National and the Greens on how to solve the housing crisis

Written By: - Date published: 11:04 am, March 17th, 2021 - 71 comments
Categories: capital gains, greens, housing, jacinda ardern, labour, national, poverty, tax - Tags:

Over the past week National and the Greens have released housing policy designed to address the country’s current housing crisis.

National’s policies are somewhat predictable, and involve mostly reaffirmation of current Government policies while trying not to give the impression that they are doing something different.  From Nicola Willis on the National Party website:

National has also asked the Government explore these immediate actions:

  1. Strengthen the National Policy Statement on Urban Development: The Government should bring this urgent rezoning of land by local authorities forward, and increase the competitiveness margin, to enable intensification and growth.

  2. Remove the Auckland Urban Boundary: This arbitrary line has been found to add $50,000 or more to the average cost of houses in Auckland. The Government committed to removing it in 2017 but progress has stalled.

  3. Make Kāinga Ora capital available to community housing providers: Proven social housing providers have land and consents for new housing projects ready to go. The Government could make these projects happen immediately by releasing some of the taxpayer funding ring-fenced for future social housing.

  4. Establish a Housing Infrastructure Fund: This would help local government finance the pipes and roads required to accelerate rezoning of land for Greenfields developments.

  5. Implement new finance models: The Government should work with industry to develop finance models that leverage Accommodation Supplement and Income-Related Rent entitlements to drive new housing development.

My comments in response are:

  1. Phil Twyford and Julie Anne Genter have already ushered through the National Policy on Urban Development which allows for significant intensification in urban areas around public transport routes.  It was introduced in August 2020 and it will be years before its effects are understood.  Demanding that it be strengthened immediately is rather silly when we don’t know how much effect it may have.
  2. Removing Auckland’s Urban Rural boundary was announced by Ardern at the speech to the throne in 2017 but thankfully not proceeded with.  To be frank it is a silly idea.  All that would happen is that Auckland’s fertile lands would be gobbled up in urban sprawl, congestion would worsen, Council’s finances would be stretched to breaking point from the need to finance infrastructure and Auckland greenhouse gas emissions would go through the roof.  Urban sprawl and car reliance go hand in hand.  Better to build up than to build out.
  3. Making Kāinga Ora capital available to community housing providers would not result in any new homes.  All that it would mean is less Kāinga Ora homes being built.  Presumably this is the intent.
  4. Establish a Housing Infrastructure Fund?  Already done.  There is the Government tool that allows councils to access private debt finance to build infrastructure.  There was also the Provincial Growth Fund set to morph into a Regional Growth Fund.  For road building there is a fully funded ATAP.  National’s version had a $5.9 billion hole in it.
  5. The new finance model sounds like more state support for landlords.  We have had way more of this than is good for us.  Just look at the current housing market if you need proof.

By way of jarring contrast the Greens have also announced their policies to address the housing crisis.

From the Green Party website:

The Green Party is calling for bold, transformational measures to stop the accelerating housing crisis that is locking New Zealanders out of a stable home.

  1. Removing tax incentives for investors by removing the five year cap for the bright line test.
  2. Regulating investors’ access to mortgages, including
    • Ending interest-only mortgages,
    • Putting restrictions on debt to income ratios, especially for investment properties,
    • Requiring cash deposits for mortgages on investment properties, not just equity from other homes.
  3. Direct economic stimulus from the Government in the form of income support, instead of relying on the Reserve Bank.
  4. A massive urban redevelopment and home building programme led by Kāinga Ora, until supply matches demand and prices stabilise at affordable levels.

“Everyone has the right to a decent, affordable home, but house prices are out of control. Auckland’s median house price increased by $100,000 in February alone,” Green Party Finance spokesperson Julie Anne Genter said today.

Removal of the time limitation for the bright line test is an interesting proposal.  As pointed out by Incognito the Government is considering extending the bright line test period by a further five years.  When the IMF is telling you to get the situation under control you know there is a problem.

Labour’s previous decision not to proceed with any form of capital gains tax I thought was retrograde.  Sure the proposal posed difficulties in terms of valuation of businesses.  But a capital gains tax for land was simple to impose.  Through the Land Transfer system the state controls the transfer of ownership.  And already sufficient data such as price, personal details and IRD numbers is collected, each time land is sold, to allow IRD to fairly quickly assess tax on a transaction.

The proposal to get rid of the time limit for the bright line test is a simple way to impose a comprehensive capital gains tax exempting the family home.  And all they are doing is altering an existing tax, one actually introduced by National.

As for the Green’s other proposals providing economic stimulus in the form of income support is in modern terms somewhat radical, but not unprecedented.

Back in 1935 Micky Savage successfully used it to help wrest the country out of depression.  From the New Zealand History website:

Savage was greatly distressed by the suffering he witnessed during the years of the Great Depression. He travelled the country spreading the Labour message with an intensity and evangelical fervour seldom matched in New Zealand politics. He maintained that all citizens were entitled to ‘a reasonable standard of living in the days when they are unable to look after themselves’.

This message struck a chord with voters and in 1935 Savage led Labour to a resounding victory. As a statement of intent a Christmas bonus was immediately paid to the unemployed and those receiving charitable aid. Relief workers were given seven days’ annual holiday. In 1936 there was a landslide of legislation aimed at stimulating the economy, including a programme of state house construction.

Regulating borrowing for speculation is a no brainer.  The massive urban redevelopment and home building by Kāinga Ora is happening.  You just have to travel through parts of Mount Roskill or Mangere to see what is under way.

National’s proposal are tired, and either borrow from what is already happening or represent their doctrinaire view of the world.  The Green Party proposals are well though through, somewhat radical, but something I think Micky Savage himself would approve of.

The Government had indicated that an announcement of policies addressing demand pressures is imminent.  It will be interesting to see what they do.

71 comments on “National and the Greens on how to solve the housing crisis ”

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  1. Pat 1
    17 March 2021 at 11:15 am

    "The Government plans to use a carrot to incentivise investment beyond housing, as well as a stick to deter speculation in the property market.

