Canterbury Earthquake - Market reaction
Audio, Radio New Zealand
The NZ dollar has tumbled and the stock market has fallen.
The NZ dollar has tumbled and the stock market has fallen.
The founders of a post-quake farmers market in Christchurch have taken the idea to Kaikoura, and has set up shop in the earthquake hit town.
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 Canterbury earthquake has pushed up the cost to the government of borrowing on world markets.
More than 18 months since the Canterbury earthquakes the rental property shortage continues to worsen, and there are predictions it won't be easing anytime soon.
News from the business sector focusing on the impact of the Christchurch earthquake, the bulletin includes a market report.
The earthquake has also affected financial markets. The New Zealand dollar has tumbled, and the stockmarket has extended its losses.
Two years on from the February earthquake, tourism is in Christchurch is recovering - slowly.
Farmers in North Canterbury say the earthquake is another blow to a region which has battled drought and volatile lamb and dairy markets
Earthquake Minister Gerry Brownlee says its taking too long to consent new sub divisions in Christchurch. The sharemarket and dollar fall following turmoil on world markets.
The Christchurch earthquake looks to have dashed hopes of a pickup in household spending this year.
The Canterbury Earthquake Recovery Authority says it could step into the property market to stop land prices sky-rocketing but is confident it won't have to.
What are the lessons from the Christchurch earthquakes? The Government was slow in their quake response, but does that mean we should give more property market power to the private sector?
Some Christchurch business owners are criticising the government for winding down the earthquake support package. The Government has extended the package, which pays employees of quake effected business a wage subsidy for two more weeks.
Post-earthquake most people would say it was difficult to find housing in Christchurch. But reports suggest that the market has flattened. And terraced housing and apartments are sitting empty. Christchurch Council finance committee chairman, Councillor Raf Manji, discusses future developments like The East Frame.
The capital has a tight rental accommodation market, and the peak demand season is just a few weeks from beginning. One prospective Wellington flat hunter, who'd experienced the Christchurch earthquake - including knowledge of the collapse, or partial collapse, of 3 buildings he'd previously lived in - has contacted us, frustrated at the lack of information available from landlords or letting agencies. What rights to information do tenants have?
A review of the week's news including the aftermath of Auckland's killer Tornado, the pros and cons of the castration of serial sex offenders, the current state of the property market, the RNZAF's first revamped Orion on show, a Penthouse posing teacher's registration is revoked, Rugby World Cup opportunities for NZ business, a heroic ship wreck rescue remembered 80 years on and a true story of 'the show must go on' in the aftermth of the Christchurch earthquake.
A review of the week's news including the aftermath of Auckland's killer Tornado, the pros and cons of the castration of serial sex offenders, the current state of the property market, the RNZAF's first revamped Orion on show, a Penthouse posing teacher's registration is revoked, Rugby World Cup opportunities for NZ business, a heroic ship wreck rescue remembered 80 years on and a true story of 'the show must go on' in the aftermath of the Christchurch earthquake.
Questions to Ministers 1. Hon ANNETTE KING to the Minister of Finance: When he said recently "where the Government does have some influence, we are working hard to keep prices low", which prices was he referring to? 2. DAVID BENNETT to the Minister of Finance: What are some of the likely impacts on the Government's finances of the Christchurch earthquake? 3. Hon DAVID PARKER to the Acting Minister for Economic Development: Does he stand by all his statements on economic development? 4. Dr JACKIE BLUE to the Minister for ACC: How many claims has ACC received since the tragic earthquake on 22 February and what steps has the Government taken to facilitate prompt compensation for those seriously injured? 5. Hon MARYAN STREET to the Minister of Civil Defence: What is the basis for according priority to entry of the red zone in the Christchurch central business district? 6. NIKKI KAYE to the Minister for Social Development and Employment: What support is the Government giving to non-government organisations in Christchurch affected by the earthquake? 7. Hon TREVOR MALLARD to the Prime Minister: What role did he or his department play in the decision to shift the Rugby World Cup quarter finals, from AMI Stadium to Eden Park? 8. JACQUI DEAN to the Minister of Corrections: What progress has been made toward the Government's commitment to encourage private sector investment in the New Zealand corrections system? 9. Hon DARREN HUGHES to the Minister for Tertiary Education: What specific policy changes has the Government made to increase the number of apprenticeships and other building-skills training programmes since the September Canterbury earthquake? 10. SUE KEDGLEY to the Minister of Commerce: Will he use his powers under Part 4 of the Commerce Act 1986 to call for an investigation into the dairy wholesale and retail milk market, following the release of the Ministry of Agriculture and Forestry's review of the domestic milk market in New Zealand; if not, why not? 11. CAROL BEAUMONT to the Minister of Women's Affairs: Does she support the retention of the stand-alone and independent Ministry of Women's Affairs? 12. JOHN HAYES to the Minister of Agriculture: What steps has the Government recently made to progress agricultural greenhouse gas research?
