C’mon Grant
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- Date published:
10:40 am, November 18th, 2020 - 51 comments
Categories: business, capitalism, climate change, Economy, employment, grant robertson, jobs, Keynes, labour, Media -
Tags: reserve bank
This government must demonstrate that it has the ability to lead the New Zealand economy where it has stated it wants it to go. It does not want more headlines like the average house in Auckland now being priced at $1 million.
With the Reserve Bank off the chain, there’s no sign of that ability to lead much.
The concern that the Reserve Bank chose to provide another $28 billion in unrestricted loans to banks has caused left and right to unify in concern this week. That’s how bad it’s got.
To get to Dr Cullen first.
Dr Cullen is really clear that the Reserve bank is not only misdirected and out of control, but also that the Minister of Finance doesn’t appear to have the will to alter their course. The changes to the Reserve Bank Act in 2019 gave the government the power to direct the Monetary Policy Committee to pursue other objectives than price stability and ‘maximum sustainable employment’. Dr Cullen says that “to use this new power is, essentially, the nuclear option in the operation of monetary policy.”
The Minister of Finance and the Governor of the Reserve bank both signed this remit last year of the Monetary Policy Committee on a single page. This joint statement says:
Our priority is to move towards a low carbon economy, with a strong diversified export base, that delivers decent jobs with higher wages and reduces inequality and poverty.”
Read that text again slowly.
Dr Cullen is pointing out that when the Reserve Bank is deliberately putting untagged money into this economy, the result is to make a housing price boom even worse. It’s not achieving any of the government’s stated economic aims.
Now, I sure ain’t slagging the Reserve Bank off at this point. Pretty much everyone near a bank was pretty happy that the Governor Mr Orr intervened to provide stability in providing $30 billion to banks in March this year.
That March intervention shows that the Reserve Bank can and does act to restore financial stability to banks being able to actually get debt to lend. But having used the “nuclear option” once, as Dr Cullen puts it, it doesn’t want to stop pressing that big red button again.
Through 2020 plenty of people from left and right have talked about quantitative easing as a great way to form a new orthodoxy for running an economy. We were supposed not to worry about flooding new debt into banks because rapid inflation was dead. But what’s happened is that fresh mortgage money has caused hyper-house-inflation. House prices are going up so fast that they are stripping New Zealanders of their last hope of financial independence.
We are way, waaay overdue an economic summit that enables the government to show that it actually has the collected powers remaining to lead this economy and this country towards its economic goal stated above. That doesn’t mean entirely breaking the independence of the Reserve Bank of New Zealand. It just means showing that you have the capacity and will to engage hard with the problem: to show you can form policy with public debate that prepares the ground for large policy changes.
As Dr Cullen notes in his column, what was considered orthodox in the operation of monetary policy has moved a long way since 2008. That there is no economic policy brains trust operating at the top of this government is screamingly obvious right now: even an old medium-dry like Dr Cullen is sounding fresh at this point.
Nor do we see our Finance Minister forcefully pulling its Wellington leadership into line. We need to see Minister Robertson point to Mr Orr and point out bluntly: Me Dog, You Tail. Maybe he needs to repeat it: Me Dog, You Tail.
Which brings me back to National’s Andrew Bayly. His statement about the need to rein in the Reserve Bank sounds remarkably like a progressive from the Labour Party wrote it.
Because there is no requirement for that $28 billion put into the banking system to flow into productive parts of the economy, the new funding “will flow straight into the already unaffordable housing market, when it could and should go towards new house builds, local business and our agriculture and horticulture sectors.”
It is the view of the National party that “the Reserve Bank can, and should, be requiring banks to direct this new funding into productive parts of the economy, particularly business lending. We have seen this happen in Australia.”
The Australian Reserve Bank governor foresaw the risks of Quantitiative Easing and set them out in November last year. He saw a blurring of lines between monetary and fiscal policy as an issue if the central bank was buying large amounts of government debt at zero interest rates could be seen as money-financed government spending. “This could damage the credibility of a country’s institutional arrangements and create political tensions. Political tensions can also arise if the central bank’s asset purchases are seen to disproportionally benefit banks and wealthy people, at the expense of the person in the street.”
That’s fairly prescient, as well as honest.
He was also quite clear with the Australian Federal and State leadership that they needed to stop propping up businesses with wage subsidies and start investing in actual projects with actual jobs with a focus on infrastructure projects, maintenance of existing assets, and spending on skills. In other words, use debt for productive stuff not used for more property investor mortgages.
Our RB must heed that and do the same. Now, of course we can say that because house prices also rose under both Dr Cullen and under National that we should just discount their opinions. But they are both right. As is the Australian Reserve Bank Governor.
We don’t have to put out an amateur wish-list of what we think will solve the housing crisis. We do have the right to say to both Minister Roberston and Adrian Orr: stop trying to put out a fire with gasoline.
Thank God Dr Cullen is.
We should pay greater heed to Dr Cullen that Andrew Bayly because Dr Cullen had the policy chops to face massive financial challenges and help solve them for most of us with far-sighed initiatives.
Dr Cullen pushed for the creation of the New Zealand Superannuation Fund. This recognised the risk associated with our current system where universal retirement superannuation benefits are funded by the current working population. The fund has developed into a well-respected and well-performing sovereign wealthfund which has set a high standard in socially responsible investing.
He pushed for the creation of KiwiSaver. He recognised that a widespread employment-based savings scheme was the best way to help Kiwis save for their own retirement. It incorporated the latest behavioural finance thinking in its design – incentives without compulsion. Over half of New Zealand now has a Kiwisaver account, and collectively we have amassed nearly $60 billion in or Kiwisaver accounts. It has provided so many New Zealanders with the opportunity to build a diversified investment base and take responsibility for much more of their own retirement.
He also formed the Portfolio Investment Entity (PIE) tax regime, which restored equality of capital gains between investing individuals and professionally managed portfolios.
He faced really hard economic problems and implemented strong policy and altered our entire economic direction.
This government hasn’t tried any structural policy innovation even close to what Dr Cullen has done.
More leaders are stating strongly that it’s time they showed they can. And will.
