Assets sales make Crown a billion poorer

Written By: - Date published: 9:22 am, November 29th, 2013 - 122 comments
Categories: class war, privatisation - Tags:

In the Budget, the Government said asset sales would increase the net worth of the Crown by half a billion dollars because eager mums and dads were going to snap the shares up for more than they were worth on the government books. As we know, it didn’t quite work out that way. The Greens have updated the Budget and found the impact is $1.5 billion worse than expected.

The Greens have plugged the real sales proceeds figures into the Budget table and added in the sales costs that National mysteriously forgot to include.

The results:

The sales that were meant to pocket $6b have only netted $3.9b.

Rather than ‘only’ increasing the deficit by $180m by 2017, as the Budget projected, the asset sales so far will actually make it $650m worse. Mainly because the government is saving far less on borrowing than it thought it would, because it has been pocketing less money from the sales.

Rather than increasing the net worth of the Crown by $520m, they’ve decreased it by $959m. Whoops. That’s down to a combination of the bigger deficit hit and getting less for the companies than they were valued at on the Crown’s books, not more as they hoped.

If the sale of Genesis goes ahead, then it will get $120m worse.

Remember, that’s just by 2017. Because we keep on losing the dividends forever, it just gets worse the further you go into the future.

Key, as is his wont, has dissed the Green figures without any real reason. I don’t see him putting up his own numbers either. Because one thing is for sure – the asset sales have earned the Government a hell of a lot less money than they thought it would, and the sales have cost more, yet we’re still losing just as much in dividends. How Key can claim that’s a success and keep a straight face, I don’t know.

122 comments on “Assets sales make Crown a billion poorer ”

  1. Peter 1

    Would Helen Clark have got away with Key’s “I have not looked at the figures ….. but they are rubbish”.

    Shonkey as always!

  2. wtl 2

    The bottom line is National sold MRP and Meridian for ~30% less than their valuations, netting only $3.6B for 49% of both when valuations had 49% of the companies at $5.1B. This is before sale costs are subtracted. The asset sales have been a complete joke.

    • Sisko 2.1

      Maybe they were worth $5.1 billion before NZ Power was announced. It’s pretty stupid to argue that they were sold too cheap when all there companies are trading at or below their listing price. You can complain about the fees, but not the listing price.

    • Sisko 2.2

      Maybe they were worth $5.1 billion before NZ Power was announced. It’s pretty stupid to argue that they were sold too cheap when all there companies are trading at or below their listing price. You can complain about the fees, but not the listing price.

    • Sisko 2.3

      Maybe they were worth $5.1 billion before NZ power was announced. It is hard to argue that the price of the sale was too low when all three companies are currently trading at or below their sale price on the share market . You can complain about the fees, but with hindsight the sale prices look to have been decent for the government.

      • wtl 2.3.1

        If you are in charge of selling some assets for your company, good luck explaining to your boss/shareholders that you just sold $5.1B of assets for 30% less than their valuation. The obvious thing to do if you are not going to get a good return is TO NOT SELL THEM.

        • Bazar 2.3.1.1

          “good luck explaining to your boss/shareholders that you just sold $5.1B of assets for 30% less than their valuation.”

          Thats just it, you seem to think that because something is valued high in the books, that makes it true.

          We could of had the power companies valued at 10 billion if we so pleased. That doesn’t mean they were actually worth 10 billion, it was only a guess.

          But i’ll concede that it was probably worth more than the price given, but NOT after Labour’s share price vandalism.

          Then again i’m not surprised that people here would rather build an economy based on lies and pretend wealth.

          • wtl 2.3.1.1.1

            See 8.1.1 below.

            The valuation is a key part of the sale process – you need to know how much you expect to get before you can decide to sell. If you are getting anywhere near what you expect, you shouldn’t just go ahead and sell – that’s just stupid.

            I have no idea how all you RWNJs can claim to be ‘business-savvy’, you don’t even know the first thing about how to sell something.

      • Sisko 2.3.2

        Sorry – page crashed with first two posts – I thought they weren’t submitted

        • framu 2.3.2.1

          yes – the site is being seriously weird

          [Akismet is playing up and throwing lots of comments into moderation – MS]

    • infused 2.4

      Yeah, thank Labours asset sale sabotage for this one. Bunch of fucking idiots.

      • wtl 2.4.1

        LOL. Let’s see Nokia was trying to sell their phone business to Microsoft. And then Apple said, “We will aggressively compete against all phones sold by Microsoft”. So should Nokia do?

        1) Sell the phone business to Microsoft for a rock bottom price and whine that Apple is being mean?
        2) Deal with it, doing what is necessary to ensure the sale price is reasonable (or stop proceeding with the sale). It’s just part of doing business.

        How the f**k do anyone of you think you can run a business?

        • Draco T Bastard 2.4.1.1

          How the f**k do anyone of you think you can run a business?

          They’re too ignorant to know better and when they or their leaders fuck up they’ll make excuses that invariably blame someone else.

      • framu 2.4.2

        so your saying the shouldve kept their policy ideas secret?

        its a fucking political issue you fool, national knows it, labour knows it, everyone knows it – going around blaming the opposition is a bullshit weak excuse. Especially when theres a whole lot more affecting the price here.

        I guess you also blame the opposition for bills shit accounting as well?

        If you were going to invest in asset sales without asking “hmm what might happen if the govt changes at some point in the future?” your an idiot

      • dave 2.4.3

        blame labour that is rich it is up to the government and john key to provide the political management the labour/ greens are only doing there job thats why there called the oposition

        • Dumrse 2.4.3.1

          Doing their job is right, being a bunch o f sabotaging cunts.

          • Jesus Wept 2.4.3.1.1

            Dear boy. Medication.

          • felix 2.4.3.1.2

            Sabotage? My dear boy you must be joking.

            The sabotage began in the 80s when the neoliberals in labour decided that the electricity network built by generations of kiwis to provide ourselves with essential energy could instead be operated as a business to make money off kiwis, and thus the boring old NZED became the shiny new Electricorp.

            The sabotage continued in the 90s when the neoliberals in national decided that having just one electricity company was still too boring, so they split it into a bunch of new ones. They had some to make the electricity, and some to get it to your house, and even some pretend ones that don’t really do anything except charge money for sending out bills.

            The next bit of sabotage was to take those companies and sell them overseas. The neoliberals in national made a start in the 90s but they were briefly interrupted for 9 years. The program of sabotage continues today.

            Regulating against price-gouging isn’t sabotage, and neither is saying what you’ll do after you’re elected.

            NZ Power is the first step in undoing the sabotage of the last 30 years.

  3. Chooky 3

    What a disgrace for John Key’s and Bill English’s National Party (mis)management of New Zealanders assets and money!!!

    …..I hope this is sheeted home in a thousand different ways leading up to the next election.

    Good on the Greens for calling this National financial mismanagement disaster out !

    ….where is the pincer action from the other opposition parties?….especially Labour ….they should be making hay out of this!

    • wtl 3.1

      If you are in charge of selling some assets for your company, good luck explaining to your boss/shareholders that you just sold $5.1B of assets for 30% less than their valuation. The obvious thing to do if you are not going to get a good return is TO NOT SELL THEM.

  4. thatguynz 4

    “How Key can claim that’s a success and keep a straight face, I don’t know.”

    Of course you know James – because the success wasn’t about gaining a big return for the people of New Zealand… It was twofold – a naive doctrinaire neo-liberal belief (or commitment to the IMF/WB) that productive assets are best held in private rather than public hands, and a nice chunk of fees to a sector that our “dear leader” is all too fond of.

    • Murray Olsen 4.1

      And that is all that needs to be said about the asset thefts. From the Tory point of view, they are an incredible success, because more of the common wealth has been shifted into the hands of the right people. Whether there is a case to be made in terms of sensible business is irrelevant. This is not business. It is class war. Why do we keep arguing on their terms?

  5. Disraeli Gladstone 5

    I do think it’s a tad unfair to use the $5-7 billion figure as something to hit National over the head with. That’s was meant to be the final figure after all sales. Genesis hasn’t been sold yet. Solid Energy can’t be sold now. Their figure was probably actually in the right ball park.

    There’s so many other things that are genuinely and horribly wrong about the sale to hit National over the head with instead.

    • Lanthanide 5.1

      “Solid Energy can’t be sold now.”

      As a result of National’s own incompetence. You don’t get to say “it isn’t National’s fault the money didn’t add up, they couldn’t sell Solid Energy” when the reason they can’t sell Solid Energy is entirely their own making.

      • dave 5.1.1

        blame labour that is rich it is up to the government and john key to provide the political management the labour/ greens are only doing there job thats why there called the oposition

  6. emergency mike 6

    Surely it’s time for the opposition to ressurect Key’s own “Show us the money” line and use it against him.

    National, a constant stream of failure to deliver on promises.

  7. The Gormless Fool formerly known as Oleolebiscuitbarrell 7

    You know that “getting less for the companies than they were valued at on the Crown’s books” just means that the value in the books was over-inflated, right?

    I have valued the drawing of a crocodile I have just made at a million dollars. Therefore, I am a millionaire.

    • Pascal's bookie 7.1

      Reckon the government’s way of going about this sale had no effect whatsoever on the price it recieved gormless?

      For examples.

      If the Crown had sold these assets when people had moar money floating about?

