Business
MediaWorks Secures $350 Million Outdoor Advertising Contracts

The outdoor advertising landscape in New Zealand has undergone a significant transformation with the announcement that MediaWorks has secured all contracts for outdoor advertising associated with Auckland Transport. This deal, valued at approximately $350 million, will extend over the next 10 years and encompasses a wide range of advertising platforms, including buses, billboards, bus shelters, and train stations.
Major Win for MediaWorks
This acquisition marks a pivotal moment for MediaWorks, enhancing its position within the advertising sector. The contracts represent a substantial boost to both the outdoor advertising and radio business, solidifying MediaWorks as a key player in the industry. With responsibility for the advertising across such a broad portfolio, the company is poised to leverage its expertise and resources to maximize revenue from these assets.
Industry insiders have highlighted the significance of this win. The contracts encompass not only traditional billboard advertising but also modern digital platforms, which are increasingly important in today’s marketing landscape. Auckland Transport’s decision to partner with MediaWorks reflects a growing trend among transport authorities to integrate advertising as a key revenue stream.
Impact on the Advertising Market
The value of the contracts has been estimated at $350 million over the decade, indicating a robust investment in the future of public transport advertising. This deal is expected to reshape the competitive dynamics in the outdoor advertising market across New Zealand, with MediaWorks likely to challenge existing players and innovate in advertising strategies.
As outdoor advertising grows in importance, stakeholders in the industry are watching closely to see how MediaWorks will implement its plans. This deal positions them to take advantage of the bustling Auckland market, which is home to over 1.5 million residents and sees millions of commuters daily.
Looking ahead, the collaboration between MediaWorks and Auckland Transport is expected to enhance public engagement through creative advertising campaigns that resonate with commuters and tourists alike. This partnership not only aims to elevate brand visibility but also seeks to improve the overall travel experience for the public.
Overall, MediaWorks’ successful bid for these significant contracts underscores the evolving nature of outdoor advertising and the potential for growth within this sector. As the company moves forward, its strategies will likely serve as a benchmark for future contracts in the outdoor advertising space.
Business
Banking Sector Faces Major Shift as Population Ages

A recent report from the Reserve Bank has highlighted significant changes anticipated in the banking and investment behaviors of consumers as the population ages. Over the next 25 years, the central bank predicts a shift in financial patterns that could impact interest rates, bank lending practices, and the insurance sector.
The report emphasizes the need for the financial industry to prepare for these long-term changes. Co-author Enzo Cassino noted that older adults are expected to exhibit higher savings rates and alter their investment preferences. This transition could lead to a decrease in demand for housing loans while simultaneously increasing deposits, as many older individuals gravitate toward lower-risk investment options like term deposits. Cassino remarked, “Overall we think there’ll be lower demand for housing loans and also higher deposits as older people want to hold more in lower risk investments.”
Implications for Banks and the Insurance Sector
The findings suggest that banks will need to adapt their business models to accommodate these evolving consumer behaviors. As older populations seek safer investment avenues, the insurance sector may also experience a shift. Cassino indicated that there might be a rise in demand for health insurance, contrasting with a decline in interest for life insurance products.
Increased savings could lead to pressure on interest rates, which in turn might escalate the value of assets such as housing and shares. This dynamic may prompt banks to redirect their lending strategies, focusing more on domestic sectors. Cassino pointed out that with a higher level of domestic savings and capital sources, there could be a reduction in the reliance on overseas borrowing.
Preparing for the Future
The Reserve Bank aims to alert financial institutions about the potential repercussions of an aging population on their operations. Cassino stated, “We want to encourage banks and other financial institutions how an older population will impact their business model over the coming decades.” He highlighted a crucial risk: the possibility that these institutions may not be adequately preparing for the upcoming changes.
Despite the significant implications outlined in the report, Cassino emphasized that the Reserve Bank is not raising alarms about immediate financial stability concerns. This report is set to be included in the upcoming financial stability report due in November 2023.
As the financial landscape evolves, it is essential for banks and other financial entities to remain vigilant and adaptable to the changing demographics and their associated financial behaviors.
Business
Aging Population Will Transform Banking and Investment Practices

