Asset sales – windfall capital gain for some, higher prices for the rest of us
Written By:
- Date published:
5:04 pm, June 14th, 2012 - 33 comments
Categories: Economy, privatisation, Steven Joyce -
Tags: electricity prices
National rushed its Asset Sales Bill back into the House today. Stephen Joyce argued that its purpose was to reduce debt, deepen capital markets, and invest in schools and hospitals. One-off sales of productive assets don’t reduce debt, they increase it. If our future schools and hospitals depend on flogging off more assets, we won’t get too many more before the assets run out. The real reason for the sale is the middle one. Experience with other utility asset sales is that they produce windfall capital gains to the buyers. Its not so much the dividends the buyers will be after as the capital gains.
If deepening the capital markets is the real reason for the sale, it explains why the National Party would support it. It is of a piece with their billion dollar plus tax cut for the wealthy. That money has to have somewhere to go, and utility assets are attractive not only for their dividends but more importantly because they also generate huge windfall capital gains. There is also the one-off gift of around $200million to brokers, many of them foreign-owned.
Past experience shows that asset sales of energy infrastructure also generate a regressive tax on consumers, who end up paying much higher prices for electricity. This tax is captured by the private owners of the assets, not the government. Private company directors are required by law to demand a fair return on assets for shareholders; as historic assets built years ago are revalued upwards then the required rate of return increases, so prices go up to generate the return.
The effect of this asset revaluation after privatisation was shown by research presented recently to the Fabian Society by Jim Turner, Dick Werry and Peter Harris. They compared what happened to the Wellington region water network and electricity network between 1990 and 2010.
Wellington region’s water distribution network is still in public ownership. The region’s electricity distribution network was privatised in 1990. The two networks cover the same area and both distribute an essential service. In 1990 the asset value of the water network was $168million and the cost of distributing water was $22.2million; the asset value of the electricity netwrk was $180million and the cost of electricity distribution was $36million. In 2010 the water distribution cost rose to $26.1million, a 17.5% increase. Privatised electricity distribution cost $142.5million, a 295% increase.
Why the difference? The answer is in the capital gain, and the required return on appreciated assets.
50% of Capital Power was sold to TransAlta in 1992 for $120million and the other half in 1996 for $90million. In 2000, TransAlta sold to Kansas banking group United Networks for $560million, making a handsome (and tax-free) capital gain. In 2004, United Networks sold to New Zealand company Vector for $800million, another substantial tax-free capital gain. In 2008 Vector sold the network to its current owner, a New Zealand registered subsidiary of Chinese company Cheung Kong Infrastructure Holdings Limited, for $785million.
Treasury expects a $200 million per year gain on disposal of the assets to offset loss of dividends, making (on paper) a gain in net worth of $475 million. This assumes the assets are undervalued in the government’s books and that they realise a better price for them than is recorded. That implies higher power prices are likely, but seems a brave assumption in a declining international economy.
The net effect of all this is that we will all pay higher prices for privatised electricity assets not just for supply reasons but for asset revaluation reasons, driven by the rights of private owners who will also reap the capital gain. They will all likely eventually end up in overseas hands, similar to what happened with Wellington region’s electricity network.
It may be time for Labour to do what New Labour in Britain did in 1997, announce that there would be a capital gains tax on windfall profits generated from the sale of the privatised assets. That policy generated L5billion back to the British taxpayer.
33 comments on “Asset sales – windfall capital gain for some, higher prices for the rest of us ”
- Comments are now closed
- Comments are now closed
CommentsOpinions
Recent Comments
FeedsPartyGovtMedia
- Pricing Road Usage
Congestion pricing is easier said than done.The first seminar I attended in Britain – around sixty years ago – explained a scheme for road usage pricing which would eliminate traffic congestion and direct roading investment. It was impressive and elegant (as many such seminar propositions are) but proved impractical and ...1 hour ago - Tory Whanau may have to sell Wellington mayoralty to make ends meet
Tory Whanau has revealed that she’s struggling so much financially that she may have to part with her beloved mayoralty, that of New Zealand’s capital city, if she’s to fund her ever-diminishing lifestyle. Whanau was elected to lead Wellington in 2022, winning an overwhelming victory against the incumbent mayor: the ...2 hours ago - And round we go again…
One of Labour's few achievements last term was to finally move on RMA reform. Following an independent review and a select committee review of an exposure draft, both aimed at ironing out bugs and producing a compromise most people could live with, Labour passed the Natural and Built Environments Act ...2 hours ago - The Supreme Court stands up for fairness
National is planning to breach te Tiriti o Waitangi by amending the Marine and Coastal Area Act to effectively make it impossible for the courts to recognise Māori rights over the foreshore and seabed. But its also been playing dirty in other ways. Earlier in the year it announced changes ...3 hours ago
- Today’s 10 Politics Headlines: Luxon flails and Simeon Drives
1/ Jobseeker numbers are going the opposite way of Luxon’s KPIs. Against a target of minus 50,000 by 2030, the new forecast shows the Government is looking at an increase of 24,000 jobseekers in its first term.In Thomas Coughlin’s report, Upton responds by blaming Labour: “We inherited an economy in ...8 hours ago - Kaka project: What could a revamped Entrust do with/for/to Vector?
Long story short, I interviewed transport and energy activist Patrick Reynolds this week about the bid to run Entrust by a new campaign group he’s part of called More for you; better for Auckland. There’s a lot more detail in this GreaterAuckland post and on ‘Better’s’ website.They’re campaigning to win ...9 hours ago - Missing the Feckin’ Targets
And although my eyes were openThey might just as well have been closedAnd so it was laterWhen the miller told this taleHe said that her face at first just ghostlyAnd then turned a whiter shade of paleSongwriters: Keith Reid / Gary BrookerI want to talk about two things today, subjects ...9 hours ago - Deadly floods and streams of non-solutions
Long stories short, here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer:Central Europe is reeling from the devastating effects of Storm Boris, which has so far caused 21 deaths and ...10 hours ago
- Weekly Roundup 20-September-2024
Welcome to the end of the week, as we head towards the spring equinox. Let us brighten your week with links to stories about how to make our city a little greater. This roundup is brought to you by a largely volunteer crew. If you’d like to support our work ...11 hours ago - Three years of recession deeper than GFC
Kia ora. Long stories short, here’s my top six things to note in Aotearoa’s political economy around housing, climate and poverty on Friday, September 20:New Zealand’s total GDP contracted less than expected in the June quarter, but per-capita GDP extended its three-year-long slump at a rate that is faster than ...11 hours ago - That’s Gangsta!
The gang patch legislation finally passed in the House after a long period of fanfare from National. Gangs won’t be allowed to publicly display gang insignia on the body or in vehicles, and if they’re very naughty i.e. caught thrice, police will be able to enter private homes to search.How ...12 hours ago - The Hoon around the week to Sept 20
The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night features co-host talking about the week’s news with:The Kākā’s climate correspondent on the latest climate news, including media coverage of extreme events and how big tech is gobbling up so much renewable power growth; ...13 hours ago
- A very healthy distrust of how this Government is handling health across the board is needed…
And alongside that, is the ultimate question for the public, and indeed Opposition Parties trying to appeal for enough of the public to support a change from this heinous direction of travel being imposed on us: how much of the damage here can even be stopped in time? Let us ...22 hours ago - Hang up on him David, just stop
There is a story I want to tell, but I'm not going to begin with it because it would be too abrupt. I'll start by telling you that I'm a big fan of the way Nicola Toki conveys her message. And Nicola Toki is a big fan of the way Jane ...1 day ago - Tax the rich!
We already know that the rich people aren't paying their fair share. But it turns out its worse than that: we're a tax-haven! Our rich people pay lower taxes here than in any comparable country: Well-off New Zealanders are paying less tax than their peers in nine similar OECD ...1 day ago
- Worse and worse
Cancer Minister Casey Costello is in trouble again over her secret, magically appearing tobacco policy document. The Ombudsman has already found that she acted contrary to law in refusing requests for it; now she has been referred to the Chief Archivist over a possible breach of the Public Records Act ...1 day ago
- NZ’s lack of a capital gains tax means the richest here pay vastly less than elsewhere
The lack of a capital gains tax means the richest Kiwis are sitting pretty compared to taxpayers overseas. Photo: Lynn Grieveson / The KākāKia ora. Long stories short, here’s my top six things to note in Aotearoa’s political economy around housing, climate and poverty on Thursday, September 19:New Zealand’s richest ...1 day ago - Verrall to Levy: “Health NZ NDAs are North Korean – Get rid of it.”
