Posts

Posted on

Health and Education – Five times more Māori nurses needed to reflect population

Source: New Zealand Nurses Organisation

Aotearoa New Zealand needs five times more Māori nurses if the workforce is to reflect the Māori population and be able to provide culturally safe health care, a new report shows.
The report “Growing, but not fast enough: Māori nursing workforce insights” was written by economic consultancy company Infometrics and released at the Indigenous Nurses Aotearoa Conference in Rotorua tomorrow – Thursday – when about 300 Māori nurses from throughout the country gather.
Te Rūnanga o Aotearoa NZNO Kaiwhakahaere Kerri Nuku says the report shows Aotearoa New Zealand needs about 1,350 more Māori nurses a year for the next decade to achieve population parity.
“That would mean increasing the number of Māori nurses entering the workforce from the current 300 a year to almost 1,650 – a five-fold increase.
“This is an intense number and shows the intense need we have to ensure Māori get the culturally safe and appropriate nursing they need. Research shows culturally safe nursing is key to achieving better outcomes for Māori.
“Health leaders, Māori leaders, academics, economists and the media have been asking what an effective Māori nursing workforce would look like. Now, thanks to this report, we know,” she says.
“What better place to highlight this need, the economics of Māori nursing, at the country’s largest gathering of Māori nurses.
“I’m so concerned about the future of Māori health – this country’s health. These numbers are so intense and would appear like mission impossible under this Government. But it is our duty to call for what is best for the health of our people,” Kerri Nuku says.
Currently Māori make up 18% of the New Zealand population but only 7.4 per cent of the nursing workforce and Māori are dying seven years lower than non-Māori, the report found.
About 27,000 Māori enrolments in nursing training were needed as less than two-thirds of Māori nurse trainees complete their qualification, it found. In 2023, a total of 3,230 students enrolled in registered nurse training but only 435 of them were Māori.
“The report also confirms for us what we’ve always known – Māori nurses are more likely to help keep Māori out of hospital by identifying the risk of preventable illnesses, enabling early intervention and saving the health system money,” Kerri Nuku says.
The report also suggests numbers needed for a 20-to-30-year timeframe and workforce policy commitment.
This year's annual conference theme is Mauri oro, mauri reo, mauri ora which speaks to a return to vibration, voice and wellbeing through the lens of mātauranga Māori. The prestigious Akenehi Hei award will be presented on Friday morning while the Tapuhi Kaitiaki Awards – the Māori nurse awards – will be presented that evening.
Posted on

Investment Funds – Revealed: Huge increase in weapons in your KiwiSaver fund

Source: Mindful Money

Over $900 million of the savings of New Zealand investors is invested in weapons companies, including those supplying the conflict in Gaza:

  • New research shows KiwiSaver Investment in weapons companies has surged by 40.9% to $392.4 million
  • Managed fund investments also grew to reach $509.2 million by March 2025.

There is increasing New Zealand investment in companies supplying the Gaza conflict:

  • $71.9 million of KiwiSaver and retail funds invested in weapons companies
  • $179.9 million invested in two other non-weapons companies.

Annual survey data shows that 80% of Kiwis want to avoid investing in weapons

Comprehensive new analysis by charity Mindful Money reveals New Zealand KiwiSaver funds have dramatically increased their investment in weapons companies, with total weapons investments reaching $392.4 million – a staggering 40.9% increase from the previous year.

The research exposes how KiwiSaver providers are seeking short term profits from war. A contributor to the increase was a surge in sales of military weapons used in the bombardment of Gaza. New Zealand investment in the production of weapons used in Gaza, through KiwiSaver and retail investment funds, totalled $71.9 million a rise of 18.9% over the year to end March 2025.

The latest annual survey revealed that 80% of New Zealand investors want to avoid investing in weapons. But the surge in weapons investment by KiwiSaver and investment funds shows the growing misalignment with the values of KiwiSaver investors during some of the world's deadliest conflicts since World War II.

