Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald. Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap. It's Monday, November 3, 2025, and here are five stories you should know about. Westpac New Zealand has reported a 13 percent rise in annual net profit after tax to 1.2 billion dollars for the year ending September, up from 1.06 billion. Net interest income grew 9 percent, while net interest margin improved to 2.32 percent. Home lending increased 5 percent, business lending 2 percent. Term deposits fell 2 percent as customers shifted to transaction and savings accounts, which rose 2 and 8 percent respectively. Impairment provisions recorded a 71 million dollar positive swing. Chief executive Catherine McGrath says more home loan customers are ahead on repayments, with an average repayment buffer of nearly 12,000 dollars. In other news, residential building consents rose 3.6 percent in the year to September, with 34,882 new homes approved, Stats NZ reports. September's 3,747 new homes marked the highest monthly total in more than two years. Auckland and Otago led multi-unit growth, while apartment consents jumped 49 percent. RMA Reform Minister Chris Bishop confirms Auckland's new Plan Change 120 will replace Plan Change 78 to balance housing capacity and hazard risks. Recently passed legislation allows backyard granny flats up to 70 square metres without building consent. Building Minister Chris Penk says this step boosts construction productivity and housing supply. Meanwhile, Fonterra's Anchor brand has discontinued its A2 milk range in New Zealand after ending its licensing agreement with the a2 Milk company. The co-op says it will focus on lactose-free options, citing strong growth of its Anchor Zero Lacto range. A2 Milk says it is disappointed and is seeking a new licensing partner to restore local supply. The phase-out follows Fonterra farmers voting to sell the consumer business, including Anchor, to Lactalis. The licensing decision was unrelated to that sale. A2 Milk says fresh milk sales in New Zealand make only an immaterial contribution to its financial results. In a separate development, KiwiSaver provider Simplicity has launched InfraKiwi, a new company designed to raise funds for infrastructure investment and list on the NZX. Chair Rob Everett and managing director Sam Stubbs say it will target New Zealand ownership, excluding foreign investors. The initiative follows estimates of a 210 billion dollar infrastructure deficit over 30 years. Infrastructure Minister Chris Bishop welcomes the move, calling it a positive step for growth and productivity. InfraKiwi aims to invest across energy, water, transport, data, and social infrastructure sectors. Simplicity will initially seed assets before becoming one of the scheme's investors. And finally today, The Coffee Club Ōmokoroa has won Supreme Franchisee of the Year at Westpac New Zealand's 2025 Franchise Awards, also taking the retail and hospitality title. Owners Kelly and Jess Bain opened the café in 2023, emphasizing community connections in a town of fewer than 5,000 residents. Harrisons Flooring won Supreme Franchise System of the Year, continuing its family ownership since 1962. Chief executive Patrick Harrison says the award reflects the company's people and customers. The Franchise Association says the winners highlight resilience in challenging economic conditions. Nearly 550 franchise systems operate nationwide, supporting over 29,000 units. That was Today in Business - Powered by Spark for Business - your NZ Herald daily business summary. For the best in business, subscribe to Herald Premium at nzherald.co.nz.See omnystudio.com/listener for privacy information.

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