Banks act on housing affordability crisis (while National sits on its hands)

Written By: - Date published: 6:29 am, June 10th, 2016 - 144 comments
Categories: housing, national, useless - Tags: , , ,

Despite Key’s barnstorming 2007 speech on the housing affordability crisis, National these days prefer to deny that it exists. Apparently fed up with waiting for the government to take action, banks are moving to reduce their risk and limit foreign buyers.

The Reserve Bank yesterday:

RBNZ considers property investor crackdown

Life is about to get tougher for property investors as the Reserve Bank considers clamping down further on their access to credit to buy houses.

Auckland’s housing market has refused to buckle under Reserve Bank pressure aimed at reining in house price growth, which is starting to accelerate again. And it’s not the only region where house prices are gathering pace.

Reserve Bank governor Graeme Wheeler openly concedes that puts the health of the financial system at risk.

Read that last sentence again.

“In Auckland, investors account for 46 percent of the transactions, for the rest of the country it’s around 40 [percent] or a bit more, so it’s very significant,” Mr Wheeler said.

And that one! Almost half of Auckland’s houses going to investors (more here). There’s your housing affordability crisis, your rental crisis, and your much of your homelessness crisis in one go.

Other announcements yesterday:

Westpac, ANZ Bank shut out foreign buyers

Westpac and ANZ will no longer lend to overseas-based buyers of New Zealand property – with other banks expected to follow the move to shut the door on foreign investors. The restrictions follow moves by Australian banks to stop lending to foreign buyers of property.

The restrictions will not affect New Zealand passport holders living abroad and purchasing property funded by overseas income. A Westpac spokeswoman said the restrictions “reduces risk”.

An ANZ spokesman said the changes were made to ensure the bank was “appropriately positioned in the current housing environment, taking into account supply pressure in certain areas”.

Labour’s Finance spokesperson Grant Robertson said the restrictions showed the banks acknowledged both that the housing market was “out of control”, and that overseas-buyers were playing a big role in that. “It’s the goal of a bank to make money from mortgage lending. If they are pulling back from lending on New Zealand housing, then there really is a crisis in the market.” …

This is what the banks are afraid of:

Nation of debt – ready, set, crash

New Zealand has half a trillion dollars in debt. If anything can bring it all down it is housing. Liam Dann talks bubbles and booms with those who know what a crash looks like.

“We’ve almost got the perfect storm,” says veteran fund manager Brian Gaynor as he reels off the many reasons New Zealand house prices and debt levels are soaring to precipitous heights.

There are many ingredients. But right now, New Zealand seems to have them all: not enough building, restrictions on development, surging migration, baby boomer savings, low interest rates and banks that are all too happy to lend for property investment.

“When you get the perfect storm like we did in the 1980s with the sharemarket, you see things just go up and up. People start to believe they will never fall,” he says.

The big problem, says economist Shamubeel Eaqub, is that we have a banking system designed to view lending for property as less risky than other kinds of lending.

“Our banking regulation allows us to feed on the property market,” he says.

“Of all the debt that is created in New Zealand, more and more is going towards mortgages because mortgages are less risky according to our rules and regulations.”

As house prices soar, the size of mortgages has to grow with it. There is no easy way out of the cycle. If house prices fall, then highly leveraged investors and many home buyers will be left exposed. “When it happens it will be nasty,” says Eaqub.

“There is no other way to describe it. What we have built up is ugly.” …

And what has the government been up to this year? Losing a flag referendum wasn’t it?


144 comments on “Banks act on housing affordability crisis (while National sits on its hands) ”

  1. Paul 1

    Banks are losing money by doing this. They know something.
    Bubble about to burst.

    • tc 1.1

      Banks ride the cycles and never lose, they’ve seen this all before and do very well out of whichever way it goes.

      Something’s afoot methinks as they’ve been doing very nicely out of NACT policy so watch this space.

      A plan/ media strategy may have been hatched and this is phase 1.

      • Paul 1.1.1

        Banks do make mistakes.
        They should have lost in 2008.
        But they were bailed out USD 700billion.

      • Salsy 1.1.2

        @TC Exactly. However, the same two banks stopped lending in Australia due to fraudulent Chinese income documents, allegedly manufactured with the help of mortgage brokers. Has that been happening here also?

        http://www.stuff.co.nz/business/world/79780169/Westpac-ANZ-in-Australia-investigating-suspected-foreign-home-loan-fraud

        • TC 1.1.2.1

          Oz have rules on mortagee sales to prevent fire sales so I see this is mitigating risk more so than anything else.

          • Rosie 1.1.2.1.1

            “Oz have rules on mortagee sales to prevent fire sales……………”

            Hmmm. I’m thinking about our application for our first mortgage in 2012. The bank, (kiwibank) were keen to loan to us despite the fact that we only had a 7.8% deposit. All was hunky dory in their eyes.

            When discussing the loan with the mortgage manager he almost skipped over the question “How will you pay your LMI?”

            “Our what?”

            “Lender’s mortgage insurance”

            This is something a bank charges clients with a low deposit. It’s either paid up front or built into a higher interest rate payment. It covers the BANK in case the client goes belly up and the bank takes your houses and sells it as a mortgagee sale. IF the house sells for less than you paid for it, the insurance co pays the bank out for the difference so they don’t lose any money on THEIR asset.

            Guess what they were going to charge us? $14K. I kid you not. I told them the LMI was a scam and I refused to pay it. They wanted the 30 year mortgage out of us so we negotiated down to $4K. We don’t have that kind of money lying around so you guessed it, it went on the mortgage. ANOTHER little earner, interest paid on insurance that covers THEM.

            So what do the aussies do that’s different?

            • TC 1.1.2.1.1.1

              They cant flog houses below a fair market value to get their money back regardless of how much they are owed.

              • Colonial Viper

                And what if that “fair market value” starts declining…and that stage the pent up demand to sell will crash the market even faster

            • North 1.1.2.1.1.2

              Rosie that’s the loveliest telling of how ‘it’ is. You know I have a 40 year connection to the criminal law and what you say has modified my defintion of ‘criminal’. John Key should be going down in San Quentin for 40 to life. Bastard. “Have a beer with me…….” Bastard !

    • Infused 1.2

      No. You just don’t understand anything.

    • Takere 1.3

      The bubble has burst ….. they’re just fess’n up because the Nat’s have refused to give them an out by doing what they should have done 18 months ago. CGT, Stamp Duty & Enforcement of IRD on the 2 year buying and selling rules.
      Have the banks changed sides? Wankpac & ANZ own most of NZ’s housing debt so why would they out themselves?
      Next thing, capital flight to materialise what has been identified in the NZ Herald article,”the Perfect Storm”. Noriel Roubeni will be saying to himself, “I told you so 18 months ago” in another Herald article.

  2. Irascible 2

    Listening to Nick Smith on RNZ this morning and heard a “Cabinet Minister” denying that there was a housing crisis and then abnegating all government responsibility to step into the crisis and work to resolve it.
    Bizarre!!! Irrational and irresponsible.

    • Paul 2.1

      No crisis, Mr Smith?
      Another symptom.
      Rents rising rapidly.

      ‘The average rent in the region has gone up 21 per cent in the past five years, from $440 in 2012 to $520 in 2016.’
      Affordability was also a major factor, with more people moving further from the city in search of cheaper rents.

