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☆ New Zealand court rules voting age of 18 is discriminatory
▼ + stars: | 2022-11-21 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 21 (Reuters) - New Zealand's highest court ruled on Monday that the country's current voting age of 18 was discriminatory, forcing parliament to discuss whether it should be lowered. The Supreme Court found that the current voting age of 18 was inconsistent with the country's Bill of Rights, which gives people a right to be free from age discrimination when they have reached 16. But it does not force parliament to change the voting age. The Green Party wants immediate action to lower the voting age to 16, but the largest opposition party, the National party, does not support the shift. "Obviously, we've got to draw a line somewhere," said National party leader Christopher Luxon.

☆ New Zealand's Ardern set to meet China's President Xi
▼ + stars: | 2022-11-17 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

[1/2] New Zealands' Prime Minister Jacinda Ardern addresses the 77th United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 23, 2022. REUTERS/Caitlin OchsWELLINGTON, Nov 17 (Reuters) - New Zealand Prime Minister Jacinda Ardern expects to meet Chinese President Xi Jinping on Friday on the sidelines of the meeting of the Asia-Pacific trade group APEC, a New Zealand government spokesperson said on Thursday. It will be their first meeting in person since 2019, although they spoke by telephone in 2021. Ardern flew to Cambodia this week to attend the East Asia Summit of the Association of South East Asian Nations (ASEAN), hold two-way meetings and attend related events. Reporting by Lucy Craymer; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Tuvalu turns to the metaverse as rising seas threaten existence
▼ + stars: | 2022-11-15 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Tuvalu said on Tuesday it plans to build a digital version of itself, replicating islands and landmarks and preserving its history and culture as rising sea levels threaten to submerge the tiny Pacific island nation. Kofe grabbed global attention at last year’s COP26 when he addressed the conference standing knee-deep in the sea to illustrate how Tuvalu is on the front line of climate change. Tuvalu was having to act because countries globally were not doing enough to prevent climate change, he said. Tuvalu, a group of nine islands and 12,000 people halfway between Australia and Hawaii, has long been a cause celebre for the risks of climate change and rising sea levels. Kofe said he hoped the creation of a digital nation would allow Tuvalu to continue to function as a state even if it becomes completely submerged.

☆ New Zealand house prices down 7.5% on year -REINZ
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

WELLINGTON, Nov 15 (Reuters) - New Zealand house prices rose slightly in October on the prior month but buyers remain hesitant as mortgage interest rates continue to rise, the Real Estate Institute of New Zealand (REINZ) said on Tuesday. Seasonally adjusted median house values rose 0.7% in October compared with the previous month, but were down 7.5% on October 2021, according to REINZ. "Several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year," said Jen Baird, chief executive at REINZ. Reporting by Lucy Craymer; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand central bank review supports monetary policy decisions
▼ + stars: | 2022-11-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 10 (Reuters) - The New Zealand central bank's dramatic easing in monetary policy was largely warranted over the COVID-19 pandemic, but with hindsight policy tightening should have occurred earlier in 2021, an internal report released by the central bank on Thursday found. The internal review, which looked at how the Reserve Bank of New Zealand (RBNZ) made decisions about monetary policy in the past five years and what lessons could be learned, found monetary policy decisions were consistent with the data available at the time, while worst case scenarios were avoided. It did find with the benefit of hindsight that monetary policy should have been tightened earlier in 2021 either by lifting the cash rate or reducing asset purchases. New Zealand's central bank started an aggressive tightening cycle in October 2021 and has increased the cash rate in just over a year to 3.5% from 0.25%. Orr said in a statement that the period reviewed had been uniquely challenging and they could learn from the conduct of monetary policy.

☆ New Zealand government to introduce 'open banking' for consumers
▼ + stars: | 2022-11-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 10 (Reuters) - New Zealand will introduce open banking over the next two years, the government said in a statement on Thursday, making the sector the first to have rules giving consumers full control of their financial data. "Open banking" is already in place in a number of markets overseas, including Australia and the United Kingdom. Proponents of "open banking" say it may allow consumers to share their banking data with other providers to get better and cheaper services than what they already have. Australian banks, which dominate New Zealand's banking sector, are increasing their reliance on data to approve loans and better sharing of data supports this. New Zealand Bankers' Association chief executive Roger Beaumont said it is important to get the open data sharing right for consumers and they needed time to implement.

