NZ Herald Headlines | Wednesday, June 3rd, 2026

Added: 2026-06-03

[00:00:01]The finance minister says grocery competition isn't going to change overnight. The Commerce Commission has released a report showing major supermarkets still have a tight grip on more than 80% of the market. Margins and profitability are mostly flat despite prices increasing. Nicola Willis says there isn't going to be better competition as long as Foodstuffs and Woolworths dominate the market. She says some smaller players are entering the market, but one needs to take off and open stores across the country.

[00:00:31]Local Government Minister Simon Watts expects a formal law change before the election barring non-elected members on councils from voting. It follows questions raised over Ewi representatives on the Far North District Council. Changes will be included in a bill currently before Parliament. Once it passes, councils will be given 6 months to review appointments before the change comes into effect.

[00:00:56]Predictions of a better customer experience with the merger of two New Zealand banks. Heartland Bank has struck a deal to buy TSB for $620 million pending consultation and regulatory approval. Massey University banking professor Claire Matthews says customers with both banks should benefit from products or features they don't currently have. She says there's also the risk some decide to move banks if they're not happy with the merger.

[00:01:24]Matthews says overall there's not that much for people to be annoyed about, so she doesn't expect a lot of defection.

[00:01:32]The government has had 11 expressions of interest since January in its $200 million gas exploration fund. The private sector inquiries are revealed under an official information act request by News Talk ZB. Resources Minister Shane Jones says he's been pleasantly surprised by the strong level of interest. He says the co-investment fund is attracting not only domestic interest, but also international. And he says that companies are seeing the potential in Taranaki in the South Island.

[00:02:01]New Zealand is steadily carving out a position as a premium global tourism destination. Tourism New Zealand says while visitors here account for just 0.3% of global travel, they make up about 0.8% of spending. Data from Grand View Research estimates our luxury travel market generated nearly 8 billion dollars last year and that could more than double by 2033.

[00:02:28]Travel agency Luxury Escapes says bookings to New Zealand are nearly up 40% year on year. It's seen an increase of about 20% for experience-based travel like winery tours or wellness retreats.