Coated in privatisation pixie dust

Written By: - Date published: 5:13 pm, July 25th, 2009 - 29 comments
Categories: assets, privatisation - Tags:

I like Colin Espiner’s writing. He’s got he best of the journo blogs. He’s focussed on issues rather than politicking. But does he ever drop some clangers – saying the Chief Justice could be fired, confusing numbers on the dole with the number who are unemployed, saying the Prime Minister can’t affect wages, and this:

Actually, I think selling or part-privatising Meridian is a splendid idea. It would be a great addition to the stock exchange, which badly needs some new blue-chip listings. And everyone who moans about the obscene profits the company makes and the size of their power bill could do something about it.

Buy some shares. Not only would that put some of Meridian’s profits in your own pocket, but as a shareholder you could go along to Meridian’s AGM and give the directors what-for once a year. Brilliant.

1) Why does the stock exchange ‘need’ new blue-chip listings? We are told all the time by people with a financial interest in privatisation that it will ‘help the stock market’ but how? What good does that do the stock-market (apart from the owners of the stock-market who get more commissions)? More importantly, what good does it do for the wider economy, whether of not it helps the stock-market? In reality, doesn’t floating more huge companies into a relatively small market just mean that we won’t get a good price and the value of other shares will drop too?
 
2) Right now, I can do something (small) about Meridian’s prices, I can complain to my MP and the shareholding minister. My voice is worth as much as anyone’s. If it’s privatised, only shareholders will have a voice and that will be determined by their size. In reality, there will be one or two, probably foreign, owners and if you can afford the shares and turn up to the AGM you can yell all you like, you’ll just be ignored.
 
3) Right now, the profits that Meridian earns on my power bill come back to me and my community. They pay a dividend, that dividend pays for government expenditure on schools, hospitals, roads etc etc etc. Sell the thing, for what is bound to be a bad price (when did we ever get a good price for a privatisation?) and the profits will flow overseas while we have to cut services or find revenue from other sources.

4) Name a privatised company that has worked well. They’re rare as hen’s teeth. Why? Because most of them are in some kind of monoploy or near monoploy position. The natural inclination of a company in that position is to charge high prices, asset strip, make mega profits run the thing down, then demand a government bailout to prevent collapse.

I think that Colin’s quote shows the effectiveness of propaganda. There’s no actual argument that privatisation works for the reasons he claims. But when you hear the same endless mantra ‘privatisation is good, sharemarket needs depth, greater accountability, private pixies provide efficiency’ you start to believe it, you forget to question it.

29 comments on “Coated in privatisation pixie dust ”

  1. Tim Ellis 1

    Why does the stock exchange ‘need’ new blue-chip listings? We are told all the time by people with a financial interest in privatisation that it will ‘help the stock market’ but how? What good does that do the stock-market

    Interesting question Marty. It’s generally accepted that for any market to be viable, they need liquidity. They need a lot of investors constantly trading shares, investors with access to capital to trade, and a wide range of instruments to trade in. In short it needs critical mass. The ASX, which isn’t very large by world standards, is fifty times the size of the NZX.

    What does critical mass attract? Investors. More listings. Greater liquidity. More trades. Viable investment options other than residential property.

    More big listings would be good for New Zealand markets, and good for New Zealand investors.

    • RedLogix 1.1

      More big listings would be good for New Zealand markets, and good for New Zealand investors.

      Happy then for Meridian listings to be restricted to NZ resident investors only?

      • Tim Ellis 1.1.1

        Red, I don’t see the point in that. Resident and non-resident shareholders can already trade in electricity generation, through Contact shares. If there isn’t access to foreign capital then it wouldn’t enhance the liquidity of the sharemarket very much.

        It is quite common for electricity generators to offer unsecured capital instruments to New Zealand and non-resident investors. Yes, even those generators that are SOEs. In that respect the sharemarket really is only a capital-raising instrument. I don’t hear shrieks of privatisation every time Meridian offers unsecured notes to investors.

        • RedLogix 1.1.1.1

          If there isn’t access to foreign capital then it wouldn’t enhance the liquidity of the sharemarket very much.

          Well unless you are imagining that there is some means by which resident shareholders have an advantage over non-resident shareholders, then your claim ‘and good for New Zealand investors’ is pretty very much diluted.

          I don’t hear shrieks of privatisation every time Meridian offers unsecured notes to investors.

          Not unusual for public entities to raise capital in all sorts of ways, but ‘unsecured notes’ are quite different to shares that confer ownership. Indeed if one shareholder gains enough shares, they can control the company; something no amount of ‘unsecured notes’ will achieve.

        • stormspiral 1.1.1.2

          ‘I don’t hear shrieks of privatisation every time Meridian offers unsecured notes to investors.’

          No. You wouldn’t hear a thing, Tim. Most electricity and other consumers wouldn’t know one end of a sharemarket from another.

          Also, precisely what percentage of traders in NZ are represented on the sharemarket? 20? 25%?

          Seems like disproportionate power in the hands of a minority.

          Yes. I know more people than that invest in shares, but no way is this a majority.

          So why the bowed heads and hands raised in worship of what the sharemarket does? I’m talking logic here; not deep economic theory. And it is theory; not hard science.

