Category: New Zealand Parliament – Hansard

Source: New Zealand Parliament – Hansard

Question No. 2—Finance

2. TIM VAN DE MOLEN (National—Waikato) to the Minister of Finance: What recent reports has she seen on interest rates?

Hon NICOLA WILLIS (Minister of Finance): As I said yesterday, the Reserve Bank’s monetary policy committee last week cut the official cash rate (OCR) by 25 basis points to 5.25 percent. Reductions in the official cash rate and expectations about its future path affect both short-term and longer-term market interest rates. These include mortgage and business lending rates, which have a direct impact on New Zealand families and businesses. And through interest rates, the exchange rate, and a number of other channels, a reduction in the OCR provides a boost to the economy, which is positive for all New Zealanders. That’s why last week’s cut was a significant turning point for the economy.

Tim van de Molen: What is the expectation for future OCR cuts?

Hon NICOLA WILLIS: In last week’s Monetary Policy Statement, the Reserve Bank issued its own forecast for the future path of the official cash rate. This shows steady reductions from the current rate of 5.25 percent to a 3 percent OCR by mid-2027. The financial markets are more forward leaning than this. Currently, the market is pricing in a faster pace of interest rate cuts and expecting that the OCR will reach 3 percent in February 2026.

Tim van de Molen: How have banks responded to the OCR cut?

Hon NICOLA WILLIS: Well, I’m advised that all major banks have cut their mortgage rates following last week’s Monetary Policy Statement. In some cases, that will take time to flow through to people’s mortgage payments, depending on whether and for how long they have fixed their mortgages. In other cases, it will flow through straight away. In any event, Kiwis can look forward to paying less interest on their mortgages and on their personal loans, and together with tax relief, which came in on 31 July, this will be a big help with the cost of living for New Zealand families.

Tim van de Molen: How do lower interest rates affect people’s mortgage repayments?

Hon NICOLA WILLIS: Individual circumstances vary a lot, and if people are interested in how things could change for them, I’d recommend they look at a reputable mortgage calculator, like that on the Sorted.org.nz website. But to give one example, a drop from a 7 percent mortgage rate to 6 percent for a family with a 25-year $500,000 mortgage means their repayments would reduce by $145 a fortnight. They, of course, could use that money elsewhere in the family budget or simply pay their mortgage down faster. Either way, they are significantly better off.

Source: New Zealand Parliament – Hansard

WEDNESDAY, 21 AUGUST 2024

The Speaker took the Chair at 2 p.m.

KARAKIA/PRAYERS

Hon JENNY SALESA (Labour—Panmure-Ōtāhuhu): Ke tau lotu. ‘E ‘Otua Mafimafi, kuo mau taa’i mālie ‘i ho’o ‘ofá mo e ngaahi tāpuaki hono kotoa. ‘Oku tuku homau lotó ka mau hū atu ke malu’i ange mu’a ‘a e Kuiní, mo tataki ’emau fua fatongia ‘i he Fale Aleá ‘aki ‘a e poto Faka-‘Otua, ‘ofa pea mo e ‘ulungaanga malū, ko e ‘uhí ko e mo’ui mo e melino ‘a e fonuá. ‘Oku mau kole atu ‘a e ngaahi me’á ni hono kotoa ‘i he huafa ho ‘alo ka ko homau fakamo’uí, ‘Emeni.

Source: New Zealand Parliament – Hansard

PETITIONS, PAPERS, SELECT COMMITTEE REPORTS, AND INTRODUCTION OF BILLS

SPEAKER: No petitions have been delivered for presentation. No papers have been delivered for presentation. No select committee reports have been presented. And no bills have been introduced.

Source: New Zealand Parliament – Hansard

TUESDAY, 20 AUGUST 2024

(continued on Wednesday 21 August 2024)

RESOURCE MANAGEMENT (EXTENDED DURATION OF COASTAL PERMITS FOR MARINE FARMS) AMENDMENT BILL

In Committee

Debate resumed.

Part 1 Amendments to Part 7A of Resource Management Act 1991 (continued)

CHAIRPERSON (Barbara Kuriger): Right, good morning, members. The committee is resumed. Last night, when we were considering the bill, we were debating Part 1. I’ve got the run sheet here of the questions and the engagement that were being asked for last night. So we’re still on Part 1 and the question is that Part 1 stand part.

Hon JO LUXTON (Labour): Oh, thank you very much, Madam Chair. I would just like to bring to the Minister’s attention that the question I asked last night was around his wont, desire, to have an aquaculture bill. He didn’t answer my question last night when I brought up the fact that the process was quite rushed, that people didn’t have much time to submit, and I asked the question as to why he didn’t take the time, allow a longer period of consultation in order for him, perhaps, to be able to develop the aquaculture bill that he so desires to do. So I look forward to the answer from the Minister with regards to that.

I also have another question. It is in regards to the time frame allowed for consultation and the very quick report-back date for this bill. If you will indulge, I may just quote a couple of submitters. There was some real concern from submitters about the very quick, short consultation period, and in particular from iwi. For example, I would be interested in hearing the Minister’s thoughts on the expectations as a Te Tiriti partner insofar as this consultation period has gone, and therefore the final bill that’s come to the House that we’re debating now and the changes that weren’t made as a result of this very short consultation period—where we’ve had 1,100 submitters, a thousand were opposed, and perhaps not feeling quite listened to. So I’d be really interested in the Minister’s thoughts on this. For example, Ngāi Tahu talked about the fact that “the engagement … has fallen well short of Cabinet guidelines and our expectations as a Te Tiriti partner. And also Waikato-Tainui have mentioned that “While the Government has committed in its coalition agreement to deliver longer durations for marine farming permits, it has also committed to honour the undertakings in Treaty of Waitangi settlements. This proposal is a clear breach of that commitment.”