Open article. Note the video of the Health Select Committee excerpts starts at 1:22 In watching the Health Select Committee yesterday, it became clear to me why Margie Apa remains Health NZ CEO.During Levy’s testimony, Apa sat like a rock next to her boss. She nodded supportively, scribbled notes to ...1 day ago
- The Show Must Go On
Empty spaces, what are we living for?Abandoned places, I guess we know the score, on and onDoes anybody know what we are looking for?Another hero, another mindless crimeBehind the curtain, in the pantomimeHold the lineDoes anybody want to take it anymore?The show must go onSongwriters: Brian May / Freddie Mercury ...1 day ago - Managing on-street parking for local benefit
This guest post by Malcolm McCracken originally appeared on his blog Better Things Are Possible, and is republished here by kind permission. The case for Parking Benefit Districts: managing on-street parking for local benefit Parking is often the centre of debate in our cities; particularly on-street car parks, who gets ...1 day ago
- Doubling down?
This is a re-post from And Then There's Physics I wrote a post a little while ago commenting on a Sabine Hossenfelder video suggesting that she was now worried about climate change because the Equilibrium Climate Sensitivity (ECS) could be much higher than most estimates have suggested. I wasn’t too taken with Sabine’s arguments, and there were others ...1 day ago - Too much haste & waste in Simeon Brown’s need for speed
Photo: Lynn Grieveson / The KākāLong story short, the Government’s myopia of only choosing transport policies that reduce travel times means we’re missing out on the health benefits of more cycling and walking, along with the health cost savings from fewer accidents, less pollution and mentally healthier ways of getting ...1 day ago
- What seemed so simple is now so complex
The Health NZ rescue that seemed so simple back in July was presented to a Select Committee yesterday as a complex challenge that could take some years to sort out. In July, Prime Minister Christopher Luxon said Health NZ was on track to record a deficit of $1.4 billion for ...2 days ago
- The utterances of Shane Jones
Let us consider the utterances of Shane Jones.Let us consider the derogatory terms of abuseNow is not the time for Green Wombles, it's black and white decision making.We will stand with the energy industry and ensure they are not monstered by Green Termites nibbling away at our economic capital.The Green ...2 days ago - Ukrainian militia receives defective shipment of pagers that just send and receive messages
There’s been a major setback for one Ukrainian-backed militia on the Russian border, after the group ordered a large shipment of pagers to use as improvised explosive devices. The plan was to litter the pagers throughout abandoned homes and buildings in hopes of wounding Russian soldiers. But upon arrival of ...2 days ago - A constitutional shitshow
Last month, we learned that the government was half-arsing its anti-gang legislation, adding a significant, pre-planned, BORA-abusing amendment at the committee stage, avoiding all the usual scrutiny processes. But it gets worse. Because having done it once, they're now planning to recall the bill in order to add another such ...2 days ago
- Political Round Up
Note: An earlier version of this article noted Levy was a “party time Health NZ commissioner” - this has been updated - forgive my Freudian slip.Dr Lester Levy is charging $320,000 a year to be a part time Health NZ commissioner. Rachel Thomas reports that Levy is still teaching 2 ...2 days ago - Postcard from Sydney: Southwest and City Metro extension
This is a guest post from Sydney reader Nik Clement After 2 years in Auckland I moved back to Sydney just over a year ago. While in Auckland, I went to the opening of Puhinui station and used it a fair bit, living in Manukau Central and being able ...2 days ago
- Tolling revolt brewing in National heartland
Kia ora. Long stories short, here’s my top six things to note in Aotearoa’s political economy around housing, climate and poverty on Wednesday, September 18:Locals gathered in Woodville last night to protest at the National-ACT-NZ First Government’s decision to toll the new road linking the Manawatu and Hawkes Bay, saying ...2 days ago - The doom spiral
This is a re-post from The Climate Brink by Andrew Dessler In his last post, Zeke discussed incredible warmth of 2023 and 2024 and its implications for future warming. A few readers looked at it and freaked out: This is terrifying and This update really put me in a ...3 days ago
- Government directs Te Puni Kōkiri to conduct Māori Language Week in English
The coalition government has issued a directive to Te Puni Kōkiri, the Ministry of Māori Development, instructing them that – in the interests of clear communication – they are to conduct this year’s Māori Language Week primarily or exclusively in English. The directive is in line with the Government’s policy ...3 days ago - Government celebrates fact that New Zealand’s healthcare is so good people are queuing up for it a...
At yesterday’s post-cabinet press conference, Prime Minister Christopher Luxon, flanked by his Health Minister Shane Reti and someone we can’t independently verify was a real sign language interpreter, announced that he had some positive news for the country. “Alright team, I’m just going to hand over to uh, Dr. Shane, ...3 days ago - Heartwarming: Thoughtful driver uses indicator to tell you what they’ve just done
It’s 4:10pm in the morning, and you’re in the middle lane heading north on the great southern motorway of our nation’s capital, Auckland. There are no cars directly in front of you, but quite a few in the lane to your left. Suddenly, without warning, a black ute enters your ...3 days ago - NPC teams will now be allowed to actually use the Ranfurly Shield in play
Following decades of controversy, the governing body of New Zealand rugby, New Zealand Rugby, has ruled that the team currently holding the Ranfurly Shield may once again use it in play during the National Provincial Championship (NPC). The ruling restores the utility of a prize that for many years was ...3 days ago - Climbing out of the hamster wheel
I arrived home with a head full of fresh ideas about mindfulness and curbing impulsive aspects in my character.On the second night home I grabbed a piece of ginger and began swiftly slicing it on our industrial strength mandolin, the one I have learned through painful experience to treat with ...3 days ago - More Notes From Stinky Town
Good morning, folks. Another wee note from a chilly Rotorua morning that looks much clearer than yesterday. As I write, the pink glow in the east is slowly growing, and soon, the palest of blue skies should become a bit more royal.A couple of people mentioned yesterday that I should ...3 days ago - Make it make sense: why axe valuable local projects?
