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

  • The Gwyn Report
    This is the Inspector General of Intelligence and Security’s inquiry into how Cameron Slater obtained classified SIS documents that embarrassed then-Labour leader Phil Goff. It gets released tomorrow but some media have been briefed on some of the contents, presumably by Goff. So the...
    DimPost
  • Carbon News 24/11/14: penny-pinching on climate funding
    Govt slammed for weak climate fund contribution The Government is under fire for the size of its contribution to a global fund to help developing countries to combat climate change. New Zealand last week agreed to donate $3 million to...
    Hot Topic
  • Are New Zealand Economists Going in the Right Direction?
    In a speech to economics teachers  earlier this month, the Secretary of the Treasury, Gabriel Makhlouf, argued for a different approach to economics from the one which dominates the profession in New Zealand....
    Pundit
  • Stuart’s 100 #58: Four Seasons in One Year
    58: Four Seasons in One Year What if we made more of seasonal change in Auckland? Auckland does not, despite what many of us say, have a tropical, or sub-tropical climate, but a temperate maritime one. All the palm trees...
    Transport Blog
  • More rubbish stupid Tories
    Back in 2010, George Osborne made some rather stupid promises:The formal mandate we set is that the structural current deficit should be in balance in the final year of the five-year forecast period, which is 2015-16 in this budget.And:In order...
    Left hand palm
  • Tories admit they are stupid liars
    From the Guardian:Speaking on the Andrew Marr Show on BBC1, May said: “It is of course unlikely that we are going to reach the tens of thousands by the end of the parliament. Why is that? It is because we...
    Left hand palm
  • Labour the winner on the day…
    After The Nation's Labour leadership debate in Hamilton a few weeks back, I said to some of my colleagues, 'if Little doesn't win this, he should be given the strategy job of making Labour relevant again, that's what he seems...
    Pundit
  • How to get rid of the State Services Commissioner
    Over the wekeend, Andrew Little effectively called for State Services Commissioner Iain Rennie to resign over his mishandling of the Roger Sutton sexual harassment claim. I'm inclined to agree. But as DPF points out, the SSC can't just be sacked,...
    No Right Turn
  • How British
    How corrupt is the British establishment? This corrupt:The security services are facing questions over the cover-up of a Westminster paedophile ring as it emerged that files relating to official requests for media blackouts in the early 1980s were destroyed. Two...
    No Right Turn
  • Sexism, rape culture and power
    Our discourse around sexual violence is complicated. All too often perpetrators are described as ‘monsters’, so when someone you know tells you the lovely man that you really like sexually abused them it’s hard to believe, because they’re not a...
    frogblog
  • Labour’s front bench: Demographics
    When he became Labour leader last week, Andrew Little promised a front bench that was representative of New Zealanders' background aspirations, and also promised a front bench that represented New Zealand's future aspirations. Here's how he did: The average age...
    Polity
  • Was Auckland’s motorway network built on “strategic misrepresentations...
    Last week, I took an empirical look at construction cost overruns for recent road projects in New Zealand, concluding that NZTA and regional transport agencies systematically underestimated the costs to build roads by an average of 34%. These findings are...
    Transport Blog
  • New Fisk
    Iran is shifting from pariah to possible future policeman of the Gulf...
    No Right Turn
  • New Labour lineup: 8/10
    As readers will have seen, Andrew Little has announced Labour's new lineup. Overall, I think this is a pretty shrewd list, seeking to build a united caucus team after the very close leadership election. It is not exactly what I...
    Polity
  • Labour’s exciting new line up
    New Labour leader, Andrew Little, announced Labour's exciting new line up today. Check it out now!...
    Labour campaign
  • A war on judicial oversight
    In response to a leak, the government has been forced to release its "temporary" anti-terror legislation - and reveal that its a lot less temporary than they said it would be. Rather than a one-year patch-job pending a review, John...
    No Right Turn
  • CTU will not engage in Governments sham consultation process on Terrorist B...
    Today the CTU has sent a letter to Prime Minister John Key articulating serious concerns about both the content and the rushed process the Government has clearly signalled it intends to follow to progress the Countering Terrorist Fighters Legislation Bill...
    CTU
  • Hard News: Team Little: pretty good
    New Labour leader Andrew Little has announced his first caucus lineup and, with one or two questions, it would seem to be pointing the party in the right direction. A clearout of a few of the usual suspects is offset...
    Public Address
  • Class of 2008
    Labour announced its new lineup today, and the change in leadership has led to a significant change: their top 10 are now absolutely dominated the Labour's class of 2008, while the old guard of Mallard, Goff etc have been shuffled...
    No Right Turn
  • Water fluoridation and dental fluorosis – debunking some myths
    Dental fluorosis is really the only “negative” side effect of community water fluoridation (CWF). It occurs in non-fluoridated as well as fluoridated areas but is often a little more common in the fluoridated areas. However, there is a lot of...
    Open Parachute
  • Water fluoridation and dental fluorosis – debunking some myths
    Dental fluorosis is really the only “negative” side effect of community water fluoridation (CWF). It occurs in non-fluoridated as well as fluoridated areas but is often a little more common in the fluoridated areas. However, there is a lot of...
    Open Parachute
  • Funding system pushing tertiary institutions towards fraud
    Pressure for funding is driving institutions to take illegal shortcuts says TEU national president Lesley Francey. News that the tertiary education minister Steven Joyce is investigating alleged fraud of at least $10 million from public tertiary education is shocking, but...
    Tertiary Education Union
  • GOP gulp
    The Daily Kos in the US is solidly on the liberal left side of the spectrum, so to see them declaring trouble for the Republicans despite their midterm win isn't much of surprise. But the source they are quoting is...
    Polity
  • 2014 New Zealand River Awards
    The second annual New Zealand River Awards will be announced this Thursday evening in Wellington. The Awards recognise the most improved river in each region where there’s robust data, and also identifies the three most improved rivers in the country....
    Gareth’s World
  • Economy, effectiveness and efficiency – yeah Right
    So - Gary Romano who took the fall for the Fonterra botulism scare was head hunted by Shanghai Pengxin -http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11226262the company which bought the Crafar farms (the original purchase of which was financed by loans made to Crafar by Fonterra) and which are...
    Te Whare Whero
  • Christmas singles and the White Saviour Complex
    In light of Sir Bob Geldof’s recent re-recording of ‘Do They Know it’s Christmas?’, controversy around the so-called ‘white saviour complex’ continues to grow. Naturally, I thought I would add my two cents to the debate surrounding the song and...