So I would like to hear from the Minister, again, around his desire for the aquaculture bill that he could have had if he had extended this period out, and therefore also allowed proper consultation from all of New Zealanders and including iwi Māori, who feel that they haven’t been given that opportunity and it is a bit of a breach as far as Te Tiriti obligations go. So I’d really like to hear from the Minister about that, please.

Source: New Zealand Parliament – Hansard

Hon PEENI HENARE (Labour): Tēnā koe, Mr Speaker. Tēnā koutou katoa. I stand in support of the motion and endorse the words of the Prime Minister in congratulating all of our athletes, who did an absolutely stellar job at the Olympics in Paris. I’m reminded of the cheering that comes from the hallways of this House. I’m reminded of the many conversations that are had in this House and outside of this House about how proud we are, as we cheered on our athletes in their sports. Can I also endorse the words of thanks to their coaches, the administration of sports right across New Zealand, and in particular the families, many who made the trip and many who did not, who stayed home and cheered on their loved ones as they competed at the highest level.

With all those thanks, I’m also reminded of just how important Māori culture is on the international stage. We saw our athletes not only partake in the haka but also speak te reo Māori, marking our difference as we competed on the world stage with athletes from around the world. Athletes like Eliza McCartney, who can deliver a full speech in te reo Māori in thanking the support that she received from fellow athletes and also those administrators and whānau who made it there to support her. I’m proud of the way that New Zealand stands on the world stage. That will no doubt continues as our Paralympians make their way to the Games to compete on the biggest stage in the world, and I look forward to making sure that this House supports our Paralympians as we get behind them and they compete against others from around the world to once again hoist the New Zealand flag high above everybody else.

I heard what the Prime Minister said about our track and field gold, and I do want to acknowledge, as was mentioned to me by one of my colleagues, Dame Yvette Williams, who was one of our famed Olympians, a gold medallist in long jump, if I recall correctly, in 1952, I think it was, in Helsinki, who did us all extremely proud. When I think of the legacy of the likes of Dame Yvette Williams and so many others, we know that the record-breaking attempts and efforts of our athletes in Paris, in the most recent Games, will continue into the future. We now put Paris behind us, and we look forward to supporting our Paralympians and, of course, as we have a view towards the next big sporting commitment for our Olympians, which is in four years’ time.

On behalf of the Labour Party, I stand in support of this motion. I thank all of our athletes, their whānau, and administrators, and I say to our Paralympians, “All the very best.”

Source: New Zealand Parliament – Hansard

TUESDAY, 20 AUGUST 2024

The Speaker took the Chair at 2 p.m.

KARAKIA/PRAYERS

Hon JENNY SALESA (Labour—Panmure-Ōtāhuhu): Ke tau lotu. ‘E ‘Otua Mafimafi, kuo mau taa’i mālie ‘i ho’o ‘ofá mo e ngaahi tāpuaki hono kotoa. ‘Oku tuku homau lotó ka mau hū atu ke malu’i ange mu’a ‘a e Kuiní, mo tataki ’emau fua fatongia ‘i he Fale Aleá ‘aki ‘a e poto Faka-‘Otua, ‘ofa pea mo e 6’ulungaanga malū, ko e ‘uhí ko e mo’ui mo e melino ‘a e fonuá. ‘Oku mau kole atu ‘a e ngaahi me’á ni hono kotoa ‘i he huafa ho ‘alo ka ko homau fakamo’uí, ‘Emeni.

Source: New Zealand Parliament – Hansard

Hon PEENI HENARE (Labour): Tēnā koe, Mr Speaker. Tēnā koutou katoa. I stand in support of the motion and endorse the words of the Prime Minister in congratulating all of our athletes, who did an absolutely stellar job at the Olympics in Paris. I’m reminded of the cheering that comes from the hallways of this House. I’m reminded of the many conversations that are had in this House and outside of this House about how proud we are, as we cheered on our athletes in their sports. Can I also endorse the words of thanks to their coaches, the administration of sports right across New Zealand, and in particular the families, many who made the trip and many who did not, who stayed home and cheered on their loved ones as they competed at the highest level.

With all those thanks, I’m also reminded of just how important Māori culture is on the international stage. We saw our athletes not only partake in the haka but also speak te reo Māori, marking our difference as we competed on the world stage with athletes from around the world. Athletes like Eliza McCartney, who can deliver a full speech in te reo Māori in thanking the support that she received from fellow athletes and also those administrators and whānau who made it there to support her. I’m proud of the way that New Zealand stands on the world stage. That will no doubt continues as our Paralympians make their way to the Games to compete on the biggest stage in the world, and I look forward to making sure that this House supports our Paralympians as we get behind them and they compete against others from around the world to once again hoist the New Zealand flag high above everybody else.

I heard what the Prime Minister said about our track and field gold, and I do want to acknowledge, as was mentioned to me by one of my colleagues, Dame Yvette Williams, who was one of our famed Olympians, a gold medallist in long jump, if I recall correctly, in 1952, I think it was, in Helsinki, who did us all extremely proud. When I think of the legacy of the likes of Dame Yvette Williams and so many others, we know that the record-breaking attempts and efforts of our athletes in Paris, in the most recent Games, will continue into the future. We now put Paris behind us, and we look forward to supporting our Paralympians and, of course, as we have a view towards the next big sporting commitment for our Olympians, which is in four years’ time.

On behalf of the Labour Party, I stand in support of this motion. I thank all of our athletes, their whānau, and administrators, and I say to our Paralympians, “All the very best.”