Fonterra Co-operative Group Ltd has today provided its FY26 Q1 business update, which shows the year is off to a solid start and the Co-op remains firmly focused on strategic delivery. Progress includes:
“We look forward to sharing further progress updates during the year,” says Mr Hurrell. |
Legislation – Retirement Commission welcomes reform of Retirement Villages Act
Improve transparency and disclosure: Legal documents will be made more user-friendly and accessible. Operators must publish current disclosure statements online and strengthen obligations to ensure information is not misleading or deceptive.
Living in
Chattels and fixtures: Operators will be responsible for the maintenance, repair, and replacement of operator-owned chattels and fixtures, providing residents with certainty and fairness.
Dispute resolution: A new, independent, and user-friendly dispute resolution scheme will be established, to simplify and streamline disputes processes.
Moving out
Fairer exit process: Operators will be required to repay residents’ net termination proceeds within a 12-month statutory timeframe, with interest payable after six months. An application scheme will allow early release of funds for residents with specific needs, such as moving into aged care.
Weekly fees and deductions: will stop accruing immediately after a resident vacates their unit, aligning with best practice and ensuring fairness.
“Ultimately, these reforms are about ensuring dignity, fairness, and peace of mind for those choosing retirement village living,” says the Retirement Commissioner.
The proposed Retirement Villages Amendment Bill is expected to be introduced by July 2026, with further opportunities for public input at select committee stage.
NZ Super Fund – STAKEHOLDER UPDATE DECEMBER 2025 Portfolio Update
Portfolio Update – The value of the NZ Super Fund increased by $4.8 billion during the first four months of the current financial year, with NAV of $89.9 billion at 31 October.
This was largely due to the continuing strong performance of global equity markets.
This period also includes a tax payment in July of $1.55 billion.
Strong performance against key best-practice benchmark
The Guardians has again secured a five star rating for Policy, Governance and Strategy as measured against the UN-backed Principles of Responsible Investment (PRI), scoring 96/100 in the latest annual assessment of our performance.
The PRI assessment is an important performance benchmark and best practice standard for the Guardians. A four-star or better rating for Policy, Governance and Strategy is one of the four key measures of best practice that is in our Statement of Intent and reported on in our Annual Report.
The principles cover incorporating ESG issues into investment analysis and decision-making; active ownership, including voting and engagement; encouraging investee companies to improve how they manage and report on ESG risks and opportunities; collaborating with other local and international investors to deliver better sustainability outcomes; and transparent reporting.
As well as maintaining a top rating for Policy, Governance and Strategy, the Guardians posted improved scores for passively-managed and actively-managed listed equities.
Head of Sustainable Investment Anne-Maree O'Connor said that improvement was driven in large part by a new formal Sustainable Investment rating process applied to external managers that enabled clearer reporting to the Guardians' Board and investment committee.
“Listed equities remain far and away our largest asset class, so any improvement we make in that part of the business is significant for the portfolio as a whole,” said Anne-Maree.
Guardians' 2025 PRI Assessment Outcome
Policy, governance and strategy: Five stars – 96% (unchanged from last year)
Listed equity, passive: Five stars – 91% (up from four stars 77%)
Listed equity, active: Five stars – 91% (up from four stars 77%)
Confidence building measures: Four stars – 70% (up from 3 stars 64%)
The PRI summary assessment report can be found here: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-h/
Timberlands sprouts new growth
As of 28 November, Kaingaroa Timberlands has become Kaingaroa Tipu. The name change, unveiled at the opening of a new 145-hectare tree nursery at Rerewhakaaitu, not only unites Kaingaroa Timberlands, Timberlands, and Forest Genetics under one cohesive brand, it also reflects the company’s intent to grow better wood products, better jobs, and a better environment, every day.
As a significant shareholder, the Guardians supports the underlying kaupapa, as summed up at the launch of the new identity by KT CEO Ryan Cavanaugh: “It’s a promise to our iwi partners, our contractors and our customers that we are here to grow with purpose, together”.
Learn more about the business, its people and its plans at Kaingaroa Tipu’s website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-m/
Ground broken at Beachlands
Prime Minister and local MP Christopher Luxon and Auckland Mayor Wayne Brown last month joined representatives of the Guardians and other investors in Beachlands South Limited Partnership to mark the commencement of site works in preparation for the development of a new coastal community in Auckland’s Beachlands.
