Stuart Nash put Bill English’s feet to the fire yesterday on his economic record. English has been claiming that the economy is in better shape to withstand another economic crisis than it was in 2008. Does anyone seriously believe that? We’re poorer, we’re more indebted, we’re less employed, and costs are higher.
Nash pointed out the following sobering facts:
When National came to office net government debt was 1% of GDP. It’s now 20%.
National has borrowed $36 billion in two and a half years. That’s $55 million per weekday.
The government’s credit rating is now on negative outlook. It’s the first time since 1998 we’ve been on negative outlook.
GDP per capita has fallen 2% since National came to power. Remember, the recession officially ended in March 2009 – the first quarter National was in power.
To those facts you could add the following:
There are still quarter of a million jobless.
Unemployment remains at 6.5%, whereas Labour kept it under 4%.
There are 3 times as many people on the dole now as when National came to power.
Emigration to Australia is at record levels.
Inflation is running at 5.3% while wages are rising at 1.9%.
Business credit has fallen by 10% while mortgage debt has risen 6%.
the median household income has fallen 2%. For Maori,the fall is 8%, and Pacific Islanders 16%.
Anyone who says the economy is better now and we’re better placed to withstand another financial crisis when it’s clear we’re not even back on our feet since the first one is either naive or lying.
Bill English is spouting hopium to his colleagues and the masses. Inhale deeply folks, abrogate your better judgement and common sense, and vote for National.
The man has the same amount of economics sense and imagination as a neo-classical economics textbook from 1981.
The man has the same amount of economics sense and imagination as a neo-classical economics textbook from any time in the last two hundred years.
FIFY
We really haven’t learned anything about economics since laissez faire was introduced into England in the 19th century. We’re still basing our economic decisions and policies around money rather than the actual resources that we have sustainably available.
Radio NZ reported another $160 million chink in Blinglish’s budget. The DOL put ACC savings at $400m over three years. Treasury put the figure at $580.
The DOL warned there was no actuarial or economic basis to the Treasury’s projections.
Blinglish being the cautious competent minister that he is went for the larger figure.
This is not the first example of this occurring. Optimistic Treasury advice was also preferred over more cautious IRD advice.
There are that many holes in the budget it would sink if placed in water. Along with our economy …
English is merely parroting the lines that we’ll hear between now and the election. Keys, interviewed by Sainsbury a few evenings ago was spouting the same trip – I was waiting in vain for Saisbury to call him out on this rubbish.
I don’t trust anything Bill English says. He simply lies and distorts to suit his ends. He would clearly not hesitate to say something like “GDP has risen under National” when it clearly has not. He is brazen. Him, Key, Smith & Carter – the bag of snakes.
Couple the lies with compliant non questioning soapboxes like closeup and the nation etc etc and the truth will always be an inconvenient and ignored commodity.
They go there because they know they’ll be unchallenged, it’s all part of the deal particularly with TVNZ.
National’s (mis)management of the economy has been a trainwreck but since the media aren’t doing their jobs the Nats will continue to take the piss and lie to the New Zealand public.
The MSM are doing their jobs. It’s just that their job isn’t what we think it is or should be (holding politicians and the rich and powerful to account) but covering for the lies of the politicians and the rich and powerful.
Well not quite Mr Draco. I would surmise that the job of the MSM is to sell their media. Reporting on everything and anything is surely just an add-on as part of that primary role of selling.
The fact that their job is to sell is ok as long as we all realise that that is the case, and not assume that their job is to report objectively as part of the fourth estate. Today they are just another business.
Yeah its all fine to say that Labour are just winging about a press that is anti them but when 2.5 years go by and they continue reproducing the National Governments lies as fact it starts to look very suspect. The MSM can hardly say that Labour hasnt bought these issues to the surface because they are constantly being raised in Parliament.
As others are saying pretty much all the figures show NZ has gone backwards yet thats not what we hear in the MSM its all smile and wave “John Key what a great guy”.
When people start taking action the media say hey hey you cant do that thats criminal, well I have to say a media who tell lies on behalf of the National Government is actually what is criminal.
Yeah! That JK is just one of the guys eh! Meanwhile in the real world New Zealand is not in a good position to weather another financial crisis because National has mismanaged the first one. Namely tax cuts for the wealthy, corporate welfare, cronyism and putting the squeeze on the public. Nact is following an American model that is a sad and scary story, and one the MSM is failing to tell properly. Ignorance is bliss until that ignorance comes up and smacks you in the face.
Eight comments with no RWNJ trolling, that’s got to be a record.
I think there is a little truth in what Blinglish is saying, when it comes to the private sector. Most of the crappy businesses have already folded because they couldn’t handle the heat from the first recession. Those that are left are more resilient (like bacteria fighting an antibiotic…).
Of course an additional recession, should we have one, isn’t going to do the economy any favours, but if it’s not too long or too deep then we’re not as likely to see as large a growth in unemployment as we did the first time. Of course it also means that the unemployed caused by the first recession will be even further ingrained.
But he is still overstating it, and while the private sector may be able to get by without too much harm, the government won’t.
Gosh. Anyone would think there’s been the worst global recession since the 30s, collapse of the finance sector, major natural catastrophes, record oil prices, record exchange rates and sovereign debt crises.
No Felix not quite. They have an ” ideological aversion to taking any measures (that you agree with) to respond to any of those things(in a way that you want them to). Quite different.
Not crowing about anything. Just stating facts. Fast tracking planned infrastructure projects is not the same as expanding Govt. It’s just a practical response in circumstances, which you have attempted to deny.
Expanding debt putting us in a more vulnerable position while the Tories in england have canned all motorway construction because its to dear and inefficient not worth getting into debt for qstf . Unless you haven’t read the amount this country spends on importing oil , obviously Steven Joyce hasn”t or he’s addicted to petrol fumes.
Oh yeah but I have to take back the tax “cuts”, sorry, ‘cos as Mr Bill keeps reminding us they were actually a “revenue-neutral tax switch” so no harm no foul there.
YOU mean borrow and hope, fudge the figures ,tax cuts for the wealthy user pay increases gst hike from read my lips. While we’ve had record receipts from our primary sector . Because of huge borrowing the returns our businesses have been getting are much lower than they should be lowering the tax take and employment. Savings are down contrary to borrowing Bills assumption causing higher interest and inflation causing more upward pressure on the dollar.The rednecks and media are to busy ogling smile and wave to ask any hard questions.
What you mean is you don’t agree with the steps actually taken, such as fast-tracked infrastructure projects, zero budget, FRA / Securities Act reform, the Christchurch rebuild etc.
You don’t think they’ve worked, that’s fine. I agree they haven’t done “good” – not doing good is par for any Government. But that’s different to your incorrect assertion that the Govt was not averse to doing anything.
“not doing good is par for any Government”
If you are comfortable with that, that is fine. It goes along way to explain why you are so comfortable with the current governments failings
Meanwhile those of us that actually want a government that gives a shit will continue pointing out Nationals many flaws. Feel free to enjoy the ride.
Qstf, the collapse of the finance sector and resulting worst depression since the 1930s, and the sovereign debt crisis and resultant exchange rate volatilities, are the direct result of the unsustainable finance sector, which was deregulated, let loose, encouraged, and particiated in by the PM, by right wing policies, be it Reagan, Rogernomics or Ruth Richardson.
This lot are continuing along the exact same path.
Complete rubbish. NZ’s securities laws have changed little since the ’70s. The collapse of the finance sector was caused by the housing / property bubble that successive Govts allowed to blow out of control in the late 90s and 2000s, lax regulation and outdated laws. The Govt and in particular the Securities Commission was asleep at the wheel – Jane Diplock has a lot to answer for.
Fortunately the Govt has started reforming the sector now, though whether a future Govt will once again allow the sector to get out of control remains to be seen.
And the PM was in banking, not finance – there’s a big difference.
Qstf, complete rubbish. I was responding to your earlier post, which concerned mostly international events not just NZ specific events. Hence my reply in an international context.
