A nurses strike looms within a fortnight unless the Government can either stonewall unions in final negotiations or relax its fiscal pursestrings a bit. The Government has relented slightly on its foreign buyers ban, allowing foreigners to hold on to new apartments and hotel units they provide the capital to build. But rest home operators and wine companies missed out on the exemptions they hoped for.
Developers of multi-storey apartment blocks and hotels will be able to invite in foreign buyers again under changes to the Government's foreign buying ban law. Conveyancers also dodged a bullet and telcos got an exemption, but retirement village operators failed to win the exemption they hoped for. Nikki Mandow looks at the winners and losers in the select committee's changes to the Overseas Investment Amendment bill.
US interest rates rose above New Zealand interest rates for the first time as house prices continued to rise here. Winston Peters led the Government in Parliament and is set to become acting Prime Minister. Labour's political vulnerability over justice and corrections issues was exposed. The Public Service staged a "manny-go-round." Shane Jones triggered a debate about Fonterra's future by attacking its performance and chairman. Trump got played by Kim Jong Un, but it may not matter.
New Zealand house prices rose in May as more properties changed hands, showing the market is buoyant heading into winter, the Real Estate Institute said.
The Opposition is dismissing the new ministry to tackle the housing crisis as just “rearranging the deck chairs”, but the Government says it will be an effective way to sharpen the focus on housing
The Government launched reviews of employment law and climate change law aimed at soothing the nerves of employers and farmers respectively. It appeared to rule out a breakup of the Reserve Bank and started considering introducing a deposit insurance scheme. Better foreign ownership data showed almost 20 percent of property buyers in central Auckland in the last year were not citizens. Documents showed officials advised the Government against its decision to stop issuing new offshore oil and gas drilling licenses, saying it would actually increase emissions because coal would be used instead of gas. The economy may have slowed a bit in the March quarter as construction sector activity and confidence continues to wane. Donald Trump waged trade wars ahead of G7 meetings and his summit with Kim Jong Un.
The Government has announced it will create a standalone housing ministry, as it seeks to deliver on its big promises to address the housing crisis.
Just over 3 percent of 'home transfers' in New Zealand were to non-Kiwis in the first quarter, based on new data that tracks ownership changes from Statistics New Zealand.