Today’s Economic Roundup

Written By: - Date published: 10:16 am, March 10th, 2011 - 34 comments
Categories: business, economy, monetary policy - Tags:

The Reserve Bank has this morning slashed interest rates by 0.5%.

This is good news for mortgage-owners as the major banks have dropped their floating rates by the same amount.  It is less good news for drivers as this will continue the slide of the kiwi dollar, and the ever-rising oil prices will rise even faster in New Zealand dollar terms.  Expect to hit record petrol prices within a couple of weeks.

Bernard Hickey worries the cut will lock in inflation, with it already forecast to shortly rise over 5%.  Briscoes were already suggesting a lean year for importing retailers as people don’t buy and the rise in dollar cuts margins.

The Reserve Bank felt compelled to make the cut as the earthquake will mean that the likely 2 quarters of recession (last half of 2010, cause: National’s policies) will become a definite 3 quarters of recession as the earthquake wipes out any chance of improvement in the first part of this year.   And it’s also good news for our farmers with record commodity prices combining well with a weaker dollar meaning they get more NZ$ for their output.  Indeed a weaker dollar is generally better for the economy as it helps our exporters and discourages us from buying foreign goods – that’s why China keeps the yuan artificially low.

Away from that, with Auckland suffering a housing shortage, 15,000 families awaiting a Housing NZ home, and now 10,000 homes in Christchurch destroyed and needing replacing, Sovereign Homes has gone into liquidation due to a lack of new building.  Formerly employed skilled tradesmen are joining the exodus overseas.  Like a number of firms, Sovereign struggled through 2008 & 2009, only to be taken out by National’s double-dip recession.  Economists expect more firms to follow suit.

34 comments on “Today’s Economic Roundup ”

  1. Sanctuary 1

    We’ve got an economy under the strain of surging inflation and a double dip recession. Bill English’s only “solution” seems to be the final solution.

    After three years of National we’ve got the most serious economic death spiral on our hands since the 1930’s. What is worse, Bill English and John Key are in total denial – they are actually claiming people are better off! Jesus wept.

    They have not got a single idea what to do next, beyond more from the Herbert Hoover playbook of economic disaster.

    • ZeeBop 1.1

      We have a housing shortage, a exodus of skills, a government that excels in adding extra uncertainty to the mix in their useless leadership of delusion and lies. Citizens make our economy and citizens are voting with their feet heading for the airport. National think nothing about raiding savings, pushing wages lower, pouring water on safety nets forcing employees to travel with a larger financial buffer and hold off buying a home. Oil prices are up again! National have done nothing for two years as everyone knew they would return! How can anyone still trust National?

  2. Colonial Viper 2

    Stagflation

    Strangely, many economists don’t think it can happen (according to their BS monetary theories), but those who do often see it as a result of a massive bubble bursting resulting in high unemployment yet increasing prices from the left over concentrated wealth of the bubble.

    http://en.wikipedia.org/wiki/Stagflation

    Bill and John won’t know how to cope with this situation. They have a couple of months tops to set things right or the next Labour Govt will have a shitload of firefighting work to do next year.

    • Rosy 2.1

      “Strangely, many economists don’t think it can happen”
      Weren’t they around in the 1970s?

      • Colonial Viper 2.1.1

        Yes you are quite correct. They didn’t think it could happen at that time, and then it did happen, (after which of course they had to concede it was a possibility) but their theories AFAIK are still extremely uncertain as to what caused it and whether it could happen again.

        The original idea was simple – in times of high unemployment, aggregate demand in the economy would fall, hence inflation would be low. That’s not the way it panned out in the 1970’s as you know. Rising fuel prices then (oil shocks) were a major contributor. And we may be facing oil shocks again in the next year.

        • Bored 2.1.1.1

          History never repeats….yeah right.

          The vast majority of economists follow the established orthodoxy, which I say cynically is very linked to their paymasters best interests. This gives a massive incentive to remain orthodox even when all evidence is to the contrary, selective vision being the symptom. Its been the same with tea leaf readers, chickens entrail examiners and other high priests since forever.

          One thing the economists are going to find very hard to get their thinking around is not only stagflation but also the end of “growth” as they currently measure it. Schumakers Small Is Beautiful is a good place for them to start.

