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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 | 09-04
  • MANA – and, or, or not – DOTCOM
    Both MANA and the Internet Party share goals in common with other parties, like getting rid of National and reining in the GCSB. There are also differences, as there are with other parties as well. MANA accepted a request to...
    Mana | 09-04
  • Greens to push for housing standards in MOU with Government
    Source: Green Party – Press Release/Statement: Headline: Greens to push for housing standards in MOU with Government Tuesday, 28 Aug 2012 | Press Release We don’t need any more official reports. We know the problem and we have the plans....
    The Daily Blog | 17-04
  • Mighty River squanders $3.8m preparing for sale
    Source: Green Party – Press Release/Statement: Headline: Mighty River squanders $3.8m preparing for sale Tuesday, 28 Aug 2012 | Press Release New Zealanders do not want asset sales and they do not want the Government wasting millions of dollars on...
    The Daily Blog | 17-04
  • Government’s economic agenda on shaky ground
    Source: Green Party – Press Release/Statement: Headline: Government’s economic agenda on shaky ground Monday, 27 Aug 2012 | Press Release Instead of betting on a boom and bust industry and selling off assets the government needs to invest in a...
    The Daily Blog | 17-04
  • National’s tax cuts haven’t cut tax avoidance
    Source: Green Party – Press Release/Statement: Headline: National’s tax cuts haven’t cut tax avoidance Sunday, 26 Aug 2012 | Press Release It is not fair that many rich New Zealanders are cheating on their tax. National’s 2010 tax cuts, that...
    The Daily Blog | 17-04
  • Waitangi Tribunal report adds to crisis in asset sales agenda
    Source: Green Party – Press Release/Statement: Headline: Waitangi Tribunal report adds to crisis in asset sales agenda Friday, 24 Aug 2012 | Press Release In its rush to sell our assets, National has found itself in a crisis of its...
    The Daily Blog | 17-04
  • Privacy across all departments needs checking
    Source: Green Party – Press Release/Statement: Headline: Privacy across all departments needs checking Friday, 24 Aug 2012 | Press Release “People don’t have a choice about giving their information to the state so the Government has an absolute duty to...
    The Daily Blog | 17-04
  • Reports show Government role in driving ACC dysfunction
    Source: Green Party – Press Release/Statement: Headline: Reports show Government role in driving ACC dysfunction Thursday, 23 Aug 2012 | Press Release Restoring public trust and confidence is an essential goal and will require very major change starting from the...
    The Daily Blog | 17-04
  • Government must front up on full costs of asset sales
    Source: Green Party – Press Release/Statement: Headline: Government must front up on full costs of asset sales Thursday, 23 Aug 2012 | Press Release It’s time for the Government to front up over just how much these asset sales are...
    The Daily Blog | 17-04
  • New report: middle NZ worse off, inequality grows
    Source: Green Party – Press Release/Statement: Headline: New report: middle NZ worse off, inequality grows Thursday, 23 Aug 2012 | Press Release Our society has never been as unequal as it is today. New research from the Ministry of Social...
    The Daily Blog | 17-04
  • Government to delay addressing climate change indefinitely
    Source: Green Party – Press Release/Statement: Headline: Government to delay addressing climate change indefinitely Thursday, 23 Aug 2012 | Press Release “It would be a shock for any other Government to introduce such a self-defeatist piece of legislation but unfortunately...
    The Daily Blog | 17-04
  • Time to deliver on 26 weeks Paid Parental Leave
    Source: Labour Party – Press Release/Statement: Headline: Time to deliver on 26 weeks Paid Parental Leave Today marks two years since Labour MP Sue Moroney’s Bill extending paid parental leave to 26 weeks was drawn from the members’ ballot. “It’s...
    The Daily Blog | 17-04
  • Taxpayers robbed of $130m in Genesis sale
    Source: Labour Party – Press Release/Statement: Headline: Taxpayers robbed of $130m in Genesis sale Kiwi taxpayers have been robbed of $130 million by the Government in its final failed asset sale, says Labour’s SOEs spokesperson Clayton Cosgrove. “National set the...
