web analytics

Credit outlook cut but it’s not a credit rating downgrade

Written By: - Date published: 3:00 am, July 17th, 2009 - 49 comments
Categories: economy - Tags:

So, Fitch, the third of the big three sovereign credit ratings agencies, has moved the Government’s rating from a stable outlook to a negative outlook.

Does this mean that John Key will be admitting that he has delivered a credit downgrade, like he was boasting of an upgrade when S&P (another of the big 3) moved us from negative to stable?

Does this mean that journalists will be reporting that we have received “an effective downgrade”

  • Because, Vernon Small, you used that terminology – “an effective upgrade” – to describe the outcome of the Budget in yesterday’s Independent. In fact, right after the Budget you were just called it an “upgrade“. Will you be calling this a downgrade?
  • Audrey Young. It was an “upgrade” on May 29. You’ll be writing about the “downgrade” now, yes? No, I doubt it.
  • John Armstrong. You wrote of an “unexpected upgrading” on May 29. Will you be writing about an “unexpected downgrade” now?

You’re just the ones I could find easily. Nearly every journo repeated this Nat spin about an upgrade. Logically, they must report a downgrade now.

merelyWhat’s the bet the journos don’t mention it or try to say (on the basis of nothing) that Fitch doesn’t count, only S&P does?

The fact of the matter (and I know it’s annoying those things get involved) is that a change in rating outlook is not a change in rating – it is not an upgrade or downgrade, it is an indicator of the possibility of a future upgrade or downgrade. Furthermore, a ratings agency changing its rating for a country does not automatically change the cost of borrowing for that country – it is merely more information for the market, which has usually predicted it.

Is this outlook change unwelcome? Yes, and unexpected. The dollar fell on the announcement. Does it mean we’re going to be facing a higher cost of borrowing in the future? Unlikely. Is it a credit downgrade? No, no, and, one more time, no. It’s no more a downgrade than S&P moving us from negative to stable in May was an upgrade.

Of course, The Standard has been trying to get these simple facts through to the media all along. I’m deluding myself to think they’ll suddenly listen. Except, oh right, before they were getting it wrong in a way that favoured National. If they get it right now, the Nats don’t look so bad.

[Update: Watkins does the trifecta – Fitch is “a less influential rating agency than some” (print version only), it only “revised” our “outlook”, but S&P still “upgraded” us in May.]

49 comments on “Credit outlook cut but it’s not a credit rating downgrade ”

  1. Pascal's bookie 1

    I’m guessing it’ll be ‘who’s Fitch’ for the main part, with a dose of ‘no longer relevant’ (the focus of the earlier stories was about finding an ‘objective’ way to score the budget), and yeah, it’s annoying, but that’s media narratives for ya.

    (edit: Tracy Watkins was pretty solid in the Dom this am, made explicit ref to the post budget coverage etc)

    dum-te-do, S&P, ratings, so forth, creditable respectable dudes, ding ding, bell ringing, why hellooo trouble

    I poked around with some law firms in California, and started to pick up the rumor that California Public Employees’ Retirement System (CALPERS) was going to drop the bomb on S&P, Moody’s and Fitch. No one would say anything on the record, but it was clear that litigation was being considered as an option against the Ratings Agencies….

    … If I was a Rating Agency lawyer, I would be very, very nervous . . .

    Some of the additional details:

    – Conflicts of interest by the rating agencies are rife. They are paid by the companies issuing the securities — an arrangement that prevents the agencies from issuing negative ratings;

    – Structured investment vehicles generated lucrative fees for rating agencies, above and beyond normal fees. They were paid as consultants who helped structure the deals — not as neutral 3rd parties. The fees ranged from $300,000 to $500,000 and up to $1 million for each deal;

    -These fees were in addition to revenue generated by the agencies for their more traditional work of issuing credit ratings;

    -By actively creating these instruments, CALPERS owed a different duty of care as an underwriter, not merely a 3rd party firm protected by 1st Amendment Free Speech;

    -By then rating them AAA, what the Ratings Agencies did amounted to Fraud.

  2. Marty G 2

    incredible. Watkins writes

    “New Zealand being placed on negative creditwatch”

    and in the same article:

    “one of the biggest ratings agencies, Standard & Poor’s, awarding an upgrade.”

    she explicitly avoids calling what happened yesterday a downgrade but still says that the opposite was an upgrade. She even disses Fitch by calling S&P the big one, implying Fitch’s opinion doesn’t matter as much.

    Just as I predicted. God, I wish it wasn’t so easy.

