Good news! We are changing the law to introduce an ‘express lane’ for new supermarkets – increasing competition to put downwards pressure on grocery prices.  
  
International brand Costco have confirmed that our approach will assist with their expansion plans, and they can see opportunities for new stores to be built in New Zealand in the next few years – which I know will be welcomed by many New Zealanders. 
 
Ensuring we have the right competitive business settings in place to keep costs down is essential to growing the economy so people can get ahead. 
 
Today’s changes follow the Reserve Bank’s announcement on Monday that it is consulting on changes to bank capital regulations, which will help to bring interest rates down further and support more businesses to access the lending they need to hire staff and grow. It also comes on the back of the Electricity Authority’s decision last week to make large power companies offer their generation at the same rate to everyone which will level the playing field for smaller power companies, boost retail competition and put downward pressure on power prices.
 
We know things are still tough for a lot of families, which is why we are doing all we can to make sure there is more competition in the market and give you more choice and a fairer deal. 

 

The Government is doing the right things and I’m confident the country will see the results – more jobs, rising wages and a higher standard of living for New Zealanders. 

 

Nicola Willis

Spokesperson for Finance