        • The Economic Illiteracy Support Group 2.1.1.2

          In this case the cause of stagflation is easy to spot – there are hard limits being reached on essential economic inputs such as oil and metals, which is driving up import prices. This is effectively “imported inflation” which is 100% resistant to any Reserve Bank policies; the inflation due to demand outrunning supply in the world markets will occur no matter what the interest rates are in NZ.

          So we are stuck in a strange hybrid world – the external economy is inflating as demand outruns supply, but the internally traded NZ economy is heavily deflationary as local growth contracts; hence stagflation. The effect can be seen in your weekly grocery bill (or petrol tank fill) where anything that is traded internationally as a commodity (petrol, milk, wheat) or which depends on one of those commodities as an input is rapidly increasing in price. On the other side of the equation, the value of locally produced goods and services that are not critically dependent on commodities (say, a haircut) are decreasing in value as too much supply chases too little demand. This will continue until demand destruction due to high prices in the commodity markets occurs, and prices fall internationally, eventually flowing through to the local NZ economy.

          Thankfully Alan Bollard is not the extremist ideologue that Don Brash was, and seems to recognise that the internal deflationary challenges are where he should be focusing his attention, rather than trying to choke off imported inflation by increasing interest rates (which is an insane policy almost by definition).

          And just as an aside, the country’s experience over the last 12 months indicates that strongly rising prices for our international commodities (i.e. dairy) completely fail to flow through to the wider economy. The benefits of high dairy prices are felt amongst Fonterra’s 11,000 shareholders and their direct suppliers, but not much wider than that If commodity prices were a magic bullet, the country would not have gone into recession in the fourth quarter of last year.

          • Colonial Viper 2.1.1.2.1

            This will continue until demand destruction due to high prices in the commodity markets occurs, and prices fall internationally, eventually flowing through to the local NZ economy.

            Unfortunately when we talk about “demand destruction” surrounding dairy, hort and ag products we’re basically talking about starvation in many quarters of the developing world, combined with food poverty in the developed world. Yeah that should be an oxymoron I know.

            • The Economic Illiteracy Support Group 2.1.1.2.1.1

              Given that the current neoliberal orthodoxy only allows one kind of rationing – price – I think you’re entirely right. I do wonder what people in a few hundred years time will think of that kind of moral bankruptcy.

    • Draco T Bastard 2.2

      From what I can make out, stagflation is a result of the fact that fixed costs cannot be removed. This means that every business needs a minimum income to cover those costs but, with rising unemployment, more and more people spend less reducing turnover which means that profit on each individual item needs to be higher to get the same total return.

      Businesses are putting up prices to cover their fixed costs (which are also rising) as turnover reduces due to unemployment and laying off people to minimise their variable costs which reduces turnover.

      • Herodotus 2.2.1

        DTB not just fixed costs – So not only are nontradables going up e.g. power, rates. But also what our economy is based on oil, but this is compounded by the commencement of a devaluing currancy, which then negates what has previously kept inflation low – Imported consumables.
        In your “with rising unemployment, more and more people spend less reducing turnover which means that profit on each individual item needs to be higher to get the same total return.” there are only a very few industries that are able to do this – primarily The Banks, Power coys, potentially supermarkets . Around either 7:15 or just after 8:00 on ZB there was a spokesperson for NZIER and Bank economist talking about chances of OCR cut. The NZIER even commented regarding the banks ongoing profitable levels being maintained.

        • Colonial Viper 2.2.1.1

          Banks have become a parasitic leach on the economy.

          Even as the host turns anaemic and pale they keep sucking at the same rate.

  3. Pascal's bookie 3

    P1)We have an independent reserve bank tasked soley with monetary stability.

    P2)We have inflation running at around 4-5%

    P3)The official base rate was just cut to 2.5%, or about half the current inflation rate.

    ergo

    C) Is that the time? Goodness me.

  4. Bored 4

    For all you watchers of trends….the DOW Jones average which was at 14000 in October 2008, crashed to around 7000 in March 2009. With the bailout it has run back up to 12000 today.

    Oil in September 2008 spiked to US$120 per barrel…it has increased in the last month by 20% to US$105, with Brent Crude reaching US$118. Concurrently corn has increased in price during the last year by 93%.