    Finance Minister Grant Robertson on Tuesday said the package of housing policies the Government is due to unveil next week will include a “mixture of both incentives to go [invest] elsewhere and disincentives within the housing system”.

    Prime Minister Jacinda Ardern framed the issue in a similar way on Monday.

    She said the Government was considering why there was an “extra psychological imperative” in the COVID-19 environment that's made housing feel like the safest investment.

    She said the Government had to do “multiple things” to ensure it was “encouraging people to build, and encouraging people to look at alternative investments that contribute to our productive economy”.

    Neither Ardern nor Robertson shed any light on what these “incentives” would look like or whether they would involve the tax system."

    https://www.interest.co.nz/property/109549/government-says-next-weeks-housing-policy-announcement-will-be-part-stick-part

    A week to see what Labours idea of 'bold' involves.

  2. Nic the NZer 2
    17 March 2021 at 11:31 am

    Can somebody elaborate on the meaning of number 3 in the Greens policy?

    It sounds promising, but it also seems to have happened already (e.g the wage subsidy) so what is being proposed different?

    • mickysavage 2.1
      17 March 2021 at 11:42 am

      Currently the Reserve Bank is acting to keep interest rates artifically low to stimulate economic activity. The Greens are advocating for cash payments to everyone to achieve the same result.

      • Pat 2.1.1
        17 March 2021 at 11:49 am

        That is if you accept the narrative that is the reason for low interest rates….the landscape looks quite different if you consider low interest rates are designed to stop the defaults and save the banks .

        • KJT 2.1.1.1
          17 March 2021 at 12:00 pm

          Yes. The aim of most Governments policy However I suspect the main driver is simply competition offshore, outside our control.

          Former big borrowers, such as multinational's, are so flush with cash they are not borrowing.

          Expanding consumer credit, is the banks main path to profitability.

          Even the banks know that if you take too much, the debt slaves will have to default.

          • Pat 2.1.1.1.1
            17 March 2021 at 12:16 pm

            The aim is growth…but not the growth that most people assume, but rather credit growth. Credit growth replaced output growth as the driver years ago.

            Deflation is to be avoided at any cost.

        • Nic the NZer 2.1.1.2
          17 March 2021 at 1:16 pm

          That seems to be a distinction without a difference. If the RBNZ provides low interest lending to banks they can pass that on to borrowers while keeping their margin (and so profit) which fits at least part of what is happening. Supposedly this encourages economic activity, though at some point the question will come up for borrowers of how they will support that leverage.

          Of course this also reduces the interest rates on government borrowing and replaces the reserve drain from the system of govt borrowing to cover its deficit and results in the RBNZ owning more govt debt.

          We can interpret the intention to be these, a combination of these or many other intentions.

          On the other hand there is not widespread default happening at present. Your counterfactual is an economy where the RBNZ decided interest rates should be much higher and don't intervene to reduce them. In that case sure it is conceivable that wide spread defaults were occuring because of RBNZ miss-management, sure. That is not what is happening to have the RBNZ start running QE however, though coincidentally it was started when the govt started running a large deficit.

          • Pat 2.1.1.2.1
            17 March 2021 at 1:26 pm

            What a very verbose way of saying .." its all down to intent"… the RBNZs primary purpose is the stability of the financial system….as the Governor has stated on numerous occasions, central banks dont do fiscal policy.

      • AB 2.1.2
        17 March 2021 at 12:50 pm

        That assumes that business will borrow money to invest in increasing production, employing people and selling more stuff. But the incomes of the imagined consumers of this increased production have gone nowhere in years. Knowing this, a rational business would borrow cheap money to cut production costs and increase margin on existing ouput by shedding jobs, more automation, process efficiency, etc. Or they'd buy back their own shares, or not borrow at all.
        The purpose of the low interest rates is therefore to replace disappearing consumer income with consumer credit – in a way that doesn’t put the banks at risk by massive defaults. Looks like a house of cards.

  3. RedBaronCV 3
    17 March 2021 at 12:17 pm

    Well it will be really interesting to see what Labour do. At the moment we really need all the housing stock coming onto the market at the lower end to be available to the FHB not to investors. We also need any empty houses in the main towns to be pushed into service. Then we need to build enough house for the remaining unhoused people.

    At the moment we really need to skew the buying market towards the FHB not the investor to start unravelling the headlock on the market that investors have so that rents start to ease bringing more houses onto the market and letting the rental spiral unwind in favour of ownership.

    At the very minimum it would be good to see:-

    Very high LVR's for investor deposits say 80% to 90%.

    A high debt to income ratio for investors – put one on and then arrange for it to go up in steps over a relatively short period of time so that housing comes back on the market in stages. So properties basically cannot be run at a loss.

    Extend the big line test and make it a Gains tax only no capital loss deductions allowed.

    And perhaps a small year on year tax for rented property based on the capital value – 2% to 3% and a much higher charge on unoccupied property.

    A sunset clause on selling apartments or allowing commercial property to be converted to residential for overseas buyers. Maybe 2 years to let current developments to be finished then its over no more foreign ownership.

  4. KJT 4
    17 March 2021 at 12:30 pm
    • Requiring cash deposits for mortgages on investment properties, not just equity from other homes.

    Probably work for cooling speculation. Hopefully with a way for otherwise cash poor people, to fund deposits to get their kids into houses. At least until prices drop enough against wages.

  5. Castro 5
    17 March 2021 at 12:35 pm
    1. An annual Capital Value Levy on non-owner-occupied accommodation, i.e. 2% of the value of the first investment property, 4% on the value of the second investment property, 8% on the value of the third, etcetera… levied through rates, on an ANNUAL basis.

    2. A foreign buyer ban, i.e. no Australians, no Singaporeans, no foreigners buying apartment exemptions, no foreign residents.

    3. Rent controls; $150 per bedroom per week, maximum.

  6. Ad 6
    17 March 2021 at 2:42 pm

    What's the division of responsibility here between MP Genter as spokesperson on building and MP Davidson as Minister of Housing with a special responsibility for homelessness?

