Black Monday wasn’t so bad, John Key is worse

Written By: - Date published: 8:51 am, August 31st, 2015 - 37 comments
Categories: China, Economy, john key, national - Tags: , , ,

Well, the fallout from the latest stock market ‘correction’, this time in China, is still reverberating. However it is becoming clear. Not much has changed from the weeks and months before. The major affected major stock markets outside China are largely back to where they were. The economies that became too dependent on Chinese imports of raw materials like Aussie, us, much of Africa and South America, and many other parts of the world are still down.

Quite simply the Chinese stockmarket is such a small proportion of the Chinese economy as a leader in the Economist pointed out in “Taking a tumble“, that it’s fall was a symptom of internal confidence rather than a shift in the economic base.

So is this the hour of China’s crisis? Highly unlikely. Though the economy faces grave problems, the financial tumult is misleading. China’s stockmarket has long been derided as a casino, and for good reason. The bourse is small relative to the economy, with a tradable value of a third of GDP, compared with more than 100% in developed economies. Stocks and economic fundamentals have little in common. When share prices nearly tripled in the year to June, they no more reflected a stunning improvement in China’s growth prospects than their collapse since then has foreshadowed a sudden deterioration.

Less than a fifth of China’s household wealth is invested in shares; their boom did little to boost consumption and their crash will do little to slow it. Punters borrowed lots of money to buy stocks in good times, to be sure, and some of that debt will default. But it amounts to just 1% of total banking assets, a potential hit that, although unpleasant, is hardly systemic.

The property market matters far more for China’s economy than equities do. Housing and land account for the vast majority of collateral in the financial system and play a much bigger role in spurring on growth. Yet the barrage of bearish headlines about share prices has obscured news of a property rebound. House prices have perked up nationwide for three straight months. Two months after the stockmarket first crashed, this upturn continues.

That isn’t to say that the exchange doesn’t reflect fundamental underlying changes in the Chinese economy, it is. But as a casino, it lags a lot on the real economy. It means that the usual rush of gamblers to a new market that went bull happened. People threw their savings into the pot, and then borrowed to throw more in. Then most failed to exit early enough. Emily Rauhala at the Washington Post has an eloquent description of the classic pattern in a farming village in China  (well worth reading).

For Nan, the taste of fast money has been hard to forget. His wife, Wang, wants him back in the fields, but he believes he can recover what he lost, maybe more. If he is angry, he won’t say so, fulsomely praising the local chief and the Communist Party as he compulsively checks for market news on his phone.

For me, it reminds me of the once-were-millionaires in Auckland in 1989 as they tried to get rid of assets to clear debt and avoid bankruptcy. I believe most of them also followed their ever hopeful religious beliefs and went on to supporting the Act party.

The change that has been happening in China over a number of years has been the slowing of growth, and in particular the frantic infrastructure growth that China initiated in 2008/9 as a response to the GFC. That was perfectly placed to take advantage of the lower commodity prices as the other major industrial consumers faltered, and then to take advantage of the rising markets in the west as the GFC effects diminished there.

But now the housing are built, the rail lines in, and the infrastructure is largely done. So much of the need for many of those commodity imports has diminished.

On the downside, there is little chance this [housing] rebound will translate into a big acceleration in building activity, because Chinese developers still have to work through a glut of unsold homes, the legacy of their building frenzy of recent years. But the stabilisation of prices reduces the risk of a property-market crash—an event that would be for China what a stockmarket crash would be in America or Japan.

However the external markets are full and the massive potential Chinese internal market isn’t sucking up the supply.

Investors are now trying to delve beyond iPhone shipments and gauge where China’s economy—and so the world’s—stands. In terms of global impact, a “hard landing” in China would now rival an American depression. Countries from Australia to Angola have grown richer from digging stuff out of the ground and shipping it to China. Industries from carmaking to luxury goods look to China for new business. It has been the most stable contributor to world economic growth. Will that continue?

Certainly, there are reasons to think it is in trouble. Exports are stumbling, bad loans rising and the industrial sector at its weakest since the depths of the global financial crisis. Never entirely credible, the government’s claims that the economy is chugging along at 7% now elicit derision.

At present, skeptics think that the real Chinese growth rate is in the order of 2-3%. Less than that of the US at 3.7%.

For the next few years, the bulk of the issue with the Chinese slowdown will be to do with the developing economies who have been supplying China with raw materials. Their exports and export prices on commodities have dropped and are unlikely to rise any time soon.

The Guardian has a useful simplified interactive graphic to demonstrate what likely effects on commodity suppliers is likely to be.

Guardian_china_import_drop_effects

Click to enter interactive page

Needless to say, because of the John Key government’s headlong pursuit of dairy and other agricultural/forestry commodity sales in the last 7 years, New Zealand is one of the countries most at risk of slowdowns in imports from China. However we have a double whammy because our next biggest trading partner is Australia, who are just about as badly exposed in a completely different area of minerals. It is unlikely that the kiwi economy will sidestep both issues.

John Key seems to prefer us to be a developing world commodity trader, without any significiant intellectual property in the bulk of our exports. Certainly in the last 7 years, his government has systematically removed almost all of the economic inducements to develop more advanced products for selling offshore, while at the same time using the power of the state to favour dairy. This leaves us at the mercy of not only of competitors entering the low bar of dairy farming, but also to downturns in particular markets like China.

Black Monday on the casino Chinese stock markets wasn’t a particular problem for New Zealand. Living with the consequences of  John Key’s short-term thinking government will be. Both us and our next biggest trading partner Australia are heavily exposed to falling Chinese imports and falling commodity prices. That is going to hurt even more than now over the coming years.

37 comments on “Black Monday wasn’t so bad, John Key is worse”

  1. Pat 1

    good broad summary..would add one observation however,although there is a complete disconnect between the SE and the economy in China, even more so than the west, the panic occured when the realisation of that fact hit home coupled with the actions ,or lack of ,of the Chinese gov not continuing to prop up the casino….though the countless billions of good money after bad was ultimately reinstated when they could see no bottom…..the phrase “kicking the can down the road” appears to travel.
    As Mr Williams is wont to say, watch this space.

  2. Draco T Bastard 2

    John Key seems to prefer us to be a developing world commodity trader, without any significiant intellectual property in the bulk of our exports.

    That seems to be a National Party characteristic. Commodities are cheap and easy to produce and thus don’t require huge amounts of investment in development. This translates into higher profits for the owners – until commodity prices drop due to everyone getting on the bandwagon as has happened over the last few years.

    Black Monday on the casino Chinese stock markets wasn’t a particular problem for New Zealand. Living with the consequences of John Key’s short-term thinking government will be.

