web analytics
The Standard

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

  • Government has no credible climate change plan
    Today’s announced climate change target falls short of the ambition required to meet even our existing targets, says Labour’s Environment spokesperson Megan Woods. “The target announced today amounts to a decrease of only 11 per cent from 1990 levels. This… ...
    11 hours ago
  • Auckland house prices now 10 times incomes
    Auckland house prices have risen so steeply the typical house in our biggest city now costs 10 times the median Auckland household income, Labour’s Housing spokesperson Phil Twyford says. “Barfoot and Thompson reports the median house sale price in June… ...
    16 hours ago
  • Time for economic spin is over
     Business confidence in the latest NZIER Quarterly Survey of Business Opinion falling to its lowest level in three years is yet another warning of a staggering economy that cannot be ignored, says Labour's leader Andrew Little.   “This comes on the back of dairy prices falling… ...
    16 hours ago
  • Bullying contributes to Auckland being stripped of ICU training
    Complaints of bullying and harassment by supervisors which have contributed to Auckland’s critical care department losing its training accreditation are further evidence of the appalling culture at executive level, Labour’s Health spokesperson Annette King says. “The department had its accreditation… ...
    4 days ago
  • Broadband failure sucks up more cash
    The Commerce Committee has blocked an inquiry into the $300 million rural broadband initiative (RBI) despite mounting evidence it’s a massive policy failure and waste of money, says Labour’s ICT spokesperson Clare Curran. “The Government is about to spend an… ...
    4 days ago
  • TISA – Another secret trade deal you may never have heard of
      This post first appeared on The Daily Blog You’ve probably heard of the Trans-Pacific Partnership Agreement (TPPA) by now and the widespread concerns around it but what about the Trade in Services Agreement (TISA) also being currently negotiated by… ...
    GreensBy Gareth Hughes MP
    5 days ago
  • Health chickens coming home to roost as Dunedin loses right to train doctor...
    News today that Dunedin Hospital has lost orthopaedic training accreditation is a major blow and proves the Government’s prevarication is having devastating consequences, Labour’s Health spokesperson Annette King says. “Losing orthopaedic advanced training is serious. There is a knock on… ...
    6 days ago
  • $74,000 quarterly rise shows crisis out of control
    New figures out today showing Auckland house prices have spiked by a massive $74,000 in the past quarter is further evidence the city’s housing crisis has spiralled out of control, Labour’s “In spite of constant announcements and photo opportunities from… ...
    6 days ago
  • Democracy for Nauru now
    Murray McCully must send the strongest possible message to the Nauruan Government that New Zealand does not condone its actions given the disturbing developments there, Labour’s Foreign Affairs spokesperson David Shearer says. “Right now we are seeing Nauru stripped of… ...
    6 days ago
  • Recovery needs more than a rebrand
    Today’s announcement of new governance arrangements for Canterbury seems to be nothing more than a fresh coat of paint on the same old approach, says Labour’s Canterbury Earthquake Recovery spokesperson Ruth Dyson. “The Canterbury Recovery has been too slow, with… ...
    6 days ago
  • Copper decision a victory for status quo, not Kiwi households
    New Zealanders hoping for cheaper copper broadband will be disappointed by the Commerce Commission’s latest decision in the long running saga to determine the price of copper, Labour’s ICT spokesperson Clare Curran says. “In an apparent attempt to appease everyone,… ...
    6 days ago
  • It’s time for hard decisions in the Bay
     The Ruataniwha dam project is turning into a huge white elephant as the economics fail to stack up, says Labour’s Water spokesperson Meka Whaitiri.  “Ruataniwha simply doesn’t make economic sense when you look at other major irrigation schemes around the… ...
    6 days ago
  • More testing won’t lift student achievement
    Hekia Parata’s latest plan to subject school students to even more testing and assessment won’t do anything to lift the educational achievement of the kids who are struggling, Labour’s Education spokesperson Chris Hipkins says. “New Zealand school students are already… ...
    6 days ago
  • Bad week for NZ economy gets worse
    The bad news for the New Zealand economy got worse this morning with the 8th successive drop in dairy prices at this morning’s global dairy auction, again exposing the absence of any Plan B from the National Government, Labour’s Finance… ...
    6 days ago
  • System failing to protect women and children from family violence
    Last week we called for mandatory child safety investigations in domestic violence cases. This came after the coronial inquiry into the deaths of Bradley and Ellen Livingstone and the verdict in the trial of the west Auckland boys charged with… ...
    GreensBy Jan Logie MP
    6 days ago
  • Backers banking on social bonds cash?
    The Government is refusing to say what the $29 million it has set aside for its controversial social bonds programme is for, raising suspicions it is an upfront payment to the project backers, Labour’s Health spokesperson Annette King says. A… ...
    6 days ago
  • Plastic Free July
    Today is the start of Plastic Free July. Since its inception in Perth, Western Australia four years ago, more and more people and organisations from around the world have joined the call to refuse single use plastic products. Nearly all… ...
