The retail spending slump is getting worse, with sales figures falling for the fourth consecutive month - and the latest fall is the biggest of the four. Statistics NZ says that on a seasonally adjusted basis, total retail spending slumped 1.1% in May 2024 compared with April, while 'core' retail spending - which excludes fuel and vehicles - fell 0.8% on a seasonally-adjusted basis last month. In the past fourth months the total retail spending figure movements have fallen by, in order, 0.8%, 0.7%, 0.4% and now 1.1%. The May total retail figures were down some 1.6% on those for May 2023. Westpac senior economist Michael Gordon said retail spending levels have fallen over the last year despite some strong population growth, "which points to an even sharper fall in per-capita spending".

US CPI inflation came in lower than expected for May, slowing to 3.3%, the lowest in three months. While this rise was lower than the past three months it is a higher rate than the October to February period. But food price inflation hardly changed at 8.7%, a worrying sign for them. Meanwhile, Japanese producer price inflation is rising, up +2.4% in May from a year ago, a nine month high. That all means our TWI-5 starts today at 71.2, and up another net +20 bps from yesterday.

Stuff Grows The Country’s Largest Digital And Print AudienceStuff Group’s digital and print audience has grown to more than 3.4 million New Zealanders each month and continues to be the largest in the country*, Nielsen CMI readership results released today reveal. This is the largest digital and print audience in Aotearoa and 1.9% larger than last quarter*. Digital and print subscribers now deliver almost double the reach of print alone with a combined audience of 788,000 for The Post, 637,000 for The Press and 406,000 for the Waikato Times*. Stuff Brand Connections Managing Director Matt Headland says premium print content continues to attract large audiences even as they migrate to paid digital subscriptions. “Our commercial partners know the value of advertising and integrating into high-trust products with highly-engaging, quality local journalism, both in digital and print.

Climate change poses risks but New Zealand’s Minister for Climate Change says it also offers capital and funding opportunities for the financial services sector. Watts said a key driver of the country’s emissions came from energy which accounted for 40% of NZ’s total emissions. Federated Farmers has said they will use the new Pasture Sector Group, also announced on Tuesday, to negotiate for no on-farm emissions pricing at all. Federated Farmers President Wayne Langford said he hoped the new group would focus on reducing, rather than pricing, on-farm emissions. Watts told interest.co.nz after the FSC event on Wednesday that he hadn’t heard Federated Farmers comments on no on-farm emissions pricing and that the Government had been “very clear” it would be working towards emissions pricing by 2030.

Photo: RYAN ANDERSON / STUFFBy Ryan Anderson of StuffWellington locals are alarmed at a leak that is pumping out water at an extreme rate - with repairs still days away. Photo: RYAN ANDERSON / STUFFLocal Tua Wilson lives a couple blocks away from the leak, but said he was surprised each time he walked past to work that it had not been repaired. Wellington Water said the leak was originally deemed medium priority when it was first assessed, but was escalated due to its worsening condition. Mayor Tory Whanau said she expected Wellington Water to be doing everything possible to clear the back log of leaks. "For example, Wellington Water Ltd could be engaging local plumbers to help fix minor leaks and clear the back log faster."

I’ve been commentating on politics for 30 years and I have never in my life witnessed something so cruel and vile as promising cancer patients their life saving drugs and then not funding them. Any organisation can improve its performance (and Pharmac has) but the real problem for Pharmac has never been the way it operates. That the Government did not provide the $280m for 13 cancer medicines in the Budget has (and this is speculation) nothing to do with funding. …it was National Party incompetence as to why it has failed to deliver on its promise to cancer patients! Cancer patients have been totally screwed over here!

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The top brass at the country’s banks, as well as their regulators, are due to be publicly questioned by politicians about the level of competition in the banking sector. Finance Minister Nicola Willis has asked Parliament’s Finance and Expenditure Committee to lead an inquiry into competition in the banking sector. The inquiry will draw on the draft findings of the Commerce Commission’s big market study into retail banking, which is due for completion by August 20. NZ Herald Wellington business editor Jenee Tibshraeny explains the possible outcomes of this inquiry. LISTEN ABOVE

Wellington, Nov. 12 (ANI): A new research has suggested that tiny bubbles of air buried deep in the Eastern Antarctica ice may contain the Earth's atmosphere as it was 1.5 million years. Ed Brook, of Oregon State University, said that ice is a great medium for trapping air, as it does so without altering it much, Stuff.co.nz reported. The ice in the North and South poles were formed from thousands of years of snowfall that never melted. Over time, the weight of the snow compacted the individual snowflakes, till they eventually formed ice. The study has been published in the journal Climate of the Past.

Mukzameel Ali holding 10-month-old Mustafa Ali who police say died a violent death on Saturday. The 22-year-old has spoken out again a day after police revealed in a press conference that baby Mustafa Ali suffered violent and blunt-force trauma on Saturday - the day he was rushed to hospital. Mukzameel Ali holding baby Mustafa Maheir Mukzameel Ali, 10 months old, who died on Saturday. “The only thing I was doing - like, I was trying my best to save my son. I was trying to save him.”Police have launched a homicide investigation into the baby’s death.

The latest estimates from Statistics NZ show 19,900 people arrived in NZ on a long-term basis in April, while 17,656 departed long-term. That's the lowest monthly net gain since July 2022 when migration numbers were just starting to pick up again after pandemic border closures. Long-term arrivals were reasonably steady in April at 19,900, compared to the 20,016 long term arrivals in February, and 17,946 in March. That means there was a net loss of 8194 New Zealand citizens in April, and a net gain of 10,439 citizens of other countries. However the Statistics NZ figures are provisional and may be subject to significant revisions.

The total value of building permits increased by 20% month-on-month, the most since May 2020, after a -12% decline in March. While this isn't spectacular, it looks like there is a trend reversal underway from the previous twenty-one months of declines. But the lower levels probably aren't significant at this stage. The Kiwi dollar starts today at just on 61.4 USc and up about +20 bps from this time yesterday. That all means our TWI-5 starts today at 71, and up +20 bps from yesterday.

Average asking prices on property website TradeMe Property declined for the second month in a row in May, suggesting vendors are becoming more realistic about their price expectations. Across the entire country the average asking price declined by 2.3% in May compared to April. "The median days on [the TradeMe Property web] site increased to 68 days for May, an increase of six days from April. "When properties remain on the market for longer, we generally start to see sellers adjusting their expectations and asking price," she said. •You can have articles like this delivered directly to your inbox via our free Property Newsletter.

The man accused of secretly filming young women in Christchurch through the windows of their homes has pleaded not guilty to all charges against him and will stand trial before a jury. The investigation began after police received complaints from several young women about incidents in 2023 and this year. “It matched the behaviour described in a news article from the previous month where young women recounted seeing a man filming through their windows. “We would like to thank the young women who shared their story – they have been instrumental in helping us identify other victims,” said Jellyman. “The young women involved have shown incredible bravery, which has allowed police to lay these charges.

Today the coalition government has announced that a select committee inquiry into banking competition will be led by the Finance and Expenditure Select Committee. New Zealand First campaigned to take on foreign owned banks, and we committed to that in our coalition agreement by ensuring the inquiry has a broad