$7.5 billion surplus

Written By: - Date published: 2:08 pm, October 8th, 2019 - 101 comments
Categories: budget 2017, Economy, grant robertson, Politics - Tags:

 
The government has just unveiled a $7.5 billion surplus.
 
Treasury announced today that:
 
  • The Government’s surplus has increased $2b to $7.5b
  • Net Government debt has fallen to 19.2 per cent of GDP, down from 19.9 per cent a year ago
  • The total DHB deficit widened to $1 billion
  • Total Government revenue increased $6.2 billion to $86.5 billion.

The surplus unveiled today is $4b higher than what was expected in May’s Budget – and $2b higher than the actual surplus unveiled this time last year.

The NZ Herald notes that:

Part of the reason for the $2b increase in the surplus is largely down to a revaluation of New Zealand’s railway. A change in the way the government-owned rail assets were valued contributed to the surplus being $2.6 billion higher than expected.

One-off changes to the way tax was calculated also contributed to the surplus.”

What should they spend it on?

Or is this a bit smoke-and-mirrors?

101 comments on “$7.5 billion surplus ”

  • Comments are now closed

  1. Booker 1
    8 October 2019 at 2:18 pm

    Good luck to National trying to spin this one. Labour = good economic management, and they consistently produce the numbers to back that up.

    • Chris 1.2
      8 October 2019 at 9:07 pm

      "Labour = good economic management, and they consistently produce the numbers to back that up."

      Yes, but the nats and their mates still successfully spin the opposite story, and it's the lie that Labour is hopeless at economic management the right rely upon to claim "business confidence is low". This manufactured "fact" of low business confidence is then used to counter Labour's good economic management. The truth seldom suits the right hence it's MO of using lies as the basis for almost everything it says and does.

      Labour needs to strike while the iron's hot and use this current surplus to bust the myth once and for all that historically blows the right out of the water when it comes to the economy. There needs to be a concerted effort to do this because not only is the general belief is the opposite, the effect this myth has on the public psyche is significant.

      • Booker 1.2.1
        8 October 2019 at 10:31 pm

        All good points. That voxy story Clive linked to above cracks me up – National just can't drop talking about measly tax cuts and roads. What a broken record.

  2. Stuart Munro. 2
    8 October 2019 at 2:32 pm

    I think some of this is Cullen's legacy, and revaluing assets can be misleading. Nevertheless it's a strong result, a vast improvement on the Gnat omnishambles, and a spike in some of those attack memes they're trying to build like "part-time" and the broken ruler pics.

  3. alwyn 3
    8 October 2019 at 2:34 pm

    Perhaps Robbie will find the nerve to tell Genter where to get off.

    Wellington needs the money to fix its transport woes now rather than putting off things like the second Mt Vic tunnel for a decade or so as Genter has apparently demanded. We can't be absolutely clear about that of course as she refuses to release the information to OIA requests. When is the Ombudsman going to come to a decision?

    We could also do with getting a proper, safe, highway through from Otaki to Levin. We want it now.

    Come on Robertson. You are meant to represent Wellington. Well do so. Stop spending your time trying to cover up for your mate who was in the Labour Party Leader's Office. Do what we elected you to do.

    • Dukeofurl 3.1
      8 October 2019 at 2:48 pm

      Road Transport funding isnt done from the Consolidated Revenue. Where is the 'surplus' from the Land Transport Fund and why should Wellington be 'getting it'

      Robertson is a wellington MP, the money spent is allocated by the Board of LTNZ according to broad government guidelines , not the whim of the Finance Minister

      • cleangreen 3.1.1
        9 October 2019 at 10:11 pm

        Dukeofurl I heartily agree with you as Wellington was eager to allow all their freight to be trucked through to our region waking us up all night with 24/7 truck movements though to Napier Napier port instead of using rail so Wellington can get stuffed.

        Has anyone woken to why roads carrying legions of logs and freight are being destroyed by truck vibrations?

        The facts are in now.
        http://www.scoop.co.nz/stories/PO1910/S00094/nz-roads-will-never-cope-with-heavier-trucks.htm

        So best we use rail as the reconstruction of rail is far cheaper than resurrecting roads as the land use is so small by comparison.

        • Ad 3.1.1.1
          10 October 2019 at 6:24 am

          If Labour get in next year, they can open a good few of the new motorways National started.

    • Sacha 3.2
      9 October 2019 at 7:21 pm

      Wah, I want a road and a tunnel!

      Evidence-based policy says the next stage of improving transport in Wellington is about reliable public transit from railway to airport, not more lanes for cars with the odd bus jammed between them. Get used to it.

    • Ad 3.3
      10 October 2019 at 6:23 am

      The Greens are substantially boxed in by Labour and NZF.

      I'd even be surprised if there's an all-gases climate bill now.

  4. Enough is Enough 4
    8 October 2019 at 2:35 pm

    Why the fuck are they sticking with their austerity strategy?

    This is a neo-liberal government if they are holding onto surpluses this large while we have record waiting lists for social housing, child poverty has increased and we have an infrastructure deficit.

    We have unprecedented cheap credit and should be taking advantage of that.

    FFS – Stop acting like a Tory Government and start spending that surplus where it is needed

    • Peter 4.1
      8 October 2019 at 2:44 pm

      Spend the money so the defectives on the other side can go berserk about election bribery and/or say they wasted the money. Then go and vote for National so the Proper World order can be restored and they can bitch about the cupboard being bare.

