Articles tagged with Competition
Reserve Bank Eases Capital Requirements to Boost NZ Bank Competition and Lending
3 days ago | 52 viewsFinance Minister Nicola Willis has welcomed the Reserve Bank’s decision to ease some capital requirements imposed on banks in 2019, including adjustments to risk weights. These changes aim to enhance competition, particularly benefiting smaller banks and increasing lending to key sectors like agriculture. The revised requirements maintain prudence while promoting a more balanced approach between risk management and fostering competition, with gradual implementation planned.
Tags: Nicola Willis Reserve Bank Finance Minister New Zealand banking sector capital requirements risk weights competition lending agriculture sectorNational Wild Goat Hunting Competition Removes 10,349 Goats in NZ This Year
6 days ago | 102 viewsThe National Wild Goat Hunting Competition in New Zealand, now in its third year, has removed over 33,000 wild goats, helping protect native ecosystems through hunter-led conservation. The event, supported by the Department of Conservation, the New Zealand Deerstalkers Association, and sponsors, engaged 863 participants, including many youth, promoting conservation and encouraging outdoor activity. With strong backing from the hunting community and significant prizes, the competition has positively influenced hunter behavior and become a key annual event.
Tags: James Meager National Wild Goat Hunting Competition New Zealand Department of Conservation New Zealand Deerstalkers Association wild goats hunting community hunting sector conservation outcomesFast-Track Approvals Amendment Bill Passed to Boost Economy and Grocery Competition
1 week ago | 73 viewsThe Fast-track Approvals Amendment Bill has been passed to streamline and expedite the approval process for important projects, particularly benefiting supermarket competition and regional development. The amendments aim to reduce consent processing times by over six weeks, making it easier for new supermarkets to open and boosting economic growth. Ministers emphasize that these changes will promote affordability, regional prosperity, and faster project delivery by addressing previous inefficiencies and red tape.
Tags: Nicola Willis Chris Bishop Shane Jones economic growth supermarket competition resource consent grocery affordability regional development government policy statementNew Zealand Enhances Screen Production Rebate to Boost Global Competitiveness
1 month ago | 211 viewsThe Government of New Zealand is updating the International Screen Production Rebate to enhance the country's competitiveness in the global film and television industry, responding to industry feedback and increasing incentives to attract screen investment. Changes include lowering the minimum qualifying spend for feature films, reducing thresholds for incentives, expanding eligibility for post-production projects, and removing caps on certain costs. These updates aim to diversify the screen economy, strengthen partnerships in growing markets, and support the local industry while attracting new investment and technology.
Tags: Government International Screen Production Rebate New Zealand Nicola Willis film television streaming productions economic growth incentives global competitionFast-track Approvals Amendment Bill Boosts Grocery Competition for Kiwi Shoppers
1 month ago | 191 viewsThe Government has introduced the Fast-track Approvals Amendment Bill to create a fast-track consent option for new supermarkets, aiming to improve grocery competition and provide better prices and choices for consumers. The Bill streamlines the approval process by allowing new supermarket developments to bypass standard resource consent processes and be referred to a fast-track expert panel for quicker decisions. The amendments aim to enhance the efficiency of the Fast-track Approvals Act, with technical changes to cut project application processing times and reduce processing and consideration times by an estimated six weeks or more.
Tags: Government Nicola Willis Economic Growth Minister Chris Bishop RMA Reform Shane Jones Regional Development Minister supermarket grocery competitionNew Zealand Government's Growth-Focused Plan for Q4: Boosting Opportunities and Cutting Red Tape
2 months ago | 226 viewsPrime Minister Christopher Luxon highlights the Government's focus on growth and pragmatic solutions in its upcoming work programme. The Q4 plan aims to streamline construction processes, facilitate finance for social housing projects, promote competition in key sectors, and support innovative projects to boost job opportunities and incomes. Progress on the Q3 plan shows 26 out of 28 actions completed, with the remaining two, including regulations for open banking and the Crimes Amendment Bill, in progress.
Tags: Government Growth Pragmatic solutions New Zealand Prime Minister Christopher Luxon Construction Social housing developments Competition Urban growthCommerce Minister Scott Simpson Strengthens NZ Partnerships in London
3 months ago | 257 viewsCommerce and Consumer Affairs Minister Scott Simpson is traveling to London to enhance New Zealand's partnerships in insurance, emergency preparedness, and business competition. He aims to showcase New Zealand's leadership in resilience and disaster recovery and strengthen ties with global partners facing similar challenges. The Minister's itinerary includes meetings with key industry players, a briefing at the New Zealand High Commission, and participation in events highlighting the New Zealand-UK relationship, such as the Battle of Britain Service and the Women's Rugby World Cup semi-final.
