web analytics

It’s not us: it’s the big banks

Written By: - Date published: 10:01 am, April 29th, 2013 - 30 comments
Categories: capital gains, capitalism, class war, cost of living, david cunliffe, debt / deficit, economy, gst, kiwisaver, news, russel norman, same old national, spin, thinktank - Tags:

So the big Aussie banks in NZ are on course for showing they have made record profits in their last financial year, according to Richard Meadows on Stuff:

Banking analysts expect record-breaking profits from the ‘Big Four’ Aussie lenders this week, but their local offshoots’ performance may be slightly less dazzling. …

ASB, which follows a different reporting year, has already turned in a $365 million net profit for the six months to December, down 2 per cent from the previous period’s record result. On a normalised basis, which is the bank’s preferred measure, profit rose 7 per cent. …

Across the Tasman, the Australian Financial Review reported that analysts expected the parents of the local banks to book record half-year profits of a collective A$13.2 billion (NZ$16b).

The Sydney Morning Herald reported ANZ and Westpac’s cash earnings were expected to rise 7 per cent from the previous corresponding period, while the underdog NAB was tipped to gain 2 per cent.

Meanwhile, it seems that Kiwis are not the poor savers many politicians and journalists make us out to be.  Apparently this is the conclusion of a report by the policy think tank The New Zealand Initiative (a bunch that prefer “Adam Smith’s invisible hand to government’s visible fist”).  According to  Catherine Harris’s article on Stuff, Kiwis are actually quite good savers:

In fact, New Zealand’s collective savings – from companies, government and households – had been “positive” for 38 of the past 41 years – in other words, its income was greater than its spending on consumption.

The savings figures did not include some forms of debt, though it did feature mortgage interest. But households’ net wealth had also risen.

So does that mean that the original money borrowed for mortgages is not included in the total debt of New Zealanders? Meanwhile, it argues that the problem is government policies that has caused the overall debt, even though it included government savings in NZ’s collective savings. The article claims that lack of saving is not the cause of NZ’s high debt levels:

In fact, the country’s chronically large current account deficit is the legacy of government policies between 1974 and the mid-1980s, says author and institute fellow Bryce Wilkinson.

“It was triggered by large trade deficits in the balance of payments, not least due to spiking oil prices, and exacerbated by the largely ‘Keynesian’ government deficit spending policy response.”

Since then, the large “net international investment position” – the $146 billion difference between assets New Zealanders own overseas and overseas-owned assets in New Zealand – had kept the current account balance in deficit.

I’m confused.  It looks to me like they are trying Harris’s article does not provide support another claim in the lead sentence, that New Zealanders “also fear overseas investment unnecessarily“.  Instead the article ends with reference to statistics that show,

Wilkinson also rejected the idea that Asians were taking over New Zealand. In fact, said the report, as of last year Australians owned 55 per cent of foreign investment in New Zealand, while those from Asean nations owned only 3.1 per cent.

Or is Harris and/or Wilkinson implying that Asean nation are “foreign”, but Australia isn’t?

I would have thought The New Zealand Initiative’s findings show that the (alleged) invisible hand is not stopping the foreign Aussie big banks ripping off Kiwis, and that their report is masking this by excluding some crucial forms of private debt.

Back in 2010, the NAct government launched a Savings working party because of their concerns about Kiwis not saving enough. Labour’s then financial spokesperson, David Cunliffe was skeptical.  An Otago Daily Times article said:

“Having already cut New Zealand Superannuation Fund contributions and gutted KiwiSaver, the terms of reference for the Savings Working Group are now equally disturbing,” he  [Cunliffe] said.

“New Zealanders all know `government savings’ is code for harsh cuts to essential services, `changes to the tax system’ are likely to favour the wealthiest kiwis, and references to `fairness and effectiveness of KiwiSaver’ could mean further gutting of this landmark scheme.”

When the report from the Savings Working group was released in February 2011, as reported by TVNZ, Cunliffe and Russel Norman were critical, arguing that the report put too much focus on cutting government rather than on private debt.

Labour’s finance spokesman David Cunliffe adds that the report also ignored any discussion about the impact of dramatically cutting public services.

Slashing government spending and raising GST would make the recession worse and be unfair to Kiwis, he said.

