Here's our summary of key economic events over the weekend that affect New Zealand with news China's deflation pressures keep on coming. And in the US disinflation rolls on, which they hope will end soon.
This coming week will be another one with chunky data releases. The biggest will be on Wednesday, our own CPI result for the Q3-2024 period (Markets expect 2.0%). That that will follow the Tuesday's update of the September REINZ results.
We won't be the only country reporting inflation data; we also get that from Canada, India and Japan this week. At the end of the week, the ECB will be reviewing its policy interest rate. And all week we will be getting American Q3 earnings reports.
China will report its Q3-2024 GDP result on Friday, likely to fall well short of its 5% target.
Over this weekend, China released sets of key data. The tiny bit of consumer price inflation they had disappeared in September, up now only +0.4% from a year ago. Beef, lamb, and milk prices all went backwards again. Their producer prices deflated at a faster rate. And we are now waiting for their new yuan loan data which isn't expected to be very strong (about +¥1 tln, and less than half the June level. So far, debt-induced growth hasn't worked).
Meanwhile Chinese Ministry of Finance officials announced some more modest steps to "support the economy" and signaled much more is to come. It was a much-anticipated set-piece that left observers, and markets, underwhelmed.
Key banks made simultaneous coordinated moves - signaled a while ago to be fair - to cut mortgage borrowing costs, as a practical measure to reduce the pressure on homeowner household budgets. They will come into effect in the last week of October.
And coming up some time this week, the Chinese central bank is expected to signal lower wholesale borrowing costs in its 1-Year MLF announcement.
In South Korea, they have started cutting their policy rates too, although not as aggressively as New Zealand. The Bank of Korea policy rate is now 3.25% after its first rate cut (-25 bps) since May 2020. That came after data showed their GDP shrank in Q2-2024 and their September inflation slowed to 1.6%, the lowest since February 2021.
India's industrial production took a surprise drop in August from a year ago, its first retreat since October 2022. Few saw that coming. And they downwardly revised the +4.7% rise in July.
Interestingly, the Indian currency is under pressure, and outflow levels have been high. The Indian rupee has hit a record low against the US Dollar, (but against the NZD it has been pretty flat since 2020).
In the US, producer prices hardly rose in September. US factory gate prices were flat in the month from August and missing expectations of a +0.1% rise. On an annual basis, PPI inflation eased to a 7-month low of 1.8%.
US consumer sentiment was little-changed in October according to the University of Michigan survey, holding at a level it has broadly been at since May. There was a slight dip from the prior month, something that is probably just related to election uncertainties.
For those who follow such things, we can report no surprises in the October update of the USDA WASDE report. But they did raise their beef import forecasts marginally again, and lowered their US milk production forecasts, again.
Canada reported a good +47,000 rise in employment in September, almost double what was expected. Better still, full-time jobs rose +112,000 while part-time roles shrank -65,000. Their jobless rate slipped to 6.5% when a rise was anticipated.
Ratings agency Fitch has downgraded their sovereign rating for France from 'Stable' to 'Negative', but still at AA-. They say “Fiscal policy risks have increased since our last review". (Fitch have New Zealand at AA+, Stable.)
The UST 10yr yield is now at just on 4.07% and unchanged from Saturday. A week ago it was at 3.99% so up +8 bps since then. The key 2-10 yield curve is positive, now by +12 bps. Their 1-5 curve inversion is inverted by -31 bps. And their 3 mth-10yr curve inversion now at -76 bps. The Australian 10 year bond yield starts today at 4.23% and down -7 bps. The China 10 year bond rate is at 2.15% and unchanged. The NZ Government 10 year bond rate is just under 4.43%, unchanged from this time Saturday, but up +14 bps from a week ago.
The price of gold will start today at US$2657/oz and down -US$3 from this time Saturday. That is up +US$8 from a week ago.
Oil prices are holding at just on US$75.50/bbl in the US while the international Brent price is still at US$79/bbl. A week ago these prices were at these same levels, so no-change in a week.
