G20 outcomes

Written By: - Date published: 9:40 am, April 3rd, 2009 - 40 comments
Categories: International - Tags:

Well the G20 process – which many said would “redesign capitalism” – has now finished. Various agreements were reached, which are predictably being touted as “historic”. Some of the main points from summaries here:

Bankers’ pay and bonuses will be subject to stricter controls

A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system

There will be greater regulation of hedge funds and credit ratings agencies

A common approach to cleaning up banks’ toxic assets has been agreed

The world’s poorest countries will receive $100bn extra aid

G20 countries are already implementing the biggest economic stimulus “the world has ever seen” – an injection of $5tn by the end of next year

and here:

But the biggest changes in the IMF will come after 2011, when it has been agreed that there will be a review of the voting structure. That could lead to the US losing its veto power, while China and other emerging countries get a bigger voice…

In return, China will be asked to lend some of its reserves to the IMF – and will continue to push for the idea that the SDR will become a real reserve currency, ultimately replacing the dollar.

The changes to the resources and the role of the IMF are historic and perhaps the most important outcome of the G20 summit. But it must be borne in mind that providing more resources for the IMF can be only a short-term solution to the immediate crisis now engulfing developing countries.

It is no substitute for a fiscal stimulus, as the money is loaned and must be paid back. Nor will it counter the need for additional development aid to counteract poverty. But it is a move towards a more global system of international finance.

Sounds like rearranging the deck chairs to me.

What do you think? And how would you have “redesigned capitalism”?

40 comments on “G20 outcomes ”

  1. r0b 1

    There’s another very good summary of outcomes here:
    http://news.bbc.co.uk/2/hi/business/7979682.stm

  2. ripp0 2

    Capitalism is a producer — yes, of capital.

    Take that for what it is — the old/new benchmark — and commence rebuilding the normality of it. By which I mean what was the long slow attainment of financial stability, though this time inside holistic economic growth.

    Dispense – dump – the crap of supposed rapid growth so evident these past two decades. Do this to ensure a solid foundation again.

    There has been a voice for re-industrialization as the new (neo-) means to its own end of growth. Shove that to where it belongs in the past.

    Change is the correct call though it, too, must have direction. Or at least vision. To attain – actually and practically attain — a better world.

    rant over… and over to others.. 🙂

    • ak 2.1

      Ripper, ripp0. Vision’s the word, but it might take a bit more pain to gain. This still looks suspiciously like an attempt to patch up the old jalopy rather than a genuine scrutiny of the destination. But we’ll see. Lot of rough road still ahead I reckon…..

  3. Draco T Bastard 3

    The best that could be done ATM is to forgive all debt and a moratorium on lending for a few years. This will give those that are held in poverty due to debt a chance to do something about it as well as free up whatever funds are actually available. Ban foreign ownership internationally so that all wealth created in a community stays in that community. Free up trade so that goods can actually be exchanged between communities.

    Capitalism is a failed system and the sooner we realise that and start looking at other systems the better.

  4. Quoth the Raven 4

    I think we should remember how the IMF has operated:

    The World Bank cultivates technocratic elites within a Third World government, educating them in the neoliberal model of economic development and promoting their autonomy from democratic political pressure. The World Bank acts collusively with these elites to arrange loans for building the transportation and utility infrastructure needed for Western industry to build profitable facilities in the country. When the country incurs a crushing debt load, owing to the collusion between domestic technocratic elites and the World Bank, the World Bank and IMF use the debt as leverage to impose a “structural adjustment reforms,” including “privatization” of the very infrastructure that was created at taxpayer expense to subsidize Western industry. Naturally, the infrastructure is bought up by Western capital–the same interests it was originally built at taxpayer expense to serve–for pennies on the dollar. During the privatization process, the Third World government may invest more money in the infrastructure, to make it salable, than it gets from the sale. And following “privatization,” the new owners’ first order of business will be systematic asset stripping, with the income from sale of capital assets exceeding what they paid for the infrastructure. Pretty neat, huh?

    You forgot to mention one of the other plans to come from this – they’re going to print more money. Seriously are they infants.

    • ripp0 4.1

      am I pleased you put IMF attainments in the PAST tense.. it is as the fellow here says so Reaganomic..

      but hey the reason why that is so particularly important for enzed right – go see because I know for sure he has fears of flaming and likely lynchings for just coming out with it in this country – is what is NOT BEING SAID on blogs, msm or anywhere to speak of.

      And it darned well should.

      BTW: the imf head is euro I think and he’ll go with the flow. Now. Today. And future, no worries.

  5. ripp0 5

    quoth,

    print more money. Seriously are they infants.

    SDRs – the imf’s so-called ‘liquid gold’ can be seen as more money.. tho please note that it is destined for primarily emergent (or developing) country expenditure and/or economic initiatives.. which is to say available upon justified application.. no more nor less.

    one thing I would ask you to do is consider what kind of world can/will sustain a $5tn inflow to its financial circulation during the next wee while.. and yes, you’ve gotta go past the immediate – and now outdated if not soon to be outlawed – inflation(ary) terminology. It may assist for you to consider the primary benefit arising to most people..

    best now..

