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One day older and deeper in debt

Written By: - Date published: 7:15 am, March 21st, 2013 - 103 comments
Categories: debt / deficit, exports, jobs, monetary policy, overseas investment - Tags:

There’s this almost puritan kind of myth that we’ve got so much international debt as punishment for our spendthrift ways. We ‘live beyond our means’, apparently. But it’s not true. If ‘our means’ is the money we make in exports, then most of the time, they exceed what we spend on imports. Yet, we run a $10 billion deficit as a country. Why? Because of the profit outflow.

We hear about the current account deficit all the time and most of us conflate it with the trade balance (ie exports minus imports) but the trade balance is just one part of the current account deficit – the other big part is the income balance. That’s how much overseas investors make in profits on the debt Kiwis owe them and the assets they own in New Zealand minus the profits New Zealanders’ loans and investments overseas make.

The trade balance is usually in surplus – we export more than we import (although not at the moment). It’s this second part – the income balance – that causes the current account deficit to be so massive.

Here’s the latest figures, breaking down how we racked up $10.5 billion in deficit last year:

current account balance 2012

As you can see, we exported more goods than we imported, imported more goods than we exported and ended up with a small trade deficit. But that’s dwarfed by the nearly $10 billion that was the net outflow of dividends and interest (the ‘current transfers’ is overseas aid, other donations, remittances, and people taking their money with them when they leave the country).

The irony is that to fund the deficit we have to borrow more from overseas or sell our assets to foreigners. And that just means a greater outflow of profits the next year. On and on, worse and worse each  year.

Now, let’s go right back and look from the start of the neoliberal era to the present. Remembering that for quarter of a century, the Right has blamed our international debts on us ‘living beyond our means’.

current account balance 1987 to 2012

We’ve actually exported $17 billion more worth of stuff in the last 25 years than we’ve imported. But it’s a pittance compared to the net $189 billion we’ve sent offshore in interest and dividends. That $163 billion figure at the end – allowing for currency fluctuations and asset value changes – that’s pretty much the net $150 billion that we owe the rest of the world in the form of debt and overseas ownership of New Zealand assets.

You can see the cycle, we borrow from overseas or let foreigners buy our assets, then we have to pay them interest and dividends, and we pay for those by selling more assets or taking on more debt… and so on.

Now, part of the solution is exporting more and importing less – that’s half of why we need a lower dollar, the other half is to create and protect Kiwi jobs.

Other steps to improve the trade balance include government favouring Kiwi businesses for big contracts (note National sent the rail rolling stock, Novopay, ultrafast broadband cable, and Mighty River website contracts overseas), investing in R&D, and importing less oil – the rising cost of crude means that we spend $8 billion importing the same amount of oil that cost us half as much in 2005.

But more important is reducing or at least stemming the growth of our debt pile with the rest of the world.

Start by looking at the banks. The foreign banks are the biggest owners of New Zealand debt and the biggest cause of the balance on income deficit. They make their money by inflating our housing market. Bring in rules to stop the foreign banks lending so much money into the housing market and not only will you make housing more affordable, you’ll reduce our current account deficit and international debt.

The next biggest source of international debt is foreign ownership of New Zealand assets. Although smaller than our debt via the banks, the rate of return is higher for the foreigner investors. Tackle this by preventing foreign ownership of strategic assets, by not selling our public assets, by putting in rules about overseas landlords for residential property and generally insuring that foreign investment is real investment in new capital wealth – not just buying what we already have.

(The other sector of foreign debt is the government sector – actually, we usually lend more to the rest of the world than we borrow thanks to the Reserve Banks big overseas reserves, but that’s gone negative under National, too).

If we don’t do something, if we keep on just letting foreign capital buy up more of New Zealand and pay for the pleasure by sending a larger and larger share of our GDP overseas each year, then our net international debt is forecast to grow from an eye-watering $150 billion this year to a disastrous $200 billion in four years.

Where does that road end? It ends when our debt pile gets so big that our overseas creditors fear we won’t be able to make our payments and they stampede for the exits – our businesses are suddenly left high and dry unable to get refinancing, the government has to pay much higher interest rates on its debt, and the currency suddenly plunges sending shockwaves through the economy.

Better to manage things and avoid hitting the wall like Greece did, by using the kind of policies I’ve mentioned above. Of course, those are the policies that the Greens, Labour, NZF, and Mana espouse, and which National has rejected in favour of sticking its head in the sand and letting the wealth flow out of our country at the rate of $10 billion a year.

103 comments on “One day older and deeper in debt”

  1. IrishBill 1

    Crikey. I was aware expatriated profits were big (like decent percentage of GDP big) but that’s astounding. On the other hand it’s a simpler policy fix than a massive trade deficit would be.

    • lprent 1.1

      It is freaky… Much of that is just from interest on housing mortgages – pretty unproductive for the country. And easier to contain.

      • Lanthanide 1.1.1

        Government should reduce OCR by 1% and introduce 1% tax on residential mortgages instead. Keep the money in NZ.

        • Draco T Bastard 1.1.1.1

          Nope, the government should stop the private banks from printing money and take over that function themselves. Make loans out to businesses and individuals at 0% and dump the OCR altogether.

          As soon as the government takes the privilege of printing money off of the private banks then we can do something about the economy. Leaving it as is will continue our path to debt slavery.

  2. ad 2

    So how many on this site have Kiwibank accounts?

    • Colonial Viper 2.1

      I used to have a PostBank account until some shit of a government sold it off.

      • SpaceMonkey 2.1.1

        I have my savings (minor) in wholly-owned NZ banks and my borrowing (also minor) with an Australian bank. But my real savings are in physical precious metals – gold and silver. Have been a gold and silver bug since the GFC when I first realised how much of a racket the global financial scam was.

    • every loyal Kiwi should have a kiwibank account. the government should give westpac the flick and use its own(ours actually) bank.

      • Colonial Viper 2.2.1

        Cullen could have done that.

        • Alanz 2.2.1.1

          Looking forward to Shearer doing that.

          I opened my Kiwibank account in the first week it was established. Foundation member, I am, and that is printed on my card.

        • Pete 2.2.1.2

          I imagine there were some rules under the Public Finance Act he had to stick to. Westpac probably made the better offer.

          • Colonial Viper 2.2.1.2.1

            Ah ha. But what was the better offer for the country?

            I imagine there were some rules under the Public Finance Act he had to stick to

            The Westminster powers of a sitting Government come in handy at that point.

      • aj 2.2.2

        Or a Co-operative Bank account
        Or a TSB account
        Or a SBS account
        Or a Credit Union account.

        • Ed 2.2.2.1

          There is also Heartland Bank. I don’t know which of those is wholly New Zealand owned, although I suspect Credit Unions would be. This uncertainty is a good reason to keep Kiwibank wholly owned – it is clear to everyone that it is not putting money in the hands of overseas shareholders..

    • Saccharomyces 2.3

      My home loan is with Kiwibank…… why? Because they gave me the best deal.

      • geoff 2.3.1

        Yeah they give you good deal as long as you at least 20% deposit. Good luck to the average first-home-buyer getting that much money together.

    • lprent 2.4

      Kiwibank? Me personally, this site, our household account, and I think Lyn has at least one because I send stuff there when she pays for my airflights or whatever..

      I also have an account with a ANZ (damnit) for my apartments mortgage. I originally fled to the National bank to escape the irritating and fee ridden clutches of the ANZ many years ago and now they have gobbled me up again. At some stage I will summon the time to move again when and if they irritate me again.