    Again, that’s not specific to John Key but to the National Party in general and National Governments in particular. They do cheap and easy and then whinge when it no longer works. They simply don’t seem to have the intellectual capacity to think in the complex terms of an entire economy. IMO, it’s this lack in the intellectual abilities that draws the right-wing into supporting free-markets and specialisation. They like the idea of specialising an entire economy because they can understand it that way whereas they can’t understand it in it’s full complex glory.

  3. Detrie 3

    Good summary. The whole short term, commodity trader thinking is perhaps a natural strategy when we have an ex currency trader in charge too. Looking for short terms gains and manipulating of numbers is how this ‘game’ is played, at our expense.

  4. Sans Cle 4

    Bill English and John Key would benefit from a sobering read of “Ship of Fools” by Fintan O’Toole, to identify the parallels of their economic (mis)management with that of Ireland. The saving grace for Ireland is their investment in educating people and strong firm level R&D (ups killing and intellectual capital), whereas we are so dependent on dairy.

  5. RedLogix 5

    A relative of mine is working in Macau at the moment. He reports that the relationship between Chinese and casinos is a thing to behold.

  6. les 6

    Chinas demand for commodities like coal and iron ore used for manufacturing will reflect demand from their customers.Therefore it is actually consumer confidence in those countries that import chinese manufacturers goods that will determine any downturn in the supply/demand equation.

    • lprent 6.1

      Not really.

      Most of the increases in iron ore, coal, and other commodities since 2008 were used for infrastructure and building – not manufacturing. That is your first misunderstanding.

      The problem is actually one of over supply from suppliers in most cases in a late response to demand.

      For instance since 2008, I think that NZ has massively increased its production of milk. But so have other countries. The demand for milk in China and elsewhere hasn’t grown as fast, and so the prices drop.

      Since 2009, the amount of iron ore exported out of aussie went up like a rocket, and they are still adding new plants like the new plant that Gina Reinhart which will increase aussie total ore production by something like 20% or more. The demand from China flattened out years ago, so the price went down.

      That is all imports for China’s internal changes.

      The actual exports from China have simply plateaued because growth in their markets has been satisfied. But they are as high as they have ever been. They just aren’t increasing as fast as many governments would like.

      • les 6.1.1

        You need to understand that prior to 2009 China was a net exporter of coal.They introduced new tariffs on imports in 2014.As for iron ore as the worlds biggest manufacturer/exporter its not so much demand that has reduced as the fact that supply has increased leading to price reductions.You sort of contradict yourself by acknowledging the increase in capacity but then say ‘ The demand from China flattened out years ago, so the price went down.’..

        • lprent 6.1.1.1

          Nope. You really should learn about supply, demand and price.

          The demand from China for iron ore pretty much peaked in 2013.

          *Dealing with geological idiot deep sigh* all coal is not alike. The bulk of China’s thermal coal came from internal and probably still does. However China started importing a lot of special coals off the international market over a decade ago – mostly for steel making. Some of that came from here, more from Aussie. Again, the demand peaked from China a few years ago. That is a large part of the reason why Solid Energy is having difficulties. They expected that high profit direct (and indirect) business with China to keep funding their supply expansion, and it didn’t.

          Milk powder, the same thing.

          Same in other countries for things like copper, manganese, cobalt, and a host of other materials. Fracking oil in the US. etc

          They all spent big on expending supply because the prices of such commodities was high making marginal extraction worth doing. But the demand growth slowed down, the supply projects kept running, and now we have falling prices on virtually every commodity material in the international market.

          Just look at the massive increases in international milk supply in the last 6 years, not only from here, but from the US (went from 10% of the market to 50% in WMP). Effectively the same thing happened in most commodity markets. Which why being a commodity supplier is such a risky business for a country to be in.

          If you look around

      • les 6.1.2

        ‘Most of the increases in iron ore, coal, and other commodities since 2008 were used for infrastructure and building – not manufacturing’….says who?Lets make it simple…have coal and iron ore prices crashed due to supply or demand?

        • lprent 6.1.2.1

          Supply by far, helped bit by the changes in the USD. Demand is definitely the 3rd factor. That is faltering, but hasn’t fallen as nearly as far as the prices. It also looks like in most areas it has hit steady state – at a lower price level with ample supply.

          http://www.economist.com/news/finance-and-economics/21661675-decade-bingeing-raw-materials-may-leave-even-longer-hangover-goodbye

          Pretty basic

          The real curse for producers is over-supply in almost all raw materials. Yet they continue to act as if they are blithely unaware of it. Capital is still pouring into holes in the ground, creating a hangover that may last at least a decade. Jeff Currie of Goldman Sachs, a bank, says past cycles suggest it can take up to 15 years to work through the over-investment. “The world has just flip-flopped,” he says.

          Analysts point out that not all commodities act the same way. Coal prices started falling in 2011; crude oil hung on until mid-2014; agricultural prices hinge on the weather. But a generalised whiff of fear about China’s economic prospects has re-emerged in recent weeks, partly caused by sliding stockmarkets and by the unexpected devaluation of the yuan this month. So far this year, almost all major commodities—energy, industrial metals and agriculture—have fallen in a 10-20% range, a fairly homogenous performance. What’s more, the supply glut is being fed by three common factors. Cost-cutting has led producers to think they can bear the pain of falling prices for longer. Heavy hitters, whether OPEC princes or global miners, still yearn to increase market share. And funding is still available.

          The cost cuts are part of a self-reinforcing downward spiral. Outside America, cheap currencies vis-à-vis the dollar have made domestic inputs, such as manpower, appear less pricey. Ironically, cheaper energy and steel help, too. In Australia, for example, Gina Rinehart, a mining tycoon, uses low costs to justify opening a $13 billion mine in the outback that is expected to produce 55m tonnes of iron ore a year—as much as America’s annual output.

          It isn’t like this is exactly unprecedented. It has a easily predicable cycle that is just long enough for optimistic idiots to ignore it.

          If these are daunting headwinds, they are not unusual. When prices fall far enough for long enough, output does eventually decline, as it started to do with nickel last year. In the meantime, big mining and oil firms will take over smaller ones and shut down their weakest assets. Then another decades-long cycle can start.

          You can find essentially the same information across any of the business magazines from about 3 years ago and up until today.

