold period for profitable resales increasing from cyclical peaks of 6.5 years in 2001 to another of 8.5 years in 2015 and now 10.4 years in 2026.

“Some owners may be waiting longer for values to recover before selling, while elevated listings and subdued sales activity mean it can simply take longer to achieve a sale,” Mr Davidson said.

“Economic and employment uncertainty may also be encouraging some people to stay where they are, while transaction costs and lending restraints can make moving less attractive.”

By comparison, properties resold for a loss had been owned for a median of 4.3 years, up slightly from 4.2 years in Q1 and 3.9 years in Q4 2025.

Mr Davison said that places the typical purchase of a loss-making property around late 2021 or early 2022, when property values were near their peak and mortgage rates were on the rise.

Apartment resale losses reach highest level since 2010

Apartments recorded a further deterioration in resale performance in Q2, with 45.2% selling for less than their previous purchase price, up from 39.4% in Q1.

It was the highest proportion of loss-making apartment resales since Q3 2010, when the figure reached 48.2%.

Standalone houses were considerably more resilient, with 12.2% sold for a loss in Q2, or 87.8% resold for a gross profit.

“Apartment values have generally recorded weaker capital growth over time and have fallen by around 6% over the past year, compared with about 2% for townhouses and broadly flat values for standalone dwellings,” Mr Davidson said.

“That leaves apartments more exposed to a loss when values are falling, particularly for owners who have bought and sold within a relatively short period. There’s no real evidence of fire-sales of apartments, but it’s also true that sellers are battling a bit in this current environment.”

More than one in five Auckland resales make a loss

Auckland and Wellington recorded the weakest resale performance among the main centres, reflecting subdued property market conditions in both cities.

In Auckland, 20.9% of properties were resold for a loss in Q2, while Wellington recorded a loss on 18.4% of resales. Hamilton followed at 13.4%, Tauranga at 10.7%, Dunedin at 8.0% and Christchurch at 5.3%.

Median losses were highest in Auckland and Wellington at $85,000, compared with $60,000 nationally.

However, longer-term owners in the two cities continued to record some of the country's largest gains, with a median profit of $368,000 in Auckland and $311,750 in Wellington.

Mr Davidson said the contrast highlighted the importance of when a property was purchased and how long it had been owned.

“Auckland and Wellington experienced significant value growth before the recent downturn, so owners who bought many years ago can still be sitting on substantial gains,” he said.

“Recent buyers have had a very different experience, particularly those who purchased near the peak and have needed to sell again within the last four or five years.”

Resale conditions likely to stay subdued

Across all Q2 resales, gross gains totalled $3.83 billion compared with $159 million in gross losses.

Mr Davidson said the difference showed that despite the rising frequency of losses, longer-term property ownership was still generating significant equity for many sellers.

“Even with the gain rate at its lowest since 2012, more than eight in every 10 resellers are still selling above their original purchase price,” he said.

“That being said, for most owner occupiers, those gains won’t necessarily translate into a cash windfall because the equity will generally be recycled into their next property purchase.

“Looking ahead, economic uncertainty remains high, listings are elevated and buyers generally have plenty of choice. Until those conditions change materially, it’s difficult to see resale performance improving significantly in the near term.”

Notes:

The Pain and Gain Report analyses homes resold during the quarter, comparing the most recent sale price to the previous sale price to determine whether the result was a gross profit (gain) or gross loss (pain).

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Economy – RBNZ outlines priorities for a resilient and enabling financial system

Source: Reserve Bank of New Zealand – Te Pūtea Matua

13 August 2026

Assistant Governor Financial Stability Angus McGregor highlighted the importance of financial stability and outlined priorities shaping the Reserve Bank's prudential regulation approach in remarks delivered today at the Financial Services Council Conference.

Financial stability creates a foundation for New Zealand's economic success, Mr McGregor said.

“Financial stability is about ensuring financial institutions can keep supporting households, businesses and the wider economy through both normal times and periods of stress. When the system is stable, New Zealanders can save, borrow, invest, insure against risk, and make long-term decisions with confidence,” he said.

When it comes to the Reserve Bank's prudential regulation approach, Mr McGregor underscored the importance of building and maintaining a fit-for-purpose regulatory regime, and taking a forward-looking and system-wide approach to enabling financial stability.