    • ghostwhowalks 2.1

      The cluelessness abounds.
      Espiner says in his blog that the Chief Justice will be ‘quietly replaced’ next year for speaking out on sentencing!.
      He really should give up his day job if this is the sort of nonsense he believes. ( there was hell for Pakistan when they tried it)

      • snoozer 2.1.1

        That would be an outrage if it were to happen. The Law Society would be in the streets.

        • ghostwhowalks

          Espiner compounds this ‘replacement’ nonsense by claiming in his blog in a reply to his original lines that the previous CJ were about 10 years each ( I think he got this from looking up Wikipedia) so therefore Elias has been there since 1999 her ‘term’ must be almost up.
          The ignorance is breathtaking, but who is surprised

  3. StephenR 3

    In light of this potential downgrade, does this make those in opposition look a tad reckless when they call for more borrowing and spending?

  4. Maynard J 4

    Nat Rad called in a downgrade, I believe 😮

    StephenR, perhaps. What about those tax cuts we are borrowing for? You know, something that actually happened – does that make them actually reckless?

    • cocamc 4.1

      Maynard – what tax cuts did we borrow for?

      • Pete 4.1.1

        …right cocamc, I always forget that too, we borrow for spending on infrastructure, not tax cuts *whew*.

        Hope that sets everyone straight…

      • snoozer 4.1.2


        If we hadn’t had the October and April tax cuts, we wouldn’t need to be borrowing $2.5 billion this year.

        Therefore, we are having to borrow to pay for those tax cuts.

        • cocamc

          The April tax custs were funded by changes to Kiwisaver so cost neutral. So we actually had to borrow for Labour’s tax cuts

          • snoozer

            No. If there hadn’t been tax cuts, we won’t be borrowing the money. Simple as that.

            Go on then cocamc. Call for the Governemnt to reverse both the Labour and National tax cuts.

            • cocamc

              If Nationals tax cuts were cost neutral then we didn’t borrow for them. Simple mathematics Snoozer. If they cancel those tax cuts then reinstate the Kiwisaver position, again cost neutral.

            • snoozer

              But those are two seperate actions, cocamc. Something is revenue neutral when it in itself generates revenue to cover its costs.

              If we simply cancelled the April 1 tax cuts, that would give us a billion more in revenue and, so, save us a billion a year in borrowing. Therefore, we are borrowing $1 billion a year to pay for them.

              It’s true that to reinstate Kiwisaver would require more borrowing but that’s a seperate choice from the tax cuts.

    • candy man 4.2

      hence the reason the next two cuts have been postponed until they are affordable.

      Thats the key word everyone should always consider when discussing tax cuts, spending, investment, borrowing…AFFORDABLE

  5. Good post Marty, points out the media hypocrisy quite clearly.

    • So Bored 5.1

      Its not just the media hypocrisy, the whole rating system is severely warped. We need to keep reminding the media and politicians that S & P, Moodys etc blithely carried on BAU without raising a single dischordant note whilst we ran full speed into a market crash. Their credibility is zero.

      • jarbury 5.1.1

        That is very true. Unfortunately the financial markets seem to think they still have some credibility so a change in ratings will make a difference.

        • Daveski

          I actually have some agreement with these sentiments. I agree the credibility is close to zero given what happened. However, pragmatically, if (i stress IF) there is a downgrade, it will have a real impact not just on the Govt but also on individuals, particularly those who can least afford it.

          It does again also question the credibility of those who were demanding we borrow more and hope. IN this light, doing nothing (or not knowing what to do) is still better than borrowing.

          • jarbury

            I thought it was high-levels of private debt that Fitch were far more worried about than public debt levels?

            I am sure I remember listening to a Radio NZ interview with the head of Fitch a few weeks ago, where he said something along the lines of that.

        • So Bored

          Another train wreck to follow, love to see the headlines then, perhaps “Business journalist shot by deranged bankrupt”…….

  6. What Fitch said this am was that if the high levels of private debt remained, then the only solution was for the Govt to increase its level of savings ie decrease expenditure.

    So yes you are right about the problem but it it the proposed solution that is the biggest worry for everyone.

    • jarbury 6.1

      Shouldn’t the solution be efforts to reduce private debt? You know, find ways to fix the actual problem?

      • snoozer 6.1.1

        Yeah. How about if the Government were to encourage workers to save?

        Hmm, getting Kiwis to save more.. what could they call that?

        If only those tools hadn’t gutted Kiwisaver to pay for those tax-cuts they cancelled.