    On the Left
  • New Bus Priority coming
    Auckland Transport want to roll out 40km of new bus priority measures over the next 3 years to speed up buses, make them more efficient and support the new bus network being rolled out across the region. This is fantastic news as the...
    Transport Blog
  • Gordon Campbell on Rick Ellis as Te Papa’s new CEO
    The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial...
    Gordon Campbell
  • 2014 SkS Weekly Digest #47
    SkS Highlights President Obama's climate leadership faces the Keystone XL challenge by John Abraham attracted the highest number of comments of the articles posted on SkS during the past week. Coming in a close second was John Cook's Why we need to...
    Skeptical Science
  • Andrew Little as Labour Leader
    So Andrew Little is the new Labour leader. I don't particularly agree with him axing capital gains but entirely agree Labour should ditch raising the retirement age. Andrew needs to handle the members better. Cunliffe ditched some policies such as...
    Topical
  • Hard News: Music: Watching on Twitter from afar
    TV3's decision to broadcast the Vodafone Music Awards live to air was a great call. Not that I was able to actually watch it, but being able to read tweets both from Vector Arena and the living rooms of home certainly...
    Public Address
  • Sunday music: Talking Heads on cities
    A blast from the past: the Talking Heads’ ode to urbanity, “Cities”. This is from the band’s fantastic concert film Stop Making Sense: The Talking Heads emerged from 1970s New York. The city itself wasn’t doing so well at the...
    Transport Blog
  • Our social betters
    by Michael Roberts In a great new book, Billionaires: reflections on the upper crust (http://www.newrepublic.com/article/120092/billionaires-book-review-money-cant-buy-happiness), Darrel M West outlined various social surveys that show the richer a person is, the less likely they are to redistribute some of their wealth...
    Redline
  • More details on the Glen Innes to Tamaki Dr path
    Auckland Transport have released more details about the route for the Glen Innes to Tamaki Dr shared path that they and the NZTA are going to build over the next few years. The $30 million path will be built between 2015 and 2018 in four...
    Transport Blog
  • Headline of the week
    Original. To quote our very own Lamia, “Maybe the Maori Party should have included a history lesson in their confidence and supply agreement.”...
    On the Left
  • Who or What Was Onboard MH370, That Someone Doesn’t Want Found?
    239 people (including crew) were onboard MH370 when it mysteriously disappeared on March 8th this year.  Not one single piece of confirmed wreckage has ever been found, nor has a definite crash area been identified. I, like I am sure...
    An average kiwi
  • 2014 SkS Weekly News Roundup #47B
    Acid maps reveal worst of climate change Buffalo mega snowstorm tied to climate change? China will place a limit on coal use in 2020 Climate change investment falls for second year in 2013 Fossil-fueled Republicanism  House Republicans just passed a...
    Skeptical Science
  • For oil companies, our rights are just another obstacle
    Once upon a time fossil fuel exploration took place far away, out of sight and out of mind. But as oil and gas giants become ever more desperate for new reserves they’re prepared to drill in places that were previously...
    Greenpeace NZ blog
  • The Arctic Sunrise, her journey continues
    Last Saturday, the ecologically pristine area around the Canary Islands was the watery stage of the next chapter in the story of the Arctic Sunrise. Last year, she carried Greenpeace activists across icy waters North of Russia, where they protested...
    Greenpeace NZ blog
  • New Wynyard Hotel disappointing
    More details were released yesterday surrounding a new luxury hotel – to be known as Park Hyatt Auckland – that is going to be built on the waterfront, on the site that currently houses the Team New Zealand headquarters.   The...
    Transport Blog
  • Guest post: what should Andrew Little learn from Ed Miliband?
    John tweets at @mrduttonpeabody. A Labour leader being elected on the back of an election loss, through a system of weighted bloc votes, is familiar to anyone who follows UK politics. The 2010 UK Labour leadership election saw Ed Miliband...
    On the Left
  • October 14 Patronage
    October’s patronage results show Aucklanders are continuing to flock to buses and trains. It’s especially true for the rapid transit network which is seeing staggering growth, up over 20% compared to the same month last year. It’s showing that the public...
    Transport Blog
  • Hurray for “Hurray For The Riff Raff”!
     FIRST RATE AMERICANA came to Auckland's Tuning Fork venue last night in the form of the Alt-Country, Indie-Folk roots band Hurray For The Riff Raff. Led by Alynda Lee Segarra, the 27-year-old Peurto Rican singer-songwriter out of New Orleans via New...
    Bowalley Road
  • Capture: Movement
    It felt like we were overdue for a post, and when I took the time to look back at what had come before, I realised yesterday we turned three. So before we get into it, thanks once again for another...
    Public Address
  • Saturday playlist: new Labour leader
    It was difficult, but we managed to restrain ourselves from only posting songs with “Little” in the title … Add your (nice) suggestions below!...
    On the Left
  • Stuart’s 100 #57: Grow your own
    57: Grow your own What if supermarkets could grow their own? Supermarkets, like service stations, are in that category of activities that are of such necessity and ubiquity to our daily life that they cumulatively have a very large footprint...
    Transport Blog
  • The best of Neetflux (so far)
    A selection of our favourite Neetflux posters to date. Here’s to more awesome political satire to come! (Click through for full-size on Neetflux’s Tumblr)...
    On the Left
  • Chipping away at police unaccountability
    Traditionally, our police have enjoyed a wide discretion over who to prosecute and how. Sometimes, this is a good thing - it means that the time of the courts is not wasted on minor crimes. In other cases, its use...
    No Right Turn
  • Plan for mega factory farm ruffles feathers
    Not long ago I wrote about the proposal to build a mega factory farm in the small township of Patumahoe that would confine over 300, 000 hens to colony cages. This week the resource consent hearing for the proposed factory...
    frogblog
  • CTU disappointed by poor government advice to workers on petrol station dri...
    The New Zealand Council of Trade Unions has raised concerns with the Ministry of Business, Innovation and Employment (‘MBIE’) regarding their reported advice to workers about the petrol station drive away issue. Photo:  ...
    CTU
  • South Auckland disadvantaged by new decile rankings
    New decile rankings have South Auckland schools at scores that show they are much more disadvantaged than the national average, says Labour’s Associate Auckland  Issues spokesperson Louisa Wall.  “As a measurement of disadvantage it is alarming that the average score...
    Labour
  • Sexism, rape culture and power
    Our discourse around sexual violence is complicated. All too often perpetrators are described as ‘monsters’, so when someone you know tells you the lovely man that you really like sexually abused them it’s hard to believe, because they’re not a...