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Teanau Tuiono’s Member’s Bill, the Citizenship (Western Samoa Restoration) Amendment Bill, has passed its third reading and will become law. ...1 day ago
- Release: Minister of Education thinks New Zealand ends at the Bombay Hills
The Minister of Education has shown complete disregard for rural communities and their school bus routes in Question Time today. ...1 day ago
- Economists sound alarm on Government’s slash-and-burn approach
A group of prominent economists has released an open letter to the Government, raising grave concerns about the far-reaching consequences of its fiscal policy. ...1 day ago
- Release: Smoking numbers up under Costello’s watch
National’s repeal of Labour’s smokefree legislation has taken New Zealand further away from achieving a Smokefree 2025 and a smokefree generation. ...1 day ago
- Release: Call for Palestine recognition by NZ, Australian and Canadian MPs
Parliamentarians from Australia, Canada and New Zealand have written an open letter to their respective Prime Ministers calling on them to recognise Palestine. ...1 day ago
- Justice Select Committee opens floor for Treaty Principles submissions
Today, the Justice Select Committee has decided to officially open submissions for the controversial Treaty Principles Bill. ...3 days ago
- Power of the people on full display as hīkoi approaches Parliament
Today, Hīkoi mō te Tiriti arrived in Wellington, with thousands gathering to march in unity against the divisive Treaty Principles Bill. ...3 days ago
- Hypocrisy as Te Whatu Ora contractor bill balloons
Te Whatu Ora’s bill for contracting and consulting staff has ballooned by nearly 20 percent under the National Government, breaking a promise they made during the election campaign to cut contractors. ...3 days ago
- Release: Growing pressure to scrap Section 7AA Repeal Bill
The newly released Section 7AA Repeal Bill's select committee report is further evidence that the Government should scrap it. ...4 days ago
- Government’s move to monetise access to nature a slippery slope
The Green Party is voicing serious concerns over the Government’s proposal to charge for access to public conservation land, released today. ...6 days ago
- Green Party condemns the passage of Treaty Principles Bill
The Green Party condemns the passing of the Treaty Principles Bill at first reading, and is clear that the fight is not over. ...1 week ago
- Stand Up for Te Tiriti
Te Tiriti o Waitangi is our country’s founding document. It forms the basis of the relationship between Māori and the Crown – and the Aotearoa New Zealand we live in today. ...1 week ago
- Release: Over 15,000 sign Labour’s open letter to Luxon
As the hīkoi to Parliament continues, Labour has sent an open letter to Prime Minister Christopher Luxon in a last-ditch attempt to get him to kill the Treaty Principles Bill. ...1 week ago
- Fast Track Bill threatens environment, climate and reputation
The fast-track legislation passing its second reading in Parliament is another step towards environmental ruin. ...1 week ago
- Greens join King’s Counsel in calling for Treaty Principles Bill to be abandoned
The Prime Minister must answer the call from a group of senior lawyers of the King’s Counsel to abandon the divisive Treaty Principles Bill. ...1 week ago
- Chris Hipkins’ apology statement to state and faith-based care survivors
...1 week ago
- Release: Labour formally apologises to state and faith-based care survivors
Labour joins with the Government in unreservedly apologising for the abuse, neglect and trauma including torture in state and faith-based care and for ignoring the voices of survivors for too long. ...1 week ago
- Green Party stands in support of survivors of abuse in care
Today, the Green Party stands alongside the survivors of abuse in state care and faith-based care as the Government issues an historic apology. ...1 week ago
- Green Party calls for conscience vote on Treaty Principles Bill
The Green Party has written to the Speaker of the House requesting he enable a personal vote on the Treaty Principles Bill. ...1 week ago
- Govt move to exclude journalist risks chilling effect
The Green Party is alarmed by the Government’s move to exclude a journalist from covering this week’s apology for the survivors of abuse in state and faith-based care. ...1 week ago
- Without action, an apology will be empty air
For tomorrow’s apology to survivors of abuse in state and faith-based care to hold any water, the Government must not pursue the same policies that drove the abuse in the first place. ...1 week ago
- Release: Concerns remain over tobacco interference
Concerns about the tobacco industry’s ability to interfere in government policy making remain, despite the inability of the Office of the Auditor-General to investigate the Government’s decision to halve the excise tax on heated tobacco products. ...2 weeks ago
- Urgent wake-up call on climate
The Climate Change Commission’s latest advice indicates Aotearoa needs to be stepping up on climate action. ...2 weeks ago
- Green MP’s Meme-ber’s Bill set to save the world
Break out the punchlines and dust off your meme folder: Green Party MP Kahurangi Carter’s Copyright (Parody and Satire) Amendment Bill was pulled from the Ballot yesterday. ...2 weeks ago
- Release: Poroporoaki: Ta Robert (Bom) Gillies
Kua hinga te manawa kairākau o Te Rua Tekau Ma Waru Tiwhatiwha te po! Kakarauru i te po! Ka rapuhia kei hea koe kua riro! Haere e te Ika a Whiro ki o tini hoa kua ngaro atu ki te Pō ...2 weeks ago
- Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principles Bill
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- Release: Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principle...