          And it isn’t essential for NZ to follow overseas trends as far as we do. Certainly export sales are important, and what we spend overseas; in fact they are the vital ingredients, I’d have thought. As for exchange rates and such. Just who are they important to? other than the sharemarket?

          Catch 22. Just not logical.

          • Tim Ellis 1.1.1.2.1

            Yes. I know more people than that invest in shares, but no way is this a majority.

            So why the bowed heads and hands raised in worship of what the sharemarket does? I’m talking logic here; not deep economic theory. And it is theory; not hard science.

            No, I’m not raising my hands in worship of what the sharemarket does. I don’t personally invest in individual shares in the NZ sharemarket. It is too small and lacks liquidity. The reason why there aren’t many more New Zealand shareholders in the market is because there aren’t adequate levels of liquidity or stocks to make it worthwhile. That’s the whole point. If you raise liquidity levels and increase stocks and open up capital to more investors, more people will invest.

            Most New Zealanders have a lot of their savings and capital tied up either in their own homes or if they have surplus capital in investment property. Only a small number invest in shares and other investment instruments. As an economy we need real liquidity in productive assets.

            Why is a liquid market important? Because a liquid market is dynamic and innovative. It provides capital to invest in productive businesses. Productive businesses with access to easy capital creates economic growth and jobs.

            Investors receiving an economic return from productive assets become much more financially literate.

            • Pascal's bookie 1.1.1.2.1.1

              “Why is a liquid market important? Because a liquid market is dynamic and innovative. It provides capital to invest in productive businesses.”

              http://www.nytimes.com/2009/07/24/business/24trading.html?_r=2&partner=rss&emc=rss

            • BLiP 1.1.1.2.1.2

              Far out – that’s spooky! Who in their right mind would trust the infrastructure of the nation to the manipulators of the stock market!

            • stormspiral 1.1.1.2.1.3

              Really?

              Where is your hard evidence for your statements about market liquidity?

              You know what you are saying is simply based on theory, on what you learned at varsity or wherever. And that doesn’t make you accurate nor claircoyant.

            • RedLogix 1.1.1.2.1.4

              PB.

              Yeah I read that NYT article and shook my head.

              I always thought that ‘high frequency’ automated trading was sort of dodgy, but these supercomputers running ultra-high speed access directly into the SE systems… is really just a licence to steal from ordinary investors.

              Really it has to be the end of the market. Why any sane person would invest so much as one red cent into such a corrupt den of thieves is completely beyond me.

            • Draco T Bastard 1.1.1.2.1.5

              Far out that’s spooky! Who in their right mind would trust the infrastructure of the nation to the manipulators of the stock market!

              Only the delusional BLiP, only the delusional. The people who think that buying a share and then selling it for more has actually produced something.

    • Marty G 1.2

      So, we should sell one of our largest assets to some foreign company so that a few of the shares can be traded on our stockmarket? And that’s some how meant to make us better off as a country?

      Sounds like it would be good for the select few who can afford to get in at the listing then sell off at a profit to large foreign owners when the price leaps up (as it did with Contact, Auckland Airport). Don’t see any advantage for the country.

      • Tim Ellis 1.2.1

        No I don’t think anybody’s really seriously suggesting that Marty. But it would be good if the Super Fund had more large investment vehicles locally in New Zealand to invest in, for example, instead of having to invest off shore all the time because there aren’t the investment vehicles locally. Likewise with other large mutual funds.

    • Zaphod Beeblebrox 1.3

      If NZ’s no 1 economic problem is our current account deficit (does any economist dispute this?), how could sending profits offshore be justified?
      NZ’s trade deficit has been holding up pretty well over the past year or so. What is pushing up our current account are profits repatriated off shore.

  2. stormspiral 2

    ‘…generally accepted’. Tim, doesn’t mean it’s true.

    Seems to me that ‘critical mass’ could just as easily attract rogues and schills, robbers and cheats aka our electricity industry, big banks. It depends how you play with the numbers. ‘Lies, Damn Lies, and Statistics’, and all that.

    • Tim Ellis 2.1

      Interesting, Storm. If you think the “rogues and schills” are more common at Contact Energy than at Meridian or Mighty River or Genesis, or more common at TV3 than TVNZ, then you need to cut down on your pessimism pills.

      • Pascal's bookie 2.1.1

        It’s an unknowable Tim. In the private sector there is much less transparency than there is in the public sector for starters.

        Large bureaucracies have their benefits and their downsides. The public sector ones get a pretty good workout and are watched quite closely, all things considered.

        The large private sector ones are much less accountable if you look at it properly, particularly listed companies, ironically enough. Institutional investors dominate the shareholdings, and those investors themselves are controlled by their bureaucrats. Most of the ‘owners’ of the shares in a unit trust don’t even know what they own. The notion of shareholder control through the AGM is quaint. It’s the ‘management’ that control the company and their own remuneration and ability to exert further control, these bureaucrats, (and don’t kid yourself that management is anything but), have captured their domains far more than their public sector equivalents.

        Given that, where would you predict “rogues and schills’ to hunt?