“A fit-for-purpose regime means regulation and supervision that are proportionate, risk-based, evidence-informed and future-proofed. It also means being disciplined about minimising unnecessary burden on firms and on the system, while remaining clear about the outcomes we need to achieve for financial stability,” he explained.

Mr McGregor noted that the Reserve Bank is continuing to strengthen its forward-looking and system-wide approach to ensure regulation remains relevant in a changing world.

He cited the implementation of the Deposit Takers Act and the review of the Insurance (Prudential Supervision) Act as examples. These highlight the Reserve Bank's commitment to building more risk-based and future-focused regulatory frameworks that enable a resilient financial sector for New Zealanders.

Mr McGregor also acknowledged the importance of constructive relationships while maintaining the Reserve Bank's role as a credible and effective supervisor.

“Strong relationships help us do that job better. They allow issues to be raised earlier, risks to be better understood and openly discussed, and supervisory action, where needed, to be better targeted and more effective.”

“Ultimately, our shared goal is a financial system that is resilient, competitive, innovative, and trusted by New Zealanders. Working together is critical to achieving that goal,” he concluded.

MORE INFORMATION

Financial Services Council Conference – Reserve Bank of New Zealand – Te Pūtea Matua

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Heritage – Historic pulpit finds new home at Trentham Military Chapel

Source: NZRA

A remarkable piece of Wellington's military and family history has been rescued from obscurity and will be formally presented to the Trentham Military Chapel on Chunuk Bair Day, ensuring the legacy of one of the city's most distinguished wartime families is preserved for future generations.

The historic pulpit, originally from St John's Church, Johnsonville, was recently discovered for sale online and secured by the New Zealand Remembrance Army (NZRA) before it could be lost to private ownership or disposal.

The pulpit has a strong connection to the Willis family, one of Wellington's best-known pioneering families, after whom Willis Street is named. It is particularly linked to Sergeant Cecil Nicholson Willis, a Wellington soldier who gave his life during the First World War.

The pulpit will now be donated by the NZRA to the chapel at Trentham Camp, where it will continue to serve as a place of remembrance for generations of New Zealand service personnel.

“This is a wonderful example of local history, military history, and family history coming together,” says Simon Strombom, Managing Director of the NZRA.

“When we discovered the pulpit was being sold online, we knew it was something that deserved to be preserved and find it a ‘forever home’. It is directly connected to a Wellington family that gave so much in service to New Zealand.”

A soldier who never came home

23/350 Sergeant Cecil Nicholson Willis was born in Wellington to Amelia Anne and Alexander James Willis and grew up at 69 Weld Street, Wadestown.

Before the outbreak of war, he worked as a marine engineer with the Union Steam Ship Company, building a promising career before answering his country's call to serve.

Sergeant Willis enlisted with the 1st Battalion, New Zealand Rifle Brigade and saw active service in the Senussi Campaign in North Africa before being deployed to the battlefields of France and Belgium.

On 7 December 1917, at 26 years old, he died of multiple gunshot wounds received in action on the Western Front.

Today he lies buried at Lijssenthoek Military Cemetery in Poperinge, Belgium, alongside thousands of other Commonwealth servicemen who never returned to New Zealand.

“Like so many young New Zealanders of his generation, Cecil Willis left everything behind to serve,” Strombom said.

“He never came home, but his story remains an important part of Wellington's history and New Zealand's military heritage.”

The Willis family’s service

The Willis family's contribution to New Zealand does not end with Cecil.

His sister, 22/273 Ida Grace Willis, became one of New Zealand's most celebrated military nurses.

In 1914, she was among the first six New Zealand nurses to deploy with the force that occupied German Samoa. She later served aboard the hospital ship Maheno, caring for Gallipoli casualties in Egypt before continuing service throughout England and France during the First World War.

Following the war, Ida Willis helped shape military nursing in New Zealand, eventually becoming Matron-in-Chief of the New Zealand Army Nursing Service.

When the Second World War began, she was instrumental in organising and preparing New Zealand's military nursing services for another generation of conflict.

Her distinguished career earned numerous honours, including the Associate of the Royal Red Cross (1918), King George V Silver Jubilee Medal (1935) and Officer of the Order of the British Empire, Military Division (1944)

She is widely recognised as the first woman in New Zealand to be appointed an Officer of the Order of the British Empire (OBE).