      • Daveski 6.1.2

        Agreed but that is long term and Fitch is interested in short term. I’m no economist but the problem I think is NZ’s fixation with housing which is long term debt and largely borrowed from overseas. Hence, there is no quick fix. It would be less of an issue if we were financing debt from internal sources but we’re not.

        Bernard Hickey proposed 10 ways of addressing these problems but I doubt they’ll be implemented. No one wants the problems we have yet we’re not prepared to look at the solutions either.

        • snoozer

          Totally right, Daveski. Over-investment (with borrowed money) in housing, rather than in productive capital is one of our country’s major problems.

          • Daveski

            Snoozer – let’s call a truce? I’m not into flame wars but equally I’m not into being called a borderline racist either.

            • jarbury

              Comes back to my call for government to get involved in increasing housing supply so that it can become more affordable compared to our average income levels.

              And a capital gains tax would make sense too I suppose.

        • ghostwhowalks

          Since when did Bernard Hickey go past carrying the big banks water on any financial matter.
          Im not really sure what his financial expertise is, unless having a website that compares interest rates and previously being online Editor for Xtra MSN
          makes the cut these days

    • Zaphod Beeblebrox 6.2

      What they said makes no sense at all. Private debt is causing the problem. Even though NZ has almost te lowest govt debt in the world, the solution proposed was to reduce the govt debt even further.
      If you want to imrove improve private savings, surely the govt should be trying to stimulate growth, wages and try to do something about unemployment. Then they could change the tax system to decrease speculative profits.
      My guess is that the govt’s action will make things worse not better.
      The man from Fitch’s didn’t want to talk about that though.

  7. THis from the story about the Calpers lawsuit against The credit rating agencies.

    All the bonds were given the gold-plated AAA credit rating, yet all three SIVs collapsed amid the market turmoil of 2007 and 2008.

    The agencies ‘gave the SIVs purchased by Calpers their highest credit ratings, and by doing so made negligent misrepresentation,’ the fund’s lawsuit says. ‘The credit ratings on the three SIVs ultimately proved to be wildly inaccurate and unreasonably high.’

    From AAA to collapse! How can that be.

    wildly inaccurate isnt the half of it.
    But of course those in Fitch will say that it ‘was a different office’ not our problem

    • Pat 7.1

      Jarbury – increasing the housing supply doesn’t increase personal savings though, does it. In fact it increases personal debt.

      If we want a savings culture like Europe then we need to stop bleating on about housing affordability, as though home ownership should be within reach for everyone and the measure of success.

      Instead the housing supply should be focused on provision of quality affordable rental properties. Despite a rigid RMA and consent process, NZ has been dismal at this. The focus should be on properties that you would be happy to live in for your entire working life – something in which you can raise a family in dignity. This requires both government and private investor involvement.

      A renting and saving culture should be promoted as a legitimate life choice as opposed to the 30 year mortgage path.

      And the trouble with the home ownership path is that no-one keeps their house for 30 years and pays it off. In Auckland the average time people stay in the same home is 4 years, and each time they change houses they get another 30 year mortgage.

      • jarbury 7.1.1

        I actually agree with you there Pat – that we need to get away from our obsession with home ownership. I don’t own my home and I don’t intend to for quite some time. This is largely because I want to live in a nice part of the city rather than out in the wops – so renting works for me.

        Maybe we need to look at the Singapore model where the government owns most of the housing and rents it out at market rates. One way or another Auckland needs a lot more houses over the next decade or two – or housing affordability (renting or buying) will decrease dramatically. And I don’t think the private sector can provide that extra housing in a sustainable manner (ie. through intensification rather than sprawl).

      • Draco T Bastard 7.1.2

        Government supply of rental properties would be good. Keep the private investors out of it – they’re the ones that caused the housing bubble.

      • Who do you think owns the rental properties ? Santa Claus.
        The ‘investment property’ owners are the ones they produce the speculative bubbles as the go for the untaxed capital gains

        • jarbury

          Exactly GWW. Greater government involvement in the housing sector would reduce the impact of speculative investment property owners.

          A capital gains tax does sound somewhat necessary.

          • Daveski

            Agreed entirely. As it stands, the prick tax is also part of the problem as it encouraged investors to look for ways of minimising tax. You don’t have that if you have relativity between company, trust and personal tax rates.

            • Draco T Bastard

              Cut company tax to 0% but have it so that all profit is given out as dividends before reinvestment. Abolish trusts.

              There you go – a large chunk of tax dodging eliminated.

