Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Industry Support For Variable Savings Rate tool


Industry Support For Variable Savings Rate tool (VSR)

Press release: 29 April 2014

The operator of New Zealand’s largest sawmill and Rotorua’s largest employer, Red Stag Timber, supports the introduction of Labour’s Variable Savings Rate tool.

CEO and Chair Marty Verry says “a variable savings mechanism to support the OCR tool is something the forestry and wood processing industry advocated hard for leading into the 2007 Select Committee review of Monetary Policy tools.

“It is heartening to see the policy now being adopted by one of the mainstream political parties, and we call on other parties to support and implement it.

“I think I can speak for those in the smoko rooms as well as the board rooms of New Zealand in saying we would much prefer to pay extra into our own savings than interest rates.

“If in doing so we rely less on the OCR tool, with its detrimental effect on the exchange rate, then that has to be a good thing.

“Having a larger pool of savings will also support investment by companies like Red Stag Timber, who is ready to invest $120 million in a new state-of-the-art global scale sawmill pending government adoption of a ‘Wood First’ policy. Similar policies are in place in France, Canada, Japan, and the USA.

“The investment in supply-side capacity will also help suppress inflation. In our sector, that means lower building materials and housing costs, which are current sources of inflation,” adds Verry.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news