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Editors choice comments

This is an important issue, so thanks Interest and Gareth V for the piece. It’s becoming increasingly so, too, as accountants and their customers (and banks, but I don’t feel sorry for them) become unpaid agents for the state in gathering more and more information about us, but with none of the associated apparatus apparently intended to help, well, us. As in, I was particularly struck by this line from lawyer Fiona Hall, “The legislation isn't there to protect the consumer, that's not the purpose of this legislation.” I suppose it could be argued that, per the bigger picture, targeting money...

by: Norfolk Pine

on When a customer is conned by a fraudster & in an out of character move sends significant sums of money overseas, does a bank have any AML-CFT Act responsibilities?
we need State funding of political parties, the politicians don't want it but it would take the money out of National and the Unions out of Labour.

by: Andrewj

on National MP Jami-Lee Ross quits party before Simon Bridges announces he's been expelled; Bridges welcomes police investigation into Ross' claims he's broken donation disclosure rules
Of course he would have. The National Party will claim that JLR acted on his own in splitting up the funds and falsifying the return. Note the language they have already employed about a 'Lone Wolf'.

by: Kate

on National MP Jami-Lee Ross quits party before Simon Bridges announces he's been expelled; Bridges welcomes police investigation into Ross' claims he's broken donation disclosure rules
I don't know which of those slicked down, used car salesman looking guys looks more like a slicked down, used car salesman to me, but that was a considerable amount of detail that Ross went into.

by: PocketAces

on National MP Jami-Lee Ross quits party before Simon Bridges announces he's been expelled; Bridges welcomes police investigation into Ross' claims he's broken donation disclosure rules
I'm grabbing my popcorn, this is going to be epic! Skeletons about to tumble out of closet, it'll be like watching a homegrown version of Dynasty

by: Solidname

on PwC report names Jami-Lee Ross the leaker of Simon Bridges' travel expenses; Bridges says the leak and Ross' conduct form a 'pattern'; Ross claims he's been framed
Great example of a circular firing squad.

by: Hardly

on PwC report names Jami-Lee Ross the leaker of Simon Bridges' travel expenses; Bridges says the leak and Ross' conduct form a 'pattern'; Ross claims he's been framed
A good article, something like this wouldn't go amiss being published every month or two. I am currently trying to help my father recover $17K from a low level local fraudster. He was a soft touch as he had moved into a new neighbourhood (out of Auckland into a smaller locality). Part of the problem in recovery is my father, the same sponteneity that saw him want to help someone also means he struggles with the admin required. Plus the additional layer of shame associated with being the victim of a scam.
There is an old saying about how you can't con an honest man. I disagree. The very...

by: scarfie

on Anyone can fall victim at any time to a fraudulent con, you don't have to be silly, says the Commission for Financial Capability's fraud education manager Bronwyn Groot
Well let rip with your opinion why dont you....LOL.

by: steven

on 'Dr Doom' Nouriel Roubini attacks cryptocurrencies as 'the mother and father of all scams and bubbles,' & labels blockchain 'the most overhyped technology ever'
This is good news reining in these parasite lenders. National sat on their hands for 9 years so definitely kudos to Labour for doing something about it.
Now please fix the immigration rort that National also ignored.

by: delboy

on Loan shark crackdown includes interest & fee caps, fit & proper person test and tougher penalties, Commerce & Consumer Affairs Minister Kris Faafoi says
sorry to hog the conversation... (last entry).
Credit card minimum payment schedule means interest charges will come to about 192% of principle balance. Definitely should be classed as small consumer credit loans and way over the proposed 100% cap. Be interesting to see bank submissions to select committees on this

by: Robt

on Loan shark crackdown includes interest & fee caps, fit & proper person test and tougher penalties, Commerce & Consumer Affairs Minister Kris Faafoi says
This line of thought also applies to disinvestment. Working example: Holcim, now a near-monopoly supplier of cement to Godzone, has systematically closed all onshore cement production plants - the last being at Cape Foulwind, just south of Westport.
We now import the stuff, at risk of the JIT supply chains, FX rates, and one company's pricing policy. This pits public against private, strategy against tactics, and so on. In a time where housing construction is needed, and such a basic commodity as cement is imported, this all seems a bit nuts. This and similar cases are where...

by: waymad

on Despite the obvious advantages of cost-benefit analysis, Diane Coyle says optimal efficiency is not always desirable, and the long-term benefits of an investment are not always clear from the start
It's like something from an Alex cartoon. To combat bad bank behaviour, a RBNZ dashboard is introduced to compare and measure banks' conduct. To look good on that dashboard, the bank need to incentivise their most ethical people with bonuses.

by: Austin Fisher

on Head of prudential supervision & self proclaimed arborist Toby Fiennes says RBNZ may add bank conduct metrics & individual bank stress test results to its Dashboard
Phew, that'll show 'em! Don't muck with NZ!

by: Davo36

on Offshore operating NZ building society Pacific Eagle Capital, formerly General Equity Building Society, gets FMA infringement notice and $7,500 fine
A Tane Mahuta analogy? Yep! That'll fix everything....
I reckon a Jack and the Beanstalk one might work better. At least that one has magic at its core.....

by: bw

on Head of prudential supervision & self proclaimed arborist Toby Fiennes says RBNZ may add bank conduct metrics & individual bank stress test results to its Dashboard
I worked for a bank in sales. We had targets for all products and when these reports came out, all they did was add customer serveys and some compliance measures to the existing targets. So nothing decreased we had the same targets as before wih some additional requirements. It is quite funny to see the butt covering emails coming out from the executives ... as you know we only meet our customers needs...but if you want a bonus or promotion you better be exceeding those targets.