☆ British grocery inflation hit record 14.7% in October -Kantar
▼ + stars: | 2022-11-08 | by ( James Davey | Lucy Craymer | ) www.reuters.com time to read: +2 min

SummarySummary Companies Too early to call peak of inflation, Kantar saysBritons face 682-pound jump in annual grocery billSales of cheapest-value own-label ranges soarDiscounters Aldi, Lidl are fastest growing grocersLONDON, Nov 8 (Reuters) - British grocery inflation hit 14.7% in October, another new record, and it is still too early to call the ceiling, market researcher Kantar said on Tuesday. It said UK consumers would face a 682-pound ($785) jump in their annual grocery bill if they continued to buy the same items. Kantar said 27% of UK households reported that they are struggling financially - double the proportion it recorded last November. Kantar said grocery sales rose by 5.2% on a value basis in the 12 weeks to Oct. 30 year-on-year - masking a drop in volumes once inflation is accounted for. Sales of own-label goods, which are generally cheaper than branded goods, jumped 10.3% over the four weeks to Oct. 30, while sales of branded goods rose 0.4%.

☆ Philippines' unemployment hits new low since start of pandemic
▼ + stars: | 2022-11-08 | by ( Lucy Craymer | Kantaro Komiya | ) www.reuters.com time to read: +1 min

MANILA, Nov 8 (Reuters) - The Philippines' unemployment rate in September fell to a new low since the COVID-19 pandemic began, highlighting more green shoots of recovery as the country fully reopens its domestic economy. The unemployment rate eased for a third month in a row to hit 5% in September, the statistics agency said on Tuesday, which bodes well for third quarter growth. "The recent survey results show the gains of the full reopening of our economy," Economic Planning Secretary Arsenio Balisacan said in a statement. Gross domestic product was 7.4% in the second quarter, bringing the average growth in the first half of the year to 7.8%, above the government's 6.5-7.5% growth target for 2022. Reporting by Karen Lema; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 8 (Reuters) - British businesses fear a gloomy Christmas ahead, as almost half of households plan to cut festive spending due to the soaring cost of living and sales are already falling sharply in inflation-adjusted terms. "Christmas will come later than last year for many and there may be more gloom than glitter as families focus on making ends meet, particularly as mortgage payments rise," BRC chief executive Helen Dickinson said. The BRC's measure of like-for-like sales, which adjusts for changes in retailers' floor space, slowed to 1.2% in October from September's 1.8%. "The small rise in sales masked a much larger drop in volumes once inflation is accounted for," the BRC said. Britain's official retail sales data, which cover more shops than the BRC figures and is adjusted for inflation, showed sales volumes excluding fuel dropped 6.2% year-on-year in September.

☆ Australia launches review into former pilots training Chinese military
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Nov 9 (Reuters) - Australia will launch a review into the obligations former Defence Force personnel have to protect state secrets, following reports that Australians were among the Western military pilots who had been approached to help train the Chinese military. Defence Minister Richard Marles said on Wednesday the intelligence agencies and Australian Federal Police were "investigating a number of cases" in Australia, and announced a review into the policies and procedures governing Australian Defence Force personnel. "It's important that we have the most robust framework possible that is in place to protect Australia's information and protect our secrets." Britain has said it would change its national security laws to stop former military pilots being recruited by third-party agencies to work in China, after reports up to 30 pilots had trained the Chinese military. An Australian citizen, Daniel Edmund Duggan, was arrested in New South Wales state in the same week that Britain announced the crackdown on former military pilots.

☆ Support for New Zealand Labour Party hits 2017 low, poll shows
▼ + stars: | 2022-11-06 | by ( Lucy Craymer | ) www.reuters.com time to read: 1 min

WELLINGTON, Nov 7 (Reuters) - Support for New Zealand's ruling Labour Party has dropped to its lowest level since Jacinda Ardern took over the leadership, an opinion poll released late on Sunday showed. The closely watched Newshub-Reid Research poll showed support for Ardern's party at 32.3%, down 5.9 points since the last poll in May. Support for largest opposition party, National, is at 40.7%. New Zealand is not due to go to the polls until late in 2023 but those figures would leave Labour and its traditional partners without enough support to form a coalition government. Reporting by Lucy Craymer; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand jobless rate remains low, wage inflation hits record
▼ + stars: | 2022-11-02 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 2 (Reuters) - New Zealand's jobless rate held at 3.3% in the third quarter, and wage inflation hit its highest level on record, adding to expectations the central bank will increase interest rates by a historic 75 basis points at its next meeting. HOT JOB MARKETThis tightness saw wage inflation hit its highest levels since the survey began in 1993 with third-quarter seasonally adjusted private sector wages up 3.8% on the previous year. Wage inflation highlights the extent of the challenge that the RBNZ faces bringing inflation under control, Michael Gordon, acting chief economist at Westpac said in a note. "There is no room for relenting on the path to higher interest rates yet," he said. New Zealand inflation is running at 7.2%, far above the central bank's target of 1-3% over the medium term.