    • Dukeofurl 4.2
      8 October 2019 at 2:50 pm

      You havent read the notes, there is NO CASH surplus 'to spend', revaluations of assets arent spending money.

      Where is the austerity you talk about?

    • Adrian Thornton 4.3
      8 October 2019 at 3:52 pm

      "FFS – Stop acting like a Tory Government and start spending that surplus where it is needed"…you forget that these people (Labour) are Free Market Liberal Capitalists not some sort of left leaning Socialist do gooders who would stupidly put housing and health and education first..their ideology has more in common with Nationals (or the Tories ) than it does with that espoused by Corbyn or Sanders.

  5. Herodotus 5
    8 October 2019 at 2:44 pm

    So at the time there were strong valid reasons for pay increases, the govt stated they had no money. Yet just now they have found $2b to add to the surplus thru changes in nzrail valuations. They did not know that when these pay demands were made. How DISHONEST is that !!🤥 any changes in accounting treatment would have been known well before this disclosure. I hope those with outstanding pay claims make the most of this announcement.

    • Dukeofurl 5.1
      8 October 2019 at 3:12 pm

      Most of the pay increases came through, the changes in working conditions werent all improved which was a big demand

  6. Psycho Milt 6
    8 October 2019 at 2:46 pm

    I think they're on a hiding to nothing. Nat supporters will find ways to claim it's all smoke and mirrors to conceal the serious lasting damage these commies are doing to the country's economy, and Labour/Green supporters will mostly be highly pissed off that the government's building up a surplus instead of spending the money on whatever is that individual's primary concern.

    I'm surprised The Chairman isn't here expressing concern that this looks very bad for "Jacinda" – did they cop a ban or something?

  7. Siobhan 7
    8 October 2019 at 2:46 pm

    If I didn't pay all my basic housing costs, my medical and dental expenses, maintenance and update on my mode of transport, etc..resulting in even greater costs down the track..then ran around crowing about how much money I had sitting in my bank account people would think I was deluded.

    ditto…a Labour lead Government.

    You'll never get Transformative Change under Austerity rules.

    https://www.rnz.co.nz/news/national/400491/women-denied-treatment-for-gynaecological-conditions

  8. McFlock 8
    8 October 2019 at 2:47 pm

    The surplus unveiled today is $4b higher than what was expected in May’s Budget

    lol even if the rail revaluing was $2B, Treasury was out by 100% in a prediction for just a few months later. Economics is bunk.

    Personally, I'd put more money towards health and benefit levels. And tell the business confidence surveys and tory economists to go spin.

    • The Al1en 8.1
      8 October 2019 at 2:52 pm

      I was just going to mention the business confidence surveys and how negative they are… And these people are the comptrollers in the engine room of our economy? Heavens help us all.

    • Adrian Thornton 8.2
      8 October 2019 at 3:41 pm

      "Personally, I'd put more money towards health and benefit levels. And tell the business confidence surveys and tory economists to go spin"…totally agree with that comment, except that won't happen ( or if it does, it will be incrementally introduced of course) because Labour is guided in it's every move by it's Liberal/Free market/Capitalist economists and ideology…they talk a lot, put on a shit load of 'working groups', pay a ton of consultants, but actually do sweet fuck all.

      Will quite possibly be remembered as one of the most ineffectual Labour govt's of the modern period, against some other pretty lackluster contenders.

      Turn Labour Left!

      • McFlock 8.2.1
        8 October 2019 at 4:21 pm

        🙄

        If Labour were a little bit further Left they'd not have gone into coalition with NZ1 and we'd have a nat/NZ1 govt at the moment. I'll take "ineffectual" over "outright harmful".

        • lprent 8.2.1.1
          8 October 2019 at 6:07 pm

          Generally my opinion as well.

          Personally I'm always amused when I see people complaining that the centre-left or centre-right aren't going far enough left or right respectively, when there simply isn't the support amongst the bulk of the voters for going that far.

          Of course the real issue is that the complainants haven't been able to convince enough of their fellow citizens to drive the politicians there.

          Politicians are always the weather vanes of public opinion rather than the producers of weather.

          In a MMP environment or anything that is even moderately representational they don't (as a group) hew to what a majority of the public are willing to accept, then they don't get voted in. That governs their lives. You see this even in a caucus. They don't demand changes if they can't get enough of their caucus members to agree.

          And that is before you look at coalition politics.

          Really they have to have a damn good story that resonates with enough of the public, caucus, and coalition before something even slightly extreme will happen. And complaining about it seldom does anything. Coming up with a good idea and a story tat sells it is far more efficacious.

      • observer 8.2.2
        8 October 2019 at 4:41 pm

        Count to 61, Adrian.

        Ardern is no fool. She is on track for a Labour-Green majority at the next election. She understands (even if some on the "left" do not) that the best way to get lasting left government is to wait for NZF to die. Odds are that will happen in 2020.

        In the meantime the PM plays nice with Winston. She is killing him with kindness, and it's very smart … too smart for some, I fear.

        • Dukeofurl 8.2.2.1
          8 October 2019 at 8:11 pm

          Labour will aim to have both Greens AND NZF on side in a broader coalition.

          Thats the method Clark and Key used sucessfully over 18 yrs.

          Having two party coalition will both blow apart the major party and the minor one. Multi party coalitions hep diffuse the issues and pressures.

