Back into growth
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- Date published:
11:27 am, September 23rd, 2009 - 5 comments
Categories: economy -
Tags: recession
The newly released figures show 0.1% growth in the June quarter. The March figure was also revised up to -0.8% (from -1.0%).
Here comes the sun? Not quite. 0.1% is pretty damn weak. It’s below population growth (0.25% per quarter) so, we’re still worse off per person. And we’re a long way below the economic peak reached in the December 2007 quarter. Seasonally-adjusted GDP was 2.8% below peak in the June quarter and 4.2% per person below the peak. We’ve got a long way to go to get back to that level.
Unemployment is still rising and will continue to rise for at least a year, while wages are stagnating and set to fall in real terms. It will be some time before ordinary people feel any benefit from the return to growth.
On top of that, a growing body of economists are predicting this is a w shaped recession, and we’re just on the little rise in the middle resulting from government stimulus and a temporary return of confidence to the international markets. The fundamental problems that caused the recession (commodity prices including oil, housing bubbles, toxic financial assets, trade imbalances) remain unresolved, there is trouble still to come for the US exchange rate, government balance sheets are stretched, and there are indicators of trouble ahead – like falling money supply in the US.
So, yay, the recession’s technically over. But don’t break out the champagne just yet.
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Kua hinga te manawa kairākau o Te Rua Tekau Ma Waru Tiwhatiwha te po! Kakarauru i te po! Ka rapuhia kei hea koe kua riro! Haere e te Ika a Whiro ki o tini hoa kua ngaro atu ki te Pō ...2 weeks ago
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The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- Release: Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principle...
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- NZ must pursue independent foreign policy
The Green Party says the need is greater than ever for Aotearoa New Zealand to pursue an independent foreign policy. ...2 weeks ago
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Ka nui te mihi kia koutou. Ka mihi ki te mana whenua ko Ngāti Whātua Ōrākei. Kia ora and good morning everyone. Thank you Fran and Simon for inviting me here today, and importantly your leadership of this forum over several years now. I want to acknowledge David Gehrenbeck, Deputy ...1 hour ago
- Record number of submissions received on granny flat proposal
Nearly 2,000 submissions have been received on the Government’s proposals aimed at making it easier to build a granny flat of up to 60 square metres without a resource or building consent, RMA Reform Minister Chris Bishop and Building and Construction Minister Chris Penk say. “This is the highest number ...3 hours ago
- District Court Judge appointed
Attorney-General Judith Collins today announced the appointment of Rebecca Guthrie as a District Court Judge. Judge Guthrie was admitted to the bar in 1997 following her graduation from the University of Canterbury in 1996 (LLB, BA). She commenced her legal career in Hastings in 1997 before moving to London in ...4 hours ago
- Appointments strengthen Predator Free 2050
The latest Predator Free 2050 Board appointments will help to strengthen biodiversity efforts across Aotearoa New Zealand, Conservation Minister Tama Potaka says. Mr Potaka today announced two appointments to the Board of Directors of Predator Free 2050 Limited, a key player in the wider Predator Free 2050 Programme. “The Predator ...5 hours ago
- New facility in Christchurch will improve the lives of young New Zealanders
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- Driver safety screens to be installed on Auckland buses
Transport Minister Simeon Brown has welcomed news from the NZ Transport Agency (NZTA) that bus driver protection screens will be installed across Auckland’s bus fleet by 2026.“The Government is committed to improving the safety of working environments for bus drivers, and Budget 2024 allocated $15 million of Crown funding over ...6 hours ago
- Government action provides Southland farmers more time to meet plan requirements
The Government is taking action to ensure Southland farmers and growers are not affected by unreasonable regional farm plan deadlines, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard say.“Cabinet has agreed to provide more time for farmers and growers to comply with regional rules ...22 hours ago
- Bill reaffirms Government’s commitment to crack down on serious youth offending
The Oranga Tamariki (Responding to Serious Youth Offending) Bill had its first reading at Parliament today. The Bill reaffirms the Government’s commitment to crack down on serious youth offending, Minister for Children Karen Chhour says. “In recent years we have seen an unacceptable spike in youth offending. “This Bill makes ...23 hours ago
- Critical milestones for earthquake buildings review
Fairer, more sensible rules about managing earthquake risks are a step closer with the passing of legislation and the appointment of an independent chair to provide expert advice, Minister for Building and Construction Chris Penk says. “The Government is committed to reinvigorating our cities and regions to support economic growth, ...23 hours ago
- State of the art radiology machine for Auckland
People in Northland and Auckland will benefit from a new machine for cancer treatment installed at the Regional Cancer and Blood Service at Auckland City Hospital. The MV5 linear accelerator, or LINAC machine, officially opened today targets cancer tumours with pinpoint accuracy. Health Minister Dr Shane Reti says this new, ...23 hours ago
- Foreign Minister to visit Europe