Barry Coates, Mindful Money Founder and CEO commented: “There has been a huge rise in weapons investment by New Zealanders. The chase for higher returns means that Kiwis’ hard-earned savings are being used to invest in companies whose weapons have resulted in the devastation of Gaza.”

Gaza Conflict Connections Raise Ethical Concerns

Few New Zealanders realise there is a direct connection between their savings and companies supplying weapons to the Gaza conflict. In addition to New Zealand's retail investment in weapons companies, there has been a major increase in New Zealand investment in non-weapons companies supporting operations in Gaza, such as Caterpillar and Amphenol. Investment in those two companies alone totalled $189 million, up 39% over the year to end March 2025.

Few KiwiSaver fund providers tell their customers that their hard-earned savings are being invested in companies complicit in a brutal conflict that has led to mass killing and starvation of Gaza’s people. So far the conflict has resulted in the deaths of 2,000 Israelis and 63,000 Palestinians according to official figures, although this does not include many others missing under rubble or those who have died from starvation.

Barry Coates said: “We can all see evidence of Palestinians being killed trying to get food for their starving children. The companies supporting the weapons, ammunition, bulldozers and technology need to be held to account for their actions. They should not be benefiting from our investment.”

Global Weapons Industry Boom Drives Investment Returns

The surge in New Zealand weapons investments reflects a broader global boom in the defence industry driven by multiple major conflicts. The S&P Aerospace & Defence Industry has seen extraordinary growth with a 16.5% increase in the past year alone and a staggering 307% growth over the past decade.

This growth has been accelerated by Russia's invasion of Ukraine on February 24, 2022, as well as internal conflicts within countries and regional tensions worldwide. Weapons companies have recorded higher short term profits, leading to huge investment increases from KiwiSaver and investment providers chasing higher returns.

The Values Gap: 80% Opposition vs Growing Investment

The findings reveal a stark disconnect between New Zealanders' stated values and where their retirement savings are actually invested. Research shows that 80% of New Zealanders want to avoid investing in weapons companies through their KiwiSaver or investment funds. Yet investments in this sector continue to surge.

This gap highlights a fundamental challenge in the KiwiSaver system. Many New Zealanders may be unknowingly funding companies involved in conflicts, through their retirement savings, even though they personally oppose that use of their funds. Few if any KiwiSaver providers have asked their customers if they agree to more of their savings being used for investments linked to civilian deaths and human rights violations on a massive scale.

Barry Coates explained: “When Kiwis go online to see Mindful Money’s free disclosure of their investments, many are shocked to find they are invested in issues such as weapons. A typical reaction is “I didn’t sign up for this.” They can and should challenge their fund providers. Or, if they are not satisfied, they can use the Mindful Money website to find a fund that does not invest in weapons.”

Managed Funds Show Similar Patterns

The weapons investment surge isn't limited to KiwiSaver funds. The analysis reveals that managed fund investments in weapons grew to $509.2 million by March 2025. Firearms companies increased by 64%, while military weapons investments in managed funds grew by 24% over the previous year. This shows the trend toward increasing weapons investments spans across New Zealand's broader investment landscape.

Barry Coates pointed out: “Many Kiwis recognise that weapons are necessary for defence, but they don’t want their savings supporting weapons companies that indiscriminately sell their weapons to whoever will pay. All too often weapons from major NATO suppliers end up being used in conflicts where human rights are violated.”

Walmart Leads Firearms Investment Surge

KiwiSaver investment in companies producing and selling firearms has more than doubled, with a 110% increase. This is despite heightened awareness amongst the New Zealand public about the dangers of weapons proliferation in the wake of the Christchurch Mosque shootings.

The most dramatic individual company increase involves Walmart, where New Zealand KiwiSaver investment reached $115.8 million – representing a massive 144% increase over the year and 40% growth in just six months. While primarily a general merchandise retailer, Walmart sells shotguns, rifles, ammunition, and firearm components like scopes at stores across the United States.

