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 2.1.1.1

          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

        cocamc.

        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 4.1.2.1

          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 4.1.2.1.1

            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 4.1.2.1.1.1

              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 4.1.2.1.1.2

              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 5.1.1.1

          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 5.1.1.1.1

            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 5.1.1.2

          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 6.1.2.1

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

          • Daveski 6.1.2.1.1

            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 6.1.2.1.1.1

              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 6.1.2.2

          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 7.1.3.1

          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 7.1.3.1.1

            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 7.1.3.1.1.1

              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 8.1.1.1

          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?

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    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 2, 2024 thru Sat, June 8, 2024. Story of the week Our Story of the Week is Yale Climate Connection's Resources for debunking common solar and wind myths, by ...
    5 days ago
  • Fission by the river
    This is where we ate our lunch last Wednesday. Never mind your châteaux and castles and whatnot, we like to enjoy a baguette in the shadow of a nuclear power plant; a station that puts out more than twice as much as Manapouri using nothing more than tiny atoms to bring ...
    More Than A FeildingBy David Slack
    5 days ago
  • Fact Brief – Is the ocean acidifying?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by John Mason in collaboration with members from the Gigafact team. You can submit claims you think need checking via the tipline. Is the ocean acidifying? Acidification of oceans ...
    6 days ago
  • 20,000+ on Queen St.
    The largest protest I ever went on was in the mid 90s. There were 10,000 people there that day, and I’ve never forgotten it. An enormous mass of people, chanting together. Stretching block after block, bringing traffic to a halt.But I can’t say that’s the biggest protest I’ve ever been ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Josh Drummond's Columns
    Hi there,I wanted to put all of Josh Drummond’s Webworm pieces all in one place. I love that he writes for Webworm — and all of these are a good read!David.Why Are So Many “Christians” Hellbent on Being Horrible?Why do so many objectively hideous people declare themselves “Christian”?Meeting the Master ...
    David FarrierBy David Farrier
    6 days ago
  • Bernard’s Saturday soliloquy and weekend Pick ‘n’ Mix for June 8/9
    Photo: Lynn Grieveson / The KākāTL;DR: On reflection, the six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty this week were:The Government-driven freeze in building new classrooms, local roads and water networks in order to save cash for tax cuts is frustrating communities facing massive population ...
    The KakaBy Bernard Hickey
    6 days ago
  • The no-vision thing
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past somewhat interrupted week. Still on the move!Share Read more ...
    More Than A FeildingBy David Slack
    6 days ago
  • When Journalists are Disingenuous
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    David FarrierBy David Farrier
    6 days ago
  • Me, elsewhere: Just say you’ll do the thing
    Wrote something over at 1/200 on a familiar theme of mine: The way we frame the economy as a separate, sacred force which must be sacrificed to, the way we talk about criminals as invaders who must be repelled, the constant othering of people on the benefit, people not in ...
    Boots TheoryBy Stephanie Rodgers
    7 days ago
  • A Voyage Among the Vandals: Accepted
    A nice bit of news today: my 4600-word historical fantasy-horror piece, A Voyage Among the Vandals, has been accepted by Phobica Books (https://www.phobicabooks.co.uk/books) for their upcoming Pirate Horror anthology, Shivering Timbers. This one is set in the Mediterranean, during the mid-fifth century AD. Notable for having one of history’s designated ...
