Reserve Bank Governor

New Zealand Tax Revenue Down by $3.18 Billion

In its latest Tax Outturn report, the New Zealand Government has revealed that the total unconsolidated tax revenues for the seven months to January 2010 were 9 percent lower than the same period last year, and 0.1 percent below previous forecasts.

NZ Benefit Numbers Drop

On March 7th the New Zealand Government revealed that over the month of February the number of individuals on the Unemployment benefit had dropped by 4 224, the largest decrease since the beginning of the recession.

Labour Party to Launch GST Protest Tour

Phil GoffThe New Zealand Labour Party has announced that it will be launching a cross-country bus tour in protest to the National Party’s proposed Good and Service Tax rate increase.

NZIER Predicts Slow Economic Recovery

The New Zealand Institute of Economic Research (NZIER) has released its latest report, in which it describes New Zealand’s economic recovery over the upcoming years as “jagged”, along with “bumpy and subdued”.

Church Donation Tax Cheat Sentenced

An Upper Hut resident who defrauded the Inland Revenue Department (IRD) for NZD 41 000 by using a system fake church donations has been sentenced to seven months home detention and 120 hours of community service.

Oct 30, 20090

NZ OCR Unchanged

Categories: New Zealand Finance

The New Zealand Official Cash Rate (OCR) remains unchanged, as of its 29th of October review. On the 29th of October it was revealed that the Reserve Bank of New Zealand has decided to maintain the New Zealand OCR at 2.5%. The review was the fourth which had led to an unchanged OCR, the last alteration being on the 12th of March 2009. According to Alan Bollard, Reserve Bank Governor, there seemed to be no reason to withdraw the monetary policy stimulus. ... Read More

Sep 11, 20090

Government Mulls Property Taxes

Categories: New Zealand Finance, New Zealand Taxation

Statements made by Alan Bollard indicate a possible creation of a property speculation tax. In a statement on the 10th of September, Alan Bollard, Reserve Bank Governor stated that he would support the introduction of a property speculation tax in New Zealand. He provided no firm mechanics on any such possible system, but a brief overview of the idea was described. Levies could be imposed on owner unoccupied housing, possibly immediately or if sold within a preset time period. The idea behind such ... Read More

Nov 11, 20080

Banks May Face New Safety Regulations

Categories: International Finance

According to statements made by Reserve Bank Governor, Alan Bollard, the Reserve Bank is talking to commercial banks about possible new funding and liquidity standards.
While releasing the bi-annual Financial Stability Report, Alan Bollard disclosed the proposed new policy which is aimed at creating incentives for banks to diversify their reliance on funding sources. Primarily [...]

According to statements made by Reserve Bank Governor, Alan Bollard, the Reserve Bank is talking to commercial banks about possible new funding and liquidity standards. While releasing the bi-annual Financial Stability Report, Alan Bollard disclosed the proposed new policy which is aimed at creating incentives for banks to diversify their reliance on funding sources. Primarily it is aimed at reducing the use of short-term wholesale as a source of funding, so as to reduce the bank’s exposure to market disruptions. In the ... Read More

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