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National – pissing debt against a wall.

Written By: - Date published: 3:41 pm, March 11th, 2014 - 77 comments
Categories: debt / deficit, national, same old national, treasury - Tags:

Of course it could be that John Key announced the election yesterday to divert attention from the press release from Treasury today.

The deficit was $637 million dollars bigger than expected. In fact it was more than double the expected size. Why? Well  mostly because of much smaller tax revenues than previously estimated. So much for the mythic recovery that National’s spinners have been pushing over xmas.

Financial Statements of the Government of New Zealand for the Seven Months Ended 31 January 2014

The operating balance before gains and losses (OBEGAL) was in deficit by $1.1 billion, which was $637 million more than expected, mainly due to lower core Crown tax revenue across most tax types. This result was partially offset by lower core Crown expenses and higher returns from Crown Entities.

And of course it just gets better. Bill English, the master controller of debt, has failed once more. Who’d like to bet against actually achieving the surplus in 2014/5 that he has been promising since 2009. My bet is that it will recede at the horizon  into – umm when is the next election year? 2017/8. After all he has to put in election bribes this year.

Net debt was $631 million higher than forecast at $59.9 billion or 27.7% of GDP. This was primarily due to a higher than forecast residual cash deficit driven by lower than expected core Crown tax receipts and higher than expected operating payments. Delays in insurance proceeds being returned to the core Crown also contributed to the higher than forecast residual cash deficit.

Quite simply this government’s economic abilities appear to rival those of Muldoon. They keep raising debt and praying that the world will help them out. While they’re being helped by the sustained drag of Chin’s demand for milk powder, but even so they still can’t stop putting us further into debt. We just finished paying off the mountain of debt that National gave me back in the 1970’s and early 80s. Now the shifty party of crony business morons are trying to do it to another generation.

Being a typical National government, they’re dead lazy. Rather than going out and helping the companies who’d sustain us when the commodity boom to China dries up (as it will sooner rather than later), they prefer pissing debt against a wall waiting for “the market” to help them out. Where a Labour government would be trying to provide and environment for out young businesses to flourish and produce jobs, National does nothing.

About the only bright news is that the governments financial portfolio, things like the ACC and the Cullen fund are doing better than expected. Probably because they aren’t highly exposed to this governments dead hand on the economy.

Full release with chart and Financial Statementsmediareleasefsgnz7mthsjan14.pdf]

77 comments on “National – pissing debt against a wall.”

  1. karol 1

    I would like some financial/economic types to do some fact checking on the figures John Key was spinning in Question Time today. Key does this slippery con man act by reeling numbers off very fast, making it difficult to focus on any one of them – something to watch in election debates!

    This extract is just some of the figures Key was spinning in response to Cunliffe’s questions – more at the above link:

    Rt Hon JOHN KEY (Prime Minister) : I think the word was “indicator”, but, yes, and we have official statistics that regularly measure those things. Last year average weekly wages went up by 2.8 percent, compared with inflation of 1.6 percent. The year before that, average weekly wages went up by 2.9 percent, compared with inflation of 0.9 percent. The New Zealand income survey shows that the median personal income from all sources went up by 2.7 percent in the last year and median household income went up by 4.1 percent. So although people’s circumstances are all different, it is very clear that, on average, cost of living increases have been quite modest and New Zealanders and their families have been getting ahead.

    • Bill 1.1

      Well, when somebody says ‘average weekly wages rose…’ rather than something like ‘on average, wages rose by’…then I start to wonder what it is they are referring to. Are we to take them literally and assume they referring to a rise in the average wage (worked from that $47k figure, or whatever it is) or just assume they ain’t constructing their sentences very well and are actually trying to refer to the average rise in wages?

      I believe the playing with language that goes on needs the same scrutiny as the numbers. But maybe that’s just me.

      • karol 1.1.1

        Well, maybe it’s also that the government is throwing out a lot of numbers – as part of the diversion that Lynn posted about.

        At Question Time today, Labour MPs made a number of points of order asking for Key and Ministers to be stopped and reprimanded for their overly long answers. Various ministers were at it, too – throwing out a load of numbers.

        Key repeated stats re-wage rises to Russel Norman.

        Nick Smith

        Steven Joyce

        • McFlock 1.1.1.1

          announce election date, stall like a farmers’ market at question time – Collins and their (as I think they are) laundromat dinners own goal has them playing defensively today.

        • Tracey 1.1.1.2

          Average but no median…

    • Jenny 1.2

      Well, for starters, he is using average weekly wages – which of course are pulled upwards by CEO-types on $1,000,000.00 plus salaries. He would give a better idea of what the central tendency actually is if he quoted the median. He uses the median for “income from all sources” in the NZIS – so that includes rent and returns on investments. He is betting on us being to dumb to no that they are different measures

      • Puddleglum 1.2.1

        Exactly.

