Source: Child Poverty Action Group
6 December 2021 – The Reserve Bank of New Zealand – Te Pūtea Matua is inviting feedback on the draft legislation for the proposed Deposit Takers Act.
The new Deposit Takers Act will create a single regulatory regime for all bank and non-bank deposit takers (NBDTs), such as building societies, credit unions and retail-funded finance companies). It will also introduce a new Depositor Compensation Scheme that will protect up to $100,000 per depositor, per licensed deposit taker, if a payout event is triggered.
Reserve Bank Governor Adrian Orr said this is a significant step towards strengthening the regulatory framework for all institutions that take deposits, and he encourages all stakeholders to share their views on the proposals.
“The new Act will broaden and clarify the scope of our role, which has evolved significantly since the Reserve Bank began prudentially regulating banks more than 30 years ago.”
The new legislation will require the RBNZ to:
establish deposit insurance (to be known as the Depositor Compensation Scheme) that will apply to all institutions that take eligible deposits;
introduce a single regulatory regime for NBDTs and banks, with standards as the main tool for us to set requirements;
strengthen director accountability with penalties for non-compliance;
broaden our supervision and enforcement tools (including a new power to conduct on-site inspections); and
strengthen and clarify the crisis resolution framework.
After the Act comes into force, there is likely to be a transition period to allow both the Reserve Bank and regulated entities time to prepare and adapt to the new regime.
We have worked closely with the Treasury and the Parliamentary Counsel Office to develop this draft legislation on the Minister of Finance's behalf.
Consultation on the exposure draft is open until 21 February 2022. During this period, we will be actively engaging stakeholders through a series of workshops and information sharing sessions.
The Depositor Compensation Scheme is being prioritised ahead of the rest of the Act coming into effect and is expected to be up and running in late 2023, around six months after the Deposit Takers Act is enacted.
6 December 2021 – Audience-focused content that meets the needs of tamariki and rangatahi, rural women and regional New Zealand is among a range of projects successful in the third round of Public Interest Journalism (PIJ) funding.
Also successful in this round are returning investigative journalism and current affairs series that continue to inform and engage the public about important issues.
NZ On Air earmarked $9m for this funding round, the third drawn from the $55m Public Interest Journalism Fund announced in February 2021. Demand was high from a broad spectrum of media organisations, with 82 initial applications collectively seeking $29,135,469.
Head of Journalism Raewyn Rasch, Ngāi/Kai Tahu, says the assessment panel was particularly excited to see the standard of youth and tamariki projects seeking funding in this round.
“It’s clear the sector sees the need to engage young people in news and current affairs, so they’re better informed about the world around them. It’s great to see their innovative approaches to reaching young audiences with quality information, especially through social media.”
In Round 3, 18 targeted role applications were recommended for total funding of up to $1,500,785.
Six organisations – Allied Press, Newshub, RNZ, Kōwhai Media, NZME and Stuff – will receive funding for roles that will strengthen company-wide cultural strategies. Ms Rasch says the assessment panel believe these roles, particularly the Partnership Editor positions, will bring positive change to how the media engage with Māori and diverse audiences.
Other roles funded in this round include an audio innovation editor for NZME, to improve access to news for blind and low vision New Zealanders, and sub-editor roles at The Spinoff and Newsroom to lift the quality and output of public interest journalism content.
Stuff and NZME will both receive funding from Round 2 for existing roles to ensure that audiences continue to receive critical local news reporting on their communities. Stuff will receive $731,300 over two years to continue providing public interest journalism across the Marlborough region, while NZME will receive $940,188 over two years to retain reporting roles in its free community newspapers across Rotorua, Napier, Hastings, Whanganui, Manawatū, Taupō, Horowhenua, and Kapiti.
Twenty news and current affairs projects, which encompass children’s and youth news, investigative journalism, and high-quality current affairs will receive funding up to $7,753,648.
This includes six projects relating to tamariki and rangatahi news programmes, and strengthening student journalism. Other successful applications include investigations into New Zealand’s charity sector, the state of Aotearoa’s oceans, climate change and the legacy of abuse in State care.
The focus of improving journalistic standards also saw two on-the-job training projects with content outcomes approved for Allied Press and Māori Television.
A group of returning series (Tagata Pasifika, Kea Kids News, The Hui, Q + A with Jack Tame, Newshub Nation, Stuff Circuit and Newsroom Investigates) have all been funded to return in 2022.