      • Pete 2.4.1

        They got me young. When I was five years old I had a school banking (do they still do that?) account with the post office. Which was a two minute walk from my small suburban school. And then a couple of years later someone closed down that post office and I was given a different passbook – not one with the colourful design of kids flying kites over some blocky city, but a boring grey one that simply said “Postbank”. Then they got bought out by ANZ. By that stage it was too much of a hassle to change banks.

        I do have a Kiwibank account in my name. It was originally a flat account.

      • McFlock 2.4.2

        just when you thought you were out, anz pulled you back in…

        Kiwibank myself.

    • r0b 2.5

      I’m with KiwiBank.

    • karol 2.6

      I have been looking at opening a KB account – sorted out the specific account that suited me – am planning to do it in the next week.

    • Tiresias 2.7

      I’ve banked with KiwiBank since its day one.

      As at today I have something over $150,000 on on-line call, 32-day and 90-day notice accounts there but the week-end’s events in Cyprus have made me seriously consider the wisdom of maintaining so much in one jurisdiction, let alone one bank. Indeed, given the present exchange rate this might be a good time to park some in a US$ account in New York. If it’s good enough for our Great Leader it should be good enough for me.

      • SpaceMonkey 2.7.1

        I wouldn’t go near the US dollar… it’s on a hiding to nowhere. Personally, I maintain as little fiat currency as possible, I invest what I can into gold and silver. If I was to store cash in a non-NZ currency, I’d look for a currency whose central bank is not quantitatively easing it into oblivion.

        • Tiresias 2.7.1.1

          I avoid precious metals – they need a functioning market and if the excrement really hits the fan…

          So my primary investment is a chunk of good land far from the madding crowd from which I supply my own milk, cheese, beef, mutton, lamb, veges, chooks and eggs, with my own spring above the house which was still running before last week-end’s rain, and enough solar power to keep the freezers chilled if nothing else.

          I cook and heat my home and water with wood from the forests around me in which there are deer and pigs and possoms gallore (and rabbits too, alas), gather oysters on the beach nearby and have snapper, blue cod, green-lipped mussels and salmon as short row down the bay.

          Oh yes , and I’ve a rifle for the deer and pigs and a shot-gun for the possums and rabbits, and plenty of ammunition for both.

          There’s supposed to be gold in them thar hills, too, but I’ve never bothered to look for it.

          • SpaceMonkey 2.7.1.1.1

            You are where I would want to be when the SHTF… I’ve always considered land (as opposed to real estate) as the number one investment – provided you can get it without the assistance of a bank and that’s out of reach of most people these days. I like your set up.

            I should qualify that my investment in precious metals is really a hedge, not an investment. Which is why I distinguish the physical from the paper. It is a response to loss of confidence in fiat currency and paper precious metals (especially gold and silver) are being gamed even more than other ETFs – TPTB are desperately trying to keep the illusion going that the US dollar and other QE currencies are actually worth something now.

            I will convert it back when things settle down but if that’s not in my lifetime, I’ll leave a map for my children with an ‘X’ for where I’ve buried my hoard! Lol… :)

            • Tiresias 2.7.1.1.1.1

              I must admit that, just sometimes, it would be really, really nice just to be able to send out for a pizza.

          • North 2.7.1.1.2

            Do you ever Tire’ of the Good Life ?

    • Kevin Welsh 2.8

      Yep, Kiwibank here. Joined the first day as a Foundation Member. Do all my banking through them.

    • The Al1en 2.9

      I have one. I started it when I took out my 100% first time buyer mortgage, and I’d never dream of changing banks… Until the nats privatise it.

    • infused 2.10

      Nope.

      Don’t give me the loyal crap. They need to drop their fees. It’s nice to be able to actually walk in to a bank and deal with issues there and then.

      Also, kiwibank didn’t give me a mortgage, TSB did.

  3. Dem Young Sconies 3

    I’d be happy to see the total of foreign debt & capital nationalised without compensation. The cabal of vulture capitalists shouldn’t be rewarded for their theft.

    • Colonial Viper 3.1

      There’d be an immediate capital strike against NZ. Say bye bye to fuel, pharmaceuticals, farm exports.

      • Dem Young Sconies 3.1.1

        We have plenty of our own oil for fuel.
        We can source generic pharmaceuticals.
        With the stress on the environment, and animal welfare issues, we shouldn’t even be farming ruminants in NZ anyway. We can make do with just supplying the local market, and countries that aren’t controlled the the world bankster elite.

        • tinfoilhat 3.1.1.1

          Look I’m as green as you get, but your post is just silly and delusional……… or are you a RWNJ troll doing a very poor parody post ?

        • Colonial Viper 3.1.1.2

          We can source generic pharmaceuticals.

          Yes NZ can manufacture one or to two dozen of the most commonly used drugs, several of them by violating international patents (hey in for a penny…), but that leaves pharmacy shelves 95% empty.

          • geoff 3.1.1.2.1

            Does this mean you’ve recently changed your tune a bit regarding this, CV?

          • Draco T Bastard 3.1.1.2.2

            Oh, noes, we might have to do some R&D.

            • Colonial Viper 3.1.1.2.2.1

              And what do patients who need their medications daily do for the 5-10 years before that R&D outputs?

              Any other glib solutions?

              • Draco T Bastard

                As I said below, I doubt if we’d actually lose all that you assume we would.

          • geoff 3.1.1.2.3

            No I’m getting you confused with DTB

            • Colonial Viper 3.1.1.2.3.1

              no probs mate

              I think a dramatic “Great Leap Forwards” style exercise is to be avoided for the moment, in favour of a planned, strategic import substitution programme.

      • Draco T Bastard 3.1.2

        That’s ok, we don’t need them.

        Pharmaceuticals we can, and do, make here.
        Fuel, meh – that’s what we have electricity for and we also have our own oil wells. Sure, it’s only 44000 bbl/day rather than the 150000 we use but it’d work out.
        I’m sure the farm exports wouldn’t decrease either – they’d just change destinations.

        I don’t think we’d lose as much connection to the rest of the world as you think we would.

        • geoff 3.1.2.1

          Didn’t Iceland tell the IMF to fuck off? The icelandic bloke that Kim Hill interviewed last week didn’t give the impression that Icelanders were starving in the street. It’s all scaremongering that
          the powers that be use to try and keep nations under control. There’s just no way that business, financial or otherwise, would ignore the trade potential of 4 million westernised consumers.

          Speaking of finance….it looks like the karma might finally be catching up with the likes of Jamie Dimon and J P Morgan. http://www.huffingtonpost.com/lynn-parramore/jamie-dimons-ultra-americ_b_2915429.html

          Bring on the global debt jubilee.

          • Tiresias 3.1.2.1.1

            Sorry but the Iceland-economic-miracle-sans-IMF is fiction. Educate yourself.

            http://icelandicecon.blogspot.fr/2013/01/the-economic-truth-on-iceland.html

            “So there you have it. The cosy picture drawn of the economic miracle of Iceland has serious stains on it. Despite the fact that the economy has, partially, rebounded to its pre-crisis level, the underlying foundations are so termite-infested that the slightest wind could blow the whole economy to kingdom come! That applies especially to the problem of abolishing the capital controls.”

            • Draco T Bastard 3.1.2.1.1.1

              IMF Says Bailouts Iceland-Style Hold Lessons in Crisis Times

              Iceland refused to protect creditors in its banks, which failed in 2008 after their debts bloated to 10 times the size of the economy. The island’s subsequent decision to shield itself from a capital outflow by restricting currency movements allowed the government to ward off a speculative attack, cauterizing the economy’s hemorrhaging. That helped the authorities focus on supporting households and businesses.

