Accounting software business Xero has started 2026 on a low note, with the share price dropping significantly.

This is in line with other challenges in the technology sector, which have seen noticeable drops.

Milford Asset Management's Jeremy Hutton explained further.

LISTEN ABOVE

Accounting software business Xero has started 2026 on a low note, with the share price dropping significantly.
This is in line with other challenges in the technology sector, which have seen noticeable drops.
Milford Asset Management's Jeremy Hutton explained further.
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

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Jeremy Hutton: Milford Asset Management expert on Xero's rough start to 2026

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/68471c04-81f3-4761-a9e3-b3d90073d01b/transcript

I’ve tried very hard to understand the Government’s decision to essentially cancel SailGP in Auckland next year  and I just can’t.

I cannot understand what has gone on here because, as I understand it, this has come down to a few hundred thousand dollars.

Let me run you through the timeline.

We’ve been fighting for SailGP to stay in New Zealand - particularly in Auckland - for the past few years. In October last year, the Government and Auckland Council agreed to pay a combined $5 million for SailGP to be held in Auckland. That agreement was made in October.

Then, in February, SailGP requested additional funding, which would have come out of the Major Events Fund. That request appears to be what prompted Louise Upston to say no.

Finding out how much that request was for was incredibly difficult. No one wanted to give me a number. Eventually, I was told it was less than a million dollars and may have been closer to $500,000.

If that’s true, then turning down SailGP over $500,000 is frankly nutty. That is peanuts for a Government - and money that would almost certainly have paid for itself. I would argue it was a wise investment.

SailGP is not just about what people spend in Auckland when they come here. Just like the America’s Cup, it’s about what people around the world see when they’re watching. They see Auckland’s beautiful harbour on a stunning day. They see crowds having fun. They see beautiful buildings and incredible maunga.

You cannot buy that kind of international exposure.

We have blown tens of millions of dollars on the America’s Cup over the years. We paid for Linkin Park, for God’s sake, to come to Auckland. We set aside $70 million for major events just like this - and yet we turned down one of the hottest sailing events in the world over $500,000.

Even on a purely political level, this makes no sense to me.

Auckland has been desperate - begging the Government - for help with events like this to revive the city. We’ve only just got that momentum underway and then this happens. It’s an election year, in a city you must win to win the election, and it’s a city already showing signs of leaning left.

I am open to arguments to the contrary - but to me, this just looks like a really bad decision.

LISTEN ABOVE

I’ve tried very hard to understand the Government’s decision to essentially cancel SailGP in Auckland next year &nbsp;and I just can’t.
I cannot understand what has gone on here because, as I understand it, this has come down to a few hundred thousand dollars.
Let me run you through the timeline.
We’ve been fighting for SailGP to stay in New Zealand - particularly in Auckland - for the past few years. In October last year, the Government and Auckland Council agreed to pay a combined $5 million for SailGP to be held in Auckland. That agreement was made in October.
Then, in February, SailGP requested additional funding, which would have come out of the Major Events Fund. That request appears to be what prompted Louise Upston to say no.
Finding out how much that request was for was incredibly difficult. No one wanted to give me a number. Eventually, I was told it was less than a million dollars and may have been closer to $500,000.
If that’s true, then turning down SailGP over $500,000 is frankly nutty. That is peanuts for a Government - and money that would almost certainly have paid for itself. I would argue it was a wise investment.
SailGP is not just about what people spend in Auckland when they come here. Just like the America’s Cup, it’s about what people around the world see when they’re watching. They see Auckland’s beautiful harbour on a stunning day. They see crowds having fun. They see beautiful buildings and incredible maunga.
You cannot buy that kind of international exposure.
We have blown tens of millions of dollars on the America’s Cup over the years. We paid for Linkin Park, for God’s sake, to come to Auckland. We set aside $70 million for major events just like this - and yet we turned down one of the hottest sailing events in the world over $500,000.
Even on a purely political level, this makes no sense to me.
Auckland has been desperate - begging the Government - for help with events like this to revive the city. We’ve only just got that momentum underway and then this happens. It’s an election year, in a city you must win to win the election, and it’s a city already showing signs of leaning left.
I am open to arguments to the contrary - but to me, this just looks like a really bad decision.
LISTEN ABOVE

Perspective with Heather du Plessis-Allan: Why has the Government pulled SailGP's funding?

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f2219a10-e68b-4682-a018-b43800449696/transcript

On the Heather du Plessis-Allan Drive Full Show Podcast for Friday, 24 April, 2026, National Cabinet minister Simeon Brown gives us details about the complaint he's lodged against TVNZ.

Sail GP NZ co-chief executive Blair Tuke is gutted the event won't be coming to Auckland but hopes it'll make a comeback.

ChristchurchNZ on why the Garden City is the place to be right now, with more people moving there.

And on the Sports Huddle, Matt Brown and Jeff McTainsh on a huge weekend of Super Rugby to christen Christchurch's new stadium.

Get the Heather du Plessis-Allan Drive Full Show Podcast every weekday evening on iHeartRadio, or wherever you get your podcasts.