And re Key and his oh-so-productive money world, ok, it wasn’t the banking sector that needed bailing out internationally or in NZ was it. Nope, no banks joined the deposit guarantee scheme did they….. sheesh
Prior to this there had been several attempts by Labour govts to put a more rigid frame work in place for the financial sector but National were dead against it, they and the financial sector said they would do a better job of self regulating than any govt could do I heard the arguments in parliament at the time.Its no place for govt to be involved they successfully argued!then they were hunting with the wolves no they are hunting the wolves.
I’m sure National was dead against it at one stage (eg Brash era). Stupid. Thankfully Simon Power is moving things forward now.
But it’s not credible to say Labour wanted to it but couldn’t. They had 9 years to sort it, they could pass whatever they wanted, they didn’t and it all went wrong on their watch. Although they can in turn shift at least some of the blame to Diplock.
the question isn’t ‘did bad shit go down’ it’s ‘is the country stronger now than in 2008’? and the answer is clearly ‘no’. So why is English claiming otherwise?
I haven’t listened to any of the debate nor do I know the details but the sub text of any national party policy is fleecing the state.
You have to watchout for that sort of stuff.
National really doesn’t care about the economy or the people. They care only for themselves and their rich mates. If they’re doing all right then the economy is no matter how many extra people are living in poverty.
The first time I ever heard Bill English on the radio around 1991 I thought said myself: ‘Who is that idiot and what planet does he come from?’, never expecting him to reach a position offering so much opportunity to destroy the NZ economy and destroy what remains of NZ society.
He has the economic management skills we would expect from a 16-year-old who has just completed a sixth form economics and scraped a pass or as CV put it: The man has the same amount of economics sense and imagination as a neo-classical economics textbook from 1981.’
There is much evidence to support the postulate that the government is deliberately wrecking the economy in preparation for an IMF takeover which will see NZ subject to ‘austerity’ and further looting by money-lenders and global corporations.
However, since the present economic system is the problem, not the answer, and a global shortage in liquid fuels will bring down the IMF etc., the faster present economic arrangements collapse, the sooner we can move on to something better. In which case, keep up the good work, Bill. You’re doing a great demolition job. Keep lying to the nation. Some people still believe you.
Yes very interesting blog.
English is a disaster, Key and English do not see eye to eye. This is a area to work on.
I am unsure about who gets on with Smith. Somehow someway Smith and English need to be got stuck into.
The Standard.org wastes far to much time attacking and criticsing Key.
By all means – ATTACK SMITH and ENGLISH this is where the damage is being done.
Plain and simple and unfortunately Key just smiles every thing off and gets away with all criticism.
Yup…thats what I’ve thought for a while too. The nats want to make it all about Key vs Goff in the election rather than Team Blue vs Team Red cos they know they’d get trounced otherwise.
I also think that falling for CT’s presidential framing is a mistake. The entire Labour front row totally outweighs and outclasses the National front row. Ahem, excepting Brownlee.
I posted a comment on the Facebook group “John Key has let down New Zealand” yesterday, more or less stating the same as TEA has said, namely get English, Smith et. al. and show up their failed policies, ignore Key, focus on the policies (this was in response to a comment made there saying it was all well and good collectively slating Key, but that wouldn’t change the government).
The response was emphatic – everyone agreed, the job is to change the government and the policies, forget Key, he is Teflon.
Please explain what measures the government has taken to:
1. reduce NZ’s vulnerability to the meltdown of fractional reserve banking
2. reduce NZ’s vulnerability to worldwide sharemarket collapse
3. prepare the nation for declining availability of oil
4. prepare the nation for the food shortages that inevitably accompany the decline in availability of oil.
5. prepare the nation for the collapse of globalisation which follows on from Peak Oil and will lead to shortages of clothing, footwear etc.
6. prevent abrupt climate change making NZ largely uninhabitable a few decades from now.
I think it would be fair to say that the government has taken zero measures on all issues that actually count.
Gold is now close to $1,800, up from $1200 this time last year: that is a sure sign that everybody with intelligence and the capacity to shift out of corrupt ‘toilet paper’ fiat currency and bond markets is doing so.
The truth is, we are governed by criminals and clowns who haven’t got a clue about anything in the real world and are only interested in propping up rapidly failing busibness-as-usual arrangements that provide them with rorts. That is something ideologues find rather unpalatable.
the New Zealand economy having gone into recession well before the global financial crisis,
So, is Bill English going to be held to account for his lies and misdirection? We did not go into recession before the GFC but as a general part of it. We also went into recession after the US and UK which were the two economic recessions that started the GFC.
The slavish pattern of following international economic trends is disturbing and disappointing. English’s claim – ‘we didn’t see it coming’ (regarding economic downturn) was either a lie or vacuous ignorance. Either way, unacceptable.
The global trend of government financed, well, everything, is an elephant that is tipping the room on end. The left and the right (or call them the the new left) are fussing over the furniture as it slips about.
On the horizon is massive turmoil in the global markets and national economies as the ponzi scheme of fiat currencies, Keynesian economics and massive government intervention are exposed to the analysis of actual results – and real wealth has already started to flee.
The US (and many other countries like us) will continue to argue over the furniture – who should get what taken from from whom, who gets favour, and how the table should be laid. Rather, government should realise that they are simply no good at any of the things they feel they ought to do, and hand responsibility – and the furniture – back to the people.
And then focus on their only real function, protection of that private property & property rights, and the the freedom and safety of its citizens.
The countries must either default, or pay their way by printing new money – neither of which are particularly palatable. The collapses should have been allowed to happen when they started, allowing a real rebuild to begin.
Printing money punishes anyone with savings as this devalues the currency and leads to real inflation.
Or there is the option to do the thing which takes real guts, and revert to a gold standard.
And we slavishly follow…
So what did li’l old NZ do?
What should we do next?
What will Bill do?
What would the Greens do?
What would dLabour do?
There was a simple way for the US to avoid this in 2008.
1) Reimplement a strengthened Glass Steagall.
2) Breaking up all “Too Big Too Fail” banks.
3) Returning US taxes to 1980 levels.
4) Taking criminal action against those responsible for the most fraudulent financial activity in 2004-2007.
You mentioned none of those steps.
As to what we should do
1) Remove our clean currency float and go to a managed, less transparent one.
2) Take steps to reward savers and keep saved capital in NZ e.g. via KiwiSaver, bank capital requirements, foreign currency taxes (e.g. FTT).
3) Introduce a higher tax rate for corporate windfall profits and reinvest the proceeds in the productive economy.
Printing money punishes anyone with savings as this devalues the currency and leads to real inflation.
This is also a complete misconception. It is unclear when or how printing money in a highly productive, industrialised economy can cause inflation.
As far as I can tell, if the money supply matches the true level of goods and services being produced in an economy and facilitates efficient trade, then there is NO PROBLEM. Even if the source of those dollars are printed interest free by the government, and not credit created by banks and attached to interest bearing debt.
CV, agree wholeheartedly with your point 4 in first response. A duty to protect, when in effect, ordinary investors were unable to challenge or sue those cronies and crooks responsible for fraud.
Interestingly, all those bankrupt large companies are now taking action, with JP Morgan (I believe it is) about to be on the large end of a $10b suit. Great stuff.
Not so sure about the other interventions, which at best would only delay the inevitable but were also, really, treating the disease with more of its own symptoms. There certainly were calls for re-looking at anti – inflationary policies in 2008, but as I say, this deals not with the root causes.
You make statements like – ‘there were simple’, and ‘complete misconception’ only to go on and actually not back these black and whites up at all, and this is echoed particularly in your second reply.
I am curious then for your opinion, what does cause inflation?
Glass Steagall prevented another runaway debt/derivatives crisis for more than half a century after the Great Depression. Until it was repealed that is. Quite simply put, merchant and savings banks MUST NOT get involved in potentially illiquid and hugely loss making proprietary trading.