        You should read J.K. Galbraith’s “The Economics of innocent fraud”. Short and cheap, there’s no excuse, and he might just retune those rose tinted glasses a bit..

      • stormspiral 2.1.2

        You know I never said that. and if I had meant it I would have said it clearly. As I’m sure you do, I believe that the rogues et al are divided among the whole of society.

        No no, Tim. Critique and comment are part of any discourse, and need not be pessimistic. But I have been speaking about things that need to be said.

        I’m sorry if I upset your economics mind. Sad that you haven’t chosen to comment on the points I have raised re economies and economists.

        However answering comment and question by denigrating the the comment author is hardly constructive economics..

        Finally, it’s about timw economists started to really question what they say and their methodology, and their accuracy based on unfudged results.

  3. Draco T Bastard 3

    The stock market, like any capitalist endeavor, is delusional. It doesn’t have correct prices and it doesn’t deliver value to the community. It’s just another bubble waiting to burst.

    http://thearchdruidreport.blogspot.com/2009/07/anti-ecology-of-money.html

    Anti-Spam: difficultys – yeah, it seems it can’t spell

  4. stormspiral 4

    It seems so self-evident. Why do you think I’ve called JK a gambler?

  5. Galeandra 5

    stormspiral says ‘It seems so self-evident. Why do you think I’ve called JK a gambler?’

    Interesting too to hear Key on Friday ( or was it Tweedledee, Mr Spin-glish?) espousing the relaxation of foreign investment control as a way of bridging the capital shortage we apparently suffer from. It seems unlikely to me that selling assets will necessarily produce genuine investment in development of the asset, if the past is any indication.

    Fay Richwhite’s ownership of NZ Rail, for example, and the follow-up by Toll; Telecom had capital invested but a lot more stripped out in the form of repatriated profit. How does our electricity generation &distribution network as it is today stack up against the decades when it ran as a purely state owned investment?

    What I really liked about Contact for example was
    a) paying for the initial state development through my taxes;
    b) paying again for the assets through price increases when the SOE’s had to generate profit on the assets to repay the “purchase price” and
    c) paying yet again for the asset when private owners finally took over and profits covered purchase price.

    It’s not a cheerful prospect for the average taxpayer when he looks back at all the stuff he helped pay for so that others could ‘buy’ it from him.

    That aside, I do agree that we need mechanisms to raise capital for enterprise development and NZX is at least an alternative to “investing” in houses.
    But
    I’d be concerned to see minority investors shoved out by large players once their holdings fell below a particular threshold. This has happened often enough in the past ( as per Skellerup, for example).

    I’d like NannyState to protect NZ enterprise and ingenuity against the rapacity of large foreign capital conglomerates with some sort of kiwi share mechanism. I guess that suggestion would make all the monetarists and pure marketeers howl.

    • Draco T Bastard 5.1

      Foreign investment hurts the local economy. That includes NZ investment in other, smaller, economies.

      These are the graphs that prove it. It’s interesting. Global economy is up, rich economy financial capital is up, rich economy wages are down, small economy financial capital is down and small economy wages are up. In theory.

      Fisher and Paykel will probably tell you that the small economies (NZ) wages are down as well as the financial capital.

      • Tim Ellis 5.1.1

        DTB, again those graphs don’t prove anything of the sort. You have found some graphs that are consistent with your hypothesis, but they don’t prove your hypohesis because there you haven’t established causation.

        The general rule is that no underdeveloped nation has acheived developed status in modern economic history without access to foreign capital. The only exceptions have been when underdeveloped nations strike an oil field. We don’t have many oil fields.

        Secondly, if foreign investment is harmful to New Zealand, then isn’t New Zealand investment in foreign countries harmful to other countries’ economies? To be consistent shouldn’t you be arguing that New Zealand companies and crown organisations shouldn’t invest overseas? How do you feel about the Super Fund placing the large majority of its investment offshore?

        • RedLogix 5.1.1.1

          Again you are resorting to the “I don’t like the data, therefore I’m sticking my fingers in my ears” defence. What you really want to do is to shift the debate away from the discipline of hard facts to specualtive discussion where you can make any unprovable assertion you like.

          Draco has given you some information, from which he has drawn a strong and reasonable hypothesis. Now if you want to debate this with any credibility you will need to propose an alternative hypothesis (ie come up with some other ‘causation’ ) that fits the data.

        • Draco T Bastard 5.1.1.2

          The graphs are a result of current economic theory explaining that foreign investment makes the global economy larger and therefore make everyone better off. The graphs also show that the smaller economy will be worse off though as it’s return to capital (profits) is reduced as they’re now repatriated back to the larger economy.

          The general rule is that no underdeveloped nation has acheived developed status in modern economic history without access to foreign capital.

          Perhaps because they weren’t given a chance. As I said in another thread – those communities weren’t poor until we screwed things up for them.

          Secondly, if foreign investment is harmful to New Zealand, then isn’t New Zealand investment in foreign countries harmful to other countries’ economies?

          Yes Tim, it is and yes, I think NZ companies and crown organizations should be prevented from investing overseas.

    • Tim Ellis 5.2

      Galeandra, if a kiwishare mechanism can be established that doesn’t diminish companies’ access to capital, invites more retail investors into the market and increases New Zealanders’ financial literacy and investment options, I’m all for it.

