Magazine article New Zealand Management

As I See It; Hamish McConnochie Is a Public Policy and Media Studies Student at Victoria University, Wellington

Magazine article New Zealand Management

As I See It; Hamish McConnochie Is a Public Policy and Media Studies Student at Victoria University, Wellington

Article excerpt

What are NZ's major challenges for 2013?

New Zealand's challenges revolve around housing and insurance. For the former, it's about addressing the gap between new dwellings being built and population increases. For the latter, it's about people being able to afford to live and work in dwellings that are already built.

Housing is a unique commodity, which makes this issue such a challenge. Consumers generally want commodities to become cheaper. However, in housing, many consumers are owners, who want their assets to appreciate in value. Policies to increase the supply of land or housing are not always popular with the electorate, as these reduce the value of existing properties through reduced scarcity. Decreases in interest rates and the cost of building materials can help, but land policy is the number one driver in affordability.

Insurance has increased costs for businesses operating in Wellington and Christchurch, with office vacancy rates in the capital staggeringly high. …

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