An industry group for chartered accountants is putting a novel idea on the table to lower the cost of New Zealand Superannuation to the Crown, while keeping it universal.

Chartered Accountants Australia New Zealand is advocating for the next Government to allow people to delay the age at which they start receiving Super.

According to NZIER modelling, this approach could reduce the annual cost of Super to the Crown by billions of dollars every year, depending on how the system was designed.

NZ Herald Wellington business editor Jenee Tibshraeny explained further.

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The Reserve Bank has raised the OCR by 25 basis points to 2.75 percent, in line with economists' expectations.

Markets expected the cash rate would go up, but many had priced in a bigger increase - and there's still an expectation that the OCR could go up further down the track.

Milford Asset Management's Remy Wisenberg explained further.

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Methanex is shutting down its Taranaki plant after 40 years of operation, and there's growing discussion about what this means for the energy sector and wider economy.

The methanol producer is selling most of its natural gas entitlements from the first quarter, and it says continued decline in domestic natural gas, and no clear pathway to meaningful new supply means it isn't sustainable to continue operations in New Zealand.

Former CEO of Methanex Bruce Aitken says Labour's decision to ban oil and gas exploration in 2018 was bad for the sector, with many companies paying the price for it now.

"It's a pretty sad day in a lot of ways, but it's a consequence of one silly ideological decision."

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More Official Cash Rate hikes are possible, but far from guaranteed.

The Reserve Bank has raised the cash rate 25-basis-points this afternoon to 2.75 percent.

Governor Anna Breman says they are moving it towards a neutral level, to around 3 percent.

But she says nothing is set in stone.

"Today's decision will allow us to assess the impact of these two OCR increases - and then we will see whether we need to do further increases."

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The Reserve Bank has raised the Official Cash Rate 25 basis points, from 2.5 percent to 2.75.

The Monetary Policy Committee agreed unanimously to the rise, broadly expected by economists and the market.

Newstalk ZB senior political correspondent Barry Soper says this could have an immediate impact on retailers, as people will now have less money to spend in stores.

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About 130 jobs could be on the chopping block at Woolworths.

Workers First Union says Woolworths is proposing to cut about 130 customer care roles in New Zealand - with affected staff called to a meeting.

Woolworths says it's exploring integrating customer care operations with Sydney's established support capability.

Union deputy secretary Rudd Hughes says this move won't help their customer service, as people will benefit from having workers who have insights into New Zealand operations.

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More Australian retailers are rolling out facial recognition technology, and it's prompted concerns from experts.

Industry groups say the move is about safety, but experts warn of an incoming 'scope creep' that comes with this technology.

Australian correspondent Kristina Harazim says consumers privacy advocates are drawing comparisons between Australia and China and North Korea over this technology, as Coles and Woolworths look to incorporate more of it into their stores.

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New Zealand business confidence fell 2 points in August to 54 from 56 last month - and it's sparked discussion about what this could mean for the OCR.

There's speculation the cash rate could be set for an increase this Wednesday.

Harbour Asset Management's Shane Solly outlined his prediction further ahead of the next update.

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