        I think the general population would be thoroughly perplexed to know just how many ‘statistics’ there are on these sorts of matters and what each of them actually indicates.

    • Tracey 1.3

      Reliance on average not median… means smoke and mirrors galore.

  2. Sosoo 2

    Don’t worry. The media will calmly explain that this is just another of Cunliffe’s evil tricks.

  3. just saying 3

    It is time to scrutinise the way inflation is defined.
    Inflation on essential items has been much higher than inflation in prices of luxury or non-essential goods and services. Some of these have deflated in price. I’d like to see comparisons of inflation according to what particular income groups actually buy. The result would show dramatic inequality imo.

  4. Ant 4

    National are a classic example of the Kiwi management class, no long term vision, lots of feeble tinkering around the edges, lots of talk, no new ideas. The unfortunate thing is that the only ideas they do recycle are old and discredited.

    To make up for their lack of vision their time is spent fighting fires one by one, robbing Peter to pay Paul, and creating the right spin for the inevitable terrible results that are bound to follow.

    • Sosoo 4.1

      What do you expect?

      If you create a social model that rewards hyper-competitive aspirational monomaniacs (otherwise known as “meritocracy”), how can you be surprised when the people who end up running the show are a pack of pillocks?

  5. Ad 5

    This year I’d like Labour to launch a proper alternative budget – one that shows the shift in direction that the progressive side would take the country. I don’t want this election to be solely about the best slogan, happiest smile, and wittiest withering put-down.

    I’d like Labour to respond not inside Parliament as they usually do, but with a press conference outside Parliament – as the Budget speech is being read – that explains Labour’s approach to the Christchurch debt, Labour’s approach to the NZSuper fund allocations, Labour’s approach to balancing the projected amounts from a Capital Gains Tax and corresponding changes in income tax.

    I want David Cunliffe to tell us why he and his team are superior at handling the economy and the public finances – just as Helen Clark and Dr Michael Cullen did for 9 budgets in a row (except maybe the last one when things were generally going tits up).

    I don’t think this is the year for Business As Usual – I think it’s time for more stunts direct to tv.

  6. Seti 6

    “Well mostly because of much smaller tax revenues than previously estimated.”

    Perhaps it was less than forecast, although tax revenue was actually $2.37b or 4.9% higher than the same 7 month period last year. Pretty healthy growth.

    • lprent 6.1

      Yes, but these fools that you follow have been forecasting strong business growth next year for how many years? The problem is that I suspect most of the tax growth has just come from companies running out of accumulated losses As their mild return to profitability was from cutting costs and retrenchment.. It hasn’t come from either business or jobs growth.

      Guess what was required for any of the lazy National fools plans…

      • JM 6.1.1

        ‘You suspect’ but have absolutely no idea. I run a business in manufacturing and I can tell you that the last two years have been the best in the last 10. This is also true for many associate’s and the simple way to verify this is ask the transport companies they are the barometer to growth , but hey, don’t let any good news get in the way of your myopic red eye view.

        • lprent 6.1.1.1

          I do have an idea. My family has been pretty much in manufacturing for the last 5 decades. Both my father and my sister made their profession as a manufacturing operations managers. While I used to run factories. While these days I write code for export and the company contracts out the manufacture of the hardware, I still keep an ear to the ground in quite a few production paces.

          Basically you appear to lack perspective, and by the sounds of it you’re a bit of an idiot. After all transport companies move around a lot more imports and raw materials for export than they do for any local manufacture. The daily pickup routes for milk alone probably exceed all of the manufactured goods movements.

          The Stats department is reporting manufacturing plateauing in revenue and jobs after a pretty disastrous drop after 2007. The number of manufacturers going out of business has finally diminished. But while there has finally been an upturn in sales revenue this year outside of the farming sector, it has pretty much only just in 2013 after 4 years of declines or static sales. Jobs are damn flat in manufacturing outside on the farm processing sector.

          But here. Improve yourself and read the stats…

          http://www.stats.govt.nz/browse_for_stats/industry_sectors/manufacturing_and_production/EconomicSurveyofManufacturing_HOTPDec13qtr.aspx

          You’ll note that important statement looking at the rise compared to the year previously

          Sales (seasonally adjusted) for the December 2013 quarter compared with the September 2013 quarter.
          Volumes
          Total manufacturing rose 5.7 percent.
          Excluding meat and dairy product manufacturing, sales rose 0.9 percent.
          Meat and dairy product manufacturing rose 15 percent.

          Values
          Total manufacturing rose 6.3 percent.
          Excluding meat and dairy product manufacturing, sales rose 1.1 percent.
          Meat and dairy product manufacturing rose 18 percent.

          In other words outside the farm processing sector the rise in sales and volumes is minimal over the last year.

          Fuckall use to the rest of NZ eh? Minimal new jobs in doing minimal processing of farm products and raw logs. Manufacturing firms still not able to kill off those accumulated losses and therefore not paying taxes. Treasury fucking up their revenue models in the areas that pay taxes (farmers usually don’t) because they persist in seeing growth where none exists.