There must be a firewall between the hedge fund operations of a bank and the bank part of the bank. If the hedge fund part suffers huge losses, no one will care, it can be left to die without causing massive contagion through the banking sector.
The fact that you do not back its reinstatement shows you’re less than eager for true financial reform. In fact you are taking the side of the big “Too Big To Fail” investment banks who originally lobbied for Glass Steagall to be taken down.
You make statements like – ‘there were simple’, and ‘complete misconception’ only to go on and actually not back these black and whites up at all
You wrote your post like you were a financial pro who knew what you were talking about, I’m not going to condescend you by teaching you to suck eggs. Each step I suggested has been suggested by many other people, and the rationale is well known, as I am sure you know.
JPM will get slapped with a wet bus ticket (if that), none of their executives will have jail time, and the manufacture of financial fraud will continue.
I am curious then for your opinion, what does cause inflation?
Excess and uncontrolled liquidity overwhelming the real productive sector of an economy.
This month’s open thread on climate topics. Please try to stay on topic and refrain from posting tedious, oft-debunked nonsense. Look out for more reports of ridiculously high global temperatures and intense rainfall, and more confident predictions of the budding El Niño event and annual temperature rankings…
Labour is in it for you. This election Kiwis will decide what kind of country they want New Zealand to be, who they trust to have their back, and how we can be better, together. This election matters. View our full Manifesto below. ...
The National Party's U-turn on water reform has left local councils high and dry and will drive up Kiwi's rates bills, Labour Party Local Government Spokesperson Kieran McAnulty says. ...
A re-elected Labour Party will continue to tackle discriminations still faced by members of the Rainbow community in areas ranging from surrogacy and adoption to blood donation. ...
National’s fiscal plan has failed to fill the massive fiscal hole in its dodgy tax scheme, it will mean more cuts to public services, more children being put into poverty and an end to action on climate change. ...
New Zealand First Policy Announcement:Law and Order New Zealand First believes that keeping society safe should be the priority of law-and-order policies. Every New Zealander deserves to feel safe, secure, and have their person and property respected. That is why New Zealand First continues to fix the flaws in ...
In last night’s leaders debate Labour Leader Chris Hipkins referred toaquote without giving any explanation of its content, which was about the ‘disease of co-governance’ that is perpetuated by the Māori elite, and he said it was racist. Then, without even examining the content, National leader Christopher Luxon agreed with ...
In last night’s leaders debate Labour Leader Chris Hipkins referred toaquote without giving any explanation of its content, which was about the ‘disease of co-governance’ that is perpetuated by the Māori elite, and he said it was racist. Then, without even examining the content, National leader Christopher Luxon agreed with ...
After years of criticising the Government on law and order, National have embarrassed themselves by conceding they have no new ideas and instead copied Labour’s Police policy announced three weeks ago, Labour Police spokesperson Ginny Andersen says. ...
Labour’s fiscal plan will continue its focus on carefully managing the books while protecting critical public services like health and education and investing to deliver high wage jobs and a low carbon economy. ...
New Zealand First today is announcing a policy on adjusting the rules and restrictions around access to the Job Seeker Benefit.New Zealand First’s policy is to introduce a capped time-period for any person to access the Job Seeker Benefit during their lifetime. Any individual will have the ability to access the Job Seeker ...
New Zealand First today is announcing a policy on adjusting the rules and restrictions around access to the Job Seeker Benefit.New Zealand First’s policy is to introduce a capped time-period for any person to access the Job Seeker Benefit during their lifetime. Any individual will have the ability to access the Job Seeker ...
National’s cuts to funding for beneficiaries will once again leave children and their parents with less, Spokesperson for Social Development and Employment Carmel Sepuloni said. ...
The Green Party will double the Best Start payment and make it available for every child under three years of age - and it will be paid for with a fair tax system. ...
Labour will fund more medicines for more New Zealanders by investing over $1 billion of new funding into Pharmac if re-elected, Chris Hipkins announced today. ...
Labour has just announced a policy to increase Pharmac funding by $1billion over four years to fund additional medicines.With the current Pharmac budget of $1.2billion per year and needing a further $213million, by Minister Verrall’s own admission, just to keep up with current costs - then this is nothing ...
Labour has just announced a policy to increase Pharmac funding by $1billion over four years to fund additional medicines.With the current Pharmac budget of $1.2billion per year and needing a further $213million, by Minister Verrall’s own admission, just to keep up with current costs - then this is nothing ...
This matter begins with the Pike River investigation being inadequate, inexplicably lengthy, and after millions of dollars, the evidence that should have been placed before the public still has not been. We have always believed that Pike River isacrime scene, and thataproper investigation would have come to that conclusion. Blue ...
This matter begins with the Pike River investigation being inadequate, inexplicably lengthy, and after millions of dollars, the evidence that should have been placed before the public still has not been. We have always believed that Pike River isacrime scene, and thataproper investigation would have come to that conclusion. Blue ...
New Zealand faces a stark choice this election – vote for Labour to continue to confront the climate emergency with eyes wide open or bury your head in the sand alongside Christopher Luxon. ...
Labour is supercharging its plan to solve the public housing shortfall created by National, promising another 6,000 homes on top of what has already been committed says Labour Housing spokesperson Dr Megan Woods. ...
Labour will back migrant working families by introducing a 10-year multiple-entry parents’ and grandparents’ Super Visa, and make good on the Dawn Raids apology by providing a one-off visa for overstayers who have been in the country ten years or more, Labour’s Immigration Spokesperson Andrew Little says. ...
The Green Party is today welcoming Labour coming to the table to ensure an amnesty for overstayers, but only the Greens will ensure immigration settings actually reflect the reality of people who have been failed by our immigration system. ...
The Green Party is calling on Auckland Council to do more to protect urban trees and housing developer Aedifice Property Group to restore and replant the native forest it cleared, and protect all the remaining trees on Ngahere Road in Pukekohe after a significant number of native trees were cut ...
Latest Police data shows monthly ram raids have hit a two-year low, laying waste to Christopher Luxon’s false claim that there are two ram raids a day says Labour’s Police Spokesperson Ginny Andersen. ...
Free and healthy school lunches will be here to stay if Labour is re-elected, guaranteeing food for our kids who need it most and significant cost saving for parents. ...
The next Labour Government will build a new hospital in Hawke’s Bay, Labour leader Chris Hipkins and Labour health spokesperson Ayesha Verrall announced. ...
The Green Party will keep up the fight to support exploited migrant workers, including pushing to end single employer visas, after the government picked up Green recommendations to improve immigration settings. ...
Green Party co leader James Shaw visited a home in Auckland today that has been upgraded with a wide range of energy improvements, similar to those that would be supported through the Green Party’s Clean Power Payment. ...
The Foreign Minister Nanaia Mahuta’s presence in New York today at the United Nations General Assembly is a contempt of New Zealand’s “caretaker government” convention. Despite the long-standing caretaker convention, Minister Mahuta is today at the UN to sign a highly contentious “Biodiversity Beyond National Jurisdiction (BBNJ) Agreement”, delivering a ...
The Pre-Election Fiscal Update Changes EverythingWithin an hour of this speech there is going to be a debate between the political parties that the media, under MMP, still think are the only parties that matter in this campaign. Both of those parties are riddled with inexperience, as evidenced by ...
National and ACT's tax plans don't add up, and that means deep cuts to the public services New Zealanders rely on, says Labour Campaign Chair Megan Woods. ...
The public EV charging network has received a significant boost with government co-funding announced today for over 100 EV chargers – with over 200 charging ports altogether – across New Zealand, and many planned to be up and running on key holiday routes by Christmas this year. Minister of Energy ...
Tuvalu is in the spotlight this week as communities across New Zealand celebrate Vaiaso o te Gagana Tuvalu – Tuvalu Language Week. “The Government has a proven record of supporting Pacific communities and ensuring more of our languages are spoken, heard and celebrated,” Pacific Peoples Minister Barbara Edmonds said. “Many ...