    7 days ago
  • Ministerial conflicts of interest
    Since the National government came to power, it has been surrounded by allegations of conflicts of interest. Firstly, there's the fast-track law, which concentrates power in the hands of three Ministers, some of whom have received donations from companies whose projects they will be deciding on. Secondly, there's the close ...
    No Right TurnBy Idiot/Savant
    7 days ago
  • The 2024 Budget Forecasts Are Gloomy Prognosis About The Next Three Years.
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    PunditBy Brian Easton
    7 days ago
  • A government that can't see twenty feet ahead
    There are two failings that consistently characterise a National government. One is a lack of imagination, the other is their willingness to look after their mates, no matter what harm it might do to everyone else.This is how we come to have thousands of enormous trucks carving up our roads. ...
    More Than A FeildingBy David Slack
    1 week ago
  • A post I hope is incorrect
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Māori Cannot Re-Write New Zealand’s Constitution By Stealth.
    The Kotahitanga Parliament 1897: A Māori Parliament – at least in the guise of a large and representative body dedicated to describing the shape of New Zealand’s future from a Māori perspective – would be a very good idea.THE DEMAND for a “Māori Parliament” needs to be carefully unpicked. Some Pakeha, ...
    1 week ago
  • Cowpats and Colonials.
    Dumbtown, is how my friend Gerard refers to people like ZB listeners - he’s not wrong.Normally on a Friday I start by looking at Mike Hosking’s moronic reckons of the week which he vomits down the throats of his audience like helpless baby birds in a nest, grateful for the ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Gordon Campbell on cutting the sick leave of vulnerable workers
    Should sick leave be part and parcel of the working conditions from Day One on the job, just like every other health and safety provision? Or should access to sick leave be something that only gradually accumulates, depending on how long a worker has been on the payroll? If enacted ...
    WerewolfBy lyndon
    1 week ago
  • Nobody Move: Ageing Boomers, Laurie & Les, Talk Politics.
    So long as we live in a democracy, economic policy can never be anything other than social-democratic.“HEH!”, snorted Laurie, as he waved his debit card over the EFTPOS machine. “Same price as last week. I guess budgets aren’t what they used to be.”“I wouldn’t know,” replied the young barman, wearily, ...
    1 week ago
  • In Search Of Unity.
    Kotahitanga: New Zealand’s future belongs to those who do not fear a nation carved out of unity and solidarity, and are willing to trust the carvers. Some New Zealanders will be required to step up, and others, perhaps for the first time in their lives, will be expected to step ...
    1 week ago
  • Weekly Roundup 7-June-2024
    Welcome to another Friday roundup! Here are some recent links and stories that caught our eye, perfectly timed for your watercooler discussions and weekend reading. As always feel free to share more in the comments. Our header image this week is by Patrick Reynolds, and shows Te Komititanga from above. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • The Hoon around the week to June 7
    As Workplace Relations and Safety Minister, ACT’s Brooke van Velden is fronting proposed changes to sick pay regulations and The Holiday Act. Photo: Lynn Grieveson / The KākāTL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features talking with:The Kākā’s climate correspondent talking about the ...
    The KakaBy Bernard Hickey
    1 week ago
  • Did we boil the oceans by cutting pollution?
    Lowering aerosol emissions from shipping has altered clouds, with potentially drastic effects. Photo: Getty ImagesTL;DR: Here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer:New evidence is increasingly pointing at efforts ...
    The KakaBy Bernard Hickey
    1 week ago
  • Skeptical Science New Research for Week #23 2024
    Open access notables Abrupt reduction in shipping emission as an inadvertent geoengineering termination shock produces substantial radiative warming, Yuan et al., Communications Earth & Environment: Human activities affect the Earth’s climate through modifying the composition of the atmosphere, which then creates radiative forcing that drives climate change. The warming effect ...
    1 week ago
  • Fragments