Last week, Matt looked at how the government wants to pour a huge chunk of civic infrastructure funding for a generation into one mega-road up North, at huge cost and huge opportunity cost. A smaller but no less important feature of the National Land Transport Plan devised by Minister of Transport ...3 days ago
- Driving blind at higher speeds
An open letter by experts about plans to raise speed limits warns the “tragic consequence will be more New Zealanders losing their lives or suffering severe injury, along with a substantial burden on the nation's healthcare and rehabilitation services”. Photo: Lynn Grieveson / The KākāKia ora. Long stories short, here’s ...3 days ago - 2024’s unusually persistent warmth
This is a re-post from The Climate Brink My inaugural post on The Climate Brink 18 months ago looked at the year 2024, and found that it was likely to be the warmest year on record on the back of a (than forecast) El Nino event. I suggested “there is a real chance ...3 days ago
- National plan for 2000 more Kiwis a year in prison
Open for allYesterday, Luxon congratulated his government on a job well done with emergency housing numbers, but advocates have been saying it‘s likely many are on the streets and sleeping in cars.Q&A featured some of the folks this weekend - homeless and in cars. Yes.The government’s also confirmed they stopped ...4 days ago
- I Found a Note in a Tree
Hi,On most days I try to go on a walk through nature to clear my head from the horrors of life. Because as much as I like people, I also think it’s incredibly important to get very far away from them. To be reminded that there are also birds, lizards, ...4 days ago - Jacqui Van Der Kaay: Politicians need to lift their game
Declining trust in New Zealand politicians should be a warning to them to lift their game. Results from the New Zealand Election Study for the 2023 election show that the level of trust in politicians has once again declined. Perhaps it is not surprising that the results, shared as part ...4 days ago - Police say they won’t respond to bomb threats anymore as ‘it’s never anything’
Police Commissioner Andrew Coster says that New Zealand’s police force will no longer respond to bomb threats, in an attempt to cut costs and redirect police resources to less boring activities. Coster said that threat response and bomb disposal was a “fairly obvious” area for downsizing, as bomb threats are ...4 days ago - A dysfunctional watchdog
The reality of any right depends on how well it is enforced. But as The Post points out this morning, our right to official information isn't being enforced very well at all: More than a quarter of complaints about access to official information languish for more than a year, ...4 days ago
- Climate Change: The threat of a good example
Since taking office, the climate-denier National government has gutted agricultural emissions pricing, ended the clean car discount, repealed water quality standards which would have reduced agricultural emissions, gutted the clean car standard, killed the GIDI scheme, and reversed efforts to reduce pollution subsidies in the ETS - basically every significant ...4 days ago
- Vegas Baby
Good morning, lovely people. Don’t worry. This isn’t really a newsletter, just a quick note. I’m sitting in our lounge, looking out over a gloomy sky. Although being Rotorua, the view is periodically interrupted by steam bursting from pipes and dispersing—like an Eastern European industrial hellscape during the Cold War.Drinking ...4 days ago - Why Entrust Needs New Leadership
I am part of a new team running in the Entrust election in October. Entrust is a community electricity trust representing a significant part of Auckland, set up to serve the community. It is governed by five trustees are elected every three years in an election the trust itself oversees. ...4 days ago
- London Bridge is falling down
In the UK, London is the latest of council groups to signal potential bankruptcy.That’s after Birmingham, Britain’s second largest city, went bankrupt in June, resulting in reduced sanitation services, libraries cut, and dimmed streetlights.Some in the city described things as “Dickens” like.Please, Sir, Can I have some more?For families with ...4 days ago - Govt may kick elderly out of hospitals
The Government is considering how to shunt elderly people out of hospitals, and also how to cut their access to other support. Photo: Lynn Grieveson / The KākāKia ora. Long stories short, here’s my top six things to note in Aotearoa’s political economy around housing, climate and poverty on Monday, ...5 days ago - Getting the nephs off the couch
The so-called “Prince of the Provinces”, Shane Jones, went home last Friday. Perhaps not quite literally home, more like 20 kilometres down the road from his house on the outskirts of Kerikeri. With its airport, its rapidly growing (mostly retired) population, and a commercial centre with all the big retail ...5 days ago
- De moralibus orcorum: Sargon of Akkad, Rings of Power, Evil, and George R.R. Martin
I have noted before that The Rings of Power has attracted its unfortunate share of culture war obsessives. Essentially, for a certain type of individual, railing on about the Wokery of Modern Media is a means of making themselves a online livelihood. Clicks and views and advertising revenue, and all ...5 days ago - 2024 SkS Weekly Climate Change & Global Warming News Roundup #37
A listing of 31 news and opinion articles we found interesting and shared on social media during the past week: Sun, September 8, 2024 thru Sat, September 14, 2024. Story of the week From time to time we like to make our Story of the Week all about us— and ...5 days ago
- Salvation For Us All
Yesterday, I ruminated about the effects of being a political follower.And, within politics, David Seymour was smart enough on Friday to divert attention from “race blind” policies [what about gender blind I thought - thinking of maternity wards] and cutting school lunches by throwing meat to the media. Teachers were ...5 days ago - A warm embrace
Far, far away from here lives our King. Some of his subjects can be quite the forelock tuggers, but plenty of us are not like that, and why don't I wheel out my favourite old story once more about Kiwi soldiers in the North African desert?Field Marshal Montgomery takes offence ...6 days ago - Literal clowns are running the place, we must put a timeout on this stupidity… right Aotearoa?
These people are inept on every level. They’re inept to the detriment of our internal politics, cohesion and increasingly our international reputation. And they are reveling in the fact they are getting away with it. We cannot even have “respectful debate” with a government that clearly rejects the very ...6 days ago - Fact brief – Does manmade CO2 have any detectable fingerprint?
Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by Sue Bin Park from the Gigafact team in collaboration with John Mason. You can submit claims you think need checking via the tipline. Does manmade CO2 have any ...6 days ago
- Judge Not.
6 days ago - Managed Democracy: Letting The People Decide, But Only When They Can Be Relied Upon To Give the Righ...
Uh-uh! Not So Fast, Citizens! The power to initiate systemic change remains where it has always been in New Zealand’s representative democracy – in Parliament. To order a binding referendum, the House of Representatives must first to be persuaded that, on the question proposed, sharing its decision-making power with the people ...6 days ago
- Looking For Labour’s Vital Signs.
Flatlining: With no evidence of a genuine policy disruptor at work in Labour’s ranks, New Zealand’s wealthiest citizens can sleep easy.PRESIDENT JOE BIDEN has walked a picket-line. Presidential candidate Kamala Harris has threatened “price-gauging” grocery retailers with price control. The Democratic Party’s 2024 platform situates it well to the left of Sir ...6 days ago
- Forty Years Of Remembering To Forget.
The Beginning of the End: Rogernomics became the short-hand descriptor for all the radical changes that swept away New Zealand’s social-democratic economy and society between 1984 and 1990. In the bitterest of ironies, those changes were introduced by the very same party which had entrenched New Zealand social-democracy 50 years earlier. ...6 days ago
- Kōrero Mai – Speak to Me.
Good morning all you lovely people. 🙂I woke up this morning, and it felt a bit like the last day of school. You might recall from earlier in the week that I’m heading home to Rotorua to see an old friend who doesn’t have much time. A sad journey, but ...6 days ago - Winning ways
6 days ago - 48 seconds on a plan that would reverberate for a million years
Despite fears that Trump presidency would be disastrous for progress on climate change, the topic barely rated a mention in the Presidential debate. Photo: Getty ImagesLong stories short, here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey ...7 days ago
- Using blunt instruments and magical thinking to ignore evidence of harm
The abrupt cancellations and suspensions of Government spending also caused private sector hiring, spending, and investment to freeze up for the first six months of the year. Photo: Lynn Grieveson / The KākāThis week we learned:The new National/ACT/NZ First Coalition Government ignored advice from Treasury that it didn’t have to ...7 days ago - Is This A Dagger Which I See Before Me: A Review and Analysis of The Rings of Power Episode 5 (Seaso...
Another week of The Rings of Power, season two, and another confirmation that things are definitely coming together for the show. The fifth Episode of season one represented the nadir of the series. Now? Amid the firmer footing of 2024, Episode Five represents further a further step towards excellent Tolkien ...7 days ago - In Open Seas; A Book
The background to In Open Seas: How the New Zealand Labour Government Went Wrong:2017-2023Not in Narrow Seas: The Economic History of Aotearoa New Zealand, published in 2020, proved more successful than either I or the publisher (VUP, now Te Herenga Waka University Press) expected. I had expected that it would ...1 week ago - The Hoon around the week to Sept 13
The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night features co-hosts and talking about the week’s news with:The Kākā’s climate correspondent on the latest climate science on rising temperatures and the climate implications of the US Presidential elections; and special guests Janet ...1 week ago
- Do or do not. There is no try
1. Upon receiving evidence that school lunches were doing a marvellous job of improving outcomes for students, David Seymour did what?a. Declared we need much more of this sort of good news and poured extra resources and funding into them b. Emailed Atlas network to ask what to do next c. Cut ...1 week ago - Dangerous ground
The Waitangi Tribunal has reported back on National's proposed changes to gut the Marine and Coastal Area Act and steal the foreshore and seabed for its greedy fishing-industry donors, and declared it to be another huge violation of ti Tiriti: The Waitangi Tribunal has found government changes to the ...1 week ago
- Climate Change: National wants to cheat on Paris
In 2016, the then-National government signed the Paris Agreement, committing Aotearoa to a 30 (later 50) percent reduction in emissions by 2030. When questioned about how they intended to meet that target with their complete absence of effective climate policy, they made a lot of noise about how it was ...1 week ago
- Treasury warned Govt lower debt limits meant less ‘productivity-enhancing investment’
1 week ago - Is the Media Complicit?
