The Canterbury earthquake could force up the cost of building in the region by five percent but the Reserve Bank says it'll ignore that kind of inflation unless it affects the whole country.
Financial markets have backtracked on expectations of an interest rate cut by the Reserve Bank in the wake of the Christchurch earthquake. Economics correspondent, Nigel Stirling, reports.
The Reserve Bank has cut its benchmark interest rate, to support the economy against the impact of the Covid-19 virus. The central bank cut its official cash rate to 0.25 percent from one percent. Governor Adrian Orr says the cut is necessary to support businesses and employment. The last time the Reserve Bank made such a big cut was in March 2011 after the Canterbury earthquake. Last week, the bank outlined a range of unconventional monetary policy tools such as negative interest rates, special loans to banks, and buying bonds to put money into the economy. Cameron Bagrie is an independent economist. He speaks to Susie Ferguson.
The Reserve Bank Governor says he has acted pre-emptively in cutting the official cash rate to guard against the risk that the economic impact of the Christchurch earthquake might become especially severe. Are we in for an oil shock or not?
A legal settlement between the Earthquake Commission and a group of Canterbury homeowners over the standard of quake repairs, is being described as a milestone for house owners throughout the country. The Reserve Bank has left the cost of borrowing unchanged at a record low 2-point-25 percent, athough it is signalling further cuts remain on the cards.
Pike River Mine will be put up for sale soon, People allowed into another area of Christchurch cordon, Relative, friends of quake lost describe pain of waiting, Doubts swirl around Rugby World Cup in Christchurch and the ongoing questions surrounding the death of a New Zealander and other tourists in Thailand, Earthquake puts unprecedented pressure on Reserve Bank, Sovereign may not be last failure in struggling building sector, Space shuttle Discovery lands safely in Florida.
A review of the week's news including: national earthquake memorial service announced, former defence chief to be new Governor General, Reserve Bank slashes official cash rate, Christchurch businesses say OCR cut alone won't save them, mounting concern over Christchurch World Cup prospects, government says 10,000 Christchurch homes will be demolished, alarm over possibility of mass demolition in CBD, international crews head home, petrol prices at three year high, Pike River mine receivers take control from police and boulder sold for thousands in aid of Christchurch
What the Panelists Finlay MacDonald and Peter Fa'afiu have been up to. The Reserve Bank has cut the Official Cash Rate to a record low 2%. Another book about retired All Blacks captain Richie McCaw has come out. The NZ Sevens rugby team is now officially out of medal contention. Are people all that interested in the Olympic games? Fairfax and Sky TV are in court over copyright issues. Christchurch City Councillor Ali Jones talks about what the cull of EQC staff will mean for life in the post-earthquake city.
Questions to Ministers and lt;br / and gt; and lt;br / and gt; 1. Hon ANNETTE KING to the Prime Minister: Is he satisfied that all systems set up pursuant to commitments he has given to assist residents following the Christchurch earthquake are appropriate and working? and lt;br / and gt; and lt;br / and gt; 2. DAVID BENNETT to the Minister of Finance: What do this morning's Reserve Bank economic forecasts show? and lt;br / and gt; and lt;br / and gt; 3. Hon DAVID CUNLIFFE to the Minister of Finance: By what amount has the Reserve Bank lowered the official cash rate today, and what reason has the Bank given for this action? and lt;br / and gt; and lt;br / and gt; 4. GARETH HUGHES to the Minister of Finance: What will be the impact of the recent fuel price rise on the New Zealand economy, including impacts on GDP, consumer spending and the current account? and lt;br / and gt; and lt;br / and gt; 5. Hon DAVID PARKER to the Acting Minister for Economic Development: Has he been advised by the Prime Minister whether his appointment as Acting Minister for Economic Development is temporary or expected to carry on to the election? and lt;br / and gt; and lt;br / and gt; 6. KATRINA SHANKS to the Minister of Transport: What action is the Government taking to improve Wellington's train network? and lt;br / and gt; and lt;br / and gt; 7. Hon DAMIEN O'CONNOR to the Prime Minister: Can he assure the families of those killed in the Pike River Mine disaster that Government funding will be available for the recovery of bodies, given the mine is now in receiver's hands. and lt;br / and gt; and lt;br / and gt; 8. COLIN KING to the Minister of Civil Defence: Is the Government satisfied with the provision of replacement toilets for earthquake-affected Christchurch residents? and lt;br / and gt; and lt;br / and gt; 9. CAROL BEAUMONT to the Minister of Women's Affairs: Can she outline a significant improvement for women initiated by the current Government? and lt;br / and gt; and lt;br / and gt; 10. ALLAN PEACHEY to the Minister of Education: What provisions have been made to ensure continuity of early childhood education and schooling in the Christchurch region since the 22 February earthquake? and lt;br / and gt; and lt;br / and gt; 11. Hon TREVOR MALLARD to the Minister for Communications and Information Technology: What advice did he receive on any perceived conflict of interest before he took part in the Cabinet decision that led to the deferral of the requirement for MediaWorks to pay its frequency licence to the Crown? and lt;br / and gt; and lt;br / and gt; 12. KANWALJIT SINGH BAKSHI to the Minister of Internal Affairs: What reports has he received on the progress of urban search and rescue and firefighter teams working in Christchurch following the 22 February earthquake?