    • Which makes you wonder why the forecasts were so rosy.

    • Tracey 6.3

      Hasnt the tax take been lower than expexted for 3 to 4 months now?

  7. Enough is Enough 7

    It just makes me cringe thinking what could have been.

    We had a decade of surplus under Labour and we were the envy of every developed country in the world. Then in 2008 along came the crisis known as John Key and blew it all in a game of poker.

    Just for a second imagine how great and propserous this Nation would be if Labour had stayed in power in 2008 and continued to provide the surpluses it was renown for.

    • Wayne 7.1

      You must have forgotten the global financial crisis of late 2008 that pretty much lasted 3 years. Or did John Key singlehandedly organize that for the whole world, just to drive NZ into debt.

      • Draco T Bastard 7.1.1

        He was certainly part of the clique that did drive the world into crisis.

        • Colonial Viper 7.1.1.1

          Indeed. Merill Lynch was one of the Fed’s “primary dealers.” Aptly named, if I do say so myself.

        • (Not the) Voice of Reason 7.1.1.2

          [deleted]

          [lprent: Standard flame troll pattern with clear indications of identity jacking. Comments deleted and auto-spammed. ]

          • Te Reo Putake 7.1.1.2.1

            Just to avoid confusion, that Voice of Reason ain’t this Voice of Reason.

            • thatguynz 7.1.1.2.1.1

              Nor is he/she the voice of reason.. All they have demonstrated is a complete lack of knowledge about how the GFC came to be although they have correctly identified who the punters were that lost money. I’ll give you a hint VoR – it was a massive transfer of wealth from Main St to Wall St.. Go do some research.

          • Tracey 7.1.1.2.2

            I started laughing until I realised you believe this…

          • Dave_1924 7.1.1.2.3

            The GFC started due to poor banking practice – namely lending money to people who couldn’t repay it aka sub-prime loans, in the worlds most influencial market place. Then pooling those loan assets up into a new security and selling them on to other financial institutions all with a dollop of derivatives based on those securities. When the underlying economy gets the jitters the borrower via the sub-prime gets squeezed and that asset goes toxic i.e. loses value based on the underlying cash flows of repayments stopping. And that all flows up the chain via the pooled, packaged and on sold securities. Amplify that via derivatives and you have a huge mess.

            Who’s to blame for that?
            The Bankers for building and selling it
            The Banks, Insurance Companies, Super Funds etc. who bought the packaged Sub-Primes and thought they could hedge their exposure away via derivatives?
            The Politicians who enabled it via reformed banking legislation and via “encouraging” banks to lend to the sub-prime market to allow the less well off to live the American dream and buy a house of their own?
            The punters who borrowed money whilst having a poor credit history and insecure earning capacity?

            OR All of the above – I vote all of the above. And all of the above were driven by greed

      • Blue 7.1.2

        I’m pretty sure he organised a whole heap of tax cuts and corporate welfare for South Canterbury Finance.

      • Anne 7.1.3

        Well, that’s pretty much what you lot said about Helen Clark in 2008. She and Cullen were – apparently – “singlehandedly” responsible for the financial crisis which drove NZ into debt.

        Can’t have it both ways mate. If Key and English aren’t responsible then neither were their predecessors.

        Edit : just seen DTB’s comment. Ditto… Key certainly is part of the clique who put us all there in the first place!

      • karol 7.1.4

        That’s the spin line National MPs keep using in the House – they say the opposition thinks the GFC never happened.

        That’s totally wrong of course. The left remembers the GFC and what/who caused it. So we are wondering why National, & the global right, keeps using the same approaches that caused the GFC.

      • Jenny 7.1.5

        Not single-handedly but he was one of the the hands that caused it , yes.

      • Puddleglum 7.1.6

        Wayne,

        National has missed a once in a lifetime (or two) chance, courtesy of the GFC, to reorient the economy. It chose, instead, to sit on its hands and suck on the udder.

        It’s very reminiscent of the behaviour of CEOs who go for short-term share price inflation over long-term robustness because their ‘tenure’ at the top is fleeting and they just want to meet their KPIs (look good to electors) to collect the share bonuses (get re-elected).

        All that borrowing just to do ‘business as usual’ and satisfy what Matthew Hooton rightly calls the never-to-be-underestimated personal ambitiousness of John Key.

        • DS 7.1.6.1

          National is a conservative party. Sitting on its hands is what it does.

        • McFlock 7.1.6.2

          National has missed a once in a lifetime (or two) chance, courtesy of the GFC, to reorient the economy. It chose, instead, to sit on its hands and suck on the udder.

          Actually, it chose to use the GFC as an excuse to sell assets, some of which were built during previous recessions and depressions by smarter governments.

          The level of disgust this government deserves is astounding.

