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Cullen Fund cuts cost $334m

Written By: - Date published: 10:54 am, February 19th, 2011 - 24 comments
Categories: superannuation - Tags: ,

The limo issue reveals everything wrong with the Key government in microcosm: greedy, elitist, hypocritical, liars. Against the background of the failing economy, it’s one hell of a bad look. But in monetary terms, it pales in to comparison beside their decision to cancel Cullen Fund contributions, which has now cost $334 million.

Remember Bill English sitting there and telling us that canceling Cullen Fund contributions was smart because we didn’t want to be throwing good money after bad, that the Fund had lost 22% in the year to June 2009? It was always a dumb argument. Of course the Fund lost money in the financial crisis but the loses had already stopped by the time the contributions were stopped – in fact, it had made 10% in the preceding four months. The Fund had a once in a life-time chance to buy assets cheaply. The aftermath of the big crash was the worst time to stop investing in a ultra-long term fund like the Cullen Fund.

In the 19 months since the Key government canceled the contributions to the Fund, it has had returns of 37.4%. In the seven months of this year alone, it has gained $1.7 billion more than Treasury forecast.

If National had kept on contributing $150 million a month like they were meant to (and, remember, the law means this money, in fact more money, will have to be contributed later) then by now the Fund would have made an extra net return of $334 million. The contributions plus the returns would have meant we would now have $3.3 billion more salted away in government savings.

But, no. The government said we couldn’t invest in the Cullen Fund at the same time as the government is running a deficit. Apparently, you can’t invest in your country’s future with ‘borrowed money’ but you can use it to cut taxes for the rich, build holiday highways, and buy fancy limos.

24 comments on “Cullen Fund cuts cost $334m”

  1. Rharn 1

    I bet if Key was ‘trading’ his actions would have been totaly at odds with his political decision on this issue. Either that or he is not as smart as many believe.

  2. Herodotus 2

    iven that all other spending from Nat was the same, our borrowings would have increased, cutrrent account anyone, potentially with the result of a down grading of the economy = interest rate increases. Yes remember these mortgages over 10% in 08 under Lab, and no recognition of the damage that was doing to family budgets, this with petrol over $2.20/l dairy products higher than todays gouging prices.
    And as many here comment regarding the neolib economy is about to die. So we invest more in a system that we do not believe works, not to sure of the following: logic, actions to confirm our beliefs. Also others have commented regarding the current system as a Ponzi system again if this is the case you then want to mantain the investment philosophy?

    • Marty G 2.1

      my figures account for the extra borrowing. Our net debt would be $334 million less. Ratings agencies look at net debt and gross debt but have explicitly said they are not concerned about the level of government debt – I struggle to see how an increase in gross debt of 5% and a decrease in net debt would concern them.

      “remember these mortgages over 10% in 08 under Lab.. with petrol over $2.20/l dairy products higher than todays gouging prices.”

      Are you saying that Labour made the international prices for oil and milk what they were? Are you saying that Labour controls interest rates? Please explain how. The Reserve Bank is independent and Labour was removing inflationary pressure from the economy by paying down debt and investing the Cullen Fund, rather than throwing out tax cuts which would have been inflationary.

      “and as many here comment regarding the neolib economy is about to die. So we invest more in a system that we do not believe works, not to sure of the following: logic, actions to confirm our beliefs.”

      don’t confuse neoliberalism with the idea that you can buy and sell ownership in things.

      “Also others have commented regarding the current system as a Ponzi system”

      assets have a fair value. many were undervalued during the crisis. now, if i was the Fund, I would be betting on more bleak times to come – investing in infratstructure and cash but the time to move to that is unclear.

      • Herodotus 2.1.1

        Our internal interest rates are as a result of the countries borrowings increased from 85% of GDP in 99 to 140% in 08, as does our current account deficits 8%, and i note that overseas funded state debt increased over the Lab years. All this indebtness results in higher interest rate, which was hidden before the recession by a flood on $$$$, now that $ is more valued it is harder to get resulting in relatively high interest rates.
        Marty I can only believe the govt releases, when we are informed increased debt/lack of reducing debt results in a down grading of our aa- current rating, and thus commercial and domestic interest rates. We are already (IMO) being screwed commercially with rates banks charge & their add ons that were not there 3 years ago.
        Re Res Bank- Is not Lab reviewing this law- so there was and is opportunity for this to be changed, thus the RB role is only independant as long as the current leg is in place, so the RB is open to political interferance.
        re inflation- inflation was low as a headline no, this was mainly attributable to tradeables (e.g. electronics, plasma Tv, cheaper clothing reducing in price) the non-tradable (things domestic consumers have no abilty to find offshore substitues) were 50-100% higher than non-tradeables. Again causing stress to many financially.
        My comments regarding petrol/dairy was that with increased interest rates many face in creates added stress to our budgets. Life can be damn hard to balance !!!
        “don’t confuse neoliberalism with the idea that you can buy and sell ownership in things.” but Marty much value is assessed based on P/E, asset value and other ration. If the neolib system is at maturity or decline/decay then the basis of value changes.
        And re infrastructure investment Nat have an answer to that, many of us believe that they have the answer but do not know what the question is !! 😉

        • Colonial Viper 2.1.1.1

          IMO RB doesn’t deserve to have as high degree of independence as it does today, the trend towards increasing financial crises has coincided nicely with increasing independence of central banks (and deregulation of commercial banks).