“Few families contributed so much to New Zealand's war efforts,” Strombom said.

“One sibling made the ultimate sacrifice on the battlefields of Europe, while the other dedicated her life to caring for New Zealand's wounded soldiers across two world wars.”

Preserving history for future generations

The presentation of the pulpit to Trentham Military Chapel will take place on Chunuk Bair Day – 8 August, commemorating one of New Zealand's most significant battles of the Gallipoli campaign.

Organisers say the date is especially fitting, bringing together remembrance, military service and the preservation of an important historic artefact.

“Had it not been recognised and rescued, this important piece of our heritage could easily have disappeared. Instead, it will continue to inspire remembrance and reflection in a place dedicated to service.”

As the New Zealand Remembrance Army continues its mission to protect New Zealand's military heritage, the rescue of the Willis pulpit serves as another example of history saved from being forgotten.

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BusinessNZ – The $9 billion export hurdle: Sector outlines path to unlock economy

Source: BusinessNZ

New Zealand exporters face more than $9 billion a year in costs from non-tariff barriers, and a greater focus on identifying and removing unnecessary obstacles to trade could help unlock our economy, ExportNZ says.
Executive Director Joshua Tan says non-tariff barriers (NTBs) have become one of the greatest constraints on export growth as traditional tariffs decline through free trade agreements.
“Tariffs may be easing, but other barriers persist. Exporters face an ever-growing range of certification requirements, technical standards, labelling rules, customs processes and differing regulations across markets.
“These barriers add cost, delay goods reaching customers and make it harder for New Zealand businesses to compete internationally.”
According to the Ministry of Foreign Affairs and Trade, at least 83% of New Zealand exports are affected by NTBs, imposing annual compliance costs of more than $9 billion. On average, New Zealand products face nine separate NTBs across the markets they enter.
Tan says even a single technical or certification issue can make an otherwise valuable market commercially unviable, especially for a smaller exporter.
“New Zealand is a small country exporting from a long way away. Our businesses already contend with distance, freight costs and limited scale. They can’t afford to be hamstrung by over-the-top regulatory requirements that often shift without warning.”
The call to intensify efforts to eliminate NTBs forms part of ExportNZ’s 2026 Pre-Election Blueprint, Grow Locally, Compete Globally. The 14-point plan within sets out recommendations to help more New Zealand businesses compete and grow internationally.
The blueprint makes recommendations across trade and market access, export capability, innovation, investment, skills, digital trade, infrastructure and energy. These recommendations come from extensive dialogue with exporters in-market over the past eight months, as part of ExportNZ’s consultation with its members.
“Together, the export sector is calling for a National Export Readiness Programme to help promising businesses enter international markets, an increase in the Research and Development Tax Incentive from 15% to at least 25%, faster adoption of paperless trade systems, and a long-term National Global Competitiveness Strategy.
“Removing unnecessary barriers is one of the most direct ways the next government can reduce exporters’ costs, unlock new opportunities and grow the wider economy. We want to see the next government invest in the specialist technical, legal, scientific and regulatory expertise needed to identify emerging barriers, challenge unjustified measures and resolve issues before they become entrenched.”
The blueprint also recommends stronger coordination between government agencies, exporters and industry organisations to set market-access priorities, along with more consistent, efficient and customer-focused export certification and regulatory systems in New Zealand.
“Negotiating more free trade agreements is only part of a broader solution. NZ must have the capability to defend the access it provides and help businesses convert that access into actual sales. It means we would be better at spotting potential barriers early and influencing international standards,” Tan says.
ExportNZ Chair David Boyd says the pre-election blueprint reflects a consistent message from exporters about what New Zealand needs to succeed in a more complex global economy.
“New Zealand’s prosperity has always depended on our ability to compete beyond our shores. While the trading environment has become more challenging, it is also creating new opportunities for countries that innovate, adapt, and become more internationally connected.
“New Zealand can become one of the world’s most competitive small trading nations, but it will require long-term thinking, coordinated action and genuine partnership between government, industry and iwi.
“Our exporters have repeatedly demonstrated their resilience and ability to adapt. With the right settings at home, they are ready to seize new opportunities, build internationally competitive businesses and create more value, jobs and prosperity for New Zealand.”
Boyd says ExportNZ is ready to work with the next government to turn ambition into action.
“This blueprint provides a practical roadmap for improving the environment in which exporters invest, innovate, employ people and grow. We encourage all political parties to work with business to build a more productive, competitive and outward-looking New Zealand.”
ExportNZ’s 2026 Pre-Election Blueprint, Grow Locally, Compete Globally is available to download and read now, at exportnz.org.nz
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Events – Auckland Museum presents new exhibition Te Ripo o te Moana: Taonga Through Time

Source: Auckland Museum

Tāmaki Paenga Hira Auckland War Memorial Museum will present Te Ripo o te Moana: Taonga Through Time, an exhibition of customary and contemporary taonga Māori, from Saturday 29 August 2026.

