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Greenpeace – Govt rejects climate advice less than a week after deadly floods in Asia kill over 1400

Source: Greenpeace

The Government has today announced it is rejecting all of the Climate Change Commission's emissions target recommendations and will not include emissions from international shipping and aviation in New Zealand's targets.
Greenpeace has been left speechless by the decision.
“There are no words to describe just how morally bankrupt this decision is,” says Greenpeace campaigner Gen Toop.
“Deadly climate fuelled flooding in Asia last week killed more than 1400 people with hundreds still missing. Instead of stepping up in this moment of global crisis, the Government’s response is to toss out every recommendation from its own climate experts.”
“This Government is acting like climate deniers. Rejecting science, reviving and subsidising fossil fuels and weakening the methane target – every move this Government makes pushes us deeper into the climate crisis.”
This announcement is the latest step in what Greenpeace describes as a systematic dismantling of decades of climate action, which it has documented in an extensive timeline beginning just days after the Luxon Government took office.
“It is clear that the Government has chosen to side with fossil fuel and agribusiness corporations over human life and the survival of nature. History will not be kind to leaders who had every warning, every piece of evidence, and still chose to pour petrol on the fire,” says Toop.
Carbon dioxide and methane in the atmosphere jumped by the highest amount on record last year, and the Climate Change Commission has warned that the effects of climate change are hitting New Zealand sooner and more severely than expected.
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Legislation – Retirement village reforms – step in right direction to strengthen rights of residents

Source: Retirement Villages' Residents' Council

Long awaited reforms to the retirement village sector will better protect residents and their families who have sometimes waited too long to be paid out for vacated and unsold village units, says the Retirement Villages’ Residents’ Council.
The reforms announced by the Government today include mandatory payment of capital on unsold or vacated units at 12 months, interest payable on capital after six months, clear rules on chattels – ‘you own it, you fix it.’ and a new independent complaints scheme. These are areas the Council has strongly advocated for.
“These changes are a welcome step in the right direction. They strike a better balance, being fairer for residents and village operators alike,” said Council spokesperson Carol Shepherd.
“As representatives of residents of villages across New Zealand, we would have liked the repayment of capital to have been six months, not 12 months.
“We also acknowledge that some residents who are in villages today will be upset that the new regime will not apply to their contracts.
“However, overall, these reforms strengthen protections for residents, particularly future residents, and their families without undermining the ability of operators, large or small, to invest, maintain quality, and provide a range of accommodation options for older Kiwis.
“It’s critical to have a sustainable village industry to meet the needs of our growing elderly population and these reforms recognise that village operators vary from the very large to the very small, run by charities and trusts. We need all kinds of operators that can thrive across New Zealand.
“The reforms also deal with other pain points for residents. For example, interest accruing at six months on capital, clarification of who fixes chattels, and no fees to be paid once units are vacated, coupled with an independent complaints resolution scheme.
“It’s important that residents and their families who make such a significant investment in their twilight years can access a low cost, independent process to resolve issues – this will reduce stress and speed resolution.
“All up the reforms mean residents in the future can look forward to a more consistent approach to how their interests are managed by village operators no matter where they live – that’s a good thing.
“Residents tell us what they need so we encourage the Minister and officials to work with the Council to co-design the complaints scheme, a standard ORA template, and a chattel-ownership framework.
“We need a regime that is fairer for residents and one that also ensures we have a sustainable industry – the quicker the law changes pass through Parliament the better for all,” said Shepherd.
About the Retirement Villages’ Residents’ Council
Who does the Council represent?
The Council is a fresh independent voice to advocate on behalf of retirement village residents.
Who are the Council members?
The Council currently has 7 members who were nominated by their villages and / or residents and selected by the independent chair. They reside in various retirement villages, both large and small, throughout the country and bring significant experience to the council, many having served or are serving on the residents committees of villages.
Why was the Council formed?
The Council aims to act as an independent body representing the interests of retirement village residents.
How is the Council independent when funded by operators?
The Council is funded by the Retirement Villages Association (RVA), which represents most of the operators, developers and managers of retirement villages throughout New Zealand. However, the RVA has no say in anything that the Council does, including its views on policies or how it spends its budget. It does not attend meetings, does not receive agendas or minutes and has no influence over how the Council’s budget is applied. This independence is underpinned by the Council’s terms of reference.
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Property values still in a holding pattern – Cotality

