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BusinessDesk: NZ Needs More than 'Milk, Houses and Disaster', Labour Says

The New Zealand economy is overly reliant on "milk, houses and disaster" and will see a significant slowdown in economic growth rates in the near future as recent one-off stimulus wear off, said Labour finance spokesman Grant Robertson.

In a speech ahead of the May 21 government budget, he said the record migration surge explained almost half the current economic growth rate of 3.3 percent, while the Canterbury earthquake rebuild was estimated to account for about a third of current growth.More>>

 

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

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Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

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Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

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Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

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Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

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Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

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"Don’t Give Up": End Of Kick-Start Hits KiwiSaver Enrolments
ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

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Serious Fraud Office: Alex Swney Receives Jail Sentence
Former Chief Executive of Heart of the City Alex Swney has been sentenced to five years and seven months’ imprisonment for charges brought respectively by the Serious Fraud Office (SFO) and the Inland Revenue. More>>

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Break The Internet: NZ ISPs To Stop 'Global Mode' From September
New Zealand internet service providers offering their customers the ability to circumvent regional restrictions on content they can access over the web will stop offering those services from September in a deal cut with broadcasters who were taking them to court.. More>>

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Radar Problems Ground Flights: TAIC Investigating Air Traffic Control Incident
The Transport Accident Investigation Commission has opened an inquiry into yesterday Tuesday’s air traffic control incident... The purpose of the inquiry will be to identify the circumstances and causes of the incident with a view to helping reduce the possibility of a recurrence. More>>

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Consenting Costs: Tax Department Wins Appeal Over Trustpower Deductions
The Inland Revenue Department has won an appeal against a 2013 High Court ruling over deductions claimed by electricity generator and retailer Trustpower on costs it incurred when investigating the feasibility of renewable energy projects. More>>

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Ports: Union Welcomes LPC Guilty Plea Over Worker’s Death
The Rail and Maritime Transport Union (RMTU) is pleased Lyttelton Port Company (LPC) has pleaded guilty to charges laid by Worksafe over the death of port worker Brad Fletcher in August 2014... “Now we must work on improving the safety culture at the port.” More>>

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Weakest Quarterly Growth In 2 Years: NZ Economy Expands 0.2 Percent
New Zealand’s $239 billion economy grew at its weakest quarterly pace in two years, driven by a dairy-led contraction in agriculture and the impact on the mining sector of a drop in oil and gas activity. The New Zealand dollar fell. More>>

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PSI: NZ Services Growth Accelerates In May
New Zealand's services sector, which accounts for about two-thirds of the economy, grew at a faster pace in May than a month earlier, helped by rising tourist numbers and international students. More>>

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Price Of Cheese: Fonterra Expects Hundreds Of Layoffs As Part Of Review
Fonterra Cooperative Group, the world’s largest dairy exporter, said it will be laying hundreds of its 1,500 head office and support function staff in a major reshape of the business following the global decline in dairy prices. More>>

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Private Properties: Adams Targets UFB Land Access In Proposed Law Change
Communications Minister Amy Adams wants to reduce consenting delays affecting an estimated 15 percent of households in the government-sponsored ultrafast broadband roll-out, proposing law changes that would make it easier for technicians to access properties with shared spaces. More>>

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Up 16%: Auckland House Price Jump Most In 11 Years
New Zealand residential property values increased at their fastest annual pace in over a year, as Auckland housing prices clock the biggest gain in over a decade, fuelled by record migration and low interest rates. More>>

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Crown Accounts: NZ Govt Accounts In 10-Month Surplus On PIE Inflows
The New Zealand government reported an unexpected operating surplus in the 10 months through April as the Crown's tax coffers were bolstered by a bigger inflow from Portfolio Investment Entity tax and strong consumer spending. More>>

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Bands Broaden: NZ Fixed Broadband Connections Rose 5.3% To 1.39M In 2014
New Zealand's retail fixed-line broadband market grew 5.3 percent last year, while data use per connection jumped 23 percent, with Spark New Zealand maintaining its market dominance, the Commerce Commission's annual review shows. More>>

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Commerce Commission: Law Change Creates New Climate For Borrowing
Consumers in the market for a loan can expect to see significant changes to lending practices after an overhaul of consumer credit law, which takes effect from Saturday. More>>

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Half Empty: Dairy Product Prices Slide To Lowest In Almost Six Years
Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in nearly six years, amid concern about the end of European milk quotas, Russia's trading embargo and sluggish Chinese demand. More>>

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