      “Obviously wages haven’t gone up to be able to compete with rent rises, [and] as a result of that you’re seeing people find ways to get more affordable housing, so they either move further out or move to a smaller unit,” Jeffries said.’

      http://i.stuff.co.nz/life-style/home-property/80706225/Auckland-sees-massive-rent-increases-but-not-in-the-places-you-d-expect

      Crisis.What crisis?
      https://m.youtube.com/playlist?list=PLED10BC1803145945

      • Kiwiri 2.1.1

        Good young Dr Nick Smith (his specialty is landslides and he is experiencing more). Even if he were to trip over a crisis, walk into one, bang his head into several, or swallow a few, he would he say there’s no crisis.

    • fisiani 2.2

      Nonsense. There is a hell of a lot being done. Read the truth, not just the pathetic spin by Little.
      http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11653723

      • WILD KATIPO 2.2.1

        Know your history – conditions have gotten WORSE not better.

        This was a forerunner of things to come under this govt.

        http://www.stuff.co.nz/national/politics/10468960/Aroha-of-McGehan-Close-flees-NZ

      • Kiwiri 2.2.2

        There is hell of a not being done. John Key must read out that barnstorming 2007 speech during GE2017 and barns will certainly be storming.

      • North 2.2.3

        Where’s your daily “40 houses”, fuckwit ? Not the fact of them, the facility of them in alleviating homelessness. You know, when the pitchforks come out Fused Anus……..many of my mates are gonna love being on the wooden end of the pitchfork, at your door…….which sounds cruel…….but not as cruel as you laughing and mocking at a talented 11 year old girl living in a van with two parents and four siblings. Shut your dirty mouth you low bastard. You can find me if you want to find me Fused Anus. What say we meet and have a ‘talk’, Fused Anus.

        • fisiani 2.2.3.1

          Threatened violence, scatological insults, obscenities, making things up and attempted blacklisting.Are you going for the full house of transgressions? But of course being a Lefty you have no chance of being moderated.
          Another 40 houses built in Auckland today. That’s another 40 families housed. 200 Auckland families this week.

          • Pat 2.2.3.1.1

            40 houses built today……priced from 800,000 up wards ….how many of those properties are available to those in need of housing ?…..and even if that number is correct it is still 20 houses a day short to meet demand from the increasing population, not to mention the backlog…..think about it.

            • fisiani 2.2.3.1.1.1

              In 2008 10 houses were built a day and now it is 40 a day in Auckland. Do you not understand the concept of housing stock? Obviously not. HS+40 = 40 extra families housed. That’s probably about another 100 Auckland people housed each working day unless you seriously think that Paula Bennet, Nick Smith and Gerry Brownlee all lied in Parliament. 2,000 housed in the last month. Far better than the measly 500 under Labour.

              • Pat

                you truly are dense…..Auckland needs to build approx 20,000 new homes a year to meet growth demand…..that does not include the catch up required for the under build for the past two decades….do the math.

          • North 2.2.3.1.2

            Evil !

          • North 2.2.3.1.3

            You’re a liar of course. Please……we meet.

      • FAB mouse 2.2.4

        The spin is not Andrew Little saying there is a crisis. The spin is “a hell of a lot is being done” to make it sound like no crisis here. The link starts with “Today, Andrew Little has made several incorrect claims on this website about housing.” but doesn’t state which statements are wrong or why they are wrong. Again the spin is to list lots and lots of what is being done so it seems like it must be solved already. Is it really solved?

  3. b waghorn 3

    “As house prices soar, the size of mortgages has to grow with it. ”

    As mortgage sizes grow, house prices soar with them..

    Fify

  4. Keith 4

    Banks only concern is to their shareholders not if people in this country can buy a home, not the homeless, nothing but profit. So clearly they don’t like what they’re seeing out there, whatever their lookouts are projecting is scaring the bejesus out of them. Yes they have given up on National acting in the best interests of all Kiwis so it’s every man for himself.

    Poll driven National do not want to do something or anything about this housing/debt crisis because they fear they will be blamed for the bubble bursting. Great isn’t it?

  5. fisiani 5

    There is no housing affordability crisis.
    Here is a link to a real estate firm
    http://www.realestate.co.nz/residential/all/manawatu-wanganui/horowhenua/levin

    look at all the easily affordable houses.
    New Zealand is much more than Auckland.
    The smart Aucklanders are selling up and moving to the regions.

    • Sabine 5.1

      Is Paula Bennett still paying $ 3000 to unemployed people in the regions to move to the city?

      • Kiwiri 5.1.1

        $3000 should pay for a reasonable amount of petrol for driving to and a few touring trips around Auckland city in the mobile house called ‘car’, including being stuck in the traffic.

      • fisiani 5.1.2

        You have it the wrong way round.

    • weka 5.2

      How do people moving to Levin get a mortgage without having a job?

        • weka 5.2.1.1

          yeah and I bet you really believe that getting a job in a new town is as straightforward as looking on the internet as a random list of positions.

          • fisiani 5.2.1.1.1

            You can get a job or just whinge. You can sell your $500,000 house in Auckland and buy a $300,000 house of the same size South of the Bombay hills. That leaves you $200,000 to start a business of your own. But wait , weka would then whinge about not having the ability to start a business or some other lame excuse or just blame the gummint.

            • Pat 5.2.1.1.1.1

              keep spinning…..approx 50% of Aucklander’s don’t own a 500K(or otherwise) house to sell and downgrade from……what part of “unaffordable” don’t you understand?

            • Stuart Munro 5.2.1.1.1.2

              Oh you mustn’t whinge – that nice Mr Key isn’t really your employee after all – he isn’t really just a liar and a thief and the worst economic manager NZ has ever seen. Make nice with the dictator and you might get a treat –
              “Only certainty in life: when the icy jaws of death close upon you, you will not have had enough treats.”

              Fisiani paradigm – the crawler’s credo.

            • weka 5.2.1.1.1.3

              If you already have a house and job in Auckland why would you want to sell it and move to Levin? The debate is about people living in cars, not people who already have $500,000 equity in a house. Numpty. As far as I can tell, you’re the one that’s whining, about these terrible people who won’t pull themselves up by their bootstraps, but you’re just a bit confused about who these people actually are.

              • fisiani

                Read what is actually happening
                http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11653723

                If you want an affordable house why choose to live in Auckland. Even though another 40 houses have been built there since yesterday it will still be expensive. What’s wrong with living in Levin? Are you chardonnay socialists so out of touch? No wonder you lose in Levin. You can still get a decent latte in Levin. There are vacant state houses all over the country.
                Do you really think that a single woman should live in a 3 bedroom state house when there is a family living in a van?
                http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11652668

                • Houses that aren’t in the city experiencing the property bubble are cheaper? No fucking shit, Sherlock!

                  It’s a good job they didn’t put you in charge of fighting the Ebola outbreak – your “solution” would be to suggest people should just go and live in places that don’t have Ebola.

                  • Richardrawshark

                    yeah but, um living where there was no Ebola outbreak would kind of work, wouldn’t it?

                    Just saying LMAO.

                  • fisiani

                    Why choose to live in a bubble? Do you really think that the poor are hopeless? That they cannot have a life outside Auckland? No single person should be able to continue to rent a 3 bedroom state house. Surely you agree with that. Why bring up a family in a car when there is a warm dry comfortable house available?
                    It is possible to buy or rent a house in NZ for $200 a WEEK

                • Richardrawshark

                  Do you want the 5 dollar argument or the ten dollar one Fisiani?

                  You link Nick and PB’s reply? We discussed that last night?

                  Fail, lets call you on stats? who is they when they say, THEY, made 40 houses a day, rich pricks like you?

                  Do we trust a government that lies over asset sales money and had they not diverted it we may not have an emergency social housing issue. I won’t even go into the housing bubble. YET.

                  Stats from the liars LMFAO, those who lied about crime statistics? Skewing the stats by not reporting crimes as the crimes they actually were, or just not reporting them.