Tags: Scott Simpson London New Zealand Insurance Emergency preparedness Business competition Resilience Disaster recovery Aon Lloyd's of LondonNew Commerce Act Amendments Boost Public Protection and Business Certainty
3 months ago | 274 viewsThe Government is updating the Commerce Act after nearly 20 years to enhance protection for the public and provide more certainty for businesses, focusing on promoting competition, innovation, and fair markets. Key changes include preventing unfair tactics, clearer merger rules, strengthening the Commerce Commission, and facilitating beneficial collaborations among businesses. The amendments aim to ensure the Commerce Commission is more effective, separate governance and regulatory functions, and give the Commission stronger tools to assess mergers and competition concerns, ultimately promoting fairer markets and consumer choice.
Tags: Government Commerce Act Economic Growth Minister Nicola Willis Commerce and Consumer Affairs Minister Scott Simpson Competition Innovation Commerce Commission Collaboration Mergers ConsumersNew Zealand Exporters Set to Benefit from Fairer Competition Under WTO Fisheries Subsidies Agreement
3 months ago | 296 viewsNew Zealand's Trade and Investment Minister Todd McClay highlights the benefits for exporters from the World Trade Organisation's Agreement on Fisheries Subsidies coming into effect, aiming to ensure fair competition by prohibiting subsidies that support illegal fishing practices. McClay emphasizes that the agreement aligns with New Zealand's push for global reform in the fishing industry, promoting responsible production and safeguarding fish stocks. New Zealand's ratification of the agreement in 2023 reflects its commitment to supporting fair competition and doubling the value of exports, with a focus on the Pacific region where key partners and exporters operate.
Tags: Todd McClay New Zealand exporters subsidies fish WTO agreement competition trade fisheriesNew Zealand Government Initiates Breakthrough Measures to Boost Supermarket Competition
3 months ago | 521 viewsThe Government plans urgent legislative and policy changes to remove barriers for competitor supermarkets in New Zealand, aiming to boost competition and offer better deals for consumers. These changes include fast-track approvals for new supermarkets, streamlining building consent processes, and amending regulations to combat predatory pricing. The initiative aims to encourage new domestic competitors and potential international retailers like Costco to expand in New Zealand, with further considerations on potentially restructuring major supermarket players Foodstuffs and Woolworths to enhance market competition.
Tags: Government supermarkets New Zealand legislative changes Nicola Willis competition Kiwi shoppers zoning regulations grocery sectorNew Capital Settings Proposals Aim to Boost Competition in New Zealand Banking Sector
3 months ago | 570 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
3 months ago | 428 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 stabilityEnergy Minister Hails New Rule to Boost Competition and Lower Power Prices
4 months ago | 442 viewsEnergy Minister Simon Watts welcomes a new rule by the Electricity Authority to boost retail competition among smaller power companies, aiming to lower power prices for struggling Kiwis. The rule will prevent large power companies from cross-subsidizing themselves and offering discounts, creating a level playing field for all competitors. These changes, developed under the Energy Competition Task Force, aim to encourage investment in new generation and improve economic outcomes, with further improvements to be consulted on later this year.
Tags: Simon Watts Electricity Authority Kiwis Government Energy Minister Power companies Competition Electricity market Consumers Energy pricesUpdate on Competition Policy Reforms for Economic Growth
4 months ago | 496 viewsThe Government is focused on growing the economy by improving competition settings, with updates on the Commerce Act review and Commerce Commission governance. Reforms to the Commerce Act aim to simplify collaboration processes, enhance confidentiality protections, and promote competition. Additionally, initiatives include strengthening banking competition, implementing open banking, regulating retail payments, and introducing a new water services regulatory regime under the Commerce Act to ensure efficiency and transparency.
Tags: Government economy competition settings Commerce Act review Commerce Commission collaboration competition safeguards beneficial collaboration confidential information industry codesPharmac's Cost Reductions for New Medicines: Minister Seymour's Positive Impact
4 months ago | 1336 viewsAssociate Education Minister David Seymour supports Pharmac's decision to lower the cost of certain funded medicines in order to allocate more funding for new medicines, emphasizing the critical impact of pharmaceutical funding on the lives of New Zealanders. The annual tender process allows Pharmac to save between $30 million and $50 million annually by reducing costs of existing medicines to fund new ones. Pharmac has implemented additional consultation steps in the tender process to gather feedback from patients, healthcare professionals, and advocacy groups, aiming for a more patient-centric approach in decision-making.
Tags: David Seymour Pharmac medicines funding New Zealand annual tender generic competition patents consultation Natalie McMurtry