Source: Cotality

Property values in Aotearoa New Zealand were flat in November, a slightly softer result after a modest 0.1% lift in October, according to Cotality NZ’s latest hedonic Home Value Index (HVI).

The national median now sits at $806,551, which is 17.4% below the early 2022 peak and only a modest 1.1% higher than June 2023’s trough.

Across the main centres, Tāmaki Makaurau Auckland remained sluggish in November (down by -0.2%), with Ōtepoti Dunedin and Te Whanganui-a-Tara Wellington edging up by 0.1%. Ōtautahi Christchurch recorded a 0.3% rise, while Tauranga was up by 0.6% in November and Kirikiriroa Hamilton by 0.7%.

Cotality NZ Chief Property Economist, Kelvin Davidson, said that although wider sentiment about the economy and property market seems to be turning upwards, values themselves are proving slow to shift.

“Property values across the country were patchy over May to August as households and firms remained in a cautious mood. September and October brought a few signs of life for values, but November just eased off a little bit again.”

“Clearly, the falls in mortgage rates we’ve seen lately would point to a bit more upside for property values as we get into 2026, not least because a range of housing affordability measures have also improved back closer to their long-term averages.”

“But the subdued November property value data suggests that this process continues to take a bit of time to get started.”

“On that point, it’s also worth keeping in mind that the stock of listings on the market remains higher than its normal level for the time of year, and many buyers will still be feeling that they’re in the box-seat when it comes to price negotiations.”

“At the same time, while the economy is showing some encouraging signs, the unemployment rate is still a concern and jobs growth is yet to kick into gear.”

“On balance, the fundamentals seem to be moving towards growth in property values next year. But right now, we remain in a holding pattern.”


Index results for November 2025
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Tāmaki Makaurau Auckland
-0.2%
-0.4%
-2.2%
-22.9%
$1,048,423
Kirikiriroa Hamilton
0.7%
1.7%
0.3%
-11.4%
$731,952
Tauranga
0.6%
1.3%
1.2%
-15.2%
$926,377
Te-Whanganui-a-Tara Wellington*
0.1%
-0.3%
-1.8%
-25.1%
$778,148
Ōtautahi Christchurch
0.3%
1.0%
2.6%
-3.8%
$705,030
Ōtepoti Dunedin
0.1%
0.9%
0.2%
-10.8%
$616,911
Aotearoa New Zealand
0.0%
0.0%
-0.7%
-17.4%
$806,551

Tāmaki Makaurau Auckland

Tāmaki Makaurau Auckland’s various sub-markets generally weakened again in November, with only Waitakere bucking the trend, edging up by 0.2%. Elsewhere, the falls ranged from a modest -0.1% in North Shore down to -0.8% in Papakura.

Papakura has also been a weaker area over the past three months too (down by -1.2%), whereas Rodney has been flat since August, and North Shore up by 0.8%.

Compared to the previous peak, the falls across Tāmaki Makaurau continue to range from around -19% down to -25%.

“Across the super-city as a whole, November was the eighth monthly decline in a row, totalling -3.1%. That’s after a smaller, cumulative rise of 1.6% in the seven months to March this year. In other words, Tāmaki Makaurau continues to lag many other parts of the country, and this is weighing on the national median. Buyer caution and a relatively high supply of property are relevant factors here,” Mr Davidson noted.