The Kiwi dollar starts today at 61.1 USc and down a minor -10 bps from this time Saturday. Against the Aussie we are unchanged at 90.5 AUc. Against the euro we are also unchanged at 55.9 euro cents. That all means our TWI-5 starts today now at 69.3, and unchanged from Saturday at this time. But that is -40 bps lower than a week ago.
The bitcoin price starts today at US$62,627 and up +0.6% from this time Saturday. Volatility over the past 24 hours has been modest at just on +/- 1.1%.
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127 Comments
Israel is contemplating a strike on Iran's oil facilities and Iran vows to retaliate with attacks on UAE's oil producing assets. The US has now deployed missile, air and troop support to the region.
Whatever goes down between the aggressors, oil consumers are certainly going to feel the heat.
Like how they did when Russia invaded Ukraine
Did Russia stop pumping oil because of Western sanctions? The data doesn't suggest that - Link and likely the Russians scrambled for a few months after the sanctions but began shipping most of its oil to non-Western states. But you have never been one to look into actual data before arguing.
Russia's refining output hit record levels in September 2024 - Russia’s Oil Product Shipments Climb on Diesel, Fuel Oil Rebound - Bloomberg
My point is the ongoing conflicts haven't done material long-term damage to oil production so far. Sanctions on Russian exports caused the blip in oil prices following its invasion of Ukraine, not a loss of production. That's mainly because neither Gaza nor Ukraine is a major oil producer.
Also, Iran and Israel are both regional powers and we have not seen an escalating conflict like this in a while where both parties are in theory able to annihilate one another. Israel could topple the current Iranian regime with just a bunch of tactical missile strikes on Kuzhestani oil production assets (>80% of Iran's supply comes from a single region on the Persian Gulf).
Whilst in Europe, I was asked if NZ was a safe place, because of the primitive, aggressive indigenous people they see every time NZ participates in an international event. This sounds crazy to us, but what image do we have of other countries? France = baguette, Japan = geisha and most can't make the difference between Switzerland and Sweden.
Why can we not project a more advanced, friendly image of NZ to the rest of the world?
There's naivety across the board. Some oldies can't address the world is a different place now, and those "in touch" think with a few simple changes we can return to lifestyles from the 50s/60s (although with the benefits of contemporary advancements in the years in between). The canaries of housing/living costs should be cause for a much more considered view of what sorts of lives we could plausibly be living.
"Yvil this is a finance page..not womens weekly…"
It is indeed a finance page Baywatch, and I suggest that there might be a better way to showcase NZ's economy, technology, entrepreneurship and finance to the rest of the world, than by displaying a primitive, agressive dance by scantily dressed people.
showcase NZ's economy, technology, entrepreneurship and finance
What exactly are these examples to showcase? Yeah we're master financial tacticians just shooting ourselves in the foot at every opportunity. Being landlords and property developers/flippers isn't a great example of entrepreneurship. As for our economy - selling milk powder, logs and houses...
Maybe more modern, less aggressive dancing by scantily dressed people could be our next big thing.
Not sure what you are on about but showcase here in Barcelona is showing the world we are are nation of 2 cultures and very proud. Perhaps it's time you considered living offshore?
Each race day, the waka will lead Team New Zealand out of Barcelona harbour as a “Māori guard of honour”, says Graham Tipene, coordinator of the waka that is crewed almost entirely by members of the Ngāti Whātua Ōrākei iwi (tribe).
The context makes something culturally appropriate or not. Any immigrant knows that.
You get welcomed by a karanga, korero and waiata. You are challenged by a wero. You are supposed to be intimidated by haka, and sometimes honoured.
Don't blame various cultural expressions for the viewer's limited perspectives and ignorance of context. If they don't understand, the least you could do is help them Yvil.
I'm glad you asked Pa1nter.