    We in NZ are at the periphery of the empire. They sneeze, we catch colds. Draw your own conclusions.

  5. Salsy 5

    The company i work for just announced we are going to be forced to do a 4 day week. It feels like the beginning of the end – theyve been losing money for a while now. My partner works so if i lose my job we still survive plus I can freelance. What worries me the most, is all the people who have families and mortgages depending on that income, really sad…

    • Colonial Viper 5.1

      Can the company do better than it is at the moment?

      Could the employees buy it out for nothing and turn it into a worker owned co-op?

      • neoleftie 5.1.1

        ohhh that is interesting..actaully if the govt can loan money to the mediacorp then why not set up a fund at no or small interest and loan it for start-up worker Co-ops.
        Will look for productivity figures based on Co-ops vs traditional ownership models

  6. neoleftie 6

    well the oucome is looking increasingly dark – did you notice the bodylanguage and language of bollard – “Uncertainity”, “I hope” and “unknown” were some of the words used to discribe the current economic situation. Cutting the ORC is all well and good but wage rise pressure ( RAISED MIN WAGE ) and increased import prices are all causing inflationary effects.
    The system is very very unbalanced and spiraling downwards.
    Interest rate have fallen already in response to the fall in the ORC but this just wont stimulate internal business investment to the levels needed to stabilise the job market, decrease unemployment and in turn increase private spending. Businesses are struggling now, profits down,..spiraling out control..

    Tories are in a massive bind now..
    1) can they reprioritise spending without casuing unemplyment to rise? ( peter to paul )
    2) can they borrow more to prop up the economy? prudent advice suggests no.
    3) they cant cut the tax rake as there is a projected short-fall over the next 3 years.
    4) the cant print more – too many inflationary influencers now.

    options anyone???
    Look to cunliffe to expand the tax rake
    – tax short-term monetary flows.

    • Zaphod Beeblebrox 6.1

      If you adopt 4) you don’t need to worry about 2). The increased tax take due to improved spending will mean you don’t need to worry about 1) or 3) either.

      What about inflation you say? Well things like oil prices, food prices and insurance aren’t affected by anything they do- so whats the harm, its not like NZ businesses or strapped for work and customers at the moment.

    • Colonial Viper 6.2

      The Tories actually have some options, but they will not consider them seriously because they are ideologically incongruent with what National has already planned out.

      As someone else mentioned today, large portions of the inflation NZ is experiencing is imported inflation. Nothing we do onshore is going to affect that. Food prices are high because we are being forced to pay global rates, not because we are willing and able to pay more for milk. Changes in the OCR or printing money won’t change that. Petrol is high because we are being forced to pay global rates, not because we are able and willing to pay more for premium. Changes in the OCR or printing money won’t change that.

      Further, why should annual inflation of 5% or 6% be considered a problem, when unemployment at close to 7% is no big deal?

      What I would suggest –

      1) Tax and spend. Create direct employment, bump up benefits, expand services and facilities for citizens, lower the low band income tax rate. This will push money into the economy.

      2) Destroy debt. Print every adult NZ citizen a cheque for $1000 which can be used only to pay down bank and utilities debt incurred before 2011. (A slightly higher level of inflation destroys debt faster as well).

      3) Low interest, low fee loans to productive enterprises for capital equipment. (e.g. through KiwiBank)

      If it becomes necessary to control inflation.
      – Jack up the income tax rate on higher earners and middle income
      – Raise bank CFR
      – Increase compulsory element of KiwiSaver.
      – Make it harder to qualify for personal loans and loans for 2nd and 3rd properties.

      In general we also have to reduce our use of oil because oil is gonna be very expensive.

      edit – I see Zaphod you made some similar points

      • neoleftie 6.2.1

        Yes CV but tax who and at what rate? realistically.
        We cant print money as this is hugely inflationary, obviously we face enough inflationary measure offshore that is impacting on consumable prices lessening spending.
        This is hunker down / batten the hatches time for the private sector facing huge uncertainity.
        The state must step up expenditure but how?
        See we are in a bind even with the ten billion of offshore insuance money that is going to flood into the economy in about 6 – 18 months

        • Rosy 6.2.1.1

          A robin hood tax I’m still trying to see the downside on this. The financiers that caused the problem shoulder some of the burden.

