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The NZ Super Fund and the Accident Compensation Corporation’s purchase of minority stakes in Kiwibank has been welcomed by Finance Minister Bill English and State Owned Enterprises Minister Todd McClay.

“The deal keeps Kiwibank in public ownership and gives the bank access to additional sources of capital,” Mr English says.

“It also returns a dividend of about $200 million to the Government which can be used for other high priorities.”

The sale of Solid Energy’s mines provides the best outcome for employees, creditors and communities, Finance Minister Bill English and State Owned Enterprises Minister Todd McClay say.

Solid Energy announced today that it had reached agreement on the sale of the Stockton, Strongman and Liverpool mines on the West Coast, the  Rotowaro and Maramarua mines in the Waikato and the New Vale and Ohai coal mines in Southland.

Finance Minister Bill English and State Owned Enterprises Minister Todd McClay announced today that Trevor Janes will be the next chair of KiwiRail, and former State Owned Enterprises Minister Tony Ryall will be the next chair of Transpower.

Mr Janes has been appointed a director of KiwiRail from today and will take over as chair from 1 November. He succeeds John Spencer who has chaired KiwiRail for four years and before that its predecessor, the New Zealand Railway Corporation, for two.

Finance Minister Bill English and State Owned Enterprises Minister Todd McClay have announced the appointment of Jane Taylor to the Board of NZ Post commencing today.

She will become chair of NZ Post when present chairman Sir Michael Cullen retires on 31 October 2016.

“I would like to take this opportunity to thank Sir Michael who has provided excellent stewardship of the Board, and made a significant contribution to the restructuring and success of NZ Post over the past six years,” Mr English says.

The OECD last night released its final package of actions to address base erosion and profit shifting (BEPS). The Minister of Finance Bill English, and Minister of Revenue, Todd McClay say that the plan, representing two years of intensive work by the OECD and G20 nations will be a significant step forward in the fight against BEPS.

“BEPS behaviours can result in multinationals paying little or no tax anywhere in the world, so this announcement is a big step forward and the culmination of over two years’ work by the international community” Mr English says.

Placing Solid Energy into temporary voluntary administration gives the best chance to secure an ongoing future for the different parts of the business, Finance Minister Bill English and State Owned Enterprises Minister Todd McClay say.

The number of KiwiSaver enrolments continues to rise in the over-18 year old target population, with an additional 11,656 members in the month of June, Finance Minister Bill English and Revenue Minister Todd McClay say.

“Removing the taxpayer-funded kick-start incentive in Budget 2015 was not expected to affect the number of working-age people joining a KiwiSaver scheme,” Mr English says.

The Government is taking extra steps to bolster the tax rules on property transactions – including those by overseas buyers - and to help Inland Revenue enforce them, Finance Minister Bill English and Revenue Minister Todd McClay say.

The tax measures are also expected to take some of the heat out of Auckland’s housing market and sit alongside the Reserve Bank’s latest moves to address associated financial stability issues, Mr English says.