Canterbury quake expected to hit NZ economy in short term
Audio, Radio New Zealand
Economists and business leaders predict the Canterbury earthquake will lead to a rash of business failures and cut economic growth this year.
Economists and business leaders predict the Canterbury earthquake will lead to a rash of business failures and cut economic growth this year.
The Canterbury earthquake and a stuttering national economy mean the Reserve Bank is likely to leave the Official Cash Rate unchanged this morning.
The title reads 'Reserve Bank revises down growth foreCASTS'. The cartoon shows someone representing the 'Economy' with crutches and their leg In plaster - hence wordplay on 'cast' and 'forecast'. A statement made by the Reserve Bank on 16th September looked a shadow of the bright one it published three months ago. Quantity: 1 digital cartoon(s).
A faltering economy is likely to mean the Reserve Bank will keep the official cash rate on hold this morning. That could be some help to businesses in Christchurch, struggling first with the slow recovery and then hammered by the earthquake 12 days ago.
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?
Shows a graph illustrating the 'Growth forecast' for the economy. A large finger representing the 'Reserve Bank' squashes the growth arrow as though it is a fly and it starts to zig-zag crazily downwards. The statement made 16th September looked a shadow of the bright one the Reserve Bank published three months ago. With its forecasts finalised the day before the Canterbury earthquake struck, the Bank has taken secateurs to its economic growth track, and a carving knife to its interest rate path. Instead of GDP growth pushing 4% this year and next, for example, it now struggles to reach 3% in each. It's tempting to think this has been driven by the wobbling international news over recent months. In fact it's been because of a suddenly sombre view around NZ consumer spending and the housing market. (Interest.co.nz) Quantity: 1 digital cartoon(s).
1. AMY ADAMS to the Minister of Finance: What progress has the Government made this year in laying the foundations for a more ambitious and faster growing economy? 2. Hon PHIL GOFF to the Prime Minister: Does he stand by his statement that by early 2010 New Zealand will be coming out of the recession "reasonably aggressively"? 3. ALLAN PEACHEY to the Minister of Education: What feedback has she received about the quality of school reports to parents this year? 4. Hon CLAYTON COSGROVE to the Minister for Canterbury Earthquake Recovery: Is he satisfied that the Canterbury earthquake business support measures undertaken by the Government have worked as intended? 5. Dr KENNEDY GRAHAM to the Minister for Climate Change Issues (International Negotiations): Will the Cancun Agreements achieve the agreed goal of confining global warming to 2 degrees Celsius by 2020; if so, how? 6. Dr PAUL HUTCHISON to the Minister of Health: What reports has he received on improved access to medicines? 7. Hon DAMIEN O'CONNOR to the Prime Minister: Does he stand by his statement that "It's clearly been a large sum of money. But at the end of the day I gave a commitment to the families at Pike River I'd do everything I could to get their men out, I stand by that. I think the Government has done everything it can do so far"? 8. Dr CAM CALDER to the Minister of Corrections: Has she received any progress reports on the Government's Prisoner Skills and Employment Strategy? 9. Hon DAVID PARKER to the Minister for Economic Development: How many additional Cabinet papers has he submitted to Cabinet since he told the House in July "In my capacity as Minster for Economic Development I have submitted 14 papers to Cabinet in the last 6 months"? 10. HONE HARAWIRA to the Minister of Foreign Affairs: What steps has the New Zealand Government taken to denounce the shooting by Chilean forces of indigenous Rapa Nui, during an operation to evict them from stolen ancestral lands that they were seeking to reclaim? 11. Hon JIM ANDERTON to the Minister for ACC: Does he have any concerns about the way ACC in general and claims general manager Denise Cosgrove in particular, is interpreting ACC legislation regarding personal injury claims which are being declined on the basis of degeneration or pre-existing conditions? 12. COLIN KING to the Minister of Fisheries: How will fisheries officers be helping to better protect New Zealand's fisheries this summer?