      • dave 7.1.7

        gfc is on going and still with us its a slow moving train wreak professor Steve keen said Govt. and public debt cant be separated they must be viewed as one and the same the result is a broken economy and a social disaster .

      • Tracey 7.1.8

        Is this a tpp thread?

    • dave 7.2

      what i worry about is what they are hiding 1984 comes to mind when Lange opened the books to a horror story history can repeat itself

      • thatguynz 7.2.1

        Agreed Dave. I’ve heard a number of rumours about an “off balance sheet” derivatives exposure for the govt (or Reserve Bank) that runs to hundreds of millions of dollars + but I haven’t seen any tangible proof.. yet.

  8. mickysavage 8

    This should hurt because National is going to run on the basis it is a sound financial manager and it will get the accounts back into credit as promised. If it fails to do so then this will be a significant failure. Hence the flag diversion …

    • Arfamo 8.1

      It should hurt, but given Key’s consistently high personal approval ratings and mastery of the art of telling people they are actually going to hell in such a charmingly dismissive and positive way many of them are looking forward to the trip, that remains to be seen.

      Opposition parties need to be all over the figures they’re tossing out, and they need to be able to articulate the plan to halt the debt madness.

    • Ad 8.2

      It will only hurt if Labour shows how much better they would be at it. Otherwise National will simply say: “No-one could have predicted the dual effects of recovering from the GFC, and Christchurch.”

      Irrespective of whether that’s true, it’s an excuse that will ring true in the public against any high principle of fiscal rectitude National might otherwise aspire to.

  9. Draco T Bastard 9

    Where a Labour government would be trying to provide and environment for out young businesses to flourish and produce jobs, National does nothing.

    National aren’t doing nothing – they’re quite specifically selling us into debt-peonage.

  10. Sosoo 10

    So Prime News relegated this item to 20 minutes into its half hour broadcast, but supposed Cunliffe gaffes were a lead item.

    They aren’t even trying to hide it anymore.

    • risildowgtn 10.1

      Thats why their Facebook page is great to let them know and those others who read it , the truth … and its fun to see trolls hop madder and madder esp when using evidence and all they do is try and divert the threads… no such luck…..

  11. Ergo Robertina 11

    The economy’s a weakness for National, but where is Labour spelling out the alternative?
    Mr Cunliffe is often reported saying his Government can walk and chew gum at the same time, which I interpret as: balancing the books, while paying some more workers a living wage, and addressing NZ’s economic structural problems. This prevarication without spelling out priorities adds to the perception he says different things, to different audiences, with different emphases.
    Worryingly, on his Sunday Q and A interview, Mr Cunliffe cited a Harvard degree as particularly qualifying him to transform the economy. Hello – it’s not the 1990s any more; these institutions have no credibility .
    Being upfront about all this would help negate any public perception of him as arrogant.
    Labour is intellectually adrift. My sense that Mr Cunliffe had the ability to rectify the malaise is fading.

    • Bearded Git 11.1

      Don’t buy into the MSM’s slamming of Cunliffe-he is smart and will roast Key in the election debates.

      Of course Labour has a plan but they won’t release policy early, that is now, because Key will then steal it.

  12. Colonial Viper 12

    Why does everyone seem to be buying the BS that sound Government economic management = balancing the books or running a surplus?

    Such a strategy greatly increases austerity and private sector (household debt). It’s the worst thing that can be done to NZ during a time of major and ongoing current account deficits.

    • Arfamo 12.1

      Well, the problem is nobody in politics who can attract the attention of the media and the public seems to be articulating this point at every opportunity. I haven’t seen it being made on Q&A, or The Nation, nor even in The House for that matter.

  13. feijoa 13

    Sorry, maybe I’m stupid, but if the average wage is going up , etc, etc then, ahem, how come tax revenue is going down???

    • Arfamo 13.1

      That’s a very good question. Has any opposition politician been asking the government or the media this?

      • karol 13.1.1

        Here it is said that for the March 2012 year, the average wage rose by 3.8%. At the same time,

        The seasonally adjusted number of total weekly paid hours fell 0.5 percent for the same period

        • Arfamo 13.1.1.1

          Yeah. Funny that, Karol.

          If income tax receipts are down isn’t that also a likely indicator fewer people are working, after so many layoffs in the public service and other business closures, and that many of those who lost jobs or who are supposedly now off welfare and getting jobs are probably getting only part time work or crap insecure jobs for short periods at minimum wages. The government should be getting hammered for answers to why this shortfall, because income tax receipts shouldn’t be down if we’re having an “economic recovery” and more people are getting jobs, as we’re being told.

          • karol 13.1.1.1.1

            Actually, that link I gave above said that there were fewer part time jobs – so probably many who were struggling to survive on part time work were laid off.

