Hansells Masterton owes more than $10m to staff, ANZ, the Inland Revenue and company linked to the Hart family
BDO's Andrew McKay and Rees Logan have released their first receivers' report, detailing the company's financial situation.
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RNZ News
3 hours ago
- RNZ News
Government proposes scaffolding rules change to align with risk level
Photo: RNZ / Angus Dreaver The government wants to streamline "complex" scaffolding rules to cut costs and boost building time. Workplace Relations and Safety Minister Brooke van Velden will begin consulting with builders and construction professionals on how to simplify scaffolding rules and the prequalification process. Prequalification checks are done before a company or contractor can bid on or start work, to verify whether they can do a job safely. In a statement, van Velden said there are concerns from the sector scaffolding rules are too complex and have led to a view that scaffolding should be used in all situations, regardless of risk. "Over-compliance needlessly drags down construction productivity, increasing building time and costs for the sector, and impacting new builds and Kiwi homeowners." she said. Photo: 123rf Officials will consult on some proposed new rules, which would let people choose safety options based on how dangerous the job was. "Changes will ensure scaffolding use is better aligned with the level of risk. If it's not very risky, they will not need to use expensive scaffolding. For example, they will be considering whether a ladder could be used instead of scaffolding for a simple roof gutter repair or minor electrical maintenance when working at height. She said many in the industry were frustrated with the time and money prequalifications took to complete. "Businesses feel like they have to jump through hoops to tick a compliance box when getting prequalified, even though the prequalification often involves little reflection of the real-world risks workers face. Some have said they have walked away from clients as the cost of getting prequalified is not worth the value of the work." "A lack of consistency across providers means that suppliers need to get a new prequalification for every job they tender for, with one submitter saying they completed 76 in a year." Workplace Relations and Safety Minister Brooke van Velden. Photo: RNZ / Samuel Rillstone WorkSafe will work with the industry to revise its prequalification guidance and develop an Approved Code of Practice (ACOP) to cut down on their over-use. The inister said work was also underway to update scaffolding certificate of competence categories, with a review of certificate fees set to follow. "Concerns have been raised about the distinction between qualifications and actual competency. Many feel that on-the-job experience should be better recognised. There's also confusion about what constitutes sufficient training, and frustration with inconsistent advice from regulators," van Velden said. Sign up for Ngā Pitopito Kōrero], a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
a day ago
- NZ Herald
KiwiSaver hardship reveals hidden cost of this economic downturn
We had news last week that KiwiSaver members withdrew more than $470 million for hardship reasons in the past 12 months amid continuing economic stress. Inland Revenue figures showed $470.7m was taken out of KiwiSaver in the June financial year, up 56.6% from $300.5m over the prior period. Looking back through the figures, there has certainly been a big spike in withdrawals in the past two years, but they have been on the rise for several years. Since Covid, both the number of people withdrawing funds and the amount withdrawn have risen steadily. As a barometer of the general economic situation, that isn't great. But the bigger problem with these hardship withdrawals is that the ultimate cost is (quite literally) compounded through the years. More than $1.3 billion of KiwiSaver funds has been withdrawn for hardship reasons in the past five years. If we do some back-of-the-envelope calculations and assume this money could have earned around 7% returns for the next 20 years, then we get a figure of more than $5b that will be missing from the nation's pool of retirement funds by 2045. Given the current trend of withdrawals, I suspect this is a conservative estimate. I understand why we allow withdrawals for hardship. It doesn't make sense for people to lose their homes or to go hungry when they have thousands of dollars sitting in a KiwiSaver account, so I'm not advocating that we stop allowing the withdrawals. However, there is a hidden cost and the situation highlights just how crucial it is for the Government to put more focus on retirement savings. There is a lot more money coming out of the KiwiSaver scheme to fund people into their first homes. Since Covid hit, an average of about $1.2b a year has been withdrawn from KiwiSaver for first home purchases. A home is an asset at least, and home ownership is an important step on the path to financial independence. I suspect we just have to accept the first home buyer withdrawals as a feature of the KiwiSaver scheme. If young people are in the scheme from the start of their working life and have $10,000 or $20,000 to put towards a house deposit, they are probably ahead of where many in my generation were at the same age. But the reality is that as a nation, we're well behind on where we need to be with our retirement savings. According to Stats NZ projections, the percentage of the population aged 65+ will increase from roughly 16-17% in the early 2020s