Dominating the America's Cup is a show of immense skill and technological advancement for New Zealand. That's how we can showcase NZ's entrepreneurship. I doubt that the guys in grass skirts shouting aggressively had much to do with the design of our AC cup masterpiece.
Well you may not have thought your previous ramblings were racist but you really need to take a hard look at what you just said. Doubting someone's intelligence simply by their look? Classic racist.
And isn't Sir Ian Taylor still involved in presenting the graphics, well known Ngapuhi?
@ Redcows - If it walks like a duck it's probably a good assumption to assume that it is. That's not racism, that's caution. If we don't want to be assumed wrongly by the rest of the world as barbaric, then we need to seriously look at the ways this could be interpreted. Intimidating war dances when we are not preparing for battle to scare or intimidate our opponents, is certainly worth looking into as it won't be sending the right sort of message.
There's a tome and a place for the Haka - on the battlefield, or when competing such as sports. In any other context it is perfectly safe to assume that it's intentions used are one of intimidation and scare tactics, as that's exactly what the Haka was created for. Not a welcoming ceremony.
The fact that one assumes that all parts of Maori tradition are still just as relevant today as they were 100s of years ago, and that those traditions should somehow take precedence over other cultures (our main culture actually being European westernized civilisation), is in itself racism. Favoring one race over another is racism. Only 20% of the population is actually Maori, and of that, most are not full blooded Maori at all. NZs culture is not one that panders the minority, but the one that fully accepts the majority - European. If anything, the Haka should actually be replaced with a European tradition, one much less barbaric and civilized.
Personally having met some years ago some people who train the America's Cup team's designers, and people who actually make the machines, your above comment is patently ignorant and a miniscule cherry-picked example to confirm bias Yvil.
You can't credible talk advancement whilst cherry picking an example to suit your narrative, and ignoring both the people who contribute to that advancement or other advancements.
Wasn't property your area of strength Yvil?
New Zealand is dominating America's Cup for many years now but it hasn't translated into, say a 5 billion NZD, technology export model! Compare that with the likes of ASML. Started in the last century from leaky portacomms because parent company Philips Eindhoven considered them as nerds and not adding value. ASML liberated themselves from the chains of Philips and are grown into a key enabler of today's society. Remember Nvidia's chip designs are not effective until TSMC has made them using ASML NUV technology.
Another question: Why showcasing New Zealand technology in Barcelona?
Why promote NZ as "developed". Mainly because the vast bulk of tourists want to go to developed nations not undeveloped ones. Otherwise Papua New Guinea would be the #1 destination for tourists while France would be last. Tourists want to come to NZ to look at nice scenery, but don't want to be bashed and robbed by the locals. Although the latter experience is now becoming increasingly likely.
Its funny, I live in Chch and yet have never seen one of these infamous skinheads. Perhaps they only exist in north islander's imaginations?
The last gang to be rounded up and sent to jail in Christchurch were all Maori (go on, ask me how I know? Because all 18 names were published in the High Court daily list, but not the woke media).
That is certainly true, but what do we know about Azerbaijan, Peru or Mali ? I suggest that, at best, most of us know one or two facts about these countries, even though they are bigger, more populated countries than NZ. The same applies to NZ, most other countries will know one or two things about NZ, so we have to be very careful how we showcase NZ to the rest of the world when we can.
And that seems to have been centred around:
- our unique indigenous culture
- or relative level of green-ness/natural landscape
- other minor aspects like our National Bird/coastline/produce
I'm not sure how we could promote ourselves as being developed/advanced in a way that'd be distinctive from the large number of other nations that are more centred around development and technology.
Why can we not project a more advanced, friendly image of NZ to the rest of the world?
Few anecdotes when asking people overseas about NZ (or mentioning that you're from NZ):
- many regions view us as peaceful, off the back of Jacindas response to the mosque shootings
- fairly commonly in Europe, locals envied our distance from the Russia/Ukraine conflict
- most places view NZ as clean and uncluttered/under developed
I can't see how we could promote ourselves as overly advanced, but with the way "progress" is unfolding, maybe that's not a bad thing
Are you saying that Chinese culture is New Zealand culture? What does that even mean? How does Chinese NZ culture differ from Chinese China culture?
