web analytics

Reserve bank cuts OCR to record low

Written By: - Date published: 9:21 am, August 11th, 2016 - 28 comments
Categories: economy, john key, monetary policy - Tags: , , , ,

At 9am this morning:

Reserve Bank cuts rates – down to 2pc

The Reserve Bank has just the Official Cash Rate by 0.25 pc to a new record low of 2 per cent.

Traders and economists tipped an interest rate cut as a foregone conclusion and a minority were betting the stubbornly high kiwi dollar is a big enough threat to its policy targets to prompt governor Graeme Wheeler to reduce the official cash rate by 50 basis points in one move.

The OCR currently sits at 2 per cent – the lowest point since the rate was introduced in 1999. …

This is not good (economic) news. Take a read of: Ryan Greenaway-McGrevy warns that low interest rates are not manna from heaven – they are a consequence of the economic climate and tell us something about where the economy is headed. Consider in context with Advantage’s post this morning: The great slowdown.

Key has called for the rate cut to be passed on in full to borrowers, earning him a rebuke from the banking sector:

Reserve Bank’s interest cuts will not be fully passed on by banks: ANZ chief economist

ANZ’s chief economist Cameron Bagrie doubts banks will pass on the full impact of Thursday’s expected interest rate cut, and borrowers will see even smaller savings as the benchmark rate goes lower.

Prime Minister John Key, a former currency trader, said on Monday that the banks should pass on the savings “in full” to borrowers.

But Bagrie, who in March correctly predicted that banks would use at least part of a surprise interest rate cut to cover increased funding costs, said Thursday’s cut was also likely to at least in part be used to protect margins and prevent cuts to depositors.

“Funding costs are up. If you look at where we are raising money today versus where we were last year, credit growth is outstripping deposit growth, which is just unsustainable. You’ve got to have money coming in the door before you can put it out the door,” Bagrie said.

“We’ve got to see less credit and more deposits. Unfortunately pricing signals are incentivising the reverse.”

“In order to be putting money out the door you’ve got to be attracting a deposit base. At some point you get these rates down so low, people just think ‘i’ve got to do something else with my money’,” Bagrie said.

“So we are getting to that point of diminishing returns, where each incremental nudge lower in the official cash rate is actually going to create some perverse outcomes because it doesn’t follow naturally that you can keep on lowering those borrowing rates if you can’t continually take those deposit rates lower at the same rate.”

Asked if he expected pressure to go on banks for lower borrowing rates, similar to Key’s comments, Bagrie said the reaction was natural, but appeared to ignore the make up of bank balance sheets. …

We are in strange territory.

(Update: See Gordon Campbell on the Impotence of the Reserve Bank )

28 comments on “Reserve bank cuts OCR to record low ”

  1. ianmac 1

    Didn’t Key say in a QT response yesterday that what Rutherford says doesn’t count because he is just a journalist? If so it is a typical Key dismissive of those he disagrees with.

  2. Lara 2

    Bagrie is right on that. The return for those who are prudent and trying to save (for a home? for anything!) rather than getting into debt is absolutely pathetic.

    I see the monthly interest payments on savings and wonder why on earth I’m risking it leaving it in the bank. The pathetic return barely compensates the risk.

  3. s y d 3

    interest rates cut, but NZ dollar gains…figure that one out?

    • grumpy 3.1

      Just about to say the same thing! Sort of goes against everything the Great God Samuelson taught us, eh?

      • RedLogix 3.1.1

        That’s because we are in Debt to GDP territory Samuelson never contemplated. Different place, different rules now apply.

    • dukeofurl 3.2

      Easy, its a dead cat bounce.

      remember they dont buy and sell real dollars, just bits of paper that say you will buy x amount at y price on z date.

      Looking at the rates over the last month, they are mostly down, except NZ-US

    • Lanthanide 3.3

      The market had priced in something like a 0.40% cut.

      Because it was only cut by 0.25%, the dollar went up. If it had been cut by 0.50%, the dollar would have gone down. If it had been cut by 0.40%, the dollar would presumably have been unchanged.

