|Wood and wood products|
|Textiles and plastics|
|Vehicles and aircraft|
|Machinery and equipment|
New Zealand is an island nation in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—that of the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu—and numerous smaller islands. New Zealand is situated some 1,500 kilometers (900 mi) east of Australia across the Tasman Sea and roughly 1,000 kilometers (600 mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinctive biodiversity of animal, fungal and plant life. The country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington, while its most populous city is Auckland.
New Zealand has a profitable and well-functioning financial system, operating in a framework of well-developed financial markets. Short-term risks to stability appear low, given the favorable macroeconomic outlook, and sound and transparent financial policies. Stress tests for systemically important banks show resilience consistent with the sector’s relatively high levels of capital and profits. Dynamic stress tests involving shocks to agriculture and to external funding show more persistent effects on bank profits, but do not raise systemic concerns.
New Zealand’s approach to banking regulation is based on disclosure and market discipline and employs limited prudential requirements. The sole supervisory objective is to ensure systemic stability. Given the high share of foreign ownership, home-country supervision may also act as an additional discipline on bank behavior. Notwithstanding the clear strength of the present framework, the Reserve Bank of New Zealand (RBNZ) would benefit from increased real-time knowledge of potential stress in the banking system.
The absence of a depositor-protection mandate, along with the foreign ownership of all systemically important banks, would pose unique challenges to the RBNZ if a financial crisis were to occur. The high level of Australian bank ownership suggests that the successful management of systemic challenges will also require close cooperation with the Australian authorities. The RBNZ has been reviewing possible crisis management options and has intensified trans-Tasman cooperation in banking regulation and failure management.
Recent reforms in securities regulation and the restructuring of the New Zealand Stock Exchange (NZX) have strengthened the securities regulatory framework. To fully implement the IOSCO Principles would require: (i) a stronger regime for prevention and detection of market abuse; (ii) a more robust supervisory regime for market intermediaries and collective investment schemes; (iii) improvements to the disclosure regime for issuers; and (iv) stronger public oversight of private sector monitors.
|Agriculture||wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products, fish.|
|Manufacture||energy, oil, textile and leather goods, tobacco, fruit, rubber and plastics.|
|Services (Including financial)||No Information|
|Fletcher Building Limited||Building|
|Auckland International Airport Limited||Ports|
|Spark New Zealand Limited||Media & Communications|
|Fisher & Paykel Healthcare Corporation Ltd||Intermediate & Durables|
|Ryman Healthcare Limited||Finance & other services|
|Contact Energy Limited||Energy Processing|
|Z Energy Ltd||Energy Processing|
|Meridian Energy Ltd||Energy Processing|
|Sky City Entertainment Group Limited||Leisure & Tourism|
|Sky Network Television Limited||Media & Communications|
|Wood and wood products|
|Textiles and plastics|
|Vehicles and aircraft|
|Machinery and equipment|
NZX Limited builds and operates capital, risk and commodity markets and the infrastructure required to support them. It also provides information, data and tools to support business decision making. NZX is the only registered securities exchange in New Zealand, and is also an authorized futures exchange. Its wholly owned subsidiary, New Zealand Clearing and Depository Corporation, is the operator of a designated settlement system under Part 5 of the Reserve Bank of New Zealand Act 1989.
NZX has offices across New Zealand and Australia. Its newest office is in Auckland, adjacent to the Britomart precinct. NZX’s Agri HQ is in Feilding and its Australian operation is based in Melbourne.
As of November 2014, NZX had a total of 258 listed securities with a combined market capitalization of $94.1 billion.
The New Zealand constitutional crisis of 1984 was caused by Prime Minister Sir Rob Muldoon's refusal to devalue the dollar as per the instructions of the Prime Minister-elect, David Lange. The cabinet rebelled against Muldoon, who relented. The upshot was the passage of the Constitution Act, which patriated the constitution from the United Kingdom.