  7. Vaughan Little 7

    Chinese culture tragically has some really pathetic elements. I put their propensity to gambling and other short-term investment thinking down to the political culture. there are simply no property rights here. It’s doesn’t pay to build a durable, successful business because some apparatchik or his crosseyed whoring son will swoop in and grab it all off you, often getting the local police to beat the shit out of you in the process. and if you do want to build a business, you better be ready to send the local politicians the right amount of prostitutes, liquor and cash bribes. in perpetuity. it’s as childish and grotesque as a kindergarten sprung from the mind of h r giger.

    that kind of culture promotes the way of thinking that runs “how can I get as rich as possible as fast as possible from something that I can walk away from at the drop of a hat?”

    • Draco T Bastard 7.1

      “how can I get as rich as possible as fast as possible from something that I can walk away from at the drop of a hat?”

      That sounds remarkably like capitalism. Plenty of people in NZ start a business, get rich, and then walk away shutting down the business so that there’s no come back on them when it turns out that they didn’t do their job well.

      Dammit, I recall one a few months ago when a business was ruled against by the courts to pay one of their ex-employees several thousand dollars. The owner closed that business and opened another same day just so he wouldn’t have to pay out the sum. All perfectly legal.

  8. bearded git 8

    I don’t remember The Economist forecasting the GFC in 2008 so not sure if we can rely on its analysis that this is not the start of a whole new crash.

    • lprent 8.1

      I haven’t time to dig out links. But I will point you in the right direction. 🙂

      You will find that The Economist were moaning about the Greenspan prescription of easy money as being irresponsible for a long time earlier than that. After 1990 it allowed lousy financial practices to get embedded into the US finance system. There would have been few months that they didn’t point out it’s flaws.

      They were warning about the packaging of junk mortgages in the US as gilts at least back to 2003 – ie the subprime mortgages. For that matter they have been saying much the same about the over supply in unused housing and other property in China now.

      Forecasting something like a GFC wasn’t hard, there were many people pointing to it a decade or more earlier. The only thing that was strange was that it didn’t happen sooner and in smaller more manageable lumps. The reason for that was with a number of governments institutions, noticeably the central banks, trying too much for soft landings.

      But generally I’d suggest that you simply weren’t looking before the GFC for astute people pointing at the issues that caused the GFC. It was an unraveling of a structure based on some lousy economic precepts from the previous decade and a half.

      There are global and local economic risks in where China is at present. Most notably in the drop in imports impacting in the developing world (including us), overcapacity in those suppliers (look at those massive new iron ore plants in aussie), in the property market in China, and in paying off the rather large pile of debt that China used from 2009 onwards to finance their infrastructural build.

      However the stock market in China has bugger all to do with anything in the basic economics apart from the credibility of the Chinese government after rather stupidly trying to prop it up for a few days.

      • Draco T Bastard 8.1.1

        But generally I’d suggest that you simply weren’t looking before the GFC for astute people pointing at the issues that caused the GFC.

        Possibly but there were also rumours about the End of History, The Great Moderation and other prominent economists saying that all was fine and dandy – right up until the collapse of the global economy. At which point they all seemed to invent excuses as to why they didn’t see it coming.

        • lprent 8.1.1.1

          I’d agree with that. But it is a bit like why climatologists who are employed by oil or coal firms tend to have a ‘skeptical’ view on fossil carbon induced climate change. Except in this case the majority are employed by banks, financial, and consulting institutions of various forms.

          Their employers / customers aren’t that interested in shouting from the rooftops that there are financial clouds coming. If they take notice at all, they’d prefer that the suckers stay in the markets a lot longer than they do so that they can offload the iron pyrites versions of gilt financial instruments.

          In this case it’d be a long time between nasty downturns. The financial market population had turned over. Many of the larger institutions were left holding the hot potato because they’d forgotten how to be cautious…

    • Pat 8.2

      is not a new crash …it is simply the ongoing play out of the original as yet still unresolved crash….china through its massive infrastructure investment since the GFC has prevented the true impact of the GFC from occurring, but now has found that even they can no longer ignore the economic realities …the impact will be self perpetuating now as although the main cause was the pull back from infrastructure investment the economies which were supplying that will consequently have increasingly reduced capacity to purchase the products from the Chinese factories, even with the devalued renminbi…not a pretty picture.
      There may be one glimmer of hope however, and a much needed and timely one…there is an outside chance that a massive investment in low/zero carbon infrastructure worldwide may result as a concerted effort to return the world to growth as growth is the only plan our great leaders have…..all with helicopter money of course so a lot of back peddling will be required.

  9. infused 9

    I think this was just the warm-up act to be honest.

    • Draco T Bastard 9.1

      yep. In fact, I’m still looking at the GFC as the first warm up act. The economies of the world haven’t yet corrected enough of the psychedelic fuelled boost that they got in the early 2000s. We actually need the rich to become poor and the money that they have to be destroyed.

      • lprent 9.1.1

        That may still happen. I just don’t think that it is going to happen from the Shanghai market turning.

        If the property market turns in China, then could be more of an issue. But so far I think that it is squeaking through a narrow passage between excessive capacity, easy Yuan, and low interest rates.

  10. linda 10

    I remember one economist after the gfc. Said its only just began ra lity. Centrel bankers are still in emergency Mode debt is rocketing as income collapses around.
    the world.the only pillar left in new zealand is a speculative houseing market new zealand. Is house of cards and shakeing has started

  11. linda 11

    I remember one economist after the gfc. Said its only just began ra lity. Centrel bankers are still in emergency Mode debt is rocketing as income collapses around.
    the world.the only pillar left in new zealand is a speculative houseing market new zealand. Is house of cards and shakeing has started

  12. photonz 12

    Nearly $8b of$10.5b of our exports to China is NOT dairy.

    So the argument that we’ve put all our eggs in the dairy basket, is a misleading myth.

    And trade agreements like the TPP and Korea FTA will give us better market access to export higher value products, so that’s also a positive for those who complain we rely on exporting commodities too much.

    But don’t let that get in the way of doomsday predictions, month after month, year after year.

    • Draco T Bastard 12.1

      And trade agreements like the TPP and Korea FTA will give us better market access to export higher value products, so that’s also a positive for those who complain we rely on exporting commodities too much.

      1. Except for the fact that it actually won’t
      2. A country reliant upon trade is actually a really bad idea

      • photonz 12.1.1

        Yeah – much better to be self reliant and not trade like North Korea and Zimbabwe.

        If we didn’t trade, you wouldn’t be sitting there on your computer – you’d be in a cave.

        • Draco T Bastard 12.1.1.1

          If we didn’t trade, you wouldn’t be sitting there on your computer – you’d be in a cave.