Walmart has made progress in the wake of widespread concern over mass shootings in the US. They have raised the minimum age for firearm purchases to 21, stopped selling handguns and certain rifles like the AR-15, and no longer offer ammunition for military-style weapons. However, they continue to sell other weapons alongside food, clothing and hardware items.

Alternative Options Available

Despite the concerning tr

Posted on

Education – Blind Ignorance: Ministry decision on At the Marae – QPEC

Source: QPEC

QPEC totally condemns the decision to sabotage At the Marae. In its explanation, the Ministry actually acknowledges “these words reflect everyday language used in classrooms and communities.”  

Then in the same sentence, in an embarrassing display of pedagogical rigidity, the Ministry claims “the higher number [six words] presented decoding challenges within the phonics sequence used in the series.”

The evidence worldwide suggests the opposite.

From the 1960s onwards, projects like the Bilingual Education Project at the Ontario Institute of Education in Toronto have established quite categorically that young children have a natural ability to absorb several languages at the same time, without damage to other functioning like learning to read.  

Indeed, acquiring more than one language leads to greater verbal ability in general.  

In Aotearoa NZ, te reo Māori  has the added advantage of a close fit between print and sound — closer than there is between English language print and sound.  

So one irony of the Ministry decision is that censoring Māori words will actually limit both the development of reading abilities and the advantages of bilingualism.  

And another is the ludicrous decision to delete Māori words from a book that focuses on the Marae, the central location of Māori  culture.  

We should bear in mind that the decision may have less to do with the Ministry and much to do with the prejudices of the Coalition Government.  

As Waatea reports, Bruce Jepsen, president of Te Akatea, the Māori Principals’ Association, says the decision not to reprint “At the Marae” was racist and white supremacist.   We agree.

Posted on

Federated Farmers – Carbon forestry rules still wide open

Source: Federated Farmers

Federated Farmers says a report back to Parliament on the so-called ‘ban on carbon forestry’ doesn’t go far enough to stop the march of pines across New Zealand’s productive farmland.
“This is an incredibly disappointing result and many farmers will be feeling a total sense of betrayal,” Federated Farmers forestry spokesperson Richard Dawkins says.
“Despite widespread feedback during consultation, and clear cross-party support for action, massive loopholes remain in the Environment Select Committee’s recommendations.
“Their report s

Posted on

Tech and Security – Three-Quarters of New Zealand Government Organisations Yet to Meet Strictest Cybersecurity Standards Ahead of Security Mandate – Research

Source: Proofpoint

 With less than two months until the government enforcement deadline, the majority of organisations remain exposed to critical vulnerabilities.
SYDNEY, Australia – 13 August 2025 – Proofpoint, Inc., a leading cybersecurity and compliance company, has found that three out of four New Zealand Government organisations have yet to implement the strictest level of email cybersecurity measures, leaving them exposed to risks of email fraud that could impact the New Zealand public, government workers, and stakeholders.  
These findings come ahead of the New Zealand Government's mandate for Domain-based Message Authentication, Reporting and Conformance (DMARC) enforcement for all government domains under its Secure Government Email (SGE) Framework. 
The SGE is a stricter approach to protecting government email communications, replacing the previous SEEMail system and is set to take effect in October 2025. However, with less than two months to go until the deadline, the vast majority of government domains are not currently satisfying this requirement. 
 
The new analysis by Proofpoint of DMARC adoption reveals that three quarters (75%) of New Zealand Government organisations have not implemented the recommended and strictest level of DMARC protection – reject – which prevents cyber criminals from spoofing organisations' identities and reduces the risk of email fraud. DMARC has three levels of protection – monitor, quarantine and reject – with reject being the most secure for preventing illegitimate emails from reaching the inbox.  