    The Daily Blog | 17-04
  • Service for victims of sexual violence pushed out in cold
    Source: Green Party – Press Release/Statement: Headline: Service for victims of sexual violence pushed out in cold Thursday, 17 Apr 2014 | Press Release Christchurch cannot afford to lose this agency The Green Party is calling on Housing New Zealand...
    The Daily Blog | 17-04
  • Resignation rates among cops soar
    Source: Labour Party – Press Release/Statement: Headline: Resignation rates among cops soar The number of frontline officers quitting the police force is at a four-year high, with more than 350 walking off the job in the past year, Labour’s Police...
    The Daily Blog | 17-04
  • Work visa problems need monitoring
    Source: Labour Party – Press Release/Statement: Headline: Work visa problems need monitoring The Government is handing out temporary work visas to migrants to work in jobs that could easily be filled by unemployed Kiwi workers in the Christchurch rebuild, says...
    The Daily Blog | 17-04
  • Legal high ban worthy of wider pick-up
    Source: Labour Party – Press Release/Statement: Headline: Legal high ban worthy of wider pick-up Auckland Council’s ban on using legal highs in a public place is an excellent idea that should be replicated around New Zealand, says Labour’s Associate Health...
    The Daily Blog | 17-04
  • Smith sells state P-houses to first home buyers
    Source: Labour Party – Press Release/Statement: Headline: Smith sells state P-houses to first home buyers Nick Smith must reassure worried first home buyers that any Housing NZ houses sold under his First Home policy will be tested for P contamination...
    The Daily Blog | 17-04
  • Brazil: Human rights under threat ahead of the World Cup
    Source: Amnesty International NZ – Press Release/Statement: Headline: Brazil: Human rights under threat ahead of the World Cup     Protests in Brazil:Brazil Franciscan friar kneels in front of Brazilian riot police officers asking for calm during confrontation with Landless...
    The Daily Blog | 16-04
  • Brazil: Human rights under threat ahead of the World Cup
    Source: Amnesty International NZ – Press Release/Statement: Headline: Brazil: Human rights under threat ahead of the World Cup     Protests in Brazil:Brazil Franciscan friar kneels in front of Brazilian riot police officers asking for calm during confrontation with Landless...
    The Daily Blog | 16-04
  • Libya: Trial of former al-Gaddafi officials by video link a farce
    Source: Amnesty International NZ – Press Release/Statement: Headline: Libya: Trial of former al-Gaddafi officials by video link a farce     Saif al-Islam al-Gaddafi will face the courts on 14 April. © IMED LAMLOUM/AFP/Getty Images         Read...
    The Daily Blog | 16-04
  • Libya: Trial of former al-Gaddafi officials by video link a farce
    Source: Amnesty International NZ – Press Release/Statement: Headline: Libya: Trial of former al-Gaddafi officials by video link a farce     Saif al-Islam al-Gaddafi will face the courts on 14 April. © IMED LAMLOUM/AFP/Getty Images         Read...
    The Daily Blog | 16-04
  • Algeria: Pre-election clampdown exposes ‘gaping holes’ in human rights ...
    Source: Amnesty International NZ – Press Release/Statement: Headline: Algeria: Pre-election clampdown exposes ‘gaping holes’ in human rights record     Freedom of expression, association and assembly are under threat ahead of elections in Algeria. © FAROUK BATICHE/AFP/Getty Images    ...
    The Daily Blog | 16-04
  • Algeria: Pre-election clampdown exposes ‘gaping holes’ in human rights ...
    Source: Amnesty International NZ – Press Release/Statement: Headline: Algeria: Pre-election clampdown exposes ‘gaping holes’ in human rights record     Freedom of expression, association and assembly are under threat ahead of elections in Algeria. © FAROUK BATICHE/AFP/Getty Images    ...
