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

 


Capital markets report useful but more needs to be done

27 February 2013

Capital markets report useful but more needs to be done

The Government’s final report under the Business Growth Agenda lists useful undertakings to enable better access to capital, says BusinessNZ.

Building Capital Markets is a useful component of the Agenda to build the New Zealand economy, says BusinessNZ Chief Executive Phil O’Reilly.

“However, for it to achieve the Government’s goal of New Zealand becoming a magnet for foreign investment, much more must be done.

“The OECD’s Going for Growth report on the New Zealand economy, just released, says its top priority for change would be for New Zealand to “reduce barriers to FDI and regulatory opacity”.

“The OECD’s three recommendations are that FDI screening requirements should be clarified, that Ministerial discretion over FDI bids be removed, and that the revised Regulatory Standards Bill be passed.

“These three simple actions would do more than anything else to improve the flow of investment and allow New Zealand businesses to get on with growing exports.

“Business is supportive of these simple changes. The vagueness of FDI rules and Ministerial power over them are significantly constraining investment flow to New Zealand. The Regulatory Standards Bill would require all planned new legislation to conform to standards of transparency, accountability and cost-benefit efficiency. This Bill should not be left languishing on the Order Paper with little chance of being advanced, as is currently the case.

“The Government’s initiatives listed in Building Capital Markets are welcome. Changes to foster more efficient private capital markets, along with better equities law and increased support for venture capital programmes are positive.

“But if the Government is serious about the goal of making New Zealand a magnet for investment, it must concentrate on fixing the investment and legislative rules that are holding us back.”

Building Capital Markets can be downloaded here
Going for Growth can be downloaded here.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news