web analytics
The Standard
Advertising

You’re paying for interest-free loans to foreign bankers

Written By: - Date published: 9:00 am, September 19th, 2013 - 89 comments
Categories: accountability, privatisation - Tags:

You will have heard of this ‘buy now, pay later’ plan that the Nats have to try to save the Meridian sale. Pay 60% of your shares’ price up front, the remaining 40% in 18 months. It’s an interest-free loan, funded by higher government borrowing. What we didn’t know is this outrageous fact: this taxpayer-funded interest-free loan will be extended to foreign banks. The Nats don’t know how much it will cost. The Parliamentary library says $60m.

Here’s an what happened in Question Time yesterday.

1. Dr RUSSEL NORMAN (Co-Leader—Green) to the Minister for State Owned Enterprises: What is the forecast cost to the Crown of the Government’s plan to allow buyers of Meridian Energy shares to pay for their shares in instalments and will the instalment scheme be open to overseas institutions?

Hon TONY RYALL (Minister for State Owned Enterprises) : Thank you for the opportunity to talk about the Meridian Energy share offer. It is on. As I advised the member in the House last month, there is no forecast cost for instalment receipts, because any such estimate would be affected by many factors, including the final price of the shares. To the second part of his question: yes, that has been known since last month, when the Government announced the instalment receipt structure for investors.

Dr Russel Norman : I seek leave to table an estimate of the cost of about $61 million, prepared by the Parliamentary Library.

Mr SPEAKER : The source of the document is the Parliamentary Library?

Dr Russel Norman : Yes.

Dr Russel Norman : Can the Minister confirm that if, for example, Goldman Sachs, based in the United States, was to buy Meridian Energy shares, Goldman Sachs would be allowed to access the interest-free loans in order to buy those shares?

Hon TONY RYALL : They are not interest-free loans, but certainly all investors will be able to use instalment receipts

Dr Russel Norman : Can he think of a more extreme case of a Government that favours the rich and the powerful over everybody else than the example of giving interest-free loans to offshore investment banks so that they can purchase shares in what is currently a company owned by the people of New Zealand?

Hon TONY RYALL : The Government has been quite clear on the reason why we have got these instalment receipts. We have also been very clear that, at float, this company will be owned 85 to 90 percent by New Zealanders. That is our goal

Ryall tried to dance on the head of a pin, saying that the ‘instalment receipts’ don’t amount to an interest-free loan, even though you get the whole ownership of the shares without paying for 40% of the value for 18 months. But the truth is there: if Goldman Sachs buys Meridian shares, you will help pay for their interest-free loan/instalment receipts. Apparently, this is to help facilitate Kiwi ownership.

Don’t think about it too hard, it doesn’t make any sense.

Oh, and regarding Ryall’s claim that the instalment scheme isn’t an interest-free loan, well Key said that is ‘essentially’ exactly what they are. Oops, I assume Ryall will be correcting his answers today, seeing as he’s also said “I always agree with the Prime Minister.

89 comments on “You’re paying for interest-free loans to foreign bankers”

  1. The Gormless Fool formerly known as Oleolebiscuitbarrell 1

    You’re paying for interest-free loans to foreign bankers

    …which will be reflected in the price. Because that is how markets work. (Not that I expect many here will be able to grasp that).

    • :lol: Here are some tips for ya from the Ellen Brown about the Tsunami of financial shit coming our way due to low interest banking shenanigans. Not that I expect the gormless fool to get this.

    • framu 1.2

      which is ignoring everything that points to the price not being what the govt hoped

      so perhaps you should look at the full picture rather than asserting some market voodoo and calling other people thick

      • The Gormless Fool formerly known as Oleolebiscuitbarrell 1.2.1

        which is ignoring everything that points to the price not being what the govt hoped

        You mean it’s a dog? Maybe the taxpayer is lucky that the government got out just in time.

        • thatguynz 1.2.1.1

          Would that be the same government that stifled Meridian’s ability to provide dividends/profits and thereby reduced it’s market value by “encouraging” them to re-subsidise the power supply to the Rio Tinto aluminium smelter?

          You can’t have it both ways I’m afraid Gormless.

          • The Gormless Fool formerly known as Oleolebiscuitbarrell 1.2.1.1.1

            So you are not one of the many here who have been gloating about the share price having gone down? Good on ya.

            • thatguynz 1.2.1.1.1.1

              I assume you are referring to MRP now rather than Meridian? Why would I gloat about it – as taxpayers we still have a vested interest in MRP as we theoretically own 51% of it.

              Nice try to deflect the issue that I raised however.

        • framu 1.2.1.2

          no. i mean your argument doesnt stack up – nothing more, nothing less

        • felix 1.2.1.3

          “You mean it’s a dog? Maybe the taxpayer is lucky that the government got out just in time.”

          Hi Gormless.

          The “taxpayer” interest – actually public interest – is not in the share price or the dividend. It is in owning the ability to generate energy. Instead, we’ll now pay the overseas owners for the privilege of having them sell us our own energy at a profit.

          No big deal though, it’s not like energy is ever going to be an issue.

          • The Gormless Fool formerly known as Oleolebiscuitbarrell 1.2.1.3.1

            Yeah, I know. Peak Oil is coming…

            • Colonial Viper 1.2.1.3.1.1

              2006-2007 mate. Do keep up.

            • felix 1.2.1.3.1.2

              That’s weird Gormy, I tried using that kind of sarcasm at the servo the other day and it had no effect on the price of fuel at all.

              How do you get it to work like that?

              • The Gormless Fool formerly known as Oleolebiscuitbarrell

                Your barbs cannot injure me today, Felix. For some reason, I feel very warmly towards you, you loveable scamp.

                • felix

                  No barb intended, I genuinely want to know how you’ve managed to negate the impact of the cost of energy.

                  • The Gormless Fool formerly known as Oleolebiscuitbarrell

                    I do not own a motor vehicle.

                    I have an electric lawn mower.

                    But I have great faith in the power of my sarcasm, so I may give it a crack, just to see.

                    • felix

                      I suppose if the only electricity you use is for your lawnmower then that explains why you don’t care who owns the ability to generate it.

                      Worst case for you is long grass, or a sheep if you’ve got a lot of it. (Assuming you don’t live in some sort of interconnected society of course.)

            • infused 1.2.1.3.1.3

              Coming… I thought it was here… funny how the date keeps changing.

    • Pascal's bookie 1.3

      which will be reflected in the price

      Efficient markets yup. Axiomatic til they go pop and everyone acts all surprised.

  2. tracey 2

    is someone surprise by this?

  3. AmaKiwi 3

    The other day Key was spinning some b.s. about how this election is going to be about “ideas.”

    Here’s an idea. Who belongs in jail, the guy who smokes pot or the one who gives your money to Goldman Sachs, SkyCity, Rio Tinto, commercial fishermen, charter schools, and Warner Brothers?

    Go Norman and Cunliffe!

    • Blue 3.1

      One is illegal, one is not. So off to jail with the pot smoker. I’m sure you knew that opposing something doesn’t make it illegal and wee just being deliberately obtuse.

  4. geoff 4

    Labour may be catching up but Russel Norman hasbeen the most consistent performer for the left in the house.

    Here’s the vid:
    http://inthehouse.co.nz/node/21051

    • bad12 4.1

      Lolz, it’s Russell’s voice, listening to Him grill various Ministers has me envisaging one of those torture racks slowly turning in the dark ages,

      Watching the temperature go through the roof in Nick Smith’s head as Russell makes inquiry of Him from every conceivable angle is akin to watching a bull terrier eviscerating a toy mouse and a joy to watch,

      After politics the rumor is that Russell Norman is going into the magic business with the heart of His act featuring the bending of silver spoons into fantastic angles…

      • David H 4.1.1

        “After politics the rumor is that Russell Norman is going into the magic business with the heart of His act featuring the bending of silver spoons into fantastic angles…”

        “Instead only try to realise the truth,” “What Truth?” “There is NO spoon”

        http://www.youtube.com/watch?v=uAXtO5dMqEI

    • Rogue Trooper 4.2

      Russel is a very good interrogator

    • Chooky 4.3

      geoff +1

  5. geoff 5

    Tony Ryall’s response hinged on an argument that, if the so called ‘installment receipts” (interest free loans) lifted the share price even 1 cent then that would be beneficial to NZ to the tune of “millions and millions and millions of dollars”

    So how are effects of installment receipts on the share price measured? How could anyone possibly know what portion of the share price was determined by installment receipts?

    voodoo economics.

    • Lanthanide 5.1

      This is standard right-wing economics theory.

      Give everyone a tax cut, claim it’ll increase growth in the economy. Then after the fact when people start saying “these growth figures aren’t as good as you promised” they just turn around and said “unfortunately not, but just imagine how much worse it would have been if we didn’t have the tax cut!”.

    • Saarbo 5.2

      Spot on Geoff, it is ‘voodoo economics’, instead of adding this complex bribe, which is only there to confuse the so called “mum and dad” investors, traditionally the issue price would have been lowered. Meridian will announce a huge dividend, which will inflate the yield based on the 60% payment. If kiwi’s get sucked into buying Meridian then our general understanding of these matters has not improved since the nation was sucked into investing in dodgy finance companies in the late 90′s and early 2000′s.

      The Meridian float has a huge risk attached to it, mainly driven by NZ Power…because for Meridian to be successful it requires Meridian to make SUPER NORMAL profits from its customers, which is highly unlikely under the Labour/Greens NZ Power policy. Classic National Party politics, a small number benefit at the cost to the rest of the population.

      National are crazy to continue with these floats, they are a really tough sell. But they have to save face now, what we are seeing is a very desperate National Party in action. Quite funny really, they have been completely gazumped by Labour/Greens.

  6. Greywarbler 6

    It’s a Richard Prebble scenario deja vu – all over again. He was supposed to have said he would give NZ Railways away because he was so keen to get rid of this loss-making, poorly run piece of essential infrastructure. TINA.

    Now it’s selling off our essential infrastructure assets by Jokey Hen and Co. Ltd. VIP (Very Inept Politicians.) Why, is the excuse that they are poorly run and costing the country money? It’s all such a rush, I suppose to get money in the putea so they can say ‘We’ve pulled out a plum, And we’re such good boys’ and good managers.

    NACT voters love old myths and fairy stories, they listen in rapt attention with lots of applause at the end and one wonders, and perhaps it’s about two million and one, if NACTs actually understand anything they hear. I think it’s a version of a favourite gorilla joke from A Fish Called Wanda, which would be comparing a NACT voter having the understanding of a gorilla, but I don’t think it is right to demean gorillas which are handsome, quiet-living, community-oriented people unlike NACTs.