Te Ripo o te Moana: Taonga Through Time explores the richness and diversity of Māori art through whakairo rākau (wood carving), whakakai (adornment), raranga (weaving), kōwhaiwhai (painting), and tārai waka (waka knowledge).

Te Ripo o te Moana translates as ‘The Whirlpool of the Sea’ and describes the way a whirlpool gathers and draws everything connected within its currents. The name reflects the coming together of taonga Māori from different timeframes, iwi and regions, and the enduring relationship between Māori and Te Moana-nui-a-Kiwa (the Pacific Ocean).

Throughout the exhibition, customary taonga and contemporary works are brought into dialogue, tracing the continuity and evolution of Māori art across generations. Contemporary art works by Māori artists Areta Wilkinson, Te Rongo Kirkwood, Saffronn Te Ratana, Ngataiharuru Taepa and more, reveal connections between ancestral knowledge, material practice and new forms of expression.

Te Ripo o te Moana will also include Te Rā, the only known customary Māori sail, alongside significant taonga and mahi toi from the Auckland Museum collection.  

Among the other taonga included is Tiki, the four-metre-tall waharoa (gateway carving) created by master carver Te Ūmanui Te Whanoa in the early 1800s and later the symbol of the landmark exhibition Te Maori, which travelled to America in 1984. Other highlights include a rare complete front of a pātaka (storehouse) created by Ngāti Tarāwhai carvers of Te Arawa, demonstrating the diverse styles and distinctive patterns of different iwi and regions.  

Te Pō Keu . Ngataiharuru Taepa and Saffronn Te Ratana, 2025. Auckland Museum Tāmaki Paenga Hira Collection. 2026.17.1

Auckland Museum Curator Taonga Māori Nigel Borell says the exhibition recognises Māori art and taonga as living art forms.

“Te Ripo o te Moana brings art making from different generations into conversation, revealing stories of whakapapa, identity, creativity, and innovation that connect them. The exhibition brings together the work of tohunga whakairo (master carvers) and tohunga raranga (expert weavers) alongside contemporary artists and makers, and in doing so provides a dynamic snapshot of Māori art,” says Borell.

“These taonga show that Māori art is not fixed to one time but is a living continuum in which mātauranga is carried forward and expressed through new materials and ideas.”

Tauihu. Auckland Museum Tāmaki Paenga Hira Collection. 1925.223, 7375.

Auckland Museum Tumu Whakarae Chief Executive David Reeves says Te Ripo o te Moana creates an important new space for visitors to experience taonga Māori from Auckland Museum’s collection while the Museum’s Māori Court remains closed for asbestos remediation.

“It is a huge privilege to be kaitiaki for one of the world’s most significant collections of taonga Māori, and to create new ways for people to encounter and connect with it,” says Reeves.

The exhibition also explores Māori voyaging traditions through waka tauihu (canoe prows), hoe (paddles) and Te Rā. Dated to the late 18th century, Te Rā is woven from harakeke with muka ties and reflects generations of sophisticated understanding of materials, winds, currents and navigation.

Te Rā returned to Aotearoa on loan from the British Museum in 2023, with the loan now extended until 2029.

Auckland Museum Curator Pou Ārahi Māori and exhibition co-curator Dr Kahutoi Te Kanawa says Te Rā embodies connections across time explored through Te Ripo o te Moana.

“Te Rā sits at the heart of this exhibition, carrying the mātauranga and artistry of our tūpuna. Shown alongside customary and contemporary taonga, she demonstrates how knowledge is carried forward and kept alive through creative practice,” says Dr Te Kanawa.

Te Ripo o te Moana: Taonga Through Time opens at Tāmaki Paenga Hira Auckland War Memorial Museum from Saturday 29 August 2026 and is free with Museum entry.

