New Zealand’s fuel suppliers will be “substantially punished” legally and financially if they don’t live up to their word in supplying fuel, Associate Energy Minister Shane Jones says.

Those international companies had asked for the current just-in-time supply model, and “rightly or wrongly I took them at their word”, Jones told Mike Hosking.

“I said, okay, you guys know how to keep New Zealand afloat, but the political downside is that the national security question always remains with the Government, not just the commercial companies.”

There was no suggestion of any problem with supply, he said. But the issue was even if the Government were to underwrite additional fuel imports —as Australia plans to do— there was not currently space to store added fuel volumes.

“We could have a ship bobbing off the coast of Marsden Point for a while, then someone's got to pay for that ship to sit there and do nothing while we draw down.”

He repeatedly blamed the closure of the Marsden Point oil refinery for leaving New Zealand with inadequate storage.

Jones said he had been warned that refineries in Singapore, Malaysia and Korea were set up specifically to deal with oil from the Middle East. While they would be seeking oil from other regions, they would need work before they could process that oil.

He also revealed more details about the unsolicited proposals the Government is receiving to increase New Zealand's offshore fuel supplies.

Jones says both the Government and MBIE officials have received approaches from either New Zealanders, people already known to them, or people who have lived in New Zealand.

But Jones he told Hosking the offers they're making don't last long, with ships usually being snapped up within 72 hours.

He says many Kiwis don't appreciate how serious the situation is in Asia.

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Economic headwinds coming out of the Middle East could set back the labour market.

The number of filled jobs across the country lifted 0.3% from January to February.

But where public safety, healthcare, and education hiring improved in the past year, construction and manufacturing jobs slumped.

Employers and Manufacturers Association's Alan McDonald told Mike Hosking we're yet to see the impacts of this war on business confidence and hiring intentions.

He says they're keeping a watchful eye on what happens with fuel supply and prices which could lead to difficult decisions, if it continues.

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The Government's looking at ways to keep hold of even more fuel than legally required.

Fuel stocks have risen as of last Wednesday, with 27.9 days of petrol, 21.7 of diesel and 25.3 of jet fuel in the country.

Finance Minister Nicola Willis says the Government's now exploring more options to guard against supply risks

"We want to be prepared if the worst happens and they can't get enough fuel for New Zealand."

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KiwiSaver is undergoing some reforms, and former Mercury head Fraser Whineray is hoping to make it more competitive with Australia.

The new changes are set to kick in this week, with the default contribution rate for both employees and employers rising from 3 percent to 3.5 percent.

Whineray explained how these changes will benefit Kiwis in the long run.

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Herald business commentator, Fran O'Sullivan - "Global trade grew by 6% last year but they're predicting it will slow to 1.9% this year."

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The general manager of PGG Wrightson Wool says the current global economic challenges are weighing on a market that has performed well over the past two years.

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Labour's support for an India Free Trade Agreement remains tentative as it digs through the details.

Leader Chris Hipkins has written to Trade Minister Todd McClay concerned the deal's contents don't line up with the version he's presented.

Hipkins is warning it would be recklessly irresponsible for McClay to sign onto it without majority backing across Parliament.

But Deputy Prime Minister David Seymour told Mike Hosking Labour needs to look at the broader benefits to exporters.

He says the Government has a sea of red ink stretching out for decades looking at Treasury's accounts.

Seymour says Labour needs to man up and put the best interests of the country at heart.

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Garth Bray joins Ryan with the latest in today's business news

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