      If they spaced them out so they weren’t dumping very similar stocks into the market over a short time period?

      basically, efficient market hypothesis is pretty much nonsense. It one sense it’s a useless tautolgy, but that’s it’s good side.

      • Plan B 7.1.1

        Why create in your head a comparison that is simply not comparable to make a point that is pointless. Your crocodile drawing does not provide a return except when sold, therefore in your invented world, yes the sale price determines the value. If however people paid to view the crocodile drawing you could determine the value of the crocodile to you by way of how much money you earn per day less expenses. I guess in the end it would all depend on how good your crocodile drawing was. But crocodile drawings are not a useful way of helping us all understand the value of hydro dams to New Zealanders.

    • Lanthanide 7.2

      “You know that “getting less for the companies than they were valued at on the Crown’s books” just means that the value in the books was over-inflated, right?”

      Yes, so it means you shouldn’t go around making policy on dodgy figures, and when it becomes obvious the figures won’t pan out, you should change your policy to reflect reality, not blindly charge onwards.

      • Bazar 7.2.1

        “Yes, so it means you shouldn’t go around making policy on dodgy figures, and when it becomes obvious the figures won’t pan out, you should change your policy to reflect reality, not blindly charge onwards.”

        In a way they did. They lowered the share price of the company to better reflect reality, rather than blindly selling them at what the books listed them at.

        Oh i’m sorry, did you mean they should of kept the companies listed at unrealistic prices and stopped the sale midway.
        Should of made that clear.

        “Once the government realized the assets were overpriced, they should of stopped the sale process.”
        There, fixed it for you.

        • Lanthanide 7.2.1.1

          Um, Bazar, the purpose of the sale, and why we were told it was good, is because it would bring in heaps of money for the government.

          When that was no longer true, the appropriate response, given the stated aim of the plan (to raise $5-7bn) is not “oh, sell them cheaper then”, which is what you are suggesting, and what the government did. The appropriate response is to change the policy, eg stop the sales until such time as they could generate the promised $5-7bn in returns.

          • Tracey 7.2.1.1.1

            Well said. Need a Panadol for that pounding from the banging against the brick wall? Everything is always labour’s fault even when it isn’t

          • Bazar 7.2.1.1.2

            This will be the last time i say this, but national never said anything about making lots of money.

            It wasn’t about selling the assets for profit.
            It was about financing.

            I have never seen a national MP, and certainly not john key or bill english state they were selling the assets just to make money.
            Money raised has been mentioned, but usually as an estimate of how much would be raised, not as some target goal post to be met. The estimate was 5-7 billion, which was before labour and Tiwai Point pulled their stunts. So perhaps they would of made 5 billion+ otherwise.

            Its always people who never understood the asset sales, that keep thinking that its about making money. Or perhaps its because its an easier concept to rally against profits, then it is to rally against financing.

            This’ll be the 3rd and last time i point out that the asset sales were not about making cash on this topic.

            • ghostrider888 7.2.1.1.2.1

              Excellent, cos’ like, 88 is a number of comments we are quite partial to round these here parts, pilgrim.

            • Tat Loo (CV) 7.2.1.1.2.2

              Of course the asset sales were not about making cash. They were about transferring valuable assets to foreign investors at low cost to them, and major loss to us.

            • Lloyd 7.2.1.1.2.3

              I am aware of several people who have told me they voted National not only because of that nice man, John Key, but also because the Nats were going to square the books by selling off the power companies.

              They believed that the government would get squillions from selling those companies, and obviously they would get tax cuts because of the sell off of these companies that had cost the government a lot of money.

              Reality doesn’t count, its what the voters believe that counts.

              They believed the Nats said they would make lots of money selling those companies.

              • Tat Loo (CV)

                “Reality doesn’t count, its what the voters believe that counts.”

                That’s good electoral common sense. Not always in ample supply.

            • Lanthanide 7.2.1.1.2.4

              I’m glad it’s the last time you’ll say that, because it isn’t actually true.

  8. Appleboy 8

    What a pathetic analogy. your personal valuation of your crocodile drawing is a little different to the independent valuation of power companies by financial institutions. Moronic.

    • The Gormless Fool formerly known as Oleolebiscuitbarrell 8.1

      Appleboy, I cannot see anyone else talking about crocodile drawings, so I will assume that your comment is directed at me. The software has an helpful reply feature which you may find useful to avoid confusion like that I have momentarily experienced.

      1. Can we agree that if the Crown got the market value of the assets it has sold, it has lost nothing?
      2. What is it that the financial institutions were doing when they valued the power companies?
      3. Was it trying to establish their market value?
      4. Of actual sale price and valuation, which is a truer indication of market value?

      • wtl 8.1.1

        Irrelevant. When you decide to sell something, the valuation is an important part of that decision to sell. For your crocodile drawing example, if you really thought your crocodile drawing was worth a million dollars and but the highest offer was 30% less i.e. $700K, you could:

        A) Accept the price the buyer is offering regardless.
        B) Refuse to accept the offer and instead re-evaluate the sale process. e.g. Was my valuation correct? Is there something I can do to make the drawing more attractive to a buyer? Should I be selling the drawing in a different way? Were all prospective buyers aware of the sale? Should I hold on to the drawing for a longer time and sell it later?

        Option A might make sense if you was desperate for cash or if the asset (the crocodile drawing) was losing money. However, if the drawing was providing a good return (e.g. people paying to see it), you would be utterly incompetent if you immediately chose to go for A without some re-
        evaluation. After all, the decision to sell the asset would have been made with the valuation in mind. If you are going to sell the asset regardless of price, why even bother getting a valuation?

        • Bazar 8.1.1.1

          But the painting was sold at $700
          It was well advertised, it was packaged as best possible, even sitching up a deal with the smelter to make buying easy.

          Instead you still couldn’t get the 1 million you wanted, so after all this effort sold it to the highest bidder for $700k

          Did the bidder get the $1 million dollar paining for cheap?
          He doesn’t tihnk so, hes offering to sell the paining to anyone for just $599k (Based on current share price of $2.14)

          Not a single person believes that painting is worth $1 million dollars.
          Holding onto that painting doesn’t make it more valuable.
          “Everything is worth what its purchaser will pay for it” Publilius Syrus – 1 Century BC

          Even back then they could understand that basic concept.
          Believing something is worth more then what anyone will pay for it is what we call naive.
          Otherwise i do have a painting i value worth 1 million dollars, and i’ll sell it to you for $10k, this week only.

          • Pascal's bookie 8.1.1.1.1

            “it was packaged as best possible”

            No it wasn’t. The whole design of the policy has been about how to get sales made without damaging the government’s popularity too much. Maximising the Crown’s return from the sales has been a secondary consideration at best.

          • wtl 8.1.1.1.2

            You are missing the point of my post. Regardless of what the painting is ‘really worth’, the decision to sell the drawing was made assuming the sale would net around ~$1 million. If you aren’t going to get ~$1 million, then you don’t just proceed with the sale, you re-evaluate whether it is worthwhile to sell, especially since the drawing is still giving me a healthy return.

            Of course, National did nothing of the sort.

            • Bazar 8.1.1.1.2.1

              You’re under the assumption that the sole goal of selling the painting was to raise money.

              Its been explained serveral times that the goal wasn’t just about raising money, its more of a lowering of debt/trasnfer of finances

              Selling these power generating assets to kiwi’s, and using those funds to build new things

              To quote from http://www.national.org.nz/mixed-ownership.aspx

              “This will broaden the pool of investments for New Zealand savers and deepen capital markets, helping Kiwi companies access the funds they need to grow.

              Listing on the stock exchange will also provide stronger commercial discipline, transparency, and greater external oversight for these companies. And it will give each company access to an alternative pool of capital for growth, other than the Government.”

              Now if the painting is $1 million, $700k, or even $1.4m, that doesn’t change the goals of the asset sale scheme.

              But again, if you’ve only ever seen the asset sales, as assets for cash, you’ve only been looking at 1 part of the economy, a single transaction.

              As key pointed out during the debates of the election (When the public were voting on the future government), he pointed out that we currently have kiwisaver and retirement funds investing in Australia because there is nothing for them to invest in here.

              This just created a 3.9 billion dollar investment in nz with funds that could quite easily have be invested in promoting the australian economy instead.

              The government has now 3.9 billion they can spend on other things, or just keep debt low.
              Personally if it was about making money, or reducing debt, i’d of thought it a stupid idea. Because anyone can see you can’t make money long term selling assets, and the rate of return is greater then international borrowing rates.

              What this can do is increase the investment in NZ, while forging the public assets to conform to public scrutiny. The latter is also very important because state owned assets have a tendency to underperform, fall victim to political goals, or worse, fall apart (See solid state energy, New Zealand Rail Limited).

              • Pascal's bookie

                Think it through.

                They used to be 100% NZ owned. They are now around 15% foreign owned with returns going off shore. Few people think that number isn’t going to get bigger as time goes on.

                The ‘investment’ in NZ is being done where? By the govt doing shit with the money it raised from the sale, on things it would have done anyway. There has been no investment into the MOMs.

                The money paid for the MOM shares would have otherwise been doing what? Sitting under a mattress perhaps? Earning money from overseas investments? Going into companies maybe?

