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Fire and Emergency review should go further – Federated Farmers

Source: Federated Farmers

Within only a week of Federated Farmers’ call for a review of Fire and Emergency New Zealand, the Government has recognised the issues.
“We wrote to Minister Brooke van Velden last week asking for an independent review of FENZ, as farmers are really concerned about rising levy costs and declining rural services,” Federated Farmers vice president Colin Hurst says.
“It’s a very positive first step that the Minister has now asked the Department of Internal Affairs to investigate if there are better ways to fund FENZ than through insurance levies.
“It’s been 50 years since the system of collecting levies on property insurance began, while the responsibilities and workload of our fire and emergency services have changed hugely.
“It’s entirely valid to ask whether the funding model is still fit for purpose.”
However, Hurst says the investigations should go further.
“When rural and urban firefighting organisations combined in 2017, we were told it would be a more efficient and better-resourced service.
“Many people think that hasn’t happened. We’re hearing consistent complaints about rundown fire trucks, equipment and stations in rural areas,” Hurst says.
“We’re also hearing about a watering down of specialist rural fire expertise because of poor retention and development.”
In a letter sent last week, Federated Farmers and the Forest Owners Association called for a review not just of whether the current insurance-based levy model is still fair and sustainable, but if rural levy payers are getting a level of service that reflects the costs they pay.
“We deserve assurance that farmers and rural businesses aren’t subsidising the urban residential sector,” Hurst says.
“Farmers are willing to pay their fair share, but we expect a system that’s transparent, efficient and delivers for New Zealand.
“At the moment, that’s not what we’re seeing. The scope of the review the Government has called for this week  should be expanded accordingly.”
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Govt cuts dismantle team supporting public services that represent all NZers – PSA

Source: PSA

A proposal to disestablish the Diversity, Equity and Inclusion (DEI) Team at Te Kawa Mataaho Public Service Commission continues the Government’s attack on quality public services that properly represent New Zealand.
The proposed changes would result in a net loss of six roles. The team currently supports employee-led networks and DEI practitioners across public service organisations, building fair representation and closing gender and ethnic pay gaps in the workforce.
“Diversity, equity and inclusion in our workforce are not nice to haves,” said Duane Leo, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi. “They are essential to delivering fair and effective public services.”
Leo said the public service still has work to do to close diversity and equity gaps.
“We’ve come a long way towards closing gender and ethnic pay gaps in the public service, for example, but the gaps are still there. The public service needs a strong central team at Te Kawa Mataaho with specialist knowledge to keep building and maintaining a diverse, equitable and inclusive workforce.”
The proposal follows the Government’s changes to the Public Service Act, which removed requirements on chief executives and the Public Service Commissioner to foster a public service that’s inclusive and representative of the communities it serves.
“We all benefit from a public service that’s informed by the expertise and experience of people from the diverse communities it serves,” said Leo. “The Government’s culture-war scaremongering has no basis in reality, and now it’s making it harder for public services to deliver for all New Zealanders.”
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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, and community groups.
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GDP growth reflects earlier recovery, but impact of global uncertainty still to come – EMA

Source: EMA

The EMA (Employers and Manufacturers Association) says today’s GDP figures of 0.8% growth for the March quarter point to an economy that was regaining momentum earlier in the year. However, the data does not reflect the challenges we have seen since the end of March.
EMA Head of Advocacy and Strategy Alan McDonald said that while the March quarter data signalled a lift in activity compared with the previous quarter, it reflected a period of gradual recovery through January and February, before global conditions shifted in March with the war in Iran and the closure of the Strait of Hormuz.
“We won’t see the full impact of rapidly rising fuel costs and ongoing geopolitical uncertainty until the June quarter data,” McDonald said.
“While fuel prices have eased somewhat and serious supply concerns did not materialise, businesses are increasingly concerned about impacts of prolonged global tensions.”
McDonald said EMA members had managed higher costs in the short term, but many were now looking ahead to the next two quarters with increasing caution.
“What we’re hearing from businesses is that they’ve absorbed a lot of the pressure so far, but there are limits to that.
“In sectors like construction and logistics, there are concerns that activity may slow in the next two quarters depending on the stability of the peace agreement and how quickly fuel prices settle back to a new normal. We’re hearing about machinery potentially being parked up, projects potentially being deferred, and decisions being pushed out while businesses wait for greater certainty.”
He said these on-the-ground drumbeats highlight the lag between official data and what businesses are experiencing in real time.
“Conditions on the ground have moved on from what this data shows, but businesses have been very adaptable – responding to disruption has almost become business as usual.”
McDonald said continued strength in the primary and export sectors had helped support the broader economy.
“Without that strength, the overall picture would look more subdued.”
Looking ahead, McDonald said the outlook for the rest of the year would depend on how long current cost pressures persist and how quickly business confidence recovers.
“The next couple of quarters will be critical. If higher input costs continue, we’re likely to see continued restraint in investment and hiring decisions.”
He noted that the New Zealand labour market was still showing signs of softening, with unemployment elevated and unlikely to ease quickly without a sustained pickup in activity.
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Northland News – Think carefully before buying aging vessels

