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New Zealand's retirement extremes
New Zealand's retirement extremes

13 May 2024, 10:16 PM

A rest home with a concierge, iced tea fountain, hybrid Jaguars to drive, and caviar on the menu.That's not imaginary or from some far-flung country - it's reality here in Aotearoa. Oceania Healthcare just officially opened 'The Helier' - a retirement apartment and aged-care complex in the Auckland suburb of St Heliers, described by the company as ''five-star hotel-like'' service.A different reality at the other end of the aged-care sector, which includes rest homes and specialist private hospitals, is hurting many older Kiwis. Many rest homes are shutting up shop while the sector is staring at a crisis.BusinessDesk reporter Gregor Thompson has just visited The Helier and had a look at some of the aged care rooms within the complex. "They've got Alexa built in to them, which means you can voice activate jazz if you see fit, you can ask it what the weather's doing outside. They've got nice TVs, there's 24-hour clinical care that is tailored to each resident's needs, you've got a canapé service, there's a butler, there's a general manager, a French guy, his name is Olivier, not Oliver, so I think that's quite indicative of the type of place that it is."This is the only private-bed aged care facility in the country, meaning if you get the government-funded residential care subsidy you can't get into these rooms.At the same time, Thompson is covering the other "extreme". "You've got small facilities in the regions that are often owner-operated or run by charities and they are experiencing a lot of financial hardship - many of them are closing down."He gives examples of homes in Foxton Beach, Taumarunui, Levin, Te Awamutu and Rangiora.A recently released report by Sapere Research, commissioned by Te Whatu Ora/Health New Zealand, has found the sector could be short of 12,000 beds by 2032.  "There's not enough funding to sustain the current aged residential care model," Thompson says."In simple terms, the cost to provide care outstrips the residential care subsidy." The subsidy is paid by Te Whatu Ora to the rest home or hospital and depends on the resident's level of income.And change isn't imminent - Minister for Seniors Casey Costello told Thompson a Budget bid for extra money probably won't happen until 2025. Warick Dunn is the deputy chair of the NZ Aged Care Association and chief executive of the Masonic Villages Trust, which runs five aged care homes in the lower North Island.He tells The Detail most of his homes are "really old". "We've got homes that were built to a standard that is 45 years old. Many of our rooms are very small, many of our residents have to walk down the corridor to have a shower or even go to the bathroom. They are a very basic offering. The environment is pretty challenging, I would have to say.''His homes are mostly funded through the subsidy. If the number of beds isn't increased, Dunn says that will lead to older people staying in public hospitals for longer, which will affect everyone who uses those hospitals. He thinks the solution is as simple as increasing the subsidy."We seem to be able to find money when we need to, when there's a crisis, and we are staring at the crisis at the moment. If capacity isn't increased, then the work of Te Whatu Ora in terms of other objectives they have around quick turnarounds in ED [Emergency Departments], access to cancer treatments, access to elective surgery - that will grind to a halt."  

News in Brief - May 14
News in Brief - May 14

13 May 2024, 8:34 PM

Penlink Joins NZ Transport UpgradesTransport Minister Simeon Brown has revealed that the Penlink project is now part of the New Zealand Upgrade Programme. Additionally, the coalition government is introducing Roads of Regional Significance to complement Roads of National Significance, aiming to advance priority roading projects countrywide. This decision comes as a response to the mismanagement of the NZ Upgrade Programme by the previous government, which led to significant cost overruns, project cancellations, and delays nationwide. Moving forward, all responsibilities regarding project scope and delivery will be delegated to the NZ Transport Agency, marking a positive shift towards efficient and effective infrastructure development across New Zealand.Auckland Ratepayers Call on Minister to Support PetitionTransport Minister Simeon Brown has voiced his backing for Mayor's plea for greater accountability following Auckland Transport's implementation of 24-hour parking charges in the CBD. Auckland Ratepayers' Alliance Spokesperson, Sam Warren, criticised Auckland Transport's decisions, highlighting the lack of accountability to Aucklanders. Warren expressed concerns over the autonomy of Auckland Transport, urging the Minister to join in signing a petition aimed at reversing the proposed parking changes and restoring accountability. The petition can be accessed at ratepayers.nz/cbd_parkingFraudster Sentenced for Gambling FraudIosefa Ta’alo Ape, also known as Joseph Aiono, from Auckland, has been sentenced for offences relating to the misappropriation of class 4 (pokies) grant funds.Mr Ape, associated with the Hoop Star Basketball Academy, submitted grant applications with fictitious costs exceeding $75,000.His sentence includes 6 months of home detention, followed by another 6 months under post-detention conditions, along with reparations.Vicki Scott, Director of Gambling at DIA, hailed the prosecution as a community triumph, vowing zero tolerance towards such dishonest practices.

Auckland deputy mayor Desley Simpson urges AT to consult over parking charges
Auckland deputy mayor Desley Simpson urges AT to consult over parking charges