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- NZ must pursue independent foreign policy
The Green Party says the need is greater than ever for Aotearoa New Zealand to pursue an independent foreign policy. ...2 weeks ago
- Release: Winston Peters must apologise
The Deputy Prime Minister should apologise to the public servant he named and blamed for something they did not do, and for misusing the rules of Parliament. ...2 weeks ago
- Government action provides Southland farmers more time to meet plan requirements
The Government is taking action to ensure Southland farmers and growers are not affected by unreasonable regional farm plan deadlines, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard say.“Cabinet has agreed to provide more time for farmers and growers to comply with regional rules ...6 hours ago - Bill reaffirms Government’s commitment to crack down on serious youth offending
The Oranga Tamariki (Responding to Serious Youth Offending) Bill had its first reading at Parliament today. The Bill reaffirms the Government’s commitment to crack down on serious youth offending, Minister for Children Karen Chhour says. “In recent years we have seen an unacceptable spike in youth offending. “This Bill makes ...6 hours ago
- Critical milestones for earthquake buildings review
Fairer, more sensible rules about managing earthquake risks are a step closer with the passing of legislation and the appointment of an independent chair to provide expert advice, Minister for Building and Construction Chris Penk says. “The Government is committed to reinvigorating our cities and regions to support economic growth, ...7 hours ago
- State of the art radiology machine for Auckland
People in Northland and Auckland will benefit from a new machine for cancer treatment installed at the Regional Cancer and Blood Service at Auckland City Hospital. The MV5 linear accelerator, or LINAC machine, officially opened today targets cancer tumours with pinpoint accuracy. Health Minister Dr Shane Reti says this new, ...7 hours ago
- Foreign Minister to visit Europe
Deputy Prime Minister and Foreign Minister Winston Peters will travel to Europe for high-level talks with France, Germany and the United Kingdom next week. "Since taking office almost a year ago, the Coalition Government has emphasised the importance we place on New Zealand's traditional and likeminded diplomatic and ...8 hours ago
- First arrests made under gang patch ban
Police have made their first arrests under the new gang patch legislation, with two gang members arrested, says Police Minister Mark Mitchell. “Just before 11 this morning, Police in Wairoa apprehended a gang member for wearing a patch to the supermarket. He has been arrested and will now face enforcement ...9 hours ago
- Better support for victims of sexual violence
The Government is proposing two major changes to name suppression laws that will put the views of victims of sexual violence first, Justice Minister Paul Goldsmith says. “We are committed to restoring law and order and these two proposed changes will help ensure the victims of crime are put at ...10 hours ago
- Government moving forward with Regional Deals
Cabinet has agreed to invite all regions to submit proposals for Regional Deals between central and local government that drive economic growth and deliver the infrastructure our country needs, Local Government Minister Simeon Brown and Infrastructure Minister Chris Bishop say. Inviting all regions to propose a Regional Deal that boosts ...10 hours ago
- MSA pilot participant update
One of the ten young men selected to participate in the Military-Style Academy Pilot has allegedly reoffended. Children’s Minister Karen Chhour is disappointed but says it would be naïve to think that none of these young men would reoffend. “I’m saddened that this young person has not taken this opportunity ...11 hours ago
- Attendance rates increase, again
Associate Education Minister David Seymour says that school attendance is continuing to rise. In Term 3 of 2024 51.3 per cent of students attended school regularly, an increase of 5.3 percentage points from 46 per cent in Term 3 of 2023. “This Government has prioritised student attendance and it is ...13 hours ago
- Improving the lives of young New Zealanders
Ensuring New Zealand is the best place in the world for children and young people is the vision at the heart of the Government’s new Child and Youth Strategy, Child Poverty Reduction Minister Louise Upston says. “Childhood represents a huge opportunity to set people on a positive path towards living ...15 hours ago
- Government continues work to reinstate livestock exports by sea
The Government is reinstating the trade of livestock exports by sea while ensuring the highest standards of animal welfare, says Associate Minister of Agriculture Andrew Hoggard.“The Government will introduce legislation changes to reinstate the trade, enhance oversight, and strengthen requirements for exporters to identify risks and manage the welfare of ...1 day ago
- Speech to the National Quality Forum 2024
Tēnā koutou katoa – it is a pleasure to be here today. I would like to begin by acknowledging the important leadership role you all play in ensuring a quality health system New Zealanders can trust. There is enormous clinical expertise in this room covering a wide range of disciplines. ...1 day ago
- New Zealand’s COP29 National Statement
Tēnā koutou katoa. Mr President, Excellencies, Delegates. New Zealand, and all nations represented here today, are already dealing with the impacts of climate change. Our households, businesses, and economies are bearing the costs of its effects. The choices we make now will shape the severity of these impacts for generations ...2 days ago
- Latest Quarterly Investment Report released
The Government has released its second Quarterly Investment Report (QIR) which shows substantial work still to be done by agencies to improve investment reporting and meet the Government’s expectations, Infrastructure and Acting Finance Minister Chris Bishop says. “New Zealand has significant infrastructure and investment needs. The Government is determined to get ...2 days ago
- New Zealand supporting loss and damage fund
Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. “New Zealand is joining the global effort to address the significant challenge of responding to ...2 days ago
- Gang crackdown begins at stroke of midnight
The free ride for gangs is over when the clock strikes midnight tonight, with tough new laws officially coming into effect, Justice Minister Paul Goldsmith and Police Minister Mark Mitchell say. “Gang patches will no longer be able to be worn in public. To earn the right to wear a ...2 days ago
- LGFA increases borrowing capacity to support high growth councils
The Government is welcoming the decision by the Local Government Funding Agency to increase access to financing tools for fast growing councils to support greater investment in critical infrastructure, Local Government Minister Simeon Brown says.“Communities across the country are facing an infrastructure deficit and significant population growth is projected in ...2 days ago
- Temporary Traffic Management costs revealed
The Government has revealed that over the past three years, the New Zealand Transport Agency (NZTA) has spent an eyewatering $786 million of taxpayers’ money on road cones and temporary traffic management (TTM), Transport Minister Simeon Brown says.“When I became Minister, I was surprised to learn that that NZTA did ...2 days ago
- Jurisdiction of Disputes Tribunal to double
Legislation that will double the financial jurisdiction of the Disputes Tribunal from $30,000 to $60,000 has passed first reading in Parliament today, Justice Minister Paul Goldsmith. “We need to improve court timeliness and access to justice so that Kiwis and get on with their lives. Court delays affect everyone, the ...2 days ago
- Protecting New Zealand from foreign interference
Legislation that will specifically criminalise foreign interference and strengthen espionage offences has passed first reading in Parliament today, Justice Minister Paul Goldsmith says. “It is normal and appropriate for states to interact and work to influence one another. This encourages cooperation and can have mutually beneficial outcomes. “However, the reality ...2 days ago
- Significant milestone for Canterbury Road of National Significance
Transport Minister Simeon Brown has welcomed news that the NZ Transport Agency (NZTA) Board has approved funding towards pre-implementation and early works on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance (RoNS). “Reaching this significant milestone is a reflection of our Government’s ...2 days ago