Te Ripo o te Moana: Taonga Through Time
Open Sat 29 Aug 2026
FREE with Museum entry
Auckland Museum, Level 1

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Banking – ASB full year result: Profit down 2%, customer and business lending momentum remain strong

Source: ASB

 

ASB has reported a cash net profit after tax (NPAT) of $1,318 million for the 12 months to 30 June 2026, down 2% on the previous year.  Statutory NPAT was $1,398 million, down 4%.

 

The bank has performed strongly across the board with home lending, business and rural lending and customer deposits all having increased 6%.  KiwiSaver funds under management also continued to perform well, growing by 15%.

 

Operating expenses grew 16% to $1,645 million, predominantly driven by the settlement of the Credit Contracts and Consumer Finance Act 2003 class action proceedings, increased costs due to inflation, and hiring more people to support greater levels of investment in technology.

 

ASB Chief Executive Vittoria Shortt says the result keeps the bank in a strong position to support customers as the country prepares for economic growth once again.

 

“Economic recovery has been very stop start.  Although we had momentum at the beginning of the financial year, it’s been a very different second half.  The conflict in the Middle East and subsequent global oil price shock have caused significant disruption, changing the inflation outlook and pushing interest rates up faster than anticipated.

 

“Our focus has been on supporting customers experiencing higher costs and uncertainty, while continuing to invest in services and experiences that make a difference.  While it’s been a challenging time for some, by and large our customers appear to have weathered the storm well, with fewer households experiencing loan difficulties.

 

“While we expect economic momentum to return in the coming months, uncertainty remains the new norm and we’re cognisant that many New Zealanders will continue to face cost pressures.  We’re working closely with customers and are ready to support New Zealand as it puts its foot back on the pedal in FY27,” Ms Shortt says.

 

Enabling economic growth: Backing Kiwi farmers and businesses

 

“We maintained strong momentum in business banking in a very competitive market, recording our strongest year for business lending growth in almost a decade and providing business and farming customers with around three times as much new lending than last year.  

 

“It was a standout year for ASB Rural, growing agriculture lending market share to 17.7%.  Initiatives supporting farmers as they look to the future continued to gain traction in FY26, including ASB SMART Solar and Every Hectare Matters, which we expect will be a key enabler of the Government’s Land Use Flexibility programme.

 

“ASB Business and Corporate Banking and CBA New Zealand branch collectively became New Zealand’s second-largest business bank, while ASB outperformed the market in large business lending, growing our book by $436 million (8.6%) ahead of market (3.4%).”[1]

 

Investing in faster, simpler customer experiences

 

“Investing in our people and systems has been a core focus in making banking simpler, faster and more accessible for customers, while connecting them to the right support sooner when needed.

“More than 350,000 transactions were completed digitally in FY26 that would once have involved a phone call or visit to an advice centre.  This year we became the first bank to offer joint home loan applications digitally, removing the need for eligible applicants to meet with us and making the process quicker and easier.

 

“At the same time, we grew our workforce by more than 360 FTE (5%) over the financial year as we continue to adapt to changing expectations.

 

“It’s about using the right mix of technology and people to best support our customers. As an example, AI tools such as conversational IVR (Interactive Voice Response) in our Contact Centre which can answer simple questions and triage calls to the most appropriate ASB specialist, have helped reduce average call wait times by around 40% compared with FY25.”

 

Supporting property and housing

 

“Housing remains one of New Zealand’s biggest challenges, and ASB has an important role in helping more people access warm, safe and affordable homes.  We’re $200 million ahead of our FY26 social and affordable housing lending target, with $430 million committed this year, supporting the construction of close to 1,200 homes. That includes $108 million for Māori housing providers, helping deliver around 350 homes in Māori communities.  This was driven largely by the expansion of our accelerated housing initiative to $1 billion, giving us greater capacity to back organisations and communities delivering better housing outcomes for New Zealanders.”

 

Growing long-term financial confidence

 

“We know the power of a regular savings habit and have invested heavily in helping Kiwi build wealth in ways that suit their goals and stage of life, from term deposits to KiwiSaver, investment funds and shares.