13 May 2024, 8:02 PM

Auckland Transport (AT) should go back and consult with affected parties over its new overnight on-street parking changes, says deputy mayor Desley Simpson.From 1 July, AT plans to make drivers pay for on-street parking 24 hours a day in central Auckland, and introduce paid parking in some areas of the city where it was currently free.Simpson said AT's strategy had been "poorly executed" and she felt for inner city residents and businesses.No one had directed AT to bring in 24/7 parking charges without consultation, she said."The trouble with the plan is it has come as a shock to everybody, and I think there needed to be a wider stakeholder consultation around what Auckland Transport was planning and how to work with key stakeholders who potentially use overnight parking and to find a more reasonable solution."Simpson told Checkpoint she agreed with mayor Wayne Brown that AT needed to look at revising parking charges to increase revenue, "but somehow that's been translated into immediately hit the centre city parking zone, immediately take everything overnight and take all the loading zones that were traditionally free after 6pm... so I just think it's been poorly executed, and we haven't looked at it more regionally and I'm a bit surprised, really."I feel for a lot of residents in the CBD and a lot of business owners who are basically saying, 'Heck, what's all this about, and why didn't I know, and why couldn't I have a say, and how do I deal with my own solution in a more reasonable way?'"Questions had been raised about how the new parking charges had been communicated to council representatives. Simpson said she had been told that the Waitematā Local Board received a memo from AT about them on 11 April but it was unclear what was their response."I just think the communications around this ... to the mayor, to all councillors ... could have been better."However, AT chief executive Dean Kimpton told Morning Report he personally delivered the news to Brown in April.In addition, it had been "an open discussion all the way through the Long-Term Plan process"."Auckland Transport needs to find $73 million worth of savings in the year coming - that includes cost reductions, but it also includes looking at revenue sources, and this is one of those," Kimpton said."If we don't find those savings, the ratepayers - including the business ratepayers inside the central city area - could face up to 3 percent increase on rates."Could there be exemptions for overnight workers in the CBD, such as cleaners?"I think there definitely should be something for that particular sector ... absolutely," Simpson said."This has been brought in when we do not have 24/7 public transport available to all users."In many cases, there is no other transport option for these people ... and I think there is a reasonable case for some exemptions there."Residential parking permits for inner-city dwellers could "absolutely" be an option.The issue was who ultimately controlled Auckland Transport, she said."And like the Minister for Auckland [Simeon Brown] and the mayor, I think there needs to be political direction around public transport."The political direction to Auckland Transport was try and be more commercial when it comes to parking, but it was about ... the region as a whole."From my perspective, no one ever gave Auckland Transport the direction to hit the city, start charging for parking 24/7 and do it now."Asked if AT needed to consult further on the changes, she said, "Yes i do believe that would be fair."Earlier on Monday, Kimpton said the parking price hikes were not happening in isolation, saying AT was working on a permit system for people who work odd hours in the city, capping the cost of public transport for regular users and "encouraging employers through our fair share scheme to subsidise the cost of their employees coming into the city, or anywhere across Auckland, on public transport"."Money that we do raise through this - and we expect to raise about just under a million dollars - we will reinvest in the great public transport into the city and safety, so that people feel safe and it's available."So this is not just an increase without context. There's a lot of context, and Auckland Council does support it."

Customs arrests five; Contraband seized
Customs arrests five; Contraband seized

13 May 2024, 7:31 PM

A recent Customs investigation in Auckland has resulted in the arrest of five individuals and the confiscation of significant contraband, including over 1.36 million illicit cigarettes, two firearms, and a substantial amount of cash.This morning, Customs executed search warrants in Auckland’s North Shore, leading to the apprehension of a 35-year-old male suspect, who is scheduled to appear in the Auckland District Court this week.The operation uncovered illicit cigarettes and a substantial sum of cash.The arrests follow a series of search warrants carried out last Friday, with assistance from the Police, targeting three residential properties, a private catamaran, and a storage facility in the North Shore, as well as a commercial business in Greenlane.During the raids on Friday, three men and one woman, aged between 35 and 45, were apprehended and appeared in the North Shore District Court the same day. At one residential property, authorities discovered a significant amount of cash, two firearms, ammunition, and additional evidence. In a self-storage facility, 286 black rubbish sacks containing over 1.3 million undeclared cigarettes were seized, representing approximately NZ$2 million in revenue evasion.The defendants face multiple charges, including defrauding Customs revenue, possession or custody of undeclared goods, sale of undeclared goods, and participation in an organised crime group. Further charges are under consideration.Customs Investigations Manager, Dominic Adams, disclosed that Operation Montreal, initiated in February 2024, targeted a network believed to be responsible for the large-scale distribution of undeclared cigarettes across Auckland.Adams highlighted the broader implications of illicit tobacco trade, emphasising its association with organised crime and its adverse impact on communities. He urged public cooperation in combating such activities, underscoring Customs' commitment to addressing tax evasion and related crimes."This issue extends beyond smuggling cheap cigarettes. Well-resourced organised criminal groups often exploit this trade, potentially funding more serious criminal activities," Adams stated.Concerned individuals can report suspicions or knowledge of illegal smuggling activities to Customs via the 24-hour confidential hotline at 0800 WE PROTECT (0800 937 768) or contact Crimestoppers anonymously at 0800 555 111.

Driving ahead with roads of regional significance
Driving ahead with roads of regional significance

13 May 2024, 7:00 PM

The coalition Government is set to introduce Roads of Regional Significance, a new initiative aimed at complementing the existing Roads of National Significance programme, Transport Minister Simeon Brown announced today.Brown emphasised the success of the Roads of National Significance (RoNS) established by the previous National Government, citing their effectiveness in reducing congestion and enhancing safety along key State Highway corridors."These projects have significantly improved connectivity within New Zealand," Brown stated. "Expanding this approach to include regionally significant roads will further bolster our transportation network and support economic growth."Under the new initiative, priority will be given to essential routes identified as crucial for regional connectivity. This move comes in response to challenges faced by the previous government's management of the NZ Upgrade Programme (NZUP), which experienced substantial cost overruns and project delays."When we took office, we inherited a funding shortfall of up to $1.5 billion for NZUP projects," Brown revealed. "This, coupled with escalating costs and project cancellations, necessitated a reassessment of our approach."Finance Minister Nicola Willis and Transport Minister Simeon Brown have delegated decision-making authority for project scope and delivery to the NZ Transport Agency (NZTA), aiming to streamline decision-making processes and minimise delays."Moving forward, NZTA will oversee the implementation of two Roads of National Significance and ten Roads of Regional Significance," Brown explained. "Additionally, two projects will be integrated into the Mill Road and Whangarei to Port Marsden Roads of National Significance."Acknowledging the need to manage costs effectively, Brown underscored the government's commitment to delivering these projects within the existing funding allocation of $6.54 billion, without seeking additional Crown funding."The announcement brings much-needed certainty to communities nationwide that stand to benefit from these vital infrastructure investments," Brown affirmed. "Our goal is to create a transport system that enhances productivity, supports economic development, and ensures the safety and convenience of all New Zealanders."The introduction of Roads of Regional Significance marks a significant step towards realising the government's vision for a well-connected and resilient transportation network, contributing to the country's long-term prosperity.