                What this does is takes investment money, and spends it on things the government would be doing anyway. It is saying that the private sector in NZ is so woeful that investors have nothing better to do with their money than swap it for some govt stock so that the govt can spend that money on schools and stuff.

                So the govt loses out on the returns and saves on the interest. Treasury reckons that it loses on that swap, certainly in the medium term.

                The idea that the MOM policy would stimulate people towards the NZX and away from property seems to have been a complete fizzer, unsurprisingly.

                The hodge podge of reasons National gave for the policy don;t really add up. they remind me of the reasons the Bush admin trotted out for invading Iraq. Oh it’s this, and that, and this other thing! None of which really seem to be worth the candle.

                At the end of the day, they sold some stakes in some companies, in a rush and structured in away that didn’t maximise the return to the Crown for those assets.

                All else is fluff.

              • Pascal's bookie

                The latter is also very important because state owned assets have a tendency to underperform, fall victim to political goals, or worse, fall apart (See solid state energy, New Zealand Rail Limited).

                Missed this part, which is just hilarious.

                Why is it then, that the only things that can tempt private investors to do all this miraculous ‘deepening of the capital markets’ and bliggedy blah blah, are things the state built and will retain a 51% stake in?

                Please explain this to me.

                • Bazar

                  You could of phrased that 2nd half a lot better, i can only guess its meaning.

                  Because you can’t deepen the market by having investors shift money from one NZ company to another NZ company.
                  The depth remains the same.

                  If the government sells its assets, and then uses that money to produce more, that in effect creates more assets and thus more capital has been sunk into nz.

                  Your stance is that the government won’t use that money on assets, or that it won’t be spending a dime more than it was going to regardless.
                  And so on that stance, there isn’t anything further to be said. Time will tell.

                  Also if your question was asking why stop at 51% (and again, your question wasn’t easy to understand)…
                  The government has made a call to sell its assets and use the funds elsewhere.
                  As for the government holding 51%, it means it still retains control of the assets, but now has public accountability, feedback, and more independence from political motives.

                  • Pascal's bookie

                    Because you can’t deepen the market by having investors shift money from one NZ company to another NZ company.

                    Well no. The question is why is it that state built companies that can attract capital into the market, if we believe that state is such a poor builder of companies?

                    Why isn’t the private sector using that capital to build things, given it does a better job of doing that?

                    And why is it that the best thing we can think of to do with that capital is have the govt direct it to things via the Future Investment Fund?

                    This capital that the state is sinking onto the FIF didn’t come from nowhere. What is the opportunity cost?

                    The argument behind the MOM policy is that the government knows what to do with that money better than the private sector does. That it is worth not only forgoing the dividends in a time when interest rates are globally low for govt borrowing, but that it is also a better use of investment capital to spend it on the things the FIF spends it on than it would be to spend it on whatever else private sector investors would have been doing with it.

                    This may be true.

                    But it is ironic, given the idea that the govt is wasteful and prone to all these political risks and so on and so forth.

                  • Pascal's bookie

                    Because you can’t deepen the market by having investors shift money from one NZ company to another NZ company.

                    The question is why is it that it is state built companies that can attract capital into the market, if we believe that state is such a poor builder of companies?

                    Why isn’t the private sector using that capital to build things, if we believe it does a better job of doing that?

                    And why is it that the best thing we can think of to do with that capital is have the govt direct it to things via the Future Investment Fund?

                    This capital that the state is sinking onto the FIF didn’t come from nowhere. What is the opportunity cost?

                    The argument behind the MOM policy is that the government knows what to do with that money better than the private sector does. That it is worth not only forgoing the dividends in a time when interest rates are globally low for govt borrowing, but that it is also a better use of investment capital to spend it on the things the FIF spends it on than it would be to spend it on whatever else private sector investors would have been doing with it.

                    This may be true.

                    But it is ironic, given the idea that the govt is wasteful and prone to all these political risks and so on and so forth.

                    And I am most certainly not saying that govt won’t be spending the money it gets. Of course it will. You have been saying throughout this thread that this isn’t about the govt raising new money, it’s a swap between debt and equity in these assets. That only makes sense if the government would have spent the money anyway. If they didn’t, then there wouldn’t be the extra debt.

      • adam 8.1.2

        Oh my The Gormless Fool formerly known as Oleolebiscuitbarrell, let the unseen hand rule the day – any other fantasies you want to embrace – how about dialectic materialism or the fairies at the end of the garden. Market or reaching for the market to explain things is pure fantasy at work, and quite frankly – lazy thinking at it’s worst. I don’t believe in fairies at the end of the garden nor do I believe in the unseen hand of the market – what I do believe in was that the economics of this issue are ideological led – This current government are ideological and can’t have a rational debate based on logic or reason – even if there was a gun held to there head.

        I’m sick of people reaching for irrational mythical explanations to justify there position – at the end of the day, ask these questions – are people better off with this programme of sale – nope. Is the sale a positive for freedom – nope. Is this sale programme run by idiots in love with Anna Rand and living in a fantasy la la land – probably.

        • The Gormless Fool formerly known as Oleolebiscuitbarrell 8.1.2.1

          I don’t remember mentioning Anna Rand.

          The point of the post is that by selling the shares at less than what they were valued at, the Crown has somehow lost money.

          You can think something has a certain value all you like but it doesn’t make it so. Selling it it tells you what it is really worth. If you sell and asset for less than you have told yourself it is worth (rather than what it is actually worth), you have not lost anything.

          • adam 8.1.2.1.1

            But that was not the logic that was presented at the point of sale. They themselves said this was an asset worth selling and they would make loads of money for the crown. They haven’t, and appealing to the market to justify this failure – is lazy thinking. It’s the fantasy, dreamy logic I have seen by many woollies of the left – but to tell you the truth, those who call them self right wing are more in this fluffy dream state these days.

            The argument is really quite simple – they said (the crown) we will make loads of money from this sale – they have not = fail.

            Any justification at this point is wrapped up in ideology – your arguments point in case. Lost of an asset which makes you money for a short term gain, seem irrational to me. And appealing to the market to find it’s value is another irrational argument – if you don’t know it’s value – why sell it? Is that not like cutting off your nose, despite it being part of your face. Your arguments are a post fubar justification for irrational behaviour.

            Bugger either left or right spin, this is a government who is ideological to the extreme and using ideology to justify irrational decisions.

            I didn’t say you were an Rand worshipper – are you? Key has quote Rand a few times, so I feel I can bring her up. Do you really think fairies live at the end of the garden?

            • Bazar 8.1.2.1.1.1

              Thats something the left has repeatedly said, about the government doing this to make money.

              National has never said selling assets was about making money. Its just something the Left keep repeating because then they have something uninformed citizens can join to rally against.

              It has always been about financing. About covering the cost of new infrastructure, and creating a massive capital injection into NZ’s economy.
              And on those grounds, i still see it being a success.

              How it will affect the budget will be interesting to see. But this trash report of $1.5 billion loss is nothing short of propaganda. But coming from the greens, i’m surprised they managed to count that high.

              The real cost will be the loss of dividends and cost of sale (not made up valuation loss) vs reduced borrowing costs

            • greywarbler 8.1.2.1.1.2

              Ayn Rand I think. We don”t want any more Rands of her ilk, one was more than enough.

            • The Gormless Fool formerly known as Oleolebiscuitbarrell 8.1.2.1.1.3

              The argument is really quite simple – they said (the crown) we will make loads of money from this sale – they have not = fail.

              That may be your argument. It is not the argument of the post. That is: Assets sales make Crown a billion poorer.

              And they don’t. The assets are worth the same as they were worth when the government owned them. They are worth less than they were valued at, but that’s not the same as they are worth.

              I am unfamiliar with Anna Rand. What is her field of expertise?

              • Appleboy

                My god. You are saying that selling for less than valued is not a loss? They chose to sell now out of blind ideology – and to sell pre the referendum, and well ahead of the 2014 election in the hope it would be yesterday’s news cost that this scam cost US a billion.

                So, if i sell my car right before Xmas when it’s not a good time to sell and get $7,000 instead of $10,000 (normal valuation) I’ve lost nothing.

                Moronic.

                • The Gormless Fool formerly known as Oleolebiscuitbarrell

                  Found the reply button. Clap clap.

                  You want to have an argument about when the state should be selling assets? OK.

                  When do you think they should have sold them?

                  • Appleboy

                    You’re giving moronic a bloody good go. They should not have sold them, strange concept that seems to have escaped you. Now answer my question – which was a far better analogy than yours. It was very simple :

                    So, if i sell my car right before Xmas when it’s not a good time to sell and get $7,000 instead of $10,000 (normal valuation) I’ve lost nothing.

                    And your answer is?

                    Clap clap for the avoidance in advance

                    • The Gormless Fool formerly known as Oleolebiscuitbarrell

                      You understand that your question aims to get to the bottom of the best time to sell your car not whether it should be sold ?

                      Accepting that your car should be sold (I feel like I am winning already) after you sold the car, if there was some real time market establishing the value of your car on a minute-by-minute basis, you would know whether the time you sold it was a better time to sell than subsequent periods.

                      If only there were such a market for the assets the government sold. We could look at it and see if the price had gone up or down since they were sold.

            • The Gormless Fool formerly known as Oleolebiscuitbarrell 8.1.2.1.1.4

              The argument is really quite simple – they said (the crown) we will make loads of money from this sale – they have not = fail.

