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House Price Inflation

Written By: - Date published: 10:58 am, May 6th, 2012 - 59 comments
Categories: business, capital gains, debt / deficit, Economy - Tags: , ,

It is a conventional economics axiom that increasing the money supply without a concomitant increase in production causes inflation.

In the last thirty five years we have had low inflation in all, except two, commodities. Firstly, Land , and thence housing and farm prices. (The other commodity is food).

This is driven by private Banking’s incentive to print money. The more money they supply the more interest they can make. Unfortunately, there is also a strong natural incentive to lend only on solid security, such as land and buildings. Banks know better than anyone the inherent insecurity and instability of financial instruments, including shares.

Mortgage law in most Western countries favours lending on land. Unlike other investments, or lending, if the value of the security, land, goes down, the borrower is still liable for the full amount of the loan and interest. The bank is indemnified against loss. For example, in New Zealand, the bank has priority over all other creditors, including contractors.

Lending on business and other assets does not offer the same security. The bank has to wait in line with other creditors and, normally, cannot continue claims in excess of their proportion of the sale.

Banks, while reluctant to risk their own money, are happy to risk small savers investments. Our pension funds, bank deposits and savings.

These schemes, whether shares, derivatives, hedge funds or other financial instruments are designed so that banks can gamble with our money. Win or lose they always get a cut. Losses come out of our pensions and other savings. Or, if they really stuff it up, taxpayers are expected to borrow more from them to pay for it. “The bailout”.

De-regulation of banking has removed almost all constraints on lending and the amount of wealth banks can take. The total monetary value of financial instruments and debt is now so great that a crash, or super inflation, is inevitable if it is ever fully spent on real production. Does anyone really think that infinitely compounding interest is possible in a world with finite resources?

While we lose our savings, houses and farms, bankers still get richer.

Given the difficulty in obtaining bank finance without land as security, favourable tax treatments in (Western countries for homeowners, landowners and farmers ), incentives for banks to avoid risk and the risks inherent in other investment (The inevitable crash of Banker’s ponzi schemes and the likely devaluation of currency denominated investments) it is not surprising that investors prefer land. The Chinese Government buying up land worldwide with US dollars, before they become worthless, is only a minor example.

Hence land prices rising much faster than wages.

Our economy, along with most other Western economies has been skewed by banks following their own self interest. The “invisible hand” has failed..

KJT

59 comments on “House Price Inflation”

  1. peter 1

    And in Godzone our interest payments and bank profits go off-shore for the benefit of others. We are already tenants in our own country, might just as well sell everything off.

  2. Richard 2

    Well, this post is pretty incoherent, and generally factually incorrect.

    Land isn’t, as claimed, treated differently than other investments, it is merely a highly common form of security interest. Other such interests, like Personal Property Security Interests also carry similar priority rules. Further, the presence of the security is the very thing that allows you to borrow 500k on a 50k salary and only pay 6% interest. Take that away, and take away any dreams of home ownership for the middle class.

    Blaming issues of housing affordability on easy access to credit is just bizarre.

    • KJT 2.1

      Bollocks. Try getting business finance without land as security.

      • muzza 2.1.1

        I’m sorry , Sir/Madam, do you have any collateral which the bank could use as security to underwrite any loan for your business.

        Oh, well unfortunately the bank will not be able to provide an undsecured loan, as the risk profile is not in line with bank policy!

        Good day!

  3. Johnm 3

    The early 80s I could easily buy a 3 bedroom house for $32,000.00 I was on a salary of $10,000.00 a year! That house was on a large section and stood alone. Since then the banks have lent a lot of fiat interest bearing money to get rich capital gains housing speculators on a self propelled upward market and real estate sales have cashed in as well. Using a vital social asset at once affordable prices has been turned into a get rich scheme for kiwis with existing income and assets to act as collateral.

    Nats and Labour have refused to stop this rort at the expense of younger kiwi couples ’cause they’re in it as well! By levying a Capital gains Tax of say 60%. Now young kiwis can’t buy their own homes ’cause of the greedies who have troughed in for wealth gains. Easy credit from foreign banks enabled this gross scandal and they have cashed in with the additional interest charged on the principal.

    Just another Ponzi scheme exploiting the fact people must live in shelter.

  4. Nick K 4

    So the problem with housing affordability is mortgages? As Richard said, bizarre.

    • KJT 4.1

      Are you actually trying to tell me that the availability of money has no effect on prices?

      • Nick K 4.1.1

        No. The availablity of money (cheap money) has *an* impact. It’s not the sole reason. Supply is another big factor, which we are seeing now as a result of developers being bankrupt and finance companies going under.

  5. Draco T Bastard 5

    Unlike other investments, or lending, if the value of the security, land, goes down, the borrower is still liable for the full amount of the loan and interest. The bank is indemnified against loss.

    Such laws are systemic to modern capitalism and puts the lie to the great risk, great reward BS that is peddled as the reason some people are rich. The wealthiest people take almost no risk as they’re protected against loss by the government. This needs to change.

    I’ve been thinking about this specifically in regards to mortgages, that I think that nobody should ever be at risk of losing their homes and that whenever you loan someone money you’re taking the risk that you’re not going to get it back. Thus I have come to the conclusion that we need a law that says something like:
    1.) The mortgage is for a fixed term
    2.) Each payment is for the agreed upon amount or 20% of income, which ever is the lesser

    This puts the risk back on the bank where it’s supposed to be.

    Would also need to ban foreign ownership so that vast amounts of cheaper foreign money don’t push the prices here up.

    • KJT 5.1

      I would rather leave out banks entirely. The lender is the democratic polity.
      Private entities should not have unregulated control over money supply.

      At this stage that is the Government as the “peoples representative”. A sarcastic thing to say at present, which is why we need democracy.

      I agree on foreign ownership. Foreign buyers with unlimited cheap US dollars can easily outbid any New Zealander.

      Some countries and States do have public banks.

      In the 30′s in NZ, public banking and issue of finance was a big factor in our early exit from the depression.

      • Draco T Bastard 5.1.1

        I would rather leave out banks entirely.

        So would I but I think that such a policy would have the private banks running for the hills as they’d pretty much be guaranteed to take a loss.

        Private entities should not have unregulated control over money supply.

        Agreed. In fact, the only money available should be what the government spends into the economy. Banks and finance companies would only be able to loan out that which has been loaned to them for that purpose. The right won’t like that though as it would prove that the community is the source of wealth and not the rich as they like to believe.

        • Leverett 5.1.1.1

          Right – so the risk of default is shouldered squarely by the banks. Two alternative paths spring to mind:

          The first is that bank’s go out of business, or at least cease lending to those of us without huge incomes or enormous estates. Banks might continue to lend to landlords, of course, because if they default the mortgage isn’t securing a home but a business asset. As a coeval, land prices fall because there are less buyers but given they can’t access lending, aspirant folk become less able to purchase property and all the land ultimately ends up being owned big business and big government.

          The second is that the state gets in the business of lending on property on the terms suggested. With no risk of foreclosure for default more people buy property, knowing that there is no risk of bankruptcy or eviction as a result of default – the costs of default being socialised. This makes credit ‘cheaper’ and consequently increases demand – in the same way that student lending increased following interest write-off legislation. Land prices greatly inflate in line with established economic principles. The government takes massive losses as homebuyers default with the crown unable to realise its security. Housing losses consume a huge proportion of the state budget.