    Greens
  • Time for an economy that works for all New Zealanders
    New Labour Finance spokesperson Grant Robertson says the challenge for the National Government is to support an economy that delivers good, sustainable jobs paying decent wages. “It’s time the economy delivered for all New Zealanders, not just the fortunate few....
    Labour
  • New faces, wise heads in bold Labour line up
    Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience....
    Labour
  • Plan for mega factory farm ruffles feathers
    Not long ago I wrote about the proposal to build a mega factory farm in the small township of Patumahoe that would confine over 300, 000 hens to colony cages. This week the resource consent hearing for the proposed factory...
    Greens
  • National opens door further to Chinese property speculators
    National has further opened the door to Chinese property speculators with the registration of a third Chinese bank here that will make it easier for Chinese investors to invest in New Zealand properties, the Green Party said today."As well, former...
    Greens
  • National restarts logging in West Coast forests
    “Dead wood also contributes by providing nutrients to soils, supporting the agents of wood decay such as fungi and invertebrates and it is a key habitat for the regeneration of some trees.” Annual Report 2013/14, page 29. The National Government has...
    Greens
  • Lab plan the beginning of slippery slope?
    It’s time for new Health Minister Jonathan Coleman to show his hand on plans to privatise lab services which doctors are warning could put patients’ lives at risk, Labour’s Health spokesperson Annette King says. “Clinicians have sent the Government some...
    Labour
  • A-G called on to look into flagship ‘cost-saving’ programme
    New health Minister Jonathan Coleman has some serious questions to answer following a decision to wind up the Government’s flagship health savings provider HBL just a fortnight after giving it the green light to implement its plans, Labour’s Health spokesperson...
    Labour
  • Prime Minister’s warped view of history
    Students who sat NCEA level 3 history exams last week might be very worried to hear the Prime Minister tell a Radio Station that New Zealand was one of the few countries that was settled peacefully by Europeans. Those students who wrote...
    Greens
  • Climate of fear needs addressing
    It is hugely concerning that community and volunteer groups feel they are being gagged from speaking out against the Government, Labour’s Community and Voluntary Sector Spokesperson Louisa Wall says.  A Victoria University survey of 93 sector groups has found 50...
    Labour
  • Mandatory code of conduct needed for supermarkets
    Labour has drafted legislation to establish a mandatory code of conduct for supermarkets to ensure New Zealand suppliers are not affected by anti-competitive behaviour. “Even though the Commerce Commission found no technical breaches of the law through some of Countdown’s...
    Labour
  • National softening public up for 7th successive deficit
    Finance Minister Bill English is softening the public up for an announcement that National is going to fail in even its very limited goal of achieving a budget surplus, the Green Party said today."No finance minister in a generation has...
    Greens
  • National caught out on state house porkies
    Housing NZ’s annual report out today directly contradicts the Government’s claim that one-third of its houses are in the wrong place and are the wrong size, said Labour’s housing spokesperson Phil Twyford. “The annual report states 96 per cent of...
    Labour
  • Damning report on Department of Conservation restructure
    The restructuring of the Department of Conservation (DOC) following National's severe funding cuts has been revealed as failure, the Green Party said today.The Taribon report has reviewed the new structure of DOC after 12 months. The restructuring, one of the...
    Greens
  • Greens welcome Xi, but human rights need to be on agenda
    The Green Party welcomes the visit to New Zealand of Chinese President Xi Jinping and wishes to congratulate him on his recent announcement regarding China capping emissions for the first time.The United States and China recently unveiled a deal to...
    Greens
  • Backing New Zealanders to get ahead
    New Labour Leader Andrew Little says it is an immense privilege to have been chosen to lead the party and to be given the task of ensuring it once again becomes a powerful force that backs New Zealanders in getting...
    Labour
  • Andrew Little Elected Leader of Labour Party
    “The Labour Party congratulates Andrew Little, who has been elected as party leader in a robust and highly democratic process,” says Labour Party President Moira Coatsworth. “Andrew’s leadership will have the full support of the whole Labour Party.”...
    Labour
  • Report into Brownlee security breach should be released
    The Government and Civil Aviation Authority (CAA) should release the report into former Minister of Transport Gerry Brownlee's airport security breach, the Green Party said today."The actions of a Minister of Transport breaching security at an airport are a matter...
    Greens
  • Brownlee must ask CAA to release the report
    Gerry Brownlee must ask the Civil Aviation Authority to release the report that finds he broke the law in breaching airport security, says Labour's Transport spokesperson Phil Twyford. “It is inexcusable for any minister, let alone the then-Transport Minister, to...
    Labour
  • G20 climate comment increases pressure on NZ
    The G20 decision to include climate change in its communiqué despite Australia's attempt to ignore it, increases pressure on New Zealand to come up with a credible plan to cut emissions, the Green Party said today.The G20 Leaders Communiqué from...
    Greens
  • NZ joins G20 climate problem
    Confirmation this morning by John Key that his Government plans to do nothing to turn around NZ's rapidly rising greenhouse emissions means that New Zealand joins Australia as one of the problem children at the G20 meeting in Brisbane, the...
    Greens
  • IRD joins Corrections in Phillip Smith failure
    It is incomprehensible that IRD and Corrections were not able to stop Phillip Smith from rorting the tax system out of $50,000 until it was too late, given that he was a notoriously manipulative prisoner stuck in jail, says Labour’s...
    Labour
  • The Government has to listen to Olly
    When even hard boiled property investors like Olly Newland  say first home buyers have been shafted by Loan to Value Ratio lending restrictions, surely it is time for the Government to listen, says Labour's housing spokesperson Phil Twyford.  "Auckland landlord...
    Labour
  • Key used GCSB for political ends prior to 2014 election
    New documents released to the Green Party show that Prime Minister John Key used New Zealand's intelligence services for the National Party's political ends a few days out from the 2014 election, the Green Party said today.Documents released to the...
    Greens
  • Government not meeting its climate target
    The Government must front up to the fact that its own advisors are now saying that New Zealand is off target in any transition to a low carbon future, says Labour’s spokesperson on Climate Change Nanaia Mahuta.  “A briefing to...
    Labour
  • Briefing reveals Defence facilities ‘increasingly unfit for purpose’
    The Defence Briefing to the Incoming Minister reveals a deteriorating state in Defence facilities that are no longer fit for purpose, says Labour’s Defence spokesperson Phil Goff.  “The briefing is heavily censored but still reveals that Defence camps, bases and...
    Labour
  • New projections show New Zealand missing climate target
    Briefings to Incoming Ministers released today reveal the Government's climate policy is failing with projected emission more than double what is needed to meet National's 2050 target, the Green Party saidProjections released by the Ministry for the Environment, as part...