          • McFlock 8.2.2.1.1
            8 October 2019 at 9:17 pm

            A solid likelihood, to be surebut I think the other lesson coming to the fore is that even if you leave someone out of the coalition, give them space for policy wins and don't alienate them – if the nats hadn't tried to fuck Winston, Bill English might still be PM today.

  9. karol121 9
    8 October 2019 at 3:10 pm

    What to spend it on?

    It's already pre-spent is it not? And that 7.5 bill would not likely have even touched the sides.

    Ledgers black are vogue, until they become a dark, black ledger splotch.

    Maybe Graeme Hart might be prepared to chip in a billion for and on the behalf of government so as to more effectively improve our national adult dental health scheme. The non-subsidised retail, dental practice scheme, that is.

    Well, at least the dental health subsidy for children in NZ is about to turn 100 years of age.

  10. ianmac 10
    8 October 2019 at 3:22 pm

    "Of course we left the strong economy in such a good state that it is shameful that all that Robertson could manage was a miserable $7.5 billion surplus. If we were in our rightful place as Government the surplus would be at least $15billion. Disaster as usual by this Ardern shambles," said Bridges with Prime Ministerial aplomb.

  11. Ken 11
    8 October 2019 at 3:39 pm

    Spend most of it on wild women and liquor…..squander the rest.

    • Karol121 11.1
      1 November 2019 at 4:28 pm

      Agreed Ken.

      If you've got it, spend it like there's no tomorrow, and when that's finished, CHARGE IT.

      devil

  12. observer 12
    8 October 2019 at 4:46 pm

    If NZ had high inflation, high unemployment, high interest rates and a big deficit, the "Business Confidence Survey" would be bad.

    Fortunately, we have low inflation, low unemployment, low interest rates and a big surplus. So naturally the "Business Confidence Survey" is … oh.

    In other news, a survey of All Blacks fans shows a very low level of confidence in Australia winning the rugby world cup. It's almost as if they don't like the other team.

    • Ken 12.1
      8 October 2019 at 7:15 pm

      I think "business" is having a crisis of confidence.

      Perhaps they need to see a therapist.

  13. mac1 13
    8 October 2019 at 4:53 pm

    “This is $7.5B stolen from the pockets of ordinary Kiwis.

    This money should be returned to the off-shore accounts of ordinary Kiwi mums and dads. Further rebates should be returned to those 10% of hard-working Kiwis who pay more than one set of rates for owning Sounds baches, holiday homes and capital gains ghost houses which they don't live in…….

    Did I mention also the discounts payable to owners of high petrol use vehicles to offset the road user charges not paid by EV owners?” continued Simon Bridges. “This money could build bridges in Northland, too, as the goverment promised,” Bridges went on.

  14. greywarshark 14
    8 October 2019 at 4:58 pm

    Can the old guys shift off the pot. Knock knock – When are you going to come out of the money closet? Can't hear anything, are you still alive in there? Perhaps the song goes 'It's now Orr never.'

    We will swing and sway if Labourcan only get tuneful – and think of the children and the future. (https://www.youtube.com/watch?v=hli1fuk8zQQ

  15. bwaghorn 15
    8 October 2019 at 5:54 pm

    Any one on the left that cant see this as a good thing is to stupid to comment on politics.

    You cant do fuck all from opposition and part of winning elections in nz is showing sound fiscal management.

    Oh and now they get to open the throttle a bit more on all the good things a functioning democracy can do.

    • mike 15.1
      8 October 2019 at 6:11 pm

      Couldn't have put it better myself.

    • Nic the NZer 15.2
      8 October 2019 at 6:26 pm

      Government surpluses (or deficits) are neither good or bad things. The appropriate surplus or deficit depends on the surrounding economic context. There are some general implications of surpluses which may provide a more nuanced view however.

      The net shrinkage of government debt has by accounting matched the net shrinkage in non government savings. You can decide if its presently a good thing for NZers to be finding it tougher to save.

      Also of relevance here, as the monopoly currency issuer the NZ govt can't save in its own currency.

    • Herodotus 15.3
      8 October 2019 at 7:02 pm

      Are you for real, anyone on the left how is labour any different from national ? Different faces same direction for NZ. So we have a nice face now as PM, so 10,20 or 50 years time how will history differentiate John Key from Helen Or our current PM ?

      At least the greens early 2000 were consistent to following their ideals now we have a girls can follow a leftist policy (fletcher land) boys are establishment and the 2 cannot co-exist.

      Don’t divert from the centre. How will that allow NZ to progress we go with how the current flows 🤢good or bad

      • Dukeofurl 15.3.1
        8 October 2019 at 8:06 pm

        How many votes did your party get . 1500?

        If labour needed to be 'more left' there would a lot of votes in that area. There isnt. Power comes from the centre

        • Herodotus 15.3.1.1
          8 October 2019 at 8:33 pm

          unfortunately I am not our deputy pm, nor Colin craig or Gareth Morgan so I don’t have a party that follows the cult of personality.

          So following your comment we only marginally sway from moderately left or right ? No wonder we are fu$&@/. So don’t bother to comment should you think we need to venture more than the middle of the road, because jacinda will not take us any other direction the John took us. I am thinking lemmings and cliffs 🤔

          [Corrected typo in user handle]

    • Naki man 15.4
      8 October 2019 at 8:17 pm

      They will probably wait until election year

  16. David Mac 16
    8 October 2019 at 6:19 pm

    I'm struggling to understand what our position is. Have we got 7.5 billion in our wallet or have we just said 'Lets value Kiwirail at this much.'

