Thanks Canterbury for the surplus

Written By: - Date published: 1:45 pm, October 14th, 2015 - 91 comments
Categories: bill english, budget 2015, debt / deficit, Economy, economy - Tags:

So the Government books are back in black although for how long we do not know.

From TV3:

The Government’s books are back in surplus, posting a profit after six years of deficits.

Treasury’s final accounts for 2014/15 showed a modest surplus of $414 million.

It is a “surprise surplus” with the official forecast in May’s Budget predicting a deficit of $684 million.

The “billion dollar bounce” means Finance Minister Bill English achieves the Government’s goal of having the books back in surplus by 2014/15.

However, a deteriorating economy means this surplus is likely a one-off, with deficits again likely in the years ahead.

My very quick look at the Treasury release suggests that the surplus appears to depend almost entirely on the Canterbury rebuild occurring more slowly than anticipated.  The prediction was that operating expenses would be $327 million.  Instead of this somehow a surplus of $55 million was posted.  This represents $382 million or 92% of the surplus.

I might be wrong.  I am a lawyer not an accountant.  But the surplus looks like it is pretty well all due to Canterbury.

Canterbury Earthquake recovery


(r0b) Update:


https://twitter.com/mojomathers/status/654106304957386752

91 comments on “Thanks Canterbury for the surplus ”

  1. Amanda Atkinson 1

    If an earthquake is good for the economy and the govt books, then lets drop bombs on every town and city and see how that works out. Good grief. So many muppets since the ChCh earthquake saying, oh that will be great for the economy .. look at all the building and construction wow … yeah wow alright, get a friggin brain. Will dropping a bomb on Auckland stimulate the economy, I’m no accountant either, but I think “NO”.

  2. Murray Simmonds 2

    Well yeah. As of 2 pm today the NZ Debt Clock was showing $99,668,588,796.

    Interest per second: NZ$152
    Debt per citizen: $21,991

    So a small surplus reported today (Labour managed much larger surpluses WITHOUT the need for borrowing.)

    Hate to be so one-eyed, but this sounds like a ‘Ruck Stir” economy to me.

    • infused 2.1

      How was the world economy when Labour was in power? I some what remember a massive, world wide bubble that everyone was riding…

      Must have been my imagination.

  3. John Schmidt 3

    The financial benefits of the CHCH earthquake is because of insurance money pouring in from overseas underwiters. This only occurred because we are the most insured country in the world which is why this event had world significance. It’s also why insurance has had a rethink on what they now offer in NZ.
    Benefitting from war is not a new concept Japan, Germany and England are examples but in these cases the money came not from insurance but from the USA.

    • dukeofurl 3.1

      Most insured ? The US has a similar style to EQC of Federal Flood Insurance to cover inundation and hurricanes. Surely the amounts involved over many states and some major cities ( St Louis is 2mill +) would dwarf little old NZ
      Then there is their farming ‘crop insurance’, where they use private insurers but the premiums are paid by federal government.
      Hate to think what the housing mortage insurance sum insured comes to as well

    • SARAR 3.2

      The US $s were a loan only. Not sure if UK has repaid it yet but about 7 years ago they still had some debt. With the GFC I guess it may still be around.

    • One Anonymous Bloke 3.3

      we are the most insured country in the world

      By what measure? Certainly not per capita. The OECD has it wrong?

      • Bob 3.3.1

        By the look of those numbers they don’t count ACC or EQC as insurance (for a start). ACC alone is approx. $6,000 per head of population
        http://www.acc.co.nz/PRD_EXT_CSMP/groups/external_communications/documents/reports_results/annual_report_2014.pdf

        • dukeofurl 3.3.1.1

          OECD numbers are laughable many times. They dont seem to be counting state backed insurance.

          Another case of funny figures from OECD, for Australia they dont count GST as government revenue as it given to the states to spend on roads, schools hospitals, police etc, yet the same GST revenue IS counted in NZ, but it goes to the usual things as in Australia.

        • One Anonymous Bloke 3.3.1.2

          That occurred to me too.

          Is being “the most insured nation in the world” a good thing? Or a bad thing? Who can tell?

          Can we at least find out how it’s measured before we start drawing inferences?

          • Tracey 3.3.1.2.1

            I didn’t think we were the most insured, just better insured than Haiti who had suffered the more recent devastating earthquake

      • dukeofurl 3.3.2

        The OECD is the Volkswagen of the international set. Great brand name but underneath its more like FIFA

    • Pat 3.4

      and in many instances that reinsurance money has not remained in the insured community, or some cases the country….and like the Chinese industrilisation the rebuilding of ChCh is a one off event so what will our economic activity and growth figures be based on when that work is by and large complete?….apart from imported growth via immigration .

      • RedBaronCV 3.4.1

        In many instances the money was used to pay off the mortgage on the home first leaving a homeowner with little recourse for making other arrangements if they had no other capital or earning capacity to borrow against

        Gotta look after those poor little banks now

        • Pat 3.4.1.1

          yes that happened too…but i was thinking more of the commercial sector….indeed the whole “recovery” has been an exercise in liability transference….those with the wherewithal have avoided the worst, indeed in some cases done very nicely thankyou…but those unaware or unable have been exploited horribly…and the worst of it is that it was the government that in many instances was the main offender, or at the least, facilitator

  4. Ilicit 4

    History huh ? Something most politicians are not familiar with. Won’t take long for their lack of education to catch up. Most have longer NZ legacies in NZ than Shonkey, hopefully they’ll soon work that out !!

  5. Puckish Rogue 5

    Yeah thats what the voters of NZ will think

    • One Anonymous Bloke 5.1

      Nah, they’ll wonder why the nasty party attacked children again. First with the black mould, then with the ruler, then the blaming starts.

      • Puckish Rogue 5.1.1

        Nope sorry, they’ll see NZ back in surplus and Labour supporting the TPP and conclude that National and John Key are doing a good job of running NZ

        • Bob 5.1.1.1

          +1, much of the talk from Labour for the past 7 years was that National couldn’t run a surplus, now they have, why would you vote them out if that is what the opposition thinks is the measure of a successful government!

          • One Anonymous Bloke 5.1.1.1.1

            How many more zombies can you load into that question?

            They’re moaning, and shuffling, and eating brains. They all look like you.

          • Halfcrown 5.1.1.1.2

            Remind me again
            How many years have the National party been the government
            How many years has the Double Dipping Dickhead from Dipton run a surplus
            How many years has it taken for the same said dickhead to reach a Holographic surplus.
            How many years was Cullen the finance minister
            How many years did he have a surplus

            And don’t say that National had to deal with the GFC
            Also what is our current debt level.

            About doing a good job running the country The double Dipping Dickhead from Dipton could not organise a piss up in a brewery.

            • Halfcrown 5.1.1.1.2.1

              I should have added :-

              How many years was Cullen the finance minister
              How many years did he have a surplus AND paid up the vast debt left by the Shitley government.

            • infused 5.1.1.1.2.2

              National had to deal with the GFC.

              You can’t just be a tard and ignore that fact. Labour was riding a bubble, National rode the exact opposite.

              • dv

                National had to deal with the GFC.

                So they immediately gave tax cuts and bailed out SCF

                And to date borrowed

                NZ$ 100,077,332,624

                Now they have a surplus of 400mil which is 0.000000216216% of GDP

                NO wonder they are so excited about the 1% the TPPP gives us!!!!!!!

          • Tracey 5.1.1.1.3

            7 years and smoke and mirrors accounting, and the withdrawal of support from the most vulnerable. GO National supporters, be proud and hope you or yours suffer no permanent injuries, get born with disabilities, or lose their jobs having never been paid enough to put aside a crisis fund..

        • dukeofurl 5.1.1.2

          Back in Surplus ? Its not a cash surplus as they are borrowing another $5-6 billion this year to pay all the bills. And thats before hes played poker with Canterbury ( and god knows what other budgets) to shift money into other years

          Ive noticed the maintenance on the road surfaces on Auckland motorways has been reduced as there are potholes in a few places and many others the top layer is cracking up fast.

          • Sacha 5.1.1.2.1

            “And thats before hes played poker with Canterbury ( and god knows what other budgets) to shift money into other years”

            Done already to get this result.

        • One Anonymous Bloke 5.1.1.3

          I don’t think we’re so stupid, no matter how “on message” you are.

        • Stuart Munro 5.1.1.4

          No mate, they’ll look at their pitiful pay packets, wish they could afford a few beers and stay home and watch TV.

          No-one is fooled – they know we’re on the bones of our arses and Bill and John never had anything to offer but lies. They just prefer not to think about it.

        • leftie 5.1.1.5

          @Puckish Rogue & Bob.

          NZ is not back in surplus, in fact, NZ hasn’t been in surplus since the Labour government got voted out in 2008.
          What we are seeing is artificial, robbing Peter to pay Paul is not achieving a true surplus, particularly, given the UNPRECEDENTED level of DEBT National have and are still clocking up.

          • Bob 5.1.1.5.1

            We didn’t always see NZ in surplus back then either, if you don’t think their was robbing Peter to pay Paul going on then you may need to open the other eye.
            I don’t think running a surplus is the be all and end all, in fact I think National was right to run a deficit rather than going into full austerity.

