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English & Key cost us another $18mil

Written By: - Date published: 9:59 am, April 22nd, 2010 - 35 comments
Categories: Economy, national, superannuation - Tags:

The other week Vernon Small wrote “the Government has missed out on an extra $1 million a week because of its decision to axe contributions to the Cullen superannuation fund” and said that canceling the Cullen Fund contributions was “a dumb, short-sighted decision that has cost the fund heaps in the long run“.

Hell, don’t worry about the long run just yet, Vernon, it’s been only 8 months. And it’s more than a million a week. Last month we lost $18 million – that’s basically a million a work day.

March was another stellar month for the Fund gaining 4.29%. Even allowing for the cost if we had borrowed the $150 million monthly contributions, the Fund would have been $48 million bigger had the contributions not been canceled. That’s up $18 million from the $30 million that the Government’s stupid, ideologically-driven decision had cost us by February.

What we’re starting to see is compounding losses. National has given up the opportunity to earn returns on returns. So, the cost to the country of John Key and Bill English’s “dumb, short-sighted decision” is accelerating.

Even a drongo in FCom 101 who’s only doing a degree because Daddy expects it could have told you that this would be a great year to invest given the size of the previous down-turn and the hundreds of billions of stimulus poured into economies around the world. It should have been especially obvious since the Cullen Fund had made 10% in the 3 months leading to last year’s budget.

Now, I’m not crazy enough to think this bull-run is going to last forever. In fact, as anyone who is informed about peak oil must be, I’m quite bearish about the long-term; the Cullen Fund has to keep an eye to windward for approaching trouble. But the fact is National is sacrificing a once in a generation chance to buy assets at low prices.

Come on, English, see sense. Restart the contributions before you lose us yet more money and further undermine the future of New Zealand superannuation.

35 comments on “English & Key cost us another $18mil ”

  1. There is another feature of the fund which shows why it is so desirable to have.

    Some of the proceeds have ben used to buy investments in New Zealand. The country currently owns pitifully little of itself and a growing super fund would start to correct this.

    We are heavily owned by Australian and Canadian super funds as well as US investors because they have accumulated capital and invested, something that we need to do urgently.

    Otherwise the external flow of dividends each year will only get bigger and the country’s trading deficit will get worse and worse.

  2. todd 2

    Now, I’m not crazy enough to think this bull-run is going to last forever.

    When In your opinion should we pull the funds out then,and for how long,and when do you say that the bull market will take off again(the closest week will be ok).I have several k to invest what should i invest it in and what % do you think I should make.
    PS I always ask my financial advisors how much money THEY have made recently on the market that they tell me to invest in just so i can tell if they are full of shit.

    • Bright Red 2.1

      “When In your opinion should we pull the funds out then,and for how long,and when do you say that the bull market will take off again(the closest week will be ok).I have several k to invest what should i invest it in and what % do you think I should make.”

      Typical smart-arse response from someone who can’t face how badly his party has stuffed up.

      • Craig Glen Eden 2.1.1

        And heres the thing BR, this is what Key is suppose to be good at (Trading Investing) but he obviously isnt that good because he has shares that he cant off load to his son!

        So either the shares are useless ( showing poor judgment on his behalf) or he is bullshitting and the son has not been offered the shares as he states.

        So the questions to smile and wave might look some thing like this , the poor cleaner who you were so concerned about last week who is funding bludging students, what have you done to invest in their retirement fund? Because others like Vernon Small are saying you are costing them retirement savings. Your Governments policy is providing financial drag to the poor cleaner is it not?

  3. Fisiani 3

    Vernon Small ignores the fact that if we had to borrow another say $150 million a month over the $240 million a WEEK that we are currently borrowing then the international credit ratings agencies would obviously have dramatically downgraded NZ. This would have markedly pushed interest rates up completely crippling the economy that Labour had already kneecapped in its spiteful scorched earth economic treachery of its last few years in power, hopefully this century. This would have affected the weakest members of society the most and it is to the credit of Bill English that he truly cares about growing the economy to help the disadvantaged. People know this. Well at least 53% know this…

    • Pascal's bookie 3.1

      prolly he ignores it cause none of it is facts. Much of it is flat out wrong even.

      For example, the only credit rating agency that was worried about us went on the radio on budget day and said his fears were allayed by National backing down from their tax cut policies.

      Also “240Million a week!!!1!” is no longer operative, if it ever was.

