Robyn Walker: Deloitte Tax Partner on businesses owing more than $1.4 billion in unpaid GST and PAYE
A tax expert says there is a concerning trend as businesses owe more and more to Inland Revenue. Businesses owe more than $1.4 billion in unpaid GST and PAYE from the 2025 tax year. Only $66 million of that is from businesses or individuals that are bankrupt or in liquidation. Deloitte Tax Partner Robyn Walker told Mike Hosking the construction sector alone owes about $1 billion. She says it is difficult to say how it stacks up against other industries. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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Jeremy Hutton: Milford Asset Management expert on Government debt levels rising globally
Government debt levels are rising globally - with many at risk of permanent structural deficits if they can't bring down interest bills each year. Cutting spending and increasing taxes is an unpopular concept among voters, so experts are wondering what the next steps could be. Milford Asset Management's Jeremy Hutton explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.
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Tony Morris: IRD Customer Segment Manager on the IRD revealing NZ businesses owe over $1.4 billion in unpaid taxes
New Zealand businesses owe more than $1.4 billion in unpaid GST and PAYE from the 2025 tax year, according to new reports. Of 2025's number, $432.9 million relates to employer activities and $1.047 billion to GST. IRD Customer Segment Manager Tony Morris says this data's in line with what's happening overseas - but it's an area they aim to put more focus on. "What we're seeing is a bit of an increase in the amount of companies getting in debt - and some of those are the ones that possibly would have failed earlier during Covid. So we're definitely seeing an increase." LISTEN ABOVESee omnystudio.com/listener for privacy information.
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Michael Gordon: Westpac senior economist on the unemployment rate rising to 5.2 percent
The sluggish job market is another bump in our road to economic recovery, according to some recent predictions. The unemployment rate's sitting at 5.2 percent - its highest point in five years. In late 2021, it was just 3.2 percent. Westpac senior economist, Michael Gordon, says it shows our economic slowdown's ongoing. He says it's not too surprising, given the Reserve Bank's moves to control inflation. "I think we're getting towards the end - we have seen economic activity picking up, but it's just not coming through in terms of businesses needing to hire just yet." LISTEN ABOVESee omnystudio.com/listener for privacy information.
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Liam Dann: NZ Herald Business Editor on the unemployment rate reaching 5.2%
Economic recovery is taking longer than many hoped. Unemployment's risen to a five-year high of 5.2%, up from 5.1% in the March quarter. New Zealand officially moved out of recession last year. The Herald's Liam Dann told Kerre Woodham the job market is taking longer to catch up, so many people may not be feeling better off. He says economists can tell us numbers are improving, but it takes longer for life to improve. Dann says anxiety about job security and AI is having ripple effects across the economy. He says a lot of professional people are uncertain about the future, and that's putting them off spending money. LISTEN ABOVE See omnystudio.com/listener for privacy information.
Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.
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