            What I was pointing out is that Labour have hammered on about National not reaching surplus for 7 years, now they have (at least that is what the books show), so Labour have to deal with the fact the set National up for a win in the public eyes.

            EDIT: Also, are they really UNPRECEDENTED levels of DEBT? Check out the table here (increase the timeframe to max): http://www.tradingeconomics.com/new-zealand/government-debt-to-gdp

            • Halfcrown 5.1.1.5.1.1

              “I don’t think running a surplus is the be all and end all, in fact I think National was right to run a deficit rather than going into full austerity.”

              Yeah only when National does it, I remember Bolger telling us that every man women and child in this country owed $5000 and it was the end of the world. If the shoe had been on the other foot you would be one of the first howling your head off about it.
              Remember when all the clowns on the right were having a go at Cullen MUST HAVE MORE TAX CUTS and National the stupid shits gave tax cuts which the country could ill afford to the high earners forcing the costs on others through increasing GST (I will not raise GST) at a time when the world was going into the biggest financial meltdown known.
              That is why sunshine, we are now well and truly stuffed as a country as it will take decades for the debt to be reduced to a manageable level.
              Austerity is here already for some through this incompetent supported by the media pack of clowns of a government lead by the Fucking Spiv. The Fucking Spiv may con you and a lot of other New Zealander’s but he and the media certainly does not con me with this shit about a surplus.

              • leftie

                @Halfcrown

                +1000

              • Tracey

                and having robbed the vulnerable the tax cut dangle appears. Fucking merciless magicians

              • Bob

                “Yeah only when National does it, I remember Bolger telling us that every man women and child in this country owed $5000 and it was the end of the world. If the shoe had been on the other foot you would be one of the first howling your head off about it.”
                Bullshit, I never voted for Bolger, in fact I voted Jeanette Fitzsimons and the Greens at that election (I was in the Coromandel electorate), so there is your first assumption fucked.
                Secondly, I think Cullen was wrong to run 9 straight surpluses, mainly because private debt soared while the public debt shrunk. The Government is in a much better position to pay back debt, so National was right to call for tax cuts at that point, or even better, Cullen could have spent on infrastructure (like the Auckland rail loop for example) to put money back into the economy rather than squirrel it away at the expense of the general population.

                “That is why sunshine, we are now well and truly stuffed as a country as it will take decades for the debt to be reduced to a manageable level.”
                Wrong AGAIN, we aren’t stuffed, debt is at around 35% of GDP, that is one of the lowest levels in the developed world!!! (as I linked to above)

                “Austerity is here already for some through this incompetent supported by the media pack of clowns of a government lead by the Fucking Spiv”
                Bullshit, you need to get out of this country every now and then, Europe is fucked, if you want to see what austerity really looks like, take a visit, don’t talk bullshit.

                As for Maui and Leftie, I expect them to buy your drivel, but Tracey? Come on.

                • leftie

                  @Bob

                  You are wildly crazy to think deficits are better for the country than surpluses. Running deficits, particularly like National are doing, are motivated by a more insidious agenda of greed and power, and it is never for the betterment of the country or the people. Have to say that you are the first person I have ever read that has said that kind of nonsense.

                  It is purposefully misleading to include private debt with public debt, for the simple reason that governments have no control over private individual debt. Another point to note is , that during the Labour years, unemployment was quite low and people could afford to take on more debt.
                  Within 6 months of coming into office National wiped out the surplus left by Labour and sent New Zealand into structural deficit where it has remained ever since.
                  National were irresponsible to have tax cuts, that as it turned out, only their well heeled friends enjoyed. The rest of the populous got hammered with the broken promise of a GST hike that technically wiped out any gain that the average person may have had, not to mention the other slew of tax hikes such as in petrol etc. National have shown no restraints in running up the biggest Government debt this country has ever seen, because they know they won’t be made responsible and that they won’t be the ones that will have to pay it back. What do you expect with a greedy narcissistic derivatives trader, who doesn’t give a stuff, at the helm?

                • Halfcrown

                  I am sad that you found my point of view as drivel. However it is a free country(at the moment) and I would defend your point of view. We have one thing in common though, and that is you think I talk divel and I think you talk fucking crap.

                  Now please accept my point of view to your ramblings
                  First I think you write nothing but a pile of shit. Quoting a very famous investigatiive journalist, no not Hoskins, Henry or dickhead Gower but Pilger who famously said once “let me re-construct your response.”

                  “Bullshit, I never voted for Bolger, in fact I voted Jeanette Fitzsimons and the Greens at that election (I was in the Coromandel electorate), so there is your first assumption fucked.”

                  I never ever suggested that you voted National and if you voted for the greens that is your problem, as we all have our crosses to bear. I could not give a shit if you voted for the fucking man in the moon, stop the tree hugging for a few minutes and read what I wrote. and you find your assumption is also well and truly fucked.

                  “Secondly, I think Cullen was wrong to run 9 straight surpluses, mainly because private debt soared while the public debt shrunk.” The Government is in a much better position to pay back debt,

                  Two points here
                  1. As the Private debt is now at about the same level when Cullen was making surpluses, are you trying to tell us
                  a. Cullen with a surplus and high private debt. =bad
                  b. English with LARGE borrowings and a high private debt high= Good.
                  “The Government is in a much better position to pay back debt,”

                  And when will that be? I know the debt is only about 30% GDP and better than some countries, but with the contuning borrowing, and the falling price for our produce, plus the lousy result of the TPPA, how long do you think it will be before we end up like Greece.

                  “Bullshit, you need to get out of this country every now and then, Europe is fucked, if you want to see what austerity really looks like, take a visit, don’t talk bullshit.”

                  Not another possibly BIG OE suffererer . Done the big OE. Got pissed at the Oktober Fest, and The Church run with the bulls and now returned to NZ knowing every fucking thing.
                  Do not patronise me Pal, I have worked and lived in quite a few countries than you possibly had hot dinners. About austerity you would not know what austerity was if it smacked you in the face. I have lived in poverty as a kid and have seen some of the most appalling conditions people live in, which I pray I will never ever see in NZ.

              • Craig H

                Tax cuts are a huge mistake when the economy is in overheating mode anyway – just increases inflation substantially, followed by interest rates, so all the tax cuts go into Aussie bank profits.

                (there may be some hyperbole above…)

            • leftie 5.1.1.5.1.2

              @Bob

              “National was right to run a deficit rather than going into full austerity.” Are you for real? What a load of rubbish.

              Looks like you should open both of your eyes. We did indeed see surpluses back then, 9 consecutive budget surpluses in fact. Labour paid down debt AND posted budget surpluses, they didn’t need to rob Peter to pay Paul like National are doing.
              Do you forget that it was National who obsessively hammered the public with the promise of surpluses for the last 7 years until April 2015 when they uncharacteristically went quiet? The opposition are right to pull National up on it, that’s their job, after all it was National itself who made it a weapon for the opposition to wield.

              BTW, you are being misleading. Apart from ignoring events that were occurring at the time, GDP fluctuates, and was a lot lower than it is today. The reality, that one cannot ignore, is that the amount of money New Zealand owes, which is massively more today than what it has ever been. I stand by my statement that National have and are still clocking up an unprecedented level of debt.

              • Bob

                “Looks like you should open both of your eyes. We did indeed see surpluses back then, 9 consecutive budget surpluses in fact. Labour paid down debt AND posted budget surpluses, they didn’t need to rob Peter to pay Paul like National are doing.”
                Bullshit leftie, Labour robbed the general population to make the government debt levels look good. That is robbing Peter, Paul, Mary and everyone else to try to make them look good for 9 years: http://www.rbnz.govt.nz/statistics/key_graphs/household_debt/

                The rest of your drivel just points to the fact you don’t understand what Labour did above.

                • leftie

                  @Bob

                  Rubbish. I don’t think you understand the drivel you post. As mentioned further down the page, it is purposefully misleading to include private debt with public debt, for the simple reason that governments have no control over private individual debt. Another point to note is , that during the Labour years, unemployment was quite low and people could afford to take on more debt.

        • Tracey 5.1.1.6

          Which is sad, cos it is not a genuine reflection of their work or the state of the nation. But lying pays it seems. And is rewarded

  6. Sacha 6

    The increase in SOE dividends including Housing NZ would also have helped massage the books. Unsustainable, naturally. All a confidence game. The underspend of special education budgets highlighted by Chris Hipkins disgusts me.

    • RedBaronCV 6.1

      And the Soe dividends contributed to the Solid Energy debacle with the remaining assets that make money being sold and their workforces under threat

      They have also heavily massaged the ACC pot and levies – reductions to business owners of course

      • Sacha 6.1.1

        Yep. If you are a left government you really cannot afford to leave large funds lying around for future right govts to pillage. Labour royally stuffed up with not legislating ACC back to pay as you go in 99.

  7. tc 7

    How much more would the generators have contributed if they hadn’t flogged off half also.