Source: Northland Regional Council

Northland's harbourmaster’s office is warning those keen to do up ageing boats to think carefully about the effort – and costs – involved.
Northland Regional Council Deputy Harbourmaster Peter Thomas says the council’s maritime department disposes of an average of one boat per month somewhere in Northland, many of which had initially been bought as cheap ‘doer-uppers’.
“Many vessels that were built between the 1960s and 1980s are coming to the end of their life and are sold at ever reducing prices as owners seek to limit their liability and offload what can effectively be a costly and time-consuming problem for unwary purchasers.”
He says vessels are sold to people – many on a budget – who are then unable to keep up with the costs of maintaining the vessel to a seaworthy standard.
“A lot of money can be spent on getting one of these vessels into good condition but even then you still have an old vessel that requires a lot of maintenance.”
Mr Thomas says in the interests of navigation safety and keeping the environment clean, the council has an annual budget of $95,000 for debris disposal.
This budget helps with the costs of disposing of hazards to navigation such as trees, logs and other items that end up in our harbours.
“However, by far the biggest cost is that associated with the identification and process of removing abandoned and derelict vessels which are being left to rot in mooring fields and our waterways.”
He says these vessels range in size from a modest seven or eight metres to large ex-commercial vessels of more than 20 metres in length.
The cost of removing, cleaning and disposing of is generally related to size and the construction type of the vessel; they end up at either the scrap metal dealer or the landfill. Occasionally if a vessel is still in reasonable condition they will be sold on Trade Me to offset costs.
Mr Thomas says if an owner is known, or the vessel still insured, the council will look to recover its costs – which can be considerable. “The owner is fully liable for costs that the council may incur in dealing with their vessel.”
He says the issue of older boats being sold at cheap prices is an international problem that many countries are struggling with in an effort to keep their waterways clear and clean.
“So before you commit to what looks like the bargain of the century make sure you get the vessel inspected and get a good understanding from experienced vessel owners the many costs associated with purchasing a vessel especially one that is old and requires a lot of work.” 
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Tax Reform – Facebook just the tip of the iceberg of Big Tech tax minimisation – new report

Source:  Better Taxes for a Better Future Campaign

Recent reporting has highlighted Facebook's practice of minimising the tax they pay in Aotearoa New Zealand, but fresh analysis released by the Better Taxes for a Better Future campaign shows this is a widespread practice among multinational tech companies – not just Facebook, and the amount of money being moved offshore is increasing, taking our tax revenue with it.

In an update to the 2025 Big Tech Little Tax report, author Nick Miller reviews the most recent financial statements of some of the biggest technology companies and looks back over the last 5 years to examine the trends.  

“Google NZ paid away about 92% of its revenue in so called “service fees” to an associated company in Singapore in 2021 and has continued to do so every year, In that [5 year] period, its New Zealand revenues have increased by 66%…Google NZ has paid an aggregate sum of nearly $4.75bn to Google Asia Pacific Pte in Singapore while its average annual payment of corporate income tax [in New Zealand] has been about $6m.”

“[Amazon Web Services New Zealand Ltd's] revenues have increased by over 400% in the same 5 year period. The amount paid out as a service fee to its parent and other group companies quickly rose in 2022 to over 70%  of revenue and has remained at that level. AWS NZ has therefore paid away almost $1.25bn to Amazon group companies  over the 5 years while paying just over $10m in tax.”