☆ New Zealand central bank can get inflation under control: RBNZ governor
▼ + stars: | 2022-11-02 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Nov 3 (Reuters) - New Zealand central bank Governor Adrian Orr said on Thursday he was confident the central bank can get inflation under control as the country battles a tight labour market. Inflation in New Zealand is currently sitting at 7.2%, well above the bank's target of 1% to 3%. Orr said the Reserve Bank of New Zealand (RBNZ) has a "laser-like" focus on controlling inflation. A tight labour market saw wage inflation in the third-quarter rise to the highest level since the survey began in 1993. Orr added that the tight labour market was also the biggest constraint on businesses in New Zealand.

☆ RBNZ says global financial stress will test New Zealand's financial resilience
▼ + stars: | 2022-11-01 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Nov 2 (Reuters) - The Reserve Bank of New Zealand said on Wednesday the country's financial system is as a whole resilient but global financial stress will test this. "The rising global interest rates necessary to curb inflation will test New Zealand's financial resilience," Governor Adrian Orr said in the bank's financial stability review, which is released twice a year. "While our financial system as a whole is resilient, some households and businesses will be challenged by the rising interest rate environment," Orr added. New Zealand's central bank has aggressively hiked interest rates as it has sought to get on top of a red-hot housing market and soaring inflation. The central bank, however, said house prices remain above their sustainable level, and that a further gradual decline would be positive for long-term financial stability.

☆ New Zealand jobless rate holds at 3.3%, employment jumps
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

WELLINGTON, Nov 1 (Reuters) - New Zealand's jobless rate held at 3.3% in the third quarter even as employment surged 1.3% as more people went looking for work, according to data released by Statistics New Zealand on Wednesday. The participation rate jumped to a record high of 71.7% in the third quarter, above forecasts of 71.0%. Economists polled by Reuters had forecast an unemployment rate of 3.2% and employment growth of 0.5%. Statistics New Zealand data showed third quarter seasonally adjusted private sector wages rose 3.8% on the previous year. Reporting by Lucy Craymer Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand suspends bilateral human rights dialogue with Iran
▼ + stars: | 2022-10-31 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Oct 31 (Reuters) - The New Zealand government said on Monday it has suspended its official bilateral human rights dialogue with Iran, saying bilateral approaches were "no longer tenable" with basic human rights being denied in the country. "Violence against women, girls or any other members of Iranian society to prevent their exercise of universal human rights is unacceptable and must end. This is clearly a difficult time for the people of Iran," Mahuta said. New Zealand and Iran had established the dialogue in 2018 with the stated hope of advancing human rights issues and concerns. The New Zealand government also last Wednesday updated its travel warnings for Iran and urged New Zealanders currently there to leave.

Oct 31 (Reuters) - The Reserve Bank of New Zealand said on Monday its annual stress test on the banking sector showed banks were "well placed" to overcome stagflation. The RBNZ's Deputy Governor Christian Hawkesby said while banks' capital buffers would take a hit in a stagflation scenario, where high inflation is paired with negative economic growth, they would remain well above the regulatory minimums. Inflation in New Zealand is tracking just below three-decade highs at 7.2% and the central bank has been aggressively hiking the cash rate to try to dampen it. Gross domestic product rose 1.7% in the June quarter, but increases in the cash rate raise the risk of a contraction. The Central Bank is due to release its twice yearly Financial Stability Report on Nov. 2.

☆ New Zealand PM Ardern delayed in Antarctica after plane breaks down
▼ + stars: | 2022-10-28 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Oct 29 (Reuters) - New Zealand's Prime Minister Jacinda Ardern spent an extra night Friday at the country's research station in Antarctica after the military aircraft she was meant to be travelling back to New Zealand on broke down. Ardern has been in Antarctica meeting with the country's scientists and visiting the sites of historical importance while promoting the need for co-operation in the region. A spokeswoman for the prime minister said on Saturday that Ardern and those travelling with her are due to return Saturday on a Italian C-13 Hercules military aircraft. Ardern flew on a U.S. military plane to Antarctica after her first flight had to turn back midflight due to bad weather. New Zealand is one of seven countries, including Australia, France and Chile, with a territorial claim to Antarctica.

☆ NZ's Ardern visits Antarctica to highlight climate change challenges
▼ + stars: | 2022-10-27 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

WELLINGTON, Oct 27 (Reuters) - Prime Minister Jacinda Ardern visited scientists at New Zealand's Scott Base in Antarctica on Thursday, as part of a trip aimed at highlighting climate change challenges, her country's commitment to the continent and the need for regional cooperation. Last year, New Zealand announced it was allocating NZ$344 million($200.72 million) for a rebuild of the base, to support New Zealand's presence there for the next 50 years. "Cooperation in Antarctica and in the Antarctic Treaty System is more important than ever as we tackle the crises of climate change and biodiversity loss," Ardern added. In recent years, both Russia and China have invested in their capability and presence in Antarctica, and Western governments have responded in similar fashion. The impact of climate change on Antarctica has made it a critical location for research.