    • Nic the NZer 16.1
      8 October 2019 at 6:28 pm

      Its neither. As a currency issuer the NZ govt always has the same spending capacity regardless of its present debt, surplus or deficit position.

      • David Mac 16.1.1
        8 October 2019 at 6:36 pm

        Do they have an endless supply of disposable dollars? Sounds like a free lunch to me.

        • Nic the NZer 16.1.1.1
          8 October 2019 at 6:40 pm

          Yes, the reserve bank is part of the government and is legally the sole issuer of $NZ. We (should) actually judge the governments spending for its effects on the economy, not for a spurious accounting balance.

          • David Mac 16.1.1.1.1
            8 October 2019 at 6:50 pm

            Hmm yeah. We need to keep our currency geared to the global money-go-round Nic.

            I'm many miles from a bank that can help me Nic and I've arrived home with a pocketful of South American currencies, I don't spose you could convert some Bolivar for me could you sport?

            • Nic the NZer 16.1.1.1.1.1
              8 October 2019 at 7:00 pm

              Not sure what this means. The reserve bank doesn't target the exchange rate, that is allowed to float in most cases. In fact tieing the exchange rate to the US is one causes of Venezuela importing inflation.

              • David Mac …
                8 October 2019 at 7:08 pm

                I'm sure you're smart enough to see the ramifications for a government that decides to create a bank balance that will fund their extended wish-list.

                I'm not sure why you're ignoring the voice that is whispering to you 'We can't just put 2 zeroes on the end of our bank balance bro."

                • Nic the NZer …
                  8 October 2019 at 7:23 pm

                  Good, you agree then its all about the economic outcomes. As I said,

                  "We (should) actually judge the governments spending for its effects on the economy, not for a spurious accounting balance."

              • Pat …
                8 October 2019 at 7:18 pm

                it may not "target the exchange rate" but it dosnt ignore it.

                • David Mac …
                  8 October 2019 at 7:27 pm

                  Being geared to all the other currencies of the world is a good thing. We're just useless at making the most of our situation. I think our logs should be Ikea desk-tops and our tonnes of milk powder 500 ml tubs of Kiwi household fridge ready goodness.

                  A log is worth $1000. As matches $100,000.

                  • Pat …
                    8 October 2019 at 7:31 pm

                    easier said than done…..especially when the buyer wants to support their own industry…..which is not to say it shouldnt be the goal but there are contradictory forces at work and by and large our exports are available elsewhere so we have little in the way of leverage

                    • David Mac …
                      8 October 2019 at 7:41 pm

                      So quit? OK, I'm going fishing…

                      Or how about we make a concerted effort to live up to our 100% Pure handle, cut herd levels by 25%, clean up waterways and create markets for a premium priced ethical product, surf on the back of our ever enhanced reputation.

                      It's hard not to wonder why it appears Fonterra couldn't organise a thickshake in a milkbar.

                  • Pat …
                    8 October 2019 at 7:44 pm

                    read what I wrote…did I say quit?….I believe I said we have little leverage. There is one area we have a unique product and weve been flogging that for all its worth for 20 odd years…care to guess what that might be?

                    • David Mac …
                      8 October 2019 at 7:59 pm

                      There is an open cast mine quite close to me in the Far North. It employs a few people and basic infrastructure. They extract clay suitable for the finest ceramics in the world. I believe most of their shipments go to Wedgewood. Are you referring to the extraordinary properties of possum fur Pat? Yeah, huge potential. They and Polar bears are the only animals that have the fabulous natural insulation qualities of hollow fur fibres. I have a jersey that is as soft as cashmere and is like wearing an electric blanket.

                  • Pat …
                    8 October 2019 at 8:02 pm

                    No David…your guess isnt even close, and I must self correct, we havnt been flogging it for all its worth, weve been having a bargain basement sale….and the product is residency

                    • David Mac …
                      8 October 2019 at 8:15 pm

                      Ahhh yes. A popular product sold on our behalf.

                      The better life we can create for New Zealanders the more attractive we become as a place to migrate to.

                      It's a Catch 22 situation highlighted by things like refugees that had no intention of settling along the way, they were Sweden bound. Who can blame them, it's exactly what I'd do. It's human to thrive.

                      While we can't be bothered picking our own apples and need to get a man in, I think we construct our own diminishing resources. We get what we ask for.

                  • Pat …
                    8 October 2019 at 8:19 pm

                    curiously I dont recall being asked whether I wanted a population of 15 million or not

                    • David Mac …
                      8 October 2019 at 8:23 pm

                      We vote em in. They make the calls on our behalf. If enough of us feel ripped off, we chuck em out.

                    • Descendant Of Smith …
                      9 October 2019 at 6:10 am

                      Should have taken that up with the last government who was letting them in and allowing them to work more than the previous one.

                  • Pat …
                    8 October 2019 at 8:28 pm

                    and if they both have the same undeclared policy?

  17. David Mac 17
    8 October 2019 at 6:35 pm

    Kiwirail assets are worth more money. Immense land holdings, lots of it in prime locations.

    As a business proposition the collective assets are a money pit. Worth heaps but run at a chronic loss. We choose to live with the fiscally disastrous rail network. Viva la Choo Choo.

