Today in Business: October 6, 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 Monday, October 6, 2025, and here are five stories you should know about.
Former Reserve Bank Governor Adrian Orr will receive a $416,120 restraint of trade payment this month, taking his pay to $1.18 million for the nine months until his March resignation, the Reserve Bank's 2025 Annual Report shows. Chairman Neil Quigley resigned on August 29 following scrutiny over Orr's departure. Staffing expenses rose to $117 million for the year to June 30, up from $94 million. Six executive leaders received $1.6 million in redundancy payments. Acting Governor Christian Hawkesby thanked staff and welcomed incoming Governor Dr Anna Breman, who begins on December 1. The bank delivered a $542 million dividend to Government.
In other news, IAG New Zealand's been fined $19.5 million by the Auckland High Court after admitting breaches of the Financial Markets Conduct Act. The insurer made false or misleading representations about pricing and discounts between 2021 and 2024, affecting around 269,000 customers and overcharging $35 million. Justice Peter Andrew says the scale of contraventions was the most serious feature of the case. The penalty reflects IAG's cooperation and remediation. Chief executive Amanda Whiting says the company apologised and refunded customers, adding that systems had been fixed. The Financial Markets Authority confirmed the breaches were self-reported.
And the authority's also issued an alert about pump-and-dump scams operating through WhatsApp group chats. The FMA says scammers buy low-value overseas shares, hype them to investors, and sell at inflated prices, leaving victims with losses. It's released phone numbers and aliases linked to the scheme. Scammers impersonate business figures to invite people into groups, initially promoting well-known stocks to build trust. Victims may later face "recovery room" scams seeking more money. The FMA urges investors to stop engaging and block scammers.
Elsewhere, the Commerce Commission's warned several Blenheim brick layers over suspected cartel conduct. G J Marfell Ltd, Mike Vis Bricklaying Ltd, and tradesmen Benjamin Robertson and Andrew Dwyer discussed project quotes via text, raising concerns about cover pricing. Commission chairman John Small says such behaviour risks bid rigging and market allocation. The investigation found messages from 2020 and 2021 showing pricing discussions that may have deceived customers seeking competitive quotes. Despite limited financial harm, Small says the warnings highlight the need for tradespeople to understand competition law obligations and ensure lawful dealings with competitors in future projects.
And the Commission's ruled out a new inquiry into airport regulation for Auckland, Wellington, and Christchurch airports. Air New Zealand had called for a deeper review, but the watchdog says it will instead consult on information disclosure for major projects. The New Zealand Airports Association welcomed the decision, saying it ensures transparency and stability. Auckland Airport chief executive Carrie Hurihanganui says the report provides investor certainty. But the Aviation Industry Association said the move doesn't provide the confidence that big investment decisions like the Auckland airport terminal expansion can really deliver value for New Zealanders.
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