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Finance companies – a graphic explanation

Written By: - Date published: 2:48 pm, July 24th, 2008 - 54 comments
Categories: economy - Tags:

With the collapse of Hanover Finance, the 25th finance company to go under, Hanover co-owner Mark Hotchin has declared ‘the finance companies’ model is broken’. Here’s an illustration of that model:

I think they went wrong at step 1. Of course, as always, it’s the schmucks who lent Hotchin and Watson the money who lose out. Meanwhile, construction work on Hotchin’s $30 million mansion continues.

54 comments on “Finance companies – a graphic explanation”

  1. T-rex 1

    Might work better with a white background?

    I don’t think step one is part of their model in reality.

    It’s actually

    Step 1: Trust house prices will go up really fast for 4 or 5 years, long enough to make it look like you’ve made huge profits on paper so your depositors won’t complain when you draw truly obscene ‘fund management’ fees.

    Step 5: Realise that all your paper gains were actually a crock, and watch company fall into receivership. Cackle over the fact that your ‘fund management fees’ are not a company asset, flip your investors the single finger salute, and move to hawaii.

    ‘Silly’ and ‘Schmuck’ – yeah.

    ‘Greedy’ though is perhaps a little harsh. People are told all day and all night to invest in their future and plan for their retirement, and these finance companies have been largely unquestioned until they all started falling over.

    Despite being a liberal at heart, I think the government should try to protect people from their own stupidity. Problem is that whenever it does it’s accused of being a ‘Nanny State’.

    Govt: “Hey, dude, don’t stab that knife into your hand, it’ll hurt”


  2. yeah, greedy is harsh but this is all a bit of a reflection on the babyboomer mentality. They’ve had it all their own way since they were teens – policy and the economy has moved to suit them for decades (hell, who is the Cullen Fund for?) – and the gimme gimme attitude saw them get into property speculation directly or indirectly because they expected high returns and didn’t think risk applied to them. Of course, they were all betting that each other would keep on betting more, so it came falling down in the end.

  3. MikeE 3

    Just out of curiousity, if say Kiwisaver funds were invested in such a scheme would they still be consdiered greedy?

  4. MikeE. Not worth the hassle of your ilk running distraction, I’ve removed the word.

  5. Matthew Pilott 5

    Well MikeE, if someone invested retirement funds in get-rich-quick investments, wouldn’t the answer have to be yes? If KS fund managers are doing this with, say, more than 20% of their fund, I’d like to know who, so I know which funds to avoid!

  6. Another one bites the dust, but Aunty Helen won’t worry as the big bad wolf can’t blow her house down.

    Edit – I meant houses and I do huff and puff.

  7. T-rex 7

    Matt – Look at the Aussie managed funds.

    Avoid ALL of them! I ticked the big ‘ol conservative box. I don’t mind taking risks, but I’ll do it myself so I can see what’s going on rather than trusting some asshole fund manager who “just wants to get out before it all comes crashing down”. The quote is from a couple of traders in the UK… though I think they had “house of cards” in there somewhere.

    Always thought that was a bit unfair… houses of cards are built on solid design principles and are quite sturdy really!

  8. T-rex 8

    That’s erie d4j, Lukas was right, you and Trav do sound just the same!

  9. higherstandard 9

    SP – T-Rex

    While I pretty much agree with you wholeheartedly, I think there is substantive room for some regulatory body or regulations regarding disclosure from these companies – if you looked at a large portion of the investors you’d see elderly who probably thought they were doing the right thing and believed their money was as safe as being in a bank.

  10. T – Rex be well warned there is only one dad4justice!Who the hell is Trav or Alex Burns that cost me two months !!!

  11. T-rex 11

    HS – Every such company is required to make available an ‘Investment Statement’, which details how they’ll behave etc etc. The thing is that something like ‘risk’ relies so heavily on a value judgement that it’s almost meaningless in such a form.

    I can’t see how it could be regulated without the govt being, probably rightly, accused of undue meddling.

    Sueing all the directors for negligence (for which they CAN be held personally liable) would be a very, VERY good start in my opinion. Off you go people, if you lost money in a finance company and you’re not pursuing a personal liability claim you should get on it.

  12. You must be a lawyer T-Rex.As you know it’s very expensive and time consuming trying to sue for negligence ( thank you Minister of Courts Rick Dumb Bell).Lawyers always like meandering civil cases!~!

  13. T-rex 13

    No, I’m not. But fair point.

    Ok – better idea – “If you lost money in a finance company and you’re not getting a mob together to lynch the directors and demand they return the money they made through directors fees then get on it”

  14. I just love those cartoons. Especially the rabbit and the piggybank.

  15. Agreed T -Rex, hang em high, hang em all.

    Edit ; Steve – I like the bottom cartoon as I am sure its the good Doctor Caustic Cullen in the vault?

    Whats up Doc ?

  16. T-Rex basically got it right in his first post. I would add:

    (1) It seems to me that in step 2, the finance companies didn’t actually need to offer terribly high rates due to many NZers’ low financial literacy, and didn’t. Part of the problem was that the rates didn’t reflect the risk, which in turn mean that the warning signals weren’t there. I was happy to hear Diane Crossan on NatRad today outlining steps to increase the teaching of financial literacy in schools. Why has it taken so long?

    (2) Where’s the National Party on this? We do need better governance requirements, oversight, etc in the financial sector, but the neo-liberals prefer wild-west light regulation and don’t give a damn about the “schmucks” as you call them.

    (3) I blogged on this yesterday.

  17. Draco TB 17

    …the finance companies didn’t actually need to offer terribly high rates due to many NZers’ low financial literacy, and didn’t. Part of the problem was that the rates didn’t reflect the risk,…

    I’d say that, due to low financial literacy, NZers don’t equate high returns with risk at all.

    I was happy to hear Diane Crossan on NatRad today outlining steps to increase the teaching of financial literacy in schools. Why has it taken so long?

    Definitely something that’s needed. IMO, a significant reason why a lot of people are poor is because they don’t understand the financial system.

