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Taxpayer Update: Fuel tax victory | Mahuta is cracking | MIQ madness

Dear Supporter,

⛽️💸 Our campaign for fuel tax relief pays off

Victory

The Prime Minister has read the room and responded to spiking petrol costs with a $0.25/litre reduction in fuel excise tax, lasting for at least three months.

Pulling the excise lever is exactly what we have called for – and while a 25 cent tax cut is modest, it actually goes further than what the National Party has proposed.

Here's yesterday vs today at BP in Brooklyn, Wellington:

BP image

This move is not a silver bullet for the cost of living crisis, but it does acknowledge the responsibility the Government has to limit its own contribution to household costs.

The announcement shows that the Government responds to people power. Our petition to cut fuel tax received 16,000 signatures. Our fuel tax refund event in Takapuna exposed high taxes with media coverage from Newshub, 1 News, and Radio NZ.

And Taxpayers' Union supporters have plastered stickers on fuel pumps and even their own vehicles:

Sticker on filler

Sticker on pump

(We cannot encourage putting stickers on fuel pumps. But it is funny.)

Of course, the fuel tax cut will limit funding available in the National Land Transport Fund for transport projects. Grant Robertson says he will divert money from his COVID slush fund to make up the revenue loss, but for longer-term tax relief he will need to stop raiding fuel tax revenue for cycleways, urban beautification, and other projects that don’t benefit the motorists paying the bills.

What about the other taxes on fuel?

Seymour petrol

Our fuel tax campaign has focused on the excise tax because the Government directly sets the excise tax rate. But excise isn't the only tax on petrol.

Emissions Trading Scheme levies now make up 18 cents on every litre – and the cost is set to increase as the Government releases fewer carbon credits to the market.

The Government uses revenue from ETS levies for its "climate emergency" slush fund, paying for pet projects such as cycleways and urban beautification. (Regular readers of our newsletters will understand that these projects do not actually cut emissions, because emissions are already capped and traded under the ETS.)

The thing is, the ETS was never meant to be a money-maker for the Government. It is simply meant to incentivise companies and households to cut emissions in cost-effective ways.

ACT has now announced a policy to return all ETS levies to taxpayers as an annual "carbon dividend", working out at $749 for a household of four – a policy we've been calling for. A carbon dividend would preserve the incentive effects of the ETS while removing the net cost to taxpayers.

Is Nanaia Mahuta cracking under pressure?

Mahuta headline

Nanaia Mahuta's latest attempt to pacify critics of Three Waters has failed. The 47 recommendations from her "Working Group" will only serve to add complexity and cost to the scheme.

Now commentators from Stuff, the NZ Herald, and TVNZ are openly asking whether she should still be fronting Three Waters. As Bryce Edwards writes in the Herald:

the Government may wish to have her out of the portfolio before the local government candidates begin their campaigns, which will surely utilise opposition to Mahuta and Three Waters, setting up an early warning of what Labour might be facing in 2023.

For more evidence that the Government and Nanaia Mahuta have been spooked by our efforts to stop Three Waters, look at this interview from the weekend.

Nanaia Mahuta isn't known for admitting she's wrong, so it's telling that she now admits she botched the communications campaign that saw $3.5 million spent on condescending TV ads.

But she's still standing by the Three Waters scheme as a whole, including the co-governance arrangements that will dilute accountability and open the way to water royalties (charges for the right to use water).

Thank you to the thousands of New Zealanders who have now chipped into our court action fund and general Three Waters campaign fund.

The real reason Mahuta cannot be trusted

Democracy cancelled

At the Taxpayers' Union, we oppose Three Waters because it is a bad policy – it takes assets away from local control and puts them in the hands of massive co-governed water-entities, separated from ratepayers by four layers of bureaucracy.

However, it is becoming increasingly obvious that there is another reason why Three Waters is so unpopular: New Zealanders simply don't trust Nanaia Mahuta to protect democratic values.

Last week, we saw exactly why Mahuta isn't trusted. As Minister of Local Government, she announced she's cancelling next year's elections in Tauranga, with Wellington-appointed commissioners continuing to run the Council until 2024.

At the same time that Nanaia Mahuta is meant to be refining the governance, representation, and accountability features of the Three Waters scheme, she’s hijacked governance, abolished representation, and extinguished accountability at a significant city council.