            • Arfamo 13.1.1.1.1.1

              Yeah but it only mentions that there are fewer part time jobs in some industries, mainly in Education and Training. I get the impression part-time work’s increasing in some of the low paid jobs as some employers try and casualise their whole workforce. Though I notice also our local supermarkets have been cut staffing down radically this year and are moving big time to self-service automated checkouts with only a couple of staff on duty as helpers, so even checkout jobs are disappearing at a very fast rate.

              • happynz

                Yeah but it only mentions that there are fewer part time jobs in some industries, mainly in Education and Training.

                Yup. I went from full-time to part-time to time’s-up. I’m still doing training, just no longer doing it in New Zealand.

                I’d love to return to New Zealand. Yet, without a job to go to I need to figure out something else to bring in a crust to afford the absurdly high cost of living in Aotearoa.

    • Ergo Robertina 13.2

      The tax take includes GST; people are spending less, plus many public sector organisations and businesses have slashed spending on the likes of travel for conferences/meetings etc. Has a big flow-on effect.

    • dave 13.3

      there is a reason English is called bullshit bill

    • Tracey 13.4

      Because the biggest chunk of rises will be in the top 1% who have tax minimisation vehicles.

      Also all those people who came off benefits… where are their taxes?

  14. bad12 14

    The Rock Bottom Economy is exposed, could the IRD personal tax take be down because the numbers of those now denied the unemployment benefit have gone through the roof prompting a whole set of false economic assumptions,

    Its easy to see why the receipts from GST and business taxation have fallen, National 3 years ago went from the top of the country to the bottom in an orgy of sacking a large part of the IRD workforce,

    As time moves on, more and more in the business world are realizing that the IRD no longer has the staff capacity to follow up on due taxes so they are simply giving themselves a tax holiday,

    The growth is in the figures, if the taxation then does not match the growth figures either these figures are wrong, OR, the majority of the 800 odd millions of taxation not being collected is being avoided or evaded…

  15. feijoa 16

    So……we dont have a rock star economy then?????

  16. dave 17

    I don’t know whose wages slippery is taking about mine in real terms has went backwards key and co must be on LSD

  17. RedLogix 18

    Yes any govt would have had to borrow to cover the GFC and the rainy days that followed. But deliberately slashing revenue as well was obdurate ideological madness. There’s a line in Lynn’s OP that hits home for me:

    We just finished paying off the mountain of debt that National gave me back in the 1970′s and early 80s. Now the shifty party of crony business morons are trying to do it to another generation.

    I very clearly recall as a teenager my father – who knew Muldoon personally – tell me “You’ll spend all your adult life paying off the debt’s this self-styled, self-deluding ‘economic wizard’ has racked up”.

    Well not quite all my life. At one point I had the privilege of shaking Dr Cullen’s hand and thanking him for what he had achieved. (He was terribly embarrassed at my gushing…).

    Now it’s happening all over again.

  18. Stuart Munro 19

    Worst of all, the world economies refused to learn the lessons of 2008. Financial markets remain soft with even China no longer growing strongly. NZ’s local recession is about to be worsened by a global recession. And to think, until that silly woman Maggie Thatcher got involved, the western economies had largely put the spectre of cyclic depressions behind them.

    • RedLogix 19.1

      Worst of all, the world economies refused to learn the lessons of 2008.

      There were a number of things which could have been done post-2008. But all of them would have weakened or challenged the position of the bankers and money men.

      And for this reason they were not allowed to happen. They money system has humanity utterly in it’s thrall.

      The only thing that will break this spell is a complete change of heart.

      • Colonial Viper 19.1.1

        The only thing that will break this spell is a complete change of heart.

        The top 0.1% are not going to have a change of heart, that I can guarantee. Oligarchs serve the interests of oligarchic class, full stop. That has been the pattern throughout history.

        And the bottom 90%…well, most seem to be asleep, for the moment.

        Also…perhaps it was accidental, but your use of the term “spell” is precisely correct. Or perhaps is it a “curse.”

        • RedLogix 19.1.1.1

          heh – we may have both been reading too much JMG. 🙂

          But yes. I wasn’t imagining the a change at the top 0.001%. In all of human history has that ever happened? (I’d be interested if anyone would care to expand on this.)

          Nor is the rest of humanity exactly asleep. But given this nightmare cannot last forever, you really have to imagine the meek will indeed finish up inheriting what is left of the earth.

  19. aerobubble 20

    The country was booming under Clark, the reserve bank was so moved that it raised interest rates to curtail the housing bubble. Key went to the election with tax cuts, nobody dared inform the public that tax cuts stimulate the economy. Then shock of shockers the bottom falls out of the global banking industry, and a tax cut saves upper middle classes from a bath. Of course Key is king in many eyes, a politician that got lucky, its impressive how little Key knows.

    So of course after locking in the tax reductions to the upper middle class and businesses (mostly fast food), the great recession looks like coming up for a short breather, yet now debt is out of control, Key has failed to act and raise taxes. Never let it be said that a stupid banker would waste a recession, but Key has, the consumers have gone back to slap happy credit debt, housing is agian making them feel freer with their spending. Oops.