          Both private and public sector economists think they know better than politicians how to run the economy but it looks to me like they are all pretty much the same (i.e. mediocre) in actual results delivered to the mass of people.

          The RB does need more tools on hand however to work towards a wider brief of objectives – I believe Cunliffe is pretty clear on some of the changes required but its only a start.

        • SPC 2.1.1.2

          The higher interest rates came because of the RB policy to restrain inflationary demand – that is why interest rates are lower post GFC than before it.

          Given you have noted the debt figures New Zealand had in 1999 and 2008 when Labour came into and then left office. Perhaps you could mention them. The total public debt and the component parts domestic and foreign. You made some claims, care to cite figures …

  3. Colonial Viper 3

    English is an economic vandal. He clearly cares about himself and his own kids, but not the future generations of all other NZ’ers.

    The only other explanation is that he is incompetent. Its a close toss.

    • marsman 3.1

      Incompetent tosser and a vandal.

    • neoleftie 3.2

      funny story from the deep south is that bill’s wife actual runs the show and has a great say in policy esp when he was leader. Now dont get me wrong all wives/ partners are good and should have there say of course.

    • neoleftie 3.3

      Poor bill is simply a product of his environment…limited by scope and life experiences.

    • Deadly_NZ 3.4

      Well one does have to ask. How the hell someone with only a BCOM is supposed to be capable of running something as complicated as a country.

      Incompetent?? How about totally fucking useless???

  4. neoleftie 4

    speculative investment is very broad and extremely complex and has created untold trillions of wealth outa thin air and ink, most if not all have benefited from the current economic system. Without that extra created money to create extra capital in a system how does one provide the necessary growth levels to ‘float the boats’ of the citizens of a nation in a global connected macro system. Communism and even socalism are failed systems just like the open free market system.
    The unfettered or under controlled market with its fluctuations, business cycles and the hot casino money flows are the major issues on a marco level.

  5. Jenny 5

    A sign of things to come in NZ?

    Austerity measures aimed at working people and union busting go together

    “Democrats on the run in Wisconsin avoided state troopers Friday and threatened to stay in hiding for weeks, potentially paralyzing the state government in a standoff with majority Republicans over union rights for public employees.

    “The throngs of protesters — including teachers, prison guards and many students — have been largely peaceful. Police reported just nine citations for minor offenses as of Friday. But tensions were expected to rise Saturday, when conservative tea party groups planned their own rallies.”

    Republicans aborted an attempt to hold a final vote on the bill without Democrats, who had been in a closed caucus meeting. Democrats sprinted into the chamber yelling to stop the vote, and the GOP leadership retreated.
    Protester Carrie Dainty said the delay made her hopeful. “They’ll be back on Tuesday, and we’ll be here until Tuesday,” she said.

  6. lefty 6

    The Cullen fund is just another form of gambling. It could just as easily have lost a few hundred million, and probably will before long. A super fund using borrowed money to play toxic financial games was never a good idea. It just so happens that over this particular period it would have made a positive financial return, although we don’t know how much harm the companies it was invested in may have done to peoples lives or the environment in the process.
    A genuine super fund would not be based on borrowed money and would be invested in productive activities that deliver a strong economy able to pay out pensions to todays taxpayers as they age. The Cullen fund was never a good idea.
    Pension money floating around the world looking for quick returns is a major part of the structural problems the global economy faces.
    Capitalism is the problem, not whether National or Labour are administering it.

  7. kultur 7

    A move to the left is essential (in my opinion). To Keynesian principles – treat the Economy as an ecosystem – and not focus obsessively on isolated areas of “tinkering” like treating unemployment and competition for jobs as an essential for economic growth and lowered inflation – also – put people first before ideology or pure economics. Pure economics and pristine neo liberalism and freemarketeering dont allow for people or their welfare.

    The state and the economy serve the people. Not the other way round. Capitalism has failed miserably. This next election is NOT about the clark regime or the Cullen fund (clark and Cullen and their creations etc are GONE – Past – Kaput) – or what was done or not done by Labour. Key and his rich sycophants have raped and pillaged middle and lower NZ and started down a track that will see a small percentage of people benefit and the rest of us simply the hired help to service the new elite.

