Government changes to skilled migrant visas will impact less than 7% of the country's long-term arrivals, leading to accusations of "tinkering around the edges." Figures released on Wednesday showed New Zealand gained almost a net 72,000 people in the year ended March, a record inflow, and net migration has been running above 6000 a month for seven consecutive months.

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New Zealand’s biggest banks are being urged to implement changes to their retail banking practices after their Australian-based parent companies confirmed they would adopt new recommendations on sales incentives. But New Zealand banks, as well as their Banking Association, say changes are already under way because of the Financial Advisers Act.

US President Donald Trump has confirmed his full tax plan principles, although plenty remains to be worked out. It outlines tax cuts but not broader tax reform for the corporate sector. He will consult with Congress for the next month before the House of Representatives begins drafting legislative text. The announcement could have a broad global impact even though his plan is essentially an opening negotiating position requiring modification.

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For some time the government has whetted the public’s appetite with a promise of tax cuts. Budget 2017 is widely expected to be the time these are delivered given the continued and growing surplus. Conjecture and supposition are building about what those cuts could mean. Adjustment to the tax rate brackets is seen as a minimum starting point of any change given the impact fiscal creep has had on tax paid by the average worker. Any additional adjustments will depend on how bold the government wants to be.

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A predicted fall in house prices in the latter half of this year will see overall economic growth take a hit, according to a leading economist. Infometrics chief forecaster Gareth Kiernan expects house prices in December of this year to be sitting 2.7% below their December 2016 levels. He says a combination of tighter mortgage lending conditions and higher interest rates will dampen demand.

Read more ($): https://www.nbr.co.nz/article/impending-house-price-falls-will-sideswipe-economic-growth-jw-p-202280

One of A2 Milk’s institutional investors says the company is attributing much of the company’s latest sales upgrade to the growing awareness in China of health benefits offered by the A2 hypothesis. A2 promotes its products as being easier to digest because its milk is pure A2 and doesn’t contain any A1 milk and steers clear of other claims. However, the A1 protein has been linked to a number of diseases from diabetes to autism.

Read more ($): https://www.nbr.co.nz/article/harbour-a2-milk-benefits-brand-strength-china-jr-p-202290

A couple of years ago, Dunedin lawyer Tim Black was sworn in as a District Court judge. Appointed to the bench in Palmerston North, a challenge in itself you might think, his swearing-in session heard the Principal Family Court Judge Laurence Ryan welcome the new cap to the bench, saying at one point that if Judge Black was human, which I believe he is, "you'll be feeling a bit nervous now."

Read more ($): https://www.nbr.co.nz/opinion/briefcase-anger-and-smiling-judge-justice-arnolds-indian-rubber-man-impersonation

The Electricity Authority is ditching the cost-benefit analysis of proposed transmission pricing changes it commissioned after discovering yet more flaws and the work required to replace it will push its final decision into next year. The cost-benefit analysis, prepared by Australia-based consulting firm Oakley Greenwood, came under scathing attack by Trustpower and Counties Power last month.

Read more ($): https://www.nbr.co.nz/article/ea-ditches-transmission-pricing-cost-benefit-analysis-jr-p-202238

The government has yet again been forced to defend New Zealand’s high immigration levels following new data suggesting SMEs think policies should be tightened. An MYOB study has revealed 43% of surveyed SMEs believe New Zealand’s immigration policies are not strict enough.

Read more ($): https://www.nbr.co.nz/article/smes-want-stricter-immigration-policies-jw-p-202271

Christchurch-based Saveawatt has just launched a collective power-switching campaign. It's inviting people to sign up via its website by May 21. After that date, Saveawatt will ask power retailers to bid for the collective's business, then choose the best deal.

Read more ($): https://www.nbr.co.nz/article/saveawatt-takes-stab-collective-power-switching-ck-p-202269