 Region
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Rodney
-0.4%
0.0%
-1.1%
-20.8%
$1,201,060
Te Raki Paewhenua North Shore
-0.1%
0.8%
-2.1%
-18.9%
$1,273,877
Waitakere
0.2%
-0.3%
-1.6%
-24.4%
$921,268
Auckland City
-0.4%
-0.7%
-2.5%
-23.9%
$1,118,156
Manukau
-0.3%
-1.0%
-2.8%
-24.7%
$966,047
Papakura
-0.8%
-1.2%
-2.2%
-24.3%
$810,862
Franklin
-0.3%
-0.7%
-1.3%
-22.4%
$927,972
Tāmaki Makaurau Auckland
-0.2%
-0.4%
-2.2%
-22.9%
$1,048,423

Te Whanganui-a-Tara Wellington

It was also a mixed bag for the wider Te Whanganui-a-Tara Wellington area in November, with Te Awa Kairangi ki Tai Lower Hutt seeing property values fall by -0.5%, and Kāpiti Coast edging down by -0.1%. However, the other sub-markets rose, with Wellington City itself seeing a 0.4% increase.

That said, the falls from peak remain significant across the region, ranging from around   -23% in Kāpiti Coast and Porirua, down to -27% in Te Awa Kairangi ki Tai Lower Hutt.

“There are a few patchy signs of life around some of these areas, with Wellington City, for example, now rising for two months in a row. But the general story for Te Whanganui-a-Tara Wellington’s property market still looks fairly sluggish, reflecting the subdued state of the underlying economy and muted sentiment.”

 Region
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Kāpiti Coast
-0.1%
-0.6%
-2.4%
-22.7%
$788,814
Porirua
0.2%
-0.7%
-1.5%
-23.3%
$765,230
Te Awa Kairangi ki Uta Upper Hutt
0.2%
-0.5%
-3.1%
-25.2%
$700,544
Te Awa Kairangi ki Tai Lower Hutt
-0.5%
-1.8%
-2.2%
-26.8%
$672,741
Wellington City
0.4%
0.7%
-1.4%
-24.7%
$865,060
Te-Whanganui-a-Tara Wellington
0.1%
-0.3%
-1.8%
-25.1%
$778,148

Regional results
Tāmaki Makaurau Auckland remains the laggard among the main centres, but some provincial markets were also soft in November.

In particular, Ahuriri Napier dipped by -0.3%, Heretaunga Hastings by -0.2%, and Tāhuna Queenstown by -0.6%. That said, Tāhuna Queenstown has still shown a bit of growth over a broader three-month horizon.

There was also a cluster of provincial markets that were either flat or only edged higher in November, but Whangārei with a 0.5% monthly rise and Waihōpai Invercargill at 0.8% stood out to a clearer degree. The latter is one of only four districts where property values were at a new peak in November – including Gore, Ashburton, and Kaikoura.

“If you take a step back, the broad trend among many of the country’s regional markets has been for property value falls to become less widespread in recent months. That seems consistent with better results from the primary sector of our economy, including dairying, which will be creating a bit more cashflow in those areas and rising sentiment.”

 Region
Change in dwelling values
Month
Quarter
Annual
From peak
Median value
Whangārei
0.5%
-1.0%
0.3%
-19.5%
$710,813
Ahuriri Napier
-0.3%
-0.8%
0.3%
-19.4%
$686,169
Te Papaioea Palmerston North
0.3%
0.8%
-0.5%
-18.6%
$606,986
Heretaunga Hastings
-0.2%
0.4%
2.4%
-16.9%
$712,260
Tairāwhiti Gisborne
0.3%
0.6%
1.8%
-15.9%
$595,257
Whanganui
0.1%
-0.2%
-1.7%
-13.6%
$488,990
Whakatū Nelson
0.0%
0.1%
-1.8%
-13.2%
$722,258
Rotorua
0.1%
-1.2%
-1.3%
-13.0%
$616,578
Ngāmotu New Plymouth
0.0%
-0.7%
-0.1%
-6.4%
$695,531
Tāhuna Queenstown
-0.6%
0.4%
-0.8%
-4.8%
$1,561,310
Waihōpai Invercargill
0.8%
2.1%
3.9%
At peak
$503,847

Property market outlook

In summing up, Mr Davidson noted: “there’s a sense that it’s one step forward and one step back for property values right now, especially in Tāmaki Makaurau Auckland.”