              That may be your argument. It is not the argument of the post. That is: Assets sales make Crown a billion poorer.

              And they don’t. The assets are worth the same as they were worth when the government owned them. They are worth less than they were valued at, but that’s not the same as they are worth.

              I am unfamiliar with Anna Rand. What is her field of expertise?

        • Bazar 8.1.2.2

          Well played
          You managed to write 2 large paragraphs full of banter, without actually answering even a single question of his.

          I also like the irony of how you rant about your ideology and ignore the debate, and instead turn to attack the government for being ideological and not having a debate.

          I’m left looking forward to reading many more of your subtle troll jokes.

          • adam 8.1.2.2.1

            No I was not being subtle about the rash of woolly thinking – I see your another one – what debate – which is being side tracked by you and yours for ideological reasons. The crown said, these were assets we should sell – these assets would make them lots of money and be good for the country. That has not happened, purely and simple – the maths does not add up.

            They didn’t make the money they said, and your all rushing to sure up a bankrupt ideology to justify bad management, poor decision making and the end of rational and logical economic debate. Excuse me for cutting to the heart of the matter – And not getting bagged down in your fluff and misdirection. 30 years of irrational debate and arrogant tards like you Bazar, wanna come out from behind your avatar?

            If I’m a troll for standing up to irrationality, then I’m a troll.

            • Bazar 8.1.2.2.1.1

              You keep spouting the word “Ideological”. Does it give you pleasure to use it so much?

              But to correct your assumptions.
              I’m not sidetracking any debate, although i am ridiculing posts which are nothing but fluff (and thats putting it nicely).

              If you want to have a debate, by all means go ahead.
              Spouting crap like the invisible hand of the free market, fairies, and ad hominem attacks against those with differing views isn’t a debate.

              Oleolebiscuitbarrell even made it easy for you, and gave 4 points of the same topic, and you completely ignored them, so you could rant about the government. Thats not arguing, that’s just someone who enjoys the sound of their own voice.

              Moving on.
              You claim that the government said selling these assets would make them lots of money. Please provide a citation.
              Never, not once, have i said the government would make a profit from this. It was always about financing and debt management.
              I’ll even dig up a page direct from national.
              http://www.national.org.nz/mixed-ownership.aspx

              Its the leftwing who keep insisting that the government is doing this to make money, its an easy strawman arguement to make afterall.

              “Excuse me for cutting to the heart of the matter”
              YOU ARE NOT EXCUSED.
              You skipped the argument, provided no workings, and are now giving the celebration speech.
              Thats just poor sportsmanship at best, the rantings of an idiot who doesn’t know what they are talking about at worst.

              Did you ever sit high school exams?
              You always have to show your workings, otherwise we can only assume you’re guessing. Its also just good habit to allow someone to review your findings, so any faulty assumptions can be pointed out.

              “30 years of irrational debate and arrogant tards like you Bazar, wanna come out from behind your avatar?”

              Ah yes, attacking the messenger. A tried and tested approach for when you don’t want to debate the issue. Bonus points for coming from a person calling themselves “adam”.

              In that case, you can call me Mr Smith. So does knowing my name make my points any more meaningful “adam”?

              • Rogue Trooper

                I found no need to “show workings” for learning high school math; merely the pedagogues required it for standardization.
                “Go on my son, ‘ave a go.”

    • Melb 8.2

      And this valuation of the power companies, was it done before or after NZ Power was announced?

      • Pascal's bookie 8.2.1

        If the NZ Power announcement was so damaging, then the Crown should have held off on the sale until after the election.

        At the end of the day though, the government wanted to sell these assets fro ideological reasons, so it went ahead anyway, with a number of factors built into the sale process that reduced the return the crown got.

        For example, why the restriction on sales to off shore investors? That probably reduced the price as much as the risk of NZ Power.

      • wtl 8.2.2

        Before, but it is irrelevant. The decision to sell was made with the original valuations in mind. If something happened that meant that the return from selling wouldn’t be as high as initially expected, National should have re-evaluated whether or not to proceed with the sale.

      • framu 8.2.3

        yeah – its funny isnt it how the opposition announce their idea on policy ahead of time so voters know what might be on the cards. They should just keep it secret and spring it on people aye?

        fucks sake, what a bunch of pathetic cry babies

        honest question – are you seriously saying that the idea of NZ power is the ONLY thing that affected the result?

        • Melb 8.2.3.1

          “its funny isnt it how the opposition announce their idea on policy ahead of time so voters know what might be on the cards.”

          Just like how selling 49% of these assets was announced months before the election.

          NZ Power is a major thing because it introduces so much uncertainty.

          • Lanthanide 8.2.3.1.1

            Just like how the referendum was announced months before the sales started, too. Yet the government pressed on anyway.

          • Naturesong 8.2.3.1.2

            Actually, NZPower introduced certainty to the market.

            Specifically, that wholesale prices would be managed in a way to ensure reasonable profits, but restrict price gouging.

            If you want to argue that the share price has fallen because Labour and Greens floated a policy to restrict price gouging, go for it.

  9. Will@Welly 9

    Key, if he gets back in, will use this as justification for selling the remaining shareholding.
    The opposition now cannot afford any more stuff ups. No more skeletons in the closet. Time to hammer and hammer the bastards like an old record, be relentless in Parliament and around the traps, embarrass the buggers time and again.
    Key, if he was in opposition, would not take his foot off the throttle. Labour/Greens need to do the same – Russel Norman has provided good cannon fodder, Chorus is another stuff up

  10. Will@Welly 10

    Key, if he gets back in, will use this as justification for selling the remaining shareholding.
    The opposition now cannot afford any more stuff ups. No more skeletons in the closet. Time to hammer and hammer the bastards like an old record, be relentless in Parliament and around the traps, embarrass the buggers time and again.
    Key, if he was in opposition, would not take his foot off the throttle. Labour/Greens need to do the same – Russel Norman has provided good cannon fodder, Chorus is another stuff up

  11. captain hook 11

    when are some of the wiseacres round here going to understand that the price of the assets had nothing to do with it.
    Its the long term value and paying off of political debts by looting the treasury that is operating here.
    the sooner National is turned out the better.

  12. Rogue Trooper 12

    National, “the party of better economic management”!

    • infused 12.1

      Damm right.

      • Rogue Trooper 12.1.1

        now, I understand how typos occur, transposing letters and words myself today, and I can see you meant ‘Damn the right’. No probs, happy to be of assistance at road-side breakdowns.

  13. Tracey 13

    nomination for most accidentally ironic post of the month

    “Then again i’m not surprised that people here would rather build an economy based on lies and pretend wealth.” Bazar

    ” “

  14. Tracey 14

    since when has an opposition party been not allowed to announce a future policy just cos it doesnt make things smooth fir the govt.

    the nats and their supporters are deliberately obtuse over this nz power thing.

    dont sell if price drops. dont point and go wah wah wah

    • The Gormless Fool formerly known as Oleolebiscuitbarrell 14.1

      But the point Tracey, is that once the shares have lost value (for whatever reason) that is their value whether you own them or sell them. You cannot make them still worth the valuation price by not selling them. You get that, right?

      • framu 14.1.1

        so your saying the nats didnt think that the announcement of NZ power would affect the price?

        really?

        NZ power was announced before the sales – the price went down after didnt it

    • Bazar 14.2

      The opposition government wasn’t forbidden. Not once has anyone said they couldn’t do what they did.

      Doesn’t mean they should of.

      What person would create a policy that was :
      1. Badly thought out
      2. Very little chance of actually being implemented
      3. Timed to inflict maximum damage to the sale process
      Just to spite the government in power.
      4. Going to have collateral damage that hurt every single kiwi. Or did you think that wiping hundreds of millions of the share price is a victimless act?

      “dont sell if price drops. dont point and go wah wah wah”
      We right wings aren’t the ones crying. You seem to be thinking of another group…

      • bad12 14.2.1

        Little pig, little pig…

      • Naturesong 14.2.2

        1. Partly Disagree. The Greens had run the numbers, but Labour under Shearer were pretty luke warm. I don’t think it was badly thought out, they were undecided on the politics – which was the whole problem with Shearer anyway.
        2. Disagree: Election is 50/50. … and this model has been implemented in several countries around the world to great effect, so grabbing the best parts of those models should not be a problem. No links cause I’m lazy, but if you really insist I’ll google them.
        3. Disagree: The timing was to ensure that peoiple would be making an informed decision. Givin that polls have consistantly shown 70% – 75% opposition to the sale of these public utilities, announcing this policy before any sales went ahead was the responsible thing to do.
        4. Disagree: The treasury outlined in March 2011 the main reasons why the National would not be able to meet their targets. Basically, dumping a shitload of power companies onto the sharemarket at a time when most folks don’t have spare cash is a dumb idea. Their recomendation was that the domestic market would only be able to absorb $2B per year.

  15. Puckish Rogue 15

    Well done to the NZ govt, they got more money for the partial sale of shares then they were worth…thats a good thing for NZ

    What would the left be saying if the value of the shares had gone up after they’d been sold…

    • Rogue Trooper 15.1

      the ‘left’ were saying “do not sell strategic Asset shares”. On ya go now.

