Source: MIL-OSI Submissions
Source: MIL-OSI Submissions
Source: Reserve Bank of New Zealand
Thirty years after the Reserve Bank adopted an inflation targeting regime to deal with inflation that was too high, central banks now have a different problem: inflation being too low.
At a panel discussion yesterday at the Bank for International Settlements forum at the Bangko Sentral ng Pilipinas, Manila, Reserve Bank Assistant Governor and General Manager of Economics, Financial Markets, and Banking Christian Hawkesby discussed Inflation Dynamics and whether they were ‘Upside Down Down Under’.
“One of the key challenges of our time is for central banks, academics and financial markets to comprehend this new environment and deliver the appropriate policy response,” Mr Hawkesby said.
“It is testing our understanding of what is normal and welcome when it comes to inflation, interest rates, wage growth, and fiscal spending.”
At the panel discussion, Mr Hawkesby spoke about the Reserve Bank’s assessment of what has caused this period of low inflation; what had been learnt; and how this was being applied by the Monetary Policy Committee in 2019.
While some commentators have questioned whether monetary policy still works in the current environment, Mr Hawkesby outlined the body of research undertaken by the Reserve Bank that has found no evidence of any change in the effectiveness of monetary policy in New Zealand in the past 25 years. In other words, that that monetary policy does still have bite even in this low interest rate world.
“Our assessment is that monetary policy is still effective in influencing inflation in New Zealand, through a number of channels.
“This is one of the factors that motivates our continuing determination to set policy, whether with conventional tools or unconventional tools, to achieve our dual mandate of price stability and maximum sustainable employment.”
On the decision by the Monetary Policy Committee to lower the Official Cash Rate by 50 basis points to 1.0 percent at its August meeting, Mr Hawkesby noted that “decisive action now gave inflation the best chance to lift earlier, reducing the probability that unconventional tools would be needed in the response to any future adverse shock.”
Source: Post Primary Teachers Association (PPTA)
Nominations open for Area 1.
The ICT Advisory Committee is charged with monitoring, researching and reviewing issues around the implementation of ICT, liaising with appropriate bodies and reporting regularly to PPTA Executive and to Annual Conference. It also serves as a clearing house for ICT development in schools by sharing and publicising best practice.
In order to ensure the Committee is reflective of a range of secondary teacher views, Conference established the composition of the group as follows:
- 2 members of PPTA Executive
- 1 member nominated by Te Huarahi
- 10 regional representatives
- 1 representative from low-decile (1-3) schools
- 1 representative from Te Kura/Correspondence School
- a PPTA member representative from NZACDITT (NZ Association for Computing, Digital and Information Technology Teachers)
Call for nominations
Applications are now invited for a representative from the following area:
Area 1: Upper, Central & Lower Northland, Auckland (North of Harbour Bridge)
The selection of a member will be made by the President and General Secretary.
Please download the attached nomination and profile forms and complete and post to
ICT Advisory Committee Nominations
PO Box 2119
Or email to firstname.lastname@example.org by 5pm on Friday 27 September 2019.
As well as working by email the Committee may meet in Wellington up to four times a year. PPTA pays all actual and reasonable costs including travel, leave without pay, accommodation if necessary and any childcare costs.
Term of Office
The term of office on the Committee will be for two years.
Source: New Zealand Police
Motorists are advised that State Highway 2, near the Wairoa Bridge, Te Puna is closed due to a truck crash.
The crash happened at around 08:50am when the truck transporting chemicals went off the road.
Some chemicals have been spilt on the road however there is no risk to the public.
No one was injured in the crash.
The road could be closed for some time while emergency services clear the scene.
Diversions are in place.
Motorists are asked to expect delays or to avoid the area if possible.
Issued by Police Media Centre
Source: New Zealand Government
Infrastructure Minister Shane Jones has today announced the inaugural board for the New Zealand Infrastructure Commission, Te Waihanga.
Speaking at the annual Building Nations symposium in Rotorua today, Minister Jones has named Dr Alan Bollard as chairman of the new independent Infrastructure Commission.
The Commission is tasked with developing a long-term infrastructure plan and pipeline and helping Governments make decisions to improve the wellbeing of all New Zealanders.
“I’m so pleased to be announcing the new board today, particularly former Reserve Bank governor Dr Alan Bollard as our chairman,” Shane Jones said.
“As a Government, we’re confident the board brings together a wide range of skills and experience essential for providing effective leadership in the infrastructure sector, and delivering the step-change we need.
“I’m also delighted to today be able to announce Jon Grayson has been appointed by the board as chief executive.
“Jon is currently Deputy Secretary Financial and Commercial at the New Zealand Treasury and he has played an integral role in the establishment of the new Commission,” Shane Jones said.
The Government allocated a record $41 billion in Budget 2019 for capital spending over the next 5 years, focused on building schools, hospitals, houses, roads and public transport.