          • neoleftie 6.2.1.1.1

            that Rosy is something that all those of the wide left totally agree about…ping the hotmoney men, the speculators who just take take take and do nothing for the common person apart from massive contributions in private spending.

            • Rosy 6.2.1.1.1.1

              Meanwhile we sit on our hands waiting for Labour to provide more background on their economic policy.

              • Herodotus

                A robin hood tax I’m still trying to see the downside on this. Whilst we have a base current aqcount deficit – Sure since Nat got in this has reduced from 8% to about 2%. Much of this is attributable to that NZ took heed of our debt problem, many individuals/families cut expenditure and reduced debt due to the foreseable looming issue that is here. Uncertainity of jobs.
                The issue is globalisation – NZ legistales for this tax – Multi nats look else where where their money earns greater returns for marginal risk (remember that as our debt levels increase and there are only a few industries that ean there way here) our risk profile increases and we pay premiums for offshore money. So there is potential exit offshore NZ then goes back to the late 70’s when govt had to control money flows. Farmers had to have offshore $ to buy cars machinery etc. How else could this effect us – lack of immigrants wanting to enter, lack of repatriation, reduced offshore technol;ogy e.g. up to date medical facilities. And unlike your link NZ is not a financial hub yet ( it will come JK has this as an aim ) with institutionalised banking system as London is.
                then there are multi nat who just float around the world utilising arbitage leverage to pick and choose what is best for them. e.g.
                http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html
                defination of Arbitage Leverage for assistance
                http://en.wikipedia.org/wiki/Arbitrage
                Unfortunately we are price takers, having to accept whatever the world will offer to us, not price setters.
                And printing more $$ does not contribute much to the money supply. Think of all the kiwi$ that have been created out of nowhere bythe banks
                http://www.economicshelp.org/blog/inflation/money-supply-inflation/
                http://en.wikipedia.org/wiki/Money_supply
                Must be getting late and I am being lazy 2 wiki links in one post !!!

                • Rosy

                  These links make me even keener on a transaction tax limited to speculative financial transactions.
                  “The German and French governments are both pushing this; Austria and Spain are in support and today the European parliament threw its weight behind a tiny tax on financial transactions that could help us fulfil our commitments to tackling poverty and climate change, and help prevent such huge cuts in public spending…The European politicians voted on resolutions that concluded that if imposing the financial transaction tax worldwide was too difficult, then the EU should press ahead and impose it at a European level.”

                  Even the IMF believe financial institutions should be subject to new taxes, although it favours a bank levy and a financial activities tax on the sector’s profits and pay . Although as you point out banks can avoid profit-based taxes as Barclays has shown. A tax on speculative transactions would be far harder to avoid.

        • Zaphod Beeblebrox 6.2.1.2

          Govt bonds, low interest rates or printing money. What’s the diff?

          • neoleftie 6.2.1.2.1

            depends on the mix and inflationary affect

            • Zaphod Beeblebrox 6.2.1.2.1.1

              With low interest rates the money is borrowed from off-shore with the others you don’t have to borrow a cent. If you have excess human and economic capacity I really don’t see whats the problem with creating more of your currency.

              The US Fed did it and are they are hardly having horrendous inflationary problems.

              Japan responded to their economic slowdown in the 1990s by choking off government spending and they ended up with zero interest rates and virtual deflation- didn’t work out well for them.

        • Colonial Viper 6.2.1.3

          In an industrialised productive economy with high unemployment printing money is not inflationary.

          If that money is used to destroy debt for instance, and not put into general spending, it definitely is not inflationary.

          If that money is put into productive equipment, it definitely is not inflationary.

          You asked who we should tax. I would say that is the wrong question. The correct question is what should we tax. And the answer is – assets and land/property. Possibly also financial transactions.

          The state must step up expenditure but how?

          I already told you in this posts and above. Start cutting cheques for people to use. Start employing people directly. Get projects on the boil.

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    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
    4 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
    5 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 ...
    6 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
    6 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
    7 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
    12 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
    14 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
    14 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
    6 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
    6 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
    6 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 ...
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    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
    7 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
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  • Speech to Life Sciences Summit
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