Articles tagged with Reserve Bank
Strong Q3 Economic Growth Boosts Confidence Ahead of Christmas, Says Finance Minister
1 week ago | 100 viewsFinance Minister Nicola Willis welcomed the strong 1.1% economic growth in the third quarter, driven by 14 of 16 sectors, signaling a positive turnaround after challenging years. Key job-rich sectors like manufacturing, construction, and business services showed significant growth, alongside increases in exports and investment, indicating promising future job prospects and higher incomes. With GDP per capita rising 0.9% and forecasts predicting accelerated growth and lower unemployment next year, the government’s strategy to strengthen the economy appears effective.
Tags: economy growth Nicola Willis Finance Minister Stats NZ Treasury Reserve Bank manufacturing sector construction business services GDP per capitaReserve Bank Eases Capital Requirements to Boost NZ Bank Competition and Lending
1 week ago | 85 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 sectorRodger Finlay Appointed Reserve Bank Chair and Rhiannon McKinnon Joins Board
4 weeks ago | 151 viewsRodger Finlay has been appointed Chair of the Reserve Bank, continuing his leadership since August 2023, while Rhiannon McKinnon joins the Bank’s Board for a five-year term. These appointments are part of a broader refresh of the Reserve Bank, which includes new leadership, committees, and a focus on increased accountability, transparency, and banking competition. Both appointees bring extensive experience in governance and financial management, supporting the Bank's statutory responsibilities and government expectations.
Tags: Rodger Finlay Rhiannon McKinnon Nicola Willis Reserve Bank Kiwi Wealth NZ Post Kiwi Group Holdings NZ Oil and Gas PGG Wrightson NZ Film CommissionReserve Bank Cuts OCR Again to 2.25%, Boosting Kiwi Economy in 2026
4 weeks ago | 170 viewsThe Reserve Bank has lowered the Official Cash Rate to 2.25%, marking the ninth reduction since July 2024, which is boosting economic activity and supporting forecasts of falling inflation and rising growth. This easing of rates is benefiting households by increasing mortgage renewal opportunities and enabling more Kiwis to purchase their first homes, with 23,600 first-time buyers in the past year. Finance Minister Nicola Willis highlights that these positive economic trends offer hope and improved financial choices for New Zealand families and businesses.
Tags: Nicola Willis Reserve Bank Official Cash Rate OCR New Zealand inflation economic growth mortgage lending first home buyers Kiwi familiesReserve Bank Eases Lending Rules to Boost First-Home Buyers from December
1 month ago | 210 viewsThe Reserve Bank is easing Loan-to-Value Ratio (LVR) restrictions, allowing commercial banks to increase lending to home buyers with smaller deposits from 20% to 25%, benefiting mainly first-home buyers. Additionally, lending to property investors with deposits under 30% will rise from 5% to 10%, reflecting increased banking system resilience due to prior debt-to-income restrictions. Finance Minister Nicola Willis welcomes these changes, which take effect on December 1, as they improve opportunities for young families to enter the housing market.
Tags: Nicola Willis Reserve Bank LVR restrictions commercial banks DTI restrictions property investors home loansRegulatory Standards Bill: Enhancing Transparency and Accountability in New Zealand Law
1 month ago | 232 viewsRegulation Minister David Seymour celebrates the passing of the Regulatory Standards Bill, emphasizing its importance in revealing the true costs of regulations to the public and reducing regulatory burdens through political pressure. The bill aims to enhance transparency and accountability in legislation by establishing a Regulatory Standards Board to assess consistency with principles of responsible regulation. By promoting evidence-based policy and providing recourse for individuals affected by overreaching regulations, the bill ultimately seeks to improve New Zealand's productivity and empower citizens to hold decision-makers accountable.
Tags: Regulation Minister David Seymour Regulatory Standards Bill Kiwis’ rights Public Finance Act Reserve Bank Act Bill of Rights Act Regulatory Standards Board Regulatory Impact Statements Earthquake Prone Buildings lawGovernment Accepts Banking Competition Recommendations for Increased Innovation and Consumer Benefits
1 month ago | 158 viewsThe Government has accepted or partially accepted all recommendations from the Finance and Expenditure Committee's inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The findings highlighted concerns about high banking profitability, market concentration, barriers to entry, and regulatory settings, aligning with the Commerce Commission's report. Actions include allowing Kiwibank's parent company to raise capital, emphasizing banking competition in policies, encouraging standardization of financial information, disclosing account profitability, expanding regulatory sandbox trials, developing a licensing model for innovation, and coordinating monitoring through the Treasury.
