Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news Prime Minister John Key has announced the inclusion of foreign land ownership in a review of Overseas Investment Office rules.
This opens up a debate that has been dormant and responds to some concerns about an impending rush of Chinese money into land.
Key said he was worried about New Zealanders becoming tenants in their own land, the DomPost reported.
"The concern, I guess, is that there is so much wealth out there that they could literally buy New Zealand's productive base. It's not impossible. That's the question – what do we want to be? Do we want to be tenants in our own country or do we want to own our own destiny?"
Your view? Are we being consistent blocking foreign ownership of land but saying ownership of companies is ok? Do we buy back land already in foreign ownership?
Meanwhile, the New Zealand Superannuation Fund released its results for the just completed financial year to June 30, including a 15.45% return for the year.
But the Super fund has returned just 5.5% per year after fees in the 7 years since its creation, below the 8% returns it is aiming for. It is aiming for 200 basis points above the risk free return rate of 6%, which is deemed to be the same as government bills.
As we enter an age of low inflation and low investment returns, along with heavy New Zealand government debt issuance, would New Zealand be better off using the Super Fund's money to repay debt or not issue new debt.
Your view? Retirement Policy and Research co-director Michael Littlewood has called for the fund to be dismantled, BusinessDay reported.
Meanwhile, BP posted a US$17 billion quarterly loss overnight, the largest loss in UK corporate history. This followed plans to put aside US$32 billion to clean up its Gulf of Mexico oil spill.
The Dow was flat, despite news of another fall in US consumer confidence as the world's largest economy struggles to get going again.
The New Zealand dollar was basically flat from yesterday at 73.2 USc.
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