    The only ideology worth having – has got to be – the welfare of the people first. The planet or the environment in which people live comes in close behind – but it has to begin with the people first.

    If these NACT monsters remain at the tiller for another term – this country is well and truly buggered i reckon. Capitalism may be the problem .. but it has to begin with voting for a party that will get these monsters out on their well padded arrogant asses … Labour and Phil Goff are the only option.

    Just my opinion of course …

    • Campbell Larsen 7.1

      Kultur – not sure if you will get this since your banning, but just wanted to say that your banning seemed pretty damn petty – this site pretends to be all lefty and then some old hands (vier, rex) start taking about 9/11 and Saddam Hussain and praising John Key or defending TV3 (see my posts on quake media and leadership)
      Something fishy is afoot – Personally I think hiding behind pretend names is lame (no offence intended) but even lamer is using the bugbears of the US military machine as part of your argument here in NZ – surely only an American (and a brainwashed one at that) would reach for those tired old lines and think they were on to a winner – Who is posting here anyway? I feel like an internet dater who thought he was talking to a beautiful woman online and it turns out to be a seedy fat old man – who is also a National voter!

      • lprent 7.1.1

        1. I don’t ‘hide’, and if I had seen it first he’d have gotten a ban from me so that daft argument is facetious. Most of the bans are normally handed out by me, but just having had a heart attack,l am not that sure of my temper at present. I’d hate to hand out bans just because I’m feeling grumpy because of sore ribs. His behavior was getting increasingly closer to our guidelines. Specifically for what looked like intentionally starting and fanning flamewars. I have spent nearly 30 years watching them and they are pretty damn recognizable.

        2. The final permanent ban he got was for being stupid enough to argue with a moderator passing out a ban and repeatably violating the ban. That is in the policy as a self-matyrdom offense because it is terminally stupid. We tend to grant their implied wish and give them a sudden death.

        3. in case you hadn’t noticed yet. We’re all highly opinionated authors who frequently disagree with each other let alone with commentators. But we like to argue with people – it refines the arguments from both the left and right and green (you may notice that authors posts frequently get attacked from all sides?)

        4. But to do that we need to remove the deadwood that can’t carry an argument without dropping out into pure personality egotism and points that they cannot argue. They get in the way of everyone that does want to tear ideas apart. The moderators who ban are completely uninterested in being perceived as being nice and are monumentally uninterested in egotistical posturing.

        5. Most of the commentators who survive here can carry an argument. We like people who can tear into things. They don’t need to be nice either or have any ideas that we agree with. That means we will tolerate people most of us consider are nut bars but who can argue (Oscar comes to mind – he has interesting links and a very different viewpoint on the scientific process) and who have more of an interest in the argument than bothering to be personally insulted.

        Nice is over at kiwipolitio or hard news. We’re more like a union floor meeting with the hard nosed managers there as well (and I’d point out that that is where I came from). Quite simply we’re a forum for broad labour movement and while the authors push pretty hard on Labour, the Greens, and the Moari party to get off their arses and represent us, the authors tend to dislike the National party and Act even more.

        But that is what is stated in the about and the policy.

  8. Marjorie Dawe 8

    Thankyou Kultur. Your view is refreshing and accurate. In a society we all do well if the poorest within feel that they are doing well and are looked after.

  9. Campbell Larsen 9

    I’m glad someone else has picked up on this – I wrote the following piece for fleetfm news on 23rd of September 2009!

    It turns out that the Super fund is super indeed with the release of performance figures that show that the countries retirement plan – otherwise known as the Cullen fund – has grown by 33 % since March – taking its new value to $15.3 Billion.
    The results are on the one hand encouraging – with the fund now worth more than taxpayers have contributed– and on the other hand perhaps a sign of a missed opportunity for New Zealand – The National government reduced payments to the scheme to $250 million this year– down from the $1 billion planned- and now we can only wonder what may have been, had the extra $750 million been invested.
    A quick calculation reveals a lost potential profit of $247,500,000 a staggering figure…This is of course speculation however it does bring to mind the advice of a few months ago from the more visionary economists who preached the virtues of investing during a recession as values can only increase
    You would think that with a PM who used to be a currency trader would have understood and heeded this wisdom – but no, instead the governments contributions to the fund have been suspended for up to 11 years – meaning that the recession recovery gold rush is well and truly over for our retirement fund – almost before it even began.