  7. Plan B 7

    http://www.interest.co.nz/opinion/66416/opinion-pending-float-meridian-energy-will-shape-whether-asset-sales-programme-seen-su

    ‘Meridian is being marketed as some sort of cut-price, cash-belching machine.

    It is going to be hard now for the Government to talk up Meridian as a quality investment when clearly the company is, as they say, being priced to sell.’

    Even the money sites are expressing concern as this sale looks more and more odd.

  8. AmaKiwi 8

    Labour and Greens should calculate the total of all the crony capitalism give aways and divide it by the number of taxpayers. For argument’s sake, let’s say that amount is $2,000. The 2014 campaign will be fought on, “Key stole $2,000 of your money and gave it to his business cronies.”

    Do the same for asset sales.

    This campaign is going to be about money, how much money has been stolen from you and me.

    (That’s why Parker is now deputy and Robertson shadow speaker. Robertson is a good pitbull, but this campaign will be about Key using smoke and mirrors for financial deception.)

  9. tracey 9

    Lanth

    +1

    Especially when its folks like srylands with a spare 1500 a month for shares who can buy and tax cuts to that end dont stimulate the economy

    keep on ryall russell and make him commit to figures or look stupid saying why not.

  10. srylands 10

    As usual you are all (hysterically) worried about nothing. There is nothing unusual about the terms of the Meridian float – if there are concessions it will be reflected in a higher sales price. The Government is not giving anything away.

    So worry about this – the $4 billion cost of interest free student loans since 2006. If you are so worried about the Government giving away free money we could fix that. No? I thought not.

    • Colonial Viper 10.1

      Let’s see, interest free student loans benefit the young and the next generation of society.

      Privatising the nation’s power assets takes wealth away from the young and the next generation of society.

      Not really the same thing are they, asshat?

    • thatguynz 10.2

      The point went entirely over your head didn’t it Srylands. The point in the OP was to question why we should be offering interest free terms to offshore investors to buy these assets which contrary to what you assert, are likely not to trade at a premium to reflect this. Are we to assume that you think that is perfectly acceptable?

      • Colonial Viper 10.2.1

        It’s a gift to wealthy investors; of course it is acceptable.

        • Tim 10.2.1.1

          :p yes yes – because all that wealth is going to ‘trickle down’ by way of those wealthy investors also being ‘job creators’

    • thatguynz 10.3

      You are however quite right about the injustice of encumbering our next generation with large quantities of debt before they even hit the workplace. Education should of course be free rather than education finance being a wee cottage industry all on its own….

    • framu 10.4

      perhaps, instead of trying to tell the majority of NZers how they are all wrong and your right purely because you have a different opinion, how about you address the point?

      “this taxpayer-funded interest-free loan will be extended to foreign banks. The Nats don’t know how much it will cost.”

      Thats the point. Address that. Stop inventing distractions.

    • Murray Olsen 10.5

      It’s simple to fix the student loan problem – pardon all loans and provide free tertiary education for those of the necessary intellectual ability, with generous scholarships for those of exceptional ability. Repayment could be via community work schemes after graduation. They’ll never do this because no Tories would ever be able to enter university under such a scheme.

  11. tracey 11

    Anne +1

  12. Rogue Trooper 12

    Thanks for the informative Post James.

  13. tracey 13

    Be fair srylands has to try and remember which country and earning bracket he is from.

  14. tracey 14

    Srylands please name 5 publically listed nz companys who deferred payment of 40% and passes over ownership before balance is paid

  15. swan 15

    Of course Ryall is right. To talk about costs is nonsense. The value to investors of the installments will be accounted for in the price. They bid on the shares after all.

  16. Swan 16

    You have a weird sense of humour Felix. Still, the point remains, Russel’s little calculation is meaningless.

    • Colonial Viper 16.1

      Meh, this sweetner (kick back, free steak knives) for big institutional investors was required if English wasn’t going to have to cope with a dirt low embarrassing price for Meridian.

    • felix 16.2

      It’s funny, swan, because you’re claiming a higher price but you’re not saying what it’s higher than.

      Is the govt going to simultaneously sell a bunch of the same shares without the free money bonus? No? Then where’s your higher price? It’s pure fantasy.

      And if it really is true – which you have no way of measuring – that the price is boosted by the same amount as it will cost us to pay the interest on the money we’re borrowing to give to foreign institutions at no cost, then what’s the point?

      If you really, truly believe that the market is all-knowing, then why try to fool it with ridiculous offers which even in your best case scenario don’t leave us any better off?

      • swan 16.2.1

        OK Felix,

        “Which you have no way of measuring”

        Sure, we have no way of measuring, we cant run both scenarios at once. Well maybe they could, but they arent going. So given we have no way of measuring this, how did Russell come up with a figure as precise as $61m?

        “And if it really is true – which you have no way of measuring – that the price is boosted by the same amount as it will cost us to pay the interest on the money we’re borrowing to give to foreign institutions at no cost, then what’s the point?”

        Good question. It will probably not make a huge difference either way. Presumably the government thinks they will win out of the deal however, otherwise they would not have put it up. Just like your local supermarket with its discount on baked beans.

        • Pascal's bookie 16.2.1.1

          Except supermarkets aren’t playing politics.

          The government’s motvations are way more complicated than a supermarket’s.

          One example. we are being told that the share price will be lower due to uncertainty about the L/G power reform plans. Fair enough. We don’t know how much downward pressure is being put on the price, but let’s assume it’s some. Put a figure on it if you want. the government thinks it’s significant enough to decsribe it as ‘sabotage’.

          Now, if a private sector entity was planning a major divestment, with luittle actual pressure, (ie, it wasn;t a faire sale and the numbers on the sale were pretty marginal in terms of cost of borrowing vs foregone dividends) what would they do about an uncertainty in the market that would be completely cleared up one way or the other in about a years time?

          How would they justuify, to their share holders, pushing on with the sale at that point in time rather than delaying the sale until after that uncertainty went away?

          • swan 16.2.1.1.1

            Well the response to that is that the uncertainty may go away, but it may end up on the downside. Better to divest some of that risk now rather than face all of the crystallization of such risks.

            • Pascal's bookie 16.2.1.1.1.1

              Oh right, so the government is being fiscally responsible by divesting itself of these shares due to it’s belief it will lose the next election. Good oh.

        • Pascal's bookie 16.2.1.2

          The point being of course, that the government’s ‘win’ in its dealings aren;t alwasy caught on the balance sheet.

          It needs political wins, and to avoid political losses, and if the crown accounts take a hit to secure them, then that’s what spin is for.

          lap it up swanny, juicy tasty spin.

          At the end of the day though, losses in the crown accounts are sorted through taxation, one way or another.

          • swan 16.2.1.2.1

            That is an interesting position. After all it is the L/G plan that explicitly hits the crown accounts for… political advantage.

            • Pascal's bookie 16.2.1.2.1.1

              Nope. The L/G plan ‘hits the crowns accounts’ to lower costs for citizens, which is politically popular yes. But the govts position hits the crown accounts to save itself from backing down and looking weak.

              • swan

                The governments plan doesnt hit the crown accounts. The risks due to the LG plan exist regardless of the sale.

                • Pascal's bookie

                  But they are realised by selling now instead of waiting until after the election.

                  • swan

                    Which means the crown is able to divest itself of some of this risk at a price where the market thinks there is only a certain probability of the LG plan ever being implememted.

                    • Pascal's bookie

                      Which it only makes sense to do if it thinks it is going to lose the election. Not a lot of sense mind you, but it’s a skerrick of a reason.

  17. Tracey 17

    is srylands still searching for some examples of how normal this is in sharetrading in nz?

    • felix 17.1

      srylands is still searching for NZ on a map.

    • srylands 17.2

      You are probably drunk again. Installment receipt purchasing is common in IPOs because in a thin market they maximise receipts for buyers and sellers. Contrary to infantile left thinking markets are not about winners and losers.

      How many large IPOs have there been on NZ in the last decade? Oh yes fuck all because we have such a thin capital market. Why? Oh yes thats right we have this hysterical opposition to “asset sales”. We just sell each other our houses, vote for left wing councils that regulate land supply, and think we are getting rich.

      So when you sober up start worrying about the real issues. Like South Auckland cleaners subsidising the interest free student loans of Oriental Bay rich pricks’ kids – including the rich prick Green member(s) in Oriental Bay with 3 rental properties. Or the 20% of kids still failing at school. And no it is not because their parents’ welfare checks are too small.

      • Pascal's bookie 17.2.1

        hahaha.

        So we have a thin market because of so few state asset sales?

        Why are the only companies people would be willing to invest in created by the state?

        The money paid for these shares is going to the crown to finance state related stuff. It’s not being invested in growing the companies or anything like it. So instead of ‘buying houses off each other’ these monies are going to the crown.

        Presumably this is good because the government knows how to spend that money better than private investors or something IDK.

      • Saarbo 17.2.2

        Thin Market because people are investing all of their cash in the Auckland property market, making money from the poorest. and yes, as PB states, why is it the State that has to support our capital markets…isnt that telling you something.

        Your thinking has passed its “use by date” srylands.

      • Draco T Bastard 17.2.3

        How many large IPOs have there been on NZ in the last decade? Oh yes fuck all because we have such a thin capital market. Why? Oh yes thats right we have this hysterical opposition to “asset sales”.

        Nope, we’ve had very few large IPO’s over the last decade because the Randian Heroes of capitalism haven’t been creating anything like they promised us they would do if we cut their taxes. I figure this is because a) they can’t because they’re not the ones that actually create wealth and b) with all the tax cuts that they’ve had over the last 30 years they figure they’re doing well enough that they don’t need to go round risking it all.

        So when you sober up start worrying about the real issues.

        I’m still worried about the bludgers known as shareholders. Why is it, you think, that we a small group of people who live high on the backs of others? Why do we allow this theft and exploitation?

      • framu 17.2.4

        so many insulting straw men in one comment

        why do you feel the need to act all pompous and insulting?

      • joe90 17.2.5

        How many large IPOs have there been on NZ in the last decade? Oh yes fuck all because we have such a thin capital market. Why? Oh yes thats right we have this hysterical opposition to “asset sales”.

        The reality – the Randian Heroes fuckwits of capitalism are so piss weak that to even get a large IPO off the ground they’ve had to resort to thieving publicly owned assets.

        http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10747634

        • aerobubble 17.2.5.1

          Dominance of a few sectors of the ears of government have reduce the NZ economy to a hollowed out exercise in capitalism. Competitive housing fueled by low taxation has produce damp, moldy, leaky homes for the majority and a few high priced mansions. National have done little to nothing about the housing crisis, for five years its gotten worse, fueling the exodus of the next generation of company builders overseas. And yeah, it must therefore be the rabid anti asset sellers who also argue for a CGT, for government building to the demand by the poorest groups who everyone agrees the private property market has NO INTEREST in.

