Category Archives: New Zealand

New Zealands central bank has hiked interest rates earlier than other developed nations Photo: jon lyall / Shutterstock

On 17 August, the Reserve Bank of New Zealand (RBNZ) hiked its benchmark interest rate to 3% as it struggled to contain soaring inflation. Rising house prices and acute labour shortages have pushed annual inflation in Q3 2022 to a 32-year high.

With labour shortages adding pressure to inflation, what is the interest rate forecast in New Zealand for the next five years?

New Zealand has been leading the global monetary tightening cycle by rising rates earlier than other developed nations. We examine the countrys interest rate history and economic indicators to see whether New Zealand will retain its lead in spearheading monetary contraction.

The Reserve Bank of New Zealand(RBNZ)is the central bank of New Zealand. It was founded on 1 April 1934 through the enactment of the Reserve Bank Act.

In the early days, the bank was partly privately owned, with its main role restricted to maintaining exchange rate stability. In 1935, a newly elected Labour government nationalised the bank and authorised it to underwrite loans.

The banks functions expanded over the years in line with the Acts amendments. Significant reform took place in 1964, when the bank was tasked with using monetary policy to promote growth, employment and other economic goals.

By 2009, the RBNZ had a complete set of policy tools at its disposal. These included carrying out monetary policy, supervising the financial system, conducting financial market operations, providing clearing and settlement services, managing and monitoring the liquidity in the banking system, andissuing money to the general public.

The banks Monetary Policy Committee (MPC) formulates policy to achieve price stability over the medium term and support maximum sustainable employment.

In 1999, the Bank introduced the Official Cash Rate (OCR) as its main tool to keep inflation within its average target of between 1% and 3%. It works to keep average inflation near the 2% target midpoint.

The MPC meets seven times a year to discuss and modify the OCR and broader monetary policy. The body also meets to make arbitrary changes to the OCR in response to unforeseen developments.

According to the bank, these meetings have taken place twice. The first came after the World Trade Centre attacks in New York on 11 September 2001. The second followed the Covid-19 crisis in 2020.

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According to data on the New Zealand interest rate history, the bank's highest OCR since the key rate was established in 1999 was 8.25 percent in July 2007. That was during the global financial crisis 2007-2008 brought on by the US housing bubble.

The Reserve Bank of New Zealands interest rate was kept at 8.25% for about a year, from July 2007 to June 2008.

The lowest OCR rate that the MPC had set was 0.25% during the Covid-19 crisis in 2020. In March 2020, New Zealands interest rate was cut by 75 basis points (bp), lowering the OCR to 0.25% from 1% in February 2020 as the negative impact of Covid-19 on the countrys economy rose, the bank said in its statement. The RBNZ kept the key New Zealand interest rate unchanged at 0.25% until August 2021.

In October 2021, the bank started to ease its monetary stimulus, raising the Reserve Bank of New Zealand interest rate by 25bp to 0.50% as the economy showed signs of recovery.

However, the bank noticed risks from rising costs coming from higher oil prices and transportation costs, and supply shortfalls. At that time, the RBNZ expected inflation to increase above 4% in the near term.

The bank lifted the OCR by another 25bp in November 2021, bringing the interest rate to 0.75% by the end of 2021.

Since February 2022, as of 29 August, the bank has increased the New Zealand interest rate five times four of the hikes at 50bp. The series of rate increases took the OCR to 3% at the banks latest 17 August meeting, up from 1% in February.

Inflation, unemployment and the countrys economic growth are factors that the bank usually looks for to adjust the New Zealand interest rate. Lets look at how these have developed this year.

Inflation in New Zealand climbed to 7.3% in the second quarter to June 2022 the largest annual increase in 32 years, according to the countrys statistics office, Stats NZ.

It was more than double the banks inflation target of a maximum of 3%. The June 2022 quarter inflation was also higher compared to 6.9% in the first quarter of 2022 and 3.3% in the second quarter of 2021, as shown in the chart.

Housing and household utilities mainly rising prices for construction and rentals for housing are the main drivers for the 7.3% annual inflation up to the June 2022 quarter, Stats NZ said.

In its monetary policy statement in August, the RBNZ forecast annual CPI inflation to decline to 6.4% in Q4 2022. Over 2023, the bank has projected annual headline inflation to gradually drop, returning to the top of the 1%-to-3% target band by early 2024.

The banks Survey of Expectations, which polled 35 business leaders and forecasters and was released on 8 August, forecast inflation to decline to 4.86% in one year and 3.07% in two years. The five-year inflation expectation was set at 2.33%.