By constitutional convention, between Election Day and the return of the writs for the election, an outgoing caretaker government implements the directions of an incoming government. On the morning of Sunday 15 July, Reserve Bank officials (Reserve Bank Governor Spencer Russell, deputy Roderick Deane, and Treasury Secretary Bernie Galvin) met with the head of the Prime Minister's Department Gerald Hensley and agreed that the currency market could not open on Monday unless there was a devaluation. Contacted by Hensley, Muldoon refused to meet that afternoon but told him that they could close the market on Monday if they liked, and agreed to meet them at 8:30 am on Monday 16 July. Russell closed the market on Sunday evening. The Reserve Bank officials also wrote a letter to Lange, and a senior Treasury officer unofficially briefed the incoming Finance Minister Roger Douglas on the situation.
After their meeting on Monday morning, Russell and Galvin flew to Auckland to advise Lange, and Deane reluctantly briefed Labor’s Deputy Leader Geoffrey Palmer, before escaping from waiting journalists out a back door. Muldoon called Lange at 10:30 am and suggested they make a joint statement that the currency would not be devalued. Lange said he would give Muldoon an answer after meeting with Russell and Galvin. The meeting, which also included Douglas and David Caygill, took place at Auckland International Airport. On being advised that a joint statement would not solve the currency problem, Lange told Russell and Galvin to inform Muldoon there would be no joint statement. Lange then traveled to unrelated meetings with the U.S. Secretary of State in Ohakea and the Australian Foreign Minister in Wellington, before returning to Auckland. Meanwhile, Russell and Galvin decided while traveling back to Wellington that they should not tell Muldoon, but that Lange should do so himself. Muldoon was left waiting for a response and despite Hensley's appeals to Galvin, received none before going home around 5 pm. His wife told him to have a rest and took the phone off the hook without telling him. By now, Deane had decided Muldoon had to be told what had happened, but could not reach Muldoon by phone.
Lange had meanwhile imposed a 24-hour news blackout on the currency problem and was reported in the 6:30 pm television news as saying that Muldoon was "refusing his advice on the matter". Muldoon had his press secretary issued a statement that this was untrue and agreed to a television interview with Richard Harman that evening. Shortly afterward he received a handwritten note from Deane explaining the situation, followed by a letter from Lange. In the interview, Muldoon went over the events of the day from his perspective. He said Lange had not yet responded to him, that " I am not going to devalue, as long as I am Minister of Finance" and that he hoped Lange would agree tomorrow not to devalue. Prime Minister-elect David Lange responded with an interview of his own. He stated: " This nation is at risk. That is how basic it is. This Prime Minister outgoing, beaten, has, in the course of one television interview tried to do more damage to the New Zealand economy than any statement ever made. He has actually alerted the world to a crisis. And like King Canute he stands there and says everyone is wrong but me".
This provoked a further crisis in the foreign exchange markets - when the exchange opened on 17 July, millions of foreign exchange dollars left the country as currency speculators expected a devaluation of the New Zealand dollar. Lange later remarked " We actually were reduced to asking our diplomatic posts abroad how much money they could draw down on their credit cards! That is the extent of the calamity that had been ground into us by the briefings that we'd got"
As a result of the constitutional crisis, the incoming Labor Government convened the Officials Committee on Constitutional Reform to review New Zealand's constitutional law, and the Constitution Act 1986 resulted from the two reports by this Committee. The issue of the transfer of power from the incumbent to elect governments (and hence Prime Ministers) was not resolved by this Act, however, and the transfer of executive powers remains an unwritten constitutional convention, known as the ' caretaker convention' which was developed by Jim McLay.
Sometime between 1250 and 1300 CE, Polynesians settled in the islands that would later become New Zealand, and developed a distinctive M?ori culture. In 1642, Abel Tasman, a Dutch explorer, became the first European to sight New Zealand. In 1840, representatives of the British Crown and M?ori Chiefs signed the Treaty of Waitangi, making New Zealand a British colony. Today, the majority of New Zealand's population of 4.7 million is of European descent; the indigenous M?ori are the largest minority, followed by Asians and Pacific Islanders. Reflecting this, New Zealand's culture is mainly derived from M?ori and early British settlers, with recent broadening arising from increased immigration. The official languages are English, M?ori and New Zealand Sign Language, with English predominant.
