Welcome to our Q3 2025 edition, covering key commercial developments in New Zealand.

Economic signals remain mixed. The official cash rate has dropped to 3.5%, offering relief, but inflation at 2.5% limits room for further cuts. Unemployment and business liquidations are rising, while confidence has slipped. Exports rose 19% to March 2025, aided by strong dairy prices. M&A remains slow, but deals include Ryman’s $1 billion raise and Fonterra’s IPO plans.

The Government is reforming foreign investment and resource laws to encourage growth. A $204 billion infrastructure pipeline is attracting global interest. Climate change is stressing electricity systems, prompting efforts to boost renewable energy. However, high winter power prices and coal reliance challenge emissions goals.

Click below to read the full update, and please get in touch with any of our contacts if you would like to discuss an issue or development in the update.