ANZ Research expected inflation in New Zealand to come down to 6.7% in September and 6.1% in December 2022. Inflation is forecast to continue its downward trajectory until it falls within the banks target at 2.5% in December 2023 and 2.3% in March 2024.

Acute labour shortages have kept New Zealands unemployment rate low. Stats NZ announced on 3 August that the annual unemployment rate stood at 3.3% in Q3 2022 practically unchanged from 3.2% in Q2 2022.

In August's monetary policy statement, the RBNZ attributed labour shortages to higher-than-usual levels of sickness from Covid-19 and other illnesses, as well as an outflow of New Zealanders heading overseas following the reopening of the countrys border.

A very tight labour market is adding to high consumer price index (CPI) inflation, with wage growth continuing to increase as businesses compete to attract or retain staff, the bank said in the statement.

The banks survey expected one-year-ahead unemployment to increase to 3.77% and to 4.31% in two years.

On 26 August, ANZ Research forecast New Zealands unemployment rate to rise to 3.4% in December 2022 and remain steady at that level in the first quarter of 2023. The unemployment rate is expected to pick up to 4% in Q4 2023, rising further to 4.8% in Q1 2024.

The countrys economy grew by 5.1% in the first quarter of 2022, but fell by 0.2% on a quarterly basis from 3% to December 2021, according to Stats NZ. The drop was primarily due to a decrease in primary industrys gross domestic products (GDP).

New Zealands central bank forecast the countrys GDP growth to slow to 3.9% in 2023, from an estimated 5.4% in 2022. It expected the GDP to have 0.6% contraction in 2024 before rebounding to 0.7% in 2025.

The RBNZs Survey of Expectations projected GDP growth to reach 1.49% in a year and achieve 1.89% annual growth in the June 2024 quarter.

The economy is then expected to grow faster in the year after, though still slower than what was previously expected two years ahead, the survey said.

ANZ Research forecast New Zealands GDP to grow by 4.4% in the September 2022 quarter, slowing to 2.2% in the December quarter. The countrys GDP growth picked up slightly to 2.8% in the March 2023 quarter before gradually declining to 1% in the March quarter of 2024.

While the RBNZs interest rate policy has a direct impact on New Zealands national currency, the NZD/USD rate has lately been strongly influenced by announcements from the US Federal Reserve (Fed).

NZD/USD live chart

On 10 August, Netherlands-based ING Groups research arm THINK weighed in on the prospects for the NZD/USD rate in the upcoming months, noting:

While the Kiwi dollar can continue to count on the most attractive carry in the G10, we suspect more instability in global risk sentiment may delay any benefits for high-yielding currencies to 4Q or the start of 2023.

We think NZD/USD could sink back to 0.62 by the end of this quarter, before starting to turn higher later this year and touch 0.64 by year-end.

Roger J. Kerr, Executive Chairman of investment firm Barrington Treasury Services, recently said that the NZD/USD rate is dominated by the decisions made by the Fed, with local factors, such as labour shortages and low consumer confidence, being practically irrelevant:

The NZD/USD exchange rate has plunged back to the low of 0.6140, last seen in June, following the speech at Jackson Hole by US Federal Reserve Governor, Jerome Powell on Friday 26th August.

The Kiwi dollar was hit hard by the risk aversion investment market sentiment as the Dow Jones index on the US equities market dropped over 1,000 points on the day following the Powell speech.

Whilst the NZ economy paints a decidedly negative picture, the NZ dollar value is unlikely to suffer as a result as there has been absolutely no offshore interest in the Kiwi for quite some time. The NZD/USD exchange rate movement will continue to be dominated by the USD side and the local NZ economic factors will continue to be totally irrelevant.

What are the long-term New Zealand interest rate predictions from analysts and the RBNZ?

In its Asia Economic Weekly outlook on 26 August, Bank of America (BofA) predicted New Zealand interest rates to rise by 50bp when the central banks MPC convenes in October, and another 50bp hike in November, taking New Zealands interest rate to 4% by end of the year.

BofA expected the RBNZ to put any rate adjustment on hold in 2023. The bank also forecast a significant slowdown in the countrys economic growth as tighter financial conditions gain traction, slowing the pace of household and business spending growth.

Ongoing capacity constraints and high inflation are unlikely to be resolved soon. Yet there is increased uncertainty around the global and domestic economic outlook. With domestic demand holding up relatively well outside of the housing market, there is increased risk for the hiking cycle to be extended into 2023, the bank said in the note.

