Why the Meridian sale will go ahead regardless of cost

Written By: - Date published: 7:26 am, May 27th, 2013 - 57 comments
Categories: Economy - Tags:

When even the notoriously right-wing NZ Herald Editorial is pleading for Meridian not to be sold (just now), you know that the government’s asset sell-down is in trouble.

Add to that the fact that Mighty River Power shares are languishing three cents below their float rate and that a Meridian float is likely to knock them down further.

And then add the fact that the conflicts of interest involved in the sale of that generator are gathering negative attention from the most establishment corners, and John Key’s determination to continue seems even more bloody minded.

But that assumes that getting the best dollar possible is the plan here. It’s not. The planned sale of Meridian is about making sure this transfer of public wealth to private hands is as irreversible as possible.

Meridian’s huge value is its strategic place in the electricity system – like Mighty River it provides cheap low-carbon peaking power that can’t easily be replaced without resorting to costly to run fossil fuel plants (and suddenly it’s not low-carbon anymore).

It would be very hard to put the electricity system back together with both Mighty and Meridian sold down as both have generation that is very hard to replace. Genesis, on the other hand, has mostly fossil plants that are far more easily duplicated.

All of which means the government needs to get Meridian on the block asap if it’s to poison the well for reversal of its privatisation policy. Which is what it’s doing. And bugger the cost to taxpayers (both present and future), “mum and dad” investors, and consumers.

Of course NZ Power short-circuits this situation by not requiring reintegration of the electricity system to bring generators in line. But National is betting that large multinational shareholders will have much more leverage in negotiations with a future Labour/Greens government if they own the most strategically important generating capacity. Which is why, despite the pleadings of the Herald, the Meridian sale won’t be put on hold.

57 comments on “Why the Meridian sale will go ahead regardless of cost ”

  1. Tigger 1

    But Granny is still saying sell, just a different asset (AirNZ). Their masters must want some planes for their toy collection.

  2. Tom Gould 2

    Enormous efforts went into getting the MRP offer across the line, ranging from overt incentives and saturation advertising to less overt pressure on ‘mates’ to calls on old fashioned political loyalty. These tactics are unlikely to work a second time. The smart end of town knows these ‘investments’ are dogs and will stay away from Meridian too. Key has painted himself into a corner, yet again. The Herald is simply being a helpful friend.

    • IrishBill 2.1

      Nah. these will be scooped up by large overseas investors. If, say, a large foreign government investor accumulates a substantial chunk of both Mighty and Meridian then implementing NZ Power will be more politically and financially costly for a future government.

      That’s what John Key and his government are counting on. It’s a cynical play from a government whose main goal is to divest government of economic power and keep that way.

  3. tc 3

    Carry on shonkey, another albatross to adorn your already stinky plumage with dead rats like kim.com, warner bros, conservation mining, tranzrail shares…..quite the collection.

  4. For similar reasons I suspect they will let Solid Energy go to the wall, just so that it can be divested.

    • GregJ 4.1

      Yep – it is interesting to see the rise of Bathurst Resources and its positioning to scoop up more NZ coal resources – no profits as yet but cash rich and attempting to re-incorporate as a “New Zealand” Company (albeit with mainly overseas owners). Must have been some fascinating conversations had when Key opened Bathurst’s NZ operations office in Wellington in March 2012.

  5. Mr Interest 5

    http://www.inthepublicinterest.org/node/457

    Myth #1: Privatization saves money.
    However: Privatization often raises costs for the public and governments.

    Myth #2: Private companies do a better job than the public sector.
    However: Many examples show declines in service quality under private contractors.

    Myth #3: Privatization allows governmental entities to better anticipate and control budgetary costs.
    However: Cost estimates are extremely unreliable and privatization can cause result in unforeseen budgetary consequences.

    Myth #4: Privatization allows governmental entities more administrative flexibility.
    However: Privatization requires substantial administrative resources for monitoring and oversight.

    Myth #5: The public still maintains control over a privatized asset or service and the government retains the ultimate ability to make related public policy decisions.
    However: Privatization can bind the hands of policymakers for years, allowing private companies significant control of a privatized asset or service and the ability to dictate important policy decisions.

    Myth #6: If anything goes wrong, the government can easily fire the contractor or adjust the contract.
    However: Reversing privatization involves huge costs and service interruptions.

    Myth #7: Companies are chosen for privatization contracts on the merits, not based on political or financial connections.
    However: Government for profit opens doors to unscrupulous behavior by politicians and businesses.

    • Draco T Bastard 5.1

      +1

      Exactly and I do wish more people would realise that. Privatisation costs us all more just so that a few people can be richer and have more power over us.