Seven more innovative community-scale energy projects will receive government funding through the Māori and Public Housing Renewable Energy Fund to bring more affordable, locally generated clean energy to more than 800 Māori households, Energy and Resources Minister Dr Megan Woods says. “We’ve already funded 42 small-scale clean energy projects that ...
The Government has approved new funding that will boost resilience and greatly reduce the risk of major flood damage across Te Tai Tokerau. Significant weather events this year caused severe flooding and damage across the region. The $8.9m will be used to provide some of the smaller communities and maraes ...
The largest public housing development in Napier for many years has been recently completed and has the added benefit of innovative solar technology, thanks to Government programmes, says Housing Minister Dr Megan Woods. The 24 warm, dry homes are in Seddon Crescent, Marewa and Megan Woods says the whanau living ...
Māori: Kua waitohua e Te Whānau a Apanui me te Karauna te Whakaaetanga Whakataunga Kua waitohua e Te Whānau a Apanui me te Karauna i tētahi Whakaaetanga Whakataunga hei whakamihi i ō rātou tāhuhu kerēme Tiriti o Waitangi. E tekau mā rua ngā hapū o roto mai o Te Whānau ...
Regions around the country will get significant boosts of public housing in the next two years, as outlined in the latest public housing plan update, released by the Housing Minister, Dr Megan Woods. “We’re delivering the most public homes each year since the Nash government of the 1950s with one ...
Judicial warrant process for out-of-hours compliance visits 2023/24 Recognised Seasonal Employer cap increased by 500 Additional roles for Construction and Infrastructure Sector Agreement More roles added to Green List Three-month extension for onshore Recovery Visa holders The Government has confirmed a number of updates to immigration settings as part of ...
Tangi ngunguru ana ngā tai ki te wahapū o Hokianga Whakapau Karakia. Tārehu ana ngā pae maunga ki Te Puna o te Ao Marama. Korihi tangi ana ngā manu, kua hinga he kauri nui ki te Wao Nui o Tāne. He Toa. He Pou. He Ahorangi. E papaki tū ana ...
40 solar energy systems on community buildings in regions affected by Cyclone Gabrielle and other severe weather events Virtual capability-building hub to support community organisations get projects off the ground Boost for community-level renewable energy projects across the country At least 40 community buildings used to support the emergency response ...
The lifting of COVID-19 isolation and mask mandates in August has resulted in a return of almost $50m in savings and recovered contingencies, Minister of Health Dr Ayesha Verrall announced today. Following the revocation of mandates and isolation, specialised COVID-19 telehealth and alternative isolation accommodation are among the operational elements ...
Susie Houghton of Auckland has been appointed as a new District Court Judge, to serve on the Family Court, Attorney-General David Parker said today. Judge Houghton has acted as a lawyer for child for more than 20 years. She has acted on matters relating to the Hague Convention, an international ...
The Government has today confirmed $2.5 million to fund a replace and upgrade a stopbank to protect the Waipawa Drinking Water Treatment Plant. “As a result of Cyclone Gabrielle, the original stopbank protecting the Waipawa Drinking Water Treatment Plant was destroyed. The plant was operational within 6 weeks of the ...
Another $2.1 million to boost capacity to deal with waste left in Cyclone Gabrielle’s wake. Funds for Hastings District Council, Phoenix Contracting and Hog Fuel NZ to increase local waste-processing infrastructure. The Government is beefing up Hawke’s Bay’s Cyclone Gabrielle clean-up capacity with more support dealing with the massive amount ...
The future of Supercars events in New Zealand has been secured with new Government support. The Government is getting engines started through the Major Events Fund, a special fund to support high profile events in New Zealand that provide long-term economic, social and cultural benefits. “The Repco Supercars Championship is ...
The economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said. “The New Zealand economy is doing better than expected,” Grant Robertson said. “It’s continuing to grow, with the latest figures showing ...
The Government has accepted the Environment Court’s recommendation to give special legal protection to New Zealand’s largest freshwater springs, Te Waikoropupū Springs (also known as Pupū Springs), Environment Minister David Parker announced today. “Te Waikoropupū Springs, near Takaka in Golden Bay, have the second clearest water in New Zealand after ...
Temporary package of funding for accommodation and essential living support for victims of migrant exploitation Exploited migrant workers able to apply for a further Migrant Exploitation Protection Visa (MEPV), giving people more time to find a job Free job search assistance to get people back into work Use of 90-day ...
An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says. “The economy is ...
The Government has approved $15 million to raise about 200 homes at risk of future flooding. More than half of this is expected to be spent in the Tairāwhiti settlement of Te Karaka, lifting about 100 homes there. “Te Karaka was badly hit during Cyclone Gabrielle when the Waipāoa River ...
The Government is helping businesses recover from Cyclone Gabrielle and attract more people back into their regions. “Cyclone Gabrielle has caused considerable damage across North Island regions with impacts continuing to be felt by businesses and communities,” Economic Development Minister Barbara Edmonds said. “Building on our earlier business support, this ...
Defence Minister Andrew Little has turned the first sod to start construction of a new Maintenance Support Facility (MSF) at Burnham Military Camp today. “This new state-of-art facility replaces Second World War-era buildings and will enable our Defence Force to better maintain and repair equipment,” Andrew Little said. “This Government ...
Foreign Minister Nanaia Mahuta will represent New Zealand at the 78th Session of the United Nations General Assembly (UNGA) in New York this week, before visiting Washington DC for further Pacific focussed meetings. Nanaia Mahuta will be in New York from Wednesday 20 September, and will participate in UNGA leaders ...
Around 1,700 Te Whatu Ora employed midwives and maternity care assistants will soon vote on a proposed pay equity settlement agreed by Te Whatu Ora, the Midwifery Employee Representation and Advisory Service (MERAS) and New Zealand Nurses Association (NZNO), Minister of Health Dr Ayesha Verrall announced today. “Addressing historical pay ...
Aotearoa New Zealand will provide humanitarian support to those affected by last week’s earthquake in Morocco, Foreign Minister Nanaia Mahuta announced today. “We are making a contribution of $1 million to the International Federation of Red Cross and Red Crescent Societies (IFRC) to help meet humanitarian needs,” Nanaia Mahuta said. ...
The Government is investing over $22 million across 18 projects to improve the resilience of roads in the West Coast that have been affected by recent extreme weather, Prime Minister Chris Hipkins confirmed today. A dedicated Transport Resilience Fund has been established for early preventative works to protect the state ...
The Government has today confirmed a $2 million grant towards the regeneration of Greymouth’s CBD with construction of a new two-level commercial and public facility. “It will include a visitor facility centred around a new library. Additionally, it will include retail outlets on the ground floor, and both outdoor and ...
Foreign Minister Nanaia Mahuta will attend the Pacific Islands Forum (PIF) Foreign Ministers’ Meeting, in Suva, Fiji alongside New Zealand’s regional counterparts. “Aotearoa New Zealand is deeply committed to working with our pacific whanau to strengthen our cooperation, and share ways to combat the challenges facing the Blue Pacific Continent,” ...
Economy to grow 2.6 percent on average over forecast period Treasury not forecasting a recession Inflation to return to the 1-3 percent target band next year Wages set to grow 4.8 percent a year over forecast period Unemployment to peak below the long-term average Fiscal Rules met - Net debt ...
Source: The Conversation (Au and NZ) – By Sara Labrousse, Chercheuse en écologie polaire, Sorbonne Université Sara Labrousse/French Polar Institute, CC BY-SA The long-term future looks bleak for Emperor penguins, but our new research shows some birds may be able to survive in certain conditions, depending on where ...
Source: The Conversation (Au and NZ) – By Sara Labrousse, Chercheuse en écologie polaire, Sorbonne Université Sara Labrousse/French Polar Institute, CC BY-SA The long-term future looks bleak for Emperor penguins, but our new research shows some birds may be able to survive in certain conditions, depending on where ...