    • framu 15.2

      so they got more than they turned out to be worth and its still going to leave a huge hole in the finances

      well fucking done national – champion stuff there

  16. Tracey 16

    bazar

    if it has no chance of being implemented and this is apparently self evident it shouldnt affect the sale price?

  17. Tracey 17

    gormless

    does the value of the shares on the market affect tge dividend

  18. joe90 18

    A text book wealth grab – gain control, sell assets, extract millions in fees and load the corpse with debt.

    • Will@Welly 18.1

      Then unload it back onto the unsuspecting “moms and dads” – where have we seen this before? Sound familiar.

  19. Tracey 19

    For bazar to whom the truth is so important

    http://thestandard.org.nz/an-honest-man/

  20. bad12 20

    What tho is being ignored here tho is the ‘real’ reason for the sale of these assets, forget highways, schools, hospitals and the zillion other false reasons put up by Slippery the PM and the rest of his tawdry bunch of used car salesmen that was simply a trail of LIES,

    This Government would have by the time it is kicked from the Treasury Benches borrowed some 70-80 billion dollars, like any entity the ability to borrow and the interest rates charged for that borrowing are judged on assets and the earnings ability of the entity borrowing the monies,

    What Slippery’s Government is intending to achieve via the part sales of the assets is the knee-capping of any incoming Government after this one is given the kick,

    Selling off parts of the assets against which they have previously borrowed 70-80 billion dollars is (a) intended to have the lenders balk at the lending of more and (b) have the ‘ratings agencies’ downgrade the New Zealand Governments credit rating on a future call,

    You might ask are not Slippery and His Government worried that the lenders and/or the ratings agencies might move ‘now’ to restrict the Government’s borrowing,

    They thought of that, this Government has borrowed ‘forward’ the amounts of money needed to run the Governments accounts for the next couple of years,(remember Bill English a couple of years ago boasting how they were borrowing more than needed as money was ‘cheap’),

    Off of that ability to ‘borrow forward’ Slippery and Bill(not from Dipton),are going to claim a balancing of the Government books next year saying they have not borrowed in that year which while technically correct is absolute bullshit as the monies propping up the Government accounts will have been borrowed in years 11-12,

    This is a smoke and mirrors Government, cynical but hardly stupid, the sell down of the State assets was for a reason all right just not the one Slippery and Co gave to the public…

    • Tracey 20.1

      For those who say ho does this benefit Key’s rich mates if th eprice has dropped I say;

      1. How much have brokers/traders made?

      2. How many bought and then sold on opening to a slight spike in price (particularly in MRP)

      Both or the first of these scenarios benefitted those of whom Key formally was one

  21. Mr Interest 21

    BERLIN REVERSES PRIVATIZATION

    3 November 2013: German call to ‘undo’ energy privatisation amid Berlin vote

    http://www.bbc.co.uk/news/world-europe-24763311

    Is the tide now turning against privatisation? In the 1990s, a wave of sell-offs swept away countless publicly owned enterprises (though privatisation’s fans would say that “enterprise” was the wrong word to describe them).

    AND THE RESULT:

    BERLIN REVERSES PRIVATIZATION

    http://www.workersliberty.org/story/2013/11/19/berlin-reverses-privatisation

    This is only 150,000 less than the combined vote of the Social Democrat and conservative Christian Democrat parties (who run the federal state of Berlin) in the last regional elections. The referendum was held after around 230,000 signatures had been collected by the “Berliner Energietisch” campaign, calling for democratic control over and public ownership of the energy supply (and of other basic necessities), 100% green energy, any profits going into public services, and full transparency in the running of the new municipal utility and grid company.

    Berlin’s regional government sold off their remaining 51% majority in the local electricity supplier and producer, Bewag, in 1997. Eventually the Swedish state-owned power company Vattenfall took over. Its name means ‘waterfall’ but mainly produces power from coal, as well as nuclear energy (and a not insignificant number of serious accidents, in Germany at least). Vattenfall had also bought the local electricity works in Hamburg, the HEW from the regional government.

    Two years later, Berlin sold 49.9% of its water board, BWB, to Vivendi (today Veolia), power firm RWE and insurance company Allianz as part of a public-private-partnership deal. PPP was, as usual, to be particularly expensive for service users, and the citizens of Berlin got the most expensive water supply in Germany as a result. The PPP deal, however, which guaranteed profits to Vivendi & Co. was kept secret by the government and was only released after a long political campaign by the “Wassertisch” and a successful referendum (in the process of which the treaties were leaked to the media, and only then released by the government — before the vote was held, incidentally). By September this year, the government had bought back the 51.1% from Vivendi and RWE — at ‘market price’, meaning that the company will be run as before and that water and sewage charges are not expected to fall.

    The campaign to take (or, as happened, to buy) back the water authority inspired a number of similar campaigns. The suburban rail service, the Berlin S-Bahn, is, since 1994, a division of the state-owned, though explicitly run according to the logic of profit, railway company Deutsche Bahn AG. Berlin’s suburban services are paid for by regional government, yet these subsidies have not been used to improve services or even to maintain them.

  22. Mr Interest 22

    BERLIN REVERSES ELECTRICITY PRIVATIZATION

    3 November 2013: German call to ‘undo’ energy privatization amid Berlin vote

    http://www.bbc.co.uk/news/world-europe-24763311
    Is the tide now turning against privatization? In the 1990s, a wave of sell-offs swept away countless publicly owned enterprises (though privatization’s fans would say that “enterprise” was the wrong word to describe them).

    AND THE RESULT:

    BERLIN REVERSES PRIVATIZATION

    http://www.workersliberty.org/story/2013/11/19/berlin-reverses-privatisation
    This is only 150,000 less than the combined vote of the Social Democrat and conservative Christian Democrat parties (who run the federal state of Berlin) in the last regional elections. The referendum was held after around 230,000 signatures had been collected by the “Berliner Energietisch” campaign, calling for democratic control over and public ownership of the energy supply (and of other basic necessities), 100% green energy, any profits going into public services, and full transparency in the running of the new municipal utility and grid company.

    Berlin’s regional government sold off their remaining 51% majority in the local electricity supplier and producer, Bewag, in 1997. Eventually the Swedish state-owned power company Vattenfall took over. Its name means ‘waterfall’ but mainly produces power from coal, as well as nuclear energy (and a not insignificant number of serious accidents, in Germany at least). Vattenfall had also bought the local electricity works in Hamburg, the HEW from the regional government.

    Two years later, Berlin sold 49.9% of its water board, BWB, to Vivendi (today Veolia), power firm RWE and insurance company Allianz as part of a public-private-partnership deal. PPP was, as usual, to be particularly expensive for service users, and the citizens of Berlin got the most expensive water supply in Germany as a result. The PPP deal, however, which guaranteed profits to Vivendi & Co. was kept secret by the government and was only released after a long political campaign by the “Wassertisch” and a successful referendum (in the process of which the treaties were leaked to the media, and only then released by the government — before the vote was held, incidentally). By September this year, the government had bought back the 51.1% from Vivendi and RWE — at ‘market price’, meaning that the company will be run as before and that water and sewage charges are not expected to fall.

    The campaign to take (or, as happened, to buy) back the water authority inspired a number of similar campaigns. The suburban rail service, the Berlin S-Bahn, is, since 1994, a division of the state-owned, though explicitly run according to the logic of profit, railway company Deutsche Bahn AG. Berlin’s suburban services are paid for by regional government, yet these subsidies have not been used to improve services or even to maintain them.

  23. Pascal's bookie 23

    Ok righties.

    It’s a fairly simple question you’re all avoiding.

    Has the timing and structure of these MOM sales maximised the return the Crown has received,, or would another structure for sale have returned more?

    Specifically, to help you out with just one aspect, (there are more), has the government’s policy to maintain 85% NZ ownership meant that the crown has received a lower price than it would have by selling selling it on an open market?

    If the answer to that question is ‘Yes’, then how can it be the case that the price reflects any sort of ‘objective value’ for the company?

    The prices of things are determined by all sorts of factors. Just saying ‘OMG the market said it was this, therefore the valuations were wrong’ is just childish nonsense.

    But the main point is that the government said they were worth x in the budget. That’s what they budgeted for. They failed to get x. Blaming ‘NZ Power’ is irrelevant to that. And even if NZ Power lowered the price, that’s only an argument for delaying the sale until after the election. If protecting the Crown’s accounts is a factor of course.

    • Lanthanide 23.1

      I suspect we’re not going to get any better answer than Bazar’s weird take on reality that the government didn’t actually want to get lots of money when it sold the assets, it was just doing it for shits and giggles. Or something.

  24. Macro 24

    “How Key can claim that’s a success and keep a straight face, I don’t know.”

    In his former job he would be down the road by now…

    We will have to wait until next year 🙁

  25. Macro 25

    “How Key can claim that’s a success and keep a straight face, I don’t know.”

    In his former job he would be down the road by now…

    We will have to wait until next year 🙁

  26. Murray Olsen 26

    I suspect the government got advice from John Banks on these sales. Archie would have taught him at an early age that you never get the full price for stolen goods. In fact the rule of thumb was one third, so they probably think they’ve done well.