                  Fisiani your party is such a all out failure, defending them looks as pathetic as the direction your neo lib policies have landed us.

                  You got a free reign, you got total power, you ran your neo lib agenda all out for 8 years and guess where we are. It doesn’t work get your head out of your arse and get with the program.

                  The program is about bettering NZ, and labour are far from communist socialism that’s BS and scare tactics, if a policy works use it, like most do, when you rely on doctrine ways of governance like National and a neo lib agenda this is what happens.

                • weka

                  “Read what is actually happening”

                  That article is a nonsense. If you want me to take you seriously, cut and paste and make an actual point. Linking to two people who can’t organise their way out of a paper bag doesn’t count as an argument.

                  “If you want an affordable house why choose to live in Auckland.”

                  Lots of reasons. Are you too stupid to understand the reasons for why people are living there?

                  “Even though another 40 houses have been built there since yesterday it will still be expensive.”

                  lol, Smith and Bennett got out their magic wands and produced 40 affordable houses overnight.

                  “What’s wrong with living in Levin?”

                  Nothing. I don’t know why people would want to live in Auckland myself. But people do have their reasons, including work, family, other commitments, not being able to afford to relocate etc.

                  “You can still get a decent latte in Levin.”

                  That’s alright then.

                  “There are vacant state houses all over the country.
                  Do you really think that a single woman should live in a 3 bedroom state house when there is a family living in a van?”

                  The thing I love about this comment is that you sound so communist. Fucking brilliant.

                  • Gangnam Style

                    “The thing I love about this comment is that you sound so communist. Fucking brilliant.” – I noticed that too, Stalin would have agreed with you Fisiani.

                    • fisiani

                      Are you claiming that it is acceptable for a single woman to live in a three bedroom state house whilst a family is homeless? No wonderthe Left is languishing.

                • gnomic

                  Fizzer, you are a fruitcake. Like your chums Paula and Nick. Useless idiots all.

                  Or perhaps I misjudge you. This could be a very obscure attempt at satire?

            • katipo 5.2.1.1.1.4

              When we have working people in NZ living in cars of forced to take out accommodation loans to live in a 200/night hotel that they will never be able to pay back, then it’s time to put aside all the tired old neo-lib-victim-blaming “it’s all about personal responsibility” arguments and address the problem.

            • North 5.2.1.1.1.5

              Which assumes the person had a $500,000 house in the first place you fucking idiot. In the fullness of the whole matter, you dirty , low liar. We need to meet !

      • adam 5.2.2

        Sub-prime mortgages Weka.

        The solution for the rich to enrichment.

        • weka 5.2.2.1

          we don’t have that here though right? You can’t get a mortgate in NZ without a secure income.

    • Billy fish 5.3

      Double plus good

  6. Sabine 6

    It would be interesting to know just how much money these two banks have lend to overseas investors.

    • Sam C 6.1

      Exactly. This is mere window dressing. Banks are driven by profit, not social conscience. How many loans are the banks actually excluding with this policy? My guess is not many. Chinese money is cheaper than bank rates in NZ, so “foreign buyers” would not be financing it through NZ banks anyway. Plus, if you believe the scuttlebutt, “foreign buyers” are repatriating their money out of their domestic markets, which means by and large they are paying cold, hard cash for their purchases.

      • whispering kate 6.1.1

        That’s exactly what I thought, the banks aren’t really losing that much money surely by not loaning to Chinese buyers, Chinese buy in cash and that’s why they can just bid endlessly at house auctions (and I do have some experience of it as houses in my street almost on a weekly basis are snatched up by Chinese buyers who have very deep pockets) to whatever price until the floor is clear and everybody just drops out, they have wads of it, suitcases full of it, I have read of it in the newspapers where they buy expensive cars with suitcases full of it. Which is another thing I cannot fathom, surely banks when they are presented with wads of notes have a duty to report these transactions to IRD, the car dealers and realtors and even solicitors who deal with house transfers must be aware of all this cash flowing through the system. The young lass I saw at a recent auction phoned her Dad in China for him to transfer 1.3 or thereabouts into a bank account here to pay for the house she had just bought.

        So much for tightening up by not loaning to Chinese buyers, it looks like a PR exercise to me.

  7. Nessalt 7

    So banks are using their position to act as market stabilisers? Who would have thought that free market agents work as they are supposed to?

    makes a nice change from hearing Bloody banksters, reaping profits to send off shore, neo liberal trickle down free market economics has failed etc etc etc.

    • One Anonymous Bloke 7.1

      “Market stabilisers”.

      Nice try, Wormtongue. In their own words they are minimising risk to themselves.

      • Aaron 7.1.1

        I don’t think we can emphasise how unprecedented this is. Banks are allowed to be their own regulators these days and have, up to this point, proven to have a never ending appetite.

        It’s like, the Foxes, having been put in charge of the hen house, have actually decided to go easy on the hens! I think my head is about to explode with the improbabliity of it all.

      • Nessalt 7.1.2

        which is stabilising the market. it’s the same thing as the RBNZ does with interest rates but done at a micro level. Free market agents act rationally to protect or further there interests adjusting the markets appetite. free market works again!

        socialism 0 : free market capitalist economics stopped posting scores ages ago to protect the sensitive socialists feelings. far better to let you think you idealism and caring actually achieves something in the real world, not just the imaginary world you choose to intellectually reside in.

        you should really study economics and or finance before commenting again. same goes for most of your comments TBH, think before you spam your keyboard.

        • Pat 7.1.2.1

          free markets also self correct through crashes where investors are supposed to lose their bad investments, not be bailed out by taxpayers….that includes banks.

        • framu 7.1.2.2

          ” Free market agents act rationally”

          according to the theory – not born out 100% by reality

        • One Anonymous Bloke 7.1.2.3

          Wormtongue, the successes you are falsely claiming credit for belong to mixed social democratic economies. I’m not surprised your intellect is so piss weak you have to invent these pathetic strawmen: wingnuts and stupidity being so closely linked and all that.

          In minimising their own risk, the banks are simply transferring it to someone else.

          • Nessalt 7.1.2.3.1

            you mean the homeowners who got tricked by those big mean banks into mortgages they can’t repay if interest rates go up? awww market agents acting in a rational fashion which results in a stabilisation of the market, who would have thought the free market actually works.

            i know you genuinely believe being a keyboard care whore hoovering up imaginary internet points actually makes a difference. i bet this is the only place where you aren’t invisible to all those around so you get to be a tough guy. people cut you off all the time don’t they? and no one apologises. i feel sorry for you. truly.

            • One Anonymous Bloke 7.1.2.3.1.1

              Dimwit, did I say there’s anything wrong with banks minimising risk to their shareholders? Have you got some more strawmen lined up?

              As for the “free market”, “working”, must I rub your face in the fact that you live in a mixed economy again?

              You lose your bet, oh, and by the way, don’t you feel a vague sense of cognitive dissonance, criticising someone for making comments on an internet forum…by making a comment on an internet forum…stupidity and hypocrisy 😆

              • Nessalt

                haha back peddling on your constant criticism that new zealand is crony capitalist state run by the few now?

                our markets are free, free markets characterised by no or low barriers to entry and exit. there is regulation, but it isn’t particularly onerous and applies to the management of financial institutions in this instance, as opposed to the creation and dissolution of them.

                I make comments here to point out the incorrect nature and therefore irrelevance of your criticisms and “experiences” in your version of “real” new zealand. IF you’d like to start going on about cognitive dissonance, remember that my comments are always consistent. you are wrong, that is a consistent truism that I use. you on the other hand show an alarming inconsistency on your thoughts opinions and behavioural approaces, like most lefties. the only constant is that you agree with anything that is against the national government, so there is a theme, no matter how contradictory every opinion within your grand story arc is.