LISTEN ABOVE 

On the Heather du Plessis-Allan Drive Full Show Podcast for Friday, 24 April, 2026, National Cabinet minister Simeon Brown gives us details about the complaint he's lodged against TVNZ.
Sail GP NZ co-chief executive Blair Tuke is gutted the event won't be coming to Auckland but hopes it'll make a comeback.
ChristchurchNZ on why the Garden City is the place to be right now, with more people moving there.
And on the Sports Huddle, Matt Brown and Jeff McTainsh on a huge weekend of Super Rugby to christen Christchurch's new stadium.
Get the Heather du Plessis-Allan Drive Full Show Podcast every weekday evening on iHeartRadio, or wherever you get your podcasts.
LISTEN ABOVE&nbsp;

Full Show Podcast: 24 April 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/922e046f-3191-436f-913f-b43600767780/transcript

Good on Chris Luxon for ditching his regular spot on Breakfast. That’s from Tina.

I disagree with Tina. I don’t think Chris Luxon should have given up on Breakfast the way he has, pulling out of his weekly slot. I mean, obviously it’s his prerogative to do it.

And the truth is, in New Zealand—and in our media—we actually have more access to our Prime Ministers than in many other countries. Loads of other Prime Ministers—think Australia—do not take the number of questions after news conferences that Chris Luxon does. They don’t turn up to news conferences as often as he does, or as Jacinda did, or Helen did, or John Key did.

In some countries, like Canada, you can go a very long time between drinks when it comes to hearing from the Prime Minister.

The truth is, Chris Luxon isn’t good at media interviews. A lot of the trouble he’s faced has come from stuffing them up.

You had Tova with the “how many Māori ministers do you have?” stuff-up recently. You had Mike Hosking last year with the “will you or will you not have fired Andrew Bayly?” stuff-up. And then there was the “I don’t know how to be any clearer with you guys” bollocks from earlier this year.

There’s just a long list of mistakes he’s made in media interviews. So if he’s not good in media interviews, on balance, he’s probably better off not doing them—especially in an election year.

The trouble is, people will see this for what it is: that he’s running scared. Or, as Mike Hosking once said of Jacinda when she didn’t want to appear on his show, running for the hills.

He’s trying to get away from situations he can’t handle very well and those situations are media interviews. And by the way, it’s not just Tova O’Brien on Breakfast—it’s Jack Tame on Q+A as well, both on TVNZ.

Now, I don’t think he can credibly blame the Maiki Sherman door-knocking situation or the Benedict Collins perceived bias for this. These are different programmes. That’s the press gallery reporting to One News; this is TVNZ Breakfast. They’re different.

But I don’t think people are going to care. And I say this having analysed the situation: most people out there just don’t care. They hate the media, so they’re going to say, “Fair enough.”

But this is what Jacinda started. When she did it, I said, watch this, this will start a thing and it will happen all over the place afterwards.

And if you didn’t like Jacinda doing it, then you have to hold the same standard. You can’t hate what Jacinda did and then love what Chris Luxon has done.

LISTEN ABOVE

Good on Chris Luxon for ditching his regular spot on Breakfast. That’s from Tina.
I disagree with Tina. I don’t think Chris Luxon should have given up on Breakfast the way he has, pulling out of his weekly slot. I mean, obviously it’s his prerogative to do it.
And the truth is, in New Zealand—and in our media—we actually have more access to our Prime Ministers than in many other countries. Loads of other Prime Ministers—think Australia—do not take the number of questions after news conferences that Chris Luxon does. They don’t turn up to news conferences as often as he does, or as Jacinda did, or Helen did, or John Key did.
In some countries, like Canada, you can go a very long time between drinks when it comes to hearing from the Prime Minister.
The truth is, Chris Luxon isn’t good at media interviews. A lot of the trouble he’s faced has come from stuffing them up.
You had Tova with the “how many Māori ministers do you have?” stuff-up recently. You had Mike Hosking last year with the “will you or will you not have fired Andrew Bayly?” stuff-up. And then there was the “I don’t know how to be any clearer with you guys” bollocks from earlier this year.
There’s just a long list of mistakes he’s made in media interviews. So if he’s not good in media interviews, on balance, he’s probably better off not doing them—especially in an election year.
The trouble is, people will see this for what it is: that he’s running scared. Or, as Mike Hosking once said of Jacinda when she didn’t want to appear on his show, running for the hills.
He’s trying to get away from situations he can’t handle very well and those situations are media interviews. And by the way, it’s not just Tova O’Brien on Breakfast—it’s Jack Tame on Q+A as well, both on TVNZ.
Now, I don’t think he can credibly blame the Maiki Sherman door-knocking situation or the Benedict Collins perceived bias for this. These are different programmes. That’s the press gallery reporting to One News; this is TVNZ Breakfast. They’re different.
But I don’t think people are going to care. And I say this having analysed the situation: most people out there just don’t care. They hate the media, so they’re going to say, “Fair enough.”
But this is what Jacinda started. When she did it, I said, watch this, this will start a thing and it will happen all over the place afterwards.
And if you didn’t like Jacinda doing it, then you have to hold the same standard. You can’t hate what Jacinda did and then love what Chris Luxon has done.
LISTEN ABOVE

Perspective with Heather du Plessis-Allan: 'You can’t hate what Jacinda did and then love what Chris Luxon has done'

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/77d2d3d3-74ec-4ba3-80df-b4360077fae6/transcript

Jeremy Hutton: Milford Asset Management expert on Xero's rough start to 2026

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