    • Peter 5.2

      Myth: Private firms will take full responsibility for all government functions
      However, they only want the profitable bits and will off-load the rest back to the state.

    • ghostrider888 5.3

      Yep

    • Roy 5.4

      Nice summary.

  6. Winston Smith 6

    Because its a better plan then the Greens can come up with (which the polls seem to indicate…)

    • Suitably Clueless 6.1

      Ha! Do you really believe that? Is that the mantra you use to get your brain to quiet down so you can sleep at night? ‘The polls say that everything is ok, it’s not an attempt at privatisation by stealth, it is just good fiscal management’ it just really doesn’t roll off the tongue like counting sheep does. The referendum will go to parliament, but unfortunately it is too late for MRP, all your shilling would have been worth if had you been one of the anointed 2% that now own a large share of one of our utilities. Now clean up the spittle, go for a walk and see what is happening to your country with these munted US/UK austerity policies. I note there is no such thing as austerity at the top of the pile, just numpties who don’t care about society, their fellow species, the environment, their next generation, and have absolutely no appreciation of history and how it can teach us lessons.

      Sorry for the spiel and rant, but the lack of intellectual vigour and critical thinking in most of your statements made me flame you like this. You seem an intelligent chap, use it, don’t just parrot Patrick Gower’s crap on the rest of us.

      • ghostrider888 6.1.1

        Like

      • Winston Smith 6.1.2

        I don’t have a large share (at least not what I consider a large share) but I have some shares and will be buying some meridian shares

        and yeah the people are now beginning to wake up to the reality of a green-led governemnt

        • One Anonymous Knucklehead 6.1.2.1

          Yes, if current polls are correct, it’ll be a reality, and they’ll be running the economy, which they’ve done a better job of since 6th December 1935. Always lower public debt, always more productive.

          Since a rising tide lifts all boats, this will even be good news for maggots like you.

          • Winston Smith 6.1.2.1.1

            the greens have done a better job since 1935?

            • One Anonymous Knucklehead 6.1.2.1.1.1

              Yes, you must be right, because they’ll be the only party in government, won’t they?

              Wake me up when you can muster a reality-based argument.

              PS: On second thoughts, who wants to sleep forever?

        • Steve Withers 6.1.2.2

          Winston: I find almost everyone who thinks a Green government would be bad doesn’t know very much about the Greens. Honestly…..most people I have spoken to who say the Greens are bad aren’t able to accurately describe even one policy in support their belief. I call it a “belief” because without anything verifiably correct to support their view, their view can’t be anything but a faith statement.

          • Colonial Viper 6.1.2.2.1

            But the Greens are tree hugging commies and Russel Norman is an economy destroying witch man

      • paul andersen 6.1.3

        good post ,agree completley,

    • Okay, you determine this from a single poll, the year before election year? That is like claiming Don Brash would win the election, what the media spin usually isn’t the reality in election year. Better to have the Greens and Labour, than Business Roundtable Inc, run by foreign corporations, for foreign corporations.

  7. Suitably Clueless 7

    Ha! Key thinks that his welfare ‘reforms’ will be one of his governments legacies. Can’t argue with that at all.

  8. KJT 8

    Come on. Do you really think that National have New Zealander’s best interests at heart with their privatisations.’

    The fact that they went of the deep end over New Zealand power shows the real motives.

    The reasons for the privatisations is to secure funding for the party from those who expect to make a killing from the power companies, add to Key’s million dollar retirement fund in Hawaii, and secure a bit of cash for the general account, so that National can paper over the loses from their bumbling incompetence and do a bit of pump priming before the election.

    They have no problem with fire sale prices. It just means their cronies can make more money of them later.

    • Winston Smith 8.1

      “add to Key’s million dollar retirement fund in Hawaii”

      – Yeah good thing no other politician has a retirement fund in the USA…

  9. Mr Interest 9

    Quotes from

    Silent Theft – The Private Plunder of Our Common Wealth
    By David Bollier

    http://www.community-wealth.org/content/silent-theft-private-plunder-our-common-wealth

    What is the Commons?

    The American commons include tangible assets such as public forests and minerals, intangible wealth such as copyrights and patents, critical infrastructure such as the Internet and government research, and cultural resources such as the broadcast airwaves and public spaces.

    We, as citizens, own these commons. They include resources that we have paid for as taxpayers, and resources that we have inherited from previous generations. They are not just an inventory of marketable assets, but social institutions and cultural traditions that define us as Americans and enliven us as human beings. Public education. Community institutions. Democratic values. Wildlife and national forests. Public spaces in cities and communications media.

