Governor of the Reserve Bank Allan Bollard holds a spade over his shoulder and a roll of toilet paper in his hand. Text reads 'Reserve Bank governor moves to restore confidence after the quake -' and Bollard says '..past the silver beet, left at the last of the beans and it's right by the caulis!' The little Evans man says 'What a relief!' Context - Two earthquakes and hundreds of aftershocks have hit Christchurch, the first on 4 September 2010 and a second more devastating one on 22 February 2011. Toilets have been a real problem after the earthquakes with thousands of chemical toilets and portaloos being shipped in - some people, however, use the old kiwi method of digging a long-drop in the back garden. The Reserve Bank has made a relatively large 50-point cut in its benchmark interest rate, the Official Cash Rate (from 3% to 2.5 per cent). Critics say that inflation is already running unacceptably high and there is a threat of much higher inflation in a year or two when the rebuilding of Christchurch begins to put pressure on limited resources. The Reserve Bank acknowledged these factors, but it has chosen instead to focus on the immediate impact of the earthquake on the economy and particularly on all-important business and consumer sentiment. (Press editorial 12 March 2011)
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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.
Text top left reads 'Downsizemic activity' and a seismic graph zigzags wildly but gradually tails off into the words 'Interest rates' which take a serious downwards trend. Context - The Christchurch earthquakes of 4 September 2010 and 22 February 2011 which have had an impact on an already stagnating economy. The Reserve Bank has made a relatively large 50-point cut in its benchmark interest rate, the Official Cash Rate (from 3% to 2.5 per cent). Critics say that inflation is already running unacceptably high and there is a threat of much higher inflation in a year or two when the rebuilding of Christchurch begins to put pressure on limited resources. The Reserve Bank acknowledged these factors, but it has chosen instead to focus on the immediate impact of the earthquake on the economy and particularly on all-important business and consumer sentiment. (Press editorial 12 March 2011)
Quantity: 1 digital cartoon(s).
Finance Minister Bill English scratches his head with frustration as he stands up to his chest in earthquake rubble that represents the 'economy'. Allan Bollard the Governor of the Reserve Bank appears in gumboots asking if he can 'help with rebuilding..? by making an 'OCR cut'; he holds a collection box labeled 'OCR cut'. Context - Two earthquakes and hundreds of aftershocks have hit Christchurch, the first on 4 September 2010 and a second more devastating one on 22 February 2011. The Reserve Bank has made a relatively large 50-point cut in its benchmark interest rate, the Official Cash Rate (from 3% to 2.5 per cent). Critics say that inflation is already running unacceptably high and there is a threat of much higher inflation in a year or two when the rebuilding of Christchurch begins to put pressure on limited resources. The Reserve Bank acknowledged these factors, but it has chosen instead to focus on the immediate impact of the earthquake on the economy and particularly on all-important business and consumer sentiment. (Press editorial 12 March 2011)
Quantity: 1 digital cartoon(s).
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?
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
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?
