Where shoppers are seeing food prices rise, Woolworths New Zealand is seeing profits fall, but is still walking away with $76 million in its pockets. 

The latest annual figures show a 52% drop from last year, the source of which one business consultant says is ‘very opaque.’ 

Ernie Newman told Tim Dower that he believes the recent $400 million rebranding and transfer pricing has something to do with it. 

Transfer pricing is when multi-nationals adjust their books and take their profits in whatever country they want to, usually to a country with the lowest tax rate.

He says there's no sign of any benefit in this for consumers.

LISTEN ABOVE

Where shoppers are seeing food prices rise, Woolworths New Zealand is seeing profits fall, but is still walking away with $76 million in its pockets.  
The latest annual figures show a 52% drop from last year, the source of which one business consultant says is ‘very opaque.’  
Ernie Newman told Tim Dower that he believes the recent $400 million rebranding and transfer pricing has something to do with it.  
Transfer pricing is when multi-nationals adjust their books and take their profits in whatever country they want to, usually to a country with the lowest tax rate. 
He says there's no sign of any benefit in this for consumers. 
LISTEN ABOVE

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Ernie Newman: Business Consultant on Woolworths' $76 million gain despite profits falling by 52%

Israel's taking several measures against the UK, including closing its consulate in Jerusalem and banning 11 MPs from entering the country. 

The move's in retaliation to the UK saying it'll ban the imports of goods from Israeli settlements in the illegally occupied West Bank.  

UK Correspondent Gavin Grey told Andrew Dickens the language used in the British Parliament was startling, with Foreign Secretary Ed Miliband calling it "ethnic cleansing".  

He says it's not how ministers of the past would've framed it.  

France, Canada, and Spain are among the 12 countries imposing similar sanctions. 

LISTEN ABOVE   

Israel's taking several measures against the UK, including closing its consulate in Jerusalem and banning 11 MPs from entering the country.&nbsp;
The move's in retaliation to the UK saying it'll ban the imports of goods from Israeli settlements in the illegally occupied West Bank. &nbsp;
UK Correspondent Gavin Grey told Andrew Dickens the language used in the British Parliament was startling, with Foreign Secretary Ed Miliband calling it "ethnic cleansing". &nbsp;
He says it's not how ministers of the past would've framed it. &nbsp;
France, Canada, and Spain are among the 12 countries imposing similar sanctions.&nbsp;
LISTEN ABOVE &nbsp;&nbsp;

Gavin Grey: UK Correspondent on Israel taking measures against the UK after it announced sanctions on West Bank settlements

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/012cb170-8f24-46cc-bda6-b4c000009c13/transcript

Queenstown's Mayor says National's alternative to a bed tax is better than nothing.  

The party's pledging to change how the International Visitor Levy is spent, pouring $100 million into conservation a year and $50 million for tourism.  

The rest would be dished out to councils based on how many international visitor nights they get.  

Queenstown would get $17.1 million in the first year, with John Glover telling Andrew Dickens it's not as good as a local accommodation levy, but there's currently very little else. 

LISTEN ABOVE   

Queenstown's Mayor says National's alternative to a bed tax is better than nothing. &nbsp;
The party's pledging to change how the International Visitor Levy is spent, pouring $100 million into conservation a year and $50 million for tourism. &nbsp;
The rest would be dished out to councils based on how many international visitor nights they get. &nbsp;
Queenstown would get $17.1 million in the first year, with John Glover telling Andrew Dickens it's not as good as a local accommodation levy, but there's currently very little else.&nbsp;
LISTEN ABOVE &nbsp;&nbsp;

John Glover: Queenstown Mayor on National's alternative to a bed tax

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/88186246-5991-410d-9817-b4bf0185b44e/transcript

On the Early Edition with Andrew Dickens Full Show Podcast Wednesday the 9th of September 2026, new numbers on how students are are comparing with the rest of the world and it's good news, Secondary Principals Association Chairman Steve McCracken shares his thoughts.

Nationals got an alternative to a bed tax, redirecting international visitor levy money to councils, Queenstown Mayor John Glover tells Andrew where the money will go.

Beef + Lamb New Zealand says supports Labour's policy for changes to Emissions Trading Scheme; Chair Kate Acland shares her thoughts. 

Plus, UK/Europe Correspondent Gavin Grey has the latest on Israel unleashing four countermeasures against the UK after Britain’s Foreign Secretary Ed Miliband told Parliament the UK will ban the import of goods from Israeli settlements in the illegally occupied West Bank.

Get the Early Edition Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts.          

LISTEN ABOVE  

On the Early Edition with Andrew Dickens Full Show Podcast Wednesday the 9th of September 2026, new numbers on how students are are comparing with the rest of the world and it's good news, Secondary Principals Association Chairman Steve McCracken shares his thoughts.
Nationals got an alternative to a bed tax, redirecting international visitor levy money to councils, Queenstown Mayor John Glover tells Andrew where the money will go.
Beef + Lamb New Zealand says supports Labour's policy for changes to Emissions Trading Scheme; Chair Kate Acland shares her thoughts.&nbsp;
Plus, UK/Europe Correspondent Gavin Grey has the latest on Israel unleashing four countermeasures against the UK after Britain’s Foreign Secretary Ed Miliband told Parliament the UK will ban the import of goods from Israeli settlements in the illegally occupied West Bank.
Get the Early Edition Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
LISTEN ABOVE &nbsp;

Full Show Podcast: 09 September 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/66a35575-b9c6-4178-9237-b4bf012acb83/transcript

Ernie Newman: Business Consultant on Woolworths' $76 million gain despite profits falling by 52%

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