web analytics

Capital market taskforce pushes asset sales scam

Written By: - Date published: 1:00 pm, December 16th, 2009 - 47 comments
Categories: privatisation - Tags:

Another government-appointed taskforce of rightwing, market ideologues (this time appointed by Labour, the fools) has reported and, surprise, surprise, their report is a rightwing prescription without any supporting argument that it would be good for the country.

The headline recommendation of the Capital Market Development Taskforce is that the government sell shares in SOEs. The reasoning behind this major recommendation that would mean privatising the profits of billions of dollars worth public assets forever is incredibly lightweight. Just two pages in the 134 page report* are devoted to explaining why we ought to part-sell our our assets and half of that is taken up with a graph that supposedly shows other countries have allowed private investment in public assets but in fact shows nothing of the sort (Australia, that country we are supposedly trying to catch, actually has a higher portion of its state assets entirely publicly-owned than we do now).

Here is the entirety of the Taskforce’s reasoning for telling us to sell off our hard-built assets:

It would materially increase investors’ choices of domestic assets. Government holdings are extensive in the energy, land and environment, transport and infrastructure, and telecommunications sectors. In many other countries, such companies would be listed on the stock market and could be part of investors’ portfolios. Given the lack of perfect international integration in capital markets, the ability to invest in similar assets offshore does not fully compensate for the lack of these assets domestically.

The government, as owner, would benefit significantly from the capital market discipline and monitoring that would occur with a partial listing. Private sector participants with personal wealth at stake in these companies will be more effective monitoring agents than government can ever be.

It would materially improve the depth of our capital market, particularly in some of the areas in which central and local government is a key holder of assets. Partially floating some of these assets is the only way in which our share market can markedly increase in size in the near term. Bulking up the market in this way will also have the spillover benefit of making it more attractive to other companies considering listing on the market, by increasing activity and investor interest.

No facts, no modelling, no proof. Not even any argument that doing this would benefit us as a country, which is surely meant to be the point.

The clamour for the sale of state assets is coming from one source – the people who would make money off it. They reckon they would get our assets at knock-down prices (like they did last time) and then be able to extract greater profits out of them by demanding higher dividends, which would require asset-stripping (just like last time).

The notion of selling part of the asset to ‘free up capital’ is like those dodgy companies that encourage you to take loans out against your house. We would get some cash up front, and then end up paying back far more from the profit streams of our assets.

It’s a scam. We were tricked into selling our assets by lying neoliberal governments back in the 1980s and 1990s. We’re not dumb enough to be fooled again.

*(there’s little content in those 134 pages. most of the pages are half empty, there are even some pencil sketches to take up space – it’s like what you would get if you asked for a 20 page report from a lazy fifth former.)

47 comments on “Capital market taskforce pushes asset sales scam ”

  1. grumpy 1

    A timely post Marty. as i see it this taskforce was to develop capital markets. It seems simple to me that NZ suffers from a lack of capital and the easiest way to get some more is to take it from the State. Certainly much easier than developing the private sector.

    So, stupid solution but understandable.

    Privatisation of State assets in NZ has always been just a rip-off to benefit a small clique. Show me one example where privatisation has left an organisation better off and compare that with Kiwibank, a prime example of a well run state owned organisation.

    Hope this “taskforce” didn’t get paid for this.

    • Tim Ellis 1.1

      Auckland Airport. Wellington Airport. BNZ. State Insurance. Rural Bank. Works Development Services. Capital properties.

      Almost all the international empircal studies show that privatisation delivers more efficiency in the businesses and greater benefits to consumers.

      I don’t think you can argue when the government is creaming billions of dollars in near monopoly profits from electricity generation that you can argue that consumers are getting a good deal.

      • Kirsten 1.1.1

        Nice assertion but unfortunately not actually backed up by the facts. Most public services were created because of market failure – the failure of the private sector to be able to provide these services at a sufficient standard to support social and economic development.

        Public infrastructure (clean water, roading, waste disposal, public education, health and social services etc.) weren’t established because of ideology but because the market failed to provide for them adequately and governments recognised that they were esstential for social and economic development.