      • Huginn 3.3.1

        It’s more complicated than that.

        ‘Reductions in policy rates to extremely low or negative levels appear to be dysfunctional – perhaps even a tightening of monetary policy. I will not rehearse the straightforward arguments as to why, and the early evidence. Suffice it to say that the most significant event in financial markets this year was the response of asset prices to the surprise cut in Japanese policy rates in January – the currency strengthened, risk assets fell. That looks like a tightening.’

        Eric Lonergan

        http://www.philosophyofmoney.net/there-are-two-types-of-negative-interest-rates/

  4. ropata 4

    Another attack on the working poor and the productive sector by financial villains. Why the hell are we propping up the parasites at the expense of real workers?

    • Anno1701 4.1

      ” at the expense of real workers?”

      beacause they (we) arent properly organized

      we need mobilization ASAP !

  5. Draco T Bastard 5

    “We’ve got to see less credit and more deposits. Unfortunately pricing signals are incentivising the reverse.”

    “In order to be putting money out the door you’ve got to be attracting a deposit base.

    I’d say that’s weird but it stands to reason.

    When someone takes out a loan from the bank the bank creates the money and gives to them in their bank account. Both loans and deposits increase. This should be true no matter which bank it was deposited in. If it’s no longer true then either the money is being withdrawn as cash and not being put back into the banking system at all (yeah, right) or it’s leaving the country and being placed in offshore banks.

    Now, which group of companies are really great at exporting money? Oh, that’s right – the foreign owned banks.

    Basically, what we seem to be seeing here is another detrimental aspect of foreign ownership.

    And we shouldn’t forget all those rich people dodging paying taxes by use of tax havens.

  6. G C 6

    The Reserve Bank thinks they can control the NZ dollar through interest rates. I have news for the dead wood at the RBNZ, that horse detached from the cart agers ago.

  7. G C 7

    The Reserve Bank thinks they can control the NZ dollar through interest rates. I have news for the dead wood at the RBNZ, that horse detached from the cart agers ago.

  8. Keith 8

    Its also very ironic that the RB are worried about property inflation but then have to lower rates because the Rockstar economy is deflating.

    More temporary foreign workers will be the answer from National to complete the insanity.

  9. b waghorn 9

    but but henry told me this morning now is the time to borrow more , and even floated the idea of borrowing to by shares due to shares getting 6% returns at the moment.

    (just chucked that in so people can see where these low rates could lead to, i have no intention of ever doing a thing that douche henry says)

    • Anno1701 9.1

      “but but henry told me this morning now is the time to borrow more , ”

      VERY irresponsible broadcasting

      i even heard him state that his listeners were “cowards” if they didnt borrow…

      • mosa 9.1.1

        Don’t watch him !!!
        It only adds to his ratings, he is the last person who should give advice.
        I wish he would go and boil his head.

        • save nz 9.1.1.1

          +1 Mosa – the good thing though is that TV ratings are bogus anyway as they only measure 600 people or something ridiculous. Just don’t click on any Henry Internet link – the Internet is brutal for showing real figures…

    • Craig H 9.2

      Borrowing to invest is always risky territory, but it’s a legit point that if you are willing to risk it, there’s good profit in it if you focus on dividends, not capital gain. Obviously, you could end up with nothing if the company folds, but that’s why they pay more – higher risk = higher reward.

  10. Paul Campbell 10

    So I was listening to some talk radio today and someone made the point that the Reserve Bank was running outside it’s inflation goals (inflation is too low, the economy is stagnating). There was a whole lot of gnashing of teeth about what they could do to get inflation back to 2%.

    Not one person suggested raising wages

  11. G C 11

    Let me spell-it-out for you ALL:

    When the RBNZ cuts rates, it’s a sign that the speculative housing market will continue, as speculators will have access to even cheaper money. Therefore fake GDP will continue, as such the NZD will continue to rise (be in demand).