 

“It’s been a big year for ASB KiwiSaver, being named KiwiSaver Fund Manager of the Year at the 2026 Morningstar Awards for Investing Excellence.  Total KiwiSaver funds under management reached $21.7 billion, supporting nearly half a million ASB KiwiSaver Scheme members with our Growth, Moderate, Balanced and Conservative KiwiSaver funds all achieving top quartile three-year returns for three consecutive quarters. [2]  The latest data ranks our Conservative and Moderate KiwiSaver funds number one in their category for the three years ended 30 June 2026. [3] ASB total funds under management across investment products grew 17% to $27.7 billion.

 

“Another focus in FY26 has been developing ASB Share Central, a modern trading platform in partnership with CMC Markets.  As the only New Zealand bank offering the ability to buy and sell shares, ASB Share Central will offer more advanced trading tools and access to more than 15 international markets, giving registered customers greater choice and opportunities to diversify.  We look forward to launching it by the end of this year.”

 

Building a simple, modern bank 

 

“Looking ahead, ASB is embarking on a programme of work to streamline its practices to create better outcomes for customers.  This complements work already underway to modernise technology and upgrade systems, simplify products and processes, and invest further in financial crime capability, resulting in a simpler, more modern bank.”

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Huraina Te Matarau – Indigenous Nurses Aotearoa Conference seeks to unmask the many faces and protective layers and challenge racism in the workforce

Source: New Zealand Nurses Organisation

Nurses and tauira from around the Aotearoa will descend on Auckland this week for the annual Te Rūnanga o Aotearoa hui-ā-tau and Indigenous Nurses Aotearoa Conference.

Te Rūnanga o Aotearoa NZNO's annual Indigenous Nurses Aotearoa Conference takes place at Te Mahurehure Marae in Tāmaki Makaurau.

This year’s theme, Huraina Te Matarau, is about unmasking the many faces and invites people to examine the layers and masks that they have carried through life in order to survive, belong, or succeed, and to reconnect with the essence of who they truly are.

It is preluded by the Te Rūnanga Tauira Hui-a-tau and professional development training day tomorrow before getting into the Indigenous Nurses Aotearoa Conference from Friday to Sunday.

It will include a celebration of Māori nursing with the 9th annual Pharmac Tapuhi Kaitiaki Awards – Māori Nurses Awards – on Saturday night and on Sunday the 2027 recipient of Te Akenehi Hei Memorial Award will be announced.

Te Rūnanga o Aotearoa NZNO Kaiwhakahaere Kerri Nuku says one of the things she wants to unmask is the racism and prejudices against Māori nursing tauira.

“We can’t get our students into nursing programmes because people don’t like the look of them and this is what it really boils down to,” she says.

“They are facing barriers before entry, during the programme and when they graduate. There’s this whole system failure that is not supporting nurses to get through.”

About 33% of Māori nursing students in Aotearoa New Zealand drop out before completing their three-year degree. This attrition rate is higher than the overall student dropout rate of 20% to 25%, severely limiting the growth of the Māori nursing workforce.

Nuku says more support is needed for Māori tauira to thrive in a system that seems to be stacked against them.

“We need more Māori nurses to come through the system but the system is the problem. How do we support better access to kaiako? Hopefully while we hui in Tāmaki we can wānanga some of these struggles with the tauira Māori who are affected by it and ways to resolve them.”

Grounded in Te Ao Māori, the conference acknowledges that we are born whole – connected to whakapapa, wairua, and identity – yet many become disconnected through systems, expectations and lived experiences that require adaptation and self-protection.

The conference challenges people to move beyond performance and appearances, encouraging authenticity, accountability, and healing. It creates a space where Māori can stand fully in their identity without apology or fear, while also fostering honest conversations about integrity, leadership, belonging, and cultural truth. At its heart, Huraina Te Matarau is about returning to self, returning to whakapapa, and recognising that beneath every mask, truth remains.

HUI-Ā-TAU AND INDIGENOUS NURSES AOTEAROA CONFERENCE SCHEDULE HIGHLIGHTS

Thursday 13 August: Tauira hui-ā-tau and professional development day

9.30am: Pōwhiri

11.30am: Opening address from Kaiwhakahaere Kerri Nuku

1pm: Speaker: Julie Paama-Pengally – tā moko artist who will be doing mokopapa during the hui

3pm: Te Rūnanga Tauira Hui-ā-Tau

6pm: Speaker: Rikki Solomon

Friday 14 August: Te Rūnanga o Aotearoa Hui-ā-tau

10.30am-2.30pm: Hui-ā-tau

3pm: Conference opening ceremony

3.30pm: Opening address from Kaiwhakahaere Kerri Nuku

3.45pm: Speaker: Dr Vincent Olsen-Reeder

6.30-7.30pm: GRADUATES PANEL: Davis Ferguson, Vicki Te Waiti, Ariana Turu

Saturday 15 August: Workshop day

8.40am: Speaker: Tory Whanau – former Wellington Mayor.

