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Advocacy for business by the BusinessNZ Network | |
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BusinessNZ congratulates the Minister of Climate Change for his work in achieving cross-party consensus for a way forward on climate adaptation - the political parties have agreed to a select committee inquiry to develop guiding objectives and principles for an adaptation framework and to work out the sharing of costs of adaptation. We've been advocating strongly for consensus on long-term issues and we're delighted to see moves in that direction, BusinessNZ Advocacy Director Catherine Beard said. | | | |
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Adaptation to hazards, coordinated adaptation plans and improved data gathering will be needed to avoid insurance retreat, the Reserve Bank says. Insurance premiums are rising in NZ because of increased weather risks and higher building costs, and global reinsurers are raising premiums for NZ because of our infrequent but large risk events. Insurance retreat - insurers withdrawing the availability of insurance in response to risk - is unlikely but could happen quickly, given insurance contracts are typically annual, the Reserve Bank says. | | | |
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Treasury expects NZ’s productivity to grow more slowly than other OECD countries in coming years, citing declining school achievement, higher levels of people in jobs they are underqualified for, and low managerial capability. Other factors that may affect NZ's future productivity include comparatively low investment in technology, not much foreign direct investment, and NZ becoming comparatively less integrated into the world economy as global trade slows. NZ’s annual labour productivity growth has averaged only 0.2% over the last 10 years, Treasury says. | | | |
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There’s a disconnect between business and science institutions, and the NZ science system could be more supportive of productivity and economic growth, BusinessNZ says. Among the barriers needing to be addressed are current incentives for academics to publish their research findings instead of creating IP, a lack of support for smaller businesses that want to engage more in R&D, and a lack of commercial expertise in CRIs. BusinessNZ’s submission to the Science System Advisory Group says it will require consistent effort and bipartisan support to make the system work better. | | | |
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Regulations for businesses using biometrics (e.g. facial recognition technology) are being considered by the Privacy Commissioner. A proposed Code of Practice will require businesses to inform any individuals whose biometric data may be captured, and will require businesses to assess whether their use of biometrics is proportionate to their circumstances. BusinessNZ says voluntary guidelines for businesses would be better than a regulatory code of practice but if there is a code, the requirement for businesses to prove proportionality should not be made too compliance-heavy. | | | |
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Business paying for fire service |
Businesses should not be paying for fire and emergency services for the whole country, BusinessNZ says. Fire and emergency services are funded by levies on everyone buying fire insurance, meaning those who are uninsured pay nothing, while businesses are funding 60% of all FENZ costs. FENZ is currently seeking higher levies and BusinessNZ says these should be paid for from general taxation or by a user-pays system for those using the fire service, and in the meantime, the Govt should at least contribute more than the $10m annually it pays into the service. | | | |
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AdvocacyUpdate is an update on recent activity & advocacy by the BusinessNZ Network | |
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