Nats fail own asset sales tests

Written By: - Date published: 6:29 am, November 14th, 2011 - 67 comments
Categories: david cunliffe, election 2011, labour, national, privatisation - Tags:

Labour’s David Cunliffe put out a press release judging National’s proposed asset sales programme by the 5 tests that Key laid down in an effort to reassure us that sales would only go ahead if they made sense and were good for the country. Cunliffe’s analysis shows asset sales clearly fail the Nats’ own tests. The only reason to go ahead is blind ideology.

————————————————————-

Here’s Labour’s analysis –

John Key said in his State of the Nation speech that he would only proceed with asset sales if they passed five important tests.[1] This analysis shows John Key has failed the five tests.

1.    Widespread Kiwi Ownership: FAIL

Test: New Zealand investors would have to be at the front of the queue for shareholdings, and we would have to be confident of widespread and substantial New Zealand share ownership…

Treasury says “significant participation by foreign investors will be essential to achieve the Government’s overall objectives”.[2]   National has refused to give any guarantee against the subsequent purchase of shares from ‘mum and dad investors’ by foreign multinationals.[3]

National promised in 1999 that Contact Energy would stay in Kiwi ownership after it was sold, but at least 65% of Contact’s dividends now go overseas – in excess of $100 million last year and almost $1 billion in total since privatisation in 1999.[4]

2.    Presenting Good Investment Opportunities: FAIL

…the companies involved would have to present good opportunities for investors…

Official advice has cautioned National that the New Zealand stock exchange is “already heavy in energy stocks”, and that selling the publicly-owned companies could have “negative effects on current listed energy stocks as investors swap one for another (e.g. from Contact to Meridian)”.[5]  If John key thinks the companies are such good opportunities for investors, why doesn’t he keep these great assets in public ownership so that all New Zealanders own them?

3.    Protecting consumers: FAIL

…the Government would have to be satisfied that industry-specific regulations adequately protected New Zealand consumers…

The UK’s experience of energy privatisation suggests that Kiwi consumers might be facing higher prices should asset sales go ahead. An analysis of power prices in Britain shows that “privatisation has led to significant increases in the price of domestic electricity compared with those predicted for continued public ownership.”[6]

New Zealanders learned the hard way from the privatisation of Telecom that selling core infrastructure without a proper regulatory framework cost them dearly.  Telecom’s foreign buyers pushed up prices, bled the company, and then quit it rather than investing in its long-term future.[7]  It was left to Labour in 2006 to rectify the regulatory framework.[8]

4.    Retaining majority control: FAIL

…the Government would have to maintain a majority controlling stake by owning more than 50 per cent of the company.

Treasury says “minority shareholders will have significant influence”.[9]  The legal rights available to minority shareholders include access to company information, and in some cases, to board processes and appointments. Treasury says “a shareholder who feels that the action of the Government (as majority shareholder) has been prejudicial to the interests can apply to the court for an order requiring the company to purchase their shares or pay compensation.”[10]  Furthermore, conflicts of interest can arise on the boards of partially privatised companies, and Treasury points out that “the Government will be unable to vote in transactions where it is a related party”.[11]

Treasury believes that if the energy companies are partially privatised, there will be the perception of an ‘implicit government guarantee’.[12] This raises the spectre of more government bailouts, after National has already spent billions bailing out South Canterbury Finance, MediaWorks and AMI.

5.    Use Revenue to Buy Other Public Assets: FAIL

…the capital freed up would have to be used on behalf of taxpayers to fund new public assets and thereby reduce the pressure on the Government to borrow…

National hasn’t accounted for the loss of dividends which help fund government spending. As Key said about SOEs in 2009, “we expect them to receive a return and Government to receive a return over time, if we don’t how do we pay for our doctors and hospitals and the likes”.[13]  National claims asset sales will raise $5 to $7 billion, but within 15 years the Crown will have foregone $11 billion in dividends. This cost will continue to rise because half the dividend stream will be permanently lost.[14]

Further, it doesn’t make sense to sell these assets to avoid borrowing.  According to the Treasury, the average annual total shareholder return for SOEs over the past 5 years has been about 17.5%.[15]  This easily exceeds the government’s cost of borrowing – the 10-year bond rate is 6%.[16]

And it is doubtful whether National will actually receive the estimated $5 to $7 billion in revenue.  In its Pre-Election Economic and Fiscal Update (PREFU), National did not take into account this year’s sharp decline in equity markets.[17] It is not a good time to be selling shares on capital markets.

National has already banked the proceeds of the asset sales in the PREFU baselines.[18]  National’s so-called Future Investment Fund is a fiction. It is illogical.  Rather than investing asset sale returns in a genuine trust fund for future development, National is simply just recycling expenditure that would have happened anyway.[19]

[1] John Key’s State of the Nation speech, 26 January 2011: http://www.stuff.co.nz/national/politics/4584114/PM-John-Keys-State-of-the-Nation-speech

[2] The Treasury, “Extending the Mixed Ownership Model – Overview of Advice”, first A3 page, 4 March 2011, released 19 May 2011. http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[3] When Tony Ryall was asked in June whether the companies would end up in foreign ownership, he said “you can’t guarantee on those issues”: Finance & Expenditure Committee, 22 June 2011: http://www.nzherald.co.nz/nz-treasury/news/article.cfm?o_id=358&objectid=10733861:

[4] This figure is based on an analysis carried out by the Parliamentary Library and the Office of the Leader of the Opposition.

[5] The Treasury, “Extending the Mixed Ownership Model – Overview of Advice”, second A3 page, 4 March 2011, released 19 May 2011. http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[6] JR Branston, “A counterfactual price analysis of British electricity privatisation”, Utilities Policy, pp. 31-46 (2000).

[7] Rod Oram, “Govt’s last shot at useful policy”, Sunday Star-Times, 8 August 2010: http://www.stuff.co.nz/sunday-star-times/business/3999585/Govts-last-shot-at-useful-policy

[8] Telecommunications Amendment Act 2006

[9] The Treasury, “Extending the Mixed Ownership Model – Overview of Advice”, sixth A3 page, 4 March 2011, released 19 May 2011. http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[10] The Treasury, “Extending the Mixed Ownership Model – Overview of Advice”, sixth A3 page, 4 March 2011, released 19 May 2011. http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[11] The Treasury, “Extending the Mixed Ownership Model – Overview of Advice”, sixth A3 page, 4 March 2011, released 19 May 2011. http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[12] The Treasury, “Crown Ownership of Commercial Entities”, page 30: http://www.comu.govt.nz/publications/information-releases/mixed-ownership-model/

[13] John Key on TV3’s Sunrise, 17 March 2009.

[14] Labour’s fiscal strategy, page 8. http://www.ownourfuture.co.nz/fiscal-strategy

[15] 2010 Investment Statement of the Government of New Zealand, 14 December 2010, pp. 71-72

[17] PREFU B.16 p 82

[18] PREFU B.16 p82

[19] Asset slush fund an investment cop-out. NZ Herald, 9 November 2011 http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10764698

67 comments on “Nats fail own asset sales tests ”

  • Comments are now closed

  1. tc 1
    14 November 2011 at 7:23 am

    Good to see from Cunliffe, these clowns have been swanning around lying their butts off as they know the MSM will not pull them up.
    Love the way mr fay is positioning himself to be a white knight and with weldon departing his cowboy nzx…..no prizes for guessing that they’ll be busy with the great nz fire sale they’re all hoping for.

  2. tsmithfield 2
    14 November 2011 at 7:24 am

    “Unfortunately for him this contradicts Treasury’s advice that significant foreign investment would be essential to a successful sale share float.”

    Does that include the superannuation fund, kiwisaver accounts etc that are likely to be heavy buyers, effectively keeping the assets in kiwi hands?