    Cut to 2011 and…
    The ‘virtues’ of investing during a recession are no less virtueous now – the lingering recession means that all of NZ inc is still able to be purchased for a song – precisely the reason why Donkey and his cronies are pushing public asset sales (a bargain for their rich mates to snap up) and opening up NZ to predatory ‘foreign investment’ (and yes that includes our ‘mates’ Australia) at a time when international commodity prices (esp foodstuffs, energy and raw materials) look set to be solid earners for the foreseeable future.
    If we throw in the currancy manipulation of China and the distorting stimulus packages of the EU and US and its not hard to see that if we sell up now the ‘money’ we would recieve in return for our hard assets or successful companies would mostly be smoke and mirrors. Cam-fucious says ‘if one is getting paid in smoke and mirrors one should only be selling smoke and mirrors’

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    It should be obvious by now but let’s be clear: The same folk who regularly traffic in disinformation, misinformation and “fake news” are also those who most strongly claim that their freedom of expression rights are being violated when moves are made to curb hate speech (as opposed to protected ...
    KiwipoliticoBy Pablo
    1 week ago
  • The Physics (and Economics, and Politics) of Wheelchairs on Planes
    Michael Schulson When Shane Burcaw flies on an airplane, he brings along a customized gel cushion, a car seat, and about 10 pieces of memory foam. The whole arsenal costs around $1,000, but for Burcaw it’s a necessity. The 27-year-old author and speaker — who, alongside his fiancée, Hannah ...
    SciBlogsBy Guest Author
    1 week ago
  • To Advance Civil Rights, Oppose Transgender Extremism
    We are very pleased to publish this submission is from Lucinda Stoan. She is a social justice activist, mother, and educator, based in Washington State in the  US.   This detailed and comprehensive source-linked overview of trans issues and what is at stake will be useful for many people, especially in ...
    RedlineBy Daphna
    1 week ago
  • Faafoi should be fired
    Newshub last night reported that Broadcasting Minister Kris Faafoi had apparently promised to help out a mate with an immigration issue. While its normal for people to approach MPs for assistance in this area, when you're a Minister, the rules are different: as the Cabinet Manual says, Ministers must "at ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Adrian Orr – The Reserve Bank’s Revolutionary Governor?
    New Zealand's Underarm Banker: It bears recalling that the “independence” of the Reserve Bank Governor was for decades held up by neoliberal capitalists as the most compelling justification for passing the Reserve Bank Act. Interesting, is it not, how the ruling class’s support for the Bank’s independence lasted no longer than ...
    1 week ago
  • Driving Us Up The Poll.
    Rubbish In, Rubbish Out: Put all this together, and it’s difficult to avoid the conclusion that anyone who responds positively to a pollster’s request to “answer a few questions” is just ever-so-slightly weird. Desperately lonely? Some sort of psephological train-spotter? Political party member primed to skew the poll for or against ...
    1 week ago
  • Jordan Williams, Colin Craig podcast series announced
    “Free at last, Free at last, Thank God almighty we are free at last.” ― Martin Luther King Jr. A long and bitter court feud between former Conservative Party leader Colin Craig and Jordan Williams has been settled, with an apology and compensation from Williams. On Tuesday, Craig sent out ...
    The PaepaeBy Peter Aranyi
    1 week ago
  • How plant-based meat is stretching New Zealand’s cultural and legal boundaries
    Samuel Becher, Victoria University of Wellington and Jessica C Lai, Victoria University of Wellington Earlier this year, the New Zealand-based pizza chain Hell Pizza offered a limited-edition “Burger Pizza”. Its customers weren’t told that the “meat” was plant-based. Some customers complained to the Commerce Commission, which enforces consumer law in ...
    SciBlogsBy Guest Author
    1 week ago
  • Scientific integrity requires critical investigation – not blind acceptance
    Some people seem to want to close down any critical discussion of the current research into the relationship between water fluoride and child IQ. They appear to argue that claims made by researchers should not be open to critical review and that the claims be accepted without proper consideration ...
    1 week ago
  • Climate Change: The shameful reality
    The government has been congratulating itself over the passage of the Zero Carbon Act, which sets out long-term emissions targets. Meanwhile, Climate Action Tracker has the shameful reality: those targets are insufficient:While New Zealand is showing leadership by having passed the world’s second-ever Zero Carbon Act in November 2019, under ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • More secrecy
    The government introduced a Racing Industry Bill today. As an urban who horse racing as pointless-to-cruel, and gambling as a tax on stupidity and/or hope, this isn't normally a bill which would interest me in the slightest, beyond grumpiness at more government money for a dying industry. But there is ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Unlikely online bully, Liam Hehir
    Check. Check. One, two, three, four. Is this thing ON? Hello readers, I logged in last night (yeah, it’s been a while) to mark THE END of the landmark legal case, Jordan Williams v Colin Craig, which (gulp) reached The Supreme Court, in which New Zealand’s most-defamed man was suing the politician he ...
    The PaepaeBy Peter Aranyi
    1 week ago
  • The Birth Of Israel: Wrong At The Right Time.
    Before The Birth: Israel’s most fervent supporters set their clocks ticking in Biblical times. They cite the kingdoms of David and Solomon as proof that, in the words of the Exodus movie’s theme-song: “This land is mine.” The majority of Israel’s backers, however, start their clocks in 1933 – the year Adolf ...
    1 week ago
  • Hard News: Public Address Word of the Year 2019: Korero phase
    In an unreliable, strange and confusing world, Public Address is proud to present a measure of comfort and stability by annually asking everyone what words or phrases sum up the year that's been – and then giving some of them consumer goods as prizes for being clever or simply lucky.Well, ...
    1 week ago
  • Generalist to specialist
    Both my parents are pretty handy – and they seem to have the right tools for most jobs in the garage and they know how to fix practically anything. A similar story could be told about their generation’s experience in the workforce – being a generalist was not unusual and ...
    SciBlogsBy Guest Author
    1 week ago
  • A “coincidence”