  18. Puckish Rogue 18

    You’re missing the point, the point is I get to buy more shares in NZ power companies so its all good (and no I’m not bothered by the share price of MRP)

  19. Tracey 19

    srylands wrote “There is nothing unusual about the terms of the Meridian float –” but cant point to nz examples wich means he is right its not unusual, its unique.

  20. nadis 20

    Without getting into the rights or wrongs of the wider sales process, I would say that instalment payments for IPO’s are quite common overseas. We haven’t seen any here (to my knowledge) but they are used overseas particularly when an issuer is trying to target retail investors – for instance I recall British Gas shares were paid for over three instalments, and I think most privatizations in Europe followed in similar vein.

    In terms of pricing – it’s not actually an “interest free loan” to anyone. Any future cashflow has a value based on the net present value of that cashflow which in turn has three main components: interest rate, time and certainty of payment. Essentially the government has two choices, i.e 1. pay 1 dollar today, or pay 1 dollar minus x in t years time. Now x can be more or less than zero – that depends on the difference between the interest rate you would fund the future purchase at and the net earnings of the company in question, as well as an assumption about the creditworthiness of the person promising to pay.

    There is absolutely no “free loan” element to this – the pricing announced at time of sale will incorporate the difference between payment now and payment in the future. If full payment was required on Day 1 then there would likely be a different price. Just because we don’t explicitly see a number attached t this amount doesn’t mean it doesn’t exist. It is non-controversial, non-political, non- partisan – it is just simple math.

    For a simple description of forward pricing see the wikipedia page:

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

    • Pascal's bookie 20.1

      “Just because we don’t explicitly see a number attached to this amount doesn’t mean it doesn’t exist.”

      But is the number knowable? can it actually be calculated on its own, or is it derived from ‘here are the hard numbers and whatever bit of fudge is left we’ll assume is the number we are after’?

      A lopt of this stuff is kinda silly when you think about it. Like the idea that a hare price represents the value of future earnings, discounted for time. It makes sense as a description of what people are buying, and people try and work from that to come up with math to define that discount and what have you, but at heart it’s a nonsense. Trades are made for lots of reasons, most of them subjective values. You can;t just split the difference or say that all those values are really about the value of future earnings in any objective way.

  21. nadis 21

    Forward pricing is knowable. The only subjective part is the probability of default and for this transaction you can assume that is essentially nil as if you don’t pay the second instalment then you don’t get to own the shares. (Of course if the shares in the future are worth less then the amount owing then that raises some obvious issues).

    Give me a known price now, a known term and an interest rate term structure then there there is only one forward price. It is math and not subjective.

    You’re right about valuation of shares which is why there is typically a wide range of valuations for any particular share from different analysts. Valuation is an opinion not an observable fact whereas a forward price is an observable fact as it is independent of the underlying share value.

    In an IPO process the “fair valuation” is simply the price at which all the stock gets sold so in effect it is a weighted average of all the valuations and demand up to the marginal price at which there is unsold stock. So yes – messy but that’s how any auction process works. When you sell something on trademe it is the same.

    • Pascal's bookie 21.1

      I still don’t get it. You know what the price is in an auction after the auction has been run, not before right?

      If a seller has reasons to get rid of something, then they might sell it for a lower price than they might potentially be able to gte. ie, there may be a ‘fair price’ at which is all the stock which is higher than the price a seller sets. In that case all the stock will still be sold, and the seller will have missed out on the difference.

      It’s that sort of question which makes me think there is a lot of circular hooha involved in these discussions about what prices are.

  22. nadis 22

    I think we are confusing two conversations, 1. what is the price of the share to start with, and 2. how do you price the forward settleing part of it.

    1. is subjective and set by an auction process.

    2. is objective and determined by interest rates, time and dividend rate of the share.

    The offer price for the shares is set by an auction process or bookbuild. The organising broker speaks to all the participating brokers before the announcement and says “how many do you want to buy and at what price?” This sets the offer price at the marginal price at which demand = supply. The price includes (in the minds of investors) an explicit allowance (+ve or _ve) for the impact of the forward settlement.

    There is a lot of circular hooha involved in share valuation but at the end of the day, for every transaction you have a willing seller and a willing buyer – therefore you have a fair price. But valuation by individuals is always going to be subjective and relative, relative to other uses for that money, relative to their opinion on a particular company or industry, relative to their mood etc.

    One of the most succesful investors ever, and the original proponent of value investing (Warren Buffett cites him as the second most influential person in his life) was Benjamin Graham who summed up valuation as:

    “The market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.”

    • felix 22.1

      Not really “countless individuals” though innit.

      In reality it’s a small group of financial institutions who all know each others’ positions inside out and all know exactly how much they can screw out of the hapless (or willing) NZ govt.

      There are no market forces at play here, not in the abstract and infinitely democratic sense you’re trying to imply.

      • nadis 22.1.1

        Felix- not trying to imply anything wrt NZ. I was just trying to explain how the forward pricing mechanism worked and that it is not in fact an interest free loan. I thought I made it quite clear I wasn’t commenting on the NZ sales process and can’t see where I have. And last time I checked neither Ben Graham or Warren Buffett had much to do with minuscule privatisations in an under-developed, illiquid economy. The real definition of an efficient market is not that the price on display at any time is an accurate measure of fundamental value, rather I think an efficient market is one where you can transact efficiently in a cost and liquidity sense, but the price you transact may be good or bad value.

        And Tracey – again without getting into the good/bad argument – whether you sell something now and get the money later is irrelevant. /bThe price takes account of the financing cost./b By all means debate the asset sales good/bad argument but don’t get bogged down in talking about financing balance sheet items – that’s not relevant to the argument you are trying to make. The reason the gummint is doing instalments this time is because with MRP trading at an 11% discount, anything to make this more attractive to the marginal price buyer (i.e., retail investor) is worth a try, and putting shares on HP might appeal to some investors who havent considered the implicit cost. It’s pretty much the same deal as you get from Noel Leeming when you buy your tele interest free, no payments for 2 years. Guess what: It’s not actually interest free.

        • felix 22.1.1.1

          Sorry nadis, I don’t follow. What do “efficient markets” have to do with electricity generation in NZ?

        • Colonial Viper 22.1.1.2

          rather I think an efficient market is one where you can transact efficiently in a cost and liquidity sense

          You just totally and unbelievably made that shit up.

          Investorpedia relates “efficient markets” as the following:

          theory that states it is impossible to “beat the market” because stock market efficiency causes existing share prices to always incorporate and reflect all relevant information. According to the EMH, stocks always trade at their fair value on stock exchanges, making it impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices.

          Which is of course not only fictional bullshit in of itself (e.g. the idea that not only are all relevant facts known but that all market participants know those facts all at the same time), but it is nothing related to your own fictional bullshit made up definition of “efficient”.

          • nadis 22.1.1.2.1

            geez you make commenting on this website hard work. You also seem very keen to proscribe negative motives to anyone that has even a slightly contrary view to yourself. Sanctimonious. I think the first clue you missed was when I said “I think” which in most situations indicate that what followed was my opinion – the opinion of someone with an engineering degree, a masters in mathematical finance and 20+ years of working in financial markets. Any one who has been remotely connected to markets or sudied economics or finance since the 1960′s knows exactly what the classic Markowitz definition of efficient markets are. They would also know that MPT relies on about 13 or so base assumptions, almost none of which are actually practically present in financial markets. Assumptions like all investors are rational and risk averse, all investors are trying to maximise utility for low risk profits, there are frictionless borrowing and lending costs, correlations are both constant and measurable, volatility is the same thing as risk, asset returns are normally distributed etc etc. I could go on.

            I didn’t totally and unbelievably make that shit up – I gave you my opinion on what I believe to be a more appropriate definition of what is market efficiency. Catch up. As you are the master of investopedia look up behavioural finance or read some of the essays by James Montier.

            And btw I agree with Felix – very little in NZ markets – listed or otherwise – has a much acquaintance with market efficiency.

  23. tracey 23

    Funny though how we needed to sell these assets first and foremost to reduce debt but now we can defer 40% until 2015.

    seems strange if its such a good idea this hasnt been done in nz before.

