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NZ Initiative argues Supreme Court is not staying in its lane
Brent Edwards
Tue, 15 Oct 2024
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Darleen Tana appeals against High Court ruling
The Green Party is proceeding with its special general meeting despite its former MP Darleen Tana now appealing the High Court ruling from last month.
“This does not affect our party’s plan to hold a special general meeting this Thursday to discuss the potential use of provisions in the Electoral Act to remove Darleen Tana as a Member of Parliament,” Greens co-leader Chlöe Swarbrick said today.
Swarbrick said the party had received notice Tana was appealing the High Court decision that rejected the MP’s claim for an injunction to stop the Greens taking action against her under the ‘waka jumping’ legislation.
The Greens had initially been due to meet on September 1 to consider removing Tana from Parliament but delayed that meeting until after the High Court case was heard.
Construction costs resume uphill march
Construction costs, as measured by the Cordell construction cost index, resumed their upward trajectory during the September quarter, up 1.1% and the first time quarterly growth has been above 1% in almost two years. That reverses a general trend of static costs following an 18-month building industry slowdown aligned with the high interest rate cycle. The annual index increase, however, remains at 1.3%, the second-lowest level in 11 years and well under the longer-term average rate of 4.3%. The index also recorded a drop in sub-contractor charge-out rates and the cost of plumbing materials such as PVC piping for the quarter. That was offset by window hardware and kitchen joinery costs, which rose. There are about 26,000 properties on the market, which is 3000 up on the same time last year and double the 13,000 that were listed in 2021, at the height of the market. The supply pipeline has also slowed, with consents at 33,632 in August, down more than a third on the 51,000 in May 2022.
Brakes on vehicle activity as interest rates start to fall: ANZ
ANZ’s monthly measure of vehicle movements declined in September, reinforcing a tight spot for the New Zealand economy.
The light traffic index fell 1% compared with August, while the heavy traffic index declined 1.8%.
On an annual basis, the heavy index rose 0.6% compared with last year, while light traffic fell 1.1%.
The light traffic index – mostly motorbikes, cars, and vans – is generally a good indicator of economic momentum in six months. Meanwhile, heavy traffic gave a more immediate economic snapshot and, all up, the result signalled economic activity was still weak.
Tomorrow, Statistics NZ publishes September-quarter inflation data and economists expect inflation to fall close to the middle of the key 1-3% target band, reinforcing the RBNZ’s decisions to cut the official cash rate in August and again last week.
Economists expect the RBNZ to follow through with another OCR cut next month, the last decision of the year.
Tony Balfour calls time on Warehouse Group
Long-serving Warehouse Group director Antony ‘Tony’ Balfour won’t seek re-election at the company’s annual meeting on November 22.
Chair Dame Joan Withers today acknowledged his “exceptional service” over 12 years on the listed company’s board.
“Tony has brought extensive global retail, marketing and e-commerce capability as well as strong ESG credentials to his role as a director.
“His unwavering customer focus, exceptional leadership, and dedication to our team - especially in his role as Chair of the People and Remuneration Committee – have truly set him apart.”
Balfour said it had been an “absolute privilege” to serve on the board.
Last month, Withers labelled the retailer's $54.2 million loss – the first loss in the company’s history – as "not acceptable". That compared with the previous year’s profit of $29.8m.
She said its trading performance and operational execution had fallen short.
The company was on a mission to turnaround in a challenging economic environment.
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