[Report extract]

The updated report also looks at the two Uber operating companies and finds that they appear remarkably similar to Google and Facebook in terms of the size of the “service fees” paid to associated companies, how little taxable profits are reported and that almost no corporate income tax is paid here.

“This updated research shows that for at least the past five years, many of these Big Tech companies have been describing as “service fees” payments to group companies that appear likely to be mainly for the use of intellectual property. These ought to be regarded as “royalties” under existing New Zealand law and double taxation agreements, and subject to withholding taxes,” says report author, Nick Miller.

“By miscategorising these payments, companies that are earning aggregate revenues of billions of dollars in New Zealand are avoiding these taxes and minimising the overall tax they are contributing back into our economy.”

Another area of concern is the  practice adopted by Microsoft and Amazon data centres operating in New Zealand whereby the local subsidiaries receive a service fee from group companies while the actual revenue earned by the centre seems likely to be reported elsewhere.

There are still more companies that we don't know anything about because they are not required to file financial statements because their assets were less than $22 million or their revenue was less than $11 million.

“These companies include MasterCard NZ, Netflix NZ, Booking,Com, AirBnB even though it is obvious that the revenues earned in New Zealand by these groups are going to be many times greater than $11m…these companies operate a “service company” model  in which the New Zealand subsidiary is remunerated for services while the revenue generated by the activities of the subsidiary here is paid offshore.”

[Report extract]

“Overall a conservative estimate of the tax loss to New Zealand over the last five years is over $600 million from just eight of the big tech companies. This excludes many tax minimising multinationals, including those that aren't disclosing their financials,” says Miller.  

“Just this week we've seen Elon Musk be crowned the first trillionaire, and tech loomed large in the NBR's Rich List. These companies are generating enormous profits for their executives and shareholders, relying on our infrastructure and services, but are not paying their fair share to maintain them. The Government needs to stand up for local businesses and hard working New Zealanders and make Big Tech pay.”

Read the updated analysis: https://www.bettertaxes.nz/big_tech_little_tax_update?e=a058f8e1b0ba0a060f4e57ba89e35ae1&utm_source=tja&utm_medium=email&utm_campaign=big_tech_update&n=3

Read the 2025 Big Tech Little Tax full report. See recommendations from Big Tech Little Tax report here: https://www.bettertaxes.nz/big_tech_little_tax?e=a058f8e1b0ba0a060f4e57ba89e35ae1&utm_source=tja&utm_medium=email&utm_campaign=big_tech_update&n=5

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Golden Visa Fuelling Multi-Million-Dollar Lift in Luxury Rentals, Hospitality and Tourism – Data

Source: Impact PR for Realestate.co.nz

Wealthy international migrants exploring New Zealand’s Golden Visa pathway are helping fuel a multi-million-dollar lift in luxury rentals, hospitality and tourism before they buy property, creating wider economic benefits for accommodation providers, homeowners, restaurants, concierge services, tourism operators and local retailers, according to new data.

New research from realestate.co.nz has found demand in the luxury rental market increased by 43% between January and May 2026 compared with the same period last year. The data also shows growth accelerated after the Golden Visa changes came into effect, with international luxury rental activity in April and May more than doubling compared with the same period last year, increasing 123%.

New figures from luxury accommodation platform Stay Luxe also show property searches increased by 200% between January and May 2026, compared with the same period last year, as high-net-worth international visitors look to “test-drive” New Zealand before committing to residency or a property purchase.

Their data revealed Golden Visa migrants are staying around five times longer in luxury rental accommodation than other high-net-worth travellers, as they look to immerse themselves in local communities, understand the lifestyle and explore potential property options ahead of settling.

Industry experts say the overnight boost for the premium accommodation and hospitality sectors is among the first tangible evidence that the Active Investor Plus visa is generating economic activity beyond capital investment, with individuals already spending thousands of dollars a day across premium goods and services before any property purchase is made.

Sarah Wood, realestate.co.nz CEO, says the data shows international interest is accelerating at the premium end of the rental market.

“Luxury rentals give us an early read on buyer intent before it turns into a purchase. These visitors are spending time in the market, comparing locations and building confidence before making a significant property decision,” Wood says.

“What is interesting is that the lift is strongest in the premium rental category and becomes much more pronounced from April onwards. That timing is consistent with the Golden Visa bringing new international interest into the part of the market where high-net-worth demand is most likely to appear first.”