Russel Norman argued for a Capital Gains Tax (other than for the family home) was essential, in keeping with the Saving’s Group Report that showed that biases in the tax system were contributing to the inflation of house prices.

So, overall, the articles indicate the big Aussie banks are the problem, not kiwis’ inability to save.  this is even though the New Zealand Initiative seems to be trying to skew the findings to support the NAct agenda for golvernment spending cuts.

We need better think tanks – especially, we need left wing alternatives to the current influential think tanks that begin with right wing assumptions about government intervention-bad; multinational corporates-good.

 

30 comments on “It’s not us: it’s the big banks”

  1. One Anonymous Knucklehead 1

    Left-wing think tanks are called universities.

    • Colonial Viper 1.1

      No. Universities as institutions are doing only a fair to mediocre job of acting as the social and political conscience of NZ society.

      And the economics/finance departments are generally doing a pretty shite job. But in order for academics in those fields to get grants and to get papers pubished in the major journals (and hence promotions), you basically have to follow an orthodox neoliberal framework.

      If I were to be blunt, I’d argue that universities are not fulfilling the role that NZ society needs today; just what the imaginary market and its current funding models need.

    • Murray Olsen 1.2

      Not at all. Plenty of right wing rubbish comes out of universities, as well as some left wing analysis. This shows that they support a diversity of inquiry, unlike think tanks which normally support thinking in support of a well defined position. For example, if one has liberty or freedom in the title, it’s likely to support harsher prison sentences, surveillance without legal safeguards, interference in the bedroom, and state invasion of women’s lady parts.

      • One Anonymous Knucklehead 1.2.1

        The Right needs its own facts: the Left does not. Universities foster inquiry. No think tank is ever going to match their resources.

  2. DH 2

    “Saving’s Group Report that showed that biases in the tax system were contributing to the inflation of house prices”

    Unfortunately the problem goes a little deeper than that. I don’t know how many here have read Milton Friedman but his monetarist theory is the basis for how NZ controls inflation.

    A simple monetary view is inflation occurs when the money supply increases faster than economic growth. Bank lending is the cause of the money supply growing so the RBNZ are the ones charged with keeping growth in the money supply closely aligned with growth in GDP to prevent inflation. They do that by controlling the price of money – interest rates. Basic economic theory says that if interest rates go up the demand for borrowed money will fall leading to a slowdown in the growth of the money supply.

    The housing inflation is proof the RBNZ haven’t properly controlled growth in the money supply because house prices can’t go up without it (well they could, but only if there was a corresponding fall in prices elsewhere in the market and that hasn’t occured.)

    The subject is quite complex because the mortgage lending generates economic growth, it just doesn’t create enough growth in GDP to offset the increasing money supply.

    IMO Greens & Labour are tinkering at the edges too much & need to get to the source of the problem. CGT and tax won’t reduce mortgage lending, if anything they’ll increase it.

    • Saarbo 2.1

      DH,
      A question: In the basket of goods and services that make up CPI, do you know how much is made up of “housing”?

      I get the impression it is under represented.

      • DH 2.1.1

        Yup, your impression is correct. Can download CPI data here;

        http://www.stats.govt.nz/browse_for_stats/economic_indicators/CPI_inflation/info-releases.aspx

        They use a weighting format. Weighting can be viewed as a percentage, ie a weighting of 10 would represent roughly 10% of household spending. They adjust the results further by population/area weightings but that makes only a very minor change to the numbers. The CPI is made up of groups and sub-groups, 2011 weightings by group are;

        Food – 8.79
        Alcoholic beverages and tobacco – 6.91
        Clothing and footwear – 4.42
        Housing and household utilities – 23.55
        Household contents and services – 4.44
        Health – 5.44
        Transport – 15.12
        Communication – 3.53
        Recreation and culture – 9.12
        Education – 1.84
        Miscellaneous goods and services – 6.85

        Housing and household utilities includes only the cost of a new house which I’m pretty sure doesn’t include the price of land. That group has the following sub-group weightings that make up the total of 23.55;

        Actual rentals for housing – 8.78
        Purchase of new housing – 4.01
        Property maintenance materials – 0.61
        Property maintenance services – 2.96
        Water supply – 0.26
        Refuse disposal and recycling – 0.14
        Local authority rates and payments – 2.32
        Other property related services – 0.03
        Electricity – 3.91
        Gas – 0.43
        Solid fuels – 0.11

        An example of calculating it; say you have inflation in rentals of 10%. You’d multiply that by it’s weighting of 8.78% which makes 0.878 and would add 0.878 points to the CPI.