    Greens
  • National’s highways far less efficient
    National’s new state highways have a far lower cost-benefit ratio than motorways built under the last Labour Government, making a mockery of the Government’s bluster that its road building will boost the economy, says Labour's Transport spokesperson Phil Twyford. “New...
    Labour
  • Governor points finger at National on supply
    The Reserve Bank Governor has admitted he had to keep loan to value mortgage restrictions in place because the Government’s attempts to increase housing has fallen ‘a long way short’, says Labour's Housing spokesperson Phil Twyford. “The thousands of first...
    Labour
  • Did Collins cover up Slater’s OIA requests?
    Disgraced former Cabinet Minister Judith Collins must explain why she appears to have tried to hide Official Information Act requests she fulfilled for Whale Oil blogger Cameron Slater, Labour MP Megan Woods says. “New documents obtained by Labour show Judith...
    Labour
  • Reserve Bank’s dairy warning must be heard
    The Reserve Bank’s warning that falling dairy prices are creating greater risks for the New Zealand economy must be taken seriously by Bill English and John Key, says Labour’s Finance spokesperson David Parker. “Dairy prices have nearly halved since February...
    Labour
  • National’s housing failure keeps LVRs in place
    The Reserve Bank’s decision to leave loan-to-value ratio mortgage restrictions in place is further confirmation of National’s housing policy fiasco, Labour’s Housing spokesperson Phil Twyford says. “The Reserve Bank would have lifted LVRs if they had seen any increase in...
    Labour
  • Let’s see if it is plane sailing Mr Bridges
    Comments by Transport Minister Simon Bridges that Far North residents' anger over cutbacks to regional flights will be allayed by larger planes and cheaper fares out of Kerikeri, are just pure arrogance, says Labour’s Te Tai Tokerau MP Kelvin Davis....
    Labour
  • Commerce Commission inquiry needed into building supplies monopoly
    The Commerce Commission must stop dragging the chain and urgently investigate the anti-competitive practices in the building industry that are driving up the cost of building materials, says Labour's Housing spokesperson Phil Twyford. “Competition in the building materials market is...
    Labour
  • Air New Zealand grounds Far North
    The announcement by Air New Zealand to close services from Kaitaia to Auckland will be an absolute disaster for the Far North, Labour MP for Te Tai Tokerau Kelvin Davis says.  “Air New Zealand is sending a signal to the...
    Labour
  • Pulling West Coast flights a savage blow
    Air New Zealand’s decision to withdraw its Westport service is another kick in the guts for an already struggling community, West Coast-Tasman MP, Damien O’Connor says.   “Having been involved in the West Coast’s efforts to get Air Nelson to return...
    Labour
  • Air NZ cuts economic lifelines to neglected regions
    Air New Zealand’s plans to cut its Eagle Air regional services to already struggling regions is a hammer blow to Westport, Whakatane and Kaitaia, says Labour's Transport spokesperson Phil Twyford. “The regions of New Zealand are being abandoned by this...
    Labour
  • Christchurch on the rent rack
    A jump of 20 per cent in weekly rents in the past year is a disaster for Christchurch, says Associate Housing spokesperson Poto Williams. “The Trade Me Property Rental Price index has rightly described the city as being a ‘...
    Labour
  • Past time to act on warnings about palliative care
    Health officials have been warning the Government about a critical shortage of palliative care specialists for years, Labour’s Acting Deputy Leader and Health spokesperson Annette King says. A stocktake carried out for the Ministry of Health shows New Zealand’s end...
    Labour
  • Report must spur Government into action
    The soaring cost of domestic violence and child abuse highlight the need for the Government to prioritise and act on the issue, says Labour's spokesperson for Social Development, Sue Moroney.“Findings from the Glenn Inquiry that show the problem is estimated...
    Labour
  • Family safety paramount, then urgent review
    Corrections Minister Peseta Sam Lotu-Iiga has some serious questions to answer over why a dangerous prison escapee, convicted of further crimes while in jail, managed to abscond while he was on approved temporary release, Labour’s Corrections spokesperson Jacinda Ardern says.“Phillip...
    Labour
  • LVRs a failed experiment from Bill English
    Loan to value mortgage restrictions are a failed experiment from Bill English to tame Auckland house prices, that have caused collateral damage to first home buyers and other regions, says Labour's Housing spokesperson Phil Twyford. “The possible end of LVR...
    Labour
  • Govt books getting worse as economy slows
    National’s economic credibility is under serious scrutiny with its search for surplus becoming harder due to an economy far too reliant on the dairy industry, says Labour’s Finance spokesperson David Parker. “National promised New Zealanders would get into surplus by...
    Labour
  • Kiwis in pain because of Government underfunding
    New research showing one in three people needing elective surgery are being denied publicly-funded operations shows the Government must properly fund the health sector, Labour’s Health spokesperson Annette King says. “For almost two years Labour has been warning about the...
    Labour
  • National’s promised surplus looking doubtful
    Budget figures for the first quarter of the financial year released today by Treasury show the Government's goal of achieving a budget surplus is looking doubtful, the Green Party said today."National has staked its credibility on achieving a budget surplus...
    Greens
  • Kevin Hague speaks on the Gambling Amendment Bill (No 3)
    I rise to give this speech on behalf of Denise Roche, who handles the gambling portfolio for the Green Party. This bill deals with class 4 gambling—pokies in pubs and clubs—and it is the result of changes that were suggested...
    Greens
  • Kevin Hague speaks on the Health (Protection) Amendment Bill
    I would like to start off where the previous speaker left off, on the issue of balancing rights or balancing harms. All law is in some way a restriction of personal liberty. That is the point of law. When we...
    Greens
  • Joyce backs away from yet another target
    Steven Joyce has backed away from two targets in two days, refusing to acknowledge that his Government has an unambitious aim to get unemployment down to 4 per cent in 11 years’ time, says Labour Associate Finance spokesperson David Clark....
    Labour
  • Pacific peoples incomes and jobs falling under National
    The Minister of Pacific Peoples is attempting to bury the ugly facts of Pacific unemployment and income levels worsening since National took office in 2008, said Labour’s Pacific Affairs spokesperson, Su’a William Sio. “If the Minister doesn’t acknowledge how bad...
    Labour
  • Annette King? Annette King?? Surely not Annette King!
    I’m not often surprised at the goings on in the Labour Party but I was gobsmacked to see Andrew Little has appointed Annette King as Deputy Leader of the parliamentary Labour Party. I had idly assumed the role would go to Adhern...