Greg Owen, Stay Luxe co-founder, says high-net-worth migrants are transitioning into New Zealand life in stages, with the initial phase already delivering significant economic benefits beyond the property sales market.

“What we are seeing is that these visitors are not just arriving in New Zealand and buying a home. They are coming here first, staying in luxury accommodation, exploring different regions, using local services and deciding whether New Zealand is the right long-term fit for them,” Owen says.

“That creates a much broader economic impact than many people realise. The accommodation provider benefits, but so do homeowners, chefs, drivers, concierge providers, helicopter operators, charter companies, restaurants, retailers, galleries and local tourism businesses.”

Wood says the data points to a more concentrated lift in luxury rental demand, led by overseas visitors assessing New Zealand as a place to live, invest and eventually buy.

“The growth we are seeing around luxury rentals reflects the way high-net-worth buyers tend to approach a major move. They want time on the ground to understand neighbourhoods, schools, lifestyle, services and the type of property that would suit them before they make a longer-term commitment,” she says.

Wood says Auckland has the highest level of demand, with their data showing luxury rental activity in the city was more than six times higher in May 2026 than a year earlier.

“Auckland is often where international buyers begin because it has the largest pool of premium property, international connections, private schools, professional services and the lifestyle infrastructure many high-net-worth buyers look for,” she says.

Stay Luxe data shows 81% of guests are international, with North America accounting for 41% of international guests, followed by Australia at 27%, Asia at 12%, the UK at 9% and Europe at 4%.

Owen says Golden Visa guests stay significantly longer than traditional luxury tourists, with these guests staying an average of 32 nights, compared with around seven nights for standard luxury travellers.

“That length of stay changes the economics completely. A typical luxury holiday guest may spend heavily for a week, but Golden Visa and relocation visitors are often here for a month or more. They are living in the community, dining out, travelling domestically, shopping, using services and in some cases actively looking for property,” he says.

The company says its top-tier luxury properties have an average total booking value of around $77,600, with an average nightly rate of $4,750 and an average stay of 16 nights. Its second-tier properties record an average booking value of around $13,400, with an average nightly rate of $1,690 and an average stay of eight nights.

Owen says daily spending on extras can vary widely, from around $500 per day for concierge support to as much as $8,000 per day for a combination of services such as private chefs, in-house spa treatments, personal drivers and security.

He estimates each stay generates around $20,000 in additional economic spend beyond accommodation, including food and beverage, activities and experiences, domestic transport, retail, art and gifts.

“The high-end rental market is becoming part of the front door to New Zealand for wealthy migrants. Before they buy, they want to understand the lifestyle, the regions, the schools, the services and the local environment. Luxury accommodation gives them that bridge,” he says.

The company says its average daily rate has increased 16% compared with the same period last year, with some properties more than doubling their average daily rate. Stay Luxe occupancy is also tracking around 12% higher than the wider market.

Owen says the off-peak benefit is likely to become more visible through winter, as Golden Visa and relocation guests are less tied to traditional tourism seasons.

“June to September is usually the quieter period for luxury accommodation, but Golden Visa travellers are different from seasonal tourists. If they are staying an average of 32 nights and travelling year-round, that has an immediate impact on occupancy and revenue,” he says.

Wood says realestate.co.nz is responding to the growth in demand by developing a dedicated Golden Visa rental landing page and new resources to help owners of premium rental properties connect more effectively with high-net-worth international visitors.

“These visitors often need high-quality rental accommodation while they assess New Zealand as a place to live and invest. A dedicated rental pathway will help make that process easier for them, while giving premium property owners a more direct way to reach this market,” she says.

The increase in luxury rental demand follows renewed interest in New Zealand’s investor migration settings, with Golden Visa applicants and other wealthy offshore buyers assessing the country as both a lifestyle destination and long-term investment market.

Owen says New Zealand is well-positioned to attract more high-value visitors, but the country still lacks the depth of ultra-luxury accommodation available in markets such as Europe, the United States and parts of Australia.

“New Zealand has outstanding luxury homes and lodges, but we do not yet have the same depth of supply at the very top end. International guests travelling with family, staff or security teams often need large residences, multiple bedrooms and a very high level of service,” he says.

