Policy

Explore the latest government news by BusinessDesk. 
PwC says NZ banks would effectively hold 27.1% equity if RBNZ proposals are adopted
Jenny Ruth | Mon, 20 May 2019

By Jenny Ruth May 20 (BusinessDesk) - New Zealand’s major banks already hold more capital than Australian, Canadian, Austrian, Irish and Singaporean banks, a new study by PricewaterhouseCoopers has found. Domestic capital levels, when compared on a like-for-like basis, are...

National sticks to bob-each-way on US-China relations in new policy paper
Pattrick Smellie | Sun, 19 May 2019

By Pattrick Smellie May 20 (BusinessDesk) - The National Party proposes ambitious new trade targets for New Zealand's relations with both China and the United States in a foreign affairs discussion document released this morning for public consultation. Overseen by foreign...

Bankers' Assn says RBNZ bank capital proposals would hurt the economy
Jenny Ruth | Sun, 19 May 2019

By Jenny Ruth May 20 (BusinessDesk) - The New Zealand Bankers' Association is calling for a rethink of the Reserve Bank’s bank capital proposals to avoid hurting the economy. “Independent analysis by former Treasury Secretary Dr Graham Scott shows the Reserve Bank should re...

Northland rail upgrade a strategic, not commercial investment - Aecom
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Building a new rail link to Marsden Point and upgrading the existing Northland line could bring forward Northport’s development as a major freight handler for Auckland and help boost the broader regional economy, an economic analysis says...

RBNZ's poor policy process puts its credibility at risk: former official
Jenny Ruth | Wed, 15 May 2019

By Jenny Ruth May 15 (BusinessDesk) - The Reserve Bank’s third discussion paper on its bank capital proposals points to a lack of robust policy process, is an embarrassment to New Zealand and undermines the central bank’s credibility, according to a former Reserve Bank officia...

BUDGET 2019: Govt redirects $197M fees-free underspend to vocational training
Pattrick Smellie | Tue, 14 May 2019

By Pattrick Smellie May 14 (BusinessDesk) - Fewer students than expected have taken up the government's offer of free fees for tertiary education, allowing nearly $200 million over four years to be redirected into a revamp of vocational skills training, Finance Minister Grant...

March-year migration rises, according to provisional data
Gavin Evans | Mon, 13 May 2019

By Gavin Evans May 14 (BusinessDesk) - Provisional migration data suggests the country gained a net 4,500 permanent and long-term residents in March, down from a revised 8,565 in February but up from 3,396 in March last year. That takes the provisional net gain for the 12 m...

Jones defiant, apologetic over Provincial Growth Fund politics
Pattrick Smellie | Mon, 13 May 2019

By Pattrick Smellie May 13 (BusinessDesk) - Regional Economic Development Minister Shane Jones mixed defiance with apology for his handling of the Provincial Growth Fund during a briefing intended to demystify the process by which funds from the $3 billion fund are managed....

Reserve Bank warns consultation on bank capital ends this week
Jenny Ruth | Mon, 13 May 2019

By Jenny Ruth May 13 (BusinessDesk) - The Reserve Bank says it has received 90 formal submissions on its proposal to near double the minimum amount of tier 1 capital banks have to hold and is warning that submissions close this Friday. Meanwhile, ASB Bank’s Australian paren...

OceanaGold seeks mining permit for new Coromandel operation
Gavin Evans | Fri, 10 May 2019

By Gavin Evans May 10 (BusinessDesk) - OceanaGold has sought a mining permit over its Wharekirauponga discovery in the Coromandel Forest Park. The deposit lies in the northern part of the 3,762 square-kilometre Hauraki exploration permit the company and its predecessors hav...

Have your say on what can be done to revive NZ's capital markets
Jenny Ruth | Thu, 09 May 2019

By Jenny Ruth May 9 (BusinessDesk) - Is it all the fault of journalists focusing only on poorly performing listed companies, or is it just that New Zealanders highly value their privacy and anonymity? Or is it just that NZX’s listing rules and its continuous disclosure requ...