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    4 days ago
  • Are we fine with 47.9% home-ownership by 2048?

    Renting for life: Shared ownership initiatives are unlikely to slow the slide in home ownership by much. Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy today are:A Deloitte report for Westpac has projected Aotearoa’s home-ownership rate will ...
    The KakaBy Bernard Hickey
    4 days ago
  • Let's Win This

    You're broken down and tiredOf living life on a merry go roundAnd you can't find the fighterBut I see it in you so we gonna walk it outAnd move mountainsWe gonna walk it outAnd move mountainsAnd I'll rise upI'll rise like the dayI'll rise upI'll rise unafraidI'll rise upAnd I'll ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Waimahara: The Singing Spirit of Water

    There’s been a change in Myers Park. Down the steps from St. Kevin’s Arcade, past the grassy slopes, the children’s playground, the benches and that goat statue, there has been a transformation. The underpass for Mayoral Drive has gone from a barren, grey, concrete tunnel, to a place that thrums ...
    Greater AucklandBy Connor Sharp
    4 days ago
  • A major milestone: Global climate pollution may have just peaked

    This is a re-post from Yale Climate Connections Global society may have finally slammed on the brakes for climate-warming pollution released by human fossil fuel combustion. According to the Carbon Monitor Project, the total global climate pollution released between February and May 2024 declined slightly from the amount released during the same ...
    4 days ago
  • The Kākā’s Pick 'n' Mix for Tuesday, July 23

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Tuesday, July 23 are:Deep Dive: Penlink: where tolling rhetoric meets reality BusinessDesk-$$$’s Oliver LewisScoop: Te Pūkenga plans for regional polytechs leak out ...
    The KakaBy Bernard Hickey
    4 days ago
  • The Kākā’s Journal of Record for Tuesday, July 23

    TL;DR: As of 6:00 am on Tuesday, July 23, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:Health: Shane Reti announced the Board of Te Whatu Ora- Health New Zealand was being replaced with Commissioner Lester Levy ...
    The KakaBy Bernard Hickey
    4 days ago
  • HealthNZ and Luxon at cross purposes over budget blowout

    Health NZ warned the Government at the end of March that it was running over Budget. But the reasons it gave were very different to those offered by the Prime Minister yesterday. Prime Minister Christopher Luxon blamed the “botched merger” of the 20 District Health Boards (DHBs) to create Health ...
    PolitikBy Richard Harman
    4 days ago
  • 2500-3000 more healthcare staff expected to be fired, as Shane Reti blames Labour for a budget defic...

    Long ReadKey Summary: Although National increased the health budget by $1.4 billion in May, they used an old funding model to project health system costs, and never bothered to update their pre-election numbers. They were told during the Health Select Committees earlier in the year their budget amount was deficient, ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • Might Kamala Harris be about to get a 'stardust' moment like Jacinda Ardern?

    As a momentous, historic weekend in US politics unfolded, analysts and commentators grasped for precedents and comparisons to help explain the significance and power of the choice Joe Biden had made. The 46th president had swept the Democratic party’s primaries but just over 100 days from the election had chosen ...
    PunditBy Tim Watkin
    5 days ago
  • Solutions Interview: Steven Hail on MMT & ecological economics

    TL;DR: I’m casting around for new ideas and ways of thinking about Aotearoa’s political economy to find a few solutions to our cascading and self-reinforcing housing, poverty and climate crises.Associate Professor runs an online masters degree in the economics of sustainability at Torrens University in Australia and is organising ...
    The KakaBy Steven Hail
    5 days ago
  • Reported back

    The Finance and Expenditure Committee has reported back on National's Local Government (Water Services Preliminary Arrangements) Bill. The bill sets up water for privatisation, and was introduced under urgency, then rammed through select committee with no time even for local councils to make a proper submission. Naturally, national's select committee ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Vandrad the Viking, Christopher Coombes, and Literary Archaeology

    Some years ago, I bought a book at Dunedin’s Regent Booksale for $1.50. As one does. Vandrad the Viking (1898), by J. Storer Clouston, is an obscure book these days – I cannot find a proper online review – but soon it was sitting on my shelf, gathering dust alongside ...
    5 days ago
  • Gordon Campbell On The Biden Withdrawal

    History is not on the side of the centre-left, when Democratic presidents fall behind in the polls and choose not to run for re-election. On both previous occasions in the past 75 years (Harry Truman in 1952, Lyndon Johnson in 1968) the Democrats proceeded to then lose the White House ...
    WerewolfBy lyndon
    5 days ago
  • Joe Biden's withdrawal puts the spotlight back on Kamala and the USA's complicated relatio...