Mayor told about Auckland parking changes in April, Auckland Transport head claims
Mayor told about Auckland parking changes in April, Auckland Transport head claims

13 May 2024, 6:09 PM

The head of Auckland Transport (AT) is a "little bit surprised" by the mayor's claim he was blindsided by planned changes to parking fees in the CBD, since he relayed the news himself a couple of weeks ago.From 1 July, there will no longer be free curbside parking in the central city outside peak hours, overnight and at weekends. Instead, vehicle owners will need to stump up between $2 and $3 an hour."Auckland Transport needs to find $73 million worth of savings in the year coming - that includes cost reductions, but it also includes looking at revenue sources, and this is one of those," AT chief executive Dean Kimpton told Morning Report on Monday."If we don't find those savings, the ratepayers - including the business ratepayers inside the central city area - could face up to 3 percent increase on rates."Mayor Wayne Brown said at the weekend he had no idea the changes were coming. Kimpton said he "personally rang and talked to the mayor about it on the 29th of April", and the plan had been "out there" since 23 April as part of AT's parking strategy.Heart of the City chief executive Viv Beck told Morning Report it was "out of the blue", "out of step with [AT's] own approach around parking" and there had been "no discussion with us certainly, or consideration of the impact".Viv Beck. Photo: Supplied / HOTC"We expected to be involved in those discussions, but this has literally just been thrown at people just like that."Kimpton said he was "a little bit surprised" by Beck's response, because it had been "an open discussion all the way through the Long-Term Plan process".Beck said AT had not supplied Heart of the City with "any information about demand at night"."We've got the situation in the central city where we've had nearly a decade of major construction. We've had Covid, we've got the cost of living. The impacts are huge, and we've got a lot of people struggling through those circumstances."The night-time economy is really important. It's about a third of our spend. And this affects, you know, hospo workers, cleaners, people that are looking for safe, affordable parking at night. And the AT carparks are not open 24/7.Dean Kimpton. Photo: Supplied / Mark Tantrum"We didn't mind having a conversation, in fact we expected to be having a conversation around the better optimisation of curbside, but to do it in this way is really flawed. There are different views about parking, but the reality is they still have to do things properly in our view."Kimpton said the parking price hikes were not happening in isolation, saying AT was working on a permit system for people who work odd hours in the city, capping the cost of public transport for regular users and "encouraging employers through our fair share scheme to subsidise the cost of their employees coming into the city, or anywhere across Auckland, on public transport"."Money that we do raise through this - and we expect to raise about just under a million dollars - we will reinvest in the great public transport into the city and safety, so that people feel safe and it's available."So this is not just an increase without context. There's a lot of context, and Auckland Council does support it."Meanwhile, the hospitality sector said the new overnight parking fees would be an unfair burden on staff whose shifts finished late and started early.Hospitality New Zealand's chief executive Steve Armitage told Midday Report's Charlotte Cook that public transport was too unreliable at those times for hospitality staff."We have concerns about people who work on the periphery of the city who work odd hours and their need to continue to use private transport to get into work."The new parking fees were an additional cost that would be "difficult for some people to swallow" and some central-city staff may reconsider their work location as a result.Asked whether the bars and restaurants might subsidise the cost of parking for their staff, he said economic pressures were "biting"."Although there may be some that would look to go the extra mile for their staff, I think for others it's probably something that is a bridge too far."The night-time parking fees might also discourage potential patrons from coming into the CBD, he said."The current economic environment means people are thinking very hard about every dollar they're spending."The Auckland hospitality sector was already working with the council and other stakeholders on a strategy for the night-time economy, he said."[We're] trying to get it back to where it was pre-Covid, trying to create an incentive for people to come back in, so [the parking fee policy] has just come out of left field, and is a little bit ironic given the work we're doing with other parts of council".

All Black captain Sam Cane announces retirement from international rugby
All Black captain Sam Cane announces retirement from international rugby

13 May 2024, 4:59 AM

Incumbent All Black captain Sam Cane has announced his retirement from international rugby.Cane, who is currently playing for Suntory in the Japanese Top League, said the decision was "a very hard one"."I love playing for the team that I represent here in New Zealand. But that won't be the case … ultimately we made the decision to sign with Suntory, I really enjoyed my first year here."Having played 95 tests (27 as captain), the 32-year-old has decided to sign a long-term contract with Suntory in Tokyo. Cane said that his family situation was the main motivating factor for the decision, with wife Harriet expecting another child soon."If I was a single bloke then I could just solely worry about myself, probably stick around in New Zealand and go another (World Cup) cycle … but I have to start thinking about others … once you hit that 30-year-old mark you start thinking about life after rugby and how I'm going to provide for my loved ones."Incoming All Blacks coach Scott Robertson said: "After discussing this at length with Sam, I fully understand the reasons behind his decision and support him. The position he plays asks a lot of you mentally and physically - both of those things ramp up when you are captain. So to do what he's done over such a long period is an incredible feat. I fully respect him taking this opportunity."New Zealand Rugby chief executive Mark Robinson also acknowledged Cane's contribution."Sam is a special member of the All Blacks family and we have huge admiration for what he has achieved in the game. He has made significant contribution to New Zealand Rugby, and we are fully supportive of his decision to be with his family," Robinson said.32-year-old Cane's last test for the All Blacks was the 12-11 loss to the Springboks in last year's Rugby World Cup final in Paris. He was sent off in the first half for a dangerous tackle on Bok centre Jesse Kriel.It capped off a tumultuous tenure in charge of the All Blacks for Cane, who also oversaw the team's worst loss ever when they went down 35-7 to the Springboks at Twickenham last August, before rebounding to put on one of the greatest individual performances in the black jersey in the All Blacks' 28-24 win over Ireland in the World Cup quarter final.Cane has recently been out of action for Suntory for 10 weeks with a back injury.

Job burnout doubles in New Zealand workforce
Job burnout doubles in New Zealand workforce