to about 19-20% by 2030. By 2050, around 24-26% of New Zealanders are expected to be 65+. The old-age dependency ratio (ratio of elderly to working-age population) is expected to nearly double between 2020 and 2050. Our annual superannuation bill already comes in at more than $20b, and Treasury has projected that to rise to about $45b by 2037. According to Budget 2025 data, New Zealand Superannuation costs $4352 per person per year, making it the third-largest area of government spending after welfare ($6181 per person) and health ($5804 per person). From the Treasury's long-term fiscal projections, spending on NZ Super is projected to grow from 4.3% of GDP in 2010 to 7.9% in 2060, an increase of 3.6 percentage points. It is also rising as a percentage of the Government's total tax revenue – from about 17% now, it is projected to rise above 21% by 2037. So we know we have a problem. It seems almost certain that the age of superannuation will have to be raised to 67 in the coming years – despite the current opposition of NZ First and Labour. Future governments will almost certainly come under more pressure to means-test. KiwiSaver, which currently has total funds of $122b, is one of our great hopes. But the total figure is flattering. There are more than three million KiwiSaver members so the average fund size is just $37,000. Hopefully, that will be skewed by a lot of young people who will see their savings grow dramatically in the next decades. That brings us back to the downside of withdrawing funds early for hardship, though. We need to be saving more, not less. Moves by the Government to lift the default contribution rate for both employees and employers to 4% from April 2028 were a step in the right direction. However, they pale in comparison to Australia's compulsory scheme, which requires 12% employer contributions. The scheme has the equivalent of $4.5 trillion invested, making Australia the fifth-largest holder of pension fund assets in the world, not per capita but in nominal terms. Australia, for the record, also allows people to withdraw funds for hardship, but one suspects fewer people there need to. If we want to make the most of the KiwiSaver scheme we have, we need to look more closely at who is withdrawing their money and why. Meanwhile, young Kiwis are voting with their feet and joining the Australian Superannuation scheme ... by virtue of moving to work there. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.
Otago Daily Times
2 days ago
- Otago Daily Times
Customer service manager's focus
New Ascot Hotel executive manager Oytun Cevik at the hotel. PHOTO: TONI MCDONALD Ascot Hotel's new executive manager Oytun Cevik is no stranger to making beds or carrying luggage. However, the industry was much more than making beds, he said. Developing a great customer experience should be the industry's end goal. "You have to put yourself in the guest's shoes." Being greeted with a smile and staff building a rapport with customers as soon as they walked through the door was key. The diversity of hospitality required flexibility to its demands, Mr Cevik said. Besides the nation's attractive scenery, he believed New Zealand had a unique hospitality culture that was attractive to international visitors. "I think Kiwi hospitality is something that you really need to come and experience ... It's definitely down to earth. Friendliness and welcoming, that's what brings people back." Capturing repeat business was core to the industry's survival, he said. After graduating in Turkey with honours in tourism and management, he moved to the United States to work in the housekeeping department at the 1415ha, 300-room Chateau Elan Winery and Resort in Georgia. His New Zealand industry experience started in Queenstown where he met his future wife, Southland-born Emma. Industry doors continued to open to the couple and their two daughters, Ruby, 9, and Scarlet, 12 — offering new opportunities on the hospitality management ladder which led to his Ascot Park Hotel executive manager role. He always believed a move back to the South Island would be part of their future where they would be closer to family, he said. He had done the hard yards in housekeeping, front office, food and beverage service and accounts. "You don't become a GM [general manager] for a hotel overnight — you have to start from scratch." While he was no micro-manager, he was still happy to pitch in and make beds and clean bathrooms if it was required. 'Being a GM is not something that you always do from behind the desk. You have to be really ready with multiple hats throughout the day ... you have to be really flexible with what you do around the hotel. "It's hospitality — wherever it's required, you need to step in and do it with the team." Meeting people from different cultures and backgrounds was a part of the industry he particularly enjoyed. "It's embedded into Ascot Hotel ... that's what I love about coming to work every day and sharing things with my team and what they're achieving every day." Invercargill Licensing Trust (ILT) chief executive Chris Ramsay said Mr Cevik's record of success across all his previous positions had the ILT executive team excited for the future of the Ascot Park Hotel. The role was a highly contested position which attracted international interest from a range of highly skilled and experienced hotel managers, he said. "Oytun stood out throughout the process, having built a career in hotels that started in America at the Chateau Elan Winery and Resort Atlanta and has included major hotel brands across New Zealand." - By Toni McDonald