    Astonishingly, Americans are losing the right to control dozens of such commons that they own. While business and technology tend to be the forces animating this silent theft, as we shall see, our government is complicit in not adequately protecting the commons on our behalf. When it is not being seduced by what has been called the legalized bribery of campaign contributions, politicians may gamely try to defend our common assets, and occasionally succeed. ………

    A reckoning of what belongs to the American people is a first step to recovering control of common assets and using them either to generate new revenues for public purposes or to protect them from market exploitation. At a time when the public purse is raided for all manner of “corporate welfare,” an analysis based on the “common wealth” offers some powerful ways to leverage assets that we the American people already own.

  10. Draco T Bastard 10

    It would be very hard to put the electricity system back together with both Mighty and Meridian sold down as both have generation that is very hard to replace.

    Nope, it would be easy – re-nationalisation without compensation.

    • SpaceMonkey 10.1

      Throw the TPPA in with that and it might be a different story.

    • Easy to do too, since NACTs have created the state dictatorship of the bourgeoisie, all we need is to vote in a workers government that repeals all this autocratic asset stripping going back 30 years and return the assets to the public domain where each shareholder is a registered voter. While we are at it we would nationalise the land and honour the Treaty retrospectively. We could compensate for loss of private assets on a case by case base subject to a means test. Corporates that have backed the NACT regime would have all their assets expropriated. Mums and dads left destitute by their greed would be granted a student allowance in liberal arts. Self-employed would be given the option of staying self-employed. Capital flights would be free and booked in advance. Any suits with suits would be denied entry and deported to Guantanamo. Any visits by Rimpac allies would be blockaded at the harbour mouths. Drones would be re-directed by hackers back to their US bases. We would rename our major cities after our mythic heroes and not Pommie toffs or false idols. In that way our art, language and culture would mimic our economic liberation. Easy really.

  11. vto 11

    In the not too distant future when building a house we will all wander down to the local hardware shop and pick a power unit off the shelf. We will then head home and screw it onto the roof and thereafter be happily provided all our power by wind and sun etc and never need a leaching power company again.

  12. coge 12

    If you want a sustainable green eco friendly investment, that actually produces an ongoing profit. Look no further than Meridian.

    • Suitably Clueless 12.1

      coge, we invested in these assets over a generation ago, why should the few invest in these assets at the detriment of everyone, and dilute their ownership in this country of ours? I don’t have $8000 spare and if I did, I would have a bajillion other uses for that money, so should, funnily enough 98% of the rest of us kiwis. Invest in an export related company or tourism, they can be sustainable.

    • Draco T Bastard 12.2

      Profit is the dead weight loss that economists have been warning us about for centuries. They just have failed to realise it and placed the blame on taxes instead.

      • prism 12.2.1

        I understand that taxes were reviled because they were imposed to raise money by the Leader to spend on wars that would both conserve and increase his powerful position. Of course taxes are used for building strong communities with healthy businesses these days. Whoops..I think I had a dream….

        • kiwicommie 12.2.1.1

          The taxes these days are used for a war on the poor and unemployed, and government hand outs for National’s business mates. 😉

          • Winston Smith 12.2.1.1.1

            The taxes these days are used for a war on the rich and self-employed, and government hand outs for the Greens’s benes mates.

            – Probably happen after the 2017 election

            • Draco T Bastard 12.2.1.1.1.1

              Small businesses have always done better under left governments.

            • prism 12.2.1.1.1.2

              Have you had a definite word about that W Smith? That would be great for those struggling whether Green or not. And many of them are self employed – no-one will give them a job so they have to do everything themselves for no better wages than a worker.

            • kiwicommie 12.2.1.1.1.3

              If by ‘rich’ you mean foreign owned corporate monopolies, and by ‘self-employed’ currency speculators – then sure.

  13. BLiP 13

    Heh! Speaking of The New Zealand Fox News Herald, it appears to be winding up an even more pro National Ltd™ agenda, just going by today’s print version. The apparent target market appears to be women. The front page banner promotes a classic celebrity tear-jerker cancer story which, needless to say, refers readers to its sister publication, TheWoman’s Weekly. Half of Page 3, a tabloid’s prime spot, is taken up with a full colour shot of a dancing whale seen off an Australian coast line. Scattered amongst the rest of the crime/All Blacks/tech-savy children/fluke health checks saving lives, are two main stories announcing that National Ltd™ will be announcing a “think about the children” and “think about the mums” policies. Only National Ltd™ can get ink when announcing that it is going to announce stuff. The “think of the mums” announcement of an upcoming announcement is subsequently featured in a double-spread further in. No mention of the fact, of course, that the heralded women’s health iniative is most likely going to be a PPP. Classic.