13 May 2024, 2:01 AM

The ongoing Wellbeing@Work research, led by Professor Jarrod Haar of Massey Business School, delves into the challenges of job burnout in New Zealand.The study, which tracks burnout rates every four months, identifies emotional exhaustion, mental distancing, cognitive impairment, and emotional impairment as key dimensions of burnout.Since 2020, Professor Haar has surveyed over 1000 representative New Zealand employees in each wave of the study.Recent data from April 2024 paints a worrying picture.It indicates a significant rise in burnout rates, with one in two employees, or 57 per cent of the workforce, now falling into the high burnout risk category.This represents a doubling since December 2023, when the rate stood at 25 per cent, surpassing the previous high of 43 per cent recorded in November 2021.Professor Haar highlights the severity of the situation, describing the doubling of burnout risk as both shocking and perilous for individuals and employers alike.Burnout not only increases the likelihood of mental health issues such as anxiety and depression but also leads to higher rates of insomnia.Moreover, burnt-out workers are significantly more inclined to contemplate quitting their jobs and engaging in poor work behaviours, which can incur substantial costs for employers.The research also unveils disparities across professions.Clerical workers (87.9 per cent), educational professionals (86.6 per cent), office managers (70.7 per cent), and health professionals (63.5 per cent) report the highest levels of burnout.Conversely, business professionals (22.2 per cent), salespeople (23.1 per cent), office support workers (23.3 per cent), and information and communication technology professionals (25 per cent) experience lower rates.The primary driver behind the surge in burnout is identified as the escalation of job insecurity.The perception of job threat has surged from 22 per cent in December 2023 to 48.4 per cent in April 2024.Professor Haar underscores the profound impact of this trend on the workforce, with those in the high job insecurity group being 14.5 times more likely to be at risk of burnout.In a noteworthy shift, employees now exhibit higher burnout rates than managers, with both groups reaching alarming levels according to Professor Haar.While no gender differences were observed, significant variations emerged across sectors, with the private sector leading at 59.8 per cent, followed by the public sector at 48.7 per cent, and the not-for-profit sector at 40 per cent.Regional discrepancies are evident, with the South Island reporting the lowest burnout numbers (Nelson at 14.3 per cent, West Coast and Otago both at 33.3 per cent), while Gisborne recorded the highest at 81.1 per cent, followed by Bay of Plenty at 71.9 per cent and Waikato at 67 per cent.Ethnicity also plays a role, with Pākehā at 65.1 per cent, Māori at 43.3 per cent, and Asian at 17.6 per cent reporting varying levels of burnout.Moreover, differences in working environments contribute to burnout rates, with full-time home workers reporting the lowest levels (15.4 per cent), followed by full-time office workers (31.8 per cent), and hybrid workers, who experience the highest productivity levels but also the highest burnout rate at 72.4 per cent.Professor Haar emphasises the urgent need for action from employers and leaders to address these concerning trends.Clearer and faster job restructures, coupled with empathetic communication, are essential steps to alleviate worker stressors and mitigate burnout risks.The rising prevalence of job burnout underscores the importance of proactive measures to safeguard the wellbeing of employees and maintain a healthy workforce.

Sleep position secrets: How you sleep may affect your health
Sleep position secrets: How you sleep may affect your health

12 May 2024, 10:41 PM

Sleep positions can affect how you sleep and cause or aggravate some health issues, a sleep scientist says.Sleep scientist Dr Kat Lederle said some people did not mind what position they slept in, whilst others had a preferred position but that could also change over time."But I think one that a lot of people like is sleeping on the side, then I think some people like sleeping on their front and then we've got the back sleepers."There are two main problems that people talk about in relation to sleep position, she said.The first is pain in the back, neck or hip which can be due to a misalignment of the spine and the neck, she said."That's predominantly for those who are lying on their front - the head either goes to the left or to the right and that puts quite some tension on the neck."The other relates to breathing difficulties, for example sleep apnoea can be aggravated by sleeping on your back, she said.For those who got shoulder pain as a result of sleeping on their side, special pillows were available to place between the knees in order "to try and keep everything in alignment and thereby reduce pressure perhaps on the shoulder", she said.People who suffered from neck pain may benefit from using a flatter pillow, she said."I'm thinking there of alignment of the neck, of the spine, of the hip, that it's all on one level, or as much as you can get it on one level. I would avoid having a thick big pillow because then you actually put some strain on your neck."It may not be a good idea to sleep the entire night on your stomach as that can lead to neck pain and potentially stomach issues such as acid reflux, she said.People who have some type of pain during the day can be restless sleepers, she said."There is something about trying to find a comfortable position and often if there's chronic back pain no position is perfect for the entire night, so there's a lot of sort of restlessness, a lot of shifting and tossing and turning."The person is not necessarily completely awake, but that type of restless sleep meant they probably get less restorative deep sleep, she said.That can lead to a vicious cycle, she said."You haven't slept so very well because of pain but then not having slept well we know we're more sensitive to pain so then you've got another painful day ahead of you followed by probably a painful night."Pregnancy can also disrupt sleep due to discomfort and it seemed to be more helpful for pregnant people to sleep on their left side, she said."That sort of can release tension and pressure and generally support their wellbeing and the baby's wellbeing."It was recommended that anyone who suffered from acid reflux also sleep on their left side, she said.But although it was worth being informed about different sleeping positions and their potential benefits and hazards, there were no hard and fast rules about what position people should sleep in, she said.It was important "not to get too hung up and stressed about it because that can actually then lead to poor sleep", she said.There was no one size fits all in terms of mattresses, duvets and pillows, she said.That was because everyone had different body shapes and preferences..If possible, people should trial a mattress to find out if it was right for them before buying, she said."That is sort of the little niggle or problem I sometimes have when there is one product that's being advertised as the sleep solution for every single person on this planet, it's just not true."Unfortunately we have to all find what is working for me at this moment in my life."

OpenAI unveils AI-powered search engine
OpenAI unveils AI-powered search engine

12 May 2024, 9:23 PM

OpenAI, in collaboration with Microsoft, is poised to revolutionise the search engine landscape with the launch of a new AI-powered search tool. Scheduled for debut on Monday (Tuesday NZ), this innovative product aims to challenge Google's dominance in the search market, leveraging OpenAI's cutting-edge ChatGPT technology.Set against the backdrop of Google's impending annual I/O conference, where the tech titan is expected to unveil new AI-driven features, OpenAI's strategic announcement adds a compelling dimension to the competitive dynamics within the industry.The forthcoming search engine represents a significant advancement, harnessing the capabilities of ChatGPT to deliver web-sourced information augmented with citations. By addressing previous limitations in accuracy and real-time updates, this initiative seeks to redefine the search experience for users.According to sources, the new search tool extends ChatGPT's functionality, enabling it to retrieve directly cited information from the internet. This enhancement marks a pivotal milestone in OpenAI's quest to enhance user engagement and accessibility, building upon the platform's previous achievements in driving record-breaking user interactions.In a landscape marked by rapid technological innovation, OpenAI's foray into the realm of AI-powered search reflects the broader trend of industry players seeking to push the boundaries of what is possible. The integration of generative AI into search engines, exemplified by Google's recent initiatives, underscores the evolving nature of user expectations and the relentless pursuit of enhanced functionality and utility.However, OpenAI's entry into the AI search domain is not without competition. Startup Perplexity, spearheaded by a former OpenAI researcher, has emerged as a formidable contender, boasting a valuation of $1 billion. Perplexity's user-friendly AI search interface, complemented by citations and multimedia integration, has garnered significant traction, with over 10 million monthly active users.The emergence of Perplexity underscores the intensifying rivalry in the AI space, with both established players and newcomers vying for market share and mindshare. As the industry continues to evolve towards more sophisticated and interactive AI solutions, the stage is set for a dynamic and fiercely competitive landscape.

