Tanya Williams

Monetary Policy Matters (16) New Zealand Government Budgets, fiscal legislation, and fiscal uncertainty: Amidst the clamour to assess the macroeconomic impact of the NZ Government’s Budget 2024, it is easy to overlook the significance of the legislative framework guiding fiscal policy. When implementing fiscal policy, NZ governments are required to comply with a set of principles and reporting requirements introduced by the Fiscal Responsibility Act 1994 (FRA - now embedded in the Public Finance Act, 1989). This is acknowledged in Budget Policy Statement 2024 explaining the Government’s fiscal objectives and strategy, as required by the legislation. This legislation is intended to improve fiscal policy by (i) ensuring policy results in sustainable levels of public debt, and by (ii) reducing uncertainty about future fiscal policy and management. If these aims of the legislation are realised, they can be beneficial for the private sector, and be helpful for monetary policy. While the 1994 legislation has been influential internationally and considered to have contributed to ensuring sustainable levels of NZ public debt, less attention has been given to assessing whether it has reduced fiscal policy uncertainty. This gap in our understanding of the benefits of internationally influential fiscal legislation has been addressed in recent research by Michael Ryan and Mark Holmes (University of Waikato) published in New Zealand Economic Papers: https://lnkd.in/grnPHZB7 Ryan and Holmes suggest the legislation may reduce fiscal uncertainty by (i) reducing information asymmetry between the public and government, thereby (ii) enabling a more informed public to hold governments accountable, and (iii) contributing to more time-consistent fiscal policy. They refer to other international research showing how certain types of constraints on the discretionary power of government can reduce fiscal policy uncertainty and lower output volatility. In a carefully designed research strategy, the authors estimate alternative time series measures of NZ government net tax uncertainty and government spending uncertainty. They find that, compared to the average levels of fiscal uncertainty for the years before the legislation was introduced in 1994, after the FRA was introduced in 1994 (and until 2017): 1. Net tax uncertainty was between 32 to 46 per cent lower on average, and 2. Government spending uncertainty was between 31 to 40 per cent lower on average.   Much focus by commentators and analysts of the recent Budget has been on the impact on aggregate demand, output gaps, and future borrowing requirements. Attention should also be given to whether fiscal policy is consistent with the requirements of the FRA and is contributing to fiscal sustainability and reducing fiscal policy uncertainty.

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HELP IS STILL AVAILABLE The Shared Prosperity Fund (SPF) business investment grant is now closed, but our Economic Development Team are still here to help. If you are interested in hearing about future funding opportunities or require any other Business Support, please fill in the enquiry form to be contacted by an Officer. 🔗 https://lnkd.in/eyrQmFhs #UKSPF #SharedProsperityFund #Neath #PortTalbot #NeathPortTalbot #Business #WelshBusiness #BusinessGrowth #BusinessInnovation #Green #Sustainability #CircularEconomy #FoundationalEconomy #EngineeringBusiness #Retail #Hospitality #Tourism #LocalBusiness #InwardInvestment #BusinessAdvice #BigBusiness #Investment #LocalEconomy

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With the announcement that there will be a general election on 4 July 2024, now is the time to stand up for public services. Earlier this year, we identified six priorities for reform for public service leaders. Our priorities for reform: ➡️ System and Place Leadership: Trusting local leaders is the best way to improve services ➡️ Children’s Health: More effective local partnerships can reduce inequalities ➡️ Regional Working in Children's Services: Collaboration can improve outcomes for children and families ➡️ Artificial Intelligence: Values-based application of AI can transform users' experience of public services ➡️ Cooperative Delivery of Public Services: Cooperative principles can shape new service models that are more connected to communities ➡️ Relationship between Central and Local Government: A ‘reset’ in the relationship between central and local government can improve policy implementation. Explore our Prioritising Public Services 2024 series here 👇 https://lnkd.in/eYygY85V

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Government support for industry-developed micro-credentials can reverse a decline in productivity growth and should be prioritised by government, according to one of the Parliament’s emerging leaders on technology and innovation policy issues. Aaron Violi MP #tech #innovation #policy #government #Australia #credentials #microcredentials #skills #jobs #economics #productivity

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How do we improve independent scrutiny during policy reform? Independent scrutiny is critical to sound public policy governance, but how do we get the most out of it? 1️⃣ Who commissions the review matters! 2️⃣ Choose truly independent consultants. 3️⃣ Ensure a direct line to decision-makers. 4️⃣ Protect confidentiality. ➡️ Learn how to fix your reviews for better policy-making in my latest article: https://lnkd.in/gGzy-4Xm #PublicPolicy #Governance #PolicyReview