Important links

Recent Comments

Recent Posts

  • Collins inquiry at best a Band-Aid, a permanent fix is needed
    The Public Service Association (PSA) says the inquiry into Judith Collins’ behaviour must be accompanied by a process to restore...
    PSA | 02-09
  • On arguing by analogy
    Climate blogs and comment threads are full of ‘arguments by analogy’. Depending on what ‘side’ one is on, climate science is either like evolution/heliocentrism/quantum physics/relativity or eugenics/phrenology/Ptolemaic cosmology/phlogiston. Climate contrarians are either like flat-earthers/birthers/moon-landing hoaxers/vaccine-autism linkers or Galileo/stomach ulcer-Heliobacter proponents/Wegner/Copernicus....
    Real Climate | 02-09
  • Unforced variations: September 2014
    This month’s open thread. People could waste time rebunking predictable cherry-picked claims about the upcoming Arctic sea ice minimum, or perhaps discuss a selection of 10 climate change controversies from ICSU… Anything! (except mitigation)....
    Real Climate | 02-09
  • Greens’ commitment to pay equity welcomed by workers
    The Public Service Association (PSA) says the 58,000 workers they represent will benefit from the announcement by the Green Party...
    PSA | 02-09
  • John Key’s Top 69 Lies: Today no. 18 – Capital gains tax will put u...
      Capital Gains Tax Fact Check  The Reality Labour’s CGT only applies to the sale of assets, it will exclude the family home, and will not push up rents. Every New Zealander should pay their fair share of tax. It is...
    Arch Rival | 02-09
  • Guest Author: The Rock Fuels NZ Roastbuster Rape Culture
    - by Jessie Hume . . This is making me feel pretty uncomfortable. Here we have an instance of Jono and Ben posing like “exposed celebrities”. But do you know what I’m seeing? I’m seeing two dudes who basically “roasted”...
    Frankly Speaking | 02-09
  • Dunne won’t read ‘muck-raking’ Dirty Politics
    .   . Full story: Dunne won’t read ‘muck-raking’ Dirty Politics Because as we all know, ignorance is such bliss. Eh, Mr Dunne? . . = fs =Filed under: On A Lighter Note Tagged: Dirty Politics, Peter Dunne...
    Frankly Speaking | 02-09
  • Whale spotted off Wellington
    .   . Full story: Whale spotted off Wellington Shouldn’t that be a “Southern Right Wing Whale”?! . . = fs =Filed under: On A Lighter Note Tagged: Whaleoil...
    Frankly Speaking | 02-09
  • A Not-So-Foreign Country
    The Shadow Of The Past: The only positive aspect of Watergate was the way in which the venerable US Constitution was able to defuse what could have exploded into a full-blown “legitimation crisis”. Is New Zealand’s unwritten and historically untested...
    Bowalley Road | 02-09
  • An admission of failure; too little, too late
    The Prime Minister announced today that if re-elected, after the election, he would look to merge CERA into the department of Prime Minister and Cabinet. This is an admission that the CERA model – authoritarian, dictatorial and deaf to the...
    Rebuilding Christchurch | 02-09
  • Stuart’s 100 #18 A Great South Rd?
    18: A Great South Road? What if Great South Road truly was great? The creation of Great South Road was one of the great formational moves in the early expansion of Auckland. Starting in 1861, some 12,000 soldiers built the...
    Transport Blog | 02-09
  • New Fisk
    Israel’s ‘land for lives’ is theft. Pure and simple...
    No Right Turn | 02-09
  • Waiariki: Marae digi poll has Flavell losing support, Sykes up.
    The Marae digi poll on the Waiariki electorate came out yesterday - for what it's worth. They are notoriously unreliable.  The landline polls are increasingly picking up older householders and skewing to the middle class establishment that still maintain a...
    Tumeke | 02-09
  • Spying on their allies again
    The Intercept has a major new story about the US's intelligence relationship with Turkey, and how the US monitors the Kurds for the Turkish government, even helping them target hit squads. But at the same time as they're spying for...
    No Right Turn | 02-09
  • The Press Debate – tonight, livestreamed on Stuff
    The second big head-to-head between David Cunliffe and John Key will be livestreamed on Stuff from 7pm! The Press leaders’ debate is where Key pulled his “show me the money” quote in 2011. And he’s going to be taking this...
    Boots Theory | 02-09
  • Not business as usual: Key’s leadership style & the bloggersphere
    Two weeks ago I suggested this could turn into New Zealand's first policy-free election; my instinct seems to have been proven correct. While policy debates are still occuring around the fringes, there is no way now that with just two...
    Pundit | 02-09
  • Rock Star or Rock Bottom
    There was a story in the Press yesterday about 14 people sharing a small 3 bedroom house in Hornby after a family of 6 lost their rental and all their (uninsured) possessions in a fire and had to move in...
    Te Whare Whero | 02-09
  • Greens workers policy supported by union movement
    The CTU is supporting the Green Party’s policy launched today focused on improving life for working New Zealanders. Photo:  ...
    CTU | 02-09
  • To drive or not to drive, that is the question: generation Y research
    This is a guest post from Dr Debbie Hopkins, a Postdoctoral Research Fellow at the University of Otago – she’s currently doing some research for the NZTA on non-drivers. Read on to find out more and see if you might...
    Transport Blog | 02-09
  • Reclaiming the Third Way & why it’s not a sell-out
    During a visit he made to Melbourne in 2000, I joined some colleagues to sit down for a chat with Dick Morris, the self-proclaimed strategic mastermind who claimed to have single-handedly rescued Bill Clinton's flailing presidency and coined the term...
    Pundit | 02-09
  • The Greens on work and wages
    The Greens released their work and wages policy today, targeted firmly at improving living standards and reducing inequality. The headline policy is an immediate increase in the minimum wage to $16/hour, followed by annual increases to reach $18/hour in 2017....
    No Right Turn | 01-09
  • America, America ….
    We hear a lot about American exceptionalism – what they lead the world in, what they think they lead the world in, and their unshakeable belief in their god-given right to do so.  The USA has the highest per capita ownership of...
    Te Whare Whero | 01-09
  • The caretaker convention and elections
    There was an interesting discussion on Twitter yesterday between Dean Knight and Graeme Edgeler about the caretaker convention and elections. Dean highlighted the fact that Key had a perfect right to call for whatever sort of inquiry he felt like,...
    No Right Turn | 01-09
  • A clayton’s inquiry
    That's the only way to describe John Key's proposed "inquiry" into Judith Collins:An inquiry into the events surrounding Judith Collins' downfall will not examine the relationship between her and Whale Oil blogger Cameron Slater or the Serious Fraud Office investigation...
    No Right Turn | 01-09
  • YahooNZ’s news polls
    Another YahooNZ poll': September 1st"Do you think Dirty Politics is distracting from more important issues this election?" Results at the time of writing this:Yes. absolutely77%  (5622)  No, it's important22%  (1619)   I'm not sure1%  (66)    The capitals on 'Dirty Politics' clearly...
    Te Whare Whero | 01-09
  • Vote Choice: ACT’s Jamie Whyte – a ‘Narrow’ Ally?
    This week, the Vote Choice series looks at Dr Jamie Whyte, the leader of the ACT party, and his views on abortion and decriminalisation. A google search of Whyte and abortion provides little in the way of his opinion but...
    ALRANZ | 01-09
  • Who is Carrick Graham?
    Carrick GrahamIn damage control since their campaign officially began derailing a couple of weeks ago, things took another terrible turn for the National party last weekend. Not only did the corrupt Judith Collins have to resign on Saturday because of...
    The Jackal | 01-09
  • Judith, Cam, and the phantom FB messages
    I see that Judith Collins and Cameron Slater believe the hacker has simply invented Facebook conversations between the two of them. Insitnctively I don;t believe the denials, but I have an idea that could help Collins clear her name. Facebook...
    Polity | 01-09
  • Judith, Cameron, and the phantom FB messages
    I see that Judith Collins and Cameron Slater believe the hacker has simply invented Facebook conversations between the two of them. Insitnctively I don;t believe the denials, but I have an idea that could help Collins clear her name. Facebook...
    Polity | 01-09
  • Matthew Hooton’s dirty tactics
    Outside observers might be watching the National party unravelling and wondering what the hell is going on. This is especially the case with one particular right wing propagandist, Matthew Hooton.At first Hooton’s behaviour might seem a bit strange. He has...
    The Jackal | 01-09
  • Is Petrol cheap?
    I don’t tend to look at the motoring section of the Herald much however every now and then something stands out - often for its comedy value - and that was the case yesterday in an article titled Motoring Mythbusting. The article covers off...
    Transport Blog | 01-09
  • People of Turkey, Ukraine, I salute you!
    For some reason, I seem to be getting a lot of visits from Turkey.  Or perhaps that's just where IP address disguisers are presenting as at the moment.  But I like to thin the Ruritanian nature of New Zealand politics...
    Left hand palm | 01-09
  • The health pillar of good government
    Whatever the result on September 20, John Key will start the next term with diminished personal authority. Our democracy’s health is also diminished. Key’s inch-by-inch retreat to the point where his imagined leftwing conspiracy turned into a rightwing one and...
    Colin James | 01-09
  • Keystone XL: Oil Markets and Emissions
    Estimates of the incremental emission effects of individual oil sands projects like the Keystone XL (KXL) pipeline are sensitive to assumptions about the response of world markets and alternative transportation options. A recent Nature Climate Change paper by Erickson and...
    Skeptical Science | 01-09
  • Union to support Work and Income staff following tragedy
    The Public Service Association (PSA) says today’s shooting at a Work and Income office is a tragedy, and nobody should...
    PSA | 01-09
  • We no longer have a Prime Minister
    Having just listened to an item featuring John Key on Checkpoint (National Radio) I now have to announce that New Zealand has no-one at present performing the proper role of Prime Minister. John Key could not have acted less Prime Ministerial if he had...
    Political Scientist | 01-09
  • We no longer have a Prime Minister
    Having just listened to an item featuring John Key on Checkpoint (National Radio) I now have to announce that New Zealand has no-one at present performing the proper role of Prime Minister. John Key could not have acted less Prime Ministerial if he had...
    The Political Scientist | 01-09
  • Ashburton, 1 September 2014.
    Crime Scene: The murder of two WINZ workers and the wounding of another in Ashburton adds another tragic chapter to New Zealand's grim history of lone men committing multiple murders.I NEVER WENT BACK to Aramoana after the killing. I had...
    Bowalley Road | 01-09
  • Radio NZ: Politics with Matthew Hooton and Mike Williams – 1 September 20...
    . - Politics on Nine To Noon - . - Monday 1 September 2014 - . - Kathryn Ryan, with Matthew Hooton & Mike Williams - . Today on Politics on Nine To Noon, Mike Williams and Matthew Hooton on...
    Frankly Speaking | 01-09
  • Radio NZ: Politics with Matthew Hooton and Mike Williams – 1 September 20...
    . - Politics on Nine To Noon - . - Monday 1 September 2014 - . - Kathryn Ryan, with Matthew Hooton & Mike Williams - . Today on Politics on Nine To Noon, Mike Williams and Matthew Hooton on...
    Frankly Speaking | 01-09
  • John Key’s Top 69 Lies, Today no. 19 – The SkyCity deal doesn’t m...
     SkyCity deal doesn't mean more pokies – Key SkyCity is understood to be seeking law changes allowing 300 to 500 additional pokie machines and wider use of technology which would increase gambling revenue in return for building the $350 million facility...