NZTA tells dealers to repay Clear Car rebates on almost 200 EVs
NZTA tells dealers to repay Clear Car rebates on almost 200 EVs

12 May 2024, 7:56 PM

NZTA has found almost 200 cases where car dealers pocketed electric vehicle subsidies of up to $7,000 per car, then broke the law by selling them on too quickly.The dealers signed declarations saying they would keep the cars as demonstration, courtesy or company vehicles for at least three months, but did not comply.The transport agency has told the car yards - which it has not identified - to pay back the money.Almost a fifth of government subsidies claimed for electric vehicles during December - the final month of the Clean Car Discount - went to car yards, rather than individual buyers.Over the life of the scheme, just over 192,000 rebates were paid; 21,000 of them to dealers - a little over a tenth.Internal advice released to RNZ under the Official Information Act shows the Ministry of Transport told NZTA when the scheme was launched that giving rebates to car dealers who onsold cars quickly was not consistent with Government policy of giving rebates to "consumers".It would be consistent with policy, however, if dealers signed a declaration saying they would keep the cars themselves for three months. It was not clear why it stipulated a period of three months.In December, more than 10,000 subsidies were claimed: 1906 to car dealers, compared with 8488 payments to individual purchasers.NZTA said the flurry of car yard rebates in that month prompted it to step up compliance monitoring.Earlier this year, a would-be buyer approached RNZ, saying they had been offered cars in January and February from dealers who told them they had registered the vehicles to themselves - the car yard - in December, in order to claim subsidies before the rebates ended.At first, the agency said it had received only one complaint of abuse of the scheme.However, it later emerged that an anonymous complainant had supplied the agency with details of more than 200 vehicles they said were wrongly advertised for sale by car dealers who had claimed rebates themselves, while still within the three-month stand-down period.The complainant asked the agency to investigate possible breaches covering 231 advertised vehicles across 51 dealers.It was not clear how many of those alleged breaches were among the vehicles for which NZTA was now requiring repayment.Initially, NZTA looked into the tip-off and told the complainant's representative that staff believed just six of the listings were in breach.Meanwhile, another complainant who spoke to RNZ after he was offered a car still within the three month, no-resale period has been told his complaint would not result in enforcement action.NZTA told the man, who did not wish to be named, that the dealer's offer to sell the car to him was a breach of the terms and conditions of the rebate.But because the dealer never actually sold the car, NZTA gave the dealer a formal warning and did not require it to repay the money, a decision the complainant described as "a total cop out".In an email to RNZ on the latest enforcement figures, the agency said it could not supply more detail: "It is important that NZTA protects the integrity of its investigations into alleged breaches of the scheme. As such, we cannot comment on the detail of investigations currently underway."Where a breach has been identified (ie a vehicle has been sold before the three-month period) a repayment of the rebate is required," it said.

Auckland economy overview for April 2024
Auckland economy overview for April 2024

12 May 2024, 7:30 PM

As the economic landscape of Auckland unfolds, recent statistics reveal both shifts and constants in key indicators. The Auckland economy continues to navigate fluctuating trends, with notable updates across various sectors.According to recent data, the real value of imports through Auckland's seaports for the year ended March 2024 stood at $30.9 billion. While this reflects a 7% decline compared to the previous year, it marks a 6% increase from five years ago. In contrast, the rest of New Zealand recorded imports totaling $31.5 billion, reflecting a significant 23% drop from the previous year.In the realm of real estate, the average weekly rent in Auckland for February 2024 held steady at $675. This figure mirrors the rental rates from the same period in 2023, remaining unchanged over the past eight years. Conversely, the national average for weekly rent, at $584, maintained parity with February 2023 figures, echoing a trend observed over the last three years.The housing market in Auckland experienced robust activity, with 20,639 houses sold for the year ending March 2024. This represents a notable 10% increase compared to the preceding year and surpasses the total sales volume for all of 2023. However, it falls short of the sales figures recorded from 2012 to 2022.Median house prices in Auckland for March 2024 held steady at $1,050,000 in real terms, mirroring figures from eight years ago. This marks a marginal 1% decrease from the previous year but aligns closely with pricing trends observed over the last 15 months. Notably, it stands at a significant 29% below the peak recorded in 2021.Despite fluctuations, the number of new dwellings consented in Auckland for the year ending March 2024 reached 14,699. While this represents a 33% decrease from the peak observed in September 2022, it remains above pre-COVID-19 levels. However, it marks the lowest recorded figure since then.In the realm of non-residential construction, the real value of new buildings consented in Auckland for the year ended March 2024 remained stable at $2,982 million. This figure is consistent with the previous year's data, reflecting trends observed over the past twelve months, albeit registering an 11% decline from the peak recorded in November 2022.On the employment front, Auckland recorded an unemployment rate of 4.2% for the quarter ended December 2023. While marginally higher than the record lows observed in the previous two years, it remains lower than the rates recorded from 2008 to 2017 and comparable or below those from 2018 to 2021. Moreover, the number of employed individuals in Auckland for the same quarter saw a 3.6% increase compared to December 2022, attributable to both population growth and a higher labour force participation rate.In summary, the economic landscape of Auckland in April 2024 reflects a mixture of stability, growth, and adjustments across various sectors. While certain indicators demonstrate resilience and positive momentum, others signal the impact of external factors and ongoing trends.

Auckland CBD parking charges: Motorists to pay for on-street parking 24 hours a day, on weekends and public holidays
Auckland CBD parking charges: Motorists to pay for on-street parking 24 hours a day, on weekends and public holidays