  8. RedBaronCV 8

    And with a suplus like that it will only take a mere 200 years to pay back that debt. We are fast running out of wriggle room which is a very bad place to be

  9. Gavin 9

    Cameron Preston had an interesting article yesterday, that is worth looking into.

    http://www.interest.co.nz/opinion/78074/cameron-preston-questions-whether-governments-using-risky-gambling-movements-interest

    Some of the ACC investing team have been using ACC funds to take massive positions in derivatives, and with a bit of market help, it is suggested, from the PM, have turned a profit of $4.4billion from those, as far as the OBEGAL books are concerned. But this is a shaky way of improving government ‘revenue’ for the budget position, and puts the ACC funds in a scary position, should the markets turn the wrong way.

    Maybe John hasn’t left the trading desk after all. He’s still at it, just on a bigger scale, and not with his own money.

    • mickysavage 9.1

      Thanks Gavin. This sort of detail is now obviously beyond the ability of the MSM to comment on and alternate views are more and more important.

      • Gavin 9.1.1

        I had a new look at the article, and Treasury have responded to it. The $4.4bill from ACC winnings doesn’t impact on the OBEGAL figure. ACC only made $81mill of the surplus, less than the previous year. The Reserve Bank’s profits of $510mill from its exchange rate trading, is also not included. BUT, actuarial gains/losses from EQC are treated differently since 2007, and has resulted in providing a boost to OBEGAL funds of (a total of?) $1.5bill over the last three years (including this one). Treasury didn’t dispute that.

        As everyone is commenting, it’s a shaky and probably unreal budget surplus, but like everything this govt does, perception is reality, they are experts at that.

        • Grindlebottom 9.1.1.1

          I had a look at the article, and Treasury’s comments. Try as I might I couldn’t really understand it: most of it went straight over my head. That’s why this government gets away with it. Most people just don’t “get” economics arguments so when there are accusations and excuses from experts we have no idea who’s right.

        • dukeofurl 9.1.1.2

          Isnt one of the reason for taking a big bet on derivatives is that there is “insurance” available ?
          But we saw how that turned out with the Portuguese bank that went under ( with $100 mill of Cullen fund money), where the government there made a late change to the details before the bank went under and Goldman Sachs didnt have to pay out the ‘insurance’ ( my suspicions are the Portuguese government was encouraged in making these technical changes which benefited GS by over a billion$ by the obvious means)

    • leftie 9.2

      Thanks Gavin + 1000

  10. Nic the NZer 10

    I see the consensus view is still promoted that the budget ‘surplus’ is a worth while policy goal. So there you go, the government just achieved a worth while policy goal, we must all try to achieve more (and more) surpluses in future its the only supportable policy don’t you know? All parties must sign up to achieve budget surplus, and promote their fiscal responsibility credentials in public in order to be electable.

    Obviously a few sacrifices are required to achieve such a laudable goal, and these sacrifices must continue in order to achieve future surplus. Some sacrifices in no particular order,
    * Underfunding of education (to continue).
    * Underfunding of health (to continue).
    * Slowing down of the Canterbury rebuild.
    * Housing NZ funding drawn down and not re-invested (to continue).
    * Selloffs of housing NZ stock (without replacement).
    * Spending gap in the economy leading to 5%+ unemployment rate (to continue).
    * Continued high levels of unemployment lead to low wage growth (to continue).
    * Lack of investment resulting in NZ economy not over the previous recession by the time dairy price crash arrives.
    * NZ economy largely reliant on export sector for GDP growth (due to lack of investment in alternative domestic industries).
    * NZ population heavily indebted, with low personal savings rates (note surpluses drain savings out of the economy directly) (to continue).
    * Growth of NZ GDP still strongly tied to growth of NZ housing bubble.
    * Lack of domestic savings results in lack of domestic investment (to continue).

    What are the benefits the nation just accrued due to the surplus achieved?

    • leftie 10.1

      @Nic the NZer

      None.

      • Nic the NZer 10.1.1

        If there are no benefits why is it a policy goal of the country?

        Even the Cullen surpluses had negative consequences. The left seems to think they were somehow different (and desirable) but private debt went up massively over the period (and NZ formed a massive housing bubble) and if you understand the mechanism this is basically related to govt surplus draining savings out of the economy at this time.

        A labour led govt will achieve the same results basically (despite branding labour austerity as kinder) and should reject surplus as a policy goal.

        • leftie 10.1.1.1

          @Nic the NZer

          I was referring to National’s pseudo surplus, and that will have no benefit to the country at all.
          The rest of your comment is just rubbish, and it is purposefully misleading to include private debt with public debt, for the simple reason that governments have no control over private individual debt. Another point to note is , that during the Labour years, unemployment was quite low and people could afford to take on more debt.
          A true surplus like the 9 produced by the previous Labour government over their 9 year tenure had enormous benefits for the country, for a start it helped New Zealand weather the GFC.

          • Bob 10.1.1.1.1

            “for the simple reason that governments have no control over private individual debt”
            Yeah, the same way the Government has no control over employment…
            If you think the Government has no control over individual debt you are very much wrong. Tax rates (both on savings and on income), public spending rates (i.e. spend money into the economy rather than tax and save, also known as a ‘surplus’), and initiatives like Kiwisaver are all ways the government can affect private debt.

            • leftie 10.1.1.1.1.1

              The fact is that governments do NOT have control over individual private debt, are you that dim that you do not understand what that means?

              • Nic the NZer

                No, Bob is spot on. The govt doesn’t control private debt sure, but it influences a number of factors which further influence private debt,

                These include the amount of peoples private income which they are able to keep after taxation (e.g private savings).
                The level of employment, which the government can increase by hiring people, which influences private income.
                There are also factors around the kind of regulations which the govt places on the financial sector, which might influence the level of borrowing.

                By the same tokens we could say the govt doesn’t control its own budget deficit (because the amount of tax it collects is determined by economic activity in the private sector at that time). Even its expenditure is some what out of its hands because the government sets the benefit rates, pension rates etc… but doesn’t control how many people apply for those.

                Calling the surplus ‘pseudo’ is a bit of a dumb argument, because the pseudo part has precisely no meaning. Cullen achieved accounting entries recording a surplus, so now did English. Neither is more ‘pseudo’ than the other in any sense that you can explain.

                As for the sentiment that the surpluses helped NZ weather the GFC, this is both ignorant and incorrect. The main impact on the NZ economy from the GFC was the bursting of the NZ housing bubble. This primarily spread onto the highly de-regulated finance company sector which had been chasing that bubble. But regulating that sector sooner would have had the same impact as it shrinking by itself due to the bubble bursting. The economy saw both budget deficits and a mild recession when the bubble burst, but Cullen was simply fortunate this process didn’t start on his watch (which is why he was able to record some surpluses).

                Given consensus knowledge around that time its hardly surprising that Cullen didn’t regulate this sector, but allowing this bubble to expand actually increased the impacts of it bursting on the NZ economy when it did. Far from helping NZ weather the GFC, the governments in-actions were a part of the cause. With hindsight we can at least say this was a mistake and must therefore conclude that the surpluses were not appropriate also with hindsight.

                • Pat

                  “As for the sentiment that the surpluses helped NZ weather the GFC, this is both ignorant and incorrect. The main impact on the NZ economy from the GFC was the bursting of the NZ housing bubble. This primarily spread onto the highly de-regulated finance company sector which had been chasing that bubble.”

                  ??????????
                  http://www.interest.co.nz/charts/real-estate/median-price-reinz

                  cant see any housing bubble burst here.

                  • leftie

                    @Pat
                    I do not know where Nic the NZer got that idea that the housing bubble had burst.

                    • Pat

                      would appear to have a number of those…from planet Key perhaps?

                    • Nic the NZer

                      Your analysis is pretty simplistic, and a denial of economic history. You can see a significant shift in those charts for many regions (but not Auckland).

                      In any case its fairly well established that many of the finance company failures in NZ were due to their lending to property developers whose business collapsed following the GFC.

                      If you want to deny that happened then you should probably indicate an alternative class of investments which collapsed and which finance companies were exposed to. Finance companies were about 8% of the lending market at the time, so obviously the profile of housing data as it effects their market can be quite different to the median or average of the whole market.

                • leftie

                  @Nic the NZer

                  Surpluses were not appropriate? what a load of bullshit.

                  You have contracted yourself, so Bob cannot be spot on when you have admitted that “govt doesn’t control private debt”
                  Do you understand that if an individual decides to take on more debt, that is not the government’s decision, it is the decision of that individual?

                  Look up the meaning of the word pseudo, then you will understand. I have already described on other posts that this is not a true surplus, certainly not with the unprecedented level of government debt National are racking up.

                  • Nic the NZer

                    If I have contradicted myself you will have to indicate the two statements which were in contradiction.

                    I am guessing the supposed contradiction hangs on the question of does the government running a surplus drain savings out of the private sector or influence growth in private debt. But you keep making the claim that a government can not influence private debt levels, in contradiction to examples which both me and Bob have provided of the government influencing private debt levels, your simply incorrect about this.

                  • Nic the NZer

                    “Do you understand that if an individual decides to take on more debt, that is not the government’s decision, it is the decision of that individual?”

                    As I said before this is a terrible criteria for arguing that things are in or out of the governments control. Take for example benefit payments. I can say the government doesn’t control its spending on benefits, the government doesn’t control its spending on benefits because that’s an individual decision to apply for a benefit or not to apply for one. So there you go the government has absolutely no influence over its expenditure on benefits (by your logic).

