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


Budget Hits the Right Notes

Budget Hits the Right Notes

The government continues to guide the economy in the right direction said the New Zealand Bankers’ Association today in response to Budget 2013.

“The government’s prudent fiscal approach to the economy, underpinned by our strong and stable banking sector, is crucial to our continuing economic momentum in a still fragile global economy,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“The Budget announcement that the government had signed a memorandum of understanding with the Reserve Bank on macro-prudential tools builds on recent consultation with the banking sector, and we look forward to continuing to work closely with the Reserve Bank on the final shape of these tools.

“Concerns have been raised about the overheated Auckland housing market and we applaud the government’s move to address this through the Auckland Housing Accord. This is a positive initiative and recognises this is a supply-driven issue, not a credit-driven bubble.

“If it’s possible to meet the target of 39,000 new homes being consented in Auckland, and when we see the Christchurch rebuilding programme take off, then price pressures should start to ease as supply increases in these critical markets. This will lessen the need to apply any macro-prudential tools.”

The government also announced an intention to explore “micro-financing” partnerships with the financial sector to provide low cost small loans to those on low incomes.

“This would help protect low income families from loan sharks and provide access to responsible sources of lending. We welcome the government’s interest in this area and look forward to working with them on this issue and gaining a greater understanding of what is being proposed.”

“We would have welcomed a greater focus in the area of tax incentives for savings, which would support future economic growth. However we acknowledge the government’s commitment to achieving its surplus targets,” added Hope.


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>