          1. We would have our computers – they’d be made here, farming would make up 2% or less of the economy as it should do and our economy would be developing
          2. I didn’t say I was against trade, I said that no country should be reliant upon it
          3. The TPPA isn’t a trade agreement but a corporate takeover

    • lprent 12.2

      Bullshit. What my post said was that NZ under National had put almost all its eggs into exporting unprocessed or barely processed commodities, with dairy as the primary example. To be precise I said “dairy and other agricultural/forestry commodity sales”

      But I guess you missed that rather basic point in your headlong rush to be seen as an idiot.

      Whole unprocessed logs and meat constitute all except a small fraction of the rest of the exports to China. They barely make a profit. The idea of exporting in trade is to make a profit.

      Have you seen what the international profit margins and prices for both of those have been doing for many years? At least the dairy used to have a decent profit margin for a short time.

      I have no problem with actual free trade deals (I do with restraint of trade as in the TPP). I was pointing out that

      John Key seems to prefer us to be a developing world commodity trader, without any significiant intellectual property in the bulk of our exports. Certainly in the last 7 years, his government has systematically removed almost all of the economic inducements to develop more advanced products for selling offshore, while at the same time using the power of the state to favour dairy.

      Big words for you to understand….. But rather than rather foolishly inventing what you think that what I wrote, why don’t you try reading what I actually did write.

      • photonz 12.2.1

        lprent says”National had put almost all its eggs into exporting unprocessed or barely processed commodities, with dairy as the primary example. ”

        Wrong – National doesn’t export a thing. Private companies do.

        National doesn’t decide what to export. Private companies do.

        Even if National offered up hundreds of millions in corporate welfare, it would barely effect the main decisions on what companies export.

        The idea that they have overall control over what is exported is delusional.

        They can make it as easy as possible for everyone to do business, but they have very little control over what sectors private companies decide to invest in.

        That’s why Labour failed to transform NZ into a knowledge economy. Even hundreds of million in incentives and corporate welfare is nothing more than tinkering. And most well run businesses make decisions regardless of govt – not because of it.

        Otherwise their success or failure relies on the three year election cycle, annual budget cycle, or simply a policy change.

        And BTW, I was talking about the dairy myth in general – not specifically about your quote, though I do note you said the government is “using the power of the state to favour dairy.”

        Whereas in reality when you talk to dairy farmers it’s the high prices over past years is what has really driven them to invest, the govts position has had virtually no influence over those decisions.

        • lprent 12.2.1.1

          You really are a complete idiot.

          Labour spent 10s of millions on promoting knowledge based industries over a decade, mostly in providing opportunities to help with marketing. The result was a set of industries from programming to hitech manufacturing.

          We went from having less than 100 million in exports from this sector in 1999 to having close to 2 billion in exports less than 15 years later. More importantly they kept growing through the GFC, and their average profit level is several times higher than the peak of whole milk powder.

          Meanwhile National gave massive subsidies to dairy farmers through things like irrigation schemes, destroying the planning processes and enabling vast amounts of pollution (eg Enviorment Canturbury), and did a massive amount of state marketing on behalf of dairy and agriculture. The total cost in the last 7 years is probably approaching a billion dollars.

          The nett effect is that we have vastly increased production capacity in agriculture generally, but especially in dairy. We also have demand and price levels that are about as low as they ever had been, and demand shows no signs of improving over the next few years. If it does, then because National pushed high cost growth like irrigation, then we will get undercut by lower cost producers elsewhere.

          That is why trading in barely processed commodities is idiotic. I guess that is why you approve it. It is what always happens.

  13. Hello 13

    That picture seems wrong by usings a double negative, a Fall of -%20 = %20 rise.
    A fall of %20 = a rise of -%20 …

    Errors like that make the research look dubious.

  14. photonz 14

    LPRent says “Whole unprocessed logs and meat constitute all except a small fraction of the rest of the exports to China. ”

    Utter nonsense.

    In the year to March 2015, we had
    – $10.7b of exports to China
    – $2.8b of dairy
    – $1.6b of logs and wood products
    – $1b of meat and offal

    That leaves $5.3 billion of other products. – $5.3 billion!!!!. That’s not a “small fraction” of $10.7b – its 50% of total exports.

    And that 50% includes wine, fruit, machinery, fish, wool, vegetables, metals and minerals, and services etc.

    • lprent 14.1

      You really are an idiot. Remove the barely processed commodities that match what I am saying are useless exports. ie fruit, fish, wool, vegetable, metals and minerals…

      Then see how much you have left. Or since I don’t think you can add, perhaps you should provide your reference so that others can add it up for you.

      BTW: most of the “machinery” we export to China is scrap.

      • photonz 14.1.1

        Sorry – you’d better ring up Statistics NZ and tell them they should have wine, fruit, machinery, fish, wool, vegetables, metals and minerals, and services, education etc all listed under “Whole unprocessed logs and meat”

        I’m glad I know now. Instead of asking for a bottle of wine at my local supermarket, now I’m going to ask for a bottle of ” Whole unprocessed logs and meat”

        LPRents says “BTW: most of the “machinery” we export to China is scrap.”

        Now you’re just making up more utter nonsense – scrap comes under metal exports – not machinery exports.

  15. TheDude 15

    Hi,
    I’m not a economy expert just regular dude and I had my fair share in the dot.com bubble and learned my lessons over the last twenty years.

    I’m not here to convince anyone here and not a foil hat nut. I read the blog of Martin Armstrong who is real economy guru and have seen the docu about his life (The Forecaster). And the best part is that he is not connected/embedded as all the others Goldman-Sucks and JPM’s are and only focusing on single share/market/region so he can say what he really thinks can happen in the next few years.

    Also check his personal history as he was imprisined on civil contempt by these market players including corrupt laywers/judges to get get control of his computer model so they can rig the market as they do since decades.

    It is the global government debt and confidence and not just China/Europe/USA and the short message is – everything is connected !

    http://www.armstrongeconomics.com/armstrong_economics_blog

    It’s you personal choice who do you believe and follow but I prefer someone who is really independent and payed a very high price personally and this makes him and his forecast even more trustworthy.