Hon PAULA BENNETT to the Prime Minister: Does she stand by all her Government’s statements, policies, and actions? Hon JAMES SHAW to the Minister of Finance: Does he think that an independent Parliamentary Budget Office will improve the standard of democratic debate? Hon MARK MITCHELL to the Minister of Immigration: Does he stand by all his statements and actions in relation to Karel Sroubek? Hon DAVID BENNETT to the Minister of Corrections: Does he stand by his statement “We have never had to manage a prisoner like this before”, in relation to the alleged Christchurch gunman? Dr DUNCAN WEBB to the Minister responsible for the Earthquake Commission: What recent announcement has he made regarding quake-damaged homes in Canterbury? Hon Dr NICK SMITH to the Minister of Justice: Does he stand by all his statements, policies, and actions on electoral law and referenda? Dr SHANE RETI to the Minister of Health: Does he stand by all his statements, policies, and actions around vaccination? RINO TIRIKATENE to the Minister of Health: What progress, if any, has been made in modernising New Zealand’s fleet of air ambulances? Hon PAULA BENNETT to the Prime Minister: Does she stand by all her Government’s statements, policies, and actions? Dr SHANE RETI to the Minister of Education: Does he stand by all his statements, policies, and actions around the Reform of Vocational Education? GINNY ANDERSEN to the Minister of Commerce and Consumer Affairs: What reports has he seen about responses to the draft report of the Commerce Commission on the New Zealand fuel market? BRETT HUDSON to the Associate Minister of Transport: What is the petrol price exclusive of taxes and carbon charges assumed in the reference scenario in the preliminary cost-benefit analysis of the Clean Car Discount for August 2019, and how does this compare to the actual present petrol price exclusive of taxes and carbon charges?
Questions to Ministers Hon DAVID PARKER to the Minister of Finance: Does he stand by his statement that a publicly-owned insurer is a "dumb idea"? Dr RUSSEL NORMAN to the Prime Minister: Does he stand by all his statements regarding Government policy? Hon TAU HENARE to the Minister of Finance: What reports has he received on the economy – and especially on further signs of improving economic momentum and increasing business and consumer confidence? Hon SHANE JONES to the Prime Minister: Does he have confidence in his Ministers? Hon PETER DUNNE to the Minister of Foreign Affairs: What advice has he received on the call from Amnesty International opposing the appointment of Sri Lankan President Mahinda Rajapaksa as Chair of the Commonwealth for the next two years, and host of next week's Commonwealth Heads of Government meeting? Hon CLAYTON COSGROVE to the Minister responsible for the Earthquake Commission: Does he still believe that New Zealanders can have confidence in EQC? MARK MITCHELL to the Minister of Commerce: What steps is the Government taking to introduce more competition into the housing construction market? JAN LOGIE to the Minister of Justice: When she said, in response to whether the pre-trial and trial process precludes some sexual violence victims from complaining "quite clearly, it does not"; did she mean that few sexual violence victims are deterred from complaining by the process itself? Rt Hon WINSTON PETERS to the Prime Minister: Does he have confidence in the Minister for State Owned Enterprises? JACQUI DEAN to the Minister of Corrections: What recent announcements has she made on the redevelopment of prison facilities? PHIL TWYFORD to the Minister of Housing: Does he stand by his statement that the housing situation in Christchurch is "a challenge, not a crisis"? CHRIS AUCHINVOLE to the Minister for Arts, Culture and Heritage: How does the Government intend to mark the centenary of the First World War?