    “The second and third tests stated National would ensure the companies involved presented good investment opportunities and protected New Zealand consumers. Key failed on both counts.”

    Ummm the complaint I have seen with monotonous regularity on this site is that the assets are being sold too cheap. If this is the case, then, by definition, they are excellent investment opportunities. Can’t have it both ways. I fail to see why consumers should be disadvantaged. The current model hasn’t worked too well in this respect given the huge power price increases over the last decade.

    “In addition, the UK’s experience of energy privatisation suggests that Kiwi consumers might be facing higher prices should asset sales go ahead.”

    What a stupid thing for Cunliffe to say, especially considering he was part of a government that oversaw massive price increases under the current structure that have absolutely rogered the consumer in every orifice possible. Under the new arrangement it will be possible for public/private entities to sell new shares to fund future developments rather than having to raise prices as is the case now. Assuming this is done on a 50/50 public/private basis, the cost to the tax payer will drop by 50% for future infrastructure.

    “But National’s projections haven’t accounted for the loss of dividends, which help fund Government spending once those assets are sold.”

    Conveniently ignoring Treasury advice that the loss of dividends and the offset in interest saved balance each other out. If the superannuation fund and kiwisaver funds invest heavily in the asset sales then a large proportion of the dividends will be returned to kiwi owned entities anyway helping to offset future superannuation costs. So the dividends aren’t necessarily lost.

    • mickysavage 2.1
      14 November 2011 at 8:17 am

      Ummm TS the Government owned companies increased prices at a lower rate than the private companies.  And like it or not prices are going to keep on increasing as energy becomes a more and more valued commodity.
       
      At least when we own the shares we get the profits.  If overseas get the shares all we do is send large amounts of money there.

    • Blighty 2.2
      14 November 2011 at 9:09 am

      ““Unfortunately for him this contradicts Treasury’s advice that significant foreign investment would be essential to a successful sale share float.”

      Does that include the superannuation fund, kiwisaver accounts etc that are likely to be heavy buyers, effectively keeping the assets in kiwi hands?”

      No, foreign investment does not include kiwisaver and the Cullen Fund, TS. Jesus. Get out of the wrong side of bed and whack your head on the wall this morning, did you?

    • Draco T Bastard 2.3
      14 November 2011 at 9:12 am

      The current model hasn’t worked too well…

      No it hasn’t but that’s what you get when you go round adding costs through faux competition.

      Under the new arrangement it will be possible for public/private entities to sell new shares to fund future developments rather than having to raise prices as is the case now.

      The costs still need to be met so they’ll just raise the prices later. Your method doesn’t save us anything. In fact, it’s most likely going to cost more as the privateers demand higher returns.

      Conveniently ignoring Treasury advice that the loss of dividends and the offset in interest saved balance each other out.

      Except that it doesn’t. Even Treasuries figures (17.5% return vs 6% interest) show that which means that Treasury and this government, if they’re saying that it makes no difference, are lying.

      If the superannuation fund and kiwisaver funds invest heavily in the asset sales then a large proportion of the dividends will be returned to kiwi owned entities…

      And if the government keeps them then the government gets to keep the dividends. What was the point of selling them again?

      Never mind the fact that there’s no guarantee that the Cullen Fund or Kiwisaver funds would get any shares.

    • mik e 2.4
      14 November 2011 at 10:53 pm

      Tsm Robbing taxpayer to buy votes

  3. Bored 3
    14 November 2011 at 7:36 am

    TS, in a world where economists were anything but chicken entrail readers suggesting that Treasury economists actually were credible experts would make sense. Unfortunately for us Treasury and economists in general have failed to deliver to us so singularly that their opinions should be avoided at all costs.

    I run companies, if I had listened to Treasury advice on business and followed it assiduously I would have gone bust years since. These guys are clowns, and worst than that idelogues in the pay of those who want “truth” delivered to the benefit of a very limited sector of society.

    • tsmithfield 3.1
      14 November 2011 at 7:39 am

      So, why has Labour relied on the PREFU for its own budget, then, if Treasury advice can’t be relied on? Seems to me that Labour is trying to play it both ways by putting forward a budget relying on Treasuries figures, and then ignoring Treasury when it is convenient for their arguments.

      • Blighty 3.1.1
        14 November 2011 at 8:00 am

        because the point of Labour’s fiscal strategy is to show what differences Labour’s policies make against the base case, which is the PREFU.

      • mik e 3.1.2
        14 November 2011 at 10:54 pm

        Tsm the prefu had to be updated because national have lost another couple of billion

  4. Psycho Milt 4
    14 November 2011 at 7:40 am

    Well yeah, it’s a totally illogical policy that would do more harm than good, but it’s election time and they have a base to appeal to. So it’s like a National equivalent of Labour promising to extend the In Work Tax Credit to people without work.

  5. Gosman 5
    14 November 2011 at 8:21 am

    This is not National failing their own tests on asset sales. This is just a rehash of the Labour party line on asset sales.

    • Blighty 5.1
      14 November 2011 at 8:32 am

      Well, there’s the tests and there’s evidence of failing those tests.

      What, specifically, do you dispute in regard to the tests being failed? Or are you just trolling?

      • Gosman 5.1.1
        14 November 2011 at 9:04 am

        Well let’s have a look at the ‘fails’ shall we just from the first point.

        – Widespread Kiwi ownership.

        “Treasury says “significant participation by foreign investors will be essential to achieve the Government’s overall objectives”.”

        – So? Widespread Kiwi ownership is not the same as no Foreign investment even at a ‘significant’ level. You can still have one and the other.

        “National has refused to give any guarantee against the subsequent purchase of shares from ‘mum and dad investors’ by foreign multinationals.”

        – Left wingers might enjoy imposing restrictions on markets. People on the right tend to favour individual freedom a tad more. If people wish to on sell their shares because they feel that it makes economic sense to them to do so why is that a bad thing?

        “National promised in 1999 that Contact Energy would stay in Kiwi ownership after it was sold, but at least 65% of Contact’s dividends now go overseas – in excess of $100 million last year and almost $1 billion in total since privatisation in 1999.”

        – Considering our country was built largely through the importation of Foreign capital for investment purposes to try and demonise it as bad is rather pathtic. It reminds me about NZers banging on about immigration when the country is populated by immigrants,

        All of the ‘fails’ above are opinions about the potential negatives of the Asset sales. They no more conclusive proof that Asset sales fail the tests than Labour’s view that it makes economic sense to borrow for speculation on Wall Street.

        • Draco T Bastard 5.1.1.1
          14 November 2011 at 9:21 am

          So? Widespread Kiwi ownership is not the same as no Foreign investment even at a ‘significant’ level. You can still have one and the other.

          No, actually, you can’t. Significant in this instance pretty much means the greater amount going to foreign owners.

          People on the right tend to favour individual freedom a tad more.

          To the point that it’s bad for society – yes, we know, as we’ve got the last 30 years of failure to see just how stupid right-wingers are.

          If people wish to on sell their shares because they feel that it makes economic sense to them to do so why is that a bad thing?

          Because it doesn’t make good economic sense if it leaves society worse off which it inevitably does.

          Considering our country was built largely through the importation of Foreign capital for investment purposes to try and demonise it as bad is rather pathtic.

          Financial capital that we didn’t actually need and left us working to make a few foreigners better off rather than making us better off.

          All of the ‘fails’ above are opinions about the potential negatives of the Asset sales.

          Um, no. The facts and figures show that selling assets off is bad for us.

          • Gosman 5.1.1.1.1
            14 November 2011 at 9:41 am

            No it is quite clear that Labour are misinterpreting the Asset sale tests for their own end. There is no harm in that. I wouldn’t expect any less expecially in an election campaign.