    As a business, a million a week loser. As an appreciating asset, yep but for it to be money in our wallet I think we'd need to turn the downtown shunting yards into Waitemata Harbour-side apartments

    • Dukeofurl 17.1
      8 October 2019 at 8:05 pm

      No its not . The asset base is the albatross as its depreciation is the large majority of the accounting loss. Not a large cash loss. Operationally it might even be cash positive. Cant afford new capital expenditure though, especially for Interisland ferries.

      Same goes for DHB 'losses' , depreciation covers most of it and actual cash losses are fairly small ( apart from this year for one off holiday pay correction)

      • Dukeofurl 17.1.1
        8 October 2019 at 8:19 pm

        Kiwirail 2018 revenue $615 mill

        Expenses $567 mill

        Operating surplus $48 mill

        For some reason there was a $220 'Earthquake impairment'.

        Government contribution was only $40 mill capital grants

        How old are you? Downtown shunting yards went 30 years ago.

    • Psycho Milt 17.2
      8 October 2019 at 8:22 pm

      Worth heaps but run at a chronic loss.

      The loss pales into insignificance compared to sewerage and wastewater systems, roads, pretty much any infrastructure you care to name. Is there any particular reason the rail network should be looked on simply as a business rather than infrastructure?

      • David Mac 17.2.1
        8 October 2019 at 8:47 pm

        Yeah, we could add the increased value of the sewerage infrastructure and make it a 9 billion surplus.

        I'm making a bit of a Chairman of myself here but I don't think we're as rich as we think we are.

        • Psycho Milt 17.2.1.1
          9 October 2019 at 7:29 am

          Accountants move in ways that make God's mysteries seem mundane, their wonders to perform.

          • lprent 17.2.1.1.1
            9 October 2019 at 7:59 am

            Ah but the language of accountants is the most opaque of all of the old professions. I did an MBA just to learn the language because I was tired of trying to figure out what they were saying when I was running a factory.

            Turned out to be both straight forward and easy to learn. The language was just short-hand (and way less esoteric than the computing babble that I learnt later).

            If you really want obtuse, then try law. Balancing legal principles to a judgment is an artform rather than something as simple as accounting.

  18. Grant not Robertson 18
    8 October 2019 at 9:04 pm

    Well good for Nic the NZer – I’m glad that someone here has a rudimentary grasp of economics.

  19. SPC 19
    8 October 2019 at 11:33 pm

    Only two real figures

    1. Net Government debt has fallen to 19.2 per cent of GDP, down from 19.9 per cent a year ago.

    So the debt target (under 20% debt to GDP by 2020/2021) has been easily achieved and given the looser target for 2023 is not a constraint (assisted by Housing Corp doing some of is own borrowing – balanced by its growing land and housing asset value).

    2. The total DHB deficit widened to $1 billion.

    Given the cash deficit this is a bit of a problem and indicates the government is not in a position for a spend up. In that sense, “$7.5B budget surplus” misleads most of the public.

    While the government is able to borrow to finance a budget deficit (and remain within 20% debt to GDP), it will remain constrained by its commitment for government to spend less than 30% GDP (until after the 2020 election when the Labour-Green agreement on this comes to an end – and Greens do not want to continue with it).

  20. Descendant Of Smith 20
    9 October 2019 at 6:05 am

    This is just a game that the two parties play and is about as useful as pissing on a sand castle.

    National comes in writes down the value of Kiwi rail, Labour comes in values it back up.

    Been going on for ages. One of the things I've noticed over the years. Seen this happen with lots of government assets – national often lowering the valuation when they want to sell stuff off. Economics – pretty much as scientific as astrology.

    2019

    "The final valuation of KiwiRail was $369 million – more than half the price the Government paid for it.

    The Labour government bought TranzRail from Toll on July 1 last year for $690m. A provisional valuation in the government financial statements in September 2008 put the value at $442m. Today Transport Minister Steven Joyce said the final valuation by PriceWaterhouseCoopers was $388.29m.

    A Treasury report said a fair value for KiwiRail at the purchase date would have been $369.54m."

    http://www.stuff.co.nz/national/2553607/KiwiRail-only-worth-369-million

    2012

    "BUSINESSDESK: KiwiRail is to be restructured and its land holdings shifted to another entity, with a writedown of some $6.7 billion that will result in $1.8 billion being added to the government’s operating deficit this financial year."

    https://www.nbr.co.nz/article/kiwirail-loses-land-wiping-67-billion-asset-base-wb-122170

    • Dukeofurl 20.1
      9 October 2019 at 10:02 am

      Thanks for getting the numbers.

      With the DHB they too have 'valuation' issues. Open a brand new hospital building , say worth $900 mill and depreciation suddenly turns your balance deep into the red…..oh woe.

      There really needs to be better public accounting measures for non profits that are owned by government and local bodies. Railways , DHBs arent really in the 'red' as headlines suggest for the general public

  21. belladonna 21
    9 October 2019 at 11:03 am

    They could fix up rest homes with the surplus, they are a disgrace but who cares about the sick and elderly. Another broken promise from Labour.

    • David Mac 21.1
      9 October 2019 at 12:37 pm

      The Baby-boom bubble are now 55 -74 years old. I think over the next 15 years we might see demand for rest home beds climb and the family house market ease. We should be preparing for this now and I agree Bella, a sensible area in which to invest some of any surplus. Statistically, older people vote more.