              “The fact that Iceland managed to preserve the social welfare system in the face of a very sizeable fiscal consolidation is one of the major achievements under the program and of the Icelandic government,” Zakharova said. The program benefited from “strong implementation, reflecting ownership on the part of the authorities,” she said.

              It seems that the IMF disagrees with, from what I can make out, is a RWNJ think tank.

              • Tiresias

                I’m not denying Iceland did much better for its people than, say, Greece or Argentina, but believing there’s an easy, pain-free way out of such a mess that only punishes the guilty is a delusion.

                • geoff

                  I never said Iceland had a pain-free transition. I was pointing out that they haven’t been shut out of the global economy in the way that say North Korea has been.

                  If anything, Iceland hasn’t gone far enough. What you appear to be advocating for is crony capitalism. It is absolutely possible to punish the guilty more effectively than has been done so dar and it is slowly beginning to occur in the US because it has become politically untenable to ignore the crimes.

                  • Tiresias

                    ” What you appear to be advocating for is crony capitalism.”

                    What on earth have I written that makes you think that?

                • Draco T Bastard

                  I never said there was a pain free way out of the mess that the banksters have left us in but I do believe that we do need to look for a way out and getting rid of foreign owners/investors and telling the banks where to get off is a good start.

                  • Colonial Viper

                    For it to be not wholly disruptive it’ll have to be a decades long project. And they’ll make sure that the government responsible doesn’t survive in power that long.

                    • Draco T Bastard

                      That’s why you put it to referendum. Governments may change, the people won’t.

      • SpaceMonkey 3.1.3

        Worse than that… I suspect the banksters would engineer a coup or a crisis to overthrow the Government. They might have tolerated our anti-nuclear stand but renationalisation of capital would send TPTB into apoplectic fits and see NZ reduced to rubble like Libya or Iraq. All in the name of democracy, of course.

        • Colonial Viper 3.1.3.1

          They got rid of Salvador Allende, Chile. TPTB then installed a neoliberal, banker friendly leader by the name of Augusto Pinochet.

          • Colonial Viper 3.1.3.1.1

            From wikipedia

            Financial conglomerates became major beneficiaries of the liberalized economy and the flood of foreign bank loans. Large foreign banks reinstated the credit cycle, as the Junta saw that the basic state obligations, such as resuming payment of principal and interest installments, were honored. International lending organizations such as the World Bank, the International Monetary Fund, and the Inter-American Development Bank lent vast sums anew.[43] Many foreign multinational corporations such as International Telephone and Telegraph (ITT), Dow Chemical, and Firestone, all expropriated by Allende, returned to Chile

    • Tiresias 3.2

      Or you could make yourself even happier by migrating to North Korea and living the experience of a citizen in an International pariah.

  4. bad12 4

    10 Billion and rising, for the last quarter the current account deficit widened from 2.5 billion to 2.7 billion so on that track it will soon be an annual 11 billion,

    Government ‘contracts out’ some 30 billion dollars of ‘work’ annually, much of this also goes to overseas company’s,

    Labour have said that they will look at all this 30 billion dollars of spending to see which of it can be spent here in New Zealand,

    Obviously we as a country are now tied into being sucked dry like the host of a leech by various international trade agreements so the Government cannot simply proclaim that all it’s spending will favor New Zealand owned and operated companies,

    Such trade agreements tho do not preclude a silent and unspoken bias by any Government toward having it’s contracted ‘work’ carried out only by New Zealand companies,

    Interestingly or not, Chinese buyers of our diary products have at the latest auction pushed the price of milk powders up from 4 thousand dollars a tonne to 5 thousand dollars a tonne thus going some way to ‘saving’ those farmers who have been hard hit from the drought losing up to 20% of production and as an incidental once contracts are settled helping to at least stabilize the current account deficit…

  5. Lan 5

    Why its annoying to hear the Gibbs, Fay, Richwhites etc (tho latter two seem quite quiet these days) making smart remarks about the New Zealand economy that they plundered in the 80s! And now with the energy “companies” government is doing it all again .. not to mention the sale of our best land and housing stock. Nuts.

    • Tim 5.1

      Yea, Messrs Fay and Richwhite are rather amusing. (As in trying to feign horror at Crafar farms potentially going offshore and doing a deal, considering their history).

  6. vto 6

    http://www.youtube.com/watch?v=jIfu2A0ezq0

    I owe my sole to the company store ….

    • Lightly 6.1

      I believe it’s ‘soul’, but in New Zealand’s case, the soles of our shoes is more accurate.

      • vto 6.1.1

        Yes of course, brain wobble… It is also “another day older” not “one day older”.

        16 tons and whadda ya get..

        another day older and deeper in debt..

        Johnny Cash does a good version too. “St Peter don’t you call me ’cause I can’t gooooo ….. I owe my soul to the company storeeeee…”

  7. DH 7

    Good commentary Anthony James but you must be joking when you say Labour have policies to fix it. I’ve yet to see one.

    For what it’s worth some $100billion or so of our overseas debt is owed by the Australian owned banks. We don’t owe it, the banks do. We just owe the banks via mortgages but that’s domestic debt, not foreign debt.

    One of the most effective means of managing away much of that overseas debt is to cut the banks adrift and force them to wind down their capital base paying back their overseas borrowing. We can do that by greatly expanding Kiwibank. It needs a large injection of capital and if the Govt is going to put an SOE on the sharemarket it should be Kiwibank. Not to sell it but to expand it; issue more shares to the NZ public.

    • bad12 7.1

      Australian owned banks??? your kidding are you not, your belief in the ‘fairy tale’ of New Zeland banks being owned by our close mates from Aussie makes me smile,

      As our bnaks are nominally owned by the Australian Banks the Australian Banks are all owned by the bigger fish in the pond namely the International Banking Cartels,

      Mostly you wont find the names of the big US banks on the share registers of those Aussie banks, such shareholdings are all held in Nominee companies and it is the name of the nominee companies which appear on the share register,

      Keeps a hell of a lot of us believing in the ‘fairy tale’…

  8. DH 8

    “Good commentary Anthony…..”

    Damn, where’s the edit function. I meant James, not Anthony…. duh!

  9. Harriet 9

    Someone who is adding to the total wealth of this country is not depriving you of anything.

    But someone who is consuming the nation’s wealth, without contributing anything to it, is.
    Yet our tax system penalizes those who are producing wealth in order to subsidize those who are only consuming it.

    Tax reform is overdue, national debt or no national debt. :cool:

    • Draco T Bastard 9.2

      Someone who is adding to the total wealth of this country is not depriving you of anything.

      Foreign investors aren’t adding anything to this country.

    • Colonial Viper 9.3

      Yet our tax system penalizes those who are producing wealth in order to subsidize those who are only consuming it.

      What do you mean by wealth? Do you mean “money”?

      You do know that all wealth originates from the resources of nature, right?

      • DH 9.3.1

        “What do you mean by wealth? Do you mean “money”?”

        Money is just a medium of exchange; a convenient means of storing value that’s portable. If a nation increases it’s collective wealth then it must follow you’d need more money in circulation to cover it. We’re only in trouble because we’re not increasing wealth, rather inflating the value of assets. Money isn’t the problem, they’ve just allowed too much of it to be created.

        If the Reserve Bank had been told to include asset inflation in their low-inflation targets we probably wouldn’t be in this mess. From a monetarist perspective there’s no difference between consumer inflation and asset inflation. They’re both monetary in origin so it’s a total mystery why they’ve ignored asset inflation.