  7. Jackel 7
    17 March 2021 at 6:19 pm

    Interest rates must remain low indefinitely. Interest rates can never go up again. Both impossibilities. Watch all the crying and gnashing of teeth if interest rates ever do start to go up again as surely they will.

    • mickysavage 7.1
      17 March 2021 at 8:05 pm

      My impression is that interest rates are low because the rich have accumulated that much wealth that there are no longer profitable activities to invest in. They already have these maxed out.

      • Jackel 7.1.1
        17 March 2021 at 8:54 pm

        Well, it's a complicated area as to why monetarism which is a part of neoliberalism is failing to resolve the problems it has largely created itself. But money chasing money has created this unnecessarily complex financial system that's anyone's guess to figure out.

        I guess for the purposes of a comment on this OP, I'm making the point that the Reserve Bank could kill the overheated housing market overnight simply by raising interest rates, but that would do a lot of damage to the economy as a whole. While it might be good that your house can sell for a lot, it's really a bad sign that there's something badly wrong with the financial system not just in NZ but globally.

  8. Incognito 8
    17 March 2021 at 10:46 pm
    • Requiring cash deposits for mortgages on investment properties, not just equity from other homes.

    Many years ago, I wrote to Graeme Wheeler, then-Governor of RBNZ, and suggested that as I thought it was an obvious ‘oversight’ of the LVR regime. Nice to see that the Greens seem to think alike.

    • RedLogix 8.1
      18 March 2021 at 8:02 am

      In that case all you've done is motivate me to sell the existing property to obtain the cash – and more than likely kick the tenants out along the way.

      • Incognito 8.1.1
        18 March 2021 at 8:54 am

        On which rung of the property ladder are you?

        • RedLogix 8.1.1.1
          18 March 2021 at 10:16 am

          Why do you care about that? The point is that your proposal would likely have unintended consequences.

          • Incognito 8.1.1.1.1
            18 March 2021 at 10:47 pm

            I don’t care, why would I?

            My Q was to make you realise your PoV is determined by your personal situation. You’d sell, because you can, because you have something to sell that’s not your so-called family home. You’re way up the property ladder, well beyond the bottom rung. We all know this because you have commented about it; the Q was rhetorical and I’d hoped for some self-reflecting from you.

            If you genuinely believe that ring-fencing equity will have such bad unintended consequences then we’re done here and just have to agree to disagree.

            • RedLogix 8.1.1.1.1.1
              18 March 2021 at 11:08 pm

              Two thoughts.

              One is that I do not actually have a family home. So-called or otherwise.

              Secondly as we've established, that for the most part property investors of all kinds are generally only making rational returns on their capital gains. I don't personally like this much – but that's beside the point.

              But as should be obvious, capital gain (unlike operating cash flow) is entirely meaningless unless you either sell or borrow against it. Well if you want to close the door on borrowing against it – what do you think is left?

              And why would you disagree with this?

              • Incognito …
                18 March 2021 at 11:30 pm

                One is that I do not actually have a family home. So-called or otherwise.

                That’s not a thought, strictly, but point taken; you don’t live in a home that you personally own but own one or more rental properties. Accurate enough?

                The interesting thing about equity mortgages is that it seems confined to property. There’s actually much more to be said about it. Shares can represent equity too but can you borrow against this? I don’t think so.

                Equity locked in, e.g. in KiwiSaver, is still useful and something to encourage because it builds a nest egg for later or for when you desperately need it (e.g. a life-threatening emergency) and most super schemes have such an option.

                The borrowing against equity in property to buy more property is a house of cards and needs to come down. Lock the equity, ring-fence it. Stop the greed cycle. The Greens understand this, it seems.

                You can release the equity by selling, which has been used as an argument against the Green's idea too. This is when and where a CGT/BLT comes in to fix that loophole.

                I was going to add something about Life Insurance in relation to mortgage but it is late and I had a long busy day 😉

    • mikesh 8.2
      18 March 2021 at 8:58 am

      I don't think one can purchase property with "equity". Sellers usually demand cold, hard cash. The buyer still has to come up with the cash that the bank, because of LVRs etc, is unable to lend. Of course someone who owns property has a better chance of obtaining a mortgage than someone who doesn't, because he can offer more by way of collateral. However that would be case with or without the Greens' suggestion, which seems pretty meaningless under the circumstances.

      I'm not surprised Graeme Wheeler didn't respond to your letter (assuming of course that that was the case).

      • Nic the NZer 8.2.1
        18 March 2021 at 2:47 pm

        This could be achieved, you have some kind of regulation saying that further loans against a property must be funding activities relating to that property alone. Alternatively the LVR applies property by property should be similar.

  9. Incognito 9
    17 March 2021 at 10:52 pm

    I posted the following comment this morning, but in OM 16/03/2021 and I believe it’s worth repeating under this Post here:

    Tighten or re-direct the money-tap.

    Change and tighten tax rules around investment in residential property.

    Introduce mandatory property managers/landlords who have to adhere to a professional code & standards and rules & regulations similar to real estate agents and financial advisors, for example. Weed out the cowboys and bad apples.

    Introduce local rates for empty homes and unoccupied land (land-banking) and make these progressive over time and dependent on zone (i.e. zones of high need for new dwellings). Don’t stomp on it, build on it and occupy it.

    Build more State Housing. Build, build, and build.

    Make Public Transport from suburbs in & out of CBD more attractive.

    Discourage street parking in city zones (like European cities).

    Encourage more high-rise apartment-style buildings in cities (like European cities).

    This is just a quick suck of the thumb. Naysayers will have a field day, as usual. They need to STFU; only constructive criticism is needed, the rest is just distractive and divertive noise.

  10. Incognito 10
    17 March 2021 at 11:06 pm

    The proposal to get rid of the time limit for the bright line test is a simple way to impose a comprehensive capital gains tax exempting the family home. And all they are doing is altering an existing tax, one actually introduced by National.

    I wouldn’t call it “comprehensive”. It is technically relatively simple, it is politically low-risk, and that’s why I think they’ll go for it. However, I think it is simplistic (or optimistic?) to believe it will have much of an (desired) effect beyond the current 5-year limit.