☆ World Bank warns Solomon Islands of unsustainable debt without reform
▼ + stars: | 2022-10-26 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Oct 26 (Reuters) - The Solomon Islands will need to implement fiscal reforms such as alterations to its tax system and more efficient public spending or its debt levels may become unsustainable, the World Bank said in a report on Wednesday. With the Solomon Islands implementing a large public investment programme and facing declining logging revenue, fiscal reform will be vital to managing debt levels and securing hard-fought development gains, the bank said. "Without reform, Solomon Islands’ debt may become unsustainable," the bank said. If changes are not made, public debt will reach the government threshold of 35% of gross domestic product (GDP) as early as 2026, it said. McKinnie Dentana, permanent secretary at the Ministry of Finance, said in a statement the Solomon Islands had worked closely with the World Bank in preparing the report and it provided useful guidance.

☆ RBNZ Governor Orr: New Zealand is relatively well positioned but inflation too high
▼ + stars: | 2022-10-26 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Oct 27 (Reuters) - New Zealand's central bank governor, Adrian Orr, said on Thursday that while the country was relatively well positioned to meet challenges inflation remains too high. Orr added that the central bank had its eyes firmly focused on meeting its inflation target of 1% to 3%. "New Zealand is relatively well positioned but inflation is still too high in an absolute sense," he said in a speech to the Institute of Finance Professionals of New Zealand in Auckland. New Zealand's central bank in early October lifted interest rates to a seven-year high and promised more pain to come as it struggles to cool inflation at near three decade highs in an over-stretched economy. New Zealand's central bank is due to release its twice yearly Financial Stability report on Nov. 2.

☆ New Zealand proposes stronger terrorism laws
▼ + stars: | 2022-10-19 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Oct 19 (Reuters) - New Zealand's parliament on Wednesday proposed changes to the country's counter-terrorism laws to provide more restrictions on people thought likely to be planning an attack. After the mall knife attack in 2021 the government sought a review on how to improve laws to prevent a similar attack happening. The man, who was shot dead by police, was inspired by the Islamic state militant group and was being monitored constantly by security personnel after his earlier release from prison. The changes to the Acts now have to make their way through parliament and are unlikely to be finalised before March 2023. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lucy Craymer; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand Q3 inflation smashes expectations, boosts case for hawkish hikes
▼ + stars: | 2022-10-18 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Annual inflation ran at 7.2% in the third quarter, sitting just below a three-decade high, Statistics New Zealand said in a statement on Tuesday. Inflation slowed slightly from 7.3% in the second quarter but far outpaced expectations in a Reuters poll for a 6.6% annual rise. "With the RBNZ having the inflation bit between its teeth, all options are likely to remain on the table." Smith said they had changed their OCR forecast and were now expecting a 75-basis-point rate hike in November, and two further 50 bp rate hikes in February and April 2023. Statistics New Zealand added that annual non-tradable inflation - products made in New Zealand for domestic consumption - rose 6.6%, the highest since it began tracking that data in June 2002.

☆ New Zealand third-quarter inflation outpaces expectations
▼ + stars: | 2022-10-17 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

Annual inflation rose 7.2% in the third quarter, slowing from a 7.3% gain in the second quarter and sits just below three-decade highs, Statistics New Zealand said in a statement on Tuesday. The data was above economists’ expectations for a 1.6% rise for the quarter and a 6.7% annual rise, according to a Reuters poll. The New Zealand dollar rose slightly after the data showed inflation was hotter than expected. The main drivers of the 7.2% annual inflation were rising prices for construction, local government taxes and rentals for housing, Statistics New Zealand said in a statement. Statistics New Zealand added that annual non-tradable inflation - products made in New Zealand for domestic consumption - rose 6.6%, the highest since it began tracking that data in June 2002.

☆ New Zealand to assess progress vs workplace bullying in parliament
▼ + stars: | 2022-10-14 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Oct 14 (Reuters) - The New Zealand government said on Friday it would commission an independent review to assess parliament's workplace culture after a study three years ago found widespread bullying and harassment. A 2019 report uncovered systemic harmful behaviour in New Zealand's parliament, including by and between staff, managers, members of parliament, the media and the public. Register now for FREE unlimited access to Reuters.com Register"It is important that we take stock, as an institution, of the effectiveness of that work," said Rurawhe. In August, a member of parliament from the ruling Labour Party accused other lawmakers from the party of bullying. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lucy Craymer; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

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