In its New Zealand interest rate outlook on 26 August, ANZ Research forecast the RBNZ to increase OCR to 4% by December 2022 and hold the rate at that level until December 2023.

ANZ had previously forecast that the bank may cut the OCR from a peak of 4% in the second half of 2024 to 3.5% in the fourth quarter 2024m but it has removed the rate cut in the latest estimate.

ANZ noted:

While obviously what 2024 looks like is subject to extreme uncertainty, weve now taken those cuts out of our forecast, to make it consistent with our current thinking. We continue to expect the RBNZ to lift the OCR to a peak of 4% by year-end, though we see the risk profile tilted to more. But we no longer expect the RBNZ will be cutting the OCR over the duration of our forecast horizon (barring some miraculous recovery in the supply-side of the economy, or some unforecastable shock hitting the economy).

In its August monetary policy statement, the RBNZ estimated that it may hike the OCR to 3.7% by December 2022 and 4% by Q1 2023. The OCR may be lifted to 4.1% in Q2 2023 and held there until the second half of 2024, before being lowered to 3.6% in September 2025.

The National Australia Bank (NAB) has predicted that the New Zealand interest rate will be lifted to 3.5% by December 2022 and stay at that level until September 2023. The RBNZ is forecast to cut the key rate to 3.25% in December 2023 and continue to gradually lower it to 2.25% in December 2024, according to NABs forecast.

ANZ, BofA and the RBNZ did not offer forecasts beyond 2025.

Australian lender Westpac predicted interest rates in New Zealand to rise in the short term,forecasting the RBNZ to lift the OCR to 4% by the end of 2022, from 3% in the Q3 2022.

The bank predicted that the interest rate in New Zealandmay be held at 4% until the second quarter of 2024, before the countrys central bank cuts the rate in the third quarter to 3.5%, continuing to lower the OCR until it reaches 2% in December 2025.

The RBNZ is forecast to pause any adjustment on the OCR and keep the rate at 2% until the end of 2028.

Forecasts in this article showed that the Reserve Bank of New Zealand could raise the interest rate to 4% by the end of the year, before lowering it in the long term as inflation pressure is expected to ease.

Remember that analysts predictions can be wrong. You should always conduct your own research before trading, looking at the latest news, analyst commentary, fundamental and technical analysis. Note that past performance does not guarantee future returns. And never trade money you cannot afford to lose.

The Reserve Bank of New Zealands official cash rate (OCR) stood at 3% after a 50bp rate hike on 17 August. The rate may change in following meetings.

Forecasts from banks mentioned in this article showed that the New Zealand interest rate could fall in the long term as inflation pressures are expected to ease. Note that analysts forecasts can be wrong. Always do your own research.

Australian lender Westpac has estimated the NZ interest rate to stand at 2% by December 2028. Keep in mind that their projection can be subject to error.

See the original post:

New Zealand interest rate forecast: Will RBNZ continue to be global tightening leader? - Capital.com

Williams said to AM host Melissa Chan-Green: "It is kind of grim because Louis CK is probably the best comedian in the world and he's kind of brushed away these very serious allegations against him."

"For me it's kind of depressing because the question has always been 'why aren't there more women in comedy?'. I think the honest answer is because of sexual assaults and predators like Louis CK and so it's a really tough one," said Williams.

"People go 'I find him funny and I'm going to watch the show', but I think anyone trying to buy tickets, you have to think this guy is an abuser. He doesn't really repent for what he's done and tried to suppress the allegations against him for so many years.

"I don't think it's very ethical to go and support a comedian like him... he can just continue to tour whenever he wants.

"He won the Grammy last year so the Grammys are kind of endorsing him but I think he doesn't realise the magnitude of what he's done, as so many men don't realise the seriousness of sexual harassment and sexual assault.

"So in my mind, he's not someone who's worth bringing back."

Louis CK will perform at Auckland's Kiri Te Kanawa Theatre on Saturday, November 19, Christchurch's Town Hall on Sunday, November 20 and Wellington's Michael Fowler Centre on Tuesday, November 22.

Read the original post:

Guy Williams slams 'abuser' Louis CK's tour of New Zealand - Newshub

The Black Ferns Sevens haka. Photo / Photosport

The All Blacks Sevens and Black Ferns Sevens squads set to compete for the Rugby World Cup Sevens title in South Africa early next month have been named today.