The new community will complement and extend the existing Beachlands township and include schools and commercial opportunities, as well as a new village centre and a broad range of housing choices.
A full account of the opening ceremony can be found here: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-c/
To learn more about the proposed development, and the long-term vision of how it will enhance the natural environment, support the local community, and contribute to the wider Auckland region, visit the Beachlands South website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-q/
Taranaki Offshore Partnership
Taranaki Offshore Partnership (TOP) has signed a memorandum of understanding (MoU) with NZX-listed energy company Genesis Energy to investigate the commercial viability of offshore wind in New Zealand and explore potential joint ventures and offtake arrangements.
TOP Business Development Manager Giacomo Caleffi said the MoU was a first step towards a possible long-term commercial relationship.
“Genesis is interested in exploring new options for renewable generation and understands how the New Zealand electricity market works: we are interested in exploring the potential for offtake agreements with energy retailers and other large energy users,” Mr Caleffi said.
Genesis Chief Operating Officer Tracey Hickman said she is looking forward to working with TOP to assess how offshore wind could contribute to New Zealand’s future energy mix.
“This partnership aligns with our focus on developing new renewable generation options and supporting the country’s transition to a low-carbon energy future. With our long-standing involvement in the Kupe Joint Venture, which is located close to TOP’s proposed offshore wind site, and our capability to firm renewable supply and enter long-term offtake agreements, there is a strong strategic fit.”
Mr Caleffi said the MoU was not the first collaboration between TOP and Genesis Energy, with one of TOP’s windspeed monitors being mounted on the Kupe gas platform.
“The data it is supplying will complement our own Floating LiDAR data, which confirms the exceptional quality and consistency of the wind in this area makes South Taranaki one of the best sites that we have encountered anywhere in the world.”
In October, TOP was among submitters who presented to an Environmental Protection Authority expert panel considering Trans-Tasman Resources’ fast-track application to develop a seabed mining operation in the South Taranaki Bight.
TOP’s submissions can be read in full on their website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-a/
New people in place
Newly-appointed Board member Andrew Wilson and General Manager, People & Culture Leona Cheffins completed their respective induction sessions in mid-November, just ahead of the annual Board Strategy Day.
Andrew's appointment means the Board again has a full complement of seven members, while Leona's appointment completes the refreshed leadership team line-up.
Economy – Interim Financial Statements of the Government of New Zealand for the four months ended 31 October 2025 – NZ Treasury
The Interim Financial Statements of the Government of New Zealand for the four months ended 31 October 2025 were released by the Treasury today. The October results are reported against forecasts based on the Budget Economic and Fiscal Update 2025 (BEFU 2025), published on 22 May 2025, and the results for the same period for the previous year.
The key fiscal indicators for the four months ended 31 October 2025 were mixed compared to forecast, continuing the trends from the previous month’s results. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $4.9 billion. This deficit was $0.7 billion larger than forecast. Whereas net core Crown debt was lower than forecast by $4.5 billion at $186.5 billion, or 42.8% of GDP.
Core Crown tax revenue, at $39.5 billion, was $0.6 billion (1.5%) lower than forecast. The largest variances related to corporate tax and other individuals’ tax at $0.3 billion (7.1%) and $0.2 billion (7.0%) lower than forecast respectively.
Core Crown expenses, at $48.5 billion, were relatively close to forecast.
The operating balance before gains and losses excluding ACC (OBEGALx) was a deficit of $4.9 billion, $0.7 billion more than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $5.2 billion, $0.4 billion higher than the forecast deficit.
The operating balance was a surplus of $0.9 billion compared to a forecast deficit of $2.8 billion. The unfavourable variance in OBEGAL mentioned above was more than offset by favourable valuation movements, particularly on financial instruments. Net gains on financial instruments were $6.5 billion stronger than forecast, although this was partially offset by net losses on non-financial instruments of $2.3 billion.
The core Crown residual cash deficit of $3.7 billion was $0.8 billion smaller than forecast. While personnel and operating payments were larger than forecast, this was more than offset by net capital cashflows which were lower than forecast largely owing to timing factors affecting advances and investments with other government entities.