It looks like you are conflating people with cultures from other countries living in NZ as making those cultures now NZ culture. On that interpretation, given it is likely there is at least one person from every country in the World living in NZ are you saying NZ culture is world culture? What does that even mean?
Saying Maori culture is the only indigenous culture of NZ is not racist, just reality.
I'd say you are more likely racist against Maori as you are effectively arguing there is simply a world culture and therefore no particular culture is special to any particular country. Therefore, Maori culture is no more special to NZ than any other world culture. An obvious attempt to deny Maori culture recognition in the one country it is indigenous to.
Try going to Scotland and telling them your NZ culture (whatever you think that means) is just as Scottish as their culture. How would you explain that to them?
What do you mean by FROM NZ?
All our of ancestors came to NZ. We are now a hotchpotch, as are those who identify as Maori.
It is interesting that Maori wish to re-connect with their culture, however this is time zoned to after they arrived in this country and any 'other' blood is ignored.
We have polices that have incentivised a bandwagon of victimhood and spiritualistic nonsense.
There it is. Maori are either all dead or mongrels who are just as blameworthy for the injustice perpetrated by the colonisation of NZ. No victim = no accountability.
This "just die already' attitude underlies every aspect of your comments on NZ culture. You and Yvil are ridiculous, I can see you both going to live in another country and then going to your kids school to show off NZ culture and showing up in a Kimono and pouring green tea and singing "we are the World".
You are misconstruing social injustice with racism. Throw in a tax system that we refuse to reform and the inequalities increase.
Those who choose to identify as Maori may dominate the worst statistics. The defining factor is not their blood - their blood is as good as anyone's.
Encouraging Maori to look at themselves as victims just perpetuates matters.
"I can't achieve because I have an excuse... I'm a victim!"
So confiscating an entire race's assets and excluding them from the benefits of citizenship for over 100 years should all be forgotten and forgiven because the world has moved on. To think that such a traumatic injustice has no bearing on a people's current situation is foolish at best.
@ HeavyG - "So confiscating an entire race's assets and excluding them from the benefits of citizenship for over 100 years should all be forgotten and forgiven because the world has moved on"
No, but like any good court case, there is a statuary of limitation. That is up for debate. How long does this continue? How many future generations should have to pay for our ancestors colonialism? If the Maoris had it their way it would be forever, which again is a victimized mentality. There are no Maoris alive today that we're taken over and had wrong doing by Europeans of today. Therefore, this "you stole my land you pay up" must now be settled once and for all, the debt be paid, and then it's buried in the past, and we all move on.
It is actually thanks to European settlers that offered the Maoris a much more civilized way. Without the westernized culture, the Maori population would have remained savage cannibals. Sounds harsh but its the truth. So the Maoris actually did get something out of the colonialism- they got a better way of life, though it cost them. A better way of life costs everybody something in the end. Maoris of today are just milking the victimhood, rather than settling the debt, and moving forward. Victimhood is incredibly popular in this country, not just by Maoris either.
It was Europeans fleeing poverty and starvation that came to NZ for a better life. This fairytale that Europeans were doing Maori a favour by coming here and taking all their land is so crazy only a fool would believe it. If you really believe that you're doing Maori a favour by sticking around then jump on the next plane out of here and see what happens.
You know it's only cultural art - don't you? Everyone puts on their normal clothes and goes back to their day jobs afterwards - some might even wear suits and work in an investment bank fer chrissake. Others might actually run their "Cultural Performance Business" as a free enterprise. Why don't you start a "Cultural Performance Business" and sell it to Team NZ. You could provide hot-air and bluster for when the wind drops below 7 knots.
Indigenous/native peoples/cultures refers to a group of people, usually with common and distinct ancestry, that have developed a specific culture in a specific area.