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📌 DLGSC Monthly Update Webinar 🗓 Wednesday 24 April 2024 🕙 1.00pm - 2.00pm 🎥 Online via zoom We are excited to continue partnering with DLGSC throughout 2024 to host monthly update webinars for the local government sector. The monthly webinar series aims to improve sector capacity building through collaboration, education and providing best practice tools and resources. The next webinar will take place on Wednesday 24 April at 1.00pm. At this webinar the topic of integrity will be the key theme. Local governments are entrusted with the responsibility of serving their communities, making integrity imperative. In our sector public trust is paramount, integrity ensures transparency, accountability, and ethical decision-making. Integrity in local government promotes efficiency and effectiveness, it fosters a culture of honesty and fairness, where resources are allocated appropriately, and policies are implemented with the genuine welfare of the community in mind. Integrity is the foundation upon which public trust and effective governance are built. At this webinar we will be joined by Lance Sgro, Director Investigations and Assessment, DLGSC who will be discussing the Department's upcoming Integrity in Local Government presentation and Q&A. This presentation will be delivered in May in collaboration with the Corruption and Crime Commission (CCC) and the Public Sector Commission (PSC). We also be joined by Melissa Watson, Manager Integrity Promotion and Review, Public Sector Commission. Melissa will provide an overview of the PSC section of the upcoming Integrity in Local Government presentation and will also discuss the PSC Integrity framework. Registration is complimentary for LG Professionals WA individual members and $50 for non-members and employees from subscribing local governments. Online registration can be completed here: https://lnkd.in/gwFyjeCs #localgovernment #education #webinar #collaboration Department of Local Government, Sport and Cultural Industries

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Re-energising the public service.... A key suggestion is that instead of appointing consultants, reach out to current public servants who have been in the environment and can provide valuable insight into different matters. #ethicalleadership #capablepublicservants

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Creating Panel Arrangements - Redefining Supplier Evaluation Practices Panel arrangements in local government procurement are intended to capture a pool of well-credentialed suppliers that councils can utilise with confidence of compliance, simplicity and value. However, the tender processes mandated by most state regulations are designed (in the most part) to appoint a single provider or 'winner' for a specific project or service. This creates a disconnect between the rules for tendering and the intent behind panel creation. Traditional tendering places undue burdens on suppliers, particularly small and regional businesses, often stifling innovation. In states like New South Wales and Queensland, regulations stipulate rigorous tender processes aimed at selecting one or multiple suppliers, which can be counterproductive when the goal is to establish a diverse panel. We need to shift our focus from merely judging suppliers through exhaustive processes to genuinely supporting and educating businesses to achieve the highest standards. The aim should be to ensure suppliers are compliant and meet our standards without the exhaustive ranking systems that can bog down the process. Our approach to panel arrangements should drive real value. This means establishing a framework where suppliers are compliant and standards are met, without resorting to exhaustive ranking systems. Prioritisation and proper process utilisation are essential to achieving tangible benefits. Critical thinking is necessary to understand why we create panels and how to utilise them effectively. It's not just about ticking boxes; it's about fostering a collaborative environment where all stakeholders, including suppliers and councils, can thrive. By rethinking our engagement with suppliers, we can build a more inclusive and dynamic marketplace. Transparency, fairness, and sustainability in procurement should be our guiding principles, ensuring every contract delivers practical benefits for all involved. #Procurement #SupplierSupport #Transparency #Sustainability #LocalGovernment #Innovation

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Stay on top of all of LGC's news, comment and analysis of what the general election means for local government with the LGC general election hub. https://lnkd.in/eXsFDd8e

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Not all labour markets across Australia are the same. Stating the obvious I know - but one of the valuable things about JSA's Regional Labour Market Indicator work is highlighting place-based differences from what we're seeing nationally. While the national labour market has been softening of late, some regions are looking stronger.