“That said, although there may not be much direct impact on the housing market from last week’s OCR drop, mortgage rates have already fallen a long way in the past year or so and as current fixed terms roll over more existing borrowers will enjoy the benefits.”

“Clearly, new borrowers are already accessing those lower rates, with first home buyers remaining a very strong presence in the market, and mortgaged multiple property owners, including ‘Mum and Dad’ investors, also steadily returning.”

“On top of the falls in mortgage rates, a rise in sales volumes may erode the stock of listings on the market in 2026, alongside a probable upturn in the economy and jobs market. In this environment, property values look poised to grow more consistently.”

“However, a recent rise in the stock of property relative to population, as well as the presence of debt-to-income ratio caps, suggests that any house price growth in 2026 is likely to be controlled rather than crazy,” Mr Davidson concluded.

For more property news and insights, visit www.cotality.com/nz/insights.

Notes:

The Cotality Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately tracked through time.

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Dairy Sector – Fonterra provides FY26 Q1 business update

Source: Fonterra

 
  • Total Group profit after tax: $278 million, up $15 million 
  • Continuing operations profit after tax: $158 million, down $10 million 
  • FY26 forecast earnings for continuing operations: 45-65 cents per share 
  • 2025/26 forecast Farmgate Milk Price: $9.00 – $10.00 per kgMS, with midpoint of $9.50 per kgMS. 
 

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.
 
CEO Miles Hurrell says Fonterra’s Total Group earnings for Q1 are in line with this time last year, noting the higher global commodity prices in the period compared to last season. 
 
“Our Total Group profit after tax for Q1 is $278 million, up $15 million, and is equivalent to 17 cents per share.
 
“When excluding the costs associated with the Consumer divestment, Fonterra’s normalised earnings per share are 18 cents, up slightly on last year.
 
“Continuing operations delivered a profit after tax of $158 million, equivalent to 9 cents per share, slightly down on the same period last year reflecting differences in sales phasing.  
 
“We maintain our full year earnings range for continuing operations of 45-65 cents per share,” says Mr Hurrell.
 
Fonterra continues to make good progress on implementing its strategy.  
 
“In October, farmer shareholders voted to approve the divestment of Mainland Group to Lactalis for $4.22 billion. This is a significant milestone and we’ve received a strong mandate from farmer shareholders on our strategy to grow value as a global B2B dairy provider,” says Mr Hurrell.  
 
“We are firmly focused on delivering the commitments we’ve made, not least our target to lift earnings back to FY25 levels by FY28, offsetting the impact of the divestment of Mainland Group.  
 
“To support this goal, we are progressing with plans to invest up to $1 billion over the next three to four years in projects to generate further value and drive operational efficiencies.  
 

Progress includes: 
 
  • In September, announcing a $75 million expansion of butter production at our Clandeboye site to help meet growing global demand and improve our product mix. 
  • In November, our new Enterprise Resource Planning system went live at the first location and is on track to go live at the next locations during Q2.   
  • Construction is nearing completion on the $75 million investment in our Studholme protein hub, with the first products expected in early 2026. 
  • Construction continues on the $150 million investment in a new UHT cream plant at Edendale, which is expected to be complete in the second half of 2026. 
 

“We look forward to sharing further progress updates during the year,” says Mr Hurrell.
 
Forecast Farmgate Milk Price
 
Last week, Fonterra revised its forecast Farmgate Milk Price range for the season from $9.00 – $11.00 per kgMS to $9.00 – $10.00 per kgMS, with a new midpoint of $9.50 per kgMS.
 