“The PMC Project” . . . a 2016 short documentary about the centre by then student journalist and Pacific Media Watch editor Alistar Kata.Pacific Media Watch An award-winning website with an archive of thousands of Pacific news reports, videos, images and research abstracts regarded as a pioneering initiative for ...
“The PMC Project” . . . a 2016 short documentary about the centre by then student journalist and Pacific Media Watch editor Alistar Kata.Pacific Media Watch An award-winning website with an archive of thousands of Pacific news reports, videos, images and research abstracts regarded as a pioneering initiative for ...
New Zealand Police are once again showing a political bias in the lead-up to the election. A press release from the 28th of September titled 10,000th person signs up to the Firearms Registry was celebrating the minority of firearms license holders ...
A Labour-led government would support new supermarket retailers to enter the market, said consumer affairs spokesperson Duncan Webb in a press release. Citing how Sanitarium has removed Weet Bix from budget retailer The Warehouse, Webb said assissting potential new supermarket “could include finance, making sure land is available, regulatory changes, ...
This election day, The Spinoff will once again be bringing you nothing but live pupdates until 7pm. In 2020, we showcased big dogs, small dogs, long dogs, short dogs, hairy dogs, happy dogs, nervy dogs, silly dogs, stylish dogs, sleeping dogs, pissing dogs and not-really-dog dogs exercising their democratic right – ...
Our two major parties’ health spokespeople say they know how to create a more sustainable health system. Labour’s Ayesha Verrall and National’s Shane Reti talk to Zahra Shahtahmasebi about the different paths they would walk.Ayesha Verrall’s health philosophy is to invest in keeping New Zealanders well and out of ...
With just 12 days until polling day, you can now cast your early vote in Election 2023. “Voting places will be open before election day in convenient locations including shopping areas, transport hubs, kura, marae, community halls and sports clubs, to make it easy for people to vote as they ...
Small crowds of mainly seniors have been gathering at public meetings in community halls to hear New Zealand First leader Winston Peters speak and ask him questions. ...
Standard advance voting for the 2023 general election starts today. We walk you through the process from start to finish. How do I vote? You go to a voting place during the voting period and tick a piece of paper. Simple! I am very literally-minded and have further questions. Fire ...
Surging demand has forced a government shared ownership scheme to close its doors to prospective borrowers, Newshub’s Zane Small reports. The Kāinga Ora-backed First Home Partner scheme, which offered a path to home ownership for prospective first home buyers with low deposits, is now fully subscribed. It has more than 410 ...
Christopher Luxon has pushed back against “conspiracy theory arguments” during a two-hour appearance on Newstalk ZB’s Mike Hosking breakfast. Hosking read out what he called a “stupid” question from a listener about the “20-minute city” theory, using it to ask Luxon how much “nuttiness” was out on the campaign trail. ...
Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra Shutterstock Non-fungible tokens (NFTs) are in dire straits. With the market in a severe downturn, it’s safe to assume the NFT bubble has well and truly ...
Source: The Conversation (Au and NZ) – By Paul Strangio, Emeritus professor of politics, Monash University It was Robert Menzies, father of the modern Liberal Party, who famously remarked: “to get an affirmative vote from the Australian people on a referendum proposal is the labour of Hercules”. Menzies knew ...
Source: The Conversation (Au and NZ) – By Tara Crandon, Psychologist and PhD Candidate, QIMR Berghofer Medical Research Institute When we think of spring, we might imagine rebirth and renewal that comes with the warmer weather and longer days. It’s usually a time to celebrate, flock to spring flower festivals ...
Source: The Conversation (Au and NZ) – By Anna Skarbek, CEO, Climateworks Centre This article is part of a series by The Conversation, Getting to Zero, examining Australia’s energy transition. The marks of industry have forever changed the Hunter Valley in New South Wales, edged by the Blue Mountains ...
Source: The Conversation (Au and NZ) – By Judith Brett, Emeritus Professor of Politics, La Trobe University UnsplashThis article is part of a series by The Conversation, Getting to Zero, examining Australia’s energy transition. When I was first asked to write an opening piece in The Conversation’s ...
Source: The Conversation (Au and NZ) – By Penny Van Bergen, Head of School of Education and Professor of Educational Psychology, University of Wollongong Pixabay/Pexels With school and university exams looming, students will be thinking about how they can maximise their learning. Memory is a key part of ...
Source: The Conversation (Au and NZ) – By Erin Harrington, Senior Lecturer in English and Cultural Studies, University of Canterbury SBS/Paramount+/Binge If you’ve made your way through our September picks and are looking for something new, this month’s streaming picks have something for everyone. There is a ...
A huge government-subsidised barge is being seen as a boon for mineral exports and coastal shipping The West Coast’s first bulk shipment of heavy mineral sands sets sail for Asia on October 3 marking a major milestone for the region’s fledgling industry. The 26,000 tonnes of ore concentrate from Westland Mineral ...
With the third scheduled leaders’ debate up in the air as a result of Chris Hipkins’ sudden Covid diagnosis, a senior National MP has suggested a possible alternative: could the deputy leaders debate? Hipkins and Christopher Luxon were meant to participate in The Press debate from Christchurch tomorrow night. Both ...
It really couldn’t have come at a worse time, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. Labour leader laid low by lurgy There’s no good time for a prime minister on the ...
The Labour Party is having to find new options on the campaign trail now that its leader Chris Hipkins is isolating with Covid-19. Follow the latest with RNZ's live blog. ...
The Wairarapa MP talks to Stewart Sowman-Lund about his commitment to the regions – and why he definitely doesn’t want to be prime minister.It’s a cold and blustery day in central Hawke’s Bay, but Labour minister and Wairarapa MP Kieran McAnulty has still attracted a small group of prospective ...
The Wairarapa MP talks to Stewart Sowman-Lund about his commitment to the regions – and why he definitely doesn’t want to be prime minister.It’s a cold and blustery day in central Hawke’s Bay, but Labour minister and Wairarapa MP Kieran McAnulty has still attracted a small group of prospective ...
As advance voting gets under way, the signs point to a significant drop in participation, reckons Toby Manhire.‘It seems to me from a distance,” said former Tory minister Rory Stewart, beginning a question to Chris Hipkins, “maybe this is very unfair –” Doubt it, Rory, carry on. “That when ...
As advance voting gets under way, the signs point to a significant drop in participation, reckons Toby Manhire.‘It seems to me from a distance,” said former Tory minister Rory Stewart, beginning a question to Chris Hipkins, “maybe this is very unfair –” Doubt it, Rory, carry on. “That when ...
Don't put those winter clothes away just because sunnier days are predicted – El Niño blows both hot and cold A New Zealand summer with potential cold snaps and lots of rain, coupled with sun and hot, record-breaking temperatures. What, come again? That's what's forecast for this summer – if the ...
Aaron Smale goes back to his grandmother’s home town and finds a community weighed down by weather disasters and decisions of the past that have a region broken. A series on the slow destruction and devastating impact of the pine industry on Tairawhiti. You know you’re there when you catch a ...
A lobby group went looking for arts policies. It's still looking. Election 2023 has provided a chance for political parties to launch an exciting new arts policy that would provide a welcome boost to New Zealand writing. But the opportunity has withered on the vine. A lobby group with ...
Both the Silver Ferns and Black Ferns pulled in crowds and took home the spoils in one frenzied day in Hamilton. But is there room in Kiwi hearts for both? Usually playing two internationals in two rival codes in the same city on the same day would spell disaster for one – if ...
The Greens are in the dispiriting position of having a good election campaign but facing years again in opposition watching climate and social equity gains undone. They're pitching forward, regardless. Sporting metaphors have been thoroughly overworked this campaign, but forgive just one more: the Greens find themselves as the in-form player of a ...
Loading...(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question?Send Newsroom your questions. ...