Hon DAVID PARKER to the Minister of Finance: Does he accept the BNZ statement that New Zealand’s increasing current account is “a very clear risk for New Zealand’s credit rating with Standard and Poor’s”? SHANE ARDERN to the Minister of Finance: What reports has he received on the economy? KEVIN HAGUE to the Minister for ACC: Can she confirm that staff in ACC’s Recovery Independence Service teams receive more or less remuneration dependent on whether the proportion of people receiving weekly compensation is less or more than specified duration targets? Hon DAVID CUNLIFFE to the Minister for Economic Development: Does he stand by all his recent statements? JAMI-LEE ROSS to the Minister of Police: What actions has the Government taken against illegal street racers? Hon MARYAN STREET to the Minister of Health: Has he received any reports or correspondence regarding the Community Pharmacy Services Agreement with District Health Boards and if he has, have they caused him any concern? TIM MACINDOE to the Minister of Justice: How is the Justice sector contributing to the Government’s better public services programme? GARETH HUGHES to the Minister for Climate Change Issues: Does he agree with the statement made by the Minister for the Environment, Hon Amy Adams in Rio, that, “Money spent on fossil fuels is money that could be spent on other sustainable development priorities”, and will the Government re-allocate the $889 million for ETS credits in Budget 2012 towards sustainable projects and a green economy? MIKE SABIN to the Minister of Immigration: What reports has he received on the benefits to New Zealand of the Recognised Seasonal Employer scheme? KRIS FAAFOI to the Minister of Police: Does she stand by all the statements she made to the Law and Order Committee yesterday? NICKY WAGNER to the Minister for Courts: What recent announcements has he made regarding court services for Christchurch? DENIS O'ROURKE to the Minister for Canterbury Earthquake Recovery: Does he still believe that the best way to deal with the price increase in home rentals in Christchurch is to leave it to the market?
DENIS O'ROURKE to the Minister for Canterbury Earthquake Recovery: Is he satisfied with progress on all aspects of the Canterbury earthquake recovery? JACINDA ARDERN to the Minister of Police: Does she have confidence in the Police investigation of alleged sexual violation against young women and underage girls in West Auckland? PAUL GOLDSMITH to the Minister of Finance: What progress has the National-led Government made in building a more productive and competitive economy capable of supporting more jobs and higher incomes for New Zealanders? METIRIA TUREI to the Minister of Police: When was she first advised that Police had received a complaint from a girl who alleged she had been raped by members of a group calling themselves the Roast Busters? Hon DAVID PARKER to the Minister for Communications and Information Technology: Will the Government enforce its broadband contract with Chorus? CLAUDETTE HAUITI to the Minister for the Environment: What announcements has the Government made in relation to the national policy statement for freshwater? PHIL TWYFORD to the Minister of Housing: What reports has he received on the effect of loan-to-value restrictions on the housing market? Hon PHIL HEATLEY to the Minister for Social Development: What reports has she received about the number of people receiving benefits? CAROL BEAUMONT to the Minister for Tertiary Education, Skills and Employment: How does women's participation rate of 1 percent in building and construction industry training assist with the Christchurch rebuild? Dr CAM CALDER to the Minister of Education: What recent announcements has she made to strengthen the status of the teaching profession? EUGENIE SAGE to the Associate Minister of Health: Does she agree with the Canterbury Medical Officer of Health that increasing nitrate levels in Canterbury groundwater are a health risk, particularly for pregnant women and babies; if not, why not? HONE HARAWIRA to the Minister of Finance: What is his budget plan, if any, to immediately address growing poverty in New Zealand, which has got so bad that charitable organisations have today said they are expecting an influx of more than 40,000 struggling families for Christmas dinner because they can't afford to put food on the table?