      This from a Senior net website…

      "By 2036, it’s projected:

      • Around one in 4.5 New Zealanders will be aged 65-plus
      • That's 1,258,500 million people
      • It's an additional 547,300 over 65's, up from a total of 711,200 in 2016.
      • Or a 77 per cent increase

      Contrast that with the under 14s:

      • There will be 991,900 children by 2036
      • It's an extra 70,400 under 14s, up from 921,500 in 2016
      • It represents only a 7.6 per cent increase"
    • Sacha 21.2
      9 October 2019 at 7:54 pm

      If you put another billion into rest home subsidies tomorrow, much of it will disappear into only a few corporate accounts in foreign banks.

      In-home care needs more funding to keep older people out of expensive facilities. However there is more money to be made from property investment so corporates are snapping up sprawling retirement villages, pocketing govt care subsidies, paying themselves a tidy profit and putting their hands out for more. Let's not be taken for mugs.

  22. belladonna 22
    9 October 2019 at 3:52 pm

    REST HOMES>

    $1.60 a day I have heard is the allowance for food, carers are overworked and underpaid b ut do their best and the reports in the paper of residents with maggots in their wounds just disgusts me. What on earth can you buy for $1.60 a day for food in this day and age. Labour dId say they would sort it but havent, at the expense of what. I have voted Labour all of my life, helped out at elections&; but never again

  23. A 23
    9 October 2019 at 7:45 pm

    Pay for full costs of disabilities. That's the best use of money other than paying down debt.

  24. cleangreen 24
    9 October 2019 at 10:17 pm

    Another labour coalition Government awaits.

    Good action from Minister of transport reigning in the toxic NZTA again.

    Minister of Transport Phil Twyford is now appropriately putting the heat on NZTA quote; ‘obstructive tactics”

    • CEAC and NHTCF has never been fairly treated by NZTA through all our attempted efforts to have NZTA give fair urban mitigation from traffic.
    • CEAC under OIA requested documents from NZTA two months ago and was refused our request for OIA documents for NZTA activities 1995 to 2019, a reasonable request as we were beginning a study of NZTA activities inside our ‘Napier urban zones to Napier port.’

    Also today we heard a statement on ‘Magic – drive at 4.40pm with news hubs Ryan Bridge interview with Phil Twyford.

    Mr Twyford stated that he is directing NZTA policy to begin a slowing down of all transport speeds for road safety, – to lowered settings in cities and rural areas and this will be positive for us all. We will be following this policy as it unfolds.

    http://www.scoop.co.nz/stories/PO1910/S00094/nz-roads-will-never-cope-with-heavier-trucks.htm

    The ‘Road Transport Forum, (RTF) does not want lower speeds.
    Response from the trucking lobbyist Nick Leggett quote;
    Road Transport Forum chief executive Nick Leggett said those proposals, which included recovering a fairer proportion of costs from a wider group of road users, could see the a pendulum swing into over-regulation and more expense put on road users
    “We’re concerned that throwing more money into regulation will see investment in road maintenance suffer.”

    https://www.magic.co.nz/home/shows/talk/magic-drive.html – The Bridge/Twyford audio pod is not appearing on their website yet.
    https://www.magic.co.nz/home/shows/talk/magic-drive.html
    Earlier press on this policy was in the press February and June. Here are those sites.
    https://www.newshub.co.nz/home/new-zealand/2019/02/revealed-the-auckland-roads-set-to-get-lower-speed-limits.html
    https://www.newstalkzb.co.nz/on-air/the-country/audio/jacinda-ardern-lower-speed-limits-part-of-reducing-the-road-toll/
    https://www.newshub.co.nz/home/new-zealand/2019/10/former-nzta-worker-frustrated-by-agency-s-failure-to-follow-regulatory-process.html

    [Where did you get the quote from Nick Leggett from? Why did you not put this in block-quote nor did you use quotation marks? You can correct your omission until 12 noon tomorrow. Because you have been warned about this before, this is your last one and next time, if there’s one, you’ll receive an immediate ban – Incognito]

    [Banned until Monday 2019-10-14, for failing to provide proper attribution of quote and not making clear which text has been quoted, e.g. by using quotation marks or block-quote. Because of your history of this behaviour, subsequent bans for the same behaviour will escalate – Incognito]

    • Incognito 24.1
      9 October 2019 at 10:37 pm

      See my Moderation note @ 10:17 PM.

    • Ad 24.2
      10 October 2019 at 6:20 am

      If I get the time I will do something on this announcement.

      There are a lot of gradual accumulative factors to the road toll increase, across the entire transport regulation field.

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  • BRIAN EASTON: Has there been external structural change?
    A close analysis of the Treasury assessment of the Medium Term in its PREFU 2023 suggests the economy may be entering a new phase.   Brian Easton writes –  Last week I explained that the forecasts in the just published Treasury Pre-election Economic and Fiscal Update (PREFU 2023) was ...
    Point of OrderBy poonzteam5443
    6 days ago

  • CRL Progress – Sep-23
    It’s been a while since we looked at the latest with the City Rail Link and there’s been some fantastic milestones recently. To start with, and most recently, CRL have released an awesome video showing a full fly-through of one of the tunnels. Come fly with us! You asked for ...
    Greater AucklandBy Matt L
    6 days ago

  • Monday’s Chorus: Not building nearly enough
    We are heading into another period of fast population growth without matching increased home building or infrastructure investment.Photo: Lynn Grieveson / The KākāTL;DR: Labour and National detailed their house building and migration approaches over the weekend, with both pledging fast population growth policies without enough house building or infrastructure investment ...
    The KakaBy Bernard Hickey
    6 days ago

