New Zealand Economy

66

NZ PM John Key resigns

By Leith van Onselen Just in via Fairfax: John Key has resigned as prime minister of New Zealand, in a shock announcement. He made the decision days after celebrating eight years as Prime MInister and a decade as leader of the National Party. Mr Key made the announcement at a press conference on Monday. “I’ve

3

RBNZ targets housing risks in financial stability report

By Leith van Onselen The Reserve Bank of New Zealand (RBNZ) has released its latest financial stability report (FSR) which contains several stark warnings about the build-up of risks in the housing market: Vulnerabilities in the housing market have increased in the past six months. Despite some recent softening, house price growth in Auckland remains

5

RBNZ cuts cash rate for last time

By Leith van Onselen As widely expected, the Reserve Bank of New Zealand (RBNZ) has cut the official cash rate (OCR) by 0.25% to 1.75%, the first rate cut since August. According to the release accompanying the cut, RBNZ governor, Graeme Wheeler, slated the cause primarily on a weakening global environment, a strong Kiwi dollar,

4

NZ delays real estate dirty money crackdown

By Leith van Onselen After launching consultation in August on the second tranche of anti-money laundering (AML) regulations capturing real estate agents, accountants, lawyers, and other non-financial businesses, it appears that New Zealand’s National Government may be getting cold feet. As reported this week on Interest.co.nz (here and here), Justice Minister Amy Adams has delayed

0

NZ unemployment tumbles to 4.9%

By Leith van Onselen Statistics New Zealand has this morning released its labour force data for the September quarter, with employment growth strengthening and the unemployment rate falling to 4.9% from 5.0% (revised) in the June quarter. The key changes are outlined in the below table: As shown above, employment rose 1.4% in the September

3

Australia’s Kiwi exodus recession indicator hits new high

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for September 2016, which revealed that net permanent and long-term migration into New Zealand continues to boom, hitting a record high annual net gain of 70,000 migrants: Migrant arrivals numbered 125,600 in the September 2016 year, setting a new annual record.

9

Salvation Army slams population ponzi

By Leith van Onselen The Salvation Army has entered the debate over New Zealand’s high immigration program, releasing a report that is critical of the Government’s immigration settings and calling for a “broad public debate” around immigration: Over the past three years, we have seen record net migration that is not just the result of

15

NZ Greens humiliate Aussie population ponzi brethren

By Leith van Onselen The debate over New Zealand’s high immigration program continues to bubble with The Greens yesterday calling for New Zealand to adopt a 1% population growth target that smooths-out big swings in immigration. From Interest.co.nz: Co-Leader James Shaw has proposed changing migration settings in a dynamic way to ensure the population grew

14

NZ moves to slow population ponzi

By Leith van Onselen I written previously how New Zealand’s record-breaking immigration-fueled population growth has become a hot political issue following recent concerns raised by the New Zealand Treasury, the Reserve Bank of New Zealand (RBNZ), former RBNZ special adviser, Mike Reddell, as well as two of the major banks (here and here). Last month, Labour’s

22

Kiwis raid retirement savings for housing

By Leith van Onselen Nick Xenophon would be proud. A record number of New Zealanders are raiding their retirement savings to pay a house deposit. From Interest.co.nz: In its 2016 KiwiSaver report the Financial Markets Authority (FMA) notes “huge” growth in the withdrawal of KiwiSaver funds by members striving to buy a house. “Nearly $500

0

NZ Treasury warns on household debt. But Australia’s worse

By Leith van Onselen Following in the wake of recent warnings from Westpac and the ANZ Bank, New Zealand’s Chief Executive and Secretary of the Treasury, Gabriel Makhlouf, has highlighted the risks of New Zealand’s record mortgage debt to the financial system. From Interest.co.nz: Speaking to interest.co.nz in a Double Shot Interview, Gabriel Makhlouf said:

5

Australia’s Kiwi exodus indicator stuck at recessionary levels

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for August 2016, which revealed that net permanent and long-term migration into New Zealand continues to boom, hitting a record-equalling annual net gain of 69,100 migrants: The larger gain in migrants in the August 2016 year compared with the August 2015 year was driven primarily by more