The Reserve Bank of New Zealand (RBNZ) has released a report highlighting significant changes in banking and investment behaviors as the population ages. The bank stresses the need for the financial industry to prepare for these long-term shifts, which may introduce new risks to the financial system.
According to co-author Enzo Cassino, over the next 25 years, the demographic changes are expected to result in higher savings and altered investment patterns. These shifts will likely impact interest rates, bank lending, and the insurance sector. Cassino noted that there will be a decreased demand for housing loans as older individuals gravitate towards lower-risk investments, such as term deposits.
“Overall, we think there will be lower demand for housing loans and higher deposits as older people seek to hold more in safer investments,” Cassino explained. “This will affect the business models that banks are currently utilizing.”
The report also forecasts a similar impact on the insurance sector, predicting an increased demand for health insurance and a reduced need for life insurance. This trend toward increased savings is expected to place upward pressure on interest rates and elevate the value of assets like housing and shares.
Implications for Financial Institutions
The anticipated demographic shift may prompt banks to redirect lending strategies towards other sectors. With an increase in domestic savings and capital sources, institutions could find themselves borrowing less from overseas. Cassino aims to alert banks and financial businesses to the potential changes and their implications.
“We want to encourage banks and other financial institutions to consider how an older population will impact their business model over the coming decades,” Cassino stated. “The greatest risk may be that these institutions are not preparing for these changes and how they will affect them.”
Despite the significant changes outlined in the report, Cassino emphasized that the RBNZ is not raising alarms regarding financial stability at this time. The report will be included in the upcoming RBNZ Financial Stability Report, set to be published in November.
The findings serve as a wake-up call for financial institutions to adapt to a rapidly aging population and the consequent shifts in consumer behavior, ensuring they remain resilient and responsive to future challenges.
Business
South Waikato Trades Training Centre Faces Closure Proposal

The potential closure of the South Waikato Trades Training Centre has sparked significant concern among local leaders, with South Waikato District Mayor Gary Petley warning that such a move could perpetuate poverty in the region. Petley emphasized that dismantling this vital service would severely impact the community, stating, “By removing this critical service, you are condemning South Waikato people to another generation of poverty.”
Proposed by the Toi Ohomai Institute of Technology, the closure plan would result in the disestablishment of approximately 166.7 full-time equivalent staff positions, leading to a net loss of 63.9 roles after new positions are filled. This initiative also threatens to affect other campuses in the Bay of Plenty and Waikato regions, particularly in Rotorua, Tauranga, and Whakatāne.
The Te Hautū Kahurangi Tertiary Education Union has expressed alarm at the proposed cuts, highlighting concerns over the potential closure of the Tokoroa and Taupō campuses. The union argues that these reductions would significantly limit educational opportunities within the area.
Toi Ohomai officials have cited declining student enrollment, reduced revenue, and increasing operational costs as primary reasons for the proposed cuts, declaring the Tokoroa campus financially unviable. This situation has raised questions about the future of vocational training in a region that relies heavily on such facilities to provide skills and employment opportunities.
The ramifications of the closure extend beyond job losses. Local residents fear that the elimination of the training centre could hinder economic growth and limit access to essential vocational education, further entrenching socioeconomic challenges in South Waikato.
Mayor Petley has called on stakeholders to reconsider the consequences of this decision, urging the community to advocate for the preservation of the training centre. “We must fight for our future,” he stated, reinforcing the importance of accessible education in breaking the cycle of poverty.
As discussions continue, the outcome remains uncertain, but the local community’s response will likely play a crucial role in shaping the future of vocational training in South Waikato.
Business
Qantas and Air NZ Race for Punctuality; Honolulu Tops Rankings

Qantas narrowly outperformed Air New Zealand in June’s punctuality rankings, despite facing significant challenges due to a major data breach. According to data from aviation analytics company Cirium, which assessed the on-time performance of 252,797 flights, Qantas secured the eighth position, while Air New Zealand followed closely at ninth.
Global Performance Highlights
The report revealed that Saudia, the national airline of Saudi Arabia, achieved the highest on-time arrival rate globally at 91.33%. Following closely was Aeromexico, which recorded an impressive 87.85% on-time performance. Within the Asia-Pacific region, Thai AirAsia led the way with an on-time arrival rate of 87.71%. Qantas, along with Singapore Airlines and Air New Zealand, made the top ten list, with their placements highlighting the competitive nature of the industry.
In addition to these rankings, the report also underscored the ongoing issues faced by Qantas. The airline’s data breach, which occurred at the end of June, raised concerns about the security of customer information. Despite this setback, Qantas managed to maintain a relatively strong performance in terms of flight punctuality.
Regional Developments and Future Routes
In other aviation news, Solomon Airlines is expanding its offerings by launching a new route connecting Auckland to Vanuatu. This initiative aims to enhance travel options within the region and is expected to attract both tourists and business travelers. The introduction of this route comes at a time when airlines are looking to recover from the impacts of the pandemic and improve connectivity across the Pacific.
As the aviation industry continues to navigate challenges, the emphasis on punctuality remains critical. With increasing competition, airlines are under pressure to improve their operational efficiencies and enhance customer satisfaction. The latest performance data serves as a reminder of the ongoing efforts required to maintain reliability in air travel, a key factor for many passengers when choosing an airline.
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