                • One Anonymous Bloke

                  In fact, my constant criticism is that the National Party is corrupt and incompetent (hence the corruption), and really really shit at being a government. This causes unnecessary hardship and distress.

                  Not sure who you’re describing.

                  PS: the only incorrect nature you point out is in the strawmen you invent. It’s dull, in every sense of the word. Backpeddling from what exactly? Link to the comment I’m backpeddling from.

        • North 7.1.2.4

          Oh Nessie bitch…….you’re Rodders Love Perks Hide coming over all erectial……how looooovely !

    • Kiwiri 7.2

      Good one, Nessalt – the banks are using their position to act as spin market stabilisers. FIFY.

      • Nessalt 7.2.1

        good one simple simon. bet you chuckled to yourself for a good ten minutes over that one. giggling like a simpleton, at such an idiotic comment. knowing nothing and trying to turn a comment to a political angle that is barely relevant makes you look stupid. i wish you’d take the kiwi out of your name. you shame this country.

        • Anno1701 7.2.1.1

          “take the kiwi out of your name. you shame this country.”

          pathetic…. truly craven

    • Colonial Viper 7.3

      So banks are using their position to act as market stabilisers? Who would have thought that free market agents work as they are supposed to?

      Oh fuck off. Bank credit has been instrumental in making houses unaffordable in this country, and as already pointed out, this is purely a matter of self interest for the banks and for the banks shareholders.

      • Nessalt 7.3.1

        you fuck off. everyone is ignoring my original point that the free market is working as it should.

        Stop injecting fucking caring meme’s. it’s so boring and brings zero real results or change. being seen to care does not equal equal knowledge.

        go like a few more kony 2012 posts on FB. that’ll save the kids. better yet, waffle on on the internet. that really effects change. OAB, looking at you

        • Pat 7.3.1.1

          we don’t have a free market(and never have had thank god)…we have a (very poorly) regulated market…and its not working as it should due to a number of distorting interventions

        • One Anonymous Bloke 7.3.1.2

          Have you caught up with the fact that you live in a mixed economy yet?

        • dave 7.3.1.3

          everyone is ignoring my original point that the free market is working as it should. its not a free market how do you explain the rental supplement them ?????

          • One Anonymous Bloke 7.3.1.3.1

            Nessalt is projecting: in fact, the only person ignoring the points others are making is Nessalt. I’d like some discussion of my assertion that the banks are simply shucking risk, rather than lowering it overall. Fat chance getting it from a wingnut.

    • Anno1701 7.4

      dont mistake analytical capitalism for altruism ….

      they have runt he figures and they are minimizing risk, when the bubble bursts they know they cant chase the buyers back to wherever they are from and will not be-able re-coup any money from foreign nationals who flee their debts when all of a sudden their rental portfolio drops how ever % many in value compared to what they have borrowed based on their fraudulent declaration of earnings abroad

      its a “firewall” against the rampant mortgage frauds that have been perpetrated that we will find out about soon enough …

      • Draco T Bastard 7.4.1

        +1

        The entire financial system’s a fraud but the open borders policies on financial capital has accelerated that way beyond the norm and now the people are going to have to pay for it.

    • Draco T Bastard 7.5

      So banks are using their position to act as market stabilisers? Who would have thought that free market agents work as they are supposed to?

      Was them causing the problem in the first place also them working as intended?

      And to be honest I really can’t see this making enough of a difference.

      • Pat 7.5.1

        nope, but its a signal for everyone to batten down the hatches……they are preparing for defaults.

    • North 7.6

      Oh Nessalt what has happened to you right wing arse of a thing ? You acknowledge all of what you purport to throw shit at…….

  8. Eralc 8

    I used to work for one of these banks in Lending. We were constantly assessing risk, especially in light of the events and outcomes of the GFC. Since that time, the banks have really tightened up. What the banks have done is just BAU – nothing unusual about it, it’s just getting more publicity that’s all.

    The Banks aren’t losing out on revenue by doing this – they’re limiting their risk, managing their risk and will mitigate in some other way. They have shareholders to answer to, that and risk are the big drivers.

    As fisiani points out above, there’s no housing crisis – plenty of properties south of the Bombays at reasonable prices.

    • Kiwiri 8.1

      Yeah, no housing crisis south of the ‘Bombays’; check out those 3br houses for under $200k in Lumsden.

    • Colonial Viper 8.2

      As fisiani points out above, there’s no housing crisis – plenty of properties south of the Bombays at reasonable prices.

      Well, that would be fine if politicians and business got off their collective arses and started creating employment opportunities in the regions.

      • fisiani 8.2.1

        Fancy owning 5 bedrooms for just $180,000
        http://www.realestate.co.nz/2818763

        $205 a week for a mortgage.
        Note that it is two houses. Live in one and rent the other.

      • Bob 8.2.2

        Is it illegal to start a business yourself south of the Bombays?
        Why does everyone have to wait for someone else? Half of the complaints on here are people saying the banks give out money too easily, and I have heard many complaints on this site that business owners are tax dodging rich pricks, so why not borrow some of that easy money, pay tax and live comfortably in an affordable house?

      • AB 8.2.3

        “Well, that would be fine if politicians and business got off their collective arses and started creating employment opportunities in the regions.”
        If politicians did it that would be ‘intervention’ which is ipso facto (and a priori) bad in the strange world of Nactonomics

  9. Colonial Viper 9

    I think we may have missed the big statistic here: more than 40% of house sales throughout the country are by investors.

    That activity, especially as it will be concentrated at the rental end of the market, locks out a massive amount of would be first home buyers.

    This is the problem in NZ.

    • Pat 9.1

      1990 population 3.3 million …..70,000 state rentals

      2016 population 4.6 million…..69,000 state rentals

      • Kiwiri 9.1.1

        Can’t wait for Paula-Nick to do a tandem over how their government is a victim of its own fabulous financial success that’s reflected in the stunningly drastic drop in the real rate of state rentals.

        Leaving those two to front the media, Mr Smile-and-Wave has buggered out of town.

        • Pat 9.1.1.1

          I think you do our dear Paula and Nick a grave disservice…..its obvious to anyone how hard they are trying to solve the housing problems of our less affluent NZers

          • Kiwiri 9.1.1.1.1

            *coffee over keyboard*

            And it is such a great pity for Paula that Australia has changed so much since 1788-1868 that she can’t issue a press release this afternoon to say those living in cars, garages and streets will be criminalised and then shipped to West Island before GE2017.

            • Pat 9.1.1.1.1.1

              Ah …West Island…that diminishing home of our ever sympathetic financial institutions….perhaps Paula and Nick may care to take an (extremely) extended fact finding visit.

    • Infused 9.2

      Yeah, and you will find it’s not foreigners. It’s us, being greedy fucks.

      • Kiwiri 9.2.1

        You are a genius. Update: it’s Lumsden’s fault, Labour’s fault, and all our own fault.

      • Gangnam Style 9.2.2

        “It’s us, being greedy fucks.” – well duh, that’s the whole ‘neo-lib’ thing/raison d’être innit? The Invisible Hand is out to grab & hoard as much as it can.

  10. Infused 10

    It’s bullshit and shows how little you understand.

    True ‘foreign’ buyers bring the money in from China where it’s far cheaper. This was just a marketing ploy as the banks will have very little borrowing from foreign buyers.

    A master stroke by the banks.

    • save nz 10.1

      Yep foreign buyers bring foreign money in, and then Kiwis have to pay higher interest rates for their mortgages and businesses.

      Lose, lose.