  • Game on; Hipkins comes out punching
    Labour leader Chris Hipkins yesterday took the gloves off and laid into National and its leader Christopher Luxon. For many in Labour – and particularly for some at the top of the caucus and the party — it would not have been a moment too soon. POLITIK is aware ...
    PolitikBy Richard Harman
    6 days ago

  • Tax Cut Austerity Blues.
    The leaders have had their go, they’ve told us the “what?” and the “why?” of their promises. Now it’s the turn of the would be Finance Ministers to tell us the “how?”, the “how much?”, and the “when?”A chance for those competing for the second most powerful job in the ...
    Nick’s KōreroBy Nick Rockel
    1 week ago

  • MIKE GRIMSHAW:  It’s the economy – and the spirit – Stupid…
    Mike Grimshaw writes – Over the past 30-odd years it’s become almost an orthodoxy to blame or invoke neoliberalism for the failures of New Zealand society. On the left the usual response goes something like, neoliberalism is the cause of everything that’s gone wrong and the answer ...
    Point of OrderBy poonzteam5443
    1 week ago

  • Safeguarding Tuvalu language and identity
    Tuvalu is in the spotlight this week as communities across New Zealand celebrate Vaiaso o te Gagana Tuvalu – Tuvalu Language Week. “The Government has a proven record of supporting Pacific communities and ensuring more of our languages are spoken, heard and celebrated,” Pacific Peoples Minister Barbara Edmonds said. “Many ...
    BeehiveBy beehive.govt.nz
    6 hours ago