                    Or take for example tax. The government has no control over how much tax it collects. The government has no control over that because its an individual decision what you say in your tax returns and therefore how much tax you submit (again by your logic).

                    In reality there are a range of ways that the government influences the economy, including on employment and private debt, so its a question of how influential those effects are. The amount of taxation and spending the government does has an effect on how much income (above taxation) the private sector has and has an impact on both saving and debt levels. Also as I indicated the government can influence lending regulations in various ways.

                    When you are willing to recognize plain facts such as this it might be possible to continue the discussion, otherwise it seems pointless to discuss reality with someone who is denying it.

                • Pat

                  “Reserve Bank Governor Alan Bollard would reflect that,

                  At the end of 2006 and in early 2007, we started to hear about property finance companies in trouble. Most were very small, and as individual failures they did not greatly concern us. But in the second half of 2007, bigger finance companies started to fall like flies. As each one entered into liquidation, receivership or moratorium, media speculation turned to the next. We saw angry scenes of elderly debenture holders haranguing hapless managers at meetings. The pattern seemed clear: poor governance, spider-web company structures, vulnerable business models, mismatched balance sheets, bad management and inadequate supervision by the trustee companies.[13]”

                  • Nic the NZer

                    Try again, which investments which they were into went bad?

                    These factors might have caused them to make bad investments but they still need to have made some bad investments. Also why did this happen in co-incidence with the GFC. All of this governance stuff was happening well before that.

                    • Pat

                      lol.God loves a trier….if you read (carefully) you will note the cause is given as poor governance, bad practice…if I recall there were resulting actions around fraudulent behaviour….however even more key is the fact it started in 2006….BEFORE the GFC….at the time i recall many of the failed companies were leanding to high risk borrowers in the auto trade (i,e, boy racers) with high default rates….as to dodgy business practice , we shant mention Hanover.

                      As to your mythical property bubble burst, if you know how to read a graph (the bottom one will show you the trend over time) you would know a bubble burst would produce a near vertical line downwards in the trend….the graph shows a steady growth with a slight flattening around the time of the GFC..created by the lack of certainty and loan provision while the banks worked out what was going to happen ,then all returned to normal (here at least)….the most you could say is the credit tightening caused by the GFC caused problems for some finance companies but there was no property crash,

                      but dont worry I expect you will get your property bubble burst sometime soon.

                    • Nic the NZer

                      “if you know how to read a graph (the bottom one will show you the trend over time) you would know a bubble burst would produce a near vertical line downwards in the trend”

                      I guess we both agree there was a property bubble collapse in the US, so you should be able to find at least one US property chart matching your description? I doubt it.

                      I didn’t see any discussion of auto lending associated with the finance company collapse (though there is discussion associating it with a property bubble), but that would be a good example if it actually happened.

                    • Nic the NZer

                      Hang on, your trying to make your case by deception now. All the charts you just posted are deflated in some way, its hardly surprising that the un-adjusted median house price charts you originally posted don’t look similar, they are different kinds of data.

                      On the other hand the interest chart showing median house prices deflated by median income looks a lot like the first chart in the aei link (they are the same kinds of charts).
                      http://www.interest.co.nz/property/house-price-income-multiples

                      And the RBNZ house price annual percentage change looks pretty similar to the second chart in the aei link (again matching kinds of charts).
                      http://www.rbnz.govt.nz/statistics/key_graphs/house_prices_values/

                      So by your own criteria there was a property bubble crash (not as large as the US one) in NZ as I already indicated.

                    • Pat

                      good grief

  11. Pat 11

    “The Opposition is there not just to sit and wait till they get power again,. Its job is to illustrate competence and improve the performance of the government. This is particularly the role in times of crises and emergency. Sometimes this means supporting the government when you’d rather not, and other times this means challenging them strongly to improve. Sometimes the government needs this challenge to push back against forces within their own special interest groups.”

    http://publicaddress.net/speaker/11-ways-the-opposition-has-failed-christchurch/

    • leftie 11.1

      @Pat

      How about the thousands of ways the National government has failed Christchurch, who reward Gerry Brownlee with a massive majority at last year’s election.

  12. Neil 12

    Excuse my ignorance, but how can they have a surplus when the country is in debt to the tune of $100 billion odd?
    The way I see it is that if I owe lets say for arguments sake $1000 & only have $10 in the bank, I definitely don’t have a surplus. Given that ,its impossible to be in surplus.

    • dukeofurl 12.1

      Its even more misleading than than that, its not even a surplus when you count money raised against money spent, its an over $6 bill deficit.
      The treasury figures show for the 2015-16 year they will be borrowing over $8 bill ( some of the borrowing is to repay old loans – with new loans)

      Media Statement: 2015/16 Domestic Bond Programme Set at $8.0 Billion
      http://www.nzdmo.govt.nz/publications/mediastatements/debtprogramme/2015-05-21
      This is longer term money as they also borrow short term ( less than a year) to cover ups and downs of payments/spending during the year.

      In broad terms the “surplus” refers only to things like operational spending, it excludes capital spending ( capex), this is how a company operates for taxation purposes and the result is gives a ‘profit figure’ more easily ( accountants might add more detail to this explanation)

    • Bob 12.2

      It is an operating surplus, in-comings exceed outgoings. That ‘apparently’ means the government is heading in the right direction (although that is far too simplistic, and as far as the last 10 surpluses this country has run, it is wrong).

    • Neil 12.3

      But surely one must pay off debt, before one can have a surplus? After all the meaning of surplus is “An amount or quantity in excess of what is needed”.
      So if we have an excess of money then surely we would not be owing the 100 billion odd that we are in debt by.
      The way I look at is that one must pay off all debt, before one can say they have a surplus. The way it sounds to me is that the books are being cooked, if we are in debt & there is a surplus according to English.
      If I was owed money & the person that owed it to me was running around saying they had an excess of money, I would surely be asking some serious questions as to why the debt owed to me hadn’t been paid back in full plus any interest owing.
      In my mind one must have paid all debt off before one can truly say they have an excess of money surplus to requirements.

      • Craig H 12.3.1

        Surplus is often used as a synonym for profit by non-profit organisations. The surplus is a profit (effectively) – that we have debt to pay back with said surplus/profit doesn’t change the fact that it was a profit. That we achieved the profit by underpaying some expenses, and therefore will have a loss (deficit) next year also doesn’t change the fact that it’s a profit this year, highly misleading though it is.

