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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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  • Dusk Chorus: ‘Bread and butter’ chosen over cutting emissions
    Photo: Lynn Grieveson / The KākāTLDR: Here’s a quick roundup of the news today for paying subscribers on a slightly frantic, very wet, and then very warm day. In Aotearoa’s political economy today Read more ...
    The KakaBy Bernard Hickey
    4 days ago
  • We never get to feel one thing at a time, us grownups
    Tomorrow we have a funeral, and thank you all of you for your very kind words and thoughts — flowers, even.Our friend Michèle messaged: we never get to feel one thing at a time, us grownups, and oh boy is that ever the truth. Tomorrow we have the funeral, and ...
    More than a fieldingBy David Slack
    4 days ago
  • Garrick Tremain’s view…
    ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Isn't this the rainy day we're supposed to be saving up for?
    Lynn and I have just returned from a news conference where Hipkins, fresh from visiting a relief centre in Mangere, was repeatedly challenged to justify the extension of subsidies to create more climate emissions when the effects of climate change had just proved so disastrous. Photo: Lynn Grieveson / The ...
    The KakaBy Bernard Hickey
    4 days ago
  • Isn't this the rainy day we're supposed to be saving up for?
    Lynn and I have just returned from a news conference where Hipkins, fresh from visiting a relief centre in Mangere, was repeatedly challenged to justify the extension of subsidies to create more climate emissions when the effects of climate change had just proved so disastrous. Photo: Lynn Grieveson / The ...
    The KakaBy Bernard Hickey
    4 days ago
  • Much excitement as Hipkins gets down to business – but can he defeat inflation with his devotion t...
    A  new Prime Minister, a revitalised Cabinet, and possibly  revised priorities – but is the political and, importantly, economic landscape  much different? Certainly  some within the news  media  were excited by the changes which Chris Hipkins announced yesterday or – before the announcement – by the prospect of changes in ...
    Point of OrderBy tutere44
    4 days ago
  • E-bike incentives work
    Currently the government's strategy for reducing transport emissions hinges on boosting vehicle fuel-efficiency, via the clean car standard and clean car discount, and some improvements to public transport. The former has been hugely successful, and has clearly set us on the right path, but its also not enough, and will ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Hipkins’ need to strengthen focus on “bread and butter” issues suggests the Ardern team was lo...
    Buzz from the Beehive Before he announced his Cabinet yesterday, Prime Minister Chris Hipkins announced he would be flying to Australia next week to meet that country’s Prime Minister. And before Kieran McAnulty had time to say “Three Waters” after his promotion to the Local Government portfolio, he was dishing ...
    Point of OrderBy Bob Edlin
    4 days ago
  • 24,000 employed under Labour
    The quarterly labour market statistics were released this morning, showing that unemployment has risen slightly to 3.4%. There are now 99,000 people unemployed - 24,000 fewer than when Labour took office. So, I guess the Reserve Bank's plan to throw people out of work to stop wage rises "inflation", and ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • February Stars.
    Another night of heavy rain, flooding, damage to homes, and people worried about where the hell all this water is going to go as we enter day twenty two of rain this year.Honestly if the government can’t sell Three Waters on the back of what has happened with storm water ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Bryce Edwards’ Political Roundup:  Hipkins’ bread and butter reshuffle
    * Dr Bryce Edwards writes – Prime Minister Chris Hipkins continues to be the new broom in Government, re-setting his Government away from its problem areas in his Cabinet reshuffle yesterday, and trying to convince voters that Labour is focused on “bread and butter” issues. The ministers responsible for unpopular ...
    Point of OrderBy poonzteam5443
    4 days ago
  • Bryce Edwards: Hipkins’ bread and butter reshuffle
    Prime Minister Chris Hipkins continues to be the new broom in Government, re-setting his Government away from its problem areas in his Cabinet reshuffle yesterday, and trying to convince voters that Labour is focused on “bread and butter” issues. The ministers responsible for unpopular reforms in water and DHB centralisation ...
    Democracy ProjectBy bryce.edwards
    5 days ago
  • The Neverending Curse of MLMs
    Hi,It’s weird to me that in 2023 we still have people falling for multi-level marketing schemes (MLMs for short). There are Netflix documentaries about them, countless articles, and last year we did an Armchaired and Dangerous episode on them.Then you check a ticketing website like EventBrite and see this shit ...
    David FarrierBy David Farrier
    5 days ago
  • Dusk Chorus: Mahuta and Little demoted
    Nanaia Mahuta fell the furthest in the Cabinet reshuffle. Photo: Lynn Grieveson/Getty ImagesTLDR: PM Chris Hipkins unveiled a Cabinet this afternoon he hopes will show wavering voters that a refreshed Labour Government is focused on ‘bread and butter cost of living’ issues, rather than the unpopular, unwieldy and massively centralising ...