    • Nic the NZer 11.1

      Hmm, thanks for the ‘insight’.

      However observing the actual outcomes in NZ I note that interest rates were significantly higher between 2003 and 2008 and this didn’t appear to discourage a fair amount of speculative housing market activity occuring over that time period either. In fact it is broadly agreed by many that a housing bubble formed over this period and collapsed following the financial crisis.

      Maybe in fact interest rates work in the other direction and the reserve bank is somewhat obliged to set low rates in response to NZ’s significant level of private sector debt. This could occur because the significant existing debt is encouraging sluggish borrowing and may encourage more sluggish borrowing (or net debt repayment) at higher rates.

  12. save nz 12

    Has anyone worked out that if nobody gets paid enough to live on, and the ‘essentials’ that people are forced to spend their money on, are overseas owned or legally avoiding taxes, then the economy will stagnate….

    It is staggering how much ordinary issues like parking and is so overpriced in NZ, they keep dreaming up ways to charge more. Or power daily rates which often cost more than the power… Ticketing is a popular way to get extra revenue..even if you don’t owe it you still are expected to pay for it and have to waste your time on disputing stupid officials…http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11691804

    School donations that are not donations but fees, etc

    Stuff that we are told is free or discretionary, but you are expected to pay for it.

    Even if you had a mortgage free home, when you pay for all the necessities then on minimum wages you would have nothing left.

    The other day we were talking about how in a so called well paid job at a telecoms company after paying childcare and parking in Auckland, a worker probably only earned $60 a day. What about everything else like accommodation, food, bills etc

    Low wages and price gouging is why the economy is stagnating.

  13. Atiawa 13

    The Reserve Bank Governor is a great name for the role he plays. Sitting on the bench for the last seven years waiting for the coach to put him into action on the court.

  14. Thinkerr 14

    I’m part-way through a 1932 book by an economist, Irving Fisher, called ‘Booms and Depressions’.

    Too much to summarise, but pdfs of the book are free to download if you search for them.

    Three points the book makes are very interesting for our current times (I might not have them quite right, it is a difficult read):

    1. We think of money as an asset, but it’s really not, because most money in circulation started out as a loan to someone (see point 2).

    2. The banks have a multiplier, so every dollar deposited allows them to lend, say, $10. So, when deposits stop coming in, it actually shrinks the amount of money in circulation, because most of the ‘money’ in circulation started out by being loaned to someone. Having less deposits means the banks can’t re-lend loans as they are repaid.

    3. When the amount of money in circulation shrinks, the ‘real’ value of the remaining dollars gets bigger. The loan balance stays the same, but businesses, particularly, have to work harder to find the money to meet their liabilities.

    I don’t fully understand the book (probably need to read it over again), but some of the comments and news headlines are eerily reminiscent of what I’ve just been reading.

