๐ Finance
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[0] => The Finance portfolio was responsible for the Government's fiscal and monetary policies, annual budget, oversight of The Treasury, and administration of the Reserve Bank Act. The Minister of Finance also acted as a joint shareholder in the Government's state-owned enterprises on behalf of the Crown.
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-
Department of the Prime Minister and Cabinet website, http://www.dpmc.govt.nz/ (accessed 9 November 2010).
-
The Official website of the New Zealand Government, http://www.beehive.govt.nz/ (accessed 9 November 2010).
-
New Zealand Parliament website, http://www.parliament.nz/ (accessedย 9 November 2010).
-
The Treasury website, http://www.treasury.govt.nz/ (accessed 9 November 2010).
-
Reserve Bank of New Zealand website, http://www.rbnz.govt.nz/ (accessed 9 November 2010).
-
Scholefield, Guy H., New Zealand Parliamentary Record 1840-1949, Government Printer, Wellington, 1950.
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[history] =>
When New Zealand was granted dominion status in September 1907 theย portfolio ofย Minister ofย Finance was established.
Role and Responsibilities
The Finance portfolio was usually held by a senior frontbench member of the Government, who was responsible for the Government's fiscal and monetary policies. The Minister was also responsible for the Government's annual budget (which includedย the process of allocatingย money for Government departments and agencies, programmes, and the forecasting of Government revenue and expenditure), as well as the tabling of the budget in the House of Representatives.
The Minister also had oversight over the The Treasury, the Earthquake Commission, Government Superannuation Fund Authority, and the Guardians of New Zealand Superannuation, and received advice from The Treasury and the Reserve Bank of New Zealand.
Under the State-Owned Enterprises Act the Minister of Finance was a joint shareholder in the Government's state-owned enterprises (on behalf of the Crown), and as such was responsible to the House of Representatives for their performance.
The Minister of Finance appointed the Governor of the Reserve Bank of New Zealand on the recommendation of the Bank's board of directors. Board members were also appointed by the Minister. Under the Reserve Bank Act, the Minister was responsible for:
- agreeing with the Governor on monetary policy targets;
- agreeing on changes to the scope of the supervisory regime (particularly those that required Orders-in-Council or legislative amendments;
- approval of any decision to place a failing bank into statutory management or to give directions to a registered bank.
The Minister could also direct the Reserve Bank to intervene in the foreign exchange market or to impose, for a limited period an alternative monetary policy target.1
- p.31, Briefing on the Reserve Bank of New Zealand, November 2008, The Official website of the New Zealand Government, http://www.beehive.govt.nz/sites/all/files/RBNZ_BIM.pdf (accessed 9 November 2010).
Responsible Ministers:
JG Ward 1907-12
AM Myers 1912
James Allen 1912-15
JG Ward 1915-19
James Allen 1919-20
WF Massey 1920-25
William Nosworthy 1925-26
WD Downie Stewart 1926-28
JG Ward 1928-30
GW Forbes 1930-31
WD Downie Stewart 1931-33
JG Coates 1933-35
Walter Nash 1935-49
SG Holland 1949-54
JT Watts 1954-57
AH Nordmeyer 1957-60
HRย Lake 1960-67
RD Muldoon 1967-72
WE Rowling 1972-74
RJ Tizard 1974-75
RD Muldoon 1975-84
RO Douglas 1984-88
David Caygill 1988-90
Ruth Richardson 1990-93
WF Birch 1993-99
Michael Cullen 1999-2008
Bill English 2008-17
Steven Joyce 2017
Grant Robertson 2017-
ย
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[dateQualifier] => Array ( [0] => current ) ) [itemType] => Function [relationHasSource] => F0115 ) [17] => Array ( [name] => Fiscal policy advice [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1907-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [dateQualifier] => Array ( [0] => current ) ) [itemType] => Function [relationHasSource] => F0114 ) [18] => Array ( [name] => Government debt management [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1907-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [dateQualifier] => Array ( [0] => current ) ) [itemType] => Function [relationHasSource] => F0113 ) [19] => Array ( [name] => Government stock registration [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1934-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => approximate [1] => yearOnly ) ) [hasEndDate] => Array ( [dateQualifier] => Array ( [0] => current ) ) [itemType] => Function [relationHasSource] => F0104 ) [20] => Array ( [name] => Petroleum Production [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1978-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 1988-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Function [relationHasSource] => F0103 ) [21] => Array ( [name] => Coal Production [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1987-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [dateQualifier] => Array ( [0] => current ) ) [itemType] => Function [relationHasSource] => F0101 ) [22] => Array ( [name] => Life Insurance [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1907-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 1990-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Function [relationHasSource] => F0051 ) [23] => Array ( [name] => Friendly Societies and Credit Union registration [type] => controlling [hasBeginningDate] => Array ( [normalizedValue] => 1907-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 1996-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Function [relationHasSource] => F0004 ) [24] => Array ( [name] => Earthquake and War Damage [type] => otherwise [hasBeginningDate] => Array ( [normalizedValue] => 1954-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 1993-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0104 ) [25] => Array ( [name] => Public Trust [type] => otherwise [hasBeginningDate] => Array ( [normalizedValue] => 2001-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 2008-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0303 ) [26] => Array ( [name] => Crown Research Institutes [type] => otherwise [hasBeginningDate] => Array ( [normalizedValue] => 1991-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 2007-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0082 ) [27] => Array ( [name] => State Advances Corporation [type] => otherwise [hasBeginningDate] => Array ( [normalizedValue] => 1949-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [hasEndDate] => Array ( [normalizedValue] => 1974-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0109 ) [28] => Array ( [name] => State Owned Enterprises [type] => otherwise [hasBeginningDate] => Array ( [normalizedValue] => 1987-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0127 ) ) [sequentialRelation] => Array ( [0] => Array ( [name] => Novopay [type] => predecessor [hasBeginningDate] => Array ( [normalizedValue] => 2017-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasTarget] => J0300 ) [1] => Array ( [name] => Colonial Treasurer [type] => predecessor [hasBeginningDate] => Array ( [normalizedValue] => 1907-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasTarget] => J0185 ) [2] => Array ( [name] => Advances to Settlers Office/ Department [type] => predecessor [hasBeginningDate] => Array ( [normalizedValue] => 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[hasBeginningDate] => Array ( [normalizedValue] => 1963-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasTarget] => J0087 ) [7] => Array ( [name] => Government Life Insurance [type] => predecessor [hasBeginningDate] => Array ( [normalizedValue] => 1987-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasTarget] => J0070 ) [8] => Array ( [name] => Treasurer [type] => predecessor [hasBeginningDate] => Array ( [normalizedValue] => 2002-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasTarget] => J0030 ) [9] => Array ( [name] => Government Supply Brokerage Corporation Ltd [type] => successor [hasBeginningDate] => Array ( [normalizedValue] => 1989-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0412 ) [10] => Array 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Jurisdiction [relationHasSource] => J0143 ) [14] => Array ( [name] => Treasurer [type] => successor [hasBeginningDate] => Array ( [normalizedValue] => 1996-01-01T00:00:00.0Z [dateQualifier] => Array ( [0] => exact [1] => yearOnly ) ) [itemType] => Jurisdiction [relationHasSource] => J0030 ) ) [setSpec] => jurisdiction ) )Jurisdiction
J0092
1907 ‑
The Finance portfolio was responsible for the Government's fiscal and monetary policies, annual budget, oversight of The Treasury, and administration of the Reserve Bank Act. The Minister of Finance also acted as a joint shareholder in the Government's state-owned enterprises on behalf of the Crown.
Show History
When New Zealand was granted dominion status in September 1907 theย portfolio ofย Minister ofย Finance was established.
Role and Responsibilities
The Finance portfolio was usually held by a senior frontbench member of the Government, who was responsible for the Government's fiscal and monetary policies. The Minister was also responsible for the Government's annual budget (which includedย the process of allocatingย money for Government departments and agencies, programmes, and the forecasting of Government revenue and expenditure), as well as the tabling of the budget in the House of Representatives.
The Minister also had oversight over the The Treasury, the Earthquake Commission, Government Superannuation Fund Authority, and the Guardians of New Zealand Superannuation, and received advice from The Treasury and the Reserve Bank of New Zealand.
Under the State-Owned Enterprises Act the Minister of Finance was a joint shareholder in the Government's state-owned enterprises (on behalf of the Crown), and as such was responsible to the House of Representatives for their performance.