    This is a free articleCoverageThis morning, US President Joe Biden announced his withdrawal from the Presidential race. And that is genuinely newsworthy. Thanks for your service, President Biden, and all the best to you and yours.However, the media in New Zealand, particularly the 1News nightly bulletin, has been breathlessly covering ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Why we have to challenge our national fiscal assumptions

    A homeless person’s camp beside a blocked-off slipped damage walkway in Freeman’s Bay: we are chasing our tail on our worsening and inter-related housing, poverty and climate crises. Photo: Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy ...
    The KakaBy Bernard Hickey
    5 days ago
  • Existential Crisis and Damaged Brains

    What has happened to it all?Crazy, some'd sayWhere is the life that I recognise?(Gone away)But I won't cry for yesterdayThere's an ordinary worldSomehow I have to findAnd as I try to make my wayTo the ordinary worldYesterday morning began as many others - what to write about today? I began ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • A speed limit is not a target, and yet…

    This is a guest post from longtime supporter Mr Plod, whose previous contributions include a proposal that Hamilton become New Zealand’s capital city, and that we should switch which side of the road we drive on. A recent Newsroom article, “Back to school for the Govt’s new speed limit policy“, ...
    Greater AucklandBy Guest Post
    5 days ago
  • The Kākā’s Pick 'n' Mix for Monday, July 22

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Monday, July 22 are:Today’s Must Read: Father and son live in a tent, and have done for four years, in a million ...
    The KakaBy Bernard Hickey
    5 days ago
  • The Kākā’s Journal of Record for Monday, July 22

    TL;DR: As of 7:00 am on Monday, July 22, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:US President Joe Biden announced via X this morning he would not stand for a second term.Multinational professional services firm ...
    The KakaBy Bernard Hickey
    5 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #29

    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, July 14, 2024 thru Sat, July 20, 2024. Story of the week As reflected by preponderance of coverage, our Story of the Week is Project 2025. Until now traveling ...
    6 days ago
  • I'd like to share what I did this weekend

    This weekend, a friend pointed out someone who said they’d like to read my posts, but didn’t want to pay. And my first reaction was sympathy.I’ve already told folks that if they can’t comfortably subscribe, and would like to read, I’d be happy to offer free subscriptions. I don’t want ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • For the children – Why mere sentiment can be a misleading force in our lives, and lead to unex...

    National: The Party of ‘Law and Order’ IntroductionThis weekend, the Government formally kicked off one of their flagship policy programs: a military style boot camp that New Zealand has experimented with over the past 50 years. Cartoon credit: Guy BodyIt’s very popular with the National Party’s Law and Order image, ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • A friend in uncertain times

    Day one of the solo leg of my long journey home begins with my favourite sound: footfalls in an empty street. 5.00 am and it’s already light and already too warm, almost.If I can make the train that leaves Budapest later this hour I could be in Belgrade by nightfall; ...
    More Than A FeildingBy David Slack
    6 days ago
  • The Chaotic World of Male Diet Influencers

    Hi,We’ll get to the horrific world of male diet influencers (AKA Beefy Boys) shortly, but first you will be glad to know that since I sent out the Webworm explaining why the assassination attempt on Donald Trump was not a false flag operation, I’ve heard from a load of people ...
    David FarrierBy David Farrier
    6 days ago
  • It's Starting To Look A Lot Like… Y2K

    Do you remember Y2K, the threat that hung over humanity in the closing days of the twentieth century? Horror scenarios of planes falling from the sky, electronic payments failing and ATMs refusing to dispense cash. As for your VCR following instructions and recording your favourite show - forget about it.All ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Saturday Soliloquy for the week to July 20

    Climate Change Minister Simon Watts being questioned by The Kākā’s Bernard Hickey.TL;DR: My top six things to note around housing, climate and poverty in Aotearoa’s political economy in the week to July 20 were:1. A strategy that fails Zero Carbon Act & Paris targetsThe National-ACT-NZ First Coalition Government finally unveiled ...
    The KakaBy Bernard Hickey
    1 week ago
  • Pharmac Director, Climate Change Commissioner, Health NZ Directors – The latest to quit this m...

    Summary:As New Zealand loses at least 12 leaders in the public service space of health, climate, and pharmaceuticals, this month alone, directly in response to the Government’s policies and budget choices, what lies ahead may be darker than it appears. Tui examines some of those departures and draws a long ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Flooding Housing Policy

    The Minister of Housing’s ambition is to reduce markedly the ratio of house prices to household incomes. If his strategy works it would transform the housing market, dramatically changing the prospects of housing as an investment.Leaving aside the Minister’s metaphor of ‘flooding the market’ I do not see how the ...
    PunditBy Brian Easton
    1 week ago
  • A Voyage Among the Vandals: Accepted (Again!)

    As previously noted, my historical fantasy piece, set in the fifth-century Mediterranean, was accepted for a Pirate Horror anthology, only for the anthology to later fall through. But in a good bit of news, it turned out that the story could indeed be re-marketed as sword and sorcery. As of ...
    1 week ago
  • The Kākā's Chorus for Friday, July 19

    An employee of tobacco company Philip Morris International demonstrates a heated tobacco device. Photo: Getty ImagesTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy on Friday, July 19 are:At a time when the Coalition Government is cutting spending on health, infrastructure, education, housing ...
    The KakaBy Bernard Hickey
    1 week ago
  • The Kākā’s Pick 'n' Mix for Friday, July 19

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 8:30 am on Friday, July 19 are:Scoop: NZ First Minister Casey Costello orders 50% cut to excise tax on heated tobacco products. The minister has ...
    The KakaBy Bernard Hickey
    1 week ago
  • Weekly Roundup 19-July-2024

