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, September 15, 2025, and here are five stories you should know about. ANZ has agreed to pay 240 million Australian dollars in penalties for failings across its institutional and retail divisions, the largest single fine ever sought by Australia's financial regulator. The proposed penalty, subject to Federal Court approval, includes 125 million for bond trading issues. The Australian Securities and Investments Commission says ANZ acted unconscionably in dealings with the Government, failed to respond to hardship notices, misled customers on savings interest rates, and charged fees to deceased clients. Chairman Joe Longo says ANZ betrayed public trust. In New Zealand last week, ANZ also agreed to a 3.24 million dollar fine over wrongly applied customer overdraft fees. In other news, New Zealand's economy is expected to show a contraction in the June quarter after growth earlier this year. Market forecasts see GDP falling between 0.4 and 0.5 percent for the period, following a 0.8 percent rise in March and 0.5 percent gain in December. BNZ economists point to sharp declines in manufacturing sales, down 2.9 percent, with falls across food processing, chemicals, metals and machinery. Construction activity also weakened. Kiwibank cites housing market underperformance and trade uncertainty as drags. Annual economic activity remains flat, showing no growth compared to a year earlier. Elsewhere, Ryman Healthcare is selling its consented Park Terrace site in Christchurch, abandoning plans for a 240 million dollar retirement village. CBRE is marketing the land, which Ryman had once planned as its largest Christchurch project with 155 units, 54 assisted living suites, and aged care facilities. Resource consent granted in 2021 allowed six buildings, but the development stalled. A Ryman spokeswoman confirms the land is under review as part of a divestment strategy to release 500 million dollars in cash. The company posted a 437 million dollar loss last year after property devaluations and higher interest expenses. Meanwhile, the aviation industry is calling for change at the Civil Aviation Authority as new chief executive Kane Patena takes office. Aviation Industry Association acting president Gordon Alexander told the sector's annual conference in Wellington the CAA has focused too heavily on enforcement at the expense of broader economic priorities. He says workforce shortages, rising levies, and supply chain delays are pressing challenges. The industry employs about 177,000 people and contributes 5.6 percent of GDP. Associate Transport Minister James Meager now oversees aviation. The conference also features discussions on mental health, workforce development, and the sector's future direction. Finally, in regulatory news, the Financial Markets Authority is warning clients of former financial adviser David McEwen to check for unauthorized payments. The FMA says complaints have been received about unexplained credit and debit card charges linked to McEwen and associated entities, including Stockfox Limited and Cosmopolitan Holdings. Executive director Louise Unger, advises customers to contact their banks immediately if charges appear. McEwen faces criminal charges for breaching a permanent stop order issued in December 2023, which barred him from contacting potential investors. The order followed concerns about investor harm linked to his share-tipping service, and subscription-based investment newsletter. 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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