Extractions: New Zealand Economy Closer Integration of Trans-Tasman Banking Regulation 1 March 2005 Development of a Framework for Closer Integration of Trans-Tasman Banking Regulation This report scoped two models for closer integration: enhanced home/host supervision; and APRA as supervisor of the New Zealand operations of Australian-owned banks. The second of these options raised some concerns for the New Zealand authorities, which are outlined in the Treasury report entitled Treasury and Reserve Bank Comment on Closer Integration of Trans-Tasman Banking Regulation Following on from this work, the RBNZ is working on the enhanced home/host model for supervision, which seeks to build on current regulation frameworks and institutions. Under this model, the RBNZ will seek to harmonise regulatory rules with Australia where appropriate and to strengthen arrangements for information sharing and coordination with the Australian authorities to improve the capability of the Reserve Banks to manage a crisis or failure situation. New Zealand officials also proposed that further work be undertaken on the effectiveness of current financial sector regulatory practices and arrangements in New Zealand, their impact on financial and economic developments and whether this could be further enhanced through other trans-Tasman arrangements. A review group comprising the New Zealand Treasury, RBNZ and Ministry of Economic Development was set up to undertake this work. The review group's terms of reference (
Extractions: New Zealand Economic and Financial Overview 2005 Contents The Reserve Bank of New Zealand The Reserve Bank of New Zealand was established in 1934 as New Zealand's central bank by Act of Parliament. It is government-owned and holds most of the powers normally associated with a central bank. The Reserve Bank of New Zealand Act 1989 provides the Bank with autonomy to implement monetary policy within the framework of the Act and the Policy Targets Agreement entered into under the Act. The Reserve Bank, in addition to its role in determining and carrying out monetary policy, is the supervisory authority for New Zealand's registered banks. The objective of supervision is to promote and maintain the overall soundness and efficiency of the financial system and to avoid significant damage to the financial system that could result from the failure of a registered bank. There are no deposit insurance arrangements operating in New Zealand in respect of registered banks or other financial institutions. At present New Zealand's major banks are subsidiaries of Australian banks. The Reserve Bank recognises the principles underlying the Basle Concordat that the home country should supervise on a consolidated basis and the host country is responsible for the supervision of the operations in the host country. The Reserve Bank is working with the Australian Prudential Regulation Authority to improve regulatory co-ordination under this home-host model. The Government has recently announced the establishment of a Trans-Tasman Council to progress co-ordination initiatives.
Australian Economy, Recession And Monetary Policy australian economy recession. It appears that Reserve Bank and Treasury officialshave swallowed what one might call the RadcliffeGurley-Shaw liquidity http://www.brookesnews.com/050905auseconomy.html
Extractions: Monday 9 May 2005 The current state of the money supply suggests that the Australian economy is heading for a recession. As expected, the role that monetary policy plays in causing the boom-bush cycle is completely lost on the Australian Treasury, whose head, Ken Henry, recently warned the Reserve Bank that raising interest rates could cause a recession. Apparently it never occurred to Dr Henry that recessions are ultimately caused by central banks artificially forcing interest rates down below their market rates. (Forget media comments about neutral monetary policy and neutral interest rates: they are complete rot). It seems that Dr Henry has been arguing that demand has not greatly exceeded supply and therefore does not need to be curbed. (The following charts indicative of the true stated of demand, meaning the money supply). However, Dr Henry, like all those infected with Keynesianism, overlooked the fundamental fact that in real terms demand always equals supply. Any so called excess used to be called, and correctly so, inflation. As the late Professor William H. Hutt put it: Supply constitutes demand. It is the failure to recognise this basic fact leads to economic absurdities about aggregate excess demand.
Program Summaries Deregulation of the banking sector in Australia took place in the early 1980s, But the increasing integration of the world economy is not universally http://www.abc.net.au/money/vault/programs.htm
Extractions: Published on 4 Nov 2004 by Melbourne Indymedia Archived on 4 Nov 2004. by Wanda Fish The Countdown for the Peak of Oil Production has Begun but what are the Views of the Most Important International Energy Agencies... Hubbert's Prescription for Survival, A Steady State Economy... The End of The Oil Standard... How to deceive friends and influence people: Oil crisis lies... Will 2005 be a prosperous year for Australians? That depends on whether youre the typical Australian householder carrying the debt load or youre Peter Costello, shedding the governments debt. Most Australians are too busy working to pay off mortgages, HECS fees, medical bills, insurance, credit cards, and personal debt to care about the governments debt. We will literally be working until we drop because our combined household debt has now outstripped our total income. For every $100 we earn, we owe $130. Debt has become acceptable, even mandatory, in todays economy. Personal debt is the fuel required to consume goods and services. Shopping to incur more debt and working to pay off the debt is a continuous cycle in the global monopoly game. Our household debt forms the base of the capitalist pyramid, where what we owe makes more money for the system than what we earn. Mortgages and credit have become key financial products with securitisation and credit derivatives being on-sold to overseas banks and financial institutions.
