Donald Trump threatened to impose tariffs on US$200 billion of Chinese imports. China promised to retaliate. Trump said he would add another $200 billion if China did. The Kiwi dollar fell below 69 USc. David Parker agreed to exempt Singaporeans from the foreign buyers ban to allow the CPTPP to go ahead. Kris Faafoi announced plans to toughen rules on beneficial ownership and director identification. A major inquiry into a firm of private investigators used by Government agencies was launched.
The Reserve Bank gave the financial system a clean bill of health in its half-yearly Financial Stability Report today, but said it wanted to see subdued mortgage lending growth sustained before it further eased restrictions on Loan to Value Ratios.
Here are the eight news events that mattered this week in New Zealand's political economy.
The Government wants to stop insurers blocking claims because irrelevant information was not disclosed, but the changes may not come for years, reports Thomas Coughlan.
Consumer Affairs Minister Kris Faafoi wants people to tell him about their concerns with the insurance industry, as pressure builds on the sector over conflicts of interest around incentives, harsh disclosure provisions, and unfair exemption clauses.
The government wants public input on the laws surrounding Ponzi schemes, with current legislation to recover investors' funds not designed to deal with the scams meaning victims are left out of pocket.
The news that matters this morning
The Commerce Commission is set for a shake-up with a new law that would give it new powers to protect consumers from anti-competitive practices, Thomas Coughlan reports.
A recall of 50,000 vehicles with faulty airbags has been ordered by the Government.
A new national agency with beefed-up powers should be set up to better handle New Zealand’s response to emergencies and natural disasters, a sweeping review of Civil Defence has recommended.