    Meanwhile, the political polls which came out over the weekend merit a single paragraph sideline sub-story. At least the selection of Marama Davidson gets a brief mention, even if its just a paragraph.

    (NOTE TO SELF: Get help with addiction to the cryptic and cancel subscription.)

    • ghostrider888 13.1

      Read Online; faster and more discretion possible.

      One day, a week or so a go, thought I’d catch up on the ‘lines’ of the local newspaper; took about 15 minutes to parse A Week Of It, Geez.

    • unicus 13.2

      Isnt it time that the real culprits for the destruction of what once passed as the 4th estate in this country were exposed to public scrutiny – the individuals on the Boards of Directors of Fairfax APN and the rest of the surrogate National Party propaganda machine monopolising public discourse . Exactly who are the people deciding the political direction of our country through their positions as media executives and directors . What are the financial and political interests of these people and how suitable are their characters to behave as the gate keepers of public information .

      Its time to name and shame these despicable charlatans

      • BLiP 13.2.1

        Its us – the consumers – we are the despicable charlatans for putting up with it.

  14. Mr Interest 14

    Hummmmmm, I wonder if Meridian sale has got anything to do with this:

    Smelter NZ’s Biggest Bludger

    – Murray Horton

    Every time that Rio Tinto, the gargantuan mining and processing transnational which owns 80% of the Bluff smelter, feels that its charmed existence in New Zealand is going to become less cushy, it threatens to pull the plug, close the smelter and walk away. Last time it did so (in 2008) was because of the Labour government’s proposed emissions trading scheme. This time it is trying it on as a tactic to try to pressure Meridian over its power price contract, which has already been negotiated and is due to take effect in January 2013. It has succeeded in whipping up a storm of uncertainty among its workers, the union representing some of them, the Southland public and their local body politicians

    (the above taken from http://www.converge.org.nz/watchdog/31/04.html )

  15. ghostrider888 15

    Postpone.
    Legislate to separate the retail and investment sections of banks and brokers again

  16. Ennui 16

    Now if I was Rio Tinto I might just buy a controlling interest in the power sector……

    • ghostrider888 16.1

      to make Aluminium at a loss

      • prism 16.1.1

        Ghost888
        Now that’s an interesting tax concept, make a profit on electricity shares and pay high price for electricity giving a good profit which can be transferred to a low tax or no tax entity, have the aluminium plant make a loss because of the high price of electricity which then offsets other profits somewhere, perhaps in NZ. And then claim for a tax loss and perhaps get a refund too.

        I think I put a snippet from the Ankh-Morpork city books on the site a while ago. Very amusing that the accountants guild did not pay any tax, and then claimed a tax refund of a large amount anyway. Terry you’re the bright spark that lights the way.

  17. veutoviper 17

    “Add to that the fact that Mighty River Power shares are languishing three cents below their float rate”

    The MRP shares opened at $2.47 this morning, held at that for the morning, dropped to $2.44 at midday, then to $2.42 – and as at 2.30pm are now at $2.38 after reaching a low of $2.36.

    Early days but ….

  18. Adrian 18

    If you want to strike a blow for the left ( a symbolic one at least ) lets all put in an offer with a sharebroker for MRP for say $1. 75 a share. If enough people do it it becomes the new price. Love to see Key squirm if anybody has the guts to interview him. P.s, if it gets close you can just cancel the offer if you don’t want to buy.