    When it was revealed that NZ First had tried to enrich itself from public office via the Provoncial Growth Fund, the Prime Minister assured us that everything was OK as Shane Jones, the Minister responsible for the fund, had recused himself. Except it seems that that recusal came very late ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Member’s Day
    Today is a Member's Day, and probably the last one of the year. After the marathon of the End of Life Choice Act, most of the bills up for debate today are uncontentious. First up is the second reading of Chlöe Swarbrick's Election Access Fund Bill. This will be followed ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Worse than I thought
    The Foreign Affairs, Defence and Trade Committee has reported back on the government's odious and tyrannical control orders bill. As expected, the fraudulent select committee process has made no significant changes (partly because they couldn't agree, but mostly because it was a stitch-up from the start, with no intention of ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The cannabis bill and the referendum
    Yesterday, the government released its draft Cannabis Legalisation and Control Bill, which will be put to a non-binding referendum at the next election. I'm not a drug policy expert, but Russell Brown is, and he thinks its pretty good. And pretty obviously, it will be a massive improvement on the ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Hard News: The Cannabis Legalisation and Control Bill: pretty good so far
    As you're probably aware, the draft bill outlining the proposed legal cannabis regime to be put to a referendum late next year was published yesterday, and has already attracted a flurry of comment. It's notable that a good deal of the comment is about proposals that aren't actually new.A minimum ...
    2 weeks ago
  • Climate Change: Alignment
    One of the big problems in New Zealand climate change policy is the government working at cross-purposes with itself. It wants to reduce fossil fuel use, but encourages oil and gas exploration. It wants to reduce transport emissions, but then builds enormous new roads. The problem could be avoided if ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • How climate change will affect food production and security
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz According to the United Nations, food shortages are a threat ...
    SciBlogsBy Guest Author
    2 weeks ago
  • More bad faith
    Last year, the government announced it was ending offshore oil exploration by no longer issuing new permits. The idea was that the industry would then die off as permits expired. Except almost immediately the government revealed its bad faith, by saying they would extend permits and alter conditions to keep ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Banning foreign money from our elections
    The government has said it will ban foreign donations to political parties and candidates, and will be introducing legislation to be passed under all-stages urgency this afternoon. While I agree with the goal, I don't see a particular case for urgency, unless the government is concerned about a flood of ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Reforming the Education Acts
    The government introduced the Education and Training Bill to Parliament yesterday. Its a massive bill, which replaces both existing Education Acts, as well as various other bits of legislation (including some which are still proceeding through the House). I'll leave the serious analysis to teachers and people who actually know ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Bite-sized learning
    Amelia SharmanThere’s no one-size-fits-all when it comes to micro-credentials, those bits of bite-sized learning that can help workers stay on top of technological change.  What’s a micro-credential? While definitions vary, micro-credentials can be understood as short courses that allow people to learn new skills or have an existing competency recognised. ...
    SciBlogsBy Guest Author
    2 weeks ago
  • “Not The Labour Party We Once Knew.”
    All Smiles Now: Claire Szabo is taking up her presidential role after serving as the CEO of Habitat For Humanity. Which is absolutely perfect! After KiwiBuild was so comprehensively mismanaged by Phil Twyford, the party has not only elected a new president from a thoroughly respectable not-for-profit, but one who ...
    2 weeks ago
  • Marxist versus liberal methodology on transgender ideology/identity politics
    While much of the NZ left has transitioned to postmodern and identity politics in relation to transgender ideology, there are some very good articles about that deploy Marxist methodology in relation to this subject.  The one below is from the British marxist group Counterfire and appeared on their site here ...
    RedlineBy Admin
    2 weeks ago
  • Book review: The Farm by Joanne Ramos
    by Daphna Whitmore At Golden Oaks, a luxurious country retreat in the Hudson Valley, pregnant women have the best care money can buy. From the organic food, personalised exercise programmes, private yoga instruction and daily massages Golden Oaks looks like a country lodge for the upper class. Set some time ...
    RedlineBy Daphna
    2 weeks ago
  • Loosening the purse strings
    When Labour was running for election in 2017, it felt it needed to demonstrate "fiscal responsibility" and signed itself up to masochistic "budget responsibility rules". It was a fool's errand: the sorts of voters who demand fiscal responsibility are also the sorts of voters who believe that labour can never ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Climate Change: How to get there
    Writing in Stuff, Joel MacManus looks at what we need to do to meet the Zero Carbon Act's targets. The core of it:1. Convert 85 per cent of vehicles on the road to electric. 2. Eliminate fossil fuels from all industrial heating up to 300 degrees Celsius. 3. Double our ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • anti-vaxxers in a measles epidemic: so many ways to be untruthful
    “Anti-vaxers are a pro-death movement,” those comments from Dr Helen Petousis-Harris speaking about six more Measles related deaths in Samoa over the past twenty-four hours. “Anti-vaxers are a pro-death movement,” those comments from Dr Helen Petousis-Harris speaking about six more Measles related deaths in Samoa ...
    SciBlogsBy Alison Campbell
    2 weeks ago
  • Is Youth Vaping a Problem in New Zealand?
    Professors Janet Hoek and Richard Edwards, Emeritus Professor Phil Gendall, Jude Ball, Dr Judith McCool, Anaru Waa, Dr Becky Freeman Recent media reports have presented conflicting evidence on youth vaping in NZ. While some NZ school principals report concerns about increasing vaping on school grounds and confiscating vapes, ASH Year ...
    SciBlogsBy Public Health Expert
    2 weeks ago

