The Meridian flop

Written By: - Date published: 7:29 am, October 24th, 2013 - 143 comments
Categories: privatisation - Tags:

What a disaster. Meridian has attracted only a quarter of a the so-called ‘mum and dad’ investors expected (and these ‘ordinary Kiwis’ put in $18,000 each on average). The sale raised a $1.2 billion less than National thought it would. And the cost, which was meant to be $100-$120m for the entire sales process, is now over quarter of a billion after just two sales. You’ve got to tell National to stop.

National’s trying to blame it on Labour and the Greens because they did the right thing and informed the public of their plans for cheaper power before the asset sales started. But let’s just get this straight: the decision to sell was National’s. If they don’t think they’re getting the price that they should for the sales, then they should stop them.

NZ Power has been public for six months (and the public love it), blaming it and other market conditions for the terrible result of the Meridian sale is illogical. If things are that bad, don’t sell the bloody thing and save the taxpayer a pile of cash.

Speaking of cost, the Greens’ Costwatch puts the total cost of the sales process before Meridian at $173m. The ‘buy now, pay later’ scheme will add another $50m in what is basically an interest-free loan to the rich and institutions. On top of that, the middlemen will gobble up another $40m. That takes the total cost so far to over quarter of a billion dollars. The sales were meant to cost 2% of revenue – it’s 7%. And it will just get worse and worse as dividends get paid out that should have gone into the public coffers. Already, we’ve lost $49m on Mighty River’s first dividend.

You’re going to get your chance to send National a message in the coming referendum. Make sure they hear it loud and clear.

143 comments on “The Meridian flop ”

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  1. vto 1
    24 October 2013 at 7:33 am

    Clayton Cosgrove hit the nail on the head with his comment;

    “If John Key was working for a bank like Merrill Lynch and the taxpayers were his client then he would have advised them not to do it”

    John Key is selling us out.

    • Ray 1.1
      24 October 2013 at 8:13 am

      One thing you can divine from this is that the movers and shakers in NZ (ie the people with money and influence) can see a government change coming

      And they don’t like it!

      “Cause it means that it is going to be difficult to be such a mover and shaker, even if they can make more money

      • King Kong 1.1.1
        24 October 2013 at 9:09 am

        One thing you can be pretty sure of is that Governments in New Zealand always change.

        The fact that you seem surprised by this just shows what terrible regard you had for the political left.

        p.s. It might not be next term though

    • Tat Loo 1.2
      24 October 2013 at 8:23 am

      Actually Clayton is misguided in this regard. These big investment banks do not act in their clients interests. They 100% always act in their own interests.

      The advice to the client would have been “of course” proceed, as there is no way that Merrill Lynch would have given up on tens of millions of commission by advising them not to.

      Some stupid and illusory rational like the need to “maintain confidence” would have been used.

      That’s how this game works, that’s how these banks continue to make billions in profits even as the global economy is running aground.

      • BLiP 1.2.1
        24 October 2013 at 8:36 am

        “If John Key was working for a bank like Merrill Lynch and the taxpayers were his client then he would have advised them not to do it”

        More to the point, if John Key was working for Merrill Lynch and carried out an IPO like this on its behalf, he would be sacked on the spot and possibly made personally liable for the losses because of the cavalier disregard of his fiduciary obligations to those he worked for.

        • Tat Loo 1.2.1.1
          24 October 2013 at 11:43 am

          Fiduciary obligations? Boy those old fashioned concepts went out the window a long time ago at these investment banks…

    • King Kong 1.3
      24 October 2013 at 9:13 am

      If NZ was Merrill Lynch and JK was running it, Cosgrove would have had the security guard with the black bin bag clean out his desk and confiscate his building entry cards, a long time ago.

      • Hanswurst 1.3.1
        24 October 2013 at 9:24 am

        So you consider Key to be an authoritarian at heart?

      • Pascal's bookie 1.3.2
        24 October 2013 at 9:34 am

        What ever happened to Merrill Lynch anyway? Oh same thing as what happened to pretty much company Key worked for.

        • King Kong 1.3.2.1
          24 October 2013 at 9:37 am

          Wildly successful when he was with them and didn’t fair well when he wasn’t there.

          I guess this could be spun a different way.

          • thatguynz 1.3.2.1.1
            24 October 2013 at 10:20 am

            Bullshit. They weren’t “wildly successful” at all. They were pulling the same shit when he was there, as what finally caught up with them and broke the company. To suggest otherwise is either naive or deliberately disingenuous.

            • Draco T Bastard 1.3.2.1.1.1
              24 October 2013 at 11:37 am

              KK is just another authoritarian follower defending his leader against all charges no matter what the evidence shows.

              • Akldnut …
                24 October 2013 at 5:15 pm

                “Wildly successful when he was with them and didn’t fair well when he wasn’t there.
                I guess this could be spun a different way.”

                Rubbish – That’s “he was the Messiah spin ”

                I see it like “He bailed like a RAT on a sinking ship”

      • georgecom 1.3.3
        24 October 2013 at 8:45 pm

        Kong. It wouldn’t just be Cosgrove accompanying the security guard as Key cleans out his desk and hands over his swipe card, they’d be a massive queue tagging along. Fortunately Keys desk will be cleared next year and the PM swipe card taken away from him. One big worry, how much damage he can do to NZ before then

    • Draco T Bastard 1.4
      24 October 2013 at 11:34 am

      John Key is selling us out.

