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Explore the latest government news by BusinessDesk. 

Robertson blasts Treasury over hasty police action on Budget leak
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 30 (BusinessDesk) - Outgoing Treasury secretary Gabriel Makhlouf appears to be on thin ice with his boss, Finance Minister Grant Robertson. The finance minister says he is "very disappointed" both by the department's poor cyber-security and its hasty...

TSB raises minimum capital levels in lead-up to RBNZ's tighter rules
Paul McBeth | Wed, 29 May 2019

By Paul McBeth May 30 (BusinessDesk) -  TSB Bank has raised its internal target for how much capital it will hold on its books, brought on in part by the Reserve Bank's proposals for a higher minimum requirement.  The bank's total capital ratio was 14.57 percent as at March...

Bridges says Budget leak response 'the most contemptible moment in NZ politics’
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 30 (BusinessDesk) - National Party leader Simon Bridges accused Treasury secretary Gabriel Makhlouf of “calling the police on the Opposition” over the website security flaw that allowed the National Party to gain access to Budget secrets. The Treasur...

Innovate on climate challenge or lose the public, Jones tells industry
Gavin Evans | Wed, 29 May 2019

By Gavin Evans May 29 (BusinessDesk) - Industry must demonstrate its ability to innovate and respond to climate challenge if it is to maintain the support of the voting public, Regional Economic Development Minister Shane Jones says. New Zealand First is not going to allow...

Budget leak: no Treasury hack, say police
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 30 (BusinessDesk) - Police investigating a leak of sensitive Budget information have determined that the Treasury's computer system was not 'hacked'. In a rocky start to what should have been a showcase day for the government's first 'Wellbeing' Budg...

RBNZ used a 'net benefits framework' in devising its bank capital proposals
Jenny Ruth | Wed, 29 May 2019

By Jenny Ruth May 29 (BusinessDesk) - The Reserve Bank has used a “net benefits framework” in devising its bank capital proposals, governor Adrian Orr told parliament’s finance and expenditure select committee. National Party finance spokeswoman Amy Adams had been quizzing...

Hawke's Bay Regional Council to go ahead with Napier Port IPO, likely in early July
Rebecca Howard | Wed, 29 May 2019

By Rebecca Howard May 29 (BusinessDesk) - Hawke’s Bay Regional Council said it will proceed with a public share sale of 45 percent of Napier Port and it expects the initial public offering to take place in early July. “The last hurdle is to satisfy ourselves around pricing...

Budget Leak: Most cyber-leaks come from internal sources, says cyber expert
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 29 (BusinessDesk) - Most information leaks come from "malicious" or "inadvertent" releases from internal sources rather than via hacking, says Mark Shaw, a technology strategist for cyber-security software provider Symantec. His comments came as the...

Fast-track urban development law introduced to Parliament
Pattrick Smellie | Wed, 29 May 2019

By Pattrick Smellie May 29 (BusinessDesk) - The first in a two-part legislative process to create a central government body with powers to fast-track urban infrastructure and housing development in cities where growth issues are acute has been introduced to Parliament. Hous...

RBNZ says ANZ has to hold more capital against housing and farm lending
Jenny Ruth | Tue, 28 May 2019

By Jenny Ruth May 29 (BusinessDesk) - The Reserve Bank has imposed new conditions of registration on ANZ Bank requiring it to hold more capital against housing and farm lending from June 30. In its latest Financial Stability Report, the central bank says it has set minimum...

Taupo lithium resource potentially economic - GNS
Gavin Evans | Tue, 28 May 2019

By Gavin Evans May 29 (BusinessDesk) - Lithium resources in the Taupo volcanic zone are potentially economic but may require conventional open-cast mining techniques if they are to be developed, delegates at the New Zealand Minerals Forum heard. The presence of lithium – a...

RBNZ appoints three independent experts to review bank capital proposals
Jenny Ruth | Tue, 28 May 2019

By Jenny Ruth May 29  (BusinessDesk) - The Reserve Bank has appointed three external experts to independently review the analysis and advice underpinning its bank capital proposals. The three experts are James Cummings, a senior lecturer in finance at Macquarie University,...