    Kia ora, it’s time for another Friday roundup, in which we pull together some of the links and stories that caught our eye this week. Feel free to add more in the comments! Our header image this week shows a foggy day in Auckland town, captured by Patrick Reynolds. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • Weekly Climate Wrap: A market-led plan for failure

    TL;DR : Here’s the top six items climate news for Aotearoa this week, as selected by Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer. A discussion recorded yesterday is in the video above and the audio of that sent onto the podcast feed.The Government released its draft Emissions Reduction ...
    The KakaBy Bernard Hickey
    1 week ago
  • Tobacco First

    Save some money, get rich and old, bring it back to Tobacco Road.Bring that dynamite and a crane, blow it up, start all over again.Roll up. Roll up. Or tailor made, if you prefer...Whether you’re selling ciggies, digging for gold, catching dolphins in your nets, or encouraging folks to flutter ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Trump’s Adopted Son.

    Waiting In The Wings: For truly, if Trump is America’s un-assassinated Caesar, then J.D. Vance is America’s Octavian, the Republic’s youthful undertaker – and its first Emperor.DONALD TRUMP’S SELECTION of James D. Vance as his running-mate bodes ill for the American republic. A fervent supporter of Viktor Orban, the “illiberal” prime ...
    1 week ago
  • The Kākā’s Journal of Record for Friday, July 19

    TL;DR: As of 6:00 am on Friday, July 19, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:The PSA announced the Employment Relations Authority (ERA) had ruled in the PSA’s favour in its case against the Ministry ...
    The KakaBy Bernard Hickey
    1 week ago
  • The Hoon around the week to July 19

    TL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers last night features co-hosts and talking with:The Kākā’s climate correspondent talking about the National-ACT-NZ First Government’s release of its first Emissions Reduction Plan;University of Otago Foreign Relations Professor and special guest Dr Karin von ...
    The KakaBy Bernard Hickey
    1 week ago
  • Skeptical Science New Research for Week #29 2024

    Open access notables Improving global temperature datasets to better account for non-uniform warming, Calvert, Quarterly Journal of the Royal Meteorological Society: To better account for spatial non-uniform trends in warming, a new GITD [global instrumental temperature dataset] was created that used maximum likelihood estimation (MLE) to combine the land surface ...
    1 week ago

  • Joint statement from the Prime Ministers of Canada, Australia and New Zealand

    Australia, Canada and New Zealand today issued the following statement on the need for an urgent ceasefire in Gaza and the risk of expanded conflict between Hizballah and Israel. The situation in Gaza is catastrophic. The human suffering is unacceptable. It cannot continue.  We remain unequivocal in our condemnation of ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • AG reminds institutions of legal obligations

    Attorney-General Judith Collins today reminded all State and faith-based institutions of their legal obligation to preserve records relevant to the safety and wellbeing of those in its care. “The Abuse in Care Inquiry’s report has found cases where records of the most vulnerable people in State and faith‑based institutions were ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • More young people learning about digital safety

    Minister of Internal Affairs Brooke van Velden says the Government’s online safety website for children and young people has reached one million page views.  “It is great to see so many young people and their families accessing the site Keep It Real Online to learn how to stay safe online, and manage ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Speech to the Conference for General Practice 2024

    Tēnā tātou katoa,  Ngā mihi te rangi, ngā mihi te whenua, ngā mihi ki a koutou, kia ora mai koutou. Thank you for the opportunity to be here and the invitation to speak at this 50th anniversary conference. I acknowledge all those who have gone before us and paved the ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Employers and payroll providers ready for tax changes

    New Zealand’s payroll providers have successfully prepared to ensure 3.5 million individuals will, from Wednesday next week, be able to keep more of what they earn each pay, says Finance Minister Nicola Willis and Revenue Minister Simon Watts.  “The Government's tax policy changes are legally effective from Wednesday. Delivering this tax ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Experimental vineyard futureproofs wine industry

    An experimental vineyard which will help futureproof the wine sector has been opened in Blenheim by Associate Regional Development Minister Mark Patterson. The covered vineyard, based at the New Zealand Wine Centre – Te Pokapū Wāina o Aotearoa, enables controlled environmental conditions. “The research that will be produced at the Experimental ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Funding confirmed for regions affected by North Island Weather Events

    The Coalition Government has confirmed the indicative regional breakdown of North Island Weather Event (NIWE) funding for state highway recovery projects funded through Budget 2024, Transport Minister Simeon Brown says. “Regions in the North Island suffered extensive and devastating damage from Cyclone Gabrielle and the 2023 Auckland Anniversary Floods, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Indonesian Foreign Minister to visit

    Indonesia’s Foreign Minister, Retno Marsudi, will visit New Zealand next week, Foreign Minister Winston Peters has announced.   “Indonesia is important to New Zealand’s security and economic interests and is our closest South East Asian neighbour,” says Mr Peters, who is currently in Laos to engage with South East Asian partners. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Strengthening partnership with Ngāti Maniapoto

