Today in Business: October 3, 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 Friday, October 3, 2025, and here are five stories you should know about.
Two more banks have joined a wave of mortgage rate cuts ahead of next week's Reserve Bank decision on the Official Cash Rate. Westpac and ASB both dropped their one-year fixed home loan rates to 4.49%, matching ANZ and BNZ. Westpac also cut its six-month rate to 4.99% and two-year rate to 4.65%, while ASB lowered its six-month to 4.95% and two-year to 4.65%. Westpac's Sarah Hearn says the reductions reflect intense competition, while ASB's Adam Boyd says the move supports households refinancing. The OCR currently sits at 3%, down from 5.25% in August last year.
In other news, the Government's unveiled a new Defence Industry Strategy aimed at boosting local involvement in military equipment production. Associate Defence Minister Chris Penk says the plan requires multinationals to outline partnerships with New Zealand companies. Defence Minister Judith Collins points to drone-maker Syos Aerospace as an example, with the firm employing 100 engineers and producing 40 uncrewed surface vehicles per month. Founder Sam Vye says the approach strengthens collaboration with the Defence Force. The Ministry of Defence earlier noted growing global tensions and stressed the need for resilience, innovation, and value for money in defence projects.
Meanwhile, New Zealand's largest liquor retailer has reported weaker revenue and flat profits. Tasman Liquor, which owns around 370 outlets under brands such as Liquor Centre and Bottle-O, posted revenue of $269 million for the year to April 2025, down 4% from $280.3 million. Gross profit slipped to 20.7 million, while net profit held steady at 4.76 million. The company paid a dividend of $7.77 million to its Australian parent, Metcash. Tasman's stores were affected by Auckland's alcohol policy changes, while nationwide trends show declining alcohol consumption and rising demand for low and no alcohol options.
In a separate development, influencers Topher Richwhite and Bridget Thackwray have secured Environment Court consent to develop a glowworm cave attraction near Queenstown. Their company Far away Entertainment won approval after amending its original proposal, which had been turned down by the council. The revised plan requires leasehold, not freehold, and includes native planting and restrictions on fencing and design. The couple already have a separate glowworm venture under construction in Rotorua. The Queenstown site's expected to handle up to 1200 visitors daily. Detailed plans include a ticketing hut, carpark, wetland features, and eco-friendly designs using locally sourced plants and materials.
Turning to international markets, Tesla has reported higher third-quarter global vehicle deliveries. The company handed over 497,099 cars, up 7% from a year earlier and reversing three straight quarters of declines. The increase came as buyers rushed to take advantage of a US tax credit that expired on September 30. Other carmakers, including General Motors, Ford, Stellantis, Toyota, Honda and Kia, also reported stronger US sales. The annualised auto sales rate reached 16.4 million in September. Tesla's results follow recent declines linked to competition in China, weaker demand for its Cybertruck, and controversy involving chief executive Elon Musk.
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