    The Daily Blog | 16-04
  • Viet Nam: Prisoners of conscience released but dozens remain jailed
    Source: Amnesty International NZ – Press Release/Statement: Headline: Viet Nam: Prisoners of conscience released but dozens remain jailed     Vietnamese activist Nguyen Tien Trung was one of the prisoners of conscience released this week. © Private      ...
    The Daily Blog | 16-04
  • Viet Nam: Prisoners of conscience released but dozens remain jailed
    Source: Amnesty International NZ – Press Release/Statement: Headline: Viet Nam: Prisoners of conscience released but dozens remain jailed     Vietnamese activist Nguyen Tien Trung was one of the prisoners of conscience released this week. © Private      ...
    The Daily Blog | 16-04
  • PM’s China visit assisted Oravida, not Fonterra
    Source: Labour Party – Press Release/Statement: Headline: PM’s China visit assisted Oravida, not Fonterra Questions must now be asked whether it was Fonterra or Oravida who really benefited from the Prime Minister’s recent visit to China, Labour’s Primary Industries spokesperson...
    The Daily Blog | 16-04
  • New Zealand’s use of ozone depleting gases increases
    Source: Green Party – Press Release/Statement: Headline: New Zealand’s use of ozone depleting gases increases A new Government report highlights that the amount of ozone depleting gases New Zealand is using is increasing, the Green Party said today. The report...
    The Daily Blog | 16-04
  • The issues behind the possible MANA-Internet Party Alliance
      Last weekend Kim Dotcom spoke at MANAs AGM to discuss the possibility of the Internet Party and MANA Party working together to defeat John Key this election. As someone who knows both Hone and Kim, I have a unique...
    The Daily Blog | 16-04
  • Manufacturing Upgrade
    Source: Labour Party – Press Release/Statement: Headline: Manufacturing Upgrade   Labour is determined to support and grow our manufacturing sector. These policies grew out of the findings of the 2013 Parliamentary Inquiry into Manufacturing.   – The claims and opinions...
    The Daily Blog | 16-04
  • Get work on 29th and the ANZAC spirit deserts the TPPA
      Groser and co would have been spitting tacks last week as the ANZAC spirit deserted the TPPA negotiations. Australia has done a deal directly with Japan which undercuts the demand for Japan to opening all agriculture in the TPPA....
    The Daily Blog | 16-04
  • No fracking solution to climate change
    Some British tabloids and oil lobbyists have jumped on comments made by an Intergovernmental Panel on Climate Change author that fracking could play a role in addressing climate change as an argument for it here in Aotearoa, so is fracking...
    The Daily Blog | 16-04
  • At Last: A Manufacturing Policy
    Source: First Union – Press Release/Statement: Headline: At Last: A Manufacturing Policy Date of Release:  Thursday, April 17, 2014 Body:  FIRST Union congratulates Labour on the release of its Manufacturing policy today. The union represents workers in the wood, food and...
    The Daily Blog | 16-04
  • Drone murder of New Zealander “justified” by Prime Minister
    Yesterday Prime Minister John Key justified the extrajudicial killing of a New Zealander in a US drone strike in Yemen with a few cynical, callous words at a stand-up press conference. Key said he’d been briefed by our spy agencies...
    The Daily Blog | 16-04
  • Secret Policeman’s Ball
      Amnesty International’s Secret Policeman’s Ball is back in New Zealand for one night of some of the best stand-up comedy from both national and international comics The freedom to provoke and in some cases offend is essential to the...
    The Daily Blog | 16-04
  • So the US has assassinated a NZ citizen – what did Key know?
    A non judicial assassination by the US on a NZ citizen raises questions. Key made the idea that NZers were training with terrorists part of his farcical defence for the GCSB mass surveillance legislation. I say farcical because even if...
    The Daily Blog | 16-04
  • Something Better Than Something Worse: Why John Key could become our longes...
    IN HIS MEMORABLE holiday-home encounter with the host of Campbell Live, the Prime Minister, John Key, did not rule out running for a fourth term. Were he to be successful, the long-standing record of Sir Keith Holyoake (11 years and 2...