- Health survey results to help drive change
Health Minister Dr Shane Reti says findings from the annual Health Survey highlight the need to continue driving better health outcomes for New Zealanders. The New Zealand Health Survey is an annual snapshot of key metrics measured from July 2023 – July 2024. Findings released this morning include: In 2023/24, ...2 days ago
- Final push needed to get to Smokefree 2025
A renewed effort to get people to quit smoking will build on what has worked to date and target the groups who most need support, Associate Health Minister Casey Costello said today. “The latest New Zealand Health Survey results show the daily smoking rate at 6.9 per cent and we ...2 days ago
- New diplomatic appointments
Foreign Affairs Minister Winston Peters has announced four new diplomatic appointments. “Our diplomats play an important role in ensuring New Zealand’s interests are maintained and enhanced across the world,” Mr Peters says. “It is a pleasure to announce the appointment of these senior diplomats from the Ministry of Foreign ...3 days ago
- Next steps for Regulatory Standards Bill
Regulation Minister David Seymour has today announced the next steps in the Government’s plan improve the quality of regulation by opening consultation on a proposed Regulatory Standards Bill. “New Zealand's low wages can be blamed on low productivity, and low productivity can be blamed on poor regulation,” says Mr Seymour. ...3 days ago
- Red Tape Tipline goes live
Minister for Regulation David Seymour has today announced that the Ministry for Regulation’s Red Tape Tipline is now live. “We want to hear about your red tape horror stories. From today, New Zealanders will have a say on how they are regulated through an online portal,” says Mr Seymour. The ...3 days ago
- Youth Parliament 2025 announced
The Minister for Youth Matt Doocey has today announced the eleventh Youth Parliament will be taking place in 2025. “Youth Parliament offers a unique youth development opportunity to young people from across New Zealand to experience the political process and learn about how government works,” says Mr Doocey. “The two-day ...3 days ago
- Police stats show promising change
After nearly a year in Government, Kiwis have seen significant change across law and order with promising early results shown across some Police statistics, says Police Minister Mark Mitchell. “In August 2023, I told New Zealanders that if they had not started to see a change in public safety within ...3 days ago
- Better coordination of anti-scam efforts
With the launch of Fraud Awareness Week, the Government is committing to new coordination efforts across industry and government to combat online scams, Commerce and Consumer Affairs Minister Andrew Bayly says. “Online financial scams are a growing problem for New Zealand. New data released today shows that Kiwis lost nearly ...3 days ago
- Minister to consider 7AA select committee report
Minister for Children Karen Chhour will consider the recommendations made by the Social Services and Community Committee in its report back to Parliament on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill. “I want to thank the people who made submissions and those who appeared before the committee in ...4 days ago
- Defence Minister to attend ASEAN meeting
Defence Minister Judith Collins will this week attend the Association of Southeast Asian Nations (ASEAN) Defence Ministers’ Meeting-Plus in Vientiane, Laos. “We need to take every opportunity to engage with our international partners, given the increasingly unstable geo-political situation,” Ms Collins says. “New Zealand has a long-standing commitment to this ...4 days ago
- Launching the White Ribbon Ride
The Minister for the Prevention of Family and Sexual Violence, Karen Chhour, was on hand to wish riders well at the start of the North Island leg of the White Ribbon Ride in Whakatāne this morning. The ride helps mark the International Day for the Elimination of Violence against Women, ...4 days ago
- Construction to begin on next stage of Papakura to Drury
Construction on the next stage of the SH1 Papakura to Drury project will begin early next month, with the contract for works awarded to Fulton Hogan, Transport Minister Simeon Brown says. "SH1 Papakura to Drury is a key project that will drive economic growth and productivity, reduce congestion, and enable people ...6 days ago
- NZ signs trade deal with Costa Rica, Iceland and Switzerland
Trade and Agriculture Minister Todd McClay has signed a pioneering trade agreement that prioritises New Zealand’s sustainable exports at a ceremony during APEC in Peru today. “The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opens up significant ...6 days ago
- Government and iwi work together on aquaculture
Five new Aquaculture Settlement Areas will help ensure Ngāi Tahu shares in the opportunities aquaculture offers for Southland’s economy, Oceans and Fisheries Minister Shane Jones says. “The Aquaculture Settlement Areas (ASAs) I’m announcing today set aside space so the Crown and Ngāi Tahu can assess their potential for aquaculture development. ...6 days ago
- Government launches review to ensure electricity market is fit-for-purpose
The terms of reference for a review of the performance of the electricity market have been released. The review, initiated by the Coalition Government during the power crisis in winter will look at whether current regulations and market design support economic growth and access to reliable and affordable electricity, Energy Minister ...6 days ago
- Speech to Social Investment Hui: Jack and his whānau need our help
Kia ora koutou katoa. Nau mai, haere mai, piki mai. Ki te mihi atu ahau, ki te manwhenua nei, Te Atiawa, Ngāti toa rangatira, tēnā koutou, tēnā koutou, tēnā koutou katoa. Thank you, Andy, for your introduction. Let me acknowledge you as the new Chief Executive of the Social Investment ...7 days ago
- Minister of State for Trade heads to Brisbane for PACER Plus meeting
Minister of State for Trade Nicola Grigg has travelled to Australia to attend the PACER Plus Ministers Meeting in Brisbane. “Trade plays a critical role in driving employment, economic growth, and improving the standards of living in the Pacific Region. The Government is strongly committed to supporting Pacific Island countries ...7 days ago
- Proposals to modernise conservation released
Toitū te taiao – Our environment endures The Government is consulting on proposals to modernise New Zealand’s conservation management system, aiming to protect relevant natural areas while supporting sustainable growth in tourism and regional economies, Conservation Minister Tama Potaka says. “Today, the Department of Conservation – Te Papa Atawhai is ...7 days ago
- NEW POLL: Kiwis Overwhelmingly Support MPs’ Expenses Transparency Law Change
62% of respondents support the extension of the OIA to cover MPs’ spending, compared to just 13% opposed and 24% were unsure. ...1 hour ago - The House: Meanwhile, a week of passing law
The political week has been packed with worthy distractions, but all week Parliament has focused on passing new laws. Here are the highlights. ...2 hours ago - The biggest difference between Hīkoi mō te Tiriti and past hīkoi: More support from non-Māori
Analysis - The diversity of voices during the hīkoi was noticeable - from tangata moana to young immigrants to elderly Pākehā from the South Island. ...2 hours ago
- The House: Samoan citizenship restoration – ‘It means we belong to this land’
When the bill to restore NZ citizenship to some Samoans passed this week, Parliament's galleries were full to the brim with members of the community. ...3 hours ago
- More Delays In Action On Use Of Puberty Blockers With Children
Women’s Rights Party Co-leader Jill Ovens says the Ministry has put New Zealand children at risk by continuing to allow “off-label” prescribing of puberty blockers at far higher rates than other similar countries. ...4 hours ago
- Police Minister adamant he wasn’t aware of gang members training at gun clubs
That is despite two papers from police that raised the matter with him. ...4 hours ago
- Shorten declares himself ‘a proud moderate’, saying Australians ‘in the middle’ shouldn’t ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Bill Shorten has declared himself “a proud moderate” in a valedictory speech declaring parliament has the responsibility to ensure the extremes of left and right do not set the terms of political debate. Shorten, ...5 hours ago - New ‘best practice’ principles for superannuation products are coming. We asked a panel of exper...
Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer Studio Romantic/Shutterstock We all know how important it is to save enough money for retirement – but what about spending it wisely when we get there? Even for those who have built up a suitable ...5 hours ago
- Government accused of betraying Kiwis’ trust over lack of consultation on live exports
The government has always vowed to reinstate live exports by sea, which was banned by the previous Labour government. ...5 hours ago
- 7 things you can do if you think you sweat too much
Source: The Conversation (Au and NZ) – By Michael Freeman, Associate Professor of Dermatology, Bond University ERIK Miheyeu/Shutterstock Sweating is our body’s way of cooling down, a bit like an internal air conditioner. When our core temperature rises (because it’s hot outside, or you’re exercising), sweat glands all ...5 hours ago
- Phenergan for under 6s is now banned due to hallucination fears. Here’s what to use instead
Source: The Conversation (Au and NZ) – By Nial Wheate, Professor of Pharmaceutical Chemistry, Macquarie University Australia’s drug regulator has issued a safety warning over the medicine Phenergan and related products containing the antihistamine drug promethazine. The Therapeutic Goods Administration said the over-the-counter products should not be given to children ...5 hours ago
- A new stage adaptation of Peter Carey’s Jack Maggs is a delightful homage to theatrical storytelli...
Source: The Conversation (Au and NZ) – By Catherine Campbell, Lecturer, Performing Arts, UniSA Creative, University of South Australia Matt Byrne/STCSA Jack Maggs is a delight and a homage to theatrical storytelling in Australia. Based on Peter Carey’s bestselling novel, Jack Maggs follows the ex-convict as he lands ...5 hours ago
- The government has introduced laws for its social media ban. But key details are still missing
Source: The Conversation (Au and NZ) – By Daniel Angus, Professor of Digital Communication, Director of QUT Digital Media Research Centre, Queensland University of Technology Ron Lach/Pexels The federal government today introduced into parliament legislation for its social media ban for people under 16 years. Communications Minister Michelle ...6 hours ago
- Archives NZ, National Library to cut 27 roles
The Department of Internal Affairs wants to bring the two organisations under the joint leadership of the Chief Archivist and National Librarian. ...6 hours ago
- Gang patch ban: Members warn of potential for violence to ‘erupt’ as new laws enforced
"I can't see this lasting unless they have a budget to lock fullas up in jail which I think is absolutely stupid, really it's ludicrous," Ngavii Pekapo, who set up a Mongrel Mob chapter 54 years ago, says. ...6 hours ago
- ACT leader David Seymour raises doubts about Waikato medical school
Government documents show ACT leader David Seymour told the government he was "dissatisfied" with a cost-benefit analysis. ...6 hours ago
- National’s Erica Stanford allegedly calls Labour’s Jan Tinetti a ‘stupid bitchR...
The Education Minister has apologised in Parliament for her remark. ...6 hours ago
- Labour backs new Police Commissioner – but warns against routine arming
The alternative to policing by consent would be a police state, which New Zealanders don't want, the party says. ...8 hours ago
- Youth on boot camp pilot re-offended five weeks after release
Children's Minister Karen Chhour said while it was disappointing, it would naïve to think none of the participants would lapse. ...8 hours ago
- In photos: People of the hīkoi, and why they marched
Hikoi mō Te Tiriti has come to an end, going down in history as the largest march to Parliament in Aotearoa. ...9 hours ago
- ‘Everything is becoming a culture war’: Jon Ronson on conspiracies and cycleways
Ahead of his appearance in Aotearoa, the acclaimed British journalist, podcaster and documentarian talks to Stewart Sowman-Lund about why people are still fascinated by the fringes. The last place I would expect to find Jon Ronson is relaxing in the countryside. The iconic British journalist and writer is best known ...9 hours ago - Kia kaha Lebanon: NZ media only tell half your story of struggle
The United States has vetoed a UN Security Council ceasefire resolution — for the fourth time — in Israel’s war on Gaza, while Hezbollah demands a complete ceasefire and “protection of Lebanon’s sovereignty” in any deal with Israel. Amid the death and devastation, Joe Hendren reflects on his time in ...9 hours ago
- ‘Deserves a Bafta’: After the Party premieres in the UK to five-star reviews
The acclaimed New Zealand drama has just premiered on TV in the United Kingdom, and the five-star reviews are already flowing in. Six months after it was called a “blistering” “tour de force” by Australian critics, and nearly a year since The Spinoff declared it the best drama New Zealand ...9 hours ago
- Drugs are getting cheaper and easier to find in Aotearoa
New Zealanders are drinking and smoking less, but most other recreational drugs are becoming cheaper, more popular and more available, two new reports show. Two significant new surveys about drugs in Aotearoa were released this week, offering a rare insight into New Zealanders’ choice of substances, which ones are becoming ...10 hours ago
- COP29: ‘climate finance’ for the Pacific is mostly loans, saddling small island nations with mor...