  2. bobo 2

    Funny how this announcement is timed with Key being overseas. Just another scheme like the power company privatization of the 90s. Goff should be attacking on this and getting some traction. Oh and we are dumb enough as a nation to do it again, how else do you explain Nact being so high in the polls?

  3. Lanthanide 3

    Seems to me that the government needs to run these taskforces much more like the 5th form assignment you compared it to.

    If you just do a shallow repeat-the-textbook job, you get shoddy marks. You get good marks when you do in-depth analysis and form a plan backed by data.

    Only in the case of the government and taskforces, marks = money.

  4. IrishBill 4

    From the preface: At the same time, we are aware that financial system
    ‘failures’ including recent finance company collapses
    have greatly undermined public trust and confidence in
    our markets.

    ‘failures’, in speech marks. Just in case you thought that the collapse of a finance company leaving thousands of people in financial ruin was some tangible, objective, real world failure rather than a “perception”. These f*ckin people can’t even confront the reality of their f*ckin banckrupt ideology and yet we’re seriously listening to their advice to give them and their mates our family silver???

    • grumpy 4.1

      I agree with you Bill, but why is the NZ financial/business system so piss poor?

      I know that the US and Aussie are not much better but crap like Toll/TranzRail and all the crooked finance company failures mean National will NEVER fight an election on Private v Public.

      In any reasonable country (capitalist or otherwise), Hotchin and Watson et.al. would be looking at real punishment. Not this crap.


    • Rex Widerstrom 4.2

      That really is shoddy fifth former work.

      For instance they could have left out the speech marks and instead said:

      “… financial system profitability downsizing…”

      “…recent monetary redistribution events…”

      and so on. Or done the old “it’s actually all your fault but we’re not going to say so directly” trick and said:

      “…profitability failure by key stakeholders…”

      “…failure of market forecasts to align with outcomes…”

      Better yet, just get Sarah Palin to write the next one.

  5. Sanctuary 5

    This will founder on the rock of “no privatisations in our first term”. Of course, the more O’Sullivan and the rest of the crony right fume and demand the more the next election will be fought on privatisation.

    I’ll be interested to see the public reaction to English’s next budget. His 2010 budget will be an ideologically driven austerity budget and he is prepared to risk a winter of massive discontent with public sector workers like nurses.

    And race has a lot more to run yet. It’s already been signalled that Tariana Turia will get her wish of getting large sums of taxpayer funded dollars syphoned off to her fat cat buddies in the Iwi authorities to run “welfare programs for Maori”. When the public realise THEIR money is going to privare, unaccountable race based organisations the Hone emails and the flag issue will be very small potatoes indeed.

  6. tsmithfield 6

    We are currently borrowing $250 million per week to fund our deficit. If the crown has surplus assets, why not sell them off to reduce our borrowing?

    That doesn’t mean I don’t support retaining some state assets. For instance, in hind-sight, I would probably support state control of electricity and similar services. However, the government owning things that would normally be in realm of the private market seems silly. Also, many public bodies have excess assets in terms of land, buildings etc. Whats wrong with selling these off to reduce our level of borrowing.

    • grumpy 6.1

      I have no problem with selling surplus assets as any prudent business would do. I do have with selling things like railways, electricity networks etc. that we have to buy back after they have been run down through asset stripping, price gouging etc.

    • Kirsten 6.2

      All governments (like all households) run with a level of debt they feel comfortable with – this is a capitalist world after all. The amount of government borrowing may sound impressive but actually it is proportionally much lower than pretty much all of Europe, the UK, Australia, the US, Canada….So, not quite time to sell the family silver quite yet.

  7. Bored 7

    This is just another of the ongoing attempts from those with money to privatise the commons. What they are really saying is that democratically controlled voter owned infrastructure and services are better controlled by undemocratic private ownership. What these people will never ever mention either is the cost of capital that they wish to recoup and the profit margin they add. It means that you and I will pay 10% plus more for dividends etc for the same outcome. That’s the economics.
    The politics are more severe, to corporatize (i.e to privatise the commons for the benefit of a small sectoral interest group of wealthy investors) means that the democratic process loses breadth and control over what we all commonly utilize. When the commons becomes so limited (as is the thrust of this ‘plan’) we the public will no longer have any democratic share in the “commons’. This is a fairly accurate description of what fascist Italy achieved. What business is really saying is that the public should not make any decisions over anything except through transactions in a “market’ that they own; we are to be reduced to mere transactional units. It sort of out does communist tyranny because their enemies of the state were still regarded as people, in the corporate (fascist) model you are merely a unit of consumption.