        From the publics POV the CPI is a total con job but people aren’t good at figuring out this sort of stuff so no-one really understands it.

  3. JonL 3

    Interesting.

    In the latest Eurobarometer poll
    Large majorities across Europe support:
    – the introduction of a tax on financial transactions (71%)
    – tighter rules for credit rating agencies (79%)
    – a tax on profits made by banks (83%)
    – tighter rules on tax avoidance and tax havens (61%)
    70% wish to see a stronger EU role in regulating the financial services industry and 76% want to see stronger EU coordination of economic policy.
    Tellingly only 39% of the population believe that reducing public deficits and debt are the answer to the economic crisis.

    Are there any similar polls in NZ?

    • infused 3.1

      Probably not since we didn’t get fucked like Europe did.

      • felix 3.1.1

        …thanks to the previous govt using budget surpluses to pay off our debt and leave the books in good shape. According to Bill English, that is.

        Guess it’s a good thing they didn’t listen to you and your mates bleating at them for years to spend those surpluses on tax cuts, eh?

        • infused 3.1.1.1

          It doesn’t matter, Labour spent it all in the end anyway.

          • Pascal's bookie 3.1.1.1.1

            But like you say, we weren’t fucked like Eurp.

            Say, who reckoned we should be more like Ireland leading in to the GFC?

          • felix 3.1.1.1.2

            Labour left us with no debt, confused. You and your mob wanted them to leave us with a massive debt.

            I think that matters quite a lot.

  4. MrSmith 4

    Great piece Karol and wish I had time to write something in reply, DH is on the money though.

  5. dumrse 5

    Labour had no hesitation in telling us they would nationalise the Power so, why not Nationalise the Banks. Think about it, the fat profits could be used to repay the purchase price and the next decade will contribute to the economy. Don’t forget, you heard about it here first.

  6. MrSmith 6

    “So the big Aussie banks in NZ are on course for showing they have made record profits in their last financial year, according to Richard Meadows on Stuff:”

    The thing that most people don’t understand is that accounting has a lot of grey areas, and the right like it that way, now if you are an Aussie bank do you think you would employ your brothers, sisters, uncles son, who you were told is good at maths to do your accounts? No you will likely pull some of that tax deductible freshly printed money out and employ the best fuckin accountant money can buy and when I say the best, I don’t mean the most moralistic, I mean the one that will make me the most money, accounting is just another game, the government sets the rules and if you want to win at this game, so like most sports you push the limits, until you get caught breaking the rules, then you say your sorry and hope the gains outweigh the losses.

    The Aussie banks will be cooking their books, you can bet on it, for the tax department to take on this lot will mean a large swallow, and lets face it the Nat’s put the dogs on the chains 4 years ago.

    Interesting listening to our former prime minister Boldger rewriting history on RadioNZ the other day, saying he had some regrets, meaning when he first came to power that selling our banking system to the Aussie’s, was his greatest regret, thanks a lot Jim, Jim you will go down in history as the Man that sold NZ to Australia.

    Boy and Girls we would be far better off becoming another state of Australia now! sorry but the game is up kids, at-least we would get decent wages and conditions, think about it, swallow your pride and ask to become part of Austrila or shut the fuck up about being Australia’s bum boys, bend over and pay the rent, they own us now, thanks Jim.

  7. MrSmith 7

    Going Bush tomorrow Karol but no doubt Draco will show up and DH needs to write more on this, hope to get back to this later tomorrow when the traps are out.

  8. MrSmith 8

    “Meanwhile, it seems that Kiwis are not the poor savers many politicians and journalists make us out to be.  Apparently this is the conclusion of a report by the policy think tank The New Zealand Initiative (a bunch that prefer “Adam Smith’s invisible hand to government’s visible fist”).  According to  Catherine Harris’s article on Stuff, Kiwis are actually quite good savers:”

    I have know idea what or who’s behind the New Zealand Initiative, call me a sceptic, rewriting history is like religion, just interpretation, and every man and his dog, like the New Zealand Initiative seem to be rewriting history at the moment.