    • Colonial Viper 9.4

      Tax reform is overdue, national debt or no national debt. :cool:

      Also, do you believe in the provision of a commons of goods for society? And how do you believe that commons of goods be paid for?

    • bad12 9.5

      Harriet, the pathetic ‘contributes’ argument has been round and round so often that i cannot be bothered to raise the arguments with you that show it, (the contributes/doesn’t contribute argument), is a load of bovine defecation,

      Needless to say your argument only holds the slightest bit of credibility where the individual does not contribute over the period of a life-time,(how many million of the New Zealand people do you know in that category,

      You are of course free to pack your s**t and find a country to reside in where the State contributes mostly ZERO to the individual and the individual is solely responsible for their own means of existence,

      Vanuatu springs to mind as the closest destination, Somalia if you hanker for the African sunshine…

  10. Draco T Bastard 10

    The next biggest source of international debt is foreign ownership of New Zealand assets. Although smaller than our debt via the banks, the rate of return is higher for the foreigner investors. Tackle this by preventing foreign ownership of strategic assets, by not selling our public assets, by putting in rules about overseas landlords for residential property and generally insuring that foreign investment is real investment in new capital wealth – not just buying what we already have.

    Don’t need any of that, just need to ban foreign ownership. As your figures show, we don’t need, and have never needed, foreign investment. The people who say we do are lying even if they don’t realise it as we have enough resources (both physical and human) in the country to support ourselves. This is true of every country.

    So, who benefits from investment? The rich of other countries who have so much accumulated money that they can’t invest in their own countries any more as there isn’t enough wealth in that country to absorb the money.

    If we don’t do something, if we keep on just letting foreign capital buy up more of New Zealand and pay for the pleasure by sending a larger and larger share of our GDP overseas each year, then our net international debt is forecast to grow from an eye-watering $150 billion this year to a disastrous $200 billion in four years.

    What you describe here is The Road to Serfdom and it’s the exact opposite of what Hayek said. The road to serfdom isn’t from socialism but from capitalism.

  11. AmaKiwi 11

    For the past 30 years we have NEVER had a year with a positive balance of payments. NEVER. Greece boasts precisely the same record.

    They fiddle while Rome burns (or NZ drowns). 30 years of National AND Labour governments and NONE has taken steps to keep us from serfdom.

    Since the politicians are too timid / compromised / short-sighted to sort it out, it’s time for the people to take back our government. 30 YEARS of inaction!

  12. Peter 12

    “The foreign banks are the biggest owners of New Zealand debt and the biggest cause of the balance on income deficit. They make their money by inflating our housing market.”

    Can someone please explain why they are allowed to?

    Excellent article!

    • Draco T Bastard 12.2

      Can someone please explain why they are allowed to?

      Mostly, as far as I can make out, it’s because people don’t realise that the banks are printing money at such a rate as to cause that inflation. It’s not so much that we’re allowing them to as that we just don’t know that they’re doing it and that they’re doing it only for their own benefit.

  13. ghostrider888 13

    however, according to the sage Joyce, in the Dec quarter, “New Zealanders received record returns from OFFSHORE investments (of which they re-invested locally 7%, from memory)” Well, that IS helpful…

  14. Plan B 14

    So we are left with the idea that somewher out there in the great big world, outside of New Zealand there is a great big chest filled to the brim with New Zealand dollars and that when we want to buy a house, our banks go and get some money out of the chest and lend it to us and that our interest payments have to go offshore to the people who have the chest filled to the brim with New Zealand dollars.
    The funny thing is that we as a country sell nothing in New Zealand dollars, nor can we spend New Zealand dollars outside of New Zealand. In fact there is noone in the world who actually wants New Zealand dollars except us.
    So there is no chest filled with New Zealand dollars at all is there.
    All we have is banks running a scam whereby when they type the loan into existence on a computer they pretend that the money is owed to someone in another country. It sounds so silly that no one would believe it so they don’t. Trouble is it is basically a true story

  15. infused 15

    “Bring in rules to stop the foreign banks lending so much money into the housing market and not only will you make housing more affordable, you’ll reduce our current account deficit and international debt.”

    How would housing become more affordable?

  16. prism 16

    James
    This is good stuff. But I don’t understand one part under a small table.
    “As you can see, we exported more goods than we imported, imported more goods than we exported and ended up with a small trade deficit. ”

    It appears from the table that we imported more services than we exported and…. Is this correct?

    I

    • prism 16.1

      I wonder if my question can be addressed?   Possibly there are some other confused people out there besides myself.  Or do you have to be one of the favoured to get a  response?

  17. prism 17

    Now we’re told that our banks can, if they foul up too much, take a portion of our savings and we are told that the answer to our country’s woes is to save more! Government here not content with facilitating dodgy financial businesses that in going bust have destroyed good people’s lifetime accretion of savings, the government now introduces a new tax and almost justifies the saying that “All tax is theft”.

    Our own Reserve Bank thinks it is right to take what are privately owned cash assets and give them to the business we are dealing with. And now we are told that it all underlines another verity, that there is no such thing as a safe investment. As the whole deal is man-made why isn’t there action to ensure reasonable safeguards?

    • Colonial Viper 17.1

      So if the highly paid bank CEOs and boards fuck up and lose a tonne of money in the markets, we the savers get to bail them out.

      Yeah that sounds fair.

      • Tiresias 17.1.1

        Yeah, fair like an understanding that we’ll tolerate muggers as long as they only take 10% of the money in our wallets, but if we start objecting they’ll take it all.

        • prism 17.1.1.1

          Tiresias
          Well Terry Pratchett wrote that into his Discworld story of Ankh-Morpork.  The Patrician set up a guild to control the unfortunate habits that we have. so there is one for thieves, and there is one for killings, each with their own set of proscriptions, rules and expectations.   This business with the OBR or whatever it’s called is sort of similar.   An attempt to codify the customary practices really.  Fact over-ruling fiction eh!

    • Colonial Viper 17.2

      Anat Admati’s new book “The Bankers New Clothes” focusses on these issues exactly.

      http://www.youtube.com/watch?v=WdU5ik-fzZs

  18. aerobubble 18

    We’re an export nation, ergo we would accumulate wealth unless another process was imposed to extract wealth. The question is, how do we let wealth leak out so easily? Whose in charge? Govt.

    Govt is too easily lobbied because it has no upper chamber. Loopholes, oversights, tax regimes, all pander to exporting our wealth.

    • Draco T Bastard 18.1

      Govt is too easily lobbied because it has no upper chamber.

      /facepalm

      That has got to be the most nonsensical thing I’ve seen in a long time – and I’ve been having long chats with Tribeless. The lobbyists will obviously lobby both houses.

      As I’ve told you before – having two houses only produces worse government as which ever party has dominance of one house can, and will, prevent anything that they don’t like going through and if one party dominates both houses it just becomes another rubber stamp. Just look at the US and the trouble the republicans have been causing over the budget for the last few years.

      Some people won’t learn from history and, apparently, some can’t learn from what’s going on in front of their nose.

      • Colonial Viper 18.1.1

        Exactly. Two houses and getting rid of the Queen and having a formal constitution etc. – all beside the point and all with their own potential risks and additional unseen complications.