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    Been Here Before: To find the precedents for what this Coalition Government is proposing, it is necessary to return to the “glory days” of Muldoonism.THE COALITION GOVERNMENT has celebrated its first 100 days in office by checking-off the last of its listed commitments. It remains, however, an angry government. It ...
    3 days ago
  • Can you guess where world attention is focussed (according to Greenpeace)? It’s focussed on an EPA...
    Bob Edlin writes –  And what is the world watching today…? The email newsletter from Associated Press which landed in our mailbox early this morning advised: In the news today: The father of a school shooter has been found guilty of involuntary manslaughter; prosecutors in Trump’s hush-money case ...
    Point of OrderBy Bob Edlin
    3 days ago
  • Further integrity problems for the Greens in suspending MP Darleen Tana
    Bryce Edwards writes – Is another Green MP on their way out? And are the Greens severely tarnished by another integrity scandal? For the second time in three months, the Green Party has secretly suspended an MP over integrity issues. Mystery is surrounding the party’s decision to ...
    Point of OrderBy poonzteam5443
    3 days ago
  • Jacqui Van Der Kaay: Greens’ transparency missing in action
    For the last few years, the Green Party has been the party that has managed to avoid the plague of multiple scandals that have beleaguered other political parties. It appears that their luck has run out with a second scandal which, unfortunately for them, coincided with Golraz Ghahraman, the focus ...
    Democracy ProjectBy bryce.edwards
    3 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
    3 days ago
  • How Did FTX Crash?
    What seemed a booming success a couple of years ago has collapsed into fraud convictions.I looked at the crash of FTX (short for ‘Futures Exchange’) in November 2022 to see whether it would impact on the financial system as a whole. Fortunately there was barely a ripple, probably because it ...
    PunditBy Brian Easton
    4 days ago
  • Elections in Russia and Ukraine
    Anybody following the situation in Ukraine and Russia would probably have been amused by a recent Tweet on X NATO seems to be putting in an awful lot of effort to influence what is, at least according to them, a sham election in an autocracy.When do the Ukrainians go to ...
    4 days ago
  • Bernard’s six stack of substacks at 6pm on March 15
    TL;DR: Shaun Baker on Wynyard Quarter's transformation. Magdalene Taylor on the problem with smart phones. How private equity are now all over reinsurance. Dylan Cleaver on rugby and CTE. Emily Atkin on ‘Big Meat’ looking like ‘Big Oil’.Bernard’s six-stack of substacks at 6pm on March 15Photo by Jeppe Hove Jensen ...
    The KakaBy Bernard Hickey
    4 days ago
  • Buzz from the Beehive Finance Minister Nicola Willis had plenty to say when addressing the Auckland Business Chamber on the economic growth that (she tells us) is flagging more than we thought. But the government intends to put new life into it:  We want our country to be a ...
    Point of OrderBy Bob Edlin
    4 days ago
  • National’s clean car tax advances
    The Transport and Infrastructure Committee has reported back on the Road User Charges (Light Electric RUC Vehicles) Amendment Bill, basicly rubberstamping it. While there was widespread support among submitters for the principle that EV and PHEV drivers should pay their fair share for the roads, they also overwhelmingly disagreed with ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Government funding bailouts
    Peter Dunne writes – This week’s government bailout – the fifth in the last eighteen months – of the financially troubled Ruapehu Alpine Lifts company would have pleased many in the central North Island ski industry. The government’s stated rationale for the $7 million funding was that it ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Two offenders, different treatments.
    See if you can spot the difference. An Iranian born female MP from a progressive party is accused of serial shoplifting. Her name is leaked to the media, which goes into a pack frenzy even before the Police launch an … Continue reading ...
    KiwipoliticoBy Pablo
    4 days ago
  • Treaty references omitted
    Ele Ludemann writes  – The government is omitting general Treaty references from legislation : The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last Government in a bid to get greater coherence in the public service on Treaty ...
    Point of OrderBy poonzteam5443
    4 days ago
  • The Ghahraman Conflict
    What was that judge thinking? Peter Williams writes –  That Golriz Ghahraman and District Court Judge Maria Pecotic were once lawyer colleagues is incontrovertible. There is published evidence that they took at least one case to the Court of Appeal together. There was a report on ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' for March 15
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Climate Scorpion – the sting is in the tail. Introducing planetary solvency. A paper via the University of Exeter’s Institute and Faculty of Actuaries.Local scoop: Kāinga Ora starts pulling out of its Auckland projects and selling land RNZ ...
    The KakaBy Bernard Hickey
    4 days ago
  • The day Wellington up-zoned its future
    Wellington’s massively upzoned District Plan adds the opportunity for tens of thousands of new homes not just in the central city (such as these Webb St new builds) but also close to the CBD and public transport links. Photo: Lynn Grieveson / The KākāTL;DR: Wellington gave itself the chance of ...
    The KakaBy Bernard Hickey
    4 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
    4 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
    4 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
    4 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
    4 days ago
  • Skeptical Science New Research for Week #11 2024