    Yet now the countries books is in far worse condition, and China is already over due a sneeze. The global debt crisis has not be dealt with, except to get accountants to shift the numbers around the books.

    Reasons why Key is a moron, question time yesterday…

    Key says because energy prices were rising fast under Clark, a booming, high interest rates, economy, that the slight slowing during a recession, when power use is shrinking!! that it must be Labours fault.

    Key says that because interest rates under Labour got so high, and he know reserve bank is independent, then Labour is responsible for the last five years of Key government doing nothing about housing.

    And why did Key continue the insulation program, well its raise the value of homes, lowers the value of power shares sell off, was a Green initiative, and slowing the demand for new building.

    Key’s only got such high polls because he got lucky his tax cuts would of bust the housing bubble.

  20. captain hook 21

    the problem is as outlined by winny this morning on Radio NZ. The NZLP allowed itself to be browbeaten by the nats in the house and there was no one in the Labour Party caucus versed in macro economics and with enough knowledge to take the tories head on. Our MP’s are good with local issues but its time to get someone with the smarts to rip into the looters and pork barrelers.

    • Tracey 21.1

      Anytime any nat mentions average wages opposition mps should start saying

      Cos of the anz banks ceo’s quarter of a million buck bonus… but half of kiwis earn less than 22 bucks an hour.

      I dont know what the anz ceo bonus was, if any

  21. aerobubble 22

    Key raised GST, and done nothing about high dollar, now tax revenues are down as consumers avoid GST on online purchases; and guess what, those who spend most of their low income on foods and basics now have to pay more!!!! And worse, because the high dollar does not impact on nz made, the poorest don’t get any benefit from the high dollar, yet National aren;t above making the comparison that we have the highest comparable minimum wage. Of course its looks high, our dollar is higher. So its like kicking someon in the guts while telling them it should feel great.