Both teams are defending back-to-back champions and depart for Cape Town today, the men fresh from victory at the Los Angeles Sevens in USA and the women from their training base in Tauranga.

The Rugby World Cup Sevens is played in a knockout format, with both teams just playing one must-win match in a bid to advance to the quarter-finals. A total of 24 men's teams and 16 women's teams will take the field at Cape Town Stadium.

On their way to victory at the Los Angeles Sevens over the weekend, the All Blacks Sevens lost four players to an already sizeable injury tally.

Coach Clark Laidlaw said while those players would have been likely selections in the World Cup squad, he is ultimately pleased with the makeup of the team.

"I guess the exciting part of the weekend just been was the emergence of some players that don't always get a lot of game time. It tested our depth and showed if we apply ourselves the players we have are very capable.

"Winning like that builds belief. We had a tough pool but there were little moments that set the tone in terms of the resilience we want to show."

Senior players including co-captain Sam Dickson, Scott Curry and Dylan Collier were rested for the USA tournament and will add their experience to the World Cup campaign.

"They are three of our best and arguably some of the best forwards in the game at the moment. I think their energy will perk up the boys so it will be perfect bringing them in as the rest of the squad are recovering from the weekend."

Laidlaw said the prospect of the unique format makes for an exciting two weeks ahead.

"The World Cup is unlike any other tournament. Only playing four games across three days; there is a lot of downtime where you could over-think things so getting that balance right is important.

"Some of our fondest memories are tournaments in South Africa, they have passionate fans if we come up against South Africa you won't find a more hostile environment we're excited to get there."

The All Blacks Sevens will open their campaign against the winner of the match between Scotland and Jamaica.

The Black Ferns Sevens will celebrate two significant milestones at the Rugby World Cup Sevens with Canterbury teen Jorja Miller set to make her international debut while captain Sarah Hirini will become the first player to reach the milestone of 50 tournaments for the side.

"The team is surrounded by some really good energy at the moment. We can all jump on board and be inspired if its about the first tournament or the 50th tournament it will be important for the players to express themselves and enjoy this moment," said coach Cory Sweeney.

Sweeney said Miller's debut was just a matter of time.

"We've watched Jorja since she was 15 years old and she's been a stand out amongst her peers. We had internal games last week and there was no question, she stood up and really earned her selection."

Preparation for the World Cup has been solid for the team as they will look to improve on their bronze medal showing from the Commonwealth Games.

"Its fair to say that the group was disappointed, but we were proud of how they bounced back to win the bronze medal. We are determined to reach our potential, so the last three weeks have been awesome and we are ready to go to the World Cup and be as strong as we possibly can.

"We know what Cape Town is like, the environment is unreal and we are excited to get there."

The Black Ferns Sevens will play Colombia in their opening match.

Kurt Baker (33, Hawke's Bay, 50)Dylan Colllier (31, (Waikato, 46)Scott Curry (34, Bay of Plenty, 60)Sam Dickson (32, Canterbury, 63) co-captainMoses Leo (25, North Harbour, 4)Ngarohi McGarvey-Black (26, Ngati Porou East Coast, 18)Sione Molia (28, Counties Manukau, 44) co-captainTone Ng Shiu (28, Tasman, 32)Amanaki Nicole (30, Southland, 12)Lewis Ormond (28, Taranaki, 13)Akuila Rokolisoa (28, Counties Manukau, 19)Brady Rush (23, Northland, 4)Caleb Tangitau (19, Auckland, 6)Regan Ware (28, Tasman, 46)

Unavailable due to injury: Tim Mikkelson, Rhodes Featherstone, Kitiona Vai, Joe Webber, Leroy Carter, Roderick Solo, Che Clark, Andrew Knewstubb

Michaela Blyde (26, Bay of Plenty, 35)Kelly Brazier (32, Bay of Plenty, 40)Stacey Fluhler (26, Bay of Plenty, 29)Sarah Hirini (29, Manawatu, 49) - captainJazmin Felix-Hotham (22, Waikato, 4)Shiray Kaka (27, Waikato, 17)Jorja Miller (18, Canterbury, debut)Risaleeana Pouri-Lane (22, Bay of Plenty, 9)Alena Saili (23, Bay of Plenty, 22)Niall Williams (34, Auckland, 31)Tenika Willison (24, Waikato, 15)Portia Woodman (31, Northland, 38)

Travelling reserves: Manaia Nuku and Mahina Paul

Unavailable due to injury: Tyla Nathan Wong, Shakira Baker, Tysha Ikenasio

Saturday 10 September (NZT)

2.01am: All Blacks Sevens v winner of Scotland v Jamacia3.37am: Black Ferns Sevens v Colombia

Remaining fixtures will be determined on the outcome of the first matches.

