Budget 2015 continues the government’s responsible economic direction the New Zealand Bankers’ Association said today.
Bankers Association boss Kirk Hope said removing the kickstart was understandable from a cost perspective, but he called on the Government to commit to beefing up rules around enrolment.
Budget 2015 continues the government’s responsible economic direction the New Zealand Bankers’ Association said today.
“The Budget shows that the New Zealand economy remains on a sound track with a clear path to surplus forecast,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Despite lower than forecast tax revenue, meaning that a surplus will not be reached this year as predicted, the important thing is that a small surplus is expected in 2015/16, rising to a $3.6 billion surplus in 2018/19.
“Budget 2015 shows that the overall fiscal trajectory remains positive, and that’s a sign the New Zealand economy is in good shape. We welcome this and the framework that the Budget puts in place to support this steady growth.
“It’s pleasing to see that the reduction in crown debt remains on-track and that unemployment is forecast to fall below five per cent by 2016/17, while economic growth is set to average 2.8 per cent over the next four years. These are all signs that the economy is heading in the right direction.
“The priority placed on reducing income taxes from 2017 is also commendable.
“That said, the missed surplus for 2014/15, and reduced tax revenue, shows the relatively fragile nature of New Zealand’s economic growth story.
“That’s why it’s important that cautious, careful government spending is maintained. The government needs to remain prudent in its expenditure and continue to exercise restraint.
The Budget also confirmed a number of housing-related steps aimed at addressing challenges on both the demand and supply side of the equation.
“These are constructive steps and will aid housing supply and affordability especially in Auckland. It’s good to see the government moving to strengthen tax rules on residential property and bolstering IRD’s resources in this area.
New Zealand Bankers’ Association boss Kirk Hope said fraudsters were always looking for new ways to scam and steal people’s money.
The New Zealand Bankers’ Association is encouraging people to protect their personal information as Australasian Consumer Fraud Week kicks off today.
“Fraudsters are always looking for new ways to scam us and steal our money. Scammers use a range of ways to trick people into handing over personal information, usually by phone or email. Once they have that information, such as your account number, log-in details, or password, they can access your identity and your money. This kind of fraud is known as ‘phishing’ if the fraudster makes contact by email, ‘vishing’ if it’s by phone, or ‘smishing’ if it’s by text,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Your bank will never ask you for your PINs and passwords. Anyone who asks for these will in all likelihood be trying to scam you.
“Scammers often pretend to be your bank, a government agent, a retailer or someone you trust.”
How to avoid these scams:
- Don’t give out account details over the phone unless you made the call and you trust that the number you called is genuine.
- Don’t reply to, click on any links, or open any files in spam emails. Don’t call any numbers in spam emails.
Spam emails are often disguised to look legitimate. If it doesn’t seem right, take care and double check first before handing over personal information. It’s always a good idea to check the email address against one you know to be legitimate.
“If you are the genuine victim of fraud it’s good to know that your bank will stand by you and reimburse any losses. That promise doesn’t override your responsibility to protect access to your bank accounts,” Hope added.
Kirk Hope talks to Susie Ferguson about new lending restirctions for Auckland porperty investors.
New Zealand Bankers’ Association chief executive Kirk Hope said the new regulations would make borrowing more difficult for Auckland property investors. But they would have limited impact on prices. “The real issues driving housing affordability in Auckland are the lack of housing supply, and strong inward migration, not the availability of cheap credit.”
Banks consider how vulnerable money remitters are based on whether they are registered, accept cash deposits frequently or deposits with a high value, process transfers to or from high risk jurisdictions, aggregate bulk payments and thus remove the transparency on their clients, have little or no upper limits on the value or frequency of transactions, and have a comprehensive AML/CFT risk mitigation programme.
Chapman Tripp will join Russell McVeagh and Buddle Findlay as law firm affiliate members, NZBA chief executive Kirk Hope revealed last week.
“New Zealand is an importer of capital – it’s not a new thing, we’ve always been like that and we will probably have to be for some time. So this is going to tax that more: it does mean extra costs. And any extra costs means, potentially, increased lending costs for businesses and consumers.”