          I am not saying the current world of banking and finance is in great shape but am genuinely interested in what is wrong with the foregoing analysis. Are there any examples of such schemes working well in the real world or is such a scheme based only on a priori reasoning?

          • Draco T Bastard 5.1.1.1.1

            It’s a question of artificial restrictions. The method used ATM is interest rates and that doesn’t actually work as the collapsing bubble proves. The other method involves regulation about where houses can be built (which we already have) and I’d suggest another couple of restrictions – you can only have one mortgage, it can only be applied to one house and you can only update it once every ten years. Also I’d probably get rid of the OCR and the idea of the government being the Lender of Last Resort.

            Yes it will be the government making mortgages available (at 0% interest) and more people will buy but there’s still a limit to the number of people and thus the number of houses wanted. Owning multiple homes so as to live off the rental income (be a professional bludger) would not be viable. On the positive side, all our people will be decently housed.

            As for the loss being socialised – What loss? The government creates the money to enable the necessary distribution of resources and then destroys it through mortgage repayments and taxes.

            The market doesn’t work without serious regulation and the present system of limited regulation only works to make a few people rich and everyone else dependent upon them. I call such a set up dictatorship.

            • Leverett 5.1.1.1.1.1

              I agree that, for whatever reasons, the world of finance isn’t going gangbusters at the moment and desperately needs correction. To summarise your proposal, however:

              - Ban all obligations mortgages on houses;
              - Ban repayments over 20% of the borrowers’ income for any lending to purchase houses;
              - Ban mortgagee sales over houses where the owner is in occupation;
              - Ban second mortgages on houses;
              - Ban the charging of interest on finance to buy a house;
              - Ban refinancing of home loans more than once a decade;
              - Ban the ownership of multiple houses; and
              - More restrictions on where houses can be built.

              The suggested result of these law changes isn’t that the housing stock will deteriorate and decline – or completely monopolised, but somehow that “all our people will be decently housed”.

              Under the present, imperfect system, my partner and I were able to scrimp and save for a few years to scratch together a deposit. We convinced the bank that we would be able to pay back its shareholders money with interest – showing that we would be a good investment. We are thinking of fixing my rates at some point in the next 6 months but haven’t decided yet.

              We had to move to the provinces to be able to afford a house and I worry about hard times a bit. We pay a little bit each month for life-insurance and mortgage interruption insurance. It means that we rent movies rather than go to the cinema, pack lunches and entertain friends at home rather than frequent cafes – which is sometimes frustrating. We think the arrangement is mutually beneficial because we are starting to build up a bit of equity in the land instead of paying most of our income to a landlord.

              It just seems a little weird that you would call that a dictatorship. In actual fact, you want to intervene in that mutually agreed exchange and dictate terms that no commerical party would agree to. Is there a point where you believe that there are intolerable restrictions on the right to enter into free contracts? I assume you’re not a full blown state-socialist, right?

              Under your vision, the only lender would be the state – but under such circumstances that somehow everybody is ‘taking’ from the system and, in the final analysis, nobody is paying in. There is no risk of penury if I default and no risk of losing my family’s shelter if I don’t work hard to create value for others. So once your ensconsed, why work?

              Again – has that alternative ever been tried succesfully anywhere?

              • Draco T Bastard

                Ban all obligations mortgages on houses;

                Didn’t do that as people would still be required to pay up to 20% of their income.

                Ban the charging of interest on finance to buy a house;

                I didn’t ban it at all. You could still go out and pay interest if you so desire as I’m sure there will be plenty of people willing to take money from you. It’s more that I set up conditions that prevent it from happening due to rational self-interest.

                Ban second mortgages on houses;

                Why would you want, or need, a second mortgage?

                Ban refinancing of home loans more than once a decade;

                Yep, good reason for that – it prevents housing bubbles like the one that just helped trip the world into recession.

                More restrictions on where houses can be built.

                Most definitely as urban sprawl is a) destructive of the environment, b) takes away land that could be used for better purposes (leaving it in it’s natural state is a better purpose) and c) damned expensive to maintain.

                The suggested result of these law changes isn’t that the housing stock will deteriorate and decline – or completely monopolised, but somehow that “all our people will be decently housed”.

                Yep, because all the necessary housing would actually be built.

                It just seems a little weird that you would call that a dictatorship.

                Being dependent upon an individuals whim is being in a position that you cannot govern yourself.

                So once your ensconsed, why work?

                Because it provides purpose.

                Again – has that alternative ever been tried succesfully anywhere?

                Looking to the past for solutions for the now and the future can only result in failure. That said, there’s the 1st Labour Government to look to.

  6. Pete 6

    There is sound social policy behind the relatively easy credit for homebuyers. Home ownership means people are more rooted in their communities, they take better care of their property and there’s a general desire to see a community improve. I’m not saying communities made up of rented properties don’t have their own strength – the student quarter here in Dunedin is a particularly vibrant (although it is by nature transient).

    I think we are witnessing one unintended consequence of the growth of women’s employment since the 1970s. Dual income households are now the norm rather than stay-at-home mums. That money sloshing around pushes prices up.

    Secondly, There’s also regional variations. I think what is playing out is the result of so much of the economy being centered on Auckland. There is so much more demand there and the market really is a different beast compared to the rest of the country. I’m lucky enough to be making the average income, but as a single person I would not have been able to buy a house had I stayed in Wellington. Here in Dunedin I’ve just moved into my own (modest) house after moving down south to work at the university.

    Edit: and I had help to do that too – I saved my deposit through Kiwisaver, so I used those employer contributions and the first home deposit subsidy from Housing NZ.

    • kiwi_prometheus 6.1

      “There is sound social policy behind the relatively easy credit for homebuyers.”

      The cheap credit boom leading up to the GFC was about a record breaking speculative bubble not “sound social policy”. And it has burst big time.

      USA house prices are down around 40% in the last 5 years. Australia tanking the last 2 years.

      NZ is sure to follow.

      And to think history’s ( and NZs ) greatest credit bubble occurred under Labour’s command.

      Shows how ideologically bankrupt the Left is with its Neo Classical Economics Lite, and the stench of stale cat pee hanging around it thanks to Rad Fem felix types.

      • Draco T Bastard 6.1.1

        Labour is of the right, neo-liberalism is of the right, and on top of that the political parties just do what they’re told to by the banksters.

    • Carol 6.2

      There is sound social policy behind the relatively easy credit for homebuyers. Home ownership means people are more rooted in their communities, they take better care of their property and there’s a general desire to see a community improve. I’m not saying communities made up of rented properties don’t have their own strength – the student quarter here in Dunedin is a particularly vibrant (although it is by nature transient).

      Actually, I think that one of the reasons the elite pushes home buying for all (apart from the fact that the people at the top get rich off it all while those at the bottom are kept in an insecure state), is that it keeps people busy with their house etc, so they are less likely to become highly critical of the elite…. ie it keeps them from rioting in the streets, because they are locked into paying for, maintaining and protecting their homes.

      This is one of the main reasons I’ve never been interested in owning my own home. Since I was quite young I’ve always thought it was a bit of a con.

      Lifetime renter, me. Still can’t get excited about real estate, and I have a strong sense of historical and social links to my community without it. Affordable housing should be readily available for all, without a need to buy, IMO. And if society society was organised so that accommodation was easily available, there would be other things to bind people to community and to develop a sense of a social consciousness.

  7. Afewknowthetruth 7

    In the last thirty five years we have had low inflation in all, except two, commodities. Firstly, Land , and thence housing and farm prices. (The other commodity is food)

    What a load of crap.