    The KakaBy Bernard Hickey
    5 days ago
  • Dusk Chorus: Mahuta and Little demoted
    Nanaia Mahuta fell the furthest in the Cabinet reshuffle. Photo: Lynn Grieveson/Getty ImagesTLDR: PM Chris Hipkins unveiled a Cabinet this afternoon he hopes will show wavering voters that a refreshed Labour Government is focused on ‘bread and butter cost of living’ issues, rather than the unpopular, unwieldy and massively centralising ...
    The KakaBy Bernard Hickey
    5 days ago
  • We just need the Wayne to stop
    Shortly, the absolute state of Wayne Brown. But before that, something I wrote four years ago for the council’s own media machine. It was a day-in-the-life profile of their many and varied and quite possibly unnoticed vital services. We went all over Auckland in 48 hours for the story, the ...
    More than a fieldingBy David Slack
    5 days ago
  • 2023 More Reading: January (+ Old Phuul Update)
    Completed reads for January Lilith, by George MacDonald The Rime of the Ancient Mariner (poem), by Samuel Taylor Coleridge Christabel (poem), by Samuel Taylor Coleridge The Saga of Ragnar Lodbrok, by Anonymous The Lay of Kraka (poem), by Anonymous 1066 and All That, by W.C. Sellar and R.J. ...
    5 days ago
  • Is Britain doomed (again)?
    Pity the poor Brits.  They just can’t catch a break. After years of reporting of lying Boris Johnson, a change to a less colourful PM in Rishi Sunak has resulted in a smooth media pivot to an end-of-empire narrative.  The New York Times, no less, amplifies suggestions that Blighty ...
    Point of OrderBy xtrdnry
    5 days ago
  • After The Deluge.
    On that day all the springs of the great deep burst forth, and the floodgates of the heavens were opened. And rain fell on the earth.Genesis 6:11-12THE TORRENTIAL DOWNPOURS that dumped a record-breaking amount of rain on Auckland this anniversary weekend will reoccur with ever-increasing frequency. The planet’s atmosphere is ...
    5 days ago
  • Minister of Education (who might be replaced later today) left it to his ministry to apologise for i...
    Buzz from the Beehive There has been plenty to keep the relevant Ministers busy in flood-stricken Auckland over the past day or two. But New Zealand, last time we looked, extends north of Auckland into Northland and south of the Bombay Hills all the way to the bottom of the ...
    Point of OrderBy Bob Edlin
    5 days ago
  • The other ‘big one’: How a megaflood could swamp California’s Central Valley
    This is a re-post from Yale Climate Connections by Jeff Masters When early settlers came to the confluence of the Sacramento and American Rivers before the California Gold Rush, Indigenous people warned them that the Sacramento Valley could become an inland sea when great winter rains came. The storytellers described water filling the ...
    5 days ago
  • Tuesday's pick o' the links: Wayne Brown's WTF moment
    Wayne Brown managed a smile when meeting with Remuera residents, but he was grumpy about having to deal with “media drongos”. Photo: Lynn Grieveson/Getty ImagesTLDR: In my pick of the news links found in my rounds since 4am for paying subscribers below the paywall:Wayne Brown moans about the media and ...
    The KakaBy Bernard Hickey
    5 days ago
  • Tuesday's pick o' the links: Wayne Brown's WTF moment
    Wayne Brown managed a smile when meeting with Remuera residents, but he was grumpy about having to deal with “media drongos”. Photo: Lynn Grieveson/Getty ImagesTLDR: In my pick of the news links found in my rounds since 4am for paying subscribers below the paywall:Wayne Brown moans about the media and ...
    The KakaBy Bernard Hickey
    5 days ago
  • Bryce Edwards’ Political Roundup: The gamechanger PM and polls
    Dr Bryce Edwards writes –  Last night’s opinion polls answered the big question of whether a switch of prime minister would really be a gamechanger for election year. The 1News and Newshub polls released at 6pm gave the same response: the shift from Jacinda Ardern to Chris Hipkins ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Dawn Chorus: Why 2023 will be a year of indecision & delay
    Hipkins’ aim this year will be to present a ‘low target’ for those seeking to attack Labour’s policies and spending. Photo: Lynn Grieveson/Getty ImagesTLDR: Anyone dealing with Government departments and councils who wants some sort of big or long-term decision out of officials or politicians this year should brace for ...