  27. Steve (North Shore) 27

    Now James you know why the arse dropped out of this. Someone high up in Labour said that when Labour is Government they will buy back all of the shares. Now I can’t be bothered finding/proving this. Not mentioning any names but you know who it is.
    I was thinking of investing but I decided the Labour policy was more like a scam, they would borrow to buy back – but how much they would borrow to prove a point worried me.
    My wallet gets emptied by someone who just can’t help themselves

  28. Steve (North Shore) 28

    Now James you know why the arse dropped out of this. Someone high up in Labour said that when Labour is Government they will buy back all of the shares. Now I can’t be bothered finding/proving this. Not mentioning any names but you know who it is.
    I was thinking of investing but I decided the Labour policy was more like a scam, they would borrow to buy back – but how much they would borrow to prove a point worried me.
    My wallet gets emptied by someone who just can’t help themselves in the Tax and spend game

  29. tricledrown 29

    That’s why you follow Keys beg borrow ,steal and lie program.
    Steve.

  30. Marcus 30

    @ Steve, Yet you can support Nationals top earner tax cuts that Bill English has admitted $220 million pw.
    Do the math on that & then tell me why we’re borrowing so much.
    The assets should never have been sold, full stop, as the revenue derived from them provided government with a steady income stream.
    A short term gain to fund their tax cuts with long term losses in terms of future revenue streams.

  31. Naturesong 31

    @Marcus – Post 31

    I don’t think $220M per week for tax cuts is correct.

    The net tax cuts (including tax increases, GST et al.) are estimated at $1.6-$2.2 billion per year.

    Weekly, that comes to a shortfall of $30M to $42M per week. And as the Government is currently running a deficit, that shortfall must be borrowed.

    I think your figure of $220M per week is the average weekly budget deficit for this government so far.
    It comes to $11B annually, or $55B over the last five years.

  32. Ian 32

    I work big days and coming into this debate without reading any of the previous posts. I also bought Mighty River Shares and a heap more Meridian shares. I will receive dividends over the next few years and the share price is of no concern to me whatever (Don’t you hate that word ]
    My focus is on what Bill English does with the money. The assets are not lost forever. New assets are bought with the money. If Norman and Cunliffe manage to get the numbers next November , The negotiations over their compulsory buy back of private assets won’t be easy .