The Minister of Finance appointed the Governor of the Reserve Bank of New Zealand on the recommendation of the Bank's board of directors. Board members were also appointed by the Minister. Under the Reserve Bank Act, the Minister was responsible for:
- agreeing with the Governor on monetary policy targets;
- agreeing on changes to the scope of the supervisory regime (particularly those that required Orders-in-Council or legislative amendments;
- approval of any decision to place a failing bank into statutory management or to give directions to a registered bank.
The Minister could also direct the Reserve Bank to intervene in the foreign exchange market or to impose, for a limited period an alternative monetary policy target.1
- p.31, Briefing on the Reserve Bank of New Zealand, November 2008, The Official website of the New Zealand Government, http://www.beehive.govt.nz/sites/all/files/RBNZ_BIM.pdf (accessed 9 November 2010).
Responsible Ministers:
JG Ward 1907-12
AM Myers 1912
James Allen 1912-15
JG Ward 1915-19
James Allen 1919-20
WF Massey 1920-25
William Nosworthy 1925-26
WD Downie Stewart 1926-28
JG Ward 1928-30
GW Forbes 1930-31
WD Downie Stewart 1931-33
JG Coates 1933-35
Walter Nash 1935-49
SG Holland 1949-54
JT Watts 1954-57
AH Nordmeyer 1957-60
HRย Lake 1960-67
RD Muldoon 1967-72
WE Rowling 1972-74
RJ Tizard 1974-75
RD Muldoon 1975-84
RO Douglas 1984-88
David Caygill 1988-90
Ruth Richardson 1990-93
WF Birch 1993-99
Michael Cullen 1999-2008
Bill English 2008-17
Steven Joyce 2017
Grant Robertson 2017-
ย
- Department of the Prime Minister and Cabinet website, http://www.dpmc.govt.nz/ (accessed 9 November 2010).
- The Official website of the New Zealand Government, http://www.beehive.govt.nz/ (accessed 9 November 2010).
- New Zealand Parliament website, http://www.parliament.nz/ (accessedย 9 November 2010).
- The Treasury website, http://www.treasury.govt.nz/ (accessed 9 November 2010).
- Reserve Bank of New Zealand website, http://www.rbnz.govt.nz/ (accessed 9 November 2010).
- Scholefield, Guy H., New Zealand Parliamentary Record 1840-1949, Government Printer, Wellington, 1950.
- ๐ Novopay (2017 ‑ )
- ๐ Colonial Treasurer (1907 ‑ )
- ๐ Advances to Settlers Office/ Department (1909 ‑ )
- ๐ Government Superannuation (1993 ‑ )
- ๐ Government Printing Office 1 (1987 ‑ )
- ๐ Regulatory Reform (2017 ‑ )
- ๐ Inland Revenue (1) (1963 ‑ )
- ๐ Government Life Insurance (1987 ‑ )
- ๐ Treasurer (2002 ‑ )
- ๐ Government Supply Brokerage Corporation Ltd (1989 ‑ )
- ๐ Earthquake Commission (2011 ‑ )
- ๐ Inland Revenue (2) (1975 ‑ )
- ๐ Advances to Settlers Office/ Department (1907 ‑ )
- ๐ Government Superannuation (1993 ‑ )
- ๐ Treasurer (1996 ‑ )
- ๐ข New Zealand Institute for Crop and Food Research Limited, Head Office (1992 ‑ 2008)
- ๐ข Solid Energy New Zealand Limited, Westport Office (1987 ‑ )
- ๐ข DFC New Zealand Limited, Head Office (1987 ‑ 1988)
- ๐ข Monetary and Economic Council (1961 ‑ 1978)
- ๐ข Vehicle Testing New Zealand Limited, Corporate Office (1994 ‑ 1999)
- ๐ข New Zealand Productivity Commission (2010 ‑ )
- ๐ข New Zealand Venture Investment Fund Limited (2002 ‑ )
- ๐ข Kordia Group Limited (2003 ‑ )
- ๐ข Canterbury Earthquake Recovery Commission (2010 ‑ 2011)