    The KakaBy Bernard Hickey
    6 days ago
  • Dawn Chorus: Why 2023 will be a year of indecision & delay
    Hipkins’ aim this year will be to present a ‘low target’ for those seeking to attack Labour’s policies and spending. Photo: Lynn Grieveson/Getty ImagesTLDR: Anyone dealing with Government departments and councils who wants some sort of big or long-term decision out of officials or politicians this year should brace for ...
    The KakaBy Bernard Hickey
    6 days ago
  • Bryce Edwards: The Gamechanger PM and polls
    Last night’s opinion polls answered the big question of whether a switch of prime minister would really be a gamechanger for election year. The 1News and Newshub polls released at 6pm gave the same response: the shift from Jacinda Ardern to Chris Hipkins has changed everything, and Labour is back ...
    Democracy ProjectBy bryce.edwards
    6 days ago
  • After the deluge – initial thoughts on the Auckland floods
    Over the last few years, it’s seemed like city after city around the world has become subject to extreme flooding events that have been made worse by impacts from climate change. We’ve highlighted many of them in our Weekly Roundup series. Sadly, over the last few days it’s been Auckland’s ...
    6 days ago
  • Ever Get the Feeling You've Been Cheated?
    And so the first month of the year draws to a close. It rained in Auckland on 21 out of the 31 days in January. Feels like summer never really happened this year. It’s actually hard to believe there were 10 days that it didn’t rain. Was it any better where ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Ani O’Brien: Luxon can’t afford to continue ‘small target’ politics
    A ‘small target’ strategy is not going to cut it anymore if National want to win the upcoming election. The game has changed and the game plan needs to change as well. Jacinda Ardern’s abrupt departure from the 9th floor has the potential to derail what looked to be an ...
    Democracy ProjectBy bryce.edwards
    6 days ago
  • Shaking up science
    When Grant Robertson talks about how the economy might change post-covid, one of the things he talks about is what he calls an unsung but interesting white paper on science. “It’s really important,” he says. The Minister in charge of the White Paper —  Te Ara Paerangi, Future Pathways ...
    PolitikBy Richard Harman
    6 days ago
  • Dusk Chorus: Auckland schools closed til Feb 7
    The clean up has begun but more rain is on the way. Photo: Lynn Grieveson/Getty ImagesTLDR: Auckland’s floods over the last three days are turning into a macroeconomic event, with losses from Aotearoa’s biggest-ever climate event estimated at around $500 million and Auckland’s schools all closed for a week until ...
    The KakaBy Bernard Hickey
    6 days ago
  • Dusk Chorus: Auckland schools closed til Feb 7
    The clean up has begun but more rain is on the way. Photo: Lynn Grieveson/Getty ImagesTLDR: Auckland’s floods over the last three days are turning into a macroeconomic event, with losses from Aotearoa’s biggest-ever climate event estimated at around $500 million and Auckland’s schools all closed for a week until ...
    The KakaBy Bernard Hickey
    6 days ago
  • How we get a new Prime Minister – it’s a simple matter of vice-regal appointment without a swear...
    The news media were at one ceremony by the looks of things. The Governor-General, the  Prime Minister and his deputy were at another. The news  media were at a swearing-in ceremony. The country’s leaders were at an appointment ceremony. The New Zealand Gazette record of what transpired says: Appointment of ...