            National has never claimed that the test extend forever and a day. It would be foolish for a Right leaning political party to claim that it will allow asset sales to private individuals and then place additional restrictions to those that currently exist on who those private individuals can then on sell those assets to. The test is about the initial sale from Government to private hands.

            You may want it to be in place longer term but then you are advocating a different test.

            • Draco T Bastard 5.1.1.1.1.1
              14 November 2011 at 9:46 am

              They’re Nationals tests. Assets sales fail those tests at all time levels.

              Selling our assets off leaves us worse off. All the evidence proves that.

            • felix 5.1.1.1.1.2
              14 November 2011 at 9:51 am

              If there’s a time limit to National’s guarantee then they should say so and specify it.

              It’s a dinimic environment after all.

              • Gosman …
                14 November 2011 at 10:18 am

                Why should they say so?

                It is quite obvious to most that there would be a time limit on these guarrantees. National has no policy in place to impose additional restrictions on people selling their shares to whoever they want so long as existing regulations are met.

                If you had evidence that the Asset were going to be sold directly offshore at the initial offer stage then you are able to say that the test has not been met.

                • felix …
                  14 November 2011 at 10:40 am

                  Then they can’t guarantee widespread and substantial ownership, Gos.

                  You’re getting there slowly. Keep it up.

                • mik e …
                  14 November 2011 at 10:56 pm

                  How come Don Brash has chimed in and said he would with draw support for Asset sales if they didn,t meet the minimum price

        • felix 5.1.1.2
          14 November 2011 at 9:24 am

          I don’t think you’ve understood the post, Gos.

          It lists the tests that National says they’re using, not the tests applied by the standard authors or anyone else.

          So when you say things like “If people wish to on sell their shares because they feel that it makes economic sense to them to do so why is that a bad thing?“, you’re missing the point.

          It’s not whether you or I think that’s a bad thing, it’s that John Key says it’s a bad thing.

          He fails his own test if he can’t stop millionaire mums & dads selling their shares offshore.

        • bbfloyd 5.1.1.3
          14 November 2011 at 10:36 am

          ts.. you’re reading the bill english spin sheet and rewriting it verbatim by the look…. still total bullshit, but hey, that’s never stopped you before…enjoy pretending to be clever…. it’s the closest you will ever get to actually having an opinion worth the cost of ink to write it…

  6. Draco T Bastard 6
    14 November 2011 at 9:03 am

    Telecom’s foreign buyers pushed up prices, bled the company, and then quit it rather than investing in its long-term future. It was left to Labour in 2006 to rectify the regulatory framework.

    When what they should have done is renationalised it back in 2000. We knew then that privatisation had failed.

  7. Gosman 7
    14 November 2011 at 9:10 am

    Following left wing logic the Government should be nationalising more and more parts of the economy because it is a no brainer economically. It is a win-win for the country involved apparently.

    However looking around the world the opposite is in fact happening in places where economies have got themselves in to major difficulty. Take Greece for example. Noone is advocating the Greeks nationalise industries. In fact they are being forced to divest themselves from State Assets.

    Also why isn’t Labour advocating more nationalisation as part of it’s policy mix if State Assets are such a good thing?

    • felix 7.1
      14 November 2011 at 9:16 am

      Why isn’t National advocating selling ALL state assets if it’s such a no-brainer, Gos?

      • Gosman 7.1.1
        14 November 2011 at 9:33 am

        Because it isn’t a very popular policy with the electorate.

        So back to the original question. Why isn’t Labour advocating more nationalisation if it is such a no brainer? It used to be the bedrock of what the Labour party stood for.

        • felix 7.1.1.1
          14 November 2011 at 9:40 am

          Oh, you’re serious. Ok, the reason Labour isn’t advocating state ownership of everything is that it’s not a very good idea for the state to own everything.

          • Gosman 7.1.1.1.1
            14 November 2011 at 10:26 am

            I didn’t state everything though did I Felix. I asked why Labour is not proposing MORE nationalisation.

            If foreign ownership of Banks is such a bad thing as some here think then surely it is a no brainer to have a policy that the Government will nationalise them.

            If foreigners ownering farms is a bad thing economically then it is obviously a good idea to take over foreign owner farms.

            Why aren’t Labour and the Greens advocating these policies?

            • felix 7.1.1.1.1.1
              14 November 2011 at 10:36 am

              It’s the same argument and it’s an absurd reduction.

              You think if I agree to eat a pancake for breakfast I have to agree to eat ten? Why not? I obviously like pancakes, don’t I? What’s the problem?

              It’s a playpen argument Gos, and I’m not going to humour you with it.

    • Draco T Bastard 7.2
      14 November 2011 at 9:24 am

      In fact they are being forced to divest themselves from State Assets.

      The definitive word their is forced, ie, they’re not doing it voluntarily.

      Also why isn’t Labour advocating more nationalisation as part of it’s policy mix if State Assets are such a good thing?

      Because they’re stupid and still think capitalism works despite an entire three hundred years of failure.

      • Gosman 7.2.1
        14 November 2011 at 9:36 am

        Nice to see you acknowledge that Labour is stupid. We have some common ground after all 😉

        Greece has the right not to follow the policy advice it has been given. Of course it won’t then get any injection of capital to fund their large budget deficit and they will essentially go bankrupt unless they leave the Eurozone. But that is a small price to pay for sovereignty isn’t it?

        • Draco T Bastard 7.2.1.1
          14 November 2011 at 9:49 am

          But that is a small price to pay for sovereignty isn’t it?

          Yes, it is especially considering that it will leave them better off (just so long as they address the corruption in their society – but they need to do that either way).

    • bbfloyd 7.3
      14 November 2011 at 10:42 am

      gossyboy…. you really shouldn’t be quoting “left wing logic” to anyone until you can show a shred of understanding as to what that logic is…. apart from that,, your comment is an amusing little fantasy that seems to be making so much noise in your head it’s drowning out any attempts by your “logic” center to counter the emotional imbalance your attitudes to anything remotely realistic shows up…

  8. Gosman 8
    14 November 2011 at 9:15 am

    Just curious about how that darling of the left – Kiwibank will get the capital funding that it is likely to require in the next few years under a Labour led Government if they don’t get a capital injection such as National has promised from the Asset sales?

    • Draco T Bastard 8.1
      14 November 2011 at 9:23 am

      Well, I suspect that the best way for Kiwibank to get the capital would be for the government to put in a cash injection from taxes. It’s incredibly cheap (0% interest) and leaves us with all the assets that we currently own.

    • Bored 8.2
      14 November 2011 at 9:27 am

      Goss, this is where we get into the dark and murky world of fractional banking…..quite frankly all fractional banking should be done by strictly government owned and regulated banks…so to answer your question Kiwibank would only get capital from the state as fractional banker or as lender / guarantor of capital loans. We are talking renewing economic sovereignty and the demise of big bank finance, but that’s another story.

      • Gosman 8.2.1
        14 November 2011 at 9:30 am

        I must have missed that part of Labour party policy. Where did they state they were committed to the demise of big bank finance over the next few years?

        • Puddleglum 8.2.1.1
          14 November 2011 at 10:52 am

          “I must have missed that part of Labour party policy.”

          C’mon Gosman, don’t be so desparate with your rhetoric.

          Are you saying that Labour are beholden to adopt policies suggested by every commenter on The Standard? 

      • Draco T Bastard 8.2.2
        14 November 2011 at 9:52 am

        Fractional banking shouldn’t be done at all.

        Governments should print the money, banks should loan out the deposits in their banks and once loaned out the depositor shouldn’t be able to withdraw it until it’s been paid back (if it’s paid back).