Any peoples that subsequently arrive in an area with an existing indigenous population are colonists. First nation matters in this context. second and third...etc nation arrivals come with their own culture and race and cannot be indigenous or native to an area.
Your contention is that there are no indigenous/native peoples anywhere in the world (except maybe in a small valley in Africa if you believe in evolution). This position is often taken by colonists to justify the taking land from indigenous peoples on the basis the land belongs to everyone whether you arrived here 1,000 years ago or yesterday as we are all colonists at the end of the day (i.e. I am taking this land and you better not try and stop me).
Spare me the rewrite. That is not the original meaning of indigenous. We can thank the United Nations Declaration of the Rights of Indigenous Peoples for this re framed definition.
The NZ environment was completely altered by the arrival of Maori. Rats, fires, deforestation, extinctions galore. Hardly indigenous with that impact.
Actually, I agree with him to some extent.
While I've enjoyed going to Kapa Haka , and nothing better than a Haka at a Tangi, I do see the Haka by the All Blacks etc , as having become unnecessarily violent. such actions performed by a gang in the streets would have Mitchell etc foaming.
You might want to speak to anyone who works on NZ trade / tourism etc. Our indigenous culture is a massive positive for our international brand. There is a reason why even this Govt pump cash into taking kapa haka groups abroad on trade missions.
I would gently ask what you are projecting with this comment? At best it's ignorance, at worse, well, others have said it.
You can still promote indigenous culture, just not in a "violent and aggressive" way. Nothing wrong with pitching NZ as full of beautiful Maori women singing and dancing with pois for instance. It works for Hawaii. And they get 9-10M tourists a year, so clearly they are doing something right.
I have met many Europeans over the years who think the haka is an awesome sight.
Jurgen Klopp is a fan:
https://www.warriors.kiwi/news/2018/11/01/i-love-it---liverpool-boss-kl…
Markets expect 2% in NZ! I called that as a possibility months ago due to last Septembers 1.6% quarter falling out, around the time the RBNZ were saying they may need to hike the OCR. How did they get it so wrong? Or were they just playing games? How come we are still so far above neutral? What if it comes in below 2% with the RBNZs foot still ramming the brake down at the expense of jobs and growth?
But Jimbo…haven’t you read the comments on here over the last couple of months…the RBNZ had better be careful, the cuts they’ve made are going to fire up inflation 😭
RBNZ literally & somewhat impressively f**ked it in every direction, down too low, up to slow, held too long 😂
How much control does RBNZ have over headline inflation. Non-tradable inflation has generally trended between 2.5% to 4% every year for a decade, which RBNZ has done squat to control.
Prices of oil and Chinese imports largely dictate headline inflation because we don't have domestic market tariffs/subsidies in NZ. If there is a global glut in either of those, headline inflation trends low and vice versa.
"New data from@msdgovtnz shows the number of children living in emergency housing has fallen below 1,000 for the first time in years. The 1,038 households in EH is at a 6-year low, approaching the govt's 2030 target of 800. The public housing wait list is also at 4-year lows."
Population growth is stalling out. Also the household size of those leaving NZ is smaller than the household sizes that new commers are creating. This is causing rental growth to stall. More new dwelling completions every day, including KO units There are now places for the emergency housing tenants to go. They still need government assistance to pay the rent but private landlords are desperate enough to take them.
You really dont pay much attention do you? I don't know how you missed this one since it was a fundamental election pledge in 2017. Labour pledged to make the prison population 30% lower than the number in 2017. Then dumped it in 2023 when they realised how incredibly stupid and harmful it was.
https://www.nzherald.co.nz/nz/election-2023-labour-dumps-prison-populat…
Chloe wants to abolish prisons altogether. Yep.
https://x.com/_chloeswarbrick/status/1448098668620435468?lang=en
If society had better ways of raising adults, guiding/teaching children when they make mistakes, and better values to strive for, we might not require prisons.
Everyone learns by example, children are literal sponges. Family, school, and the wider environment all contribute to it. Epigenetics and our history are huge influencing factors.