This is a long read. Open to all.SYNOPSIS: Traditional media is at a cross roads. There is a need for those in the media landscape, as it stands, to earn enough to stay afloat, but also come across as balanced and neutral to keep its audiences.In America, NYT’s liberal leaning ...1 week ago - Black Friday
It's Black Friday, the end of the weekYou take my hand and hold it gently up against your cheekIt's all in my head, it's all in my mindI see the darkness where you see the lightSong by Tom OdellFriday the 13th, don’t be afraid.No, really, don’t. Everything has felt a ...1 week ago - Weekly Roundup 13-September-2024
Ooh, Friday the thirteenth. Spooky! Is that why certain zombie ideas have been stalking the landscape this week, like the Mayor’s brainwave for a motorway bridge from Kauri Point to Point Chev? Read on and find out. This roundup, like all our coverage, is brought to you by the Greater ...1 week ago
- Skeptical Science New Research for Week #37 2024
Open access notables Early knowledge but delays in climate actions: An ecocide case against both transnational oil corporations and national governments, Hauser et al., Environmental Science & Policy: Cast within the wide context of investigating the collusion at play between powerful political-economic actors and decision-makers as monopolists and debates about ‘the modern ...1 week ago
- Release: Coalition cooking up costly RMA replacement
National continues to dismantle environmental protections in the interests of rushing through unsustainable development that will ultimately cost communities. ...4 hours ago - Release: National red-faced as benefit numbers skyrocket
The economy has stagnated and the National Government is having to face the consequences of its atrocious lawmaking, as beneficiary numbers skyrocket past even Treasury’s predictions. ...9 hours ago
- Release: National allocating police officers not hired yet
There are 104 fewer police officers now than there were when National came into Government. ...10 hours ago
- Economic decline further cause for tax transformation
Today’s GDP figures combined with the injustice of our tax system will mean more pain for our lowest-income households while those at the top remain relatively unscathed. ...1 day ago - Release: No growth under National, just cuts
The National Government’s decisions have hindered, not helped the economy. ...1 day ago
- Govt must act to avoid the worst of NIWA’s climate projections
New climate projections from NIWA underscore how urgently climate action is needed. ...2 days ago
- Release: More job losses as Government fails on manufacturing
The Government is failing the manufacturing sector with no plan for its future. ...2 days ago
- Tāmaki-Makaurau MP Urges Immediate Support for Families Impacted by Mill Closure
Te Pāti Māori Member of Parliament for Tāmaki Makaurau is urging a full wraparound of services to intervene quickly with families affected by today's announced closure of the Penrose Mill. Seventy-five people are set to lose their jobs right on the eve of Christmas. "I want to extend my thoughts ...2 days ago
- Release: Sentencing package misses the mark by a mile
Sentencing policy announced by Minister Paul Goldsmith today is anything but new, merely window dressing to make up for backwards violent crime statistics under the National Government. ...3 days ago
- Release: Seymour’s Ministry of Double Standards
David Seymour doesn’t stick to his own standards of good regulation despite having a multimillion-dollar vanity ministry set up to do so. ...3 days ago
- Release: Labour Leader to travel to UK
Labour Leader Chris Hipkins will travel to the United Kingdom this week to attend the annual UK Labour Party conference in Liverpool and meet with members of the new Labour Government. ...3 days ago
- Govt Warned – Increasing Snapper Quota Breaches Fisheries Settlement
An imminent decision to increase the total allowable commercial catch (TACC) for snapper would be a direct violation of the first-ever Treaty Settlement and inevitably breach Te Tiriti o Waitangi, says Te Pāti Māori. Te Ohu Kaimoana has sought a High Court declaration to prevent the Minister of Oceans and ...4 days ago
- Govt attacks workers’ rights once again
Today’s announcement from the Minister of Workplace Relations emphasises how deep in the pocket of big business this Government really is. ...5 days ago
- Release: Māori business not a priority for this Govt
Scrapping the Progressive Procurement programme designed to support and grow Māori businesses is a missed opportunity. ...5 days ago
- Release: March 15 inquiry grants cut by Government
Justice Minister Paul Goldsmith has cut grants helping overseas family of victims to attend the next phase of the Coronial Inquiry into the 15 March 2019 Christchurch Masjidain Attack. ...5 days ago
- Minister of Injustice seeks to Entrench largest land confiscation in History
The Waitangi Tribunal has released an Urgent Report on the Government’s proposed amendments to the Takutai Moana Act 2011. The report calls out Paul Goldsmith’s proposal for what it is: a “gross breach of the Treaty” and an “illegitimate exercise of kāwanatanga”. The Tribunal is recommending the Crown step down ...1 week ago
- Takutai Moana changes another assault on Te Tiriti
The Government must abandon its Marine and Coastal Area (Takutai Moana) Act interventions after the Waitangi Tribunal found it was committing gross breaches of the Treaty. ...1 week ago
- Greens call on Govt to leave Te Reo in schools alone
As Te Wiki o te Reo Māori approaches, the Government is considering deprioritising teaching Te Reo Māori in our schools. ...1 week ago
- Govt cannot ignore racism
The Government’s directive to the public service to ignore race is nothing more than a dog whistle and distraction from the structural racism we need to address. ...1 week ago
- Release: Lemauga Lydia Sosene to take medical leave
Labour’s Mangere MP Lemauga Lydia Sosene has been diagnosed with breast cancer and will shortly take medical leave. ...1 week ago
- Potential intelligence sharing with Israel must be investigated
Concerns have been raised that our spy arrangements may mean that intelligence is being shared between Aotearoa and Israel. An urgent inquiry must be launched in response to this. ...1 week ago
- Release: Charter schools undermine our education system
The Government is taking a wrecking ball to our public education system by reinstating charter schools. ...1 week ago
- Youngest MP to travel to Canada to accept Politician of the Year Award
Aotearoa’s Youngest Member of Parliament, and Te Pāti Māori MP, Hana-Rawhiti Maipi-Clarke, will travel to Montreal to accept the One Young World Politician of the Year Award next week. The One Young World Politician of the Year Award was created in 2018 to recognise the most promising young politicians between ...1 week ago
- Greens celebrate huge step forward for ADHD community
The Greens welcome today’s long-coming announcement by Pharmac of consultation to remove the special authority renewal criteria for methylphenidate, dexamfetamine and modafinil and to fund lisdexamfetamine. ...1 week ago
- Release: Millions to be spent dividing NZ for no reason
The National Party is wasting millions of dollars allowing David Seymour’s Treaty Principals Bill to be drafted and go to Select Committee. ...1 week ago
- Release: New Zealanders departing our shores at a record rate
The Migration figures released by Stats NZ today show National is continuing to drive Kiwis away from New Zealand in record numbers. ...1 week ago
- Te Tai Tokerau MP Slams Govt Overreach in Scrapping Māori Wards
Mema Paremata for Te Tai Tokerau, Mariameno Kapa-Kingi, has reflected on the decisions made by the councils of the North amidst the government’s push to remove Māori Wards and weaken mana whenua representation. “Actions taken by the Kaipara District Council to remove Māori Wards are the embodiment of the eradication ...1 week ago
- Govt already seeking advice on Treaty referendum
On one hand, the Prime Minister has assured Aotearoa that his party will not support the Treaty Principles Bill beyond first reading, but on the other, his Government has already sought advice on holding a referendum on our founding document. ...1 week ago
- Release: Aged care will be worse off if redesign rushed
New Zealanders needing aged care support and the people who care for them will be worse off if the Government pushes through a flawed and rushed redesign of dementia and aged care. ...1 week ago
- Release: Govt fails hundreds of workers as mills close
Labour is devastated at news hundreds of workers are set to lose their jobs following the closure of Winstone Pulp mills. ...1 week ago
- Job losses from mill closures consequence of Govt inaction
Hundreds of jobs lost as a result of pulp mill closures in the Ruapehu District are a consequence of government inaction in addressing the shortfalls of our electricity network. ...1 week ago
- Ngarewa-Packer devastated for Ruapehu following WPI closure
Te Pāti Māori Co-Leader and MP for Te Tai Hauāuru is devastated for the Ruapehu community following today’s decision to close two Winstone Pulp mills. “My heart goes out to all the workers, their whānau, and the wider Ruapehu community affected by the closure of Winstone Pulp International,” said Ngarewa-Packer. ...1 week ago
- Release: Cabinet should stop the Treaty Principles Bill
National Party Ministers have a majority in Cabinet and can stop David Seymour’s Treaty Principles Bill, which even the Prime Minister has described as “divisive and unhelpful.” ...2 weeks ago
- Release: Staff gagged to keep fast track list secret
The National Government is so determined to hide the list of potential projects that will avoid environmental scrutiny it has gagged Ministry for the Environment staff from talking about it. ...2 weeks ago
- Release: Labour challenges Te Whatu Ora gag orders
Labour has complained to the Te Kawa Mataaho Public Service Commission about the high number of non-disclosure agreements that have effectively gagged staff at Te Whatu Ora Health NZ from talking about anything relating to their work. ...2 weeks ago