    Open access notables A Glimpse into the Future: The 2023 Ocean Temperature and Sea Ice Extremes in the Context of Longer-Term Climate Change, Kuhlbrodt et al., Bulletin of the American Meteorological Society: In the year 2023, we have seen extraordinary extrema in high sea surface temperature (SST) in the North Atlantic and in ...
    5 days ago
  • Melissa remains mute on media matters but has something to say (at a sporting event) about economic ...
     Buzz from the Beehive   The text reproduced above appears on a page which records all the media statements and speeches posted on the government’s official website by Melissa Lee as Minister of Media and Communications and/or by Jenny Marcroft, her Parliamentary Under-secretary.  It can be quickly analysed ...
    Point of OrderBy Bob Edlin
    5 days ago
  • The return of Muldoon
    For forty years, Robert Muldoon has been a dirty word in our politics. His style of government was so repulsive and authoritarian that the backlash to it helped set and entrench our constitutional norms. His pig-headedness over forcing through Think Big eventually gave us the RMA, with its participation and ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Will the rental tax cut improve life for renters or landlords?
    Bryce Edwards writes –  Is the new government reducing tax on rental properties to benefit landlords or to cut the cost of rents? That’s the big question this week, after Associate Finance Minister David Seymour announced on Sunday that the Government would be reversing the Labour Government’s removal ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Geoffrey Miller: What Saudi Arabia’s rapid changes mean for New Zealand
    Saudi Arabia is rarely far from the international spotlight. The war in Gaza has brought new scrutiny to Saudi plans to normalise relations with Israel, while the fifth anniversary of the controversial killing of Jamal Khashoggi was marked shortly before the war began on October 7. And as the home ...
    Democracy ProjectBy Geoffrey Miller
    5 days ago
  • Racism’s double standards
    Questions need to be asked on both sides of the world Peter Williams writes –   The NRL Judiciary hands down an eight week suspension to Sydney Roosters forward Spencer Leniu , an Auckland-born Samoan, after he calls Ezra Mam, Sydney-orn but of Aboriginal and Torres Strait ...
    Point of OrderBy poonzteam5443
    5 days ago
  • It’s not a tax break
    Ele Ludemann writes – Contrary to what many headlines and news stories are saying, residential landlords are not getting a tax break. The government is simply restoring to them the tax deductibility of interest they had until the previous government removed it. There is no logical reason ...
    Point of OrderBy poonzteam5443
    5 days ago
  • The Plastic Pig Collective and Chris' Imaginary Friends.
    I can't remember when it was goodMoments of happiness in bloomMaybe I just misunderstoodAll of the love we left behindWatching our flashbacks intertwineMemories I will never findIn spite of whatever you becomeForget that reckless thing turned onI think our lives have just begunI think our lives have just begunDoes anyone ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Who is responsible for young offenders?
    Michael Bassett writes – At first reading, a front-page story in the New Zealand Herald on 13 March was bizarre. A group of severely intellectually limited teenagers, with little understanding of the law, have been pleading to the Justice Select Committee not to pass a bill dealing with ram ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Gordon Campbell on National’s fantasy trip to La La Landlord Land
    How much political capital is Christopher Luxon willing to burn through in order to deliver his $2.9 billion gift to landlords? Evidently, Luxon is: (a) unable to cost the policy accurately. As Anna Burns-Francis pointed out to him on Breakfast TV, the original ”rock solid” $2.1 billion cost he was ...
    5 days ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' for March 14
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Jonathon Porritt calling bullshit in his own blog post on mainstream climate science as ‘The New Denialism’.Local scoop: The Wellington City Council’s list of proposed changes to the IHP recommendations to be debated later today was leaked this ...
    The KakaBy Bernard Hickey
    5 days ago
  • No, Prime Minister, rents don’t rise or fall with landlords’ costs
    TL;DR: Prime Minister Christopher Luxon said yesterday tenants should be grateful for the reinstatement of interest deductibility because landlords would pass on their lower tax costs in the form of lower rents. That would be true if landlords were regulated monopolies such as Transpower or Auckland Airport1, but they’re not, ...
    The KakaBy Bernard Hickey
    5 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 ...
    5 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
    5 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
    5 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
  • There’s a name for this
    Every year, in the Budget, Parliament forks out money to government agencies to do certain things. And every year, as part of the annual review cycle, those agencies are meant to report on whether they have done the things Parliament gave them that money for. Agencies which consistently fail to ...
    No Right TurnBy Idiot/Savant
    6 days ago
  • Echoes of 1968 in 2024?  Pocock on the repetitive problems of the New Left
    Mike Grimshaw writes – Recent events in American universities point to an underlying crisis of coherent thinking, an issue that increasingly affects the progressive left across the Western world. This of course is nothing new as anyone who can either remember or has read of the late ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Two bar blues
    The thing about life’s little victories is that they can be followed by a defeat.Reader Darryl told me on Monday night:Test again Dave. My “head cold” last week became COVID within 24 hours, and is still with me. I hear the new variants take a bit longer to show up ...
    More Than A FeildingBy David Slack
    6 days ago
  • Bernard's Top 10 @ 10 'pick 'n' mix' for March 13
    TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: Angus Deaton on rethinking his economics IMFLocal scoop: The people behind Tamarind, the firm that left a $500m cleanup bill for taxpayers at Taranaki’s Tui oil well, are back operating in Taranaki under a different company name. Jonathan ...
    The KakaBy Bernard Hickey
    6 days ago
  • AT Need To Lift Their Game
    Normally when we talk about accessing public transport it’s about improving how easy it is to get to, such as how easy is it to cross roads in a station/stop’s walking catchment, is it possible to cycle to safely, do bus connections work, or even if are there new routes/connections ...
    6 days ago
  • Christopher's Whopper.
    Politicians are not renowned for telling the truth. Some tell us things that are verifiably not true. They offer statements that omit critical pieces of information. Gloss over risks, preferring to offer the best case scenario.Some not truths are quite small, others amusing in their transparency. There are those repeated ...
    Nick’s KōreroBy Nick Rockel
    6 days 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
    3 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
    5 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
    6 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
    19 hours 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
    23 hours ago
  • Speech to Auckland Business Chamber: Growth is the answer
    Tēna koutou katoa. Greetings everyone. Thank you to the Auckland Chamber of Commerce and the Honourable Simon Bridges for hosting this address today. I acknowledge the business leaders in this room, the leaders and governors, the employers, the entrepreneurs, the investors, and the wealth creators. The coalition Government shares your ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Singapore rounds out regional trip
    Minister Winston Peters completed the final leg of his visit to South and South East Asia in Singapore today, where he focused on enhancing one of New Zealand’s indispensable strategic partnerships.      “Singapore is our most important defence partner in South East Asia, our fourth-largest trading partner and a ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister van Velden represents New Zealand at International Democracy Summit
    Minister of Internal Affairs and Workplace Relations and Safety, Hon. Brooke van Velden, will travel to the Republic of Korea to represent New Zealand at the Third Summit for Democracy on 18 March. The summit, hosted by the Republic of Korea, was first convened by the United States in 2021, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Insurance Council of NZ Speech, 7 March 2024, Auckland
    ICNZ Speech 7 March 2024, Auckland  Acknowledgements and opening  Mōrena, ngā mihi nui. Ko Andrew Bayly aho, Nor Whanganui aho.  Good morning, it’s a privilege to be here to open the ICNZ annual conference, thank you to Mark for the Mihi Whakatau  My thanks to Tim Grafton for inviting me ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Five-year anniversary of Christchurch terror attacks
    Prime Minister Christopher Luxon and Lead Coordination Minister Judith Collins have expressed their deepest sympathy on the five-year anniversary of the Christchurch terror attacks. “March 15, 2019, was a day when families, communities and the country came together both in sorrow and solidarity,” Mr Luxon says.  “Today we pay our respects to the 51 shuhada ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech for Financial Advice NZ Conference 5 March 2024
    Speech for Financial Advice NZ Conference 5 March 2024  Acknowledgements and opening  Morena, Nga Mihi Nui.  Ko Andrew Bayly aho, Nor Whanganui aho. Thanks Nate for your Mihi Whakatau  Good morning. It’s a pleasure to formally open your conference this morning. What a lovely day in Wellington, What a great ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Early visit to Indonesia strengthens ties
    Foreign Minister Winston Peters held discussions in Jakarta today about the future of relations between New Zealand and South East Asia’s most populous country.   “We are in Jakarta so early in our new government’s term to reflect the huge importance we place on our relationship with Indonesia and South ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • China Foreign Minister to visit
    Deputy Prime Minister and Minister of Foreign Affairs Winston Peters has announced that the Foreign Minister of China, Wang Yi, will visit New Zealand next week.  “We look forward to re-engaging with Foreign Minister Wang Yi and discussing the full breadth of the bilateral relationship, which is one of New Zealand’s ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister opens new Auckland Rail Operations Centre
    Transport Minister Simeon Brown has today opened the new Auckland Rail Operations Centre, which will bring together KiwiRail, Auckland Transport, and Auckland One Rail to improve service reliability for Aucklanders. “The recent train disruptions in Auckland have highlighted how important it is KiwiRail and Auckland’s rail agencies work together to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Celebrating 10 years of Crankworx Rotorua
    The Government is proud to support the 10th edition of Crankworx Rotorua as the Crankworx World Tour returns to Rotorua from 16-24 March 2024, says Minister for Economic Development Melissa Lee.  “Over the past 10 years as Crankworx Rotorua has grown, so too have the economic and social benefits that ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government delivering on tax commitments
    Legislation implementing coalition Government tax commitments and addressing long-standing tax anomalies will be progressed in Parliament next week, Finance Minister Nicola Willis says. The legislation is contained in an Amendment Paper to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill issued today.  “The Amendment Paper represents ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Significant Natural Areas requirement to be suspended