    • mikesh 10.1
      18 March 2021 at 11:15 am

      The brightline tests, it seems to me, are merely CGTs which can be avoided if the seller can show he had a valid reason for selling. However, if a CGT cannot be justified I do not see how one can justify imposing brightline taxes. "That which we call a rose etc" as Shakespeare put it. We might just as well claim that a land tax is not a "new" tax, but an "old" tax that could be reintroduced.

      PS: I'm pretty sure a CGT cannot be justified.
      PPS: If we had a CGT in place, perhaps exceptions could be made in the event of “forced” sales.

      • Nic the NZer 10.1.1
        18 March 2021 at 12:33 pm

        The point about the brightline tests seems to be NZ has an operational CGT, and so its hard to argue a CGT is going to be the effective policy to limit house prices.

        Other countries with CGTs have also gone through housing bubbles.

        Getting over the promise of this policy probably requires some acceptance Key era National already made this argument and were basically correct.

  11. Foreign Waka 11
    18 March 2021 at 7:39 am

    Agree with what you are saying. Not sure whether any of the politicians have the guts and stand up to vested interests though. It takes courage and certainly the right planners, engineers and considerable skills to map a plan.

    I wont be seeing any of it in my lifetime and will not hold my breath of any progress. Snout in trough, clamping to the desk is the major driver for most whether in government or private companies is my observation.

  12. Pat 12
    18 March 2021 at 9:11 am

    There is only one realistic solution to the housing crisis and many methods of achieving it…..a price drop.

    Unfortunately all solutions being considered / presented are done so with the express intention of NOT reducing the price of real estate for obvious reasons.

    Thats one hell of a circle to square.

    • RedLogix 12.1
      18 March 2021 at 12:34 pm

      You really don't want a price drop – really not.

      At least three things happen – one is that [Edit] vendors stop selling for fear of locking in their loss, buyers stop buying for fear of losing their equity – and banks insist on even tougher LVR's to protect their loans, making it no easier for first home buyers.

      And those people forced to sell for reasons outside of their control, now suddenly have no deposit for their next home, so they have to go renting – pushing up demand and rents.

      Plus of course you've immediately pulled a whole bunch of liquidity out of the economy, which promptly goes down the toilet – wages stagnate or go down, and affordability does a gurgler too.

      All up you should be careful what you wish for.

      • Pat 12.1.1
        18 March 2021 at 12:42 pm

        Thats all a bit incoherent but i assume what you mean is a price drop will have economic fall out….and that is the "obvious reason" I noted, however as stated that then means the housing crisis in NZ will not be solved….except when it crashes anyway.

        • RedLogix 12.1.1.1
          18 March 2021 at 1:22 pm

          Thats all a bit incoherent

          Sorry I can't help you with that over the internet.

          • Pat 12.1.1.1.1
            18 March 2021 at 1:35 pm

            Read 18 March 2021 at 12:34 pm and tell me that is coherent ….

            " one is that buyers stop selling"

            "wages stagnate or go down, and affordability does a gurgler too."

            dont think its an internet problem somehow

            • RedLogix 12.1.1.1.1.1
              18 March 2021 at 1:41 pm

              Well why not point my obvious mistake out clearly instead of being snide about it?

              • Pat …
                18 March 2021 at 1:48 pm

                "Thats all a bit incoherent but i assume what you mean is a price drop will have economic fall out"

                Snide?….I wouldnt think so, but of course you could have looked at what you had written and clarified rather than…

                18 March 2021 at 1:22 pm

                but you chose not too.

      • mikesh 12.1.2
        18 March 2021 at 12:45 pm

        “All up you should be careful what you wish for.”

        Whether we wish for it or not, the danger is that house will sooner or later drop of their own accord. A controlled drop now, with policies in place to mitigate the downsides, might well be a useful anticipatory measure.

      • Nic the NZer 12.1.3
        18 March 2021 at 12:57 pm

        Its also going to be hard to achieve a price drop.

        Its been found that individual wage rates seldom fall during a recession (also called wages being downwardly rigid), which leads to the conclusion that lack of demand will lead to lower employment, not lower wages for the employed. In most cases where a company enforces wage cuts on its staff the social impact of that is catastrauphic on the business.

        As you identified the impacts on housing of a price fall will cut turnover before house prices. I would suggest this is because many housing market participants are not taking a calculated investment risk (where they wear whatever payoff happens across a trade) but approach a house with a different mindset entirely, including what they will sell for.

        The implication being that the govt would need to be really rough with the economy before achieving an actual price fall.

        • Pat 12.1.3.1
          18 March 2021 at 1:16 pm

          If it is going to be hard to achieve a (housing) price drop then why are all parties so concerned about it?…and why do they consistently occur when value becomes unsupportable by underlying economic activity (as opposed to credit growth)?

          A price fall can lead to reduced turnover, however that is temporary until such time as creditors seek to reduce their losses as much as possible.

          The implication is not that the Government would need top be "really rough" (?) with the economy rather that the consequential debt deflation could begin a deflationary spiral….aka depression.

          And all of these risks remain the same as long as ever increasing credit (be it private or public) continues to support inflated asset prices…..the only difference being that the longer it is supported (inflated) the greater the losses when it crashes, as it will.

          • Castro 12.1.3.1.1
            19 March 2021 at 7:57 am

            For that to happen, the mass immigration Ponzi would also need to stop; when is that going to happen?

            • Pat 12.1.3.1.1.1
              19 March 2021 at 8:50 am

              Immigration wont prevent debt deflation…unless the overwhelming majority of immigrants arrive cash rich and willing to purchase the inflated assets and even should that occur it would only delay things.

              Most of the immigrants i know are very far removed from being in that position, though i must admit I know a couple who did so and bought farms a couple of decades ago…..not residential properties.

              • Pat …
                19 March 2021 at 9:04 am

                And would add I agree that immigration is a problem in that we should not be increasing our population especially when we are incapable of providing sufficiently for those that are here already.

                • KJT …
                  19 March 2021 at 9:13 am

                  Not by 20% in 16 years, anyway.

                  The price, if NZ property is open to buyers from overseas, is almost infinitely elastic, upwards.