  8. tsmithfield 8

    Why should the state own an airline, for goodness sake?

    • snoozer 8.1

      because we sold it and the private owners ran it into the ground (unfortunate metaphor) and we were left with three options

      a) let it collapse
      b) let it be bought out by Singapore Air
      c) buy it back ourselves

      a and b would have meant the end of regional flights in New Zealand, Singapore Air would have had no interest in running such small, low-profit routes.

      knowledge changes things, eh?

      • kelsey 8.1.1


        Michael Cullen was a significant cause of the collapse by vetoing an increase in Singapore Air’s minority stake because he preferred it to be bought out by Qantas and have a single Australasian carrier.

        When that fell through he was left with little choice.



        Knowledge changes things, eh?

        • Julio

          The ‘World Socialist Web Site’ is hardly a credible source. The guy who writes their NZ stuff, John Braddock, is just a typical trot with an axe to grind.

      • Kirsten 8.1.2

        Also because of its strategic importance to our geographically isolated country – our trade with Japan rose only after sufficient flight services were put in place. Likewise South America.

        And actually quite a few countries have stakes in their national airlines – Air France etc.

    • Because it makes a return for the Country, which can be reinvested to other areas like Health ,Education, roading, public transport. Oh and it was the NZ tax payers under Labour that bailed out Air New Zealand last time. Why shouldn’t the NZ tax payer get a return on their money.
      Why should it only be rich private people making money. Explain to us all tsmithfield why the NZ tax payers interest shouldn’t be advanced.

  9. Why should the state own a commercial TV? Scrap TV one as it is, invest in a genuine public service model and sell TV2.

    The state needs to selectively invest in assets where it’s needed.

    • snoozer 9.1

      TV1 as a true public broadcaster I agree with.

      Selling TV2 – before agreeing I would like to see a business case for it. Something that this report fails to provide.

  10. tsmithfield 10

    Snoozer “because we sold it and the private owners ran it into the ground (unfortunate metaphor) and we were left with three options

    a) let it collapse
    b) let it be bought out by Singapore Air
    c) buy it back ourselves

    a and b would have meant the end of regional flights in New Zealand, Singapore Air would have had no interest in running such small, low-profit routes.

    knowledge changes things, eh?”

    So, the state should bail out every private organisation that fails because some consumers might be disadvantaged by the change? Even under the scenario where Singapore Airlines purchased Air New Zealand there were options that would have preserved the uneconomical routes. For instance, the state could have subsidized the Singapore airlines for operating on those routes if it wanted to. So, I don’t see the problem with private ownership of Air NZ from any perspective.

    Look at it this way from a leftist perspective. Money not tied up in Air NZ is money that could be invested in hospitals, schools etc.

    Heres another one. Why should the state own a valuation company when there are plenty of private ones that can do the job perfectly well?

    • snoozer 10.1

      “So, the state should bail out every private organisation that fails because some consumers might be disadvantaged by the change?”

      No, don’t be silly now. We do need to perserve our transport networks though. We get a lot of value from the regional air network, far more than the airline gets in profits.

      “the state could have subsidized the Singapore airlines for operating on those routes if it wanted to”

      Yeah, because that model has worked so damn well with the rail. If the choices are between owning the company and running it in a way that benefits New Zealand as a whole or annually being blackmailed by some foreign company with the threat of losing our regional air network, I know which I would choose.

      The money isn’t ‘tied up’ in New Zealand. We’re getting a healthy return on equity. Nearly $600 million in dividends on a $885 million investment in 8 years. That return can be spent on hospitals etc.

