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Economy: Reserve Bank – Transmission currents and the flow of monetary policy to domestic financial conditions

Source: Reserve Bank of New Zealand

29 October 2025 – In a speech presented today at the CBA Global Markets conference, RBNZ Director of Financial Markets, Adam Richardson, outlined the transmission of recent New Zealand Official Cash Rate (OCR) cuts to domestic financial conditions is playing out largely as expected.

Mr Richardson conveyed that financial conditions in New Zealand have loosened, with interest rates falling and credit conditions becoming more favourable.

“As with any cycle, there are some unique features that we have had to take account of when assessing the stance of monetary policy,” Mr Richardson said.

In the speech, Mr Richardson highlighted that some of these features are the result of domestic developments, such as a temporary shift in mortgage holder preference for shorter terms in expectation of further rate cuts. Others are the result of global factors, such as higher global term premia and their contribution to a significant steepening in government sovereign bond yield curves.

As part of its monetary policy deliberations, the MPC accounts for the various domestic and global factors that push financial conditions around, allowing it to effectively steer domestic financial conditions to be consistent with the inflation target.

Mr Richardson also stressed that, “the cash flow channel is an important and very visible part of monetary policy transmission. However, other channels of transmission potentially play a more important role.”
 
More information:

2025 Commonwealth Bank Global Markets Conference – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=50ee4e5a41&e=f3c68946f8

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Oxfam – Ten years on from the Paris Agreement, rich countries’ pitiful climate targets fall drastically short

Source: Oxfam Aotearoa

In response to the latest Nationally Determined Contribution (NDC) synthesis report published yesterday, Nafkote Dabi, Climate Lead at Oxfam, said:
“Ten years on from the Paris Agreement, we now see revealed a damning indictment of the collective failure of global leaders to address the climate crisis. The richest and most polluting countries have betrayed the people being hit the hardest by climate disasters, particularly those in low-income countries, Indigenous people and women.
Countries’ climate plans will reduce global emissions by just 10% by 2035, far short of what is needed. Science is clear: emissions must fall by at least 60% from 2019 levels in order to avoid climate breakdown. The EU has failed to even submit a new NDC while the US has withdrawn totally from the Paris Agreement and is slashing its already minimal climate finance.”
Oxfam Aotearoa's Climate Justice Lead, Nick Henry, added: “”Despite the global need to strengthen climate action, New Zealand is not even on track to meet our existing commitments. We need our leaders in Government to show us a plan for real action to keep their promises and reduce emissions.”
Nafkote Dabi continued, “China’s first emissions reduction target of 7-10% from peak levels by 2035 is a step forward but still falls short of aligning with global climate goals. Brazil, host of COP30, despite being a climate leader, continues to approve new oil exploration in the heart of the Amazon – a contradiction that undermines its credibility.
The COP30 Summit next month must put humanity onto a safer path by insisting that world leaders deliver much bolder and more equitable NDCs than the inconsistent and inadequate collection that currently sit on its table. Central to any progress must be the tackling the extreme carbon pollution of the super-rich: the emissions of the 1% alone are predicted to cause 1.3 million heat-related deaths by the end of the century, and blow through the world’s remaining carbon budget.
The richest countries and richest people are locking the world into a catastrophic trajectory which COP30 must arrest.”
Notes:
The International Court of Justice (ICJ), the world’s highest court, has confirmed that countries have a legal obligation to reduce emissions enough to protect the universal rights to life, food, health, and a clean environment.
Research by Oxfam International and CARE Climate Justice Centre finds that two thirds of climate finance is currently in the form of loans, increasing the debt burden on poor countries, which stands at $3.3 trillion. The $100 billion annual commitment agreed at COP15 remains unmet, and the $1.3 trillion needed for mitigation and adaptation has also not been delivered.
Research by Oxfam International finds that the energy consumed by the wealthiest 1% – predominantly in the Global North – alone would be enough to meet the basic energy needs of people without electricity access seven times over.
Research by the United Nations finds that emissions cuts of 42 per cent are needed by 2030 and 57 per cent by 2035 to get the world on track for 1.5°C. 
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PSA backs CTU blueprint to drive economic growth through better labour relations