  • New community-level energy projects to support more than 800 Māori households
    Seven more innovative community-scale energy projects will receive government funding through the Māori and Public Housing Renewable Energy Fund to bring more affordable, locally generated clean energy to more than 800 Māori households, Energy and Resources Minister Dr Megan Woods says. “We’ve already funded 42 small-scale clean energy projects that ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Huge boost to Te Tai Tokerau flood resilience
    The Government has approved new funding that will boost resilience and greatly reduce the risk of major flood damage across Te Tai Tokerau. Significant weather events this year caused severe flooding and damage across the region. The $8.9m will be used to provide some of the smaller communities and maraes ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Napier’s largest public housing development comes with solar
    The largest public housing development in Napier for many years has been recently completed and has the added benefit of innovative solar technology, thanks to Government programmes, says Housing Minister Dr Megan Woods. The 24 warm, dry homes are in Seddon Crescent, Marewa and Megan Woods says the whanau living ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Te Whānau a Apanui and the Crown initial Deed of Settlement I Kua waitohua e Te Whānau a Apanui me...
    Māori: Kua waitohua e Te Whānau a Apanui me te Karauna te Whakaaetanga Whakataunga Kua waitohua e Te Whānau a Apanui me te Karauna i tētahi Whakaaetanga Whakataunga hei whakamihi i ō rātou tāhuhu kerēme Tiriti o Waitangi. E tekau mā rua ngā hapū o roto mai o Te Whānau ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Plan for 3,000 more public homes by 2025 – regions set to benefit
    Regions around the country will get significant boosts of public housing in the next two years, as outlined in the latest public housing plan update, released by the Housing Minister, Dr Megan Woods. “We’re delivering the most public homes each year since the Nash government of the 1950s with one ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Immigration settings updates
    Judicial warrant process for out-of-hours compliance visits 2023/24 Recognised Seasonal Employer cap increased by 500 Additional roles for Construction and Infrastructure Sector Agreement More roles added to Green List Three-month extension for onshore Recovery Visa holders The Government has confirmed a number of updates to immigration settings as part of ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Poroporoaki: Tā Patrick (Patu) Wahanga Hohepa
    Tangi ngunguru ana ngā tai ki te wahapū o Hokianga Whakapau Karakia. Tārehu ana ngā pae maunga ki Te Puna o te Ao Marama. Korihi tangi ana ngā manu, kua hinga he kauri nui ki te Wao Nui o Tāne. He Toa. He Pou. He Ahorangi. E papaki tū ana ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Renewable energy fund to support community resilience
    40 solar energy systems on community buildings in regions affected by Cyclone Gabrielle and other severe weather events Virtual capability-building hub to support community organisations get projects off the ground Boost for community-level renewable energy projects across the country At least 40 community buildings used to support the emergency response ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • COVID-19 funding returned to Government
    The lifting of COVID-19 isolation and mask mandates in August has resulted in a return of almost $50m in savings and recovered contingencies, Minister of Health Dr Ayesha Verrall announced today. Following the revocation of mandates and isolation, specialised COVID-19 telehealth and alternative isolation accommodation are among the operational elements ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Appointment of District Court Judge
    Susie Houghton of Auckland has been appointed as a new District Court Judge, to serve on the Family Court, Attorney-General David Parker said today.  Judge Houghton has acted as a lawyer for child for more than 20 years. She has acted on matters relating to the Hague Convention, an international ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Government invests further in Central Hawke’s Bay resilience
    The Government has today confirmed $2.5 million to fund a replace and upgrade a stopbank to protect the Waipawa Drinking Water Treatment Plant. “As a result of Cyclone Gabrielle, the original stopbank protecting the Waipawa Drinking Water Treatment Plant was destroyed. The plant was operational within 6 weeks of the ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Govt boost for Hawke’s Bay cyclone waste clean-up
    Another $2.1 million to boost capacity to deal with waste left in Cyclone Gabrielle’s wake. Funds for Hastings District Council, Phoenix Contracting and Hog Fuel NZ to increase local waste-processing infrastructure. The Government is beefing up Hawke’s Bay’s Cyclone Gabrielle clean-up capacity with more support dealing with the massive amount ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Taupō Supercars revs up with Government support
    The future of Supercars events in New Zealand has been secured with new Government support. The Government is getting engines started through the Major Events Fund, a special fund to support high profile events in New Zealand that provide long-term economic, social and cultural benefits. “The Repco Supercars Championship is ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • There is no recession in NZ, economy grows nearly 1 percent in June quarter
    The economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said. “The New Zealand economy is doing better than expected,” Grant Robertson said. “It’s continuing to grow, with the latest figures showing ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Highest legal protection for New Zealand’s largest freshwater springs
    The Government has accepted the Environment Court’s recommendation to give special legal protection to New Zealand’s largest freshwater springs, Te Waikoropupū Springs (also known as Pupū Springs), Environment Minister David Parker announced today.   “Te Waikoropupū Springs, near Takaka in Golden Bay, have the second clearest water in New Zealand after ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • More support for victims of migrant exploitation
    Temporary package of funding for accommodation and essential living support for victims of migrant exploitation Exploited migrant workers able to apply for a further Migrant Exploitation Protection Visa (MEPV), giving people more time to find a job Free job search assistance to get people back into work Use of 90-day ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Strong export boost as NZ economy turns corner
    An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says. “The economy is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Funding approved for flood resilience work in Te Karaka
    The Government has approved $15 million to raise about 200 homes at risk of future flooding. More than half of this is expected to be spent in the Tairāwhiti settlement of Te Karaka, lifting about 100 homes there. “Te Karaka was badly hit during Cyclone Gabrielle when the Waipāoa River ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Further business support for cyclone-affected regions
    The Government is helping businesses recover from Cyclone Gabrielle and attract more people back into their regions. “Cyclone Gabrielle has caused considerable damage across North Island regions with impacts continuing to be felt by businesses and communities,” Economic Development Minister Barbara Edmonds said. “Building on our earlier business support, this ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • New maintenance facility at Burnham Military Camp underway
    Defence Minister Andrew Little has turned the first sod to start construction of a new Maintenance Support Facility (MSF) at Burnham Military Camp today. “This new state-of-art facility replaces Second World War-era buildings and will enable our Defence Force to better maintain and repair equipment,” Andrew Little said. “This Government ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Foreign Minister to attend United Nations General Assembly
    Foreign Minister Nanaia Mahuta will represent New Zealand at the 78th Session of the United Nations General Assembly (UNGA) in New York this week, before visiting Washington DC for further Pacific focussed meetings. Nanaia Mahuta will be in New York from Wednesday 20 September, and will participate in UNGA leaders ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Midwives’ pay equity offer reached
    Around 1,700 Te Whatu Ora employed midwives and maternity care assistants will soon vote on a proposed pay equity settlement agreed by Te Whatu Ora, the Midwifery Employee Representation and Advisory Service (MERAS) and New Zealand Nurses Association (NZNO), Minister of Health Dr Ayesha Verrall announced today. “Addressing historical pay ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • New Zealand provides support to Morocco
    Aotearoa New Zealand will provide humanitarian support to those affected by last week’s earthquake in Morocco, Foreign Minister Nanaia Mahuta announced today. “We are making a contribution of $1 million to the International Federation of Red Cross and Red Crescent Societies (IFRC) to help meet humanitarian needs,” Nanaia Mahuta said. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Government invests in West Coast’s roading resilience
    The Government is investing over $22 million across 18 projects to improve the resilience of roads in the West Coast that have been affected by recent extreme weather, Prime Minister Chris Hipkins confirmed today.  A dedicated Transport Resilience Fund has been established for early preventative works to protect the state ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Government invests in Greymouth’s future
    The Government has today confirmed a $2 million grant towards the regeneration of Greymouth’s CBD with construction of a new two-level commercial and public facility. “It will include a visitor facility centred around a new library. Additionally, it will include retail outlets on the ground floor, and both outdoor and ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • Nanaia Mahuta to attend PIF Foreign Ministers’ Meeting
    Foreign Minister Nanaia Mahuta will attend the Pacific Islands Forum (PIF) Foreign Ministers’ Meeting, in Suva, Fiji alongside New Zealand’s regional counterparts. “Aotearoa New Zealand is deeply committed to working with our pacific whanau to strengthen our cooperation, and share ways to combat the challenges facing the Blue Pacific Continent,” ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • PREFU shows no recession, growing economy, more jobs and wages ahead of inflation
    Economy to grow 2.6 percent on average over forecast period Treasury not forecasting a recession Inflation to return to the 1-3 percent target band next year Wages set to grow 4.8 percent a year over forecast period Unemployment to peak below the long-term average Fiscal Rules met - Net debt ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • New cancer centre opens in Christchurch
    Prime Minister Chris Hipkins and Minister of Health Dr Ayesha Verrall proudly opened the Canterbury Cancer Centre in Christchurch today. The new facility is the first of its kind and was built with $6.5 million of funding from the Government’s Infrastructure Reference Group scheme for shovel-ready projects allocated in 2020. ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

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