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    TL;DR: My top six things to note around housing, climate and poverty in Aotearoa’s political economy in the last day or so on the morning of July 11 are:Climate: Climate Change Minister Simon Watts issued the National-ACT-NZ First Coalition Government’s climate strategy yesterday, including a three-page document with five bullet ...
    The KakaBy Bernard Hickey
    2 days ago
  • By George! Splendid streets take shape down south
    The revitalisation of Auckland city centre, especially around Wynyard Quarter, Te Komititanga, and Queen Street, is top of mind for Greater Auckland readers – but other cities around Aotearoa New Zealandare installing people-friendly streets. This guest post by Jessica de Heij, who grew up in the Netherlands and is an ...
    Greater AucklandBy Guest Post
    2 days ago
  • Bernard's Pick 'n' Mix for Thursday, July 11
    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:30 am on July 11 are:Scoop: NZ First Minister acted 'contrary to law’. Casey Costello has been severely reprimanded by the Chief Ombudsman and forced ...
    The KakaBy Bernard Hickey
    2 days ago
  • The Kākā’s Journal of Record for Thursday, July 11
    TL;DR: The top six announcements, rulings, reports, surveys, statistics and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Thursday, July 11 are:Economy: Te Pūtea Matua The Reserve Bank of New Zealand (RBNZ) announced its Monetary Policy Committee decided to hold the ...
    The KakaBy Bernard Hickey
    2 days ago
  • Farmers’ revenge meets Green resistance
    If there was one issue that united farmers in opposition to the Labour Government, it was the battle of the waterways between farmers and Environment Minister David Parker. Parker won the first round with his 2020 National Policy Standard on Freshwater Management (NPSFM) which imposed tough new standards on waterways ...
    PolitikBy Richard Harman
    2 days ago
  • Personal Reflections: 10th July
    Please note: This is a personal reflection and does not refer to politics. These entries are not sent to subscribers.Text within this block will maintain its original spacing when publishedHubris and Pride Out of the fire and into the frying pan? Swimming with the big sharks Tonight, I am excited. ...
    Mountain TuiBy Mountain Tui
    2 days ago
  • Oh Vienna
    Nothing can warm your heart like the sight of your daughter stepping off a train. Mary-Margaret arrived on Saturday to ride with us to Vienna.You know your way around a bike? the guy at the hire shop asks her. Yep. She’s ridden them on rail trails, Auckland’s mean streets, commutes ...
    More Than A FeildingBy David Slack
    2 days ago
  • Geoffrey Miller: New Zealand forges deeper ties with NATO
    Christopher Luxon is finding his foreign policy feet. Now eight months into the job, New Zealand’s Prime Minister is in Washington DC this week to attend the NATO summit. It is the third year in a row that Wellington has been invited to the annual gathering of the North Atlantic ...
    Democracy ProjectBy Geoffrey Miller
    2 days ago
  • Climate Change: National’s carbon capture fantasy
    As the climate crisis has grown worse, the tactics of the polluting industries have shifted. From denying climate change, they then moved on to pushing "carbon capture" - dumping their emissions underground rather than in the atmosphere. It's a PR scam, intended to prolong the life of the industry we ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • Harsh Truths.
    The Way We Were: An indelible mark was left upon a whole generation of New Zealanders by the Great Depression and World War II; an impression that not only permitted men and women of all classes and races to perceive the need to work together for the common good, but also ...
    3 days ago
  • Explainer: Simeon Brown's CCUS Announcement
    Sources for the data and research:Peter Milne: Time’s up on Gorgon’s five years of carbon storage failureSimon Holmes a Court: "Does best CCS power station in world provide model for Australia?" Chris Vanderstock: "The truth about Carbon Capture and Storage"   "Sunk Costs": documenting CCS's failure to meet every, single, target, ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • The Kiwirail Interislander saga continues
    This morning, 1 News is reporting that the cancellation of the i-Rex ferries has so far cost taxpayers $484 million.That's almost half a billion dollars. That could probably fund thousands of new doctors, maybe complete a few hospital rebuilds, or how about money for our experienced police so they don’t ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Bernard’s Chorus for Wednesday, July 10
    As foreshadowed in legislation passed quietly under urgency just before Christmas, the Transport Minister has personally watered down standards for car imports in a way expected to add millions of tonnes to our climate emissions Photo: Lynn Grieveson / The KākāTL;DR: My top six things to note around housing, climate ...
    The KakaBy Bernard Hickey
    3 days ago
  • Christopher Luxon's business acumen
    It’s April, and the relatively new Prime Minister of New Zealand is on his first overseas mission to South East Asia.Christopher Luxon walks into the room. A warm smile on his face. A hand extended to his counterpart.“We are open for business,” he says confidently. “New Zealand is under new ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Meet New Zealand's Russell Brand?
    Hi,There is an all too common story within the guru community, and we see it play out again and again. The end is nearly always the same — a trail of victims and confusion left in the guru’s wake.As seen in the recent case of Russell Brand, the guru simply ...
    David FarrierBy David Farrier
    3 days ago
  • Why is the Government flooring it on unsafe speeds?
    Feedback closes midnight Thursday 11 July, on the draft speed-setting rule. See our previous post on the subject for details, and guidance on having your say. Among other things, it proposes to raise speeds in cities back up to a universal 50km/h (with no option of 30km/h), and will restrict safe ...
    Greater AucklandBy Greater Auckland
    3 days ago
  • American Boy
    Take me on a trip, I'd like to go some dayTake me to New York, I'd love to see LAI really want to come kick it with youYou'll be my American boy…Love letters straight from the heart. Hmm, I think that’s a different tune, but that’s where we’ll begin. With ...
    Nick’s KōreroBy Nick Rockel
    3 days ago
  • Bernard's Pick 'n' Mix for Wednesday, July 10
    Photo by Jannis Brandt on UnsplashTL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am are:Investigation: Benefitting from the misery of others. Over 40% of emergency housing funding went to a concentrated group ...
    The KakaBy Bernard Hickey
    3 days ago
  • The Kākā’s Journal of Record for Wednesday, July 10
    Photo by Mr Cup / Fabien Barral on UnsplashTL;DR: The top six announcements, reports and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:30 am on Wednesday, July 10 are:Climate: Minister for Transport Simeon Brown announced changes to the Clean Car Importer Standard that ...
    The KakaBy Bernard Hickey
    3 days ago
  • How rural families are saving thousands with electric vehicles
    This is a re-post from Yale Climate Connections by Daisy Simmons (Photo credit: Automotive Rhythms / CC BY-NC 2.0) Some people thought Juliana Dockery and her husband Sean were being impractical when they bought an electric vehicle in 2022. Why? Like one in five Americans, they live in a rural area ...
    3 days ago
  • Love to complete it all
    Photo credit: Rob DickinsonThis is my wish for you: Comfort on difficult days, smiles when sadness intrudes, rainbows to follow the clouds, laughter to kiss your lips, sunsets to warm your heart, hugs when spirits sag, beauty for your eyes to see, friendships to brighten your being, faith so that ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Climate Change: What’s left of the Emissions Reduction Plan?
    In 2019, Parliament, in a supposed bipartisan consensus, passed the Zero Carbon Act. The Act established long-term emissions reduction targets, and a cycle of five-yearly budgets and emissions reduction plans to meet them, with monitoring by the independent Climate Change Commission. In theory this was meant to ensure that the ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • The President They Have Got.
    “This cannot be real life!” Confronted with the choice of recommitting themselves to the myth of Joe Biden, or believing the evidence of their own eyes, those Americans not already committed to Donald Trump will reach out instinctively for the President they wish they had – blind to the President they ...
    3 days ago
  • Has Progressivism Peaked?
    Let’s Go Crazy! AOC (Alexandria Ocasio-Cortez) rarks-up the voters of New York’s 16th Congressional District.HAVE WE MOVED past peak progressivism? Across the planet, there are signs that the surge of support for left-wing causes and personalities, exemplified by the election of the democratic socialist Alexandria Ocasio Cortez (AOC) to the US House ...
    4 days ago
  • The Kākā’s Dawn Chorus for July 9
    TL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy in the last day are:Labour may be looking at signing up for an Irish style 33% inheritance tax instead of or as well as a capital gains tax;Sam Stubbs has proposed the Government sell ...
    The KakaBy Bernard Hickey
    4 days ago
  • Mr Luxon goes to Washington.
    Once fastened servile now your getting sharpMoving oh so swiftly with such disarmI pulled the covers over him shoulda' pulled the alarmTurned to my nemesis a fool no fucking godTuesday morning usually provides something to write about with a regular round of interviews for the Prime Minister across Newshub, TVNZ, ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Kiwirail at Councils Transport & Infrastructure Committee
    Last week at the Council’s Transport and Infrastructure Committee, Kiwirail gave an update about the state of the network and the work they’re doing to get it ready for the opening of the City Rail Link. There were a few aspects that stood out to me so I’ve pulled them ...
    Greater AucklandBy Greater Auckland
    4 days ago
  • Bernard's Pick 'n' Mix for Tuesday, July 9
    Photo by City Church Christchurch on UnsplashTL;DR: The top six links elsewhere I’ve spotted around housing, climate and poverty in Aotearoa’s political economy in the last day to 8:00 am are:Scoop: Waipareira Trust political donations probe referred to Charities Registration Board NZ Herald-$$$’s Matt NippertScoop: Migrant whistleblowers speak out after ...
    The KakaBy Bernard Hickey
    4 days ago
  • What’s next after Supreme Court curbs regulatory power: More focus on laws’ wording, less on the...
    This article by Robin Kundis Craig, Professor of Law, University of Kansas is republished from The Conversation under a Creative Commons license. Read the original article. Federal Chevron deference is dead. On June 28, 2024, in a 6-3 vote, the Supreme Court overturned the 40-year-old legal tenet that when a federal ...
    4 days ago
  • The folly of retreat in the face of defeat
    Note: This is a long readPolitical discourse on social media taught me that bad faith operators and tactics are not only prevalent, they are widespread and effective.Thanks for reading Mountain Tui! Subscribe for free to receive new posts and support my work.Their objectives are much narrower than one might imagine.The ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • The Parent Zone
    Hi,I am about to wing my way back to New Zealand for the Webworm popup this Saturday in Auckland — can’t wait to see some of you there! In the meantime, I highly recommend the latest pet thread over on the Webworm app. All I’ll say is that readers here ...
    David FarrierBy David Farrier
    4 days ago
  • Tuesday: The Kākā’s Journal of Record for July 9
    Photo by Alex Zaj on UnsplashTL;DR: The top six announcements, speeches, news conferences reports and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Tuesday, July 9 are:Politics: Full news conference: 'Please resign', Chloe Swarbrick tells Darleen Tana RNZ VideoPaper: Increasing speed ...
    The KakaBy Bernard Hickey
    4 days ago
  • Breaking up is so hard to do
    The fundamental weakness of the waka jumping legislation is once again on display, as the Greens seem reluctant to trigger it to remove Darleen Tana from Parliament altogether. Tana has been suspended from the Greens Caucus while it had barrister Rachel Burt investigate allegations that she had been involved in ...
    PolitikBy Richard Harman
    4 days ago
  • Gordon Campbell on the privatising of state housing provision, by stealth
    Kāinga Ora’s “independent review” was carried out by the same National Party leader whose own administration’s inadequate housing build – and selling of state houses- had caused Kāinga Ora to embark on its crash building programme in the first place. To use a rugby analogy, this situation is exactly like ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • “Laser focused on the cost of living crisis”
    Cartoonist credit: Christopher Slane ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Gordon Campbell on the elections in France, Iran and Britain
    As Werewolf predicted a week ago, it was premature to call Emmanuel Macron’s snap election call “a bitter failure” and “a humiliating defeat” purely on the basis of the first round results. In fact, it is the far-right that has suffered a crushing defeat. It has come in third in ...
    WerewolfBy lyndon
    5 days ago
  • The UK needs proportional representation
    Like a lot of people, I spent Friday watching the UK election. There's the obvious joy at seeing the end of 14 years of Tory chaos, but at the same time the new government does not greatly enthuse me. In order to win over the establishment, Starmer has moved UK ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Bernard's Chorus for Monday, July 8
    TL;DR: Thanks for the break, and now I’m back. These are the top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy in the last day or so:Chris Bishop’s pledge to ‘flood the market’ with land to build new houses both out and up remains dependent ...
    The KakaBy Bernard Hickey
    5 days ago
  • French Left Wins Big
    Usually I start with some lyrics from the song at the end of the newsletter, to set the mood. But today I’m going to begin with a bit of a plea. About six weeks ago I decided to make more of my writing public with the hope that people would ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Satire: It's great our Prime Minister is so on the ball
    ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • This is the real reason David Seymour needs to reinterpret the Treaty of Waitangi
    This is republished from an earlier write upDavid Seymour is part of the ACT Party. He's backed by people like Alan Gibbs, and Koch money. He grew up as a right wing lobbyist - tick tick tick. All cool and fine - we know.What's also been clear is a fervent ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Going for Housing Growth: Filling the housing donut?
    Hot take: it should be affordable to live in Auckland. You may not be surprised to learn I’m not the only one with this hot take. Indeed, the Minister of Housing recently took the notable step of saying house prices should come down, something common wisdom says should be a politically ...
    Greater AucklandBy Scott Caldwell
    5 days ago
  • Bernard's Pick 'n' Mix for Monday July 9
    TL;DR: As of 6:00 am on Monday, July 9, the top six links elsewhere I’ve spotted around housing, climate and poverty in Aotearoa’s political economy in the last day or so are:Scoop: Probation officer sacked for snooping is linked to alleged spy Jian Yang. Corrections dismissed Xu Shan over his ...
    The KakaBy Bernard Hickey
    5 days ago
  • What has the Government done for you so far?
    List effective 1 July 2024Consumer and household (note: road and car costs are under infrastructure)Cancelled half-price public transport fares for under-25s and free fares for under-13s funding, scrapping the Labour government-era subsidies. The change will not affect pre-existing discounts funded directly by councils.Cut funding for free budgeting services. One third of the ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • The Kākā’s Journal of Record for Monday, July 8
    Photo by Amador Loureiro on UnsplashTL;DR: As of 6:00 am on Monday, July 8, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last three days were:Local Government Minister Simeon Brown announced the Coalition Government would not be responding to ...
    The KakaBy Bernard Hickey
    5 days ago
  • The Kākā’s diary for the week to July 15 and beyond
    TL;DR: The six key events to watch in Aotearoa-NZ’s political economy in the week to July 15 include:PM Christopher Luxon is travelling to Washington this week to attend a NATO meeting running from Tuesday to Thursday. Parliament is not sitting this week.The RBNZ is expected to hold the OCR on ...
    The KakaBy Bernard Hickey
    5 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #27
    A listing of 31 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 30, 2024 thru Sat, July 6, 2024. Story of the week Our Story of the Week is brought to us by Dr. Ella Gilbert, a researcher with the British ...
    5 days ago
  • The Great Splintering: Thoughts on the British Election
    I can remember 1997. Even living on the other side of the world, having a Scottish father and Welsh grandfather meant I acquired a childhood knowledge of British politics via family connections (and general geekery). And yes, I inherited the dark legends of that evil folk-devil, Margaret Thatcher. So when ...
    5 days ago
  • 2% royalties for mining? Deal!
    Snapshot postToday, Shane Jones was courageous enough to front Q&A with Jack Tame. Thanks for reading Mountain Tui ! Subscribe for free to receive new posts and support my work.Jack Tame is a bit of a legend. And that’s only because he strikes me as a good journalist i.e. well ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Aotearoa Says – No Diggity.
    Strictly biz, don't play aroundCover much ground, got game by the poundGetting paid is a forteEach and every day, true player wayOne month ago tens of thousands of Kiwis took to the streets to protest against the coalition’s Fast Track legislation. Concerned that it would prioritise some people making a ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Strangers and others
    For a moment yesterday I thought I might have been trailing my old friend Simon Wilson across the Danube, over cobbled stones, and into the old town square of Linz. Same comfortable riding style, same jacket, same full head of hair, but no, different friend of cycling.There is a kindred ...
    More Than A FeildingBy David Slack
    6 days ago
  • Killing the Golden Goose of New Zealand's economy
    IntroductionIn New Zealand, the National party generally retains a reputation of being pro-business and pro-economy.Thanks for reading Mountain Tui ! Subscribe for free to receive new posts and support my work.The underlying assumption is National are more competent economic managers, and by all accounts Luxon and his team have talked ...
    Mountain TuiBy Mountain Tui
    7 days ago
  • Newshub Signs Off
    Wait for the night, for the light at the end of an era'Cause it's love at the end of an eraThe last episode of Newshub, the final instalment of TV3 News, aired last night. Many of us who took the time to watch felt sad and nostalgic looking back over ...
    Nick’s KōreroBy Nick Rockel
    7 days ago
  • The Pharmac Fiasco
    If you don’t understand how things work you make foolish mistakes. To explain how the government got into its cancer drugs muddle, we need to explain first how New Zealand’s pharmaceutical purchasing system works. There is a parallel between Pharmac and the Reserve Bank of New Zealand. The Government sets ...
    PunditBy Brian Easton
    1 week ago
  • An unexpected honour.
    One can take many things as a budge of honour but this was somewhat unexpected. Was it something that I said? See line 3: https://mid.ru/en/foreign_policy/news/1959715/ ...
    KiwipoliticoBy Pablo
    1 week ago
  • An Ode to the British Tories
    The legend Jonathan Pie nails it in under 5 minutes. There is more, of course, but his summary is both fair and an outstanding take on the UK Conservative Party’s right wing legacy.Austerity, cuts to the public service, trickle down economics, corruption, policies favouring corporations and the wealthy, underinvesting in ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Knives out for Kāinga Ora
    Note this a longer read.TLDR: Bishop had always intended to shortchange Kāinga Ora and malign the Board and Executive. The $500,000 independent review of Kāinga Ora was anything but, and poses serious ethical issues in both conduct and outcomes. Kāinga Ora had a debt to assset ratio of 0.25 when ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Something's going to change
    If you’re selling your soul, working all dayOvertime hours for bullshit payNothing’s gonna change if all you do Is wish you could wake up and it not be trueJoin a union, fight for better payJoin a union, brother, organise todayYou’ll see where the problem really liesWhen the union comes around: ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Weekly Roundup 5-July-2024
    Welcome to the second half of the year! And another roundup of stories that caught our eye over the week. As always, feel free to add anything we’ve missed, in the comments. The fortnight on Greater Auckland Last week was a short week, but nonetheless action-packed: On Monday, ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • How the team of 5 million lost the game
    A study of the 2020 election has found that though the swing to Labour was the biggest vote shift in New Zealand for more than a century, it was not structural. Indeed, the fundamental electoral forces that drove the result were not dissimilar to those that had emerged in the ...
    PolitikBy Richard Harman
    1 week ago
  • Skeptical Science New Research for Week #27 2024
    Open access notables Climate-driven deoxygenation of northern lakes, Jansen et al., Nature Climate Change: Oxygen depletion constitutes a major threat to lake ecosystems and the services they provide. Most of the world’s lakes are located >45° N, where accelerated climate warming and elevated carbon loads might severely increase the risk of ...
    1 week ago