      That was his job from the get go.

  2. Steve 2
    24 October 2013 at 8:18 am

    Since becoming PM John Key has been working tirelessly for his “clients”. The problem is that you, me and the majority of kiwis are not his “clients”. To find those you need to be mixing with the kleptocrats of the international investment banking world. Once you understand that it all begins to make sense.

    P.S. Perhaps Tony Ryall could solve Auckland’s housing shortage by building a new suburb out of all those unused MRP & Meridian share float docs. Could put it between Manurewa & Papakura and call it “Prospectus South”.

    • bad12 2.1
      24 October 2013 at 9:25 am

      Yes your onto it, the ‘part-sales’, designed in such a manner so as to placate Ma and Pa in the middle class have only failed in that sense alone,

      The long term goal of these people is to have all of such assets in the hands of the international Banking Cartels, moving the assets slowly over a decadal time-scale so as not to scare the horses with the cynical knowledge from these people that the young will quickly grow to be tomorrow’s adults viewing the private foreign ownership of such assets as ‘normal’,

      The unfortunate tragedy here is that while remaining locked into today’s primitive means of supplying money to the Government the current political parties of the left are unlikely to ‘buy’ back these assets which simply sets the stage for at some future point in time the other 50% of these assets disappearing from public ownership…

  3. Te Reo Putake 3
    24 October 2013 at 8:35 am

    I’d love to see Labour go to the polls on a policy of buying the looted shares back at cost or market rate, whichever is the lower figure. The payment to be made in installments over 10 years. No interest payable.

    That would effectively mean those that have opted to rip off NZ have, instead, loaned the state their money at 0%. That should take privatisation off the political agenda for a generation or more.

    • King Kong 3.1
      24 October 2013 at 9:18 am

      Of course hate and revenge are your main drivers when suggesting policy.

      Never mind the devastating repercussions this kind of thing would have. Nobody could ever enter a commercial transaction again without fear of the Government shitting on them. Nice.

      • Te Reo Putake 3.1.1
        24 October 2013 at 9:34 am

        It’s far from hate and revenge, KK, it’s restorative justice. If I wanted to really send the looters a message, I’d be suggesting criminal charges, but hitting them in the hip pocket should be punishment enough.

        • the pigman 3.1.1.1
          24 October 2013 at 5:24 pm

          That’s a great idea, retrospectively legislate to make participating in a government asset sales program a crime, and lock those buggers up. (Think KK may be leading you down the garden path?)

          Although its suggestion that “Nobody could ever enter a commercial transaction again without fear of the Government shitting on them” is rubbish, because you can’t keep those capitalists from trying to capitalize.

        • David H 3.1.1.2
          25 October 2013 at 9:51 am

          More like Demanding Criminal Charges. And a going over of the crowns books by a forensic accountant, to expose for once and for all the shenanigans.

      • adam 3.1.2
        24 October 2013 at 12:17 pm

        Wow KK you do understand that economics is politics by another name. And yes if your still embeded in zombie economics, it’s going to look bad – that is the politics of self interest – dressed as economics. But, we need a economy that works – zombie economics needs to be gone,if only because it’s stupid and outcomes become hellish – it can not be flexable and relies of a mythical idea of the “unseen hand” which is akin to fairy dust and gnomes at the end of the garden.

        • King Kong 3.1.2.1
          24 October 2013 at 12:36 pm

          Let’s talk again when you have left high school, got a job and experienced the real world.

        • SpaceMonkey 3.1.2.2
          24 October 2013 at 12:43 pm

          By “zombie economics” you mean neo-liberialism and crony capitalism?

          • King Kong 3.1.2.2.1
            24 October 2013 at 12:58 pm

            No he means zombie economics. Things like scarcity equals the brain supply over infection rates and the elasticity of demand for canned goods when cannibalism is introduced in the supply chain and its knock on effects on increased infections.

            • Naturesong 3.1.2.2.1.1
              24 October 2013 at 1:44 pm

              He was talking about neo-liberalism.

              Though you are partly right, bovine spongiform encephalopathy outbreaks are a direct result of placing profit above all else.

      • Murray Olsen 3.1.3
        24 October 2013 at 6:59 pm

        The Koch family made a fortune dealing with Stalin’s Soviet Union, which had violated the sanctity of private property many, many times. It seems that capitalists, just like scabs, are prepared to let other considerations overwhelm their class solidarity. As usual with KKK, the shouting is at variance with historical fact.

    • Enough is Enough 3.2
      24 October 2013 at 9:20 am

      You say that like it is an unlikely dream.

      We should be demanding that from Labour as a central policy that they will implement within the first 100 days in office. Anything less is a sell out.

      Your suggestion is more than affordable so there is no reason not to do it.

      Please Labour. Talk is cheap. It is easy to oppose everything through bluster. But will you actually now have the conviction to reverse this disaster of a policy????

      Do not repeat the mistakes of the past two Labour Governments.

      • King Kong 3.2.1
        24 October 2013 at 9:29 am

        My God. Your inability to think through the consequences is frightening. Ask one of the “non crazy” left kids on here, who are conspicuous by their silence, what they think about this.