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    1 day ago
  • Budget 2016 and our LGBTQI communities
    LGBTI people make up about a tenth of our population, and our communities face a unique set of needs and challenges. These challenges are caused or exacerbated by discrimination, invisibility and barriers to appropriate support. We have a long way… ...
    GreensBy Jan Logie
    1 day ago
  • Budget 2016 and our LGBTQI communities
    LGBTI people make up about a tenth of our population, and our communities face a unique set of needs and challenges. These challenges are caused or exacerbated by discrimination, invisibility and barriers to appropriate support. We have a long way… ...
    GreensBy Jan Logie
    1 day ago
  • Scrambled announcement policy on the hoof
    Paula Bennett’s scrambled desperate announcement that she will pay homeless people to move to the regions is just the latest evidence of the disarray this Government’s housing policy is in, Leader of the Opposition Andrew Little says. “This is policy… ...
    1 day ago
  • Police Minister admits resolution rates fall short of expectation
    Police Minister Judith Collins has admitted in Parliament current burglary resolution rates are not meeting the expectations of our communities, says Labour’s Police spokesman Stuart Nash “Out of 284 police stations in New Zealand in 2015, 24 stations recorded zero… ...
    1 day ago
  • Mojo Mathers: A better deal for animals in Budget 2016
    Currently we are failing animals in NZ. On the face of it farmed and domestic animals in this country have strong legal protection from abuse, cruelty and neglect. In reality it seems that only the very worst, most extreme cases… ...
    GreensBy Mojo Mathers
    1 day ago
  • Metiria Turei: What we need from Budget 2016
    Every family deserves a warm decent home.  Everyone believes that. This housing crisis is just the latest consequence of a Government who puts the interests of the few wealthy people above the needs of NZ families.  Families are doing it… ...
    GreensBy Metiria Turei
    1 day ago
  • Dairy exports fall of 11%: Budget action on diversification needed
    Dairy exports have fallen 11 per cent compared to this time last year, a fall of almost $1.5b, showing the Government must take clear action on diversifying the economy in tomorrow’s Budget, says Labour’s Trade and Export Growth spokesperson David… ...
    1 day ago
  • Investors driving families out of homes in South and West Auckland
    Investors cashing in on skyrocketing Auckland house prices are driving families out of homes in South and West Auckland and causing homeownership rates in some of our poorest suburbs to plummet, Labour’s Housing spokesperson Phil Twyford says. “New analysis shows… ...
    1 day ago
  • Budget must deliver on paid parental leave
    Budget 2016 must deliver 26 weeks paid parental leave by April 2018 – anything less will be short-changing families, says Labour MP Sue Moroney. “My Bill which is before Parliament this afternoon has majority support and does just that. I… ...
    1 day ago
  • Key’s “brain fart” on tax cuts news to English
    John Key didn’t tell his own Finance Minister he was about to go on radio and announce he wanted $3b of tax cuts, just days after Bill English ruled them out, says Labour’s Finance spokesperson Grant Robertson. “In Parliament today… ...
    2 days ago
  • What I’m looking for in Budget 2016 – A better start for our tamariki
    Ensuring the best start for our tamariki is a priority for me in everything I do. And so in Budget 2016, my first budget as an MP, I looking for the Government to make a real investment in the wellbeing… ...
    GreensBy Marama Davidson
    2 days ago
  • What I’m looking for in Budget 2016 – A better start for our tamariki
    Ensuring the best start for our tamariki is a priority for me in everything I do. And so in Budget 2016, my first budget as an MP, I looking for the Government to make a real investment in the wellbeing… ...
    GreensBy Marama Davidson
    2 days ago
  • Denise Roche: What I’m looking for in Budget 2016 Pt II
    Aotearoa’s new New Zealanders,  come to our country in vulnerable position: – often away from the culture, communities and families they know, sometimes in neighbourhoods without familiar faces and often encountering barriers to employment. With net migration at 50,000+ a… ...
    GreensBy Denise Roche
    2 days ago
  • Equal Pay and Budget 2016
    The last few years we’ve seen equal pay for women flagged as an undefined risk in the budget. This year we should expect to see this, as well as budgeted money to deliver equal pay to caregivers and funding for,… ...
    GreensBy Jan Logie
    2 days ago
  • Equal Pay and Budget 2016
    The last few years we’ve seen equal pay for women flagged as an undefined risk in the budget. This year we should expect to see this, as well as budgeted money to deliver equal pay to caregivers and funding for,… ...
    GreensBy Jan Logie
    2 days ago
  • A great Budget would
    A great Budget would embrace the challenge of our polluted rivers and move the money away from justifying the status quo water rules into cleaning up waterways. A great Budget would take the Ministry for the Environment freshwater budget and… ...
    GreensBy Catherine Delahunty
    2 days ago
  • Budget building materials policy backfires
    On the eve of this year’s Budget official figures show Nick Smith’s Budget 2014 centrepiece to reduce the cost of building materials has backfired, says Labour’s Housing spokesperson Phil Twyford. “Ministry of Business, Innovation and Employment officials have spent the… ...
    2 days ago
  • Smarter, Better, Cleaner, Stronger
    This Thursday Bill English will deliver his eighth Budget. Will it continue the trend of previous National budgets, making tertiary education less affordable, putting only token funds into innovation, and subsidising polluters? Budgets aren’t what they used to be. Once… ...
    GreensBy Gareth Hughes
    2 days ago
  • Govt must come clean on tax cuts in Budget
    National is making a mockery of the Budget process by dangling the promise of tax cuts but failing to include them in the Budget, says Labour’s Finance spokesperson Grant Robertson. “National’s tax cut promises have turned into a farce. One… ...
    3 days ago
  • Grant Robertson Pre-Budget Speech
    Today I want to talk about success. As we know success can come in many different forms, from the fact you all made it here at such an early hour on a Monday, for which I am very grateful, to… ...
    3 days ago
  • Budget must deliver for middle New Zealand
    The Government must ensure next week’s Budget stops the squeeze on middle New Zealand and delivers shared prosperity for all New Zealanders, Leader of the Opposition Andrew Little says. The call follows new research commissioned by Labour that shows working… ...
    4 days ago
  • Our housing emergency – why we have to act
    Marama and Metiria at Homes Not Cars launch On Thursday, Metiria Turei announced the Green Party’s plan to start addressing the emergency housing crisis facing our country. Too many people are without homes right now – homeless. It is the… ...