    • felix 10.2

      For instance, the state could have subsidized the Singapore airlines for operating on those routes if it wanted to. So, I don’t see the problem with private ownership of Air NZ from any perspective.

      So you’d like us, the taxpayers, to subsidise a foreign-owned company so they can make a profit flying us around our own country.

      You’re so opposed to public ownership that you’d actually rather have us pay other people to own our assets so they can profit from our use of them.

      • tsmithfield 10.2.1

        Its called a private/public partnership, Felix. I thought Labour quite liked the idea of private/public partnerships, if I remember correctly.

        • felix

          And Labour has what to do with me exactly, tsmithfield?

          Should I start comparing your statements to that of some political party or other or would that be a moronic, arrogant, insulting and presumptuous thing to do rendering me looking as much of a smug, ignorant prick as you do now?

        • Kirsten

          Public Private Partnerships – as proposed by the current government for schools. This will mean we sell off education land to a private company who will build a school (financed privately at greater cost as the Government can actually get better rates than the private sector) and then lease back the school to the government and charge for school maintenance.

          Of course for this to be attractive to the private “partner” they will need to factor in a decent wodge of our taxpayer dollars as profit. After around 30 years the State will be able to take ownership of what by that time will be a clapped out facility in a location that may or may not still need a school.

          Of course some time in that 30 year period the private “partner”‘s shareholders may decide they want to move their capital elsewhere and owenership of what should be the centre of a community will be up for grabs. Or, as is just as likely, the “partner” may at some point end up in financial schtook and the shareholders may want to extract maximum benefit from their asset before the company folds – leaving the State to pick up the pieces. This is what has happened in some very high profile cases in the UK.

      • prism 10.2.2

        sounds like that guy Prebble.

    • IrishBill 10.3

      Yes because it’s not like we’re a geographically isolated island trading nation that needs an airline so much that having it fail would devastate our economy. No wait. We are.

      • gitmo 10.3.1

        How would having Air NZ fail devastate our economy ?

        How would having the Canadian Pension Fund own part of AIA Ltd be risky ?

        How can people on this website breath by themselves ?

        • felix

          We simply turn away from you to inhale.

        • Kirsten

          See my comments above. Our increases in trade with different countries has directly followed the establishment of air services. Just like the advent of refridgerated ships to carry lamb to the UK led to substantial economic growth in NZ, the establishment of regular flights to Japan and South America enabled, for example, the kiwifruit boom.

  11. tsmithfield 11

    Craig “Because it makes a return for the Country, which can be reinvested to other areas like Health ,Education, roading, public transport. Oh and it was the NZ tax payers under Labour that bailed out Air New Zealand last time. Why shouldn’t the NZ tax payer get a return on their money.
    Why should it only be rich private people making money. Explain to us all tsmithfield why the NZ tax payers interest shouldn’t be advanced.”

    When considering where to put state money the question of return on assets and risk needs to be considered. I am not sure this was really a consideration when the government decided to buy out Air NZ. But it may well have been better to put the money into some other investment to get a better return for the taxpayer with a lot less risk. As I recall it, Air NZ was looking very shaky when the government bailed them out. Therefore, public money was put at considerable risk, but the public had no say in it.

    If the shares for Air NZ were simply floated on the market, then of course, NZ taxpayers would have an opportunity to benefit from the profits of Air NZ. However, they would do this out of their own free choice understanding the risks balanced against the returns.

  12. tsmithfield 12

    snoozer: “No, don’t be silly now. We do need to perserve our transport networks though. We get a lot of value from the regional air network, far more than the airline gets in profits.”

    But the service won’t disappear if the private company fails. It will just be taken up by another operator.

    Now, going back to the rail situation. As I recall it, what price did we pay to get rail back under public ownership? As I recall it we may have paid a teeny weeny bit too much. So, was public money well spent? I don’t think so. But thats what tends to happen when the state gets involved where it shouldn’t.

    • grumpy 12.1

      Funnily enough, I once worked for NZ Rail (and even more funnily was a Uniopn Branch Secretary). The operation needed to be sold in order to be reformed but NOT at such a HUGE profit to Fay Richwhite and certainly not bought back at such a ludicrous inflated price from TOLL.