Proofpoint's DMARC analysis covered 200 primary organisations in the New Zealand Government spanning sectors such as Defence, Home Affairs, Foreign Affairs and Trade, Education, Employee and Workplace Relations, Social Services, Climate Change, Energy, the Environment and Water, Treasury and Finance. Many of these organisations will hold substantial data on the New Zealand population, plus vital information related to national security.    

The findings reveal that while 91.5% of New Zealand Government organisations have adopted the email authentication protocol, only 25.5% of them are implementing it at the highest level by blocking suspicious emails, a requirement of the new SGE framework. Alarmingly 8.5% of New Zealand Government organisations do not have any DMARC record at all, leaving them vulnerable to cyberattacks.  

Email remains a primary vector for cyberattacks, with phishing and impersonation schemes constantly evolving. DMARC authentication detects and prevents email spoofing techniques used in phishing, business email compromise (BEC), and other email-based attacks. When fully implemented, DMARC provides a critical layer of defence by ensuring that only legitimate emails from an organisation's domain reach their intended recipients. DMARC stands as the only widely deployed technology that verifies the sender's “From” address, ensuring emails are genuinely from the claimed source and not from impersonators.

This analysis follows the National Cyber Security Centre (NCSC) finding that, in the first quarter of 2025 alone, $7.8 million was lost to poor cybersecurity, with New Zealand businesses bearing the brunt of the load – accounting for over half of reported losses.  

When compared to government agencies in Australia, New Zealand is significantly behind. 50% of Australian Government domains are protected to the highest level, and only 1% have no DMARC record at all – meaning at least 99% have implemented basic protections. Since a single compromised agency can be impersonated, protecting every government domain and identity is critical.

“Mandating DMARC is an important step in the right direction and puts New Zealand in line with a number of countries who have taken this approach,” explains Steve Moros, Senior Director, Advanced Technology Group, Asia Pacific and Japan at Proofpoint. “Government entities are and always will be prime targets for cyber adversaries, so ensuring email domains are secure is critical to reducing the attack surface, safeguarding sensitive information, and maintaining public trust.”  

The full findings of Proofpoint's DMARC analysis of New Zealand's Government agencies shows:  

  • 25.5% of New Zealand Government entities have implemented the highest DMARC protection level: Reject.  
  • 12% have a Quarantine policy, meaning suspicious emails are sent to a spam folder.  
  • 54% have a Monitor policy, which only tracks DMARC activity without blocking or quarantining emails.  
  • 8.5% have no DMARC record at all.  

Best Practices for Enhanced Email Security:  

  • Check the validity of all email communication and be cautious of potentially fraudulent emails impersonating colleagues, suppliers, and stakeholders.   
  • Be cautious of any communication attempts that request log-in credentials or threaten to suspend service or an account if a link isn't clicked.  
  • Adopt phishing-resistant multifactor authentication, such as passkeys.  
This analysis was conducted in July 2025 using data from 200 organisations on the New Zealand Government Organisations Register.
About Proofpoint, Inc. 
Proofpoint, Inc. is a leading cybersecurity and compliance company that protects organizations' greatest assets and biggest risks: their people. With an integrated suite of cloud-based solutions, Proofpoint helps companies around the world stop targeted threats, safeguard their data, and make their users more resilient against cyber attacks. Leading organizations of all sizes, including 85 percent of the Fortune 100, rely on Proofpoint for people-centric security and compliance solutions that mitigate their most critical risks across email, the cloud, social media, and the web. More information is available at www.proofpoint.com.   
Posted on