    The Daily Blog | 16-04
  • GUEST BLOG: RIO TINTO WINS 2013 ROGER AWARD
      Sky City Casino Second, Chorus Third  The seven finalists for the 2013 Roger Award for the Worst Transnational Corporation Operating in Aotearoa/New Zealand were: ANZ, Chorus, IAG Insurance Group, Imperial Tobacco, Rio Tinto, Sky City Casino and Talent 2. The criteria for judging are...
    The Daily Blog | 16-04
  • National drowning in an ocean of poisoned milk
    It is becoming difficult to keep up with which National Party MP is bleeding the most at the moment. Simon Bridges is being crucified by Whaleoil almost as much as Greenpeace are attacking him, suggesting Cam is seizing the moment...
    The Daily Blog | 16-04
  • Want to get rid of synthetic cannabis? Legalize real cannabis
    Have we managed to appreciate the madness that synthetic cannabis is legal yet more harmful than organic cannabis which is illegal? I find the current moral panic over synthetic cannabis difficult to become concerned with when alcohol is FAR more...
    The Daily Blog | 16-04
  • Save our homes – stop the evictions!
    “We will keep on fighting because it frightens me to think my grandchildren could become homeless,” Tere Campbell told me. Tere is a member of Tamaki Housing Group. In September 2011, tenants in 156 state homes in Glen Innes received...
    The Daily Blog | 15-04
  • The daily humiliation of women and the constant policing and shaming of our...
    The last few months have been particularly bad for the shaming and policing of women’s bodies in the media, both in New Zealand and globally. First we had NZ Newstalk ZB presenter Rachel Smalley referring to women weighing over 70kgs...
    The Daily Blog | 15-04
  • A case study of racism by Police at Auckland Airport
    A couple of days ago I returned from Samoa after attending a family matter and some contract work. Spending a few days in the warmth of our homeland was welcome relief from the cold weather starting to make its presence...
    The Daily Blog | 15-04
  • An acute shortage of emergency youth housing
    The housing crisis is effecting everyone in Christchurch but some are more vulnerable than others. Recently I attended a workshop on emergency youth housing hosted by the 298 Youth Health Centre, who I worked for from 2001-2003. Over fifty people...
    The Daily Blog | 15-04
  • The Oceans Issue
    The ‘Earth’ is 71% water but our oceans are the last frontier. The oceans are huge, relatively unexplored, full of weird and wonderful diversity. In New Zealand we’re never far from the sea, and our identity, our landscapes, our communities,...
    The Daily Blog | 15-04
  • Fear of South Auckland
    Fear of South Auckland...
    The Daily Blog | 15-04
  • TV News Geography
    TV News Geography...
    The Daily Blog | 15-04
  • The best bit about gay sex
    The best bit about gay sex...
    The Daily Blog | 15-04
  • On not voting 1
    On not voting 1...
    The Daily Blog | 15-04
  • On not voting 2
    On not voting 2...
    The Daily Blog | 15-04
  • Labour on trucks
    Labour on trucks...
    The Daily Blog | 15-04
  • ALCP welcomes Campbell Live poll result
    The Aotearoa Legalise Cannabis Party welcomes last night's Campbell Live poll, saying it is an overdue reality check for public opinion on personal cannabis use....
    Scoop politics | 17-04
  • Q+A This Week 20/4/14
    Q+A This Week SUNDAY 20 APRIL, 9AM ON TV ONE The latest on the US-NZ relationship from the US military’s top man in the Pacific, Admiral Samuel J. Locklear . Deputy Political Editor Michael Parkin asks him whether we’re allies,...
    Scoop politics | 17-04
  • Community detention for pokie theft
    A 67-year-old former company director, convicted of stealing pokie machine profits, was today sentenced to six months community detention, 160 hours of community work and ordered to make reparation of $6,000....
    Scoop politics | 17-04
  • Waitangi National Trust Board Amendment Bill
    The Māori Affairs Committee is inviting public submissions on this bill. The closing date for submissions is Wednesday, 14 May 2014....