    Arch Rival | 01-09
  • Will an inquiry make it all better?
    So far, the Dirty Politics book has generated two inquiries. The first is into the release  of information from the SIS to a certain blogger whom we don't name. The second is into Judith Collins' alleged involvement with an alleged...
    Pundit | 01-09
  • We Play Dirty at the Climate Talks Too: New Zealand’s Dirty Politics of C...
    This guest post is by David Tong, an Auckland based community lawyer working on his Master’s in Law on the UN climate talks. He chairs the P3 Foundation and co-chairs the Aotearoa New Zealand Human Rights Lawyers Association, and last...
    Hot Topic | 01-09
  • The trouble with liars
    A group of habitual liars try to get their story straight....
    Imperator Fish | 01-09
  • Photo of the day: Mitre 10′s bike parking
    The other weekend I went to the Mitre 10 Mega in Wairau Road to pick up some building supplies. To my surprise, they’ve put in a bike rack near the store entrance. I’m not sure how much use it’s going...
    Transport Blog | 01-09
  • TEU VICTORIA UNIVERSITY BRANCH NEWSLETTER – SEPTEMBER 2014
      TEU Victoria University Branch Newsletter – September 2014 In this issue: AGM-a-calling: Welcome from the Branch President Ask them Anything: TEU Presidential Election Election Special: Union members could make the difference Election Special: 3 Reasons to Vote Bringing Back Dignity:...
    Tertiary Education Union | 01-09
  • Stumbling towards Power?
    Let's be honest about it.  Labour have absolutely nothing to celebrate just now.The last few days have been fantastic for the left and in particular for a certain Mr D Cunliffe.  But before we get too deliriously joyous, let's face...
    Left hand palm | 01-09
  • Will the police investigate?
    John Key is busy putting together an inquiry into Judith Collins' attempt to undermined SFO Chief Executive Adam Feeley. The effectiveness of any inquiry will ultimately depend on its terms of reference, and the signs are not good; Key looks...
    No Right Turn | 01-09
  • Dirty Politics symposium on Friday
    Otago University will be holding an online symposium this Friday on "Debating 'Dirty Politics': Media, Politics and Law". Andrew Geddis has more details on the agenda: 1:00-1:15: Opening interview with Mr Nicky Hager 1:15-2:05: Media panel with Dr Rosemary Overell;...
    No Right Turn | 01-09
  • Debating “Dirty Politics”: Media, Politics and Law
    Love it or loathe it, Nicky Hager's Dirty Politics and its aftermath has lit a fire under our perception of "politics as usual" in New Zealand. Exactly how all that plays out come September 20th is an as yet unknown...
    Pundit | 01-09
  • There’s Only One Poll That Counts
    “One of the oldest sayings in politics is that there is only one poll that counts – the one on Election Day – and that’s the one that I am focusing on” remarked the MANA Movement candidate for Waiariki, Annette...
    Mana | 02-09
  • Local communities critical to Civil Defence
    Labour will focus on empowering New Zealand communities to be resilient in Civil Defence disasters, says Labour’s Civil Defence spokesperson Clare Curran. Announcing Labour’s Civil Defence policy, she says that Labour will work with schools, voluntary agencies and community groups...
    Labour | 02-09
  • Labour looks to long-life passports, gambling harm review
    A return to 10 year passports and a review of gambling laws are highlights of Labour’s Internal Affairs policy released today. “More than 15,000 New Zealanders signed a petition calling on the Government to revert to the 10 year system...
    Labour | 02-09
  • MANA Movement Leadership stands strong behind Internet MANA relationship
    “There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the vast majority...
    Mana | 01-09
  • Rebuilding the New Zealand Defence Force
    A Labour Government will make it a priority to rebuild the capacity of the Defence Force to carry out the tasks expected of it, says Labour’s Defence Spokesperson Phil Goff. Releasing Labour’s Defence Policy today he said the NZDF has...
    Labour | 01-09
  • Speech to Canterbury Chamber of Commerce
    Today I'm going to talk about our policy package to upgrade and grow our economy and how we turn that growth into a foundation for a decent and fair society. But first I want to address the issue of our...
    Labour | 01-09
  • Commission of Inquiry must have bipartisan support
    The Labour Party is drafting terms of reference for a Commission of Inquiry, Labour’s Shadow Attorney-General David Parker says. “It is abundantly clear there is a need for an independent Commission of Inquiry, chaired by a High Court Judge, into...
    Labour | 01-09
  • Rapid Transit to unclog Christchurch
    Labour will build a 21st century Rapid Transit system for Christchurch, says Labour Leader David Cunliffe. “The long delayed recovery of Christchurch hinges on a modern commuter system for the city. “We will invest $100 million in a modern rail plan...
    Labour | 31-08
  • Labour’s commitment to public broadcasting
    A Labour Government will set up a working group to re-establish a public service television station as part of our commitment to ensuring New Zealand has high quality free-to-air local content. “We will set up a working group to report...
    Labour | 31-08
  • A new deal for the conservation estate
    The health of our economy depends on New Zealand preserving and restoring our land, air, water and indigenous wildlife, says Labour’s Conservation spokesperson Ruth Dyson. Announcing Labours Conservation policy, she said that there will be a comprehensive plan to restore...
    Labour | 31-08
  • Labour’s plan to end homelessness
    Labour has a comprehensive approach to end homelessness starting with the provision of emergency housing for 1000 people each year and putting an end to slum conditions in boarding houses, Labour Leader David Cunliffe says. “Labour believes that homelessness is not...
    Labour | 30-08
  • Labour: A smarter approach to justice
    A Labour Government will improve the justice system to ensure it achieves real public safety, provides equal access to justice and protects human rights, Labour’s Justice spokesperson Andrew Little says. “Our approach is about tackling the root causes of crime, recognising...
    Labour | 29-08
  • Labour to foster Kiwi love of sport and the great outdoors
    A Labour Government will promote physical activity, back our top athletes and help foster Kiwis’ love of the great outdoors by upgrading tramping and camping facilities. Trevor Mallard today released Labour’s sports and recreation policy which will bring back a...
    Labour | 29-08
  • Pacific languages recognised under Labour
    Labour will act to recognise the five main Pacific languages in New Zealand including through the education system, said Pacific Affairs spokesperson Su’a William Sio. Announcing Labour’s Pacific Island policy he said that there must be a strong commitment to...
    Labour | 29-08
  • No healthy economy without a healthy environment
    Labour recognises that we cannot have a healthy economy without a healthy environment, says Environment spokesperson Moana Mackey announcing Labour’s environment policy. “New Zealand’s economy has been built on the back of the enormous environmental wealth we collectively enjoy as...
    Labour | 28-08
  • Better protection, fairer deal for Kiwi consumers
    Tackling excessive prices, ensuring consumers have enough information to make ethical choices and giving the Commerce Commission more teeth are highlights of Labour’s Consumer Rights policy. “The rising cost of living is a concern for thousands of Kiwi families. A...
    Labour | 28-08
  • Media Advisory – MANA Movement Candidate for Waiariki Annette Sykes, Waia...
    Media are advised that this coming weekend, the MANA Movement Candidate for Waiariki, Annette Sykes, will be on the Internet MANA Road Trip within the electorate of Waiariki. Speakers confirmed are Annette Sykes, Hone Harawira, John Minto, Laila Harre and Kim...
    Mana | 27-08
  • Internet MANA – Waiariki Road Trip: 29, 30, 31 Aug 2014
    The Internet MANA Road Trip hits Waiariki this weekend. It would be great if all MANA members in Waiariki could especially attend the public meetings and show their support for our Waiariki candidate Annette Sykes. Confirmed speakers Hone Harawira (except Taupo), Annette...
    Mana | 27-08
  • First home buyers $200 a week better off with Labour
    A couple earning around $75,000 a year would be $200 a week better off buying a two bedroom terraced Labour KiwiBuild home instead of an equivalent new build under National’s housing policy, says Labour Leader David Cunliffe.  “National’s policy to...
    Labour | 26-08
  • Another Day – Another big power profit
    The latest profit announcement from Genesis Energy shows that the power company was sold for a song to the detriment of the country’s power consumers, says Labour’s Energy spokesperson David Shearer. “A net profit of $ 49.2 million follows hard...
    Labour | 26-08
  • Labour embraces the rainbow
    Labour will work hard to ensure all New Zealanders enjoy the freedom to grow up and live their lives in dignity and security. Labour’s Rainbow policy, released tonight in Wellington, focuses on International Relations, Human Rights and Education....
    Labour | 26-08
  • National gets fast and loose with the facts
    In their desperation to make it look as though they are doing something about the housing crisis, National is playing fast and loose with the facts, says Labour’s housing spokesperson Phil Twyford....
    Labour | 26-08
  • Labour will drop power prices for Kiwi families
    New Zealanders will get cheaper power prices under NZ Power, says Labour Leader David Cunliffe. “The electricity market is clearly broken. With falling demand for electricity, prices should be going down. Instead prices are going up and companies are extracting...
    Labour | 26-08
  • Labour: Promoting sustainable tourism
    Ensuring New Zealand’s clean, green status continues to be an international tourism benchmark and reviewing MBIE’s oversight of the tourism sector will be on the radar under a Labour Government. Releasing Labour’s Tourism policy today, spokesperson Darien Fenton said tourism...
    Labour | 26-08
  • Skills shortage a result of National’s complacency
    The fact that there is still a severe shortage of skilled tradespeople, despite a growth in the number of apprentices, is a result of National’s failure to plan and develop the workforce, Grant Robertson, Labour Employment, Skills and TrainingSpokesperson says."The...
    Labour | 26-08
  • How much tax does John Key pay compared to a minimum wage worker?? – Mint...
    MANA Movement Economic Justice spokesperson John Minto is calling for a radical overhaul of New Zealand’s taxation system with calculations showing that a minimum wage worker pays a ten times higher tax rate than the Prime Minister. o Minimum wage...
    Mana | 25-08
  • Labour’s culture of science and innovation
    Labour will create a culture of science and innovation in New Zealand that will be the envy of the world, says Labour’s Innovation, Research and Development spokesperson Megan Woods. “Labour believes that good science lies at the heart of a...
    Labour | 25-08
  • Improving life for our new New Zealanders
    New Zealand’s international standing as a community that encourages and fosters all cultures will be bolstered under a Labour Government with an upgrade of the present Office of Ethnic Affairs to a Ministry. Releasing Labour’s Ethnic Affairs policy, spokesperson Phil...
    Labour | 25-08
  • South Auckland housing crisis
    National’s HomeStart package is nothing more than a political stunt designed to beguile South Auckland voters, said Labour’s Pacific Affairs spokesperson Su’a William Sio. “Few working Pasifika and Maori workers in South Auckland will be able to buy their own...
    Labour | 25-08
  • Home buyer subsidy discredited in Oz