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    Labour | 24-07
  • Darien Fenton’s Valedictory Statement
    Nga mihi nui - kia koutou. I acknowledge all Members of Parliament I have served with and I do so without rancour or criticism. Over nearly nine years in parliament I’ve found that despite furious debate about political difference, most...
    Labour | 24-07
  • Immigation and Kim Dotcom – Harawira
    “I just got a call from National Business Review reporter, asking whether there was any contradiction between my thoughts on immigration in 2009 and now, particularly given MANA’s newly minted relationship with Kim Dotcom” said MANA leader and Tai Tokerau...
    Mana | 24-07
  • Nats to announce 2nd crossing without rail
    Labour Transport spokesperson Phil Twyford says it has been leaked to him that John Key will rule out a rail option when announcing an accelerated timeframe for Auckland’s $5 billion second harbour crossing next month. “I understand the Government’s plan...
    Labour | 24-07
  • “They put Maori centre stage” – Harawira
    “I’m sorry I can’t be at parliament for the valedictory speeches of Tariana Turia and Pita Sharples” said Hone Harawira, MANA Leader and MP for Tai Tokerau, ”but I’d like to add my own best wishes as they reach the end...
    Mana | 24-07
  • ACT trying to have it both ways on zoning
    ACT Party candidate David Seymour’s campaign against changes to school zones in the Epsom electorate looks hollow given his party’s commitment to the abolition of school zoning altogether, Labour’s Education spokesperson Chris Hipkins says. “It’s disingenuous for David Seymour to...
    Labour | 24-07
  • Jamie Whyte loses the plot and why this is Dame Devoy’s finest hour
    I was a damningly critical voice over Dame Susan Devoy’s appointment as the Race Relations Commissioner, but her righteous condemnation of Jamie Whyte’s farcical statement that Maori somehow have the same legal privilege of 17th Century French Aristocracy is such a courageous stance...
    The Daily Blog | 31-07
  • Latest Roy Morgan Poll: Labour jumps 6.5 points up to 30%, National tumble
    Latest Roy Morgan Poll: National down to 46%, Labour up to 30%, Greens down to 12%, NZ First down to 5%, Maori Party up to 1.5%, Internet MANA up to 2,5%, ACT, United Future and Conservatives stay unchanged. To take into...
    The Daily Blog | 31-07
  • What is the nature of satire? Issues for the Human Rights Commission as the...
    Congratulations to Fairfax media for their detailed coverage of the current Human Rights Commission case being asserted by Louisa Wall that Al Nisbet’s cartoons were racist and deserved censure. Pity Fairfax published the cartoons in the first place however. The Human...
    The Daily Blog | 30-07
  • Labour promises $2 boost in minimum wage
    MIL OSI – Source: Unite Union – Headline: Labour promises $2 boost in minimum wage Labour leader David Cinliffe From the New Zealand Herald By Derek Cheng Wednesday July 30, 2014 A $2-an-hour boost to the minimum wage, scrapping the...
    The Daily Blog | 30-07
  • THEY CAN’T ALL WIN OFF THE RACE-CARD – Harawira
    MIL OSI – Source: Mana Movement – Headline: THEY CAN’T ALL WIN OFF THE RACE-CARD – Harawira Posted on July 30, 2014 by admin in Hone Harawira, Press Releases“They can’t all play the race card and expect to win off...
    The Daily Blog | 30-07
  • Labours policies a step change for working people
    MIL OSI – Source: CTU – Headline: Labours policies a step change for working people “After six long years of working life getting tougher in New Zealand workers have been given a real choice today with the announcement of Labours...
    The Daily Blog | 30-07
  • Novopay’s end must not be bulk funding’s beginning
    MIL OSI – Source: Green Party – Headline: Novopay's end must not be bulk funding's beginning Wednesday, 30 Jul 2014 | Press Release Teachers have endured two years of hell, never knowing from one week to the next if they’ll...
    The Daily Blog | 30-07
  • Green Party launches plan to protect our Maui’s dolphins
    MIL OSI – Source: Green Party – Headline: Green Party launches plan to protect our Maui’s dolphins Wednesday, 30 Jul 2014 | Press Release The Green Party today launched its plan to protect the world’s smallest and most endangered dolphin,...
    The Daily Blog | 30-07
  • USA: One year after her conviction Chelsea Manning must be released
    MIL OSI – Source: Amnesty International NZ – Headline: USA: One year after her conviction Chelsea Manning must be released Exactly one year after Chelsea Manning was convicted of leaking classified government material, Amnesty International is renewing its call on...
    The Daily Blog | 30-07
  • EU must close all loopholes in the torture trade
    MIL OSI – Source: Amnesty International NZ – Headline: EU must close all loopholes in the torture trade The European Union (EU) must urgently strengthen its laws to enable member states to immediately ban the trade in new devices and...
    The Daily Blog | 30-07
  • Swaziland: Deplorable sentences against journalist and lawyer stifle free s...
    MIL OSI – Source: Amnesty International NZ – Headline: Swaziland: Deplorable sentences against journalist and lawyer stifle free speech The sentencing of a newspaper editor and a human rights lawyer to two years in prison on charges of contempt of...
    The Daily Blog | 30-07
  • Graduate nurses put pressure on Ryall
    MIL OSI – Source: Labour Party – Headline: Graduate nurses put pressure on Ryall Moves by the Government to increase the number of training placements for nursing graduates will be seen for what they are – a cynical election ploy,...
    The Daily Blog | 30-07
  • Māori Party blocks the end of slave fishing vessels
    MIL OSI – Source: Labour Party – Headline: Māori Party blocks the end of slave fishing vessels Labour is appalled the Māori Party has refused to allow a final reading of legislation to abolish slavery conditions on foreign charter fishing...
    The Daily Blog | 30-07
  • Unconditional Gaza ceasefire needed now
    MIL OSI – Source: Labour Party – Headline: Unconditional Gaza ceasefire needed now The Israeli response in Gaza is disproportionate and with the firing of tanks and mortars into civilian areas, increasingly indiscriminate, says Labour’s Foreign Affairs spokesperson David Shearer....
    The Daily Blog | 30-07
  • Labour will raise minimum wage, restore work rights
    MIL OSI – Source: Labour Party – Headline: Labour will raise minimum wage, restore work rights A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth...
    The Daily Blog | 30-07
  • Taxpayer to fork out millions for Novopay rescue
    MIL OSI – Source: Labour Party – Headline: Taxpayer to fork out millions for Novopay rescue It will be cold comfort to teachers and school staff still struggling with Novopay that the National Government has finally stepped in to rescue...
    The Daily Blog | 30-07
  • Auckland consents down second month in a row
    MIL OSI – Source: Labour Party – Headline: Auckland consents down second month in a row National’s housing policy is in disarray with building consents in Auckland falling two months in a row, says Labour’s housing spokesperson Phil Twyford.  “Statistics...
    The Daily Blog | 30-07
  • A brief word on why Murray McCully’s email didn’t work in New York
    Ummmmmmm. What? An email to Foreign Minister Murray McCully’s office about former Malaysian diplomat Muhammed Rizalman bin Ismail invoking diplomatic immunity remained unopened for weeks – allegedly because communications were limited as the minister travelled to New York. So Muzza...
    The Daily Blog | 30-07
  • The infallible NZ Police
    You would think 44 years after one of their own framed an innocent man by planting evidence that the NZ Police would admit they got it wrong. Not so. The whitewash report yesterday into the Crewe murders does the usual...
    The Daily Blog | 30-07
  • Just how crazy is ACTs Whyte Supremacy?