Mahuta’s decision in 2020 to dissolve the council in Tauranga resulted in a Wellington-appointed, co-governed commission pushing through a 17 percent rates hike. Why should we expect her unelected, co-governed water entities to deliver anything better for ratepayers?

Our friends at the Tauranga Ratepayers' Alliance are running a petition to restore elections: click here to sign the petition.

Sixty-four DJs jumped border queue last year

We can reveal that 316 foreign entertainers, including 64 DJs, were fast-tracked through MIQ in 2021.

Taxpayers have spent $1.2 billion on MIQ – $660 for every household in the country. And while the regime is winding down for Kiwis, the "lottery of human misery" continues for international visitors.

As reported by the Herald, we received an official information response showing how many entertainers were given border exemptions under the "other critical worker" criteria last year:

OIA

This reinforces the view that the Government's criteria for border exemptions was and is a complete shambles.

Techno performers like DJ Dimension and Dom Dolla hogged rooms in MIQ facilities while Kiwis were barred from seeing their families. Even essential workers were unable to enter the country, including hundreds of nurses. One Kiwi nurse was denied an MIQ spot eight times, and eventually resorted to sailing to New Zealand from Australia.

Dom Dolla

Melbourne DJ Dom Dolla squats in front of a helicopter on the Auckland waterfront while overseas Kiwis were barred from seeing sick relatives.

The justification that these entertainers brought a "significant wider benefit to the national or regional economy" just doesn't stack up. Last year we suggested that a more productive (and taxpayer-friendly) approach to MIQ slots would be to release a limited number of slots to foreigners that would be allocated to the highest bidder. This would naturally prioritise high-value visitors and also provide a revenue stream to recoup the massive costs of MIQ.

Luxon's tax bracket reset is underwhelming

In his State of the Nation speech, National Party leader Christopher Luxon unveiled this proposal to adjust income tax brackets for the last four years of inflation:

Luxon's tax brackets

This small adjustment to tax brackets is more of a 'tax reset' than a genuine tax cut. And even as a tax reset, it's a weak one.

We would suggest a more substantial reset: update tax brackets to make up for inflation for the full decade since the brackets were originally set, not just the last four years.

The political merit of Christopher Luxon's proposal is that it is so modest that even a Labour Government has little excuse to reject it. This policy would barely scratch the sides of the Government's $6 billion spending allowance.

Will National present a stronger tax policy before the election?

I sat down remotely with National Party Finance spokesman Simon Bridges for a discussion on bracket creep, Labour's new taxes, and whether we can expect more substantial income tax relief from National before next year's election. Click here to listen.

(Note: the interview was recorded before the Government's announcement of fuel tax cuts.)

You can find all of our Taxpayer Talk episodes on Apple PodcastsSpotifyGoogle Podcasts, or iHeart Radio.

Sport NZ spends $4.7 million conducting surveys

Junk mail

After investigating a tip-off, we have discovered that Sport NZ has spent $4.7 million conducting surveys in the last four years, interrogating New Zealanders on what kind of physical activity they do, how often, and for how long.

The spending figures were provided to the Taxpayers' Union under the Official Information Act:

Table

This mammoth ongoing data-mining exercise proves that when you give an obscure agency generous taxpayer funding, they'll find a way to spend it.

Even if we accept that Sport NZ has to survey 20,000 people every year, the cost of $50 per participant is eyebrow-raising. At the Taxpayers' Union we manage to run surveys far more cheaply, even when we commission scientific market research companies like Curia.

Obsessively tracking New Zealanders' participation in yoga, gardening, and tramping may be a fun statistical exercise, but it hardly seems like a priority during a cost of living crisis. We're left wondering if Sport NZ is simply overfunded.

This newsletter is getting long...

Two last cases of wasteful spending before I sign off this Taxpayer Update:

Newshub reports that Kainga Ora has spent $24 million on renovating its own offices in the last four years. How can the housing agency claim to be in touch with low-income New Zealanders when it's spending like a mega-corporate??

The Herald reports that Michael Wood's tram to Māngere could cost $29 billion, according to Treasury officials – up from previous estimates of $14.6 billion and $24 billion. $29 billion is $15,000 for every Kiwi household, and well above a million dollars per metre of track.