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  • Forty years of change in the jobs Kiwi do and the places they call home
    John MacCormick Over the last 40 years, New Zealanders – and people in other countries – have experienced big changes in the jobs they do and where they live and work. These changes include: a decline in manufacturing jobs an increase in jobs in ‘information-intensive’ industries (which are better paid ...
    SciBlogsBy Guest Author
    13 hours ago
  • Protecting Fresh Waterways in Aotearoa/NZ: The Strong Public Health Case
    Nick Wilson, Leah Grout, Mereana Wilson, Anja Mizdrak, Phil Shoemack, Michael Baker Protecting waterways has the benefits of: (1) protecting water from hazardous microbes; (2) minimising cancer risk and other problems from nitrates in water; (3) avoiding algal blooms that are hazardous to health; (4) protecting mahinga kai uses (cultural ...
    SciBlogsBy Public Health Expert
    21 hours ago
  • Massey University triggered to rebrand
    by The Council of Disobedient Women In a press release today Massey University announced it has decided to rebrand and reorientate after struggling to be a University for grown-ups. For some time the University has wanted to be a safe play space for wee-woke-misogynists who have been really badly triggered ...
    RedlineBy Daphna
    1 day ago
  • Swinson backing calls for a second referendum (again)
    After a brief dalliance with 'hard Revoke' it looks like the Lib Dems are changing ground on on Brexit, with leader Jo Swinson reverting to calling for a second referendum on Johnson's deal.The party has tabled an amendment to the Queen’s speech requesting that any deal brought back from Brussels ...
    1 day ago
  • An odious bill
    The government has decided that someone has done Something Bad. But despite their belief, there seems to be no evidence that they have actually broken the law. So the government's solution is to pass a retrospective law allowing them to be punished anyway, on a lower standard of proof. If ...
    No Right TurnBy Idiot/Savant
    1 day ago
  • National is now the party of climate arson
    So, Judith Collins has done a Facebook rant about climate change, peddling the same shit National has been shovelling for the past twenty years: the impacts are overstated, there's no need to do anything about it, and its too hard anyway (oh, and its so unfair that people who peddle ...
    No Right TurnBy Idiot/Savant
    1 day ago
  • The environmental footprint of electric versus fossil car
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz There is a lot of discussion on the benefits of ...
    SciBlogsBy Guest Author
    1 day ago
  • “Manifest” by Andrew Bird – A Song For The Times.
    I came across this song quite by accident. If it isn't one of Greta Thunberg's favourites - it should be.Video courtesy of YouTube.This post is exclusive to Bowalley Road. ...
    2 days ago
  • Passing the buck
    Last month, NZDF's shoddy coverup of what it knew about civilian casualties in Operation Burnham began to fall apart, with the revelation that a report on the matter, which NZDF claimed not to have, had been sitting in an NZDF safe for the past nine years. Yesterday, the man responsible ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • India a major player in Earth observation satellites
    While many imagine that countries like the USA and Europe dominate space activities, in fact India is now a major player on this stage. It launches satellites for its own purposes and also commercially, and has constellations orbiting our planet and returning data of vital importance to that nation in ...
    SciBlogsBy Duncan Steel
    2 days ago
  • The rot at the top (2).
    Thanks to a report from the Acting Inspector General of Intelligence and Security following a complaint by Nicky Hager, we have come to find out that the SIS illegally spied on Mr. Hager on behalf of the NZDF after publication of Hager’s 2011 book, Other People’s Wars. The NZDF justified ...
    KiwipoliticoBy Pablo
    2 days ago
  • Common misconceptions about “Global Warming”
    COMMON MISCONCEPTIONS ABOUT GLOBAL WARMING MYTH 1: Global temperatures are rising at a rapid, unprecedented rate. FACT: The HadCRUT3 surface temperature index, produced by the Hadley Centre of the UK Met Office and the Climate Research Unit of the University of East Anglia, shows warming to 1878, cooling to 1911, ...
    An average kiwiBy admin@averagekiwi.com
    2 days ago
  • A climate of tyranny
    For the past week, Extinction Rebellion has been peacefully protesting in London to demand action on climate change. The British government's response? Ban their protests:Police have banned Extinction Rebellion protests from continuing anywhere in London, as they moved in almost without warning to clear protesters who remained at the movement’s ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • Collins crushes climate
    An essay by Judith Collins MP reported on Carbon News yesterday seems to show an alarming shift in attitude within the National Party. Collins argues against the Zero Carbon Bill, the Paris Agreement, and downplays the magnitude of climate impacts. The Paris Agreement was adopted in December 2015 and ratified ...
    SciBlogsBy Robert McLachlan
    2 days ago
  • More disappointment
    When they were running for election, Labour promised to overhaul the Employment Relations Act and introduce fair pay agreements to set basic pay and conditions on an industry level, preventing bad employers from undercutting good ones. They followed this up by establishing a working group, which reported back in January ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • What do these mother-child studies really say about fluoridation?
    A list of indicators of bad science – many of these are found in articles promoted by anti-fluoride activists. Anti-fluoride activists have been pouring money into a scaremongering campaign warning pregnant women not to drink fluoridated water. They claim fluoride will lower the IQ of their future child. Fluoride ...
    3 days ago
  • Losing Labour’s Mills-Tone.
    Nothing Left To Say: Labour's pollster, Stephen Mills, remains swaddled-up in the comforting myths of the 1980s. As if the experience of Roger Douglas’s genuinely radical post-Muldoon policy agenda was literally a once-in-a-lifetime thing – as much as the party could possibly absorb for at least the next 50 years.MEMO ...
    3 days ago
  • Speaker: Disability and the Royal Commission of Inquiry into Historical Abuse
    The Royal Commission on abuse in care is very significant for the disability community. For many decades last century, thousands of disabled children, and adults who managed to survive, were locked away from families and communities. This was not for anything they had done, but for the perceived threat their ...
    3 days ago
  • Spain is not a democracy
    No Right TurnBy Idiot/Savant
    3 days ago
  • UK Conservatives hate democracy
    With an unfair voting system, uneven electorates and an un-elected upper house, the UK's "democracy" is barely worthy of the name. But now the government wants to make it worse:The government has been accused of suppressing voters’ rights with the potential disenfranchisement of tens of thousands of people after plans ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • What is wrong with our building industry?
    Back in the 90's and early 2000's, the building industry was building leaky homes which should never have been granted consent. Now it turns out they've been building dodgy office blocks as well:New imaging technology has revealed hundreds of major buildings nationwide have defective or missing concrete or reinforcing steel. ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Local bodies
    Local body election results were released over the weekend, to joy or despair depending on where you live. In Auckland, Phil Goff trounced John Tamihere, who is muttering darkly about running for Parliament again (but which party would want him?) Wellington is now a wholly-owned subsidiary of Weta Workshop, except ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • A future of government
      How could government evolve over the next decades? Reports of democracy’s imminent demise are greatly exaggerated.  However, satisfaction with political systems in many countries is low, so there is much to do for governments of all political stripes to improve relevance and trust. Digital technologies are seen as one ...
