Reserve Bank of New Zealand tagged posts

New Zealand OCR Raised to 2.75%

June 10, 2010 New Zealand Finance

The treasury cash register is brokenThe Reserve Bank of New Zealand has raised the nation’s Official Cash Rate (OCR) to 2.75 percent.

On June 10th the Reserve bank of New Zealand (RBNZ) announced the first change in New Zealand’s OCR since April 30th 2009. At the latest OCR review, the rate was increased by 0.25 percent to a new level of 2.75 percent. The rate has remained unchanged for the last 8 OCR review sessions.

Alan Bollard, Governor of the RBNZ, explained the change, saying, “…the economy has entered its second year of recovery with growth becoming more broad-based.” The alteration has also been attributed to the strong recovery of the New Zealand’s key economic trading partners, especially the Asia region, Australia, and the US...

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New Reserve Bank Director Appointed

January 26, 2010 New Zealand Finance

Off to Work: University ProfessorBill English, the New Zealand Minister of Finance, has announced that two new directorship appointments have been made to the board of the Reserve Bank of New Zealand.

Neil Quigley, a Victoria University Professor of Economics, and Kerrin Vautier, an Auckland-based consulting research economist, were announced to have received the positions on January 19th. The two new appointees replace Alison Paterson and Sir John Goulter, who have served fifteen and ten years respectively in the positions.

According to Bill English, the Government was seeking candidates with an understanding of both macroeconomic and real-world business principals for the positions. He continued on to say that both candidates posses the required strong economic backgrounds and experience within a range of ventures...

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Bollard Wants House Tax Overhaul

November 13, 2009 New Zealand Taxation

Alan Bollard, Governor of the Reserve Bank of New Zealand (RBNZ), has stated that he wants to see new taxation measures ensure that New Zealand adequately handles property taxation, to prevent a housing caused economic lull.

Alan Bollard made comment on November 11th regarding New Zealand’s reliance on debt-fueled property investments. Though he did not go into specifics, he made it clear that it is the belief of the Reserve Bank that tax measures should be instated that would reduce the relative tax advantage that exists with investment in the housing sector.

Summing up his argument, Alan Bollard claimed that “for a number of years we have made a point of the need to ensure property investment is not particularly advantaged in terms of tax...

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