  18. vto 18

    I am heavily entangled in this area. Your assessments imho are in the vicinity but wobbly. A few two cents’s..

    Investors should do their homework more. I borrow from these organisations, and I warned my own parents about investing in them (and they are so very thankful now!). It was well known what the business was – borrow from the public at say 9% and lend to others at say 15%. It was not hard to find out where and what the finance companies lent the money to. Generally more risky property ventures (not overly risky, just more so). The question each person that invested in these outfits should have asked is: Would I put my own money directly into these property projects that these outfits lent my money to? If investors had asked that particular question they would have, I reckon, said NO lets put our money elsewhere because that development is too risky for us.

    So, why was that question not asked? Financial advisers who advised Bridgecorp Hanover etc and got a heavily conflicted commission? Lazy investors who saw an extra 2% per annum and couldn’t be bothered reading the prospecti? That question is for someone else to answer.

    Now its a stampede. Immensely simple equation here – if everyone asks for their money back, who then is re-investing to enable that money to be paid back? Answering against the stampede now – if everyone had remained calm and kept investing in the same manner as before and getting their 9$ per annum then this would not have happenned. So, investors in dorchester provincial hanover north south east west, you are the author of your own demise. But go against the herd at your own risk … hence the strain to be at the front of the queue (should I dare mention pulling your money from the foreign owned banks Westpac, BNZ, ANZ, ASB, etc? it doesn;t bare thinking about that particular consequent calamity)

    The owners and operators of these finance companies were generally prudent wise business folk who got caught up in things as much as anyone else. Don’t go looking to them personally for reimbursement – that shows huge naiveity and immaturity. The limited liability company was created to allow people to take business risks without putting their personal position at risk. This creation, back in the 1700’s, is more responsible for the comfortable state of the mostly western nations who have made use of the limited liability company than almost anything else in subsequent history. But it obviously comes with a risk. One of those risks has just come to fruition.

    If I can be brutal to all those caught – grow up.

    (but that doesn’t help those whose life-savings are now gone. sad very sad. if its any consolation we are about to be donged on the head too)

  19. milo 19

    First time I’ve seen a documentary in cartoon format. Well done.

  20. Brownie 20


    One point, mate and its a bit technical but what the hell.

    Hanover has not gone under YET. They have placed a moratorium on repayments which is quite a bit different. It doesn’t mean that all is lost at this stage ( though admittadly it is shakey).

    I have been in the industry (property and development) and know full well the place that second tier lenders occupy. Granted it is riskier however the rewards are generally higher than, say, the banks.

    In good time, people are happy to take the risks and perhaps should do so as PART of a diversified portfolio (I welcome the suggestion of more training in financial literacy for this reason) as it can improve the performance of said portfolios.

    To have a crack at Hotchins is a bit puerile though, steveo. The guy put his bollocks on the line and has created a lot of wealth for ordinary New Zealanders over the past few years. So what if his house is bigger than mine or yours, a great many people have been able to make a lot of money off Hanover and, if he and watson front up with a sizeable chunk of cash to ensure Hanover’s survival, I would be impressed. It is entirely disparate from the likes of Petrecivic who, it looks like was raping Bridgecorp knowing full well it was going down the tubes.

    The current economic situation is largely to blame for this – not how much the guy is “alledgedly” spending on his house.

  21. Positive and ambitious 21

    The punters think a currency speculator/merchant banker will be a ‘safe pair of hands’to run the country. Talk about lack of financial literacy. It’s a pity Watson and Hotchin aren’t politicians, they’d be polling through the roof, they’re much richer (safer pairs of hands) than Mr Key.

  22. (safer pairs of hands)

    Wrong PA, when pretty boy Watson had the blow hard lemons -the Warriors they dropped more ball than safe hands Burnside Rugby Key boy.

  23. Brownie 23

    Dad, suggest that you not only sign up for Financial literacy courses but for ordinary english comp as well.

  24. Great one Brownie, I suggest you got back to sleep. What a mullet.

  25. Hi Steve,

    You might want to have a look a beautiful model for fraud.
    It goes a long way into explaining why John Key and National don’t stand up for what will be a large portion of their voters; middle class mom and pop investors still believing that they too can reach financial independence.

    Slippery John was after all the head of the European department for Bonds and Derivatives for Merrill Lynch. He may very well have been peddling crappy bonds to our very own collapsing Finance Companies or to the institutions that those companies relied on for refinancing. I would sure like to ask him under oath.


    Still fighting to regain your comfort zone I read. You become smaller and more pathetic with every attempt you make at bullying and stigmatising me.
    It is just not going to happen, let it go. Chill, have a long cold shower or a w*^k or something. Perhaps you should lay of the Standard for a bit and get some fresh air. Your beginning to look a tad obsessed with the failed debunking bit. LOL.

    It is a fact that another finance company just bit the dust so it is very likely people will use the same term.

    You are right d4j there is only one d4j.
    Misogynist and angry to the bone.
    I’m definitely not in your league.

  26. T-rex 26


    Please stop talking to me.

    Brownie – The point that Hanover has not gone under is a fair one. Freezing repayments is a reasonable action. I don’t even know if I’d go as far as to say it’s even ‘shakey’ – as long as their lending has been reasonable then it’s highly likely all will be repaid in time.


    1) “Granted it is riskier however the rewards are generally higher than, say, the banks.”

    I haven’t looked at the particular case of Hanover, however most of these finance companies don’t seem to have even come close to paying an adequate level of interest to make up for the increased risk.

    2) “In good time, people are happy to take the risks and perhaps should do so as PART of a diversified portfolio (I welcome the suggestion of more training in financial literacy for this reason) as it can improve the performance of said portfolios.”

    Ya reckon? As above, I’m unconvinced that the return has justified the risk in examples to date. But certainly I accept it COULD be true in future if lenders were more prudent.

  27. Rocket Boy 27

    The sad thing with the finance companies is all the risk is carried by the ‘investors’ and little or no risk is carried by the ‘fund owners’. The Rod Petricevic’s of the world have all their assets in trusts and they can’t be touched. They also help themselves to large management fees all paid for by the Mum and Dad investors who have trusted them with their retirement savings.