  • New partnership to boost screen sector job opportunities
    Auckland’s growing screen sector is the catalyst for a new partnership between the Ministry of Social Development and Auckland’s economic development agency Auckland Tourism, Events and Economic Development (ATEED). The launch today at FilmFX in Henderson, is to celebrate the partnership which looks to capitalise on the social and economic development opportunities ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • A minute’s silence for Whakaari White Island victims
    A minute’s silence will be observed at 2.11pm on Monday 16 December in honour of the victims of the Whakaari White Island eruption, Prime Minister Jacinda Ardern has confirmed. “Wherever you are in New Zealand, or around the world, this is a moment we can stand alongside those who have ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • NZ to help fund fight against measles in the Pacific region
    Foreign Minister Winston Peters has announced New Zealand will contribute NZ$1 million of funding towards the joint United Nations Fund for Children (UNICEF) and World Health Organisation (WHO) Pacific Regional Action Plan for Measles.   “Prevention through vaccination is the most effective way of avoiding illness and a costly health emergency. ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • New Zealand remembers Sir Peter Snell
    New Zealand is today remembering one of our true sporting heroes, triple Olympic gold medal winner Sir Peter Snell. “He was a legend, here and around the world,” Prime Minister Jacinda Ardern said. “Our thoughts are with Sir Peter’s wife Miki and their family.” “Sir Peter is recognised as New ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • PM congratulates Boris Johnson on election victory
    Prime Minister Jacinda Ardern has congratulated United Kingdom Prime Minister Boris Johnson on his election victory.  “New Zealand and the United Kingdom are close friends and despite our distance we are strongly connected by our history and people,” Jacinda Ardern said.  “I look forward to continuing to work with Prime ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Building a platform for the future of rail
    The Government has released its long term vision for a sustainable 21st Century rail network that gets our cities moving, connects our regions and gets more freight off the roads.   Deputy Prime Minister and State Owned Enterprises Minister Winston Peters said the Government is committed to rebuilding New Zealand’s ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Prime Minister statement Whakaari White Island recovery operation
    I want to start by acknowledging the families who have experienced such grief and such loss since the extraordinary tragedy on Monday. Today was all about reuniting them with their loved ones. We've just come from the airport where many of them were gathered and in amongst what you can ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand medical specialists to provide further support to Samoa
    Foreign Minister Winston Peters today announced further support for Samoa’s longer term needs as it continues to respond to a devastating measles epidemic. “Samoa’s health system has experienced massive strain in the wake of the measles epidemic. The volume of patients needing care during this outbreak, and the number of ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Discounted electric-bikes offered to public sector workers
    Discounted electric bikes will be offered up to public sector staff across the country as part of the Government’s work to reduce transport emissions and support healthier transport options.  Associate Minister of Transport Julie Anne Genter officially launched the new initiative at Wellington Hospital today.  “The Government has negotiated bulk-purchase ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Australia and New Zealand confirm joint bid for FIFA Women’s World Cup
    The Australian and New Zealand Governments today launch an historic joint bid to bring the FIFA Women’s World Cup to the Southern Hemisphere for the first time. Australian Minister for Youth and Sport, Richard Colbeck and New Zealand Minister for Sport and Recreation Grant Robertson will announce the bold campaign, ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Blackwater gold mine gets PGF boost
    The Provincial Growth Fund (PGF) has approved a $15 million loan to help re-establish a gold mining operation at Blackwater Gold Mine, near Reefton, Rural Communities Minister and local MP Damien O’Connor announced at an event on the West Coast today. “This is great news for the Coast that could ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Papakāinga model inspires whānau well-being
    Papakāinga model inspires whānau well-being A housing project by Kohupātiki whānau in Hastings is an outstanding example of a Māori-led housing initiative that can reduce financial pressure and reconnect whānau to their whakapapa says the Minister for Māori Development Hon Nanaia Mahuta.  Minister Mahuta officially opened the Aroha Te Rangi ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government provides more funding for major community wetland restoration project
    Restoration efforts for a significant wetland in the Hawke’s Bay are getting more support announced Associate Minister for the Environment Eugenie Sage. “Wetlands are vital to healthy landscapes and ecosystems. They function as nature’s ‘kidneys’, filtering and protecting water quality, acting as nature’s sponges after rain and are home to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Housing First to help Nelson Tasman homeless