      Who made the money – unscupulous operators.
      Who paid – the taxpayers.

      • tsmithfield 12.1.1

        Thats because public servants are generally to thick and naive and will get screwed by cunning private operators. Thats why its best to leave these sorts of companies in the private sector.

        • grumpy

          Interesting point of view and generally correst.

          BUT – it wasn’t public servants who paid a huge price to Toll. In general I have found the PS attracts the mediocre where they are managed by the incompetent. I doubt that happens in Singapore Air – or Kiwibank.

          It is not the fact they are public serbvants that makes them thick and naieve – it’s as much the environment they live in when they get there.

        • felix

          generally to thick


    • snoozer 12.2

      will it be taken up by another operator?

      big punt there. Kind of like saying that it didn’t matter if Toll ran the rail network into the ground because someone else would build a new one.

    • felix 12.3

      You’re absolutely right, tsmithfield – the govt should’ve compulsorily renationalised the rail network (for a fair price determined by themselves) without negotiation.

      It’s a public asset, bought and paid for by the taxes of generations of New Zealanders and no govt was ever in a position to sell it.

      Same for all the rest of them.

      Not yours to sell. Hands off.

  13. I knew Birch’s electricity market reforms were simple asset-stripping and would be a disaster for the nation as a whole, but I snapped up all the Contact shares I could at the float, have hung onto them and done very well out of them, thank you. It would have been stupid not to have done.

    On the Taskforce’s point 1 – “Given the lack of perfect international integration in capital markets, the ability to invest in similar assets offshore does not fully compensate for the lack of these assets domestically.” I have no idea what this means – I receive dividends in A$, US$ and Sterling from holdings in similar assets offshore, which I convert to $NZ and spend here quite happily.

    On point 2, “Private sector participants with personal wealth at stake in these companies will be more effective monitoring agents than government can ever be.” Quite right – I want the public utility etc. companies I hold shares in to maximise their profits for the least possible investment. That the people of Australia, the US, the UK etc. have to pay through the nose for it is no skin off mine.

    On point 3, “Partially floating some of these assets is the only way in which our share market can markedly increase in size in the near term.”

    I’ve also seized my share of other privatisation floats – Capital Properties comes to mind along with another of the power companies – which were, amongst other things, intended to ‘bulk up and help ‘capitalise’ the market, only to have them forcibly bought from me in a hostile take-over which resulted in their disappearance from the New Zealand exchange.

    The only way ‘our’ share market can markedly increase in size in the near or any other term is for New Zealanders to start investing, and that ain’t gonna happen because, frankly, it’s minor league and with a country smaller in every respect except landmass that a hundred or more cities around the world, it’s always going to be.

  14. Herodotus 14

    So from what I understand we list govt asets to boast the sharemakets size allow overseas investment (As many mums & dads cannot afford to buy shares). So we take from NZ and send the profits off shore. How will that effect or current account?
    And what happens when a capital fund takes over majority ownership or a controlling interest?
    Was there not a film made about this dumb and dumber?

