Study reveals positive impacts of four-day work week
A new study has revealed a four-day work week can improve employee wellbeing, confidence and job satisfaction. Umbrella Wellbeing Principal Psychologist Dr Dougal Sutherland spoke to Corin Dann.
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RNZ News
an hour ago
- RNZ News
Energy reform has to go beyond cheaper off-peak power
First published on Photo: 123rf Opinion - The spotlight is again on New Zealand's energy sector , with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was "broken" and "driving up the cost of living". The Commerce Commission and the Electricity Authority has already established a joint taskforce , after prices peaked in 2024, to investigate ways to improve the performance of the electricity market. The Authority recently announced new rules requiring larger electricity retailers to offer lower off-peak power prices from next year. The government is also expected to make further announcements on the sector. But the question is whether these changes will do enough to help New Zealanders live affordably in dry and warm homes. Some 30 percent of households face energy hardship . This means they struggle to afford or access sufficient energy to meet their daily needs. Caused by a combination of poor housing quality , high energy costs and the specific needs of vulnerable residents, energy hardship can lead to serious health issues and high hospital admission costs . We know from our own research over the past 18 years that having power disconnected can negatively affect health and wellbeing. People have told us that not being able to afford enough power to keep warm made them more likely to get sick and exacerbated existing health conditions. They described mental distress from unaffordable electricity and the threat of disconnection. Research participants used words such as "stressed", "anxious" or "depressed". They also spoke about having to choose between food and power bills. If power is disconnected, there can be additional costs from losing food in the fridge and freezer, as well as the problem of paying disconnection and reconnection fees when people already can't afford the bill. People have said not being able to afford enough power to keep warm made them more likely to get sick and exacerbated existing health conditions. Photo: 123RF In 2024, a "dry year" that increased the value of hydro generation, combined with lower-than-usual wind and declining supply of gas, resulted in wholesale electricity price spikes . But these winter shortages aren't the only factor pushing up power bills. Electricity bills reflect several costs along the supply chain from generation to getting the electricity to the sockets in our homes. A new regulatory period for lines charges from April 2025 increased bills by $10 to $25 per month, depending on where you live. At the same time, low fixed daily charges are being phased out . This means the cost of being connected to the grid is the same no matter how much power is used. It is the poorest New Zealanders who are being hardest hit. The lowest income households spend a bigger proportion of their income on power compared to higher income households. Having electricity prices increase faster than inflation will put even more families at risk. The average household electricity bill was up 8.7 percent in May 2025 compared to June 2024 . According to a recent Consumer NZ survey , 20 percent of respondents said they struggled to pay their power bill in the past year. The new Consumer Care Obligations might help reduce some of the risks. Power companies must now comply with these obligations when working with households struggling to pay their bills, are facing disconnection or have someone in the home who is medically dependent on electricity. If households feel their power company is not meeting these obligations, they can contact Utilities Disputes , a free independent electricity and gas complaint resolution service, or the Electricity Authority . But multiple changes are needed to address the different parts of the energy hardship problem. Improving home energy efficiency through schemes like Warmer Kiwi Homes is crucial. Introducing an Energy Performance Rating for houses would make it easier for home buyers and renters to know how much it will cost to power a home before they move in. This would also help target energy hardship support. The government can also make electricity more affordable by supporting not-for-profit power companies . Another good move would be to help more households to install rooftop solar by providing access to long-term low-interest finance . Lower prices during off-peak hours are a good start. But it is clear the sheer size and complexity of the problems mean government action, with community and industry collaboration, needs to go beyond slightly cheaper electricity when there is less demand. Kimberley O'Sullivan is a Senior Research Fellow, He Kāinga Oranga - Housing and Health Research Programme, University of Otago. - This story originally appeared on The Conversation.
RNZ News
2 hours ago
- RNZ News
Sharp rise in housing and personal loans hardship cases over past year
Photo: RNZ Banks and other lending groups are being more accommodating in their approach to borrowers in deep financial trouble, according to a credit agency. Equifax's latest report shows a sharp rise in hardship cases particularly in housing and personal loans over the past year -- up 25 and 40 percent respectively for the 12 months ended May. New Zealand manager Nick Foster said unlike past downturns lenders have not been taking an unnecessarily hardline approach. "The change in lenders' attitudes is markedly different to the GFC (global financial crisis) where we saw a lot of people have their mortgages foreclosed for going into serious default listing within the [credit] bureau. "We have in the last year seen a big increase in defaults in quite a while -- that's when it goes beyond 90 days in arrears --... but on the whole that's the very last resort for lenders and we're not seeing as much as we have in previous cycles of economic uncertainty." Foster said lenders were much more open to making schemes of arrangement with troubled borrowers to restructure loans. However, data showed individuals dipping into their Kiwisaver accounts for hardship reasons and withdrawing $470 million in the past year. Overall, arrears levels were generally steady in May on the month before, and in many categories were close to or a shade below last year's levels. However, personal loans in arrears were higher, which Foster said reflected that most were unsecured and so there was nothing for a lender to be able to take back to cover long running debt. He said generally households were keeping control over debt levels as shown by soft demand for big consumer ticket items, and the rise in housing credit enquiries was largely existing borrowers looking to refinance at lower rates.
RNZ News
2 hours ago
- RNZ News
Rents fall for first time since 2009
Auckland's rents were down almost 2 percent year-on-year. Photo: RNZ Rents have fallen on an annual basis for the first time since late 2009, property research firm Cotality says. Its latest data points to an update from the Ministry of Business, Innovation and Employment, which showed national median rents in the three months to May were down 0.3 percent from the year before. It follows reports of drops in the price being asked for advertised rental properties . Cotality chief economist Kelvin Davidson said it was a notable change after big rental increases between 2021 and 2023. "I think it's quite significant. There aren't many periods in the past where rents have fallen. The latest numbers are only down slightly but you have to go back to 2009 to find a period where annual rental growth on these numbers has been negative and before that it was the late 1990s. So around the Asian financial crisis and the GFC." He said it showed a shift in the market. Auckland and Wellington had experienced bigger drops. Auckland's rents were down almost 2 percent year-on-year. Dunedin experienced strong rental growth, up almost 10 percent. Hamilton's were also up, but only about 4 percent. "I'm not saying it's easy to be a tenant by any means but the growth rate has petered out. That's consistent with the fact that rents are already high. That's a natural handbrake on any further growth, as well as migration coming down to reduce the marginal extra demand for property. And of course more listings on the market too." He said a change in the composition of the rental market, with more, smaller, properties coming on to the market could have influenced the drop but would not be the full story. Davidson said it should not be expected that rents were going to decline steadily for a long period of time. "What's more likely is that you get a long flat patch and that's how the rental market tends to adjust, the rents go flat for a while and affordability is improved by incomes going up. "Of course the flipside is for landlords there's going to be continued challenges in terms of getting rental increases through if that's what they're looking to do." The data showed house price values nationwide increased 0.2 percent in June but were down 0.1 percent over three months, In the 12 months to June, 85,951 properties changed hands. The average gross rental yield now stand at 3.8 percent, which is the highest level since mid-2016. This measures rental income as a proportion of the value of property. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
