Revenue in the hospitality sector's reached a new record high, but many operators are seeing profit margins reach a new record low. 

Restaurant Association data shows sales have risen 1.4% in the past year. 

Tourism regions like Nelson and Queenstown-Lakes are seeing strong growth but central Auckland and Wellington are still doing it tough. 

Association Chief Executive Marisa Bidois told Mike Hosking tourism is continuing to drive much of the growth. 

She says CBDs are struggling, as foot traffic hasn't got back to pre-Covid levels yet. 

Bidois says any rise in revenue is being eroded by rising costs. 

She says food costs are up 4.6%, wages continue to climb, and insurance and rent have gone up as well. 

LISTEN ABOVE 

Revenue in the hospitality sector's reached a new record high, but many operators are seeing profit margins reach a new record low.&nbsp;
Restaurant Association data shows sales have risen 1.4% in the past year.&nbsp;
Tourism regions like Nelson and Queenstown-Lakes are seeing strong growth but central Auckland and Wellington are still doing it tough.&nbsp;
Association Chief Executive Marisa Bidois told Mike Hosking tourism is continuing to drive much of the growth.&nbsp;
She says CBDs are struggling, as foot traffic hasn't got back to pre-Covid levels yet.&nbsp;
Bidois says any rise in revenue is being eroded by rising costs.&nbsp;
She says food costs are up 4.6%, wages continue to climb, and insurance and rent have gone up as well.&nbsp;
LISTEN ABOVE&nbsp;

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Marisa Bidois: Restaurant Association CEO on the hospitality sector's record high revenue but low profit margins

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/9357e67f-3ec2-458c-98f5-b37601474653/transcript

If you ever want an example of why Chris Hipkins is not going to be the next Prime Minister, watch Question Time yesterday. 

He has made a twofold mistake. 

Mistake number one is being a Labour MP obsessed with esoteric, wonky subjects like United Nations treaties and charters. 

The second mistake is being obsessed with making a global issue all about New Zealand, when in reality we have nothing to do with it. 

The Prime Minister has kind of got trapped by it as well. The reality is the attack on Iran will affect us all, whether through petrol prices or possibly some inflationary issues and our ability to travel to Europe through Dubai. 

Outside of that it is not our war, we did not start it, we are not participating in it, and we are a world away from it. 

The Prime Minister and the Government can answer questions, as far as anyone can answer questions, on what it might mean for our economy, or our travel, or our petrol bill. 

But what they can't do, and yet are being asked to do, is explain why the Americans did what they did and how that may or may not tie into the United Nations and various charters. 

Luxon got bogged down in the legalities of it on Monday and walked back some of his comments about all actions to eliminate a regime being good actions. 

But then Hipkins started banging on about the UN as though New Zealand is the boss of the UN, New Zealand was exclusively given details of the material the United States acted on and has insight that no other country has as to whether there is a so-called "imminent threat". 

Labour, Hipkins, and the media do this every time. They try and place New Zealand, a tiny, insignificant country at the bottom of the world, into the centre of all global action as though we somehow affect it, can change it, explain it, participate in it or stop it. 

Esoteric international law is of little interest to most of us on a daily basis. Arguing over United Nation's charters is the stuff of chardonnay and Thorndon and people far removed from regular New Zealander's lives and thought patterns. 

It’s a dumb game trying to trap a government into saying random stuff in the hope they get a headline, or an apology, or a scalp. 

This has nothing to do with us. Like the weather, it will affect us, but we don’t drive it, influence it, or even know a lot about it. 

Also, for what it's worth, by arguing the way Labour does they are hopelessly out of step with your average New Zealander who I suspect, if you asked the simple question "is getting rid of the crazies in Iran a good idea", the answer would be yes. 