Budget leaks suggest govt to centralise mental health spending control
Pattrick Smellie | Tue, 28 May 2019

By Ian Llewellyn for BusinessDesk May 28 (BusinessDesk) - Leaked Budget documentation indicates the government is seeking to centralise health spending control in key areas such as mental health. National’s release of what it says is an overview of the spending in some port...

Bridges claims huge Budget details leak: Treasury investigating
Pattrick Smellie | Tue, 28 May 2019

By Pattrick Smellie May 28 (BusinessDesk) - The Treasury is investigating the leak of spending decisions relating to 18 of the government's 40 departments and agencies in what appears to be the largest breach of Budget secrecy since the entire Budget was leaked in 1986. Com...

NZ can play role in minerals-intensive shift to low-carbon - Parker
Gavin Evans | Mon, 27 May 2019

By Gavin Evans May 28 (BusinessDesk) - The global shift to a lower carbon economy will require greater development of mineral resources and New Zealand is well-placed to show how that can be done, Economic Development Minister David Parker says. Rapidly developing energy te...

Southbase makes shareholder support public
Jenny Ruth | Mon, 27 May 2019

By Jenny Ruth May 27 (BusinessDesk) - It’s no secret the construction industry is troubled, despite the ongoing boom. Building owners, often the government in one shape or form, have shifted more risk onto construction companies, turning already razor-thin profit margins into...

Will ditching the CGT have revived business spirits?
Jenny Ruth | Sun, 26 May 2019

By Jenny Ruth May 27 (BusinessDesk) - Amid an action-packed week for business news, a key piece of information will arrive on Wednesday afternoon when ANZ Bank's latest business confidence survey shows whether Prime Minister Jacinda Ardern's decision to drop a planned capital...

Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Pattrick Smellie | Fri, 24 May 2019

By Pattrick Smellie May 24 (BusinessDesk) - The government's decision to relax its Budget Responsibility Rules has attracted a balance of positive and negative criticism, suggesting it's pitched about right, said Prime Minister Jacinda Ardern in a speech to an Auckland busines...

Westpac says RBNZ capital proposals would add $6,000 p.a. to an Auckland mortgage
Jenny Ruth | Thu, 23 May 2019

By Jenny Ruth May 24 (BusinessDesk) - Westpac says the Reserve Bank’s bank capital proposals will mean homeowners with an average mortgage in Auckland will be paying about $6,000 a year more in interest. The Australian-owned bank says the central bank has greatly underestim...

OceanaGold less confident in regulatory regime
Gavin Evans | Thu, 23 May 2019

By Gavin Evans May 23 (BusinessDesk) - OceanaGold says the surprise rejection of a land purchase for a new tailings facility has reduced its confidence in this country’s regulatory settings. The rejection of its planned 178-hectare purchase – due to a split decision between...

INFINZ says RBNZ bank capital proposals lack analysis and scrutiny
Jenny Ruth | Thu, 23 May 2019

By Jenny Ruth May 23 (BusinessDesk) - The Reserve Bank has provided insufficient material and analysis of its “dramatic” bank capital proposals, and they warrant “a level of scrutiny proportionate to the magnitude and breadth of its potential impacts on the wider economy,” say...

BUDGET 2019: NZ debt target to be more flexible from 2022
Rebecca Howard | Wed, 22 May 2019

By Rebecca Howard May 23 (BusinessDesk) - The government remains committed to reducing net debt to 20 percent of gross domestic product by 2022 but plans to shift to a target range rather than a single figure, says the finance minister.  "At this point, we are looking at a...

NZ-owned banks says RBNZ capital proposals will make it harder to compete
Jenny Ruth | Wed, 22 May 2019

By Jenny Ruth May 23 (BusinessDesk) - New Zealand’s smaller, locally-owned banks want the Reserve Bank to go further in leveling the competitive playing field between them and the big four Australian-owned banks. They say the central bank’s current bank capital proposals co...


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