    GreensBy Marama Davidson
    5 days ago
  • Will funding boost for sexual violence services go to the right places?
    This week the Government announced $46million for sexual violence services. This announcement was a result of decades of work by advocates and everyone who submitted to the Select Committee inquiry into funding for sexual violence services that I initiated with… ...
    GreensBy Jan Logie
    6 days ago
  • Will funding boost for sexual violence services go to the right places?
    This week the Government announced $46million for sexual violence services. This announcement was a result of decades of work by advocates and everyone who submitted to the Select Committee inquiry into funding for sexual violence services that I initiated with… ...
    GreensBy Jan Logie
    6 days ago
  • Denise Roche – What I’m looking for in this year’s Budget
    Two of the things I’ll be looking for in the Budget next week are more funding for refugees and for our arts and culture sector. More funding for refugees I’m a strong supporter of the #DoubleTheQuota campaign and its goals… ...
    GreensBy Denise Roche
    6 days ago
  • Denise Roche – What I’m looking for in this year’s Budget
    Two of the things I’ll be looking for in the Budget next week are more funding for refugees and for our arts and culture sector. More funding for refugees I’m a strong supporter of the #DoubleTheQuota campaign and its goals… ...
    GreensBy Denise Roche
    6 days ago
  • Car rego victims must get a refund
    Motorists who have been overcharged for their car registration should get a refund, says Labour’s Transport spokesperson Sue Moroney.  “Minister Nikki Kaye’s ‘faulty risk’ rating scheme has blown up in her face with over 170 different models of car having… ...
    6 days ago
  • Council statement shows they just don’t get it
    The Auckland Council’s statement today shows they don’t understand the problems created by the urban growth boundary, says Labour’s housing spokesperson Phil Twyford.  “I have been the first to defend the Auckland City Council when Bill English has been blaming… ...
    6 days ago
  • Inspecting electronic devices a potential privacy threat
    Labour is expressing concern for New Zealanders’ privacy rights as the Government signals Customs will have the power to inspect electronic devices coming across the border, says Labour’s Customs Spokesperson Rino Tirikatene. “We agree that customs officers should have the… ...
    6 days ago
  • The Price of Water
    This week I hosted a public meeting at EIT in Hawkes Bay to discuss how we might put a price on the commercial use of water, so that water may be valued and treated more sustainably. I invited a… ...
    GreensBy Catherine Delahunty
    6 days ago
  • Caption It NZ!
    Today I received a petition from the NZ Captioning Working Group urging the government to legislate for accessibility via closed captioning for deaf and hard of hearing New Zealanders. It was timely because today is the fifth Global Accessibility Awareness… ...
    GreensBy Mojo Mathers
    1 week ago
  • Older Kiwis to miss out on electives
    The Government is not doing enough elective surgery to keep up with New Zealand’s ageing population, says Labour’s Health spokesperson Annette King.  “It’s damning that the targeted national intervention rate for cataract and knee and hip surgery is the same… ...
    1 week ago
  • Most principals say their college is underfunded
    The Government must substantially increase funding for secondary schools in next week’s Budget after a new survey found 86 per cent of principals consider their college under-resourced, Labour’s Education spokesperson Chris Hipkins says. “Just 14 per cent of secondary principals… ...
    1 week ago
  • Bill English and Nick Smith on different pages
    The Government’s support for Labour’s policy to remove the Auckland urban growth boundary is good news, but National needs to clarify its position, Labour’s Housing and Auckland Issues spokesperson Phil Twyford says. “The Acting Prime Minister has acknowledged our position… ...
    1 week ago
  • Bill English and Nick Smith on different pages
    The Government’s support for Labour’s policy to remove the Auckland urban growth boundary is good news, but National needs to clarify its position, Labour’s Housing and Auckland Issues spokesperson Phil Twyford says. “The Acting Prime Minister has acknowledged our position… ...
    1 week ago
  • Labour calls for independent inquiry into illegal fish dumping
    The Labour Party is reiterating its call for an independent inquiry into New Zealand’s fishing industry after two reports revealed the Ministry for Primary Industries turned a blind eye to widespread fish dumping in New Zealand waters, says Labour’s Fisheries… ...
    1 week ago
  • Mt Karangahake and Newcrest Mining
    On Wednesday and Sunday of last week the local residents of the Karangahake mountain in the Karangahake gorge of Hauraki/Coromandel peacefully protested against a gold mining drill rig on private land adjacent to the DOC land. The drilling rig was… ...
    GreensBy Catherine Delahunty
    1 week ago
  • Robbing Aucklanders to pay Rio Tinto
    New Zealand’s national electricity grid stretches the length of the country and contains some 11,803 kilometres of high-voltage lines and 178 substations. It wouldn’t make sense for competing power companies to duplicate and build their own expensive electricity transmission system… ...
    GreensBy Gareth Hughes
    1 week ago
  • Government should abolish Auckland urban growth boundary
    The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis, says Labour’s Housing spokesperson Phil Twyford. “Over 25 years the urban growth boundary hasn’t… ...
    1 week ago
  • Kiwis don’t want iPads for Land deals
     It is outrageous that schools are relying on money and iPads from foreign land investors to meet the learning needs of their students, says Labour’s Education spokesperson Chris Hipkins.  “Several OIO land applications by offshore investors have claimed that without… ...
    1 week ago
  • Homelessness – National has failed all of us
    A young South Auckland Māori woman recently tried to get hold of me around midnight. I missed her call. The woman wanted me to know the sharp reality facing too many families looking for a stable place to live. Things… ...
    GreensBy Marama Davidson
    1 week ago
  • Moko case should never have been manslaughter deal
    Confirmation again yesterday that the manslaughter charge in the Moko Rangitoheriri case was a deal done by the Crown Prosecution Service is justifiably the cause of outrage, says Labour’s Children’s spokesperson Jacinda Ardern.“This should never have been a case where… ...
    1 week ago
  • Overseas investor funds school’s digital devices
    The Government must address the inequality laptops and tablets in classrooms are causing after a Queenstown school was forced to use a donation from an overseas investor to get their students digital devices, Labour’s Education spokesperson Chris Hipkins. “Documents obtained… ...
    1 week ago

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