by: Bones

on Sales or profit incentives need to go for banks' top dogs - not just frontline retail staff - says head of Aussie royal commission
Anyone aware what discounts banks are offering off their fixed rates for 2 yrs? been offered 4.15 for 2yrs but think there is still margin to neg down further. Thoughts?

by: KEENE1

on Both TSB and Westpac move some key home loan rates lower, with TSB's eighteen month fixed rate a notable lower level. All rate offers now tightly bunched
Medians
September 2016 - $850k
September 2017 - $860k
September 2018 - $835k
(August 2018 - $840k)
It's the first time since 2010 that the B&T September median was lower than August.
Add a mammoth number of listings to the market, and remove 30% of central Auckland buyers (foreign buyer ban)....and summer is looking pretty interesting. If the market gets through unscathed I reckon a property miracle will have occurred. Never say never :)

by: Zombie ponzi

on Auckland house buyers should have plenty of choice this summer so sellers will need to be realistic on price
Why do people mistakenly conflate welcoming of foreign capital into land speculation with foreign capital in business investment? The example of China highlights just how absurd this conflation is, and it's been the inviting of foreign speculation in NZ land that has been a major factor in issues NZ now faces.
Now we see people pushing for more money because housing costs are so out of whack. Who woulda thunk? Economic short-termism coming home to roost.

by: RickStrauss

on Latest NZIER Quarterly Survey of Business Opinion shows worst level of business confidence since March 2009
In Australia, both the RBA and Treasury are separately warning their Government about the consequences of adopting the likely Hayne Report recommendations. A credit crunch which tips the country into recession is one potential outcome.
Talk about the foxes in charge of the hen house. No one is suggesting new regulations, just enforcement of existing regulations. And if enforcement of existing regulation is enough to smash the property market and tip Australia into recession, which it potentially is, then what does that say about how bad the situation has become.
Australia is the Guinness...

by: Zombie ponzi

on NAFTA deal done with minor changes; US PMIs slip but strong; US construction growth weak; airfreight growth weakens as trade drifts; Hayne consequences angst; UST 10yr at 3.08%; oil up, gold down; NZ$1 = 66.2 USc; TWI-5 = 70.2
An illustration, using taxi companies as my frinstance. In my youth, each town/city had its own small taxi company, maybe a few or more. Jump forward a few decades and you see something like Blue Bubble taking over, jump into the future and you have Uber all over the world, leaving no space for the small operator. Actually, capitalism under the future model will be taken from us, not by some socialist government by the giant corporations. Different means, same result.
The only solution to that is how the machinery and technology is owned.
People's enterprising nature will be turned to small...

by: PocketAces

on Patrick Watson argues we must prepare now for the mass upheaval coming as machines take humans' jobs
Makes one feel good , this piece .
And of course makes you realize its not perfect , but we have much to be thankful for
Excellent observations , and one of the things I really like about our little nation is that we are able to pick something and then be the best at it .
For a country of just under 5 million we are the masters of rubgy , milking cows, growing food , being really good yachtsmen and rowers .
That ability to identify and use our competitive and natural advantages really sets us apart .
We are recognised as the least corrupt place to do business , which is something we dont...

by: Boatman

on Canterbury University's Tom Coupé looks at NZ from an international perspective, including, the country of volunteers, a good place for minorities, (un)affordable housing, treating women with respect & more
Lol, the journey of a vendor is now proven.
Vendor looking for agent:
"Wow, that agent was great, they said they will make me millions."
Vendor during sale:
"The agent really doesn't do much, I reckon I could do that"
Vendor after sale:
"You want how much!!!!!! You didn't do $h!+, I could have sold it for the same amount privately."

by: Noncents

on A survey of more than 900 property vendors gave most real estate agents a pass mark but found there was room for improvement
The Oil and Petrol (Diesel ) chart is definitely not abiding by the RBNZ inflation band.

by: Cowpat

on A review of things you need to know before you go home on Tuesday; firms pay later, Shanghai holds, BNZ chases KiwiBuild business, why pay lags, swaps firm, NZD soft
Sir Michael Cullen's use of data is occasionally curious. According to the OECD, in 2016 New Zealand obtains a greater fraction of GDP as revenue from taxes on corporations than any other country in the OECD.
https://stats.oecd.org/index.aspx?DataSetCode=REV
Category 1200 - Taxes on income, profits and capital gains of corporates
According to the OECD. someone on an average labour income pays the second lowest income and social security taxes in the OECD, while someone on an above average income pays the third lowest. This is because we don't have specific social security taxes to pay for...

by: Andrew_Coleman

on Chairman Michael Cullen says the Tax Working Group will be as detailed as possible to combat political attacks through 'mischief by misrepresentation'
Grant Robertson's ' revenue neutrality' is silly and will come back to bite him. If you want to make the system more 'redistributive' then the tax system needs to gather more to pay out. Labour needs more revenue, probably National would, too. A lot of things need fixing. I would just note that we have very low income tax rates here, no compulsory medical insurance levy and no social security levy, either. Labour's problem is that it is a 40% party tops, Nats 40% bottom, with NZF possibly able to get 10% if there's a protest vote, as there would be against CGT. The Greens are an amorphous...

by: Pietro

on Chairman Michael Cullen says the Tax Working Group will be as detailed as possible to combat political attacks through 'mischief by misrepresentation'