    As well as relying on the property market having long term high growth they also rely on more money going in (or staying in) than coming out, it is a house of cards that really only has one possible outcome and that is collapse.

    I do hope that at some stage, someone is held accountable, it is pretty clear that behind the scenes they are aware of the impending collapse of their finances yet still carry on with their ‘safe-as’ or ‘weathered all kinds of storms’ advertising campaigns.

  28. “Misogynist and angry to the bone.”

    How could this be pathetic tulip? FYI my house is home to many ladies.
    What a clog hopper, surely your home land calls for another finger in the dyke.

  29. Brownie 29

    Nice post T-Rex.

    Generally the 2nd tier providers were offering up to 1 – 1 1/2% higher, which is, if you had $250,000 invested is a goodly sum. Taking that on average, every investor in Hanover is ON AVERAGE has invested $37k, it doesn’t sound a lot but 1% of $500m is.

    With regard to your second point, I think that this is the part where regulation could play a role. I think that there have been far to many “cowboys” out there playing fast and loose with other peoples money and, when they tumble, have affected the better ones such as Hanover, in a far more serious way that the situation dictates.

  30. T-rex 30

    “I do hope that at some stage, someone is held accountable” – I wonder if the govt could fund a class action personal liability suit. Would probably be cheaper and more effective than regulation 🙂

  31. With all these finance companies going down and some alleged skullduggery I cannot for the life of me understand why Labour removed the Serious Fraud Office?

  32. d4j,

    I rest my case. LOL.


    My pleasure. What’s with the arrows anyway?

  33. Brownie 33


    What a crap post, full of insinuations that are not backed up by the facts.

    Forget that Slippery has been out of that business for a while, forget that most of the 2nd tier lenders have based their portfolios on property which the Reserve Bank took the acid to.

    I know that my middle class family is struggling a lot harder under 9 years of governance by Labour than someone that hasn’t had a chance to do things his way yet. Its just a fact that most other middle class AND lower class famillies are struggling to. That it has happened under Labour’s watch is a fact.

    Is it all Labour’s fault? No. They can’t help what happens to the world economy.

    So why try to blame Key? You must have taken a leaf from Winston’s book and are trying to paint a picturte without base, truth or evidence and are just sensationalising, trying to create a climate of fear.

    I suggest you take up writing fiction, you seem to have a talent for it instead of trying to debate the issues and offer constructive reasoning.

    If you had your way it would be Aotearoa: The Narrowest Perspective

  34. T-rex 34

    “1 – 1 1/2% higher, which is, if you had $250,000 invested is a goodly sum”

    This is my point right here. That is low. Even for commercial property. For consumer lending it is simply disgusting.

    Current call rates are 8% in RaboPlus – risk ~ very low.
    You’re telling me you think 9.5% is remotely attractive?

    Let’s assume you put 1k in each of 10 banks, and 1k in each of ten finance companies.

    Ok, I’m not going to copy and paste the spreadsheet, but if I get time later I’ll graph it and get Steve to post it up – but suffice to say that at those relative interest rates (and assuming no bank failures), to break even you can have ONE of your finance companies fail every 8 years.

    Over 10 companies, that means an annual probability of failure of 1.25%. Given recent events, I think it’d be pretty hard to argue the true probability is that low.

  35. Looks like something a twelve year old would do. LOL

  36. Brownie 36

    While the interest rates were low, 8% was better that 6.5% and most people can’t afford to buy a commercial property thats why they invest in the likes of Hanover or Goodman etc.

    I see what you are getting at though and accept what you mean.

  37. T-rex 37

    Brownie – don’t bother engaging. Travelerev is an idiot, her ‘facts’ are from videos she spends her whole day watching on youtube.

    She is almost incapable of critical analysis, for example:

    “It is a fact that another finance company just bit the dust”

    Yeah. Except for how it’s not. It’s a possibility.

    If you’re considering arguing the point I suggest you flip through the thread: ‘Taxing Choices‘ to get an idea of the rhetoric and quality of debate you’re going to have to endure.

  38. T-rex 38

    “While the interest rates were low, 8% was better that 6.5% and most people can’t afford to buy a commercial property thats why they invest in the likes of Hanover or Goodman etc.”

    True – and as long as the finance company’s lending is sound then it’s all good. I don’t mind commercial property lending as much, at least the risk is reasonable. Consumer goods lending – forget it.

  39. Moderators,

    While I don’t mind T-rex or anybody else for that matter calling me names or debating me vigorous in person or telling me I’m incapable of critical analysis to my face (they ar entitled to their opinion after all)but I draw the line at his comment telling people not to talk to me and calling me an idiot while doing so.

    T-rex feeling threatened to the point of forbidding me to speak to him and then feeling entitled to interfere with my capabilities to express my opinions and reasons for doing so by calling me names and attempting to stop others from interacting with me based on their own opinions and reasons sets a dangerous precedent.

    I do not tell other people to hate, kill or discriminate.

    I only express at times unpopular opinions supported by links for other people to research so that they can form their own opinion.

    It takes enormous effort and courage to express unpopular views and by telling other people not to engage with me he is bullying not only me but everybody else who has a different point of view from him into not expressing their opinions if they deviate from his.

    I know for a fact for example that there are at least three others commenting here who feel that there are a lot of unanswered questions about the events of 911 yet none of them are forthcoming in what should be an open debate.

    We are involved in a genocidalwar in Afghanistan as a result of these events and laws that limit our freedom have been introduced in its wake in this country.
    The raids on environmentalists, “Anarchists” and on the Tuhoe in the Uruwera’s are examples of the application of that law that come to mind. By the way no terror charge stuck but you don’t read that in the mainstream news.

    John Key’s position and connections in the international banking world need to be investigated and we need to know what the repercussions of those connections might be in case he gets elected. We need to question how and why and about what he is so secretive. We need to debate these issues freely in order for us to be able to decide if we should vote for him.

    We need to ask questions and if strange and contradictory stuff pops up we need to bring it to the fore.