    GreensBy Denise Roche MP
    6 days ago
  • State house sell off Bill gives extraordinary powers
    The Government is about to give Ministers extraordinary powers to take direct personal control of selling state houses, exempting Ministers from normal legal requirements and leaving the sale process wide open for corruption, Labour's Housing spokesperson Phil Twyford says. The… ...
    6 days ago
  • Cash for charter schools, mould for state schools
    At a time when state schools are struggling in old, cold, mouldy buildings and can barely make ends meet, the National Government is shovelling cash at charter schools which aren’t even spending the funding on kids’ education, Labour’s Education spokesperson… ...
    6 days ago
  • New Zealand needs a wise response to climate change
    Today in Parliament I got to hear from a group of New Zealanders who are concerned for the future of our country. Called Wise Response, the group is a broad coalition of academics, engineers, lawyers, artists, sportspeople and others who… ...
    GreensBy Russel Norman MP
    6 days ago
  • No alternative as waste scheme trashed
    Nick Smith must explain how he is going to prevent contamination of New Zealand’s ground and water with liquid and hazardous waste after scrapping the only monitoring scheme and offering no replacement, says Labour’s Environment Spokesperson Megan Woods. “From today,… ...
    7 days ago
  • Flawed system rates death traps as safe
    ACC Minister Nikki Kaye needs to come clean about what really lies behind the reclassification of 18 vehicles in her new motor vehicle registration system introduced today, Labour’s ACC spokesperson Sue Moroney says. "New Zealanders deserve the truth about the… ...
    7 days ago
  • Tiwai Smelter and 800 workers left in limbo
     Workers at Tiwai smelter and the people of Southland have once again been left in limbo over their future in the ongoing debacle over whether the plant stays open, says Labour’s Leader Andrew Little.  “It’s not good enough that after two years of… ...
    7 days ago
  • New twist in state house sell-off saga
    The Government has opened the door to buyers of state houses simply being landlords and not required to provide social services, Labour’s Housing spokesperson Phil Twyford says. The Prime Minister said at his post-Cabinet press conference buyers would not “have… ...
    7 days ago
  • Government fees will hit charities hard
    National’s decision to ignore the concerns of charities will see the voluntary sector face hundreds of thousands of dollars in new costs if the Policing (Cost Recovery) Amendment Bill passes, says Labour's Community and Voluntary Sector spokesperson Poto Williams. “National’s… ...
    1 week ago
  • Four out of ten for Simon’s Bridges
    The Transport Authority’s decision to fund only four of the 10 bridges promised in National’s shameless Northland by-election bribe is a huge embarrassment for Transport Minister Simon Bridges, Labour’s Transport spokesperson Phil Twyford says. “After one by-election poll showed they… ...
    1 week ago
  • Falling consents adding to Auckland housing woes
    Falling numbers of building consents being issued in Auckland will add to the city’s housing shortfall and fuel skyrocketing house prices, Labour’s Housing spokesperson Phil Twyford “The Productivity Commission found there was a shortfall of around 32,000 houses by the… ...
    1 week ago
  • So Mr English, do you have a plan?
    DIpping confidence about jobs, wages and shrinking exports are highlighting the lack of a plan from the government to diversify the economy and build sustainable growth, Grant Robertson  Labour’s Finance Spokesperson said. " Data released over the last week… ...
    1 week ago
  • Serious risks to tenants and assets in sell-off
    Overseas evidence shows there are serious risks around the Government's plan to sell off state houses to social housing providers, Opposition Leader Andrew Little says. “In the Netherlands – where community housing providers supply the majority of social housing –… ...
    1 week ago
  • Land of milk and money
    Kiwi families are paying over the top prices for their milk and someone is creaming off big profits, says Labour’s Consumer Affairs spokesperson David Shearer. “In 2011 the Government told us high New Zealand milk prices were a natural result… ...
    1 week ago
  • MoBIE largesse doesn’t stop with TVs and hair-straighteners
    The number of MoBIE staff earning more than $150,000 has risen 23 per cent in just a year, Labour’s Economic Development Spokesperson David Clark says. Documents obtained from the Ministry of Business, Innovation and Employment show there are now nearly… ...
    1 week ago
  • English wants to flog state houses to Aussies
    Bill English’s admission that he would sell hundreds of New Zealand’s state houses to the Australians is the latest lurch in the Government’s stumbling, half-baked housing policy, Labour’s housing spokesperson Phil Twyford says. “Bill English should face reality and admit his… ...
    2 weeks ago
  • Exports continue to fall as Government fails to diversify
    The Government quickly needs a plan to diversify our economy after new figures show that exports are continuing to fall due to the collapse in dairy exports, Labour's Finance Spokesperson Grant Robertson says. “Dairy exports fell 28 per cent compared… ...