Recent Comments

Recent Posts

  • 55-hectares of Buller land purchased to protect native species
    Two blocks of Buller land rich in native species have been purchased by the Crown to be protected in perpetuity as public conservation land, Minister of Conservation Poto Williams announced today. Acquired via the Nature Heritage Fund, one block is in the Punakaiki River valley adjoining the Paparoa National Park ...
    BeehiveBy beehive.govt.nz
    4 hours ago
  • Strengthening the relationship with India
    The Foreign Minister says an historic visit to Aotearoa New Zealand by the Indian Foreign Minister provides an opportunity to strengthen the relationship in areas like people to people exchanges and climate action. Nanaia Mahuta today welcomed Minister of External Affairs Dr. Subrahmanyam Jaishankar with a mihi whakatau ceremony and ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Prime Minister’s Christmas Card Competition
    It’s that time of year again! If you’d like to help design the Prime Minister’s official Christmas card, here’s how to take part: Draw, paint, sketch or craft an image you’d like to see on the front of this year’s Christmas card. It can be anything you want – ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Construction starts on Taranaki’s largest ever roading project
    Associate Minister of Transport Kieran McAnulty was joined this morning by Ngāti Tama, local councillors and board members, project representatives, and community to mark the official start of construction on Taranaki’s largest ever roading project, Te Ara o Te Ata: Mt Messenger Bypass. “The work started today will make sure ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Hundreds to benefit from additional maternal health support
    The Government’s Budget 2022 investment of $10.1 million over four years in maternal mental health will result in better and more widely available care for new and expectant mothers around the country. The funding will be invested to fill gaps in care identified by last year’s maternal mental health stocktake ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Planting forests that are good for nature, climate, and the economy
    Public consultation opens on how forests are managed through the National Environmental Standards for Plantation Forestry (NES-PF), including: Giving local councils more control over where forests are planted   Managing the effects of exotic carbon forestry on nature Improving wildfire management in all forests. Addressing the key findings of the ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Trade Minister heads to CPTPP Commission Meeting
    Minister for Trade and Export Growth, Damien O’Connor will travel to Singapore this week for the Sixth Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Commission Meeting. “Continuing to build on our export growth is a key part of the Government’s economic plan. Our two way trade with the CPTPP bloc accounts ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Strong Government books leave New Zealand well placed amid global challenges
      Deficit half of forecast at $9.7 billion; Deficits as a percentage of GDP running better than during GFC Net debt at 17.2 percent of GDP lower than Australia, UK, US and Canada. Core expenses $2.8 billion lower than forecast. Increased expenditure during year due to COVID-related expenses through unprecedented ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Ministers outline next phase of Milford Opportunities Project
    The Milford Opportunities Project is entering its next phase following a productive visit to Piopiotahi to hear directly from tourism operators, iwi and the unit undertaking feasibility planning, says Conservation Minister Poto Williams. In June 2021 Cabinet approved $15 million to fund the next stage of the Milford Opportunities Project, ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Digital tools to make family violence support widely available
    Associate Minister for Social Development and Employment Priyanca Radhakrishnan has officially launched a suite of new digital tools to support people affected by family violence. “Family violence is a scourge on our society and violent behaviour of any kind is absolutely unacceptable. We are taking the important steps to modernise ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Plan for big boost in GP training numbers
    More support is being given to New Zealand medical graduates training to be GPs, as the Government continues its push to get more doctors into communities. “Growing the number of GPs is vital so we can fill today’s gaps and make sure we’ve got the doctors we need in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • 142,000 Kiwis helped by Healthy Homes Initiative
    Hospitalisations reduced by 19.8 percent School attendance increased by 3 percent Employment increased by 4 percent 100,000 interventions delivered, including insulation, heaters, curtains and repairs Nationwide rollout expected to be complete by the end of the year More than 31,000 children, pregnant people and 111,000 of their family members are ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Minister of Defence departs for Middle East
    Minister of Defence Peeni Henare has today departed for the Middle East where he will visit New Zealand Defence Force (NZDF) personnel deployed within the region, including in Operation Gallant Phoenix in Jordan and the Multinational Force and Observers mission on the Sinai Peninsula, Egypt. The Minister will also undertake ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government funds work to clean up six contaminated sites