All the best,

Louis circle


Louis Houlbrooke
Campaigns Manager
New Zealand Taxpayers' Union

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Media coverage:

Stuff  Things are bad enough to make me care who wins the next election

Homepaddock  One big mistake

Businessdesk  On The Money: Tesla co-founder down under, NZX, Victoria Harris, Ian Taylor

Businessdesk  Polltracker: Labour and Nats now neck and neck

NZ Herald  MIQ 'irrational': Hundreds of entertainers, dozens of DJs granted exceptions to get into NZ

NZ Herald  Political poll: National jumps past Labour in 1News-Kantar poll - Jacinda Ardern dips, Chris Luxon up in preferred prime minister race

Stuff  Wellington's empty and sad - where are the ideas to revive it?

NZ Herald  Nats hit the lead in latest polling

Democracy Project  Bryce Edwards: Political Roundup – Can Three Waters be salvaged, or will Nanaia Mahuta have to go?

Stuff  Taxpayers' Union society wrongly listed as 'dissolved' after alleged hack

NZ Herald  National Party leader Christopher Luxon draws tax, cost-of-living 'crisis' as battle lines

Stuff  Christopher Luxon to use big speech to announce National would unwind Labour tax hikes

Stuff  CEO's $30k leadership course takes up lion's share of New Plymouth District Council top tier training budget

Homepaddock  Good use of our money?

Kiwiblog  Even the PSA supports indexing tax brackets

Stuff  As the Reserve Bank stokes interest rates, vodka may be the answer

Newsroom  Dirty water and divisive politics: Three Waters reforms taken to court

NZ Adviser  Reserve Bank lifts official cash rate back to pre-pandemic state

NZ Herald  Thomas Coughlan: National attracting younger voters, will Luxon reap election reward?

Taxpayer Talk: Does National's tax policy go far enough?

National's tax policy has been criticised as 'costly' and too generous for high earners – but the Taxpayers' Union questions whether it goes far enough. Louis sits down with National Party Finance spokesman Simon Bridges to explore how he would change tax brackets to counter inflation, and whether we can expect a more comprehensive policy from National before next year's election.

Apologies for the subpar audio quality due to Simon's COVID isolation.

 

Subscribe to Taxpayer Talk podcast via Apple PodcastsSpotifyGoogle PodcastsiHeart Radio and wherever good podcasts are sold.

Revealed: 316 DJs and entertainers jumped border queue last year

Three hundred and sixteen foreign entertainers, including 64 DJs, were fast-tracked through MIQ in 2021, reveals the New Zealand Taxpayers Union.

Taxpayers have spent $1.2 billion on MIQ – $660 for every household in the country. But we were badly let down by the Government's criteria that put favoured industries ahead of Kiwis and essential workers.

An official information response shows that MBIE gave border exemptions to 316 entertainers under the ‘other critical worker' criteria:

OIA

This reinforces the widely-held view that the Government's criteria for border exemptions was and is a complete shambles. How can anyone defend dishing out exemptions to dubstep and hip hop DJs while slamming the door shut on nurses that we desperately need?

Techno performers like DJ Dimension and Dom Dolla hogged rooms in MIQ facilities while Kiwis were barred from seeing their families. Even essential workers were unable to enter the country, including hundreds of nurses. One Kiwi nurse was denied an MIQ spot eight times, and eventually resorted to sailing to New Zealand from Australia.

Dom DollaMelbourne DJ Dom Dolla squats in front of a helicopter on the Auckland waterfront while overseas Kiwis were barred from seeing sick relatives. Source: Instagram

The justification that these entertainers brought a 'significant wider benefit to the national or regional economy' just doesn't stack up. Last year we suggested that a far more economically productive (and taxpayer-friendly) approach to MIQ slots would be to release a limited number of slots to foreigners that would be allocated to the highest bidder. This would naturally prioritise high-value visitors and also provide a revenue stream to recoup the massive costs of MIQ.

MIQ has wound down for Kiwis, but the Government's cruel and irrational zero-sum game remains in place for international visitors. We need to get real: COVID is now here to stay in New Zealand. MIQ no longer serves a justifiable purpose.

New Three Waters recommendations are an unholy mess

When the Government announced last year it would delay the Three Waters legislation, they appointed an “independent” Working Group to provide recommendations on ways to make the legislation more palatable for local councils. At the time, we called it out as anything but independent. The Working Group itself was 50/50 co-governed, and of the Mayors appointed to represent the interests of local government it was stacked in favour of the very few who were supporting the Government’s proposals.