    Scoop politics | 17-04
  • Collaboration stops drugs from crossing borders
    Collaboration between Hong Kong and New Zealand Customs has stopped millions of dollars worth of drugs coming into New Zealand this year, with a number of seizures and arrests in both countries....
    Scoop politics | 17-04
  • Call for public enquiry into the future of farming
    Fish & Game NZ is calling for a public enquiry “to examine the future of agriculture in New Zealand”....
    Scoop politics | 17-04
  • Comment on Labour Policy Announcement by NZMEA President
    “This policy release from the Labour Party is so important that if it becomes government policy it would define a shift in New Zealand’s culture,” says Brian Willoughby President of the NZMEA and Managing Director of Plinius Audio and Contex...
    Scoop politics | 17-04
  • Manufacturing policy makes sense but….
    On the surface much of Labour's prescription for manufacturing is sound though questions remain over some of the detail not yet announced, the Employers and Manufacturers Association says....
    Scoop politics | 17-04
  • Where Are The 15,000 Jobs?
    “Paula Bennett is today proudly telling New Zealand that beneficiary numbers have decreased by 15,000 in the past year. There is no proud declaration that 15,000 jobs have been created in the same period,” says Auckland Action Against Poverty spokesperson,...
    Scoop politics | 17-04
  • Change of approach to government procurement needed
    The rail engineering industry has been totally let down by National’s lack of manufacturing policy, and Labour’s measures outlined today represent a marked shift in approach to supporting domestic industries, the RMTU said today....
    Scoop politics | 17-04
  • Depreciation Policy Shouldn’t Be Just for Pet Industries
    The Taxpayers’ Union is welcoming Labour’s announcement to beef up rates of depreciation in the manufacturing sector, but is questioning why David Cunliffe is picking winners rather than applying the policy across all sectors. Jordan Williams,...
    Scoop politics | 17-04
  • FIFA U-20 World Cup NZ 2015 Kick Off Times Announced
    An array of kick-off times to suit football fans of all ages has been confirmed for the FIFA U-20 World Cup New Zealand 2015. With 52 matches spread across the nation, the public will be able to enjoy a collection...
    Scoop politics | 17-04
  • “Legitimate purpose” provides no protection under 167 form
    On Radio New Zealand today, the Privacy Commissioner indicated that ACC could only request information that was "relevant" for a "legitimate purpose". His view was therefore that the ACC167 form is not a "blank cheque" or...
    Scoop politics | 17-04
  • State: still keeping you safe on the road this Easter
    The long-awaited Easter/ Anzac break is nearly upon us while the weather may have taken a turn for the worse in several parts of the country, many Kiwis will still be packing up their cars to take a road trip....
    Scoop politics | 17-04
  • Govt plan for community input into residential red zone
    Christchurch Mayor Lianne Dalziel has welcomed Prime Minister John Key’s announcement today of a community participation process for the public to have a say on the future use of the residential red zone....
    Scoop politics | 17-04
  • Governor-General to visit Turkey
    The Governor-General, Lt Gen The Rt Hon Sir Jerry Mateparae, is to visit Turkey next week to lead New Zealand’s representation at the annual Gallipoli commemorations....
    Scoop politics | 17-04
  • Actions of Police prior to death in custody were justified
    A report by the Independent Police Conduct Authority on the death of Adam Palmer while in Police custody found the actions of Police were justified during the arrest. The report also found that Police took all possible steps to try...
    Scoop politics | 17-04
  • New Electorate Boundaries Finalised
    New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. The 2014 Representation Commission has completed its statutory role of reviewing and redrawing electorate...
    Scoop politics | 17-04
  • Save The Children Welcomes Strengthening Children’s Rights
    Save the Children New Zealand welcomes a new treaty which allows children to complain directly to the UN Committee on the Rights of the Child about alleged violations of their rights....
    Scoop politics | 16-04
  • Labour takes manufacturing seriously
    Labour takes manufacturing seriously Manufacturing workers and employers will all benefit from economic policies announced today by the Labour Party leader, David Cunliffe. The Engineering, Printing and Manufacturing Union has welcomed the announcement...