    Oil is currently 4 times the price it was in the early 2000s ,and is over 5 times the price it was in the 1990s. And that is after severe demand destruction has clobbered the market, due to numerous economies implodinging

    And gold is around six-and-a-half times the price it was 15 years ago.

    My decision to participate in TS discussions only on rare occasions is validated.

    • KJT 7.1

      You are right. Should have thought of energy also.

      Same drivers though.

      Don’t agree Gold is a commodity.

      I think you also agree it is all likely to collapse in a heap when it hits against resource constraints.

      • Lanthanide 7.1.1

        Compared to historical prices, food is also still very very cheap.

        • Colonial Viper 7.1.1.1

          According to Grantham in the last 10 years commodity prices have recovered all the price drops of the last 150 years.

        • KJT 7.1.1.2

          It may well be, but it has been rising steeply against median incomes.

          The rising gap between prices for necessities, and incomes, and the drivers for the gap, is our concern here.

  8. Reagan Cline 8

    “the inherent insecurity and instability of financial instruments including shares” Not sure that shares are “a financial instrument” but whatever – there are graphs that show shares long term outperform all other investemnt classes. There is short and medium term volatility in all investments.

    “Does anyone really think that an infinitely compounding interest is possible in a world with finite resources ?” No, if the resources bought and sold for profit are finite.

    The service part of the economy has grown hugely in NZ and is not limited by the material resources I think you are referring to.

    • Colonial Viper 8.1

      there are graphs that show shares long term outperform all other investemnt classes.

      Graphs of the past. Specifically of a past where the focus of the economy was on real industries and real profits, during a time of increasing resource and energy availability.

      Anyways, financial instruments such as shares are not the place to put capital now. Real productive assets and physical precious metals are where you need to be.

      • Reagan Cline 8.1.1

        I’m feeling greedy and a little afraid now CV. What “real productive assets” should I put my savings into ? Mighty River Power maybe ?

        • Colonial Viper 8.1.1.1

          Cheap, easy to fill rental properties, economically priced farm land, solidly revenue generating small businesses, and yes the power generators being hawked off.

    • KJT 8.2

      Those that deal in shares like to repeat that “on average, shares outperform all other asset classes”.

      While true, in that the total share market has risen faster than any other investment assets, this applies only to the sharemarket as a whole.

      As an individual investment the returns are far more mixed.

      For example. If you picked a random basket of shares in different enterprises 25 years ago, there is a better than even chance you would have made a loss.

      Some would say you can do better by picking when to buy or sell. But, Unless you have specialist (insider) knowledge, or enough money to change the market, you are unlikely to better the market. Even expert, share trading fund, managers rarely do better than index funds, long term.

      I know many people who lost their shirts on shares in the 80′s by leveraging to buy shares.

      Ultimately the only organization that has the long term view and clout to offer the new venture finance, particularly on sustainable energy and products, we need, is the State.

  9. DH 9

    I’m not sure this has the right explanation on business lending. The problem there is that banks will only lend up to 60% on asset value while still demanding a 100% security over the whole asset. Their reasoning is that a receivership fire-sale of business assets will usually return at least 60% so that’s the maximum they lend while claiming a first ranked security over the entire asset. Try and buy a commercial property – they demand a 40% deposit & then take the entire building as security over their 60% loan.

    Banks are the only no-risk party in the business arena and that’s what creates all the problems. Everyone else has to carry the entire business risk from the remaining 40% of asset value. When a business goes bust the bank typically gets all their dosh back, often including interest arrears, and every other creditor gets nothing.

    The finance companies went bust because the banks had first ranking securities over all the assets the finance companies lent against. The NZ banks lost bugger-all in those big crashes, they had the first mortgages. Risk & reward isn’t the mantra of banks.

    • Colonial Viper 9.1

      Correct, in the casino of capitalism, the banks run the house.

      • DH 9.1.1

        Aye, they do but it doesn’t need to be that way if we got a Govt with some balls. Another reason they have the ridiculously low 60% is because it gives them plenty of margin in a receivership to recover generous costs, penalty interest etc. ANZ did ok out of Feltex, everyone else lost their shirt.

        IMO the law needs to be changed so no lender can recover interest from a receivership as part of a security, it should be strictly the capital value of the debt. Interest & other costs should be the very last ranking.

        • Herodotus 9.1.1.1

          Problem is that banks take charges over specific assets. in this case land & buildings.
          In 08 we never experienced a real drop in residential property. In many cases around Auckland property is 10%+ above the 07/08 sales values achieved, so property is maintaining its real inflation adjusted rate over a severe and testing time.
          If property was 66% of what it currently is, many issues affecting NZ would be solved (and maintaining the long run wages to cost ratio refer link below), less offshore debt, increased disposable incomes to name a few. Problem is that (I cannot see) how an adjustment can be achieved with minimal transitional damage. Easiest way apply CGT on all property, but have a reduced rate for the family home (say 50% of that for all other property), and place control limits over what a bank can loan on a property e.g. min debt:equity ratio on any deal.
          And land “inflation” is far more than what has been statistically reported- as housing densities have greatly increased in the last 10 years or so. I.e. the size of sections has reduced from the 1000m (1/4 acre), to 750m to now 450-500m standard Auckland stand alone section, and in increasing frequency sections below 300m2. The smaller the section the greater the house build costs. As houses to comply to site coverage and return a return to the builder/developer has to be multi level. To reduce build costs both in time and $ is to build single level.
          And for interest read the Housing Affordability report recently released
          http://www.productivity.govt.nz/final-report/1468

          • DH 9.1.1.1.1

            “Problem is that banks take charges over specific assets.”

            Not always, that usually only applies to funding specific property assets of a business or residential property. Many business loans take the equivalent of a debenture over the entire assets of the business. Take a good look at a lot of the companies listed on the NZX and you’ll find that the banks have first dibs on shareholder equity with most, if not all, of them. That’s how shareholders lost every cent they had invested in Feltex; ANZ had a charge over the company.

            That’s one of the prime reasons that wise investors don’t buy shares. Shareholder capital has been subordinated to the banks. Shareholder capital exists on paper but if any company on the NZX went bust shareholders would lose everything while the banks would get every cent back. Who wants to take that kind of risk with shares?

            • Colonial Viper 9.1.1.1.1.1

              Consequently it means that private investors are very reluctant to help invest in growing, medium sized companies, leaving them starved of capital with few places to turn…except again to the banks.

          • prism 9.1.1.1.2

            @ Herodotus 6/5 8.12pm

            As houses to comply to site coverage and return a return to the builder/developer has to be multi level. To reduce build costs both in time and $ is to build single level.

            Bad idea. There is an urgent need for Low multi-level housing to stop the spread of suburbs which create transport problems and costly service provision, (extensive sewer water electricity pipes). The idea of hectares of 20th century style single level housing suburbs flowing out over the countryside is redundant.

            But the trend to hectares of soulless two-storey houses in Auckland developers suburbs now are so depressing. They all have costly soaring two-storey front porches which seem to aim at pretention, the size of the house spreads over the section so that there is little room between houses for sun, privacy separation etc. And they are as individual as 19th century British mass housing, or the ‘tract housing of USA which they are likely to be modelled on.

  10. mouse 10

    Great post KJT… It doesn’t sole all the problems of the world, But it does highlight one of the biggies, and one that can be fixed.

    The deregulation of the 80′s-90s really fucked NZ over…

    We (NZ Inc.) need to re assert control over our economy and it Starts with Banking and reckless administion/ oversight of the banking industry, any fool can create wealth by loaning it into being… and we need to get that Genie back in the bottle.