Source: PSA

A better New Zealand is possible if the Government stopped fearing unions and adopted reforms suggested by the New Zealand Council of Trade Unions that respected the rights of workers.
The PSA today said it strongly supported the CTU’s New Deal for Workers launched at its annual conference.
“Law changes are desperately needed after the damage inflicted by the most anti-worker government in a generation,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
“If the Government really wants a productive, high-wage economy, it needs a positive labour relations environment that respects all workers. The New Deal for Workers provides the blueprint.
“Last week's strikes by public sector workers showed just how bad labour relations have become. This Government disrespects the very workers who are key to an efficient public sector and critical to a productive economy that meets our challenges.
“There needs to be a fundamental reset.”
The PSA backs the CTU's three key priorities for the first 100 days of a new government: restoring Fair Pay Agreements, introducing Automatic Union Membership, and preventing sham contracting.
“These reforms will improve workers' rights, lift labour productivity, and help build a higher wage economy. Countries that perform well economically respect their workers through strong collective bargaining.
“Yet the Government has made it a priority to erode the rights of workers, axing Fair Pay Agreements, reinstating 90-day fire-at-will, scrapping pay equity for women, and suppressing the minimum wage – all while claiming to support economic growth, growth that has failed to materialise.
“The CTU is right to demand political parties commit to these reforms in their first 100 days. It’s time governments stopped fearing workers and worked in partnership with unions to achieve our common goal of raising living standards for all.”
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand's largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
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Environment – Following Gore nitrate concerns, Greenpeace announces free drinking water nitrate testing in Southland, Canterbury

Source: Greenpeace

Greenpeace Aotearoa will run more free drinking water testing events in areas most at risk of nitrate contamination this November. The organisation is announcing that it will be testing drinking water in Gore – where nitrate levels in the town water supply escalated rapidly over the weekend – and in Waimate and Darfield in Canterbury.
Both Waimate and Gore have been put under ‘do not drink’ notices in the last year due to unsafe levels of nitrate in the public water supply. The Selwyn District – where Darfield is located – has also seen concerningly high levels of nitrate, with the Darfield town supply consistently testing at levels associated with an increased risk of pre-term birth.
Greenpeace spokesperson Will Appelbe says, “In the wake of Environment Canterbury’s recently declared ‘nitrate emergency’, and dairy conversions restarting en masse, the issue of drinking water pollution has captured the attention of people across the South Island.
“Everyone, no matter where they live, should be able to safely drink the water coming out of their kitchen tap. But right now, many in rural communities aren’t able to do so without risking their health, and still more are in the dark about potential nitrate contamination in their drinking water.”
A growing body of scientific evidence has linked nitrate contamination in drinking water with several health risks. These include bowel cancer, preterm birth, and at high levels, blue baby syndrome.
Appelbe says, “Communities are concerned about the quality of their drinking water, and Greenpeace aims to empower them to take action as needed. We run these free testing events so that everyone, no matter where they live, can know whether their water is safe to drink.”
“Those most at risk of nitrate-contaminated drinking water are those in rural communities, where there is a high concentration of dairying – as the intensive dairy industry and synthetic nitrogen fertiliser are the main drivers of nitrate contamination.
“Those on private bores – who currently bear both the responsibility of testing their drinking water, and the cost of removing contamination if there is any – are more at risk than those on town supplies, but we test both private bore and town water.”
Details for each of the water testing events are below:
Gore:
Thursday 20th November, 10am-4pm
James Cumming Community Centre
Waimate:
Saturday 22nd November, 10am-4pm
Venue to be confirmed.
Darfield:
Sunday 23rd November, 11am-4pm
Darfield Recreation Centre.
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Health – Review of aged care must invest in Home Support workers, the PSA says