- ๐ข Government Superannuation Fund Department (1988 ‑ 1998)
- ๐ข Committee of Inquiry on Lending to Farmers (1971 ‑ 1972)
- ๐ข AsureQuality Limited, Head Office (2007 ‑ )
- ๐ข New Zealand Institute for Plant and Food Research Limited, Head Office (2008 ‑ )
- ๐ข Guardians of New Zealand Superannuation (2002 ‑ )
- ๐ข Government Superannuation Board (1948 ‑ 1995)
- ๐ข Crown Fibre Holdings Limited (2009 ‑ )
- ๐ข Land and Income Tax Department, Head Office (1907 ‑ 1952)
- ๐ข Air New Zealand Limited, Head Office (1940 ‑ )
- ๐ข New Zealand National Airways Corporation, Head Office (1946 ‑ 1978)
- ๐ข Government Superannuation Fund Authority (2001 ‑ )
- ๐ข New Zealand Blood Service, National Office (1998 ‑ )
- ๐ข ASURE New Zealand Limited, Head Office (1998 ‑ 2007)
- ๐ข Mighty River Power Limited, Head Office (1999 ‑ )
- ๐ข Meridian Energy Limited, Head Office (1999 ‑ )
- ๐ข Petroleum Corporation of New Zealand Limited, Head Office (1978 ‑ 1988)
- ๐ข AgriQuality Limited, Corporate Office (1998 ‑ 2007)
- ๐ข Learning Media Limited (1993 ‑ 2014)
- ๐ข National Provident Fund Department, Head Office (1987 ‑ 1992)
- ๐ข New Zealand Superannuation Corporation, Head Office (1974 ‑ 1976)
- ๐ข Reserve Bank of New Zealand (1934 ‑ )
- ๐ข Crown Company Monitoring Advisory Unit (1993 ‑ )
- ๐ข Development Finance Corporation of New Zealand, Head Office (1973 ‑ 1987)
- ๐ข Transpower New Zealand Limited, Head Office (1987 ‑ )
- ๐ข Horticulture and Food Research Institute of New Zealand Limited, Corporate Office (1992 ‑ 2008)
- ๐ข AgResearch Limited, Corporate Office (1992 ‑ )
- ๐ข National Institute of Water and Atmospheric Research Limited, Head Office (1992 ‑ )
- ๐ข Earthquake Commission (1941 ‑ )
- ๐ข Solid Energy New Zealand Limited, Head Office (1987 ‑ )
- ๐ข Public Service Superannuation Board (1908 ‑ 1948)
- ๐ข R Corporation Limited (1988 ‑ 1999)
- ๐ข Rt. Hon. Bill Birch, MP (1993 ‑ 1999)
- ๐ข The Treasury (1907 ‑ )
- ๐ข Office of the Controller and Auditor-General (2001 ‑ )
- ๐ข Public Trust Office, Corporate Office (1907 ‑ 2002)
- ๐ข Hon. Trevor Mallard, MP (1999 ‑ 2008)
Show 41 items
- ๐ Realm of New Zealand (1947 ‑ )
- ๐ Dominion of New Zealand (1907 ‑ 1947)
- ๐ผ Superannuation (Non-Government employees) (1910 ‑ )
- ๐ผ Superannuation (Government employees) (1907 ‑ )
- ๐ผ National planning (1968 ‑ 1975)
- ๐ผ Air services (international) (1940 ‑ )
- ๐ผ Natural disaster insurance (1945 ‑ )
- ๐ผ War damage insurance (1941 ‑ 1993)
- ๐ผ Accident insurance (1907 ‑ 1990)
- ๐ผ Fire insurance (1907 ‑ 1990)
- ๐ผ Currency issuance (1933 ‑ )
- ๐ผ State lending services (1907 ‑ 1909)
- ๐ผ Valuation of land (1998 ‑ )
- ๐ผ State housing construction (1936 ‑ 1938)
- ๐ผ Budget and Vote appropriations advice and management (1907 ‑ )
- ๐ผ Monetary policy advice (1936 ‑ )
- ๐ผ Crown agency monitoring (1987 ‑ )
- ๐ผ Economic policy advice (1907 ‑ )
- ๐ผ Crown asset management (1907 ‑ )
- ๐ผ Fiscal policy advice (1907 ‑ )
- ๐ผ Government debt management (1907 ‑ )
- ๐ผ Government stock registration (1934 ‑ )
- ๐ผ Petroleum Production (1978 ‑ 1988)
- ๐ผ Coal Production (1987 ‑ )
- ๐ผ Life Insurance (1907 ‑ 1990)
- ๐ผ Friendly Societies and Credit Union registration (1907 ‑ 1996)