        • bad12 3.2.1.1
          24 October 2013 at 9:39 am

          What consequences are these???…

          • felix 3.2.1.1.1
            24 October 2013 at 9:44 am

            The consequences are that King Kong won’t vote for Labour O MY FUCKING GOD!!!!

          • King Kong 3.2.1.1.2
            24 October 2013 at 9:44 am

            I said one of the “non crazies”

            • mikesh 3.2.1.1.2.1
              24 October 2013 at 11:16 am

              King Kong
              You still haven’t answered Bad12’s question. What consequences?

              • bad12 …
                24 October 2013 at 12:27 pm

                Don’t waste too much energy on KK that one has no intention of entering into any debate requiring anything more intelligent than a dribble of drivel,

                More fun can be extracted from other ‘wing-nuts’ although the numbers of them appearing here at the Standard seems to have plummeted much in line with National’s recent poll results…

                • King Kong …
                  24 October 2013 at 12:50 pm

                  Honestly, I am wasting my time. It is like explaining a sunset to a blind man.

                  But here’s one to mull over. What do you think might happen if the Government was to take an action that would crash the value of all NZ’s listed and unlisted companies.

                  Now I know this is where the envy and vindictiveness gets the better of you but ask yourself this…

                  Would it only be the hated rich guys that would suffer or might there be horrible consequences for the other 99% (according to the popular myth).

                  • dv …
                    24 October 2013 at 12:56 pm

                    KK
                    OH I get it, Like the US banks did in 2008.

                    • King Kong …
                      24 October 2013 at 1:01 pm

                      Exactly.

                      And of course no one at the lower end of the socio economic scale lost their jobs or homes because of that, did they.

                  • Te Reo Putake …
                    24 October 2013 at 1:00 pm

                    In that case, KK, I’d take the approach Bob Jones used in the 87 stockmarket crash. He bought back the shares in his own company dirt cheap and walked away laughing. Nationalise the lot, I say. When the dust settles, sell off the non-core businesses and bank the profits.

                  • McFlock …
                    24 October 2013 at 1:19 pm

                    What do you think might happen if the Government was to take an action that would crash the value of all NZ’s listed and unlisted companies.

                    All that would happen is that the next time tories try to sell the family silver, they’d make an even bigger fuckup of it than they did this time.

                  • mikesh …
                    24 October 2013 at 1:26 pm

                    “But here’s one to mull over. What do you think might happen if the Government was to take an action that would crash the value of all NZ’s listed and unlisted companies.”

                    A company’s value depends on its earning capacity. This would not change just because the government renationalized the electricity companies.

                    • King Kong …
                      24 October 2013 at 1:40 pm

                      What do you think happens to the value of a company if there is a risk (and this is the key word) of it being nicked off you at some stage with no or low reimbursement.

                      And you can’t tell me it doesn’t apply because the precedent will have been set.

                    • King Kong …
                      24 October 2013 at 1:47 pm

                      Lets follow that up with a real world example. Lets say that Shell and PDVSA (state owned Venezuelan oil company and victim of nationalization) are the same size and get the same return on the same amount of oil sold.

                      The Venezuelan govt decide that they would like to sell this company back into private ownership and PDVSA is listed on the same exchange as Shell.

                      Which company is valued significantly higher and why?

                    • McFlock …
                      24 October 2013 at 2:11 pm

                      Lets follow that up with a real world example. Lets say that Shell and PDVSA (state owned Venezuelan oil company and victim of nationalization) are the same size and get the same return on the same amount of oil sold.

                      The Venezuelan govt decide that they would like to sell this company back into private ownership and PDVSA is listed on the same exchange as Shell.

                      Are you saying that renationalisation is a bad idea because it would lower the income that might be gained via future re-privatisation?

                      A hidden bonus to renationalisation, from my point of view.

                    • King Kong …
                      24 October 2013 at 3:06 pm

                      No I’m not. But of course you knew that.

                    • McFlock …
                      24 October 2013 at 3:15 pm

                      then why the comparison value between two companies that are identical apart from one being privatised, renationalised, and is then on the privatisation block again?

                    • King Kong …
                      24 October 2013 at 4:14 pm

                      To show what effect the spectre of nationalisation has on the value of a company.

                    • lprent []
                      24 October 2013 at 4:50 pm

                      Actually no. It is the spectre of the government regulating an infrastructure industry in a semi-monopolistic position in the economy. All of sudden the scavengers found the prospects for easy monopolistic profits diminished.

                      Nationalisation is all in your delusional fantasies.

                    • McFlock …
                      24 October 2013 at 4:16 pm

                      Lowers the value of the company, do you reckon?

                    • King Kong …
                      24 October 2013 at 4:25 pm

                      I know. We just saw it with the Meridian float.

                      $1.2bn in destroyed value as the Greens so gleefully confirm.

                    • lprent []
                      24 October 2013 at 4:46 pm

                      Yeah, National destroyed it by being a pack of moronic fools. The Greens are quite correct on that.

                    • McFlock …
                      24 October 2013 at 4:29 pm

                      indeed.
                      So lower expected value means a lower return to the government from reprivatisation?

                    • King Kong …
                      24 October 2013 at 4:46 pm

                      I think you have gone a bit chicken and egg on me.

                      Why not remove the threat of Nationalisation and bank another yard.