        • Gosman 8.2.2.1
          14 November 2011 at 10:28 am

          Which country has ever had that sort of banking system?

          • Draco T Bastard 8.2.2.1.1
            14 November 2011 at 11:06 am

            What has that got to do with price of fish?

            • Gosman 8.2.2.1.1.1
              14 November 2011 at 1:14 pm

              Because much like the rest of hard left wing economic thinking it is a fantasy land idea that has no bearing on reality whatsoever.

              • Draco T Bastard …
                14 November 2011 at 1:35 pm

                No, it’s capitalism that is the fantasy. It’s the primary cause of the GFC, the Great Depression and the massive inequality that we have in society. The logic is inescapable – it cannot and does not work.

          • Zaphod Beeblebrox 8.2.2.1.2
            14 November 2011 at 1:21 pm

            Given what is happening in Europe that will be changing quite soon.

            • ropata 8.2.2.1.2.1
              14 November 2011 at 11:26 pm

              Agreed, fractional reserve banking has been taken to Madoff Ponzi scale extremes.
              We are seeing a long drawn out zombification of all banks and spreading social upheaval.

              Possibilities are hyperinflation, systemic failures, nationalisations, or the demise of the nation state.
              Weird shit these bankers are smoking.

    • Blighty 8.3
      14 November 2011 at 9:27 am

      selling meridian to get that capital injection would be foolish when the government has access to cheaper funds.

    • Lanthanide 8.4
      14 November 2011 at 10:02 am

      The reason they’re talking about Kiwibank getting a capital injection is so that it can start business lending.

      But Kiwibank was never set up to lend to businesses. It was set up as a retail bank for NZers to bring down bank fees. Whether you’re a customer of kiwibank or not, they’ve achieved that – I now have a bank account with ANZ in which I pay 0 fees.

      Kiwibank doesn’t “need” capital injection, it’s quite sustainable under it’s current business model.

      • Draco T Bastard 8.4.1
        14 November 2011 at 11:10 am

        But Kiwibank was never set up to lend to businesses.

        Wrong. It always said it was going to do business banking just not from the start. It does business banking now but it doesn’t have the size to do big business or government banking (and it really should be the bank that our government uses).

        • Gosman 8.4.1.1
          14 November 2011 at 1:16 pm

          Quite wrong. It isn’t it’s size which is stopping it from doing Corporate and Government banking but it’s systems. It would require a large capital injection to be able to develop these systems before it could move into these areas.

      • Gosman 8.4.2
        14 November 2011 at 1:19 pm

        Kiwibank never introduced zero fees first. That was the BNZ as far as I remember. Lower fees weren’t even a primary motivation for the business.

        • Draco T Bastard 8.4.2.1
          14 November 2011 at 1:39 pm

          Kiwibank never introduced zero fees first.

          Actually, it did. It was on that basis that I opened up my Kiwibank account. It was awhile before any other bank followed suit.

          • mik e 8.4.2.1.1
            14 November 2011 at 11:07 pm

            The big four banks were running a cartel gooseman putting up bank charges at will charging ridiculous margins on loans they are still gouging New Zealanders and are the main reason our balance of payments is so skewed.Incidently they are funding National party MPs social life .
            As well they have lobbying keys to enter parliament at will like other favourite lobbyists like the rod transport forum chaired continually by former National MPs jobs for the favours no wonder we get petrol head joyce borrowing to build holiday highway to john keys door

    • mik e 8.5
      14 November 2011 at 10:59 pm

      Why would you sell your best performing assets to prop up an under capitilzed bank while the assets are returning 20% cost of borrowing 6% it dumb gooseman.

  9. felix 9
    14 November 2011 at 9:42 am

    God how boring. Can someone wake me up when Gosman fucks off?

    • Ianupnorth 9.1
      14 November 2011 at 9:54 am

      I was practically comatose – he keeps rebating  his hook and they keep biting – please let him troll elsewhere.

  10. Bored 10
    14 November 2011 at 10:17 am

    My fault gents, I made the foolish mistake of being nice enough to reply, rebaiting the hook. My god I must have been bored.

  11. randal 11
    14 November 2011 at 10:32 am

    has ideology become the new codeword for THEFT.
    ther is no good reason to sel the states assets except to take a markup on the transaction and to stag the shares.
    National wanted their “TURN” but their turn is to steal the sates assets.
    throw them out before the do any more damage.

  12. randal 12
    14 November 2011 at 10:33 am

    gosman has had an anal trnaspalnt. he keeps talking sh*t out of his mouf.

  13. Dianne 13
    15 November 2011 at 2:00 pm

    I wouldn’t believe anything that the sly Cunliffe said. He simply has nothing going for him. I have watched and listened to him many many times, and he never can answer any questions. His common reply is I will have to check with the experts. He is absolutely hopeless. All he know’s is how to Tax and Spend money, and the results are the culture we have today.

Recent Comments

Recent Posts

  • EGU2024 – An intense week of joining sessions virtually
    Note: this blog post has been put together over the course of the week I followed the happenings at the conference virtually. Should recordings of the Great Debates and possibly Union Symposia mentioned below, be released sometime after the conference ends, I'll include links to the ones I participated in. ...
    Skeptical Science
    46 mins ago

  • Submission on “Fast Track Approvals Bill”
    The following was my submission made on the “Fast Track Approvals Bill”. This potential law will give three Ministers unchecked powers, un-paralled since the days of Robert Muldoon’s “Think Big” projects.The submission is written a bit tongue-in-cheek. But it’s irreverent because the FTAB is in itself not worthy of respect. ...
    Frankly SpeakingBy Frank Macskasy
    2 hours ago

  • The Case for a Universal Family Benefit
    One Could Reduce Child Poverty At No Fiscal CostFollowing the Richardson/Shipley 1990 ‘redesign of the welfare state’ – which eliminated the universal Family Benefit and doubled the rate of child poverty – various income supplements for families have been added, the best known being ‘Working for Families’, introduced in 2005. ...
    PunditBy Brian Easton
    3 hours ago

  • A who’s who of New Zealand’s dodgiest companies
    Submissions on National's corrupt Muldoonist fast-track law are due today (have you submitted?), and just hours before they close, Infrastructure Minister Chris Bishop has been forced to release the list of companies he invited to apply. I've spent the last hour going through it in an epic thread of bleats, ...
    No Right TurnBy Idiot/Savant
    5 hours ago

  • On Lee’s watch, Economic Development seems to be stuck on scoring points from promoting sporting e...
    Buzz from the Beehive A few days ago, Point of Order suggested the media must be musing “on why Melissa is mute”. Our article reported that people working in the beleaguered media industry have cause to yearn for a minister as busy as Melissa Lee’s ministerial colleagues and we drew ...
    Point of OrderBy Bob Edlin
    6 hours ago

  • New Zealand has never been closed for business
    1. What was The Curse of Jim Bolger?a. Winston Peters b. Soon after shaking his hand, world leaders would mysteriously lose office or shuffle off this mortal coilc. Could never shake off the Mother of All Budgetsd. Dandruff2. True or false? The Chairman of a Kiwi export business has asked the ...
    More Than A FeildingBy David Slack
    6 hours ago

  • Stop the panic – we’ve been here before
    Jack Vowles writes – New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’.  ...
    Point of OrderBy poonzteam5443
    9 hours ago

  • Melissa Lee and the media: ending the quest
    Chris Trotter writes –  MELISSA LEE should be deprived of her ministerial warrant. Her handling – or non-handling – of the crisis engulfing the New Zealand news media has been woeful. The fate of New Zealand’s two linear television networks, a question which the Minister of Broadcasting, Communications ...
    Point of OrderBy Bob Edlin
    10 hours ago