    The Government has announced funding to clean up six contaminated sites to reduce the risk to public health and protect the environment.    “These six projects will help protect the public from health risks associated with hazardous materials, so New Zealanders can live in a cleaner, safer environment.” Environment Minister David Parker ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government partners with industry to reduce agricultural emissions
    New Zealand’s effort to reduce agricultural emissions has taken a step forward with the signing of a memorandum of understanding by Government with agribusiness leaders, in a joint venture as part of the new Centre for Climate Action on Agricultural Emissions, Agriculture Minister Damien O’Connor announced. The Ministry for Primary Industries signed ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Vosa Vakaviti sustains generations of Fijians
    The enduring strength and sustainability of Vosa Vakaviti is being celebrated by the Fijian community in Aotearoa New Zealand during Macawa ni Vosa Vakaviti – Fijian Language Week, which gets underway today. “This year’s theme, ‘Me vakabulabulataki, vakamareqeti, ka vakaqaqacotaki na vosa Vakaviti’, which translates as ‘Nurture, Preserve and Sustain ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand condemns Russia’s annexation attempts
    New Zealand condemns unequivocally Russia’s attempts to illegally annex Russia-occupied regions of Ukraine, Prime Minister Jacinda Ardern says. “We do not recognise these illegal attempts to change Ukraine’s borders or territorial sovereignty,” Jacinda Ardern said. “Russia’s sham referenda in Luhansk, Donetsk, Kherson and Zaporizhzhia are illegitimate, and have no legal ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government provides confidence to those seeking an adventure
    With our borders opened and tourists returning, those seeking out adventurous activities can do so more safely due to the steps we’ve taken to improve the health and safety regulatory regime for adventure activities, Workplace Relations and Safety Minister Michael Wood has announced.  “We are seeing international visitor numbers begin ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New hospital opens for Wellington children
    A new children’s hospital that officially opened in Wellington this morning offers the region’s children top-quality health care in one place, Health Minister Andrew Little says. Te Wao Nui has been built with a $53 million contribution from benefactors Mark Dunajtschik and Dorothy Spotswood, with the Government contributing another $53 ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More single-use plastics banned from tomorrow
    Single-use plastic cotton buds, drink stirrers and most plastic meat trays are among single use plastics banned from sale or manufacture from tomorrow. “This is the first group of the most problematic plastic products to be banned in a progressive phase out over the next three years,” Environment Minister David ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to NZDF Command and Staff College
    It’s a pleasure to join you today – and I extend a particular welcome to Marty Donoghue (a member of the Public Advisory Committee on Disarmament and Arms Control) and Athena Li-Watts (interning with me this week) who are also joining me today. On the face of it, some ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Milestone of half a million mental health sessions delivered
    The Government’s flagship primary mental health and addiction programme Access and Choice has hit the milestone of delivering more than 500,000 sessions to New Zealanders needing mental health support. Health Minister Andrew Little made the announcement at ADL – Thrive Pae Ora in Cromwell which provides mental wellbeing support services ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government continues to future-proof arts, culture and heritage sector
    The Government has announced further support for the recovery and resilience of the arts, culture and heritage sector as part of its COVID Recovery Programme’s Innovation Fund. “We’re continuing to secure the recovery of our arts, culture and heritage in Aotearoa New Zealand by supporting transformational initiatives across the motu,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government steps up kauri protection
    The Government is delivering on an election commitment to protect kauri in our northern forests through the new National Pest Management Plan (NPMP) for the forest giant and the allocation of $32 million of funding to back the coordinated effort, Biosecurity Minister Damien O'Connor and Associate Environment Minister (Biodiversity) ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Russia’s Ukraine referenda a sham
    Aotearoa New Zealand does not recognise the results of the sham referenda in Russia-occupied regions of Ukraine, Foreign Minister Nanaia Mahuta says.  “These so-called referenda were not free or fair, and they very clearly were not held in accordance with democratic principles,” Nanaia Mahuta said. “Instead, they were hastily organised ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt invests in New Zealand’s wine future
    Prime Minister Jacinda Ardern has officially opened New Zealand Wine Centre–Te Pokapū Wāina o Aotearoa in Blenheim today, saying that investments like these give us cause for optimism for the future. Funding of $3.79 million for the Marlborough Research Centre to build a national wine centre was announced in 2020, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Appointment of Judges of the Court Martial Appeal Court
    Attorney-General David Parker today announced the appointment of Colonel Craig Ruane, Commander Robyn Loversidge, and James Wilding KC as Judges of the Court Martial Appeal Court. The Court Martial Appeal Court is a senior court of record established under the Court Martial Appeals Act 1953. It is summoned by the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government strengthens measures to combat migrant worker exploitation