  • District Court judges appointed
    Attorney-General Hon Judith Collins today announced the appointment of three new District Court Judges.   The appointees, who will take up their roles in July and August at the Manukau, Rotorua and Invercargill courts, are:   Matthew Nathan Judge Nathan was admitted to bar in New Zealand in 2021, having previously been ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Urgent review into Wairoa flood response begins
    Environment Minister, Penny Simmonds today announced the terms of reference for a rapid review into the Wairoa flood response. “The Wairoa community has raised significant concerns about the management of the Wairoa River bar and the impact this had on flooding of properties in the district,” says Ms Simmonds. “The Government ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • NZDF’s Red Sea deployment extended
    New Zealand has extended its contribution to the US-led coalition working to uphold maritime security in the Red Sea, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today. “The decision to extend this deployment is reflective of the continued need to partner and act in line with New ...
    BeehiveBy beehive.govt.nz
    17 hours ago
  • Government provides support to tackle tax debt and compliance
    New compliance funding in Budget 2024 will ensure Inland Revenue is better equipped to catch individuals who are evading their tax obligations, Revenue Minister Simon Watts says. “New Zealand’s tax debt had risen to almost $7.4 billion by the end of May, an increase of more than 50 per cent since 2022. ...
    BeehiveBy beehive.govt.nz
    17 hours ago
  • Taking action to reduce road cones
    The Coalition Government is taking action to reduce expenditure on road cones and temporary traffic management (TTM) while maintaining the safety of workers and road users, Transport Minister Simeon Brown says.  Rolling out a new risk-based approach to TTM that will reduce the number of road cones on our roads.  ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Celebrating 100 years of progress
    Te Arawa Lakes Trust centenary celebrations mark a significant milestone for all the important work done for the lakes, the iwi and for the Bay of Plenty region, says Māori Crown Relations: Te Arawhiti and Māori Development Minister Tama Potaka. The minister spoke at a commemorative event acknowledging 100 years ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Foreign Minister to travel to Korea and Japan
    Foreign Minister Winston Peters will travel to the Republic of Korea and Japan next week.    “New Zealand enjoys warm and enduring relationships with both Korea and Japan. Our relationships with these crucial partners is important for New Zealand’s ongoing prosperity and security,” says Mr Peters.    While in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Huge opportunity for educators and students as charter school applications open
    Associate Education Minister David Seymour says today is another important step towards establishing charter schools, with the application process officially opening.  “There has already been significant interest from groups and individuals interested in opening new charter schools or converting existing state schools to charter schools,” says Mr Seymour. “There is ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Decreasing gas reserves data highlights need to reverse oil and gas exploration ban
    MBIE’s annual Petroleum Reserves report detailing a 20 per cent reduction in New Zealand’s natural gas reserves shows the need to reverse the oil and gas exploration ban, Energy Minister Simeon Brown says.“Figures released by MBIE show that there has been a 20 per cent reduction in New Zealand’s natural ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Providers of military assistance to Russia targeted in new sanctions
    Foreign Minister Winston Peters has announced further sanctions as part of the Government’s ongoing response to Russia’s illegal invasion of Ukraine.    “Russia’s continued illegal war of aggression against Ukraine is a direct and shocking assault on the rules-based order. Our latest round of sanctions targets Russians involved in that ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • OECD report shows New Zealand is a red tape state
    Minister for Regulation David Seymour says that the OECD Product Market Regulation Indicators (PMRI) released this morning shows why New Zealanders sorely need regulatory reform. “This shocker result should end any and all doubt that the Government must go to war on red tape and regulation,” says Mr Seymour.  “The ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government unveils five-point climate strategy
    The coalition Government is proud to announce the launch of its Climate Strategy, a comprehensive and ambitious plan aimed at reducing the impacts of climate change and preparing for its future effects, Climate Change Minister Simon Watts says. “The Strategy is built on five core pillars and underscores the Government’s ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • National Bowel Screening Programme reaches 2 million life-saving screening kits
    The National Bowel Screening Programme has reached a significant milestone, with two million home bowel screening kits distributed across the country, Health Minister Dr Shane Reti announced today.   “This programme, which began in 2017, has detected 2,495 cancers as of June 2024. A third of these were at an early ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Granny flats popular with all ages
    More than 1,300 people have submitted on the recent proposal to make it easier to build granny flats, RMA Reform Minister Chris Bishop and Building and Construction Minister Chris Penk say. “The strong response shows how popular the proposal is and how hungry the public is for common sense changes to make ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • $25 million boost for conservation
    Toitū te taiao – our environment endures!  New Zealanders will get to enjoy more of our country’s natural beauty including at Cathedral Cove – Mautohe thanks to a $25 million boost for conservation, Conservation Minister Tama Potaka announced today.  “Te taiao (our environment) is critical for the country’s present and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand increases support for Ukraine
    Prime Minister Christopher Luxon and Foreign Minister Winston Peters have announced a further $16 million of support for Ukraine, as it defends itself against Russia’s illegal invasion. The announcement of further support for Ukraine comes as Prime Minister Luxon attends the NATO Leaders’ Summit in Washington DC. “New Zealand will provide an additional ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Country Kindy to remain open
    Associate Education Minister David Seymour says that Country Kindy in Manawatu will be able to remain open, after being granted a stay from the Ministry of Education for 12 weeks. “When I heard of the decision made last week to shut down Country Kindy I was immediately concerned and asked ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government lifts Indonesian trade cooperation
    New export arrangements signed today by New Zealand and Indonesia will boost two-way trade, Trade and Agriculture Minister Todd McClay says. Mr McClay and Dr Sahat Manaor Panggabean, Chairman of the Indonesia Quarantine Authority (IQA), signed an updated cooperation arrangement between New Zealand and Indonesia in Auckland today. “The cooperation arrangement paves the way for New Zealand and Indonesia to boost our $3 billion two-way trade and further ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Carbon capture framework to reduce emissions
    A Carbon Capture, Utilisation and Storage (CCUS) framework has been released by the Coalition Government for consultation, providing an opportunity for industry to reduce net CO2 emissions from gas use and production, Energy Minister Simeon Brown says. “Our Government is committed to reducing red tape and removing barriers to drive investment ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Faster consenting with remote inspections
    The Government is progressing a requirement for building consent authorities to use remote inspections as the default approach so building a home is easier and cheaper, Building and Construction Minister Chris Penk says. “Building anything in New Zealand is too expensive and takes too long. Building costs have increased by ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Revision programme presented to Parliament
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