    Point of OrderBy Bob Edlin
    6 days ago

  • Advancing our relationship in India
    Foreign Minister Nanaia Mahuta departs for India tomorrow as she continues to reconnect Aotearoa New Zealand to the world.  The visit will begin in New Delhi where the Foreign Minister will meet with the Vice President Hon Jagdeep Dhankar and her Indian Government counterparts, External Affairs Minister S. Jaishankar and ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Government Northland housing investment to spark transformational change
    Over $10 million infrastructure funding to unlock housing in Whangārei The purchase of a 3.279 hectare site in Kerikeri to enable 56 new homes Northland becomes eligible for $100 million scheme for affordable rentals Multiple Northland communities will benefit from multiple Government housing investments, delivering thousands of new homes for ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Battle of Ohaeawai remembered
    A memorial event at a key battle site in the New Zealand land wars is an important event to mark the progress in relations between Māori and the Crown as we head towards Waitangi Day, Minister for Te Arawhiti Kelvin Davis said. The Battle of Ohaeawai in June 1845 saw ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • More Police deployed to the frontline
    More Police officers are being deployed to the frontline with the graduation of 54 new constables from the Royal New Zealand Police College today. The graduation ceremony for Recruit Wing 362 at Te Rauparaha Arena in Porirua was the first official event for Stuart Nash since his reappointment as Police ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Further support for upper North Island regions hit by significant weather
    The Government is unlocking an additional $700,000 in support for regions that have been badly hit by the recent flooding and storm damage in the upper North Island. “We’re supporting the response and recovery of Auckland, Waikato, Coromandel, Northland, and Bay of Plenty regions, through activating Enhanced Taskforce Green to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • The Princess Royal to visit New Zealand
    Prime Minister Chris Hipkins has welcomed the announcement that Her Royal Highness The Princess Royal, Princess Anne, will visit New Zealand this month. “Princess Anne is travelling to Aotearoa at the request of the NZ Army’s Royal New Zealand Corps of Signals, of which she is Colonel in Chief, to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government and horticulture sector target $12b in exports by 2035
    A new Government and industry strategy launched today has its sights on growing the value of New Zealand’s horticultural production to $12 billion by 2035, Agriculture Minister Damien O’Connor said. “Our food and fibre exports are vital to New Zealand’s economic security. We’re focussed on long-term strategies that build on ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Cost of living support extended for families and businesses
    25 cents per litre petrol excise duty cut extended to 30 June 2023 – reducing an average 60 litre tank of petrol by $17.25 Road User Charge discount will be re-introduced and continue through until 30 June Half price public transport fares extended to the end of June 2023 saving ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • More Kiwis in work as rising wages match inflation
    The strong economy has attracted more people into the workforce, with a record number of New Zealanders in paid work and wages rising to help with cost of living pressures. “The Government’s economic plan is delivering on more better-paid jobs, growing wages and creating more opportunities for more New Zealanders,” ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government boosts fund for Auckland flooding
    The Government is providing a further $1 million to the Mayoral Relief Fund to help communities in Auckland following flooding, Minister for Emergency Management Kieran McAnulty announced today. “Cabinet today agreed that, given the severity of the event, a further $1 million contribution be made. Cabinet wishes to be proactive ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Cabinet focused on bread and butter issues
    The new Cabinet will be focused on core bread and butter issues like the cost of living, education, health, housing and keeping communities and businesses safe, Prime Minister Chris Hipkins has announced. “We need a greater focus on what’s in front of New Zealanders right now. The new Cabinet line ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Prime Minister to meet with PM Albanese
    Prime Minister Chris Hipkins will travel to Canberra next week for an in person meeting with Australian Prime Minister, Anthony Albanese. “The trans-Tasman relationship is New Zealand’s closest and most important, and it was crucial to me that my first overseas trip as Prime Minister was to Australia,” Chris Hipkins ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government makes first payment to Auckland Flooding fund
    The Government is providing establishment funding of $100,000 to the Mayoral Relief Fund to help communities in Auckland following flooding, Minister for Emergency Management Kieran McAnulty announced. “We moved quickly to make available this funding to support Aucklanders while the full extent of the damage is being assessed,” Kieran McAnulty ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government steps up to assist Auckland during flooding
    As the Mayor of Auckland has announced a state of emergency, the Government, through NEMA, is able to step up support for those affected by flooding in Auckland. “I’d urge people to follow the advice of authorities and check Auckland Emergency Management for the latest information. As always, the Government ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Poroporoaki: Titewhai Te Huia Hinewhare Harawira
    Ka papā te whatitiri, Hikohiko ana te uira, wāhi rua mai ana rā runga mai o Huruiki maunga Kua hinga te māreikura o te Nota, a Titewhai Harawira Nā reira, e te kahurangi, takoto, e moe Ka mōwai koa a Whakapara, kua uhia te Tai Tokerau e te kapua pōuri ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Enhanced Task Force Green Approved following Cyclone Hale
    Carmel Sepuloni, Minister for Social Development and Employment, has activated Enhanced Taskforce Green (ETFG) in response to flooding and damaged caused by Cyclone Hale in the Tairāwhiti region. Up to $500,000 will be made available to employ job seekers to support the clean-up. We are still investigating whether other parts ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • General Election to be held on 14 October 2023
    The 2023 General Election will be held on Saturday 14 October 2023, Prime Minister Jacinda Ardern announced today. “Announcing the election date early in the year provides New Zealanders with certainty and has become the practice of this Government and the previous one, and I believe is best practice,” Jacinda ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prime Minister Jacinda Ardern announces resignation
    Jacinda Ardern has announced she will step down as Prime Minister and Leader of the Labour Party. Her resignation will take effect on the appointment of a new Prime Minister. A caucus vote to elect a new Party Leader will occur in 3 days’ time on Sunday the 22nd of ...
    BeehiveBy beehive.govt.nz
    2 weeks ago