    Treasury advised against National’s policy of ramping up home buyer subsidies after it was discredited in Australia because it pushed house prices even higher, Labour’s Housing spokesperson Phil Twyford says. “Documents released under the OIA (attached) show Treasury advised the...
    Labour | 25-08
  • Nursing hours explain turnover and high-stress culture
    A staff survey supports concerns nursing staff at Dunedin Hospital are under increasing pressure and that the emergency department is in a critical state, says Labour’s Associate Health Spokesperson David Clark.  “An ED nursing survey at Dunedin found that 80...
    Labour | 24-08
  • Underhand tactics prove case for axing donations
    Revelations that schools are using underhand tactics to coerce donations from cash-strapped parents further highlights the need for Labour's plan to increase funding so they aren't dependent on contributions from parents, Labour's Education spokesperson Chris Hipkins says. “By law New...
    Labour | 24-08
  • National applies band-aid to housing crisis
    The Government’s flagship housing announcement is a band-aid approach that will push up prices rather than solve the housing crisis, says Labour Leader David Cunliffe. “House sales to first home buyers have collapsed as a direct result of the Government’s...
    Labour | 24-08
  • Climate change focus on the now for the future
    A Labour Governmentwill put in place a comprehensive climate change strategy focusing on bothmitigation and adaptation, establish an independent Climate Commission andimplement carbon budgeting, says Labour Climate Change spokesperson MoanaMackey."This is about future-proofing our economy. Making the transition to alow-carbon...
    Labour | 24-08
  • Labour’s 21st century transport pledge
    The next Labour-led Government will create a 21st century transport system for New Zealand that promotes the most efficient and sustainable combination of transport options, says Labour’s Transport spokesperson Phil Twyford. “Labour will rebalance the Government's transport spending away from...
    Labour | 23-08
  • Housing under National: the facts
    1.       House prices in Auckland Council valuations indicate Auckland house prices have gone up by one-third over the last three years. (Auckland Council) The average Auckland house price has gone up by nearly $225,000 since 2008, up over $75,000 in...
    Labour | 23-08
  • Labour irons out low income tax issue
    The increasing casualisation of work has led to many New Zealand families being disadvantaged through the tax they pay, Labour Leader David Cunliffe says. "Many low paid workers are having to work two or three jobs to make ends meet...
    Labour | 22-08
  • Cornered Government comes out swinging
    The National Government is so desperate to keep its dead-in-the-water expert teachers policy alive, it has refused to rule out forcing schools to participate through legislation, Labour’s Education spokesperson Chris Hipkins says. “John Key today attacked the Educational Institute for...
    Labour | 22-08
  • Pacific people continue to go backwards under National
    A report from Victoria University highlights the fact that Pacific people are continuing to go backwards under a National Government, said Labour’s Pacific Affairs spokesperson Su’a William Sio.  “The report shows the largest inequality increases were in smoking, obesity, tertiary...
    Labour | 22-08
  • Wellington transport plan needs to keep moving
    The failure of the Transport Agency to properly look at alternatives to the Basin Reserve flyover is not a good reason for further delays to improving transport in Wellington, Labour MPs Grant Robertson and Annette King say. “The Board of...
    Labour | 22-08
  • Labour’s focus on inequality, kids and better job prospects
    Tackling child poverty and removing barriers to people working part time to enhance their prospects of moving into a fulltime job are highlights of Labour’s Social Development policy. Releasing the policy today, spokesperson Sue Moroney said while part-time work was...
    Labour | 21-08
  • Political staff should give answers under oath
    The Inspector General of Security and Intelligence should use her full statutory powers to question witnesses under oath about the leak of SIS information, says Labour MP Phil Goff. “Leakage of confidential information from the SIS for political purposes is...
    Labour | 21-08
  • High dollar, hands-off Govt sends workers to dole queue
    The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale community, Labour’s Employment, Skills and Training spokesperson Grant Robertson says. “The company’s inability to compete in international markets...
    Labour | 21-08
  • National’s flagship education policy dead in the water
    National’s plan to create executive principals and expert teachers is effectively dead in the water with news that 93 percent of primary teachers have no confidence in the scheme, Labour’s Education spokesperson Chris Hipkins says. “The fact that teachers are...
    Labour | 21-08
  • Dunedin will be a knowledge and innovation centre under Labour
    Dunedin will become a knowledge and innovation centre under a Labour Government that will back local businesses, support technology initiatives and fund dynamic regional projects, Labour Leader David Cunliffe says. “Nowhere has the National Government’s short-sightedness been more apparently than...
    Labour | 21-08
  • Inquiry into SIS disclosures the right decision
    Labour MP Phil Goff says the Inspector-General of Intelligence and Security has done the right thing by launching an inquiry into the disclosure of SIS documents about a meeting between himself and the agency’s former director-general. “This inquiry is necessary...
    Labour | 20-08
  • Labour – supporting and valuing carers and the cared for
    Placing real value on our elderly and the people who care for them will be a priority for a Labour Government, Labour Leader David Cunliffe says. Releasing Labour’s Senior Citizens policy today David Cunliffe promised that a Labour Government would...
    Labour | 20-08
  • By Hoki! It’s Labour’s fisheries policy
    A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. “Catching a fish from the rocks, beach...
    Labour | 20-08
  • Mighty River – Mighty Profits – Mighty hard to swallow
    Mighty River Power’s profit increase of 84 per cent is simply outrageous, says Labour’s Energy spokesperson David Shearer. “Demand for electricity is flat or declining yet the company has made enormous profits. It is the latest power company to celebrate...
    Labour | 19-08
  • Collins’ actions were wrong, not unwise
    John Key’s moral compass remains off-kilter as he cannot bring himself to declare Judith Collins’ actions outright wrong, not simply ‘unwise’, said Labour MP Grant Robertson. “Under pressure John Key is finally shifting his stance but his failure to condemn...
    Labour | 19-08
  • The Press Leaders Debate – proof a newspaper can kill the internet
    No more beersies for you Mr Key. Seriously – was the Prime Minister drunk during this debate? I am so sickened by what passed as a Leaders debate, I will make this review short and vicious. Everyone involved in putting...
    The Daily Blog | 02-09
  • Voting starts tomorrow!
    On the telly, in the papers, on the Net, billboards on almost every street corner – it’s hard to miss the fact that there’s an election coming up. Everyone’s trying to win your vote on Election Day, September 20, (this...
    The Daily Blog | 02-09
  • Collins inquiry a whitewash before it has even started
    The farce whitewash that Key is trying to push through here for the inquiry into Judith Collins role in a hit on the SFO should enrage any NZer, regardless of how they vote. Whaleoil won’t be forced to appear, it’s...
    The Daily Blog | 02-09
  • Press Leaders Debate – Round 2 – 7pm tonight
    This debate is live in a Town Hall, Key has done well at these in the past, but since the hate politics exposed in Dirty Politics, expect real fury directed at Key. My guess is that Key will attempt to use whatever he...
    The Daily Blog | 02-09
  • MANA hit speed wobbles – why Annette Sykes will win Waiariki
    MANA are my favourites. But of late, their transition from crawling to sprinting has hit some speed wobbles. Hone’s and Pam’s aggressive attitude towards the media recently is very understandable in light of how connected many of the media were to...
    The Daily Blog | 02-09
  • Soz Cam – PaknSave boycott of whaleoil continues – time to start a boyc...
    Cam is so carcinogenic now, not even his mates in the Tobacco Industry are talking to him any longer. I suspect only the Israeli Defence Force propaganda department are paying for content on whaleoil now. Cam says that PaknSave have dropped their problems...
    The Daily Blog | 02-09
  • The Rock Fuels NZ Roastbuster Rape Culture
    This is making me feel pretty uncomfortable. Here we have an instance of Jono and Ben posing like “exposed celebrities”. But do you know what I’m seeing? I’m seeing two dudes who basically “roasted” a woman online (exposed pictures of...
    The Daily Blog | 02-09
  • GUEST BLOG: Kate Davis – Why beneficiaries need advocacy
    There are times when I am wrong. I was wrong recently when someone suggested to me that AAAP should be eligible for government funding to continues its advocacy work. That was before. Before dealing with advocacy on a weekly basis...
    The Daily Blog | 01-09
  • TheDailyBlog September Political Poll Has Been Kicked Off
    The Daily Blog’s August poll has concluded and the September poll has been kicked off, asking readers: What party will you likely vote for at this year’s General Election? You will see this month’s poll in the right-hand sidebar of...
    The Daily Blog | 01-09
  • GUEST BLOG: Kelly Ellis – Jamie Whyte, leave that poor seal alone!
    Worse than showing mere lip service to Rainbow inclusion, ACT leader Jamie Whyte showed stunning arrogance when appeared at a candidates debate on rainbow issues hosted by the Auckland University Students’ Association last Thursday. The stunning hypocrisy was evident as...
    The Daily Blog | 01-09
  • Right wing can’t help but use scum
    Some people have been shocked that the traditional right wing party in New Zealand politics is so deeply embedded with scum like the blogger Whale Oil. We need not be so surprised. It takes a certain type to support the...
    The Daily Blog | 01-09
  • EXCLUSIVE: National’s Ohariu candidate admits contact by Simon Lusk
    . . Wellington, NZ, 31  August – At a meet-the-candidates public meeting in the Rongotai Electorate, National’s Ohariu candidate, Brett Hudson, confirmed that he had been approached by “a mate”, who passed on a message from  National Party operative, Simon...
    The Daily Blog | 01-09
  • Coalition for Better Broadcasting – Auckland Broadcasting Debate 2014
    Coalition for Better Broadcasting – Auckland Broadcasting Debate 2014...
    The Daily Blog | 01-09
  • Petition for Governor General of New Zealand to Investigate all the allegat...
      Now we see the inquiry will be a whitewash, that is secret, won’t be consulted with the Opposition, will have limited scope and will ignore Nicky Hager’s book, we must demand the Governor General step in and demand an...
    The Daily Blog | 01-09
  • Ashburton, 1 September 2014
    I NEVER WENT BACK to Aramoana after the killing. I had been a frequent visitor to the tiny seaside village back in the late 1970s and throughout the 80s. Its tall cliffs and broad beaches providing a colourful backdrop to...
    The Daily Blog | 01-09
  • Checkmate in 1 move – how could Slater have known what was in OIA request...
    And now we get down to the final few moves before checkmate. If the following investigation is right, how could Slater and Collins have known what was in the Secret Intelligence Service Official Information Act request that hadn’t been released...
    The Daily Blog | 01-09
  • The Edge Posts Naked Photos Of Jennifer Lawrence Without Consent
    Today the Edge website – owned by Media Works – published fully naked photographs of Jennifer Lawrence without her consent. It is not OK to publish naked media of any woman without her consent, full stop. It is absolutely disgusting...
    The Daily Blog | 01-09