    SciBlogsBy Robert Hickson
    6 days ago
  • Speaker: Catalonia, interrupted
    Two years have now gone by since the Friday afternoon when my university-student son and I headed out of our Barcelona flat to a nearby primary school, designated as a polling station for the vote that was to be held the following Sunday: the referendum on Catalonia’s independence from Spain ...
    6 days ago
  • Sage Decisions Unwisely Over-Ruled.
    Overruled: The joint decision of Finance Minister, Grant Robertson (Labour) and his Associate Minister, David Parker (Labour) arguably the two most powerful ministers in Jacinda Ardern’s government, to grant OceanaGold the consents which Land Information Minister, Eugenie Sage (Greens) had earlier denied them, offers bitter proof of how hard fighting ...
    6 days ago
  • Government may ban voting in effort to get more people to do it
    More than double the number of people who will vote in this year’s local body elections have tried marijuana or urinated somewhere they shouldn’t have. As local elections look set for the lowest turnout in decades, with many regions falling well short of 40%, the Government is exploring a number ...
    The CivilianBy admin
    6 days ago
  • Woman: Deleted.
    A Statement on Abortion Law Reform by the Council of Disobedient Women   On the eve of bringing an end to antiquated, anti-women abortion laws Green MP Jan Logie intends to write women out of the Bill. With a stroke of the pen, the woke are aiming for total erasure ...
    RedlineBy Daphna
    6 days ago
  • The Hollowest of Men Ride Again… SURPRISE!
    Musings continue apace about “the experienced businessman!” soon to be taking up a National Party MP position. Or to be more accurate, being parachuted into a seat to shut down their former MP Jamie-Lee Ross, who despite his own shortcomings shed at least some more light on the inner workings ...
    exhALANtBy exhalantblog
    6 days ago
  • Barbaric
    The Ugandan government wants to murder gay people:Uganda has announced plans to impose the death penalty on homosexuals. The bill, colloquially known as “Kill the Gays” in Uganda, was nullified five years ago on a technicality, but the government said on Thursday it plans to resurrect it within weeks. The ...
    No Right TurnBy Idiot/Savant
    7 days ago
  • Fighting Monsters.
    Freedom Of Speech? The Säuberung (cleansing by fire) was the work of the German Student Union which, on 10 May 1933, under the watchful eye of the Nazi Reichminister for Propaganda, Joseph Goebbels, consigned 25,000 books to the flames in a ritual exorcism of “un-German thought”. According to the logic of the ...
    7 days ago
  • The next wave of kaupapa Māori politics: its constitutional, it must be.
      “There can be no such thing as kaupapa Māori political parties or politics in Aotearoa” (Willie Jackson, Labour Party (2017). Māori TV, General/List Election Special) I begin with that claim because at the time, I was confounded at first that it fell out of Willie Jackson’s mouth, and then ...
    EllipsisterBy Ellipsister
    1 week ago
  • Night lights of NZ from orbit
    New Zealand has prided itself for decades with regard to its lack of pollution, and all will be aware that the ‘100% Pure New Zealand‘ meme is under threat through land, water and air pollution of various causes. There is another type of contamination that the country also faces: light ...
    SciBlogsBy Duncan Steel
    1 week ago
  • Reporters deliver uplifting news to fleeing Japanese residents: they won’t miss any rugby
    New Zealand’s media is doing its part in Japan, reassuring those in the path of the storm that they won’t miss any rugby while away from their flooded homes. New Zealand sports reporters stationed in Japan for the Rugby World Cup have had the rare and heartwarming opportunity to inform ...
    The CivilianBy admin
    1 week ago
  • Government in contentious discussions about whether to put surplus on red or black
    Regional Development Minister Shane Jones is the only Cabinet member in favour of putting it all on green. As Finance Minister Grant Robertson finds himself with an enormous $7.5 billion surplus, the Government has begun intense, at times contentious conversations about whether to put the money on red or black at ...
    The CivilianBy admin
    1 week ago
  • Jordanian teachers’ successful strike has lessons for here
    by Susanne Kemp At the start of September close to 100,000 school teachers went on strike in Jordan.  They demanded a 50% pay rise.  A pay rise actually agreed to by the regime back in 2014. In early October, however, in the face of government repression and threats, the teachers’ ...
    RedlineBy Admin
    1 week ago
  • Why some people still think climate change isn’t real
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz Why do people still think climate change isn’t real? David ...
    SciBlogsBy Guest Author
    1 week ago
  • The SIS unlawfully spied on Nicky Hager
    Back in 2011, journalist Nicky Hager published Other People's Wars, an expose on NZDF's activities over the previous decade of the "war on terror". NZDF didn't like this, and especially didn't like the fact that it was base don leaks from their own. So, they had the SIS investigate him ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • October 2019 – Newsletter
    https://mailchi.mp/7d9133add053/closing-the-gap-october-2019-newsletter ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • And they wonder why we think they’re environmental vandals…
    The Zero Carbon Bill is due back from select committee in two weeks, and will likely pass its final stages in November. So naturally, farmers are planning a hate-march against it. But they're not just demanding lower methane targets so they can keep on destroying the planet; they're also demanding ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Climate Change: Paying the price in California
    Last year, California burned. This year, to stop it happening again (or rather, to stop themselves from being found liable if it happens again), Pacific Gas and Electric is cutting power to half the state for a week:Schools are closed. Traffic lights down. Tunnels dark. Businesses unopened. Hospitals running on ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Let’s Hear It For Up-Close-And-Personal, Hard-Copy Democracy!
    The Best Way: Missing from the on-line voting debate is any reference to the voting system that produces turn-out figures ranging from 77 to 93 percent of registered voters. The voting system used to collect and count the votes cast in our parliamentary elections. The system that involves citizens making ...
    1 week ago
  • 10/10: World Day Against the Death Penalty
    Today, October 10, is the world day against the death penalty. Out of 195 UN member states, 84 still permit capital punishment. Today is the day we work to change that. This year's theme is children. Having a parent sentenced to death or executed causes long-term trauma and stigmatization which ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Talking Freer Lives: a Marxist gender-critical perspective from Australia
    Among the great new bunch of political friends we have been making recently is the excellent Australian-based Marxist gender-critical site, Freer Lives.  So we asked the comrade who set up that blog to write something for Redline on the blog, himself, his analysis of the rise of gender politics and ...
    RedlineBy Admin
    1 week ago
  • Government spin accepted by union leadership
    by Don Franks  The Auckland City Mission is struggling with a 40 percent increase in demand for food parcels this year. A total of 23,020 were needed by June. Last month Missioner Chris Farrelly told the Herald the “cupboards are bare” and without an emergency food drive, he can’t see ...
    RedlineBy Daphna
    1 week ago
  • Forbidden Thoughts
    by The Council of Disobedient Women   Massey Wellington Student Association had a sit-in today. Imagine a sit-in. On a campus. Against a women’s rights meeting. Did the ’60s really happen or did we fucking dream it? They gathered in the student square, an echo chamber. Sitting on soft pillows ...
    RedlineBy Daphna
    1 week ago
  • Much love to my loyal Ukrainian readership
