Calls are mounting to lower soaring house prices with Westpac predicting a 15 per cent rise in the next year.
As the market continues to spectacularly defy predictions of a post-Covid slump, the Government has received criticism from across the political spectrum over the issue.
National is urging Prime Minister Jacinda Ardern to “rein in the Reserve Bank” as it continues to drive down interest rates, however Ardern says it’s important to keep politics and the Reserve Bank separate.
But former Labour finance minister Sir Michael Cullen has also sounded the alarm over the Reserve Bank’s plans to create $28 billion of cheap funding for banks, saying more cheap money flooding into the economy will serve to push up house prices.
The Green Party has also waded into the issue, with co-leader James Shaw saying cheap bank loans “are good for helping businesses but lead to further skyrocketing house prices if not counter-balanced by a tax on capital or wealth inflation".
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Ruling clears way for class action
Quake-affected homeowners in Christchurch are celebrating a huge victory in the Supreme Court, which could see taxpayers stumping up hundreds of millions of dollars.
Yesterday’s landmark court decision will allow 3000 homeowners to take class action against Government-owned insurer Southern Response.
The class action alleges Southern Response misled and deceived its policyholders when it settled claims before October 1, 2014, by sending people a cost estimate missing significant items of costs.
Price of groceries probed
The Commerce Commission is launching an investigation into the price of groceries in New Zealand’s supermarkets.
Commerce and Consumers Affairs Minister David Clark announced the move yesterday, saying the Government wants to ensure Kiwis are getting a "fair deal" at the checkout.
The market study will look at the structure of the grocery industry, competition, pricing practices, and the quality available to customers.
Jacinda Ardern says the Government will act on whatever the Commerce Commission presents in a year’s time.
The Food and Grocery Council is welcoming the study but told RNZ it also wants a mandatory industry code of conduct .
The council says most suppliers have little to no negotiation power, with some supermarkets threatening to “delete” suppliers’ products from shelves if they speak out about things like 45 per cent margins or billing for thefts.
NZ eyes Covid vaccines
The Government insists Kiwis will be at the front of the line when successful Covid-19 vaccines become available.
Covid-19 Response Minister Chris Hipkins says New Zealand’s membership in the COVAX facility, a coalition of more than 180 countries, will ensure Kiwis get effective jabs , even if the vaccines we’ve backed don’t work out.
Meanwhile, mandatory mask use on domestic flights and Auckland’s public transport comes into force at midnight tonight.
Police say they’ll be patrolling Auckland transport hubs from tomorrow to ensure the new rules are being followed. A police spokesperson says communities have previously responded well to increased Covid-19 restrictions.
The new measures come as health authorities continue to investigate how an Auckland student contracted Covid-19.
Genome sequencing linked the case to an infected Defence Force worker, however officials are still unsure when the pair crossed paths .
Tackling NZ's tourism woes
The tourism industry has been one of the worst affected during the Covid-19 pandemic and new Tourism Minister Stuart Nash has revealed the areas he plans to focus on during its recovery.
Speaking to a sold-out crowd at Tourism Summit Aotearoa yesterday, Nash said the industry needs to target wealthy visitors rather than low-spending freedom campers and backpackers. He said sustainability also needs to be a focus going forward.
"We must attract high value and high spending visitors who buy into our own vision of sustainability. We must therefore deliver high quality visitor experiences and exceed our visitors’ expectations," he said.
RNZ reports Nash’s plans were largely well received by industry leaders at the event.
Quinn's comments criticised
Veteran rugby commentator Keith Quinn has come under fire this week for a tweet telling crying sportsmen to “harden up”.
While Quinn attempted to backtrack on his comment, critics say the sentiment is “outdated” and “disappointing” .
Mental health advocate and former All Black Sir John Kirwan has labelled Quinn’s tweet a “generational thing” and says he wants to see a change in the whole philosophy around male emotions in New Zealand.
Other news of note this morning:
- The Police Association is pushing for a firearms register to stem the flow of guns to gangs.
- Health authorities are asking Cantabrians to keep the emergency department for emergencies as it relocates to Christchurch’s new hospital building today.
- MPs are split on whether they should modernise the current parliamentary oath of allegiance to the Queen.
- A controversial national Erebus memorial proposed for an Auckland park has been given the green light.
- Celebrity chef Pete Evans has lost deals with 14 companies after sharing a Neo-Nazi symbol on social media.
- In good news for native flora and fauna, the population of kākā in a North Island forest is soaring , while a hunter has also discovered a cluster of incredibly rare kākābeak trees in Hawke's Bay.
- Taylor Swift has announced plans to re-record her old music after it was sold for a second time without her knowledge .
- And the world’s most expensive face mask has made its debut. Set in 250g of pure 18k gold and featuring thousands of diamonds, it sounds like an extremely comfortable item to wear on your face.
And finally...
A blinged-up mask doesn’t sound like it would be too out of place in Dolly Parton’s home.
The singing legend spoke to Seven Sharp last night after a year that’s seen her release her 47th album, work on a new book and donate nearly $1.5 million towards the research that produced Moderna’s coronavirus vaccine.
Amongst other things during her chat with Hilary Barry and Jeremy Wells, Parton confirmed she always sleeps in a full face of makeup – and graciously dealt with Wells’ questions about some of her biggest assets .
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