TLDR & TLDL: The Government is looking at reshuffling how it owns Kiwibank, although the sale of a minority stake to the private sector could in theory be possible. That’s unlikely, but it’s worth keeping an eye on.
Currently, Kiwibank’s overarching holding company is owned by state-owned entities NZ Post, ACC and NZ Super Fund, but Hamish Rutherford reports this morning one of them wants out and officials said they were considering “the best ways for the Crown to express its ownership interest.”
Elsewhere in the news this morning:
David Clark has rejected Nicola Willis’ plan to carve out bank mortgage lending from the CCCFA’s affordability rules aimed at loan sharks, saying smaller faster tweaks will do, Rob Stock reports for Stuff;
inflation figures out overnight show annual US CPI inflation rose to a 40-year high of 7.5% in January, which was higher than market expectations of around 7.3%; and,
that is ramping up the pressure for a 50 basis point ‘bazooka’ first US rate hike in just over a month’s time (see more below the paywall fold on that).
Coming up today, I’ll be keeping an eye on the Reserve Bank’s own inflation expectations survey of economists due at 3pm, which might firm up expectations of a 50 basis point hike here on Feb 23.
Also for paid subscribers, look out for an invite to my weekly ‘Ask Me Anything’ thread for an hour at midday today, followed by an invite just before our weekly ‘hoon’ zoominar with Peter Bale for an hour at 4pm. Get your Gin and Tonics ready! There’s a link to the zoominar below the Fun Things below the paywall.
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