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The “National Consumer Projection Framework Activity statements – VGCCC expectations document” (Expectations), is now publicly available following a formal review of activity statements. We recommend that licensees urgently review their current activity statements to confirm that they comply with both the Ministerial Direction and the Expectations. The National Consumer Protection Framework (NCPF) outlines the requirements for activity statements which are to be provided to active wagering customers of each wagering service provider in Australia. In Victoria, the requirements of the NCPF in relation to activity statements were implemented via the Ministerial Direction issued pursuant to section 4.8A.2 of the Gambling Regulation Act 2003 (Vic) (GRA) on 6 July 2022. The Ministerial Direction applies to any customers located in Victoria. The Expectations sets out the VGCCC requirements to ensure that activity statements are compliant with the Ministerial Direction and to ensure “account holders receive clear statements on their activity and spend that are easy to understand”. The Expectations took effect on 1 December 2023 however many operators were granted extensions until 31 March 2024. Importantly, an offence under section 4.8A of the GRA carries a maximum penalty of 60 penalty units (or $11,538.60) for each breach. The VGCCC has indicated in a public statement that this maximum penalty is for each non-compliant activity statement issued. #activitystatements #gamblinglaw #regulation #compliance #advisory Breearna Ryan Julian Hoskins Daniel Lovecek Alexandra Hoskins Kieran Goodall Alexander Norrish Adrian Hambleton Karen Barclay https://lnkd.in/gms_QT-w

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📢 Today, we join the OECD - OCDE’s #ConsumerPolicy Ministerial chaired by Commonwealth Treasury & Australian Government Department of Finance Minister Stephen Jones & ACCC’s Deputy Chair Catriona Lowe where we will focus on: 🔄 Transitions as a catalyst for business innovation 🏗️ Co-constructing innovation & consumer product safety 🚢 Boosting consumer welfare through open trade & investment 💪 Fostering an environment for business to thrive 🔎 Read here ➡️ https://lnkd.in/e6AtbgDv

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We are so appreciative of the changes to the Commonwealth Procurement Rules (CPRs) by the Minister for Finance, Senator the @Hon Katy Gallagher. These new procurement rules to deliver more for small business go a long way to levelling the playing field and ensuring that the public service has access to the full breadth of support in the market. Key points of interest include: increasing the SME exemption threshold from $200,000 to $500,000 mandating that entities must include Small and Medium Enterprises (SMEs) in every approach to the panel increasing the SME target to procure at least 40% of contracts by value for contracts up to $20 million. More details on the updated procurement rules can be found here: New procurement rules to deliver more for small business | Finance Ministers As an Australian owned and led business, with a great track record, we would love to be considered in your future approaches to market. We focus on Strategy, Culture, and Transformation - and every step in between. To see how we can support you, please visit us online: Our services — Artemis Partners #Procurement #artemispartners #womeninbusiness #CPRs #commonwealthprocurement

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The cross-bench are an increasing force in politics. Here are my top tips!

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Sam Lowe #Trade #substack continues to be a joy for me. This article is well worth you time for the practical review he undertakes of what we can expect from Labour on issues ranging from #Trump to #CBAM and much else besides. The inbox is looking particularly full for whoever gets the job but the reform of the #TRA (Trade Remedies Authority) is looking particularly key for me if there is going to be an #IndustrialStrategy

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Let them say whatever they want to say. Why bother if you are doing your job well? On a serious note, PNGPL is managing three huge operations in power generation, distribution and retail which has proven to be ineffective. Consider relinquishing two operations to the private sector and I recommend you concentrate only on generation.

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Here is the latest summary of the Federal Budget report, highlighting Government grants and incentives, presented by our Managing Director, Kate Whitehead Should you have any inquiries, please don't hesitate to contact our team. You can also find the link to our report in the comments section.

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A key component of the government’s Migration Strategy for Australia released last year, is an update of the ‘Points Test’, which has not been updated since 2012. The Points Test plays an important role in Australia’s migration system. Almost two-thirds of permanent skilled migrants are selected through the Test. It determines who comes to Australia permanently and who will become Australia’s future citizens. The points test objectively compares candidates’ skills sets and attributes needed to succeed in the Australian labour market and society. The current general points categories are: - Age - English language proficiency - Employment experience, both overseas and in Australia - Educational attainment, including specialist qualifications and study in regional Australia - English language proficiency of the migrant’s partner. The points test applies to the following visa programs: - Skilled Independent visa (Subclass 189) visa – for migrants with high levels of human capital - Skilled Nominated visa Subclass 190 visa – for migrants that have secured a nomination from an Australian State or Territory Government, and - Skilled Work Regional (Provisional) (subclass 491) visa – for migrants nominated by a state or territory government agency, or sponsored by an eligible relative and intending to live and work in regional Australia. Recalibrating the Points Test is a key focus of the government’s drive to deliver better outcomes from Australia’s skilled migration policy. Continue reading here: https://lnkd.in/g2NEWryc

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