    The Daily Blog
  • New Shadow Cabinet – Little does more in 6 days than Goff, Shearer & ...
    New Zealanders do not respect intelligence, they respect confidence. Cunliffe beat Key in the debates, but it didn’t matter because NZers don’t respect the debate, they respect the tone. Our anti-intellecuatlism runs deeper than most with our reverse-egalitarianism. The chip...
    The Daily Blog
  • This weeks Waatea news column – The myths white people tell themselves
      This weeks Waatea news column – The myths white people tell themselves...
    The Daily Blog
  • The irony of backlash to petrol stations charging workers for stolen petrol
    You have to laugh at NZers sometimes. you really do. The outrage that has been sparked by news that workers at petrol stations are charged for stolen petrol is one of those perfect examples of a delicious irony most NZers...
    The Daily Blog
  • A Dishonest “Countering Terrorist Fighters Bill”
    Wouldn’t you think a Countering Terrorist Fighters Bill would actually mention “terrorist fighters” in its text? The Bill, as released yesterday, does not. It’s simply another generalised counter-terrorism exercise giving extra surveillance powers to the Security Intelligence Service and enabling...
    The Daily Blog
  • How biased is the media? A Patrick Gower case study
    . . . Isn’t it interesting that Patrick Gower – who made his partisan feelings crystal clear on Twitter on 29 May with this extraordinary outburst;  “Lalia Harré – you make me feel sick by how you are rorting MMP...
    The Daily Blog
  • The C Word
    It isn’t even December but the decorations are up and the ads are on the telly. I am a genuine Grinch come this time of year, so when the conversation at work turned to everyone’s holidays plans I may have...
    The Daily Blog
  • Honouring the Ampatuan massacre victims as fight for justice goes on
    A grim reminder of the Maguindanao, or Ampatuan, massacre on 23 November 2014. Photo: DanRogayan A TOP Filipino investigative journalist will be speaking about the “worst attack” on journalists in history and her country’s culture of impunity in a keynote...
    The Daily Blog
  • GUEST BLOG: Anjum Rahman – what are they afraid of: the erosion of democ...
    Today the Hamilton City Council has put on a big party to celebrate the 150th anniversary of European colonisation of the area.  There have been a series of events during the year to mark this event, including a civic ceremony. ...
    The Daily Blog
  • #JohnKeyHistory
    John Key has done it again. This week our lovely Prime Minister has showed us how little he knows about the history of the country he is supposed to be running. Apparently “New Zealand was settled peacefully”. Was it really?...
    The Daily Blog
  • G20 growth targets and growth model offer more problems than they solve
    At the recent G20 in Brisbane, member countries agreed to accelerate growth to an additional 2% on top of current trajectories. But ongoing public sector cuts, asset sales, and reducing workers’ rights indicate that at least part of the growth...
    The Daily Blog
  • GUEST BLOG: Bill Courtney – Charter Schools: The Shroud of Secrecy Contin...
    The Ministry of Education yesterday released another batch of information relating to the five existing charter schools and the four new ones proposed for opening in 2015. As we have seen before, the release of such information, often requested under...
    The Daily Blog
  • EXCLUSIVE: Campaign reflection, Laila Harré reaching out for radical minds
    Today I’ve announced that I will be stepping down from the Internet Party leadership in December. This will happen once options for the future have been developed for discussion and decision among members. My absolute focus in this election was...
    The Daily Blog
  • The Ebola crisis, capitalism and the Cuban medical revolution
    “Ebola emerged nearly 40 years ago. Why are clinicians still empty-handed, with no vaccines and no cure? Because Ebola has been, historically, geographically confined to poor African nations. The R&D incentive is virtually non-existent. A profit-driven industry does not invest...
    The Daily Blog
  • MEDIA WATCH: TVNZ Reveals Insane Deadlines For Māori and Pacific Island Pr...
    Last Tuesday, November 18th, TVNZ requested proposals from producers for the four Māori and Pacific Island programmes they will no longer be making in-house. Marae, Waka Huia, Fresh and Tagata Pasifika will keep their existing names, existing formats and existing...
    The Daily Blog
  • The Daily Blog Breakfast Club Ep. 1
    TDB Video, Live from Verona Cafe on K-Rd, Auckland – a weekly current affairs show with TDB Editor Martyn Bradbury. This week’s panel: Chris Trotter & Selwyn Manning.The issues: 1 – What now for the New Labour leader? 2 –...
    The Daily Blog
  • Performance-demonstration at Auckland’s High Court to demand justice for ...
    People outraged at the lack of justice in the so-called ‘Roast Busters’ case and 99% of other rape cases in this country are holding a visually powerful mass action at the Auckland High Court at 1 o’clock on Saturday. They...
    The Daily Blog
  • IES vote may weaken defense of public education
    PPTA announced today that secondary teachers have voted to include the IES (Investing in Education Success) as a variation to their collective employment agreement with the government. At one level it’s an understandable decision by PPTA members because through engaging in a consultation...
    The Daily Blog
  • NZ History lesson on Planet Key – the lies white people tell themselves
    John Key’s bizarre claims about our ‘peaceful history’ comes across like the apartheid history of South Africa where white people discovered Africa first… New Zealand ‘settled peacefully’ – PM New Zealand was “settled peacefully” by the British, the prime minister...
    The Daily Blog
  • Universal Basic Income and Labour Policy
    On Radio New Zealand’s None-to-Noon on Wednesday (19 November), new Labour leader Andrew Little intimated that he would like to put Universal Basic Income (UBI) on his policy agenda (What policy changes will Andrew Little usher in?) Predictably Kathryn Ryan, despite being...
    The Daily Blog
  • The New Notes : They Ain’t Mint
    Hulk Queen Angry. Hulk Queen smash.   Yesterday, the Reserve Bank announced its new designs for our banknotes. Now, I’ve historically been pretty sketch about this entire process; variously feeling affronted that the government could find eighty million dollars to fund a...
    The Daily Blog
  • MSM under-mining of new Labour Leader already begun?
    . . It did not take long. In fact, on the same day that Andrew Little won the Labour leadership*, the first media reporter was already asking if he would be stepping down  if Labour failed to lift in the...
    The Daily Blog
  • GUEST BLOG: Simon Buckingham – invisible disability voices
    Today I am ranting. The Disability Advisory Group has been announced by Auckland Council. This is the body that represents the interests and views of people with disabilities in Auckland. Whilst I would not have applied this time as I...
    The Daily Blog
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, Andrew Little
    Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, Andrew Little...