    He aha te kai a te rangatira? He kōrero, he kōrero, he kōrero. The government has reaffirmed its commitment to supporting the aspirations of Ngāti Maniapoto, Minister for Māori Development Tama Potaka says. “My thanks to Te Nehenehenui Trust – Ngāti Maniapoto for bringing their important kōrero to a ministerial ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Transport Minister thanks outgoing CAA Chair

    Transport Minister Simeon Brown has thanked outgoing Chair of the Civil Aviation Authority, Janice Fredric, for her service to the board.“I have received Ms Fredric’s resignation from the role of Chair of the Civil Aviation Authority,” Mr Brown says.“On behalf of the Government, I want to thank Ms Fredric for ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Test for Customary Marine Title being restored

    The Government is proposing legislation to overturn a Court of Appeal decision and amend the Marine and Coastal Area Act in order to restore Parliament’s test for Customary Marine Title, Treaty Negotiations Minister Paul Goldsmith says.  “Section 58 required an applicant group to prove they have exclusively used and occupied ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Opposition united in bad faith over ECE sector review

    Regulation Minister David Seymour says that opposition parties have united in bad faith, opposing what they claim are ‘dangerous changes’ to the Early Childhood Education sector, despite no changes even being proposed yet.  “Issues with affordability and availability of early childhood education, and the complexity of its regulation, has led ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Kiwis having their say on first regulatory review

    After receiving more than 740 submissions in the first 20 days, Regulation Minister David Seymour is asking the Ministry for Regulation to extend engagement on the early childhood education regulation review by an extra two weeks.  “The level of interest has been very high, and from the conversations I’ve been ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government upgrading Lower North Island commuter rail

    The Coalition Government is investing $802.9 million into the Wairarapa and Manawatū rail lines as part of a funding agreement with the NZ Transport Agency (NZTA), KiwiRail, and the Greater Wellington and Horizons Regional Councils to deliver more reliable services for commuters in the lower North Island, Transport Minister Simeon ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government moves to ensure flood protection for Wairoa

    Local Government Minister Simeon Brown has announced his intention to appoint a Crown Manager to both Hawke’s Bay Regional and Wairoa District Councils to speed up the delivery of flood protection work in Wairoa."Recent severe weather events in Wairoa this year, combined with damage from Cyclone Gabrielle in 2023 have ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PM speech to Parliament – Royal Commission of Inquiry’s Report into Abuse in Care

    Mr Speaker, this is a day that many New Zealanders who were abused in State care never thought would come. It’s the day that this Parliament accepts, with deep sorrow and regret, the Report of the Royal Commission of Inquiry into Abuse in Care.  At the heart of this report are the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges torture at Lake Alice

    For the first time, the Government is formally acknowledging some children and young people at Lake Alice Psychiatric Hospital experienced torture. The final report of the Royal Commission of Inquiry into Abuse in State and Faith-based Care “Whanaketia – through pain and trauma, from darkness to light,” was tabled in Parliament ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges courageous abuse survivors

    The Government has acknowledged the nearly 2,400 courageous survivors who shared their experiences during the Royal Commission of Inquiry into Historical Abuse in State and Faith-Based Care. The final report from the largest and most complex public inquiry ever held in New Zealand, the Royal Commission Inquiry “Whanaketia – through ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Half a million people use tax calculator

    With a week to go before hard-working New Zealanders see personal income tax relief for the first time in fourteen years, 513,000 people have used the Budget tax calculator to see how much they will benefit, says Finance Minister Nicola Willis.  “Tax relief is long overdue. From next Wednesday, personal income ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Paid Parental Leave improvements pass first reading

    Workplace Relations and Safety Minister Brooke van Velden says a bill that has passed its first reading will improve parental leave settings and give non-biological parents more flexibility as primary carer for their child. The Regulatory Systems Amendment Bill (No3), passed its first reading this morning. “It includes a change ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Rebuilding the economy through better regulation

    Two Bills designed to improve regulation and make it easier to do business have passed their first reading in Parliament, says Economic Development Minister Melissa Lee. The Regulatory Systems (Economic Development) Amendment Bill and Regulatory Systems (Immigration and Workforce) Amendment Bill make key changes to legislation administered by the Ministry ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • ‘Open banking’ and ‘open electricity’ on the way

    New legislation paves the way for greater competition in sectors such as banking and electricity, Commerce and Consumer Affairs Minister Andrew Bayly says. “Competitive markets boost productivity, create employment opportunities and lift living standards. To support competition, we need good quality regulation but, unfortunately, a recent OECD report ranked New ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Charity lotteries to be permitted to operate online

    Minister of Internal Affairs Brooke van Velden says lotteries for charitable purposes, such as those run by the Heart Foundation, Coastguard NZ, and local hospices, will soon be allowed to operate online permanently. “Under current laws, these fundraising lotteries are only allowed to operate online until October 2024, after which ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Accelerating Northland Expressway

    The Coalition Government is accelerating work on the new four-lane expressway between Auckland and Whangārei as part of its Roads of National Significance programme, with an accelerated delivery model to deliver this project faster and more efficiently, Transport Minister Simeon Brown says. “For too long, the lack of resilient transport connections ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Sir Don to travel to Viet Nam as special envoy