  • The Hoon around the week to April 19
    TL;DR: The podcast above features co-hosts and , along with regular guests Robert Patman on Gaza and AUKUS II, and on climate change.The six things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the ...
    The KakaBy Bernard Hickey
    11 hours ago

  • The ‘Humpty Dumpty’ end result of dismantling our environmental protections
    Policymakers rarely wish to make plain or visible their desire to dismantle environmental policy, least of all to the young. Photo: Lynn GrievesonTL;DR: Here’s the top five news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent ...
    The KakaBy Bernard Hickey
    11 hours ago

  • Nicola's Salad Days.
    I like to keep an eye on what’s happening in places like the UK, the US, and over the ditch with our good mates the Aussies. Let’s call them AUKUS, for want of a better collective term. More on that in a bit.It used to be, not long ago, that ...
    Nick’s KōreroBy Nick Rockel
    12 hours ago

  • Study sees climate change baking in 19% lower global income by 2050
    TL;DR: The global economy will be one fifth smaller than it would have otherwise been in 2050 as a result of climate damage, according to a new study by the Potsdam Institute for Climate Impact Research (PIK) and published in the journal Nature. (See more detail and analysis below, and ...
    The KakaBy Bernard Hickey
    12 hours ago

  • Weekly Roundup 19-April-2024
    It’s Friday again. Here’s some of the things that caught our attention this week. This Week on Greater Auckland On Tuesday Matt covered at the government looking into a long tunnel for Wellington. On Wednesday we ran a post from Oscar Simms on some lessons from Texas. AT’s ...
    Greater AucklandBy Matt L
    13 hours ago

  • Jack Vowles: Stop the panic – we’ve been here before
    New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’.  The data is from February this ...
    Democracy ProjectBy bryce.edwards
    15 hours ago

  • Clearing up confusion (or trying to)
    Foreign Minister Winston Peters is understood to be planning a major speech within the next fortnight to clear up the confusion over whether or not New Zealand might join the AUKUS submarine project. So far, there have been conflicting signals from the Government. RNZ reported the Prime Minister yesterday in ...
    PolitikBy Richard Harman
    16 hours ago

  • How to Retrieve Deleted Call Log iPhone Without Computer
    How to Retrieve Deleted Call Log on iPhone Without a Computer: A Step–by–Step Guide Losing your iPhone call history can be frustrating, especially when you need to find a specific number or recall an important conversation. But before you panic, know that there are ways to retrieve deleted call logs on your iPhone, even without a computer. This guide will explore various methods, ranging from simple checks to utilizing iCloud backups and third–party applications. So, let‘s dive in and recover those lost calls! 1. Check Recently Deleted Folder: Apple understands that accidental deletions happen. That‘s why they introduced the “Recently Deleted“ folder for various apps, including the Phone app. This folder acts as a safety net, storing deleted call logs for up to 30 days before permanently erasing them. Here‘s how to check it: Open the Phone app on your iPhone. Tap on the “Recents“ tab at the bottom. Scroll to the top and tap on “Edit“. Select “Show Recently Deleted“. Browse the list to find the call logs you want to recover. Tap on the desired call log and choose “Recover“ to restore it to your call history. 2. Restore from iCloud Backup: If you regularly back up your iPhone to iCloud, you might be able to retrieve your deleted call log from a previous backup. However, keep in mind that this process will restore your entire phone to the state it was in at the time of the backup, potentially erasing any data added since then. Here‘s how to restore from an iCloud backup: Go to Settings > General > Reset. Choose “Erase All Content and Settings“. Follow the on–screen instructions. Your iPhone will restart and show the initial setup screen. Choose “Restore from iCloud Backup“ during the setup process. Select the relevant backup that contains your deleted call log. Wait for the restoration process to complete. 3. Explore Third–Party Apps (with Caution): ...
    Gareth’s WorldBy admin
    18 hours ago

  • How to Factory Reset iPhone without Computer: A Comprehensive Guide to Restoring your Device
    Life throws curveballs, and sometimes, those curveballs necessitate wiping your iPhone clean and starting anew. Whether you’re facing persistent software glitches, preparing to sell your device, or simply wanting a fresh start, knowing how to factory reset iPhone without a computer is a valuable skill. While using a computer with ...
    Gareth’s WorldBy admin
    1 day ago

  • How to Call Someone on a Computer: A Guide to Voice and Video Communication in the Digital Age
    Gone are the days when communication was limited to landline phones and physical proximity. Today, computers have become powerful tools for connecting with people across the globe through voice and video calls. But with a plethora of applications and methods available, how to call someone on a computer might seem ...
    Gareth’s WorldBy admin
    1 day ago

  • Skeptical Science New Research for Week #16 2024
    Open access notables Glacial isostatic adjustment reduces past and future Arctic subsea permafrost, Creel et al., Nature Communications: Sea-level rise submerges terrestrial permafrost in the Arctic, turning it into subsea permafrost. Subsea permafrost underlies ~ 1.8 million km2 of Arctic continental shelf, with thicknesses in places exceeding 700 m. Sea-level variations over glacial-interglacial cycles control ...
    Skeptical Science
    1 day ago

  • Where on a Computer is the Operating System Generally Stored? Delving into the Digital Home of your ...
    The operating system (OS) is the heart and soul of a computer, orchestrating every action and interaction between hardware and software. But have you ever wondered where on a computer is the operating system generally stored? The answer lies in the intricate dance between hardware and software components, particularly within ...
    Gareth’s WorldBy admin
    1 day ago

  • How Many Watts Does a Laptop Use? Understanding Power Consumption and Efficiency
    Laptops have become essential tools for work, entertainment, and communication, offering portability and functionality. However, with rising energy costs and growing environmental concerns, understanding a laptop’s power consumption is more important than ever. So, how many watts does a laptop use? The answer, unfortunately, isn’t straightforward. It depends on several ...
    Gareth’s WorldBy admin
    1 day ago

  • How to Screen Record on a Dell Laptop A Guide to Capturing Your Screen with Ease
    Screen recording has become an essential tool for various purposes, such as creating tutorials, capturing gameplay footage, recording online meetings, or sharing information with others. Fortunately, Dell laptops offer several built-in and external options for screen recording, catering to different needs and preferences. This guide will explore various methods on ...
    Gareth’s WorldBy admin
    1 day ago

  • How Much Does it Cost to Fix a Laptop Screen? Navigating Repair Options and Costs
    A cracked or damaged laptop screen can be a frustrating experience, impacting productivity and enjoyment. Fortunately, laptop screen repair is a common service offered by various repair shops and technicians. However, the cost of fixing a laptop screen can vary significantly depending on several factors. This article delves into the ...
    Gareth’s WorldBy admin
    1 day ago

  • How Long Do Gaming Laptops Last? Demystifying Lifespan and Maximizing Longevity
    Gaming laptops represent a significant investment for passionate gamers, offering portability and powerful performance for immersive gaming experiences. However, a common concern among potential buyers is their lifespan. Unlike desktop PCs, which allow for easier component upgrades, gaming laptops have inherent limitations due to their compact and integrated design. This ...
    Gareth’s WorldBy admin
    1 day ago

  • Climate Change: Turning the tide
    The annual inventory report of New Zealand's greenhouse gas emissions has been released, showing that gross emissions have dropped for the third year in a row, to 78.4 million tons: All-told gross emissions have decreased by over 6 million tons since the Zero Carbon Act was passed in 2019. ...
    No Right TurnBy Idiot/Savant
    1 day ago

  • How to Unlock Your Computer A Comprehensive Guide to Regaining Access
    Experiencing a locked computer can be frustrating, especially when you need access to your files and applications urgently. The methods to unlock your computer will vary depending on the specific situation and the type of lock you encounter. This guide will explore various scenarios and provide step-by-step instructions on how ...
    Gareth’s WorldBy admin
    1 day ago