                  Even if only 3% of the market as is often claimed, without definitive evidence, there are many more millionaire or even Billionaire buyers wanting boltholes from the hells they are making in their own countries, than we have land for sale.

                  Selling land as a substitute for having an economy may not collapse, but we will end up like Coastal Spain.

                  • Pat …
                    19 March 2021 at 9:20 am

                    That is a problem but they dont have to be immigrants to do it…they can side step the rules through companies and trusts and youre correct they could potentially keep bidding up the price BUT even then they would only do so as long as they thought their investment was sound and the problem is the real economy (e,g, wages) isnt growing at a rate fast enough to support those values so even they can/will not keep buying forever.

                    And they are likely to be the first to quit the market once it turns compounding the problem by repatriating their capital.

                    • KJT …
                      19 March 2021 at 9:36 am

                      New Zealand wages are basically irrelevant to land prices, when they can depend on onselling to another wealthy offshore millionaire.

                      A lot do not intend to sell. Holding it for their own heirs.

                  • Pat …
                    19 March 2021 at 9:50 am

                    Disagree, NZ wages support land values and offshore interest is simply speculation.

                    Ultimately it is the local economy that provides the wherewithal for property values because it is the local economy that provides the security of that investment. even if every property was owned by offshore billionaires it is the locals who have to pay the rents and leases and if they cant afford to then what happens?…do they sit empty? some can but not a huge proportion and if the locals cannot be housed how does the economy function?….very poorly id suggest….and if the economy is not functioning why would foreign billionaires want to own assets here when they can buy assets in better performing economies?

                    We have increased the local economy's ability to service these ever increasing mortgages by ever reducing interest rates and we are now pretty much as low as they can go (a little lower potentially but bugger all) so where does our ability to service even greater property values come from?…increased government subsidies?….our public debt is already growing significantly…..increased wages?….theres little sign our SMEs can afford it and if they could it is inflationary which in turn will push up interest rates…..extended mortgage terms?….they are already at 30 years and with high rents its virtually impossible for locals to save a deposit in any case and the age at which the average person is able to buy their first home is getting later and later, will we have 40 year olds applying for 40 year mortgages?….Id suggest not.

                  • Incognito …
                    19 March 2021 at 10:14 pm

                    Even if only 3% of the market as is often claimed, without definitive evidence …

                    If you believe that Stats NZ makes “claims” rather than collecting, analysing, interpreting, and reporting hard data then your comment is consistent with that belief.

                    • KJT …
                      20 March 2021 at 7:36 am

                      Statistics NZ don't"claim" anything of the sort.
                      For one, the percentage of definitely "Foreign buyers" has jumped all over the place. 11% down to 0.6% recently.

                      But. It is "Overseas buyers" /owners we are talking about here. Who are not constrained by purely local demand

                      Statistics NZ do not give statistics on the number of "Overseas buyers".

                      Who may or may not be a proportion of the New Zealand citizens 82% and residency holders, 7.2%, who do NOT live in New Zealand. Also corporate buyers, 10%, where residency of ownership is not given.

                      https://www.stats.govt.nz/news/drop-in-home-transfers-to-overseas-buyers "We do not currently have a register of property owned by overseas people. These property transfer statistics measure overseas involvement in property transfers in any given quarter, but not the total amount of property owned by overseas people".

                      Contrary to Pat's assertions, overseas buyers are not dependent on the local market, local wage rates or economic conditions. Judging by the number of empty houses speculators are not constrained by rental returns, either

                    • KJT …
                      20 March 2021 at 7:49 am

                      Stats NZ's own statement is not entirely correct. Because they do not give figures for the number of transfers/ownership to NZ citizens, or those entitled to residency who are temporarily or permanently living overseas.

                    • Pat …
                      20 March 2021 at 7:57 am

                      Do you seriously suggest that speculators are not reliant on the local market?…by definition it is the local market they are speculating on. Yes you can afford to have an empty investment property so long as there is a rising market because the capital gain is your return but once that capital gain ceases or reverses you are in loss making territory and you exit the market leaving the greater fools holding the losses….the speculators feed off the market, they dont create it, though they will certainly try to encourage it.

                      "Bubble" is short for speculative bubble

                    • KJT …
                      20 March 2021 at 11:22 am

                      That is sort of the point. Speculation in expectation of capital gains is the driver of rising house prices.

                      If demand has little limit. Is it a bubble?

                    • Pat …
                      20 March 2021 at 12:39 pm

                      @KJT

                      "If demand has little limit. Is it a bubble?"

                      We'll know for sure when it bursts, however the speculative demand will only remain as long as the underlying demand can continue to meet the increasing price and the underlying demand is governed by the local economy…it is the speculative demand that is effectively unlimited, not the underlying.

                    • KJT …
                      20 March 2021 at 2:05 pm

                      The "burst" has been predicted from since before I was born.

                      In fact at one stage I thought that our politicians wouldn't be stupid enough to let it continue. Of course I was a bit naif about greed, when I was young.

                      The "crash" is not going to happen. If it even looks like it, we will suddenly find a need for another 90 thousand immigrants and a "freeing up" of overseas investment.

                      Not to mention that succesive Governments have pushed our economy into such a reliance on adding people and pushing up land prices, sinmce the actual productive rather than extractive economy was destroyed in the 80's and 90's that it may not be possible to unravel.

                    • mikesh …
                      20 March 2021 at 3:44 pm

                      If demand has little limit. Is it a bubble?

                      It's bubble if people are investing simply because they see the market rising, without considering the "fundamentals".

                    • mikesh …
                      20 March 2021 at 4:48 pm

                      The "crash" is not going to happen.

                      If we get some inflation back into the economy then interest rates will start to rise, and I think we will then see if there really is a bubble. If a lot of people are "swimming naked", as Warren Buffet puts it, then there will be panic as investors start to see prices falling, and we will see a stampede heading for the exit.

                      Will we get some inflation? I don't know. We probably need a jubilee: get rid of some debt – student loans, credit card debt, and perhaps a reduction in excessive mortgages.