    The Daily Blog
  • Why labelling Little as a ‘Unionist’ is a joke and how he beats Key in ...
    The line being used to attack Andrew Little as a ‘Unionist’ is just an absurd joke, and it comes from people who clearly don’t understand the modern NZ Union movement. Andrew ran the EPM Bloody U, they are easily one...
    The Daily Blog
  • 5AA Australia – Labour’s New Leader + China’s President In New Zealan...
    Recorded on 20/11/14 – Captured Live on Ustream.tv. 5AA’s Peter Godfrey and Selwyn Manning.ISSUE ONE: The New Zealand Labour Party has elected its new leader, the vote going to a third round after no clear outright winner was found in...
    The Daily Blog
  • Did Roger Sutton think he was running the Rock Radio Station?
    Visible G-String Fridays? Full body hugs? Jokes about who you would and wouldn’t have sex with? Honey? Sweety? It’s like Roger thought he was running the Rock Radio Station, not a Government Public Service department set up to rebuild a...
    The Daily Blog
  • US Politics
      US Politics...
    The Daily Blog
  • Amnesty International – The conversation that needs to be had with China
    Caption: Police officer watching Hong Kong pro-democracy march, 01 July 2014 © Amnesty International    Yesterday’s edition of The New Zealand Herald features an open letter to all New Zealander’s from Xi Jinping, President of the People’s Republic of China. Along...
    The Daily Blog
  • GUEST BLOG: Patrick O’Dea – “Liar”
    LIAR! ‘Privatised social housing to benefit tenants’ English “Housing Corp was a poor performer and about a third of its housing stock was the wrong size, in poor condition and in the wrong place. That stock was worth about $5...
    The Daily Blog
  • Too Close For Comfort: Reflections on Andrew Little’s narrow victory over...
    THE TRAGIC SCREENSHOT of “Gracinda” in defeat bears eloquent testimony to the bitter disappointment of the Grant Robertson-led faction of the Labour Party. And, yes, ‘Party’ is the right word. The Robertson machine has now extended its influence well beyond...
    The Daily Blog
  • How to defeat child poverty
      How to defeat child poverty...
    The Daily Blog
  • Little’s Shadow Cabinet
    Now the horror of trying to pacify the factions begins. The only thing Little’s new shadow cabinet must do is create the pretence of unity. The reason voters didn’t flock to Labour wasn’t the bloody CGT or Superannuation, it was...
    The Daily Blog
  • A pilgrimage with my sister – Rethink the System
    We’ve both wanted to do a pilgrimage for many years. But, unlike many modern pilgrims, we wanted to be pilgirms in our own country and get closer to our communities, rather than seek greater distance from them. We are both...
    The Daily Blog
  • Lack of policy ambition is Andrew Little’s main problem
    I’ve met Andrew Little a few times and he’s a pleasant man who will make a reasonable job leading what the Labour Party has become in recent decades. He will preside over a much less divided caucus and will be...
    The Daily Blog
  • Journos, film makers, media freedom advocates join Asia-Pacific political j...
    A candlelight vigil for the 58 victims of the 2009 Maguindanao massacre – 32 of them media people. Still no justice for them today. Renowned investigative journalists, film makers, academics and media freedom campaigners from across the Asia-Pacific region will...
    The Daily Blog
  • And the new Labour Leader is ZZZZZZZZZZ
    The victory lap by Caucus over the members choice of Cunliffe has ended and the new leader of the Labour Party is Andrew Little. Yawn. The dullness and caution of the latest Leadership race will be served well by Andrew,...
    The Daily Blog
  • Allow the Facts to Get in the Way of the Neolib Stories
    One of the weaknesses of the political left in New Zealand over the last 30 years has been to allow the neoliberal storytellers to get away with lots of fibs and half-fibs. On TVNZ’s Q+A on 16 November, in a...
    The Daily Blog
  • Defending The Boomers: A Response to Chloe King
    THE BABY-BOOM GENERATION (49-68 year-olds) currently numbers just under a quarter of New Zealand’s population. Even so, there is a pervasive notion that the generation of New Zealanders born between the end of World War II and the mid-1960s exercises...
    The Daily Blog
  • This weeks Waatea news column – Waitangi Tribunal ruling enshrines Treaty...
      This weeks Waatea news column – Waitangi Tribunal ruling enshrines Treaty as a living document...
    The Daily Blog
  • Key now says SAS will be needed to protect ‘trainers’ behind the wire
    Well, well, well. What do we have here? Government could send SAS to Iraq New Zealand’s elite Special Air Service (SAS) could be deployed to Iraq to protect Kiwi troops sent to train local forces. Prime Minister John Key confirmed...
    The Daily Blog
  • Do You Want to Build a Meth Lab? (Frozen x Breaking Bad Parody)
    Do You Want to Build a Meth Lab? (Frozen x Breaking Bad Parody)...
    The Daily Blog
  • Soft soap for the rich – harsh taxes for the poor
    It’s no surprise to see New Zealand has one of the world’s lowest tax rates for the rich and the superrich. A survey by the global accounting network UHY shows New Zealand’s highest tax rates are lower than even Australia,...
    The Daily Blog
  • Phillip Smith and the rehabilitation process
    The dominant media narrative in horrible murder cases is that the perpetrator is unlikely ever to be rehabilitated. When it appears the offender may get parole the media turns first to family members of the victim who commonly (and understandably)...
    The Daily Blog
  • The Nation review: Finlayson’s terrifying definition of who is on terror ...
    Terrifying Nation today on TV3. Chris Finlayson is on justifying the Government’s Muslim fear mongering and extension of even more surveillance powers. It was jaw dropping. Finlayson says ‘alienated people with a chip on their shoulder’ is the threshold to get...
    The Daily Blog
  • A brief word on The Block NZ
    Is it just me or did The Block manage to sum up everything that is wrong about our culture and economy? Fetishised property speculation as mass entertainment in a country of homelessness & poverty. I wonder if State House tenants...
    The Daily Blog
  • Waitangi Tribunal ruling
    That spluttering choking sound of a thousand rednecks being informed Maori still have sovereignty is a hilarious cacophony of stupid… Crown still in charge: Minister Chris Finlayson on Waitangi Treaty ruling The Waitangi Tribunal’s finding that Maori chiefs who signed...
    The Daily Blog
  • A brief word on Phillip Smith
    We can arrest student loan & fine defaulters at the airport – but not convicted child molesting killers? Before we ban manufactured ISIS ‘terrorists’ from having passports, how about we just manage to stop child molesting killers from fleeing first?...