  • Bomber, Laila and Maggie – a highlight from Auckland Broadcasting Debate ...
    Bomber, Laila and Maggie – a highlight from Auckland Broadcasting Debate 2014...
    The Daily Blog | 01-09
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, how good was I i...
    Jeremy Wells’ Mike Hosking on Radio Hauraki...
    The Daily Blog | 31-08
  • Maggie Barry slags Laila Harre & blogger, audience erupt
    The Coalition for Better Broadcasting held their public meeting in Auckland last night and it became a fiery shouting match when Maggie Barry decided to slag Laila Harre and me off. 250 people packed into the Pioneer Hall off High...
    The Daily Blog | 31-08
  • It has to be a full independent public inquiry and Key MUST front
      You know things are bad when images like this start appearing in the media.  It isn’t a ‘left wing conspiracy’ to point out the over whelming evidence of what is clearly a right wing conspiracy! If it looks like a conspiracy, sounds like a conspiracy...
    The Daily Blog | 31-08
  • Political Party social media stats – National playing Dirty Politics on s...
    Interesting data from friend of the blog, Marty Stewart, on social media likes and it shows an interesting question that post Dirty Politics should probably get asked…   …it’s interesting that Key has so many personal followers.  One wonders if...
    The Daily Blog | 31-08
  • The depth of the National rot and the compliance of our news media
    I’m so tired. Aren’t you? I don’t want to read the news anymore. It’s awful and I feel ashamed of it. We live in a country that people all over the world would give an arm, a leg; their life...
    The Daily Blog | 31-08
  • Conservative Party candidate links smacking ban with suicide, sexually tran...
    If Chemtrails, faked moon landings and climate change denial weren’t enough, welcome to your new Minister for Spanking,  Edward Saafi... The anti-smacking law is to blame for youth suicide, youth prostitution and even sexually-transmitted infections, a leading Conservative party candidate...
    The Daily Blog | 31-08
  • A brief word on the canonisation of Matthew Hooton
    Before we all start the canonisation of Matthew Hooton, let’s consider some home truths here shall we? While the Wellington Ruminator Blog, the blog who was previously mates with Judith Collins, now seems to have a crush on Matthew Hooton… …I...
    The Daily Blog | 31-08
  • A brief word on undercover cops in bars
    Dunedin police booze operation labelled ‘creepy’ Undercover police officers drank in Dunedin bars as part of an operation targeting liquor licensing offences. While police said the inaugural operation was a success — with most bars found compliant — the Hospitality...
    The Daily Blog | 31-08
  • Judith Collins press conference
    Judith Collins press conference...
    The Daily Blog | 31-08
  • GUEST BLOG: Angry Lawyer – Collins, Odgers, Williams and legal ethics
    We deserve better lawyers than Judith Collins Three of the worst offenders exposed in Dirty Politics are lawyers: Judith Collins, Cathy Odgers, and Jordan Williams. What Nicky Hager exposed them doing would be out of line for anyone, but from...
    The Daily Blog | 31-08
  • GUEST BLOG: Pat O’Dea – Necessary Defence
    Increasingly climate change is becoming the main fracture line between political parties. Where political parties stand on climate change defines political parties and movements like no other issue. The Mana Movement like the Maori Party it sprang from, came out...
    The Daily Blog | 31-08
  • Why it is all over for John Key
    Image: Melanie D I’ve been confident that National will lose this election and that our focus should be on what a progressive Government needs to establish as its agenda in the first 100 days. Past that point, the establishment pushes back...
    The Daily Blog | 31-08
  • A brief word to everyone who voted National in 2011
    I received this interesting email from a National Party supporter today… …let me say this to anyone who voted National last election – you should be ashamed by what has been revealed and what your vote ended up enabling but...
    The Daily Blog | 31-08
  • EXCLUSIVE: Déjà Vu All Over Again: John Ansell confirms his participation...
      THE MAN BEHIND the Iwi-Kiwi billboards that very nearly won the 2005 election for Don Brash and the National Party has confirmed his involvement in businessman John Third’s and former Act MP Owen Jennings’ campaign to drive down the...
    The Daily Blog | 31-08
  • Public Broadcasting Auckland debate 6.30pm tonight now with Colin Craig &am...
    The Coalition for Better Broadcasting debate on public broadcasting happens tonight at 6.30pm in Auckland at the Pioneer Women’s Hall, High Street, Auckland City.  In the light of Dirty Politics and the manipulation of the media, public broadcasting is more important for...
    The Daily Blog | 30-08
  • Winners & Losers in Collins sacking plus what’s the latest on Slater...
      Make no mistake, there was no way this was a resignation, it’s a face saving way out for Collins, she was sacked.  My understanding is that National internal polls are haemorrhaging and that the powers that be within National...
    The Daily Blog | 30-08
  • Third party propaganda attacks incoming Labour-led government
    . . Further to a report by Daily Blogger, Chris Trotter, on receiving information regarding planned attack-billboards, the following billboard is highly visible to traffic on the southbound lane of the Wellington motorway, just prior to the Murphy St turn-off....
    The Daily Blog | 30-08
  • Labour wins the Internet
    I’m sure I’m not the only one who tried to vote online for the leaders debate and couldn’t because the website was down. The next option was the txt vote, 75c a pop of course. So I’m not surprised that...
    The Daily Blog | 30-08
  • GUEST BLOG: Anjum Rahman – Rotherham and the need to challenge willful bl...
    I haven’t been following the events in Rotterham too closely.  I’ve read about the basic issues and the culture of silence that stopped action been taken even after complaints were made.  That culture of silence is incredibly familiar, and described...
    The Daily Blog | 30-08
  • Review: Hairspray
      Oh Hairspray! What fun! Somehow I managed to miss the movie when it came out, I had no idea really what it was about though I felt it had a vague relation to High School Musical. In retrospect, that...
    The Daily Blog | 30-08
  • Mounting global pressure against Timor-Leste’s ‘death sentence’ media...
    East Timor’s José Belo … courageous fight against ‘unconstitutional’ media law.Image: © Ted McDonnell 2014 CAFÉ PACIFIC and the Pacific Media Centre Online posted challenges to the controversial ‘press law’ nine months ago when it emerged how dangerous this draft...
    The Daily Blog | 30-08
  • GUEST BLOG: Curwen Rolinson – Spies, Lies and When Campaigns Are Fried
    Like most of the rest of the nation’s political classes, I was eagerly affixed to TV One from 12:30 on Saturday afternoon to witness the downfall of Judith Collins.Whenever we witness the crumbling of a titan of the political landscape...
    The Daily Blog | 30-08
  • BREAKING: Whaleoil crushes Crusher
    Judith ends up shooting herself A new email has been released suggesting that Collins was attempting to undermine the head of Serious Fraud Office with the help of far right hate speech merchant Cameron Slater. Unbelievable!   She has been forced...
    The Daily Blog | 30-08
  • BREAKING: Rumours Judith Collins gone at lunchtime
    Brook Sabin first of the mark with rumours Judith Collins is about to resign – PM announcing a statement at 12.30pm… …Paddy follows… …Vance confirms..   …if Collins is gone by lunchtime, it will be because the PM understands the...
    The Daily Blog | 29-08
  • BREAKING: UPDATE on DIRT ALERT!
    Thanks to the information passed to Chris Trotter by “Idiot/Savant” from No Right Turn it is now possible to identify at least some of the persons involved in this latest example of attack politics. What follows is Chris’s response to Idiot/Savant’s timely assistance: Well done...
    The Daily Blog | 29-08
  • Comparing burning puppets, hip hop lyrics and drunk student chants to black...
    Watching the mainstream media try and obscure Cunliffe’s surprise win in the leaders debate  is a reminder the Press Gallery is in depressed shock. The current spin line from the Wellington bubble media in the wake of Dirty Politics is that...
    The Daily Blog | 29-08
  • Why has it all gone quiet on Charter Schools?
    They’re one of ACT’s flagship policies and the National Party have been gung ho in supporting them. So how come we’re not hearing Hekia Parata, Jamie Whyte, Catherine Isaac, et al singing from the rafters about what a resounding success charter...
    The Daily Blog | 29-08
  • Moment of Truth – September 15th – Auckland Town Hall
    Moment of Truth – September 15th – Auckland Town Hall...
    The Daily Blog | 29-08
  • EXCLUSIVE: Dirt Alert! Are the Greens and Labour about to become the target...
    WE’VE SEEN IT ALL BEFORE. In 2005 pamphlets began appearing all over New Zealand attacking Labour and the Greens. For a couple of days both the parties targeted and the news media were flummoxed. Who was behind such an obviously...
    The Daily Blog | 29-08
  • The Donghua Liu Affair: the Press Council’s decision
    . . 1. Prologue . The Donghua Liu Affair hit  the headlines on 18 June, with allegations that David Cunliffe wrote a letter in 2003,  on  behalf of  business migrant, Donghua Liu. Four days later, on Sunday 22 June, the...
    The Daily Blog | 29-08
  • The difference between Cunliffe & Key in the debate
    It was with much interest that I watched the leaders debate on Thursday night.  I watched with an open mind, always happy to have my opinion changed.  Maybe John Key is all the wonderful things that many say about him,...
    The Daily Blog | 29-08
  • GUEST BLOG: Denis Tegg – When Did We Agree To Our Data Being Shared with ...
    New shocking evidence has emerged from Edward Snowden’s trove of documents about a program called ICREACH under which data collected by the GCSB is shared with 23 US spy agencies. Under new sharing agreements which appear to have commenced immediately after...
    The Daily Blog | 28-08
  • Independent Epsom Candidates ‘One Strike’ Crime Policy
    Best wishes to all of those who live in Epsom, Mount Eden, New Market, Remuera and of course the rest of New Zealand....
    Scoop politics | 02-09
  • Large majorities of NZ First voters would prefer Labour deal
    67% of those who voted for New Zealand First at the 2011 general election would prefer Labour to lead a coalition government if one is needed after September 20’s general election....
    Scoop politics | 02-09
  • Jointly owned urban development agency for Christchurch
    “Given the strategic importance of the Canterbury rebuild, it is logical that the transition from emergency governance arrangements is overseen by the Prime Minister’s office, but to maintain momentum in the city centre an expert development agency...
    Scoop politics | 02-09
  • Collins inquiry at best a Band-Aid, a permanent fix needed
    Collins inquiry at best a Band-Aid, a permanent fix is needed The Public Service Association (PSA) says the inquiry into Judith Collins’ behaviour must be accompanied by a process to restore the lost trust between Ministers and public servants if...
    Scoop politics | 02-09
  • Association welcomes new Chief Executive
    “The New Zealand Police Association is pleased to announce the appointment of Heather Verry to Chief Executive. Heather picks up the mantle from Chris Pentecost, who recently retired from this position,” Police Association President Greg O’Connor said...
    Scoop politics | 02-09
  • Young Voters Want Politicians to Grow Up
    Young voters want answers to the questions that directly affect them – but it seems as much as anything, they want politicians to grow up....
    Scoop politics | 02-09
  • Climate Voter election debate to get big audience
    Auckland, 2 September 2014 - Tickets to tomorrow night’s first-ever Climate Voter election debate have sold out but an online audience will also get to see the event live....