    The best observation I’ve read this week about the deep, profound harm Trump is doingTrump has hurled threats and smears at witnesses, jurors and the judge (including his family)... [he] has tried to intimidate witnesses and delegitimize the New York courts as corrupt. In continuing to incite his mob (that ...
    More Than A FeildingBy David Slack
    1 week ago
  • March for Nature
    Do do do do do do do doDo do do do do doDi di di di di di di di di di diNature enter me…In 2018 the Labour lead government banned new oil and gas exploration in Aotearoa. A change welcomed by those who care deeply for our environment and ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Dawn Chorus and pick ‘n’ mix for Thursday, June 6
    The Transport Minister is trying to push through urgent legislation that would allow him to change emissions standards for car imports without approval from Parliament, after only consulting car importers. Photo: Lynn GrievesonTL;DR: Just as two major reports showed fossil fuel burning was warming the planet to dangerous levels and ...
    The KakaBy Bernard Hickey
    1 week ago
  • A Better Broadway: Act 2
    This is a guest post by reader Grant A, the second of a pair about how to fix Broadway. If you missed the beginning of the show, here’s the link to Act 1 from yesterday. Yesterday, I discussed changing traffic circulation around Broadway in Newmarket. This included implementing a car-free ...
    Greater AucklandBy Guest Post
    1 week ago
  • National breaks another health promise
    National has broken another manifesto health promise, apparently to save only $550,000. It will now train an additional 25 med students next year rather than the 50 it promised. This comes on top of the delays caused by National’s coalition partners in pushing ahead with the Waikato Medical School and ...
    PolitikBy Richard Harman
    1 week ago
  • Climate Adam: Coping as the world’s best known climate scientist
    This video includes conclusions of the creator climate scientist Dr. Adam Levy. It is presented to our readers as an informed perspective. Please see video description for references (if any). Katharine Hayhoe is quite possibly the world's most famous climate scientist. She's produced wide ranging research, and communicated climate change with ...
    1 week ago
  • SIS “evidence” isn’t, again
    Back in 2016, then-Internal Affairs Minister Peter Dunne cancelled a New Zealand woman's passport, claiming she was a terrorist. The basis for his decision was a secret briefing by the SIS, which claimed that if she was allowed to travel, the woman would "engage with individuals who encourage acts of ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • As Low As You Go
    Taking you as low as you goAs low as you goA sense of Déjà vu this morning. How many times have I begun a newsletter, “just when you thought they couldn’t go any lower…” Only for the groundhog to reappear, more pissed off than the day before.Another day with headlines ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard's Dawn Chorus and pick 'n' mix for Wednesday June 5
    TL;DR: The public health costs of human-caused air pollution in Aotearoa-NZ is estimated at $38.8 billion a year because it kills 3,300 people each year, which is almost ten times more than the death toll on roads from accidents. Yet the Ministry for the Environment has just one staff member ...
    The KakaBy Bernard Hickey
    1 week ago
  • A Better Broadway: Act 1
    This is the first of a two-part guest post by Grant A, a long time reader and commenter with a keen interest in all things urban, especially cycling and public transport. He’s been thinking about how to fix Broadway. Stay tuned for Act 2! Readers might remember the pre-Christmas traffic snarl-ups in ...
    Greater AucklandBy Guest Post
    1 week ago
  • Road trance
    Sometimes technology is your friend and sometimes it can’t be bothered with you. Once you’re away from home and your dependable wifi, well, there’s no telling what will happen. I’ve been going in and out of high-speed and low-speed no-speed Internet pockets all over England and France and look, I’m ...
    More Than A FeildingBy David Slack
    1 week ago
  • You Can't Undo Fake News
    Hi,I’ve been thinking a lot about Corey Harris, the 44-year old man who went viral after Zooming into his court appearance while driving. The headlines generated were basically all the same: “Man With Suspended Driver's License Dials Into Court Hearing While Driving”. The headlines said it all, and most people ...
    David FarrierBy David Farrier
    1 week ago