                    • McFlock …
                      24 October 2013 at 5:16 pm

                      Why not remove the threat of Nationalisation and bank another yard.

                      because privatisation is a bloody stupid course of action that costs us billions over the medium and longer terms. The country gains a “yard” of beach space that is quickly eroded by lost income and lost governance.

                      Lowering the short term returns of privatisation makes it less likely.

                      That’s another reason why renationalisation is a good idea. Another nail in the coffin of me-ist neoliberalism.

                  • bad12 …
                    24 October 2013 at 1:51 pm

                    So for ‘consequences’ we can only take it that as you have made ‘stupid shit up’* as a reply to what these consequences supposedly are then your original view of said consequences was also stupid shit you had just made up,

                    * Stupid made up shit by you= ”what do you think might happen if the Government was to take action that would crash the value of all NZ’s listed and unlisted companies”,

                    Simply put, having no answer to your original stupidity you change the subject by doubling the stupidity…

                    • King Kong …
                      24 October 2013 at 2:08 pm

                      I guess that is the closest thing to a concession that I can expect.

                    • bad12 …
                      24 October 2013 at 4:34 pm

                      Yes KK, i concede, that you are stupidly and with the actions of a simpleton attempting to divert the Post off into the fantasy realm in which you reside…

                  • Puddleglum …
                    24 October 2013 at 2:13 pm

                    “But here’s one to mull over. What do you think might happen if the Government was to take an action that would crash the value of all NZ’s listed and unlisted companies.”

                    That’s actually an interesting point, but perhaps not in the way you meant.

                    Of course, it would be unlikely that investors would assume from a ‘buy back’ of state assets that there would be wholesale government purchase of companies that were listed on the exchange and which had arisen from the private sector.

                    That’s because a Labour/Green ‘buy back’ is just that – a buy back of assets the state recently owned. It is not a buy out of firms on the stock exchange that arose from the private sector. So investors would be irrational if they pulled out of listed companies.

                    But the odd thing about New Zealand’s stock exchange is that it is dominated by ex-state sector assets rather than private sector entities. So, maybe there’s something in what you say.

                    The ‘kicker’ in that insight, however, is only because the stock exchange (and, presumably, the private sector as a whole) does not seem to be able to generate or nurture private sector entities as viable and profitable as ones that originated in the public sector.

                    Not a good look from the point of view of supporters of private enterprise, I would have thought.

                    Oh, and why would unlisted companies suffer?

                  • felix …
                    25 October 2013 at 12:30 am

                    Oh KK.

                    You had me at “sunset”.

              • halfcrown …
                25 October 2013 at 8:26 am

                “What consequences?”

                Like when in 89 Air New Zealand was “privatised” and the major share holding was bought by Briely Investments. We were told that it had to be privatised otherwise in a decade it would be a third rate operator with debts of 500 million. After a decade of privatisation, and bungy jumping by the spivs in 2001 the then Clark government had to re nationalise Air New Zealand as it was a third rate operator with debts of 880 million

            • Draco T Bastard 3.2.1.1.2.3
              24 October 2013 at 11:43 am

              Yep, I’m keen to know what these consequences will be too.

            • Naturesong 3.2.1.1.2.4
              24 October 2013 at 11:48 am

              I tend toward the left, and am considered by my family, friends and work colleague to be not-crazy.

              a policy of buying the looted shares back at cost or market rate, whichever is the lower figure

              … is not going to work, mainly because the fault does not lie with those who bought shares, but with the idiots running the government. Just as you would not blame vultures for the murder of the corpse they were feeding upon.

              Much better to have the Cullen fund slowly buy back all the shares at market price, when that market price is at or below the initial ipo price.
              Then have the Cullen fund sell them back to the government at cost, at which point they can be changed back to being a public utility (cost plus pricing model) instead of a SOE which must return a profit based on the valuation of the assets.

              I’d like to see that with all similar infrastructure (critical to the nation, natural monopoly).
              Chorus is an obvious choice as well.
              As is removing the infrastructure (track mainly) from NZ Rail so the planning focus changes from what is profitable to NZ Rails books to what profits New Zealand as a whole; the closure of the Napier – Gisborne line being a good example of what is good for NZ Rails books is definately not in the public interest.

              • Tat Loo …
                24 October 2013 at 11:58 am

                You can take steps to gradually depress the share price as well. Like capping the profits that the generators can make.

                • Naturesong …
                  24 October 2013 at 12:05 pm

                  Yup

                  I would suggest the market not be depressed too much though, lest the Labour / Green govt be seen to be vindictive.
                  Keeping it at ipo level is fine.
                  Investors come away with their dividends and no loss of capital, and focus is rightly kept on the wankers that sold them off in the first place.

              • Draco T Bastard …
                24 October 2013 at 12:01 pm

                None of that make sense. All you’re saying is that the Cullen fund should buy the shares back slowly over time which would cost us more in lost dividends.

                Much better to have the Cullen fund slowly buy back all the shares at market price, when that market price is at or below the initial ipo price.

                The shares are already below IPO and the government can legislate the entire buyback at the current share price.

                • Naturesong …
                  24 October 2013 at 12:10 pm

                  I’d agree with simply buying back the lot if they remained at below ipo level.
                  I’m not concerned about lost revenues for a year or two. Remember that NZ Power is designed to keep them from getting out of hand.
                  And all blame for lost revenues can be rightly placed at the feet of the National Party

        • Enough is Enough 3.2.1.2
          24 October 2013 at 11:29 am

          I will admit I have this inabilty you speak of.