    Read this recently by Noam Chomsky on Adam Smith. http://www.greanvillepost.com/2013/04/11/education-is-ignorance-discovering-the-real-adam-smith/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%253A+TheGreanvillePost+%2528The+Greanville+Post%2529

    • Pascal's bookie 8.1

      New Zealand Initiative is Business Roundtable 2.0

    • karol 8.2

      Here is the link to Wilkinson’s full NZ Initiative report. This is what it says “About the Author”

      Prior to setting up economics consultancy Capital Economics in 1997, Bryce Wilkinson was a director of Credit Suisse First Boston in New Zealand (now First NZ Capital). Before moving into investment banking in 1985, he worked in the New Zealand Treasury, reaching the position of director. Bryce has a strong background in public policy analysis, including monetary policy, capital market research and microeconomic advisory work. He was a member of the government’s Regulatory Responsibility Taskforce, the 2025 Taskforce and the ACC Stocktake Group and was acting executive director of the New Zealand Business Roundtable for a short period in late 2011 and early 2012.

      Bryce holds a PhD in economics from the University of Canterbury and was a Harkness Fellow at Harvard University.

  9. infused 9

    Yes it is us. We are the ones spending their money. They won’t make a profit if you are not borrowing…

  10. tracey 10

    Wasnt the main advisor to bush vis a vis the bank bailouts the former head of goldman sachs?