Hon RUTH DYSON to the Minister for Greater Christchurch Regeneration: What progress has been made on the Crown’s Global Settlement with the Christchurch City Council for costs flowing from the Canterbury earthquake sequence? Hon PAUL GOLDSMITH to the Minister of Finance: Does he stand by all of his policies, statements, and actions? Hon JUDITH COLLINS to the Minister of Housing and Urban Development: Does he stand by his statement in response to a question on if he would meet his commitment to be a keynote speaker at the KiwiBuild summit on 24 June, “No, because I have two papers at Cabinet”, and did he take two papers to Cabinet on 24 June? GARETH HUGHES to the Minister of State Services: Does he support measuring and improving the energy efficiency of Government buildings, both leased and owned? Hon MICHAEL WOODHOUSE to the Minister of Health: Does he stand by his statement yesterday that “Yes, that will mean that we will have deficits that we wouldn’t want to see. That member and his Government under-invested in health for nine long years, and we will be investing ourselves for quite a period to set that right”; if so, when will he “set that right”? Dr DUNCAN WEBB to the Minister of Justice: What recent announcements has he made regarding community law centres? CHRIS BISHOP to the Minister of Transport: What will the percentage increase in the fuel excise duty and accompanying road-user charges be on Monday, 1 July, and what will be the total revenue raised from this increase? Hon TIM MACINDOE to the Minister for ACC: Does he stand by all of his answers during the Vote Labour Market Estimates hearing at the Education and Workforce Committee meeting on 12 June? Dr LIZ CRAIG to the Minister of Health: What, if anything, is the Government doing to better support the wellbeing of parents with mental health and addiction needs? Hon LOUISE UPSTON to the Minister for Women: How can she be responsible for eliminating the gender pay gap when the Ministry for Women’s gender pay gap has gone from 5.6 percent in favour of women to 6 percent in favour of men? JONATHAN YOUNG to the Minister of Energy and Resources: Does she stand by all her statements, policies, and actions? ANAHILA KANONGATA'A-SUISUIKI to the Minister for Pacific Peoples: How does Budget 2019 support Pacific peoples in Aotearoa New Zealand?
GRANT ROBERTSON to the Minister for Tertiary Education, Skills and Employment: Does he stand by his statement that the Household Labour Force Survey is "the standard internationally recognised measure of employment and unemployment"? PAUL GOLDSMITH to the Minister of Finance: What recent reports has he received on the economy? Dr KENNEDY GRAHAM to the Minister for Climate Change Issues: Does he stand by the answer given by the Minister of Finance to the question "Does he accept that human-induced climate change is real?" that "It may well be…"? Hon DAVID PARKER to the Minister of Finance: Given that unemployment is rising, exports are down, and house price inflation in Auckland and Canterbury is in double-digits, does he agree that after 5 years as Finance Minister he has failed to rebalance and diversify the economy; if not, why not? JOHN HAYES to the Minister of Trade: What efforts is the Government making to deal with the market effects of the possible contamination of some Fonterra diary exports? Hon SHANE JONES to the Minister for Economic Development: What action has he taken to ensure high value jobs are retained in Otago, Waikato, Northland, East Coast and Manawatu? KEVIN HAGUE to the Minister of Health: Exactly how many of the 21 recommendations to the Minister in the 2010 Public Health Advisory Committee Report The Best Start in Life: Achieving effective action on child health and wellbeing has he implemented? JACQUI DEAN to the Minister for Food Safety: What update can she provide the public on the safety of infant formula? Hon DAMIEN O'CONNOR to the Minister for Primary Industries: Does he stand by all his statements? NICKY WAGNER to the Minister for Building and Construction: What reports has he received following the Government's announcement of a new earthquake-prone building policy? RICHARD PROSSER to the Minister for Primary Industries: What reports, if any, has he received regarding the regeneration of fish stocks in the Snapper 1 fishery? Dr DAVID CLARK to the Minister for Economic Development: Does he agree with Dunedin Mayor Dave Cull that "Central government needs to understand we can't have a … two-speed economy where Christchurch and Auckland are ripping ahead and the rest of the regions are withering"; if not, why not?
