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Budget initiatives for business

Commerce Minister Paul Swain today announced $10.447 million budget funding for a range of initiatives aimed at improving New Zealand’s business environment.

Initiatives include:

- $7.735 million over four years will go to the Securities Commission,
- $1.613 million over two years will go towards reducing business compliance costs,
- $1.099 million over four years will go to the Accounting Standards Review Board.

Securities Commission

The Securities Markets and Institutions Bill gives the Securities Commission greater powers, particularly in regard to enforcement actions in cases of insider trading. The ultimate aim of the bill is to boost investment in the New Zealand economy. “Investor confidence increases where strong institutions are seen to be effectively enforcing securities law,” said Mr Swain.

Part of the Commission’s $7.735 million increase will be spent on increased staff and professional services, while part will be used to establish a litigation reserve fund to enable the Commission to undertake major litigation activity without unnecessary delay.

Reduction of Business Compliance Costs

The $1.613 million funding in the budget is in addition to a number of measures that have already been taken and is in response to the Business Cost Compliance Panel, which reported last year.

$1.051 million will be used to address concerns with the Resource Management Act, including reducing the time and costs involved with the consenting process.

$562,000 will be spent on developing a one-stop internet portal to improve access to business information. This is a direct response to the panel’s recommendations to establish a single site from which businesses can easily access and/or search for business and regulatory information.

Accounting Standards Review Board

The Accounting Standards Review Board increase will enable New Zealand to contribute to international work associated with developing Financial Reporting Standards to ensure that these are acceptable to the New Zealand environment and will help consolidate New Zealand’s position as a world leader in the development and application of FRSs in the public sector.

Ends

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