    • Bright Red 3.2

      Fisiani. we were never borrowing $240 a week. Net debt has fallen since December. Check it out – http://treasury.govt.nz/government/financialstatements/monthend/pdfs/fsgnz-8mths-feb10.pdf and http://treasury.govt.nz/government/financialstatements/monthend/pdfs/fsgnz-6mths-dec09.pdf

      And, remember, Fisiani our net debt would be lower if we had made this investment. You don’t get a credit downgrade for having lower net debt.

      I doubt any of this will get through to you.

      • sean14 3.2.1

        On page 3 of the first report you link to it says “Net debt has grown $10 billion in the year
        since February 2009.”

        It seems then that the $240M a week claim is indeed wrong, by my calculation it is only $192M a week from Feb ’09 – Feb ’10, but hey, let’s keep borrowing, especially so we can buy shares.

    • SPC 3.3

      Fisiani one would presume – a credit ratings agency would know that money borrowed to invest does not increase our net debt (if the investments gain in value they actually reduce our net debt) – even if you do not.

  4. Draco T Bastard 4

    Come on, English, see sense. Restart the contributions before you lose us yet more money and further undermine the future of New Zealand superannuation.

    He and the rest of NACT are out to cost us as much as possible so that we can be moved into debt slavery.

  5. tsmithfield 5

    What is overlooked here is that the returns from the investment are long-term. But the cost of funding the borrowed money is a current expense. That is, there are continuous outgoings that must be budgeted for that are not tied to income due to the fact that the income has been deferred to a long way in the future. Thus, borrowing money to invest in the Cullen fund will likely result in less operations, education and all the other things the left always thinks are grossly underfunded.

    The other point is that the cost of borrowing money to put into the Cullen fund is going to rise considerably given the worldwide sovereign risk situ and the ongoing need for governments to borrow to fund deficits. Given any borrowing will likely need to be rolled over some time in the future, this cost is likely to hit one way or another and could negate any benefits from the Cullen fund.

    • Bright Red 5.1

      ts. you need to learn to read a balance sheet. The Cullen Fund’s assets appear on the government’s books now. Just because they’re not going to be spent now is irrelevant.

      “The other point is that the cost of borrowing money to put into the Cullen fund is going to rise considerably given the worldwide sovereign risk situ and the ongoing need for governments to borrow to fund deficits. Given any borrowing will likely need to be rolled over some time in the future, this cost is likely to hit one way or another and could negate any benefits from the Cullen fund.”

      The Cullen Fund is mandated to beat the long-term cost of borrowing and it’s doing that. Since it started, the cost of borrowing has averaged 6.15% and the Fund has averaged 6.64%. In the last 8 months the cost of borrowing has been 1.99% and the Fund has made 22.27%.

      • tsmithfield 5.1.1

        BR, if a company finances a new vehicle it shows on the balance sheet as an asset as well. The finance still has to be funded and budgeted for out of current income.

        Same with investments borrowed to fund the Cullen fund. We still have to fund the interest bill in the meantime. A NPV calculation would need to be done on the current outgoings to see if there in fact was a profit by the time it could be drawn down.

        • sean14 5.1.1.1

          And at least you can insure the vehicle in case somebody crashes it. What insurance is available for taking the risks associated with investing in shares?

    • SPC 5.2

      Sorry ts, not an adequate argument. The costs of the government holding debt have to be balanced against revenue from the Fund accruing to government. Besides the obvious gains to be made at that time in the economic cycle made such an issue too minor to be relevant then. They are now, but as said there are revenues accruing to government from the Fund (which only grow as the Fund does, which cover that holding cost on some of the investment in the Fund).

  6. infused 6

    Glad Labout isn’t in power.

  7. burt 7

    National better hurry up and buy all the top end real estate that has dropped in price recently so it can sell it again in 2-5 years to make billions or I’ll be reading from Vernon Small and The Standard that National cost the country billions by not borrowing to invest for greater gains.

    This is small minded drivel from a lack luster journalist. Since when was borrowing to invest a prudent thing to do when unemployment was predicted to rise for a few more years and deficits were predicted for a decade. I get that an opportunity was missed and I also get that hindsight is a wonderful thing. I surprised that you, Marty G., have forgotten that Dr. Cullen himself said when introducing the Cullen fund that the way it was set up contributions could be suspended in rough economic times. It was a feature of the fund legislation explicitly designed to allow for extreme poor management events like being stagnant and in recession compounded by a global crisis.