    Nelson has today seen the launch of Housing First Nelson Tasman. Today’s launch marks the expansion of the Government’s homelessness programme, Housing First, to the top of the South Island. “Housing First is a proven programme that puts people who are experiencing homelessness and multiple, high and complex needs into ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New funding to support Environment Centres working for sustainable local solutions
    New Government funding announced today will help communities make a difference in tackling environmental issues Associate Minister for the Environment Eugenie Sage announced in Hawkes Bay today. The Ministry for the Environment’s Community Environment Fund is dedicating $243,101 to growing the capacity and capability of the Environment Hubs Aotearoa’s (EHA) ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government takes bite out of loan sharks
    The days of vulnerable consumers falling victim to loan sharks, truck shops and other predatory lenders are numbered, following the Credit Contracts Legislation Amendment Bill passing its third reading tonight. “Too many Kiwis are being given loans that are unaffordable and unsuitable, trapping them in debt and leaving their families ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand safer as Terrorism Suppression (Control Orders Bill) becomes law
    A Bill that prevents terrorism and supports the de-radicalisation of New Zealanders returning from overseas has passed its third reading, Justice Minister Andrew Little says. The Terrorism Suppression (Control Orders) Bill is a carefully targeted response to manage the risk posed by a small number of New Zealanders who have ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Foreign Minister and Pacific Peoples Minister to visit Samoa
    Foreign Affairs Minister Winston Peters and Minister for Pacific Peoples Aupito William Sio will travel to Samoa on Friday, where New Zealand medical teams are helping Samoa respond to an outbreak of measles. “New Zealand has been working closely with the Government of Samoa and offering our assistance from the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Pastoral Care Code will support tertiary students in 2020
    The Government has changed the law to improve student safety and welfare in university halls of residence and other student accommodation. The Education (Pastoral Care) Amendment Bill passed its third reading this afternoon and details of an interim Code of Practice setting out the Government’s expectations of tertiary providers have also been released. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New infrastructure funding tool to build housing developments faster
    A new tool to help councils fund and finance infrastructure could mean some housing developments happen a decade earlier than currently planned, Urban Development Minister Phil Twyford said today. “This new tool, developed by the Government in partnership with industry and high-growth councils, will allow councils to access private debt ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Vision to unite the primary sector launched today
    Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. “I’m delighted that New Zealand’s major farmer and grower organisations are today supporting the Primary Sector Council’s vision – Fit for a Better World,” he said. “The international consumers ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ congratulates PNG and Autonomous Bougainville Government on referendum
    Foreign Minister Winston Peters has congratulated the Government of Papua New Guinea and the Autonomous Bougainville Government for completing a well-conducted referendum on the future political status of Bougainville. “New Zealand supported the referendum process by providing technical advice through the New Zealand Electoral Commission and leading a Regional Police ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Next steps for Upper North Island logistics
    In light of Cabinet’s position that freight operations on prime land in downtown Auckland are no longer viable, the Government will now embark on a short work programme to enable decision-making in the first half of next year, Associate Transport Minister Shane Jones says. Minister Jones is today releasing the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Surgical mesh restorative justice report received
    Associate Health Minister Julie Anne Genter has received the report back from a surgical mesh restorative justice process undertaken by Victoria University. The process heard stories, either in person or online submission, from more than 600 people affected by surgical mesh. “The report made for heart-breaking and confronting reading,” says ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • The Water Services Regulator Bill – Taumata Arowai a milestone for drinking water safety
    The Water Services Regulator Bill – Taumata Arowai , introduced to Parliament today, is a milestone for drinking water safety in New Zealand and will help improve environmental outcomes for urban waterways, rivers and lakes.  “This is a breakthrough for New Zealanders in terms of providing safe drinking water throughout ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech to new direction for criminal justice reform announcement
    Kia ora koutouE ngā mana, e ngā reo, e ngā matā wakaTēnā koutou katoaHaere ngā, moe maiKoutou ma ngā Rangatira Ko Anaru ahauKo au te Minita mo ngā TureHe Honore tino nui kei roto I ahau No reira tena koutou katoa Today, we are releasing two reports that are the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New direction for criminal justice reform