Tags: Government Finance and Expenditure Committee Nicola Willis Commerce Commission Kiwibank Reserve Bank Scott Simpson Financial Markets Authority Treasury Māori.Finance Minister Pleased with Inflation Remaining in Reserve Bank's Target Range
2 months ago | 255 viewsActing Finance Minister Chris Bishop welcomes latest figures showing inflation within Reserve Bank's target range, with annual CPI inflation rising from 2.7% to 3% in the year to September 2025. Expectations are for inflation to decline towards 2% in the first half of next year, easing pressure on households and businesses. Top contributors to the annual increase were electricity (up 11.3%) and local authority rates and payments (up 8.8%), emphasizing the need for increased electricity supply and competition and the impact of local government rates on New Zealanders' finances.
Tags: Chris Bishop Stats NZ Reserve Bank inflation CPI government households businesses electricity local authorityAndrew Wilson Joins Board of Guardians of NZ Super Fund
2 months ago | 263 viewsAndrew Wilson, a former investment banker with extensive experience in global markets, has been appointed to the Board of the Guardians of New Zealand Superannuation, overseeing the $85 billion Superannuation Fund. Prior to this role, Wilson held key positions at institutions like the Reserve Bank of New Zealand, Bank of England, and Goldman Sachs Asset Management. Acting Finance Minister Chris Bishop highlighted Wilson's valuable expertise in investment management and global markets, emphasizing his potential to make a significant impact on the Guardians' work. Wilson's official appointment to the Board is scheduled to commence on 20 October.
Tags: Andrew Wilson Chris Bishop Investment banker Guardians of New Zealand Superannuation Reserve Bank of New Zealand Bank of England Rothschild Asset Management Goldman Sachs Asset Management Fixed Income Currency & Money MarketsReserve Bank Eases Lending Restrictions for First Home Buyers, Finance Minister Welcomes Move
2 months ago | 323 viewsFinance Minister Nicola Willis has praised the Reserve Bank's plan to relax lending restrictions, aiming to assist first home buyers in achieving home ownership. The Reserve Bank is considering increasing the limit on new lending to owner-occupiers with less than a 20% deposit to 25%, potentially aiding more first-time buyers. Additionally, the proposal includes raising the amount banks can lend to residential property investors with deposits under 30% from 5% to 10%, following the introduction of debt-to-income restrictions to enhance banking system resilience.
Tags: Finance Minister Nicola Willis Reserve Bank lending restrictions first home buyers property ladder Kiwis loan to value DTI restrictions banking systemFinance Minister Appoints Hayley Gourley to Reserve Bank's Monetary Policy Committee
3 months ago | 305 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 BuckleRevitalizing the Property Sector: Updates on Market Cycles, Innovative Ideas, and Growth Opportunities in Queenstown
3 months ago | 412 viewsThe speaker expresses gratitude for being at an event in Queenstown hosted by the Property Council, emphasizing the importance of collaboration among various stakeholders in the property industry. They acknowledge the challenges faced by the construction and property sectors due to inflation and economic cycles but highlight government initiatives to support recovery, including reforms to streamline building processes. The speaker outlines key pillars of the Going for Housing Growth program and upcoming Resource Management Act reforms aimed at facilitating development and addressing infrastructure needs, concluding with a mention of City and Regional Deals as strategic partnerships to drive economic growth and housing development.
Tags: Leonie Freemen Minister Penk Shamubeel Eaqub Simplicity Reserve Bank Property Council Resource Management Act Going for Housing Growth Development Levies Infrastructure Funding and Financing ActFinance Minister Thanks Departing Reserve Bank Chair for Service
3 months ago | 334 viewsFinance Minister Nicola Willis thanked departing Reserve Bank Chair Neil Quigley for his long service, acknowledging his contributions over 15 years as a board member and nine as Chair. Quigley resigned immediately, citing the completion of key tasks and the timing being right for a transition to a new Chair. Deputy Chair Rodger Finlay will temporarily assume the Chair's duties until a permanent appointment is made, and the vacancy on the board left by Quigley will be filled in the future.
Tags: Finance Minister Nicola Willis Reserve Bank Chair Neil Quigley board member Chair resignation funding agreement capital settings new GovernorNew Capital Settings Proposals Aim to Boost Competition in New Zealand Banking Sector
4 months ago | 582 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
4 months ago | 443 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 stability