Health and Employment – Te Whatu Ora nurses vote for further strikes – NZNO

Source: New Zealand Nurses Organisation

More than 36,000 Te Whatu Ora nurses, midwives, health care assistants and kaimahi hauora have voted for further strike action after Health NZ failed to resolve their ongoing concerns about understaffing, NZNO says.
Tōpūtanga Tapuhi Kaitiaki o Aotearoa New Zealand Nurses Organisation (NZNO) Chief Executive Paul Goulter says the Te Whatu Ora members voted strongly to go on strike on two days from 7am to 11pm on Tuesday 2 September and Thursday 4 September.
“Our members are clear that they want to keep fighting for the safety of their patients and to reduce preventable patient deaths.
“Nurses, midwives, health care assistants and kaimahi hauora have had enough of their patients waiting for care because they are too busy to get them. They became health care workers because they want to help people and give them the care they need. Not risk their suffering due to a lack of staff.
“Patients are at risk because the Coalition Government is choosing cost cutting over patient need.”
Paul Goulter says strike notice will be issued to Te Whatu Ora to meet legal requirements in sufficient time to allow Life Preserving Services to be arranged and confirmed. 
Posted on

Gaza – PSNA survey opinion poll shows strong popular support for sanctions against Israel

Source: Palestinian Solidarity Network Aotearoa (PSNA)

 

A recent poll on whether New Zealanders want sanctions to be imposed on Israel, shows that of those who gave an opinion, 60% favour sanctions.

 

The Palestine Solidarity Network Aotearoa commissioned survey gave a similar result to one commissioned by Justice for Palestine a year ago.

 

PSNA Co-Chair John Minto says the numbers show strong popular support for sanctions. The 60% overall rose to 68% for the 18 – 29 year category.

 

“The government is well out of step with public opinion and ignores this message at its peril.  There is popular support for sanctions against Israel.”

 

“People see that Israel is committing the worst atrocities of the 21st century with impunity. It is starving a whole population.  It has destroyed just about every building in Gaza. It is assassinating journalists. It holds 7,000 Palestinian hostages in its jails without charge.  Its goal of occupying all of Gaza and ethnically cleansing its people into the Sudan desert, is all public knowledge.”

“Its depraved Prime Minister, wanted by the International Criminal Court for war crimes and crimes against humanity, is boasting that if Israel was really committing genocide, it could have killed everyone in Gaza in a single afternoon.”

 

“The poll shows New Zealand First supporters are most opposed to sanctions against Israel (59% of those who gave an opinion were opposed) so it’s little surprise Winston Peters is dragging the chain”

 

“National has contracted out foreign affairs to the most reactionary part of its coalition government and is tying all New Zealanders into supporting impunity for Israel for its genocide in Gaza.”

 

“This brings shame on every New Zealander. When once this country would have led the way speaking out for justice and human rights, Winston Peters has us tagging along with the US”

 

The poll also asked respondents if they favoured recognition of a Palestinian state.

 

“Very significantly, four percent more of them were for sanctions, than were for recognition. I presume they saw recognition as some sort of soft tokenism.”

 

“Our government can’t even manage that.”

 

Minto says immediate government moves are imperative.  He says New Zealand’s position has become the weakest in the western world, slipping to be on par with the United States.

 

“There’s a whole raft of sanction options; including immigration, diplomatic, trade, investment, cutting off military services, and technical cooperation.”

 

“The only thing the government has done is ban two Israeli cabinet ministers from entering our country, while our Foreign Minister still welcomes thousands of participants a year in the genocidal Israeli army to come here for rest and recreation.”

 

Minto says even sanctions have become a soft option with the escalating crisis.

 

“What is urgently needed is for countries to band together to use their armies to break the Gaza blockade and deliver food, water and medicine’.”

 

“This could be through a United Nations mandate such as through a “Uniting for Peace” Resolution (UN General Assembly resolution 377(V)) through an Emergency Special Session of the UN General Assembly. It has to happen somehow.”