  • Faxing from Your Computer A Modern Guide to Sending Documents Digitally
    While the world has largely transitioned to digital communication, faxing still holds relevance in certain industries and situations. Fortunately, gone are the days of bulky fax machines and dedicated phone lines. Today, you can easily send and receive faxes directly from your computer, offering a convenient and efficient way to ...
    Gareth’s WorldBy admin
    1 day ago

  • Protecting Your Home Computer A Guide to Cyber Awareness
    In our increasingly digital world, home computers have become essential tools for work, communication, entertainment, and more. However, this increased reliance on technology also exposes us to various cyber threats. Understanding these threats and taking proactive steps to protect your home computer is crucial for safeguarding your personal information, finances, ...
    Gareth’s WorldBy admin
    1 day ago

  • Server-Based Computing Powering the Modern Digital Landscape
    In the ever-evolving world of technology, server-based computing has emerged as a cornerstone of modern digital infrastructure. This article delves into the concept of server-based computing, exploring its various forms, benefits, challenges, and its impact on the way we work and interact with technology. Understanding Server-Based Computing: At its core, ...
    Gareth’s WorldBy admin
    1 day ago

  • Vroom vroom go the big red trucks
    The absolute brass neck of this guy.We want more medical doctors, not more spin doctors, Luxon was saying a couple of weeks ago, and now we’re told the guy has seven salaried adults on TikTok duty. Sorry, doing social media. The absolute brass neck of it. The irony that the ...
    More Than A FeildingBy David Slack
    1 day ago

  • Jones finds $410,000 to help the government muscle in on a spat project
    Buzz from the Beehive Oceans and Fisheries Minister Shane Jones relishes spatting and eagerly takes issue with environmentalists who criticise his enthusiasm for resource development. He relishes helping the fishing industry too. And so today, while the media are making much of the latest culling in the public service to ...
    Point of OrderBy Bob Edlin
    1 day ago

  • Again, hate crimes are not necessarily terrorism.
    Having written, taught and worked for the US government on issues involving unconventional warfare and terrorism for 30-odd years, two things irritate me the most when the subject is discussed in public. The first is the Johnny-come-lately academics-turned-media commentators who … Continue reading → ...
    KiwipoliticoBy Pablo
    1 day ago

  • Despair – construction consenting edition
    Eric Crampton writes – Kainga Ora is the government’s house building agency. It’s been building a lot of social housing. Kainga Ora has its own (but independent) consenting authority, Consentium. It’s a neat idea. Rather than have to deal with building consents across each different territorial authority, Kainga Ora ...
    Point of OrderBy poonzteam5443
    1 day ago

  • Coalition promises – will the Govt keep the commitment to keep Kiwis equal before the law?
    Muriel Newman writes – The Coalition Government says it is moving with speed to deliver campaign promises and reverse the damage done by Labour. One of their key commitments is to “defend the principle that New Zealanders are equal before the law.” To achieve this, they have pledged they “will not advance ...
    Point of OrderBy poonzteam5443
    1 day ago

  • An impermanent public service is a guarantee of very little else but failure
    Chris Trotter writes –  The absence of anything resembling a fightback from the public servants currently losing their jobs is interesting. State-sector workers’ collective fatalism in the face of Coalition cutbacks indicates a surprisingly broad acceptance of impermanence in the workplace. Fifty years ago, lay-offs in the thousands ...
    Point of OrderBy poonzteam5443
    1 day ago

  • What happens after the war – Mariupol
    Mariupol, on the Azov Sea coast, was one of the first cities to suffer almost complete destruction after the start of the Ukraine War started in late February 2022. We remember the scenes of absolute destruction of the houses and city structures. The deaths of innocent civilians – many of ...
    Open ParachuteBy Ken
    1 day ago

  • Babies and benefits – no good news
    Lindsay Mitchell writes – Ten years ago, I wrote the following in a Listener column: Every year around one in five new-born babies will be reliant on their caregivers benefit by Christmas. This pattern has persisted from at least 1993. For Maori the number jumps to over one in three.  ...
    Point of OrderBy poonzteam5443
    1 day ago

  • Should the RBNZ be looking through climate inflation?
    Climate change is expected to generate more and more extreme events, delivering a sort of structural shock to inflation that central banks will have to react to as if they were short-term cyclical issues. Photo: Lynn Grieveson / The KākāMy pick of the six newsey things to know from Aotearoa’s ...
    The KakaBy Bernard Hickey
    1 day ago

  • Bernard's pick 'n' mix of the news links
    The top six news links I’ve seen elsewhere in the last 24 hours, as of 9:16 am on Thursday, April 18 are:Housing: Tauranga residents living in boats, vans RNZ Checkpoint Louise TernouthHousing: Waikato councillor says wastewater plant issues could hold up Sleepyhead building a massive company town Waikato Times Stephen ...
    The KakaBy Bernard Hickey
    1 day ago

  • Gordon Campbell on the public sector carnage, and misogyny as terrorism
    It’s a simple deal. We pay taxes in order to finance the social services we want and need. The carnage now occurring across the public sector though, is breaking that contract. Over 3,000 jobs have been lost so far. Many are in crucial areas like Education where the impact of ...
    Gordon CampbellBy lyndon
    2 days ago

  • Meeting the Master Baiters
    Hi,A friend had their 40th over the weekend and decided to theme it after Curb Your Enthusiasm fashion icon Susie Greene. Captured in my tiny kitchen before I left the house, I ending up evoking a mix of old lesbian and Hillary Clinton — both unintentional.Me vs Hillary ClintonIf you’re ...
    David FarrierBy David Farrier
    2 days ago

  • How extreme was the Earth's temperature in 2023
    This is a re-post from Andrew Dessler at the Climate Brink blog In 2023, the Earth reached temperature levels unprecedented in modern times. Given that, it’s reasonable to ask: What’s going on? There’s been lots of discussions by scientists about whether this is just the normal progression of global warming or if something ...
    Skeptical Science
    2 days ago

  • Backbone, revisited
    The schools are on holiday and the sun is shining in the seaside village and all day long I have been seeing bunches of bikes; Mums, Dads, teens and toddlers chattering, laughing, happy, having a bloody great time together. Cheers, AT, for the bits of lane you’ve added lately around the ...
    More Than A FeildingBy David Slack
    2 days ago

  • Ministers are not above the law
    Today in our National-led authoritarian nightmare: Shane Jones thinks Ministers should be above the law: New Zealand First MP Shane Jones is accusing the Waitangi Tribunal of over-stepping its mandate by subpoenaing a minister for its urgent hearing on the Oranga Tamariki claim. The tribunal is looking into the ...
    No Right TurnBy Idiot/Savant
    2 days ago

  • What’s the outfit you can hear going down the gurgler? Probably it’s David Parker’s Oceans Sec...
    Buzz from the Beehive Point  of Order first heard of the Oceans Secretariat in June 2021, when David Parker (remember him?) announced a multi-agency approach to protecting New Zealand’s marine ecosystems and fisheries. Parker (holding the Environment, and Oceans and Fisheries portfolios) broke the news at the annual Forest & ...
    Point of OrderBy Bob Edlin
    2 days ago

  • Will politicians let democracy die in the darkness?
    Bryce Edwards writes  – Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Matt Doocey doubles down on trans “healthcare”
    Citizen Science writes –  Last week saw two significant developments in the debate over the treatment of trans-identifying children and young people – the release in Britain of the final report of Dr Hilary Cass’s review into gender healthcare, and here in New Zealand, the news that the ...
    Point of OrderBy poonzteam5443
    2 days ago