              • KJT …
                19 March 2021 at 9:19 am

                I know a lot who have bought expensive coastal properties. Though some are Aucklanders cashing in.

                Many suburban houses and small blocks being bought as rentals by Aucklanders children cashing in on their parents equity. And Auckland retirees who have sold in Auckland.

                All of which has pushed local prices up way beyond most locals. 25% up in two years. Spreading the Auckland disease.

                Should have joined Hone in closing the border at Kaiwaka?

  13. peter sim 13
    18 March 2021 at 8:58 pm

    Arden has backed herself (and the Labour Party) into a corner. By flatly ruling out any capital gains tax (or land tax) for no reasons whatsoever she has blown her credibility apart.

    This government has let property owners/speculators rule the country.

    Which countries do not have a capital gains tax?

    That is where NZ should be keeping company?

    The labour party and the national party are twins with minor sibling rivalries.

    Climate change will inevitably bring pain and distress on top of covid 19 fallout. Accommodation hardship and homelessness is ,and will, increase while the fat cat national act party backers revel in other peoples misery.

    So much for wellness and caring.

    • mikesh 13.1
      18 March 2021 at 11:37 pm

      Arden has backed herself (and the Labour Party) into a corner. By flatly ruling out any capital gains tax (or land tax) for no reasons whatsoever she has blown her credibility apart.

      The only tax which Ardern has ruled out permanently is the capital gains tax. Other taxes, she has ruled only for the duration of the current term.

      This government has let property owners/speculators rule the country.

      Not so. It is the banking sector that rules the country. It is them that the government should be targeting, not the speculators, who are merely taking advantage of a situation which is not of their making.

      Which countries do not have a capital gains tax?

      I don't know. But, frankly, who cares.

      That is where NZ should be keeping company?

      In other words we should just become one more lemming?

      • solkta 13.1.1
        19 March 2021 at 8:21 am

        Why is it the banks fault? They merely taking advantage of a situation which is not of their making.

        • KJT 13.1.1.1
          19 March 2021 at 8:53 am

          Directorships in banks for ex politicians, suggests that banks had more than a little influence on policy.

        • mikesh 13.1.1.2
          19 March 2021 at 10:36 am

          Creation of money from nothing is very much "of the banks' making".

          • solkta 13.1.1.2.1
            19 March 2021 at 2:21 pm

            It is the government that makes the laws that enable the banks to do that. In Fraction Reserve Banking it is the State that says what fraction must be kept in reserve. The Government could set it at 100% if it wanted. Banks are just playing by the rules set by others just as the property investors are, but to a lesser extent as many MPs are also property investors.

            • mikesh 13.1.1.2.1.1
              19 March 2021 at 7:02 pm

              I don't think they use a reserve ratio set by the finance minister these days. I think these days the Reserve Bank sets capital requirements, to be met by the banks, to ensure the safety of the banking system. I take the RB, which is independent, to be part of the banking sector.

              • Nic the NZer …
                20 March 2021 at 8:34 am

                The RBNZ is part of the govt. Thats why the finance minister gets to set the RB governors policy objectives, appoint the governor and also why the RBNZ balance sheet is part of the govts balance sheet (in budget documents).

            • Nic the NZer 13.1.1.2.1.2
              20 March 2021 at 8:30 am

              As Mikesh highlighted, in New Zealand there is no particular reserve ratio specified. Also (contrary to popular belief) a reserve ratio does not constrain banks lending anyway. This is because the central bank always stands ready to lend the required reserves at its cash rate (e.g the OCR in NZ).

              In practice the aggregate banking system always determines how much credit its lending activities create. The govt can't restrict it without putting the payments system at risk of instability.

              Capital ratios also play a part but capital includes many financial assets which are not monies. A capital ratio is not another name for a reserve ratio.

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    David Farrar writes –  Kata MacNamara reports:    Details of Tony Blakely’s involvement in the New Zealand Government’s response to the pandemic raise serious questions about the work of the Covid-19 Royal Commission of Inquiry over which he presides. It has long been clear that Blakely, a ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Attacking the smartest and most resilient people in the room is never a good idea
    Chris Trotter writes – Are you a Brahmin or a Merchant? Or, are you merely one of those whose lives are profoundly influenced by the decisions of Brahmins and Merchants? Those are the questions that are currently shaping the politics of New Zealand and the entire West. ...
    Point of OrderBy poonzteam5443
    6 days ago

  • A fortune-telling failure, surely, if the tarot cards can’t see a bulldozer coming
    RNZ reports –  It’s supposed to be a haven of healing and spiritual awakening but residents of the Kawai Purapura community say they’ve been hurt and deceived. It’s the successor to the former Centrepoint commune, and has been on the bush block opposite Albany shopping centre since 2008. It ...
    Point of OrderBy Bob Edlin
    6 days ago

  • The climate battleground heats up
    TL;DR : Here’s the top six items climate news for Aotearoa-NZ this week, as selected by Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer. Usually we have a video chat to go with this wrap, but were unable to do one this week. We’ll be back next week.Several reports ...
    The KakaBy Bernard Hickey
    6 days ago

  • Bernard’ s Dawn Chorus & Pick ‘n’ Mix for Tuesday, May 14
    The Transport Minister has set a hard 'fiscal envelope' of $6.54 billion for transport capital spending. Photo: Lynn Grieveson / The KākāTL;DR: The economy is settling into a state of suspended animation as the Government’s funding freezes and job cuts chill confidence and combine with stubbornly high interest rates to ...
    The KakaBy Bernard Hickey
    6 days ago

  • Gordon Campbell on why anti-Zionism is not anti-Semitic
    To be precise, the term “anti- Zionism” refers to (a) criticism of the political movement that created a modern Jewish state on the historical land of Israel, and to (b)the subjugation of Palestinians by the Israeli state. By contrast, the term “anti-Semitism” means bigotry and racism directed at Jewish people, ...
    Gordon CampbellBy lyndon
    6 days ago

  • Climate change is making hurricanes more destructive
    This is a re-post from the Climate Brink by Andrew Dessler Because hurricanes are one of the big-ticket weather disasters that humanity has to face, climate misinformers spend a lot of effort muddying the waters on whether climate change is making hurricanes more damaging. With the official start to the hurricane ...
    Skeptical Science
    6 days ago