    For example why was John Key meeting with Tame Iti in mid August in a remote Marae in the Uruwera’s only accompanied by to other Maori’s and only two months before the 15th of October raids if Tame Iti was allegedly involved in a plot to assassinate him?

    If people want to challenge me on info like this than it does not behove T-rex to call me an idiot and to tell people with me not to engage with me. If he wants to partake in the discussion he should do so based on reason not on slander.

    Telling other people not to talk to me and calling me an idiot to others is against all netiquette and as such I call upon you to take your responsibilities as moderators and help all your commentators to take part in these debates without fear of ridicule and bullying. Even, in fact especially, the ones who express unpopular opinions.

    The killing of free speech starts after all when one person tells the other to stop expressing him or herself and more often than not it is those with unpopular opinions who get told first.

  40. T & T. Can you two just cut it out? Just don’t converse, it’s not going anywhere, plenty of other people to talk directly to.

  41. T-rex 41

    I no longer have any interest in conversing.
    I’m just passing on to Brownie the advice that Bill Brown gave me several weeks ago and I wish I’d taken – what a waste of energy.

    Travllerev is a complete hypocrite, as anyone who does a modicum of research can easily discover for themselves, and her reasoning is atrocious.

    Bronwnie is free to do whatever s/he wants, as is everyone else. I’m just trying to give them the benefit of my UNBELIEVABLY frustrating experience.

  42. Sorry Steve,

    Not good enough, there is a principle at stake here. I do not tell people who to converse with,T-rex does.

    You took on a responsibility when you started this blog and allowed for reasoned debate.
    It is your job to make sure everybody who stays within the bounds you set is safe to comment even if the comments do not reflect popular views.

    Allowing one person to tell others not to engage with someone on the grounds that that person is an “idiot” is allowing that person to take over the moderation of your blog. It means T-rex is setting the boundaries of your blog whereas I don’t and telling both of us to “cut it out” is reneging on your responsibility and allowing T-rex to set the boundaries of your blog.

    If you think it is OK for T-rex to behave the way he does then you have just made it impossible for people like me and others who do not conform to T-rex’s opinion and who are capable and willing to stand up to him to engage here safely and with some form of protection against his anger and frustration.

  43. T-rex 43

    I suggest you read this.

  44. lukas 44

    …crikey SP you have a hell of a lot of responsibilities! personally I don’t remember seeing any agreement to that effect though… as far as I am concerned (and I don’t mean this in a bad way) its a dictatorship here… what the Standard writers says goes… unless you are a conspiracy theorist then you will think its the CIA shutting down the debate so they can keep a strangle hold on the oil price…

    [lprent: It is a dictatorship – private property uses that as its general operating principle. However the comment areas are reasonably open for you to have your say. However the same principles apply as a ‘public’ area like a restaurant or pub. You are expected to follow some basic rules listed in the Policy which are designed to make the comments area an interesting place and not a sleaze pool.

    I don’t like trolls, personal attacks, attacks on the posters and a number of other behaviors. Don’t do them and you’ll find me a benevolent dictator. Cross them and you’ll find my bastard personality. In any case I can’t see you having had problems with my alter personality.

    You can argue with the writers with some facts at your disposal – you just can’t attack them.]

  45. Greedy Pig 45

    Apparently the big black hole is Queenstown. In 2004 a travel writer form the Boston Globe called it over developed (“serving only as a warning to the perils of over development”) in 2008 a planning lawyer is telling a zoning change hearing that Queenstowns development potential has “only just begun”.

  46. Greedy Pig 46

    vto says:
    “The owners and operators of these finance companies were generally prudent wise business folk who got caught up in things as much as anyone else. Don’t go looking to them personally for reimbursement – that shows huge naiveity and immaturity.” The limited liability company was created to allow people to take business risks without putting their personal position at risk. This creation, back in the 1700’s, is more responsible for the comfortable state of the mostly western nations who have made use of the limited liability company than almost anything else in subsequent history. But it obviously comes with a risk. One of those risks has just come to fruition.

    If I can be brutal to all those caught – grow up.”

    Lucky you told your parents

  47. Jasper 47

    Hanover has been struggling since as far back as april. They released a one liner “in the current market conditions, we do expect some pressure for Hanover Finance”

    That was in April. However, most people ignored it, Rod Oram told me that I was being stupid, Bernard Hickey told me that I was stupid, and Bruce Sheppard said that he agreed. Of course none of the dailies chose to do anything about it. Must be some pretty financially illiterate editors out there too.

    The likes of Rod Petricevich, and others linked to the 87 crash should have been enough to warn people away from them. Allan Hawkins’ seems to be the major one that people are shying away from as he’s got the stigma of “being in prison” when conversely Cynotech seems to be doing rather well. http://www.cynotech.co.nz/2008_Mid_Year_Report.pdf

    I find it both highly amusing, and ironic, that the majority of people who’ve lost their money with Finance Companies, are the self same people who lost money in the sharemarket crash of 87.
    If those cashed up boomers had in fact increased NZ’s net worth and productivity by investing on the NZX over the past 5 years, the NZX would be sitting around 5000 points, and our companies would have had a boom time.

    People would have made a $4000 gain on a $10,000 investment spread on selected companies. I know I have, but tis only on paper until I choose to sell some off.

    I did make a $8000 gain toward the middle of last year, but not too worried as that’s the swings and roundabouts of the investment game.
    Still, $4000 in 5 years… higher return than from finance companies which is in negative territory now.

    Who says kiwis are financially illiterate? It doesn’t take much to not be so.

  48. Greedy Pig 48

    Off with their heads!!!!!!!!!!!!!.

  49. El_Pinko 49

    “I do hope that at some stage, someone is held accountable, it is pretty clear that behind the scenes they are aware of the impending collapse of their finances ”

    My 6cents….

