Finance

The Bill putting in place the Government’s policy of banning overseas buyers of existing houses has been reported back to Parliament by the Finance and Expenditure Select Committee.

Land Information Minister Eugenie Sage and Associate Finance Minister David Clark have granted an application under the Overseas Investment Act 2005 for Cresswell NZ Ltd to purchase land to expand the existing Otakiri Springs water bottling plant near Whakatane.

New figures showing a high level of overseas house buying in New Zealand’s least affordable areas vindicates the Government’s move to ban foreign buyers of existing homes, Associate Finance Minister David Parker says.

The Terms of Reference for Phase 2 of the Review of the Reserve Bank Act were released today by Finance Minister Grant Robertson.

Finance Minister Grant Robertson and Commerce and Consumer Affairs Minister Kris Faafoi have met with the Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) to discuss their previously announced review of the conduct and operations of the financial sector.

Health, education, housing and other critical public services receive overdue investments today, says Finance Minister Grant Robertson.

Responsible decision-making and a strong economy will deliver a forecast $3.7 billion surplus in 2018/19, up from $3.1 billion forecast in the current year, says Finance Minister Grant Robertson. 

Public consultation will be launched in August on establishing an independent body to better inform public debate in our democracy, Associate Finance Minister James Shaw announced today.

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy.

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement.

The Government’s accounts continued to track slightly better than expected in the eight months to the end of February, with the Government surplus nearly $500 million higher than the Treasury forecast in December, Finance Minister Grant Robertson says.

Finance Minister Grant Robertson and incoming Reserve Bank Governor Adrian Orr today signed a new Policy Targets Agreement (PTA) setting out specific targets for maintaining price stability and a requirement for employment outcomes to be considered in the conduct of monetary policy.

The 2018 Investment Statement He Puna Hao Pātiki, shows how the Treasury is moving towards a more holistic way of assessing the Government’s balance sheet, by incorporating principles from the Living Standards Framework alongside financial considerations, Finance Minister Grant Robertson says.

Investments in sensitive land involving forestry rights will be brought into the scope of the Overseas Investment Act under changes proposed today by Associate Finance Minister David Parker.

The Government’s target, to reduce the proportion of children in poverty from 15% now to a world-leading 5% within ten years, remains unchanged following Treasury’s corrected and updated projections, Prime Minister Jacinda Ardern says.

Stronger employment growth and residential investment continued to support the Government’s financial accounts in the seven months to the end of January, Finance Minister Grant Robertson says.