Henry Thornton - The Australian Economy - Q3, 2005 A leading investment bank said today Last night saw the australian Our monthly economic update, with its advice for the Reserve Bank notes If the http://www.henrythornton.com/article.asp?article_id=3414
Management Magazine Editorial Archives - Login Forging economic and political links between New Zealand and Australia was always a The australian banks are aggressively attempting to reduce the http://www.management.co.nz/archives/ViewEditorial.asp?EditorialID=17280&pubcode
- Mortgage Choice You are here Home About Us Press Releases australian economy The Reserve Bank of Australia has announced a cash rate decision that will http://www.mortgagechoice.com.au/about_us_press_releases.aspx?id=5109
Australian Fabian Society: Library: Labor's Economic Agenda Over that time the shape of the australian economy has changed dramatically. The Governor of the Reserve Bank of Australia recently mentioned our http://www.fabian.org.au/library/afreethinking/1103602734_8616.html
Extractions: Wayne Swan - Shadow Treasurer SYDNEY THE GLOBAL CITY This is the first time since my appointment by Mark Latham as Shadow Treasurer that I've had the opportunity to discuss in detail how I want to do the job and what I see as important over years ahead. It's appropriate that I should be speaking in Sydney, because it's a global city. It's our financial centre, and its financial businesses are part of the global financial market. Its accounting and legal firms, its financial services firms, its real estate development and architectural businesses, its information technology and telecommunications businesses, its innovative modern manufacturers, its arts community and universities and media are all part of a global economy and global culture as well as being part of the Australian economy and Australian culture. It attracts a large share of tourists and of immigrants to Australia. It's the wealthiest city in the most populous state, with the highest house prices and the highest incomes. Sydney is emblematic of the way Australia has changed over the last fourteen years.
Directory Of Archives In Australia - Reserve Bank Of Australia Records relating to central banking; the economy and monetary policy; financialmarkets; Commonwealth Bank of Australia Varied 19121960 (500m). http://www.archivists.org.au/directory/data/140.htm
Advanced Currency Market News ROUNDUP Australia s central bank moves to neutral monetary policy. afxnews.com So what that means, whilst the australian economy continues to grow, http://www.ac-markets.com/EN/services.news_popup.asp?page=1&newsid=316746
Department Of Management âaustralian banking practice and the crisis of 1893â, australian Economic âEconomic growth and wellbeing Melbourne 1870-1914 a commentâ, http://www.management.unimelb.edu.au/Staff/staffPage.cfm?StaffId=39
Economic Statistics By Country, 2004 Xinhua world economic news summary at 0430 GMT, Aug. 10. (Xinhua News Agency) banking industry)(Industry Overview) (australian banking Finance) http://www.infoplease.com/ipa/A0874911.html
Extractions: World World Statistics Economic Statistics Country GDP/PPP GDP/PPP per capita Real growth rate Inflation Afghanistan $21.5 billion Albania 17.46 billion Algeria 212.3 billion Andorra 1.9 billion Angola 23.17 billion Antigua and Barbuda 750 million Argentina 483.5 billion Armenia 13.65 billion Australia 611.7 billion Austria 255.9 billion Azerbaijan 30.01 billion Bahamas, The 5.295 billion Bahrain 13.01 billion Bangladesh 275.7 billion Barbados 4.569 billion Belarus 70.5 billion Belgium 316.2 billion Belize 1.778 billion Benin 8.338 billion
Australia At The Forefront Of Housing Bubble Further evidence that the muchvaunted growth of the australian economy is on the australian economy published by the Reserve Bank of Australia (RBA). http://www.wsws.org/articles/2004/sep2004/hous-s27.shtml
Extractions: 27 September 2004 Use this version to print Send this link by email Email the author Further evidence that the much-vaunted growth of the Australian economy is bound up with an international housing market bubble is contained in an International Monetary Fund (IMF) report released this week. The IMF noted that in a number of countries house prices had risen to levels well beyond that which could be expected on the basis of income levels and other basic economic processes, thereby posing the risk of a sharp economic contraction. The socialist alternative in the 2004 Australian election
Australian Companies Shed Thousands Of Jobs As Economy Deteriorates Last week Federal Treasurer Peter Costello claimed Australia s economy was on the Another indication of economic decline came from the ANZ Bank survey, http://www.wsws.org/articles/2001/may2001/jobs-m17.shtml
Extractions: 17 May 2001 Use this version to print Send this link by email Last week Federal Treasurer Peter Costello seized on sections of the Reserve Bank of Australia's Quarterly Statement on Monetary Policy These pronouncements are in line with assessments by international financial agencies, including the International Monetary Fund. At the end of April, the IMF slashed its growth rate forecast for the Australian economy from 3.25 percent to just 1.9 percent, well below Costello's prediction last November of 4 percent. In response to the RBA statement, the Australian Financial Review The unemployment rate is now 6.4 percent with number of officially registered unemployed increasing by 38,200 to 670,800 during the month. The jobless figures rose in every state except Western Australia, reaching highs of 9 percent in Queensland and 9.2 percent in Tasmania. The ABS figures, however, sharply underestimate the real jobless levels. The ABS recently changed its method of calculating unemployment figures, excluding those who work unpaid in a family business and unemployed people who are temporarily sick. Laid-off workers are not counted until they have been unemployed for more than four weeks. The new counting methods allowed the ABS to revise its March rate down from 6.8 percent to 6.5 percent.
Australian Government | Invest Australia - Technology Australia The Reserve Bank of Australias (RBA) February 2005 Statement on Monetary In addition to strong growth, the australian economy of recent years has http://www.investaustralia.gov.au/index.cfm?menuid=E42C5A0A-508B-A0EB-687DB1C619
Extractions: By Nicole Sackers, Michelle Nutting, and Sinead Williams M ost readers of ONLINE can't casually drop by a meeting of Melbourne, Australia's Business Information Group to learn about new developments in Web business resources. Our group comprises some 30 research librarians, all of whom are engaged in business research in a variety of corporate and government sectors. We meet on a regular basis for networking purposes, often with guest speakers. Alternatively, we hold roundtable discussions where we share experiences and concerns of our profession.