Sunday, 1 October 2023 Justice for Palestine and Alternative Jewish Voices welcome the Labour Party’s announcement that if elected it will extend diplomatic recognition to the state of Palestine, by inviting the Head of the General Delegation of Palestine ...
The Opportunities Party (TOP) candidate for North Shore, Abe Gray, is proud of his electorate's outsized role in the burgeoning, newly legal trade in high THC cannabis flower. Did you know that millions of dollars worth of cannabis has been sold in ...
Despite potentially messy coalition talks, Christopher Luxon is confident he can get a full to-do list ticked off in 100 days 100 day promises, media jousts and tractors over the Auckland Harbour Bridge – it was a busy Sunday on the trail for politicians approaching the last sprint of the ...
Two interviews in two days have seen the NZ First leader make personal attacks on journalists after struggling badly to answer questions about his policies and costings Current polls show Winston Peters and his party returning to Parliament after being soundly defeated in 2020. With the resurgence has come closer ...
Intermediate and secondary school students will have access to two million free tutoring sessions to help lift maths and literacy achievement A maths and literacy training fund for all primary and intermediate teachers More funding to help young ...
The Future is Up to Us released today by the Green Party is a clear vision of the future we can build together. The Green Party has also published an independent fiscal review of the policy priorities set out in The Future is Up to Us , which shows ...
The National Party’s U-turn on water reform has left local councils high and dry and will drive up Kiwi’s rates bills, Labour Party Local Government Spokesperson Kieran McAnulty says. “The National Party said they’ll repeal Affordable Water ...
Today, ACT Leader David Seymour released a video asking New Zealanders to Party Vote ACT to avoid inaction and instability. You can watch the video by clicking the image below. “ACT is making one final appeal to voters before the polls open tomorrow. ...
If New Zealanders choose a National-led government to rebuild the economy and deliver tax relief, we will go to work immediately implementing our 100 Day Action Plan, National Party Christopher Luxon says. “New Zealanders have waited six long years ...
With advance voting almost under way, Act pitches hard for voters to exclude "chaos" in a future government by ensuring National and Act can govern, Tim Murphy reports Act leader David Seymour is emphasising one extra seat could be the difference between "real change" and "chaos" in a centre-right government after ...
The country’s youngest candidate to run for Parliament has made three separate reports to police after her home was broken into and her rubbish rifled through. Hana-Rāwhiti Maipi-Clarke says other political leaders have gaslighted her experience. Te Pāti Māori Hauraki Waikato’s candidate says she isn’t scared or shaken by the ...
Labour has released its full policy plan this afternoon, with a focus on improving education for children and funding for training and work for youth. ...
The Prime Minister and Labour leader has tested positive for Covid-19 and is isolating for five days or until he returns a negative test After feeling unwell on Sunday morning and cancelling his attendance at a Samoan church service in Auckland, Chris Hipkins has now tested positive for Covid-19. He ...
Prime minister Chris Hipkins has tested positive for Covid-19, and will be isolating for five days or until he returns a negative test. A spokesperson confirmed he has cold and flu symptoms that began yesterday and will continue with engagements he can undertake via Zoom. Hipkins missed an event on ...
The TVNZ Young Voters' debate run by Re:News was a rowdy interjection into a relatively subdued election campaign, and its moderator has some ideas on how media organisations can better cater to young people. ...
In a bizarre interview with TVNZ’s Q&A programme this morning, NZ First leader Winston Peters said he would “make sure” he secured the broadcasting portfolio should his party make it into government. “We’ll start with TVNZ after the campaign,” he told journalist Jack Tame in an interview that made yesterday’s ...
Labour’s manifesto launch will go ahead this afternoon, despite leader Chris Hipkins missing an event on the campaign trail this morning due to being unwell. Deputy prime minister Carmel Sepuloni is speaking at a Sāmoan church service in Auckland this morning in Hipkins’ place, but according to a Labour spokesperson, ...
National has pledged to remove the Auckland fuel tax, repeal water reform and resource management legislation, ban gang patches and remove funding for cultural reports used in sentencing in its first 100 days in office. The party has set out a range of priorities for its first 100 days in ...
The prime minister is missing an event on the campaign trail this morning because he’s unwell. Chris Hipkins was due to speak at a Sāmoan church service in Auckland, but deputy prime minister Carmel Sepuloni is stepping in to take his place. Hipkins is scheduled to launch Labour’s manifesto at ...
Lawrence Patchett talks to Bill Nelson about Root, Leaf, Flower, Fruit, a verse novel that Nelson has just released with Te Herenga Waka University Press. Bill Nelson demonstrated his versatility with his first book, Memorandum of Understanding. A book of surprising range and humour, it included a love poem styled ...
None of New Zealand’s commercial French vanilla ice creams contain the crucial ingredient. Dylan Jones busts the case wide open. Like any good investigation, this one started as an innocuous Thursday night question among flatmates: what isFrench vanilla ice cream, and how is it different to regular vanilla? A ...
Bard Billot on Lord WinstonThe Duke of Hazard Lord Winston, the Duke of Hazard, Rose late and yawned. The Palace was loud with the hubbub Of busy courtiers preparing to flee the city. Outside the gates, the followers of Baron Luxon Prepared for their assault upon the ...
National leader Christopher Luxon says he wouldn't do a deal with The Opportunities Party leader Raf Manji, even if it could help avoid a potential coalition with New Zealand First. ...
School-aged children in the south are increasing their emotional literacy and talking about the tough stuff thanks to a rugby star’s commitment and a Southland teacher’s persistence Belinda Brown was a teacher with two decades of classroom experience when she heard Sir John Kirwan talk at a Winton pub about his ...
The promise of science to add commercial value to the waste of the New Zealand wine industry while limiting how much of it is sent to landfillOpinion: The New Zealand wine industry has been a great success story, creating world-renowned wines with continued export demand, but it’s an industry ...
My appointment diary will never be replaced by apps and platforms. It is the only true record of the minutiae of my life.The Sunday Essay is made possible thanks to the support of Creative New Zealand.Images by Tina Tiller.I bumped into an old friend and former colleague ...
The Pop-up Globe might be returning to the stage, but not everybody’s happy about it. Sam Brooks talks to some creditors – left in the dark after the company’s liquidation – about its shock 2023 return.On September 15, the Pop-up Globe announced it would be making an “audacious” return ...
RNZ News Green Party co-leader James Shaw has compared the language of New Zealand First leader Winston Peters to former US president Donald Trump, saying it may be emboldening violence against candidates in Aotearoa NZ’s election campaign. It comes after several candidates from different parties have spoken out about being ...
Chris Hipkins endured four seasons in one hour at an outdoor festival in an Auckland park – and claims to be sensing a rapid change in mood in the electorate as well, a fortnight from the election The Labour leader has gone there. He's publicly claiming his party has picked up 'momentum' in this ...
Bill English is spouting hopium to his colleagues and the masses. Inhale deeply folks, abrogate your better judgement and common sense, and vote for National.
The man has the same amount of economics sense and imagination as a neo-classical economics textbook from 1981.
FIFY
We really haven’t learned anything about economics since laissez faire was introduced into England in the 19th century. We’re still basing our economic decisions and policies around money rather than the actual resources that we have sustainably available.
Hasn’t even progressed as far as Adam Smith yet!
Fair enough, giving him waaaayyy too much credit.
Radio NZ reported another $160 million chink in Blinglish’s budget. The DOL put ACC savings at $400m over three years. Treasury put the figure at $580.
The DOL warned there was no actuarial or economic basis to the Treasury’s projections.
Blinglish being the cautious competent minister that he is went for the larger figure.
This is not the first example of this occurring. Optimistic Treasury advice was also preferred over more cautious IRD advice.
There are that many holes in the budget it would sink if placed in water. Along with our economy …
English is merely parroting the lines that we’ll hear between now and the election. Keys, interviewed by Sainsbury a few evenings ago was spouting the same trip – I was waiting in vain for Saisbury to call him out on this rubbish.