Recent Comments

Recent Posts

  • At a glance – Does CO2 always correlate with temperature?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    2 hours ago
  • Bernard’s six-stack of substacks at 6.06 pm on Tuesday, March 19
    TL;DR: In today’s ‘six-stack’ of substacks at 6.06pm on Tuesday, March 19:Kāinga Ora’s dry rot The Spinoff DailyBill McKibben on ‘Climate Superfunds’ making Big Oil pay for climate damage The Crucial YearsPreston Mui on returning to 1980s-style productivity growth NoahpinionAndy Boenau on NIMBYs needing unusual bedfellows Urbanism SpeakeasyNed Resnikoff's case ...
    The KakaBy Bernard Hickey
    4 hours ago
  • Relentlessly negative
    Negative yesterday, negative today. Negative all year, according to one departing reader telling me I’ve grown strident and predictable. Fair enough. If it’s any help, every time I go to write about a certain topic that begins with C and ends with arrrrs, I do brace myself and ask: Again? Are ...
    More Than A FeildingBy David Slack
    5 hours ago
  • Scoring 4.6 out of 10, the new Government is struggling in the polls
    Bryce Edwards writes –  It’s been a tumultuous time in politics in recent months, as the new National-led Government has driven through its “First 100 Day programme”. During this period there’s been a handful of opinion polls, which overall just show a minimal amount of flux in public support ...
    Point of OrderBy poonzteam5443
    5 hours ago
  • Promiscuous Empathy: Chris Trotter Replies To His Critics.
    Inspirational: The Family of Man is a glorious hymn to human equality, but, more than that, it is a clarion call to human freedom. Because equality, unleavened by liberty, is a broken piano, an unstrung harp; upon which the songs of fraternity will never be played. “Somebody must have been telling lies about ...
    5 hours ago
  • Don’t run your business like a criminal enterprise
    The Detail this morning highlights the police's asset forfeiture case against convicted business criminal Ron Salter, who stands to have his business confiscated for systemic violations of health and safety law. Business are crying foul - but not for the reason you'd think. Instead of opposing the post-conviction punishment and ...
    No Right TurnBy Idiot/Savant
    6 hours ago
  • Misremembering Justinian’s Taxes.
    Tax Lawyer Barbara Edmonds vs Emperor Justinian I - Nolo Contendere: False historical explanations of pivotal events are very far from being inconsequential.WHEN BARBARA EDMONDS made reference to the Roman Empire, my ears pricked up. It is, lamentably, very rare to hear a politician admit to any kind of familiarity ...
    6 hours ago
  • Bryce Edwards: Scoring 4.6 out of 10, the new Government is struggling in the polls
    It’s been a tumultuous time in politics in recent months, as the new National-led Government has driven through its “First 100 Day programme”. During this period there’s been a handful of opinion polls, which overall just show a minimal amount of flux in public support for the various parties in ...
    Democracy ProjectBy bryce.edwards
    7 hours ago
  • Bishop scores headlines with crackdown on unwelcome tenants – but Peters scores, too, as tub-thump...
    Buzz from the Beehive Housing Minister Chris Bishop delivered news – packed with the ingredients to enflame political passions – worthy of supplanting Winston Peters in headline writers’ priorities. He popped up at the post-Cabinet press conference to promise a crackdown on unruly and antisocial state housing tenants. His ...
    Point of OrderBy Bob Edlin
    8 hours ago
  • Will it make the boat go faster?
    Ele Ludemann writes – The Reserve Bank is advertising for a Diversity, Equity and Inclusion advisor. The Bank has one mandate – to keep inflation between one and three percent. It has failed in that and is only slowly getting inflation back down to the upper limit. Will it ...
    Point of OrderBy poonzteam5443
    11 hours ago
  • Bryce Edwards: Is Simon Bridges’ NZTA appointment a conflict of interest?
    Last week former National Party leader Simon Bridges was appointed by the Government as the new chair of the New Zealand Transport Agency Waka Kotahi (NZTA). You can read about the appointment in Thomas Coughlan’s article, Simon Bridges to become chair of NZ Transport Agency Waka Kotahi The fact that a ...
    Democracy ProjectBy bryce.edwards
    11 hours ago
  • Is Simon Bridges’ NZTA appointment a conflict of interest?
    Bryce Edwards writes – Last week former National Party leader Simon Bridges was appointed by the Government as the new chair of the New Zealand Transport Agency Waka Kotahi (NZTA). You can read about the appointment in Thomas Coughlan’s article, Simon Bridges to become chair of NZ Transport Agency ...
    Point of OrderBy poonzteam5443
    11 hours ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' at 10:10am on Tuesday, March 19
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Gavin Jacobson talks to Thomas Piketty 10 years on from Capital in the 21st Century The SalvoLocal scoop: Green MP’s business being investigated over migrant exploitation claims Stuff Steve KilgallonLocal deep-dive: The commercial contractors making money from School ...
    The KakaBy Bernard Hickey
    11 hours ago
  • Bernard's six newsy things on Tuesday, March 19
    It’s a home - but Kāinga Ora tenants accused of “abusing the privilege” may lose it. Photo: Lynn Grieveson / The KākāTL;DR: The Government announced a crackdown on Kāinga Ora tenants who were unruly and/or behind on their rent, with Housing Minister Chris Bishop saying a place in a state ...
    The KakaBy Bernard Hickey
    13 hours ago
  • New Life for Light Rail
    This is a guest post by Connor Sharp of Surface Light Rail  Light rail in Auckland: A way forward sooner than you think With the coup de grâce of Auckland Light Rail (ALR) earlier this year, and the shift of the government’s priorities to roads, roads, and more roads, it ...
    Greater AucklandBy Guest Post
    14 hours ago
  • Why Are Bosses Nearly All Buffoons?
    Note: As a paid-up Webworm member, I’ve recorded this Webworm as a mini-podcast for you as well. Some of you said you liked this option - so I aim to provide it when I get a chance to record! Read more ...
    David FarrierBy David Farrier
    16 hours ago
  • Bernard’s six-stack of substacks at 6.06 pm on March 18
    TL;DR: In my ‘six-stack’ of substacks at 6.06pm on Monday, March 18:IKEA is accused of planting big forests in New Zealand to green-wash; REDD-MonitorA City for People takes a well-deserved victory lap over Wellington’s pro-YIMBY District Plan votes; A City for PeopleSteven Anastasiou takes a close look at the sticky ...
    The KakaBy Bernard Hickey
    1 day ago
  • Peters holds his ground on co-governance, but Willis wriggles on those tax cuts and SNA suspension l...
    Buzz from the Beehive Here’s hoping for a lively post-cabinet press conference when the PM and – perhaps – some of his ministers tell us what was discussed at their meeting today. Until then, Point of Order has precious little Beehive news to report after its latest monitoring of the ...
    Point of OrderBy Bob Edlin
    1 day ago
  • Labour’s final report card
    David Farrar writes –  We now have almost all 2023 data in, which has allowed me to update my annual table of how  went against its promises. This is basically their final report card. The promise The result Build 100,000 affordable homes over 10 ...
    Point of OrderBy poonzteam5443
    1 day ago
  • “Drunk Uncle at a Wedding”
    I’m a bit worried that I’ve started a previous newsletter with the words “just when you think they couldn’t get any worse…” Seems lately that I could begin pretty much every issue with that opening. Such is the nature of our coalition government that they seem to be outdoing each ...
    Nick’s KōreroBy Nick Rockel
    1 day ago
  • Wang Yi’s perfectly-timed, Aukus-themed visit to New Zealand
    Geoffrey Miller writes – Timing is everything. And from China’s perspective, this week’s visit by its foreign minister to New Zealand could be coming at just the right moment. The visit by Wang Yi to Wellington will be his first since 2017. Anniversaries are important to Beijing. ...
    Point of OrderBy poonzteam5443
    1 day ago
  • Gordon Campbell on Dune 2, and images of Islam
    Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture ...
    1 day ago
  • New Rail Operations Centre Promises Better Train Services
    Last week Transport Minster Simeon Brown and Mayor Wayne Brown opened the new Auckland Rail Operations Centre. The new train control centre will see teams from KiwiRail, Auckland Transport and Auckland One Rail working more closely together to improve train services across the city. The Auckland Rail Operations Centre in ...
    2 days ago
  • Bernard's six newsy things at 6.36am on Monday, March 18
    Photo: Lynn Grieveson / The KākāTL;DR: Retiring former Labour Finance Minister Grant Robertson said in an exit interview with Q+A yesterday the Government can and should sustain more debt to invest in infrastructure for future generations. Elsewhere in the news in Aotearoa-NZ’s political economy at 6:36am: Read more ...
    The KakaBy Bernard Hickey
    2 days ago
  • Geoffrey Miller: Wang Yi’s perfectly-timed, Aukus-themed visit to New Zealand
    Timing is everything. And from China’s perspective, this week’s visit by its foreign minister to New Zealand could be coming at just the right moment. The visit by Wang Yi to Wellington will be his first since 2017. Anniversaries are important to Beijing. It is more than just a happy ...
    Democracy ProjectBy Geoffrey Miller
    2 days ago
  • The Kaka’s diary for the week to March 25 and beyond