          Please advise us of these consequences, other than some rich pricks being left a little bit out of pocket, and the nations wealth being returned to its rightful owners!!!!!!!!!!!

        • Rogue Trooper 3.2.1.3
          24 October 2013 at 2:14 pm

          “crazy” is in da house!

    • Chooky 3.3
      24 October 2013 at 10:22 am

      Te Reo Putake….+100

    • Draco T Bastard 3.4
      24 October 2013 at 11:57 am

      +111

    • Murray Olsen 3.5
      24 October 2013 at 7:34 pm

      I’d nationalise the generation companies without compensation, with the following observations:

      1. Anyone caught buying stolen goods has them confiscated. Whether they are bought on the stock exchange or out the back of the pub should not make a difference.

      2. Anyone who wants to get richer from increased prices so that they make a few bucks every time a poor kid catches rheumatic fever deserves nothing.

    • dave 3.6
      24 October 2013 at 9:47 pm

      far better to introduce nz power destroy the share price then buy them back

  4. Philgwellington Wellington 4
    24 October 2013 at 8:45 am

    Xox
    Like your thinking Te Reo. That would stir the pot! Just read some nonsense from a Jamie
    White, in The Herald, proposing
    economic mumbo jumbo. The
    tory’s must be getting desperate to seek out this economic tripe from a Cambridge, I think the appropriate term is educated(?) economist RWNJ. Have a read and a good laugh.

  5. Will@Welly 5
    24 October 2013 at 9:13 am

    I signed up to buy shares in Mighty River Power just to get the Tories all enthusiastic, but with no intention of buying. With Meridian, I didn’t even bother. Publicly they will never admit defeat, but gee, talk about the proverbial hitting the fan – this is real egg on the face. First, the mum’s and dad’s don’t really show up – how can they, they don’t have the dosh – then the share prices plummet, and in the second float, no one turns up. What mugs – creditability lost. Let’s hope the people remember.

  6. lez howard 6
    24 October 2013 at 9:48 am

    The problem is the People have said NO to Asset sales But National is not listening. When was the last time National had three terms?

    • Tat Loo 6.1
      24 October 2013 at 10:09 am

      1990-1999 Bolger and Shipley

      National has always had at least 3 terms in power, since it’s formation.

      If Key takes the Blue ship down in 2014, it will be a historic, record breaking 2 term defeat for National.

      • Richard Christie 6.1.1
        24 October 2013 at 1:30 pm

        2 terms only … of course, the MMP environment would also to have considerable bearing on such a result, would it not?

        • Rogue Trooper 6.1.1.1
          24 October 2013 at 2:21 pm

          pleasantly so

        • Puddleglum 6.1.1.2
          24 October 2013 at 2:22 pm

          Yes, since Muldoon would have probably been only one term if MMP had been around then (depending on who Social Credit would have gone with).

          • Puddleglum 6.1.1.2.1
            24 October 2013 at 2:28 pm

            In fact, if both Social Credit and Values had coalesced with Labour in 1975, Muldoon would never have been in government. Probably unlikely given the public – and media – mood, though.

        • Tat Loo 6.1.1.3
          24 October 2013 at 2:28 pm

          Yes it would have a bearing. However both the Clark govt and the Bolger/Shipley gov were both 3 term governments under MMP (although the latter was only partly under MMP).

          So 3 terms is very do-able on the MMP environment.

          • BrucetheMoose 6.1.1.3.1
            26 October 2013 at 8:07 am

            The only thing I remember from that era was Bolger’s anesthetising personality and Jenny’s grand pastel suits, that for some odd reason, always gave me the impression they were made with cardboard backing.

        • felix 6.1.1.4
          25 October 2013 at 12:36 am

          “2 terms only … of course, the MMP environment would also to have considerable bearing on such a result, would it not?”

          Indeed Richard, if Key fails in 2014 his will be the first ever MMP govt of either stripe to not win a third term.

  7. lez howard 7
    24 October 2013 at 10:29 am

    Thanks for that, Lets hope its with all hands

  8. Natwest 8
    24 October 2013 at 11:41 am

    Hang on! – they got the float away, $1.9bn – so where is the flop? They were probably looking around $1.55 to $1.60 per share, but with all the political threats from the left, $1.50 was a very good result under the circumstances.

    • Te Reo Putake 8.1
      24 October 2013 at 12:02 pm

      Read the post, the answers are there. In summary, sold for less than value, to very few kiwis, and sales costs higher than budget.

    • framu 8.2
      24 October 2013 at 12:41 pm

      “The sale raised a $1.2 billion less than National thought it would.”

      theres the flop you idiot

      • Richard Christie 8.2.1
        24 October 2013 at 4:02 pm

        No, the object wasn’t to raise capital, that was merely the excuse given. The object was, and always has been, to transfer control away from the commons.

        Nats consider it a success because it is concluded. Considerable success.

        The rest of us can scream as much as we like, they will just smirk.

        • Puddleglum 8.2.1.1
          24 October 2013 at 10:31 pm

          Sadly, I think that’s true.

          This is not about the fiscal management of the government’s books; it’s about ideology – or, better, it’s about undermining the presence of the public sector as a buffer against private profit for major players from essential public infrastructure.

