Air New Zealand is fighting with one hand tied behind its back facing local costs its international competitors avoid.

The national airline's announced a $40 million half-year loss.

The new Chief Executive says airlines are a cyclical business, and New Zealand is disproportionately exposed to local inflation.

Nikhil Ravishankar told Mike Hosking some of the other airlines making more money are the ones that have recently gone through a downturn.

He says it's partly nature of the business, but there are also things we're exposed to locally that some of our competitors aren't.

They’ve also been struggling with aircraft being grounded due to global engine issues, a slower than expected recovery, and rising costs.

Ravishankar told Hosking he took on a business grappling with a post-Covid rebuild.

He says up until now, they've been playing not to lose, but now they're building a business that can play to win.

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