12 May 2024, 6:25 PM

Auckland CBD residents and visitors will be stung with new 24-hour parking charges covering overnight, at weekends and on public holidays as Auckland Transport seeks to collect more money.Parkers will face hourly rates all day and now through the night, where previously parking had been free in many parts of the city on Sundays and outside the hours of 8am-6pm.The new fee regime has blindsided Mayor Wayne Brown: "Yeah, well nor did I", he said when the Herald on Sunday told him residents had said they had no idea the changes were coming until a letter dated 2 May arrived in their letterboxes on Friday"And I'm sick of it. [AT] have got to start listening … I did tell them the other day, 'Don't do that, I want a full parking strategy'."The new "Central City Paid Parking Zone" covers on-street parking in the downtown area bordered by State Highways 1 and 16, including Wynyard Quarter in the west, south to the Upper Queen St overpass and east to the border with Parnell.It will be implemented by July, AT said in a letter distributed to inner-city residents.One inner-city resident feared the changes would cost him more than $11,000 a year."The letter was just dropped in our letterbox, you know? And I read it and was like, 'Oh, that's a massive, massive change", Anil Ramnath said."It seems very unfair ... and [you have] lots of questions as to why the decision was made without any consideration for people who live here."There had been no consideration of the impact Auckland Transport's planned changes to CBD parking rules would have on residents, Anil Ramnath says.Auckland Transport did not respond to multiple requests for comment on Saturday, but defended the new regime in its letter to residents, saying it's been told to take a "more commercial approach" to managing public assets to reduce the burden on ratepayers.Providing free, unrestricted on-street parking in the evening and overnight also undercut private car parks, AT said."This [change] lines up with the concept that the storage of private asset [sic] such as vehicles on public road reserve should not be free."Brown said there was no question that AT was supposed to increase parking income, or that parking in the central city should cost."I mean it's $100,000 to buy a car park in Ponsonby where I live. And so people shouldn't be able to park for nothing all night long, but I wanted to see a strategy about it."They're rushing ahead and doing what they usually do, piecemeal stuff without explaining it clearly to everybody ... we should have a whole parking strategy which everybody understands, and is debated."Auckland mayor Wayne Brown isn't happy with the way Auckland Transport has gone about plans to introduce 24/7 parking fees for on-street parking in the CBD. Photo: NZ Herald / Dean Purcell'This is really a shocking, revenue-gathering'Ramnath, who moved into his St Paul St Apartments flatshare two years ago, doesn't yet know if he'll need to move house or sell his car.The 34-year-old can get to his job as a supply chain operations coordinator in Takapuna using public transport, but his hours can be unpredictable so commuting by car was best."We are aware of the situation [with Auckland's finances], but ... when we decided to live at this particular place, we took the decision based on those [current parking] grounds."His two flatmates were also affected, including Raniera Teira, who said the changes would result in him having to pay for 108 off-peak hours per week that were previously free.At $2 per hour in St Paul St Apartments' zone near Symonds Street, it would cost $216 a week - totalling $11,232 a year. That does not include the cost of parking during peak periods."That's like a whole (apartment) rent and then some - that's just ridiculous," Teira said."This is really a shocking, revenue-gathering, game-changer, affecting all people who live in apartment buildings without in-house parking and people who just want to enjoy coming to our CBD in the evenings."The builder already knows neighbours are planning to move because of AT's letter, something he would also likely need to do.Like his flatmates, Teira had no problem with the daytime parking fees because they all drove out of the central city to work during the day.He was not adding to road congestion because he was typically going in the opposite direction to the heavy traffic, he said."Everyone's bumper-to-bumper coming in in the morning and I'm just flowing out, and at night it's bumper-to-bumper leaving the city and I'm just flowing in.""So the parking has always worked beautifully living in the CBD."The off-peak parking plans follow AT's move late last year to charge more for peak parking, and the removal of half-priced public transport fares.But rather than bring costs in line with private providers, the new costs would be far more expensive than the $324 per month charged for 24/7 by a private car park around the corner, Teira said."You have to remember we're still a neighbourhood in the city," he said, noting residents helped bring vibrancy and community to the area."We still have people that want to enjoy their community."But the new charges meant people like Teira could not as easily relax at home on weekends and public holidays. It also would not be as easy for friends to drive in and spend long periods visiting or joining them to go to nearby restaurants and businesses.He also questioned whether ratepayers would benefit from putting more pressure on businesses that have been struggling in the CBD.Landlords would also find it harder to attract tenants, Teira said.Dean Campbell, who lives at Ascent Apartments in Nelson St, has a car park in his building but also thought AT's move was unfair."I can understand [parking fees] during business hours ... and Saturday, even Sunday. But I think public holidays or evenings, I don't see it as being needed, because that time it's least busy."AT recently paused plans to remove the last remaining car parks for shoppers on Karangahape Road after a telling-off by the mayor in November.It had also sought special powers to remove kerbside parking for things like cycleways and to charge at park-and-ride stations without consulting widely with ratepayers.However, it was forced to abandon plans to secure the special powers last year after a directive from Brown called for a "complete change in approach".The new move to charge for 24/7 parking, however, comes after AT had been directed by the council to reduce its costs on the local government by looking to increase its external income through opportunities like raising parking charges and fees.- This story was originally published by the New Zealand Herald.

‘City deals’ are coming to NZ – let’s make sure they’re not ‘city back-room deals’
‘City deals’ are coming to NZ – let’s make sure they’re not ‘city back-room deals’

12 May 2024, 12:39 AM

As local and regional councils struggle with inadequate infrastructure and unsustainable costs, New Zealand will be hearing a lot more about the potential solution offered by so-called “city deals”.These deals are relatively long-term agreements between different levels of government (and sometimes other parties) about deciding, delivering and funding economic development and infrastructure initiatives within a defined local area.Already, Wellington and Auckland councils are working towards regional deals with central government aimed at giving them more options for funding and managing their affairs. The National-led coalition is expected to announce a framework for city deals later this year.National flagged its intention to implement city deals before last year’s election. Since then, think tanks, global and local consulting firms, Infrastructure NZ and Local Government NZ have all been having their say on how these might work.A recent meeting of New Zealand mayors and local government chiefs heard from Greater Manchester Mayor Andy Burnham about the UK’s first city deal over a decade ago. He extolled the virtues of a “place first” approach that involves and engages citizens more in the future of their cities.In the UK, city deals signalled a shift away from a conventional one-size-fits-all model of regional development. Each deal is bespoke, reflecting local priorities. Beginning with Greater Manchester in 2011, there are now more than 30 city deals in the UK.Australia has arranged ten city deals since 2016.Their experiences suggest there are two general varieties of city deal. One revolves around mechanisms for funding infrastructure. The other goes further and involves devolving budgets and responsibilities from central government to newly created regional or city authorities.City deals offer potential circuit-breakers for stalled and stagnant urban and regional progress, but New Zealand needs to take stock of the lessons being learned elsewhere.Infrastructure dealsInfrastructure deals offer a co-operative mechanism for addressing deficits in local infrastructure. It’s a problem most wealthy countries are facing after decades of under-investment.Filling the funding gap has been hindered by various factors: central government reluctance to borrow or tax more, short-term thinking based on electoral cycles, and different priorities within levels of government.This has all primed politicians to look favourably on seemingly longer-term, co-operative ways to approach infrastructure development.Australia has opted for infrastructure deals between federal and local governments. These have been praised for providing local governments with formal channels of engagement and extra funding from federal government.But the deals have also been criticised for commercial secrecy and lacking a coherent national direction. Eight years in, it’s still hard to say whether Australian city deals have really improved infrastructure problems.Devolution dealsUK city deals have involved devolving limited budgets and responsibility from central government to new sub-national governments, called combined authorities.At a national level, right-leaning political parties have tended to take up the devolution agenda. But at the local level, politicians of all stripes want more autonomy in what is a highly centralised country.Greater Manchester is the poster child of devolution deals, with its Mayoral Combined Authority seen as a model for others. It retains 100% of its business rates tax revenue, has developed an active travel strategy, re-municipalised the regional bus system, and improved health and social care.This “trailblazer” deal was extended in 2023. But “devo deals”, as they are known, have been criticised for their lack of transparency (they’re negotiated in private, with no public consultation) and the absence of any attached statutory powers.For instance, Greater Manchester has yet to gain approval for a spatial plan, which is key to setting the context and tone for economic and social development across ten local authorities. House building in the region has stalled as a result.The art of the dealCity deals have become popular, in part, for politically symbolic reasons. Put simply, making a deal sounds sexier than “arranging a long-term inter-governmental agreement”.Maybe not surprisingly, governments that favour city deals have been on the right of the political spectrum, with strong affinities to business. Former Australian prime minister Malcolm Turnbull and current New Zealand prime minister Christopher Luxon also came to politics after corporate careers. City deals align neatly with their public images.Beyond the symbolism, though, the experiences of Australia and the UK suggest such deals are not in themselves a quick fix for governing cities.Negotiations often involve little or no reference to an overarching strategy, which can compound social inequalities and lead to unco-ordinated patchworks of projects. Governance has also tended to be opaque, risking the perception they are really “city back-room deals”.They also call for capacity building in local government, which requires time and resources. UK central government demanded the establishment of a new level of administration – the mayoral combined authority – to oversee delivery of deals.This entails significant bureaucratic and political manoeuvring. Yet even the largest and best-resourced local government bodies in Australia and New Zealand struggle to mobilise the bureaucratic power and expertise they need, routinely outsourcing to the private sector.None of these challenges are impossible to overcome. But with city deals set to expand into New Zealand, there is room to refine the art of the deal itself.Authors: Tom Baker - Associate Professor in Human Geography, University of AucklandCristina Temenos - Reader in Geography, University of ManchesterKevin Ward - Professor of Human Geography, University of Manchester.

