An announcement about an announcement

Without a corresponding drop in interest rates, it’s doubtful any changes to the CCCFA will unleash a massive rush of home buyers. Photo: Lynn Grieveson

TL;DR: The six things that stood out to me in Aotearoa’s political economy around housing, poverty and climate on Monday, April 22 included:

1. The Government making a surprisingly vague announcement about an announcement to revoke the CCCFA’s 11 pages of prescriptive mortgage lending affordability assessment rules “within a few months.”

2. Banks welcomed the revocation, which they originally said in 2022 had forced them to turn down 6-7% of applicants. So will the loosening spark a new surge of lending? Probably not anytime soon, say mortgage experts, especially while interest rates are high, and especially when they haven’t actually been revoked yet. (See more detail and analysis in the podcast above and below the paywall fold)

3. In an embarrassing turn for the Government, Ngāti Toa has pledged to campaign to restore a Porirua medical centre that has been closed to after-hours admissions because of funding shortages. (See more below the paywall fold and via The Post-$$$)

4. Opponents say the Government’s Fast-Track Approvals Bill concentrates too much power in the hands of ministers, opening them up to the risk of corruption. Inevitably, Labour Environment spokesperson Rachel Brooking has this morning cited at least two National donors on the list of organisations invited to apply for a fast-tracked consent. RNZ Kate Green & Giles Dexter

5. Almost as inevitably, the Environmental Defence Society has warned businesses “to weigh up whether the reputational risks of entering the Fast-track Approvals process would be worth it,” and said Fonterra and other exporters should check it complies with trade agreements such as the TTP and the UK and EU FTAs.

6. Scotland has scrapped its carbon zero targets, saying they were now impossible to achieve. (BBC)

(Paying subscribers can see more detail and analysis below the paywall and in the podcast above. We’ll open it up for public reading, listening and sharing if they give permission by getting over 100 likes.)

Tough mortgage checks to be revoked “in coming months”