Latest / The SME Stream / SME Stream Weekly Wrap - 25th October

Transcript

SME Stream Weekly Wrap - 25th October · The SME Stream

• 0:00
  Speaker 1: Yorda and welcome to the SMEE stream weekly wrap up,
• 0:03
  Speaker 1: brought to you by Be and Zet. My name is
• 0:05
  Speaker 1: Wilhelm and a shrimp dinner. Every week I'll bring you
• 0:08
  Speaker 1: a short, sharp and very sweet summary of all of
• 0:11
  Speaker 1: the latest business news. As most of us know, when
• 0:14
  Speaker 1: it comes to business, there's peaks, there's pits, and everything
• 0:17
  Speaker 1: in between. Often it's hard to keep up with your
• 0:20
  Speaker 1: own day to day, let alone what's happening with the
• 0:22
  Speaker 1: economy and how it affects you. So that's where I
• 0:25
  Speaker 1: come in, wrapping up everything you need to know or
• 0:28
  Speaker 1: may have missed over the past week, and as a
• 0:30
  Speaker 1: small business owner myself, I'll be on this journey with
• 0:33
  Speaker 1: you too. This week, we're all still waiting for the
• 0:36
  Speaker 1: relief of interest rate cuts to materialize. But while the
• 0:39
  Speaker 1: cash may not be there yet, it turns out the
• 0:41
  Speaker 1: positive sentiment is the gender pay gap is still looping.
• 0:45
  Speaker 1: I'll tell you which women are now working for free
• 0:48
  Speaker 1: for the rest of the year, plus how to structure
• 0:51
  Speaker 1: your mortgage, what's happening with health prices, and inspiring chats
• 0:54
  Speaker 1: with the founders of Qui, start Up, Nature Baby and
• 0:57
  Speaker 1: the lads from Business in Between inflation is down and
• 1:05
  Speaker 1: interest rates are continuing on the same trajectory, and while
• 1:09
  Speaker 1: it'll still take some time for that extra cash to
• 1:11
  Speaker 1: appear in our back pockets, the vibe among retailers is
• 1:14
  Speaker 1: actually pretty good. This week, Retail New Zealand's quarterly survey
• 1:19
  Speaker 1: found that many are feeling more confident about their future
• 1:22
  Speaker 1: despite the ongoing struggle to meet sales targets, and the
• 1:26
  Speaker 1: numbers are pretty solid, with sixty five percent feeling confident
• 1:29
  Speaker 1: or very confident their business will survive in the next
• 1:32
  Speaker 1: twelve months, and more than half are expecting to exceed
• 1:36
  Speaker 1: their targets for the final quarter. Many, of course, we'll
• 1:39
  Speaker 1: be waiting for that very sweet sugar rush of Labor
• 1:42
  Speaker 1: weekend and Black Friday sales, as well as Christmas promotions
• 1:46
  Speaker 1: to see out the year, and retail and z sees
• 1:49
  Speaker 1: many are also expecting a boost from the recent cuts
• 1:51
  Speaker 1: to the official cash rate as people refix and they
• 1:55
  Speaker 1: start to see the light at the end of the
• 1:56
  Speaker 1: mortgage tunnel.
• 1:57
  Speaker 2: We know that those numbers are pretty still and that
• 2:00
  Speaker 2: we know that sales are down, that there is optimism
• 2:03
  Speaker 2: for the future.
• 2:05
  Speaker 1: Imports and export figures were also out this week. Exports
• 2:09
  Speaker 1: saw a five point two percent boost of five billion
• 2:12
  Speaker 1: in September this year, while imports dropped zero point nine
• 2:15
  Speaker 1: percent to seven point one billion. Overseas demand for our
• 2:18
  Speaker 1: fruit was one of the biggest contributors, up by whopping
• 2:22
  Speaker 1: one hundred and five percent last month compared to the
• 2:24
  Speaker 1: same time last year. And people, they must love our
• 2:28
  Speaker 1: peers because the numbers came at the same time. It
• 2:30
  Speaker 1: was also revealed that pitfruit export growth outstripped national export growth,
• 2:36
  Speaker 1: contributing a massive two billion dollars to our economy last year.