Today the Working Group has released its recommendations.

Under the recommendations, councils would still not have anything close to proportionate representation on the four “Regional Representation Groups” that appoint the selection panel that appoints the board members for the new entities. For example, Auckland Council would have just four of 14 seats for the northern group, despite having 90 percent of the region’s population and contributing the lion's share of the assets.

As we predicted, the Working Group has backed Nanaia Mahuta’s co-governance model that will see half the seats for each region held by iwi/hapū members, giving iwi an effective veto right over every major decision.

Here are some of the key recommendations:

⚠️ Fresh off the back of the infamous $4 million “Better Water” television ad campaign, the Working Group wants another new public communications campaign to explain “need for change” to New Zealanders.

⚠️ Councils would now hold shares in the new water entities. This is clearly an attempt to ward off accusations that Three Waters is an asset grab. But it’s yet another deceit: regardless of their shareholdings, councils (and therefore ratepayers) will still be stripped of all the crucial rights of control that define ownership. Councils won’t be allowed to receive a return from the water entities, yet that is specifically allowed for Mana Whenua groups. In short, the “ownership” of shares will be meaningless.

⚠️ Further, the Working Group has suggested adding yet another layer of bureaucracy to the scheme, in the form of new “sub-regional” groups representing smaller councils and iwi. This would mean five layers of bureaucracy in total separate ratepayers from water services: councillors, the co-governed sub-regional representative group, the co-governed Regional Representative Group, the Selection Panel, and the water entity board.

⚠️ The Working Group also wants to establish a new Water Services Ombudsman, with a “tikanga-based dispute resolution process”. And they have demanded a new policy consultation process between the Crown and its Treaty partners, separate from public consultation.

The full set of 47 recommendations from the Working Group can be found at the bottom this article.

Together, these ideas intensify the absurd complexity of the scheme. The whole thing stinks of “jobs for the boys” that will ultimately cost ratepayers.

Nanaia Mahuta and her Cabinet colleagues will now “consider” the recommendations before unveiling the legislation that will be put before Parliament. From our perspective, there is nothing to consider: Three Waters cannot be salvaged.

Thank you for your support,

Jordan

Jordan_signature.jpg
Jordan Williams
Executive Director
New Zealand Taxpayers’ Union.

 

Sport NZ spends $4.7 million conducting surveys

The Taxpayers' Union is challenging Sport NZ's $4.7 million dollar spend on surveys since 2018.

In the space of four years, Sport NZ has spent $4.7 million conducting monthly 'Active NZ' surveys interrogating New Zealanders on what kind of physical activity they do, how often, and for how long. The spending figures were provided to the Taxpayers' Union under the Official Information Act.

Table

The surveys' annual sample size includes about 20,000 New Zealanders from the electoral roll and an additional 5,000 children.

The surveys appear to be growing more expensive each year, with 2021's surveys costing taxpayers $1.25 million, including $12,000 on voucher giveaways to incentivise participants. 

Union spokesman Louis Houlbrooke says, "This mammoth ongoing data-mining exercise proves that when you give an obscure agency generous taxpayer funding, they'll find a way to spend it."

"Running a survey with a sample size of 20,000 could occasionally be justified. But when it costs over a million dollars, we have to question why it's being done every year." 

"Even if we accept that Sport NZ has to survey 20,000 people every year, the cost of $50 per participant is eyebrow-raising. At the Taxpayers' Union we manage to run surveys far more cheaply, even when we commission scientific market research companies like Curia."

"Obsessively tracking New Zealanders' participation in yoga, gardening, and tramping may be a fun statistical exercise, but it hardly seems like a priority during a cost of living crisis. We're left wondering if Sport NZ is simply overfunded." 

Data reports from the surveys can be found here.

According to Sport NZ's 2020/21 financial report, the agency received $299 million in funding for the financial year. The agency has 241 employees, of whom 132 are paid salaries greater than $100,000.

Exclusive polling analysis with David Farrar

 

The Taxpayers' Union Curia Poll conducted in February shows National surging. Is the writing on the wall for Labour next election? or should National not get their hopes up just yet? Levi is joined by pollster and media commentator David Farrar for analysis of the results. 

 

Subscribe to Taxpayer Talk podcast via Apple PodcastsSpotifyGoogle PodcastsiHeart Radio and wherever good podcasts are sold.