First Gas eyes national energy centre for hydrogen pipeline trial
Gavin Evans | Thu, 09 May 2019

By Gavin Evans May 9 (BusinessDesk) - First Gas says a hydrogen pipeline trial it plans is likely to be among the first projects undertaken at the National New Energy Development Centre being set up in Taranaki. The company, which operates the trunk gas transmission network...

PM hints at wriggle room on KiwiBuild target of 100,000 homes
Pattrick Smellie | Thu, 09 May 2019

By Pattrick Smellie May 9 (BusinessDesk) - Prime Minister Jacinda Ardern added further weight to speculation that the government is preparing to shift the goalposts on its KiwiBuild initiative to build 100,000 affordable homes within 10 years. Speaking at the Just Transitio...

James Cameron sees a ruthless future without democracy or meat
Pattrick Smellie | Thu, 09 May 2019

By Pattrick Smellie May 9 (BusinessDesk) - Global demand for New Zealand's meat and dairy products is under threat as the world responds to climate change by eating more and more plant-based protein, Hollywood filmmaker James Cameron told the government's Just Transitions conf...

Govt opens low-carbon summit with $47M commitment to new energy research
Pattrick Smellie | Wed, 08 May 2019

By Pattrick Smellie May 9 (BusinessDesk) - The government will invest $27 million to establish a new energy centre in Taranaki as a gesture towards assisting the region's transition from a multi-billion dollar oil and gas industry to a low-carbon economy. Prime Minister Jac...

Govt delays upgrade of weak and unclear whistleblower law
Nikki Mandow | Wed, 08 May 2019

By Nikki Mandow May 9 (BusinessDesk) - Changes to whistleblower legislation to make it easier for employees to report everything from bullying to fraud have been delayed. This also pushes back moves to potentially bring the private sector into a critical part of the legislatio...

Economists say more RBNZ rate cuts are coming
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank of New Zealand cut rates by 25 basis points to a record low 1.5 percent and economists expect it to cut again.  Changes to the central bank’s forecasts in the latest monetary policy statement now show a chance for an...

Waihi gold mining 'inherently unsustainable' - Sage
Gavin Evans | Wed, 08 May 2019

By Gavin Evans May 8 (BusinessDesk) - Expansion of gold mining at Waihi is inherently unsustainable, will increase emissions, and will provide only moderate employment benefits relative to winding down the operation and remediating the site, Land Information Minister Eugenie S...

'Toothless' or ' alarming' - reaction to the Zero Carbon Bill
Pattrick Smellie | Wed, 08 May 2019

By Pattrick Smellie May 8 (BusinessDesk) - Reactions to the net zero carbon emissions legislation released today range from Greenpeace attacking it as "toothless" and "miserly" to Federated Farmers calling it "frustratingly cruel". Two key issues are at the heart of those a...

UPDATE: NZ central bank cuts rates, signals more to come
Rebecca Howard | Wed, 08 May 2019

(Adds detail throughout) By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank cut the official cash rate by 25 basis points to a record low of 1.5 percent and signaled more cuts to come. The New Zealand dollar fell.  "The Monetary Policy Committee decided a lower OC...

NZ central bank cuts rates, signals more to come
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank cut the official cash rate by 25 basis points to 1.5 percent and signaled more cuts to come. The New Zealand dollar fell.  "The Monetary Policy Committee decided a lower OCR is necessary to support the outlook for em...

Govt unveils long-awaited zero carbon law, takes ‘split gas’ approach on methane
Pattrick Smellie | Tue, 07 May 2019

By Pattrick Smellie May 8 (BusinessDesk) - After months of cross-parliamentary wrangling, the government this morning unveiled its long-awaited draft legislation that will guide New Zealand to its target of net zero greenhouse gas emissions by 2050. The Climate Change Respo...

Chch councillors rue govt funding pullback in successful $2.2B SCIRT programme
Paul McBeth | Mon, 06 May 2019

By Paul McBeth May 7 (BusinessDesk) - Christchurch city councillors were left ruing central government's decision to dial back its share of the largely successful $2.24 billion programme to rebuild and repair the city's horizontal infrastructure such as water pipes and roads. ...


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