New Zealand is a developed country with a market economy. New Zealand is a high-income economy and ranks highly in international comparisons of national performance, such as health, education, economic freedom and quality of life. Nationally, legislative authority is vested in an elected, unicameral Parliament, while executive political power is exercised by the Cabinet, led by the Prime Minister, who is currently John Key. Queen Elizabeth II is the country's head of state and is represented by a Governor-General. In addition, New Zealand is organized into 11 regional councils and 67 territorial authorities for local government purposes. The Realm of New Zealand also includes Tokelau (a dependent territory); the Cook Islands and Niue(self-governing states in free association with New Zealand); and the Ross Dependency, which is New Zealand's territorial claim in Antarctica. New Zealand is a member of the United Nations, Commonwealth of Nations, ANZUS, Organization for Economic Co-operation and Development, Pacific Islands Forum, and Asia-Pacific Economic Cooperation.
(Speaker of the New Zealand house of representatives)
The New Zealand Dollar is the present-day currency of the Realm of New Zealand (including New Zealand proper and the territories of the Cook Islands, Niue, the Ross Dependency, and Tokelau), as well as a single British Overseas Territory, the Pitcairn Islands. Its sign is $ and its ISO code is NZD. It is divided into 100 cents. The introduction of the New Zealand dollar in 1967, the New Zealand pound was the currency of New Zealand since 1933. The pound used the £sd system, in which the pound was divided into 20 shillings and one shilling was divided into 12 pence, which by the 1950s was considered complicated and cumbersome. Switching to decimal currency had been proposed since the 1930s although only in the 1950s any plans come to fruition. In 1957, a committee was set up by the Government to investigate decimal currency. In 1963, the Government decided to decimalize the New Zealand currency. On Monday 10 July 1967 (“Decimal Currency Day”), the New Zealand dollar was introduced to replace the pound at a rate of two dollars to one pound. Some 27 million banknotes were printed and 165 million new coins were minted for the changeover.The New Zealand dollar was initially pegged to the US dollar at US$1.43 = NZ$1. This rate changed on 21 November of the same year to US$1.12 = NZ$1 after the devaluation of the British pound, although New Zealand devalued more than the UK.
In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US$1.216 with a 4.5% fluctuation range, keeping the same gold value. From 9 July 1973 to 4 March 1985 the dollar's value was determined from a trade-weighted basket of currencies.
The NZ$ was floated on 4 March 1985 at the initial rate of US$0.4444. Since then the dollar's value has been determined by the financial markets, and has been in the range of about US$0.39 to 0.88.
The dollar's post-float minimum average daily value was US$0.3922 on 22 November 2000, and it set a post-float maximum on 22 July 2011 of US$0.8666. Much of this medium-term variation in the exchange rate has been attributed to differences in interest rates.
The New Zealand dollar's value is often strongly affected by currency trading and is among the 10 most-traded currencies. On 11 June 2007, the Reserve Bank sold an unknown worth of New Zealand dollars for nine billion USD in an attempt to drive down its value. This is the first intervention in the markets by the Bank since the float in 1985.
Two suspected interventions followed, but they were not as successful as the first: the first appeared to be initially effective, with the dollar dropping to approximately US$0.7490 from near US$0.7620. However, within little more than a month it had risen to new post-float highs, reaching US$0.8103 on 23 July 2007.
After reaching its post-float record high in early 2008, the value of the NZ$ plummeted throughout much of the 2nd half of 2008 and the first quarter of 2009 as a response to the global economic downturn and flight by investors away from "riskier" currencies such as the NZ$. The NZ$ bottomed out at approximately US$0.50 on 6 March 2009. However, it rebounded strongly as the year progressed, reaching the US$0.75 range by November 2009.
By late 2012, the dollar was holding above 80 US cents, occasionally reaching 85c, prompting calls from the Green Party for quantitative easing. Unions also called on the Government and the Reserve Bank to take action, but as of February 2013, both had declined. As of 01 Jan 2016, the dollar was just above 68 US cents.
On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c. The 1c and 2c coins were bronze, the others cupro-nickel. To ease the transition, the 5c, 10c, and 20c were the same size as the sixpence, shilling and florin that they respectively replaced. Until 1970 the 10c coin bore the additional legend "One Shilling". The obverse designs of all the coins featured Arnold Machin's portrait of Queen Elizabeth II, with the legend ELIZABETH II NEW ZEALAND. The reverse sides of coins introduced in 1967 did not follow the designs that were originally intended for them. That modern art and sculpture themed designs were leaked to a newspaper and met a very negative public reaction. The final releases were given more conservative designs in line with public expectations.