Links to post

Recent Comments

Recent Posts

  • Govt housing failures sees big borrowing rise
    National’s failure to tackle the housing crisis is putting the economy way out of kilter, with borrowing rising four times faster than incomes - the fastest rise since the financial crisis, says Labour’s Finance spokesperson Grant Robertson. “The Government’s inability… ...
    26 mins ago
  • Minister flounders over Auckland Council farce
    Local Government Minister Sam Lotu-Iiga should step in and resolve an escalating Auckland Council reorganisation debate before it becomes even more complicated and expensive, says Labour’s Local Government spokesperson Meka Whaitiri. “The Local Government Commission (LGC) has announced that the… ...
    1 hour ago
  • Labour and Greens sign historic agreement to change the Government
    The Labour Party and the Green Party have announced today they have signed an historic agreement to work cooperatively to change the Government. The Memorandum of Understanding (MoU) between the parties commits them to working cooperatively to change the Government… ...
    20 hours ago
  • Budget ignores vital role of quality ECE
    Last night I watched a fascinating programme about the Otago University 45 year study of 1000 New Zealanders. It concluded that there are ways to intervene and support people who are at risk of becoming violent. One of the key… ...
    GreensBy Catherine Delahunty
    2 days ago
  • More ice for Radio NZ in Budget
    Budget 2016 once again left our only public broadcaster, Radio NZ (RNZ), worse off. After eight years of funding freezes, you have to wonder if RNZ is being iced-out for ideological reasons. I believe public broadcasting is an important cornerstone… ...
    GreensBy Gareth Hughes
    2 days ago
  • Fisheries inquiry must be widened to include Trident
    The Government must widen its inquiry into the Ministry for Primary Industries to include its awarding of a company owned by Sanford and Moana Pacific Fisheries to monitor commercial fishing vessels, Labour’s Fisheries spokesperson Rino Tirikatene says. The Ministry for… ...
    2 days ago
  • Government spend up on state house sell off
    The Government has spent $28.9 million and has 129 officials working on its misguided state house sell-off, says Labour’s housing spokesperson Phil Twyford.  “This is a scandalous waste of taxpayers’ money on a policy that won’t deliver a single extra… ...
    3 days ago
  • Housing crisis has huge impact on education
    The National Government’s failure to get on top of the housing crisis is having a major impact on the quality of education a lot of school kids are getting, Labour’s Education spokesperson Chris Hipkins says.  “There are thousands of kids… ...
    3 days ago
  • Minister celebrates while arts organisations face cuts
    Maggie Barry was full of self-congratulations for her small arts announcement in the budget, ignoring the pain that a large number of organisations are facing due to her inaction, says Arts, Culture, Heritage spokesperson Jacinda Ardern.  “The Budget delivered a… ...
    3 days ago
  • Regions miss out again in Joyce’s Koru Lounge Fund
      The regions have missed out yet again with Steven Joyce offering just $10m a year for key regional development projects while trumpeting a bunch of re-heated announcements, says Labour’s Economic Development spokesperson David Clark. “The dairy downturn has put… ...
    4 days ago
  • Children’s Commissioner misses out in Budget
      The Office of the Children’s Commissioner has missed out on a much needed boost in this year’s Budget, meaning they will be forced to continue their reduced monitoring role of CYFs residences, says Labour’s spokesperson for Children Jacinda Ardern. … ...
    4 days ago
  • Communities miss out in Budget
    Budget 2017 has left community and NGO providers feeling exposed about the services they provide to vulnerable families especially in smaller towns and communities, says Labour’s Whānau Ora Spokesperson Nanaia Mahuta. “Approximately $40m will go into Whānau Ora to work… ...
    5 days ago
  • Budget2016: Two Worlds
    Sometimes I feel as if I live in two worlds. The world created by the National Government where everything is great and they’re doing a great job and the world as seen through the eyes of child advocates, community workers,… ...
    GreensBy Jan Logie
    5 days ago
  • Parekura would be proud – MTS gets boost
    The Labour Party is ecstatic that the Māori Party have shown support for one of Labour’s proudest policies, says Labour’s Māori Broadcasting Spokesperson Peeni Henare.  “The Māori Television Service was launched in 2004 by the late Hon Parekura Horomia. ...
    5 days ago
  • Māori housing in state of emergency
    The Government needs to declare a state of emergency for Māori Housing, says Labour’s Māori Development spokesperson and Te Tai Tokerau MP Kelvin Davis. “The extra $3 million a year Māori Housing Network fund will not scratch the surface in… ...
    5 days ago
  • State house sell off in disarray after provider pulls out
     The Government should cancel its planned sell-off of state houses after the second big community housing provider pulled out leaving the process in disarray, says Labour’s Housing spokesperson Phil Twyford.  “It is time for the Government to back away from… ...
    5 days ago
  • Nothing in Budget to help police to solve crime
    The Police Minister has failed to make communities safer with virtually no new money in yesterday’s Budget for police to address the appalling burglary resolution rates, says Labour’s Police spokesperson Stuart Nash.  “It’s a disgrace there’s no money or aspiration… ...