    Associate Environment Minister Andrew Hoggard has today announced that the Government has agreed to suspend the requirement for councils to comply with the Significant Natural Areas (SNA) provisions of the National Policy Statement for Indigenous Biodiversity for three years, while it replaces the Resource Management Act (RMA).“As it stands, SNAs ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government classifies drought conditions in Top of the South as medium-scale adverse event
    Agriculture Minister Todd McClay has classified the drought conditions in the Marlborough, Tasman, and Nelson districts as a medium-scale adverse event, acknowledging the challenging conditions facing farmers and growers in the district. “Parts of Marlborough, Tasman, and Nelson districts are in the grip of an intense dry spell. I know ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government partnership to tackle $332m facial eczema problem
    The Government is helping farmers eradicate the significant impact of facial eczema (FE) in pastoral animals, Agriculture Minister Todd McClay announced.  “A $20 million partnership jointly funded by Beef + Lamb NZ, the Government, and the primary sector will save farmers an estimated NZD$332 million per year, and aims to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • NZ, India chart path to enhanced relationship
    Foreign Minister Winston Peters has completed a successful visit to India, saying it was an important step in taking the relationship between the two countries to the next level.   “We have laid a strong foundation for the Coalition Government’s priority of enhancing New Zealand-India relations to generate significant future benefit for both countries,” says Mr Peters, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Ruapehu Alpine Lifts bailout the last, say Ministers
    Cabinet has agreed to provide $7 million to ensure the 2024 ski season can go ahead on the Whakapapa ski field in the central North Island but has told the operator Ruapehu Alpine Lifts it is the last financial support it will receive from taxpayers. Cabinet also agreed to provide ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt takes action to drive better cancer services
    Health Minister Dr Shane Reti says the launch of a new mobile breast screening unit in Counties Manukau reinforces the coalition Government’s commitment to drive better cancer services for all New Zealanders. Speaking at the launch of the new mobile clinic, Dr Reti says it’s a great example of taking ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt takes action to drive better cancer services
    Health Minister Dr Shane Reti says the launch of a new mobile breast screening unit in Counties Manukau reinforces the coalition Government’s commitment to drive better cancer services for all New Zealanders. Speaking at the launch of the new mobile clinic, Dr Reti says it’s a great example of taking ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Work begins on SH29 upgrades near Tauriko
    Unlocking economic growth and land for housing are critical elements of the Government’s plan for our transport network, and planned upgrades to State Highway 29 (SH29) near Tauriko will deliver strongly on those priorities, Transport Minister Simeon Brown says. “The SH29 upgrades near Tauriko will improve safety at the intersections ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Work begins on SH29 upgrades near Tauriko
    Unlocking economic growth and land for housing are critical elements of the Government’s plan for our transport network, and planned upgrades to State Highway 29 (SH29) near Tauriko will deliver strongly on those priorities, Transport Minister Simeon Brown says. “The SH29 upgrades near Tauriko will improve safety at the intersections ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Fresh produce price drop welcome
    Lower fruit and vegetable prices are welcome news for New Zealanders who have been doing it tough at the supermarket, Finance Minister Nicola Willis says. Stats NZ reported today the price of fruit and vegetables has dropped 9.3 percent in the 12 months to February 2024.  “Lower fruit and vege ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Statement to the 68th United Nations Commission on the Status of Women
    Tēnā koutou katoa and greetings to you all.  Chair, I am honoured to address the sixty-eighth session of the Commission on the Status of Women. I acknowledge the many crises impacting the rights of women and girls. Heightened global tensions, war, climate related and humanitarian disasters, and price inflation all ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to the 68th United Nations Commission on the Status of Women (CSW68)
    Tēnā koutou katoa and greetings to you all.  Chair, I am honoured to address the 68th session of the Commission on the Status of Women. I acknowledge the many crises impacting the rights of women and girls. Heightened global tensions, war, climate related and humanitarian disasters, and price inflation all ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government backs rural led catchment projects
    The coalition Government is supporting farmers to enhance land management practices by investing $3.3 million in locally led catchment groups, Agriculture Minister Todd McClay announced. “Farmers and growers deliver significant prosperity for New Zealand and it’s vital their ongoing efforts to improve land management practices and water quality are supported,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to Auckland Business Chamber
    Good evening everyone and thank you for that lovely introduction.   Thank you also to the Honourable Simon Bridges for the invitation to address your members. Since being sworn in, this coalition Government has hit the ground running with our 100-day plan, delivering the changes that New Zealanders expect of us. ...
    BeehiveBy beehive.govt.nz
    7 days 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
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  • Minister appoints new NZTA Chair
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