“There is a real opportunity for New Zealand property owners. Some owners may not realise there are international guests prepared to pay premium rates for the right property, particularly if it offers privacy, design, location and a genuinely high-end experience.”

Owen says the next phase of growth will come from connecting high-value international demand with a more structured national portfolio of luxury homes.

“New Zealand’s luxury rental market has been underdeveloped relative to the calibre of international guests now looking at the country. The Golden Visa effect is helping expose that gap, but it is also showing the scale of the opportunity,” he says.

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Kiwi Trust Firm Eyes Export Growth Amid Rising Litigation Concerns for US Doctors

Source: Impact PR

A New Zealand-based offshore trust firm managing more than $6.8 billion in assets is set to launch a North American export expansion programme as litigation risks drive US doctors to move wealth into Cook Islands and Nevis protection structures.

New US research shows almost 60 per cent of obstetricians and gynaecologists report being sued at least once during their careers. More than half of general surgeons had also faced a malpractice claim, highlighting the long-term litigation risks facing many American medical professionals. The study also found doctors' risk of facing a malpractice claim increases over the course of their careers and varies significantly by specialty.

Matthew Smith, a lawyer and director of business development at Southpac Group, says many US professionals, business owners and specialists are seeking asset protection before any dispute arises, because malpractice claims, insurance limits, and an aggressive litigation culture can expose personal wealth built up over decades.

“Most clients are professionals or company owners looking to protect assets they have spent decades building,” Smith says.

“The US legal environment is far more aggressive than what we see in New Zealand.”

Smith says asset protection structures used by some doctors are typically part of a broader risk management and wealth preservation strategy, particularly where malpractice insurance policies contain payout caps that may not fully protect them if a claim escalates.

He says this makes offshore asset protection structures far more common in the US than in New Zealand.

Southpac’s new client numbers rose over 290 per cent between 2022 and 2025 as wealthy Americans became increasingly focused on legal risk, asset protection and geopolitical uncertainty following the pandemic.

Smith says their firm currently administers trusts established by clients from 51 countries, with the United States accounting for about 85 per cent of its client base. The UAE, Canada, Australia, New Zealand and the UK are also among its largest markets.

Mike Arand, Southpac CEO, says the firm was the first trustee company licensed in the Cook Islands and has established more than 4,000 trusts over the past 40 years, with medical professionals now one of its fastest-growing client segments.

Arand says most clients have between US$2 million and US$10 million in assets and use offshore trusts as part of long-term wealth protection planning.

The Cook Islands became internationally known for asset protection trusts after introducing specialised legislation in the late 1980s designed to shield assets from future creditor claims, provided structures are established before legal action begins.

Arand says Southpac also uses Nevis, a Caribbean jurisdiction known for protective company legislation, as part of some client structures.

“For many clients, a Cook Islands trust may sit above a Nevis company, creating two layers of protection across separate jurisdictions,” Arand says.

He says their ability to operate across both the Cook Islands and Nevis is one of the firm’s points of difference in the international asset protection market.

Offshore trusts have long attracted controversy globally, but Arand says Southpac operates a comprehensive due diligence programme before taking on clients, including client verification, background checks, sanctions screening, politically exposed person checks and ongoing monitoring.

“Prospective clients can be declined outright where there are concerns around sanctions exposure, criminal activity, tax transparency or existing legal claims,” Arand says.

The Cook Islands was rated compliant or largely compliant across 38 of 40 compliance recommendations set by global standards body the Financial Action Task Force, in its latest international review, compared with New Zealand’s 34.

The financial services firm is now preparing for further expansion of its referrer network of attorneys, wealth advisers and other professional advisers across North America, including a series of meetings with specialist asset protection lawyers in Los Angeles, San Diego and Canada.

“There are thousands of lawyers across the US advising on domestic asset protection, but many still do not fully understand offshore structures,” Smith says.

“That represents a significant growth opportunity for us.”

The company currently employs 26 staff in New Zealand alongside teams in the Cook Islands, Nevis and the Philippines.

Arand says offshore trust administration has quietly become a significant professional services export industry, linking New Zealand, the Cook Islands and North America, with offshore financial services estimated to contribute about 8 per cent of the Cook Islands' economy, making it one of the country’s largest industries outside tourism.

He says the firm expects North America to remain its primary growth market as more US professionals seek offshore asset protection structures traditionally associated with ultra-wealthy investors.

