Bay of Plenty Times
  • Bay of Plenty Times home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Sport
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Sport

Locations

  • Coromandel & Hauraki
  • Katikati
  • Tauranga
  • Mount Maunganui
  • Pāpāmoa
  • Te Puke
  • Whakatāne
  • Rotorua

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • Thames
  • Tauranga
  • Whakatāne
  • Rotorua

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Bay of Plenty Times

Budget 2022: Snapshot for business

Jenée Tibshraeny
Jenée Tibshraeny
Wellington Business Editor·NZ Herald·
19 May, 2022 02:00 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save
    Share this article
Photo / NZME

Photo / NZME

Initiatives from Budget 2022 that affect businesses:

1. Supermarket regulation
The Government will introduce legislation to Parliament on Budget night, aimed at stopping supermarkets from blocking competitors from accessing land to open new stores.

Finance Minister Grant Robertson said findings from a Commerce Commission market study indicate restrictive covenants over land are a major barrier to supermarkets accessing new sites.

Hence, the Government plans to ban these covenants from being used to stop competition.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

It is also looking at how a Code of Conduct between major retailers and suppliers could be developed, and what role a dedicated regulator for the grocery sector could play.

Robertson said the Government would provide a formal response to the Commerce Commission's market study in the coming days.

2. Equity finance for SMEs
The Government is planning to team up with retail banks to create a new fund that will invest in small and medium-sized enterprises (SMEs).

It has committed to investing $100 million, alongside banks, in a new Business Growth Fund.

Advertisement
Advertise with NZME.

The Crown will have a minority shareholding in the Fund, which will be "privately operated" and "independently managed".

"Banks that own the Fund could refer SMEs to it where equity finance would be more appropriate than debt finance," Minister for Small Business Stuart Nash said.

"The Fund would be an active investor focused on providing growth capital, and wraparound capability support.

"The Fund would always be a minority investor with a seat on the board, offering guidance and expertise, but always leaving owners in control.

"Business Growth Funds have more modest return expectations and no hard exit deadlines allowing business owners to set their own growth targets and identify the most appropriate time and path to exit."

Nash said the Government has discussed the proposal with the Reserve Bank, which will consult on it publicly.

3. Income Insurance
Robertson is working towards getting his proposed Income Insurance Scheme off the ground in 2024.

The Government has committed to providing the Accident Compensation Corporation (ACC) funding to do "preliminary work to establish the systems and operational processes" for the scheme.

It is allocating $4m towards ACC in 2022 and 2023, and set aside a further $56.5m in "contingency" funding over 2023, 2024, 2025 and 2026.

The proposal is that employees and employers pay levies to the scheme, which would pay a claimant out in the event of job loss due to redundancy or illness.

Advertisement
Advertise with NZME.

The value of the payout would be equivalent to a certain portion of the claimant's previous income – up to a certain level. The payment would be available for a set time period, after which the claimant would need to go into the regular welfare system if they're still unemployed.

Participation in the scheme would be compulsory.

The proposed scheme's details are still being ironed out.

Save
    Share this article

Latest from Bay of Plenty Times

Bay of Plenty Times

'Unimaginable' tragedy: Sixth and final Mount Maunganui landslide victim formally identified

31 Jan 05:44 AM
Bay of Plenty Times

‘Every donation will help’: Tauranga mayor launches storm relief fund

31 Jan 03:17 AM
Bay of Plenty Times

‘Loved by all': Family of latest Mount Maunganui landslide victim identified pay tribute

31 Jan 01:10 AM

Sponsored

Discover Australia with AAT Kings’ easy-going guided holidays 

15 Jan 12:33 AM
Advertisement
Advertise with NZME.

Latest from Bay of Plenty Times

'Unimaginable' tragedy: Sixth and final Mount Maunganui landslide victim formally identified
Bay of Plenty Times

'Unimaginable' tragedy: Sixth and final Mount Maunganui landslide victim formally identified

The 71-year-old Rotorua woman has been formally identified in an identification hearing.

31 Jan 05:44 AM
‘Every donation will help’: Tauranga mayor launches storm relief fund
Bay of Plenty Times

‘Every donation will help’: Tauranga mayor launches storm relief fund

31 Jan 03:17 AM
‘Loved by all': Family of latest Mount Maunganui landslide victim identified pay tribute
Bay of Plenty Times

‘Loved by all': Family of latest Mount Maunganui landslide victim identified pay tribute

31 Jan 01:10 AM


Discover Australia with AAT Kings’ easy-going guided holidays 
Sponsored

Discover Australia with AAT Kings’ easy-going guided holidays 

15 Jan 12:33 AM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Bay of Plenty Times e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Bay of Plenty Times
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Bay of Plenty Times
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2026 NZME Publishing Limited
TOP