Today in Norway: A roundup of the latest news on Thursday
Norway’s parliament to adopt pension reform, rent prices in heavy rise, and experts torn over interest rate cuts. This and other news from Norway on Thursday.
Norway’s parliament to adopt pension reform
The Norwegian parliament will vote through a pension reform on Thursday. The vote comes two weeks after it was announced that the government had secured a parliamentary majority for the new scheme.
The tweaked pension rules will raise the retirement age in line with expected life expectancy. For every decade a person was born after 1964, the retirement age will be raised by roughly one year from the current levels.
READ MORE: Everything you need to know about Norway’s latest pension reform
Seven of Norway’s nine mainstream political parties support pension reform. However, in recent weeks, some union members have protested the proposed reform outside parliament.
Experts torn over interest rate cuts
Norges Bank, the central bank, will publish its decision on interest rates. The key policy rate is likely to remain unchanged.
However, what is said in its decision will be of particular interest.
Economists and experts are torn over when interest rates will be cut.
READ ALSO: Is Norway still on track for interest rate cuts this year?
Chief economist Kjersti Haugland at DNB Markets told Norwegian newswire NTB that the first cut was likely to arrive in September.
Meanwhile, chief economist Marius Gonsholt Hov at Handelsbanken Capital Markets told NTB that consumers would have to wait until the end of the year for the first cut.
Norway’s central bank raised the key policy rate 14 times between September 2021 and December 2023 to try to control inflation.
Rental prices continue to rise
Rents in Norway continue to rise sharply.
Between February 2024 and the same month the year before, the cost of renting rose by 7 percent across Norway, figures from the rental agency Utleiemegleren show.
“Although 2024 started with a balance between supply and demand, we are seeing a price increase across the country for our entire portfolio, which consists of 17,000 rental units,” said Stian Carlsen, the agency's managing director.
“We have previously advocated that it is urgent to adjust the property tax down enough to make it worthwhile to rent out. In pressured areas, particularly in Oslo, arrangements must be made for new construction to get underway. The capital has a great need for small apartments,” he said.
Some 3.5 million in Norway have checked their tax returns
The Norwegian Tax Administration has sent out more than 5.1 million tax returns this year. So far, 3.5 million taxpayers have checked their notice.
Additionally, more than 1.4 million in Norway have already submitted their tax return.
The majority will have until April 30th to submit their tax return.
Comments
See Also
Norway’s parliament to adopt pension reform
The Norwegian parliament will vote through a pension reform on Thursday. The vote comes two weeks after it was announced that the government had secured a parliamentary majority for the new scheme.
The tweaked pension rules will raise the retirement age in line with expected life expectancy. For every decade a person was born after 1964, the retirement age will be raised by roughly one year from the current levels.
READ MORE: Everything you need to know about Norway’s latest pension reform
Seven of Norway’s nine mainstream political parties support pension reform. However, in recent weeks, some union members have protested the proposed reform outside parliament.
Experts torn over interest rate cuts
Norges Bank, the central bank, will publish its decision on interest rates. The key policy rate is likely to remain unchanged.
However, what is said in its decision will be of particular interest.
Economists and experts are torn over when interest rates will be cut.
READ ALSO: Is Norway still on track for interest rate cuts this year?
Chief economist Kjersti Haugland at DNB Markets told Norwegian newswire NTB that the first cut was likely to arrive in September.
Meanwhile, chief economist Marius Gonsholt Hov at Handelsbanken Capital Markets told NTB that consumers would have to wait until the end of the year for the first cut.
Norway’s central bank raised the key policy rate 14 times between September 2021 and December 2023 to try to control inflation.
Rental prices continue to rise
Rents in Norway continue to rise sharply.
Between February 2024 and the same month the year before, the cost of renting rose by 7 percent across Norway, figures from the rental agency Utleiemegleren show.
“Although 2024 started with a balance between supply and demand, we are seeing a price increase across the country for our entire portfolio, which consists of 17,000 rental units,” said Stian Carlsen, the agency's managing director.
“We have previously advocated that it is urgent to adjust the property tax down enough to make it worthwhile to rent out. In pressured areas, particularly in Oslo, arrangements must be made for new construction to get underway. The capital has a great need for small apartments,” he said.
Some 3.5 million in Norway have checked their tax returns
The Norwegian Tax Administration has sent out more than 5.1 million tax returns this year. So far, 3.5 million taxpayers have checked their notice.
Additionally, more than 1.4 million in Norway have already submitted their tax return.
The majority will have until April 30th to submit their tax return.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.