    Sir Don McKinnon will travel to Viet Nam this week as a Special Envoy of the Government, Foreign Minister Winston Peters has announced.    “It is important that the Government give due recognition to the significant contributions that General Secretary Nguyen Phu Trong made to New Zealand-Viet Nam relations,” Mr ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Grant Illingworth KC appointed as transitional Commissioner to Royal Commission

    Minister of Internal Affairs Brooke van Velden says newly appointed Commissioner, Grant Illingworth KC, will help deliver the report for the first phase of the Royal Commission of Inquiry into COVID-19 Lessons, due on 28 November 2024.  “I am pleased to announce that Mr Illingworth will commence his appointment as ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ to advance relationships with ASEAN partners

    Foreign Minister Winston Peters travels to Laos this week to participate in a series of Association of Southeast Asian Nations (ASEAN)-led Ministerial meetings in Vientiane.    “ASEAN plays an important role in supporting a peaceful, stable and prosperous Indo-Pacific,” Mr Peters says.   “This will be our third visit to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Backing mental health services on the West Coast

    Construction of a new mental health facility at Te Nikau Grey Hospital in Greymouth is today one step closer, Mental Health Minister Matt Doocey says. “This $27 million facility shows this Government is delivering on its promise to boost mental health care and improve front line services,” Mr Doocey says. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ support for sustainable Pacific fisheries

    New Zealand is committing nearly $50 million to a package supporting sustainable Pacific fisheries development over the next four years, Foreign Minister Winston Peters and Oceans and Fisheries Minister Shane Jones announced today. “This support consisting of a range of initiatives demonstrates New Zealand’s commitment to assisting our Pacific partners ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Students’ needs at centre of new charter school adjustments

    Associate Education Minister David Seymour says proposed changes to the Education and Training Amendment Bill will ensure charter schools have more flexibility to negotiate employment agreements and are equipped with the right teaching resources. “Cabinet has agreed to progress an amendment which means unions will not be able to initiate ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Commissioner replaces Health NZ Board

    In response to serious concerns around oversight, overspend and a significant deterioration in financial outlook, the Board of Health New Zealand will be replaced with a Commissioner, Health Minister Dr Shane Reti announced today.  “The previous government’s botched health reforms have created significant financial challenges at Health NZ that, without ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister to speak at Australian Space Forum

    Minister for Space and Science, Innovation and Technology Judith Collins will travel to Adelaide tomorrow for space and science engagements, including speaking at the Australian Space Forum.  While there she will also have meetings and visits with a focus on space, biotechnology and innovation.  “New Zealand has a thriving space ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Climate Change Minister to attend climate action meeting in China

    Climate Change Minister Simon Watts will travel to China on Saturday to attend the Ministerial on Climate Action meeting held in Wuhan.  “Attending the Ministerial on Climate Action is an opportunity to advocate for New Zealand climate priorities and engage with our key partners on climate action,” Mr Watts says. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Oceans and Fisheries Minister to Solomons

    Oceans and Fisheries Minister Shane Jones is travelling to the Solomon Islands tomorrow for meetings with his counterparts from around the Pacific supporting collective management of the region’s fisheries. The 23rd Pacific Islands Forum Fisheries Committee and the 5th Regional Fisheries Ministers’ Meeting in Honiara from 23 to 26 July ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government launches Military Style Academy Pilot

    The Government today launched the Military Style Academy Pilot at Te Au rere a te Tonga Youth Justice residence in Palmerston North, an important part of the Government’s plan to crackdown on youth crime and getting youth offenders back on track, Minister for Children, Karen Chhour said today. “On the ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Nine priority bridge replacements to get underway

    The Government has welcomed news the NZ Transport Agency (NZTA) has begun work to replace nine priority bridges across the country to ensure our state highway network remains resilient, reliable, and efficient for road users, Transport Minister Simeon Brown says.“Increasing productivity and economic growth is a key priority for the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Update on global IT outage

    Acting Prime Minister David Seymour has been in contact throughout the evening with senior officials who have coordinated a whole of government response to the global IT outage and can provide an update. The Department of the Prime Minister and Cabinet has designated the National Emergency Management Agency as the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand, Japan renew Pacific partnership

    New Zealand and Japan will continue to step up their shared engagement with the Pacific, Foreign Minister Winston Peters says.    “New Zealand and Japan have a strong, shared interest in a free, open and stable Pacific Islands region,” Mr Peters says.    “We are pleased to be finding more ways ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New infrastructure energises BOP forestry towns

    New developments in the heart of North Island forestry country will reinvigorate their communities and boost economic development, Regional Development Minister Shane Jones says. Mr Jones visited Kaingaroa and Kawerau in Bay of Plenty today to open a landmark community centre in the former and a new connecting road in ...
    BeehiveBy beehive.govt.nz
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  • 'Pacific Futures'

    President Adeang, fellow Ministers, honourable Diet Member Horii, Ambassadors, distinguished guests.    Minasama, konnichiwa, and good afternoon, everyone.    Distinguished guests, it’s a pleasure to be here with you today to talk about New Zealand’s foreign policy reset, the reasons for it, the values that underpin it, and how it ...
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