    Demanding more prudent loan to value ratios on lending… and entry barriers/capital controls on those who are more reckless than ourselves would be a good place to start.

    • KJT 10.1

      Thanks to everyone for helping to sharpen up my thinking on this.

      When I have time I will put up some possible solutions for discussion.

      • Colonial Viper 10.1.1

        Steve Keen has got an idea worth considering. Not simply restricting banks to a house value to loan ratio, but making the ratio based on the likely monthly rental for the property.

        This would kill off the ability for banks to lend more and more money into fueling an asset price bubble, which they could do in a normal house value to loan ratio system, as house values would be going up as part of the bubble at the same time.

  11. BM 11

    Had a pretty large amount of immigrants during the 90′s and 2000′s.
    Of those a good proportion of people were from the UK who didn’t blink an eye paying 100k + over the asking price.
    When you were getting 3-4 dollars per pound it didn’t really matter paying an extra 100k for a property you liked unfortunately it did push the price up beyond what a lot of kiwis could afford.

  12. BM 12

    Edit- things seem to have gone a bit pear shaped with the code

  13. james 111 13

    If we look at affordability of housing in Auckland in particular whilst I agree that the banks are scalping at the moment they are getting more than 200 basis points above their buying rate on lending. We also have to look at the impact of not releasing anymore land for sections this has forced house prices up hugely. Along with the compliance costs of the Council these have risen several hundred % in the past 10 years. eg to subdivide a section in Whangamata in 2003 was a cost of $8000 by 2007 that had risen to $40000. Council gouging ,and spending is totally out of control they have really impacted on the lack of houses being built along with the house prices of existing houses

    • KJT 13.1

      $35000 was the council price to subdivide a Coromandel section last year.

      Lack of supply does not help either.

      • james 111 13.1.1

        Totally agree the subdivision cost is absurd has gone up over 400% in most places just to review a set of plans. Which stops supply in its own right or pushes section prices up so they are unaffordable by first home buyers. The Councils are gouging on compliance costs it really needs to be looked at hard.

        • Colonial Viper 13.1.1.1

          Council costs are still only a tiny proportion of the $200K or so median Auckland house price increase of the last 10 years.

    • Draco T Bastard 13.2

      Increasing the physical size of a city isn’t a solution either as you will always eventually run out of land. The solution is to build upwards or have people move to other cities.

      Along with the compliance costs of the Council these have risen several hundred % in the past 10 years

      The solution that you’re calling for, more land availability, is what’s likely driving those increased costs because of all the extra administration and costs that goes along with it.

  14. prism 14

    What are the Council’s excuses for putting their rates up so high? Are they trying to take some off the top towards the costs from previous lax control leading to leaky buildings and the cost of remediation etc? If so, is this cost being loaded in full or part, on to the planning section of the Council when it actually is so large it’s an all-Council burden?

    • Colonial Viper 14.1

      The Supercity will save rate payers money. John Banks promised.

  15. prism 15

    lprent – My edit function was refused straight after I put a comment. Then I couldn’t even Close the window. Nothing happened. I got back in by opening a second blog so I could make this report. I did scroll up the page to get information and then had to use my F5 key to refresh so I could read my updated comment,
    something I have had to do since comments are under the heading of WP Ajax Edit Co.

  16. Poission 16

    The fundamental problem is the policy price paradox with property.

    The reserve bank sets interest to curb inflation (demand) The increase in equity in property allows borrowers to use their houses property to borrow more fueling higher costs.

    Borrowers for say small commercial set their rents at both funding costs and revaluation of assets forcing business to increase prices and constrain costs such as wages.

    The asymmetry has distorted the market,making rents for small business around 20-25% of turnover rather then around 10-12% historically.

    The constraint to reduce property inflation is a policy problem,where either property tax (which is widely used o/s) or a reduction in offsets against income,interest,depreciation etc.

    The increased use of say housing for leverage against additional property purchases was a mechanism that still drives property pricing.

  17. Jeremy Harris 17

    Lol, on The Standard it’s like reading posts by primary school children:

    By September 2004 Beal Bank’s assets had climbed to $7.7 billion. Then Beal stopped buying, letting his loans run off. By September 2007 assets had shriveled to $2.9 billion, one-fifth of which was cold cash. He was worried that consumers had taken on too much debt and money was being lent to companies for next to nothing. “Every deal done since 2004 is just stupid,” Beal says.

    He began by pulling back from home loans–even those guaranteed by Fannie Mae and Freddie Mac. Beal thought the two quasi-government agencies were over-leveraged. When staffers mentioned their guarantees in deal presentations he would fire back that these guarantees were “worthless.”

    Outsiders thought it was Beal who didn’t get it. Despite its aversion to credit then, the bank occasionally had to buy mortgages to meet federal low-income-lending requirements. Jonathan Goodman, then head of loan purchases, recalls salesmen from Countrywide laughing at him on the phone when he refused to buy iffy condo paper backed by the two agencies. “Countrywide, Bank of America, Washington Mutual … every single [mortgage seller] thought we were insane,” Goodman says. “They didn’t know why we cared. They thought Fannie and Freddie guarantees were as good as Treasuries.”

    http://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html

    Yip government mandating of central reserve banking and government deposit gaurantees have nothing at all to do with the problems in banking and it’s reverberations throughout economies, it’s all the fault of the evil “invisible hand” and “greedy banksters”. Puh-lease.

    • joe90 17.1

      WTF do the US mortgage scandals and the systematic theft by the lending industry have to do with NZ house prices Jeremy?.

      • Jeremy Harris 17.1.1

        Because like the US we have government mandated central banking and deposit guarantees.

    • Colonial Viper 17.2

      Most of the US subprime mortgage problems were caused by control frauds perpetrated by senior managers in private financial institutions, assisted by the “independent” credit ratings agencies.

      http://www.creditwritedowns.com/2012/02/william-k-black-explains-control-fraud-at-length.html

      Simple Government deposit guarantees have no role to play in the perpetration of these control frauds, and neither does the classical “invisible hand” of the market.

      • Jeremy Harris 17.2.1

        Some of the problem was caused as you describe, most of the problem was caused by Fannie and Freedie, federal mandates for subprime mortgages, federal guarantees of deposits, expansionary monetary policy by the federally created and mandated Fed Reserve and million and one other federal market interventions…

        • Draco T Bastard 17.2.1.1

          And who controls the US political scene?

        • prism 17.2.1.2

          Jeremy Harris You sound as if you are repeating the mantra of right wing financiers in the USA – no way will they find fault with their own sector. No it’s all government’s fault – and the fact that it can be captured by the system with regulation as a pretence is ignored. There is a moral hazard in getting too close to free marketeers if a government intends to provide oversight and take steps to ensure probity in financial rules are followed.

        • Colonial Viper 17.2.1.3

          Jeremy Harris YOU ARE NOT LISTENING

          Over 80% of subprime mortgage fraud was perpertrated by LENDERS acting under the authority of CEOs and other senior executives operating CONTROL FRAUDS.

          FMac and FMae were late players into this scene, PRIVATE financiers were the biggest and fastest in.

          And as others have tried to point out to you…in the US, Congress is simply an extension of American corporate/banking power.

        • KJT 17.2.1.4

          Really. So problems which occurred AFTER regulations were relaxed were a result of too much regulation??