“Because of this, the two overarching functions that Te Waihanga will have – strategy and planning, and delivery support – are more important than ever. The Commission will develop a 30-year infrastructure strategy for New Zealand, as well as producing a pipeline of major projects, both of which I’m aware are keenly anticipated by the sector,” Shane Jones said.
“The new board combines significant economic expertise with legal, financial, regulatory, and on-the-ground experience, all of which are essential to delivering these goals.
“Throughout the process of setting up Te Waihanga, establishing and maintaining credibility with industry has been a core focus. I’m confident this board has the mana to build effective relationships with stakeholders, and dismantle the various barriers to building high quality infrastructure in this country – whether they be financing, planning, or a lack of certainty and capacity among those we rely on to deliver projects.
“I’m also confident their counsel on infrastructure matters will be valued highly among my Cabinet colleagues, when it is called for.
“It’s easy to demand increased spending on infrastructure, but more difficult to create the conditions conducive to this. The Coalition Government knows delivering the schools, transport system, and hospitals New Zealanders need takes more than just rhetoric, and I’m proud to be delivering the next step toward realising our ambitious capital expenditure programme,” Shane Jones said.
The New Zealand Infrastructure Commission is on track to be operational by October this year.
Notes to editors:
Minister Jones’ speech notes are attached. Please note the oral delivery may differ significantly.
New Zealand Infrastructure Commission:
Dr Alan Bollard (chairperson) is a Professor of Practice at Victoria University of Wellington. He has extensive experience as a senior public servant. He has previously held roles as the Executive Director of the Australia Pacific Economic Cooperation (APEC) Secretariat, Governor of the Reserve Bank of New Zealand, and Secretary of the New Zealand Treasury. He holds a PhD in Economics and an honorary Doctor of Laws from Auckland University.
Jon Grayson (chief executive) is currently Deputy Secretary commercial and financial at the New Zealand Treasury and is responsible for Treasury’s debt management, the Crown’s commercial portfolio and advice on infrastructure and housing policy. He has a strong background in capital markets and major infrastructure investment management and has held senior executive roles within the public and private sectors.
David Cochrane is currently a Special Counsel at Simpson Grierson. His experience includes drafting law in New Zealand and overseas, and he has advised on the implementation of government policy in a range of areas including local government, transport, government administration, corporatisation, conservation, superannuation, primary industry and health.
Raveen Jaduram is currently the Chief Executive of Watercare Services Limited. Prior to this, Raveen was the Managing Director of Murrumbidgee Irrigation Limited, which is a private water company in Australia. Mr Jaduram has a Masters in Civil Engineering and over20 years’ experience working in the water industry in New Zealand and Australia. He has deep institutional and systems knowledge of the infrastructure sector, and has worked with a variety of stakeholder across the public and private sector.
Sarah Sinclair is a member of the Expert Review Panel for the New Zealand Infrastructure Commission, Te Waihanga establishment project. She is currently a partner at Minter Ellison Rudd Watts, and is the Chair of Minter Ellison Rudd Watts Partnership. Ms Sinclair has extensive experience acting for both government and private sector clients in large-scale, complex infrastructure projects. She is known for providing commercially pragmatic, strategic advice on infrastructure funding models, procurement strategies and contracting structures. She has extensive experience in infrastructure and construction law.
Stephen Selwood is the Chief Executive of Infrastructure New Zealand and has an understanding of strategic governance and integrated long-term planning linked to the effective funding, regulation, and delivery of New Zealand’s infrastructure system. He has extensive experience in leadership and governance across the infrastructure sector, and has worked extensively with Ministers and the public and private sector. Mr Selwood has a clear sense of public accountability, and works effectively in a collegial, decision-making environment.
Sue Tindal is an experienced banker and Chief Financial Officer with extensive knowledge of domestic and global markets, including structuring large multi-currency infrastructure financing programmes. She has proven experience and knowledge in government, financial services, technology, energy, transport and logistics sectors across both regulated and non-regulated environments. Ms Tindal has lead and delivered large infrastructure and technology projects in New Zealand, Australia and Asia, which required complex internal and external stakeholder management. She is a Fellow, Certified Practising Accountants of Australia.
Source: MIL-OSI Submissions
Source: Auckland Council
Rodney Local Board’s Healthy Harbours and Waterways Fund is now open and will assist landowners and community groups keen to improve water quality in Rodney.
The fund supports community-led initiatives that restore waterways and wetlands on private and Māori land, with a focus on the Kaipara, Mahurangi and Makarau catchments which have a high concentration of E.coli bacteria.
Makarau farmer James Thompson is a previous successful applicant to the fund, using the money to do fencing work on his farm.
“This has allowed me to exclude stock from a section of the Makarau River and fence off a feeder gully. Without this funding, I would not have been able to complete these tasks for some time to come.”
By the end of this round in June 2020, around $1.2m will have been invested through the fund since it was launched three years ago. This includes $750,000 allocated by the local board which will enable 30,000m of stock proof fencing to be installed and the planting of 49,000 native shrubs.