  8. BLiP 8

    The auditors and credit agencies are part of the problem, not the solution. Fuck em all.

    • So Bored 8.1

      Said that earlier, you are 100% onto it.

      • BLiP 8.1.1

        Yes, saw that and thought I would have my two cents worth anyway. Doesn’t hurt to repeat it, of course. ‘Scuse my ignorance – what’s BAU?

        • Daveski

          Business as Usual

          Next time we disagree, I’ll remember you fessed up to ignorance 😉

          Enjoy your weekend all

  9. RedLogix 9

    Is it just me, or is the timing of all this just too cute?

    Recall how the Herald went ultra-septic on Cullen after he pursued them on a massive tax dodging rort?

Links to post

Recent Comments

Recent Posts

  • Progress in establishment of Aged Care Commissioner
    Recruitment for an Aged Care Commissioner will start next month, to ensure greater oversight of New Zealand’s aged care sector. “This sector is responsible for supporting a large and often vulnerable population. While most people are able to access quality care, there have been cases where that care has fallen ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • New record number of homes consented
    In the year ended June 2021, the actual number of new dwellings consented was 44,299, up 18 percent from the June 2020 year. In June 2021, the seasonally adjusted number of new dwellings consented rose 3.8 percent. In June 2021, 4,310 new dwellings were consented, an increase of 3.8 per ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Communities backed to tackle wilding pines
    Twelve community projects across New Zealand will receive a share of $2 million to carry out wilding pine control, Biosecurity Minister Damien O’Connor announced as part of Biosecurity Week. “Wilding pines are a serious problem that threaten many of the unique landscapes that New Zealanders value. Community groups and trusts ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Health Minister Andrew Little responding to the New Zealand Nurses Organisation's rejection of ...
    I was advised last night that the result of the ballot of Tōpūtanga Tapuhi Kaitiaki o Aotearoa New Zealand Nurses Organisation members have rejected the latest proposal to settle their collective agreement. Let me be clear: the proposal was one they put to the Government. The Nurses Organisation rejected their ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Conversion Practices Prohibition Legislation introduced to Parliament
    Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression. Introducing the Conversion Practices Prohibition Legislation Bill, Minister of Justice, Kris Faafoi, said the measures proposed were aimed at ending conversion practices which don’t work, are widely ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New school site for booming West Auckland
    The Government will build on a new school site in West Auckland to cope with rapid population growth in the area, Education Minister Chris Hipkins says. The Ministry is working with existing local schools to determine how the 1.5-hectare site at 279 Hobsonville Point Road will be used to support ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Trans-Tasman travel window to close at midnight tomorrow
    A further 500 MIQ rooms released for managed returnees from NSW Further Government actions announced today are balanced to provide more certainty for Kiwis wanting to return from Australia, while continuing to protect New Zealand from COVID-19, acting Minister for COVID-19 Response Ayesha Verrall says. The actions were foreshadowed last ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Govt investing millions in Hawke's Bay and Tairāwhiti schools
    Napier Boys’ and Girls’ High Schools are among those set to benefit from a $16.5 million investment in the Hawke's Bay and Tairāwhiti region, Economic and Regional Development Minister Stuart Nash announced today. The Government has set aside money in Budget 2021 to accelerate five projects in Napier, Hastings, Havelock North ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Game changing Jobs for Nature investment for Northland
    Conservation Minister Kiri Allan has announced Jobs for Nature funding for a portfolio of projects that will create ‘game changing’ gains for nature and communities across Northland/Te Tai Tokerau as part of the Government’s acceleration of the economic recovery from COVID. “This portfolio of 12 projects will see over $20 ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Third COVID-19 vaccine receives provisional approval
    New Zealand’s regulatory authority Medsafe has granted provisional approval of the AstraZeneca COVID-19 vaccine for individuals 18 years of age and older, Acting Minister for COVID-19 Response Dr Ayesha Verrall announced today. New Zealand secured 7.6 million doses (enough for 3.8 million people) of the AstraZeneca COVID-19 vaccine through an ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Bowel-cancer screening programme is saving lives
    More than 1000 New Zealanders have had bowel cancer – New Zealand’s second-most-common cause of death from cancer - detected under the Government’s National Bowel Screening Programme, Health Minister Andrew Little said today. More than 1200 New Zealanders died from bowel cancer in 2017. The screening programme aims to save ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Govt welcomes draft report on the retail grocery sector
    The Commerce Commission’s draft report into the retail grocery sector is being welcomed by Government as a major milestone. “I asked the Commerce Commission to look at whether this sector is as competitive as it could be and today it has released its draft report for consultation,” Commerce and Consumer ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Christchurch’s Youth Hub ‘set to go’ thanks to further Government funding