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Universities – Disaster law falling short on housing rights – study

Source: University of Auckland
Before the next disaster strikes, Aotearoa New Zealand needs stronger legal protections for people's right to housing or we risk repeating failures seen after the Canterbury earthquakes, says University of Auckland legal scholar Dr Maude Loutsch.

As extreme weather events and natural disasters become more frequent, Loutsch says disaster response law is becoming increasingly important.

In her thesis, she argues for a human rights-based approach to effectively protect the right to adequate housing in disaster contexts. Such an approach would shift the focus from housing solely as physical infrastructure, to housing as a human right tied to dignity, community, culture and wellbeing. (ref. https://researchspace.auckland.ac.nz/items/31010ce1-04f5-4c3a-b576-240077616662 )

Loutsch says existing legal tools in the area are fragmented, limiting clarity and accountability. She explores avenues for reform, calling on governments to take a more active role in defining, promoting and monitoring the human right to housing amid natural disasters. 

Her research examines disaster responses in Tonga, New Zealand and Japan, including New Zealand's response following the Canterbury earthquakes and Cyclone Gabrielle.

The analysis uncovers a gap between legal commitments and action and identifies shortcomings, including a narrow recognition of the right to adequate housing, a failure to place human rights standards at the forefront of disaster responses, limited participation by disaster victims, discriminatory practices, and limited avenues for redress.

Read more about the research: http://www.auckland.ac.nz/en/news/2026/06/17/disaster-law-falling-short-on-housing-rights—study.html
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Economy – RBNZ opens DTA consultations on crisis preparedness and final tranche of draft standards

Source: Reserve Bank of New Zealand

18 June 2026 – The Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua has opened consultations on six draft standards and a package of crisis preparedness policies for deposit takers. The consultations are the latest step in RBNZ's implementation of the most significant regulatory reform for the sector in decades, the Deposit Takers Act 2023 (DTA).

The crisis preparedness policies are designed to enable the orderly resolution of a deposit taker failure, while preserving critical customer services and avoiding the use of public funds.

“The New Zealand financial system is resilient, and deposit takers are required to have strong capital buffers. Despite these safeguards, international experience shows us that failures can occur and we need to be prepared,” says Acting Assistant Governor Financial Stability, Angus McGregor.

“Having a crisis management framework in place before a failure occurs is essential for reducing economic damage and disruption for New Zealanders,” Mr McGregor says.

The crisis preparedness package reflects several years of policy work drawing from international practice and addressing New Zealand's unique context. It supplements protections under the Depositor Compensation Scheme and other standards RBNZ has developed as part of implementing the DTA.

Requirements proposed in the crisis preparedness package include:

recovery planning and resolution pre-positioning, meaning deposit takers establish contingency plans and internal capabilities for dealing with severe financial stress; and
the design of loss-absorbing capacity (LAC) instruments being introduced for domestic systemically important banks (Group 1 deposit takers) following our review of key capital settings in 2025.

Alongside the crisis preparedness package, RBNZ is consulting on six draft standards with accompanying guidance relating to:

Capital
Internal Models (requirements relevant only to deposit takers that use the Internal Ratings-Based model)
Operational Resilience
Outsourcing
Disclosure (remaining aspects not covered in tranche 2 consultation)
Related Party Exposures.

This consultation marks the third and final tranche of DTA draft standards and guidance that will be issued in 2027. Crisis preparedness standards will be issued separately in 2028.

“We have appreciated deposit taker support and input through previous DTA consultations, and we look forward to their feedback on these proposals,” Mr McGregor says.

Both consultations are open for twelve weeks, with submissions due by 5pm on Friday 11 September 2026.

DTA Standards exposure drafts (tranche 3) – Citizen Space
DTA Crisis Preparedness package – Citizen Space

Next steps

All DTA standards except those relating to crisis preparedness will be issued by 31 May 2027 and come into effect on 1 December 2028.

Crisis preparedness standards will be issued in 2028 and come into effect in 2029, although implementation timeframes may vary, to give deposit takers reasonable time to comply.