Solar storm exciting rather than scary, says physics expert
Solar storm exciting rather than scary, says physics expert

11 May 2024, 11:02 PM

An expert helping prepare New Zealand for the impacts of solar storms says Earth is in the middle of a pretty seriously big geomagnetic storm right now, but he stresses it is not an extreme event.Material fired out from a sun spot, is crashing into the planet's atmosphere this weekend.Transpower says it has put the electricity grid into a 'more' resilient state to protect equipment. It earlier issued a "grid emergency notice" though did not expect power supplies to be disrupted as a result of the storm.The storm was one of the most severe to strike Earth in decades and the US Space Weather Prediction Centre forecast severe conditions from 6-9pm (NZ time) on Saturday.There have been many aurora displays in the Northern Hemisphere on Saturday (NZ time).Otago University physics professor Craig Rodger said at the moment it was exciting rather than scary.Despite reaching G5 - the top of the NOAA SWPC scale for geomagnetic storms - Rodger said it has only just passed that threshold.It was the largest such storm for more than a decade in New Zealand, he said, but not as big as those of 2003 or 2001.And we had learned a lot since then, he said.Rodger has been speaking with members of the electricity industry, who told him there were large but not concerning geomagnetically induced currents, particularly in hot spots such as Dunedin.Peak currents have reached 60 amps; and magnetic field changes have peaked around 60-to-70 nanoteslas per minute (nT/min), he said.That was much smaller than the big solar storm in November 2001 which knocked out a transformer in Dunedin, and magnetic field changes reached 200 nT/min.Rodger has been working on understanding and modelling the impacts of a severe solar storm on New Zealand's electricity grid.As part of that work he has been helping Transpower prepare for extreme events tens of times larger than the current geomagnetic storm.Those extreme events were expected to induce thousands of amps of excess electrical current, and magnetic field changes of 4000-5000nT/min.The coronal mass ejections were expected to keep striking Earth over the next 24 hours or so, with disturbed geomagnetic conditions peaking Saturday afternoon and lasting until at least the end of Sunday.

Building resilience: Government's climate change focus
Building resilience: Government's climate change focus

11 May 2024, 8:23 PM

New Zealand's readiness to tackle climate change receives a boost, with a concerted effort from the government aimed at fortifying resilience amidst economic recovery, according to Climate Change Minister Simon Watts."An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate continues to change," Mr Watts asserts.A Notice of Motion has been initiated to prompt the Finance and Expenditure Committee to delve into climate adaptation, gaining support from political factions across the legislative spectrum."Here in New Zealand, we are feeling the impacts of climate change and we are seeing more frequent and severe damaging natural events such as flooding, storms and landslips," Mr Watts acknowledges.Emphasising the financial toll of natural disasters, he underscores the necessity to fortify against losses and ensure the nation's vital assets — communities, jobs, industries, and residences — are primed to endure the ramifications of climate change.Empowering the Finance and Expenditure Committee, the Notice of Motion instigates an inquiry into climate adaptation, aimed at devising guiding objectives and principles for a bespoke climate adaptation framework for New Zealand."The adaptation framework will set out the Government’s approach to sharing the costs of preparing New Zealand for the impacts of climate change," explains Mr Watts. "It will help communities and businesses understand what investment is planned in their area, for example whether the council will build flood protection infrastructure, and what support will be available to help with recovery from events like slips or floods. It will also seek to improve the way we share information, so everyone can make informed decisions about how they manage risks."With an eye on efficacy, the framework aims to streamline decision-making both pre and post severe weather events, ensuring a more proactive rather than reactive stance towards climate challenges."To find solutions which will be long-lasting, we need broad agreement. That’s why I am delighted to have support from across the House for this Motion, and a commitment to work together on this issue," Mr Watts affirms.Drawing from approximately 150 public submissions made to the Environment Committee's prior inquiry into climate adaptation, the new inquiry promises thorough consideration of diverse perspectives.Anticipating further public input, the Finance and Expenditure Committee is poised to solicit additional submissions as part of its investigative process.Any necessary legislation to bolster the framework is slated for introduction in early 2025, aligning with the government's proactive stance towards climate change mitigation and adaptation.

