The coalition Government is not proceeding with the former Government’s plan to regulate residential property managers and has asked Parliament’s Social Services and Community Select Committee to stop considering the legislation.
The Residential Property Managers Bill was introduced to Parliament last August and the select committee was due to report it back on August 9 this year.
But Housing Minister Chris Bishop said New Zealand was in the middle of a housing crisis and adding more regulation to the rental property market was not the way to open up more housing supply.
“Instead we need our officials working on policies that will make a real difference to improving housing supply, such as our sensible changes to the Residential Tenancies Act, which will encourage more landlords into the market and apply downward pressure to rents,” Bishop said.
By the time of the next election, MPs will be earning $181,200 a year, up from their current annual income of $163,961.
The Remuneration Authority released its latest determination today on MPs’ salaries, saying they would rise immediately to $168,600, backdated to October 15 last year, the day after the election. They would then rise each year before reaching $181,200 in 2026.
It noted that MPs’ salaries and allowances had been effectively frozen since 2017.
“It should be noted that the criteria do not mention the performance of MPs; therefore, the Authority has no mandate to consider MPs’ performance.”
Salaries of ministers, party leaders, the Speaker, deputy speakers, select committee chairpersons, and others who hold more responsibility also went up.
By election day, Prime Minister Christopher Luxon will be earning $525,500 a year. His income this year rises to $484,200.
The combined Jarden/JBWere NZ wealth management business, FirstCape, has named its board of directors ahead of its launch on May 1.
The firm came together following a deal confirmed last December that merges Jarden’s wealth management business with National Australia Bank’s JBWere New Zealand business.
The deal also included BNZ’s KiwiSaver business and Jarden’s fund management arm Harbour Asset Management, giving the group a combined $44 billion of funds under management, advice, and administration ($29b under advice and management and $15b funds under management, including $5b of KiwiSaver FUM).
Last week, FirstCape said it had appointed former NZ Super boss Matt Whineray as chair. Whineray left NZ Super last year.
On Tuesday, it named the leadership team.
They are: Harbour Asset Management’s Andrew Bascand, BNZ Investment Service’s Peter Forster, JBWere NZ’s Craig Patrick, and Jarden Wealth’s Chris Wilson.
One of six people charged in a complex mortgage and investment fraud case has pleaded guilty to four charges of obtaining by deception. The plea follows a Serious Fraud Office investigation that began in 2020 after a referral from Police. The person, whose name is currently suppressed, was charged alongside Gerard Peters, Robert Peters, and three other people who can’t be identified yet. The person’s admission – that they provided misleading information to their bank as part of a 2018 loan application – marks a pivotal step in the investigation, the SFO said. It alleged the defendants engaged in a scheme to obtain credit and properties by making false claims on home loan applications and to conveyancing solicitors. In total, they are alleged to have obtained more than $8.6m in lending and attempted to obtain another $3m. The person will be sentenced on August 14.
The 2024 Federated Farmers-Rabobank Farming Salaries Report indicates substantial growth in farm salaries despite recent industry challenges. Released yesterday, the report highlights an average farm worker salary increase of $7480 to $71,411 since 2022. The survey, encompassing data from 529 farm employers and nearly 1800 employees, shows a 13% rise in the weighted average salary across various on-farm positions. Notably, dairy herd managers, sheep and beef farm managers, and arable farm managers have seen salary increases of 19%, 22%, and 28% respectively. Total package values, including benefits such as vehicle use and allowances, also showed strong growth. The latest BDO Business Wellbeing Index report illustrated the agribusiness sector was showing resilience and a more positive outlook, possibly due to favourable conditions in dairy pricing.