Yeah. He got a nice little sting in at the very end about him not liking Labour’s plan that would increase borrowing in the short term.
I don’t trust anything Bill English says. He simply lies and distorts to suit his ends. He would clearly not hesitate to say something like “GDP has risen under National” when it clearly has not. He is brazen. Him, Key, Smith & Carter – the bag of snakes.
Get stuck into the pricks.
Couple the lies with compliant non questioning soapboxes like closeup and the nation etc etc and the truth will always be an inconvenient and ignored commodity.
They go there because they know they’ll be unchallenged, it’s all part of the deal particularly with TVNZ.
National’s (mis)management of the economy has been a trainwreck but since the media aren’t doing their jobs the Nats will continue to take the piss and lie to the New Zealand public.
The MSM are doing their jobs. It’s just that their job isn’t what we think it is or should be (holding politicians and the rich and powerful to account) but covering for the lies of the politicians and the rich and powerful.
Well not quite Mr Draco. I would surmise that the job of the MSM is to sell their media. Reporting on everything and anything is surely just an add-on as part of that primary role of selling.
The fact that their job is to sell is ok as long as we all realise that that is the case, and not assume that their job is to report objectively as part of the fourth estate. Today they are just another business.
No more, no less.
Bring back independently funded media.
Yeah its all fine to say that Labour are just winging about a press that is anti them but when 2.5 years go by and they continue reproducing the National Governments lies as fact it starts to look very suspect. The MSM can hardly say that Labour hasnt bought these issues to the surface because they are constantly being raised in Parliament.
As others are saying pretty much all the figures show NZ has gone backwards yet thats not what we hear in the MSM its all smile and wave “John Key what a great guy”.
When people start taking action the media say hey hey you cant do that thats criminal, well I have to say a media who tell lies on behalf of the National Government is actually what is criminal.
Yeah! That JK is just one of the guys eh! Meanwhile in the real world New Zealand is not in a good position to weather another financial crisis because National has mismanaged the first one. Namely tax cuts for the wealthy, corporate welfare, cronyism and putting the squeeze on the public. Nact is following an American model that is a sad and scary story, and one the MSM is failing to tell properly. Ignorance is bliss until that ignorance comes up and smacks you in the face.
Eight comments with no RWNJ trolling, that’s got to be a record.
I think there is a little truth in what Blinglish is saying, when it comes to the private sector. Most of the crappy businesses have already folded because they couldn’t handle the heat from the first recession. Those that are left are more resilient (like bacteria fighting an antibiotic…).
Of course an additional recession, should we have one, isn’t going to do the economy any favours, but if it’s not too long or too deep then we’re not as likely to see as large a growth in unemployment as we did the first time. Of course it also means that the unemployed caused by the first recession will be even further ingrained.
But he is still overstating it, and while the private sector may be able to get by without too much harm, the government won’t.
Gosh. Anyone would think there’s been the worst global recession since the 30s, collapse of the finance sector, major natural catastrophes, record oil prices, record exchange rates and sovereign debt crises.
…and a govt with an ideological aversion to taking any measures to respond to any of those things.
No Felix not quite. They have an ” ideological aversion to taking any measures (that you agree with) to respond to any of those things(in a way that you want them to). Quite different.
Sorry I forgot about their bold economic strategic response program.
Tax cuts, wasn’t it?
Yes. Just as well they didn’t go the other way, given the collapse of the Keynesian model.
If that’s so, then you’d best not crow about all this infrastructure and rebuilding then, aye?
Not crowing about anything. Just stating facts. Fast tracking planned infrastructure projects is not the same as expanding Govt. It’s just a practical response in circumstances, which you have attempted to deny.
My point is you’re dismissing Keynesian style stimulatory policy out of one side of your mouth and praising it out of the other.
Can’t have it both ways, q.
Cycle track = job creation = epic fail; sad, but Kiwi’s believe them (National) – sad, sad, sad.
Expanding debt putting us in a more vulnerable position while the Tories in england have canned all motorway construction because its to dear and inefficient not worth getting into debt for qstf . Unless you haven’t read the amount this country spends on importing oil , obviously Steven Joyce hasn”t or he’s addicted to petrol fumes.
More cognitive disassociation.
It is the Neo-Liberal, not the Keynesian model, which has failed.
Compare Argentina to the UK since 2002.
Pity New Zealanders are not taught history any more.
You forgot how they pretended that all of Labour’s infrastructure spending was actually new spending by them.
Oh yeah but I have to take back the tax “cuts”, sorry, ‘cos as Mr Bill keeps reminding us they were actually a “revenue-neutral tax switch” so no harm no foul there.
Cycleway?
YOU mean borrow and hope, fudge the figures ,tax cuts for the wealthy user pay increases gst hike from read my lips. While we’ve had record receipts from our primary sector . Because of huge borrowing the returns our businesses have been getting are much lower than they should be lowering the tax take and employment. Savings are down contrary to borrowing Bills assumption causing higher interest and inflation causing more upward pressure on the dollar.The rednecks and media are to busy ogling smile and wave to ask any hard questions.
What you mean is you don’t agree with the steps actually taken, such as fast-tracked infrastructure projects, zero budget, FRA / Securities Act reform, the Christchurch rebuild etc.
No, I mean nothing that’s done any good. As evidenced by the evidence.
You don’t think they’ve worked, that’s fine. I agree they haven’t done “good” – not doing good is par for any Government. But that’s different to your incorrect assertion that the Govt was not averse to doing anything.
I don’t believe the things you’ve mentioned are actually a response to the issues you mentioned though.
I think it’s just a bunch of stuff they wanted to do anyway.
It’s like me having eggs for breakfast and saying I’m doing it to support the free range farm down the road, when actually I just like eggs.
“not doing good is par for any Government”
If you are comfortable with that, that is fine. It goes along way to explain why you are so comfortable with the current governments failings
Meanwhile those of us that actually want a government that gives a shit will continue pointing out Nationals many flaws. Feel free to enjoy the ride.
Qstf, the collapse of the finance sector and resulting worst depression since the 1930s, and the sovereign debt crisis and resultant exchange rate volatilities, are the direct result of the unsustainable finance sector, which was deregulated, let loose, encouraged, and particiated in by the PM, by right wing policies, be it Reagan, Rogernomics or Ruth Richardson.
This lot are continuing along the exact same path.
I’ll give you natural disaster, but that’s it.
Complete rubbish. NZ’s securities laws have changed little since the ’70s. The collapse of the finance sector was caused by the housing / property bubble that successive Govts allowed to blow out of control in the late 90s and 2000s, lax regulation and outdated laws. The Govt and in particular the Securities Commission was asleep at the wheel – Jane Diplock has a lot to answer for.
Fortunately the Govt has started reforming the sector now, though whether a future Govt will once again allow the sector to get out of control remains to be seen.
And the PM was in banking, not finance – there’s a big difference.
Qstf, complete rubbish. I was responding to your earlier post, which concerned mostly international events not just NZ specific events. Hence my reply in an international context.
And re Key and his oh-so-productive money world, ok, it wasn’t the banking sector that needed bailing out internationally or in NZ was it. Nope, no banks joined the deposit guarantee scheme did they….. sheesh
Prior to this there had been several attempts by Labour govts to put a more rigid frame work in place for the financial sector but National were dead against it, they and the financial sector said they would do a better job of self regulating than any govt could do I heard the arguments in parliament at the time.Its no place for govt to be involved they successfully argued!then they were hunting with the wolves no they are hunting the wolves.
I’m sure National was dead against it at one stage (eg Brash era). Stupid. Thankfully Simon Power is moving things forward now.
But it’s not credible to say Labour wanted to it but couldn’t. They had 9 years to sort it, they could pass whatever they wanted, they didn’t and it all went wrong on their watch. Although they can in turn shift at least some of the blame to Diplock.
the question isn’t ‘did bad shit go down’ it’s ‘is the country stronger now than in 2008’? and the answer is clearly ‘no’. So why is English claiming otherwise?