      But agree with your point, that normal foreign investors use much cheaper rates available practically everywhere else in the world than NZ.

      So for locals it is not a fair playing field, you could be paying over 4% higher interest than our foreign buyers when you buy anything here.

    • Visubversa 10.2

      Absolutely – the money comes in from overseas and the only Pakeha hands that touch the whole process are the Consent people at Council.

  11. Observer Toke 11

    .
    . Could you please try and understand that no one south of the Bombay Hills wants anyone from Auckland.

    Please try and work out why that is. It is simple enough. It has to do with rising house prices; rising rentals; low rural wages; and gross lack of jobs; clinics but few Hospitals. High cost of travel to Hospitals. And to other essentials services.

    Keep Aucklanders in Auckland. They are incompetent; unskilled; lazy and lacking compassion. Big on ego. Short on everything else.

    They have had near two hundred years to get Auckland right. Still, it is in a worse state than ever!

    It is Auckland’s task to get their incredible mess fixed. Leave the rest of New Zealand out of their pooh.

    • b waghorn 11.1

      Your completely wrong. Lose of population in rural towns is what has driven the reduction in services, most of the issues you mention could be solved by government actively pumping life back into the provinces.

      Oh and not all of us are anti aucklanders. Get sick of hearing about Auckland yes .

    • Sabine 11.2

      so are you saying that Aucklanders are not New Zealanders?

      No one from New Zealand ever moved to Auckland? Really?

    • Chumly 11.3

      Well…I guess to an extent there is some of that rhetoric bubbling around.
      Probably what killed the regions was the rate at which technology just never made it out there. NZ was so incredibly slow on the uptake and in realising that the internet was the future (and that applies in a general sense, too).
      The lure of the city! Oh the city with all it’s everything!

      Fair to say New Zealand’s egalitarian heyday was infact when the regions were thriving.
      Take me back to the sheep farm.

    • Treetop 11.4

      Pleased that you raised access to a hospital.

      There is the health shuttle which runs between Levin and Palmy, missing it would be a problem.

      Not sure if still the case, Levin did not have a ASB bank four years ago.

      Leaving the town using public transport is the only way in or out of Levin if carless. Short trips on Intercity are quite dear. To get around Levin a push bike (ok for a single person with average health) is an option. Walking is a last resort.

      The Auckland rail system is 100 years behind.

      Housing in Auckland is about 30 years behind.

      Family separation can be tough (five members of my family had to relocate several weeks ago, my life is not the same).

      Living in NZ is a lot harder than it used to be.

      Key works for the US first and NZ takes second place, that is what I think the problem is.

  12. save nz 12

    Most foreign investors have access to much cheaper interest rates than NZ so would be using the cheaper rate, so my guess is that the foreign investors that are using NZ banks to borrow, are likely to be scamster’s or to money launder.

  13. Observer Toke 13

    .@ B Waghorn

    . I think if you read what I have written, we are in agreement about a lot of the rural issues.

    If jobs were increased in rural areas there would be no problem with shipping people out of Auckland. But jobs (income) is the first and foremost necessity for any adult human being.

    Auckland appears to have jobs but has run out of affordable housing. This has caused high rental rates.

    So instead of sending people to places that have no jobs and no prospects, why not get Auckland to build affordable houses.

    My shock at the incompetence of Auckland is not against individual people. But I think their idea of getting rid of people by sending them off to far away jobless places is absurd.

    • Colonial Viper 13.1

      Plenty of people from regional NZ who have moved to Auckland for jobs would love to leave the bloody place if there were jobs back nearer to their home towns.

      • Stuart Munro 13.1.1

        +1000

      • Richardrawshark 13.1.2

        If you move away from work, WINZ I suspect will cancel your benefit. There are only certain area’s they actually allow you to move from and your forgetting that.

      • Little Kiwi 13.1.3

        Aucklanders shouldn’t be forced to move because of speculation. It’s moving rapidly to the rest of the country so they could move and not much later wind up with the same issues. There is a lot of focus on Auckland but the problem is rapidly becoming country-wide. The homeless situation is getting some global attention now, so the govt can’t deny it’s a problem any longer. To be honest I did love leaving Auckland but I can’t afford to rent where I am now and the next move is overseas because I can. I just feel really sad that NZ has come to this level of greed.

    • framu 13.2

      “My shock at the incompetence of Auckland is not against individual people”

      “They are incompetent; unskilled; lazy and lacking compassion. Big on ego. Short on everything else. ”

      fair points on the rest – but really?

    • save nz 13.3

      @Observer Toke -it’s not Auckland people trying to do these ridiculous things, – it’s Wellington to Auckland.

      Even the stupidest journalist at Granny is now seeing that they are looking like idiots mimicking the government on housing, and saying that their SHA are working. RMA grants 99% of consents. You can put in a roll of toilet paper with a plan and a cheque and Auckland council planners will consent it if you pay them enough. It’s the built houses that are missing from the big picture, that, and the infrastructure and too many people.

      Some Troll yesterday spouting that line – 40 building consents per day, is somehow 40 houses available now and built for affordability!

      Get the sock puppets out again.

      National have had 8 years to solve it and they have added 100,000’s of extra people in that time, National are creating the housing crisis!

      Now apparently not only the poor have to move out to make way for whoever the government apparently deems more worthwhile to house in Auckland (Sky city workers maybe?) but also the middle class should sell their house in Auckland and then move somewhere cheaper to free up housing.

  14. Adrian 14

    It,s complex but any private money coming out of China is pretty much illegal, you have to put it in a banks special account there and draw out a similiar amount in an overseas subsidiary and if the money is ill-gotten ( as a lot of it is ) and dodgy it gets even trickier involving gold and diamonds etc.
    Do we really want dodgy fuckers investing here?

    • Colonial Viper 14.1

      In which jurisdication is that money illegal Adrian?

      Why is it that the NZ banking system and NZ real estate agents accept illegal money?

  15. Observer Toke 15

    . @ Sabine

    Are you proud of Auckland for not having adequate affordable housing and reasonable rents?

    Don’t you want them to get cracking and fix the situation they have got themselves into?

    Why would you want to shunt your fellow Aucklanders off to places that have no jobs?

    Auckland is New Zealand’s dumb city. I regret if that offends you.

  16. Draco T Bastard 16

    In those states, if a property ends up worth less than the mortgage, the homeowner can effectively post the keys back to the bank and leave their debt behind them.

    In New Zealand there’s no such escape: the debt stays with the borrower.

    Translation: The lenders are protected from the risks that they take and all the risk is placed upon the borrowers.

    If a nation has good savings then it is not so dependent on foreign investment and less vulnerable to global economic shocks, MacCulloch says.

    Actually, if we didn’t allow foreign investment then foreign borrowing wouldn’t be a problem. And really, foreign money doesn’t actually bring anything of value to NZ as we can always afford to utilise our own resources. If all available resources are presently in use then all foreign cash does is push up inflation.

    Debt itself is not inherently good or bad. “As a financial tool it is a wonderful invention,” says MacCulloch.

    “It allows you to buy a house and pay for an education. So you can smooth consumption over your life cycle.

    “You need debt. It’s sort of fundamental to economics.

    Typical bollocks from an economist who wouldn’t know what an economy was if they tripped over one. And certainly doesn’t understand the position of society within peoples lives.

    Debt is fundamental to the rich getting richer off of other peoples work. It has no other purpose.

    We are told repeatedly we must have a strong banking sector to have a successful economy. But the reality is they are not the doers, they are only the facilitators. Somehow we’ve put the facilitators on a pedestal, in a way that has never happened before in history.