 

“The four daily killing traps of the Gaza Humanitarian Foundation are a deliberate disaster organised by the Israeli Defence Forces.  The aid parachute drops are a grossly inadequate farce”

 

“People in New Zealand can see this is happening.  None of it is a secret or complicated anymore. Winston Peters is looking like Neville Chamberlain after Munich in 1938. He is failing us on Gaza. If he can’t deliver sanctions now, National has to replace him”

 

John Minto

Co-Chair PSNA

Posted on

Health and Employment – Health New Zealand undermining doctors’ rights in bargaining – Medical Specialists

Source: Association of Salaried Medical Specialists

Health New Zealand is actively preventing ASMS members from meeting to discuss Health NZ’s pay offer.
“Health New Zealand has made no effort to support senior doctors and dentists to attend union meetings, in direct contravention of our collective employment agreement,” ASMS Executive Director Sarah Dalton says.
“It is totally unacceptable. We are required to give 14 days’ notice of these meetings so HNZ can work with us to cover patient care during the paid union meetings (stop works). 
“HNZ wrote to us the day before meetings started asserting that hospitals would run as usual during the meetings.
“Given how much senior doctors and dentists already contribute to keep our public hospitals afloat, this feels contemptuous.
“Once again, they have walked away from their obligations as an employer and are making life more difficult for senior doctors and dentists.
“That’s unprofessional from Health New Zealand and raises questions about their managerial competence. But it leaves no doubt they really don’t care about supporting the employment conditions of their doctors and dentists.”
Posted on

Banking and Business – ASB full year result: Profit down 1%

Source: ASB

ASB has reported a cash net profit after tax (NPAT) of $1,350 million for the 12 months to 30 June 2025, down 1% on the previous year. Statutory NPAT was $1,449 million, down 0.4%.

Home lending was up 7% on the prior period, while business and rural lending grew by 2%. Total customer deposits increased by 4% and ASB KiwiSaver funds under management grew by 12% to $18.8 billion.

Chief Executive Vittoria Shortt says the result shows ASB has strong momentum.

“More New Zealanders are choosing to do their banking with ASB across home, business and rural, and we are working hard to make their experience simpler, safer and better.

“While there is uncertainty in the global environment, lower inflation and falling borrowing costs have provided some respite for households and businesses and our exports have held up.

“We continue to support the New Zealand economy, and over the past five years ASB has grown business lending more than any other bank, with net business lending up $4.5 billion.”1

Operating expenses were up 10% to $1,424 million, largely reflecting the investment being made in the business and the impact of inflation.

Investing for the future

“We are investing in our business at greater rates to provide even better experiences for our customers and stronger support for New Zealand. This financial year we have made significant investments in our technology and systems, meeting regulatory requirements and spent more than $100 million on the prevention of cybercrime, financial crime, and fraud and scams. We have grown our ASB whānau, hiring an additional 768 people.

“We continue to champion open banking in New Zealand and leading fintechs are choosing to partner with us to deliver greater choice and improved security for Kiwi making online payments or sharing data. We were the first bank to support POLi, one of New Zealand’s largest online payments providers, to embrace open banking, and we are eager to partner with more fintechs. To reduce barriers to entry, we have extended our open banking fee waiver for fintechs until December 2026.”

Accelerating home ownership and the development of more houses  

“We are helping more New Zealanders into homes. Our new home loan customers are up almost 90% on last year, including 12,300 first-home buyers that we have supported onto the property ladder. More than 6,800 customers used their ASB KiwiSaver towards a house deposit.

“Many Kiwi locked in short-term rates when interest rates were higher, which led to almost 50% of loans across the country maturing between January and June. To get ahead of this, we recruited 80 new home loan specialists and simplified our processes to speed up application approvals.

“We are working to increase Aotearoa’s housing supply and more than $288 million has been committed for the development of almost 700 new warm, dry and healthy homes through our Accelerated Housing Fund for social, affordable and Māori housing, which launched in November 2023. We continue to support lending on whenua Māori with several papakāinga housing projects underway.”

Backing business and the New Zealand economy to grow

“We are playing our part to help the country prosper with lending to the productive sector, linking food and fibre producers with trade advice and connections; and partnering with Māori business customers to contribute to their long-term intergenerational success.