Source: The Conversation (Au and NZ) – By Steven Ratuva, Director, Macmillan Brown Centre for Pacific Studies, University of Canterbury Lenora Qereqeretabua, the deputy speaker of Fiji’s Parliament, at the COP29 climate summit. IISD/ENB/Mike Muzurakis, CC BY-SA As this year’s UN climate summit reaches its final stage of negotiations, Pacific ...10 hours ago
- Review: The magic of Wicked and the curse of corporate greed
The new movie musical is undoubtedly a fun watch, but it’s also proof that bigger isn’t always better, writes Stewart Sowman-Lund. Contains minor spoilers for Wicked. There’s no doubt that Wicked is going to be huge. No other pop culture event this year, save from maybe Charli XCX’s Brat, has ...11 hours ago
- Dame Jacinda Ardern to be given United Nations leadership award
She will get the champion for global change award from the United Nations Foundation at a ceremony in New York tomorrow. ...12 hours ago
- NZ will resume live animal exports – to low demand
Analysis: NZ is lifting what was supposed to be a permanent ban on live animal exports. But it’s not the lucrative industry it once was. The post NZ will resume live animal exports – to low demand appeared first on Newsroom. ...12 hours ago - Financial forms of family violence affect one in seven of us – but the law is lagging
There are calls for New Zealand’s Family Violence Act to name economic harm as a standalone type of violence, rather than a subcategory of psychological abuse, to bring it in line with the United Kingdom and Australia. Economic harm – restricting access to, sabotaging or exploiting another person’s financial resources, ...12 hours ago
- Downside Risks To Treasury’s Economic And Fiscal Forecasts
New Zealand is currently running a structural fiscal deficit, with expenditure exceeding revenue. Economic growth falling short of expectations has been making it harder for the Government to bring the books back into balance. ...13 hours ago
- Science continues to exclude Indigenous communities. Fixing this benefits everyone
Source: The Conversation (Au and NZ) – By Jordan Peter Anthony Pitt, Associate Dean of Indigenous Strategy and Services (Faculty of Science), University of Sydney An enduring challenge facing science around the world is how to best include and engage Indigenous communities. In Australia, for example, 0.5% of Indigenous ...14 hours ago
- Why is cricket so popular on the Indian sub-continent?
Source: The Conversation (Au and NZ) – By Vaughan Cruickshank, Senior Lecturer in Health and Physical Education, University of Tasmania Cricket originated in England, but has been spread worldwide by British soldiers and settlers in the past few hundred years. It is now the second most popular sport in ...14 hours ago
- Disinformation and deepfakes played a part in the US election. Australia should expect the same
Source: The Conversation (Au and NZ) – By Renee Barnes, Associate professor of Journalism, University of the Sunshine Coast Mladen Zivkovic/Shutterstock As America takes stock after Donald Trump’s re-election to the presidency, it’s worth highlighting the AI-generated fake photos, videos and audio shared during the campaign. A slew ...14 hours ago
- Is thunderstorm asthma becoming more common?
Source: The Conversation (Au and NZ) – By Kira Morgan Hughes, PhD Candidate in Allergy and Asthma, School of Life and Environmental Sciences, Deakin University When spring arrives, so do warnings about thunderstorm asthma. But a decade ago, most of us hadn’t heard of it. So where did thunderstorm asthma ...14 hours ago
- Overwhelmed by ever more clothing donations, charities are exporting the problem. Local governments ...
Source: The Conversation (Au and NZ) – By Yassie Samie, Postdoctoral Researcher in Fashion and Textiles, RMIT University anna.spoka/Shutterstock What happens to your clothes after you don’t want them any more? Chances are, you will donate them to op shops run by a charity organisation. There are more ...14 hours ago
- Friendly fire: a nuclear push by allies at COP29 poses a sticky problem for Albanese
Source: The Conversation (Au and NZ) – By John Quiggin, Professor, School of Economics, The University of Queensland IndustryAndTravel/Shutterstock Prime Minister Anthony Albanese didn’t see this coming. At the global COP29 climate talks in Baku, the Australian government was indirectly criticised by two allies, the United States and the ...14 hours ago
- Nugget Is Dead brings queer love, multiculturalism and Aussie flair to the Christmas movie formula
Source: The Conversation (Au and NZ) – By Phoebe Hart, Associate Professor, Film Screen & Animation, Queensland University of Technology Julia Firak Stan’s new Christmas film Nugget is Dead is a colourful production that follows the rules of the seasonal genre film to a tee – with an Aussie ...14 hours ago
- Help Me Hera: Should I cut contact with my ex-stepdad?
My parents are finally getting divorced. So why do I feel like my stepdad’s feelings are still my problem? Want Hera’s help? Email your problem to helpme@thespinoff.co.nz Dear Hera My parents recently announced their separation. This in itself isn’t a problem. I’ve already gone through this once before in my early childhood, so ...14 hours ago
- New Zealand Drops In Global Ranking On Climate Action
If the government won’t hold polluters to account, then people will. People are increasingly taking to the streets and the courtrooms, putting their bodies on the line to shut down polluting industries. This will only escalate further unless New ...14 hours ago
- Government’s fiscal policy dragging out recession, economists say
Slashing the budget deficit and reducing public debt are making matters worse for households and businesses, they say. ...14 hours ago
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Why are you not surprised. Labour went into the election promising nothing and nothing is been delivered. Perfect.
Oh please cheer up a bit. You seem to be so down all the time. Find something to be happy about will you – a bit Pollyanna – give our hankies time to dry.
The government created the problem for themselves by ruling out CGT, wealth tax and standing behind the real estate market…dont blame the RBNZ whose job isnt to maintain housing affordability (even if they could)
And who have to take some of the blame for that? The Greens.
No-one is denying a CGT-type tax is overdue, but to bring it up immediately prior to a General Election was abysmal timing. Horses frighten easily even when there is nothing to be frightened about.
It’s possible they may have lost some votes but fortunately some of us – who normally vote Labour – gave our vote to the Greens because we recognise they have an important role to play especially around Climate Change.
Not sure how you determine the Greens have contributed to house price inflation
Apols for being unclear. Clarified what part of your comment I was responding to while you were replying.