Deputy Prime Minister and Foreign Minister Winston Peters will travel to Europe for high-level talks with France, Germany and the United Kingdom next week. "Since taking office almost a year ago, the Coalition Government has emphasised the importance we place on New Zealand's traditional and likeminded diplomatic and ...1 day ago
- First arrests made under gang patch ban
Police have made their first arrests under the new gang patch legislation, with two gang members arrested, says Police Minister Mark Mitchell. “Just before 11 this morning, Police in Wairoa apprehended a gang member for wearing a patch to the supermarket. He has been arrested and will now face enforcement ...1 day ago
- Better support for victims of sexual violence
The Government is proposing two major changes to name suppression laws that will put the views of victims of sexual violence first, Justice Minister Paul Goldsmith says. “We are committed to restoring law and order and these two proposed changes will help ensure the victims of crime are put at ...1 day ago
- Government moving forward with Regional Deals
Cabinet has agreed to invite all regions to submit proposals for Regional Deals between central and local government that drive economic growth and deliver the infrastructure our country needs, Local Government Minister Simeon Brown and Infrastructure Minister Chris Bishop say. Inviting all regions to propose a Regional Deal that boosts ...1 day ago
- MSA pilot participant update
One of the ten young men selected to participate in the Military-Style Academy Pilot has allegedly reoffended. Children’s Minister Karen Chhour is disappointed but says it would be naïve to think that none of these young men would reoffend. “I’m saddened that this young person has not taken this opportunity ...1 day ago
- Fighting for Kiwis in Trade
Delivered at Auckland Trade and Economic Policy School Good morning and thank you Deputy Vice Chancellor Lithander for your warm welcome and for inviting me to open Auckland Trade and Economic Policy School today. A Special thanks to the University of Auckland, the Ministry of Foreign Affairs and Trade and ...1 day ago
- Attendance rates increase, again
Associate Education Minister David Seymour says that school attendance is continuing to rise. In Term 3 of 2024 51.3 per cent of students attended school regularly, an increase of 5.3 percentage points from 46 per cent in Term 3 of 2023. “This Government has prioritised student attendance and it is ...1 day ago
- Improving the lives of young New Zealanders
Ensuring New Zealand is the best place in the world for children and young people is the vision at the heart of the Government’s new Child and Youth Strategy, Child Poverty Reduction Minister Louise Upston says. “Childhood represents a huge opportunity to set people on a positive path towards living ...1 day ago
- Government continues work to reinstate livestock exports by sea
The Government is reinstating the trade of livestock exports by sea while ensuring the highest standards of animal welfare, says Associate Minister of Agriculture Andrew Hoggard.“The Government will introduce legislation changes to reinstate the trade, enhance oversight, and strengthen requirements for exporters to identify risks and manage the welfare of ...2 days ago
- Speech to the National Quality Forum 2024
Tēnā koutou katoa – it is a pleasure to be here today. I would like to begin by acknowledging the important leadership role you all play in ensuring a quality health system New Zealanders can trust. There is enormous clinical expertise in this room covering a wide range of disciplines. ...2 days ago
- New Zealand’s COP29 National Statement
Tēnā koutou katoa. Mr President, Excellencies, Delegates. New Zealand, and all nations represented here today, are already dealing with the impacts of climate change. Our households, businesses, and economies are bearing the costs of its effects. The choices we make now will shape the severity of these impacts for generations ...2 days ago
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The Government has released its second Quarterly Investment Report (QIR) which shows substantial work still to be done by agencies to improve investment reporting and meet the Government’s expectations, Infrastructure and Acting Finance Minister Chris Bishop says. “New Zealand has significant infrastructure and investment needs. The Government is determined to get ...2 days ago
- New Zealand supporting loss and damage fund
Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. “New Zealand is joining the global effort to address the significant challenge of responding to ...2 days ago
- Gang crackdown begins at stroke of midnight
The free ride for gangs is over when the clock strikes midnight tonight, with tough new laws officially coming into effect, Justice Minister Paul Goldsmith and Police Minister Mark Mitchell say. “Gang patches will no longer be able to be worn in public. To earn the right to wear a ...2 days ago
- LGFA increases borrowing capacity to support high growth councils
The Government is welcoming the decision by the Local Government Funding Agency to increase access to financing tools for fast growing councils to support greater investment in critical infrastructure, Local Government Minister Simeon Brown says.“Communities across the country are facing an infrastructure deficit and significant population growth is projected in ...2 days ago
- Temporary Traffic Management costs revealed
The Government has revealed that over the past three years, the New Zealand Transport Agency (NZTA) has spent an eyewatering $786 million of taxpayers’ money on road cones and temporary traffic management (TTM), Transport Minister Simeon Brown says.“When I became Minister, I was surprised to learn that that NZTA did ...3 days ago
- Jurisdiction of Disputes Tribunal to double
Legislation that will double the financial jurisdiction of the Disputes Tribunal from $30,000 to $60,000 has passed first reading in Parliament today, Justice Minister Paul Goldsmith. “We need to improve court timeliness and access to justice so that Kiwis and get on with their lives. Court delays affect everyone, the ...3 days ago