See full schedule here.

See the rest here:

NZ squads named for Rugby World Cup Sevens - New Zealand Herald

The Government introduces a tax on Kiwisaver, the new plan to stop the crime wave and remembering Princess Diana 25 years on in the latest New Zealand Herald headlines. Video / NZ Herald

A 501 recently deported from Australia missed his court date in New Zealand this week because he says he was focused on finding a job.

In his absence, the judge imposed an order with a number of conditions he must abide by until July 2023 - including not possessing or consuming drugs or alcohol, attending alcohol and drug counselling and staying away from violence.

They are all conditions Irie Te Moana Charles Tiki Johnson says he's more than happy to meet as he tries to build a new life here.

The 29-year-old told Open Justice he would have no problem complying as he is now drug-free, actively looking for work and hoping someone would give him the chance to prove himself.

"You have got to get a job, you have got to do something productive with your time. I've got no idea what I'll end up doing at the moment but you have got to do something."

Johnson's case was heard in the Whanganui District Court on Monday where the Department of Corrections chief executive sought to impose special conditions under the Returning Offenders Act 2015.

Johnson was released from a Western Australian prison in April after serving just under two years for drug and burglary charges.

He then spent time in a detention centre awaiting his deportation back to New Zealand and his home town of Whanganui.

Johnson, who has been in Australia since 2015, had mixed feelings about coming home to provincial Aotearoa.

"It's good, but it's the reason I left in the first place.

"It's not easy settling in, but it's a lot easier because all of my family are here."

Johnson had been initially working in Australia but then found himself in a bit of trouble after using methamphetamine.

"It's a slippery slope with that one."

Following his first offences Johnson says he tried to come home to sort himself out but his request was refused as he had to serve his community detention sentence, which resulted in him sleeping rough on the streets.

"Being a Kiwi in Australia, when you are homeless, you can't get Centrelink [income support] and you can't get references for jobs. You end up trapped in a cycle you are unable to break."

He said using methamphetamine made living on the streets bearable.

"It was better than actually sleeping. However, I fell back into the same trap and got caught doing the same stuff again, which ultimately led me to do what I did."

He had no bitterness about being deported.

"If people were doing that in my country, I would probably do that same."

Judge Carter imposed the order, in Johnson's absence. Johnson said he was attending a second interview for a job as a storeman.

It comes after 501 deportee Aaron Paul Pryce successfully challenged a requirement that prevented him from entering any licenced premises besides a supermarket.

The 41-year-old, who was deported last year after serving an eight-year sentence for a home invasion, felt the restriction imposed by the Department of Corrections was unfair, saying he had done his time and should be able to enjoy a beer with his mates.

In January a judge agreed with him.

Pryce told Open Justice at the time he encouraged other deportees to follow his lead and challenge any conditions they feel have been unfairly imposed on them since their return to New Zealand.

"I have tried to do the right thing and I got a win, and every other 501 should do the same thing and we can all catch up for a beer at some stage."

Read more:

501 deportee looking to contribute to community after beating drug problem - New Zealand Herald

New Zealand Foreign Minister Nanaia Mahuta is confident that the Chinese Communist Party (CCP) will not torture or give an unfair trial to the New Zealand (NZ) permanent resident facing extradition to China.

According to documents obtained by the Associated Press, Mahuta believes the CCP will abide by its promises due to the otherwise negative publicity it would bring to the regime.

The countrys Supreme Court ruled in April that Kyung Yup Kim, suspected of murdering a young woman in Shanghai in 2009, could be extradited to China in a landmark decision.

The decision was made after the CCP agreed to give assurances that Kim would be held in Shanghai both before and after the trial, if convicted.

It also gave the assurance that during the investigation phase, visits from NZ diplomatic and consular representatives would be permitted at least once every 48 hours to monitor Kim and lessen the danger of being subjected to an act of torture.

Kims lawyers unsuccessfully argued that consular staff would not have the ability to ensure the safety of Kim.

In a letter to Kris Faafoi, the former minister of justice, Mahuta said she had a clear view that China will uphold the assurances despite her concerns surrounding the human rights violations in the Xinjiang region, Hong Kongs regressive national security law, and the three-year detention of Michael Spavor and Michael Kovrig from Canada.