    Who has to be held accountable?! All the information was there in the various prospecti; its called capitalism; it is undertaken by consenting adults under the premise of Caveat Emptor “Buyer Beware”

    Sometimes it fucks up and people get burnt that is why there is something called a “risk-premium” included in the interest rate which forms part of the difference over and above the base rate. As people have alluded too it is clear that the risk premium wasn’t high enough

    But generally capitalism is pretty good and to quote Peep Show…

    “Oh, and while we’re at it, there are systems for a reason in this world: interest rates, growth – if it wasn’t for the miracle of consumer capitalism you’d all be dying of rotten teeth at 42, it’s not a conspiracy, it’s just common sense, and a little pill with a chicken on it isn’t going to change that. Now: Fuck off!”

    If people thought that the return justified the risk they invested; all those that are now pissing and moaning should be aware of this.

    If you got suckered in by a Gordon Gecko type then you are an idiot…

    The system isn’t going to change so perhaps the best way to prevent this happening again is mandatory financial literacy up until a certain age.

  50. T-rex 50

    Pinko – I love that quote.

    I agree with you except for the following:

    1) The risk premium wasn’t high enough, and the fund managers should have been aware of this.

    2) Caveat Emptor is fine, but relies on transparency. Otherwise it just comes down to trickery. You say “idiots”, but when the companies in question are hiring psychologists to create their marketing material, and the people falling for it have suffered the absence of financial education mentioned earlier it’s not exactly a fair contest. As mentioned in the video above, the names of the funds are totally misleading. If someone puts their money into the “First ranking ultra secure debenture enhanced leverage quantum awesomeness fund” they probably aren’t expecting it to be risky.

    3) I’m not sure mandatory financial literacy will help that much. There will still be suckers, and their will still be theives. Less of them, maybe, and what would be REALLY great is if the increased financial literacy collapsed the ultra-high-risk (unemployed guy buying an impreza wrx fund) lending due to lack of demand.

    We can dream.

    I do think that one thing not often considered is the financial literacy of the lenders. Some of those useless hack finance companies in south auckland probably had little more idea than their investors over what they were doing. Setting up a company to lend out money is pretty simple. Risk analysis is somewhat trickier. However, given they DO assume the responsibility I think they should be obliged to have some fair fraction of their “fund management fee” put into escrow to secure the investors funds.
    If they’re not making bad decisions it won’t matter, and if they are making bad decisions why should it only be their investors who lose out?

  51. Greedy Pig 51

    Whats happened to Bruce Shepard’s blog?

  52. randal 52

    who cares?

  53. Greedy Pig 53


  54. Nedyah Hsan 54


    it’s at businessday.co.nz


    Stupid Fairfacts moving to a non place and keeping that imposter Hickey on the main site~!