    5 days ago
  • Blog – Budget 2016: What about ordinary working people?
    Ordinary working New Zealanders don’t fare very well from this Budget. Setting aside the spin from the Government, it contains a lot to be concerned about and a fudging of the numbers. Green Party workplace relations spokesperson Denise Roche For… ...
    GreensBy Denise Roche
    5 days ago
  • Real wages go backwards for next two years
    New Zealanders’ real wages will fall for the next two years as the cost of living outpaces forecast pay rises, says Leader of the Opposition Andrew Little. “New Zealanders have been doing it tough for far too long. They expect… ...
    5 days ago
  • The Attack on Public Education – by a thousand cuts
    Budget 2016 is another step towards the free public education system being a memory from the past. The Budget freezes the operations grant for schools and does not sufficiently cover the real increase in numbers of students entering the education system.… ...
    GreensBy Catherine Delahunty
    5 days ago
  • The Attack on Public Education – by a thousand cuts
    Budget 2016 is another step towards the free public education system being a memory from the past. The Budget freezes the operations grant for schools and does not sufficiently cover the real increase in numbers of students entering the education system.… ...
    GreensBy Catherine Delahunty
    5 days ago
  • The give with one hand – take with the other Budget
    The Minister of Health has pumped out media releases to 20 District Health Boards heralding increases in funding for their regions, says Labour’s Health spokesperson Annette King. “But when you add population growth and inflation into the figures you get… ...
    5 days ago
  • Budget offers no hope of fixing housing crisis
    The Budget’s underwhelming housing measures will give New Zealanders no hope that National is capable of fixing the housing crisis, Labour’s Housing spokesperson Phil Twyford says. “There isn’t a scrap of an idea to help desperate young Kiwi families into… ...
    5 days ago
  • How the budget fails new New Zealanders
    Greens co-leader James Shaw was absolutely correct to say the 2016 budget is just papering over the cracks. There’s nothing in this budget to increase wages, address inequal pay for carers or deal with the shocking pay rates and employment… ...
    GreensBy Denise Roche
    6 days ago
  • Parents will pay more as school budgets frozen
    Parents will pay more for their kids’ education as a result of this year’s Budget after the Government froze operational funding for schools, Labour’s Education spokesperson Chris Hipkins says. “This means schools are effectively going backwards. They will need to… ...
    6 days ago
  • Sticking Plaster Budget fails the test
    Bill English’s penultimate Budget fails to tackle the structural challenges facing the economy – a housing crisis, rising unemployment, underfunded health and creaking infrastructure, says Labour’s Finance spokesperson Grant Robertson. “This Budget applies a sticking plaster to a compound fracture.… ...
    6 days ago
  • John Key fails middle New Zealand with no fix for housing crisis, more underfunding of health
    Middle New Zealand has again missed out in this year’s Budget with not a single fix for the housing crisis, and health and education woefully underfunded again, Leader of the Opposition Andrew Little says. “This Budget is just a patchwork… ...
    6 days ago
  • Labour Bill would back Kiwi jobs
    The Government’s $40 billion of buying power would go towards backing Kiwi businesses and jobs under a Labour Member’s Bill which will be debated by Parliament, Leader of the Opposition Andrew Little says. “My Bill – which was pulled from… ...
    6 days ago
  • Julie Anne Genter: My Budget 2016 wish is fairness
    When my parents first visited me in Auckland ten years ago, they remarked on how there were no homeless people on the streets. Coming from Los Angeles, they were used to seeing the impacts of horrendous inequality and a lack… ...
    GreensBy Julie Anne Genter
    6 days ago
  • Steffan Browning: Pesticide reduction and Organic Growth Strategy in Budget 2016
    Pesticide reduction The Budget is an opportunity for the Government to launch a pesticide reduction strategy that multiplies the Environmental Protection Authority’s (EPA) and the Ministry for Primary Industries’ capacity to reassess pesticides and other toxins.  The Agricultural Compounds and… ...
    GreensBy Steffan Browning
    6 days ago
  • Steffan Browning: Pesticide reduction and Organic Growth Strategy in Budget 2016
    Pesticide reduction The Budget is an opportunity for the Government to launch a pesticide reduction strategy that multiplies the Environmental Protection Authority’s (EPA) and the Ministry for Primary Industries’ capacity to reassess pesticides and other toxins.  The Agricultural Compounds and… ...
    GreensBy Steffan Browning
    6 days ago
  • Minister won’t fess up on wrong figures
    The Minister of Health was caught out telling porkies in Parliament today when he was asked about the number of people getting access to mental health and addiction services, says Labour’s Health spokesperson Annette King. ...
    7 days ago
  • Budget 2016 and our LGBTQI communities
    LGBTI people make up about a tenth of our population, and our communities face a unique set of needs and challenges. These challenges are caused or exacerbated by discrimination, invisibility and barriers to appropriate support. We have a long way… ...
    GreensBy Jan Logie
    7 days ago
  • Budget 2016 and our LGBTQI communities