          Freddie Macs and Fannie Mae’s collapse also occurred AFTER the GFC. You are confusing an effect with the cause. A few hundreds of millions of defaults, which happened mostly after the GFC reduced incomes, caused the 100′s of billions GFC?? Sarc.

          You are parroting all the other Neo-liberal apologists who like to pass the buck, and the costs, to anyone, but them selves.

          Sorry. we tried your way. Newsflash! It failed!

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    Mana | 21-07
  • Road fix needed now, not later
    Northland’s roading system is in chaos and needs fixing fast, Labour List MP Kelvin Davis says.  “According to NZTA’s 10 year funding data every area of Northland has had a decrease in NZTA funding since 2008...
    Labour | 20-07
  • KiwiSaver innovations needed to build wealth
    The innovative changes to KiwiSaver suggested by the Financial Services Council today will be seriously considered by Labour as part of plans to make KiwiSaver universal, Labour’s Finance spokesperson David Parker says. “Universal KiwiSaver is an essential part of Labour’s...
    Labour | 20-07
  • Greens announce 20 hours free ECE for two year olds
    The Green Party today announced that its key social platform for this election will be to tackle child poverty and inequality by ensuring every child in New Zealand has enough to thrive.The Green Party will make a series of policy...
    Greens | 20-07
  • MANA Pasifika Says NO To Discrimination
    Vice Chairperson of MANA Pasifika James Papali’i  feels for Ms Tupou and her children after they were served with trespass orders from their  local swimming pool in new market. With no warning or explanation from the pool staff Police ordered...
    Mana | 20-07
  • MANA Movement policy release – Economic Justice – John Minto
    Address notes from Mana Economic Justice Spokesperson and co-vice President John Minto to Economic policy launch in Kelston – 2pm, Sunday 20 July 2014. Reducing inequality and giving everyone a fair go MANA Movement’s policy prescription for a rich man’s...
    Mana | 20-07
  • One-sided reporting on the Middle East Conflict
    The following was sent to New Zealand Herald, Fairfax Media, Radio New Zealand, Television New Zealand, TV3, Radio Live and ZB Network. We are writing to all of you because there are well established patterns of reporting which seem to have been adopted by New Zealand...
    Mana | 20-07
  • Selfies: Labour’s Electorate MPs are at it again
    IT’S A LITTLE TRIANGLE of grass at the corner of Rewa Street and Mt Eden Road, ideal for election hoardings. Wandering along Mt Eden Road last Saturday morning to our weekly appointment with the brunch menu at Orvieto, my family and...
    The Daily Blog | 25-07
  • Well, well, well – Jonathan Coleman did know about FBI interest into Kim ...
    Last years GCSB Town Hall meeting in Auckland Oh dear, the cover up and lies are starting to fall over now aren’t they… Coleman knew of FBI interest in Dotcom pre-residency decisionGovernment minister Jonathan Coleman knew the FBI was interested...
    The Daily Blog | 24-07
  • Why You Must March Against Factory Farming This Saturday, 12pm
    The rally this Saturday is critical because this is the FIRST TIME IN NEW ZEALAND HISTORY that a major party has agreed to ban all intensive factory farming practices. The Labour party, the Greens, Internet-Mana, the SPCA, SAFE and other...
    The Daily Blog | 24-07
  • Astronaut tweets photo of explosions over Israel and Gaza from space
      This is what a war zone looks like from space: From aboard the International Space Station, German astronaut Alexander Gerst tweeted this image as the station passed over Israel and Gaza in what he called ‘his saddest photo yet’....
    The Daily Blog | 24-07
  • When Firstline are focusing on flag burning rather than dead Palestinian ch...
    The IDF are butchering children in UN schools this morning and what’s the big issue on TV3s Firstline? Flag burning. How pathetic, and what a slap in the face to Mike McRoberts who is currently risking his life in Gaza...
    The Daily Blog | 24-07
  • ‘Victim’ vs ‘Terrorist’
    ‘Victim’ vs ‘Terrorist’...
    The Daily Blog | 24-07
  • Petition asking TVNZ to stand Hosking down as election moderator jumps to o...
    In just a day the petition calling on TVNZ to replace Hosking as the election moderator has jumped to over 2500, you can sign it here. The defence that the Right are trying to run here is that John Campbell...
    The Daily Blog | 24-07
  • When the mainstream media go feral: the descent into sheer farce, according...
    . . It had to happen, I guess… The media pack-campaign against Labour Leader David Cunliffe has managed to  plumb new depths of absurdity. On TV3, on 24 July,  TV3/Tova O’Brien ran this report on their 6PM News bulletin, about...
    The Daily Blog | 24-07
  • Coalition for Better Broadcasting: MIKE HOSKING FOR PM?
    Yes indeed. Mike Hosking is for the PM. And now he’s able to do even more as moderator (or should that be immoderator) of TVNZ’s election debates. Here at the Coalition for Better Broadcasting we feel it’s pretty safe to say that...
    The Daily Blog | 24-07
  • The lie that “There is no alternative” to neo-liberal economic policies
    Supporters of President Maduro in Venezuela rally   Since the 1980s we have had drubbed into our heads that there was no alternative to the economic and social policies unleashed at that time. It even had it’s own acronym – TINA. The...
    The Daily Blog | 24-07
  • A Kanaky tale of mining skulduggery and environmental courage
    Florent Eurisouké … still campaigning against mining. Photo: Del Abcede/PMC David Robie also blogs at Café Pacific AN EXTRAORDINARY story of mining skulduggery and a courageous struggle by indigenous Kanak environmental campaigners has been captured in a poignant new documentary,...
    The Daily Blog | 24-07
  • UNBREAKING: The list of questions Mike Hosking will use in first TVNZ leade...
    “Good evening ladies and gentlemen and welcome to the first TVNZ leaders debate being held live in the gloriously beautiful Sky City ball room. It’s such a beautiful building boys and girls, we are so blessed to have Sky City...
    The Daily Blog | 24-07
  • Internet Party Party review
      I have been to A LOT of political party functions in my time, and they tend to be dull affairs at the best of times but what is happening with Internet MANA is something quite exciting. I went to...
    The Daily Blog | 24-07
  • Dear Seven Sharp – after learning Hosking will be the leaders debate ...
    I have to be honest, I had made the decision last night  to accept Seven Sharp’s hastily offered opportunity to appear on their show after I savagely criticised the bullshit whitewash story they did on John Key’s favourite far right hate speech...
    The Daily Blog | 23-07
  • National refuses meeting with Maui’s advocates
    MIL OSI – Source: Green Party – Headline: National refuses meeting with Maui’s advocates Wednesday, 23 Jul 2014 | Press Release This is another reminder that the National Government does not care about the survival of the Maui’s dolphin National...
    The Daily Blog | 23-07
  • Message from CTU President Helen Kelly
    MIL OSI – Source: Unite Union – Headline: Message from CTU President Helen Kelly Dear MikeThere’s only 43 days until September 3, when voting in the General Election starts. The last day to vote is September 20.Thanks heaps for signing...
    The Daily Blog | 23-07
  • MANA Tamaki send a challenge to Labour
    MIL OSI – Source: Mana Movement – Headline: MANA Tamaki send a challenge to Labour Posted on July 23, 2014 by admin in Joe Carolan, Press Releases“Labour should set the agenda and purposely do something positively controversial once a week”,...
    The Daily Blog | 23-07
  • We must act to save our dolphins
    MIL OSI – Source: Labour Party – Headline: We must act to save our dolphins A new report makes it clear for the urgent need to protect Maui’s and Hector’s dolphins while arguing  it is clear that there is no...
    The Daily Blog | 23-07
  • School told to manipulate national standards data