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    1 day ago
  • Coalition Government brings strong economic management
    Fletcher Tabuteau MP, Parliamentary Under-Secretary for Regional Economic Development New Zealand First Deputy Leader and Spokesperson for Finance, Fletcher Tabuteau has welcomed Statistics New Zealand’s latest report as a timely reminder of the value that this Coalition Government brings to every day New Zealanders: “This Coalition Government has meant a ...
    2 days ago
  • Week That Was: Lunches in schools
    We're taking action on child poverty, getting Kiwis into the trades, and more ...
    4 days ago
  • NZ First pledge major funding support to St. John
    Today New Zealand First made a pledge to campaign at the election to fund St John Ambulance the 90 per cent it has asked for. Government funding would allow St. John’s to achieve fully funded status.   Leader of New Zealand First, Rt Hon Winston Peters publicly declared his determination to deliver ...
    5 days ago
  • Record number of fleeing driver incidents, crashes, pursuit abandonments – again
    Darroch Ball MP, Spokesperson for Law and Order Newly released Police data shows once again the number of fleeing drivers have continued to skyrocket with a record 512 incidents occurring in December – almost tripling the number of incidents occurring just ten years ago, says New Zealand First Law and ...
    5 days ago
  • Shane Jones calls on Te Rarawa, Ngāpuhi to work constructively in response to Northland drought
    While the Provincial Growth Fund has provided $2 million to set up temporary water supplies in Kaikohe and Kaitaia, Regional Economic Minister Shane Jones said he is greatly concerned that there are “issues” in implementing the projects. The Minister said the immediate solution was to pipe water from a bore ...
    6 days ago
  • Rio Tinto must remove dross immediately
    Mark Patterson MP, New Zealand First List MP for Clutha-Southland NZ First is calling on Rio Tinto to accept its responsibilities to the Southland community and enable the immediate removal of the toxic Aluminium Dross from the Mataura Paper Mill site. New Zealand First List MP for Clutha-Southland, Mark Patterson ...
    6 days ago
  • Coalition Government announces further funding to help flood-hit Southland and Otago residents
    The Coalition Government has announced that a further $500,000 will be given to help residents in Southland and Otago to speed up recovery efforts from the floods. It follows prior government assistance of $200,000 earlier this month where the Southland Mayoral Relief Fund received $100,000 to support communities impacted by ...
    6 days ago
  • “This is a genuine crisis situation”: Minister Shane Jones talks about drought in Northland
    Regional Economic Development Minister Shane Jones was on RNZ’s Morning Report talking about the recent droughts in the Northland region and what the Provincial Growth Fund (PGF) is doing to alleviate its impact. The PGF recently announced a funding of $2 million for temporary water supplies to Kaikohe and Kaitaia, ...
    1 week ago
  • Shane Jones defends water storage and real meat, hits out at local councils and director James Camer...
    Speaking to The Country’s Jamie Mackay, New Zealand First MP and Cabinet Minister Shane Jones talks water storage, plant-based meat imitation, and superstar Hollywood director James Cameron. While water storage may have its critics, Minister Jones defended the scheme by saying: “unless we invest and continue to invest” in this ...
    1 week ago
  • Shane Jones: Iwi leaders are sell-outs for blocking water action
    Regional Economic Development Minister Shane Jones is accusing northern iwi leaders of selling out Māori by voting for ideologically-driven court cases rather than practical steps to increase water supply. “I just think that iwi leaders who think that water issues are going to be solved by perpetually fighting in the ...
    1 week ago
  • Government-funded security system in dairies foils robbery
    A dairy owner in St Kilda, Dunedin was delighted to hear that an attempted robbery of his establishment was foiled by a government-funded security system. Sean Lee was delighted at how well the anti-theft smoke system worked. When a knife-wielding man entered the store, the shop assistant immediately pressed a ...
    1 week ago
  • Customs nabs more than 3 tonnes of drugs bound for New Zealand in 2019
    Customs says it stopped more than three tonnes of illegal drugs coming into New Zealand last year. This includes 1,180kg of methamphetamine, 329kg of ephedrine and pseudoephedrine precursors, which could have been converted into 246kg of methamphetamine, 739kg and 6469 pills of MDMA or Ecstasy and 60kg of cocaine. Offshore, ...
    1 week ago
  • Provincial Growth Fund pays for temporary water supply in Northland
    Hon. Shane Jones, Minister for Regional Economic Development Up to $2 million will be allocated from the Provincial Growth Fund to set up temporary water supplies in Kaikohe and Kaitaia where drought is biting hard, Regional Economic Development Minister Shane Jones has announced. Drought conditions in Northland have led to ...
    1 week ago
  • Christchurch trial new defense against fleeing drivers
    Darroch Ball, Spokesperson for Law and Order New Zealand First welcomes the deployment of an Eagle Police helicopter in Christchurch in what is a step towards fulfilling its long-standing goal to increase the use of police helicopters for the front line, particularly in addressing the scourge of fleeing drivers. Christchurch leads ...
    1 week ago
  • Week That Was: A Government of progress
    It may have been the first sitting week of 2020, but our Government is already in full-swing - managing a strong economy, investing in infrastructure, and working to break the cycle of homelessness. Read below for all that, and more... ...
    2 weeks ago
  • Winston Peters calls Opposition “lemon suckers” during debate on gang numbers
    In a heated debate in Parliament, National's Deputy Leader Paula Bennett claimed that “nearly 1600 patched gang members have been added” since the Coalition Government took power. To illustrate her point, she altered a chart used by Prime Minister Jacinda Ardern to show her government’s progress in housing to instead ...
    2 weeks ago
  • Speech by the Rt Hon Winston Peters at Parliament’s Opening 2020 ‘We all Need Insurance’
    Speech by the Rt Hon Winston Peters at Parliament’s Opening 2020 "We all need insurance" This year New Zealanders are going to have a clear choice to make That choice is between: Optimism versus pessimism; More progress versus back to the future; Investment versus divestment; Unity versus division. New Zealand ...
    2 weeks ago
  • 8 ways the Big New Zealand Upgrade will change New Zealand
    The Government has announced the biggest investment in New Zealand’s infrastructure in a generation with the New Zealand Upgrade Programme. ...
    2 weeks ago
  • Shane Jones slams Auckland Airport’s board over runway closures
    Infrastructure Minister Shane Jones has slammed the Board of Auckland Airport following the airport's runway closing twice within two weeks due to maintenance. Around 2,000 passengers were affected by last week’s runway closures, according to 1NEWS. Another maintenance closure on January 24 saw two international flights and three domestic flights ...
    2 weeks ago
  • Public media business case a practical step
    Jenny Marcroft, Spokesperson for Broadcasting New Zealand First supports the commissioning of a business case to assess the viability of a new public media entity. “A strong media environment is critical for a healthy democracy. New Zealand First is a strong supporter of a diverse, independent media,” New Zealand First broadcasting spokesperson ...
    3 weeks ago
  • Week That Was: Waitangi
    This week, the focus was on Waitangi - a great opportunity to reflect on who we are, and who we want to be as a nation. ...
    3 weeks ago
  • West Coast tech firms and iwi get Provincial Growth Fund cash boost
    Pounamou and technology industries in the West Coast region are set to receive more than $2 million in Provincial Growth Fund (PGF) funding. This was announced by the Under-Secretary for Regional Economic Development Fletcher Tabuteau during Waitangi Day commemorations in Hokitika. He said $800,000 would be given to Development West ...
    3 weeks ago
  • More than 70 marae online through PGF
    Hon. Shane Jones, Minister for Regional Economic Development Te Tii, the lower marae at Waitangi, is among more than 70 marae now connected to broadband internet thanks to the Provincial Growth Fund’s marae connectivity scheme, Regional Economic Development Minister Shane Jones said today. In February 2019, the Provincial Growth Fund ...
    3 weeks ago
  • PGF supports West Coast connectivity
    Fletcher Tabuteau MP, Parliamentary Under-Secretary for Regional Economic Development The West Coast has had a funding injection of over $1.2 million from the Provincial Growth Fund, Under Secretary for Regional Economic Development Fletcher Tabuteau announced at Waitangi Day commemorations in Hokitika today. The PGF projects announced are: $800,000 to Development ...
    3 weeks ago