- Protecting New Zealand from foreign interference
Legislation that will specifically criminalise foreign interference and strengthen espionage offences has passed first reading in Parliament today, Justice Minister Paul Goldsmith says. “It is normal and appropriate for states to interact and work to influence one another. This encourages cooperation and can have mutually beneficial outcomes. “However, the reality ...3 days ago
- Significant milestone for Canterbury Road of National Significance
Transport Minister Simeon Brown has welcomed news that the NZ Transport Agency (NZTA) Board has approved funding towards pre-implementation and early works on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance (RoNS). “Reaching this significant milestone is a reflection of our Government’s ...3 days ago
- Health survey results to help drive change
Health Minister Dr Shane Reti says findings from the annual Health Survey highlight the need to continue driving better health outcomes for New Zealanders. The New Zealand Health Survey is an annual snapshot of key metrics measured from July 2023 – July 2024. Findings released this morning include: In 2023/24, ...3 days ago
- Final push needed to get to Smokefree 2025
A renewed effort to get people to quit smoking will build on what has worked to date and target the groups who most need support, Associate Health Minister Casey Costello said today. “The latest New Zealand Health Survey results show the daily smoking rate at 6.9 per cent and we ...3 days ago
- New diplomatic appointments
Foreign Affairs Minister Winston Peters has announced four new diplomatic appointments. “Our diplomats play an important role in ensuring New Zealand’s interests are maintained and enhanced across the world,” Mr Peters says. “It is a pleasure to announce the appointment of these senior diplomats from the Ministry of Foreign ...3 days ago
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Regulation Minister David Seymour has today announced the next steps in the Government’s plan improve the quality of regulation by opening consultation on a proposed Regulatory Standards Bill. “New Zealand's low wages can be blamed on low productivity, and low productivity can be blamed on poor regulation,” says Mr Seymour. ...3 days ago
- Red Tape Tipline goes live
Minister for Regulation David Seymour has today announced that the Ministry for Regulation’s Red Tape Tipline is now live. “We want to hear about your red tape horror stories. From today, New Zealanders will have a say on how they are regulated through an online portal,” says Mr Seymour. The ...3 days ago
- Youth Parliament 2025 announced
The Minister for Youth Matt Doocey has today announced the eleventh Youth Parliament will be taking place in 2025. “Youth Parliament offers a unique youth development opportunity to young people from across New Zealand to experience the political process and learn about how government works,” says Mr Doocey. “The two-day ...4 days ago
- Police stats show promising change
After nearly a year in Government, Kiwis have seen significant change across law and order with promising early results shown across some Police statistics, says Police Minister Mark Mitchell. “In August 2023, I told New Zealanders that if they had not started to see a change in public safety within ...4 days ago
- Better coordination of anti-scam efforts
With the launch of Fraud Awareness Week, the Government is committing to new coordination efforts across industry and government to combat online scams, Commerce and Consumer Affairs Minister Andrew Bayly says. “Online financial scams are a growing problem for New Zealand. New data released today shows that Kiwis lost nearly ...4 days ago
- Minister to consider 7AA select committee report
Minister for Children Karen Chhour will consider the recommendations made by the Social Services and Community Committee in its report back to Parliament on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill. “I want to thank the people who made submissions and those who appeared before the committee in ...4 days ago
- Defence Minister to attend ASEAN meeting
Defence Minister Judith Collins will this week attend the Association of Southeast Asian Nations (ASEAN) Defence Ministers’ Meeting-Plus in Vientiane, Laos. “We need to take every opportunity to engage with our international partners, given the increasingly unstable geo-political situation,” Ms Collins says. “New Zealand has a long-standing commitment to this ...4 days ago
- The Friday Poem: ‘Boyhood’ by Art Nahill
A new poem by Art Nahill. Boyhood I hate the way the dog cowers when I raise my voice. After all this time together she’s still not sure what I’m capable of. As kids with too much time we sprinkled salt on slugs plucked from summer gardens watched them shrivel ...1 hour ago - The Unity Books bestseller chart for the week ending November 22
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Orbital by Samantha Harvey (Jonathan Cape, $26) The slight, superb winner of the Booker Prize ...1 hour ago
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Democracy Now! NERMEEN SHAIKH: In The Hague, the International Criminal Court has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant for crimes against humanity and war crimes committed during Israel’s assault on Gaza. In a statement, the ICC said the Israeli leaders had, ...2 hours ago - New Child Protection Investigation Unit announced by Children’s Minister
The unit will be up and running by early next year, Children's Minister Karen Chhour says. ...2 hours ago - In-person submissions on Treaty Principles Bill to be at Parliament or by video call
In-person submissions on the Treaty Principles Bill will all be held at Parliament or by video call. ...2 hours ago
- ‘Got my support’ – Christopher Luxon stands by Erica Stanford after ‘stupid ...