When you look at much of society's examples, it doesn't really surprise me. The hypocrisy of do as I say, not as I do is astounding.
Everyone's just being responsible for themselves, their own self interest, as we're taught to.
Whatever ... If you want to talk about crime rates while ignoring the economic realities of 2023, you're past hope.
Perhaps you'd like to address why NZ used to have the 2nd highest per capita incarceration rate in the developed world behind the USA?
Are Kiwis really that violent or that criminally inclined? Or could there be some other cause?
They are that violent and criminally inclined. Only need to compare NZ crime stats with those of Australia, and you see it immediately. Take car thefts - NZ has double the rate of car theft than QLD, and TRIPLE the rate of car theft than NSW (which has a much larger population).
QLD are sick of the crime, and are now voting in a Liberal Govt for the first time in donkey years who have campaigned on Law & Order. Meanwhile NZers just have to put up with the much higher level of crime because complaining about it makes you a racist.
@ Chrisofnofame-
Stats.co shows • In 2016, retail crime was 25,000 per year, in the 3 months to the end of April 2023, there were 45,046 retail crimes reported (equates to 180,000 per year) = a 620% increase. 70% of the crimes are not even being reported. In 2016, police attended 1 in every 2 crimes compared to only 1 in 10 now. In 2016 the arrests were 20 times higher, now the arrests are only 2.3% meaning that over 97% get away with it. Police retail crimes unit only has 8 staff.
When National took over last year the Burglaries crime stats showed: 49% under 18 years old, 51% of those did not face court action. 112 between 0-17 arrested received a family group conference – thats it. Most was just a formal or informal warning. 94 didn't receive any consequence whatsoever.
Reported crime increased in the last year between 2022 & 2023 in Auckland alone over previous years by 26%
Under Labour the number of fleeing drivers since 2020 doubled due to the failed ideology of not pursuing fleeing vehicles, resulting in a backflip on the policy. Also due to Labours soft on crime stance and reducing prison numbers by 25%, the tax payer is having to fund smoke canons and bollards to private businesses; and at the worse time, during a cost of living crisis and record debt & inflation.
Labours Police Minister Ginny Andersen telling Kiwis they feel safer under Labour while crime is soaring and an overwhelming 67 per cent felt either more concerned or much more concerned about being the victims of crime compared to five years ago.
If you actually did your research Chris, instead of just looking up the Labour website, and instead of expecting everyone else to provide you with the Stats just so you can scream misinformation at them as you've been trained by Labour to parrot anytime someone has information that differs from yours and Labours ideology, you can find this stuff easily. You cherry pick your data to support your going narrative, a Labour lead utopia where no one profits, and currency is unlimited smiles and hugs.
Wake up & take off the Labour rose tinted glasses mate. Overwhelming evidence now heavily supports that the last Labour government was NZs worst performing government in our history. Decieved Labour voters just can't bring themselves to believe it. Anything that goes against their narrative is misinformation, they have been trained to think so.
He who makes the claim, bears the responsibility of proof. If you believe these Stats are incorrect, it is your job to provide the evidence against this information. Screaming misinformation when you get stuck & cant be bothered doing your research just isnt going to cut it anymore.
Good luck.
"Council delays release of Auckland property valuations. Auckland homeowners can expect a likely dip in their council valuations but will have to wait to find out until the city-wide valuations are released early next year."
Don't want to frighten property owners, do we! Best we extend-and-pretend, and with any luck things will have improved by the time the news hits.
The formula in Christchurch is that the CCC sets the total rate take annually and within the calculation each property is charged pro rata to its value. Resultantly then, usually the higher the value the more the rates charge. Proportionally that of course continues whether property values rise or fall.There is quite some inequity in this because it is claimed as a charge for goods and services but there are obvious anomalies where say one household of say five occupants will use much more of the services etc but pay less rates than a house of two using less. By its nature this distortion compounds on every rates increase and this factor is then increased by central governments adding GST. Yo will find that no one involved in either local or central government want to talk about any of that.