    • QoT 8.3
      25 October 2013 at 9:46 pm

      “political threats”

      You mean “being open about their policies”? It’s not Labour and the Greens’ fault that investors know they’re going to win in 2014.

  9. dv 9
    24 October 2013 at 11:46 am

    Just a point about the NATS excuse that the proposed NZPower caused the problems.

    All that really highlighted was the political risk in the market, what the Nats didn’t do very well is manage that risk.
    The drop in the MR share price will not have helped.

    It will be interesting to see if the Meridian price shows the same trend.

  10. Draco T Bastard 10
    24 October 2013 at 12:36 pm

    The sale raised a $1.2 billion less than National thought it would.

    Well, there goes the 2014 surplus that National was banking on.

  11. AmaKiwi 11
    24 October 2013 at 1:33 pm

    A digression, but perhaps helpful.

    I was in Turkey. Petrol was $8 a liter. Why so expensive, especially since Turkey borders on two of the world’s largest oil producers, Iraq and Iran?

    Turkey has a growing middle class whose standard of living is comparable to NZ. But it also has a significant number of rural subsistence farmers who have no power, no indoor plumbing, no cars, and probably no bank accounts.

    The petrol tax is a Turkish alternative to income taxes. If you are rich enough to own a car you should pay to support all public services.

    When our government owned all the power companies, it also effectively set the power prices. It could have increased power prices ten fold and done away with other major forms of taxation. Or it could have cut power prices to virtually nil and upped other taxes. Power prices were a source of government revenue similar to taxes.

    For Key and others to think we would turn over pricing of this essential monopoly to private owners so they could make huge profits for themselves was wishful thinking. For them to complain is the height of arrogance.

    • Draco T Bastard 11.1
      24 October 2013 at 1:57 pm

      For Key and others to think we would turn over pricing of this essential monopoly to private owners so they could make huge profits for themselves was wishful thinking.

      Key and co don’t care about what we want, they only care about themselves and their rich mates making government guaranteed profits.

  12. vto 12
    24 October 2013 at 1:44 pm

    Dontcha get the feeling that John Key is walking around with embarrassment today at such a flop?

    You see, he aint gonna get there is he. He is going to stall and fart just before he reaches the peak and tumble in full view al the way back to the valley floor of the commoners… It has already started.

    • Draco T Bastard 12.1
      24 October 2013 at 1:58 pm

      Dontcha get the feeling that John Key is walking around with embarrassment today at such a flop?

      Psychopaths don’t feel embarrassment or guilt.

      • Naturesong 12.1.1
        24 October 2013 at 2:14 pm

        If you plug in answers to this levinson test that are consistant with John Keys public persona he rates higher for primary pschopathy than 98% who have taken the test.
        http://personality-testing.info/tests/LSRP.php

        • King Kong 12.1.1.1
          24 October 2013 at 2:36 pm

          I started plugging in details about what is publicly known about Cunliffe into this one Narcissist test

          Unfortunately the internet blew up before I got to the end

          He scored scarily high in this one too Are you a pedophile?

          [lprent: More likely you were projecting your own character on to the screen since you don’t know actually know him personally. That is usually what happens under those circumstances. The screen becomes your mirror as you project the worst of your own nature on to your enemies.

          It wouldn’t surprise me at all. ]

          • vto 12.1.1.1.1
            24 October 2013 at 2:41 pm

            missed… you need to sharpen your aim and improve your humour

          • King Kong 12.1.1.1.2
            24 October 2013 at 4:11 pm

            So you would have the same opinion of those on here that call John Key a psychopath using the same method?

            [lprent: Mere opinion doesn’t interest me. But I tend to notice linked pseudo-science crap like that when I’m doing moderation sweeps. But yes the same principle applies. Why I’m interested as a moderator is because it falls under the flamewar starter where people start claiming pseudo-authority from their subjective entering of characteristics. ]

            • Chooky 12.1.1.1.2.1
              24 October 2013 at 4:59 pm

              @ King Kong….I think John Key is going to buy up all the power companies and stuff them into his own private blind trust handbag

              ….he is really an octopus who has got his finger suckers into everything and he is going to gobble NZ up

  13. captain hook 13
    24 October 2013 at 1:51 pm

    check the share register and see who got paid off.

  14. Nick 14
    24 October 2013 at 3:10 pm

    “National’s trying to blame it on Labour and the Greens because they did the right thing and informed the public of their plans for cheaper power before the asset sales started. But let’s just get this straight: the decision to sell was National’s. If they don’t think they’re getting the price that they should for the sales, then they should stop them.”

    Let’s change the context of the Green Party talking points

    Democracts are trying to blame it on House Republicans because they did the right thing and informed the public of their plans to defund Obamacare before the government shutdown started. But let’s just get this straight: the decision to vote against spending bills was Senate Democrats. If they don’t think the government should have shut down, then they should have voted for the Republicans spending bills.

    In other words, it doesn’t matter who makes the final decision. National ran on a platform of partial privitisation. Labour stuck the knife in knowing full well that National wouldn’t change its mind. And this policy was all about the sabotage. I don’t believe that Labour/Greens genuinely thought think this policy is a good idea, no one with any credibility takes it seriously http://www.scoop.co.nz/stories/BU1308/S00083/labour-greens-power-policy-is-bass-ackwards-wolak-says.htm

    • richard 14.1
      24 October 2013 at 3:36 pm

      Try to do some research before going off half cocked and repeating half truths.