- Greens call on Treaty Principles Bill to be abandoned after letter from Christian leaders
The Green Party is once again urging the Prime Minister to abandon the Treaty Principles Bill as a letter from more than 400 Christian leaders calls for the proposed legislation to be dropped. ...2 weeks ago
- Sign the petition: Keep military-style firearms off our streets
Help us tell the Government that reintroducing military-style firearms should not be up for debate. ...2 weeks ago
- Vast majority of councils support Māori wards
Councils across the country have now decided where they stand regarding Māori wards, with a resounding majority in favour of keeping them in what is a significant setback for the Government. ...2 weeks ago
- Release: Government on the wrong side of Māori wards
The National-led government has been given a clear message from the local government sector, as almost all councils reject the Government’s bid to treat Māori wards different to other wards. ...2 weeks ago
- Release: Labour congratulates Kuīni Ngā Wai hono i te po Paki
The Labour Party congratulates Kuīni Ngā Wai hono i te po Paki on being crowned as the eighth Te Ariki Nui – head of Te Kiingitanga. ...2 weeks ago
- Tourism on the table for Pacific Ministers’ meet-up
Tourism and Hospitality Minister Matt Doocey will meet with Trade and Tourism Minister of Australia Don Farrell and Fiji Deputy Prime Minister Manoa Kamikamica in Rotorua this weekend for a trilateral tourism discussion. “Like in New Zealand, tourism plays a significant role in Australia and Fiji’s economy, contributing massively to ...3 hours ago - Young people report on family and sexual violence
The Te Puna Aonui Expert Advisory Group for Children and Young People has presented its report today on improving family and sexual violence outcomes for young people, to the Minister for the Prevention of Family and Sexual Violence, Karen Chhour. The presentation at the Auckland event was an opportunity for ...3 hours ago
- $18 million being invested in the victims of crime
The Government is putting more than $18 million towards improving the experience of the criminal justice system for victims, Justice Minister Paul Goldsmith and Minister for Children Karen Chhour say. “No one should experience crime, but for those who through no fault of their own become victims, they need to ...3 hours ago
- Landmark phonics check in te reo Māori
For the first time, schools can use a purpose-built tool to check how a child is progressing in reading through te reo Māori. “Around 45 schools are trialling a New Zealand first te reo Māori phonics check, known as Hihira Weteoro. It will help kaiako (teachers) focus on what ākonga ...4 hours ago
- New sea walls safeguard Ōpōtiki’s transformation
Two new breakwater walls at Pākihikura (Ōpōtiki) Harbour will provide boats with safe harbour access to support the continued growth of aquaculture in Bay of Plenty, Deputy Prime Minister Winston Peters and Regional Development Minister Shane Jones say. The Ministers and leaders from Tē Tāwharau o Te Whakatōhea and other ...7 hours ago
- Kitmap to improve access to science infrastructure
Science, Innovation and Technology Minister Judith Collins today announced an online platform to optimise the use of New Zealand’s science and technology research infrastructure and to link the public and private sector. “This country is home to world-class science, technology, and engineering expertise. Kitmap is set to empower Kiwi innovators, ...7 hours ago
- Driving the uptake of low emission heavy vehicles
The Government has launched the Low Emissions Heavy Vehicle Fund (LEHVF) to promote innovation and offset the cost of hundreds of heavy vehicles powered by clean technologies, Energy Minister Simeon Brown and Climate Change Minister Simon Watts say. “Boosting economic growth and productivity is a key part of the Government’s plan ...7 hours ago
- Speech on replacing the Resource Management Act
Replacing the RMA Hon Chris Bishop: Good morning, it is great to be with you. Can I first acknowledge the Resource Management Law Association for hosting us here today. Can I also acknowledge my Parliamentary Under-Secretary, Simon Court, who is on stage with me. He has assisted me in establishing the ...7 hours ago
- Replacement for the Resource Management Act takes shape
Two new laws will be developed to replace the Resource Management Act (RMA), with the enjoyment of property rights as their guiding principle, RMA Reform Minister Chris Bishop and Parliamentary Under-Secretary Simon Court say. “The RMA was passed with good intentions in 1991 but has proved a failure in practice. ...9 hours ago
- Tough laws pass to make gang life uncomfortable
Legislation passed through Parliament today will provide police and the courts with additional tools to crack down on gangs that peddle misery and intimidation throughout New Zealand, Justice Minister Paul Goldsmith says. “From November 21, gang insignia will be banned in all public places, courts will be able to issue non-consorting orders, and ...1 day ago
- New levy rates set to ensure continued funding of FENZ
Minister of Internal Affairs Brooke van Velden says the Government has agreed to the rates for the redesigned levy that will fund Fire and Emergency New Zealand (FENZ) from July 2026. “Earlier this year FENZ consulted publicly on a 5.2 percent increase to the levy. I was not convinced that ...1 day ago
- Police allocate Officers to Beat and Gang Units
The Coalition Government welcomes Police’s announcement today to deploy more police on the beat and staff to Gang Disruption Units. An additional 70 officers will be allocated to Community Beat Teams across towns and regional centres. This builds on the deployment of beat officers in Auckland, Wellington and Christchurch CBDs ...1 day ago
- Consultation begins on significant updates to the biosecurity system
Proposals to strengthen the country’s vital biosecurity system, including higher fines for passengers bringing in undeclared high-risk goods, greater flexibility around importing requirements, and fairer cost sharing for biosecurity responses have been released today for public consultation. Biosecurity Minister Andrew Hoggard says “The future is about resilience and the 30-year-old ...1 day ago
- Wānaka community to benefit from new overnight health service
Health Minister Dr Shane Reti says an Overnight Acute Care Service opening in October will provide people in Wānaka and the surrounding area with the assurance of quality overnight care closer to home. “When I was in Wānaka earlier this year, I announced funding for an overnight health service – ...1 day ago
- Preventing potholes with data-driven technology
The Government is rolling out data collection vans across the country to better understand the condition of our road network to prevent potholes from forming in the first place, Transport Minister Simeon Brown says. “Increasing productivity to help rebuild our economy is a key priority for the Government and increasing ...1 day ago
- GDP data shows effect of high interest rates
Gross Domestic Product (GDP) data for the quarter to June 2024 reinforces how an extended period of high interest rates has meant tough times for families, businesses, and communities, but recent indications show the economy is starting to bounce back, Finance Minister Nicola Willis says. Stats NZ data released today ...1 day ago
- NZ to host first Fiji, Australia trilateral trade Ministers’ meeting in Rotorua
Trade Minister Todd McClay will host Fijian Deputy Prime Minister Manoa Kamikamica and Australian Trade Minister Don Farrell for trilateral trade talks in Rotorua this weekend. “Fiji is one of the largest economies in the Pacific and is a respected partner for Australia and New Zealand,” Mr McClay says. Australia and New Zealand ...1 day ago
- NZ hosts Annual CER Trade Ministers’ meeting in Rotorua
Trade Minister Todd McClay will meet with Australian Trade Minister Don Farrell for the annual Closer Economic Relations (CER) Trade Ministers’ meeting in Rotorua this weekend. “CER is our most comprehensive agreement covering trade, labour mobility, harmonisation of standards and political cooperation. It underpins an important trading relationship worth $32 ...1 day ago
- Government proposing changes to jury trials
The Government is seeking the public’s feedback on two major changes to jury trials in order to improve court timeliness, Justice Minister Paul Goldsmith says. “The first proposal would increase the offence threshold at which a defendant can decide to have their case heard by a jury. “The second is ...1 day ago
- Business key to regional economic dialogue
Local businesses and industries need to be front and centre in conversations about how regions plan to grow their economies, Regional Development Shane Jones says. The nationwide series of summits aims to facilitate conversations about regional economic growth and opportunities to drive productivity, prosperity and resilience through the Coalition Government’s Regional ...1 day ago
- More funding for Growing Up in New Zealand study
The Government is investing $16.8 million over the next four years to extend the Growing Up in New Zealand (GUiNZ) Longitudinal Study. GUiNZ is New Zealand’s largest longitudinal study of child health and wellbeing and has followed the lives of more than 6000 children born in 2009 and 2010, and ...1 day ago
- Tough targets for charter schools will raise achievement
Associate Education Minister David Seymour says that Charter Schools will face a combination of minimum performance thresholds and stretch targets for achievement, attendance and financial sustainability. “Charter schools will be given greater freedom to respond to diverse student needs in innovative ways, but they will be held to a much ...1 day ago
- NZ votes for Middle East resolution at UN