Just about the only process we have to capture some of the golden gift given to existing property owners by Council/Government action.
A capital gains, or targeted rates bill, could be fairer, but it's not clear why the homeowner should gain 100% of the value uplift with no downside.
@ mfd - "but it's not clear why the homeowner should gain 100% of the value uplift with no downside".
Because they worked hard to be in such a position, they get to reap the rewards of their previous sacrafices. Using "but buying a property isn't achieved by hard work", is what tenants regurgitate amongst themselves to make themselves feel better about their current financial position. Tall poppy syndrome classic - a deliberate reminiscent of one's peers personal achievements so that one may feel better about themselves. It justifies the laziness.
The reality is doing what's required to save the large deposit, breaking through the banks heavy scrutinizing to gain a pre approval, sticking at a job one dislikes for years just to prove the income affordability is hard. In fact the largest purchase will absolutely take the largest sacrafice. Tenants simply refuse to acknlowdge that as it's easier to blanket assume everyone who got a house had rich parents and a wad of hand outs. If buying a house was "so easy" as tenants say but rarely believe, then more people would actually own. Almost no one volunteers to be a tenants for life paying someone else's mortgage, that's not smart at all.
So we've established buying a home is hard, it takes a combination of both hard work, determination and personal and financial sacrafice - a delayed gratification. Home owners then have absolutely earnt the right to enjoy 100% of that gain.
The golden gift you mention - he who owns the gold, makes the rules. It's that simple. If you want to make the rules, do what's required to own the gold.
Being set on the value of your property makes it a de facto land tax. If it were set on the cost of delivering services to ratepayers, it would be set on the number of people occupying each property - so that everyone pays their fair share of the services they use. It should be like dog registration - the same cost per dog, not higher registration fees for purebred dogs that cost $2000 and cheaper for the adopted SPCA special.
The humungous cost of rates is one reason why I am considering selling up and moving to Australia. As a single person its becoming ridiculous the cost of maintaining a house in NZ. For what I currently spend, I could be living in luxury in Australia with 5 star resort facilities for my money.
bw
Not Council per se deciding to delay the release of property valuations for some spurious reason as you suggest, but rather " . . . the Valuer-General audits property valuations and has requested some additional work on the Auckland valuations prior to public release,”
So the Valuer-General and not Council delaying RV release and I cant see any vested interest for the AG to delay their release. The validity of the reason you give is suspect as other regions (e.g. Napier) have had the release of their RVs which were down . . . but lets ignore reality and put a conspiracy theory out there.
CONF
The point that still stands is that the post is based on an ignorance of the process and the assertion is rubbish.
It is not Auckland Council who release RV information - it is relaeased by QV which is totally independently of Council. The Council has no role in releasing or the timing of RV information - anyone with a basic experience with property would know this.
The Valuer-General's role & function is statutory role with the passage of the Valuers Act 1948.
Like you say ... anyone with a basic experience with property would know this. ;)
More here for those who are interested.
edit: Just to be clear, in effect the Minister need only ask some semi-complicated questions and whole exercise gets delayed.
Deflation? Nah - risks are building to the opposite I'd say, therefore less likely - read this;
Looking ahead, there is a real risk that the offshore forces on inflation could turn against us again with increasing oil prices and commodity prices
We are not China. Isn't China being confronted with trade barriers while trying to export cheap goods to the world, export their way back to health?
Electric car lobby group takes Simeon Brown to court over emissions rules
Yet another example poor decision making by Ministers. .... In case you were wondering where our tax dollars get spent. And why lawyering in NZ is big business. And why costs keep spiraling. The simian Brown should be paying for for the extra expense out of his own pocket. (I understand the case is a valid one and worth taking.)
Oh dear. Another one! (You'll need to read this one as the headlined isn't what you may think.)
Auditor-General announces inquiry into Oranga Tamariki funding decisions
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