“Since last July, we’ve extended more than $2 billion to new business lending customers, and cut our floating base rate by 2.25%.

“We continue to support our business customers to prepare for the future and manage risks related to ongoing uncertainty. This year we have launched innovative products and services to meet the needs of our customers such as our 0% ASB Smart Solar Loan, which helps to improve energy security and cost-savings for farmers, while also boosting regional resilience, and Our Every Hectare Matters programme to support farmers wanting to diversify their business.”

Building resilience for customers and communities

“We’ve made our digital banking experience easier, faster and safer, giving greater confidence to the more than 90% of our customers2 who bank with us digitally each month. Our customers have extra layers of protections against fraud and scams with ASB Caller Check, a verification tool to fight bank impersonation scams, and the industry-wide Confirmation of Payee service which gives reassurance when making payments.  

“We know the cost of living remains a top concern for many Kiwi, and we are helping our customers to manage their money and lift their financial position. This year, close to 570,000 New Zealanders used our digital tools for financial wellbeing. We see a real difference when customers take even small actions to improve their finances, such as automating payments to a savings account or using our Card Tracker feature to keep on top of subscriptions. Despite facing tough economic circumstances, our research shows young adults are taking actions to better their financial situation and are more likely than other age groups to do so.

“We encourage customers needing extra support to get in touch with us early as this means we may have more options available and can work together on solutions.

“As the country’s second largest KiwiSaver provider,3 we’re helping to set New Zealand up for the future by growing the retirement savings of nearly half a million Kiwi, who are benefiting from the strong returns and top-quartile performance of our multi-asset funds.”4

Partnering to accelerate progress for all New Zealanders

“Throughout our 178-year history, we have developed strong relationships and knowledge across the economy. When there is greater connectivity, we see the impact we can make.

“Banks are working alongside Government, industry and consumer groups to strengthen protections through the Anti-Scam Alliance. We see value in this type of joined up approach on other issues of national significance.

“We look forward to working with Government and other partners on the development of a national framework for climate adaptation and better sharing of insurance data between banks and insurers. In the meantime, we encourage homeowners to check their insurance is current and the sum insured is still adequate.”

 

1 RBNZ data to 31 March 2025
2 Individual customers who are active with ASB each month
3 Morningstar KiwiSaver Report, 30 June 2025 
4 Morningstar KiwiSaver Peer Group Funds Performance – one-year returns to 30 June 2025, net of fees, gross of tax.

_____________________________________________________

Summary of key financial information

 

 

 

Jun 25 vs

For the year ended 30 June

2025

 2024

Jun 24 %

 

 

 

 

Income Statement ($ millions)

 

 

 

Net interest income

2,925

 2,796

 5

Other operating income

434

 470

(8)

Total operating income

3,359

 3,266

 3

Operating expenses

(1,424)

(1,293)

10

Operating performance

1,935

 1,973

(2)

Loan impairment expense

(60)

(70)

(14)

Net profit before tax

1,875

 1,903

(1)

Corporate tax expense

(525)

(535)

(2)

Cash net profit after tax (“Cash profit”1)

1,350

 1,368

(1)

 

Reconciliation of Cash profit to Statutory profit

Cash profit

1,350

 1,368

(1)

Reconciling items:

Hedging and IFRS volatility2

–

(18)

large

Notional inter-group charges3

127

 127

 –

Reporting structure differences4

 13

 15

(13)

Tax on reconciling items

(41)

(37)

11

Net profit after tax (“Statutory profit”)

1,449

 1,455

(0)

 

Performance indicators (cash basis)

 

 

 

 

 

 

 

Net interest margin

2.27%

2.23%

4bps

Return on assets

1.0%

1.1%

(10)bps

Operating expenses to total operating income

42.4%

39.6%

280bps

Return on average total equity

12.0%

12.6%

(60)bps

 

 

Jun 25 vs

As at 30 June

2025

 2024

Jun 24 %

Statutory Balance Sheet ($ billions)

 

 

 

 

 

 

Advances to customers

114.7

 109.0

 5

Total assets

135.2

 127.1

 6

Deposits and other borrowings

93.4

 92.4

 1

Total liabilities

123.7

 116.0

 7

 

 

 

1 Cash profit reflects the Banking Group’s underlying operating results and excludes items that introduce volatility and/or one-off distortions which are not considered representative of ongoing financial performance. These items are calculated consistently year on year and do not discriminate between positive and negative adjustments.