  • Speech to University of the South Pacific students
    Tihei mauri ora Te Whare e tu nei Te Papa e takoto Tēnā korua  No reira tēnā koutou, tēnā koutou, tēnā koutou katoa Ni sa bula Vinaka It is a real pleasure to be here today, and to have the honour of addressing you all. If you’ll indulge me I’m ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • Proposed new measures to improve Aotearoa’s air quality
      Improved air quality to support better health and environmental wellbeing is the focus of proposed amendments to air quality regulations, says the Associate Minister for the Environment, Hon Nanaia Mahuta.  “Although our air quality is good in most places, during winter certain places have spikes in air pollution, mainly from ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Water investment in Raukokore
    The remote eastern Bay of Plenty community of Raukokere will receive a Provincial Growth Fund (PGF) investment of $10.6 million for a water storage facility, Regional Economic Development Minister Shane Jones says. “This is great news for the rural community. The landowner, Te Whānau a Maruhaeremuri Hapū Trust, will use ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Better protection against late payments
    New legislation is being proposed which aims to reduce the stress and financial hardship caused by late payments to small businesses. The Minister for Small Business Stuart Nash is considering stricter rules around payment practices between businesses. “Late payments from large organisations to smaller suppliers can be crippling for these ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Police partnership programme with Fiji launched
    A new partnership programme between the New Zealand Police and Fiji Police will focus on combatting transnational organised crime and enhancing investigative skills, Prime Minister Jacinda Ardern announced on the first day of her visit to Fiji. The programme will see: ·       New Zealand Institute of Environmental Science and Research ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Joint statement from Prime Minister Ardern and Prime Minister Bainimarama
    Prime Minister Jacinda Ardern and Prime Minister Josaia Voreqe Bainimarama met today in Suva, and renewed their commitment to continue to strengthen Fiji-New Zealand relations on a foundation of shared values and equal partnership. The Prime Ministers acknowledged the kinship between Fijians and New Zealanders, one that has endured over ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • $19.9 million from PGF for Kawerau
    A $19.9 million investment from the Provincial Growth Fund will help develop essential infrastructure for an industrial hub in the Bay of Plenty town of Kawerau, Regional Economic Development Minister Shane Jones says. “The funding will go to three projects to further develop the Putauaki Trust Industrial Hub, an industrial ...
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    1 day ago
  • PGF funds Mahia roading package
    The Provincial Growth Fund is investing $8.3 million on a roading package for Mahia that will lead to greater and wider economic benefits for the region and beyond, Under Secretary for Regional Economic Development Fletcher Tabuteau announced at an event in Mahia today. The $8.3 million announced consists of: $7 ...
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    1 day ago
  • 18,400 children lifted out of poverty
    Prime Minister Jacinda Ardern has welcomed new reporting showing the Coalition Government is on track to meet its child poverty targets, with 18,400 children lifted out of poverty as a result of the Families Package.   Stats NZ has released the first set of comprehensive child poverty statistics since the Government ...
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    1 day ago
  • 20,000 more Kiwi kids on bikes
    Associate Minister of Transport Julie Anne Genter today announced that Bikes in Schools facilities have been rolled out to 20,000 more kiwi kids under this Government. She made the announcement at the opening of a new bike track at Henderson North School in Auckland. “Bikes in Schools facilities give kids ...
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    1 day ago
  • Benefit settings rise in line with wages as of 1 April
    Benefit settings rise in line with wages as of 1 April   Main benefits will increase by over 3 percent, instead of 1.66 percent, on 1 April with the Government’s decision to annually adjust benefit rates to increases in the average wage. The Minister for Social Development, Carmel Sepuloni, said ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Foreign and Trade Ministers to lead business delegation to India
    Strengthening New Zealand’s political and business ties with India will be the focus of Foreign Affairs Minister Winston Peters’ and Trade and Export Growth Minister David Parker’s visit to India this week. The Ministers are co-leading a high level business delegation to India to support increased people and economic engagement ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister champions more Pacific in STEM – Toloa Awards
    The Minister for Pacific Peoples, Aupito William Sio continues to champion for greater Pacific participation in STEM (Science, Technology, Engineering and Mathematics) careers with the announcement of the Toloa Awards, with 8 recipients of the Toloa Community Fund and 13 Toloa Tertiary Scholarships. “The Toloa Programme encourages more Pacific peoples ...
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    2 days ago
  • Submission period for whitebait consultation extended
    Conservation Minister Eugenie Sage has extended the date for people to have their say on proposed changes to improve management of whitebait across New Zealand.   Submissions were due to close on 2 March 2020 but will now remain open until 9am on Monday 16 March 2020.   “I have ...
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    3 days ago
  • New international protection for frequent fliers
    The endangered toroa/Antipodean albatross has new international protection for its 100,000km annual migration, thanks to collaborative efforts led by New Zealand, Australia and Chile.   Today, 130 countries agreed to strictly protect Antipodean albatross at the Conference of Parties on the Convention on the Conservation of Migratory Species of Wild ...
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    3 days ago
  • Government to regulate vaping
      No sales to under-18-year-olds No advertising and sponsorship of vaping products and e-cigarettes No vaping or smokeless tobacco in smokefree areas Regulates vaping product safety comprehensively, - including devices, flavours and ingredients Ensure vaping products are available for those who want to quit smoking   Vaping regulation that balances ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Justice Minister represents New Zealand at Berlin nuclear disarmament summit
    Justice Minister Andrew Little will travel to Berlin tomorrow to represent New Zealand at a high-level summit on nuclear disarmament. This year, the Nuclear Non-Proliferation Treaty (NPT) celebrates 50 years since it entered into force. “New Zealand’s proud record and leadership on nuclear disarmament is unwavering, so it’s important we are present ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Prime Minister to visit Fiji and Australia
    Prime Minister Jacinda Ardern will visit two of New Zealand’s most important Pacific partners, Fiji and Australia, next week. The visit to Fiji will be the first by a New Zealand Prime Minister in four years and comes during the 50th anniversary of Fijian independence and diplomatic relations between our ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Next steps in Criminal Cases Review Commission announced
    Justice Minister Andrew Little and New Zealand First MP Darroch Ball, have today announced the appointment of the Chief Commissioner of the Criminal Cases Review Commission (CCRC), the location, and the membership of the Establishment Advisory Group. Colin Carruthers QC has been appointed Chief Commissioner of the CCRC for an ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Horticultural Ahuwhenua Trophy finalists announced
    Māori Development Minister Hon Nanaia Mahuta and Agriculture Minister Hon Damien O’Connor co-announced the first horticultural finalists for the Ahuwhenua Trophy celebrating excellence in the Māori agricultural sector.  The three finalists are Ngai Tukairangi Trust from Mt Maunganui, Otama Marere Trust from Tauranga, and Hineora Orchard Te Kaha 15B Ahuwhenua ...