 

Taxpayer Talk: Behind the court challenge against Three Waters

 

 

The Government has justified its Three Waters scheme based on an interpretation of the Treaty of Waitangi. But does the logic stand up to scrutiny? Jordan sits down with Stephen Franks, a lawyer working on the High Court case against Nanaia Mahuta's water regime.

 

 

Subscribe to Taxpayer Talk podcast via Apple PodcastsSpotifyGoogle PodcastsiHeart Radio and wherever good podcasts are sold.

 

Taxpayer Update: Fuel tax refunds | Three Waters slowdown | Ponzi schemes

Dear Supporter,

Refunding Aucklanders for their fuel tax ⛽️💸

Last week we headed to a petrol station in Takapuna with a mission: expose high fuel taxes by refunding motorists the tax on their bill. In Auckland, tax now accounts for 52% of the price at the pump.

To prevent a stampede, we announced the location publicly just an hour beforehand of the half hour event.

Word got around and a queue quickly formed down the street, with Newshub, 1News, and even Radio NZ turning up to see what the fuss was about. 

Newshub clipClick here to see Newshub's coverage.

1News
Click here to see 1News's coverage.

The Taxpayers' Union wouldn't usually give handouts, but in this case it was a small price to pay to get fuel taxes into the six o'clock news.

Half what you pay at the pump is tax 💸

As I pointed out to Chris Lynch on Magic Talk this morning, looming war in Ukraine is likely to lead to disruption and sanctions that will drive fuel prices even higher.

Jacinda Ardern might not be able to control Vladimir Putin, but she can shield taxpayers from the cost of conflict by pulling back the petrol tax lever.

>> Sign the petition to cut fuel taxes <<

The petition now has more than 11,000 signatures.

Please don't do this 🙈

Someone bought this sticker from the Taxpayers' Union store and put it on a petrol pump:

Sticker

Putting stickers on petrol pumps is naughty behaviour that we cannot possibly endorse.

If Taxpayers' Union supporters started pasting hundreds of these stickers on fuel pumps up and down the country we would be so upset that we would ask you to send us photos so we can expose this bad behaviour on social media.

Click here to order your sticker.

Starting to taste victory? Three Waters legislation delayedThree Waters signs

Late last year it was widely reported that the Government had delayed its Three Waters legislation until at least March, after facing overwhelming public opposition.

A new update from the Department of Internal Affairs confirms that the delay is even longer: the Government will now introduce the legislation "mid-year".

This is fantastic news for the campaign to Stop Three Waters. Firstly, it shows just how spooked the Government is by our efforts. They're on the back foot and are working desperately to massage the reforms into something more palatable to New Zealanders.

Secondly, the delay means that the legislation is likely to face public consultation in the same period as local body elections. We'll be working with council candidates to expose the nasty details of Nanaia Mahuta's asset grab in town halls and on election billboards across the country.

We can win this!

We know another why the Government has had to delay Three Waters. It relates to a court challenge that was filed last year but that we'll be announcing tomorrow... Keep an eye on your email.

🎤 Our members grill Christopher Luxon

Luxon event

On Thursday, we hosted an event for Taxpayers' Union supporters to meet National Party Leader Christopher Luxon, questioning him on any topic, free from the prying eyes of the media.

The BBQ was exclusive to Auckland-based members and financial supporters of the Taxpayers' Union. With COVID rules limited attendance to 100, but in future we hope to host much larger face-to-face events. If you're not already a member, join the Taxpayers' Union to get onto the invite list.

(Thank you to everyone who came along and gave such positive and helpful feedback to me, Jordan, Sara, Levi, Annabel, and the team. It was great to meet so many of you and put faces to names!)

You know things have got bad for the Government when...

It's not often that we're on the same page as the Public Service Association – the main public sector union which tends to campaign for the Labour Party.

PSA tweet

Tax bracket creep has now got so bad that even this left-wing union is now running our talking points: that minimum wage workers are now at risk of falling into the 30 percent income tax bracket.

There is a growing consensus that it's time to address bracket creep, but Grant Robertson says he has no plans to change the brackets. The obvious reason is tax creep has benefited him by stealthily increasing his income tax take, allowing him to make massive spending commitments of dubious quality. We need to keep the pressure on.

Are taxpayers set to bailout Ponzi schemes?