    Scoop politics | 16-04
  • Manufacturing policy welcomed
    “Today’s announcement of Labour’s manufacturing policy is very welcome,” says CTU Economist Bill Rosenberg. “Just as many other developed countries are realising, having a strong manufacturing sector pays off in good jobs, retaining...
    Scoop politics | 16-04
  • Operation Unite – a Blitz on Drunken Violence
    New Zealand Police are hoping to reduce the number of victims from alcohol related crime by asking the public to say ‘Yeah, Nah’ more often this holiday weekend....
    Scoop politics | 16-04
  • Dunne Speaks
    Dunne Speaks 17 April 2014 There have been a number of harrowing cases presented this week about the impact of psychoactive substances on vulnerable young people. At one level, the tales are deeply disturbing. It is awful to see anyone...
    Scoop politics | 16-04
  • Research announcement welcomed
    A leading Māori researcher has welcomed the announcement of the 2014 Te Pūnaha Hihiko - Vision Mātauranga Capability Fund by Science and Innovation Minister Steven Joyce and Māori Affairs Minister Dr Pita Sharples....
    Scoop politics | 16-04
  • At Last: A Manufacturing Policy
    At Last: A Manufacturing Policy FIRST Union congratulates Labour on the release of its Manufacturing policy today. The union represents workers in the wood, food and textile manufacturing sectors. “In a week that has seen another manufacturing company,...
    Scoop politics | 16-04
  • Republic campaigners still positive after royal visit
    "Campaigners for a New Zealand Head of State are still feeling positive after ten days of royal events" says NZ Republic Chair, Savage. "Our polling before the visit showed increased support for a kiwi head of state. We have a...
    Scoop politics | 16-04
  • Selling homes to foreigners benefits New Zealanders
    Winston Peters has apparently convinced David Cunliffe that when foreigners buy New Zealand property they make New Zealanders worse off. Mr Cunliffe has announced his intention to adopt Winston Peters’ policy of banning foreigners from buying...
    Scoop politics | 16-04
  • Taxpayers’ Union Welcomes Key’s Rejection of ‘Fat Tax’
    The Taxpayers’ Union is welcoming Prime Minister John Key’s rejection of fat and sugar taxes ahead of this year's election. Jordan Williams, Executive Director of the Union, says:...
    Scoop politics | 16-04
  • Law Commission Paper on a New Crown Civil Proceedings Act
    The Law Commission has released A New Crown Civil Proceedings Act for New Zealand , its Issues Paper on reforming the Crown Proceedings Act 1950. The Issues Paper proposes a new statute to replace the Crown Proceedings Act 1950....
    Scoop politics | 16-04
  • Focus must now go on fishing industry jobs for NZ workers
    Maritime Union says focus must now go on fishing industry jobs for New Zealand workers...
    Scoop politics | 16-04
  • Make the choice to stay safe on the road
    With Easter and Anzac Day giving us two successive long weekends this year there will be a lot of happy families preparing for trips....
    Scoop politics | 16-04
  • Students Welcome Engagement with StudyLink
    The New Zealand Union of Students’ Associations (NZUSA) has welcomed the improved performance from StudyLink in 2014. There is no doubt that getting their loans and allowances processed on time makes it easier for students to concentrate on being...
    Scoop politics | 16-04
  • Deaf And Hard of Hearing New Zealanders Marginalised
    Deaf And Hard of Hearing New Zealanders Marginalised Imagine if you could not access vital news and information. What would you do?...
    Scoop politics | 16-04
  • Public lose interest in this council, 2016 to be a watershed
    The second term Auckland Council is proving to be an interesting one and very different to the inaugural 2010 – 2013 Governing Body. We are currently going through a budget round to lock in where council’s $3b expenditure is directed...
    Scoop politics | 16-04
  • Labour and National join forces in new Maori confiscations
    Chris McKenzie, former-treaty negotiator and Te Tai Hauauru Maori party candidate, says that the Minister of Primary Industries’ plans to remove temporary exemptions for vessel operators derived from settlement negotiations is akin to confiscation...
