Here comes the pain

The road to success means more pain in the short term. (Image: Getty)

Thu, 24 Nov 2022

If you think people are squealing about the cost of living now, just wait. It’s about to get much worse. While the Reserve Bank has been steadily yanking interest rates upwards this year, many of us have been comfortably insulated from the pain, until now. New Zealanders love a good one or two-year fixed mortgage. Those mortgages are coming up for renewal now – just as the Reserve Bank makes its steepest increase yet, an eye-watering 0.75%. It’s the highest single increase since the Official Cash Rate (OCR)...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket starts new week up 0.2%

The S&P/NZX 50 Index closed at 13,499.04, up 34.58 points or 0.26%.

Graham Skellern 6:25pm

Infrastructure

EA flags cost-shifting in connection charges

The electricity regulator links connection charges to cost-shifting onto new customers.

Ian Llewellyn 3:31pm

EA flags cost-shifting in connection charges

Law & Regulation

Uber drivers win battle for employee status in landmark Supreme Court case

Staff reporters 3:15pm

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

Sponsored

Spark’s partner strategy sets the bar for innovation

Spark

More Economy

Economy

Food prices lift 4.7% in 12 months to October

Food prices increased by 4.7% in the 12 months to October, although they fell for the second consecutive month, down 0.3% due to lower vegetable prices.Higher prices for the grocery food group were the largest contributor, up 4.9% on an annual basis, while meat, poultry and fish...

Staff reporters 12:02pm