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Broadcasting Minister Craig Foss today welcomed new research showing that 99 per cent of South Island homes have gone digital.

“I would like to congratulate South Island residents on a very smooth transition to digital TV. This is a significant milestone in the project and with less than six months to go until the whole of New Zealand is digital, we are looking towards the North Island to make the move to digital TV just as successful,” says Mr Foss.

Raising awareness among seniors who are most vulnerable to scams is the key focus for this year’s Fraud Awareness Week, says Consumer Affairs Minister Craig Foss.

About 10 per cent of New Zealanders approached by scammers hand over money, losing on average $5000 each.  Reported losses to scams have increased in recent years, from $1.7m reported in 2010 to almost $4m last year.

Commerce Minister Craig Foss has welcomed the 2013 Financial Knowledge and Behaviour survey at the Financial Literacy Summit in Auckland today.

“Improving financial literacy is vitally important. The study launched today shows that while New Zealanders have the knowledge to make good financial decisions; they often do not act on this knowledge. Many continue to make poor decisions when it comes to their personal finances,” says Mr Foss.

Commerce Minister Craig Foss today announced Diane Maxwell is to be appointed as Commissioner for the Commission of Financial Literacy and Retirement Income.

“Ms Maxwell was appointed as the interim Commissioner in March on secondment from the Financial Markets Authority. I’m pleased to announce her permanent appointment today,” says Mr Foss.

Ms Maxwell has been appointed for a three year term from 1 July 2013.

Commerce Minister Craig Foss today announced that low-risk credit union savings accounts and term deposits would be re-categorised to improve access to financial advice. The changes come into force today.

The move will cut regulation, allowing all types of financial advisers to provide personalised advice on these simple products.

Commerce Minister Craig Foss today released a Supplementary Order Paper (SOP) to strengthen the Companies and Limited Partnerships Amendment Bill.

The Bill tightens New Zealand’s companies and limited partnerships registration regime and addresses misuse by overseas entities.

“The changes I am introducing today implement the Commerce Select Committee’s recommendations to give the Registrar of Companies more power to identify the true owner of a company,” says Mr Foss.

Broadcasting Minister Craig Foss welcomes today’s launch of the NZ On Air- funded innovative music website – audioculture.co.nz

“AudioCulture is a fantastic new site that documents New Zealand music history, video clips and digital collections. I am delighted that it will connect New Zealanders and music fans around the globe with the stories behind our rich variety of sounds,” says Mr Foss.

Broadcasting Minister Craig Foss today announced that he has reappointed Josh Easby and Tiwana Tibble to the Radio New Zealand (RNZ) Board and Roger MacDonnell to the Television New Zealand (TVNZ) Board.

Josh Easby is the Deputy Chair of RNZ and is a Cambridge-based managing director of an independent book publisher. He has held a number of senior positions in the broadcasting industry in New Zealand and internationally.

Commerce Minister Craig Foss has welcomed the Commerce Select Committee report on a bill to cut the financial reporting burden for smaller companies.

The Financial Reporting Bill removes the requirement for smaller companies to produce complex financial statements. It allows shareholders of small and medium sized companies to decide whether the company must prepare financial statements.

Commerce Minister Craig Foss today welcomed the Commerce Select Committee report on a Bill to encourage pro-competitive collaboration.

The Commerce (Cartels and Other Matters) Amendment Bill promotes economic growth by enabling pro-competitive collaboration between firms, while also deterring hard-core cartel conduct.

“This Bill forms an important part of the Government’s Business Growth Agenda and our ambitious goal to increase the ratio of exports to GDP to 40 per cent by 2025,” says Mr Foss.

A market study into residential construction costs has been released today for public input by the Government.

“The costs of building a house in New Zealand are too high as identified by the Productivity Commission’s report. This issues paper and market study is about identifying why some house construction costs are as much as 30 per cent more expensive than Australia and how we can get costs down,” Housing Minister Dr Nick Smith said.

Commerce Minister Craig Foss said the issues paper is primarily focused on improving competition and productivity.

Commerce Minister Craig Foss has today released a supplementary order paper (SOP) to clarify issues around the patentability of computer programmes in the Patents Bill.

