Finance News & Articles
Dr. Anna Breman Appointed as New Governor of New Zealand Reserve Bank
20 hours ago | 48 viewsDr Anna Breman, First Deputy Governor of Sweden's central bank, has been appointed as the new Governor of the Reserve Bank of New Zealand by Finance Minister Nicola Willis. Dr Breman brings a strong background in economics, having held leadership roles at the Riksbank and Swedbank, and worked with various institutions including the World Bank. She was selected from a pool of 300 candidates based on criteria such as leadership skills, technical expertise, stakeholder engagement, resilience, and cultural understanding. Dr Breman's appointment is for a five-year term starting on December 1, succeeding Christian Hawkesby who will support her transition before leaving his interim Governor role.
Tags: Dr Anna Breman Nicola Willis Sweden New Zealand Riksbank Stockholm School of Economics Swedbank World Bank United States Christian HawkesbyFinance Minister Appoints Hayley Gourley to Reserve Bank's Monetary Policy Committee
6 days ago | 98 viewsFinance Minister Nicola Willis appointed Hayley Gourley to the Reserve Bank’s Monetary Policy Committee (MPC), responsible for setting the Official Cash Rate (OCR) in New Zealand. Gourley's diverse experience in corporate, rural, and financial sectors will enhance the Committee's discussions, following the recommendation of the Reserve Bank's Board. She will succeed Professor Bob Buckle on 1 October 2025, who will retire at the end of September after making significant contributions to the MPC.
Tags: Finance Minister Nicola Willis Hayley Gourley Reserve Bank Monetary Policy Committee Official Cash Rate OCR New Zealand agribusinesses Professor Bob BuckleParliament Passes Bill for Fairer and More Effective Revenue Collection on Imported and Exported Goods
1 week ago | 89 viewsParliament has passed the Customs (Levies and Other Matters) Amendment Bill, aiming to enhance revenue collection on imported and exported goods. The bill introduces a levy regime to recover Customs' goods management costs, allows for the collection of product stewardship fees, and streamlines the process for seeking GST refunds on returned imported goods. Customs Minister Casey Costello emphasizes that the bill does not change existing charges or introduce new ones, highlighting the importance of spreading costs across importers through a levy regime.
Tags: Customs Minister Casey Costello Parliament revenue collection imported goods exported goods Customs legislation product stewardship fees waste minimisation legislation GST refunds levy regimeNew Bill Bans Surcharges on Foreign and Commercial Cards for Easier Payments: Impact on Businesses and Consumers
1 week ago | 93 viewsThe Government, led by Commerce and Consumer Affairs Minister Scott Simpson, is expanding the surcharge ban to include foreign-issued cards and commercial cards, aiming to simplify transactions for businesses and consumers. The Retail Payment System (Ban on Merchant Surcharges) Amendment Bill has passed its first reading, prohibiting surcharges on in-store EFTPOS, Visa, and Mastercard payments. The ban, set to be implemented within a month of passing the Bill, aims to save businesses up to $90 million annually and prevent surprise costs for Kiwi shoppers at payment terminals.
Tags: Government payment pain point surcharge ban foreign cards Commerce and Consumer Affairs Minister Scott Simpson Retail Payment System Amendment Bill Commerce Commission banking fees merchant service fees interchange feesNew Capital Settings Proposals Aim to Boost Competition in New Zealand Banking Sector
1 month ago | 381 viewsFinance Minister Nicola Willis supports the Reserve Bank's consultation on reviewing capital settings for banks and deposit takers to address concerns about impacts on competition, lending costs, and economic growth. The Minister's Financial Policy Remit emphasized the need to balance financial stability with competition, prompting the Bank to consider changes like aligning capital requirements with risk and adjusting overall capital ratio requirements to lower lending rates. The proposed changes aim to benefit smaller players in the market, reduce barriers for new entrants, and create a more competitive environment in the New Zealand banking sector.
Tags: Finance Minister Nicola Willis consultation Reserve Bank capital settings banking industry lending New Zealanders competition efficiencyGovernment Initiatives to Boost Banking Competition Unveiled by Finance Minister Nicola Willis
1 month ago | 203 viewsFinance Minister Nicola Willis has welcomed the release of the Finance and Expenditure Committee (FEC) Inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The inquiry supports the Government's efforts to enhance competition in the banking sector for better services for Kiwis. The report, based on submissions from 148 stakeholders and public hearings, will be reviewed by the Government for proposed action items by November 2025.
Tags: Finance Minister Nicola Willis FEC Inquiry banking competition Government Commerce Commission Kiwis Kiwibank Reserve Bank financial stabilityHow Falling Interest Rates Benefit Growth, Businesses, Jobs, and Kiwis: Finance Minister's Insights
1 month ago | 184 viewsFinance Minister Nicola Willis highlights the benefits of falling interest rates, including support for growth, businesses, job creation, and mortgage holders. The Reserve Bank has reduced the Official Cash Rate (OCR) from 3.25 to 3 percent, with further decreases expected. Lower interest rates stimulate economic activity, reduce mortgage repayments, and are seen as a positive response to economic challenges, signaling improving conditions and effective economic management by the government.