    Two reasons why Jamie Whyte’s claim that Maori are as legally privileged as 17th Century French Aristocracy is possibly the most stupid thing anyone has ever said. 1 – That easy-Maori-University-entry chestnut is one of the worst examples the right...
    The Daily Blog | 30-07
  • Labour Commits To An End To Factory Farming
    Revelations that the Pigcare Accreditation scheme is still failing animals despite protestations from the Ministry, resulted in a day of national action across the country last Saturday. Thousands rallied in the centres against factory farming for a historic outcome for animals. For the...
    The Daily Blog | 30-07
  • Has Apartheid Israel committed war crimes?
    Last week 29 of the UN Human Rights Council’s 47 members voted to set up an inquiry into possible war crimes committed by Apartheid Israel during it’s latest bloody purge of the Palestinian people. It’s interesting to note the only member...
    The Daily Blog | 30-07
  • Mr Fixit is broken – Novopay becomes Neverpay
    There are deals so poorly agreed to with the barest amount of oversight green lighted for ideological reasons so mangled and damaged that not even Steven ‘Mr Fixit’ Joyce can dress it up beyond the turd cake it is. Novopay is one...
    The Daily Blog | 30-07
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today
    Jeremy Wells’ Mike Hosking on Radio Hauraki...
    The Daily Blog | 30-07
  • The Right-wing – strong on crime!
    . . National, ACT, and the Right, generally, are renowned for being “tough on crime”. What follows are just a few examples,  to illustrate National/ACT’s “toughness”. . . Ms Hauiti isn’t the first MP to mis-use tax-payer’s money, and most...
    The Daily Blog | 30-07
  • The 40 Percent Solution: Chris Trotter responds to Phil Quin.
    PHIL QUIN writes a mean political column. His long-standing connections to the right of the New Zealand Labour Party are extensive and strong. When he writes about politics, especially electoral politics, it is from personal experience and with considerable authority....
    The Daily Blog | 30-07
  • Labour’s new worker policy – $16.25 minimum wage
    Labour’s much anticipated worker policy has been released. It’s a mix of the aspirational and the smart. $15 minimum wage by Christmas this year, bumped up to $16.25 next year while banning the 90 day right to sack laws and...
    The Daily Blog | 30-07
  • The Liberal Agenda: 30th July- 3rd August
    Wednesday GAZA: Setler colonialism, apartheid and resistance panel discussion Want to know more about what’s going down (and has been going down since 1948) in Gaza, and by extension the Palestinian territory?  Come along to this panel discussion. No boring...
    The Daily Blog | 30-07
  • NZIFF: New Zealand’s Best
    Eleven   Saturday night was New Zealand’s Best at the New Zealand International Film Festival. The collection of 6 short films are selected from over a hundred and are all of very high quality. They compete for a number of...
    The Daily Blog | 30-07
  • Govt fudging figures over Transmission Gully – Green Party media release
    MIL OSI – Source: Green Party – Headline: Govt fudging figures over Transmission Gully – Green Party media release Tuesday, 29 Jul 2014 | Press Release “The Government needs to come clean. In fact, the cost is $125 million per...
    The Daily Blog | 29-07
  • New Zealand criticised by Pacific Island leaders
    MIL OSI – Source: Green Party – Headline: New Zealand criticised by Pacific Island leaders Tuesday, 29 Jul 2014 | Press Release “John Key and his government need to step up and take climate change seriously.” New Zealand needs to...
    The Daily Blog | 29-07
  • So where are the Taxpayer’s Union on Simon Bridges luxury oil dinners?
    So where is David Farrar’s astroturf fake union, the Taxpayer’s Union, to criticise the quarter of a million spent on luxury wine and food to woo the oil industry then? Luxury oil summit during Rugby Cup was an ‘investment’Energy Minister...
    The Daily Blog | 29-07
  • ACT show their true racist colours
    ACT Party conference in Epsom last week At some point ACTs low poll ratings were going to have to force ACT to stop pretending to be some free market under grad fantasy and get them back to their true purpose...
    The Daily Blog | 29-07
  • Broken English, broken government, broken climate
    Bill English’s unguarded statements on climate change demonstrate just how out of touch the National Party leadership really is, and how important it is that they should be forced to face facts. A couple of weeks ago finance minister Bill...
    The Daily Blog | 29-07
  • GUEST BLOG: Kelly Ellis – Privilege Lost
    Elton John didn’t get it wrong when said that sorry was the hardest word. It’s a word whose mere utterance can be seized upon as a sign of weakness and topic of ridicule, while simultaneously expressing understanding and opening the...
    The Daily Blog | 29-07
  • GUEST POST: Curwen Rolinson – A Vote For NZF Is A Vote For NZF – For Na...
    I’m loving this “Duelling Banjos” thing me and Bomber have got going on at the moment - he writes a piece castigating NZF for imminent existential failure due to Cons, I write a refutation setting out why we’ll be back. He writes a...
    The Daily Blog | 29-07
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, holidays
    Jeremy Wells’ Mike Hosking on Radio Hauraki...
    The Daily Blog | 29-07
  • Laila Harre to run against Key in Helensville
    Another full house in Rotorua as part of Internet MANAs road trip Another day, another full house for the Internet MANA road trip. John Armstrong understands the energy now swirling around Internet MANA, and the latest announcements of Georgina Beyer...
    The Daily Blog | 29-07
  • Waiting for Gower’s Twittering of indignation…
    .   . Key has made his call; deals with ACT and Peter Dunne are in – a deal with the CCCP (Colin Craig’s Conservative Party), is out; . . Now we can look forward to TV3′s political commentator, Patrick...
    The Daily Blog | 29-07
  • National’s desperate oil drilling agenda exposed
    MIL OSI – Source: Green Party – Headline: National’s desperate oil drilling agenda exposed Tuesday, 29 Jul 2014 | Press Release A Wall Street Journal article exposing the Government’s attempts to lure deep sea oil drillers to New Zealand shows...
    The Daily Blog | 29-07
  • Owner of Kiwis’ favourite tacos takes bold stand for climate action
    MIL OSI – Source: Oxfam NZ – Headline: Owner of Kiwis' favourite tacos takes bold stand for climate action The maker of Old El Paso tacos, Betty Crocker cake mixes and Haagan Daz ice-cream has today committed to industry-leading measures...
    The Daily Blog | 29-07
  • Out of touch Brownlee gets numbers wrong
    MIL OSI – Source: Labour Party – Headline: Out of touch Brownlee gets numbers wrong Gerry Brownlee has shown how badly he is managing the rebuild by getting his figures wrong on how many houses are needed in Christchurch, Labour’s...
    The Daily Blog | 29-07
  • GUEST BLOG: Michael Wood: Weekend at Bernie’s lll – ACT in Epsom
    While no one will be surprised by yesterday’s deal to prop up ACT in Epsom, the audacity of it is still astounding. ACT is a political corpse. Their sole MP has been found guilty of electoral fraud and bides his...
    The Daily Blog | 28-07
  • So how’s all the ‘ Labour Party man ban’ hysteria working out for you...
    Remember all the screams from the media at the so called ‘man ban’ of the Labour Party? Labour’s attempt at gender equality was really just more evidence of Labour’s man hate,  feminists were taking over, heterosexual red blooded men burnt at the stake....
    The Daily Blog | 28-07
  • Paul Henry; the issue is you, not flag-burning
    There will always be reductive, dangerous and reactionary responses to different forms of oppressive violence by our western, often biased, mainstream media. These reactionary responses purposefully distract from the real issues and those who are at the root and the...
    The Daily Blog | 28-07
  • Oh now John Armstrong and Vernon Small want to talk about policy?