Charles Ponzi

The Reserve Bank is currently putting together legislation that would see deposits with banks insured by taxpayers.

However, the scheme would extend to high-risk finance companies. Where similar schemes have been put in place overseas, they have resulted in taxpayers being forced to bail out dodgy failed investments and even collapsed Ponzi schemes.

Our Research Fellow Jim Rose (a long-time economist) has produced a submission on the proposed Deposit Takers Act. You can find the executive summary and full document here.

Taxpayer Talk: What does the new TOP Leader stand for?

Raf Manji

The Opportunities Party (or simply "TOP") has a new Leader – Raf Manji. I sat down with Raf for a long-form podcast interview to ask why he's so keen for a universal basic income, how he thinks a land tax will pay for it, and whether TOP is a "left-wing" or "right-wing" party.

Click here to listen, or find all of our Taxpayer Talk episodes on Apple PodcastsSpotifyGoogle Podcasts, or iHeart Radio.

Thanks for your support, and all the best,

Louis circle


Louis Houlbrooke
Campaigns Manager
New Zealand Taxpayers' Union

Donate

Media coverage:

NBR  Once teddy bears, now protests: Cracks of division

NBR  
Can’t buy me love

Stuff  
Decision made on TVNZ, RNZ merger by the Cabinet, sources suggest

NZ Herald  National's Christopher Luxon says NZ 'society divided', Jacinda Ardern 'missing in action'

Stuff
  Parliament protest: The podium of truth has shifted and may never return

NBR  Wellington protests, vaccine mandates, and MIQ late bills

RNZ  The Week in Politics: The protesters and the politicians

NZ Herald  One last chance left to deliver

Newshub  New Zealand Taxpayers' Union gives about 50 Aucklanders their petrol tax back in pointed exercise directed at Government

RNZ  Lobby group pays drivers' fuel tax at North Shore petrol station

TVNZ  Taxpayers' Union stunt sees motorists handed back petrol bill tax

Kiwiblog  Taxpayers’ Union staff are literally handing out free cash in Takapuna

Kiwiblog  Taxpayers’ Union Curia February 2022 poll

Magic Talk  Taxpayers' Union Curia Poll

NZ Herald  'Pouring petrol on inflation fire': Bay of Plenty business leaders opposed to minimum wage hike

NZ Herald  National closes gap, as minor parties lose ground

The Spinoff  Parliament protest continues as omicron numbers top 2,500

Newstalk ZB  Taxpayers' Union Curia Poll

Newstalk ZB  Heather du Plessis-Allan: More of us think we're headed in the wrong direction

The Daily Blog  New Poll: Support for Luxon hardens – Left plus vs Right plus plus plus in 2023 showdown

RNZ  Labour holds strong in latest political poll, while National creeps up and minor parties suffer

The Country  The Country Full Show: Wednesday, February 16, 2022

Stuff  New poll: National surge up closer to Labour; Greens and ACT down

NZ Herald  TPU/Curia political poll: National closes gap to Labour, with minor parties losing ground

Submission: Reject deposit insurance for finance companies

The New Zealand Taxpayers' Union has submitted on the proposed Deposit Takers Act, warning against the proposed insurance scheme that will see Ponzi schemes bailed out by taxpayers.

Click here to read the full submission.

Executive summary:

This submission contends that implementing deposit insurance for finance companies would be a
short-sighted policy and must be considered a policy option distinct from deposit insurance only for
banks.

Finance companies operate within a different set of moral hazard concerns than banks do, which
deposit insurance schemes interact with to drive the sort of risk-seeking behaviour that makes the
guarantee more likely to be activated.

Economic stability is, however, not protected by deposit insurance for finance companies, in the same
way it may be for banks.

In New Zealand, finance companies now make an even smaller proportion of capital markets than they
did prior to the Global Financial Crisis (GFC). The deposit guarantee scheme put in place for finance
companies then was of dubious value, even with their larger share of the market in 2008.

The Reserve Bank Governor would be placed in an unenviable position as regulator for finance
company deposit insurance, as that portion of the market is regularly plagued by scandal and Serious
Fraud Office investigations.

While there is valid debate as to the correct policy balance for insuring deposits in banks, the case is
settled that finance companies should not be included in a scheme such as the one proposed. It is
recommended that finance companies be removed from the Draft Bill.


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