Net core Crown debt at $186.5 billion (42.8% of GDP) was $4.5 billion lower than forecast. The variance was driven by the combination of the favourable variance in net core Crown debt at 30 June 2025 which resulted in a better starting position for the current year, along with the lower than forecast residual cash deficit during the year, as mentioned above.
Gross debt at $215.9 billion (49.5% of GDP) was $11.7 billion lower than forecast, similarly with net core Crown debt, the majority of this variance comes from a more favourable starting position. The remaining variance predominately relates to lower than forecast issuances of Euro Commercial Paper and Treasury bills.
Net worth at $190.0 billion (43.6% of GDP) was $9.8 billion higher than forecast. In addition to the favourable operating balance variance discussed above, the better net worth starting position from the 30 June 2025 year results also contributed.
Economy – RBNZ Stats Alert: Updated weights for Trade-Weighted Index
3 December 2025 – The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on Thursday 4 December 2025.
The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand's major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country's direct bilateral trade in goods and services with New Zealand, for the year ended June.
The new weights will be applied from tomorrow, 4 December. The historical calculations of the TWI are not backdated with the new weights. The current TWI weights and those that will apply for the next 12 months are:
| Currency | Symbol | Old weight | New weight |
| Chinese yuan | CNY | 0.2174 | 0.2149 |
| Australian dollar | AUD | 0.1840 | 0.1779 |
| United States dollar | USD | 0.1562 | 0.1621 |
| Euro zone euro | EUR | 0.0917 | 0.0922 |
| Singapore dollar | SGD | 0.0570 | 0.0592 |
| South Korean won | KRW | 0.0506 | 0.0482 |
| Japanese yen | JPY | 0.0551 | 0.0472 |
| United Kingdom pound | GBP | 0.0388 | 0.0395 |
| Thai baht | THB | 0.0257 | 0.0245 |
| Malaysian ringgit | MYR | 0.0243 | 0.0240 |
| Indonesian rupiah | IDR | 0.0173 | 0.0206 |
| Indian rupee | INR | 0.0169 | 0.0197 |
| Taiwanese dollar | TWD | 0.0166 | 0.0168 |
| Vietnamese dong | VND | 0.0154 | 0.0169 |
| Canadian dollar | CAD | 0.0141 | 0.0157 |
| Hong Kong dollar | HKD | 0.0107 | 0.0114 |
| Philippines peso | PHP | 0.0082 | 0.0090 |
| Scaling factor | 77.1340 | 77.3320 |
Tourism – NZSki signs partnership with Sunac-BonSki to connect New Zealand with China’s fastest-growing ski market
NZSki has signed a strategic partnership with Sunac-BonSki, marking one of the most significant international agreements in New Zealand’s ski industry.
The deal opens direct access to China’s rapidly expanding snow sports market and strengthens NZSki’s position as a global leader in alpine experiences.
China is now one of the fastest-growing ski markets globally. During the 2024–2025 season, the country recorded 26.05 million skier visits, up 12.9 percent year-on-year, and 13.55 million active skiers, an increase of 5.86 percent. Indoor skiing is driving this growth, with 66 indoor resorts generating 5.63 million skier visits in one season, including the world’s five largest by snow area.
The market is shifting from beginner experiences to destination skiing, with high-spending destination skiers representing just 4 percent of resorts but contributing 28.64 percent of total skier visits — a core demographic for NZSki.
The signing took place at the newly opened Shenzhen BonSki, currently the world’s largest indoor ski resort. The venue covers 100,000 square metres, receives 3,000–5,000 visitors per day and is projected to welcome 1.0-1.5 million visitors annually, with 30 percent coming from Hong Kong. Its intermediate and advanced slopes have already received FIS certification, and a World Cup event is planned for next year.
Under the theme, Across the Equator, Wonders Begin, the partnership will focus on joint product development and promotion, including youth ski training programmes and off-season holiday packages that link year-round indoor skiing with natural alpine terrain in New Zealand. The agreement also includes plans to introduce the internationally recognised NZSIA certification system and New Zealand terrain park design standards to China, alongside a bilateral ski coach exchange programme aimed at lifting instruction quality and service experience across both destinations.