  • Wayne Brown’s PT Plan
    Yesterday the Mayor released what he calls his “plan to save public transport” which is part of his final proposal for the Council’s Long Term Plan (LTP). This comes following consultation on the draft version that occurred in March which showed, once again, that people want more done on transport, especially ...
    Greater AucklandBy Matt L
    6 days ago

  • Potaka's Private Universe.
    And it's a pleasure that I have knownAnd it's a treasure that I have gainedAotearoa’s coalition government is fragile. It’s held together by the obsequious sycophancy of Christopher Luxon, who willingly contorts his party into the fringe positions of his junior coalition partners and is unwilling to contradict them. The ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • Our slow regional councils
    The Select Committee hearing submissions on the fast-track consenting legislation is starting to become a beat-up of regional councils. The inflexibility and slow workings of the Councils were prominent in two submissions yesterday. One, from the Coromandel Marine Farmers Association, simply said that the Waikato Regional Council’s planning decisions were ...
    PolitikBy Richard Harman
    6 days ago

  • New measures to protect powerlines from trees
    Energy Minister Simeon Brown has announced that the Government will make it easier for lines firms to take action to remove vegetation from obstructing local powerlines. The change will ensure greater security of electricity supply in local communities, particularly during severe weather events.  “Trees or parts of trees falling on ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Wairarapa Moana ki Pouakani win top Māori dairy farming award
    Wairarapa Moana ki Pouakani were the top winners at this year’s Ahuwhenua Trophy awards recognising the best in Māori dairy farming. Māori Development Minister Tama Potaka announced the winners and congratulated runners-up, Whakatōhea Māori Trust Board, at an awards celebration also attended by Prime Minister Christopher Luxon and Finance Minister ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • DJ Fred Again – Assurance report received
    "On the 27th of March, I sought assurances from the Chief Executive, Department of Internal Affairs, that the Department’s correct processes and policies had been followed in regards to a passport application which received media attention,” says Minister of Internal Affairs Brooke van Velden.  “I raised my concerns after being ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • District Court Judges appointed
    Attorney-General Judith Collins has announced the appointment of three new District Court Judges, to replace Judges who have recently retired. Peter James Davey of Auckland has been appointed a District Court Judge with a jury jurisdiction to be based at Whangarei. Mr Davey initially started work as a law clerk/solicitor with ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Unions should put learning ahead of ideology
    Associate Education Minister David Seymour is calling on the Post Primary Teachers’ Association (PPTA) to put ideology to the side and focus on students’ learning, in reaction to the union holding paid teacher meetings across New Zealand about charter schools.     “The PPTA is disrupting schools up and down the ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Craig Stobo appointed as chair of FMA
    Commerce and Consumer Affairs Minister Andrew Bayly today announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA). Mr Stobo takes over from Mark Todd, whose term expired at the end of April. Mr Stobo’s appointment is for a five-year term. “The FMA plays ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Budget 2024 invests in lifeguards and coastguard
    Surf Life Saving New Zealand and Coastguard New Zealand will continue to be able to keep people safe in, on, and around the water following a funding boost of $63.644 million over four years, Transport Minister Simeon Brown and Associate Transport Minister Matt Doocey say. “Heading to the beach for ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • New Zealand and Tuvalu reaffirm close relationship
    New Zealand and Tuvalu have reaffirmed their close relationship, Foreign Affairs Minister Winston Peters says.  “New Zealand is committed to working with Tuvalu on a shared vision of resilience, prosperity and security, in close concert with Australia,” says Mr Peters, who last visited Tuvalu in 2019.  “It is my pleasure ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • New Zealand calls for calm, constructive dialogue in New Caledonia
    New Zealand is gravely concerned about the situation in New Caledonia, Foreign Minister Winston Peters says.  “The escalating situation and violent protests in Nouméa are of serious concern across the Pacific Islands region,” Mr Peters says.  “The immediate priority must be for all sides to take steps to de-escalate the ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • New Zealand welcomes Samoa Head of State
    Prime Minister Christopher Luxon met today with Samoa’s O le Ao o le Malo, Afioga Tuimalealiifano Vaaletoa Sualauvi II, who is making a State Visit to New Zealand. “His Highness and I reflected on our two countries’ extensive community links, with Samoan–New Zealanders contributing to all areas of our national ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Island Direct eligible for SuperGold Card funding
    Transport Minister Simeon Brown has announced that he has approved Waiheke Island ferry operator Island Direct to be eligible for SuperGold Card funding, paving the way for a commercial agreement to bring the operator into the scheme. “Island Direct started operating in November 2023, offering an additional option for people ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Further sanctions against Russia
    Foreign Minister Winston Peters today announced further sanctions on 28 individuals and 14 entities providing military and strategic support for Russia’s invasion of Ukraine.  “Russia is directly supported by its military-industrial complex in its illegal aggression against Ukraine, attacking its sovereignty and territorial integrity. New Zealand condemns all entities and ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • One year on from Loafers Lodge
    A year on from the tragedy at Loafers Lodge, the Government is working hard to improve building fire safety, Building and Construction Minister Chris Penk says. “I want to share my sincere condolences with the families and friends of the victims on the anniversary of the tragic fire at Loafers ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Pre-Budget speech to Auckland Business Chamber
    Ka nui te mihi kia koutou. Kia ora and good afternoon, everyone. Thank you so much for having me here in the lead up to my Government’s first Budget. Before I get started can I acknowledge: Simon Bridges – Auckland Business Chamber CEO. Steve Jurkovich – Kiwibank CEO. Kids born ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • New Zealand and Vanuatu to deepen collaboration
    New Zealand and Vanuatu will enhance collaboration on issues of mutual interest, Foreign Minister Winston Peters says.    “It is important to return to Port Vila this week with a broad, high-level political delegation which demonstrates our deep commitment to New Zealand’s relationship with Vanuatu,” Mr Peters says.    “This ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Penk travels to Peru for trade meetings
    Minister for Land Information, Chris Penk will travel to Peru this week to represent New Zealand at a meeting of trade ministers from the Asia-Pacific region on behalf of Trade Minister Todd McClay. The annual Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade meeting will be held on 17-18 May ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Minister attends global education conferences