• 2:41
  Speaker 1: They are national numbers, but they've got a big regional impact.
• 2:44
  Speaker 3: We are the third highest contributor GDP in Hawks Bay, the.
• 2:48
  Speaker 4: Second in Teslan, and Gisbond is our third largest growing region.
• 2:52
  Speaker 1: Now, as long as there's enough left here for my
• 2:54
  Speaker 1: Christmas and summer fruit salads, then long may it continue.
• 2:57
  Speaker 1: You can listen to the full interview with Apples and
• 2:59
  Speaker 1: Pears as chairperson Leslie Wilson in the SMEA stream. Now,
• 3:04
  Speaker 1: it boggles my mind that we continue to have an
• 3:06
  Speaker 1: issue with the gender pay gap, with more than one
• 3:09
  Speaker 1: hundred and fifteen organizations across New Zealand reporting one pay gap.
• 3:13
  Speaker 1: Registry mind the Gap has found that pacifica and Maori
• 3:17
  Speaker 1: women are among the worst affected, and says that as
• 3:20
  Speaker 1: of this week, these women are now effectively working for
• 3:24
  Speaker 1: free for the remainder of twenty twenty four when compared
• 3:27
  Speaker 1: to pakiha men.
• 3:28
  Speaker 4: If women are all sitting in the lowest paying roles
• 3:31
  Speaker 4: and the men who will have the senior rules, and
• 3:32
  Speaker 4: you're going to have a significant pay gap.
• 3:35
  Speaker 1: There are currently three thousand businesses with more than one
• 3:38
  Speaker 1: hundred employees in New Zealand, but only a small number
• 3:41
  Speaker 1: of them have embraced reporting so far. But with Mind
• 3:44
  Speaker 1: the Gap saying seventy nine percent of those already on
• 3:47
  Speaker 1: board have been successful in closing pay gaps. There's definitely
• 3:51
  Speaker 1: a good reason for greater transparency now. I think it's
• 3:55
  Speaker 1: fair to say that most of us have interest rates
• 3:58
  Speaker 1: and the mortgage on our minds, and we're all asking
• 4:00
  Speaker 1: ourselves questions like how long should we refix for.
• 4:03
  Speaker 3: Whether you should fix for six months or twelve months
• 4:06
  Speaker 3: comes down to the difference between the six month rate
• 4:09
  Speaker 3: and the twelve month rate. If the gap the difference
• 4:13
  Speaker 3: between them is more than point six of a percent,
• 4:16
  Speaker 3: I would be recommending you fixed for twelve months, because
• 4:19
  Speaker 3: it's unlikely even if the rate drop, the rate would
• 4:22
  Speaker 3: have to drop by one point two percent in the
• 4:25
  Speaker 3: next six months in order to be cash neutral with
• 4:29
  Speaker 3: fixing for twelve months.
• 4:30
  Speaker 1: But there's another element to throw into the mix, and
• 4:32
  Speaker 1: that's your more good structure. Speaking to financial advisor and
• 4:36
  Speaker 1: founder of Enable me Hanna mc queen, Tim Beverage asks
• 4:40
  Speaker 1: all of the burning questions you'll probably mulling over, and
• 4:43
  Speaker 1: whether it's worth splitting your mortgage across multiple interest rates.
• 4:46
  Speaker 3: For interest rates were normalized and we weren't going to
• 4:49
  Speaker 3: an interest rate dropping environment, you'd have a chunk fixed
• 4:52
  Speaker 3: for one year, two year, and maybe up to three years.
• 4:55
  Speaker 3: But that's on the assumption interest rates aren't coming down.
• 4:57
  Speaker 3: When interest rates are coming down, there's no point fixed
• 5:00
  Speaker 3: for long.
