Dawn chorus: Westpac NZ on the block

Westpac eyes exit from NZ; IPO or sale may further freeze mortgage market; NZ vaccination roll-out slightly behind schedule; Canterbury DHB hands out leftover vaccines to healthy locals

TLDR: This is big news for NZ Inc and the housing market. Westpac announced last night it is considering exiting New Zealand, which could mean a sale or a stock market float of one our big four banks. Along with this week’s interest deductibility shock, bank decision-making on mortgages will slow right down.

The move came after the Reserve Bank ordered Westpac NZ to commission two independent reports into its risk governance and to increase its cash holdings, although the regulator reassured savers Westpac’s current funding and liquidity positions were sound.

Elsewhere, our vaccination roll-out is already 7% behind schedule (Stuff) and looking slightly dishevelled as it emerged the Canterbury DHB is calling companies near its vaccination clinic so staff without any special conditions or position can receive leftover doses (The Press).

Overnight, overseas: Although it’s not as disastrous as in Europe, where authorities ‘discovered’ 26m missing AstraZeneca doses in Italy (Politico) and Angela Merkel cancelled an earlier plan for an Easter lockdown in Germany after widespread outrage. She then apologised. (Politico)

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Scoops and big breaking news this morning

bernardchickeysubscribers @bernardchickey2

This sort of thing will freeze decision-making for some time. Along with Westpac's potential exit from NZ

NZ Herald Business @nzheraldbiz

Investment property interest write-off change prompts lending rethink by ANZ #HeraldPremium https://t.co/hXePOEvDzd

Stuff.co.nz Politics @NZStuffPolitics

How much tax has come from the bright-line test? Inland Revenue doesn't know

dlvr.itHow much tax has come from the bright-line test? Inland Revenue doesn’t knowFive years after the bright-line test for property sales was introduced, the tax department still has no idea how much money it collects from it.

The Press Newsroom @PressNewsroom

Canterbury's civic leaders call for Government to slow down its water reforms dlvr.it/RwFdgH

bernardchickeysubscribers @bernardchickey2

Vague sourcing, but of interest, particularly if it was only for cycling, walking and buses. Via @nzherald -$$$

nzherald.co.nzSecret planning under way for second Auckland Harbour Bridge - NZ HeraldIt is believed new bridge will accommodate the Northern Busway, cycling and walking.

Elsewhere and briefly in our political economy

Morning Report @NZMorningReport

There's frustration the government's measure to cool the housing market do nothing to directly fix the huge problems facing Māori. They're instead being told to wait until the May budget for further law changes and funding.

rnz.co.nzFrustration at lack of help for Māori in housing announcement<p>There’s frustration the government’s measure to cool the housing market do nothing to directly fix the huge problems facing Māori.</p> <p>They’re instead being told to wait until the May budget for further law changes and funding.</p> <p>At the same time, the Waitangi Tribunal Kaupapa Māori Hou…

RNZ News @rnz_news

Government removes blanket family home exemption for extended bright-line test

rnz.co.nzGovernment changes current family home exemption for extended bright-line testThe change allows for a scenario where if the family home is not used as such for more than a year, it becomes subject to the bright-line test.

Stuff @NZStuff

Growing number of children arriving at preschool hungry and without lunch dlvr.it/RwHdPn

Stuff @NZStuff

Ex-Air NZ CEO Christopher Luxon gives maiden speech to Parliament, defends his Christianity

dlvr.itEx-Air NZ CEO Christopher Luxon gives maiden speech to Parliament, defends his ChristianityThe ex-Air New Zealand CEO - a man widely tipped to be National leader one day - delivers the final maiden speech of the 2020 intake of MPs by defending his faith, and extolling the virtue of centre-right political beliefs.

Stuff @NZStuff

Immigration construction crackdown may lead to other cases

dlvr.itImmigration construction crackdown may lead to other casesCovid has made some people more vulnerable, Immigration NZ says.

Stuff @NZStuff

Emergency departments in 'crisis': Long, painful waits for patients, staff burnt out

dlvr.itEmergency departments in ‘crisis’: Long, painful waits for patients, staff burnt outA woman who spent a painful overnight wait at Christchurch’s emergency department heard staff say they had reached breaking point. It’s a problem happening across NZ.

nzherald @nzherald

Code black at Dunedin Hospital: 'Avoid ED if possible' nzherald.co.nz/nz/code-black-…

Questions for ministers

Bernard Hickey @bernardchickey

FYI @michaelwoodnz What is @WakaKotahiAkNth up to here? "The council has sent a lot of time unsuccessfully averting a challenge by its “govt partner” to remove as an ATAP objective, “achieving a quality compact urban form”. Seems to conflict with Govt's NPS on Urban Development

Todd Niall @toddniall

Climate change: Bigger Auckland plan won't reduce emissions by 2030 https://t.co/wvMGcSVbsZ

Sign o’ the times news

Tom Kitchin @inkitchnz

In the midst of a huge morning talking about housing, @rnz_news can reveal Napier has the highest social housing waitlist per capita in NZ.

rnz.co.nzNapier home to highest social housing waitlist in NZ<p>Napier has the highest social housing waitlist per capita in the country.</p> <p>Amid the art deco beauty and the picturesque seaside there are tougher, darker problems simmering under the surface.</p> <p>Hawke’s Bay reporter Tom Kitchin has this report.</p>

Dileepa Fonseka @dileepa_fonseka

Here's why I'm tweeting this now: @JoelMacManus' excellent reporting in @DomPost. Let's Get Wellington Moving was supposed to get Jan Gehl's report done, now they're getting Gehl to redo it! (not a bad idea given how much time has passed, but still...)

stuff.co.nzSeventeen years have passed, but Let’s Get Wellington Moving plan hasn’t budgedSeventeen years after a world expert wrote a widely-ignored plan to turn Wellington into a Copenhagen of the south, Let’s Get Wellington Moving has asked for an update.

Some fun things

Nature & Animals🌴 @AnimalsWorId

This is what happens when a bubble freezes❄️

Simon Wong @wimon_song

Tell me how Australia is the lucky country again? 🕷️💀

AFP News Agency @AFP

VIDEO: A "plague" of the world's most venomous spiders could swarm Sydney after torrential rain and flooding, the Australian Reptile Park said Wednesday, warning that the deadly arachnids could seek refuge in homes as they escape the deluge https://t.co/FwywnYCxWI

Ka kite anō

Bernard