  • A TikTok Prime Minister.
    One night while sleeping in my bed I had a beautiful dreamThat all the people of the world got together on the same wavelengthAnd began helping one anotherNow in this dream, universal love was the theme of the dayPeace and understanding and it happened this wayAfter such an eventful day ...
    Nick’s KōreroBy Nick Rockel
    2 days ago

  • Texas Lessons
    This is a guest post by Oscar Simms who is a housing activist, volunteer for the Coalition for More Homes, and was the Labour Party candidate for Auckland Central at the last election. ...
    Greater AucklandBy Guest Post
    3 days ago

  • Bernard's pick 'n' mix of the news links at 6:06 am
    The top six news links I’ve seen elsewhere in the last 24 hours as of 6:06 am on Wednesday, April 17 are:Must read: Secrecy shrouds which projects might be fast-tracked RNZ Farah HancockScoop: Revealed: Luxon has seven staffers working on social media content - partly paid for by taxpayer Newshub ...
    The KakaBy Bernard Hickey
    3 days ago

  • Fighting poverty on the holiday highway
    Turning what Labour called the “holiday highway” into a four-lane expressway from Auckland to Whangarei could bring at least an economic benefit of nearly two billion a year for Northland each year. And it could help bring an end to poverty in one of New Zealand’s most deprived regions. The ...
    PolitikBy Richard Harman
    3 days ago

  • Bernard's six-stack of substacks at 6:26 pm
    Tonight’s six-stack includes: launching his substack with a bunch of his previous documentaries, including this 1992 interview with Dame Whina Cooper. and here crew give climate activists plenty to do, including this call to submit against the Fast Track Approvals bill. writes brilliantly here on his substack ...
    The KakaBy Bernard Hickey
    3 days ago

  • At a glance – Is the science settled?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    Skeptical Science
    3 days ago

  • Apposite Quotations.
    How Long Is Long Enough? Gaza under Israeli bombardment, July 2014. This posting is exclusive to Bowalley Road. ...
    Bowalley Road
    3 days ago

  • What’s a life worth now?
    You're in the mall when you hear it: some kind of popping sound in the distance, kids with fireworks, maybe. But then a moment of eerie stillness is followed by more of the fireworks sound and there’s also screaming and shrieking and now here come people running for their lives.Does ...
    More Than A FeildingBy David Slack
    3 days ago

  • Howling at the Moon
    Karl du Fresne writes –  There’s a crisis in the news media and the media are blaming it on everyone except themselves. Culpability is being deflected elsewhere – mainly to the hapless Minister of Communications, Melissa Lee, and the big social media platforms that are accused of hoovering ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Newshub is Dead.
    I don’t normally send out two newsletters in a day but I figured I’d say something about… the news. If two newsletters is a bit much then maybe just skip one, I don’t want to overload people. Alternatively if you’d be interested in sometimes receiving multiple, smaller updates from me, ...
    Nick’s KōreroBy Nick Rockel
    3 days ago

  • Seymour is chuffed about cutting early-learning red tape – but we hear, too, that Jones has loose...
    Buzz from the Beehive David Seymour and Winston Peters today signalled that at least two ministers of the Crown might be in Wellington today. Seymour (as Associate Minister of Education) announced the removal of more red tape, this time to make it easier for new early learning services to be ...
    Point of OrderBy Bob Edlin
    3 days ago

  • Bryce Edwards: Will politicians let democracy die in the darkness?
    Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. Our political system is suffering from the ...
    Democracy ProjectBy bryce.edwards
    3 days ago

  • Was Hawkesby entirely wrong?
    David Farrar  writes –  The Broadcasting Standards Authority ruled: Comments by radio host Kate Hawkesby suggesting Māori and Pacific patients were being prioritised for surgery due to their ethnicity were misleading and discriminatory, the Broadcasting Standards Authority has found. It is a fact such patients are prioritised. ...
    Point of OrderBy poonzteam5443
    3 days ago

  • PRC shadow looms as the Solomons head for election
    PRC and its proxies in Solomons have been preparing for these elections for a long time. A lot of money, effort and intelligence have gone into ensuring an outcome that won’t compromise Beijing’s plans. Cleo Paskall writes – On April 17th the Solomon Islands, a country of ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Climate Change: Criminal ecocide
    We are in the middle of a climate crisis. Last year was (again) the hottest year on record. NOAA has just announced another global coral bleaching event. Floods are threatening UK food security. So naturally, Shane Jones wants to make it easier to mine coal: Resources Minister Shane Jones ...
    No Right TurnBy Idiot/Savant
    3 days ago

  • Is saving one minute of a politician's time worth nearly $1 billion?
    Is speeding up the trip to and from Wellington airport by 12 minutes worth spending up more than $10 billion? Photo: Lynn Grieveson / The KākāTL;DR: The six news items that stood out to me in the last day to 8:26 am today are:The Lead: Transport Minister Simeon Brown announced ...
    The KakaBy Bernard Hickey
    3 days ago

  • Long Tunnel or Long Con?
    Yesterday it was revealed that Transport Minister had asked Waka Kotahi to look at the options for a long tunnel through Wellington. State Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the ...
    Greater AucklandBy Matt L
    4 days ago

  • Smoke And Mirrors.
    You're a fraud, and you know itBut it's too good to throw it all awayAnyone would do the sameYou've got 'em goingAnd you're careful not to show itSometimes you even fool yourself a bitIt's like magicBut it's always been a smoke and mirrors gameAnyone would do the sameForty six billion ...
    Nick’s KōreroBy Nick Rockel
    4 days ago

  • What is Mexico doing about climate change?
    This is a re-post from Yale Climate Connections The June general election in Mexico could mark a turning point in ensuring that the country’s climate policies better reflect the desire of its citizens to address the climate crisis, with both leading presidential candidates expressing support for renewable energy. Mexico is the ...
    Skeptical Science
    4 days ago

  • State of humanity, 2024
    2024, it feels, keeps presenting us with ever more challenges, ever more dismay.Do you give up yet? It seems to ask.No? How about this? Or this?How about this?When I say 2024 I really mean the state of humanity in 2024.Saturday night, we watched Civil War because that is one terrifying cliff we've ...
    More Than A FeildingBy David Slack
    4 days ago

  • Govt’s Wellington tunnel vision aims to ease the way to the airport (but zealous promoters of cycl...
    Buzz from the Beehive A pet project and governmental tunnel vision jump out from the latest batch of ministerial announcements. The government is keen to assure us of its concern for the wellbeing of our pets. It will be introducing pet bonds in a change to the Residential Tenancies Act ...
    Point of OrderBy Bob Edlin
    4 days ago

  • The case for cultural connectedness
    A recent report generated from a Growing Up in New Zealand (GUiNZ) survey of 1,224 rangatahi Māori aged 11-12 found: Cultural connectedness was associated with fewer depression symptoms, anxiety symptoms and better quality of life. That sounds cut and dry. But further into the report the following appears: Cultural connectedness is ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Useful context on public sector job cuts
    David Farrar writes –    The Herald reports: From the gory details of job-cuts news, you’d think the public service was being eviscerated.   While the media’s view of the cuts is incomplete, it’s also true that departments have been leaking the particulars faster than a Wellington ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Gordon Campbell On When Racism Comes Disguised As Anti-racism
    Remember the good old days, back when New Zealand had a PM who could think and speak calmly and intelligently in whole sentences without blustering? Even while Iran’s drones and missiles were still being launched, Helen Clark was live on TVNZ expertly summing up the latest crisis in the Middle ...
    Gordon CampbellBy lyndon
    4 days ago