  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Prime Minister Luxon meets with Premier Li
    Prime Minister Christopher Luxon met with Chinese Premier Li Qiang at Government House in Wellington today.  “I was pleased to welcome Premier Li to Wellington for his first official visit, which marks 10 years since New Zealand and China established a Comprehensive Strategic Partnership,” Mr Luxon says. “The Premier and ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Funding Boost for Rural Support Trusts
    The coalition Government is boosting funding for Rural Support Trusts to provide more help to farmers and growers under pressure, Rural Communities Minister Mark Patterson announced today. “A strong and thriving agricultural sector is crucial to the New Zealand economy and one of the ways to support it is to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Latest data shows size of public service decreasing
    Spending on contractors and consultants continues to fall and the size of the Public Service workforce has started to decrease after years of growth, according to the latest data released today by the Public Service Commission. Workforce data for the quarter from 31 December 23 to 31 March 24 shows ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Speech to the Law Association
    Thank you to the Law Association for inviting me to speak this morning. As a former president under its previous name — the Auckland District Law Society — I take particular satisfaction in seeing this organisation, and its members, in such good heart. As Attorney-General, I am grateful for these ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Inquiry requested into rural banking
    Promoting robust competition in the banking sector is vital to rebuilding the economy, Finance Minister Nicola Willis says.  “New Zealanders deserve a banking sector that is as competitive as possible. Banking services play an important role in our communities and in the economy. Kiwis rely on access to lending when ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Ministry for Regulation targets red tape to keep farmers and growers competitive
    Regulation Minister David Seymour, Environment Minister Penny Simmonds, and Food Safety Minister Andrew Hoggard have today announced a regulatory sector review on the approval process for new agricultural and horticultural products.    “Red tape stops farmers and growers from getting access to products that have been approved by other OECD countries. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government to reverse blanket speed limit reductions
    The Coalition Government will reverse Labour’s blanket speed limit reductions by 1 July 2025 through a new Land Transport Rule released for public consultation today, Transport Minister Simeon Brown says.  The draft speed limit rule will deliver on the National-ACT coalition commitment to reverse the previous government’s blanket speed limit ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Chair appointments for NZSO, CNZ and NZ On Air
    Minister Paul Goldsmith is making major leadership changes within both his Arts and Media portfolios. “I am delighted to announce Carmel Walsh will be officially stepping into the role of Chair of the New Zealand Symphony Orchestra, having been acting Chair since April,” Arts Minister Paul Goldsmith says.  “Carmel is ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government focus on long-term food, fibre growth
    Food and fibre export revenue is tipped to reach $54.6 billion this year and hit a record $66.6b in 2028 as the Government focuses on getting better access to markets and cutting red tape, Agriculture Minister Todd McClay and Oceans and Fisheries Minister Shane Jones say. “This achievement is testament ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Govt consulting on cutting red tape for exporters
    A new export exemption proposal for food businesses demonstrates the coalition Government’s commitment to reducing regulatory barriers for industry and increasing the value of New Zealand exports, which gets safe New Zealand food to more markets, says Food Safety Minister Andrew Hoggard.  “The coalition Government has listened to the concerns ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand and Philippines elevating relationship
    New Zealand and Philippines are continuing to elevate our relationship, Foreign Minister Winston Peters says.   “The leaders of New Zealand and Philippines agreed in April 2024 to lift our relationship to a Comprehensive Partnership by 2026,” Mr Peters says. “Our visit to Manila this week has been an excellent ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Paid Parental Leave increase to help families
    Workplace Relations and Safety Minister, Brooke van Velden says paid parental leave increase from 1 July will put more money in the pockets of Kiwi parents and give them extra support as they take precious time off to bond with their newborns. The increase takes effect from 1 July 2024 ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Defence increases UN Command commitment
    The number of New Zealand Defence Force (NZDF) personnel deployed to the Republic of Korea is increasing, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today.  NZDF will deploy up to 41 additional personnel to the Republic of Korea, increasing the size of its contribution to the United ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand to attend 'Summit on Peace in Ukraine' in Switzerland
    New Zealand will be represented at the Summit on Peace in Ukraine by Minister Mark Mitchell in Switzerland later this week.    “New Zealand strongly supports Ukraine’s efforts to build a comprehensive, just, and lasting peace,” Foreign Minister Winston Peters says.   “Minister Mitchell is a senior Cabinet Minister and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Big step forward for M.bovis programme
    Farmers’ hard work is paying off in the fight against Mycoplasma bovis (M. bovis) with the move to a national pest management plan marking strong progress in the eradication effort, says Biosecurity Minister Andrew Hoggard.  “The plan, approved by the Coalition Government, was proposed by the programme partners DairyNZ, Beef ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Build To Rent opening welcomed by Housing Minister
    Prime Minister Christopher Luxon and Housing Minister Chris Bishop formally opened a new Build to Rent development in Mt Wellington this morning. “The Prime Minister and I were honoured to cut the ribbon of Resido, New Zealand’s largest Build to Rent development to date.  “Build to Rent housing, like the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Agriculture to come out of the ETS
