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Air NZ breaks down ongoing cost headwinds as recovery continues
Will Mace
Fri, 28 Aug 2026
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Fri 28 Aug 2026 12:39:11pm
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Fri 28 Aug 2026 12:39:11pm
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Fri, 28 Aug 2026
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Services sector employment jumps ahead in July: Stats NZ
New Zealand’s employment prospects improved in July as sectors filled more positions.
Statistics NZ data today showed seasonally adjusted filled jobs rose 0.3% to 2.36 million in July, when compared with the month before.
There were gains across the board as the primary sector added 474 jobs; goods-producing industries added 1809 jobs; while the services sector leapt ahead by adding 5292 jobs.
Earlier this month, Stats NZ data showed the national unemployment rate edged higher to 5.6% in the June quarter, from 5.4% in the March quarter.
Annual wage inflation was within the target band at 2%.
Unemployment typically lags the economic cycle, and economists expect the economy to be on a recovery path and to gain momentum next year.
Māori farms 2.5 times larger
New Stats NZ data has revealed that Māori farms were, on average, 2.5 times larger than farms nationally in 2025.
Māori farms averaged 707ha compared with 284ha across all New Zealand farms, with almost half owned and operated by Māori authorities.
They also had a greater share of land in exotic forestry, at 22.5% compared with 14.6% nationally; and bush and scrub, at 18.4% compared with 8.9%.
Māori farms carried 1.24 million sheep, with numbers falling 7.8% since 2017 compared with a 16% decline across all New Zealand farms.
Consumers in ‘wait-and-see’ mode amid Iran-related cost pressures
Consumers are still in a wary state as the Iran war drags on.
The ANZ-Roy Morgan Consumer Confidence Index, out today, fell one point to 98 this month, while the net proportion of households thinking now is the time to buy a major household item, the best retail indicator, fell five points to -12.
Inflation expectations were little changed, while house price expectations eased.
Looking ahead, a net 22% of respondents expect to be better off this time next year.
ANZ chief economist Sharon Zollner said petrol prices had been “relatively stable” since the start of the month.
“Households remain cautious about their spending plans, but a five-year high in the net proportion expecting better times over the next five years suggests there is a degree of optimism that current trials and tribulations are temporary.
“Our ANZ card spending data shows discretionary spending has been volatile recently and remains subject to the whims of petrol prices.”
Synlait guidance indicates second-half improvement
Milk processor Synlait has provided guidance for its result due in September, saying it expects a loss of $70 million to $75m for the year to July.
Reported earnings before interest, tax, depreciation, and amortisation are expected to be between negative $2m and positive $3m.
“We are focused on our recovery roadmap, resetting the fundamental issues that have underpinned Synlait’s poor performance,” said acting chief executive Leon Fung.
“While our FY26 financial results will be a long way from where we want them to be, they will show improvement. This reflects that Synlait’s operations are on the right track – thanks to the hard work of our people.”
The guidance indicates a second-half improvement after Synlait’s first-half net loss of $80.6m, with ebitda of minus $34.7m.
Hallenstein Glasson forecasts double-digit growth
Hallenstein Glasson expects to deliver strong earnings when it reports its full-year results next month.
The retail group behind Glassons and Hallensteins reported sales up 19.6% to $563 million for the year ended August 1.
The directors noted the result benefited from a strong Australian dollar and, on a consistent currency basis, sales were up 15.6% year on year. Meanwhile, Hallenstein Glasson expected the group’s net profit before tax to range between $83m and $84.5m up from $58.4m year on year.
The company plans to report its earnings on September 29.
Comvita back in the black
Comvita reports a net profit after tax of $7.7 million for the year ended June, up from a loss of $104.8m year on year.
Revenue for the NZX-listed honey and wellness company rose 10.7% to $213m up from $192.4m during the 2025 fiscal year.
The revenue improvement was attributed to improved sales in North American club-retailers. Comvita reported “mixed” market performance, with softer conditions in China and Australia/New Zealand, but growth in North America as well as other parts of Asia such as Singapore and Korea.
Comvita chair Bridget Coates said: “Comvita stands on considerably firmer ground than it did a year ago.”
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Fri 28 Aug 2026 12:36:33pm
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