“Following consultation with the NZ software and IT sector, I am pleased to be further progressing the Patents Bill with this SOP. These changes ensure the Bill is consistent with the intention of the Commerce Select Committee recommendation that computer programs should not be patentable,” says Mr Foss.

Commerce Minister Craig Foss has congratulated the Financial Markets Authority (FMA) on two years of operation.

“The FMA was established by the Government in 2011 with a clear mandate to be a visible and proactive enforcement agency operating in the financial sector while facilitating the development of fair, efficient, and transparent financial markets,” says Mr Foss.

Broadcasting Minister Craig Foss and Youth Affairs Minister Nikki Kaye are encouraged that New Zealand’s home-grown music scene continues to go from strength to strength, as the 13th NZ Music Month gets underway.

More than 350 events are planned across the country this month to promote and celebrate Kiwi artists.

Commerce Minister Craig Foss has welcomed the reappointment of Simon Allen as Chair of the Financial Markets Authority (FMA).

“I am delighted Mr Allen has been reappointed. He has been very successful in guiding the FMA through its initial period of operation since 1 May 2011. 

“Over this time, the FMA has gained credibility from the public and the industry and has delivered on its role of rebuilding confidence in our financial markets following the global financial crisis.

Commerce Minister Craig Foss today announced further changes to strengthen the Financial Markets Conduct (FMC) Bill.

“The FMC Bill is a key pillar in the Government’s Business Growth Agenda. It will introduce a new era of financial market regulation that ensures investors are better informed and offered better protections,” says Mr Foss.

A Supplementary Order Paper (SOP) introduced today enhances the once-in-a-generation rewrite of securities law.

Broadcasting Minister Craig Foss says South Island residents have just seven days left to ensure they can keep watching television.

“While more than 90 per cent of South Island households are already watching digital TV, I urge everyone to make sure they’re ready ahead the switch-over next weekend,” says Mr Foss.

The South Island (excluding the West Coast, St Arnaud, and Murchison) will go digital on Sunday 28 April.

Consumer Affairs Minister Craig Foss today announced the introduction of a Bill making wide-ranging changes to consumer credit and repossession

Consumer Affairs Minister Craig Foss today announced the introduction of a Bill making wide-ranging changes to consumer credit and repossession laws.

“The Consumer Credit and Financial Services Law Reform Bill is the biggest overhaul of consumer credit law in a decade,” says Mr Foss.

“The changes introduced today represent a crackdown on unscrupulous lenders who prey on desperate people and leave them and their families trapped in a spiral of debt.

Consumer Affairs Minister Craig Foss today introduced a Supplementary Order Paper (SOP) as part of on-going work to reform New Zealand’s consumer law. 

Commerce Minister Craig Foss today announced that international shipping to and from New Zealand will be regulated under the Commerce Act, improving oversight and delivering competitive outcomes for exporting industries.

Mr Foss says the changes agreed to by Cabinet will remove the 25-year-old sea shipping regulatory regime and bring the industry into line with general competition law.

Commerce Minister Craig Foss has welcomed the appointment of Tina Symmans to the Takeovers Panel.

Ms Symmans will be appointed for a period of five years.

“Ms Symmans brings a wealth of expertise to the role. Her experience in capital markets and project management will be a real asset to the Panel.

“I would like to also acknowledge the work of Keith Taylor who is leaving the Takeovers Panel after seven years,” says Mr Foss.

Broadcasting Minister Craig Foss is urging South Island residents to ensure their televisions can receive a digital signal ahead of the South Island’s digital switchover later this month.

“With just 25 days until the South Island switches over to digital television, it’s important that everyone makes sure they’re ready for the change,” says Mr Foss.

South Island Going Digital update

Commerce Minister Craig Foss and Australia’s Minister for Industry and Innovation Greg Combet have signed an arrangement to establish a new trans-Tasman patent attorney regime.

The trans-Tasman arrangement will deliver better outcomes for patent attorneys and innovators by providing consistent qualification requirements and professional standards in both Australia and New Zealand.

The arrangement covers patent attorney registration, governance and discipline and is based on the application of Australia’s existing patent attorney regime to New Zealand.