    Yeah we have the most notable being the Great Depression and then the GFC but we’ve been doing it consistently for the last 5000 years of recorded history and it always ends up the same way – with the collapse of the society that does it.

    We cannot afford the rich

    Bill English certainly remains adamant that individuals are best placed to make their own choices about borrowing and spending.

    Actually, individuals haven’t got a friggen clue as they haven’t got the information needed to put their borrowing into the perspective of the entire society and what society can afford. That’s what bubbles are – individuals pushing spending and borrowing beyond what the society can afford. And that’s assisted by the fact that the private banks create money every time that they make a loan and they’re incentivised to maximise lending so as to maximise profit.

    The profit motive bringing about the worst possible result for society

    The US can sustain 100 per cent of gross government debt to GDP because it is a super-economy

    No, it’s got an economy that’s identical to our one. It has it’s physical resources, it has its people and it has its people’s skills. And that’s it. Their huge land mass means that they’ve got a lot of those things but it’s still the same as every other economy.

  17. Takere 17

    So is the catalyst for the Nat’s to call for an early election? The election you wouldn’t want to win?

  18. save nz 18

    Is John Key and the National government going to call the banks racist like they call everyone else for trying to contain the problem and lesson the stability of NZ?

    • Richardrawshark 18.1

      Only if they refuse to lend to people with Chinese sounding names 🙂

  19. Observer Toke 19

    To: SaveNZ

    . I can agree with you that Parliament (which is rock solid out of touch) has allowed a situation to build up. Far too many immigrants seeking residence in Auckland, where there is a morgue like paralysis in infrastructure, as well as in additional Housing.

    The captain of a ship knows that if you put too much freight on it it will sink in a rush of chilly bubbles.

    On top of the morgue mode, 40% of our houses go to foreign non resident investors.

    But worse still, the prices of the houses are pushed up to ridiculous levels which only the foreigners can afford.

    The out of touch Parliament does nought. The Council keeps its morgue like immobility and the people of Auckland don’t give a twopenny cuss.

    We need a leader who will reduce immigration; who will put ceiling prices on houses and rentals until things settle; and which will build more infrastructure and Housing.

    That Captain could be Bernie Sanders. He is Mr Common Sense. But it would seem Auckland wants to do nothing, and drown like silly little shrimp. Bugger common sense. Eh

    • save nz 19.1

      @Observer Toke – actually it’s a great strategy for National clinging to power. They move poorer voters out of Auckland and richer overseas folks in to vote for them. They have no intention of changing this – that is why no houses are being built and those that are, are not for local waged folk. Then locals buying are expected to pay for increased house prices with higher mortgages and are between a rock and a hard place and yes, nobody in this mess can afford for house prices to fall significantly.

      If you have a look at what happened in the USA with the GFC, it was the ordinary person who coped it, losing their house, their job, their medical and their retirement savings, while the government bailed out the banks. After that crash there was not this inequality gain that a lot of people in NZ seem to think will happen if property prices crash here, quite the opposite has occurred in the US, everyone lost their jobs and savings, the poor are poorer, the middle class are poorer, the rich are poorer and the super rich own everything, including the politicians.

  20. Richardrawshark 20

    Imagine if for any reason,. something came along that scared these speculators and foreign investors enough to pull out of housing.

    69k mortgage half way there.. 100 a week..so happy, so, so, happy.

  21. Smilin 21

    The ultimate exercise in self regulation by the govt -Wait for the market to do something even though the govt has a democratic obligation or is it just my politics not theirs

  22. Observer Toke 22

    .
    To: Save NZ

    . I sincerely hope that many people will read your most recent Post. 19.1

    For mine, you have the issues straight, clear and very telling!

    .
    I truly hope Auckland gets off its ass and lets the Pollies and the Council know what they should be doing. In the meantime Auckland is drifting like a sinking boat …

    • Treetop 22.1

      “In the meantime Auckland is drifting like a sinking boat…”

      Success creating failure?

      Heard a discussion on the port of Auckland last weekend. I thought similar to Peters, fill up the harbour with ocean liners (at least those embarking will not require a bed for the night) and move the container operation up north, that just may create some regional growth.

      I won’t be here in 50 years, so I will not know if the Auckland harbour gridlock will be another fail.