    The audacity of the mainstream media seems to know no end. This week both John Armstrong and Vernon Small had the hilarity to demand a focus on policy and not ‘gotcha’ politics… John Armstrong: The ‘gotcha politics’ disease is afflicting...
    The Daily Blog | 28-07
  • “They put Maori centre stage” – Harawira
    MIL OSI – Source: Mana Movement – Headline: “They put Maori centre stage” – Harawira  Posted on July 24, 2014 by admin in Hone Harawira, Press Releases“I’m sorry I can’t be at parliament for the valedictory speeches of Tariana Turia...
    The Daily Blog | 28-07
  • Burning the flag or accepting the evil
    MIL OSI – Source: Mana Movement – Headline: Burning the flag or accepting the evil Posted on July 24, 2014 by admin in Hone Harawira, Press ReleasesBurning the Israeli flag in Auckland in protest over the murder of innocent civilians...
    The Daily Blog | 28-07
  • TAXPAYER UNION “outrageously stupid”
    MIL OSI – Source: Mana Movement – Headline: TAXPAYER UNION “outrageously stupid” Posted on July 24, 2014 by admin in Hone Harawira, Press ReleasesJordan Williams, Executive Director of the Taxpayers’ Union says a MANA billboard “appears to have been funded by taxpayers”,...
    The Daily Blog | 28-07
  • Tōku reo, tōku oho oho, tōku reo, tōku mapihi maurea – MANA launches ...
    MIL OSI – Source: Mana Movement – Headline: Tōku reo, tōku oho oho, tōku reo, tōku mapihi maurea – MANA launches te reo Māori policy  Posted on July 24, 2014 by admin in Annette Sykes, Press Releases, Te Hamua Nikora“MANA...
    The Daily Blog | 28-07
  • Whale Watch Kaikoura Welcomes Third Reading of Bill
    Whale Watch Kaikoura General Manager Kauahi Ngapora today welcomed the third reading of the Kaikōura (Te Tai ō Marokura) Marine Management Bill....
    Scoop politics | 31-07
  • NZ performers welcome Labour Party proposal
    NZ performers welcome Labour Party proposal to restore fairness and certainty for NZ workers Equity New Zealand today welcomed the announcement by the Labour Party that if elected, it would restore the right of film and television workers to collective...
    Scoop politics | 31-07
  • Tear Fund’s Obsession: Food And Sex (Trafficking)
    Food and sex have always been kindred bedfellows; both are sensory experiences that ignite the passions. For TEAR Fund, however, the relationship is less savoury and more complex. We work in the darkest brothels of Southeast Asia where young girls...
    Scoop politics | 31-07
  • Poll July 14-27: Nat 46% Lab 30% Gr 12% NZ1 5%
    National (46%) lead over Labour/ Greens (42%) cut significantly as Key rules out deal with Conservative Party but says National would consider a deal with NZ First (5%)...
    Scoop politics | 31-07
  • Study could be used to counter high suicide rates
    Should social media companies such as Facebook and Twitter be subject to moral obligations with regards to their customers' mental health? In the wake of the furore following the “Emotional Contagion” study carried out by Facebook themselves, the question...
    Scoop politics | 31-07
  • Labour’s Minimum Wage Proposal a Backward Step
    Democrats for Social Credit finance spokesperson Chris Leitch has attacked Labour’s proposals to increase the minimum wage labelling it ”a backward step for low and middle income earners”....
    Scoop politics | 31-07
  • Sealord applauds passing of Fisheries FCV Bill
    Sealord Group has welcomed the passing of the Fisheries (Foreign Charter Vessels) Amendment Bill as a move that will safeguard workers and protect New Zealand’s sustainable fishing reputation....
    Scoop politics | 31-07
  • Liam Butler interviews Hon David Cunliffe
    With older Kiwis comprising a growing proportion of New Zealand's population we all need to recognise the significant contribution they make to society - not only as taxpayers and consumers, but as employers, paid workers and volunteers....
    Scoop politics | 31-07
  • GC Star Supports Beyer
    Star of reality TV series The GC, Alby Waititi, has thrown his support behind Mana’s Te Tai Tonga candidate Georgina Beyer....
    Scoop politics | 31-07
  • New ACC Executive appointments announced
    ACC Chief Executive Scott Pickering today announced appointments to the ACC Executive Team effective from 1 September. The new Executive, which contains new roles and responsibilities, contains five members of the existing Executive and two new appointments....
    Scoop politics | 31-07
  • Ministry CEO Hides in Office for Award Ceremony
    Following this morning’s coverage of the extravagant expenditure by Pauline Winter, the CEO of the Ministry of Pacific Island Affairs, Porky the Taxpayers’ Union mascot visited the Ministry’s Wellington Office to present the Union’s first “Troughing...
    Scoop politics | 31-07
  • Students’ first-in-family policy needs support
    Free education for the first person in a family to undertake tertiary study is a creative, innovative and transformative proposal from New Zealand students, says TEU vice-president Sandra Grey....
    Scoop politics | 31-07
  • Fishing Bill a major step towards fixing industry problems
    The Maritime Union says the passing of a bill reforming the fishing industry is a major step in fixing serious problems....
    Scoop politics | 31-07
  • Waikato-Tainui marae to receive $15 million top up
    Waikato-Tainui Te Kauhanganui marae are set to receive a one-off grant worth more than $15 million. Following the call from Te Kauhanganui, sixty-six marae will receive a base grant of $150,000 and an additional per capita grant based on the...
    Scoop politics | 31-07
  • Outdoor Council Backs Fish and Game in Minister Smith Stoush
    A national outdoor recreation council has backed Fish and Game in the wake of an argument with Conservation Minister Nick Smith over the organisation's advocacy role for cleaning up New Zealand's rivers from a deteriorating state....
    Scoop politics | 31-07
  • Income Equality Aotearoa New Zealand Inc. – Closing the Gap
    Simon Bridges says increasing the minimum wage will cost us at least 6000 jobs, hurt businesses and reduce growth. Rubbish, says Peter Malcolm National Secretary of Income Equality Aotearoa New Zealand Inc....
    Scoop politics | 31-07
  • Call on Pauline Winter to Front up Or Resign
    Responding to the Fairfax report that taxpayers are footing the bill for the Ministry of Pacific Island Affairs’ Chief Executive and to fly to Auckland most weekends, Taxpayers’ Union Executive Director Jordan Williams says:...
    Scoop politics | 30-07
  • Petition generates progress for new nurses
    Last week the New Zealand Nurses Organisation (NZNO) launched a petition to get a nurse entry to practice (NEtP) programme for every new graduate nurse. This week, and more than 7,000 signatures later, we are very pleased to hear the...
    Scoop politics | 30-07
  • NZ Parliament backs media freedom in West Papua
    West Papua Action Auckland applauds the decision of the New Zealand Parliament to give its backing to genuine media freedom for local and international journalists in West Papua....
    Scoop politics | 30-07
  • Wellington protest rally to march for Gaza
    “Marchers from Wellington Students for Justice in Palestine intend to lay memorials at the Rabin memorial in Harris Street during a protest rally on Saturday. The names of some child victims of the Israeli attacks on the Gaza Strip will...
    Scoop politics | 30-07
  • ACT Leader Dr Jamie Whyte calls Dame Susan Devoy to resign
    Dame Susan Devoy has responded to my speech calling for racial equality by publicly condemning it as “grotesque and inflammatory"....
    Scoop politics | 30-07
  • WW1 anniversary: Peace vigils on 4 August
    Monday, 4 August, is the 100th anniversary of the start of World War One, "the war to end all wars". Peace Movement Aotearoa, in association with Quakers, is coordinating nation-wide candle-lit vigils on 4 August, in conjunction with peace...
    Scoop politics | 30-07
  • Making It Easier for Disabled Voters to Have Their Say