Questions to Ministers 1. CRAIG FOSS to the Minister of Finance: What reports has he received on the economy moving away from government spending, housing speculation and borrowing, and towards savings and exporting? 2. Hon PETE HODGSON to the Prime Minister: Does he stand by his answer to question No 11 yesterday that Sammy Wong did not accompany Pansy Wong on any ministerial trips to China? 3. HONE HARAWIRA to the Associate Minister of Health: What is the rationale behind the move to prohibit the display of tobacco products for sale in retail outlets? 4. Hon DARREN HUGHES to the Minister of Transport: Has he received any feedback or information in support of lowering the adult blood alcohol concentration to 0.05 that has given him any doubt or cause for reflection this year about his decision to retain the level at 0.08? 5. TIM MACINDOE to the Minister of Housing: What recent announcement has he made about the direction of social housing in New Zealand? 6. BRENDON BURNS to the Minister for Canterbury Earthquake Recovery: Is the Government's response package, announced last week to assist Canterbury businesses affected by the 4 September earthquake, universally supported by the Government and its supporters? 7. CATHERINE DELAHUNTY to the Minister for Social Development and Employment: Does she agree with the Alternative Welfare Working Group that welfare reform should be focused on "the relentless pursuit of well-being"? 8. Hon NANAIA MAHUTA to the Minister of Energy and Resources: Will the mining of lignite form part of his New Zealand Energy Strategy? 9. LOUISE UPSTON to the Minister of Education: What were the results of the Programme for International Assessment (PISA), which looked at New Zealand students' achievement in reading, maths and scientific literacy? 10. DARIEN FENTON to the Minister of Transport: How many emails has he received on the decision of the New Zealand Transport Agency to start charging CarJam and similar web-based information services for accessing the Agency's stored basic motor vehicle information? 11. JACQUI DEAN to the Minister of Agriculture: What recent steps has the Government taken to control bovine TB? 12. Hon TREVOR MALLARD to the Minister of Education: Which Minister is to be responsible for the enforcement of the Education Act 1989 in relation to limited attendance early childhood centres following the passing of the Education Amendment Bill (No 2)? Questions to Members 1. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: How many submissions have been received on the Student Loan Scheme Bill? 2. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: How many submitters on the Student Loan Scheme Bill have requested to be heard in person? 3. CHRIS HIPKINS to the Chairperson of the Local Government and Environment Committee: How many submissions have been received on the Sustainable Biofuel Bill? 4. CHRIS HIPKINS to the Chairperson of the Local Government and Environment Committee: How many submitters on the Sustainable Biofuel Bill have requested to be heard in person? 5. CHRIS HIPKINS to the Chairperson of the Local Government and Environment Committee: How many submissions have been received on the Southland District Council (Stewart Island/Rakiura Visitor Levy) Empowering Bill? 6. CHRIS HIPKINS to the Chairperson of the Local Government and Environment Committee: How many submitters on the Southland District Council (Stewart Island/Rakiura Visitor Levy) Empowering Bill have requested to be heard in person? 7. CHRIS HIPKINS to the Chairperson of the Government Administration Committee: How many submissions have been received on the Identity Information Confirmation Bill? 8. CHRIS HIPKINS to the Chairperson of the Government Administration Committee: How many submitters on the Identity Information Confirmation Bill have requested to be heard in person? 9. Hon PAREKURA HOROMIA to the Chairperson of the Māori Affairs Committee: How many submissions have been received on the Marine and Coastal Area (Takutai Moana) Bill? 10. Hon PAREKURA HOROMIA to the Chairperson of the Māori Affairs Committee: How many submitters on the Marine and Coastal Area (Takutai Moana) Bill have requested to be heard in person? 11. Hon DAVID CUNLIFFE to the Chairperson of the Finance and Expenditure Committee: Has the Finance and Expenditure Committee conducted the 2009/10 financial review of the Office of the Retirement Commissioner? 12. DARIEN FENTON to the Chairperson of the Transport and Industrial Relations Committee: How many submissions have been received on the Land Transport (Driver Licensing) Amendment Bill? 13. DARIEN FENTON to the Chairperson of the Transport and Industrial Relations Committee: How many submitters on the Land Transport (Driver Licensing) Amendment Bill have requested to be heard in person? 14. DARIEN FENTON to the Chairperson of the Transport and Industrial Relations Committee: How many submissions have been received on the Land Transport (Road Safety and Other Matters) Amendment Bill? 15. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submissions have been received on the Lawyers and Conveyancers Amendment Bill? 16. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submitters on the Lawyers and Conveyancers Amendment Bill have requested to be heard in person? 17. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submissions have been received on the Legal Services Bill? 18. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submitters on the Legal Services Bill have requested to be heard in person? 19. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submissions have been received on the Sale and Supply of Liquor and Liquor Enforcement Bill? 20. Hon DAVID PARKER to the Chairperson of the Justice and Electoral Committee: How many submitters on the Sale and Supply of Liquor and Liquor Enforcement Bill have requested to be heard in person? 21. Hon DAMIEN O'CONNOR to the Chairperson of the Primary Production Committee: How many submissions have been received on the Food Bill? 22. Hon DAMIEN O'CONNOR to the Chairperson of the Primary Production Committee: How many submitters on the Food Bill have requested to be heard in person? 23. Hon DAMIEN O'CONNOR to the Chairperson of the Primary Production Committee: How many submissions have been received on the Dairy Industry Restructuring (New Sunset Provisions) Amendment Bill? 24. Hon DAMIEN O'CONNOR to the Chairperson of the Primary Production Committee: How many submitters on the Dairy Industry Restructuring (New Sunset Provisions) Amendment Bill have requested to be heard in person?