    MIL OSI – Source: Labour Party – Headline: School told to manipulate national standards data Parents can have little confidence in the Government’s National Standards after an Auckland school was told to manipulate its data so it added up, Labour’s...
    The Daily Blog | 23-07
  • Regional economies must have tailored plans
    MIL OSI – Source: Labour Party – Headline: Regional economies must have tailored plans News that up to 114 jobs could be lost from Fonterra’s Canpac plant in Hamilton reinforces the need for a government plan to build resilient regional...
    The Daily Blog | 23-07
  • Auditor General slams Shared Services project
    MIL OSI – Source: Labour Party – Headline: Auditor General slams Shared Services project The Auditor-General’s Office could not have been more damning about the 18 months spent on the Central Agency Shared Services (CASS) project at the Finance and...
    The Daily Blog | 23-07
  • Fonterra job losses a massive blow to Waikato
    MIL OSI – Source: Labour Party – Headline: Fonterra job losses a massive blow to Waikato The potential loss of up to 114 jobs from Fonterra’s Canpac plant in Hamilton is a massive blow to the Waikato region which has...
    The Daily Blog | 23-07
  • Basin flyover decision an opportunity for capital
    MIL OSI – Source: Labour Party – Headline: Basin flyover decision an opportunity for capital The decision to reject the proposed flyover at the Basin Reserve must be taken as an opportunity to properly fund Wellington’s transport future and must...
    The Daily Blog | 23-07
  • Indonesia: New President Widodo must make good on human rights pledges
    MIL OSI – Source: Amnesty International NZ – Headline: Indonesia: New President Widodo must make good on human rights pledges Indonesia’s new President Joko Widodo must deliver on campaign promises to improve Indonesia’s dire human rights situation, Amnesty International said....
    The Daily Blog | 23-07
  • Communities in Sierra Leone turn their backs on female genital mutilation
    MIL OSI – Source: Amnesty International NZ – Headline: Communities in Sierra Leone turn their backs on female genital mutilation While activists gather in London to discuss strategies to tackle female genital mutilation, communities across Sierra Leone have been taking...
    The Daily Blog | 23-07
  • The Gambia: Activists mark 20 years of iron-fisted repression
    MIL OSI – Source: Amnesty International NZ – Headline: The Gambia: Activists mark 20 years of iron-fisted repression The Gambian government must abolish the laws and iron fisted practices that have resulted in two decades of widespread human rights violations,...
    The Daily Blog | 23-07
  • A blog from the front lines of Palestine: It’s time for a new narrative
    I don’t know if I follow trouble or if trouble follows me, but somehow I seem to have found myself near one of the world’s hotspots again. The difference this time is that instead of sitting in some obscure location,...
    The Daily Blog | 23-07
  • GUEST BLOG: Michael Wood – The Path Ahead
    It’s well established that Labour has had a difficult couple of weeks. Getting back on to a successful path requires our focus to shift from looking inwards to outwards, heightened discipline, and inner conviction. While my assessment of New Zealand...
    The Daily Blog | 23-07
  • Employers liquidating companies to avoid paying minimum entitlements
    Across the union movement we have seen a number of documented cases now where companies are liquidating their business in order to avoid their legal obligations, in terms of paying the minimum entitlements to their workers. The most recent example...
    The Daily Blog | 23-07
  • GUEST BLOG: Joe Carolan : Positively Controversial
    The protest in Auckland last weekend that the NZ Herald claimed was attend by only a hundred people. Labour should set the agenda and purposely do something positively controversial once a week. A good start would be for all their...
    The Daily Blog | 23-07
  • Come on TV3 News – you are better than regurgitating Israeli propaganda
    Say it isn’t true TV3 News, you are seriously bitching about this???? The leader of the Mana Party, Hone Harawira, has supported flag burning at a pro-Palestinian march in Auckland at the weekend. Mana Party flags can be seen in...
    The Daily Blog | 23-07
  • The brutal siege of Palestine
    70 years ago the Jews of Europe suffered as much as any people can suffer. The Nazis set about ethnic cleansing and sent 6 million to their death. Today we watch in horror as Israel, the Jewish homeland created after...
    The Daily Blog | 23-07
  • When the mainstream media go feral: A tale of two holidays
    . . The recent non-story on David Cunliffe’s three day holiday should be proof-positive that the mainstream media (msm) is fixated on pumping out as many “bad news” reporting as can be generated by a headline-seeking; advertising-driven; lazy corporate-media system....
    The Daily Blog | 23-07
  • Canterbury housing crisis a moral, economic, health, education, and social ...
    Can they build it? No they can’t.  Occasionally I come across people who don’t believe me when I say there is a housing crisis in Christchurch.  Despite all the evidence to the contrary.  Even when I tell them that every...
    The Daily Blog | 23-07
  • Respected world visionaries of the past speak out on Israel
    Respected world visionaries of the past speak out on Israel...
    The Daily Blog | 23-07
  • From Here To There: How did Labour become so hopelessly lost?
    WRITING ABOUT the Labour Party these days puts me in mind of the joke about the American tourist and the Irish farmer. Seems there was this American tourist driving down a narrow lane in the heart of Ireland. He needed...
    The Daily Blog | 23-07
  • Oh NOW everyone thinks the ABCs are up to no good?
    Goodness last months June seems like years away doesn’t it? In June I pointed out a move by the ABCs to destabilise Cunliffe was under way. For pointing this out, Labour Party bloggers Rob Salmond and Lynn Prentice rushed to put...
    The Daily Blog | 23-07
  • Dear Seven Sharp – I have little interest in appearing on your show so th...
    After savagely critiquing Seven Sharp for trying to whitewash the repulsive history of a far right hate speech merchant like Cameron Slater yesterday, Seven Sharp have contacted me and offered to do a profile on me. Here is their email…...
    The Daily Blog | 23-07
  • Basin Flyover decision victory for common sense
    MIL OSI – Source: Green Party – Headline: Basin Flyover decision victory for common sense Tuesday, 22 Jul 2014 | Press Release “Both popular and expert opinion opposed the flyover. The proposal was expensive, unnecessary and would have undermined the...
    The Daily Blog | 22-07
  • CPAG Newsletter July 2014
    MIL OSI – Source: Child Poverty Action Group – Headline: CPAG Newsletter July 2014 22 July 2014 New child poverty data nothing to celebrate New data released by the Ministry of Social Development  indicates people living below the poverty line are worse...
    The Daily Blog | 22-07
  • Hotel ordered to pay $80,000 in outstanding wages
    MIL OSI – Source: Unite Union – Headline: Hotel ordered to pay $80,000 in outstanding wages An Auckland hotel has been ordered by the Employment Relations Authority to pay nearly $80,000 in outstanding wages to two employees. Filipino couple Abraham...
    The Daily Blog | 22-07
  • Rising interest rate and dollar driving manufacturing exports back to Globa...
    MIL OSI – Source: CTU – Headline: Rising interest rate and dollar driving manufacturing exports back to Global Financial Crisis levels The Council of Trade Unions is calling on the Reserve Bank not to raise interest rates on Thursday. “Another...
    The Daily Blog | 22-07
  • Israel/Gaza: Attacks on medical facilities and civilians add to war crime a...
    MIL OSI – Source: Amnesty International NZ – Headline: Israel/Gaza: Attacks on medical facilities and civilians add to war crime allegations The continuing bombardment of civilian homes in several areas of the Gaza Strip, as well as the Israeli shelling...