    LGBTI people make up about a tenth of our population, and our communities face a unique set of needs and challenges. These challenges are caused or exacerbated by discrimination, invisibility and barriers to appropriate support. We have a long way… ...
    GreensBy Jan Logie
    7 days ago
  • Scrambled announcement policy on the hoof
    Paula Bennett’s scrambled desperate announcement that she will pay homeless people to move to the regions is just the latest evidence of the disarray this Government’s housing policy is in, Leader of the Opposition Andrew Little says. “This is policy… ...
    7 days ago
  • Police Minister admits resolution rates fall short of expectation
    Police Minister Judith Collins has admitted in Parliament current burglary resolution rates are not meeting the expectations of our communities, says Labour’s Police spokesman Stuart Nash “Out of 284 police stations in New Zealand in 2015, 24 stations recorded zero… ...
    7 days ago
  • Mojo Mathers: A better deal for animals in Budget 2016
    Currently we are failing animals in NZ. On the face of it farmed and domestic animals in this country have strong legal protection from abuse, cruelty and neglect. In reality it seems that only the very worst, most extreme cases… ...
    GreensBy Mojo Mathers
    7 days ago
  • Metiria Turei: What we need from Budget 2016
    Every family deserves a warm decent home.  Everyone believes that. This housing crisis is just the latest consequence of a Government who puts the interests of the few wealthy people above the needs of NZ families.  Families are doing it… ...
    GreensBy Metiria Turei
    7 days ago
  • Dairy exports fall of 11%: Budget action on diversification needed
    Dairy exports have fallen 11 per cent compared to this time last year, a fall of almost $1.5b, showing the Government must take clear action on diversifying the economy in tomorrow’s Budget, says Labour’s Trade and Export Growth spokesperson David… ...
    7 days ago
  • Investors driving families out of homes in South and West Auckland
    Investors cashing in on skyrocketing Auckland house prices are driving families out of homes in South and West Auckland and causing homeownership rates in some of our poorest suburbs to plummet, Labour’s Housing spokesperson Phil Twyford says. “New analysis shows… ...
    1 week ago
  • Budget must deliver on paid parental leave
    Budget 2016 must deliver 26 weeks paid parental leave by April 2018 – anything less will be short-changing families, says Labour MP Sue Moroney. “My Bill which is before Parliament this afternoon has majority support and does just that. I… ...
    1 week ago
  • Key’s “brain fart” on tax cuts news to English
    John Key didn’t tell his own Finance Minister he was about to go on radio and announce he wanted $3b of tax cuts, just days after Bill English ruled them out, says Labour’s Finance spokesperson Grant Robertson. “In Parliament today… ...
    1 week ago
  • What I’m looking for in Budget 2016 – A better start for our tamariki
    Ensuring the best start for our tamariki is a priority for me in everything I do. And so in Budget 2016, my first budget as an MP, I looking for the Government to make a real investment in the wellbeing… ...
    GreensBy Marama Davidson
    1 week ago
  • What I’m looking for in Budget 2016 – A better start for our tamariki
    Ensuring the best start for our tamariki is a priority for me in everything I do. And so in Budget 2016, my first budget as an MP, I looking for the Government to make a real investment in the wellbeing… ...
    GreensBy Marama Davidson
    1 week ago
  • Denise Roche: What I’m looking for in Budget 2016 Pt II
    Aotearoa’s new New Zealanders,  come to our country in vulnerable position: – often away from the culture, communities and families they know, sometimes in neighbourhoods without familiar faces and often encountering barriers to employment. With net migration at 50,000+ a… ...
    GreensBy Denise Roche
    1 week ago
  • Equal Pay and Budget 2016
    The last few years we’ve seen equal pay for women flagged as an undefined risk in the budget. This year we should expect to see this, as well as budgeted money to deliver equal pay to caregivers and funding for,… ...
    GreensBy Jan Logie
    1 week ago
  • Equal Pay and Budget 2016
    The last few years we’ve seen equal pay for women flagged as an undefined risk in the budget. This year we should expect to see this, as well as budgeted money to deliver equal pay to caregivers and funding for,… ...
    GreensBy Jan Logie
    1 week ago
  • A great Budget would
    A great Budget would embrace the challenge of our polluted rivers and move the money away from justifying the status quo water rules into cleaning up waterways. A great Budget would take the Ministry for the Environment freshwater budget and… ...
    GreensBy Catherine Delahunty
    1 week ago
  • Budget building materials policy backfires
    On the eve of this year’s Budget official figures show Nick Smith’s Budget 2014 centrepiece to reduce the cost of building materials has backfired, says Labour’s Housing spokesperson Phil Twyford. “Ministry of Business, Innovation and Employment officials have spent the… ...
    1 week ago
  • Smarter, Better, Cleaner, Stronger
    This Thursday Bill English will deliver his eighth Budget. Will it continue the trend of previous National budgets, making tertiary education less affordable, putting only token funds into innovation, and subsidising polluters? Budgets aren’t what they used to be. Once… ...
    GreensBy Gareth Hughes
    1 week ago

Public service advertisements by The Standard

Current CO2 level in the atmosphere