If you ever want an example of why Chris Hipkins is not going to be the next Prime Minister, watch Question Time yesterday.&nbsp;
He has made a twofold mistake.&nbsp;
Mistake number one is being a Labour MP obsessed with esoteric, wonky subjects like United Nations treaties and charters.&nbsp;
The second mistake is being obsessed with making a global issue all about New Zealand, when in reality we have nothing to do with it.&nbsp;
The Prime Minister has kind of got trapped by it as well. The reality is the attack on Iran will affect us all, whether through petrol prices or possibly some inflationary issues and our ability to travel to Europe through Dubai.&nbsp;
Outside of that it is not our war, we did not start it, we are not participating in it, and we are a world away from it.&nbsp;
The Prime Minister and the Government can answer questions, as far as anyone can answer questions, on what it might mean for our economy, or our travel, or our petrol bill.&nbsp;
But what they can't do, and yet are being asked to do, is explain why the Americans did what they did and how that may or may not tie into the United Nations and various charters.&nbsp;
Luxon got bogged down in the legalities of it on Monday and walked back some of his comments about all actions to eliminate a regime being good actions.&nbsp;
But then Hipkins started banging on about the UN as though New Zealand is the boss of the UN, New Zealand was exclusively given details of the material the United States acted on and has insight that no other country has as to whether there is a so-called "imminent threat".&nbsp;
Labour, Hipkins, and the media do this every time. They try and place New Zealand, a tiny, insignificant country at the bottom of the world, into the centre of all global action as though we somehow affect it, can change it, explain it, participate in it or stop it.&nbsp;
Esoteric international law is of little interest to most of us on a daily basis. Arguing over United Nation's charters is the stuff of chardonnay and Thorndon and people far removed from regular New Zealander's lives and thought patterns.&nbsp;
It’s a dumb game trying to trap a government into saying random stuff in the hope they get a headline, or an apology, or a scalp.&nbsp;
This has nothing to do with us. Like the weather, it will affect us, but we don’t drive it, influence it, or even know a lot about it.&nbsp;
Also, for what it's worth, by arguing the way Labour does they are hopelessly out of step with your average New Zealander who I suspect, if you asked the simple question "is getting rid of the crazies in Iran a good idea", the answer would be yes.&nbsp;

Mike's Minute: This is where Labour and Hipkins have got it wrong

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/440129c3-455b-44eb-bf4a-b402016c3f91/transcript

President Donald Trump says "just about everything" in Iran has "been knocked out".  

He's spoken from the White House alongside the German Chancellor who is visiting.  

New strikes have been targeting Iranian leadership after claims the first wave killed 48 of its highest ranking officials, including the Supreme Leader.  

Trump says Iran now has no navy, air force, or air detection. 

US Correspondent Richard Arnold told Mike Hosking Trump has yet to make a formal statement to the American people, or the rest of the world, about what’s happening. 

But, he says, the US President continues to indicate this could go on for weeks. 

LISTEN ABOVE  

President Donald Trump says "just about everything" in Iran has "been knocked out". &nbsp;
He's spoken from the White House alongside the German Chancellor who is visiting. &nbsp;
New strikes have been targeting Iranian leadership after claims the first wave killed 48 of its highest ranking officials, including the Supreme Leader. &nbsp;
Trump says Iran now has no navy, air force, or air detection.&nbsp;
US Correspondent Richard Arnold told Mike Hosking Trump has yet to make a formal statement to the American people, or the rest of the world, about what’s happening.&nbsp;
But, he says, the US President continues to indicate this could go on for weeks.&nbsp;
LISTEN ABOVE &nbsp;

Richard Arnold: US Correspondent on the continuing conflict in the Middle East

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/d23ae7ca-cd9e-4c06-a829-b402016764c8/transcript

Air New Zealand’s reset just got a lot more urgent. 

Things could deteriorate faster for the airline amid instability in the Middle East.  

Morningstar Research is now forecasting a $125 million pre-tax loss this year following a $59 million loss in the first half of the year. 

Forsyth Barr Head of Research Andy Bowley told Mike Hosking there’s little disagreement that the second half of the year will be similar or worse, the concerning aspect is how bad it could be. 

LISTEN ABOVE  

Air New Zealand’s reset just got a lot more urgent.&nbsp;
Things could deteriorate faster for the airline amid instability in the Middle East. &nbsp;
Morningstar Research is now forecasting a $125 million pre-tax loss this year following a $59 million loss in the first half of the year.&nbsp;
Forsyth Barr Head of Research Andy Bowley told Mike Hosking there’s little disagreement that the second half of the year will be similar or worse, the concerning aspect is how bad it could be.&nbsp;
LISTEN ABOVE &nbsp;

Andy Bowley: Forsyth Barr Head of Research on the forecast that Air NZ will lose $125 million pre-tax this year

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/fc706fab-33d0-4238-adef-b402015e8244/transcript

Marisa Bidois: Restaurant Association CEO on the hospitality sector's record high revenue but low profit margins

In 1 playlist(s)

The Mike Hosking Breakfast

Social links

Follow podcast

Recent clips