    The Daily Blog | 22-07
  • Central African Republic: Brazzaville talks should not lead to amnesties fo...
    MIL OSI – Source: Amnesty International NZ – Headline: Central African Republic: Brazzaville talks should not lead to amnesties for war crimes Amnesty International called on delegates to the Central African Republic (CAR) National Reconciliation talks due to take place...
    The Daily Blog | 22-07
  • Russia increases stranglehold on dissent as five more NGOs named ‘foreign...
    MIL OSI – Source: Amnesty International NZ – Headline: Russia increases stranglehold on dissent as five more NGOs named ‘foreign agents’ The Russian Ministry of Justice today registered four more Russian human rights organizations and one environmental group as “foreign...
    The Daily Blog | 22-07
  • Nigeria: World Bank panel turns its back on forcibly evicted community
    MIL OSI – Source: Amnesty International NZ – Headline: Nigeria: World Bank panel turns its back on forcibly evicted community The decision by a World Bank Inspection Panel to refuse to investigate a complaint about forced evictions linked to a...
    The Daily Blog | 22-07
  • National out of touch with the regions
    MIL OSI – Source: Labour Party – Headline: National out of touch with the regions John Key is out of touch with regional New Zealand if he believes tinkering with council regulations will restore opportunities to small towns, Labour Leader...
    The Daily Blog | 22-07
  • Flyover rejection a victory for sustainable transport
    MIL OSI – Source: Labour Party – Headline: Flyover rejection a victory for sustainable transport The rejection of the proposed Basin Reserve flyover by a Board of Inquiry is a victory for sustainable transport in Wellington and paves the way...
    The Daily Blog | 22-07
  • Loss Leading could destroy Kiwi lamb’s reputation
    MIL OSI – Source: Labour Party – Headline: Loss Leading could destroy Kiwi lamb’s reputation Meat companies that supply supermarkets and sell New Zealand lamb as a loss leader in the United Kingdom should lose their access to this valuable...
    The Daily Blog | 22-07
  • Labour will revive the regions with new fund
    MIL OSI – Source: Labour Party – Headline: Labour will revive the regions with new fund The next Labour Government will co-develop Regional Growth Plans for every region of New Zealand and will invest at least $200 million in a...
    The Daily Blog | 22-07
  • The Nation 26,27 July: Flavell & Harawira, Joe Hockey
    On The Nation this weekend…. With the Maori seats primed to play a pivotal role this election, Torben Akel reports from the key battlegrounds and meets the top contenders. Then the Maori Party co-leader Te Ururoa Flavell and Mana Party...
    Scoop politics | 25-07
  • Announcement of New Zealand First Candidate for Rangitīkei
    New Zealand First has endorsed Dr Romuald (‘Rom’) Rudzki as the candidate for the Rangitīkei Electorate in the 2014 General Election....
    Scoop politics | 25-07
  • Labour Offer Len Brown a Hotel Tax
    The Taxpayers’ Union is slamming the Labour Party's plan to allow councils to levy new 'pillow taxes' and regional petrol taxes. Reacting to this afternoon’s NZ Herald report Jordan Williams, Executive Director of the Taxpayers’ Union ,...
    Scoop politics | 25-07
  • Cell phone evidence a first
    Cell phone evidence a first Evidence gathered solely from a cell phone has been used for the first time to convict a Hastings man for possessing child sexual abuse pictures. Michael Lawrence Worsnop, a 29-year-old orchard worker pleaded guilty to...
    Scoop politics | 25-07
  • New Zealand Aid Worker Helping in Gaza
    A New Zealand Red Cross nurse working in Gaza says she has never experienced anything like the current conflict in her long aid work career....
    Scoop politics | 25-07
  • Parking officers deserve safety at work
    The union representing the Auckland Transport parking officer severely beaten on July 17 says everyone has a right to go about their job without fear for their safety....
    Scoop politics | 25-07
  • Caritas Aotearoa NZ to provide Gaza humanitarian aid
    Caritas Jerusalem is providing medical assistance, food and other necessities to the thousands of vulnerable people affected by the escalating conflict in Gaza, and Caritas Aotearoa New Zealand is contributing an initial $20,000 to support the humanitarian...
    Scoop politics | 25-07
  • ALCP challenges parties to support Charlotte’s Web
    The leader of the Aotearoa Legalise Cannabis Party Julian Crawford is calling on all other political parties to state their position on using cannabis oil to treat pediatric epilepsy....
    Scoop politics | 25-07
  • Oxfam accepts cheque from Pacific Corporation Foundation
    Oxfam New Zealand has accepted a cheque for almost $1000 today from the Pacific Corporation Foundation toward recovery efforts in the Solomon Islands, following April’s flash flooding that left thousands homeless....
    Scoop politics | 25-07
  • Draft report and decision – Pūhoi to Warkworth proposal
    The Ara Tūhono – Pūhoi to Wellsford Road of National Significance: Pūhoi to Warkworth section Board of Inquiry has released its draft report and decision....
    Scoop politics | 25-07
  • New Zealanders willing to pay tax to protect dolphins
    A report released this week shows a large majority of New Zealanders want Maui’s and Hector’s dolphins protected and they are prepared to pay for it....
    Scoop politics | 25-07
  • Stop Smart Meters
    “The Democrats for Social Credit Party (DSC) wholeheartedly endorses the Stop Smart Meters campaign for a moratorium on installations of smart meters until the technology is proven not be a risk to health, and until home owners are given a...
    Scoop politics | 25-07
  • Maori Roll Electors Urged to Vote Strategically
    Voters enrolled in the seven Maori electorates must learn to maximize their influence by voting strategically, according to the Maori Party candidate for Te Tai Tokerau, Rev Te Hira Paenga....
    Scoop politics | 25-07
  • Politicians Ignore Families’ Concerns on Street Prostitution
    Family First NZ says that politicians are ignoring the concerns of families, lack the will to take appropriate action, and are happy to drag the ongoing problem of street prostitution into the next parliamentary term....
    Scoop politics | 25-07
  • Plunket celebrates Te Wiki o te Reo Māori
    Plunket is proud to celebrate Te Wiki o te Reo Māori (21-27 July), with Plunket people across the country among several thousand New Zealanders taking part and increasing their kete of knowledge in te reo....
    Scoop politics | 25-07
  • Coleman must quit or be sacked over Dotcom case
    Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. Internet Party leader Laila Harré...
    Scoop politics | 24-07
  • Auckland Councillors, Not Emperors
    25 JULY 2014 Responding to the NZ Herald report that Auckland Councillors have voted to keep their ratepayer-funded business class travel perks, and considered new rules that would have exempted councillors from Auckland City's parking charges, Taxpayers’...
    Scoop politics | 24-07
  • Cunliffe Looks Dodgy Lunching with Sex Offender
    Conservative Party Leader Colin Craig says that David Cunliffe's social meeting with a known sex offender while on holiday "looks pretty dodgy."...
    Scoop politics | 24-07
  • Taxpayers’ Union Back LGNZ Calls For Greater Transparency
    The Taxpayers’ Union is backing Local Government New Zealand’s calls for the Official Information Act to be extended to cover the Local Government Commission. Union Executive Director, Jordan Williams, says:...
    Scoop politics | 24-07
  • Lecture series to provide insight into 2014 election
    Could National’s refusal to reform MMP lead to the defeat of the government? Is the media providing voters with the information they require to make an informed electoral decision? What directions might John Key’s leadership take if he secures...
    Scoop politics | 24-07
  • National Rally Against Factory Farming