Tags: interest rates growth businesses jobs Kiwis mortgages Finance Minister Nicola Willis Reserve Bank Official Cash RateFinance Minister Applauds Fitch Ratings for Preserving New Zealand's Strong Credit Rating Amid Borrowing Challenges
1 month ago | 249 viewsFinance Minister Nicola Willis is pleased with Fitch Ratings affirming New Zealand's AA+ credit rating, attributing it to the government's prudent financial management. Fitch acknowledges New Zealand's strong commitment to fiscal consolidation and warns that a deviation from this path could impact creditworthiness. Willis emphasizes the importance of maintaining fiscal responsibility to avoid a credit downgrade, which would raise government debt costs and potentially affect households and businesses.
Tags: Finance Minister Nicola Willis Fitch Ratings New Zealand credit rating borrowing public finances fiscal consolidation debt GDPTreasury Report: Pitfalls of Excessive Government Spending Exposed
1 month ago | 347 viewsFinance Minister Nicola Willis highlights Treasury's report on the dangers of excessive government spending, emphasizing the challenges of using large spending measures in response to one-off shocks like the Covid-19 pandemic. The report criticizes the fiscal response to Covid, pointing out significant errors made and urging policymakers to avoid repeating those mistakes. It emphasizes the importance of restoring fiscal guardrails promptly after increased spending during crises, praising the current Government's commitment to responsible fiscal and economic management.
Tags: Treasury report government spending Finance Minister Nicola Willis fiscal policy economic shocks Labour government fiscal responseFinance Minister Nicola Willis Reacts to Lower Than Forecast Unemployment Rates
1 month ago | 327 viewsFinance Minister Nicola Willis has acknowledged the latest labour market data, revealing a lower-than-expected unemployment rate of 5.2% for the June quarter, below the Treasury's forecast of 5.4%. Despite challenges like inflation and rising interest rates, the government's efforts have led to 8,000 fewer unemployed individuals than initially projected, with a focus on economic recovery and job creation through initiatives like government-funded construction projects and investment incentives. Additionally, there has been a notable increase in average hourly earnings by 4.5% in the past year, surpassing the inflation rate of 2.7%.
Tags: labour market unemployment Finance Minister Nicola Willis Stats NZ Treasury forecast economic management inflation interest rates job creationKiwibank Empowered to Challenge Big Four Aussie Banks with $500M Capital Boost
1 month ago | 462 viewsKiwibank has been authorized to enhance its competition with the dominant Australian-owned banks in New Zealand's banking sector by raising up to $500 million in capital for growth. This move is aimed at enabling Kiwibank to better compete with the big four Australian banks while preserving its New Zealand identity. The government has approved measures to ensure Kiwibank's New Zealand identity, including maintaining majority government ownership and requiring key operational aspects to remain in New Zealand.
Tags: Kiwibank Nicola Willis Finance Minister Commerce Commission New Zealand Kiwi Group Capital Māori institutions New Zealand KiwiSaver funds stock marketNew Zealand Bans Surcharges to Save Millions: Commerce Minister's Decision
1 month ago | 1180 viewsCommerce and Consumer Affairs Minister Scott Simpson announced the axing of surcharges to benefit New Zealanders financially. The move aims to eliminate the hassle and unexpected costs shoppers face at the checkout. By banning surcharges for in-store payments by May 2026, consumers can shop confidently without being penalized for their payment method choice.
Tags: surcharges money Kiwis Commerce and Consumer Affairs Minister Scott Simpson New Zealanders ban payments fees Commerce CommissionFinance Minister Nicola Willis: Inflation Under Control as Govt Focuses on Economic Growth
2 months ago | 538 viewsNew data released by Stats NZ today shows inflation at 2.7 per cent for the 12 months to the June 2025 quarter, remaining within the Reserve Bank's target range, according to Finance Minister Nicola Willis. This marks the fourth consecutive quarter of inflation being within the target range, contrasting with previous higher rates under the previous government. Local authority rates and payments were noted as the largest contributor to annual inflation, prompting the government to call for better management to keep rates under control and ensure economic growth for job creation and public services funding.
Tags: inflation Finance Minister Nicola Willis Stats NZ Consumers Price Index Reserve Bank New Zealanders council rates local authority rates economic growth New ZealandNew Zealand Anti-Scam Alliance: Fighting Online Financial Scams Together
2 months ago | 601 viewsImportant progress in the fight against online financial scams has been made with the launch of a new initiative between government, industry and consumer groups, Commerce and Consumer Affairs Minister Scott Simpson says. “It is unacceptable that so many Kiwis are swindled by scammers every day,” Mr Simpson says. “Some reports suggest scams cost the economy up to $2 billion annually, and it is crucial we get on top of the problem.
Tags: online financial scams government industry consumer groups Commerce and Consumer Affairs Minister Scott Simpson Kiwis scams AllianceNew Zealand’s Stable Economy: Government’s Fiscal Management Keeps Official Cash Rate Low
2 months ago | 684 viewsThe Government’s responsible fiscal management has supported the Reserve Bank to keep the Official Cash Rate low, Finance Minister Nicola Willis says. The Reserve Bank of New Zealand today announced it would keep the Official Cash Rate (OCR) at 3. 25 per cent while continuing to foreshadow further reductions in the OCR.
Tags: Government fiscal management Reserve Bank Official Cash Rate Finance Minister Nicola Willis New Zealand OCR interest rates economic management