    TL;DR: The key events to watch in Aotearoa-NZ’s political economy in the week to March 18 include:China’s Foreign Minister visiting Wellington today;A post-cabinet news conference this afternoon; the resumption of Parliament on Tuesday for two weeks before Easter;retiring former Labour Finance Minister Grant Robertson gives his valedictory speech in Parliament; ...
    The KakaBy Bernard Hickey
    2 days ago
  • Bitter and angry; Winston First
    New Zealand First Leader Winston Peters’s state-of-the-nation speech on Sunday was really a state-of-Winston-First speech. He barely mentioned any of the Government’s key policies and could not even wholly endorse its signature income tax cuts. Instead, he rehearsed all of his complaints about the Ardern Government, including an extraordinary claim ...
    PolitikBy Richard Harman
    2 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #11
    A listing of 35 news and opinion articles we found interesting and shared on social media during the past week: Sun, March 10, 2024 thru Sat, March 16, 2024. Story of the week This week we'll give you a little glimpse into how we collect links to share and ...
    2 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #11
    A listing of 35 news and opinion articles we found interesting and shared on social media during the past week: Sun, March 10, 2024 thru Sat, March 16, 2024. Story of the week This week we'll give you a little glimpse into how we collect links to share and ...
    2 days ago
  • Out of Touch.
    “I’ve been internalising a really complicated situation in my head.”When they kept telling us we should wait until we get to know him, were they taking the piss? Was it a case of, if you think this is bad, wait till you get to know the real Christopher, after the ...
    Nick’s KōreroBy Nick Rockel
    2 days ago
  • Bring out your Dad
    Happy fourth anniversary, Pandemic That Upended Bloody Everything. I have been observing it by enjoying my second bout of COVID. It’s 5.30 on Sunday morning and only now are lights turning back on for me.Allow me to copy and paste what I told reader Sara yesterday:Depleted, fogged and crappy. Resting, ...
    More Than A FeildingBy David Slack
    3 days ago
  • Bring out your Dad
    Happy fourth anniversary, Pandemic That Upended Bloody Everything. I have been observing it by enjoying my second bout of COVID. It’s 5.30 on Sunday morning and only now are lights turning back on for me.Allow me to copy and paste what I told reader Sara yesterday:Depleted, fogged and crappy. Resting, ...
    More Than A FeildingBy David Slack
    3 days ago
  • Bring out your Dad
    Happy fourth anniversary, Pandemic That Upended Bloody Everything. I have been observing it by enjoying my second bout of COVID. It’s 5.30 on Sunday morning and only now are lights turning back on for me.Allow me to copy and paste what I told reader Sara yesterday:Depleted, fogged and crappy. Resting, ...
    More Than A FeildingBy David Slack
    3 days ago
  • The bewildering world of Chris Luxon – Guns for all, not no lunch for kids
    .“$10 and a target that bleeds” - Bleeding Targets for Under $10!.Thanks for reading Frankly Speaking ! Subscribe for free to receive new posts and support my work.This government appears hell-bent on either scrapping life-saving legislation or reintroducing things that - frustrated critics insist - will be dangerous and likely ...
    Frankly SpeakingBy Frank Macskasy
    3 days ago
  • Expert Opinion: Ageing Boomers, Laurie & Les, Talk Politics.
    It hardly strikes me as fair to criticise a government for doing exactly what it said it was going to do. For actually keeping its promises.”THUNDER WAS PLAYING TAG with lightning flashes amongst the distant peaks. Its rolling cadences interrupted by the here-I-come-here-I-go Doppler effect of the occasional passing car. ...
    3 days ago
  • Manufacturing The Truth.
    Subversive & Disruptive Technologies: Just as happened with that other great regulator of the masses, the Medieval Church, the advent of a new and hard-to-control technology – the Internet –  is weakening the ties that bind. Then, and now, those who enjoy a monopoly on the dissemination of lies, cannot and will ...
    3 days ago
  • A Powerful Sensation of Déjà Vu.
    Been Here Before: To find the precedents for what this Coalition Government is proposing, it is necessary to return to the “glory days” of Muldoonism.THE COALITION GOVERNMENT has celebrated its first 100 days in office by checking-off the last of its listed commitments. It remains, however, an angry government. It ...
    3 days ago
  • Can you guess where world attention is focussed (according to Greenpeace)? It’s focussed on an EPA...
    Bob Edlin writes –  And what is the world watching today…? The email newsletter from Associated Press which landed in our mailbox early this morning advised: In the news today: The father of a school shooter has been found guilty of involuntary manslaughter; prosecutors in Trump’s hush-money case ...
    Point of OrderBy Bob Edlin
    3 days ago
  • Further integrity problems for the Greens in suspending MP Darleen Tana
    Bryce Edwards writes – Is another Green MP on their way out? And are the Greens severely tarnished by another integrity scandal? For the second time in three months, the Green Party has secretly suspended an MP over integrity issues. Mystery is surrounding the party’s decision to ...
    Point of OrderBy poonzteam5443
    3 days ago
  • Jacqui Van Der Kaay: Greens’ transparency missing in action
    For the last few years, the Green Party has been the party that has managed to avoid the plague of multiple scandals that have beleaguered other political parties. It appears that their luck has run out with a second scandal which, unfortunately for them, coincided with Golraz Ghahraman, the focus ...
    Democracy ProjectBy bryce.edwards
    4 days ago
  • Bernard’s Dawn Chorus with six newsey things at 6:46am for Saturday, March 16
    TL;DR: The six newsey things that stood out to me as of 6:46am on Saturday, March 16.Andy Foster has accidentally allowed a Labour/Green amendment to cut road user chargers for plug-in hybrid vehicles, which the Government might accept; NZ Herald Thomas Coughlan Simeon Brown has rejected a plea from Westport ...
    The KakaBy Bernard Hickey
    4 days ago
  • How Did FTX Crash?
    What seemed a booming success a couple of years ago has collapsed into fraud convictions.I looked at the crash of FTX (short for ‘Futures Exchange’) in November 2022 to see whether it would impact on the financial system as a whole. Fortunately there was barely a ripple, probably because it ...
    PunditBy Brian Easton
    4 days ago
  • Elections in Russia and Ukraine
    Anybody following the situation in Ukraine and Russia would probably have been amused by a recent Tweet on X NATO seems to be putting in an awful lot of effort to influence what is, at least according to them, a sham election in an autocracy.When do the Ukrainians go to ...
    4 days ago
  • Bernard’s six stack of substacks at 6pm on March 15
    TL;DR: Shaun Baker on Wynyard Quarter's transformation. Magdalene Taylor on the problem with smart phones. How private equity are now all over reinsurance. Dylan Cleaver on rugby and CTE. Emily Atkin on ‘Big Meat’ looking like ‘Big Oil’.Bernard’s six-stack of substacks at 6pm on March 15Photo by Jeppe Hove Jensen ...
    The KakaBy Bernard Hickey
    4 days ago
  • Buzz from the Beehive Finance Minister Nicola Willis had plenty to say when addressing the Auckland Business Chamber on the economic growth that (she tells us) is flagging more than we thought. But the government intends to put new life into it:  We want our country to be a ...
    Point of OrderBy Bob Edlin
    4 days ago
  • National’s clean car tax advances
    The Transport and Infrastructure Committee has reported back on the Road User Charges (Light Electric RUC Vehicles) Amendment Bill, basicly rubberstamping it. While there was widespread support among submitters for the principle that EV and PHEV drivers should pay their fair share for the roads, they also overwhelmingly disagreed with ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Government funding bailouts
    Peter Dunne writes – This week’s government bailout – the fifth in the last eighteen months – of the financially troubled Ruapehu Alpine Lifts company would have pleased many in the central North Island ski industry. The government’s stated rationale for the $7 million funding was that it ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Two offenders, different treatments.
    See if you can spot the difference. An Iranian born female MP from a progressive party is accused of serial shoplifting. Her name is leaked to the media, which goes into a pack frenzy even before the Police launch an … Continue reading ...
    KiwipoliticoBy Pablo
    4 days ago
  • Treaty references omitted
    Ele Ludemann writes  – The government is omitting general Treaty references from legislation : The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last Government in a bid to get greater coherence in the public service on Treaty ...
    Point of OrderBy poonzteam5443
    4 days ago
  • The Ghahraman Conflict
    What was that judge thinking? Peter Williams writes –  That Golriz Ghahraman and District Court Judge Maria Pecotic were once lawyer colleagues is incontrovertible. There is published evidence that they took at least one case to the Court of Appeal together. There was a report on ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' for March 15