    2 weeks ago
  • Government inaction leads to blurring of roles
    The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. “The problems… ...
    2 weeks ago
  • Courthouse closures hitting regions
    The Government’s decision to shut down up to eight regional courthouses, some supposedly only temporarily for seismic reasons, looks unlikely to be reversed, Labour’s Justice spokesperson Jacinda Ardern says.“The move has hit these regions hard, but appears to be a… ...
    2 weeks ago
  • A Victory for Te Tiriti o Waitangi
    This week my partner, who has a number of professions, was doing an archaeological assessment for a District Council. He showed me the new rules around archaeologists which require them to demonstrate “sufficient skill and competency in relation to Māori… ...
    GreensBy Catherine Delahunty MP
    2 weeks ago
  • Tough bar set for Ruataniwha dam
     Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the… ...
    2 weeks ago
  • Minister for Women and National missing the mark – part two
    The Minister for Women was in front of the select committee yesterday answering questions about her plans for women. Some useful context is that we used to have a Pay and Employment Equity Unit within the then Department of Labour… ...
    GreensBy Jan Logie MP
    2 weeks ago
  • Lavish penthouse spend confirms culture of extravagance
    At the same time thousands of New Zealanders are being locked out of the property market, the Government is spending up on a lavish New York penthouse for its diplomats, Labour’s Foreign Affairs spokesperson David Shearer says. News that taxpayers… ...
    2 weeks ago
  • Māori Television exodus cause for concern
    The shock departure of yet another leading journalist from the Native Affairs team raises further concern the Board and Chief Executive are dissatisfied with the team’s editorial content, says Labour’s Māori Development spokesperson Nanaia Mahuta. “Annabelle Lee is an experienced… ...
    2 weeks ago
  • Million-plus car owners to pay too much ACC
    More than a million car owners will pay higher ACC motor vehicle registration than necessary from July, Labour’s ACC spokesperson Sue Moroney says. “During a select committee hearing this morning it was revealed that car owners would have been charged… ...
    2 weeks ago
  • Bill will restore democracy to local councils
    A new Labour Member’s Bill will restore democracy to local authorities and stop amalgamations being forced on councils. Napier MP Stuart Nash’s Local Government Act 2002 (Greater Local Democracy) Bill will be debated by Parliament after being pulled from the… ...
    2 weeks ago
  • Minister for Women again misses the mark – part one
    Yesterday I asked the Minister for Women about the government’s poor performance on it’s own target of appointing women to 45% of state board positions. I challenged why she’d put out a media release celebrating progress this year when the… ...
    GreensBy Jan Logie MP
    2 weeks ago
  • Banks enter Dragon’s Den in pitch for Government’s mental health experi...
    Overseas banks and their preferred providers were asked to pitch their ideas for bankrolling the Government’s social bonds scheme to a Dragon’s Den-style panel, Labour’s Health spokesperson Annette King says. Dragon’s Den was a reality television series where prospective ‘entrepreneurs’… ...
    2 weeks ago
  • Global Mode bullying won’t stop people accessing content
    It’s disappointing that strong-arm tactics from powerful media companies have meant Global Mode will not get its day in court. Today a settlement was reached terminating the Global Mode service, developed in New Zealand by ByPass Network Services and used… ...
    GreensBy Gareth Hughes MP
    2 weeks ago
  • More questions – why was the Former National Party President involved wit...
    Today in Parliament Murray  McCully said the reason Michelle Boag was involved in 2011 in the Saudi farm scandal was in her capacity as a member of the New Zealand Middle East Business Council. The problem with that answer is… ...
    2 weeks ago
  • Minister must explain Maori TV interference
    Te Ururoa Flavell must explain why he told Maori TV staff all complaints about the CEO must come to him – months before he became the Minister responsible for the broadcaster, Labour’s Broadcasting Spokesperson Clare Curran says. “Sources have told… ...
    2 weeks ago
  • KiwiSaver takes a hammering after the end of kick-start
    National seems hell bent on destroying New Zealand’s saving culture given today’s news that there has been a drop in new enrolments for KiwiSaver, says Labour’s Finance spokesperson Grant Robertson.  “New enrolments for the ANZ Investments KiwiSaver scheme have plunged… ...
    2 weeks ago
  • Straight answers needed on CYF role
    The Government needs to explain the role that Child, Youth and Family plays in cases where there is evidence that family violence was flagged as a concern, Labour’s Children’s spokesperson Jacinda Arden says. “The fact that CYF is refusing to… ...
    2 weeks ago
  • Prime Minister confuses his political interests with NZ’s interest
    The Prime Minister’s statement in Parliament yesterday that a Minister who paid a facilitation payment to unlock a free trade agreement would retain his confidence is an abhorrent development in the Saudi sheep scandal, Opposition leader Andrew Little says.  ...
    2 weeks ago

Public service advertisements by The Standard

Current CO2 level in the atmosphere