The prime minister says it wasn't appropriate behaviour but that Erica Stanford had apologised. ...2 hours ago
- Gang chapter president’s patch seized in first 24 hours of ban
The first arrest was made just three minutes after midnight, with 11 more to come. ...3 hours ago
- Government slammed for pushing on with boot camps amid trial
Labour has accused National of ignoring the evidence. ...3 hours ago
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Source: The Conversation (Au and NZ) – By Celeste Rodriguez Louro, Chair of Linguistics and Director of Language Lab, The University of Western Australia Rroselavy / Shutterstock Earlier this year, a Hong Kong finance worker was tricked into paying US$25 million to scammers who had used deepfake technology to ...3 hours ago
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Source: The Conversation (Au and NZ) – By Michael Hanaghan, Senior Research Fellow in Latin Christianity in Late Antiquity, Australian Catholic University Warning: this article contains mild spoilers. When Gladiator I was released in 2000, I was a high school Classics student and the film brought Classical literature to life ...3 hours ago
- Gang patch ban: The first 24 hours
The first arrest was made just three minutes after midnight, with 11 more to come. ...4 hours ago
- New Zealand Government Urged To Back ICC Arrest Warrants For Israeli Leaders Without Equivocation
“We are waiting for our government to announce it will arrest Netanyahu and Gallant immediately if they set foot in Aotearoa New Zealand” says PSNA National Chair John Minto. ...4 hours ago - Justice Committee Makes Further Decisions About Submissions Process For The Principles Of The Treaty...
The committee plans to hold hearings in the week starting Monday, 27 January and the weeks starting 10, 17 and 24 February 2025. ...4 hours ago
- Watch live: Christopher Luxon faces questions during power station visit
It comes as Labour accuses National of not listening to evidence about boot camps. ...4 hours ago
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Source: The Conversation (Au and NZ) – By Stephen Winter, Associate Professor in Political Theory, University of Auckland, Waipapa Taumata Rau Getty Images When Prime Minister Christopher Luxon stood in Parliament last week to apologise to survivors of abuse in care, his words were among many fine speeches by ...5 hours ago
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Source: The Conversation (Au and NZ) – By Matej Lipar, Adjunct Research Fellow, School of Earth and Planetary Sciences, Curtin University Author provided/Google Earth Earlier this year, a caver was poring over satellite images of the Nullarbor Plain when he came across something unexpected: an enormous, mysterious scar etched ...6 hours ago
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Source: The Conversation (Au and NZ) – By Treena Clark, Chancellor’s Indigenous Research Fellow, Faculty of Design, Architecture and Building, University of Technology Sydney Once located 250 metres to the east of the Art Gallery of South Australia, the grand beaux-arts style Jubilee Exhibition Building was constructed to house the ...6 hours ago
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Source: The Conversation (Au and NZ) – By Annette Greenhow, Assistant Professor, Faculty of Law, Bond University Linda George/Shutterstock The ten-year anniversary of the death of much-loved Australian cricketer Phillip Hughes falls on November 27. The 25-year-old’s life was tragically cut short in 2014 when a bouncer ...7 hours ago
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Treasury likely to downgrade economic forecast while Chris Bishop says the government won’t be ‘a slave to a surplus’, writes Anna Rawhiti-Connell in this extract from The Bulletin. To receive The Bulletin in full each weekday, sign up here. Recession will be deeper and last longer — Treasury At a recent Spinoff ...7 hours ago
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Source: The Conversation (Au and NZ) – By Stephanie Gomes-Ng, Senior Lecturer of Psychology, Auckland University of Technology Getty Images Former New Zealand prime minister John Key has three white rabbits painted on his helicopter, a nod to his “massively superstitious” habit of repeating “white rabbits” three times at ...9 hours ago
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The coalition has "absolutely no intention of listening to the evidence that comes out of their experiment", Labour MP says. ...9 hours ago
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Labour claims Government is ‘cherry-picking’ smoking trends data to hide decade-first increase in daily smokers The post Smoke and mirrors in heated tobacco debate appeared first on Newsroom. ...9 hours ago - Smoke and mirrors in tobacco debate