    Offence and penalty regime significantly strengthened New infringement offences for non-compliance Public register of individuals and businesses that are found guilty of migrant exploitation New community-led pilot to educate migrants workers and employers of employment rights Implemented reporting tools successfully brings exploitation out of the shadows Take-up of protective visa ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Livestock exports by sea to cease
    The passing of a Bill today to end the export of livestock by sea will protect New Zealand’s reputation for world-leading animal welfare standards, Minister of Agriculture Damien O’Connor said. “The Animal Welfare Amendment Bill future-proofs our economic security amid increasing consumer scrutiny across the board on production practices," Damien ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Extra measures to increase census turnout in 2023
    3500 census workers on the ground, twice as many as last census More forms to be delivered – 44% compared to 3% in 2018 Prioritisation of Māori and other groups and regions with lower response rates in 2018 Major work to ensure the delivery of a successful census in 2023 ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Shining the light on screen workers
    Improved working conditions for workers in the screen industry is now a reality with the Screen Industry Workers Bill passing its third reading today, announced Workplace Relations and Safety Minister Michael Wood. “It’s fantastic to see the Screen Industry Workers Bill progress through Parliament. The new Act will strengthen protections ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Mental health resources for young people and schools launched
    Associate Minister of Education (School Operations) Jan Tinetti and Associate Minister of Education (Māori Education) Kelvin Davis have today launched two new resources to support wellbeing, and the teaching and learning of mental health education in schools and kura. “Students who are happy and healthy learn better. These resources ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Progress continues on future-proofing Auckland’s transport infrastructure
    Transport Minister Michael Wood has welcomed the latest progress on Auckland’s two most transformational transport projects in a generation – Auckland Light Rail and the Additional Waitematā Harbour Connections. Auckland Light Rail and Waka Kotahi NZ Transport Agency have named preferred bidders to move each project to their next phase, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government supports local innovation in homelessness prevention
    Ten successful applicants in round two of the Local Innovation and Partnership Fund (LIPF) Close to $6 million allocated as part of the Homelessness Action Plan (HAP) Māori, Pasefika and rangatahi a strong focus Round three opening later this year with up to $6.8 million available. Government is stepping up ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More medicines for New Zealanders, thanks to Govt’s Budget boost
    Health Minister Andrew Little is welcoming news that two more important medicines are set to be funded, thanks to the Government’s big boost to the country’s medicines budget. “Since coming into Government in 2017, the Labour Government has increased Pharmac’s funding by 43 per cent, including a $71 million boost ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government delivers ACC change to support 28,000 parents
    The Maternal Birth Injury and Other Matters Bill passes Third Reading – the first amendment to ACC legislation of its kind From 1 October 2022, new ACC cover to benefit approximately 28,000 birthing parents Additional maternal birth injuries added alongside new review provision to ensure cover remains comprehensive Greater clarity ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Further cuts for East Coast tarakihi limits to rebuild numbers faster
    Commercial catch limits for East Coast tarakihi will be reduced further to help the stock rebuild faster. “Tarakihi is a popular fish, and this has led to declining levels over time. Many adjustments have been made and the stock is recovering. I have decided on further commercial catch reductions of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Ambassador to Colombia announced
    Foreign Minister Nanaia Mahuta today announced the appointment of diplomat Nicci Stilwell as the next Ambassador to Colombia. “Aotearoa New Zealand’s relationship with Colombia is fast growing with strong links across education, climate change and indigenous co-operation,” Nanaia Mahuta said.  “Trade is a key part of our relationship with Colombia, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 3000 more RSE workers to ease workforce pressures
    The Government continues to respond to global workforce shortages by announcing the largest increase in over a decade to the Recognised Seasonal Employer Scheme (RSE), providing 3000 additional places, Immigration Minister Michael Wood and Agriculture Minister Damien O’Connor have announced. The new RSE cap will allow access to 19,000 workers ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Sanctions on more of the Russian political elite
    Further sanctions are being imposed on members of President Putin’s inner circle and other representatives of the Russian political elite, as part of the Governments ongoing response to the war in Ukraine, says Foreign Minister Nanaia Mahuta. “Ukraine has been clear that the most important action we can take to ...
    BeehiveBy beehive.govt.nz
    1 week ago