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Climate Scorpion – the sting is in the tail. Introducing planetary solvency. A paper via the University of Exeter’s Institute and Faculty of Actuaries.Local scoop: Kāinga Ora starts pulling out of its Auckland projects and selling land RNZ ...
    The KakaBy Bernard Hickey
    4 days ago
  • The day Wellington up-zoned its future
    Wellington’s massively upzoned District Plan adds the opportunity for tens of thousands of new homes not just in the central city (such as these Webb St new builds) but also close to the CBD and public transport links. Photo: Lynn Grieveson / The KākāTL;DR: Wellington gave itself the chance of ...
    The KakaBy Bernard Hickey
    5 days ago
  • Weekly Roundup 15-March-2024
    It’s Friday and we’re halfway through March Madness. Here’s some of the things that caught our attention this week. This Week in Greater Auckland On Monday Matt asked how we can get better event trains and an option for grade separating Morningside Dr. On Tuesday Matt looked into ...
    Greater AucklandBy Greater Auckland
    5 days ago
  • That Word.
    Something you might not know about me is that I’m quite a stubborn person. No, really. I don’t much care for criticism I think’s unfair or that I disagree with. Few of us do I suppose.Back when I was a drinker I’d sometimes respond defensively, even angrily. There are things ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • The Hoon around the week to March 15
    Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the last week included:PM Christopher Luxon said the reversal of interest deductibility for landlords was done to help renters, who ...
    The KakaBy Bernard Hickey
    5 days ago
  • Labour’s policy gap
    It was not so much the Labour Party but really the Chris Hipkins party yesterday at Labour’s caucus retreat in Martinborough. The former Prime Minister was more or less consistent on wealth tax, which he was at best equivocal about, and social insurance, which he was not willing to revisit. ...
    PolitikBy Richard Harman
    5 days ago
  • Skeptical Science New Research for Week #11 2024
    Open access notables A Glimpse into the Future: The 2023 Ocean Temperature and Sea Ice Extremes in the Context of Longer-Term Climate Change, Kuhlbrodt et al., Bulletin of the American Meteorological Society: In the year 2023, we have seen extraordinary extrema in high sea surface temperature (SST) in the North Atlantic and in ...
    5 days ago
  • Melissa remains mute on media matters but has something to say (at a sporting event) about economic ...
     Buzz from the Beehive   The text reproduced above appears on a page which records all the media statements and speeches posted on the government’s official website by Melissa Lee as Minister of Media and Communications and/or by Jenny Marcroft, her Parliamentary Under-secretary.  It can be quickly analysed ...
    Point of OrderBy Bob Edlin
    5 days ago
  • The return of Muldoon
    For forty years, Robert Muldoon has been a dirty word in our politics. His style of government was so repulsive and authoritarian that the backlash to it helped set and entrench our constitutional norms. His pig-headedness over forcing through Think Big eventually gave us the RMA, with its participation and ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Will the rental tax cut improve life for renters or landlords?
    Bryce Edwards writes –  Is the new government reducing tax on rental properties to benefit landlords or to cut the cost of rents? That’s the big question this week, after Associate Finance Minister David Seymour announced on Sunday that the Government would be reversing the Labour Government’s removal ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Geoffrey Miller: What Saudi Arabia’s rapid changes mean for New Zealand
    Saudi Arabia is rarely far from the international spotlight. The war in Gaza has brought new scrutiny to Saudi plans to normalise relations with Israel, while the fifth anniversary of the controversial killing of Jamal Khashoggi was marked shortly before the war began on October 7. And as the home ...
    Democracy ProjectBy Geoffrey Miller
    5 days ago
  • Racism’s double standards
    Questions need to be asked on both sides of the world Peter Williams writes –   The NRL Judiciary hands down an eight week suspension to Sydney Roosters forward Spencer Leniu , an Auckland-born Samoan, after he calls Ezra Mam, Sydney-orn but of Aboriginal and Torres Strait ...
    Point of OrderBy poonzteam5443
    5 days ago
  • It’s not a tax break
    Ele Ludemann writes – Contrary to what many headlines and news stories are saying, residential landlords are not getting a tax break. The government is simply restoring to them the tax deductibility of interest they had until the previous government removed it. There is no logical reason ...
    Point of OrderBy poonzteam5443
    5 days ago
  • The Plastic Pig Collective and Chris' Imaginary Friends.
    I can't remember when it was goodMoments of happiness in bloomMaybe I just misunderstoodAll of the love we left behindWatching our flashbacks intertwineMemories I will never findIn spite of whatever you becomeForget that reckless thing turned onI think our lives have just begunI think our lives have just begunDoes anyone ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Who is responsible for young offenders?
    Michael Bassett writes – At first reading, a front-page story in the New Zealand Herald on 13 March was bizarre. A group of severely intellectually limited teenagers, with little understanding of the law, have been pleading to the Justice Select Committee not to pass a bill dealing with ram ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Gordon Campbell on National’s fantasy trip to La La Landlord Land
    How much political capital is Christopher Luxon willing to burn through in order to deliver his $2.9 billion gift to landlords? Evidently, Luxon is: (a) unable to cost the policy accurately. As Anna Burns-Francis pointed out to him on Breakfast TV, the original ”rock solid” $2.1 billion cost he was ...
    5 days ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' for March 14
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Jonathon Porritt calling bullshit in his own blog post on mainstream climate science as ‘The New Denialism’.Local scoop: The Wellington City Council’s list of proposed changes to the IHP recommendations to be debated later today was leaked this ...
    The KakaBy Bernard Hickey
    5 days ago
  • No, Prime Minister, rents don’t rise or fall with landlords’ costs
    TL;DR: Prime Minister Christopher Luxon said yesterday tenants should be grateful for the reinstatement of interest deductibility because landlords would pass on their lower tax costs in the form of lower rents. That would be true if landlords were regulated monopolies such as Transpower or Auckland Airport1, but they’re not, ...
    The KakaBy Bernard Hickey
    6 days ago
  • Cartoons: ‘At least I didn’t make things awkward’
    This is a re-post from Yale Climate Connections by Tom Toro Tom Toro is a cartoonist and author. He has published over 200 cartoons in The New Yorker since 2010. His cartoons appear in Playboy, the Paris Review, the New York Times, American Bystander, and elsewhere. Related: What 10 EV lovers ...
    6 days ago
  • Solving traffic congestion with Richard Prebble
    The business section of the NZ Herald is full of opinion. Among the more opinionated of all is the ex-Minister of Transport, ex-Minister of Railways, ex MP for Auckland Central (1975-93, Labour), Wellington Central (1996-99, ACT, then list-2005), ex-leader of the ACT Party, uncle to actor Antonia, the veritable granddaddy ...
    Greater AucklandBy Patrick Reynolds
    6 days ago
  • I Think I'm Done Flying Boeing
    Hi,Just quickly — I’m blown away by the stories you’ve shared with me over the last week since I put out the ‘Gary’ podcast, where I told you about the time my friend’s flatmate killed the neighbour.And you keep telling me stories — in the comments section, and in my ...
    David FarrierBy David Farrier
    6 days ago
  • Invoking Aristotle: Of Rings of Power, Stones, and Ships
    The first season of Rings of Power was not awful. It was thoroughly underwhelming, yes, and left a lingering sense of disappointment, but it was more expensive mediocrity than catastrophe. I wrote at length about the series as it came out (see the Review section of the blog, and go ...
    6 days ago
  • Van Velden brings free-market approach to changing labour laws – but her colleagues stick to distr...
    Buzz from the Beehive Workplace Relations and Safety Minister Brooke van Velden told Auckland Business Chamber members they were the first audience to hear her priorities as a minister in a government committed to cutting red tape and regulations. She brandished her liberalising credentials, saying Flexible labour markets are the ...
    Point of OrderBy Bob Edlin
    6 days ago
  • Why Newshub failed
    Chris Trotter writes – TO UNDERSTAND WHY NEWSHUB FAILED, it is necessary to understand how TVNZ changed. Up until 1989, the state broadcaster had been funded by a broadcasting licence fee, collected from every citizen in possession of a television set, supplemented by a relatively modest (compared ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Māori Party on the warpath against landlords and seabed miners – let’s see if mystical creature...
    Bob Edlin writes  –  The Māori Party has been busy issuing a mix of warnings and threats as its expresses its opposition to interest deductibility for landlords and the plans of seabed miners. It remains to be seen whether they  follow the example of indigenous litigants in Australia, ...
    Point of OrderBy Bob Edlin
    6 days ago