  • Govt ignored economic analysis of smokefree reversal
    Costello did not pass on analysis of the benefits of the smokefree reforms to Cabinet, emphasising instead the extra tax revenues of repealing them. Photo: Hagen Hopkins, Getty Images TL;DR: The six news items that stood out to me at 7:26 am today are:The Lead: Casey Costello never passed on ...
    The KakaBy Bernard Hickey
    5 days ago

  • True Blue.
    True loveYou're the one I'm dreaming ofYour heart fits me like a gloveAnd I'm gonna be true blueBaby, I love youI’ve written about the job cuts in our news media last week. The impact on individuals, and the loss to Aotearoa of voices covering our news from different angles.That by ...
    Nick’s KōreroBy Nick Rockel
    5 days ago

  • Who is running New Zealand’s foreign policy?
    While commentators, including former Prime Minister Helen Clark, are noting a subtle shift in New Zealand’s foreign policy, which now places more emphasis on the United States, many have missed a key element of the shift. What National said before the election is not what the government is doing now. ...
    PolitikBy Richard Harman
    5 days ago

  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #15
    A listing of 31 news and opinion articles we found interesting and shared on social media during the past week: Sun, April 7, 2024 thru Sat, April 13, 2024. Story of the week Our story of the week is about adults in the room setting terms and conditions of ...
    Skeptical Science
    5 days ago

  • $41m to support clean energy in South East Asia
    New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
    BeehiveBy beehive.govt.nz
    5 hours ago

  • Minister releases Fast-track stakeholder list
    The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
    BeehiveBy beehive.govt.nz
    7 hours ago

  • Judicial appointments announced
    Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
    BeehiveBy beehive.govt.nz
    8 hours ago

  • Education Minister heads to major teaching summit in Singapore
    Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa.  The summit is co-hosted ...
    BeehiveBy beehive.govt.nz
    9 hours ago

  • Value of stopbank project proven during cyclone
    A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
    BeehiveBy beehive.govt.nz
    9 hours ago

  • Anzac commemorations, Türkiye relationship focus of visit
    Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul.    “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
    BeehiveBy beehive.govt.nz
    9 hours ago

  • Minister to Europe for OECD meeting, Anzac Day
    Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
    BeehiveBy beehive.govt.nz
    11 hours ago

  • Comprehensive Partnership the goal for NZ and the Philippines
    Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr.  The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
    BeehiveBy beehive.govt.nz
    23 hours ago

  • Government commits $20m to Westport flood protection
    The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Taupō takes pole position
    The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Cost of living support for low-income homeowners
    Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners.  “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Government backing mussel spat project
    The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Government focused on getting people into work
    Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Clean energy key driver to reducing emissions
    The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Earthquake-prone buildings review brought forward
    The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Thailand and NZ to agree to Strategic Partnership
    Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government consults on extending coastal permits for ports
    RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Inflation coming down, but more work to do
    Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • School attendance restored as a priority in health advice
    Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Unnecessary bureaucracy cut in oceans sector
    Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Patterson promoting NZ’s wool sector at International Congress
    Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector.    "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Removing red tape to help early learners thrive
    The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • RMA changes to cut coal mining consent red tape
    Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • McClay reaffirms strong NZ-China trade relationship
    Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Prime Minister Luxon acknowledges legacy of Singapore Prime Minister Lee
    Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong.   Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • PMs Luxon and Lee deepen Singapore-NZ ties
    Prime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong.  During today’s meeting, Prime Minister Luxon ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Antarctica New Zealand Board appointments
    Foreign Minister Winston Peters has made further appointments to the Board of Antarctica New Zealand as part of a continued effort to ensure the Scott Base Redevelopment project is delivered in a cost-effective and efficient manner.  The Minister has appointed Neville Harris as a new member of the Board. Mr ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Finance Minister travels to Washington DC
    Finance Minister Nicola Willis will travel to the United States on Tuesday to attend a meeting of the Five Finance Ministers group, with counterparts from Australia, the United States, Canada, and the United Kingdom.  “I am looking forward to meeting with our Five Finance partners on how we can work ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Pet bonds a win/win for renters and landlords
    The coalition Government has today announced purrfect and pawsitive changes to the Residential Tenancies Act to give tenants with pets greater choice when looking for a rental property, says Housing Minister Chris Bishop. “Pets are important members of many Kiwi families. It’s estimated that around 64 per cent of New ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Long Tunnel for SH1 Wellington being considered
    State Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the Government has also asked NZ Transport Agency (NZTA) to consider and provide advice on a Long Tunnel option, Transport Minister Simeon Brown ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • New Zealand condemns Iranian strikes
    Prime Minister Christopher Luxon and Foreign Minister Winston Peters have condemned Iran’s shocking and illegal strikes against Israel.    “These attacks are a major challenge to peace and stability in a region already under enormous pressure," Mr Luxon says.    "We are deeply concerned that miscalculation on any side could ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Huge interest in Government’s infrastructure plans
    Hundreds of people in little over a week have turned out in Northland to hear Regional Development Minister Shane Jones speak about plans for boosting the regional economy through infrastructure. About 200 people from the infrastructure and associated sectors attended an event headlined by Mr Jones in Whangarei today. Last ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Health Minister thanks outgoing Health New Zealand Chair
    Health Minister Dr Shane Reti has today thanked outgoing Health New Zealand – Te Whatu Ora Chair Dame Karen Poutasi for her service on the Board.   “Dame Karen tendered her resignation as Chair and as a member of the Board today,” says Dr Reti.  “I have asked her to ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Roads of National Significance planning underway
    The NZ Transport Agency (NZTA) has signalled their proposed delivery approach for the Government’s 15 Roads of National Significance (RoNS), with the release of the State Highway Investment Proposal (SHIP) today, Transport Minister Simeon Brown says.  “Boosting economic growth and productivity is a key part of the Government’s plan to ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Navigating an unstable global environment
    New Zealand is renewing its connections with a world facing urgent challenges by pursuing an active, energetic foreign policy, Foreign Minister Winston Peters says.   “Our country faces the most unstable global environment in decades,” Mr Peters says at the conclusion of two weeks of engagements in Egypt, Europe and the United States.    “We cannot afford to sit back in splendid ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ welcomes Australian Governor-General
    Prime Minister Christopher Luxon has announced the Australian Governor-General, His Excellency General The Honourable David Hurley and his wife Her Excellency Mrs Linda Hurley, will make a State visit to New Zealand from Tuesday 16 April to Thursday 18 April. The visit reciprocates the State visit of former Governor-General Dame Patsy Reddy ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Pseudoephedrine back on shelves for Winter
    Associate Health Minister David Seymour has announced that Medsafe has approved 11 cold and flu medicines containing pseudoephedrine. Pharmaceutical suppliers have indicated they may be able to supply the first products in June. “This is much earlier than the original expectation of medicines being available by 2025. The Government recognised ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ and the US: an ever closer partnership
    New Zealand and the United States have recommitted to their strategic partnership in Washington DC today, pledging to work ever more closely together in support of shared values and interests, Foreign Minister Winston Peters says.    “The strategic environment that New Zealand and the United States face is considerably more ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Joint US and NZ declaration
    April 11, 2024 Joint Declaration by United States Secretary of State the Honorable Antony J. Blinken and New Zealand Minister of Foreign Affairs the Right Honourable Winston Peters We met today in Washington, D.C. to recommit to the historic partnership between our two countries and the principles that underpin it—rule ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ and US to undertake further practical Pacific cooperation
    Foreign Minister Winston Peters has announced further New Zealand cooperation with the United States in the Pacific Islands region through $16.4 million in funding for initiatives in digital connectivity and oceans and fisheries research.   “New Zealand can achieve more in the Pacific if we work together more urgently and ...
    BeehiveBy beehive.govt.nz
    1 week ago

Page generated in The Standard by Wordpress at 2024-04-19T09:13:04+00:00