Consultation
65. The proposals for policy changes to the retail DGS were developed by The Treasury and the Reserve Bank of New Zealand in consultation with the Ministry of Economic Development (including the Companies Office), and the Securities Commission. These views have been reflected in the policy development. Annex 3 provides further detail on the issues raised in consultation and how these were dealt with.
66. The decision was made not to consult proactively on the proposals with the public. This is due to:
- Officials already having a reasonable amount of information about stakeholder views from regular interactions (summarised in Annex 3).
- Desirability to make an announcement soon, limiting the time available for any consultation. A period of consultation would make timing significantly worse and may not make us any better informed.
- Commercial sensitivity of the policy decision.
- Concern that public consultation could create further uncertainty in the market.
- The proposed course of action is temporary.
67. For these same reasons, we recommend the some or all of the stages of legislation to enact these changes, be passed under urgency with support from key support and opposition parties. There could also be a limited (one-two day) select committee process.
68. [Withheld – under active consideration ].