NZSki general manager operations James Urquhart says the partnership represents a major opportunity for the industry.
“This marks more than a business partnership – it is a shared commitment to shaping the future of snow sports. NZSki and Sunac-BonSki are united by passion and a belief in the industry we love. We look forward to unlocking new opportunities for skiers in both nations.”
NZSki operates The Remarkables, Coronet Peak and Mt Hutt, ski areas renowned for premium terrain and natural snow conditions. Sunac-BonSki runs 11 large-scale indoor snow resorts across major Chinese cities, delivering year-round skiing experiences and supporting pathways from youth training to public recreation and competition.
“The partnership combines New Zealand’s natural snow resources and global certification systems with China’s nationwide indoor ski network and growing skier base. It will create accessible pathways for Chinese skiers to experience world-class training and alpine environments in New Zealand, while expanding NZSki’s global reach,” Urquhart adds.
About NZSki
NZSki is one of New Zealand’s leading snow sports operators, owning and managing The Remarkables, Coronet Peak and Mt Hutt ski areas. Known for exceptional natural snow conditions, premium terrain and world-class facilities, NZSki plays a key role in the development of snow sports in New Zealand and is a core certification base for the New Zealand Snowsports Instructors Alliance (NZSIA/SBINZ).
About Sunac-BonSki
Sunac-BonSki is China’s leading indoor snow sports operator, delivering year-round skiing experiences across 11 large-scale venues in major cities. Its resorts include some of the world’s largest indoor ski facilities by snow area and support a full pathway from beginner lessons to advanced training, competitions and membership services. Sunac-BonSki is part of Sunac China Holdings, a diversified group with interests in property, culture and tourism.
Transport operators should prepare for random roadside drug testing
Source: Ia Ara Aotearoa Transporting New Zealand
- A recording of a webinar covering this topic, hosted by Transporting New Zealand and the Bus & Coach Association, can be viewed on our website.
Statement – Response from Andrew Coster to IPCA report on Police handling of complaints against Jevon McSkimming
This decision is a result of my acceptance of full responsibility for the shortcomings identified in the Independent Police Conduct Authority’s review of the handling of complaints against Jevon McSkimming during my tenure as Commissioner of Police.
I regret the impact on the young woman at the centre of this matter and sincerely apologise to her for the distress caused.
I accept that I was too ready to trust and accept at face value Deputy Commissioner McSkimming’s disclosure and explanations to me. I should have been faster and more thorough in looking into the matter.
I acknowledge that I should have more fully investigated the allegations when they were brought to my attention, rather than assuming that their previous disclosure to senior Police staff a few years earlier would have resulted in an investigation if necessary.
It is clear that Police’s handling of the whole matter was lacking and that I was ultimately responsible for those matters. It was sobering to read of a number of missed opportunities which should have proceeded differently and more appropriately.
I welcome Sir Brian’s acknowledgement that the report made no finding of corruption or cover-up, nor did the IPCA find any evidence of any actions involving officers consciously doing the wrong thing or setting out to undermine the integrity of the organisation.
I made decisions honestly. I acted in good faith. I sought to take all important factors into account with the information I had at the time. While it is not possible to alter past events, I am prepared to take responsibility – I got this wrong.
I want to apologise to all members of the NZ Police. They work hard every day to keep our communities safe. I know they have been adversely affected by these events.
This has been a very challenging time for my family and me – the support we have received has been deeply appreciated. I have devoted my professional life to the service of others – it is my intention to do so again at some point in the future.
Environment – Maraekakaho Quarry application granted consent – EPA
Source: Environmental Protection Authority (EPA)
- Information about the Maraekakaho Quarry project and the initial decision is available here: Maraekakaho Quarry | EPA
- Appeals can only be made on questions of law, not on the merits of the decision.
- More information about the appeal process is available here: Overview: Consenting under the COVID-19 Recovery (Fast-track Consenting) Act 2020 | EPA
- The Environmental Protection Authority is not involved in the decision-making. We provided procedural advice and administrative support to the panel convenor, Judge Laurie Newhook, and the expert consenting panel he appointed.