    Construction of New Zealand’s first, purpose-built centre for youth well-being is ready to get underway thanks to an extra $2.5 million of COVID-19 response funding, Housing Minister and Associate Minister of Finance, Megan Woods announced today.  “The Christchurch Youth Hub is about bringing together all the things young people need ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Next step to protect Milford Sound Piopiotahi
    Expert group lays out plan to better protect iconic UNESCO World Heritage site Milford Sound Piopiotahi and its surrounds Funding confirmed for dedicated unit and Establishment Board to assess the recommendations and provide oversight of the process from here Milford Opportunities Project a test case for transformational change in tourism ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding for projects to reduce waste from construction and demolition
    The Government has announced funding for projects in Auckland and the lower North Island to help reduce construction and demolition waste. “Construction is the main source of waste sent to landfill, and much of this could be reduced, reused and recovered,” Environment Minister David Parker said. “The Government is funding ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech at the launch of the National Hepatitis C Action Plan
    Tēnā koutou katoa. Thank you Anglesea Pharmacy and Te Manawa Taki for hosting this event. As a doctor, I saw first hand the impact of hepatitis C. I met Moana in 2019; she came to the infectious diseases outpatient clinic at Wellington Hospital having tested positive for hepatitis C. Like ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Plan to eliminate hepatitis C as a major health threat by 2030
    A plan to eliminate hepatitis C in New Zealand, reducing liver cancer and the need for liver transplants, has been released today by Associate Minister of Health Dr Ayesha Verrall. “Around 45,000 New Zealanders have hepatitis C, but only around half know they have it,” said Ayesha Verrall. “Symptoms often ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • School upgrades and new classrooms for West Coast, Tasman and Canterbury
    A funding injection from Budget 2021 to complete four shovel ready projects and new classrooms at six schools and kura will provide a real boost to local communities, Minister Dr Megan Woods announced today. “This Government has committed to providing quality fit for purpose learning environments and 100,000 new student ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Warmer Kiwi Homes smashes annual target
    The Government's highly successful insulation and heating programme, Warmer Kiwi Homes, is celebrating a key milestone with the completion of more than 38,000 insulation and efficient heater installs in the year to the end of June, smashing its target of 25,000 installs for the year. “The Warmer Kiwi Homes scheme ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Exemption granted for Wallabies to enter NZ
    Bledisloe Cup rugby will be played in New Zealand after the Australian rugby team received an economic exemption to enter New Zealand. Travel between Australia and New Zealand was suspended on Friday for at least eight weeks following the worsening of the COVID outbreak across the Tasman. New Zealanders have ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister of Foreign Affairs makes three diplomatic appointments
    Foreign Affairs Minister Nanaia Mahuta today announced three New Zealand Head of Mission appointments. They are: Mike Walsh as Ambassador to Iran Michael Upton as Ambassador to Ethiopia and the African Union Kevin Burnett as Ambassador to Indonesia Iran “Aotearoa New Zealand has a long-standing and constructive relationship with Iran, despite a ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Enhanced Task Force Green Approved for West Coast and Marlborough
    The Government has activated Enhanced Task Force Green (ETFG) in response to the West Coast and Marlborough floods, Social Development and Employment Minister Carmel Sepuloni announced today. “To assist with the clean-up, up to $500,000 will be made available to support the recovery in Buller and Marlborough which has experienced ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Govt support for upgrade of Eden Park players facilities
    Minister for Sport and Recreation Hon Grant Robertson has announced funding to upgrade the players facilities at Eden Park ahead of upcoming Women’s World Cup events. Eden Park is a confirmed venue for the Rugby World Cup 2021, the ICC Women’s Cricket World Cup 2022, and a proposed venue for matches of ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • More jobs and quicker public transport motoring towards West Auckland
    Work to improve public transport for West Aucklanders and support the region’s economic recovery by creating hundreds of jobs has officially kicked off, Transport Minister Michael Wood announced today. Michael Wood and Auckland Mayor Phil Goff this morning marked the start of construction on the Northwestern Bus Improvements project. It ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government backs critical health research
    Research into some of New Zealanders’ biggest health concerns including cancer, diabetes, and heart disease is getting crucial support in the latest round of health research funding, Health Minister Andrew Little announced today. The funding, awarded through the Health Research Council of New Zealand, covers 31 General Project grants ($36.64 ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Bay of Islands hospital facilities to bring services closer to home