Recent Comments

Recent Posts

  • Easing administrative burden on farmers through new integrated farm planning projects
    37 new investments to simplify planning and reduce paperwork for farmers and growers Targeted projects for Northland, Waikato, Bay of Plenty, Taranaki, Gisborne, Hawke’s Bay, Manawatū-Whanganui, West Coast, Canterbury, and Otago Resources, a digital wallet and template tools to help farmers develop and integrate their farm planning. The Government is ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • New Commerce Commission Chair appointed
    Commerce and Consumer Affairs Minister Dr David Clark has today announced the appointment of Dr John Small as the new Chair of the Commerce Commission. “Dr Small has made a valuable contribution to a broad range of the Commission’s work in his roles as associate member and member, which he ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Realising housing dreams for the Kāpiti Coast
    Much needed public housing is on the way for the Kāpiti Coast thanks to the Government’s purchase of a large vacant plot of land at 59-69 Raumati Road in Raumati Beach. “This purchase will ultimately mean more families have a place to call home and demonstrates our commitment to resolving ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Decarbonisation industry milestone reached in Timaru
    A pioneering boiler conversion project is now up and ready to go, using woodchips to make potato chips, while slashing emissions. “McCain’s newly converted coal boiler will reduce CO2 emissions at its Timaru factory by 95% and is an excellent example of the great climate gains we can achieve through ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Govt keeps AM on the air in Northland
    Minister of Broadcasting and Media Willie Jackson and Minister for Emergency Management Kieran McAnulty today announced a $1.48 million package to fund the repair and replacement of three transmission masts in Northland to ensure AM radio can stay on air in the region. “This funding will secure the reinstatement of ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Multi million dollar package to tackle retail crime and reoffending
    A multi million dollar package to tackle retail crime and reoffending is the most significant crime prevention financial package in recent memory  New fog cannon subsidy scheme set up. Government to provide $4000 for all small shops and dairies in New Zealand who want a fog cannon installed, with shops ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Funding boost to support NZ’s game development industry
    New Zealand’s game developers will receive an immediate funding boost to help support the growth of local studios beyond the current Dunedin centre. “New Zealand’s game development sector has been rapidly growing. The latest data from the New Zealand Game Developers Association shows the total revenue for the industry is ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • A new strategy for Pacific housing
    New and existing housing initiatives are being brought together to improve home ownership for Pacific people said Minister for Pacific Peoples, Aupito William Sio. Fale mo Aiga: Pacific Housing Strategy and Action Plan 2030, launched today, is the Government’s targeted response to the housing challenges faced by Pacific Aotearoa. Minister ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government takes action on pay parity for healthcare workers
    Thousands of frontline community health workers – including nurses in aged-care facilities - are in for a pay rise as the Labour Government takes action on pay parity in the health sector. “I’m pleased to announce that Cabinet has agreed to on-going funding of $200 million a year so that ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • World’s first algae-based local anaesthetic another step closer to reality
    A partnership between the Government and the Cawthron Institute has delivered a breakthrough in the production of a potent microalgal ingredient for the world’s first algae-based pain medication, Agriculture Minister Damien O’Connor announced.  “Scientists at Cawthron Institute in Nelson have developed a reliable and commercially scalable method for producing neosaxitoxin, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Ngāti Mutunga o Wharekauri and the Crown sign Agreement in Principle| Ka waitohu a Ngāti Mutunga o...
    Ngāti Mutunga o Wharekauri and the Crown have signed an Agreement in Principle marking a significant milestone towards the settlement of their historical Treaty of Waitangi claims. Ngāti Mutunga are based on Wharekauri/Chatham Islands and are the second of two iwi/imi to reach agreement with the Crown. “Today’s signing follows ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Further ACC reforms introduced to Parliament
    New reporting requirements on access to ACC Earlier access to minimum rate of compensation Refinement to ACC purpose to focus on supporting all eligible injured people to access ACC The Accident Compensation (Access Reporting and Other Matters) Amendment Bill which aims to improve access to ACC for all injured people, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government supports Chatham Islands' resilience
    The Government is supporting the Chatham Islands’ resilience to extreme weather events and natural hazards through a grant to secure safe drinking water, Minister for Emergency Management Kieran McAnulty said. “Many households in the Chatham Islands lack easy access to drinking water and have been forced to get water to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Chief Coroner appointed
