New bill has wide powers
Thursday 29 April 2004
A bill currently going through Parliament goes too far for some in the financial services industry.
By The LandlordA bill before Parliament will give ministers powers to direct the Government Superannuation Fund and arbitrarily dismiss board members.
The Public Finance (State Sector) Bill, which is currently being discussed by Parliament’s finance and expenditure select committee, is aimed at tidying up management of government finances and bringing government agencies more in line with government financial management.
However the bill includes the GSF as a “Crown Agent” which means the responsible minister can direct the GSF board on where to invest. It also would require specific ministerial approval when the fund wants to use offshore-based banks.
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The Government announced its long awaited tenancy law reforms today and they mean that landlords will no longer be able to get rid of tenants without reason.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.