This will be a test case for Chinaone the international community is watching closely, she wrote. This means that Chinas incentives to abide by the assurances are strong.

In a following letter, she wrote that the case was not a political case, as Kim had no connection to Xinjiang or Hong Kong, meaning he was not a risk of being used as leverage in arbitrary detention.

Mahuta concluded that whether New Zealand could rely on the given assurances was a matter for the Ministry of Justice.

Kims lawyer, Tony Ellis, took the case to the United Nations Human Rights Committee in June to overturn the extradition after Faafoi deemed the extradition remained appropriate despite Kims health conditions.

Faafoi wrote in a letter that Kims health conditions were not extraordinary or compelling enough to preclude extradition.

I consider that your health can be adequately managed in China, where you will have access to healthcare when detained, he said.

However, in April, politicians from across Australia, New Zealand, and Europe warned Faafoi that Beijings promises were not to be relied upon.

They noted the two Canadian Michaels and Australian-Chinese writer Yang Hengjun as examples.

It is noteworthy that diplomatic assurances have repeatedly failed to protect people from torture, the lettersaid. The widespread and well-documented practice of torture in custody throughout the [Chinese] system, together with the absence of any reliable way of monitoring treatment ought to preclude extradition to China.

The documents also revealed the cost of the extradition to New Zealand taxpayers due to the extra diplomat that would need to be posted to monitor Kims treatment if found guilty.

The estimated cost for posting an extra senior consular official for the first year was $377,000 (US$234,000).

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Rebecca Zhu is based in Sydney. She focuses on Australian and New Zealand national affairs. Got a tip? Contact her at rebecca.zhu@epochtimes.com.au.

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New Zealand Foreign Minister Believes CCP Will 'Abide' by Promises for Extradition of Resident to China - The Epoch Times

Overview

New Zealand Police is inviting public submissions on the proposed regulations to support the new legislation for the Firearms Registry.

The new Firearms Registry is being implemented to help maintain the balance of keeping our communities safe while still enabling the safe use of firearms in our communities for legitimate purposes.

Director Partnerships, Arms Safety and Control, Superintendent Mike McIlraith provides a summary of the proposed regulations to support the Firearms Registry and how to engage with the consultation.

Mori Responsiveness Manager, Arms Safety and Control, Inspector Whiti Timutimu provides a summary of the proposed regulations to support the Firearms Registry in te reo Mori.

We are consulting on proposals for regulations to support the changes coming into force for the Firearms Registry.

We want to ensure the regulations are fit for purpose, and to give the public and stakeholders, in particular firearms licence holders and dealers, the opportunity to understand and shape the proposed regulations.

Consultation opens on 31 August and closes on 12 October 2022.

The consultation does not cover establishment of the Registry, access to the Registry by other Agencies, or offences related to the Registry, all of which are already set out in the Act.

There are three ways to send in your submission:

Firearms licence holders have a period of five years from 24 June 2023 to 24 June 2028 to provide information to Police on the specified arms items they possess. It is proposed that there are certain occurrences which will require licence holders to update the Firearms Registry within 14 days, including whenever they:

If none of these actions occur, people can still log on and enter their information at any time during the five years from 24 June 2023 to 24 June 2028. Self-registration enables firearms users to plan for and undertake the registration process in their own time.

After these five years, there will be a short grace period (to be prescribed in the regulations) during which licence holders who havent already provided Police with information on the regulated arms items they possess must provide that information.

This will build up a comprehensive Firearms Registry over time and enable licence holders to be assured that there is accurate information about themselves and their arms items in the Firearms Registry.

The scope of the consultation includes:

New regulations are required to:

Originally posted here:

Consultation on proposed regulations to support the new Firearms Registry - New Zealand Police

Paying for housing is becoming tougher and tougher for people aged 65 and over, new research from The Retirement Commission has found.

Treasury figures show for 40% of people aged 65 and over, New Zealand super is their only source of income.

For superannuitants who are still renting, they are likely to be spending 40% or more of their income on housing.

It's even worse for those who have mortgages. Eighty per cent spend more than 40% on housing costs and more than half spend over 80% on paying for housing.

It was not always like this. In 1986, 87% of those aged over 60 were mortgage-free and living the dream retirement lifestyle.

Fast forward a few decades and life has changed, with even those just about to retire worried about their future.

Throwing back to 1986, just 13% were renting, compared to 20% now.

This study's author, Dr Suzy Morrissey, believes there will be a 100% increase in those renting by 2048.