9.15-10.15am: Dr Tāniora Maxwell followed by a Kaiāwhina Panel

12.45pm-1.30pm: Speaker: Julie Paama-Pengally. Followed by a panel featuring Tracey Morgan and Rangi Blackmore-Tufi.

1.30-3.30pm: Mokopapa

Saturday 16 August: Hākari and Awards night

6pm-7pm: Te Rūnanga Regional Awards and Pharmac Scholarship Awards

Sunday 17 August: Final day

8.45-9.15am: Announcement of Te Akenehi Hei Memorial Award

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Education – ‘Franken-jobs’ becoming the norm in our universities

Source: Tertiary Education Union

Members of the Tertiary Education Union (TEU) are worried about how gig work has become a norm for thousands of people working in universities. These insecure jobs impact student learning and put the health of universities as institutes of research at risk.

Finn Illsley-Kemp, a senior research fellow whose research focuses on natural hazards such as earthquakes and volcanoes, is on his fourth fixed-term contract in eight years and says that the dual employment system at work in Aotearoa New Zealand universities creates a two-tier system and a growing resentment amongst research fellows.

“Research staff on fixed-term contracts make up a big proportion of staff and bring in massive funding for the universities, and many of our permanent colleagues aren't aware of our insecurity. We supervise students and bring prestige with our research, but we're treated differently to staff on permanent contracts.

“I've heard of research staff being left off work Christmas party invites, not being considered for roles that come up and when their long-term contracts finish, they’re just left to walk out the door with not a word of thanks or acknowledgement for their contribution.”

Illsley-Kemp sits on the New Zealand Volcano Science Advisory Panel and when Lake Taupō showed signs of volcanic activity back in 2022, he was a go-to spokesperson explaining the risks to the public.

Part of his work is to supervise the next generation of natural disaster researchers – PhD and science masters' students. One hundred percent of his work is funded by government research grants that he applies for himself.

“In the past there was a pathway to permanent jobs, but there seems to be no support or investment in researchers now. It doesn't paint a positive picture for the future of research in Aotearoa New Zealand.”

Cassie McTavish is a university tutor who says that while she loves her teaching work and her students, her permanent part-time work means variable hours each semester and for 3 months of the year she has no pay because the contracts don’t cover the summer period.

“It’s accepted as a normal function of the role I do. I know there is work over the summer I could be doing, but it’s not budgeted for. I go to MSD in this period so I can support my daughter and myself. It also means I don’t accumulate holiday pay or leave; I’m forced to take it each year.”

Cassie’s role is very much a student-facing one and she says she loves the work.

“I love supporting my students to learn and I know that when I’m not there, they don’t get that support because I’m the tutor they trust and have developed the working relationship with.”

She and her colleagues have a term for the contracts they're on – 'Frankenjobs.'

“It’s an ad-hoc work monster created by difficult employment conditions. I feel undervalued in the work I do with students.”

Dr Antonia Verstappen, TEU Industrial and Professional Committee Vice President (Tiriti), says this sort of insecure work creates massive risks for the health of universities and their staff and it is why the TEU are claiming for secure work in this year’s collective agreement bargaining across all universities.

“Valuable and sometimes life-saving research is done by researchers at universities all over Aotearoa New Zealand who are on precarious fixed-term employment contracts. Their work and research underpins generations of professionals and brings solutions to some of the biggest challenges we face around climate change, disaster management, medicine and more. These are highly trained people who want to contribute to our country, and we need their skills. Our institutions need to come to the table to end this practice of precarious employment.”

She says that such employment practices affect people wanting to start families.

“These colleagues are too worried about how parental leave will fit into their short-term or rolling contracts, and if they will have a job to come back to.

“We call on universities to respect and value their staff by providing security of employment – this is the right thing to do for staff and students.”