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When the Facts Change
The state of the economy in Aotearoa with Steve Jurkovich
Nov 16, 2023
Steve Jurkovich, Kiwibank chief executive, discusses the state of the economy in Aotearoa, the pressures consumers are dealing with, and regulatory adjustments he hopes to see. The chapter also covers the current state of the housing market in Aotearoa, financing issues for home buyers, and the challenges of remote work.
48:19
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Quick takeaways
- The Reserve Bank of New Zealand is considering implementing debt-to-income multiple restrictions to ensure banking system stability and prevent excessive leverage, which could impact first-time homebuyers and investors.
- New Zealand's pension funds and KiwiSaver, with nearly $300 billion in capital, can be utilized for infrastructure challenges by attracting institutional investors and implementing innovative financing tools and regulatory changes.
Deep dives
The Impact of Leverage on the Housing Market
The housing market in New Zealand has seen fluctuations due to changing regulations. The Reserve Bank has implemented rules to control leverage, particularly low deposit, high loan lending. However, during the COVID-19 pandemic, these rules were temporarily lifted, resulting in increased buying activity. Currently, the Reserve Bank is considering adding a new control, the debt-to-income multiple restrictions, which would limit lending based on income. This measure aims to ensure the stability of the banking system and prevent excessive leverage. The potential controls could affect first-time homebuyers and investors looking to purchase multiple properties.
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