    The Electoral Commission is making it easier for disabled New Zealanders to enrol and vote, with the confirmation that telephone dictation voting will be in place for the 2014 general election....
    Scoop politics | 30-07
  • AA welcomes lower drink-driving limit
    Lowering the adult drink driving limit is one good step forward in making our roads safer, says the Automobile Association. Parliament voted last night to reduce the blood alcohol limit to .05 for drivers aged 20 or over. The AA...
    Scoop politics | 30-07
  • RSA welcomes Veterans Support Act
    The Royal New Zealand Returned and Services Association welcomes the passage of the Veterans Support Act into law tonight. RSA National President, Don McIver, says that while it has taken a long time to get to this point, and there...
    Scoop politics | 30-07
  • Political debate Thursday July 31st at Whanau Centre
    Waipareira will host a political debate on Thursday at Whanau Centre, Henderson, starting at 7pm. Hosted by broadcaster Willie Jackson, candidates will be asked the tough questions about Whanau Ora, the future of the Maori Seats, Housing, Child Poverty...
    Scoop politics | 30-07
  • They Can’t All Win Off the Race-Card
    “They can’t all play the race card and expect to win off it”, said MANA Leader and MP for Te Tai Tokerau Hone Harawira, following comments by ACT Leader Jamie Whyte, Conservative Leader Colin Craig, and NZ First Leader Winston...
    Scoop politics | 30-07
  • New Zealanders Being Gouged by Electricity and Liquid Fuels
    New Zealand consumers of electricity are being price gouged to the tune of about $1.388 million while the companies pocket the profits, a new economic analysis released today by the Iwi Leaders Forum reveals....
    Scoop politics | 30-07
  • Push For Gender Confusion In Schools
    Family First NZ is warning schools about an agenda to bring gender confusion in to schools in areas such as changing rooms, sports teams and school uniforms....
    Scoop politics | 30-07
  • Labour work and wages policy good for working people
    The Maritime Union says Labour’s new policy on work and wages, announced today, is good for the working people of New Zealand....
    Scoop politics | 30-07
  • Joint Statement on EU-New Zealand Partnership Agreement
    Joint Statement on EU-New Zealand Partnership Agreement on Relations and Cooperation (PARC) by High Representative for EU Foreign and Security Policy Catherine Ashton and New Zealand Foreign Minister Murray McCully...
    Scoop politics | 30-07
  • Time to lift unliveable wage rates
    The Service and Food Workers Union has welcomed Labour’s determination to lift New Zealand’s unliveable wage rates. The Labour Party today announced their Work and Wages policy....
    Scoop politics | 30-07
  • Judith Collins and Women’s Refuge – ‘Doing a Katie Bradford’
    In Rethinking’s latest blog; http://blog.rethinking.org.nz/2014/07/judith-collins-and-womens-refuge.html Kim Workman suggests that Ms Collins treatment of the Women’s Refuge in a recent Q and A interview, could spark a new slang term in the national lexicon – ‘Doing...
    Scoop politics | 30-07
  • Independent candidate advocates monetary paradigm shift
    Waikanae veterinarian Dr Amanda Vickers is standing as an independent for the Otaki electorate, with a view to modernise monetary policy....
    Scoop politics | 30-07
  • Review of Radiocommunications Act 1989
    The Ministry of Business, Innovation and Employment (MBIE) has today published a discussion document reviewing New Zealand’s Radiocommunications Act 1989. The discussion document looks at issues including competition regulation, technical parameters on...
    Scoop politics | 30-07
  • Unite Union welcomes Labour Party increase to minimum wage
    Unite Union welcomes the announcement today by the Labour Party to increase the minimum wage by $2 per hour by early 2015....
    Scoop politics | 30-07
  • Taxing Struggling Families to Boost Bureaucrats Shameful
    Responding to Labour leader David Cunliffe’s announcement that a Labour Government would ensure public servants would receive at least the Living Wage, significantly more than their private sector counterparts, Taxpayers’ Union Executive Director...
    Scoop politics | 30-07
  • Labour reforms show commitment to tackling inequality
    The NZ Labour Party’s just-announced industrial relations agenda demonstrates a clear commitment to tackling the growing inequality in New Zealand and restore democracy to our workplaces, according to FIRST Union....
    Scoop politics | 30-07
  • Debacle shows danger of contracting out public services
    The Public Service Association (PSA) says the Novopay debacle shows core public services are best provided in-house....
    Scoop politics | 30-07
  • Public servants welcome Labour’s living wage announcement
    The Public Service Association (PSA) says Labour’s commitment to ensure all core public service workers are paid at least the living wage will be welcome news to thousands of hard working New Zealanders....
    Scoop politics | 30-07
  • Commission urges politicians to stick to the major issues
    In the run up to the general election Race Relations Commissioner Dame Susan Devoy is urging politicians to “do the right thing and stick to those major issues that will help make New Zealand a better place for all our...
    Scoop politics | 30-07
  • Statement on behalf of Rochelle Crewe
    Rochelle Crewe has lived a life of anonymity. The tragic killing of her parents in 1970, when she was only 18 months old, has understandably been the subject of much media attention in this country in the four decades since....
    Scoop politics | 30-07
  • All parties need to help save Maui’s dolphins
    Forest & Bird is urging all political parties to adopt the recommendations of scientists - and the International Whaling Commission - in order to save to save the Maui’s dolphin from extinction....
    Scoop politics | 30-07
  • Navigating Our Future Conference: Leaders’ Dialogue
    As pre-election positioning heats up and the environment has emerged as a key issue, the Leaders’ Dialogue at EDS’s annual conference next week will be an opportunity to interrogate the main parties....
    Scoop politics | 30-07
  • Labour’s policy promises a return to fairness at work
    Workers across New Zealand will benefit from the Labour Party’s work and wages policy, says the Engineering, Printing and Manufacturing Union. “Labour’s policy is a comprehensive package which will lift wages, lower unemployment, and build a...
    Scoop politics | 30-07
  • Labour’s policies a step change for working people
    “After six long years of working life getting tougher in New Zealand workers have been given a real choice today with the announcement of Labour's Industrial Relations policy package,” CTU President Helen Kelly said....
    Scoop politics | 30-07
  • Tear Fund Launches Emergency Appeal for Gaza
    As the death toll surpasses 1000 in Gaza, TEAR Fund has launched an appeal to help civilians caught up in the conflict between Israel and Palestine. TEAR Fund CEO and chairman of the NGO Disaster Relief Forum Ian McInnes said,...
    Scoop politics | 30-07
  • Democrats for Social Credit Party celebrates 60 years
    Monetary reformers from across New Zealand will celebrate the Democrats for Social Credit Party’s (DSC) 60th anniversary at its annual conference at Quality Hotel Elms in Christchurch this weekend....
    Scoop politics | 29-07
  • 100-Gun Salute to Commemorate Beginning of WW1
    The New Zealand Defence Force (NZDF), with WW100, New Zealand’s First World War centenary programme, will commemorate the beginning of the First World War for New Zealand next Monday, 4 August....
    Scoop politics | 29-07
  • Better care for transgender youth
    A fact sheet on ways to improve the wellbeing of transgender youth in New Zealand has been developed at the University of Auckland. A study team from the University’s Adolescent Health Research Group, has put forward recommendations, together with...
    Scoop politics | 29-07
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