In 1986, New Zealand adopted Raphael Maklouf's new portrait of the Queen. The 1c and 2c coins were last minted for circulation in 1987, with collector coins being made for 1988. The coins were demonetized on 30 April 1990. The lack of 1c and 2c coins meant that cash transactions were normally rounded to the nearest 5c (10c from 2006), a process is known as Swedish rounding.
On 11 February 1991, aluminum-bronze $1 and $2 coins were introduced to replace existing $1 and $2 notes. In 1999, Ian Rank-Broadley's portrait of the Queen was introduced and the legend rearranged to read NEW ZEALAND ELIZABETH II.
On 11 November 2004 the Reserve Bank announced that it proposed to take the 5c coin out of circulation and to make the 50c, 20c and 10c coins smaller and use plated steel to make them lighter. After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March that it would go ahead with the proposed changes. The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006. The old 50c, 20c, 10c, and 5c pieces are now no longer legal tender but are still redeemable at the Reserve Bank. Prior to the change over these coins were similar, save for the legend and reverse artwork, to international (mainly Commonwealth) coins of the same British-derived sizes, which led to coins from other currencies, particularly older coins, being accepted by vending machines and many retailers.
In 1967, notes were introduced in denominations of $1, $2, $5, $10, $20 and $100, with all except the $5 replacing their pound predecessors. The original series of dollar notes featured on the obverse a portrait of Queen Elizabeth II wearing Queen Alexandra's Kokoshnik tiara, King George's VI festoon necklace, and Queen Mary's floret earrings, while the reverse featured native birds and plants. The notes were changed slightly in 1981 due to a change of printer (from De La Rue to Bradbury, Wilkinson & Co.) - the most noticeable difference being the portrait based upon a photograph by Peter Grugeon, in which Queen Elizabeth II is wearing Grand Duchess Vladimir's tiara and Queen Victoria's golden jubilee necklace. The $50 note was added in 1983 to fill the long gap between the $20 and the $100 notes. $1 and $2 notes were discontinued in 1991 after being replaced with coins.
A new series of notes was introduced in 1992. The obverse of each note featured a notable New Zealander, while the reverse featured a native New Zealand bird and New Zealand scenery. In 1999, polymer notes replaced the paper notes. The designs remained much the same but were changed slightly to accommodate new security features, with the most obvious changes being the two transparent windows.
New banknotes are being printed in New Zealand at the moment. The new notes are the same sizes and denominations as the older banknotes, and they will continue to be made of the same flexible plastic material. The themes of the notes remain the same, with the same respected New Zealanders, the Queen, and flora and fauna remaining central to the designs. The $5 and $10 notes were released in October 2015, with the $20, $50 and $100 notes set to release in April 2016. The old New Zealand banknotes and the new 'Brighter Money' banknotes can be used interchangeably for the time being.
Since the older banknotes were first issued in 1999, security features and the technology for designing and printing banknotes have all advanced considerably. And while counterfeiting rates in New Zealand are low compared to the rest of the world, the New Zealand public and government agree that it is in the best interest to "stay one step ahead of the game", hence the new notes.
|National Song||"God Defend New Zealand"|
|Currency||New Zealand dollar (NZD)|
|Languages||English,Cook Island Maori|
|GDP / GDP Rank||177.001 Billion USD|
|GDP Growth Rate||3.4 Percent|
|GDP Per Captial||$37293.984 (PPP)|
UTC−11:00 — Niue
UTC−10:00 — Cook Islands
UTC+12:00 — main territory of New Zealand
UTC+12:45 — Chatham Islands
< 1.0% Jews
< 1.0% Other Religions
Pacific Islander 4.6%
Queen – Elizabeth II[γ]
Prime Minister – Jacinda Ardern
|Website||Go to the web|
|Public Debt||29.498 Percent|
|Unemployment Rate||5.246 Percent|
|Labor Force (Occupation)||-|