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This is where we note various pieces of data, and other selected and topical items of interest as they arrive in our inbox

This is where we note various pieces of data, and other selected and topical items of interest as they arrive in our inbox

This is where we note various pieces of data, and other selected and topical items of interest as they arrive in our inbox.

We will add to it continously during the day.

Feel free to send us suggested content - to news@interest.co.nz

8:30 am Guardian puts hand out (DC)

The left-wing British news site has been struggling financially for a while, selling off assets to keep operating. Post-Brexit it sees even darker clouds ahead and today launched an appeal for donations.

8:35 am 1,000 jobs available, with houses (DC)

The Guardian is where I noticed this story about South Island town Kaitangata. They have 1,000+ job openings apparently, with unemployment of just 2 people. Average house price? $230,000.

11:40 am North Canterbury drought now deep into winter (DC)

Federated Farmers are praising their members for how they are handling animal welfare in the face of extended winter dry conditions.

11:43 am Taking time off (DC)

Westpac's New Zealand chief economist, Dominick Stephens, will take a one-year sabbatical from July 4, returning as Chief Economist in July 2017.

11:50 am Auckland Council raises rates +2.5% for households (DC)

Auckland Council has today adopted its 2016/2017 budget, setting out $1.4 bln for new assets and an average rates increase of 2.4% (+2.5% for households and +1.9% for businesses).

11:53 am Raising the standards for landlords (DC)

The Government is reminding landlords that tenancy law changes covering smoke alarms, insulation, enforcement of standards and property abandonment come into effect tomorrow.

12:55 pm "It will take time" (DC)

The Government and Customs are signaling that collecting GST of imports valued at $60 or less will be difficult for them and delays are likely as they get their heads around the logistics involved. They now say they will lower the threshold, potentially from the 2018/19 financial year.

1:20 pm Business confidence improves in ANZ survey (DC)

ANZ report a firming in business sentiment, firms’ own activity expectations and other components of the survey flag accelerating economic momentum. Construction and services are the pace-setters, agriculture the laggard.

2:15 pm Swap and NZGB yields keep on rising (DC)

That is four days in a row now. And the 90 day bank bill rate is creeping higher too.

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10 Comments

Well, I can think of a few who should reach deep into their pockets for the Grauniad.....because otherwise, if it carks it, they'll start to infest sites like Interest with ....oh, wait....

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Little bit of drizzle falling in Kumbelshire, North Canterbury, as we speak, David.

Not nearly enough. Although thanks to intermittent rain this year the creek starting running two weeks earlier than last year. But two years of very dry conditions have taken their toll.

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lowering the GST threshold is going to create thousands of jobs and create a lot more paperwork. where one express or parcel customs broker can do 50 + writeoffs (below nzd60) in a day which can take a couple of minutes each, they now will have to do an import entry, productivity will halve overnight, not to count the invoicing and collecting of the GST and extra charges that will be billed
and all this is done by private companies not NZ customs so add NZ 100 to your purchase for them to do for you

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Only reason there's a threshold at all is that under that amount it costs more to collect than it's worth. No signs that they've addressed that inconvenient fact. If there was any real intention of increasing the GST take (as opposed to pandering to squealing retail lobby), the obvious way would be to address the problem of an increasing proportion of people's incomes going to non-GST areas like rent and interest payments, rather than on goods and services in the real economy.

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yes but the people that will be collecting the GST and customs fee will be private freight forwarders most are mutli nationals that will need to cover there extra costs and make a margin (profit). another chunk of NZ money heading offshore to big corporations. and if you think the government will make more tax as they make bigger profits, check their returns on the companies website, most don't make any profit as they have inter company interest, fees etc to pay to head offices offshore.
all to protect some bricks and mortar NZ retailers that have not embraced the internet

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One way to beat the multinationals consistently, and also pick up the ratsnmice cheaply, is to have a tax gst style on all outwards money transfers. Say 15 %. Collected at the bank.
It would not matter if they disonestly called it interest, or a profit. They would be tolled.

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IF National win the next election then watch as overnight the GST threshold on imported small goods get dropped to $50 or so. The only reason for the delay is the coming election. This policy is not a vote winner,so like all political parties they will lie and fib until in power again

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As I see it far too many parcels arriving to ever process them for gst. Even now my overseas orders come with a fictitious price on the label. What are they going to do...open each and then get a valuation? The disruption to delivery times, lost parcels, thefts and so on make this a logistical nightmare and an inefficiency inserted into legitimate supply chains. Good luck with it.

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its a can of worms that nz customs do not want to open, their major focus is drugs and big duty rip offs, rats and mice GST does not cover the time and expense. anyone that knows what really goes on this is a big backward step to about 20 years ago with slow clearances and extra costs for next to no return next we will go back to import licenses

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I thought they were more looking at the other end? i.e. making banks enforce a transaction fee based on the $ amount of sale recorded on the visa/mc/debit card from a non NZ resident company?

Either way rastus, they will eventually find a way to screw over the NZ consumers choice.

I purchase a great deal of supplies from abroad that are not sold here in NZ. Currently I believe that qualifies for the GST exemption under the G&S Act if the item is not available locally.

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