Source: PSA

The Government must ensure that changes in aged care funding include increased investment in the Home Support workers who care for the elderly, the PSA said today on the International Day for Care and Support Workers (29 October).
Associate Health Minister Casey Costello yesterday announced a ministerial advisory group to make recommendations on how aged care is funded.
Public Service Association Te Pūkenga Here Tikanga Mahi Assistant Secretary Melissa Woolley said Home Support workers are now largely being paid close to the minimum wage after the Government scrapped their pay equity claim in May.
“We need a well-trained and qualified workforce to support an ageing population with increasingly complex requirements live at home. Paying the Home Support workers minimum wage just won’t cut it,” Woolley, herself a former Support Worker, said.
“While the number of those needing aged care is increasing low wages and poor conditions are seeing workers leaving the sector to work in better paying positions elsewhere,” Woolley said.
Prior to Associate Minister Costello’s announcement, a group of unions and provider representatives for the care and support sector including the PSA, wrote to ministers responsible for Care and Support workers, and to New Zealand First Ministers On the August 26. (Letters attached. See note below for more detail.)
“We urged this Government to provide funding to employers to pass on a pay increase to care and support workers,” Woolley said.
Woolley said the Home Support sector is an essential but under-represented part of the solution to enable older people to live at home longer.
“Letting people live in their own homes not only benefits those supported but also saves the State from the cost of having these people supported in hospitals and frees up beds for other needs.
“Home Support workers terms and conditions must be included in the review carried out by Minister Costello’s ministerial advisory group. This should include reviewing pay, mileage rates, training and how to move away from piecemeal work to permanent shifts.
“Paid training for Home Support workers, won as part of the 2017 pay equity settlement, is no longer a legal requirement because the settlement has expired.
“The right of Home Support workers to be treated as permanent employees with guaranteed hours won as part of a 2015 travel time settlement was never properly implemented leaving workers with uncertainty of work and low job security.
There have been multiple inquiries into the Home Support sector, such as the Director General’s Reference Group Report, the Settlement Parties Action Group, the Caring Counts Report.
“The recommendations of these reports have never been fully implemented. The changes the workforce needs to have decent work that provides job security and a liveable income have never happened,” Wolley said.
Notes in the letter
The letter was sent on behalf of PSA. The New Zealand Nurses Association, Ē tu, Atamira Platform, Home and Community Health Association, and the New Zealand Disability Support Network.
It was sent to Health Minister Simeon Brown, Minister for Social Development Louise Upston, Minister for Mental Health Matt Doocey, Minister for ACC Scott Simpson, Associate Minister Costello and New Zealand Frist Leader Winston Peters.
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand's largest trade union, representing and supporting 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
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Employment indicators: September 2025 – Stats NZ information release


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Household living costs increase 2.4 percent – Household living-costs price indexes: September 2025 quarter – Stats NZ news story and information release


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Advocacy – PSNA requests Prime Minister overrule Judith Collins and end BlackSky Technology satellite launches

Source: Palestinian Solidarity Network Aotearoa (PSNA)

 

After what PSNA calls the shocking TVNZ interview with Minister of Defence Judith Collins on Friday, it has written to the Prime Minister today.

 

PSNA has requested Luxon direct Collins to withdraw approval for forthcoming Rocket Lab satellite launches for BlackSky Technology from Mahia, which could be used by Israel in Gaza.

 

Palestine Solidarity Network Aotearoa Co-chair John Minto says Collins ‘can’t be trusted to uphold New Zealanders’ values’.

 

“She went for any excuse to justify approving the launches, and the Prime Minister must rein her in.”

 

“She said the UN Security Council does not encourage sanctions, so she believes New Zealand has a free hand to be militarily complicit in Israel’s resumed genocide in Gaza.”

 

“But New Zealand has complained for decades about the veto powers of one country in the Security Council. Then, our government uses the very same US veto, which it opposes, to justify licencing the launch of spy satellites to target Gaza.”

 

“In particular, the New Zealand government is ignoring the International Court of Justice, which directs countries to do what they can to prevent Israel’s occupation from continuing.”

“Signing off on delivering the technology, which the IDF uses for its bombing runs on a civilian population, can hardly be interpreted as helping Israel end its occupation of Gaza.”

 

Minto says Collins’ alternative excuse, that New Zealand is not at war with Israel, so can’t sanction it, is equally nonsensical.

 

“It may come as news to the Defence Minister, but New Zealand is not at war with Iran or Russia either.  Yet the government routinely imposes sanctions on both of these countries, with putting new sanctions on Iran just a few days ago.”

 

“Luxon obviously thought, in the TVNZ interview, that the New Zealand Export Controls regime should apply to the satellite launches.”

 

“If the launches have not been tested against this legislation, then they should be, and Collins should be told to keep her pen in her pocket.”

 

The PSNA message to the PM says:

Tēnā koe e Christopher Luxon,

We were shocked at the interview with Minister of Defence Judith Collins on TVNZ last Friday where she justified approving satellite launches for BlackSky Technology from Mahia Peninsula despite human rights warnings from government officials.