    For some reasons, my post about the mystery message from inside the Downing Street bunker seemed to catch people's attention.  Quite a lot of hits from NZ (unsurprisingly) and the USA (a bit more puzzlingly, but hi there, USAians!!) and 76 views from the Ukraine.I've celebrated my Ukrainian readers in ...
    1 week ago
  • Another day of bonkers GNUmours (again, sorry)
    First, almost a score of Labour MPs seem to have sent a letter to the EU basically begging them to accept a deal - any deal - just so Britain can get the Heck on with Brexiting instead of being trapped in limbo:
    To avoid no deal, deliver on the ...
    1 week ago
  • Labour vs working class immigrants – again!
    by Phil Duncan In 2016 the National-led government suspended the Parent Visa Category, through which migrants were able to bring their parents into New Zealand.  Since then over 5,700 people have been in immigration limbo, stuck on the visa wait list. Labour is now bringing back the scheme.  Well, sort ...
    RedlineBy Admin
    1 week ago
  • Speak Up for Women press statement: on Massey University and Feminism 2020
    The following was released yesterday (Tues, October 8) by the women’s liberation organisation Speak Up for Women. On 23 September Speak Up For Women announced that we would be holding an event at the Massey University Theaterette in Wellington. The event is called Feminism 2020. The intention of the event ...
    RedlineBy Admin
    1 week ago
  • Farmers support dirty rivers
    The government is currently consulting on plans to improve freshwater quality. So naturally, farmers oppose it:South Taranaki farmers are preparing to fight proposed national freshwater changes that some fear will bankrupt them. The Government's proposed National Environment Standard on Freshwater Management, released in September, rated the Waingongoro River as one ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • No-one cares about local government
    Yesterday was the last day for (reliably) posting your vote away in local body elections. Turnouts are mostly much lower than the equivalent time last year (Palmerston North is down 2.3%), and so naturally people are pushing their online-voting snake oil again. Because the online census worked so well, lets ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The political ghosts of eugenics may matter more than the genetic
    This essay, on the political legacy of the eugenics movement, by Kenan Malik was originally published in the Observer on 6 October 2019, under the headline ‘The spirit of eugenics is still with us, as immigrants know to their cost’. Birth control. Intelligence tests. Town planning. Immigration controls. It’s striking how ...
    RedlineBy Daphna
    1 week ago
  • “Surplus” again
    Another year, and the government has announced another enormous government "surplus". And just like last year, its nothing of the sort. When we have people homeless and sick and hungry, when we have schools and hospitals still falling down, when we have underpaid public servants and infrastucture unmaintained or unbuilt, ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Inside the Downing Street bunker
    James Forsyth at The Spectator (I know, I know) has tapped one of his contacts inside Number Ten for an insight into the Johnson administration's thinking and strategy.It is fascinating, unsettling and quite, quite mad.  Some key points:Negotiations have stalled and the Johnson administration are keen to blame the EU: ...
    1 week ago
  • Taking Control Of The Nation’s Story.
    Fatal Contact: With the arrival of captain James Cook in October 1769, the islands of what would become New Zealand ceased to be the preserve of Polynesian navigators and settlers and became a part of both the world’s map and the world’s history.THE MAORI NATIONALIST assault upon the historical meaning ...
    1 week ago
  • Are GNUs extinct?
    Another round of tactical talks about forming a Government of National Unity have come to nothing with the Liberal Democrats still refusing countenance putting Jeremy Corbyn into Downing Street:Opposition talks on Monday made little headway over when to try and vote down Boris Johnson's government and who might succeed him as ...
    1 week ago
  • Labour chickens out again
    When the government was elected, it promised to lead the way on electric vehicles, and specifically to make the government vehicle fleet emissions-free where-practicable by 2025.They lied:There are 15,473 vehicles in the government fleet and only 78 are electric. When the coalition Government came into power in late 2017, the ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Transgender extremism, violence at work against feminist meeting at British Labour Party conference
    by Nick Rogers The debate around the meaning of sex and gender made an appearance at this year’s British Labour Party conference in Brighton. Women’s Place UK – an organisation that questions the demand that biological males who self-identify as woman should have access to women’s spaces, to all-women shortlists, ...
    RedlineBy Admin
    1 week ago
  • Rebelling in Wellington
    Yesterday I went down to Wellington to participate in the Extinction Rebellion protest. Its part of the latest global wave of XR actions, with actions happening all over the world. Some of those protests are massively disruptive: in Canada, XR is blocking major bridges, stopping people from getting to work. ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • ‘The Workshop’ – Report: Talking about Poverty and Welfare Reform: A Guide to Strategies that ...
    The Workshop is a charitable trust for public good. The Workshop undertake research to find ways of communicating that will build support for the solutions that work to solve complex social and environmental problems. See their Report on Talking about Poverty and Welfare Reform below. ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • Exclusive language
    What is language? We generally assume that it a facility unique to humans, allowing us to share what’s in and on our minds. We can tell of our plans, our past exploits, our knowledge. It also allows us to lie. And yet there are vast numbers of people we can’t ...
    SciBlogsBy Michael Corballis
    1 week ago
  • April 2018 – Submission to the NZ Govt Tax Working Group
    You can read our submission HERE ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • 2018 – Submission to the NZ Government Tax Working Group
    Read our submission here ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • Guardian: Poll shows DISASTER for Corbyn and the End of Times
    The Guardian - ever eager to forewarn of doom and disaster on the left - are leading with a new poll from Opinium, which puts the Conservatives 15% clear of Labour.Con 38% +2Lab 23% -1Lib Dem 15% -5Brexit 12% +1Green 4% +2This isn't good news, and it would be very ...
    2 weeks ago
  • How prostitution became the world’s most modern profession
    Being and Being Bought (Spinifex Press, 2013) by Kajsa Ekis Ekman  A synopsis and commentary of Chapters 1-2 by Daphna Whitmore Ekman, a Swedish journalist and critic, brings together a Marxist and feminist analysis of prostitution and surrogacy in this groundbreaking book She opens the discussion with a definition of ...
    RedlineBy Daphna
    2 weeks ago
  • Clever legal fellow on Scottish challenge to Brexit
    I make no claims to having much legal knowledge,  so I defer to those trained in this area.I am very much enjoying this twitter stream from m'learned friend in Edinburgh, deciphering the legal arguments around the Scottish court challenge to Boris Johnson, based on the charmingly obscure principle of Nobile ...
    2 weeks ago
  • An Open Letter From Closed Minds.
    Ivory Folly? The University of Auckland’s Vice-Chancellor, Professor Stuart McCutcheon, upheld the right of the radical nationalist group, Action Zealandia to exercise their freedom of speech – not matter how distasteful that speech might be. A wiser community of students and scholars would have nodded their agreement and moved on. ...
    2 weeks ago
  • Extinction Rebellion members want to “eat babies”
    If you are not convinced terrorist Organisation ‘Extinction Rebellion’ is very, very dangerous – watch this video at one of their recent meetings. Not only is this obviously mentally ill Woman begging the other terrorists to promote killing and “eating” babies and children, if you watch carefully other members nod ...
    An average kiwiBy admin@averagekiwi.com
    2 weeks ago