I haven’t listened to any of the debate nor do I know the details but the sub text of any national party policy is fleecing the state.
You have to watchout for that sort of stuff.
+1
National really doesn’t care about the economy or the people. They care only for themselves and their rich mates. If they’re doing all right then the economy is no matter how many extra people are living in poverty.
The first time I ever heard Bill English on the radio around 1991 I thought said myself: ‘Who is that idiot and what planet does he come from?’, never expecting him to reach a position offering so much opportunity to destroy the NZ economy and destroy what remains of NZ society.
He has the economic management skills we would expect from a 16-year-old who has just completed a sixth form economics and scraped a pass or as CV put it: The man has the same amount of economics sense and imagination as a neo-classical economics textbook from 1981.’
There is much evidence to support the postulate that the government is deliberately wrecking the economy in preparation for an IMF takeover which will see NZ subject to ‘austerity’ and further looting by money-lenders and global corporations.
However, since the present economic system is the problem, not the answer, and a global shortage in liquid fuels will bring down the IMF etc., the faster present economic arrangements collapse, the sooner we can move on to something better. In which case, keep up the good work, Bill. You’re doing a great demolition job. Keep lying to the nation. Some people still believe you.
Yes very interesting blog.
English is a disaster, Key and English do not see eye to eye. This is a area to work on.
I am unsure about who gets on with Smith. Somehow someway Smith and English need to be got stuck into.
The Standard.org wastes far to much time attacking and criticsing Key.
By all means – ATTACK SMITH and ENGLISH this is where the damage is being done.
Plain and simple and unfortunately Key just smiles every thing off and gets away with all criticism.
Yup…thats what I’ve thought for a while too. The nats want to make it all about Key vs Goff in the election rather than Team Blue vs Team Red cos they know they’d get trounced otherwise.
I also think that falling for CT’s presidential framing is a mistake. The entire Labour front row totally outweighs and outclasses the National front row. Ahem, excepting Brownlee.
So LAB should team tag those blue b*stards.
I posted a comment on the Facebook group “John Key has let down New Zealand” yesterday, more or less stating the same as TEA has said, namely get English, Smith et. al. and show up their failed policies, ignore Key, focus on the policies (this was in response to a comment made there saying it was all well and good collectively slating Key, but that wouldn’t change the government).
The response was emphatic – everyone agreed, the job is to change the government and the policies, forget Key, he is Teflon.
queenstreetfarmer.
Please explain what measures the government has taken to:
1. reduce NZ’s vulnerability to the meltdown of fractional reserve banking
2. reduce NZ’s vulnerability to worldwide sharemarket collapse
3. prepare the nation for declining availability of oil
4. prepare the nation for the food shortages that inevitably accompany the decline in availability of oil.
5. prepare the nation for the collapse of globalisation which follows on from Peak Oil and will lead to shortages of clothing, footwear etc.
6. prevent abrupt climate change making NZ largely uninhabitable a few decades from now.
I think it would be fair to say that the government has taken zero measures on all issues that actually count.
Gold is now close to $1,800, up from $1200 this time last year: that is a sure sign that everybody with intelligence and the capacity to shift out of corrupt ‘toilet paper’ fiat currency and bond markets is doing so.
The truth is, we are governed by criminals and clowns who haven’t got a clue about anything in the real world and are only interested in propping up rapidly failing busibness-as-usual arrangements that provide them with rorts. That is something ideologues find rather unpalatable.
Well..Well..Well…What about the cycle-way , so us peasants can still move around in the future. See that nice man Key really does care.
So, is Bill English going to be held to account for his lies and misdirection? We did not go into recession before the GFC but as a general part of it. We also went into recession after the US and UK which were the two economic recessions that started the GFC.
I want to know how English is blatantly lying in parliament and how that could ever be seen to be honourable.
The slavish pattern of following international economic trends is disturbing and disappointing. English’s claim – ‘we didn’t see it coming’ (regarding economic downturn) was either a lie or vacuous ignorance. Either way, unacceptable.
The global trend of government financed, well, everything, is an elephant that is tipping the room on end. The left and the right (or call them the the new left) are fussing over the furniture as it slips about.
On the horizon is massive turmoil in the global markets and national economies as the ponzi scheme of fiat currencies, Keynesian economics and massive government intervention are exposed to the analysis of actual results – and real wealth has already started to flee.
The US (and many other countries like us) will continue to argue over the furniture – who should get what taken from from whom, who gets favour, and how the table should be laid. Rather, government should realise that they are simply no good at any of the things they feel they ought to do, and hand responsibility – and the furniture – back to the people.
And then focus on their only real function, protection of that private property & property rights, and the the freedom and safety of its citizens.
The countries must either default, or pay their way by printing new money – neither of which are particularly palatable. The collapses should have been allowed to happen when they started, allowing a real rebuild to begin.
Printing money punishes anyone with savings as this devalues the currency and leads to real inflation.
Or there is the option to do the thing which takes real guts, and revert to a gold standard.
And we slavishly follow…
So what did li’l old NZ do?
What should we do next?
What will Bill do?
What would the Greens do?
What would dLabour do?
You’ve listed multiple misconceptions.
There was a simple way for the US to avoid this in 2008.
1) Reimplement a strengthened Glass Steagall.
2) Breaking up all “Too Big Too Fail” banks.
3) Returning US taxes to 1980 levels.
4) Taking criminal action against those responsible for the most fraudulent financial activity in 2004-2007.
You mentioned none of those steps.
As to what we should do
1) Remove our clean currency float and go to a managed, less transparent one.
2) Take steps to reward savers and keep saved capital in NZ e.g. via KiwiSaver, bank capital requirements, foreign currency taxes (e.g. FTT).
3) Introduce a higher tax rate for corporate windfall profits and reinvest the proceeds in the productive economy.
This is also a complete misconception. It is unclear when or how printing money in a highly productive, industrialised economy can cause inflation.
As far as I can tell, if the money supply matches the true level of goods and services being produced in an economy and facilitates efficient trade, then there is NO PROBLEM. Even if the source of those dollars are printed interest free by the government, and not credit created by banks and attached to interest bearing debt.
CV, agree wholeheartedly with your point 4 in first response. A duty to protect, when in effect, ordinary investors were unable to challenge or sue those cronies and crooks responsible for fraud.
Interestingly, all those bankrupt large companies are now taking action, with JP Morgan (I believe it is) about to be on the large end of a $10b suit. Great stuff.
Not so sure about the other interventions, which at best would only delay the inevitable but were also, really, treating the disease with more of its own symptoms. There certainly were calls for re-looking at anti – inflationary policies in 2008, but as I say, this deals not with the root causes.
You make statements like – ‘there were simple’, and ‘complete misconception’ only to go on and actually not back these black and whites up at all, and this is echoed particularly in your second reply.
I am curious then for your opinion, what does cause inflation?
Glass Steagall prevented another runaway debt/derivatives crisis for more than half a century after the Great Depression. Until it was repealed that is. Quite simply put, merchant and savings banks MUST NOT get involved in potentially illiquid and hugely loss making proprietary trading.
There must be a firewall between the hedge fund operations of a bank and the bank part of the bank. If the hedge fund part suffers huge losses, no one will care, it can be left to die without causing massive contagion through the banking sector.
The fact that you do not back its reinstatement shows you’re less than eager for true financial reform. In fact you are taking the side of the big “Too Big To Fail” investment banks who originally lobbied for Glass Steagall to be taken down.
You wrote your post like you were a financial pro who knew what you were talking about, I’m not going to condescend you by teaching you to suck eggs. Each step I suggested has been suggested by many other people, and the rationale is well known, as I am sure you know.
JPM will get slapped with a wet bus ticket (if that), none of their executives will have jail time, and the manufacture of financial fraud will continue.
Excess and uncontrolled liquidity overwhelming the real productive sector of an economy.
So, what do YOU think causes it?