6 Crown accounts reflect strong economic fundamentals
TL Bureau. Wellington: New Zealand’s strong economic fundamentals continue to show through in the Crown accounts, Finance Minister Grant Robertson says. The Treasury today released the Crown accounts for the four months ended 31 October. “The strong jobs market, higherthan-expected residential investment and the strength of the corporate sector continued to show through in the accounts. Net debt also remained below the Budget 2018 forecast,” Grant Robertson said. “It’s still early in the new financial year and, as with the September results, readings earlier in the year can show an OBEGAL deficit due to the different timings of revenue and expenses. “The OBEGAL deficit of $258 million is similar to the same time last year as Core Crown expenses came in 1.2% ($344 million) above forecast. Half of this variance was due to the top down adjustments the Treasury makes through the year, while the remainder was spread over a number of departments. It should be remembered that expenses at the end of the previous financial year came in below forecast, meaning there might be reversals early in the current 2018/19 year.
Commission proposes to authorise Tenex’s acquisition of San-i-Pak TL Bureau. Canterbury: The Commerce Commission has today released a draft determination proposing to grant authorisation to Tenex to acquire the assets of competing Canterbury-based waste firm San-i-Pak. Tenex, through its subsidiary International Waste Limited (IWL), and San-ipak are the sole providers of medical and quarantine waste treatment and disposal services in the South Island. The acquisition would result in IWL being the only provider of these services subject to another waste management firm entering the market in the future. Chairman Dr Mark Berry said while the acquisition would substantially reduce competition, the Commission’s preliminary view was that it was likely to produce such a benefit to the New Zealand public that it should be authorised. “The removal of San-i-Pak as a competitor is likely to result in IWL raising its prices for its quarantine and medical waste disposal services in Canterbury. IWL would own the only plant capable of disposing this particular waste and we expect any other waste management firm is only likely to enter the market if it can win a large contract,” Dr Berry said. “However, while we expect competition would lessen with the acquisition, our preliminary view is the cost savings associated with the consolidation of the two firms would outweigh the likely negative consequences. We estimate that the acquisition could produce a net benefit of up to $1.3 million in net present value terms over ten years.
NZ AND OTHER OCEANIA
One Billion Trees Fund offers new opportunities TL Correspondent. Wellington: Forestry Minister Shane Jones and Agriculture Minister Damien O’Connor have today launched the One Billion Trees Fund – a crucial step toward achieving the goal of planting at least one billion trees by 2028. Led by Te Uru Rākau – Forestry New Zealand, the Fund provides $118 million for simple and accessible grants to landowners and organisations looking to plant trees. It also provides $120 million for
partnership projects that aim to reduce the barriers to tree planting through innovation, research and sector development initiatives. “The One Billion Trees Programme sets an ambitious target, but brings with it the huge opportunity to revitalise our regions and create real economic, social and environmental benefits across the country. It will also support Māori to realise the potential of their land,” Shane Jones said. “The Government is committed
to achieving these benefits for New Zealanders who have already shown an impressive amount of interest and goodwill in the programme. This year we exceeded the planting goal, with over 60 million trees planted. “The new Fund will build on this early momentum by supporting planting to reduce erosion, improve water quality, achieve regional development goals, enhance biodiversity, develop Māori-owned land and diversify productive land use.
Preventing death and injury on our roads TL Bureau Wellington : Police Minister Stuart Nash and Associate Minister of Transport Julie Anne Genter are encouraging road users to be alert to a new safety campaign launched today by Police and the NZ Transport Agency in the lead up to the Christmas. “Too many people are dying on our roads and we want to support our agencies in getting the message out to drivers and riders to be safe,” says Mr Nash. “However, everyone using the road needs to take responsibility. It’s up to all of us drive to the conditions and to not treat the speed limit
as a suggestion. Everybody needs to pay attention to what they’re doing and when you’re socialising over summer, don’t drink and drive.” Today Police and the NZTA kicked off the summer season with their annual impairment prevention operation, which will be followed by a Police social media campaign focusing on the four main contributors of trauma on our roads. These are people not wearing seatbelts, driving too fast for the conditions, driving drunk, drugged, or tired, and being distracted by things like cell phones. Ms Genter says reducing the number of deaths and serious acci-
dents on our roads is her top priority as the Associate Minister of Transport. “These crashes impact families and communities across New Zealand,’’ she says. “I don’t want to see more people facing the festive season without their loved ones.’’ “Police will be out on the roads working hard to keep everyone safe. But they can’t do it alone. We all need to be responsible every time we get behind the wheel.” Mr Nash and Ms Genter say the summer campaign by Police and NZTA has a simple and clear message: drive safely.
Samoa Commitment for the Pacific Islands
TL Bureau. Samoa: The Central Bank Governors of the South Pacific region met in Samoa on the occasion of the 33rd Pacific Central Bank Governors’ meeting. The meeting’s theme was ‘Strengthening Collaboration’, with the objective of promoting the prosperity and economic welfare of our member nations. At the conclusion of the meeting the Governors stated:
“We the Pacific Central Bank Governors affirm our intention to leverage information technology to deepen and enhance the efficiency of our financial systems, so as to best support economic development and inclusion in our region. The specific strategic initiative agreed to at the meeting is to lead the development of a regional ‘know your customer’ facility and associated regionallylinked payment and settlement arrangements.
$8 million available for community conservation projects TL Bureau. Wellington: Community organisations, iwi and landholders will be able to apply for grants from an $8 million conservation fund to help save our native plants, birds and insects and habitats, Conservation Minister, Eugenie Sage announced today. Biodiversity protection will be the focus of the 2019 funding round for the Department of Conservation’s Community Fund. Grants from the Fund help community organisations, councils, iwi and private landowners carry out practical conservation projects such as controlling weed and
animal pests, planting and restoring habitats on private, Maori and public land so New Zealand’s indigenous plants and wildlife can thrive. “With 4,000 indigenous plants and wildlife threatened or at risk of extinction, community action for conservation is essential if we are to reverse the decline of our biodiversity,” Eugenie Sage said. Feedback from community groups, iwi and councils has led to changes in the Fund’s operation. “Application forms and guidance are now live on the Department of Conservation (DOC) website to give potential applicants
three months lead in time to plan and prepare their applications, substantially more than in previous years. “The time between making an application and getting a decision is likely to be shorter as a result of changes in the decision making process. “The intention is that groups will be able to get stuck in, start their projects sooner, and focus on what’s important – doing the mahi to restore indigenous biodiversity in their communities,” Eugenie Sage said. The funding round goes from 25 February to 22 March 2019, with funding decisions announced mid-year.