Stop blaming the Greens for Labours chicken shit approach to anything mildly difficult. Jacinda has huge political capital thats gonna burn on a house price bonfire shortly.
Crinklewood, not just house prices but inflation in real terms. People will not be able to afford the basics soon. Everybody I spoke too agrees that food prices have gone up by some 10-12% in the last few months, rent – I don't even go there, Insurance for home loan borrowers is astronomical. Meanwhile, mass redundancies, billions paid to the same companies that sack people in great numbers and yet the people loosing their jobs have to wait for weeks to get a call from WINZ processing their applications. And the list goes on. Something is very wrong here, it looks like a hands off approach, no planning at all. All National needs to do is consolidate, plan their strategy and …wait.
Labor has so far delivered nothing of substance, where there is a noise some money is thrown at it to make it go away -courtesy of the taxpayer. We may still see some more issues with corona virus due to boarders being essentially opened somewhat. And to top it all off, lets look at negative interest rates that will hurt everybody except the rich.
Not impressed at all.
I like your term "inflation in real terms". Not the official rate, which our Establishment always manages to subtly understate.
You are right – if rent and any other under-estimated factors jump, people in the real world will be unable to survive, despite our Govt. pretending that inflation is very low.
What a great image. A group of solid, keen types striding forward looking tidy, well-dressed in their matching suits, on their way to make policy to give us a world fit for men to live in.
women and children needn't apply in a world fit for men in the image of the empty suits above.
Yeah, and with Lees-Galloway, Clark and Nash by his side, how can Robertson go wrong?
Lees Galloway is out of the Government. That is an old photo.
Like I said, how can Robertson go wrong?!!!
Well I don't know for one, nothing comes to mind so I ask 'How can Robertson go wrong'?
He can't because he's got David Clark and Stuart Nash at his side, and Iain Lees-Galloway has left parliament.
Who is the one between Lees-Galloway and Robertson?
Just some DPS guy.
I do hope you are right – you are thinking that he will do stuff aren't you? In social policy terms doing nothing is a policy so he can't hope to keep his hands clean of risk anywhere.
Everyone knows Labour can do no wrong.
Since the unmitigated failure of Rogergnomics, Labour's wrongs are chiefly sins of omission. They don't do things – which is politically safe but disastrous misgovernance. Better than the active looting of the Gnats, but only marginally. Could not be mistaken for good governance or things like the housing bubo could not have arisen.
Welfare 'reform' under the Clark regime is a perfect example, except they actively turned the screws, no doubt partly in the knowledge people wouldn't expect it 'from a Labour government', but also because they know most people don't care about the inadequacy of the benefit system and its related problems.
Like the Mafia boss and his team at the top on there way to attend a meeting. 😉
Its become a bit of an iconic image. Some keen cameraman saw the potential for a bit of humour there.
imagery above substance, which in essence is the current labour lot. A whole lot of image and expensive suits and nothing in the fridge for dinner and no rents paid.
Well pne good thing about house prices rising is that builders now have a pretty good incentive to takes on extra workers and get busy building more….
People who want new houses, need to be able to afford them.
Meanwhile speculators are making fortunes, turning over existing ones.
Why go to the risk of building?
And how many more houses do you estimate it will take to make them affordable?
A CGT would not have made a rats arse difference to the current stupid prices in Auckland, even if a form of one is overdue. Story yesterday in Herald of a couple with a child who had looked at competed at over 30 auctions but said "Fuck it, we're going for it" and paid well over the top just to live in inner Auckland. Maybe parents gave them a million bucks just to get them out of the bloody house.
Banning auctions would make more sense than a CGT in this climate.
Sensible questions. Why is there a stampede for houses at any cost ? Was there a backlog of demand because of Covid, it takes only small numbers to deliberatly or even inadvertantly manipulate a market in the short term? Where are these young buggers getting the millions from, even if just for the deposit ? Do they really think the real cost of these huge prices are going to be sustainable, and by that I mean that in the old days of unrestrained inflation within a few years the high price paid seemed reasonable because of escalating inflation and incomes rising to match ? Just exactly how many houses are going for high prices, it may only be a few but the lemmings are reading the alarmist headlines’and irrationaly reacting to them? Has anybody read a headline that shouts "Hoüse Sold For GV! , I'm sure theres still a few out there probably even a lot more than the headline grabbers.?
Government can do fuck all if people persist in being stupid, if everybody just stopped buying houses for 6 months the arse would drop out of the market. Good luck with getting anybody to do that.
And for all the bitching about Adrian Orr, he has after years of complaints by the very people no doubt previously complaining about the cost of mortgage money given the country rates comparable to ones the rest of the world has had for years. The market will no doubt stabilise soon, as they all do eventually when it runs out of muppets, so give the poor bugger a break, he's at least given us what we have been screaming out for for decades.
Questions that I haven't seen put down before plainly with questions about outcomes. Thanks Adrian. And it does remind me of the run on oil & gold shares in Australia in the early 70's. The frenzied bidding each other up. I hope this isn't going to be a government in waiting. Being a bridesmaid but never the bride doesn't apply any more. We NZs are family, and need to be a co-operative one, looking out for each other, and better run than a hell of a lot of families are in this deluded country.
But running out of muppets. It seems they reproduce faster than a Covid-19 virus. And I like the muppets, they have good attitudes as a rule. So horsefeathers to whoever took their name in vein and put it into the bloodstream.
People are paying ridiculous money because it doesn't cost much to service a ridiculous mortgage. 2.69% fixed for three years makes people think they can afford an awful lot.
A couple both in full time work at minimum wage are in about the same position servicing a million-dollar mortgage as I was 12 years ago servicing a $300K mortgage on a senior engineer's salary.
Thats my point Andre
People keep buying houses because they know they can rent them out for exorbitant money and cash in on tax free capital gain. It's absolutely immoral.
You are going seriously backwards renting out a 2 million + dollar house and paying a mortgage even at less than 3%
What happens when interest rates go up as they probably will? Can these people still service their mortgage?
Nope. Not if they're stretched at 2.7%, a 1% rise in interest rate would add roughly 40% to their mortgage payments. Partly depending on how much they put on interest-only.