    The Government will deliver on its election commitment to take agriculture out of the New Zealand Emissions Trading Scheme (NZ ETS) and will establish a new Pastoral Sector Group to constructively tackle biogenic methane, Coalition Government Agriculture and Climate Change Ministers say. Agriculture Minister Todd McClay says New Zealand farmers ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Luxon Tokyo-bound for political and business visit
    Prime Minister Christopher Luxon will travel to Japan from 16-20 June, his first visit as Prime Minister.   “Japan is incredibly important to New Zealand's prosperity. It is the world’s fourth largest economy, and our fourth largest export destination.  “As you know, growing the economy is my number one priority. A strong economy means ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Bayly travels to Singapore for scam prevention meetings
    Minister of Commerce and Consumer Affairs, Andrew Bayly, travels to Singapore today to attend scam and fraud prevention meetings. “Scams are a growing international problem, and we are not immune in New Zealand. Organised criminal networks operate across borders, and we need to work with our Asia-Pacific partners to tackle ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • More help for homeowners impacted by severe weather
    People who were displaced by severe weather events in 2022 and 2023 will be supported by the extension of Temporary Accommodation Assistance through to 30 June 2025. Social Development and Employment Minister Louise Upston says the coalition Government is continuing to help to those who were forced out of their ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government to reverse oil and gas exploration ban
    Removing the ban on petroleum exploration beyond onshore Taranaki is part of a suite of proposed amendments to the Crown Minerals Act to deal with the energy security challenges posed by rapidly declining natural gas reserves, Resources Minister Shane Jones says. “Natural gas is critical to keeping our lights on ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Zealand and Malaysia to intensify connections
    New Zealand and Malaysia intend to intensify their long-standing, deep connections, Foreign Minister Winston Peters says.    “Malaysia is one of New Zealand’s oldest friends in South-East Asia – and both countries intend to get more out of the relationship," Mr Peters says.   "Our connections already run deep and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Ending contracted emergency housing motels in Rotorua
    The end of Contracted Emergency Housing (CEH) motels in Rotorua is nearing another milestone as the Ministry of Housing and Urban Development (HUD) announces it will not renew consents for six of the original 13 motels, Associate Housing Minister Tama Potaka says. The government is committed to stop using CEH ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • First Home Grant closure exemptions
    The Government is providing a narrow exemption from the discontinuation of the First Home Grant for first home buyers who may face unfair situations as a result, Housing Minister Chris Bishop says. “The First Home Grant scheme was closed with immediate effect on 22 May 2024, with savings being reprioritised ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Faster consenting for flood protection projects in Hawke's Bay
    Work to increase flood resilience in Hawke’s Bay can start sooner, thanks to a new fast consenting process, Minister for Emergency Management and Recovery Mark Mitchell and Environment Minister Penny Simmonds say.  “Faster consenting means work to build stop banks, spillways and other infrastructure can get underway sooner, increasing flood ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Judge Craig Coxhead and Nathan Milner newest Māori Land Court appointments
    Tangata tū tangata ora, tangata noho tangata mate. Minister for Māori Development Tama Potaka today announced acting Deputy Chief Judge Craig Coxhead as the new Deputy Chief Judge, and Nathan Milner as Judge of the Māori Land Court. "I want to congratulate Judge Coxhead and Mr Milner on their appointments ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government signs Indo-Pacific Economic agreements to boost trade
    Trade Minister Todd McClay and Climate Change Minister Simon Watts, today signed three Indo Pacific Economic Framework (IPEF) agreements that will boost investment, grow New Zealand’s digital and green economies and increase trade between New Zealand and the 14 IPEF partners. IPEF’s partners represent 40 per cent of global GDP ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government signs Indo-Pacific Economic agreements to boost trade and cooperation
    Trade Minister Todd McClay and Climate Change Minister Simon Watts, today signed three Indo Pacific Economic Framework (IPEF) agreements that will boost investment, grow New Zealand’s digital and green economies and increase trade between New Zealand and the 14 IPEF partners. IPEF’s partners represent 40 per cent of global GDP ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Visit to Viet Nam strengthens ties
    New Zealand and Viet Nam are focused on strengthening cooperation by making progress on mutually beneficial opportunities, Foreign Affairs Minister Winston Peters says. “Viet Nam matters enormously to New Zealand," Mr Peters says. "Our countries enjoy broad cooperation, in such areas as defence, security, trade, education and tourism. We are ...
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    1 week ago
  • Government delivers funding boost to fix potholes
    The Coalition Government is delivering on its commitment to boost funding for pothole prevention, with indicative funding levels confirmed by NZTA showing a record increase in funding to help fix potholes on our State Highways and Local Roads, Transport Minister Simeon Brown says.  The NZTA Board has today confirmed indicative ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government making fuel resilience a priority
    The Ministry of Business, Innovation and Employment will halt work on procuring reserve diesel stock and explore other ways to bolster New Zealand’s diesel resilience, Associate Energy Minister Shane Jones says. The Ministry of Business, Innovation and Employment (MBIE) will also begin work on changes to the minimum fuel stockholding ...
    BeehiveBy beehive.govt.nz
    1 week ago

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