  • Government moves to quickly ratify the NZ-EU FTA
    "The Government is moving quickly to realise an additional $46 million in tariff savings in the EU market this season for Kiwi exporters,” Minister for Trade and Agriculture, Todd McClay says. Parliament is set, this week, to complete the final legislative processes required to bring the New Zealand – European ...
    BeehiveBy beehive.govt.nz
    4 hours ago
  • Positive progress for social worker workforce
    New Zealand’s social workers are qualified, experienced, and more representative of the communities they serve, Social Development and Employment Minister Louise Upston says. “I want to acknowledge and applaud New Zealand’s social workers for the hard work they do, providing invaluable support for our most vulnerable. “To coincide with World ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Minister confirms reduced RUC rate for PHEVs
    Cabinet has agreed to a reduced road user charge (RUC) rate for plug-in hybrid electric vehicles (PHEVs), Transport Minister Simeon Brown says. Owners of PHEVs will be eligible for a reduced rate of $38 per 1,000km once all light electric vehicles (EVs) move into the RUC system from 1 April.  ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Trade access to overseas markets creates jobs
    Minister of Agriculture and Trade, Todd McClay, says that today’s opening of Riverland Foods manufacturing plant in Christchurch is a great example of how trade access to overseas markets creates jobs in New Zealand.  Speaking at the official opening of this state-of-the-art pet food factory the Minister noted that exports ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • NZ and Chinese Foreign Ministers hold official talks
    Minister of Foreign Affairs Winston Peters met with Chinese Foreign Minister Wang Yi in Wellington today. “It was a pleasure to host Foreign Minister Wang Yi during his first official visit to New Zealand since 2017. Our discussions were wide-ranging and enabled engagement on many facets of New Zealand’s relationship with China, including trade, ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Kāinga Ora instructed to end Sustaining Tenancies
    Kāinga Ora – Homes & Communities has been instructed to end the Sustaining Tenancies Framework and take stronger measures against persistent antisocial behaviour by tenants, says Housing Minister Chris Bishop. “Earlier today Finance Minister Nicola Willis and I sent an interim Letter of Expectations to the Board of Kāinga Ora. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Speech to Auckland Business Chamber: Growth is the answer
    Tēna koutou katoa. Greetings everyone. Thank you to the Auckland Chamber of Commerce and the Honourable Simon Bridges for hosting this address today. I acknowledge the business leaders in this room, the leaders and governors, the employers, the entrepreneurs, the investors, and the wealth creators. The coalition Government shares your ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Singapore rounds out regional trip
    Minister Winston Peters completed the final leg of his visit to South and South East Asia in Singapore today, where he focused on enhancing one of New Zealand’s indispensable strategic partnerships.      “Singapore is our most important defence partner in South East Asia, our fourth-largest trading partner and a ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister van Velden represents New Zealand at International Democracy Summit
    Minister of Internal Affairs and Workplace Relations and Safety, Hon. Brooke van Velden, will travel to the Republic of Korea to represent New Zealand at the Third Summit for Democracy on 18 March. The summit, hosted by the Republic of Korea, was first convened by the United States in 2021, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Insurance Council of NZ Speech, 7 March 2024, Auckland
    ICNZ Speech 7 March 2024, Auckland  Acknowledgements and opening  Mōrena, ngā mihi nui. Ko Andrew Bayly aho, Nor Whanganui aho.  Good morning, it’s a privilege to be here to open the ICNZ annual conference, thank you to Mark for the Mihi Whakatau  My thanks to Tim Grafton for inviting me ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Five-year anniversary of Christchurch terror attacks
    Prime Minister Christopher Luxon and Lead Coordination Minister Judith Collins have expressed their deepest sympathy on the five-year anniversary of the Christchurch terror attacks. “March 15, 2019, was a day when families, communities and the country came together both in sorrow and solidarity,” Mr Luxon says.  “Today we pay our respects to the 51 shuhada ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech for Financial Advice NZ Conference 5 March 2024
    Speech for Financial Advice NZ Conference 5 March 2024  Acknowledgements and opening  Morena, Nga Mihi Nui.  Ko Andrew Bayly aho, Nor Whanganui aho. Thanks Nate for your Mihi Whakatau  Good morning. It’s a pleasure to formally open your conference this morning. What a lovely day in Wellington, What a great ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Early visit to Indonesia strengthens ties
    Foreign Minister Winston Peters held discussions in Jakarta today about the future of relations between New Zealand and South East Asia’s most populous country.   “We are in Jakarta so early in our new government’s term to reflect the huge importance we place on our relationship with Indonesia and South ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • China Foreign Minister to visit
    Deputy Prime Minister and Minister of Foreign Affairs Winston Peters has announced that the Foreign Minister of China, Wang Yi, will visit New Zealand next week.  “We look forward to re-engaging with Foreign Minister Wang Yi and discussing the full breadth of the bilateral relationship, which is one of New Zealand’s ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister opens new Auckland Rail Operations Centre
    Transport Minister Simeon Brown has today opened the new Auckland Rail Operations Centre, which will bring together KiwiRail, Auckland Transport, and Auckland One Rail to improve service reliability for Aucklanders. “The recent train disruptions in Auckland have highlighted how important it is KiwiRail and Auckland’s rail agencies work together to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Celebrating 10 years of Crankworx Rotorua
    The Government is proud to support the 10th edition of Crankworx Rotorua as the Crankworx World Tour returns to Rotorua from 16-24 March 2024, says Minister for Economic Development Melissa Lee.  “Over the past 10 years as Crankworx Rotorua has grown, so too have the economic and social benefits that ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government delivering on tax commitments
    Legislation implementing coalition Government tax commitments and addressing long-standing tax anomalies will be progressed in Parliament next week, Finance Minister Nicola Willis says. The legislation is contained in an Amendment Paper to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill issued today.  “The Amendment Paper represents ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Significant Natural Areas requirement to be suspended
    Associate Environment Minister Andrew Hoggard has today announced that the Government has agreed to suspend the requirement for councils to comply with the Significant Natural Areas (SNA) provisions of the National Policy Statement for Indigenous Biodiversity for three years, while it replaces the Resource Management Act (RMA).“As it stands, SNAs ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government classifies drought conditions in Top of the South as medium-scale adverse event
    Agriculture Minister Todd McClay has classified the drought conditions in the Marlborough, Tasman, and Nelson districts as a medium-scale adverse event, acknowledging the challenging conditions facing farmers and growers in the district. “Parts of Marlborough, Tasman, and Nelson districts are in the grip of an intense dry spell. I know ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government partnership to tackle $332m facial eczema problem
    The Government is helping farmers eradicate the significant impact of facial eczema (FE) in pastoral animals, Agriculture Minister Todd McClay announced.  “A $20 million partnership jointly funded by Beef + Lamb NZ, the Government, and the primary sector will save farmers an estimated NZD$332 million per year, and aims to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • NZ, India chart path to enhanced relationship
    Foreign Minister Winston Peters has completed a successful visit to India, saying it was an important step in taking the relationship between the two countries to the next level.   “We have laid a strong foundation for the Coalition Government’s priority of enhancing New Zealand-India relations to generate significant future benefit for both countries,” says Mr Peters, ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Ruapehu Alpine Lifts bailout the last, say Ministers
    Cabinet has agreed to provide $7 million to ensure the 2024 ski season can go ahead on the Whakapapa ski field in the central North Island but has told the operator Ruapehu Alpine Lifts it is the last financial support it will receive from taxpayers. Cabinet also agreed to provide ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt takes action to drive better cancer services
    Health Minister Dr Shane Reti says the launch of a new mobile breast screening unit in Counties Manukau reinforces the coalition Government’s commitment to drive better cancer services for all New Zealanders. Speaking at the launch of the new mobile clinic, Dr Reti says it’s a great example of taking ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt takes action to drive better cancer services
    Health Minister Dr Shane Reti says the launch of a new mobile breast screening unit in Counties Manukau reinforces the coalition Government’s commitment to drive better cancer services for all New Zealanders. Speaking at the launch of the new mobile clinic, Dr Reti says it’s a great example of taking ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Work begins on SH29 upgrades near Tauriko
    Unlocking economic growth and land for housing are critical elements of the Government’s plan for our transport network, and planned upgrades to State Highway 29 (SH29) near Tauriko will deliver strongly on those priorities, Transport Minister Simeon Brown says. “The SH29 upgrades near Tauriko will improve safety at the intersections ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Work begins on SH29 upgrades near Tauriko
    Unlocking economic growth and land for housing are critical elements of the Government’s plan for our transport network, and planned upgrades to State Highway 29 (SH29) near Tauriko will deliver strongly on those priorities, Transport Minister Simeon Brown says. “The SH29 upgrades near Tauriko will improve safety at the intersections ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Fresh produce price drop welcome
    Lower fruit and vegetable prices are welcome news for New Zealanders who have been doing it tough at the supermarket, Finance Minister Nicola Willis says. Stats NZ reported today the price of fruit and vegetables has dropped 9.3 percent in the 12 months to February 2024.  “Lower fruit and vege ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Statement to the 68th United Nations Commission on the Status of Women
    Tēnā koutou katoa and greetings to you all.  Chair, I am honoured to address the sixty-eighth session of the Commission on the Status of Women. I acknowledge the many crises impacting the rights of women and girls. Heightened global tensions, war, climate related and humanitarian disasters, and price inflation all ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to the 68th United Nations Commission on the Status of Women (CSW68)
    Tēnā koutou katoa and greetings to you all.  Chair, I am honoured to address the 68th session of the Commission on the Status of Women. I acknowledge the many crises impacting the rights of women and girls. Heightened global tensions, war, climate related and humanitarian disasters, and price inflation all ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government backs rural led catchment projects
    The coalition Government is supporting farmers to enhance land management practices by investing $3.3 million in locally led catchment groups, Agriculture Minister Todd McClay announced. “Farmers and growers deliver significant prosperity for New Zealand and it’s vital their ongoing efforts to improve land management practices and water quality are supported,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to Auckland Business Chamber
    Good evening everyone and thank you for that lovely introduction.   Thank you also to the Honourable Simon Bridges for the invitation to address your members. Since being sworn in, this coalition Government has hit the ground running with our 100-day plan, delivering the changes that New Zealanders expect of us. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Commission’s advice on ETS settings tabled
    Recommendations from the Climate Change Commission for New Zealand on the Emissions Trading Scheme (ETS) auction and unit limit settings for the next five years have been tabled in Parliament, Climate Change Minister Simon Watts says. “The Commission provides advice on the ETS annually. This is the third time the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government lowering building costs
    The coalition Government is beginning its fight to lower building costs and reduce red tape by exempting minor building work from paying the building levy, says Building and Construction Minister Chris Penk. “Currently, any building project worth $20,444 including GST or more is subject to the building levy which is ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Trustee tax change welcomed
    Proposed changes to tax legislation to prevent the over-taxation of low-earning trusts are welcome, Finance Minister Nicola Willis says. The changes have been recommended by Parliament’s Finance and Expenditure Committee following consideration of submissions on the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill. “One of the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister’s Ramadan message
    Assalaamu alaikum. السَّلَام عليكم In light of the holy month of Ramadan, I want to extend my warmest wishes to our Muslim community in New Zealand. Ramadan is a time for spiritual reflection, renewed devotion, perseverance, generosity, and forgiveness.  It’s a time to strengthen our bonds and appreciate the diversity ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister appoints new NZTA Chair
    Former Transport Minister and CEO of the Auckland Business Chamber Hon Simon Bridges has been appointed as the new Board Chair of the New Zealand Transport Agency (NZTA) for a three-year term, Transport Minister Simeon Brown announced today. “Simon brings extensive experience and knowledge in transport policy and governance to the role. He will ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Life Sciences Summit
    Good morning all, it is a pleasure to be here as Minister of Science, Innovation and Technology.  It is fantastic to see how connected and collaborative the life science and biotechnology industry is here in New Zealand. I would like to thank BioTechNZ and NZTech for the invitation to address ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Progress continues apace on water storage
    Regional Development Minister Shane Jones says he is looking forward to the day when three key water projects in Northland are up and running, unlocking the full potential of land in the region. Mr Jones attended a community event at the site of the Otawere reservoir near Kerikeri on Friday. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government agrees to restore interest deductions
    Associate Finance Minister David Seymour has today announced that the Government has agreed to restore deductibility for mortgage interest on residential investment properties. “Help is on the way for landlords and renters alike. The Government’s restoration of interest deductibility will ease pressure on rents and simplify the tax code,” says ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister to attend World Anti-Doping Agency Symposium
    Sport and Recreation Minister Chris Bishop will travel to Switzerland today to attend an Executive Committee meeting and Symposium of the World Anti-Doping Agency (WADA). Mr Bishop will then travel on to London where he will attend a series of meetings in his capacity as Infrastructure Minister. “New Zealanders believe ...
    BeehiveBy beehive.govt.nz
    1 week ago

Page generated in The Standard by Wordpress at 2024-03-19T08:34:26+00:00