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    Democracy ProjectBy bryce.edwards
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  • How much climate reality can the global financial system take without collapsing?
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    The KakaBy Bernard Hickey
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  • Weekly Roundup 24-May-2024
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    4 days ago
  • Earning The Huia Feather.
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    4 days ago
  • Bernard’s Dawn Chorus and pick ‘n’ mix for Friday, May 24
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    The KakaBy Bernard Hickey
    4 days ago
  • The Hoon around the week to May 24
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    The KakaBy Bernard Hickey
    4 days ago
  • Beijing troubleshooter’s surprise visit
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    PolitikBy Richard Harman
    4 days ago
  • UK election a foregone conclusion?  That’s why it’s interesting
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    Point of OrderBy xtrdnry
    4 days ago
  • Skeptical Science New Research for Week #21 2021
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    4 days ago
  • Days in the life
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    More Than A FeildingBy David Slack
    4 days ago
  • Forget about its name and focus on its objective – this RMA reform bill aims to cut red tape (and ...
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    Point of OrderBy Bob Edlin
    4 days ago
  • More National corruption
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    No Right TurnBy Idiot/Savant
    5 days ago
  • Submit!
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    No Right TurnBy Idiot/Savant
    5 days ago
  • Reading the MPS numbers thinking about the fiscal situation
    Michael Reddell writes –  The Reserve Bank doesn’t do independent fiscal forecasts so there is no news in the fiscal numbers in today’s Monetary Policy Statement themselves. The last official Treasury forecasts don’t take account of whatever the government is planning in next week’s Budget, and as the Bank notes ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Charter Schools are a worthwhile addition to our school system – but ACT is mis-selling why they a...
    Rob MacCulloch writes – We know the old saying, “Never trust a politician”, and the Charter School debate is a good example of it. Charter Schools receive public funding, yet “are exempt from most statutory requirements of traditional public schools, including mandates around .. human capital management .. curriculum ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Paranoia On The Left.
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    5 days ago
  • Budget challenges
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    Point of OrderBy poonzteam5443
    5 days ago
  • Rishi calls an Election.
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    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Photo of the Day: GNR
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    Greater AucklandBy Patrick Reynolds
    5 days ago
  • Choosing landlords and the homeless over first home buyers
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    The KakaBy Bernard Hickey
    5 days ago
  • Orr’s warning; three years of austerity
    Yesterday, the Reserve Bank confirmed there will be no free card for the economy to get out of jail during the current term of the Government. Regardless of what the Budget next week says, we are in for three years of austerity. Over those three years, we will have to ...
    PolitikBy Richard Harman
    5 days ago
  • An admirable U-turn
    It doesn’t inspire confidence when politicians change their minds.  But you must give credit when a bad idea is dropped. Last year, we reported on the determination of British PM Rishi Sunak to lead the world in regulating the dangers of Artificial Intelligence. Perhaps he changed his mind after meeting ...
    Point of OrderBy xtrdnry
    5 days ago
  • Climate Adam: Can we really suck up Carbon Dioxide?
    This video includes conclusions of the creator climate scientist Dr. Adam Levy. It is presented to our readers as an informed perspective. Please see video description for references (if any). Is carbon dioxide removal - aka "negative emissions" - going to save us from climate change? Or is it just a ...
    5 days ago
  • Public funding for private operators in mental health and housing – and a Bill to erase a bit of t...
    Headed for the legislative wastepaper basket…    Buzz from the Beehive It looks like this government is just as ready as its predecessor to dip into the public funds it is managing to dispense millions of dollars to finance – and favour – the parties it fancies. Or ...
    Point of OrderBy Bob Edlin
    5 days ago
  • Why has Einstein Medalist Roy Kerr never been Knighted?
    Rob MacCulloch writes – National and Labour and ACT have at various times waxed on about their “vision” of NZ as a high value-added world tech center What subject is tech based upon? Mathematics. A Chicago mathematician just told me that whereas last decade ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Contestable advice
    Eric Crampton writes –  Danyl McLauchlan over at The Listener on the recent shift toward more contestability in public policy advice in education: Education Minister Erica Stanford, one of National’s highest-ranked MPs, is trying to circumvent the establishment, taking advice from a smaller pool of experts – ...
    Point of OrderBy poonzteam5443
    6 days ago
  • How did it get so bad?
    Ele Ludemann writes – That Kāinga Ora is a mess is no surprise, but the size of the mess is. There have been many reports of unruly tenants given licence to terrorise neighbours, properties bought and left vacant, and the state agency paying above market rates in competition ...
    Point of OrderBy poonzteam5443
    6 days ago
  • How serious is an MP’s failure to declare $178k in donations?
    Bryce Edwards writes –  It’s being explained as an “inadvertent error”. However, National MP David MacLeod’s excuse for failing to disclose $178,000 in donations for his election campaign last year is not necessarily enough to prevent some serious consequences. A Police investigation is now likely, and the result ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Gordon Campbell on the privatising of state housing provision, by stealth
    The scathing “independent” review of Kāinga Ora barely hit the table before the coalition government had acted on it. The entire Kāinga Ora board will be replaced, and a new chair (Simon Moutter) has been announced. Hmm. No aspersions on Bill English, but the public would have had more confidence ...
    6 days ago
  • Our House.
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    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Getting to No
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    Point of OrderBy xtrdnry
    6 days ago
  • At a glance – How does the Medieval Warm Period compare to current global temperatures?
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    6 days ago
  • Bryce Edwards: How serious is an MP’s failure to declare $178k in donations?
    It’s being explained as an “inadvertent error”. However, National MP David MacLeod’s excuse for failing to disclose $178,000 in donations for his election campaign last year is not necessarily enough to prevent some serious consequences. A Police investigation is now likely, and the result of his non-disclosure could even see ...
    Democracy ProjectBy bryce.edwards
    6 days ago
  • Get your story straight, buddy
    The relentless drone coming out of the Prime Minister and his deputy for a million days now has been that the last government was just hosing  money all over the show and now at last the grownups are in charge and shutting that drunken sailor stuff down. There is a word ...
    More Than A FeildingBy David Slack
    6 days ago
  • A govt plane is headed for New Caledonia – here’s hoping the Kiwis stranded there get better ser...
    Buzz from the Beehive Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to riot-torn New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home. Today’s flight will carry around 50 passengers with the most ...
    Point of OrderBy Bob Edlin
    7 days ago
  • Who is David MacLeod?
    Precious declaration saysYours is yours and mine you leave alone nowPrecious declaration saysI believe all hope is dead no longerTick tick tick Boom!Unexploded ordnance. A veritable minefield. A National caucus with a large number of unknowns, candidates who perhaps received little in the way of vetting as the party jumped ...
    Nick’s KōreroBy Nick Rockel
    7 days ago
  • The Four Knights
    Rex Ahdar writes –  The Rt Hon Winston Peters, Deputy Prime Minister and Minister of Foreign Affairs, likes to trace his political lineage back to the pioneers of parliamentary Maoridom.   I will refer to these as the ‘big four’ or better still, the Four Knights. Just as ...
    Point of OrderBy poonzteam5443
    7 days ago
  • Could Willie Jackson be the populist leader that Labour need?
    Bryce Edwards writes –  Willie Jackson will participate in the prestigious Oxford Union debate on Thursday, following in David Lange’s footsteps. Coincidentally, Jackson has also followed Lange’s footsteps by living in his old home in South Auckland. And like Lange, Jackson might be the sort of loud-mouth scrapper ...
    Point of OrderBy poonzteam5443
    7 days ago