    Scoop politics | 02-09
  • The Edge show disregard for consent
    The Edge has shown complete disregard for consent, for women’s bodies and in doing so has contributed to the wider issue of rape culture in New Zealand says specialist sexual violence prevention organisation, Sexual Abuse Prevention Network. Yesterday,...
    Scoop politics | 02-09
  • The Rock is Fuelling New Zealand’s Roastbuster Rape Culture
    The Rock are still displaying without-consent images of Jennifer Lawrence and other celebrities online. They are making fun of this without-consent action, saying that she was "asking for it", etc. They appear to be supporting this kind of...
    Scoop politics | 02-09
  • HRLA Condemns Murder of Filipino Human Rights lawyer
    Attorney Rodolfo R. Felicio, a member of the National Union of Peoples Lawyers , was gunned down while working on a land dispute in Rizal, east of Manila. Two caretakers of the disputed land were also injured in the attack....
    Scoop politics | 02-09
  • SFO lays charges for procurement fraud
    Two individuals have been charged in the Auckland District Court today with Crimes Act charges laid by the Serious Fraud Office for alleged fraud against Mighty River Power Limited relating to procurement for the Company’s Southdown power station....
    Scoop politics | 02-09
  • Commitment to lifting wages good for New Zealand
    The Service and Food Workers Union has applauded the Green Party workers’ policy announced today....
    Scoop politics | 02-09
  • Sykes: There’s Only One Poll That Counts
    “One of the oldest sayings in politics is that there is only one poll that counts – the one on Election Day – and that’s the one that I am focusing on” remarked the MANA Movement candidate for Waiariki, Annette...
    Scoop politics | 02-09
  • Winston Peters Shown up by the Civilian Party
    Even the satirical 'Civilian Party' has now offered the Taxpayers’ Union more credible figures for the ' Bribe-O-Meter ' than Winston Peters’ New Zealand First. The Taxpayers’ Union Bribe-O-Meter now includes, National, Labour, the Greens,...
    Scoop politics | 02-09
  • Further criminal investigation into CTV Building collapse
    Police has today confirmed it will be advancing the criminal investigation into the collapse of the CTV building in February 2011....
    Scoop politics | 02-09
  • Greens policy to restore link between effort and reward
    The Green Party’s new workers policy articulates an alternative to wage repression and job insecurity based on restoring the link between effort and reward, according to FIRST Union. The core tenets of the policy include implementing an $18 minimum...
    Scoop politics | 02-09
  • Greens workers policy supported by union movement
    The CTU is supporting the Green Party’s policy launched today focused on improving life for working New Zealanders. “This policy shows the Greens commitment to collective bargaining as the best and fairest way to improve workers terms and conditions. It...
    Scoop politics | 02-09
  • Research Scholarships for Cannabis Treatments
    Medical cannabis research will be boosted by $140 million if the Aotearoa Legalise Cannabis Party is elected on September 20. Pediatric epilepsy treatment will be one of the main priorities for the research scholarships....
    Scoop politics | 01-09
  • Ngai Te Rangi Change to Tribal Elections
    Ngai Te Rangi has begun a postal vote of beneficiaries to change the way representatives are elected to the two Ngai Te Rangi tribal organisations....
    Scoop politics | 01-09
  • Greens’ commitment to pay equity welcomed by workers
    The Public Service Association (PSA) says the 58,000 workers they represent will benefit from the announcement by the Green Party of a commitment to pay equity and to a living wage for core public servants and contractors....
    Scoop politics | 01-09
  • Real People Powering Real Policy
    New Zealanders from all walks of life have helped the Internet Party create a full platform of strong, progressive and realistic policies that will create a better future for everyone, says leader Laila Harré....
    Scoop politics | 01-09
  • University of Canterbury to help with forestry safety
    The University of Canterbury is to launch a new research project to make sure New Zealand’s new forestry roads are safe and are established with minimal environmental impact....
    Scoop politics | 01-09
  • Time to get serious about ending homelessness!
    New Zealand needs a comprehensive set of policies that address the housing and support needs of homeless people as well as significantly increasing the supply of affordable, good quality houses and flats....
    Scoop politics | 01-09
  • Hundreds to join domestic, sexual violence march
    Several social service providers from across New Zealand have come together to call for an end to the epidemic level of domestic and sexual violence in New Zealand....
    Scoop politics | 01-09
  • Students helped with debt repayments
    New Zealand students now living in Australia are being reminded not to ignore their student loan debt as Inland Revenue expands its latest tool to help with repayments....
    Scoop politics | 01-09
  • Launch of GenderNeutral.co.nz website
    GenderNeutral.co.nz are excited to announce the launch of their new website, GenderNeutral.co.nz ....
    Scoop politics | 01-09
  • Factory farming debaters to look chicken in the eye
    MPs participating in a panel discussion about factory farming will come face-to-face with a real live hen, rescued from the claws of the intensive farming industry. Hettie the Hen will demonstrate to the MPs what little space is afforded to...
    Scoop politics | 01-09
  • Leadership stands strong behind Internet MANA relationship
    “There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the...
    Scoop politics | 01-09
  • Personal Statement by Matthew Hooton
    Personal Statement by Matthew Hooton 1 September 2014 For Immediate Release “This morning I made comments on Radio New Zealand’s Nine to Noon programme about an attempt by staff in the Prime Minister’s Office to interfere in the appointment...
    Scoop politics | 01-09
  • The Worm turns down for John Key
    John Key struggled to coax The Worm above the line in Thursday’s Leaders Debate, according to Roy Morgan’s Reactor, the original Worm. John Key struggled to coax The Worm above the line in Thursday’s Leaders Debate, according to Roy Morgan’s...
    Scoop politics | 01-09
  • The Edge Posts Naked Photos Without Consent
    The Edge website, owned by Media Works have published fully naked photographs of Jennifer Lawrence without her consent....
    Scoop politics | 01-09
  • Statement from the Governor-General on Ashburton Shootings
    The Governor-General, Lt Gen The Rt Hon Sir Jerry Mateparae, has expressed his deep shock following the shooting of three people in Ashburton today....
    Scoop politics | 01-09
  • Update on IGIS inquiry into release of NZSIS information
    In recognition of the public interest, the Inspector-General of Intelligence and Security, Cheryl Gwyn, took the unusual step of providing an update during the course of an inquiry and confirmed today that she would be summoning a number of individuals...
    Scoop politics | 01-09
  • An Open Government Plan developed in secrecy
    The State Services Commission sent NZ’s Open Government Action Plan to the international Open Government Partnership (OGP) Secretariat on 31 July. The countries involved in the OGP since its inception - from the UK and US to Indonesia and Brazil...
    Scoop politics | 01-09
  • KiwiRail; another year older and deeper in debt
    That is a lot of money and there are lessons that need to be learnt before we pour in another $1 billion....
    Scoop politics | 01-09
  • Fonterra China Deal Demands Safe Supply Chain
    The future success of Fonterra’s deal to sell infant formula in China [1] requires all milk it uses be safe and for Fonterra to secure its supply chain from contamination by GE DNA and pesticide residues. There is now significant...
    Scoop politics | 01-09
  • HRC praises Auckland mum for speaking out
    Race Relations Commissioner Dame Susan Devoy has praised an Auckland mother of four who went public after humiliating treatment by staff at The Warehouse....
    Scoop politics | 01-09
  • Southern DHB refers disputed issue to Serious Fraud Office
    Following advice from forensic investigation firm Beattie Varley Limited, Southern District Health Board has referred the expenditure at the centre of its long running dispute with South Link Health to the Serious Fraud Office. The parties have been...
    Scoop politics | 01-09
  • The Letter 1 September 2014
    Last night’s TVNZ Colmar Brunton poll puts the left and right 60 MPs each. United and the Maori Party say they will go with the side that gets to 61 MPs. ACT just needs just 1.3% or 28 thousand Party...
    Scoop politics | 01-09
  • Shopping Giveaway Harmless Fun For Kids
    Family First NZ is rubbishing claims by critics including Gareth Morgan that the New World ‘Little Shop’ promotion is harmful for kids, and says that kids should be allowed to be kids. “Children love acting like their parents and pretending...
    Scoop politics | 01-09
  • Red Cross launches employment service for former refugees
    New Zealand Red Cross is encouraging employers to give refugees a fresh startwith the launch of Pathways to Employment, a nationwide work assistance service....
    Scoop politics | 01-09
  • EDS welcomes Labour’s Conservation Policy
    The Environmental Defence Society has welcomed Labour’s Conservation Policy including the key objective of halting the current pattern of indigenous biodiversity decline within ten years....
    Scoop politics | 01-09
  • Poverty is falling and income inequality is not rising
    “A Roy Morgan poll shows that the issue people are most concerned about is income inequality. This just goes to show how the persistent repetition of a lie bewilders the public. Income inequality is not in fact rising. And the...
    Scoop politics | 01-09
  • Rotary NZ responding to Fiji water and sanitation issues
    Clean water and sanitation are vital to health. In Fiji Rotary New Zealand have been targeting 22 communities that are experiencing severe hardship mainly because they don’t have access to clean water for their drinking, cleaning and cooking needs....
    Scoop politics | 01-09
  • Work & Income shooting a Tragedy
    Kay Brereton speaking on behalf of the National Beneficiary Advocacy Consultancy group says; “Two people shot and another wounded, this is a tragedy and our deepest sympathy goes out to the family and whanau of the victims, as well as...
    Scoop politics | 01-09
  • 1080 Poison Deer Repellent not Effective – Farmers
    Four deer have been found dead within a farmer's bush block, after an aerial 1080 poison drop applied with deer repellent. The drop was part of a 30,000 hectare drop across the Northern Pureora Forest Park....
    Scoop politics | 01-09
  • Employment Charter will strengthen migrants’ rights
    Establishing an Employment Charter for construction companies is a critical step to strengthening the rights of migrant workers that are fast becoming the face of the Christchurch rebuild, according to an alliance of union groups. The charter has...
    Scoop politics | 01-09
  • Global March For Elephants and Rhino
    It’s a trans-national business that funds terrorist organisations, fuels conflict in Africa, and poses environmental, development and security challenges. The illegal wildlife trade is also a lucrative business, generating an estimated USD$20 billion...
    Scoop politics | 01-09
  • New series of videos aimed at disengaged youth
    From the people who brought you 'NZ Idle' (NZ's favourite web series about an artist on the dole) comes a new series about election time: Choice Lolz....
    Scoop politics | 01-09
  • Picket Of Leaders Christchurch Debate
    KEEP OUR ASSETS PICKET OF LEADERS CHRISTCHURCH DEBATE TUESDAY SEPTEMBER 2nd, 6 p.m. ST MARGARETS COLLEGE, SHREWSBURY STREET, MERIVALE...
    Scoop politics | 01-09
Images of the election
Public service advertisements by The Standard