Questions to Ministers 1. JONATHAN YOUNG to the Minister of Finance: What advice has he received about factors that lie behind the current turmoil we are witnessing on world financial markets, and what are the implications for New Zealand? 2. KEVIN HAGUE to the Minister of Labour: Does she still agree, as she did on 13 July 2011, with the comment made by Rt Hon John Key on 22 November 2010 that "I have no reason to believe that New Zealand safety standards are any less than Australia's and in fact our safety record for the most part has been very good"? 3. Hon ANNETTE KING to the Prime Minister: Does he stand by his answers to Oral Question No 1 yesterday when he said that the Leader of the Opposition is "just plain wrong" in relation to skills training? 4. KATRINA SHANKS to the Minister for the Environment: How have Government reforms to the Resource Management Act helped increase competition in the grocery business? 5. Hon CLAYTON COSGROVE to the Attorney-General: Will he meet with earthquake victims' families to hear directly why they need independent legal representation; if not, why not? 6. Hon JOHN BOSCAWEN to the Minister of Finance: Does he stand by his statement that "I think the New Zealand Institute of Economic Research is referring to some longer-term issues around demographic change and healthcare costs, and we share the chief executive's concern"? 7. DARIEN FENTON to the Minister of Labour: What is the timeline of the ministerial inquiry into the treatment of foreign fishing crews in New Zealand waters? 8. CHRIS AUCHINVOLE to the Minister for Communications and Information Technology: What progress is being made on the Government's goal of delivering fast broadband to rural areas? 9. Dr KENNEDY GRAHAM to the Minister for Canterbury Earthquake Recovery: Does he agree that an appropriate part of the "red zone" area along the Avon River through Christchurch should be transformed into a "green space" for memorial and recreational public purposes? 10. STUART NASH to the Minister of Finance: Does he believe the tax system is fair for all New Zealanders? 11. KANWALJIT SINGH BAKSHI to the Minister for Social Development and Employment: What steps has the Government taken to manage gateways between benefits? 12. KELVIN DAVIS to the Minister of Education: Does she stand by all of her answers to Oral Question No 8 yesterday?
PHIL TWYFORD to the Minister for Building and Construction: Does he agree with Mainfreight founder and Chairman Bruce Plested that housing is a “social disgrace”, that the market cannot sort out this problem, and that real leadership and intestinal fortitude is needed now? JONATHAN YOUNG to the Minister of Finance: What reports has he received on real after-tax wages rising in New Zealand? CHRIS HIPKINS to the Minister of Education: Will she apologise on behalf of the Government for the flawed handling of the Canterbury school mergers and closures after the 2011 earthquakes; if not, why not? ANDREW BAYLY to the Minister for Building and Construction: What progress has the Government made in improving the tenancy laws and guidance for dealing with the problem of methamphetamine testing and contamination? CARMEL SEPULONI to the Associate Minister for Social Housing: What motels has the Government purchased in response to the increased emergency housing demand, and how much has this cost? RON MARK to the Prime Minister: Does he stand by all his statements on the Clutha-Southland electorate office issue even if facts known to him make doing so extraordinarily difficult? MAUREEN PUGH to the Minister of Corrections: How is Budget 2017 investing in rehabilitation and reintegration outcomes for offenders? Hon DAVID PARKER to the Minister of Local Government: Does she agree with the Prime Minister’s answer yesterday that drinking-water contamination in Havelock North was “about local government performance and overseeing ratepayer-funded assets whose purpose is to deliver clean and healthy water to its local people. The extensive inquiry into that incident was warranted by widespread illness in the area ... it is about local body performance in overseeing their clean water system”? BRETT HUDSON to the Minister of Local Government: What recent announcements has she made regarding Wellington’s resilience to natural hazards? JULIE ANNE GENTER to the Minister of Transport: Will the Government start building rail to the airport sooner if Auckland hosts the next America’s Cup regatta or will Aucklanders still have to wait 30 years? STUART NASH to the Minister of Police: Does she have any concerns about any of the results of the New Zealand Police Workplace Survey 2017; if so, what in particular? ALASTAIR SCOTT to the Associate Minister of Education: What recent announcements has he made to improve school infrastructure in the Wairarapa?