This is off the back of strong global milk collections putting downward pressure on commodity prices, with the Co-op revising its forecast collections for the season from 1,525 million kgMS to 1,545 million kgMS.  
 
Update on divestment completion and capital return
 
With farmer shareholders approving the Mainland Group divestment, the next steps are securing the regulatory approvals required and separating the Mainland Group business from Fonterra.
 
Some of the regulatory approvals required have been obtained, including approval from the Overseas Investment Office in New Zealand which Lactalis confirmed they have received this week. Other regulatory approvals are still pending.
 
Subject to these steps being achieved, Fonterra continues to expect the transaction to complete in the first half of the 2026 calendar year.
 
As previously shared, Fonterra is targeting a tax-free capital return of $2 per share to shareholders and unit holders, equivalent to around $3.2 billion, once the sale is complete.
 
Another shareholder vote will be required for the payment of the capital return, which will be implemented by way of a Court approved scheme of arrangement under Part 15 of the Companies Act 1993.
 
Fonterra expects that the shareholder vote on the capital return will occur on 19 February 2026 and the notice of meeting to be issued by the end of January 2026.  
 
Holding the shareholder vote early in 2026 will enable the Co-op to return capital to shareholders and unit holders as soon as possible after the transaction is complete.  
 
If the capital return is approved by shareholders, Fonterra will then seek final Court approval to undertake the return of capital subject to the sale completing.
 
About Fonterra  
Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer, foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together.  

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Legislation – Retirement Commission welcomes reform of Retirement Villages Act

Source: Te Ara Ahunga Ora Retirement Commission

Te Ara Ahunga Ora Retirement Commission welcomes the Government’s decision to progress long-awaited reforms to the Retirement Villages Act 2003, following five years of sector review, public consultation, and advocacy for improved protections for residents.
Retirement Commissioner Jane Wrightson says, “This is a landmark moment for older New Zealanders and their families. The Retirement Commission has worked for many years to highlight the need for fairer, clearer, and more balanced rules in retirement villages.
“We are pleased to see the Government’s commitment to modernise the Act and rebalance the rights of residents and operators.”
The Retirement Commissioner first prompted calls for a review of the legislation following the release of a white paper published in 2020 and again in 2021 with the response to submissions it received. 
The then Associate Minister of Housing and Ministry of Housing and Urban Development accepted the recommendation that a full review was necessary and overdue. The Ministry subsequently issued a discussion paper in 2023, which received more than 11,000 submissions.

A broad package of reforms is proposed, addressing three priority areas for residents:  moving-in, living-in and moving out phases at retirement villages.

Moving in

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.

Unfair contract terms: New regulations will prohibit certain terms in occupation right agreements, protecting residents from unfair contractual practices.

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 changes reflect the voices of residents, the commitment of operators, and years of collaborative work. We look forward to seeing a retirement village sector that continues to thrive, innovate, and put people first.”

The Retirement Commission will continue to work with the Government, Ministry and sector stakeholders to promote awareness of the changes and support residents through the transition. Financial exit changes will not be retrospective. The application scheme, interest payments, and mandatory repayment timeframe will only apply to ORAs signed one year after the new Act is passed.

The proposed Retirement Villages Amendment Bill is expected to be introduced by July 2026, with further opportunities for public input at select committee stage.

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NZ Super Fund – STAKEHOLDER UPDATE DECEMBER 2025 Portfolio Update

Source: New Zealand Super Fund

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.

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Economy – Interim Financial Statements of the Government of New Zealand for the four months ended 31 October 2025 – NZ Treasury

Source: New Zealand 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.