    Coroner Anna Tutton has been appointed as the new Chief Coroner, Attorney-General David Parker announced today. Anna Tutton was appointed as a Coroner in January 2015, based in Christchurch, and as Deputy Chief Coroner in 2020.  After the previous Chief Coroner, Judge Deborah Marshall, retired Ms Tutton took on the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • DIRA Amendment Bill passes third reading
    The Government has passed an Amendment Bill today to support Fonterra’s move to a new capital structure and the continued success of New Zealand’s dairy industry. The Dairy Industry Restructuring (Fonterra Capital Restructuring) Amendment Bill will allow the Fonterra co-operative to make changes to its capital structure, as well as ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister Whaitiri to attend Food Ministers’ Meeting with Australian counterparts
    Minister for Food Safety Meka Whaitiri will attend the Fourth Australia and New Zealand Food Ministers’ Meeting in Melbourne on Friday. It will be the first time the meeting has been held in person since the Covid-19 pandemic disrupted international travel. “The Food Ministers’ Meeting sets the policy direction for ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Kiwibank parent appoints directors
    David McLean and Sir Brian Roche have been appointed as the first two directors of the newly incorporated Kiwi Group Capital Limited (KCG), the parent company of Kiwibank. In August, the Government acquired 100 percent of Kiwi Group Holdings, which also operates New Zealand Home Loans, from NZ Post, ACC ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Defence Ministers meet in Cambodia
    Minister of Defence Peeni Henare attended the Association of Southeast Asian Nations (ASEAN) Defence Ministers’ Meeting-Plus (ADMM-Plus) in Siem Reap, Cambodia. “The first face to face meeting of the ADMM-Plus members is an opportunity for me to highlight New Zealand’s position on key regional security matters,” Peeni Henare said.  “In ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Pay equity extended to thousands more social workers
    The Government will extend pay equity to all community and iwi organisations who employ social workers and receive funding from the Crown, Minister for Women Jan Tinetti announced today. We expect this will improve the lives of approximately 4,600 social workers. “This extension means thousands more social workers will be ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Taskforce set up to protect construction industry from product shortages & delays
    New ‘Critical Materials Taskforce’ will trouble shoot building materials shortages Focus on maximising productivity & cushioning businesses from supply chain risks Successful ‘Plasterboard Taskforce’ reshaped to include broader sector knowledge and expertise Will provide guidance, data and information to support builders, designers and business owners A new Critical Materials Taskforce ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Bigger ED, more theatres and more beds in new Whangārei Hospital
    A new emergency department with three times more space will be part of the first stage of a two-stage project to build a new hospital for Whangārei and Northland. The Government has today confirmed funding for stage one of the new hospital – an acute services building and a child-health ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Finnish PM to visit New Zealand
    Finland’s Prime Minister Sanna Marin, accompanied by Minister for Development Cooperation and Foreign Trade Ville Skinnari and a business delegation will visit New Zealand next week, Prime Minister Jacinda Ardern announced today. The two leaders will meet in Auckland. “New Zealand and Finland are natural partners. We share similar approaches ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New recreational rules to support hāpuku and bass fisheries
    The daily limits on recreationally caught hāpuku (also known as groper) and bass will be lowered to a total of two per person in some areas, with a new accumulation limit of three per person on multi-day trips. Oceans and Fisheries Minister, David Parker said the rule changes would take ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Jobs for Nature enabling Mātāuranga Māori
    Mātāuranga Māori is at the heart of the latest tranche of Jobs for Nature projects set to promote biodiversity and reduce impacts of climate change on Māori land, Minister of Conservation Poto Williams says. Project work will include the creation of an ecological corridor in Tairāwhiti, protecting 60 hectares of ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Supporting resilient shipping infrastructure in Vanuatu
    The Government has announced further support to Vanuatu to assist in constructing climate-resilient wharves as part of the Vanuatu Inter-Island Shipping Support Project (VISSP). “Aotearoa New Zealand is committed to supporting the economic recovery of our Pacific region in a way that continues to provide growth and supports climate resilience,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government welcomes High Court ruling on climate case
    The High Court has today confirmed the legality of the advice provided by the Climate Change Commission (the Commision) to inform New Zealand’s nationally determined contribution (NDC) and the first three emissions budgets.  Minister of Climate Change James Shaw says New Zealanders can have confidence in the Commission and of ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government introduces changes to mining Act with stronger environmental focus