    Prime Minister Jacinda Ardern and Health Minister Andrew Little have joined a ceremony to bless the site and workers for Phase Two of the redevelopment of the Bay of Islands Hospital in Kawakawa today. The new building will house outpatients and primary care facilities, as well as expanded renal care ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Raukokore re-imagined with ‘smart’ relocatable rent to own housing
    Iwi, Crown Partnership Relocatable, fully insulated housing, connected to a new solar plant Provides a pathway to home ownership New housing in the remote eastern Bay of Plenty community of Raukokore shows how iwi and Crown agencies can work together effectively to provide warm, dry, energy efficient homes in a ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Cabinet accepts Turkish authorities’ request for the managed return of three NZ citizens
    Cabinet has agreed to the managed return of a New Zealand citizen and her two young children from Turkey, Prime Minister Jacinda Ardern announced today. The three have been in immigration detention in Turkey since crossing the border from Syria earlier this year. Turkey has requested that New Zealand repatriate ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Govt delivers more classrooms so children can focus on learning
    Extra Government investment in classrooms and school building projects will enable students and teachers to focus on education rather than overcrowding as school rolls grow across the country, Prime Minister Jacinda Ardern and Associate Education Minister Kelvin Davis say. The pair visited Ruakākā School in Whangārei today to announce $100 ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New station a platform for AirportLink to take off
    Every Aucklander with access to the rail network will now have a quick and convenient trip to the airport, Transport Minister Michael Wood and Auckland Mayor Phil Goff said during the official opening of the new Puhinui Interchange today. The new interchange links the rail platform with a new bus ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 10 days sick leave for employees delivered
    Legislation doubling employees’ minimum sick leave entitlement to 10 days comes into effect today, bringing benefits to both businesses and employees, Workplace Relations and Safety Minister Michael Wood announced today. “Our Government is delivering on a key manifesto commitment to help Kiwis and workplaces stay healthy,” Michael Wood said. “COVID-19 ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister congratulates Fiame Naomi Mata’afa on Election Win
    Prime Minister Jacinda Ardern tonight congratulated Prime Minister-elect Fiame Naomi Mata’afa on her victory in the Samoa’s general election. “New Zealand has a special relationship with Samoa, anchored in the Treaty of Friendship. We look forward to working with Samoa’s new government in the spirit of partnership that characterises this ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Quarantine Free Travel with Australia suspended
    Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today. From 11.59pm today Australians will no longer be able to enter New Zealand quarantine-free. This will be ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Growing conservation efforts in Gisborne
    A big injection of Jobs for Nature funding will create much-needed jobs and financial security for families in TeTairāwhiti, and has exciting prospects for conservation in the region, Conservation Minister Kiri Allan says. “The projects target local communities most affected by the economic consequences of COVID 19 and are designed ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Flood recovery given further assistance
    The Government is contributing a further $1 million to help the flood battered Buller community, Acting Emergency Management Minister Kris Faafoi announced today. “Buller is a small community which has found itself suddenly facing significant and ongoing welfare costs. While many emergency welfare costs are reimbursed by Government, this money ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Funding for five projects to reduce food waste
    The Government is funding five projects to help address the growing problem of food waste, Environment Minister David Parker announced today. “New Zealand households throw away nearly 300,000 tonnes of food every year, half of which could still be eaten. By supporting these initiatives, we’re taking steps to reduce this ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Temporary Accommodation Service activated for West Coast flooding event
    The Temporary Accommodation Service (TAS) has been activated today - meaning residents on the West Coast of the South Island and in the Marlborough region hit by flooding over the weekend can now access help finding temporary accommodation, announced Associate Minister of Housing (Public Housing) Poto Williams in Westport today. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pause to Quarantine Free Travel from South Australia to New Zealand
    Quarantine Free Travel from South Australia to New Zealand will be paused from 11.59am (NZT) tonight, COVID-19 Response Minister Chris Hipkins has announced. However, people currently in the state who ordinarily live in New Zealand will be able to return on “managed return” flights starting with the next available flight, ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand condemns malicious cyber activity by Chinese state-sponsored actors
    New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Remarks to Diplomatic Corps
    It is a pleasure to be with you all this evening. Some of you may have been surprised when you received an invitation from the Minister of Disarmament and Arms Control, and I would forgive you if you were. New Zealand is unique in having established a Ministerial portfolio ...
    BeehiveBy beehive.govt.nz
    2 weeks ago