    • Quoth the Raven 5.1

      I’m trying to consider what benefit can come from printing more money. Your task is to explain clearly, despite all recieved wisdom, how priniting more money can possibly create more wealth. From what I know printing more money does not create more wealth – it seems simple. When one says we have to go past some such terminology, the question should obviously be why?

      • ripp0 5.1.1

        quoth,

        speak ye please of wealth—your wealth

        from what you say here it appears somewhat limited to me.. how wide could your concept of it go, or put another way, what constraints have you imposed upon it..and, importantly, to whom would it apply..???

    • jbc 6.1

      Ahh, Geldof. The tax-avoiding very rich multi-millionaire capitalist who jets around the world (not at his own expense, of course) preaching to us about reducing poverty.

      Hmmm…

      QtR: From what I know printing more money does not create more wealth – it seems simple

      From what I know it dilutes the value of the money already in existence. The effect of that will depend on where that new money goes. It could potentially have a redistributive effect – although I suspect that this opportunity is not being taken. The new money is probably being squandered replacing old money that was lost due to gambling.

  6. infused 7

    Great video

  7. Relic 8

    Simple, nationalise everything that moves in nation states, then ‘internationalise’ via the UN? everything else, close the stock exchanges permanently, no more futures, hedges or leverages, generously allow certain, ‘co operative’ individual moneybags’ to keep their booty, but no more personal accumulation of obscene wealth. Bye bye world bank and IMF. The joke is over. The worlds people and environment might just survive now. Oops, forgot about standing down all armed forces while this takes place.Dream on!

  8. pat 9

    Redesigning capitalism? Who would have thunk it?

    Maybe such in the box thinking should have been suggested to the people’s of Eastern Europe when communism was in its death thro in the eighties.

    Hey everybody let’s not get rid of communism, it just needs to be redesigned!!

    They got rid of Communism, then. Now its our turn to do the world a favour, and get rid of capitalism.

    The climate will thank us.

    • Draco T Bastard 9.1

      Check the history books. The USSR didn’t get rid of communism because they weren’t communist and hadn’t been since ~50 days after the revolution.

  9. Bill 10

    The aftermath of all this, if people allow the political and financial worlds to have their way, is going to be corporatism. ( ever more concentrated centres of political and financial power developing right now in case you missed it )It’s that simple.

    Mexico was bailed by the IMF in the early 80’s. The IMF stepped in with loans which bolstered Wall Street (the lenders) and further impoverished ordinary Mexicans.

    Same thing has happened to numerous countries

    Same thing now, but on a global scale.

    Second question. Redesigning Capitalism. Have no interest in a project intended to perpetuate capitalism…. in any modified form whatsoever.

    Abolish the market and explore and experiment with systems of trade and interaction that embody and promote the better facets of humanity.

    • r0b 10.1

      Can’t be done just like that, you have to get from here to there. What’s the first step, and the second?

      • Bill 10.1.1

        Perhaps Venezuela provides some pointers.

        That aside, demand the ‘unthinkable’, debate it and promulgate it.

        E.g. advance the idea of self management in work and society. Experiment on small scale initiatives, learn from those experiences and use them as problem solving templates so that the next time orthodoxy lays down the ground rules we aren’t bound by that game and can offer feasible alternatives that are shown to have worked.

        Produce a step by step guide on how to establish worker collectives, housing collectives etc. Produce literature that points out the pitfalls to be avoided and points to known strategies that avoid those pitfalls; that preserve and perpetuate the reification of the (formally) unthinkable.

        Much of the above has already been done, but people don’t search it out and use it because it is still beyond the bounds of things deemed acceptable for consideration by most.

        Sooo….a variation on PBs post on Overtons Window. Miss out the middle man, the government and get people to the point where the unthinkable is seen as possible…as worth consideration.

        • r0b 10.1.1.1

          Glad you got back to this to reply.

          get people to the point where the unthinkable is seen as possible

          I think that, for a variety of reasons, this may well happen over the next few decades.

  10. r0b 11

    To me the most disappointing outcome what the one that was missing. The whole thing was a punt on the environment. They could have charted a new course to a low emission energy efficient economy. They weren’t up to it.

    George Monbiot nailed it: “No expense is spared saving the banks. Every expense is spared saving the biosphere”.

  11. rave 12

    G20 ripoff, turning junk into gold which we pay for with our future labor and devalued living standards the more they print money not backed by commodities.
    This is called double whammy exploitation. First take the value from our labor, then when youve exhausted that supply, invest your profits in vastly over-valued commodities (i.e.create toxic non-value) and when that tanks, mortgage our future wages (itll come out of the kids mouths for sure) to retrospectively valorise this non-value.

    Still with me? Of course to perform the last trick you need smooth operators like Obama, Key and G20 ripoffs to paste “jobs” on their headlines instead of “profits”.