• 5:01
  Speaker 1: Listen to the full chat on the SMEE stream. And
• 5:04
  Speaker 1: while we're on the topic of interest rates and mortgages,
• 5:07
  Speaker 1: as we heard last week, inflation dropped to its lowest
• 5:10
  Speaker 1: level in three and a half years, sitting at two
• 5:13
  Speaker 1: point two percent, just over a point less than the
• 5:16
  Speaker 1: dune quarter when it was three point three percent. This week,
• 5:19
  Speaker 1: property commentator Ashley Church unpacks what that's likely to mean
• 5:23
  Speaker 1: for house prices.
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  Speaker 2: But what infects inflation when it comes to the properly
• 5:26
  Speaker 2: market and indeed the overall market, is the role that
• 5:30
  Speaker 2: the Reserve Bank plays.
• 5:31
  Speaker 1: And the role it has in reducing the official cash
• 5:34
  Speaker 1: rate and ultimately retail interest rates.
• 5:37
  Speaker 2: And so as a result of that, house prices will
• 5:39
  Speaker 2: go up. And that's just a give, that's a that's no.
• 5:43
  Speaker 2: I don't think there's any serious question of that. Now,
• 5:45
  Speaker 2: as the cost of money reduces the house, the cost
• 5:48
  Speaker 2: of housing goes up.
• 5:49
  Speaker 1: So I is now the best time to buy before
• 5:52
  Speaker 1: prices start to shoot up. Check out the full interview
• 5:55
  Speaker 1: on the SMEE stream. If you're after a bit of inspiration,
• 5:59
  Speaker 1: then a great with the co founders of Keywi startup
• 6:02
  Speaker 1: Nature Babies should tick the box. What started as a
• 6:05
  Speaker 1: small business operating out of an Auckland flat has grown
• 6:08
  Speaker 1: into a multi million dollar one and now there's plans
• 6:11
  Speaker 1: to have another crack at expanding into the US market.
• 6:14
  Speaker 1: Alongside the launch of a preloved arm to the business.
• 6:17
  Speaker 5: We're running a take back scheme where we will take
• 6:20
  Speaker 5: pre love Thanks Baby product back and then we'll give
• 6:23
  Speaker 5: the customer a credit to spend on you and then
• 6:27
  Speaker 5: we'll take that product and put it into a resale market.
• 6:30
  Speaker 1: Sustainability, innovation and cost efficiency all wrapped up into one.
• 6:36
  Speaker 1: Check out the full interview in the SMEA stream.
• 6:39
  Speaker 4: It's on any day. There's just endless things which I
• 6:42
  Speaker 4: can't get ahead of.
• 6:43
  Speaker 1: That was the lads from Between Two Bears on the
• 6:46
  Speaker 1: Business in Between podcast, opening up about the eternal juggle
• 6:50
  Speaker 1: they face as small business owners. It's a pretty reliable
• 6:53
  Speaker 1: chat and speaks to the work life balance struggle that
• 6:55
  Speaker 1: I know so many of us grapple with on the daily.
• 6:59
  Speaker 1: We're always hustling, we're always on call, and we're always
• 7:02
  Speaker 1: answering our phones. Can anyone say midnight emails?
• 7:06
  Speaker 4: I think I know the answer is to bring in
• 7:09
  Speaker 4: an EA or someone to help and to really sort
• 7:12
  Speaker 4: of structure what we're doing and offload that. But I
• 7:16
  Speaker 4: don't know if we've got enough money coming in yet
• 7:18
  Speaker 4: to hire someone to do that.
• 7:20
  Speaker 1: They share their highs and lows from the past year
• 7:22
  Speaker 1: and what their goals are for the next in the
• 7:24
  Speaker 1: SMEE stream. And that's it for the weekly wrap. We're
• 7:29
  Speaker 1: we back next Friday with more business news and the
• 7:31
  Speaker 1: best bits on the SMEE stream.