                  

  Year to date Full Year
October
2025
Actual1
$m		 October
2025
BEFU 2025
Forecast1
$m		 Variance2
BEFU 2025
$m		 Variance
BEFU 2025
%		 June
2026
BEFU 2025
Forecast3
$m
Core Crown tax revenue 39,513 40,133 (620) (1.5) 125,044
Core Crown revenue 43,866 44,694 (828) (1.9) 139,726
Core Crown expenses 48,470 48,272 (198) (0.4) 150,349
Core Crown residual cash (3,710) (4,512) 802 17.8 (14,533)
Net core Crown debt4 186,546 191,039 4,493 2.4 200,188
          as a percentage of GDP 42.8% 43.8%     43.9%
Gross debt 215,908 227,650 11,742 5.2 238,816
          as a percentage of GDP 49.5% 52.2%     52.3%
OBEGAL excluding ACC (OBEGALx) (4,944) (4,239) (705) (16.6) (12,075)
OBEGAL (5,186) (4,747) (439) (9.2) (15,602)
Operating balance (excluding minority interests) 866 (2,827) 3,693 130.6 (9,884)
Net worth 189,996 180,246 9,750 5.4 173,224
          as a percentage of GDP 43.6% 41.3%     37.9%
  1. Using the most recently published GDP (for the year ended 30 June 2025) of $436,103 million (Source: Stats NZ).
  2. Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
  3. Using BEFU 2025 forecast GDP for the year ending 30 June 2025 of $456,464 million (Source: The Treasury).
  4. Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.
For more, see: https://www.treasury.govt.nz/publications/month-end/interim-financial-statements-government-new-zealand-four-months-ended-31-october-2025
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Economy – RBNZ Stats Alert: Updated weights for Trade-Weighted Index

Source: Reserve Bank of New Zealand (RBNZ)

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

Technical information about the TWI is available on the TWI weights table: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=01eab072bc&e=f3c68946f8
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Tourism – NZSki signs partnership with Sunac-BonSki to connect New Zealand with China’s fastest-growing ski market

Source: NZSki

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.

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Transport operators should prepare for random roadside drug testing

Source: Ia Ara Aotearoa Transporting New Zealand

Road freight association Ia Ara Aotearoa Transporting New Zealand is recommending transport operators prepare for random roadside drug testing, which is being gradually being rolled out across New Zealand from mid-December.
A recent amendment to the Land Transport Act gives Police similar powers to random breath tests, by requiring drivers to undergo a saliva test to check for the presence of four illicit drugs.
If two saliva test are positive (a fail), the driver is prohibited from driving for 12 hours and a sample is sent to a lab for analysis. If those results show an impairing level of drugs, then the driver will receive a minimum of a $200 fine and 50 demerits. Refusal to undertake the test incurs a $400 fine and 75 demerits, as does the presence of two or more drugs.
The four drugs being screened in the roadside saliva test are THC (cannabis), methamphetamine (meth), MDMA (ecstasy) and cocaine.
“Transporting New Zealand supports the introduction of roadside drug, which has been running in other countries including Australia,” says Policy & Advocacy Advisor Mark Stockdale.
“Crash data shows that around 30 percent of all road deaths in New Zealand involve the consumption of an impairing drug, which is on a par with drink driving. Evidence from Victoria, Australia shows their roadside drug testing regime saves more than 30 lives and almost 80 serious injuries every year.”
Transporting New Zealand says the Police expect about 12 percent of all roadside drug tests to be a positive result (fail).
Stockdale advises transport operators to ensure they have up-to-date drug and alcohol policies, including random workplace substance testing, and to have honest conversations with any staff that may have a substance problem.
“We want road freight businesses to be proactive, rather than risk a driver being stood down at the roadside and putting other road users at risk.”
Stockdale also recommends that transport operators update their employment agreements and policies, to require drivers to disclose any private offending (drug driving infringements occurring in personal vehicles outside of work hours).
“If you employ a truck driver who has failed or refused a random roadside drug test, in their own time and vehicle, it's important to be notified of that.”
  • A recording of a webinar covering this topic, hosted by Transporting New Zealand and the Bus & Coach Association, can be viewed on our website.
About Ia Ara Aotearoa Transporting New Zealand
Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter- regional commercial freight transport services throughout the country.
Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4,700 businesses, with an annual turnover of $6 billion.