    Animal advocates and members of the public all over New Zealand will unite for a ‘National Day of Action Against Factory Farming’ Saturday, tomorrow 26 July in response to two recent exposés that showed horrific conditions on pig factory farms....
    Scoop politics | 24-07
  • Women in Politics Finds Support at Conference
    Women in Politics, a brand-new organisation for New Zealand women in political office, was met with overwhelming support at the 2014 Local Government New Zealand Conference held this weekend in Nelson....
    Scoop politics | 24-07
  • The Government’s Fresh Water Policy – REVISITED
    Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation. They enlisted a group of 16 scientists to help them review the government’s new fresh water policy....
    Scoop politics | 24-07
  • Restoration of Post-graduate Allowances to be Key Issue
    As students prepare for the early voting that will take place on all university and many polytechnic campuses next month, the restoration of post-graduate allowances, removed by the current government in 2013, is emerging as a key election issue....
    Scoop politics | 24-07
  • Honesty for Taxpayers
    ACT has a new proposal to make our democracy more accountable. The proposal may seem small but it could be the most significant idea in this election....
    Scoop politics | 24-07
  • Mike Hosking for PM?
    The Coalition for Better Broadcasting is adding its voice to the many appalled at TVNZ’s choice of Mike Hosking as moderator for the upcoming political debates....
    Scoop politics | 24-07
  • ‘Party Party’ Hitting the Right Notes
    The “sold out” sign has gone up at the Internet Party’s concert in Christchurch tonight. A capacity crowd of 1000 will be at The Foundry for the Party Party concert, part of a major national musical tour aimed at getting...
    Scoop politics | 24-07
  • New Electoral Commission Campaign Launches This Weekend
    New Electoral Commission Campaign Launches This Weekend More non-voters than ever before say they don't feel like their vote is worth anything, or that their opinion matters. It's a trend that concerns the Electoral Commission, and the reason for...
    Scoop politics | 24-07
  • Umere says ‘taihoa’ on Māori Language Strategy
    A Maori Language advocacy group, Umere, is calling for a rain check on the Māori Language Strategy Bill, which is being introduced to parliament this week. "The submissions on the MLS have been released by Te Puni Kōkiri and they...
    Scoop politics | 24-07
  • High cost of GP visits still a barrier for older children
    Free doctor's visits should be extended to all children under 18 as GP charges are a significant barrier for low income families, says Child Poverty Action Group....
    Scoop politics | 24-07
  • David Cunliffe happy to hide sex offender’s identity
    ..:: For immediate release ::.. 24/07/14 David Cunliffe happy to hide sex offender’s identity - (and in fact enjoy lunch with them)...
    Scoop politics | 24-07
  • More kids in Southland and Otago are achieving
    Clutha-Southland National candidate Todd Barclay says the Public Achievement Information for 2013 shows New Zealand children are doing better across the whole education system....
    Scoop politics | 24-07
  • Flavell mistaken
    In response to Mr Flavell’s tirade this afternoon Conservative Party Leader Colin Craig advises "Mr Flavell is simply mistaken in his comments."...
    Scoop politics | 24-07
  • High cost of GP visits still a barrier for older children
    Free doctor's visits should be extended to all children under 18 as GP charges are a significant barrier for low income families, says Child Poverty Action Group....
    Scoop politics | 24-07
  • Taxpayers’ Union Lay Complaint with Speaker
    The Taxpayers’ Unio n has written to Parliament's Speaker, the Rt. Hon. David Carter, asking him to step in and investigate the claims on the WhaleOil blog that taxpayers’ money is being improperly used for Mana Party election campaign hoardings....
    Scoop politics | 24-07
  • MANA launches te reo Māori policy
    “MANA is launching its te reo Māori policy this morning ahead of the first reading of the government’s Māori Language Strategy Bill this afternoon”, said MANA deputy leader and candidate for Waiariki, Annette Sykes....
    Scoop politics | 24-07
  • Candidate welcomes award of platinum exploration permits
    Clutha-Southland National candidate Todd Barclay has welcomed the Government’s decision to award Lynx Platinum Limited two exploration permits in Southland. Mr Barclay said the minerals industry is an important part of New Zealand’s economy...
    Scoop politics | 24-07
  • Pokie spending and numbers continue to drop
    Pub and club gaming machine expenditure in the year ended June 2014 fell 2.4 per cent from $826.3 million to $806.2 million. There were also fewer licence holders, gambling venues and gaming machines compared with 12 months earlier. Licence holders...
    Scoop politics | 24-07
  • New Zealand Police to assist in MH17 victim identification
    New Zealand Police is sending three Disaster Victim Identification (DVI) specialists to the Netherlands to assist in the international effort to identify victims from the MH17 tragedy....
    Scoop politics | 24-07
  • Oil Spill Response Strategy available for consultation
    Maritime New Zealand (MNZ) is inviting comment on its draft updated New Zealand Marine Oil Spill Response Strategy....
    Scoop politics | 24-07
  • Police response to IPCA report on Rewa investigation
    Police accept the findings of today's IPCA's report regarding its investigations into offending by Malcolm Rewa in Auckland in the 1980s and 1990s....
    Scoop politics | 23-07
  • Well-known kiwis sign on to stop ivory trade
    Today the Foreign Affairs, Defence and Trade Select Committee will consider a complete ban on the ivory trade in response to a petition by Auckland teacher Virginia Woolf and policy analyst Fiona Gordon....
    Scoop politics | 23-07
  • Commonwealth Games are not being captioned in New Zealand
    As members of the Captioning Working Group, The National Foundation for the Deaf and Deaf Aotearoa New Zealand call for broadcast captioning of the 2014 Commonwealth Games...
    Scoop politics | 23-07
  • Majority of Commonwealth countries are already republics
    The Glasgow Commonwealth Games are here and it's a common misbelief that a Kiwi republic would mean that New Zealand would have to leave the Commonwealth. In fact, nothing could be further from the truth....
    Scoop politics | 23-07
  • Police handling of Rewa Investigation
    Although an Independent Police Conduct Authority inquiry has identified some faults with a series of investigations conducted by Police into offending by Malcolm Rewa, there is insufficient evidence that any of these impacted on the ability of Police...
    Scoop politics | 23-07
  • IPCA findings on Police handling of Rewa Investigation
    Good morning everyone. I’d like to begin today by explaining that this is an informational press conference and that I will not be taking questions at its conclusion. The reason for that is the report’s findings are the result of...
    Scoop politics | 23-07
  • Pay It Back Ms Hauiti
    Responding to the Newstalk ZB report that disgraced MP Claudette Hauiti is refusing to confirm whether or not she has reimbursed taxpayers for misuse of her Parliamentary 'P-card', Taxpayers’ Union Executive Director, Jordan Williams, says: “Ms Hauiti...
    Scoop politics | 23-07
  • RSA thanks NZ for $1.7m collected during Poppy Appeal
    The RSA today announced that over $1.7 million was donated to the 2014 Poppy Appeal for the support of veterans, ex-service men and women and their families in need....
    Scoop politics | 23-07
  • Students encouraged to be brave and never give up
    Students encouraged to be brave and never give up if they want to 'make it happen'...
    Scoop politics | 23-07
  • New Zealanders want to pay more to protect dolphins
    A report released this week shows a large majority of New Zealanders want Maui’s and Hector’s dolphins protected and they are prepared to pay for it....
    Scoop politics | 23-07
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