Today in Business: October 7, 2025

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Tuesday, October 7, 2025, and here are five stories you should know about.
ASB has agreed to pay $135.6 million to settle a class action, alleging breaches of disclosure obligations under the Credit Contracts and Consumer Finance Act. The settlement ends four years of legal action, with ASB admitting no liability. Chief executive Vittoria Shortt says the deal provides certainty for customers. Lawyer Scott Russell, representing plaintiffs, calls it a positive outcome, avoiding lengthy litigation. ANZ remains the sole defendant and confirms it will continue defending its case. The class action, filed in 2021, followed issues when ANZ sent incorrect loan variation disclosures to more than 100,000 customers.
In other news, liquidators for the cancelled Juicy Festival and Timeless Summer Tour are seeking repayment from artists after the companies' collapse left a $14 million shortfall. Reports show Juicy New Zealand owes $8.8 million to unsecured creditors, while Timeless Events owes 5.2 million. Assets total less than $140,000 across both. Liquidators Garry Whimp and Benjamin Francis have asked artists including Ludacris, Akon, and Boy George to return funds paid. They say the transactions may be voidable under company law and have applied to the court for guidance, with a two-day hearing planned after April 17 next year.
Meanwhile, the latest NZIER Quarterly Survey of Business Opinion shows confidence declining in the September quarter. A net 15% of firms expect better economic conditions, down from 26% in June. Fourteen percent reported lower trading activity, while nine percent expect improvement next quarter. Hiring and investment intentions have fallen, with 23% cutting staff and 13% planning reduced equipment investment. Manufacturing remains least optimistic, with only 3% expecting improvement. NZIE Arr's Christina Lee-yoong says weak demand and global uncertainty are driving caution. The survey is the final major data release before tomorrow's Official Cash Rate decision.
In a separate development, Māori Kiwifruit Growers Limited has launched a new export initiative in the United Arab Emirates with partners Mr Apple and Zespri. The Māori Queen led a delegation in Dubai for the launch. Chairman Geoff Rolleston says the partnership places Māori growers "on the world stage" and aims to reinvest proceeds into training and capability-building. The group represents more than 70 orchards supplying 8% of New Zealand's kiwifruit.
And BNZ has reduced several home loan rates ahead of the Reserve Bank's official cash rate announcement. The six-month fixed rate drops 10 basis points to 4.89%, while the 18-month term falls 26 basis points to 4.49%. Two- and three-year rates decrease to 4.65 and 4.85, aligning with rival banks ASB, ANZ, and Westpac. Kiwibank continues to offer the lowest six-month rate at 4.85%. The rate adjustments follow widespread reductions across major lenders last week. At the last meeting in August, the central bank published a new rate track, indicating continued easing through early next year.
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