Notes

The DTA empowers the Reserve Bank to make prudential 'standards', which are secondary legislation. These are the core prudential rule-making instruments under the DTA. RBNZ is responsible for drafting and issuing them. RBNZ consults on DTA standards in two phases, as follows:

Phase one is policy consultation, which seeks feedback on the substantive policy positions for each standard. The crisis preparedness package is at this phase and follows on from RBNZ's Crisis Management Issues Paper in 2024. Other DTA policy consultation occurred in 2024.
 
The second phase is publication of the exposure draft of the standard with any accompanying guidance. At this phase the policy is set, and the consultation seeks feedback on whether the resulting standard delivers its intent and the guidance is clear and complete.

RBNZ will publish 'near final' versions of standards we consulted on in 2025 and early 2026 (DTA standards exposure drafts tranches 1 and 2) before they are issued, to give deposit takers as much time and information as possible to plan their transition to the DTA. 

More information

Deposit Takers Act information – RBNZ website
2024 Crisis Management Issues Paper (PDF) – RBNZ website
2025 Review of key capital settings – RBNZ website
DTA Standards exposure drafts (tranche 1) – Citizen Space website
DTA Standards exposure drafts (tranche 2) – Citizen Space website

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NZ NEEDS NEW IMMIGRATION FRAMEWORK FOR HUMANITARIAN CRISES

Source: World Vision

This World Refugee Day (June 20) a new report calls for immigration changes to better support and protect people displaced due to disaster, conflict, and humanitarian emergencies.
World Vision New Zealand and the University of Auckland Centre for Asia Pacific Refugee Studies have partnered on the report which urges changes to the country’s humanitarian protections and immigration settings.
It comes as the world faces an unparalleled refugee crisis in which the number of displaced people has nearly trebled since 2010 to more than 117 million people. [i]
The organisations say New Zealand and other countries need new approaches to assist and protect people for humanitarian reasons.
In the recent past, New Zealand has created special visas to support resettlement for those caught up in the war in Ukraine and regime change in Afghanistan but has not created equivalent pathways for people affected by other humanitarian emergencies such as Sudan or Iran.
World Vision’s Head of Advocacy and Justice Rebekah Armstrong says this has meant that New Zealand’s response to humanitarian emergencies has been ad hoc, inconsistent and unevenly applied.
She says New Zealand needs an Emergency Protection Framework which can be applied consistently and transparently across a range of humanitarian crises.
“Every time a crisis erupts, New Zealand has to design a response under pressure and while we’re figuring out the rules, children and families are left waiting for safety and certainty.
“We negotiate the visas, the eligibility, the support and the funding while the emergency is already unfolding. A country with New Zealand's humanitarian record has an opportunity to prepare in advance and respond with greater clarity and compassion,” she says.
Timothy Fadgen, an affiliated scholar with the University of Auckland’s Centre for Asia Pacific Refugee Studies, says New Zealand has the opportunity to show principled leadership in a time of growing global displacement.
“Countries like New Zealand have a responsibility to respond to conflict, disasters, and climate-related displacement with compassion and fairness, particularly in our Pacific region.
“An Emergency Protection Framework would allow New Zealand to show practical humanitarian leadership by putting fair and prepared systems in place before emergencies occur which can be applied fairly across the board,” he says.
Armstrong says in addition to being inefficient and costly, the current makeshift approach does not adequately support successful settlement.
“Children and families who have settled in New Zealand from Ukraine and Afghanistan have received different combinations of legal status, settlement support, and family reunification compared with those who arrive under the refugee quota. We need the same systems and services to apply to both groups of people,” she says.
Armstrong says an Emergency Protection Framework could be adopted as part of an amendment to the current Immigration Act 2009 and should include: pre-determined criteria for an emergency protection response, defined visa pathways, community sponsorship, and coordinated settlement systems.
Fadgen says a change is also needed to respond to the growing issue of climate-related displacement in the Pacific.
“Climate mobility is already affecting Pacific communities, and future emergencies may not fit within existing mobility pathways. We need to recognise this and have a plan in place to best manage climate-related displacement if it happens at scale,” he says.
Both World Vision and the Centre of Asia Pacific Refugee Studies hope that the country’s political parties will address New Zealand’s obligations to humanitarian protection as part of policy debates in the lead-up to the 2026 general election.
Notes:
World Vision New Zealand is a global, child-focused humanitarian organisation. We work alongside children, families, and communities to tackle the root causes of poverty and injustice, serving all people regardless of faith, ethnicity, or gender.