  • Proposals to curb environmental damage help our coasts and the oceans
    Government Ministers today welcomed the release of a marine environment report highlighting the four key issues affecting our oceans, estuaries and coastlines.  The release underlines the importance of government proposals to combat climate pollution, ensure clean freshwater, protect biodiversity, make land use more sustainable, and reduce waste and plastic.    Environment ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • New mental health facility for Waikato
    The Government has approved funding for a new acute mental health facility for Waikato which will provide better care and support to people with mental health and addiction issues. Prime Minister Jacinda Ardern and Health Minister Dr David Clark announced the $100 million project to replace the aging Henry Rongomau ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • 500 new te reo Māori champions in our classrooms
    The Government is making progress on its goal to integrate te reo Māori into education by 2025, with over 500 teachers and support staff already graduating from Te Ahu o te Reo Māori,  Associate Education Minister Kelvin Davis announced today. Kelvin Davis made the announcement at an awards ceremony in Waikanae today, for ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Minister James Shaw welcomes 2018 Census first release
    Statistics Minister James Shaw has welcomed the first release of 2018 Census data. The first release of data today, 23 September, includes key data on population, regional growth, the number of homes and the size of different ethnic groups in New Zealand. Data from the 2018 Census will support the ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Driving transparency, ethics and accountability in government use of algorithms
    Minister for Statistics James Shaw today announced a public consultation on a proposed algorithm charter for government agencies. The charter has been developed by the Government Chief Data Steward in response to growing calls for more transparency in government use of data. Computer algorithms – procedures or formulas for solving ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • New Zealand and the Netherlands working together on climate change
    Agriculture Minister Damien O’Connor, Climate Change Minister James Shaw and visiting Dutch Prime Minister Mark Rutte co-hosted a business roundtable in Auckland this morning focused on working together to address climate change.  “The Netherlands is an important partner for New Zealand. We share a strong agricultural history. Sustainable agribusiness and ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Protecting fairness for workers and businesses
    The Government is taking action to build an inclusive economy where more of us receive our fair share at work and businesses can compete on great products and services, not undercutting wages and conditions, Immigration and Workplace Relations and Safety Minister Iain Lees-Galloway says. Two consultations launched today seek feedback ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Indigenous Freshwater Fish Bill Passes
    The future for New Zealand’s threatened indigenous freshwater fish looks brighter with the passing of the Conservation (Indigenous Freshwater Fish) Amendment Bill in Parliament today said Minister of Conservation, Eugenie Sage. “Until now, our freshwater fish legislation has been 20 years out of date. We have lacked effective tools to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Kiwis to take part in world’s biggest earthquake drill
    At 1.30pm tomorrow, hundreds of thousands of Kiwis will join about 65 million people around the globe in ShakeOut, the world’s biggest earthquake drill. The annual drill is to remind people of the right action to take during an earthquake which is to Drop, Cover, Hold, and to practise their ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Rising wages and low inflation supporting Kiwis
    Kiwis are benefiting from higher wage growth and low inflation under the Coalition Government. Stats NZ data out today shows the rise in the cost of living remains low, as annual Consumers Price Index (CPI) inflation fell to 1.5% in September from 1.7% in June. “The low inflation comes as ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • NZ economy strong amid global headwinds
    New Zealand’s economic strength and resilience has been recognised in a major update on the state of the global economy. The IMF’s latest World Economic Outlook released overnight shows a reduced global growth forecast over the next two years as issues like the US-China trade war and Brexit take hold. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Keeping New Zealanders safer with better counter-terrorism laws
    Justice Minister Andrew Little has today introduced a new Bill to prevent terrorism and support the de-radicalisation of New Zealanders returning from overseas. The Terrorism Suppression (Control Orders) Bill gives the New Zealand Police the ability to apply to the High Court to impose control orders on New Zealanders who ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Improved succession and dispute resolution core of Ture Whenua changes
    A Bill that proposes targeted changes to simplify the processes for Māori land owners when engaging with the Māori Land Court has had its First Reading today. “The approach taken by the Government is to ensure that the protection of Māori land remains a priority as we seek to improve ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Speech to CTU Biennial Conference
    Let me first thank all the new unionists and members in the room. There is nothing more important to improving people’s working lives than people making the decision to care, to get on board and help, to take up the reins and get involved. Congratulations to you. You bring the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister ensures continued Whenuapai flight operations
    Minister of Defence Ron Mark has signed a certificate exempting the activity of engine testing at Whenuapai Airbase from the Resource Management Act 1991. The Act gives the Minister of Defence the power to exempt activities for the purposes of national security.  The certificate will mean the recent Environment Court ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ joins Coalition of Finance Ministers for Climate Action
    Finance Minister Grant Robertson has announced New Zealand will join the Coalition of Finance Ministers for Climate Action while attending APEC meetings in Chile. The objective of the 39 member Coalition is to share information and promote action to tackle climate change. It was formed in April this year, in ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • CTU speech – DPM
    Ladies and gentlemen, NZCTU President Richard Wagstaff, members of respective unions – thank you for the invitation to speak to you today. This might be preaching to the choir, but the importance of trade unions in New Zealand’s historical arch is difficult to understate. And it is my belief that ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Police Association Annual Conference
    "Let’s start by acknowledging that it has been a huge year. " Police Association Annual Conference James Cook Grand Chancellor Hotel Wellington Nau mai, haere mai. Tēnā koutou, tēnā koutou, ka nui te mihi, ki a koutou katoa. President of the Police Association, Chris Cahill; Members of the Association and ...
    BeehiveBy beehive.govt.nz
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  • New Zealand announces a further P-3 deployment in support of UN sanctions
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