Labour claims Government is ‘cherry-picking’ smoking trends data to hide decade-first increase in daily smokers The post Smoke and mirrors in tobacco debate appeared first on Newsroom. ...9 hours ago
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The Government’s economic adviser is sending a message it doesn’t want to hear – superannuation is increasingly unaffordable The post Treasury bangs the drum on ‘unsustainable’ superannuation appeared first on Newsroom. ...10 hours ago
- Victims of sex offending welcome shift on name suppression laws
A man abused by a former political figure is "immensely relieved" at a government proposal to end secrecy around sex offenders' identities. ...10 hours ago
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There is plenty yet to play out, but the next election is at this rate shaping up as trio versus trio, writes Toby Manhire. A subplot of this week’s historic hīkoi mō te Tiriti has been the sight of the three opposition parties presenting a unified front. Te Pāti Māori ...10 hours ago
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From the low lows of abandon empires to the high highs of a mall done just right. This is the second in the Malls of New Zealand series, where we rank the malls in major centres. Next week: Wellington. A note from the editor: This is the hardest ranking we’ve ...10 hours ago
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Bidder Whakapapa Holdings walked away from the sales process last year, but says it’s now ‘95% there’ on a purchase agreement – so who blinked first? The post Taken to the brink, Govt is now close to selling big Whakapapa ski field appeared first on Newsroom. ...10 hours ago
- Newsroom daily quiz, Friday 22 November
Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp');Got a good quiz question? Send Newsroom your questions.The post Newsroom daily quiz, Friday 22 November appeared first on Newsroom. ...10 hours ago
- Daily crossword, Friday 22 November
The post Daily crossword, Friday 22 November appeared first on Newsroom. ...10 hours ago
- China likely to strengthen regional relationships in response to another Trump term
Opinion: Recent discussions in Shanghai provide some insight into what’s likely to be on the table The post China likely to strengthen regional relationships in response to another Trump term appeared first on Newsroom. ...10 hours ago
- Nuclear winters know no borders
Opinion: The immediate horror of nuclear weapon explosions – the blinding flash, crushing blast wave, and radioactive inferno – is well documented.But what nuclear-armed nations either don’t grasp or won’t admit, is far more chilling: how their weapons could devastate even countries thousands of kilometres from any mushroom clouds.The collapse ...10 hours ago
- This week’s bestselling books – November 22
FICTION1 Kāwai: Tree of Nourishment by Monty Soutar (David Bateman, $39.99)Sample dialogue, all from one chapter:“That can’t be,” replied Taona doubtfully.“You were right. The pā is unnervingly quiet,” Taona murmured.“The Hākuwai,” Motukia breathed. “Our grandfathers told us they rarely saw the Hākuwai in daylight,” Motukia muttered.“Their fight would have been futile ...10 hours ago
- Burma the flying elephant
After about two and a half years of planning and waiting, New Zealand’s last elephant has moved to her new home at Monarto Safari Park in South Australia.Burma and her “human herd”, that is, her keepers, arrived last week, and she’s settling in well, according to Auckland Zoo’s Andrew Coers.“Something ...10 hours ago
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Marty you are right that the fundamental problems are unresolved, that we have revived the cardiac arrested cash flow by allowing debt to be underwritten and refinanced by the guarantee of the public purse. Ultimately the toxic debt on the books of the worlds major financial institutions needs to be flushed out, which can only mean that it is repudiated or inflated away. Either way the system is bung and you and I will foot the bill.
The more serious issue is that we are even talking about growth in the traditional context. Growth economics has pased its’ environmetal and sustainability use by date.
wow, look at the exchange rate go! http://nationalbank.co.nz/economics/exchange/nzdusd.aspx
Nearly a cent in the last hour
That’s on top of gaining a cent yesterday. The farmers will be having heart attacks.
Fonterra: “”Our hedging policy is designed to take out the volatility and provide as much certainty for our farmers as possible. But as a rule of thumb a 1 cent movement in the exchange rate realised over a year has an impact of about +/- 10 cents per kgMS in the Milk Price, with everything else being equal.'”
Time to put taxes up ! Can’t have people getting wealthy and not needing welfare before 2011….
Correct. That’s why John Key said he would love it if wages came down.