New Zealand has voted for a United Nations resolution on Israel’s presence in occupied Palestinian Territory with some caveats, Foreign Minister Winston Peters says. “New Zealand’s yes vote is fundamentally a signal of our strong support for international law and the need for a two-state solution,” Mr Peters says. “The Israel-Palestine ...1 day ago
- Honouring the legacy of New Zealand’s suffragists
Suffrage Day is an opportunity to reaffirm New Zealand’s commitment to ensuring we continue to be a world leader in gender equality, Minister for Women Nicola Grigg says. “On 19 September, 131 years ago, New Zealand became the first nation in the world where women gained the right to vote. ...1 day ago
- Foreign Minister to travel to New York, French Polynesia
Foreign Minister Winston Peters is travelling to New York next week to attend the 79th session of the United Nations General Assembly, followed by a visit to French Polynesia. “In the context of the myriad regional and global crises, our engagements in New York will demonstrate New Zealand’s strong support for ...2 days ago
- Thanking social workers on their national day
“Today, on Aotearoa New Zealand Social Workers’ Day, I would like to recognise the tremendous effort social workers make not just today, but every day,” Children’s Minister and Minister for the Prevention of Family and Sexual Violence Karen Chhour says. “I thank all those working on the front line for ...2 days ago
- Minister of State for Trade heads to Laos for ASEAN meetings
Minister of State for Trade Nicola Grigg will travel to Laos this week to attend the Association of Southeast Asian Nations (ASEAN) Economic Ministers’ Meetings in Vientiane. “The Government is committed to strengthening our relationship with ASEAN,” Ms Grigg says. “With next year marking 50 years since New Zealand became ...2 days ago
- Members appointed to retail crime MAG
The Government has appointed four members to the Ministerial Advisory Group for victims of retail crime, Justice Minister Paul Goldsmith and Associate Justice Minister Nicole McKee say. “I am delighted to appoint Michael Hill’s national retail manager Michael Bell to the group, as well as Waikato community advocate and business ...2 days ago
- Speech to the New Zealand Nurses Organisation AGM and Conference 2024
It’s my pleasure to be here to join the opening of the NZNO AGM and Conference for 2024. First, I’d like to thank NZNO Kaiwhakahaere Kerri Nuku, NZNO President, Anne Daniels, and Chief Execuitve Paul Gaulter for inviting me to speak today. Thank you also to all the NZNO members ...2 days ago
- Improvements for New Zealand authors
Minister of Internal Affairs Brooke van Velden says changes to the Public Lending Right [PLR] scheme will help benefit both the National Library and authors who have books available in New Zealand libraries. “I am amending the regulations so that eligible authors will no longer have to reapply every year ...3 days ago
- Minister commends Police for gang operation
Police Minister Mark Mitchell congratulates Police for the outstanding result of their most recent operation, targeting the Comancheros. “That Police have been able to round up the majority of the Comancheros leadership, and many of their patched members and prospects, shows not only the capability of Police, but also shows ...3 days ago
- New appointments to the EPA board
Environment Minister Penny Simmonds has announced a major refresh of the Environmental Protection Authority (EPA) board with four new appointments and one reappointment. The new board members are Barry O’Neil, Jennifer Scoular, Alison Stewart and Nancy Tuaine, who have been appointed for a three-year term ending in August 2027. “I would ...3 days ago
- Enabling rural recovery works in Hawke’s Bay
Cabinet has approved an Order in Council to enable severe weather recovery works to continue in the Hawke’s Bay, Environment Minister Penny Simmonds and Minister for Emergency Management and Recovery Mark Mitchell say. “Cyclone Gabrielle and the other severe weather events in early 2023 caused significant loss and damage to ...3 days ago
- FamilyBoost childcare payment registrations open
From today, low-to-middle-income families with young children can register for the new FamilyBoost payment, to help them meet early childhood education (ECE) costs. The scheme was introduced as part of the Government’s tax relief plan to help Kiwis who are doing it tough. “FamilyBoost is one of the ways we ...3 days ago
- Prioritising victims with tougher sentences
The Government has today agreed to introduce sentencing reforms to Parliament this week that will ensure criminals face real consequences for crime and victims are prioritised, Justice Minister Paul Goldsmith says. "In recent years, there has been a concerning trend where the courts have imposed fewer and shorter prison sentences ...4 days ago
- Targets data confirms rise in violent crime
The first quarterly report on progress against the nine public service targets show promising results in some areas and the scale of the challenge in others, Prime Minister Christopher Luxon says. “Our Government reinstated targets to focus our public sector on driving better results for New Zealanders in health, education, ...4 days ago
- Asia Foundation Board appointments announced
Foreign Minister Winston Peters has announced the appointments of Hone McGregor, Professor David Capie, and John Boswell to the Board of the Asia New Zealand Foundation. Bede Corry, Secretary of Foreign Affairs and Trade, has also been appointed as an ex-officio member. The new trustees join Dame Fran Wilde (Chair), ...4 days ago
- Endeavour Fund projects for economic growth
New Zealand’s largest contestable science fund is investing in 72 new projects to address challenges, develop new technology and support communities, Science, Innovation and Technology Minister Judith Collins says. “This Endeavour Fund round being funded is focused on economic growth and commercial outputs,” Ms Collins says. “It involves funding of more ...4 days ago
- Social Services Providers Whakamanawa National Conference 16 September 2024
Thank you for the introduction and the invitation to speak to you here today. I am honoured to be here in my capacity as Minister for the Prevention of Family and Sexual Violence, and Minister for Children. Thank you for creating a space where we can all listen and learn, ...4 days ago
- Parihaka infrastructure upgrades funded
The Government will provide a $5.8 million grant to improve water infrastructure at Parihaka in Taranaki, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say. “This grant from the Regional Infrastructure Fund will have a multitude of benefits for this hugely significant cultural site, including keeping local ...4 days ago
- Is life getting better for China’s tech billionaires?
Source: The Conversation (Au and NZ) – By Wenting He, PhD candidate of International Relations, Australian National University The skyline in Shenzhen, the city that is home to many of China’s largest tech companies. asharkyu/Shutterstock According to the latest Bloomberg Billionaires Index, Pony Ma, co-founder of Tencent Holdings, is once ...1 hour ago - Fiji 2000 coup leader George Speight granted presidential pardon
RNZ Pacific The man behind the 2000 coup in Fiji, George Speight, and the head of the mutineers, former soldier Shane Stevens, have been granted presidential pardons. In a statement yesterday, the Fiji Correction Service said the pair were among seven prisoners who has been granted pardons by the President, ...2 hours ago
- Supreme Court orders government to pay in advance for Māori coastline appeal
In a rare decision, the country's top court has told the Crown it must give advance financial support to a group of hapū challenging it. ...2 hours ago - Darleen Tana fails High Court bid against Green Party investigation
Green co-leader Chloe Swarbrick says the party welcomes the ruling and will now consider its next steps. ...2 hours ago
- Resource Management Act to be replaced by two new laws
They'll ditch rules that "invite every Tom, Dick, and Harry to vexatiously object to peaceful use and development", the government says. ...2 hours ago
- Are sports stars who are caught using illegal drugs unfairly vilified?
Source: The Conversation (Au and NZ) – By Jack Wilson, Postdoctoral Research Fellow at the Matilda Centre for Research in Mental Health and Substance Use, University of Sydney JFontan/Shutterstock With the Paris Olympics and Paralympics wrapped up, and leading Australian sports codes coming to an end of their 2024 ...3 hours ago
- Flood gates could reopen for Māori claimants after landmark ruling
The Courts have ruled the Crown must cover the costs of customary marine title claims, but where will the money come from? A landmark Supreme Court ruling could once again ensure Māori have adequate resourcing to pursue customary marine title claims, despite the government’s recent drastic raising of the threshold ...3 hours ago - RNZ’s online surge could start to worry private media
Public broadcaster RNZ might be struggling to stem its falls in radio listenership, but the audience for its website rnz.co.nz is soaring.In the latest Nielsen online audience figures for August, RNZ hit 1.56 million unique readers for the month, up from under a million a year ago and less than ...3 hours ago - Referendum on four-year political terms may come by next election – Luxon
Prime Minister Christopher Luxon says he may bring four-year political terms to a national vote at the next election. ...3 hours ago
- Afghan women have been robbed of health care, education and now their voices. But they won’t remai...
Source: The Conversation (Au and NZ) – By Susan Hutchinson, PhD Candidate, International Relations, Australian National University Last month, the Taliban passed a new “vice and virtue” law, making it illegal for women to speak in public. Under the law, women can also be punished if they are heard singing ...4 hours ago
- What is ‘dynamic pricing’ for concert tickets? It can cost you hundreds of dollars while you que...