"We've got up to 600,000 people over 65 renting by 2048, and obviously housing costs and renting have increased over recent years," Morrissey said.

Grey Power says studies they've done show the same level of hardship.

"Unfortunately the most common ones that we are hearing about is cutting back on heating and cutting back on food and those are things obviously that are absolutely essential to maintaining good health for everybody, not just those in old age," vice president Pete Matchem told 1News.

There are calls for the pension to be increased and for other help too.

"Alternatives might be to look at the accommodation supplement," Morrissey said.

"The challenge there for older people is there's quite a low cash asset threshold for that and that threshold hasn't been looked at since 1993 when the accommodation supplement came in."

No matter their age, people are being encouraged to think about saving for their retirement.

See more here:

Retirees struggling to get by living off New Zealand super - 1News

Te Whatu Ora Health New Zealand has today announced the appointment of Abbe Anderson as National Commissioner.

Announcing this permanent appointment, Te Whatu Ora Chief Executive Fepuleai Margie Apa said Abbe Anderson brings diverse experience across hospital and primary care, including two decades leading complex system reforms.

Abbe comes to us from Brisbane where she worked with the Institute for Urban Indigenous Health, supporting the development of community-led commissioning frameworks for Aboriginal and Torres Strait Islander peoples. She is also a director on the boards of Beyond Blue, Australia's most recognised mental health charity, and the Sunshine Coast Hospital & Health Service, serving a population of around 460,000 people.

While Chief Executive of the Brisbane North Primary Health Network (PHN), Abbe successfully led the organisation through two significant government reforms to transition from a Division of General Practice to a Medicare Local and then to a PHN that commissions primary care services for a population of more than one million people.

Abbe is passionate about equity and I am delighted to have her in this role.

In her new position, Abbe will lead the strategic development and management of a commissioning system, delivering community and primary care and integrating with hospital and specialist services to meet the priorities of Te Pae Tata New Zealand Health Plan. Concurrently, Abbe will work in close partnership with Te Aka Whai Ora Mori Health Authority in joint ventures or co-commissioning to improve access, and outcomes, for Mori.

Margie Apa also acknowledged Keriana Brooking for her service as the Interim National Commissioner.

Keriana has worked hard to set up the new national commissioning function and ensure Te Whatu Ora is well placed for the new permanent appointee.

Abbe Anderson takes up her new role on 12 September.

Read this article:

Abbe Anderson appointed as National Commissioner - New Zealand Doctor Online

New Zealand exporters are faring quite well despite turbulence in world trade. Photo / File

Trade expert Stephen Jacobi says New Zealand exporters - aided by strong demand from China - have held up well despite a "messy" world trade environment.

Jacobi, speaking at a presentation put on by the newly listed trade software specialist, Trade Window, gave a rundown on the current state of play with global trade.

"What can I say it's messy out there," Jacobi, executive director of the NZ International Business Forum, said.

"Exporters are today facing unprecedented challenges in getting their products to market and into the hands of discerning consumers who want them.

"The global economy is in a funk.

"The pandemic is by no means over, there is war in Europe - who would have thought we would be using that phrase in the 21st century - global markets are disrupted by supply chain bottlenecks, inflation is taking its toll on the global economy and people around the world are hungry.

"We have [Russian President Vladimir] Putin's abominable invasion of Ukraine to blame for this even before the global economy has recovered from the pandemic, the war has ruined any chances of an early recovery."

In July the International Monetary Fund (IMF) released what it described as a "gloomy and uncertain forecast".

The IMF said world growth was expected to slow from an estimated 6.1 per cent last year to 3.2 per cent in 2022 and 2.9 per cent in 2023.

Last October, the IMF was forecasting growth for 2022 of 4.9 per cent.

Global trade had dropped by 5 per cent in 2020 but had grown by 9.8 per cent last year.

Now the World Trade Organisation was forecasting growth of 3 per cent because of the war.

"Against this backdrop, New Zealand's exports have held up remarkably well, at least in terms of value. Exports were up 6 per cent last year but trade volumes have been slipping.

"Both exports and imports remain hampered by bottlenecks at our ports and an exponential rise in shipping rates which makes getting products to and from market exceptionally difficult and expensive."

He said thankfully, exports to China were up 21 per cent by value last year and still growing despite the economic slowdown and continuing lockdowns in that country.

"That growth, and China's increasing assertiveness on the world stage, is causing some, especially in Government, to question whether we are over-dependent on China and should seek to diversify.

"That's a fair enough question to ask, but it probably has as much if not more to do with geopolitics than economics.