Te Uri O Hau, through the Te Arai Native Nursery, is also supplying plants. In addition, the council’s targeted water rate contributed $99,000 to the fund.
The local board is partnering with industry groups Beef and Lamb, Dairy NZ, Fonterra and community group The Forest Bridge Trust. These groups operate within the local board area and work directly with local landowners.
The Forest Bridge Trust has received funding for two projects located in areas of high ecological value. The trust helped landowners leverage funding from other partners for fencing. The areas are protected from stock and plans are underway for planting and pest control.
Applicants who meet the fund criteria can apply for funding of up to 50 per cent of their entire project cost provided they supply or source the other half of the project’s budget.
Applications are open until 15 September. For more information and to apply, visit the council funding website.
Source: Etu Union
by Sean Hindson
We have time, right now – we all have time. I say this because we have time in the form of the moment we are in together; right now.
It’s is the ‘right now’ that we all share, regardless of our beliefs, our fears, our worries, our hopes, or our views on the world.
We can take this ‘right now’ to acknowledge that we are vulnerable, acknowledge that we have made mistakes, acknowledge that we have to (not need to) but have to come together.
The planet we belong to is screaming at us, demanding change. It is showing us through fires, typhoons, floods, and storms that we have to change. The planet is demanding change, it’s demanding it because it too is vulnerable.
Being vulnerable, as we and the planet are, is the catalyst for change.
I have been in discussion with people who deny the fact the world is changing. I have had the ‘what ifs’ thrust upon me. I have had my conversations cut short by those people who refuse to acknowledge the absolute certainty that the impact of humans has transformed our earth.
These people seem to be strong now, but are essentially oblivious to the change that is required by us all to enhance the lives of the generations of youth to whom we will entrust this earth.
Those of us aware of our collective vulnerability are already forging greater change, fighting by looking inwards and having an awareness of the fear we all have, shifting the way we think and allowing ourselves the courage to think differently
Take a moment to think about the courage it takes – undiluted courage – to know that vulnerability is a strength.
The first steps are already being taken around the world. In New Zealand, the Just Transition is to my mind, an acknowledgment of that vulnerability which can be such a strength.
So where do workers and people tie into this? They are at the core, the foundation. Workers are the ones who will essentially have the power to change these mindsets.
We have to change ourselves. It is painful to look in the mirror, acknowledge our faults, and be true to ourselves and each other.
Workers mostly have more to worry about than the long-term future. When we work together, truly work together, to shift those mind sets, to force change in those businesses that do not allow workers to have standards of living that afford them the ability to think compassionately about more than just the immediate future… then we shift the world.
In essence that is the key.
Workers in our regions should be in a position where they can think about the long-term future while acknowledging and appreciating the moment they are in.
This ability comes with equal standards of pay, training, and that most precious of assets… time. Time to share moments with community, family and friends. Time to converse and be open with those that surround you.
I personally reckon we have known this for a very long time. My question is: why has it taken so long for businesses to allow themselves to be vulnerable enough to care in a truly honest and deep way?
After all, time marches on for businesses, too. No one is exempt from the effects of what we are doing to ourselves and our environments, because our environments are, in the end, ourselves.
Source: New Zealand Government
A Bill that consolidates and modernises the rules relating to contempt of court has passed its third reading, Minister of Justice, Andrew Little says.
Contempt of court includes disruptive behaviour in court, harmful publicity that interferes with fair trial rights, and untrue and damaging allegations aimed at the judiciary.
“It is important the law is clear and accessible, and this Bill achieves that,” says Andrew Little.
“Contempt of court undermines the integrity of the court system. The courts need powers to respond effectively to threats to the effective administration of justice,” says Andrew Little.
Contempt laws have become increasingly antiquated, and needed to be modernised to fit the digital age.
Amongst its provisions the new legislation clarifies that jurors must not turn to the internet to look things up or research information relevant to the trial before them. Fair trial rights mean that jurors must only consider the evidence they have heard in the court room.
“Even though the Bill includes new rules to fine jurors who seek out their own information, the Government’s focus is on better education and instructions for jurors,” says Andrew Little.
“The Bill clarifies the scope of the offence previously known as ‘scandalising the court’ by confirming that it applies only when someone makes a statement that is factually incorrect, known to be incorrect and intended to undermine public confidence in the judiciary. Any prosecution of this offence requires the approval of the Solicitor General.”
The case of Solicitor-General v. Smith (2004) illustrated the need for this provision in the Bill. In this case, the defendant made remarks about a court which the High Court said were “intemperate, derogatory and unfair.”The High Court said this sort of provision was needed “to protect the Court, not the dignity of its Judges. It guards the institution, not the individuals.”
“This Bill, which started life under the hand of Hon Chris Finlayson, provides much needed clarity and will be good for the administration of justice and the rule of law in New Zealand,” Andrew Little says.