Roles (funded for one year)
Allied Press, 1 x Partnership Editor role, up to $145,650
Campus Radio 95bFM, 1 x Sub-Editor, up to $32,916
Discovery NZ, 1 x Newshub Cultural Partnership Navigator, up to $130,500
GlobalHQ, 1 x Digital Editor, up to $105,000
Kowhai Media Ltd, 1 x Kaiwhakatiki Hourua, up to $55,020
Mana Trust, 1 x Editor/Mentor and 1 x Digital Marketing Manager, up to $165,000
Newsroom NZ, 1 x Sub Editor, up to $91,679
NZME, 1 x Kaupapa Editor and 1 x Audio Innovation role, up to $200,280
Radio One 91FM, 1 x Digital Content Editor, up to $20,000
RNZ, 1 x Kurawhakaue Partnership Editor Role, up to $108,000
Stuff, 1 x te reo Māori Translator, up to $103,000
Te Po, 1 x Kawea Te Rongo Kaiwhakahaere, up to $68,250
The Spinoff, 1 x Sub Editor role, up to $105,450
The Pantograph Punch, 1 x Business Development role and 1 x Social Media Specialist (3 months), up to $95,040
Tikilounge Productions, 1 x Pasifika Youth Digital News Editor, up to $75,000
Allied Press, Cultural Competency and Commissioning project, 6 x long-form articles and staff training programmes, for Allied Press and associated publications, up to $61,725
BusinessDesk, Charity Sector Investigation (an in-depth investigation into New Zealand’s $18b charity sector), minimum 30 stories, up to $154,020
Discovery NZ, Newshub Nation 2022, 41 x 50 mins and a podcast series of current affairs, for Three, up to $978,175
Great Southern Television and Aotearoa Media Collective, The Hui, 40 x 28 mins shows and 40 x 28 mins podcasts Māori current affairs, for Three, up to $737,036
Kakalu Media, Online project (website creation and livestream capability) for Kakalu o Tonga, up to $9,817
Kowhai Media, A Voice for Tangaroa, 4 x 3000-word written features, 6 x 400-1,500 word stories that focus on the ocean around Aotearoa, New Zealand, for NZ Geographic, up to $146,745
Luke Nola & Friends, Kea Kids News, 80 x 4 mins videos for digital platforms and 80 x 2 mins videos for social media platforms, up to $653,773
Mahi Tahi Media, Ohinga 2, 50 x 4 mins videos, up to $264,386
Māori Television, Miria Te Pounamu (on-the-job journalism training wānanga for staff) for Māori Television, up to $189,200
Muster Vibrant Rural Communities, Rural Issues: Women’s perspectives on contemporary social and cultural issues, 9 x 3000 words, 72 x 600-1,500-word stories, 6 x 3 mins videos for Shepherdess Magazine platforms, up to $292,692
Newsroom NZ, Newsroom Investigates 2022, 60 mins video investigative current affairs, up to $336,358
Newsroom NZ, Climate Change Interview Series, 10 x 12 mins video interviews focused on how New Zealand will move to a low carbon future, up to $40,000
North & South Media, Exploring Aotearoa’s Chinese Communities, 4-6 features totaling 20,000 words exploring different facets of Chinese communities in New Zealand, up to $25,000
NZME, Whenua: Is it yours?, Interactive database and map, 4 x 1,500-3,000-word features that explores how and when land became part of the Pākehā property system in Aotearoa New Zealand), up to $80,500
Stuff, Stuff Circuit 2022, a minimum of 90 mins of video, investigative current affairs, up to $324,200
SunPix Tagata Pasifika, 51 x 23 mins and 2 x 90 mins Pasifika news and current affairs for TVNZ 1, up to $1,919,913
Te Parerē National Māori Students Magazine, 32 digital issues focused on Māori youth current affairs, up to $28,240
The Spinoff, The Quarter Million, 2 x 4,000 – 5,000-word feature, 8-10 Instagram tiles, 4 x 1,000-word stories plus 8 – 10 Instagram tiles, 4 x 2,000-word stories plus 8-10 Instagram tiles providing a youth perspective on the Royal Commission of Inquiry into Abuse in Care, up to $152,304
TVNZ, Kids Kōrero, 30 x 5 mins linear videos, 30 x 2 mins explainer videos, and 30 x 5 mins podcasts news and current affairs for 10 –14 year olds, up to $517,364
TVNZ, Q + A with Jack Tame 2022, 40 x 59 mins episodes, plus a two-hour special of current affairs, for TVNZ, up to $842,200
NZME, up to $940,188 over two years to support its newsgathering in Rotorua, Napier, Hastings, Whanganui, Manawatū, Taupō, Horowhenua, and Kapiti.
Stuff, up to $731,300 over two years for non-incremental role funding to support its Marlborough newsgathering.