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

 


Budget Predominantly Positive

Budget Predominantly Positive


Property Council applauds the Government’s 2014 Budget for the provisions it makes in several areas in a forward momentum which will benefit the whole nation.


The Budget has announced a commitment to increasing housing supply which directly targets the country’s housing unaffordability crisis. Increasing supply is key to assisting with housing affordability, as well as providing more options to prospective buyers.


The development of Housing Accords to fast track supply in key areas of New Zealand, which are experiencing high levels of demand, illustrates the importance of this matter.


Measures over the next year must include releasing land for development, agglomeration of sites to enable a big enough footprint for dense development, the provision of relevant infrastructure, master planning and streamlined efficient consent processes.


The Government’s steps to accelerate infrastructure in Auckland, such as roading and rail, is particularly positive in this regard as is the Government’s work to ensure lower construction costs, more equitable development contributions and efficient Resource Management Act processes.


However, the Budget leaves a gaping hole in the area of seismic strengthening and fails to address costs and affordability issues associated with undertaking strengthening work.


At the moment, too much time is passing with ever increasing uncertainty about how to remedy the detrimental impacts of this on local communities. Costs for undertaking strengthening work are substantial and it is likely many building owners will struggle to afford them. The Government’s intervention in this area is paramount.


Property Council chief executive Connal Townsend strongly supports the priority given to the Christchurch rebuild and the desire to get development and investment into the city.


“The announcement of apprentice schemes is particularly positive, especially in respect of the priority trades we need for the Christchurch rebuild, and construction in Auckland.


“However we urge the Government to engage the Private Sector in processes and decision making, to ensure efficiencies and effecting integration of private and public sector requirements. Speedy, effective decisions are key.”


END.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news