Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Why a large build-up of funds?

Media release 19 November 2002

Why a large build-up of funds?

ACC's recommendations for next year's employer levies are unnecessarily high, says Business NZ.

"ACC's consultation document proposed a 3 cent cut in the employer levy of 85 cents per $100 payroll and even more could have been cut, since the rates already build in a substantial risk margin of 15%.

"But ACC's recommendation to the Minister is now for a 1 cent cut only," Business NZ Chief Executive Simon Carlaw said.

"Given the existing reserves in the employer account, ACC's proposed levy for next year is significantly larger than needed for normal operation.

"Why a large build-up of funds? Is it an indication that ACC is about to be expanded in some way?"

Mr Carlaw said the public had a right to know if an increase in the scope of ACC was planned. He said employers had not been notified of ACC's intentions, which were published only in the NZ Gazette.

Other recommendations for continuing high levies in the self-employed and residual claims accounts, and a more than doubled petrol tax within the motor vehicle account would have negative implications for the economy, Mr Carlaw said.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>

ALSO:

Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>

ALSO:

IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>

ALSO:

Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>

ALSO:


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>

ALSO:


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>

ALSO:

Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>

ALSO: