The New Zealand Reserve is defending its recent official cash rate (OCR) cut, saying it reduces the need for unconventional monetary policy to boost inflation. The cut, announced earlier in August by Governor Adrian Orr, was by a bigger-than-expected 50 basis points (bp) to a record low of 1 percent, surprising markets. The Reserve Bank's shock OCR cut explained Official cash rate cut: The big winners and losers OCR NZ cut: The lowest home loan interest rates to emerge from banks Speaking to the Bank for International Settlements forum in Manila on Wednesday, the Reserve Banks' assistant governor explained the reason for the dramatic drop. "We judged that it would be better to do too much too early, than do too little too late," said Christian Hawkesby, who is also the RBNZ's general manager of economics. "A more decisive action now gave inflation the best chance to lift earlier, reducing the probability that unconventional tools would be needed in the response to any future adverse … [Read more...] about OCR NZ cut: Reserve Bank defends heavy cut
You may have been in the situation where something in the house breaks that you can not fix and you need to get it repaired ASAP. You call the obvious solution, possibly you get a few different quotes, and there is a huge range in cost. Why is there this disparity? To clear this up with a solution for us is Managing Director of Builderscrack, Jeremy Wyn- Harris spoke to The AM Show. Watch the video. … [Read more...] about Why is there such a huge disparity in tradie quotes?
Uber has announced it will be arriving in six new cities in October. The rideshare giant will begin operations in Rotorua, Taupō, Napier-Hastings, New Plymouth, Palmerston North and Nelson in just over a month's time - nearly doubling its current portfolio of seven cities. Uber admits it might never make any money Uber's new Auckland pricing trial criticised for 'ripping off' drivers Uber loses NZ$1.55 billion in the first three months of 2019 Uber's New Zealand country manager, Amanda Gilmore, said the rollout showed the company's "long-term commitment to New Zealand". "We're almost doubling our cities overnight, and bringing more casual earning opportunities for drivers - and more choice for riders." Gilmore said the company was confident it had the technical know-how to successfully launch in the six cities. Uber has around 6500 partners in New Zealand, most of whom, Gilmore says, supplement their income with part-time work with the company. "We anticipate more will follow … [Read more...] about Uber coming to six more Kiwi cities in October
The tax filing season is coming to a close in about ten days. In the next phase, the income tax department will verify your income tax return (ITR) based on the information it has and issue notices if it finds any anomalies. From this year, any notice that the department issues will have a computer-generated Document Identification Number (DIN). According to a recent circular by the Central Board of Direct Taxes (CBDT), income tax notices issued after 1 October will have DIN.The move is yet another step that the income tax department has taken towards digitization. Among other things, introduction of DIN is likely to improve transparency, bring down the processing time and enhance accountability of the tax department towards taxpayers.Notices with DINAll communication from the tax department related to assessment, appeals and orders—statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, and approval and so … [Read more...] about Tax notices to soon carry an identification number
The government is holding on to more than £28m in student loan overpayments by graduates that have been identified but not yet refunded. More than half a million former students in England overpaid their student loans by an average of nearly £600, Student Loans Company (SLC) data shows. The figures, obtained via freedom of information requests by the higher education publication Research Professional News, show that a total of £308m was overpaid between 2009-10 and 2017-18 but almost a tenth of that has not been refunded. Repayments to student loans are governed by the Department for Business, Innovation and Skills. The poorest students borrow more than £50,000 on average, while interest rates of up to 6.3% increase the amounts owed. The SLC said it contacted everyone who overpaid to arrange refunds and urged all graduates who had taken out loans to keep their contact details up-to-date. A spokesman said: “We want all customers to repay the right amount and … [Read more...] about Government yet to refund £28m in student loan overpayments