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    5 days ago
  • New support for students with dyslexia
    A new kete of resources to strengthen support for students with dyslexia will provide extra tools for the new Learning Support Coordinators (LSCs) as they start in schools, Associate Education Minister Tracey Martin announced today. The Minister launched the kete in Wellington this morning, at the first of three induction ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Rental reforms progress to select committee stage
    The Government continues to make progress on a fairer and more secure rental market for renters and landlords with the First Reading of the Residential Tenancies Amendment Bill and its referral to the Social Services and Community Select Committee.  “Now is the opportunity for landlords, tenants and others who want ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Papua New Guinea Prime Minister to visit New Zealand
    Papua New Guinea’s Prime Minister Hon James Marape will visit New Zealand from 21-25 February, Prime Minister Jacinda Ardern announced today. “New Zealand and Papua New Guinea have a warm and friendly relationship. I look forward to welcoming Prime Minister Marape here and strengthening the relationship between our two countries,” ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Free school lunches served up to thousands
    Thousands of children have begun receiving a free lunch on every day of the school week, Prime Minister Jacinda Ardern said. The Government’s free and healthy school lunch programme is under way for 7,000 students at 31 schools in Hawke’s Bay / Tairāwhiti and Bay of Plenty / Waiariki, extending ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Social Wellbeing Agency replaces Social Investment Agency with new approach
    The Minister for Social Development Carmel Sepuloni today announced a new approach that continues to broaden the Government’s social sector focus from a narrow, investment approach to one centred on people and wellbeing. Minister Sepuloni said redefining the previous approach to social investment by combining science, data and lived experience ...
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    6 days ago
  • Government to strengthen protections for whistleblowers
    The Government is strengthening the Protected Disclosures Act to provide better protection for whistle blowers, Minister of State Services Chris Hipkins said today. “The Protected Disclosures Act is meant to encourage people to speak up about serious wrongdoing in the workplace and protect them from losing their jobs or being ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • PM speech at Parliamentary Chinese New Year celebration 2020
    Nǐn hǎo (Hello in Mandarin). Xīn Nián Kuài Lè (Happy New Year in Mandarin) Néi Hóu (Hello in Cantonese). Sun Nin Fai Lok (Happy New Year in Cantonese) Tēnā koutou, tēnā koutou, tēnā koutou katoa. Thank you for your invitation to attend this celebration today. I would like to acknowledge ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • IPANZ Annual Address
    Kia ora. Ngā mihi nui ki a koutou katoa. Nau mai haere mai ki te Whare Pāremata. E ngā mana whenua ki tēnei rohe Taranaki Whānui, Te Upoko o Te Ika, Ngāti Toa Rangatira, Ngāti Raukawa – kei te mihi, kei te mihi, kei te mihi. E ngā mana, e ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • 2020 IPANZ Annual Address
    Kia ora. Ngā mihi nui ki a koutou katoa. Nau mai haere mai ki te Whare Pāremata. E ngā mana whenua ki tēnei rohe Taranaki Whānui, Te Upoko o Te Ika, Ngāti Toa Rangatira, Ngāti Raukawa – kei te mihi, kei te mihi, kei te mihi. E ngā mana, e ngā ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Tougher penalties for gun crime a step closer
    Tougher penalties for gun crime are a step closer with the passage of firearms reform legislation through another stage in Parliament. The Arms Legislation Bill has tonight passed its Second Reading. “The changes have one objective - to prevent firearms falling into the wrong hands,” said Police Minister Stuart Nash. ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Arms Legislation Bill: Second Reading
    Introduction Mr Speaker We all know why we are here today. It has been a long journey. The journey did not actually begin on 15 March 2019. It began on 30 June 1997. Almost 23 years ago, Justice Sir Thomas Thorp told us what was wrong with our firearms legislation. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New era for vocational education
    The Government’s work to put trades and vocational education back on the agenda took another major step forward today with the passing of the Education (Vocational Education and Training Reform) Amendment Bill, Education Minister Chris Hipkins said. “This is a watershed day for trades and vocational education. These law changes formalise ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Bill to Amend the Greater Christchurch Regeneration Act
    Speeding up the return of Christchurch regeneration activities to local leadership is behind the Greater Christchurch Regeneration Amendment Bill introduced to Parliament today by Minister Megan Woods. “As we approach nine years since the February 2011 earthquake in Canterbury, and with the transition to local leadership well underway, the time ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Milford Track to partly reopen after storm damage
    Hundreds of New Zealanders and international visitors will be able to get back out into nature with the Milford Track partially reopening next week, after extensive assessments and repairs, the Minister of Conservation Eugenie Sage announced today. The popular Great Walk has been closed since 3 February after an extreme ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government drives low-emissions transport momentum
    Up to 110 new EV chargers nationwide in cities and regions 50 electric vehicles for ride-sharing The Government is helping deliver more infrastructure and options for low emissions transport through new projects, Energy and Resources Minister Dr Megan Woods says. Tauranga, Nelson, Levin, New Plymouth and Oamaru are just some ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Kiwis better off under Coalition Government
    New Zealanders are increasingly better off under this Government as wages rise and families have more disposable income, Finance Minister Grant Robertson says. Stats NZ reported today that average household disposable incomes after housing costs rose 4.9% in 2019. This was the highest rise in four years and came as ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Another step towards restoring rights for screen production workers
    All New Zealanders need to have their voices heard at work to ensure we have an inclusive and productive economy. Today we introduce a Bill to do this for workers in the New Zealand screen industry, Workplace Relations and Safety Minister Iain Lees-Galloway says. “The Screen Industry Workers Bill will ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Enhanced Taskforce Green for Southland and South Otago
    The Government has announced further help for the Southland and Otago regions to speed up recovery efforts from the floods.  “I’ve approved Enhanced Taskforce Green (ETFG), making $500,000 available to help with the clean-up in Fiordland, Southland, and the Clutha district in Otago,” Minister for Social Development Carmel Sepuloni said.  ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Employers and Industry take the lead to connect students to vocational education
    Following the announcement that more than 340 schools will be funded to run events promoting vocational education, the Government has announced it will fund a further 257 events to be run by employers and industry. “These industry-run events will allow more than 30,000 students to connect with more than 2,000 ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Rental reforms a step closer with the introduction of the Residential Tenancies Amendment Bill
    Today the Government is making progress on a fairer and more secure rental market for renters and landlords with the introduction of the Residential Tenancies Amendment Bill in Parliament.  “This Bill includes a series of reforms to improve the wellbeing of the 609,700 households that live in rented homes, and ...
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    1 week ago