Biz week bouquets and brick bats

Last updated 10:42 13/06/2014

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Who deserves a pat on the back in business this week, and who has caused eyebrows to be raised?

Bouquet - Travelling light

Business travellers are the big winners in Air New Zealand's decision to revamp its domestic fare structure.

The airline's most lucrative customers have long complained that their tendency to book at short notice limits their access to cheaper "seat only" fares for short-stay trips.

Instead, the old structure effectively forced them to buy a premium fare that included unwanted baggage allowances.

But from June 24 the bare-bones "seat" only option will be available at all times, saving up to $50 in bag fees.

Brick bat - Piggy bank

New Zealand's biggest bank, ANZ, wasted no time in ramping up its floating mortgage rate, matching within minutes the Reserve Banks decision to raise the official cash rate by another 25 basis points to 3.25 per cent.

ANZ has been at the front of the queue in each of the three rate rises this year.

Yesterday ANZ was charging 6.49 per cent for a floating mortgage compared to about 6.25 per cent offered by its main competitors. None had followed ANZ by last night.

Indeed, Westpac deserves plaudits for continuing to offer the lowest floating rate at 5.99 per cent, having not passed on the full amount of the first OCR increase in March.

Some economists have tipped that banks might not pass on all of the rate rises in order to carve out a competitive advantage.

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- Stuff


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