Category: Economic Issues
The text of the Trans-Pacific Partnership Agreement, a 12-country trade deal between New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the US, and Vietnam, was released last week.
TPP is big in its own right. But I suspect it will prove to be at least as significant for the powerful momentum shift it represents. The truth is that, since China (and Taiwan) joined the WTO way back in 2002, there have been no globally significant trade negotiating outcomes. There have been FTA’s. Plenty of them. But nothing really big.
The announcement earlier this month that the biggest free-trade deal in history - the 12 nation Trans-Pacific Partnership agreement - has finally been concluded, is a remarkable accomplishment and very good news for New Zealand.
The slowing of the economy and the falling of business and consumer confidence, are of concern to all New Zealanders. So let’s look at what is driving these changes, and what can or should be done to restore confidence and growth.
Last week Local Government New Zealand held its annual conference in Rotorua. The organisation represents the country's 78 local authorities - 11 regional councils, 6 unitary councils, 11 city councils, and 50 district councils.
Readers in Hawke’s Bay will soon vote on a proposed five-council amalgamation while readers elsewhere would know of similar proposals for the Wellington region and Northland. This is the case against the Hawke’s Bay proposal that will be voted on from August 24.
There is no doubt at all that international free trade creates global wealth and raises living standards for all countries involved. It allows nations to benefit from the natural advantages and skills of others, and it allows consumers to enjoy a greater choice of goods and services at lower prices.
The Trans‐Pacific Partnership has again been in the news, this time because initially President Obama was unable to get Congress to give him authority to fast track negotiations because of revolt within his own party but now because he appears to have overcome that difficulty in the House of Representatives although there is still doubt as to whether the Senate will approve the measure.
This article updates information on the National Government’s highly controversial 2011 Marine and Coastal Area Act, that allows Maori tribal privatisation of the foreshore and seabed, through gaining Customary Marine Title over these priceless resources. The Act is the brainchild of pro-Maori Treaty Claims Minister Christopher Finlayson.
Last Thursday, the Governor of the Reserve Bank Graeme Wheeler lowered the Official Cash Rate by 25 base points from 3.5 percent to 3.25 percent. With New Zealand’s inflation rate running close to zero, factors influencing his decision included a 55 percent decline in the oil price from June last year, and a 55 percent drop in dairy prices.
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