The Reserve Bank has been given the government’s go-ahead to tighten mortgage lending rules to try to take some heat out of the housing market.
An updated Memorandum of Understanding between the Minister of Finance and the Reserve Bank will enable it to implement its proposal to reduce the amount of low-deposit bank lending banks for mortgages.
Announcing the updated MOU, Finance Minister Grant Robertson today said the central bank has proposed reducing the amount of lending banks can do above a high Loan-to-Value Ratio (LVR) of 80 per cent. This lending will be lowered from 20 per cent to 10 per cent of all new loans.
Consultation will start with banks later this month, with a view to introduce this from 1 October, 2021.
The central bank also intends to start consultations in October on implementing Debt to Income (DTI) restrictions and/or interest rate floors. Continue reading “Reserve Bank gets green light to tighten lending rules for housing (hopefully without impeding first-home owners)”
The Government has dished out public money on two fronts in its mission to reduce inequitable outcomes in health statistics.
On one front, Prime Minister Jacinda Ardern and Health Minister Andrew Little joined a ceremony to bless the site and workers for Phase Two of the redevelopment of the Bay of Islands Hospital in Kawakawa yesterday,
The Government has invested $14 million in a project intended
“… to help the Northland District Health Board address inequitable health outcomes for Māori, by making services easier to access for communities,” Jacinda Ardern said.
“It is unacceptable that the place you live should determine the sort of healthcare get.”
Does this mean the Point of Order team can move to Stewart Island and be assured of the same health services that are being provided for the people of Kawakawa?
Oh, and let’s note that the local district health board in the Far North is being shunted aside for this development. Continue reading “It’s all about reducing inequities -and so Maori wellbeing is a big consideration in research funding and hospital administration”
It has been a quiet week in The Beehive, since the Minister Responsible for the Government Communications Security Bureau Andrew Little expressed New Zealand’s condemnation of malicious cyber activity by “Chinese state-sponsored actors”.
What are they hatching now (we wonder) and when will they announce it?
Mind you, when we say it has been a quiet week in The Beehive, we don’t mean Ministers have been quiet.
Speaking as Minister of Police (for example), Poto Williams said she will not be backing down on her strong stance not to support the general arming of police because the Māori and Pacific Island communities she represents do not want it.
We kid you not.
And there we were thinking she was the MP for Christchurch East, a community of many ethnicities.
The graph we found on Parliament’s website suggests Maori and Pacific Islanders comprise a minority in the electorate and the substantial numbers of “European” residents comprise a bigger percentage of the total population (around 70,000 people) than they do nation-wide.
Source: Parliamentary Library using data from Stats NZ
Continue reading “Arming the police: Police Minister’s explanation about her stance triggers questions about representation”
On the home front, the Government has pitched in $600,000 to help the recovery for people affected by the weekend’s violent weather and welcomed the New Zealand Nurses Organisation’s decision to take the Government’s improved pay offer to members and to lift strike notices.
Internationally, the PM has had a chat with President Biden and chaired an APEC leaders’ meeting on Covid-19 and conference.
And her government is providing $2 million (more than has been committed so far for the relief of weekend weather victims) to help Pacific businesses.
At the weekend we expanded on the PM’s chat with Biden (see HERE).
Now, at Point of Order, we are braced for this week’s news from the Beehive. Continue reading “Govt to contribute $600,000 to recovery from weekend storms in South Island – Pacific businesses will be given $2 million”
The government has declared its intention to make hate speech a Crimes Act offence and to increase the penalties for inciting hatred or discrimination.
It has announced a public consultation on proposed changes to the Human Rights Act 1993
“… to strengthen protections against speech that incites hatred and discrimination; and seeking New Zealanders’ views about how they would make New Zealand more socially cohesive”.
Writer George Orwell would have relished the language applied by Beehive spin doctors to describing the objective. The government is launching a “social cohesion programme to address incitement of hatred and discrimination”.
We imagine this is not intended to discourage or eliminate discrimination of the sort that bestows favours or privileges when the government promotes an “us” and “them” society through the increasing development of Crown-Maori partnerships.
Treating Maori and non-Maori separately is reflected in a raft of policies, as evidenced (for example) in the latest announcement on the Infrastructure Acceleration Fund.
Final decisions had yet to be made on how the full Housing Acceleration Fund would be used, Housing Minister Megan Woods said this week, but $350 million has been ring-fenced for a Māori Infrastructure Fund.
So where is a fund that has been ring-fenced for other ethnicities?
The government and its supporters will insist this is “positive” discrimination which makes it an acceptable arrangement – a necessary one, even – under the Treaty of Waitangi, although it seems to be at odds with today’s announcement of a significant programme of work to create a safer, more inclusive society. Continue reading “Hate speech law proposals aim to create a safe and inclusive society – but discrimination is unlikely to be discouraged if it is positive”
The Nats made political hay from the government’s treatment of the Police in this year’s budget. The Police Budget was trimmed by around $90 million
“ … despite record growth in gang membership,” National’s Police spokesperson Simeon Brown says.
The government – inevitably – defended its numbers, saying some funds are still under negotiation, and the police are still better off than they were under National.
Today Police Minister Poto Williams made a fresh Budget announcement of new spending of $70 million in new operating funding.
It’s for Te Pae Oranga Iwi Community Panels, to provide more panels and ensure they are available to people across New Zealand.
This time the ACT’s Justice spokesperson Nicole McKee has rejoined that the Government will spend $70 million to go even softer on crime.
Te Pae Oranga Iwi Community Panels give police an option for dealing with people with underlying issues who need help to get their lives back on track. This includes helping them overcome problems like addiction, abuse, financial stress and difficulties getting employment or education. Continue reading “Police budget was trimmed but $70m will be invested in scheme to let some offenders be dealt with by iwi panels”