  • Minister to Singapore for defence, technology talks
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    BeehiveBy beehive.govt.nz
    15 hours ago
  • Major investment in teacher supply through Budget 24
    Over the next four years, Budget 24 will support the training and recruitment of 1,500 teachers into the workforce, Education Minister Erica Stanford announced today. “To raise achievement and develop a world leading education system we’re investing nearly $53 million over four years to attract, train and retain our valued ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Joint statement on the New Zealand – Cook Islands Joint Ministerial Forum – 2024
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    BeehiveBy beehive.govt.nz
    3 days ago
  • Middle East, Africa deployments extended
    The Government has approved two-year extensions for four New Zealand Defence Force deployments to the Middle East and Africa, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today. “These deployments are long-standing New Zealand commitments, which reflect our ongoing interest in promoting peace and stability, and making active ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Climate Change Commission Chair to retire
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    BeehiveBy beehive.govt.nz
    4 days ago
  • Inaugural Board of Integrity Sport & Recreation Commission announced
    Nine highly respected experts have been appointed to the inaugural board of the new Integrity Sport and Recreation Commission, Sport & Recreation Minister Chris Bishop says. “The Integrity Sport and Recreation Commission is a new independent Crown entity which was established under the Integrity Sport and Recreation Act last year, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • A balanced Foreign Affairs budget
    Foreign Minister Winston Peters confirmed today that Vote Foreign Affairs in Budget 2024 will balance two crucial priorities of the Coalition Government.    While Budget 2024 reflects the constrained fiscal environment, the Government also recognises the critical role MFAT plays in keeping New Zealanders safe and prosperous.    “Consistent with ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New social housing places to support families into homes
    New social housing funding in Budget 2024 will ensure the Government can continue supporting more families into warm, dry homes from July 2025, Housing Ministers Chris Bishop and Tama Potaka say. “Earlier this week I was proud to announce that Budget 2024 allocates $140 million to fund 1,500 new social ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand’s minerals future
    Introduction Today, we are sharing a red-letter occasion. A Blackball event on hallowed ground. Today  we underscore the importance of our mineral estate. A reminder that our natural resource sector has much to offer.  Such a contribution will not come to pass without investment.  However, more than money is needed. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government sets out vision for minerals future
    Increasing national and regional prosperity, providing the minerals needed for new technology and the clean energy transition, and doubling the value of minerals exports are the bold aims of the Government’s vision for the minerals sector. Resources Minister Shane Jones today launched a draft strategy for the minerals sector in ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government progresses Māori wards legislation
    The coalition Government’s legislation to restore the rights of communities to determine whether to introduce Māori wards has passed its first reading in Parliament, Local Government Minister Simeon Brown says. “Divisive changes introduced by the previous government denied local communities the ability to determine whether to establish Māori wards.” The ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • First RMA amendment Bill introduced to Parliament
    The coalition Government has today introduced legislation to slash the tangle of red and green tape throttling some of New Zealand’s key sectors, including farming, mining and other primary industries. RMA Reform Minister Chris Bishop says the Government is committed to  unlocking development and investment while ensuring the environment is ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government welcomes EPA decision
    The decision by Environmental Protection Authority (EPA) to approve the continued use of hydrogen cyanamide, known as Hi-Cane, has been welcomed by Environment Minister Penny Simmonds and Agriculture Minister Todd McClay.  “The EPA decision introduces appropriate environmental safeguards which will allow kiwifruit and other growers to use Hi-Cane responsibly,” Ms ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Speech to Employers and Manufacturers Association: Relief for today, hope for tomorrow
    Kia ora, Ngā mihi nui ki a koutou kātoa Tāmaki Herenga Waka, Tāmaki Herenga tangata Ngā mihi ki ngā mana whenua o tēnei rohe Ngāti Whātua ō Ōrākei me nga iwi kātoa kua tae mai. Mauriora. Greetings everyone. Thank you to the EMA for hosting this event. Let me acknowledge ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government invests in 1,500 more social homes
    The coalition Government is investing in social housing for New Zealanders who are most in need of a warm dry home, Housing Minister Chris Bishop says. Budget 2024 will allocate $140 million in new funding for 1,500 new social housing places to be provided by Community Housing Providers (CHPs), not ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • $24 million boost for Gumboot Friday
    Thousands more young New Zealanders will have better access to mental health services as the Government delivers on its commitment to fund the Gumboot Friday initiative, says Deputy Prime Minister Winston Peters and Mental Health Minister Matt Doocey.  “Budget 2024 will provide $24 million over four years to contract the ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Residential Tenancies Amendment Bill passes first reading
    The Coalition Government’s Residential Tenancies Amendment Bill, which will improve tenancy laws and help increase the supply of rental properties, has passed its first reading in Parliament says Housing Minister Chris Bishop. “The Bill proposes much-needed changes to the Residential Tenancies Act 1986 that will remove barriers to increasing private ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Montecassino Commemorative Address, Cassino War Cemetery
    Standing here in Cassino War Cemetery, among the graves looking up at the beautiful Abbey of Montecassino, it is hard to imagine the utter devastation left behind by the battles which ended here in May 1944. Hundreds of thousands of shells and bombs of every description left nothing but piled ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • First Reading – Repeal of Section 7AA of the Oranga Tamariki Act 1989
    I present a legislative statement on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill Mr. Speaker, I move that the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill be now read a first time. I nominate the Social Services and Community Committee to consider the Bill. Thank you, Mr. ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • First reading of 7AA’s repeal: progress for children
    The Bill to repeal Section 7AA of the Oranga Tamariki Act has had its first reading in Parliament today. The Bill reaffirms the Coalition Government’s commitment to the care and safety of children in care, says Minister for Children Karen Chhour.  “When I became the Minister for Children, I made ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • China Business Summit 2024
    Kia ora koutou, good morning, and zao shang hao. Thank you Fran for the opportunity to speak at the 2024 China Business Summit – it’s great to be here today. I’d also like to acknowledge: Simon Bridges - CEO of the Auckland Chamber of Commerce. His Excellency Ambassador - Wang ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Assisted depatures from New Caledonia
    Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home.    “New Zealanders in New Caledonia have faced a challenging few days - and bringing ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Assisted departures from New Caledonia
    Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home.  “New Zealanders in New Caledonia have faced a challenging few days - and bringing them ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government to rollout roadside drug testing
    The Coalition Government will introduce legislation this year that will enable roadside drug testing as part of our commitment to improve road safety and restore law and order, Transport Minister Simeon Brown says.  “Alcohol and drugs are the number one contributing factor in fatal road crashes in New Zealand. In ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister responds to review of Kāinga Ora
    The Government has announced a series of immediate actions in response to the independent review of Kāinga Ora – Homes and Communities, Housing Minister Chris Bishop says. “Kāinga Ora is a large and important Crown entity, with assets of $45 billion and over $2.5 billion of expenditure each year. It ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pseudoephedrine back on shelves
    Associate Health Minister David Seymour is pleased that Pseudoephedrine can now be purchased by the general public to protect them from winter illness, after the coalition government worked swiftly to change the law and oversaw a fast approval process by Medsafe. “Pharmacies are now putting the medicines back on their ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand-China Business Summit
    Tēnā koutou katoa. Da jia hao.  Good morning everyone.   Prime Minister Luxon, your excellency, a great friend of New Zealand and my friend Ambassador Wang, Mayor of what he tells me is the best city in New Zealand, Wayne Brown, the highly respected Fran O’Sullivan, Champion of the Auckland business ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New measures to protect powerlines from trees
    Energy Minister Simeon Brown has announced that the Government will make it easier for lines firms to take action to remove vegetation from obstructing local powerlines. The change will ensure greater security of electricity supply in local communities, particularly during severe weather events.  “Trees or parts of trees falling on ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Wairarapa Moana ki Pouakani win top Māori dairy farming award
    Wairarapa Moana ki Pouakani were the top winners at this year’s Ahuwhenua Trophy awards recognising the best in Māori dairy farming. Māori Development Minister Tama Potaka announced the winners and congratulated runners-up, Whakatōhea Māori Trust Board, at an awards celebration also attended by Prime Minister Christopher Luxon and Finance Minister ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • DJ Fred Again – Assurance report received
    "On the 27th of March, I sought assurances from the Chief Executive, Department of Internal Affairs, that the Department’s correct processes and policies had been followed in regards to a passport application which received media attention,” says Minister of Internal Affairs Brooke van Velden.  “I raised my concerns after being ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • District Court Judges appointed
    Attorney-General Judith Collins has announced the appointment of three new District Court Judges, to replace Judges who have recently retired. Peter James Davey of Auckland has been appointed a District Court Judge with a jury jurisdiction to be based at Whangarei. Mr Davey initially started work as a law clerk/solicitor with ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Unions should put learning ahead of ideology
    Associate Education Minister David Seymour is calling on the Post Primary Teachers’ Association (PPTA) to put ideology to the side and focus on students’ learning, in reaction to the union holding paid teacher meetings across New Zealand about charter schools.     “The PPTA is disrupting schools up and down the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Craig Stobo appointed as chair of FMA
    Commerce and Consumer Affairs Minister Andrew Bayly today announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA). Mr Stobo takes over from Mark Todd, whose term expired at the end of April. Mr Stobo’s appointment is for a five-year term. “The FMA plays ...
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    2 weeks ago
  • Budget 2024 invests in lifeguards and coastguard
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    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand and Tuvalu reaffirm close relationship
    New Zealand and Tuvalu have reaffirmed their close relationship, Foreign Affairs Minister Winston Peters says.  “New Zealand is committed to working with Tuvalu on a shared vision of resilience, prosperity and security, in close concert with Australia,” says Mr Peters, who last visited Tuvalu in 2019.  “It is my pleasure ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand calls for calm, constructive dialogue in New Caledonia
    New Zealand is gravely concerned about the situation in New Caledonia, Foreign Minister Winston Peters says.  “The escalating situation and violent protests in Nouméa are of serious concern across the Pacific Islands region,” Mr Peters says.  “The immediate priority must be for all sides to take steps to de-escalate the ...
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    2 weeks ago
  • New Zealand welcomes Samoa Head of State
    Prime Minister Christopher Luxon met today with Samoa’s O le Ao o le Malo, Afioga Tuimalealiifano Vaaletoa Sualauvi II, who is making a State Visit to New Zealand. “His Highness and I reflected on our two countries’ extensive community links, with Samoan–New Zealanders contributing to all areas of our national ...
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    2 weeks ago
  • Island Direct eligible for SuperGold Card funding
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    2 weeks ago
  • Further sanctions against Russia
    Foreign Minister Winston Peters today announced further sanctions on 28 individuals and 14 entities providing military and strategic support for Russia’s invasion of Ukraine.  “Russia is directly supported by its military-industrial complex in its illegal aggression against Ukraine, attacking its sovereignty and territorial integrity. New Zealand condemns all entities and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • One year on from Loafers Lodge
    A year on from the tragedy at Loafers Lodge, the Government is working hard to improve building fire safety, Building and Construction Minister Chris Penk says. “I want to share my sincere condolences with the families and friends of the victims on the anniversary of the tragic fire at Loafers ...
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    2 weeks ago

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