    ·         Crown Minerals Act will no longer actively “promote” prospecting, exploration, and mining of Crown-owned minerals ·         Will create more certainty around engagement between industry, iwi and hapū. The Government is proposing changes to modernise the Crown Minerals Act 1991 (CMA) to support more environmentally conscious management of resources, says ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to Building Nations 2050 conference
    Tēnā koutou, tēnā koutou katoa. Good morning and thank you, Jack, for the introduction. I’d like to take a moment to acknowledge Infrastructure New Zealand Chair, Margaret Devlin and all the sponsors and organisers of this event for bringing us together in ‘Building Nations 2050’. I would also like to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Better natural hazard information for home buyers
    Associate Minister of Local Government Kieran McAnulty has today introduced legislation to empower councils to share better information about natural hazards with the public. The Local Government Official Information Amendment (LGOIMA) Bill will make it easier for Councils to share clear and concise information in Land Information Memorandum (LIM) reports. ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New Zealand welcomes visiting WTO Director General
    The World Trade Organization (WTO) Director General Dr Ngozi Okonjo-Iweala visits New Zealand this week. Minister for Trade and Export Growth Damien O’Connor said the WTO was essential to New Zealand as a small export-dependent trading nation.  “New Zealand’s economic security depends on our ability to trade. Our goods exports ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Faster, cheaper, better resource management law given first reading
    New laws that will deliver a faster, cheaper, and better resource management system had their first reading in the House today. The Spatial Planning (SP) and the Natural and Built Environment (NBE) Bills, which were introduced last week, will replace the 30-year-old Resource Management Act (RMA). Environment Minister David Parker ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Minister Sio to meet new Vanuatu PM
    Associate Foreign Affairs Minister Aupito William Sio travels to Vanuatu today, to meet with the new Government led by Prime Minister Alatoi Ishmael Kalsakau and to represent Aotearoa New Zealand at the Pacific Community (SPC) Ministerial Conference being hosted in Port Vila. Minister Sio will have a number of bilateral meetings with ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Driving ahead with the Clean Car Standard
    Following discussions with vehicle importers, the Government has confirmed the Clean Car Standard will be phased in from 1 December 2022, significantly reducing the CO2 emissions of light vehicles in New Zealand, announced Transport Minister Michael Wood. “Emissions from our light vehicle fleet are the single largest source of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Constitutional Kōrero conference
    Our Evolving Sense of Nationhood – Me Anga Whakamua Indigenous Futures and New Zealand’s Constitution Tuia ki runga, Tuia ki raro, Tuia te here tangata, Mai i te wheiao ki te ao mārama Ka rongo te pō ka rongo te āo! Tīhei Mauri Ora! Kei ngā miro o te ao ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Rental sector changes to regulate residential property managers, clear up meth confusion and ease pr...
    A suite of measures to improve the lives of renters and landlords has been announced by Housing Minister Dr Megan Woods as the Government makes more progress on reform of the rental sector. “Nearly 600,000 households rent in New Zealand and these measures will result in regulated oversight of residential ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Further sanctions on the political and economic elites of Russia and Belarus
    Foreign Affairs Minister Nanaia Mahuta today announced further sanctions on members of the inner circles of governments in Russia and Belarus, as part of the ongoing response to the war in Ukraine. “Aotearoa New Zealand first moved against the powerful and wealthy in Russia with sanctions on political and economic ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Another step towards improved supermarket competition
    The Bill to trigger an unprecedented shake-up of the grocery sector and deliver New Zealanders a fairer deal at the checkout and help tackle cost of living pressures is ready for its first reading at Parliament. “The duopoly has now been given plenty of warning. If they fail to adequately ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Black Ferns to be celebrated at Parliament
    A public event and celebration will be held on Parliament’s lawn on December 13 to celebrate our Rugby World Cup winning Black Ferns. “The Black Ferns’ triumph at Eden Park is one of New Zealand’s greatest sporting moments,” Grant Robertson said. “They are extraordinary athletes, exceptional people and proud New ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Autism Guideline released by Ministry
    The release of the latest edition of the Aotearoa New Zealand Autism Guideline – He Waka Huia Takiwātanga Rau has been welcomed by Minister for Disability Issues Poto Williams today. The Guideline provides an opportunity to better understand and communicate best practices for supporting autistic people and their families and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Aotearoa Refugee Hui
    Nga mihi nui ki a koutou, Welcome to the Parliament, your Parliament. It is great to see the community here in such numbers, and I am happy to be here with my parliamentary colleagues to listen and take part in the discussions today. I particularly want to acknowledge Ibrahim Omer ...
    BeehiveBy beehive.govt.nz
    1 week ago