That would bring the spectre of a lot of mortgagee sales, stressed too-big-to-fail banks, and all around panic. Interesting times. No idea what would be a sensible way to navigate through that kind of scenario.
and the option of the Gov offering lower rate mortgage finance to those in stress as the banks apply pressure as they did in the eighties is not available…a situation that will be accentuated next year as rates decrease even more.
Interesting times indeed
Negative interest rates will pump even more money into the property market. Good lord where is the logic?
Maybe…but it dosnt matter how cheap the money is if you dont qualify for a mortgage or cant afford the rent….the decreasing interest rates reflect the decreasing ability to service the growing debt….negative rates wont solve that problem, and its all very well encouraging alternative investment but you have to have something that isnt too risky that will offer an improved return and there are few options around.
Quite simply the debt is too large to be repaid….and ultimately it wont be
So to defy the do nothing types we could introduce a series of small wage rises to both stimulate the economy a little, but also to help those on minimum mortgages to pay off something, repairs etc. And that spending will bring more GST at 15% as low income people don't have tax avoidance.
The current interest rates cannot increase at any rate that we have seen previously – Unless inflation goes the way of the early 80's. Those in debt would be unable to service any debt – So now debt is too big to fail.
I find it so sad that "we" have created this problem with central bank print up to $28 billion to lend to banks at the Official Cash Rate with few strings attached. But we are told that is not the Reserve banks problem they are to manage inflation. Well they have not done that very well with inflation ranging from 2016-2019 between 0.64% to 1.85% , yet they are to achieve a range from 1-3% averaging 2%.
https://www.rbnz.govt.nz/statistics/key-graphs/key-graph-inflation#:~:text=Under%20the%20current%20Policy%20Targets,the%202%20percent%20target%20midpoint.
In considering this we should understand that the RBNZ has the most influence on interest rates. So in saying that interest rates will go up just what are you claiming will force the RBNZ to increase its policy rate?
You can observe the RBNZ role from their chart of the monetary policy rate and its relationship with the banks 90-day bills rate (which is the interest rate banks lend settlement funds to each other at).
https://www.rbnz.govt.nz/statistics/key-graphs/key-graph-90-day-rate
In terms of bank stability the RBNZ will want to avoid wide spread mortgage defaults and will set the OCR considering this.
Exactly my point as well.
I think the Gummint hopes the loose money will go to businesses hoping to gear up for the big infratructure plans. If some gets siphoned off for housing its all part of the same world. Just don't try to pick winners, it all ends in tears.
As Observer said on Nov.16 https://thestandard.org.nz/open-mike-16-11-2020/#comment-1766705 – Obsrver
Photograph by AF archive / Alamy
"House prices are going up so fast that they are stripping New Zealanders of their last hope of financial independence." here in this statement you have one of our main problems…New Zealanders have swapped wage growth and job security for capital gains on domestic housing, in other words we have turned human homes into nothing more than a tradable commodity…with results that should surprise no one.
Obviously Labour NZ because beholden to their short term liberal ideology will be of no use in solving this problem of course..in fact as we are seeing will only make matters worse…what a shame.
Turn Labour Left!
This is a quite missleading discussion. Overall an invalid model of how the banking system works is presented to be fact with the implication presented that QE funds have flowed into the housing market and caused the recent price increases. Acting on the basis of this model will not control house price increases.
First off we should understand that the banking system does not on lend deposits, it creates new funds as it lends. This leads to the actual constraint on bank lending being the number of credit worthy borrowers coming in the door, and not the amount of deposits with the bank.
This is the model of banking presented by the Bank of England and even in the first summary paragraph clearly contradicts the idea of QE funds flowing into a market via banks.
https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy
Moving to the quoted statements of the RBA governor. "This could damage the credibility of a country’s institutional arrangements and create political tensions. Political tensions can also arise if the central bank’s asset purchases are seen to disproportionally benefit banks and wealthy people, at the expense of the person in the street.”
This paragraph is completed by a further sentence. "This perception has arisen in some countries despite the strong evidence that the various monetary measures supported both jobs and income growth and thereby helped the entire community." With the overall implication being entirely altered from a picture of QE inflating asset prices to one where people believe QE is inflating house prices however in reality its functioning as a broadly beneficial intervention.
Reversing slightly to Andrew Baylys claims about the RBNZ QE program, now obviously he makes the same kinds of unsubstantiated harm claims as are discussed by the RBA governor. If we understand the implications of how bank lending functions however we can see that what is mostly happening is that there are many more credit worthy borrowers asking for housing loans rather than business loans. The way to support profitable business opportunities being obviously to support the demand an employment sides of the economy. I don't see how this could be construed as a progressive position as it spuriously undermines how the govt is willing to carry out its demand and employment support at least partially mitigating the economic harm of the lockdowns.
Back earlier again the authors own claim is that "Pretty much everyone near a bank was pretty happy that the Governor Mr Orr intervened to provide stability in providing $30 billion to banks in March this year.". But in practice QE was essentially a mechanism allowing the RBNZ to fund the ongoing budget deficits while still operating inside conventional monetary policy. This disconnect is highlighted from the linked interest.co.nz article "But contrary to Gordon and Kendall, Manji has been calling for the RBNZ to do QE by buying bonds direct from Treasury, rather than doing so through the secondary market (enabling banks to clip a ticket in the process).". So we can observe there was no threat to financial stability being acted on. Effectively the same outcome could have been achieved entirely by cutting out the financial system ticket clippers.
So in summary, the implication that QE money is flowing into the housing market and inflating house prices is missleading and this implication is mostly not drawn by the linked articles.
So, the Covid Wardens (aka as Senior Labour Leadership), with Wrong Turn Ardern — have done the following in the last 4 weeks:
Do not vote Labour in 2023 — this will send a message to the Covid Wardens, and Wrong Turn Ardern….the message is…do not take our votes for granted…ever!
WHY EVER NOT (vote Labour in 2023)?
I am surprised that most Aotearoans aren't loudly yelling for more of the same.
no assertions that St Christopher or even JC exist
That is not the role of a secular state.
Thanks drmumdough — that put a smile on my face