Questions to Ministers 1. CHRIS AUCHINVOLE to the Minister of Commerce: What legislative and regulatory steps has he taken to help restore investor confidence in the financial markets? 2. Hon ANNETTE KING to the Minister for Social Development and Employment: Does she stand by her reported statement that it would be pre-emptive to rule anything out because the Government was still working its way through extensive recommendations by the Welfare Working Group? 3. TE URUROA FLAVELL to the Minister of Transport: Ka aha ia ki te whakapaipai ake i te āhua o ngā rori i te tuawhenua, he hapori Māori nei te nuinga o ngā tāngata ki reira, ā, e kiia nei e ētahi, he pērā aua rori ki ngā mea o ngā ao pōhara rawa atu? * Translation: What will he do to improve the conditions of roads in rural, predominately Māori communities, some of which have been described as of third world status? 4. Hon TREVOR MALLARD to the Prime Minister: Does he stand by his answer to Oral Question No 1 yesterday in relation to unemployed 15 to 19-year-olds, "If we look at the household labour force survey, we see that there are 26,700 people in the 15 to 19-year-old category"? 5. TIM MACINDOE to the Minister of Health: What progress are district health boards making in providing faster cancer radiation treatment for patients? 6. GRANT ROBERTSON to the Minister of Health: Are district health boards being funded sufficiently to maintain the level of services they provided in 2010/11? 7. KEVIN HAGUE to the Minister of Labour: When will the new chief inspector for mining and additional inspectors in the planned High Hazards Unit become operational? 8. CHARLES CHAUVEL to the Minister of Justice: Does he agree with the Chief Justice that the scheme for disclosure by the defence in criminal cases contained in the Criminal Procedure (Reform and Modernisation) Bill is "inconsistent with the defendant's right to have the prosecution prove its case beyond reasonable doubt" and with the late Chief District Court Judge that punishment at sentencing for procedural non-compliance "is conceptually incoherent and therefore arbitrary"? 9. Hon TAU HENARE to the Minister for Social Development and Employment: What is the Government doing to help teen parents get ahead? 10. Hon LIANNE DALZIEL to the Minister for Canterbury Earthquake Recovery: How many letters of offer from the Crown will be sent to insured residential red zone property owners this week? 11. NIKKI KAYE to the Minister of Internal Affairs: What announcements has he made today on improving flexibility for community groups receiving grants from gaming societies? 12. DARIEN FENTON to the Minister of Labour: Does she stand by her statement about making changes to mine safety that "until the royal commission of inquiry makes its findings, we will wait accordingly"?
RON MARK to the Prime Minister: Does he stand by all his statements; if so, how? ANDREW LITTLE to the Prime Minister: Does he stand by his statement that “if you see house prices rising, you might say the Government needs to do more” and “we take responsibility, we need to do a better job of it”? SARAH DOWIE to the Minister of Finance: What international reports has he received showing New Zealand’s economic growth remains robust? Hon ANNETTE KING to the Minister of Health: On what date was the Ministry of Health first made aware of data manipulation of the six-hour Emergency Department target by district health boards? CHRIS BISHOP to the Minister for Economic Development: What recent announcements has the Government made regarding support for earthquake-affected businesses? METIRIA TUREI to the Minister for Building and Housing: Ka tū a ia i runga i te mana o tana kōrero, “The proportion of New Zealanders living in rental homes is not changing dramatically and owner-occupiers will remain the dominant living arrangement for most Kiwi families into the future” i te mea, ā, e ai ki ngā tatauranga hou, nō mai anō i te tau Kotahi mano, iwa rau, rima tekau mā tahi, i taka ai te hunga whiwhi i tōna ake whare, ki raro rā nō? Translation: Does he stand by his statement that “The proportion of New Zealanders living in rental homes is not changing dramatically and owner-occupiers will remain the dominant living arrangement for most Kiwi families into the future” given that home ownership is at its lowest level since 1951, according to the latest census? STUART SMITH to the Minister for Primary Industries: What recent announcements has he made regarding support for earthquake-affected primary sectors? GRANT ROBERTSON to the Minister of Finance: Does he agree with the Prime Minister’s statement that Treasury forecasts are “a load of nonsense, because they can’t get predications in 44 days right, let alone 44 years”? ALFRED NGARO to the Minister for Building and Housing: What additional Auckland housing projects did he announce during last week’s recess, and what are the latest reports on the growth in construction across Auckland showing? Dr MEGAN WOODS to the Minister responsible for the Earthquake Commission: Is he confident EQC will be employing the necessary resource to process and settle claims, from both the Canterbury earthquake sequence and the earthquake sequence of a fortnight ago, after 16 December; if so, why? DAVID SEYMOUR to the Minister of Police: What reassurance can she give to Epsom residents concerned that their Community Policing Centre will cease to operate after 24 years? IAN McKELVIE to the Minister of Commerce and Consumer Affairs: What announcements has he made recently that support the continued growth of the New Zealand wine export market?