Source: The Conversation (Au and NZ) – By Ben Green, Research Fellow, Centre for Social and Cultural Research, Griffith University When tickets for Green Day’s 2025 Australian tour went on sale, fans joined a queue – a ritual that has been practised for decades on footpaths, on phones, and now ...4 hours ago
- Week in Politics: ‘Crime wave’ puts government’s target in doubt
Analysis - Crime throws the government's reduction target into doubt and Labour's Chris Hipkins has to deal with a bad poll. ...4 hours ago
- India is in the midst of an electric vehicle revolution – and Australia should tap in
Source: The Conversation (Au and NZ) – By David T. Hill, Emeritus Professor of Southeast Asian Studies, Indo-Pacific Research Centre, Murdoch University David T. Hill You don’t have to be in India long to appreciate just how dramatic its electric vehicle revolution is. Whether it’s electric two-wheelers or trucks, ...4 hours ago
- Supreme Court orders Govt to pay in advance for Māori coastline appeal
In a rare decision, heavy with judicial and political implications, the country’s top court has told the Crown it must give advance financial support to a group of hapū challenging it over the Marine and Coastal Areas Act.The Supreme Court’s intervention, ahead of seven appeals scheduled before it in November ...5 hours ago
- The Friday Poem: ‘???’ by Freya Daly Sadgrove
A new poem by Freya Daly Sadgrove. ??? where you wake is black and very far back behind your eyes back past your whipping branches and backer far backer than bone and blood ...5 hours ago
- The Unity Books bestseller chart for the week ending September 20
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Greene Lyon by Alan Goodwin (Quentin Wilson Publishing, $38) An intriguing new local release. Here’s ...5 hours ago
- Why is pain so exhausting?
Source: The Conversation (Au and NZ) – By Michael Henry, Physiotherapist and PhD candidate, Body in Mind Research Group, University of South Australia simona pilolla 2/Shutterstock One of the most common feelings associated with persisting pain is fatigue and this fatigue can become overwhelming. People with chronic pain can ...6 hours ago
- OpenAI’s data hunger raises privacy concerns
Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney Last month, OpenAI came out against a yet-to-be enacted Californian law that aims to set basic safety standards for developers of large artificial intelligence (AI) models. This was a change of posture ...6 hours ago
- Ads from Hell: how a pizza brand’s marketing reveals NZ’s shifting religious attitudes
Source: The Conversation (Au and NZ) – By Dan Fastnedge, Lecturer in Advertising and Brand Creativity, Auckland University of Technology Getty Images Controversial advertising holds a mirror up to society. It can unite us in laughter or outrage, spark debates that shape our beliefs – and sometimes expose our ...6 hours ago
- Breaking update: More NZX CEOs are called Mark than are bogans
There are more Marks than women leading NZX companies, RNZ reported this morning. The Spinoff can now reveal that there are way more Marks than bogans. It’s not exactly breaking news that women are underrepresented in business leadership, but RNZ found a funny and inventive way of demonstrating that this ...6 hours ago
- From cauldrons to cardigans – the lurking prejudices behind the name ‘Granny’
Source: The Conversation (Au and NZ) – By Kate Burridge, Professor of Linguistics, Monash University Shutterstock “Honestly, I can’t wait to have grandkids and spoil them — but I don’t want to be called ‘Granny’” (overheard on the No. 96 tram in Melbourne) “I love it. It’s not ...7 hours ago
- Where do Wellington’s top chefs eat on their day off?
The capital’s best chefs and restaurateurs share their favourite local eateries and hidden gems. I have always been fascinated by chefs and restaurateurs. Perhaps it is because of how altruistic they are, existing in a space that seeks to provide pleasure to others regardless of how it impacts on their ...7 hours ago
- Council ‘got it wrong’ with Links Ave closure, meeting told
It's the most controversial road in Mt Maunganui and a newly elected councillor is asking why it was allowed to happen. ...7 hours ago
- Murdoch to Musk: how global media power has shifted from the moguls to the big tech bros
ANALYSIS: By Matthew Ricketson, Deakin University and Andrew Dodd, The University of Melbourne Until recently, Elon Musk was just a wildly successful electric car tycoon and space pioneer. Sure, he was erratic and outspoken, but his global influence was contained and seemingly under control. But add the ownership of just ...8 hours ago
- Defence Force offered zero pay increase start industrial action
Civilian staff employed NZDF have started industrial action, unhappy not to be offered any increase in pay. ...8 hours ago
- ‘There isn’t any acting here’: What it was like recording The Bone People audiobook
Ruby Solly on reading Keri Hulme’s Booker Prize-winning novel The Bone People for the audiobook, released this week. Initially, there is only one way to describe this work; an honour and a privilege. I say this every time I get to spend time with the words of our kaumātua, but ...8 hours ago
- Pacific profiles: Mr Tiria, the English teacher showcasing Pacific literature in Naenae
The Pacific profiles series shines a light on Pacific people in Aotearoa doing interesting and important work in their communities, as nominated by members of the public. Today, Tiria Tiria. All photos by Geoffery Matautia. On a Saturday afternoon at Lower Hutt’s Naenae College, I sat with Mr Tiria as ...8 hours ago
- More than half of people who use party drugs take ADHD medicines without a prescription, new researc...
Source: The Conversation (Au and NZ) – By Rachel Sutherland, Research Fellow, National Drug and Alcohol Research Centre, UNSW Sydney Alex Green/Pexels Each year, the National Drug and Alcohol Research Centre at UNSW Sydney surveys hundreds of people who regularly use drugs in Australia to understand trends in substance ...9 hours ago
- Scientists reviewed 7,000 studies on microplastics. Their alarming conclusion puts humanity on notic...
Source: The Conversation (Au and NZ) – By Karen Raubenheimer, Senior Lecturer, University of Wollongong Shutterstock It’s been 20 years since a paper in the journal Science showed the environmental accumulation of tiny plastic fragments and fibres. It named the particles “microplastics”. The paper opened an entire research field. ...9 hours ago
- Endure – or peter out? Here’s what Northern Rivers organisers and Stop Adani can teach us about...
Source: The Conversation (Au and NZ) – By Amanda Tattersall, Associate Professor in Urban Geography and Host of ChangeMakers Podcast, University of Sydney mantisdesign/Shutterstock Over the last decade, several groups in Australia have successfully mobilised against fossil fuel interests. But which ones have gone the distance? The urgent ...9 hours ago
- Treaty Principles Bill Politically Clumsy And Unproductive
The Treaty Principles Bill is unproductive for New Zealand, says Te Rūnanga o Ngāi Tahu Kaiwhakahaere Justin Tipa. “David Seymour and ACT are misconstruing history. You can’t have a reasonable debate with a person or party who distorts the truth,” ...10 hours ago - ‘I don’t believe I would have gotten into university’: how early entry schemes help Year 12 st...
Source: The Conversation (Au and NZ) – By Sally Patfield, Lecturer, Teachers and Teaching Research Centre, School of Education, University of Newcastle Matej Kastelic/Shutterstock During September, many Australian universities start making early offers to Year 12 students for a place next year. This is ahead of the main rounds ...10 hours ago
- The most miserable and fucked-up children’s authors, rated
You don’t have to live a haunting life of unparalleled grief and sorrow to be a great children’s author, but it helps. Content warning: This article mentions suicide and abuse. It’s always been a cliche of children’s literature, that many of the greatest writers for children dislike children. Even those ...10 hours ago
- As the Quad meets again, is it all optics and no substance?
Source: The Conversation (Au and NZ) – By Nick Bisley, Dean of Humanities and Social Sciences and Professor of International Relations at La Trobe University., La Trobe University This weekend, the four leaders of the Quad will once again convene, this time in US President Joe Biden’s hometown of Wilmington, ...10 hours ago
- Gangs bill passes as debate brews over future of gun registry
The government caps a crime-focussed week, but a coalition tussle could be about to surface, writes Stewart Sowman-Lund in this extract from The Bulletin. To receive The Bulletin in your inbox every weekday morning, sign up here. ...12 hours ago
- Abuse in state care apology feels rushed, venue convenient for politicians – survivor
The government is causing more harm with its plan to limit the number of people who can attend the national apology for abuse in state care, survivors say. ...12 hours ago
- 120 Wellington families lose access to respite care support, but ministers say it’s not a cut
Some of the families, who are caring for mentally ill children, are "really struggling to cope", one mum says. ...12 hours ago
- Concerns new Cook Strait ferries won’t be rail capable
The loss of ferries that can carry rail vehicles will mean more trucks on the roads, advocacy group says. ...13 hours ago
- UN Security Council’s credibility at stake over Gaza conflict – former PM Helen Clark
The former head of the UN Development Programme says the lack of UN action on a ceasefire is "deeply disturbing". ...13 hours ago
- Defence Force planning restructure to cut costs, as 200 civilian staff opt for voluntary redundancy
Many staff are "utterly shocked" at the news and say the security of NZ's borders could be threatened, union says. ...13 hours ago
How much lower can National go?
