Thursday, January 14, 2021
In Brief
The Productivity Commission (Commission) recently released its final report on resources sector regulation. The report examines the regulation of minerals and petroleum in Australia, and identifies issues and leading practices approaches to addressing these issues.
The Commission has made a number of recommendations aimed at improving the current regulatory arrangements in the sector and reducing unnecessary costs for businesses.
The Commission was also tasked with considering potential impediments to the timing, nature and extent of business investment in the Australian resources sector.
The recommendations from the report have the potential to significantly affect the mining and petroleum sectors if implemented. Relevantly, the Commission has noted that improving the foundations of the regulatory system are particularly relevant in the current climate, as jurisdictions seek to develop reform agendas to boost economic activity a
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By Gareth Vaughan
Shortly after midday on Thursday, a few minutes after two government ministers began a press briefing outlining proposals to regulate merchant service fees, ASB issued a press release. ASB decreases merchant services fees to further support Kiwi businesses, the bank trumpeted.
The short three paragraph release said ASB welcomed the Government s move to consult on merchant service fees, and had immediately implemented a substantial rebate for small and medium sized ASB business customers until the outcome of the consultation is known. Topping it off, the rebate would be backdated to the start of December, ASB said.
However, no where in the release did ASB provide any details whatsoever about the rebate. Asked by interest.co.nz for the details an ASB spokeswoman said: The rebate amount a business customer will receive depends on their transaction volumes and is commercially sensitive.”