    The Daily Blog
  • Free Me From Religion
          The meeting begins – or at least it’s supposed to begin – but someone interrupts proceedings. She wants everyone to pray with their heads bowed while she can “thank our Father who art in Heaven.” I close...
    The Daily Blog
  • Key capitulates on TPPA while big money NZ set up propaganda fund
    So Key has capitulated on the ‘gold standard’ of free trade deals… The primary objective for New Zealand at Apec was to see some urgency injected into the TPP talks and to keep leaders aiming for a high quality deal....
    The Daily Blog
  • The Warehouse & Noel Leeming Praised for Principled Stand
    Family First NZ is congratulating The Warehouse and Noel Leeming for reinforcing their ‘family-friendly values’ by removing R18 games and DVD’s from its shelves, and is calling on other retailers including JB Hi-Fi, Harvey Norman and Dick Smith...
    Scoop politics
  • PM’s Post-Cab on Iain Rennie, China and the Smith Inquiry
    In a press conference held today in Wellington, Prime Minister John Key answered questions regarding Iain Rennie’s potential resignation, the independent inquiry into the Smith/Traynor escape, and recent trade deals with China....
    Scoop politics
  • Safety Week 2014 focused on a safe summer
    ACC’s annual Safety Week kicks off today. With summer just around the corner, Safety Week this year is focusing on keeping safe when playing sport, enjoying recreational activities or drinking alcohol....
    Scoop politics
  • Safety focus during motorcycle month
    As the Central District Police annual Month of Motorcycles campaign cruises into its second week, the results so far have been positive with many motorcyclists playing their part to keep our roads safe....
    Scoop politics
  • Insane Law Perverting Course of Justice: SST
    Insane Law Perverting Course of Justice: SST The Sensible Sentencing Trust is slamming a decision which may acquit a Whakatane offender of serious dangerous driving charges....
    Scoop politics
  • Taranaki Base Hospital draped in white ribbons
    Taranaki Base Hospital draped in white ribbons to show violence towards women is never OK...
    Scoop politics
  • Family Violence Intervention Team uses social media
    Family Violence Intervention Team uses social media to say “no” to domestic violence Everyone has the right to feel safe at home. Many do not. One in three partnered New Zealand women report having experienced physical and/or sexual intimate partner...
    Scoop politics
  • Smoke Alarms in Rental properties
    TPA says recent calls for mandatory smoke alarm installations in rental properties is an opportunity for all parties to come together to improve the safety and quality of rental housing....
    Scoop politics
  • CTU will not engage in Governments sham consultation process
    Today the CTU has sent a letter to Prime Minister John Key articulating serious concerns about both the content and the rushed process the Government has clearly signalled it intends to follow to progress the Countering Terrorist Fighters Legislation...
    Scoop politics
  • Job vacancies steady in October
    The number of skilled job vacancies advertised online remained steady in October across most industry groups and occupations, according to the Ministry of Business, Innovation and Employment’s latest Jobs Online report....
    Scoop politics
  • 600 Slaves And Counting on New Zealand Soil
    The 2014 Global Slavery Index has just been released, and buried within its pages is New Zealand’s growing issue of human exploitation and slavery. When taken in conjunction with the US State Department’s Trafficking in Persons Report 2014,...
    Scoop politics
  • Statement from Police Commissioners of Australia and NZ
    Media Statement from Police Commissioners of Australia and New Zealand: Police Commissioners take a stand against violence against women and children...
    Scoop politics
  • NZ Police Commissioner makes a stand against Family Violence
    New Zealand Police Commissioner Mike Bush has joined with his Australian Police Commissioner colleagues at Parliament House in Canberra this morning to take a stand on violence against women and children....
    Scoop politics
  • Amnesty International campaigns for end to domestic violence
    Amnesty International will be making a donation of over $500 to Aviva (formerly known as Women’s Refuge Christchurch) at the conclusion of Tuesday’s inner city march against domestic violence....
    Scoop politics
  • Waka Hourua celebrates what’s working in suicide prevention
    On 19 and 20 November, Māori and Pasifika national suicide prevention programme Waka Hourua held its first national hui-fono in Auckland. The theme was Whakarauika Mai: Bringing Communities Together to Prevent Suicide in Aotearoa. ...
    Scoop politics
  • Domestic violence problem bigger than Sky Tower
    Domestic violence problem bigger than Sky Tower SKYCITY’s Sky Tower in Auckland will be lit up in white on Monday evening Nov 25th at 10pm, on the eve of White Ribbon Day. The anti-domestic violence network SAFTINET (Safer Auckland Families...
    Scoop politics
  • State Services Commissioner ‘unfit for the job’ says Little
    State Services Commissioner ‘unfit for the job’ says Little The new Labour leader Andrew Little has called for the State Services Commissioner Iain Rennie to be stood down after his handling of the Roger Sutton sexual harassment case. "The idea...
    Scoop politics
  • Patrick Gower interviews Laila Harre
    Patrick Gower interviews Laila Harre Headlines: Laila Harre to quit as Internet Party leader by Christmas when the party has completed its review, but would love to return to parliament Says party considering options for its future including winding...
    Scoop politics
  • Lisa Owen interviews Labour leader Andrew Little
    Lisa Owen interviews Labour leader Andrew Little Headlines: Andrew Little says the shape of his front-bench for the 2017 election may not be clear until the end of next year Indicates next week’s appointments may be temporary: “So I may...
    Scoop politics
  • Phillip John Smith – statement
    Police and the New Zealand Embassy in Brasilia are aware of a decision from the Brazil Federal Court requiring the deportation of Phillip Smith within 10 days. Further assessment is required to ensure there is a full understanding of this...
    Scoop politics
  • Green’s ‘not speaking out about human rights abuses in China
    Right to Life challenges Russell Norman the co-leader of the Green Party to explain why, he was prepared to ask Prime Minister John Key to talk to Chinese President Xi Jinping about human rights abuses in countries bordering China but...
    Scoop politics
  • Goodfellow congratulates Key on IDU election
    Goodfellow congratulates Key on IDU election National Party President Peter Goodfellow has congratulated Prime Minister John Key on his election today as Chairman of the International Democrat Union (IDU)....
    Scoop politics
  • Taxpayers’ Union Congratulates PM on IDU Appointment
    The Taxpayers’ Union is today congratulating Rt. Hon. John Key on becoming the Chair of the International Democrat Union , as former Australian Prime Minister John Howard retires from the role after 12 years. Taxpayers’ Union Executive Director...