    The Government is looking to turn around the long-term challenges of criminal justice by taking a new approach to break the cycle of offending to ensure there are fewer victims of crime. Justice Minister Andrew Little released two reports today, Turuki! Turuki! from Te Uepū Hāpai I te Ora, and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New law sets up $300m Venture Capital Fund
    New Zealand firms expanding beyond the start-up phase are set for more support after today’s passage of the Venture Capital Fund Bill, Associate Finance Minister David Parker said. The Bill, which establishes a $300 million Venture Capital Fund, puts in place a key initiative of the Wellbeing Budget’s economic package. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand’s National Statement to COP25
    E ngā mana, e ngā reo, e ngā iwi, e ngā rau rangatira mā. Tēnā koutou, tēnā koutou, tēnā koutou katoa. Señora Presidenta, Excellencies, Delegates. International action A common thread that runs through the Paris Agreement is the commitment we have made to each other to do what we can to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • $12 billion in extra infrastructure investment
    The Government is lifting capital investment to the highest level in more than 20 years as it takes the next step to future-proof New Zealand. Finance Minister Grant Robertson has announced $12 billion of new investment, with $8 billion for specific capital projects and $4 billion to be added to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Strong economy, careful spending gives $12bn of surpluses
    The Government is forecast to run $12 billion worth of surpluses across the four years to 2023/24 as the economy continues to grow. The surpluses will help fund day-to-day capital requirements each year. These include fixing leaky hospitals, building new classrooms to cover population growth and take pressure off class ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Priorities for 2020 Wellbeing Budget outlined
    Budget 2020 will continue the Coalition Government’s focus on tackling the long-term challenges facing New Zealand while also investing to future-proof the economy. When the Government took office in 2017 it was left with crumbling infrastructure, severe underinvestment in public services, degraded rivers and lakes, a housing crisis and rising ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Minister welcomes data-rich coastline mapping tool
    The Minister responsible for the Marine and Coastal Area (Takutai Moana) Act 2011 (te Takutai Moana Act 2011), Andrew Little has welcomed the launch of an online geospatial tool that provides data-rich, dynamic coastline maps that will significantly boost research and evidence-gathering under the Act. Te Kete Kōrero a Te ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Chief Victims Advisor reappointed for a further two years
    The Chief Victims Advisor to Government Dr Kim McGregor, QSO, has been reappointed in her role for a further two years. Dr McGregor has held the role since it was established in November 2015. She provides independent advice to government on how to improve the criminal justice system for victims. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand tsunami monitoring and detection system to be established
    Foreign Affairs Minister Winston Peters and Civil Defence Minister Peeni Henare have today announced the deployment of a network of DART (Deep-ocean Assessment and Reporting of Tsunami) buoys. “New Zealand and the Pacific region are particularly vulnerable to natural disasters. It is vital we have adequate warning systems in place,” ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • DART Buoys Announcement
    DART Buoys Announcement Aotea Wharf, 9.30am 11 December 2019   Acknowledgements Acknowledgements to Minister for Civil Defence Hon Peeni Henare also here today. White Island It is with regret that this event shadows the tragic natural disaster two days ago. The volcanic eruptions on White Island have claimed 5 lives, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Final steps for racing industry reform
    Racing Minister Winston Peters has welcomed the first reading of the Racing Industry Bill in parliament today. This is the second of two Bills that have been introduced this year to revitalise New Zealand’s racing industry. “Our domestic racing industry has been in serious decline.  The Government is committed to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Funding to promote New Zealand Sign Language initiatives
    Minister for Disability Issues, Carmel Sepuloni, is pleased to announce that $291,321 is to be awarded to national and local community initiatives to maintain and promote the use of New Zealand Sign Language (NZSL). “New Zealand is one of the few countries  in the world where Sign Language is an ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • How New Zealand defines and recognises veterans
    Minister for Veterans Ron Mark has announced today the Coalition Government’s initial response to work completed by the independent statutory body, the Veterans’ Advisory Board. “When Professor Ron Paterson completed his review of the Veterans’ Support Act in 2018, he made a number of recommendations, including one which I referred ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government to fund lion’s share of Ohakea water scheme
    The Government will fund the bulk of the cost of a rural water supply for the Ohakea community affected by PFAS contamination, Environment Minister David Parker announced today at a meeting of local residents. This new water scheme will provide a reliable and clean source of drinking water to the ...
    BeehiveBy beehive.govt.nz
    5 days ago