DAVID SHEARER to the Prime Minister: Does he stand by his statement "I am deeply concerned about every child in New Zealand who is in poverty"; if so, why has the number of children living in material hardship grown under his watch? TODD McCLAY to the Minister of Finance: What measures has the Government taken to support vulnerable New Zealanders through the aftermath of the domestic recession and global financial crisis? METIRIA TUREI to the Prime Minister: When he said "we don't want to see any New Zealand child suffer … children don't get to make choices, they're often the victim of circumstance" does that mean he will take tangible steps to ensure children don't suffer because of circumstances beyond their control? Rt Hon WINSTON PETERS to the Prime Minister: Does he have confidence in the Minister of Immigration? Hon DAVID PARKER to the Minister of Finance: Compared to 2012, does the Reserve Bank forecast the New Zealand dollar (as measured by the Trade Weighted Index) to strengthen or weaken in the next two years, and does he believe this will make New Zealand exporters more competitive or less competitive? DAVID BENNETT to the Minister for Economic Development: How is the Government encouraging the sustainable use of natural resources to support jobs and grow the economy? Hon MARYAN STREET to the Minister of Health: Is he satisfied with the state of children's health in New Zealand; if not, why not? COLIN KING to the Minister of Energy and Resources: What recent announcement has he made about Block Offer 2012? EUGENIE SAGE to the Minister for the Environment: Does she agree with the New Zealand Freshwater Sciences Society in relation to freshwater that "failure to act with decisiveness and urgency risks further environmental degradation and erosion of our international environmental reputation"; if not, why not? Hon LIANNE DALZIEL to the Minister for Building and Construction: How quickly will he respond to the building performance, assessment and construction recommendations of the Royal Commission of Inquiry into Building Failure caused by the Canterbury Earthquakes? NICKY WAGNER to the Minister for Building and Construction: What is the Government doing in response to the Canterbury Earthquakes Royal Commission's full report? CLARE CURRAN to the Prime Minister: Does he stand by all his statements?
Questions to Ministers 1. Hon DAVID CUNLIFFE to the Minister of Finance: Does he agree with Reserve Bank Governor Alan Bollard's assessment that the economic recovery is proving to be "slow and fragile"? 2. CRAIG FOSS to the Minister of Finance: What reports has he received on the economy? 3. Hon TREVOR MALLARD to the Minister for Economic Development: What specific actions has he taken since becoming Minister of Economic Development to secure the New Zealand film industry? 4. KATRINA SHANKS to the Minister of Housing: What reports has he received about the stakeholder engagement carried out by the Housing Shareholders' Advisory Group? 5. Hon CLAYTON COSGROVE to the Minister for Canterbury Earthquake Recovery: Will he support my recommendation to set up an advocacy support service to provide earthquake-affected residents with help in dealing with their private insurers to prevent them being shunted between these insurers and the Earthquake Commission? 6. Dr RUSSEL NORMAN to the Minister of Conservation: What steps, if any, is she taking to protect the unique, rare and threatened Nevis "Gollum galaxiid", a native fish species found only in the Nevis River in Central Otago? 7. GRANT ROBERTSON to the Minister for Tertiary Education: How does removing $55 million from industry training help the growth of the productive economy? 8. CHRIS AUCHINVOLE to the Minister for the Environment: What progress is the Government making in improving New Zealand's freshwater management? 9. SUE MORONEY to the Minister of Education: Does she stand by all her statements about subsidies and fee controls in early childhood education? 10. Hon RODNEY HIDE to the Attorney-General: Is it Government policy to exempt the holders of customary marine title from the application of the Resource Management Act 1991 and provide the holders with the sole right to give, or deny, a Resource Management Act permission right with no right of appeal or objection against the decision, as described in Bell Gully's Newsletter Update October 2010 on the Marine and Coastal Area (Takutai Moana) Bill? 11. Hon NANAIA MAHUTA to the Minister responsible for Whānau Ora: Is she satisfied with the process to shortlist Whānau Ora providers? 12. PESETA SAM LOTU-IIGA to the Minister of Energy and Resources: Why is the Government funding the Energy Spot advertising campaign?