Solar storm: Transpower disconnects some North Island power assets
Solar storm: Transpower disconnects some North Island power assets

11 May 2024, 3:37 AM

An "extreme" geomagnetic storm is affecting Earth at present.Material fired out from a sun spot, is crashing into the planet's atmosphere this weekend .Transpower says it has put the electricity grid into a 'more' resilient state to protect equipment.A spokesperson says today's geomagnetically induced currents are below the levels Transpower has been preparing for in its 'worst case scenario' planning.The spokesperson says the electricity industry held a meeting at 1.30pm today to discuss the effects of and response to the storm.Transpower says it is still not anticipating having to cut power in any areas, but teams are continuing to monitor the event.Earlier in the day it issued a grid emergency notice and said it was removing some transmission lines from service across the South Island as a precaution.The storm has the potential to disrupt power and satellites, as well as communications and GPS.The US Space Weather Prediction Centre says G5 (extreme) geomagnetic storms can impact power grids, satellites, and radio communications.The solar storm is expected to peak tonight, with the US Space Weather Prediction Centre forecasting severe conditions from 6-9pm (NZ time) on Saturday.NIWA says although most solar events do not cause much impact, this is an "unusually strong event" so it pays to be prepared.It recommends people ensure they have charged batteries and flashlights in case the power goes out.

Rental shortage, first-home buyers on winning streak: What is happening with the NZ housing market this week?
Rental shortage, first-home buyers on winning streak: What is happening with the NZ housing market this week?

11 May 2024, 12:14 AM

Analysis - First-home buyers are still seeing benefits from lower prices and less competition, despite rents being cheaper than mortgages. But a low rental stock is keeping rents high and the government is being called on to pull some more levers to attract investors back in. Here's what moved real estate this week.Who's buying?First-home buyers appear to be taking full advantage of lower property prices and less competition from other buyers.CoreLogic's latest First Home Buyer Report indicates the group accounted for 26 percent of purchases in the first quarter of the year, which is well above the long-term average of 21 percent.And above average first-home buyer (FHB) activity was expected to continue into 2025, CoreLogic chief property economist Kelvin Davidson said.FHBs had remained consistently active since late 2022, he said.The median house price fell to $695,000 in Q1 2024, compared with $699,000 last year, and $715,500 in 2022."The price being paid by FHBs is significantly higher than the lower quartile, or bottom 25 percent, of all buyers, where the median price is $565,000," Davidson said.Low-deposit lending allowances at banks, grants and loans, in addition to draw-downs on KiwiSaver accounts, were helping FHBs, Davidson said.But the return of 80 percent interest deductions, the loosening of CCCFA and LVR rules, and a shorter brightline test from 1 July, could mean more competition in the market.Renters still strugglingChanges to interest deductibility on residential rental properties and the 90-day eviction law have yet to impact the rental stock.Impression Real Estate measured rental activity across 1000 properties in Auckland between November 2023 and April 2024.The agency's chief executive, Rishabh Kapoor, said people viewing each rental property had doubled in the past six months. Homes between $450 and $750 per week were in highest demand.Residential vacancy rates dropped from 3.8 percent to 2.3 percent and prices increased by 6 percent over the same period, he said.More needed to be done to correct the "imbalance in the rental market, especially in the CDB where landlords have had no perceived control over their tenancies", he said."The tribunal was seen as a tenant's service rather than a rental tribunal."A survey by Manawatū Tenants Union (MTU) found renters in Palmerston North and the wider Manawatū region were grappling with rent unaffordability - with some spending nearly 70 percent of their income on rents.It found 89 percent of the 204 responses had little confidence in the government's ability to positively impact the housing market."With stagnant incomes, limited housing supply inflating costs, and renter safeguards under attack, the situation is drastically tilted against overburdened tenants," MTU co-ordinator Cam Jenkins said.Regulating property managersFurthermore, Kapoor said property managers should be regulated - a move the government abandoned, indicating the cost-benefit analysis was marginal and uncertain.The bill would have established a regulatory regime for property managers, including minimum entry requirements, professional standards of practice, and a complaints and disciplinary process.Poorly performing property managers were keeping overly cautious investors away from adding to the rental stock, Kapoor said.However, Housing Minister Chris Bishop said adding more regulation to the rental property market was not the answer.In an industry "where a modest one-person property management business can oversee assets totalling $60 million in retirement savings, it is inconceivable that such a significant sector remains unregulated", Real Estate Institute chief executive Jen Baird said.Zoning changes in WellingtonThe government has signed off on a number of Wellington City Council's housing intensification recommendations.Bishop, who is also the Minister for RMA Reform, approved nine of the council's 10 recommendations, including zoning a strip of Adelaide Road as City Centre Zone, and classifying the Johnsonville train line as rapid transit.These changes will allow six-storey apartment buildings to be built within a 15-minute walk of the city centre, and developments of one to three residential units in medium and high-density residential zones are exempt from the minimum front and side yard requirements.The move was welcomed by property developers, but they cautioned current market conditions and economic viability could put projects out well over a year.Separately, Bishop also signed off recommendations put forward by the Western Bay of Plenty District Council. Now more houses can be built in Ōmokoroa and Te Puke, where there is already access to infrastructure, amenities, and community services.Making Auckland properties flood-safeAuckland Council is urging flood-affected homeowners to do their bit to future-proof the city against further flooding.The council visited 1300 other properties affected by last year's floods and helped them identify major flood risks like roofs without spouting and blocked drains.But while it is offering its services to check houses, it is not offering any cash to help homeowners make these changes.BankingANZ said increased competition had seen first-half interest rate margins squeezed with fewer customers looking to borrow money.The ANZ Bank's profit and revenue in the six months ended in March was steady with the year earlier, despite increasing competition for business.ANZ chief executive Antonia Watson said the bank had been able to grow its market share of the housing market, with a $10 billion increase in home lending, though margins were down by 4 basis points.And Westpac said it was dropping its short-term home loan interest rates which were popular right now."We're responding by trimming our six-month and 12-month rates to 7.29 percent pa [per annum] and 7.24 percent pa respectively," Westpac product, sustainability and marketing, general manager Sarah Hearn said."But we know some customers are looking for longer-term certainty, so we're responding and simplifying our offerings with cuts to our three-year and four-year rates that mean we now have the same 6.39 percent rate across our three, four and five year terms."Social housingA unique social housing project is set to open in Dunedin next month.The Loan and Mercantile building on the city's waterfront will have 30 apartments for low-income tenants from the government's Housing Register. It will also have luxury apartments on another floor.The developer, Lund Dunedin owner Russell Lund said it would likely be the first social housing project in the country inside a heritage-listed building.For developers wanting to go down the same route, he said it was economically more feasible to redevelop an existing heritage building with a large floor plate.

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