    Minister of Education Erica Stanford will head to the United Kingdom this week to participate in the 22nd Conference of Commonwealth Education Ministers (CCEM) and the 2024 Education World Forum (EWF). “I am looking forward to sharing this Government’s education priorities, such as introducing a knowledge-rich curriculum, implementing an evidence-based ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Education Minister thanks outgoing NZQA Chair
    Minister of Education Erica Stanford has today thanked outgoing New Zealand Qualifications Authority Chair, Hon Tracey Martin. “Tracey Martin tendered her resignation late last month in order to take up a new role,” Ms Stanford says. Ms Martin will relinquish the role of Chair on 10 May and current Deputy ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Joint statement of Christopher Luxon and Emmanuel Macron: Launch of the Christchurch Call Foundation
    New Zealand Prime Minister Christopher Luxon and President Emmanuel Macron of France today announced a new non-governmental organisation, the Christchurch Call Foundation, to coordinate the Christchurch Call’s work to eliminate terrorist and violent extremist content online.   This change gives effect to the outcomes of the November 2023 Call Leaders’ Summit, ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Panel announced for review into disability services
    Distinguished public servant and former diplomat Sir Maarten Wevers will lead the independent review into the disability support services administered by the Ministry of Disabled People – Whaikaha. The review was announced by Disability Issues Minister Louise Upston a fortnight ago to examine what could be done to strengthen the ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Minister welcomes Police gang unit
    Today’s announcement by Police Commissioner Andrew Coster of a National Gang Unit and district Gang Disruption Units will help deliver on the coalition Government’s pledge to restore law and order and crack down on criminal gangs, Police Minister Mark Mitchell says. “The National Gang Unit and Gang Disruption Units will ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • New Zealand expresses regret at North Korea’s aggressive rhetoric
    Foreign Minister Winston Peters has today expressed regret at North Korea’s aggressive rhetoric towards New Zealand and its international partners.  “New Zealand proudly stands with the international community in upholding the rules-based order through its monitoring and surveillance deployments, which it has been regularly doing alongside partners since 2018,” Mr ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • New Chief of Defence Force appointed
    Air Vice-Marshal Tony Davies MNZM is the new Chief of Defence Force, Defence Minister Judith Collins announced today. The Chief of Defence Force commands the Navy, Army and Air Force and is the principal military advisor to the Defence Minister and other Ministers with relevant portfolio responsibilities in the defence ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Government puts children first by repealing 7AA
    Legislation to repeal section 7AA of the Oranga Tamariki Act has been introduced to Parliament. The Bill’s introduction reaffirms the Coalition Government’s commitment to the safety of children in care, says Minister for Children, Karen Chhour. “While section 7AA was introduced with good intentions, it creates a conflict for Oranga ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Defence Minister to meet counterparts in UK, Italy
    Defence Minister Judith Collins will this week travel to the UK and Italy to meet with her defence counterparts, and to attend Battles of Cassino commemorations. “I am humbled to be able to represent the New Zealand Government in Italy at the commemorations for the 80th anniversary of what was ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Charter schools to lift educational outcomes
    The upcoming Budget will include funding for up to 50 charter schools to help lift declining educational performance, Associate Education Minister David Seymour announced today. $153 million in new funding will be provided over four years to establish and operate up to 15 new charter schools and convert 35 state ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • COVID-19 Inquiry terms of reference consultation results received
    “The results of the public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has now been received, with results indicating over 13,000 submissions were made from members of the public,” Internal Affairs Minister Brooke van Velden says. “We heard feedback about the extended lockdowns in ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • The Pacific family of nations – the changing security outlook
    Foreign Minister, Defence Minister, other Members of Parliament Acting Chief of Defence Force, Secretary of Defence Distinguished Guests  Defence and Diplomatic Colleagues  Ladies and Gentlemen,  Good afternoon, tēna koutou, apinun tru    It’s a pleasure to be back in Port Moresby today, and to speak here at the Kumul Leadership ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • NZ and Papua New Guinea to work more closely together
    Health, infrastructure, renewable energy, and stability are among the themes of the current visit to Papua New Guinea by a New Zealand political delegation, Foreign Minister Winston Peters says.   “Papua New Guinea carries serious weight in the Pacific, and New Zealand deeply values our relationship with it,” Mr Peters ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Driving ahead with Roads of Regional Significance
    The coalition Government is launching Roads of Regional Significance to sit alongside Roads of National Significance as part of its plan to deliver priority roading projects across the country, Transport Minister Simeon Brown says.  “The Roads of National Significance (RoNS) built by the previous National Government are some of New Zealand’s ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • New Zealand congratulates new Solomon Islands government
    A high-level New Zealand political delegation in Honiara today congratulated the new Government of Solomon Islands, led by Jeremiah Manele, on taking office.    “We are privileged to meet the new Prime Minister and members of his Cabinet during his government’s first ten days in office,” Deputy Prime Minister and ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • New Zealand supports UN Palestine resolution
    New Zealand voted in favour of a resolution broadening Palestine’s participation at the United Nations General Assembly overnight, Foreign Minister Winston Peters says.    “The resolution enhances the rights of Palestine to participate in the work of the UN General Assembly while stopping short of admitting Palestine as a full ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Speech to the 2024 Infrastructure Symposium
    Introduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • $571 million for Defence pay and projects
    Defence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Climate change – mitigating the risks and costs
    New Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Getting new job seekers on the pathway to work
    Jobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Accelerating Social Investment
    A new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says.  “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Getting Back on Track
    Check against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with  your Board and team, for hosting me.   I’d like to acknowledge His Worship ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • NZ – European Union ties more critical than ever
    Your Excellency Ambassador Meredith,   Members of the Diplomatic Corps and Ambassadors from European Union Member States,   Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us.   Ladies and gentlemen -    In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations.   ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Therapeutic Products Act to be repealed
    The Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

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