    Scoop politics
  • High demand for Consumer NZ’s “Do Not Knock” stickers
    Consumer NZ has distributed nearly 100,000 “Do Not Knock” stickers since the launch of its campaign to fight back against dodgy door-to-door sellers.The “Do Not Knock” campaign was launched on 3 November 2014. Free “Do Not Knock” stickers...
    Scoop politics
  • Phillip Smith decision still pending
    Detective Superintendent Mike Pannett is returning to Washington DC where he will continue to closely monitor a pending decision from the Brazilian authorities on the process to return Phillip Smith to New Zealand....
    Scoop politics
  • High Court demonstration to demand justice
    People outraged at the lack of justice in the so-called ‘Roast Busters’ case and 99% of other rape cases in this country are holding a visually powerful mass action at the Auckland High Court at 1 o’clock on Saturday. They...
    Scoop politics
  • NZ Society Wins Global Award For Fighting Animal Testing
    New Zealand banning animal testing of legal highs has been acknowledged with an award given in London. The New Zealand Anti-Vivisection Society (NZAVS) was awarded the 2014 LUSH Prize for lobbying against animal testing. The prize was given at the...
    Scoop politics
  • Poor govt advice to workers on petrol station drive-offs
    The New Zealand Council of Trade Unions has raised concerns with the Ministry of Business, Innovation and Employment ('MBIE') regarding their reported advice to workers about the petrol station drive away issue....
    Scoop politics
  • New Ombudsman opinion
    The Ombudsman has published his opinion on a complaint concerning the Police refusal to release information about a charging decision....
    Scoop politics
  • Kindergarten support staff achieve pay rise in tough climate
    The valuable contribution of kindergarten support staff has been recognised with a pay increase, despite the significant funding cuts that the kindergarten associations are experiencing....
    Scoop politics
  • Democracy and Conservative Religion: The Case of Islam
    “Is Islam compatible with democracy?” is a frequently-asked question. Recent rethinking of secularism and democracy have opened up new possibilities to think about religion and democracy. This question is important particularly in the case...
    Scoop politics
  • NZ fiscal watchdog needed to guard the public purse
    New Zealand needs tighter fiscal rules and an independent watchdog to improve the quality of government spending and reduce the risk of a return to deficit spending as the country’s population ages, if not before....
    Scoop politics
  • NZSMI disappointed ANZTPA proposal shelved
    November 20, 2014: Consumer healthcare products industry body, the New Zealand Self-Medication Industry Association (SMI) says it is disappointed Government has once again shelved plans to create one medicines regulatory agency for both New Zealand and Australia....
    Scoop politics
  • Democracy Action Welcomes Tauranga Vote
    Responding to Tauranga Council’s unanimous vote not to establish separate Council seats on the basis of ethnicity, Lee Short, Democracy Action founder says: “The establishment of a Maori ward would have damaged the relationship between Maori and...
    Scoop politics
  • Employer caught abusing new ‘teabreaks law’
    Employer caught abusing new ‘teabreaks law’ to exploit workers The government passed the controversial ‘teabreaks’ legislation only a few weeks ago and already Unite Union has caught an employer using this law as an excuse for ill-treating their...
    Scoop politics
  • FGC response to Commerce Commission report
    The New Zealand Food & Grocery Council is not surprised by the Commerce Commission’s findings, given New Zealand’s current legal framework....
    Scoop politics
  • Bascand: Brighter Money
    Seeing people’s initial reactions to the new banknote designs is a heartening reminder of what an important role currency plays in our lives, and what a sense of pride and heritage our notes evoke....
    Scoop politics
  • RBNZ releases Brighter Money designs
    New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year....
    Scoop politics
  • 25 years of children’s rights
    UNICEF and OFC celebrate 25 years of children’s rights with Just Play Sports Days On Universal Children’s Day (20 November) and as part of the Oceania Football Confederation’s (OFC) inaugural President’s Cup, UNICEF will celebrate 25 years of children’s...
    Scoop politics
  • Xiamen delegation to Wellington has business focus
    Stronger business, education and cultural ties with our Chinese partners will be the focus when a 20-strong government and business delegation led by Xiamen Mayor Mr Liu Keqing which visits Wellington tomorrow (Friday) and Saturday as part of the...
    Scoop politics
  • Warriors promote White Ribbon Day message
    Warriors promote White Ribbon Day message Shine and Orakei Health Services On Tuesday, the Vodafone Warriors will promote the White Ribbon Day message to the community at Eastridge Shopping Centre, Mission Bay. The Warriors are supporting their charity...
    Scoop politics
  • Superannuitants to protest unethical investments
    A delegation of Auckland superannuitants will deliver a protest-card petition and protest letter to the New Zealand Super Fund this Thursday afternoon to call on the fund to divest from companies which support the Israeli occupation of Palestinian...
    Scoop politics
  • Manukau job cuts ‘running the place into the ground’
    Manukau Institute of Technology (MIT) confirmed to its staff yesterday that 54 jobs will go before Christmas....
    Scoop politics
  • Newcore Looks Pretty Rotten for Ratepayers
    Responding to the NZ Herald report that the IT system commissioned by Auckland Council to consolidate the eight systems the Super City inherited from its precursor councils could be facing a budget blowout of $100 million, Taxpayers’ Union Spokesman Ben...
    Scoop politics
  • Accountability following quake response inquiry not achieved
    Lessons still need to be learned from the search and rescue efforts following the February 2011 earthquake in Christchurch, a leading New Zealand lawyer, Nigel Hampton QC, says....
    Scoop politics
  • Our kids say: We are failing in our duty to protect them
    Our kids say: We are failing in our duty to protect them More than a quarter of Kiwi kids say children’s right to be safe and protected isn’t being upheld in New Zealand, identifying protection from violence, abuse and murder...
    Scoop politics
  • PARS & Turuki Health Care collaborate on health and services
    Auckland-based PARS (People at Risk Solutions) have partnered with the Turuki Health Care Trust, to offer improved healthcare services to those in need. PARS works closely with former prisoners, providing mentoring, housing, and social services to ensure...
    Scoop politics
  • Children’s Plea
    A plea has been sent to all Members of Parliament, regardless of party affiliation, to accord urgency and priority to children's issues. These issues include vulnerability, safety and childhood poverty....
    Scoop politics
  • Treasury off track in search for sound policies
    Treasury is unlikely to find the ideas it is looking for to improve outcomes for children while its primary driver is cost-cutting, says Child Poverty Action Group....
    Scoop politics
  • Commission calls for answers on handling of CERA harassment
    EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers....
    Scoop politics
Public service advertisements by The Standard

Current CO2 level in the atmosphere