    • Marty G 7.1

      “Dr. Cullen himself said when introducing the Cullen fund that the way it was set up contributions could be suspended in rough economic times”

      Cullen didn’t support stopping the payments last year. And since a) net debt is falling and b) if we had kept making the payments net debt would be even lower I don’t see what the problem is.

      “It was a feature of the fund legislation explicitly designed to allow for extreme poor management”

      It’s that kind of dumbarse crap that makes you like fish in a barrel, burt. The fund outperformed the market during the worst financial crisis in 50 years and it has outperformed it going back up again.

  8. burt 8

    Cullen didn’t support stopping the payments last year.

    He was big and brave like that about tax cuts he didn’t make himself as well.

    The fund outperformed the market during the worst financial crisis in 50 years

    I mentioned hindsight before, have you seen this reference? <a href="Hindsight bias.

    Look if it so sure that the Cullen fund was going to outperform borrowing then why the hell was Cullen paying off debt?

    • r0b 8.1

      Get yourself a calendar Burt, and see if you can work it out all by yourself.

      • burt 8.1.1

        rOb

        Calendar No need for a calendar if I can just borrow the time machine Vernon & Marty G clearly have.

        I can imagine Vernon & Marty G at a casino; standing by the roulette wheel they would be shouting at people that they are losers for not backing the number that just came up cheered on by you simply because you don’t like the people they are shouting at.

        • Armchair Critic 8.1.1.1

          False analogy, burt. Roulette wheels are (nominally) random and used in games of chance. Changes to the economy are not random. Hence the plethora of univeristy courses, books, businesses reports on the news etc. about the economy, and a corresponding lack anything similar for results at the casino.

        • burt 8.1.1.2

          Armchair Critic

          I was unaware there was zero risk with the Cullen fund and that there was zero chance of it loosing value. I’m wondering why when there was a rock solid guarantees that it would grow at a rate that exceeds the cost of borrowing that Cullen paid down debt rather than invest into the Cullen fund?

          National must be completely stupid to not use the guaranteed growth available from the fund, hell they should have strongly increased borrowing the moment they got into office because clearly Cullen made a major mistake not putting all his eggs into one guaranteed basket during the last few years of Labour prudent management.

          • Armchair Critic 8.1.1.2.1

            Sarcasm, the lowest form of wit.

          • burt 8.1.1.2.2

            I had to do something to match your being in denial about the risks of investing.

            • Armchair Critic 8.1.1.2.2.1

              Just like I had to point out that you seem to be confusing gambling and investing. Not an easy mistake to make.
              Not sure where you found me being in denial about the risks of investing – I sure can’t see where I did that.

            • burt 8.1.1.2.2.2

              But you have no answer to why Cullen paid off debt rather than just invested into a “sure thing” ? If you can bag National for not borrowing to invest then it follows that Cullen should not have paid off debt – yes/no ?

              • Armchair Critic

                No burt, I was commenting solely on your false analogy, not on what I think Ministers of Finance, past or present, should or should not have done.

              • burt

                Only interested in the messenger. Do you have an opinion on borrowing to invest or do you only have an opinion on my opinions?

              • Armchair Critic

                “Only interested in the messenger.”
                Who, me? I called you on your false analogy, which did a reasonable job of ruining your argument without any assistance from me.
                “Do you have an opinion on borrowing to invest…”
                Yeah, I do. I’m not confident you will agree with it, and your apparent lack of ability to comprehend the difference between investing and gambling makes me wonder whether you will understand it. Also, I sincerely hope you have better things to do on Friday night.
                However – I support borrowing to invest, to the extent that I do it myself, at times along with repaying debt at the same time. Have done for years, plan on keeping doing so. Extrapolating that, I’m happy for the government to act in a similar manner, whichever party is in power.

  9. burt 9

    Sorry I stuffed up that link;

    Hindsight Bias

  10. SPC 10

    Just more evidence that this government is not making wise investment decisions.

  11. tsmithfield 11

    Now here is a question for lefties who support the idea of borrowing to invest.

    If investing in the markets gets such a higher return, then why don’t those who would lend money to NZ just go and invest the money directly in the markets themselves rather than lend to NZ at a lower rate?

    • burt 11.1

      That’s an easy one to answer – Other finance ministers/bankers don’t only use ideology as the basis for their investment decisions.

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  • 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
    4 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
    5 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
    5 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
    5 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
    5 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 ...
    5 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
    5 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
    9 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