For gawds’ sake, don’t phrase it as a dare.
Do not dare ask! Probably much lower yet.
Nope, it’s time Labour and the rest of the opposition said that they would renationalise without compensation. Stop any sales before they go ahead.
+1
Just as a will can be annulled if a person is deemed to have made it while not of sound mind, the National/United Future/Act/Maori Party government is attacking New Zealand against all advice, good sense, and wishes of the people. Their decisions should be discounted, and dismissed out of hand with contempt, and extreme prejudice in the case of the MP and UF.
Things to do by lunchtime: the reversal of every piece of legislation passed since Nov 2008. Perhaps with a very short list of exceptions.
Things to do by tomorrow – the annihilation of all stains left by the National Party on New Zealand. starting with low-life Richardson’s first budget and from there into employment relations law.
Actually ruth r’s legacy was only a pale shadow compared to the damage done by roger douglas and his ilk.
Labour needs to expunge that blot on its history book David lange let this happen and Roger made it happen.
Helen Clark and Michael Cullen allowed the housing bubble to inflate over the past decade and have done more harm to the poverty levels in this country by doing so than any of the tories.
And while they are at it say they will renationalise land owned or invested in by foreign interests. Except this would require renationalisation of ALL land as negative leveraging means that banks partially “own” most of New Zealand.
The reality is that any such move would have such a negative effect on the economy that it would be political suicide.
But to hell with that, I say we blow up any dams that aren’t kiwi owned and be damned with the down stream consequences.
[lprent: If you’re going to reply to a comment – then reply to the damn comment rather than making up your own fairy tales on what you think that they said. Draco stated how he thought that upcoming asset sales by the government should be handled by the opposition – by increasing purchasing risk.
Investors have to be aware of risk, because that is how they discount price. What Draco suggested was to change the risk level to investors transparently and not retrospectively. That bears no relationship to what you seemed to be saying that he was really saying. Simple minded diversion trolling in my book.
For your diversion and wasting my time dealing with your idiot diversion trolling and for using communism out of any context in a later comment – banned for a month. After all you should have been aware of the risk of diversion trolling here with moron level comments ]
You haven’t thought this through.
We only need to renationalise specific strategic assets to start with.
There’s no rush.
If we are going down the line of the state taking ownership of private equity why not go the whole hog and become a communism? Because we all know how well that worked out for the people under such regimes.
Why not claim the assets above and beyond $1 million of anyone who had a total worth more than that? After all who needs that much? Because we all know that would leed to a mass exodus of our “wealth creators”.
If Labour were to make such a brazen claim it would allow their opponents to tell the public that if they get into government it will send NZ into a depression of unseen proportions. And for once, said opponents would be telling the truth.
[lprent: Stupid and inappropriate use of ‘communism’. Mindless assertions that seem to assume that investors cannot manage risk. You really are a rather moronic little troll who has absolutely no idea of what you’re talking about. ]
You mean the ones that were/are State Capitalist? Yeah, that didn’t work too well. Distributed Capitalism works a little better but it still fails in the long term – that’s what the Great Depression and the GFC are, the failure of Distributed Capitalism.
Ah, a person who believes in the Wealth Creators Who Aren’t.
As you’ve been banned for a month for being really fucken stupid I won’t expect a reply.
most of our wealth creators abandoned the place long ago and it wasn’t communism that was the problem it was the evil and corrupt people who ran a right wing dictatorship in its guise.
When you put a teaspoon of sugar in your coffee do you also empty the sugar bowl in as well?
Nope, I’m not advocating for that, I’m saying that the Labour/Green government-in-waiting should openly, deliberately sabotage the National Party/United Future etc. betrayal of the country. The Quislings are lucky this isn’t an absolute monarchy with me in charge.
No-one will buy shares that will be confiscated by lunchtime.
No-one will buy shares that will be confiscated by lunchtime.
Yes they will. However they will discount the price to cover them for what they perceive is the risk. In exactly the same way that they will increase the price for their perception of likely earnings.
There are few assets at any level of risk that don’t have a price.
I can’t see the share price getting up high enough to make the sale worthwhile in the first place. The certainty of confiscation means that whoever’s left holding the shares loses everything – you might get two or three years worth of dividends out of them, or be able to make some money shorting the market as the price plummeted as the deadline came around…
What am I missing?
If everything we build gets sold by Bill English or one of his replacements, what point is there in building in the first place? Or to put it another way, why not find legislative means to prevent such pillage in the future?
I have asked my KiwiSaver provider whether they will subscribe to these asset sales and they said yes,like all the others. Tey consider them to be a good long term investment for Kiwisaver members.
so you pay your own super through your power bills – after a variety of skimmers have taken their cut. Better to reduce your mortgage or put the money in kiwi bank.
All these turkeys are looking for are mugs like you to underwrite their salaries. They couldn’t giver a toss about your retirement.
http://howdaft.blogspot.co.nz/2012/05/subsidising-capital-markets-though.html
Definitely barking up the right tree here DTB Why not be just plain sensible and say they are coming back into public ownership through compulsory acquisition at the lesser of current market or original sale price.
We need leaders who don’t mess around. If government wants it government can do it and a buy back is much less immoral and illegal than the present government’s behaviour – and just saying that the would be compulsorily repurchased would kill the sales process stone cold dead.
It is Labour Policy to advise all potentail buyers of ACC business that they should build a forced sale-back into their investment risk assessment.
It is inconceivable that Labour does not give that “advice” now. I’ve no doubt that Clayton Cosgrove feels that way. That approached will be endorsed at the party conferences.
True D.Bastard. Labour must now warn any buyer that as soon as they are
the Government the first thing they will is return the assets, either buying back (will be hard) or just take it over with nationalisation . The assets belong to the people of Aotearoa this lot of Tories are stealing them. Stolen goods when recovered are returned to owners ,are they not.
Key should have to hand his passport in so he won’t be able to leave New Zealand so he can see the permanent damage he has done. Goldman Sachs executives are having wet dreams.
I personally favour a ruinous departure tax for Key of multiple millions of NZ pesos, followed by passport confiscation.
I would prefer corruption charges that would see Key and English double bunking in prison.
jack, you have a point, on the other hand I rather enjoy life better when the creep IS out of the country! Very likely the whole world will see what he has done and see him for what he is. Then we should cancel his passport and not allow him back in! Let him “rest in peace” in the Hawaiian mansion (excuse the sarcasm).
http://www.youtube.com/watch?v=rqkMsXcHQYg
This is a complete and utter scam. There is not a single compelling reason for selling and plenty of compelling reasons to not sell.
scam scam scam scam scam
We gotta take the power back!
And that is what will happen very soon. The world is about to explode, the fuse is lit, and the likes of people like Key will be running scared. The brownshirts will be out and hell will ride the streets.
Well, we hope not.
Yes that’s right, we certainly hope not. Sometimes the keyboard just marches off on its own …
But that is the way we are heading. Here is a question – do you think that the bank runs that are currently underway in parts of europe will ease or worsen? And by how much?
And another one – if that happens, as was a microsecond away from happening in 2008, do you think a government guarantee will be able to stave it off this time?
One last question – if this happens then what do you think would be the effect, especially in regard to the current middle east machinations, the 50% youth unemployment in various parts of the developed world and the 50% of americans dependent on a government cheque each month?
It might sound dramatic but it is my genuine opinion that this scenario is on us. Or put it this way, if there has ever been a time of highest risk of such an eventuality in the last 80 years it is right now.
A Pie Chart
.
I’m disgusted (as usual).
I came across this yesterday about Genesis and Huntly Power Station
http://www.radionz.co.nz/news/political/108120/electricity-supply-warning-over-partial-asset-sale-plan
I wonder if Treasury’s forecasts include the added costs of running schools and hospitals when power prices go through the roof. Hospitals and schools use an incredible amount of power, as do councils, jails, police stations….. all of these taxpayer or ratepayer funded institutions will see huge increases in power costs over the foreseeable future and more costs dumped on the average kiwi.
Technically speaking, one-off sales of productive assets DO reduce debt, (the overall amount we owe) they just do so at the cost of future deficit (the amount we need to borrow each year) or smaller surpluses.
I still want to hear what Labour’s policy regarding the assets already sold is, if they’re so against sales, the logical answer would be nationalising those assets again.
Not quite – the taxpayer and the electricity consumer are one and the same – all it does is allow the government to mine our asset base while increasing the overall cost of being a citizen in this fair country. It is cheaper for everyone to put taxes up