      Frank Wolak was on the Market Surveillance Committee of the California Independent System Operator which bought about the conditions for Enron to grossly overcharge for California’s electricity. So he is hardly a credible analyst of NZ’s electricity market –
      – http://www.pbs.org/wgbh/pages/frontline/shows/blackout/interviews/wolak.html

      As NZ has a fetish for overseas experts, no matter how flawed they are, The Commerce Commission asked him to look at NZ’s power setup. In 2009 he did this report report for the Commerce Commission. I know, there’s a lot of reading there, so here’s a bit from the Commission’s press release:

      By comparing the actual wholesale prices with hypothetical competitive benchmark prices, Professor Wolak estimated that the wholesale prices charged over the period 2001 to mid-2007 resulted in an extra $4.3 billion in earnings to all generators over those that they would have earned under competitive conditions. This suggests that wholesale prices were, on average, 18 per cent higher than they would have been if the wholesale market had been more competitive, and the gentailers had not been able to exert market power. Less competition was especially evident in the wholesale market during the dry years of 2001 and 2003, when additional earnings attributable to the exercise of market power are estimated at $1.5 billion in each of those years.

    • Draco T Bastard 14.2
      24 October 2013 at 4:17 pm

      I don’t believe that Labour/Greens genuinely thought think this policy is a good idea, no one with any credibility takes it seriously

      Actually, it’s only the sociopathic types that don’t take it seriously. The people who believe in Randian Super-Heroes.

      • McFlock 14.2.1
        24 October 2013 at 4:25 pm

        The sort of people who blame the other side for calling their bluff, rather than taking responsibility for the game of brinkmanship that they themselves started.

        Especially when they go through all of that and still give the other side it’s initial asking position for lack of an understanding of the word “negotiation”.

    • Murray Olsen 14.3
      24 October 2013 at 7:53 pm

      Please take your TeaBagger type rubbish elsewhere. Your scenario suggests that the opposition’s only responsibility is to cheer the government on.

    • Pascal's bookie 14.4
      24 October 2013 at 8:56 pm

      In other words, it doesn’t matter who makes the final decision. National ran on a platform of partial privitisation. Labour stuck the knife in knowing full well that National wouldn’t change its mind.

      Laugh.

      Once again, the classic right wing version of personal responsibility, where it’s all every one else’s fault. National simply had no choices. Oh Noes, they lost the ability to make decisions! They turned into mechanical beasties!

      there was nothing, repeat, nothing, stopping John key making a speech along the lines of::

      “Ok this L/G policy changes things. We don’t like it and we think it is stupid, but the polls say a lot of you like it.

      And they show that a L/G govt is quite possible by the end of next year. Now that creates uncertainty about the future value of these companies. The responsible thing to do therefore, as we see it, is to go to the country and let you make your choice.

      We were elected on a policy of partially selling these companies. That is what we think the best thing is to do. We stand by that belief still.

      However, given the uncertainty, the price the Crown gets for these assets would be diminished.

      We are not prepared to waste that money. We think L/G are not serious about this policy and that it is aimed at sabotaging the price for political reasons. We find that abhorrent, and irresponsible, and that’s why we are giving you the choice. Vote for us again, to do what we said we would do, or vote for them and their wacky stalinist devilbeast.”

      It’s not the Greens or Labour’s fault he didn’t say that. It’s his fault. His choice.

      But he didn’t make that choice. Coz the MOM policy is a dog and everyone knows it. It’s a half arsed privatisation riddled with political considerations that reduce the price the Crown gets and dilute whatever slim benefits there are to be gained from moving away from an SOE model. He knows what would happen if he went to the country, and wants to makes sure he at least gets these sales done before he gets thrown out. It’s the stupidest sort of ideology driven process imaginable.

      And it is nothing like the US situation. There are no legislative roadblocks here. there is just a policy that a lot of voters apparently like and is quite possibly going to become the law.

  15. chris73 15
    24 October 2013 at 5:28 pm

    At worst Labour will buy back the shares at the price they were sold at which means I’ll lose 2/5 of f all plus I’ll get some dividends in the bargain and it’ll take some time for them to work out to do it so its all good

    At best Cunliffe will use his previous weasle words to say why the buy back won’t happen and then the share prices go up because there’ll be certainty

    Of course this can only come to pass if Labour manage to form the next govt

    So all in all its going to be exciting for the next wee while 🙂

    • ScottGN 15.1
      24 October 2013 at 5:42 pm

      Except that Labour and the Greens will most likely just enact the NZ power policy they’ve already outlined which, if Mr English is to be believed will further depress the share prices the energy companies can command. Interesting too to see that former British Conservative PM John Major has urged current PM Cameron to regulate and tax the super profits being generated by energy companies in the UK. Maybe we should look at that here as well.