    Scoop politics | 16-04
  • The FCV Bill – Flagging 30 years of failures?
    Paying seafarers at least a minimum wage under the Minimum Wage Act 1983 has applied to the New Zealand fishing industry for more than 30 years. It was, and is, a basic protection which had two universals – it was...
    Scoop politics | 16-04
  • Oxfam’s Morning Tea 2014
    Oxfam’s Morning Tea 2014 Kiwis across the country are getting together over a cuppa to make a difference in the lives of people living in poverty in the developing world. They’re getting involved in Oxfam’s Morning Tea, a fun and...
    Scoop politics | 16-04
  • 1 in 4 Want to Improve Financial Literacy But Don’t Know How
    1 in 4 Want to Improve Financial Literacy But Don’t Know Where to Go...
    Scoop politics | 16-04
  • Rio Tinto Wins 2013 Roger Award
    Sky City Casino Second, Chorus Third - The criteria for judging are by assessing the transnational (a corporation with 25% or more foreign ownership) that has the most negative impact in each or all of the following categories: economic dominance...
    Scoop politics | 16-04
  • ACC’s Strategy to stop compensation using ACC 167 Form
    On Radio NZ national’s morning report on 15 April 2014, ACC’s spokesperson Sid Miller denied the non-compliance was just a way for ACC to refuse people....
    Scoop politics | 16-04
  • Workers support plain packaging of tobacco
    The CTU have today presented to the health select committee in support of plain packaging of tobacco. “Any steps that can be taken to lower smoking rates will result in New Zealand workers and their families having healthier and better...
    Scoop politics | 16-04
  • Christchurch Housing Accord a Joke
    Christchurch Housing Accord a Joke Hugh Pavletich Performance Urban Planning Christchurch New Zealand 16 April 2014 The Housing Accord entered in to today between the Government and the Christchurch City Council, can only be described as a joke. Christchurch...
    Scoop politics | 16-04
  • Infographic : World Giving Index 2013
    Infographic from Charities Aid Foundation World Giving Index 2013 A Global View Of Giving Trends (click to see full size version)...
    Scoop politics | 16-04
  • Tranter questions CEO’s assurances
    “There is a bizarre notion among bureaucrats, politicians and others that if they say something then it must be so - despite all evidence to the contrary” said David Tranter, Health spokesman for Democrats for Social Credit....
    Scoop politics | 16-04
  • UNICEF NZ Urges Progress on Plain Packaging of Tobacco
    In its oral submission to the Health Select Committee today, UNICEF NZ expressed its strong support for the Smoke-free Environments (Tobacco Plain Packaging) Amendment Bill as a measure that will help reduce the uptake of smoking, and urged parliament...
    Scoop politics | 16-04
  • Whitebait partners look for solutions
    Waikato-Tainui, local marae, councils and agencies are working together to better manage whitebait fisheries at Port Waikato following the compilation of a new report....
    Scoop politics | 16-04
  • NZ’s biggest killer fails to receive the Roger
    The Smokefree Coalition is disappointed Imperial Tobacco did not win the Roger Award for Worst Trans-national Company operating in New Zealand, despite manufacturing products that kill 5000 New Zealanders every year....
    Scoop politics | 16-04
  • Tukituki decision a win for water quality and farming
    The draft decision by the Board of Inquiry (BOI) on the Tukituki Catchment proposal represents a significant win for freshwater management and the urgency of a transition to environmentally sustainable agriculture in New Zealand, says Fish & Game NZ....
    Scoop politics | 15-04
  • ACC reflects on passing of great Kiwi
    Today is a very sad day for ACC, as news of the passing of Sir Owen Woodhouse has become public knowledge....
    Scoop politics | 15-04
  • Lincoln cleaners outsourced
    Lincoln University will outsource its staff to an as yet undecided cleaning company, but TEU organiser Cindy Doull says it’s not worth it, and what money the university might save is negligible....
    Scoop politics | 15-04
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