2 Hedging and IFRS volatility includes unrealised fair value gains or losses on economic hedges that do not qualify for hedge accounting and unrealised fair value gains or losses on the ineffective portion of hedges that do qualify for hedge accounting under IFRS. These fair value gains or losses are excluded from Cash profit since the asymmetric recognition of the gains or losses does not affect the performance of the Banking Group over the life of the hedge.

3 This represents the recognition of a notional cost of capital from the ultimate parent and other allocated costs which are not included in Statutory profit. Comparative information (including the tax impact) has been restated to conform to presentation in the current period. As a result, the return on average total equity and operating expenses as a percentage of total operating income have been restated accordingly.

4 The results of certain business units within the CBA Group are excluded from Cash profit for management reporting purposes but included in Statutory profit.
Posted on

Health and Tech – Calls for NZ to accelerate uptake of AI in Health as patient wait lists blow out

Source: Medow Health

There's a warning New Zealand is too slow in adopting Artificial Intelligence in the healthcare sector, with specialist doctors declaring a more rapid uptake would relieve pressure on the country's medical system.

Joel Freiberg, Co-Founder of Medow Health said new cutting edge technology which  operates silently in the background transcribing notes, drafting reports, and streamlining medical documentation, had the power to reduce waitlists.

The number of people waiting more than four months for elective procedures like hip, knee, or cataract surgeries increased by over 2,500 per cent in a 12 month period, according to government data.

“We're not trying to replace doctors, we're trying to help them. Manually producing medical reports is a time-consuming and complex process that requires extensive paperwork and hours of labour-intensive work,” Mr Freiberg.

Dr James Leong, a Wellington-based ophthalmologist with expertise in cataract surgery, medical retinal conditions and uveitis, admits the technology has allowed him to stay on top of his workload, see more patients and spend more time with his family.

“I see between 24 and 30 patients a day as well as surgery days across both private practice and the public health care system. While I have been used to taking notes my entire career, it is not always what is best for the patient and the rest of the team, because I have my own form of shorthand that no one else can decipher,” Dr Leong said.

“I understand the concerns that some have about the concept of artificial intelligence. But what this technology really does is free up my human intelligence for where it matters most: my clinical judgment, my focus on the patient in front of me, and complex decision-making. It handles the mechanics of taking notes, but it never replaces the essential human elements of care: empathy, experience, and nuance.

“I often summarise what I am seeing and discuss the condition, like I would if a medical student was in the room, so not only does the AI scribe pick it up but the patient likes it too because they get slightly more detailed information about their condition.

“I can see a patient and by the time they see my receptionist I can have their follow up letter in laymen's terms ready for them,” Dr Leong said.

Joel Freiberg adds “Specialists have been stuck using outdated reporting systems that pull their attention away from the patient. AI not only saves time but also improves the quality of patient interaction.”

“While this technology allows a single doctor to see two or three extra patients a day, scaled up across the health system, it has the potential to make a serious dent in specialist waitlists.

“When doctors get their time back, patients benefit,” he said.

There have been 250,000 specialist consultations in the last quarter alone across both New Zealand and Australia using the AI “co-pilot” Medow Health technology, the only AI tech tailored specific to each medical specialist's need available in New Zealand.

“With the AI assistant taking care of tedious administrative tasks, clinicians are reporting improved focus during consultations, additional time in their day and reduced work out of hours and week