      • chris73 15.1.1
        24 October 2013 at 5:55 pm

        “Except that Labour and the Greens will most likely just enact the NZ power policy they’ve already outlined”

        – I’m not disagreeing with you (unless Cunliffe realises he can’t do it but thats a different issue) just that I don’t think it’ll happen as quickly as people on here would like it to

        • Tat Loo 15.1.1.1
          24 October 2013 at 6:25 pm

          Agreed; I can’t see NZ Power coming into consumer affect until Q4 2015 or Q1 2016, at the earliest. There would

    • BM 15.2
      24 October 2013 at 7:00 pm

      If Cunners ruled that the shares will be repatriated,I’d actually say you’d do quite well

      He may utter the words of some deranged mad man but the fork tonged rich prick from Herne bay knows how the game works.

      Repatriate the shares with no compensation and money will flee the country faster than water going down a plug hole, so to placate the foreign investors the shares will be brought back at something like $3.00 a piece.

      Sucks for the tax payer but great for the share holder, you’d be mad not to buy as many shares as you can.

      • chris73 15.2.1
        24 October 2013 at 7:19 pm

        I don’t know it’ll be that generous (it’d be nice) but I imagine that the quickest way to make sure that foreign capital doesn’t invest here is to take overseas share holders shares without fair recompense I mean if Labour did that why would an overseas company invest here…

      • Murray Olsen 15.2.2
        24 October 2013 at 7:57 pm

        But weren’t they all sold to Kiwi mum and dad investors? Where did all these foreign investors come from, and why do they have other money hard at work exploiting us? Did Key tell porkies?

  16. Dumrse 16
    24 October 2013 at 8:09 pm

    Treasonous talk of nationalisation has cost the country billions. Cuntliffe won’t repatriate shares, he’s not that stupid.

    • Draco T Bastard 16.2
      24 October 2013 at 9:43 pm

      It’s actually selling the assets against the will of the country that is treasonous.

      • Dumrse 16.2.1
        25 October 2013 at 8:09 am

        So it’s just a pissing competition to see who was treasonous first. Let’s start here… Something that’s not hard to find.

        Labour sold a total of 15 assets…….

        What this shows is that National have acted entirely properly with their partial asset sales, and in fact it was Labour that did everything they accuse National of doing.

        There’s politicking and there’s just fucking dribble…..

        • richard 16.2.1.1
          25 October 2013 at 8:11 am

          Zzzz

        • Draco T Bastard 16.2.1.2
          25 October 2013 at 9:51 am

          And the RWNJ comes back with the <Labour did it toooo whinge. Yes, Labour did it too and they were just as wrong.

          What this shows is that National have acted entirely properly with their partial asset sales, and in fact it was Labour that did everything they accuse National of doing.

          Didn’t you teachers ever teach you that two wrongs don’t make a right?

          BTW, I’m not a Labour supporter.

        • thatguynz 16.2.1.3
          25 October 2013 at 10:56 am

          You’re a fucking muppet, in fact – clearly you picked your nom de plume well.. I challenge you to find one post on this site indicating support for Rogernomics (which is precisely the basis for your argument).. Shouldn’t be too hard right?

  17. Gruntie 17
    24 October 2013 at 8:55 pm

    John Key is a cunt

  18. finbar 18
    24 October 2013 at 9:15 pm

    Understand capitalism.Dump cash on that for the next while get a few bucks,look they are selling for 6 50,look how much business has been around them,got to get some of them,short term profit there.Who!s this 1 60,be dead by the time they pay me a return.No like the 6 50 one its playing and might return a buck.

    Ain!t the capitalist mind a conundrum of profit, never mind the cost on the producer.

  19. Outofbed 19
    24 October 2013 at 10:37 pm

    The Brits sold of power cos they said it would be cheap competitive power for all
    what happened?
    http://www.theguardian.com/politics/2013/oct/23/sketch-major-marxist
    Seems like old people freeze in the winter unable to afford heating whilst profits soar

  20. Ross 20
    24 October 2013 at 10:51 pm

    +1 Dracos right
    Tory treason alright. Sale irrationally driven by greed and pig headed mess. Selling an asset that should never have been fir sale, and at far below its true market value is the real destruction of value here. Basically reckless trading. Hmm That’s familiar.

    The people said no ,were ignored, and did a no show for the ipo. And thats on the back of the MRP epic fail many months earlier.

    Watch out for a desperate early election call as it all turns to shit for Quiche and the Nats….actually it already has.

    Bring on 2014

    • Draco T Bastard 20.1
      25 October 2013 at 12:08 am

      Watch out for a desperate early election call as it all turns to shit for Quiche and the Nats

      Nope, won’t get one. The Nats will hold the election on the last possible date so that they can continue to give our wealth to their rich mates.

  21. Bruce 21
    25 October 2013 at 3:31 am

    And yet again we have another Dumb and Dumber moment. Right wing: We have done it your way for at least the last twenty-three years. Stop selling our assets. You’re selfish just admit it.
    Your policies send Kiwis to Australia, and worse you campaign to stem the flow or bring them back.

    • Tat Loo 21.1
      25 October 2013 at 8:33 am

      1984 to 2013…29 years now…lots of young adults have only known a NZ post-Rogernomics, post-Ruthanasia.

      The gift to our young from today’s middle aged voters.

  22. Ad 22
    25 October 2013 at 9:03 am

    God this last sale makes me really angry.

    So many decades of tax gone into that asset from millions of people, to be sold to a crowd that would hardly fill the stand of the Gisborne Rugby ground.

    I simply want a competent government.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • NZ welcomes Australian Governor-General
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