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Govt will help us find forgotten money – it will also enable the RBNZ to hire more staff to (hopefully) protect our finances

27/06/2020

It’s Election Time so let’s spray money around

Point of Order

Latest from the Beehive –

Our immediate reaction was to be grateful on learning from a Beehive press statement headline that that the government isProtecting Kiwis with stronger financial supervision

Our second reaction was to wonder exactly how it intends strengthening this supervision.

The answer is that a new five-year funding agreement with the Reserve Bank will provide it with an annual average budget of $115 million, up $35 million from this financial year.

The bank expects staff levels to rise 58% to 468 during that period.  To do what?

Not only does the government intend protecting our financial wellbeing, however.  It also aims to boost the finances of some people by introducing a law change to make it easier for forgotten funds in institutional accounts to be returned to their rightful owners.

Revenue Minister Stuart Nash has introduced an amendment to the Unclaimed Money Act 1971. It will…

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