"Clearly in a highly contested and unstable global environment the political risks of doing business around the world are growing and exporters need to keep a watchful eye on this and look especially to consolidate their relationships in key markets."

Jacobi said trade diversification was "a lot easier to talk about than do".

Much would depend on the availability of alternative markets, with market access a particular problem for New Zealand.

The recent free trade agreement with the UK was a case in point.

"It is undoubtedly one of the best we have concluded, giving significant new market access for all goods and services of export interest," Jacobi said.

The recently concluded NZ-EU free trade agreement (FTA) gave new access for a range of products but not at all for dairy and meat, New Zealand's two biggest export sectors.

Jacobi said neither FTA would replace China "it is simply a question of market demand".

"FTAs remain important, but we need to look at other instruments to fuel our export drive."

Jacobi said digital technology was transforming economies and had the capacity to speed the movement of goods through supply chains, reduce costs and promote the development of a new "weight-less" economy through new digitally delivered services.

New Zealand and Australia were investing in arrangements to provide a new architecture for digital trade New Zealand through the Digital Economy Partnership Agreement (Depa), which was attracting new interest around the region.

Software tech startup Trade Window was listed on the NZX last November at a 25 per cent premium, giving it a market capitalisation of $99m.

On debut, the company, which provides digital solutions for exporters, importers, freight forwarders and customs brokers, increased its share price trade to $1.15, up from its 92c reference price.

Trade Window traded on the NZX today at 68c.

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Stephen Jacobi on world trade: 'It's messy out there' - New Zealand Herald

Damien O'Connor said minor players and those keen to grow the volume or value of exports need opportunities. Photo / Mark Mitchell

New Zealand's dairy export quota allocation system is to be reviewed for the first time since it was set up 15 years ago, with the aim of maximising value from new FTAs and giving new, innovative players the chance to play in the big league.

Agriculture Minister Damien O'Connor told the Herald the review would get underway with industry consultation late this year.

"It's timely to look at the whole dairy industry. DIRA (Dairy Industry Restructure Act) is being amended to make adjustment for Fonterra (capital restructure), we have negotiated free trade agreements, we have more exporters and independent dairy processors and we probably have reached peak milk.

"So with the volume of raw material we have, we have to be assured we are assisting those who want to maximise the value of it."

Dairy export revenue hit a record $22.1 billion in the year to June 2022.

New dairy quotas would become available under recently negotiated FTAs with the UK and the European Union and would present new opportunities for exporters, he said.

Dairy export quota allocations are set each year by the Ministry for Primary Industries and allocated to eligible processors proportional to the milk they collect from farmers.

To be eligible, processors must collect at least 0.1 per of New Zealand's total milk solids.

New Zealand produced 1.91 billion kilograms of milksolids or 21 billion litres of milk in 2021.

Fonterra, New Zealand's biggest business and the world's largest dairy exporter, could be expected to have the lion's share of quota allocation given the volume it processed.

"But for minor players and those who might be looking to grow either the volume of their exports or the value, we've got to create some opportunities," O'Connor said.

MPI can't offer a volume figure for quota allocation because it said there was a diversity of quotas which covered different products and each had different maximum volumes.

New quotas with additional volumes and products would be added as a result of the successful negotiation of FTAs with the UK and EU.

Utilisation of quotas varied considerably by year and by destination, reflecting changing market conditions in both the destination countries and other countries where New Zealand processors export to, the ministry said.

New Zealand and the UK are completing processes for the UK-NZ FTA to be ratified. The dairy quotas under the new FTA would initially be allocated under the current quota allocation mechanism outlined in DIRA.

It's expected New Zealand and the EU could sign that new FTA in 2023, with entry into force possible in 2024.

"We'll be looking at the mechanisms for quota allocation to ensure the settings are right to promote innovation and to provide security as well for those who have invested in the markets and in products for particular markets where there are quotas," O'Connor said.

Any prospective legislation change would be initiated after consultation, which would not be rushed, O'Connor said.

"This is not urgent but it is necessary and so we are not going to be held to clear timelines ... we will make sure we consider it very carefully and objectively.

"It (the consultation) will be open, we are not going to close down opportunities to have input into this.

"These are valuable market opportunities through negotiated quota access and we have to protect the integrity of that access and quality of products that take up those opportunities."

The quota allocation system was established in 2007, initiated by then-agriculture minister Jim Anderton.

The rest is here:

Govt to review dairy export quota system for first time in 15 years - New Zealand Herald