BlackSky Technology has a lucrative contract with the Israeli Occupation Forces to provide high resolution images for use in Israel’s targeting of Palestinians and civilian infrastructure in Gaza.

Since the initial approvals by Ms Collins the situation in Gaza has become catastrophic for Palestinians. So bad that Israeli Prime Minister Benjamin Netanyahu is wanted by the International Criminal Court for trial on charges of using starvation as a method of warfare as well as the crimes against humanity of murder, persecution and other inhumane acts.

Collins’ approvals mean New Zealand is directly implicated in Israel’s Gaza genocide.

This is a moral outrage to the big majority of New Zealanders.

We are urging you as Prime Minister to direct Ms Collins to decline all future satellite launches for BlackSky Technology.

John Minto

Co-ChairPSNA.nz

 

John Minto

Co-ChairPSNA.nz

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Advocacy – Mount Roskill community hold MP accountable

Source: Roskill Community Group


Tuesday 28 October 2025 – The Puketāpapa / Mount Roskill Community Rally Together to Demand MP Dr. Carlos Cheung Support Sanctions on Israel


Residents from the Puketāpapa / Mount Roskill electorate will gather at Dr. Carlos Cheung’s electorate office at 4pm tomorrow (Wednesday 29 October) to deliver an open letter calling on him to support the proposed Unlawful Occupation of Palestine Sanctions Bill. 


Put forward by Green Party co-leader Chlöe Swarbrick in December 2024, the bill imposes targeted sanctions on Israel in response to their illegal occupation of Palestinian Territories. With the official backing from Labour, Te Pāti Māori, and Green MP’s, just six more Government MPs’ support is needed to progress the bill.


Signed by over 1835 constituents, the letter expresses concern of the systematic human rights abuses committed by Israel and calls on Dr. Cheung to publicly endorse the bill, advocate for its support within the National Party, and commit to voting in favour of the bill at all stages of its progression through Parliament. Notably, the number of signatories surpasses the 1564 vote-margin that won Cheung his seat in the 2023 election. 


“Israel has repeatedly broken international law, not only in the past two years but since its very establishment” states local resident and spokesperson, Youssef Sammour. “We have signed this letter as voters who expect our elected officials to reflect the values of the community and stand for human rights, international accountability, and justice.” 


Similar open letters are being circulated in electorates across the country, showing the growing frustration over the lack of meaningful action from the government in the wake of increased violations of international law and human rights by Israel since October 2023. Many human rights groups and genocide scholars have concluded Israel’s actions meet the legal definition of genocide and urge for stronger international efforts to protect Palestinians. 


Organisers have requested a formal response from Dr. Carlos Cheung within 10 days.

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Health – Focus on broken primary care funding system overdue – NZNO

Source: New Zealand Nurses Organisation

Political debate on fixing Aotearoa New Zealand’s broken funding model for primary health care is an important first step but needs a bipartisan approach, NZNO says.
The Labour Party today announced a policy to provide all New Zealanders three free GP visits a year, funded through the introduction of a capital gains tax on property.
Tōpūtanga Tapuhi Kaitiaki o Aotearoa NZNO primary care spokesperson Tracey Morgan says Labour’s policy acknowledges what all New Zealanders already know and Te Whatu Ora’s own review found around cost barriers and inequitable access to GPs.
“Funding for primary and community health care is completely broken. It can cost up to $100 to see a doctor and patients are likely to have to wait weeks for an appointment.
“Skyrocketing fees are pushing doctor visits out of reach for many whānau, the working poor and now – because of the cost of living crisis – even the middle class. New Zealanders are turning up sicker at our hospital Emergency Departments needing even greater care.
“For years GPs have had to absorb underfunding through the capitation system which leaves them no choice but to raise their fees to enable their practices to remain financially viable.
“It has also meant the wages of nurses have slipped further and further behind their hospital counterparts, leading many to leave the primary and community sector for better paid jobs or to work in Australia,” she says.
Tracey Morgan says Labour’s policy is a welcome first step in a national discussion around the funding of primary care.
“However, there needs to be a bipartisan conversation around the need for a sustainable funding model that addresses affordability and access issues in primary care. Otherwise the health outcomes of every day New Zealanders will continue to deteriorate while health policy remains a political football,” she says.