    Solution? Let them go bust. Form one big bank. It already exists its called the Treasury. But call it the peoples bank. Nationalise every company that actually produces things we need to live, and can trade for other things we need. Kick out all the bosses governments put in a workers government then plan the economy democratically to produce what we need without making us all drown or choke or rot from the inside in our own lifetimes.

    • ripp0 12.1

      rave,

      G20 ripoff, turning junk into gold which we pay for with our future labor and devalued living standards the more they print money not backed by commodities.
      This is called double whammy exploitation.

      looks as though you are seeking to extend a case IMHO.. the double whammy constituting business-as usual.. and in which your further comments rather than express radical thought rely on reactionary radicalism.. whose end..?

      Redlogix put it well with mention of a last time scenario resulting in WWII. One should not overlook the familial forces of war and its/their profitmaking opportunities.

      The OUTput of gaming much destruction etc.

      Suggest folks think livable, not demise-able.

      Try for a vision sadly overlooked. Yep, there’s nothing hard or difficult about this.. all that is required is clear thinking, sound judgement (based in what is known) and concerted resolution.

  12. RedLogix 13

    What drives real change?

    I think we all sense that the world is at a cusp, where a radical new direction is possible… but for better or worse?

    The 1930’s Great Slump directly led to WW2. Crisis and upheaval do not inherently lead to renewal and resurgence.

    More than anything else I believe we are in a crisis of values; the cult of individualism, greed and irresponsibility has proven the false god it always was, but where to from here?

    Most of us regulars here partake of a fairly capacious basket of hopes, dreams and ideals based broadly around notions of social, environmental and ethical interdependence… but how to crystalise that into a vision, a path that will inspire the mass of people?

    How to get out of our heads, and into their hearts?

  13. Pascal's bookie 14

    Ok so it’s not G20, and we should always bearing in mind that the bank bailouts and financial reconstruction is not the same as the economic plans to deal with the fallout from the financial mess, but, connectivity etc…

    http://wonkroom.thinkprogress.org/2009/04/03/banks-game-geithner/

    These banksters have got some chutzpah baby. At every turn they are seeking to help themselves in some perverted formulation of the Randian belief sets that many of them, consciously or unconsciously, hold to, to varying degrees. Until that fact is recognised at dealt with, things will not get better.

    Someone will bring them to heel, it’ll either be the government(s), or peeps with pitchforks. They really are playing a dangerous game, and I’m wondering how much they believe all that ‘masters of the universe’ myth they’ve comforted themselves with for lo these many years.

    • ripp0 14.1

      PB,

      very good. I was atracted to Randian belief sets and so very aptly used, more especially in the latter case of a student(next generation) being as good as his/her teacher..

      Years gone by there was a most useful image-puncturer on the NY art scene.. (Can’t recall name now) but at the height of AT&T fame the firm build a monstrous tower in the metropolis and occupied it. Upon seeing several ‘suits’ walking out of the entrance one lunchtime she termed the whole thong — them and their office building — TALL BOYS.

      That’s right, seperated words unlike the furniture drawer item. Became one of the post-modernists early lexicon entries. And stuck.

      Mebbe something similar could be minted for what gives here and now in enzed..

  14. r0b 15

    My simplistic understanding of this whole “financial crisis” works like this:

    Bank A buys x from Bank B and decides it’s worth a billion dollars
    Bank B buys y from Bank A and decides it’s worth a billion dollars
    Bank A then then learns that x is worthless “Oh no! We lost a billion!”
    Bank B then then learns that y is worthless “Oh no! We lost a billion!”
    Government to A: “You poor things here have a billion from the taxpayer”
    Government to B: “You poor things here have a billion from the taxpayer”
    Bank A: “Great!”
    Bank B: “Nice one”
    Taxpayer: “WTF?”

    Is that more or less how it happened?

    And as to whether or not the G20 proposals are going to save us, here is the best two sentence summary I’ve seen: “The current debt-spend economy of the United States is simply not sustainable. And the cure is not more debt and more spending.”

    • RedLogix 15.1

      So… pitchforks it is then?

      For decades central banks have been closely monitoring wage inflation, and taking harsh action to dampen it down. But fraudulent and grotesquely inflated asset, equity, bond and credit valuations…. were all somehow ok.

      Frankly the more I read about this, the angrier I get. Obama makes all the right noises, but somehow it’s all about getting the fix in.

  15. vto 16

    All this meltdown is a very good example of the capitalist free enterprise system in action of course isn’t it.

    For years many kept saying “stop, slow down, all this spending and consumerism is simply not sustainable!! You must stop it!”

    And it has stopped.

    Fancy that. So simple that it seems to have gone right over the heads of many. The free enterprise system has resulted in the natural and desired effect, namely a cessation of the unsustainable consumerism etc society that was.

    How about a thank you then to the capitalist free enterprise system?

  16. RedLogix 17

    How about a thank you then to the capitalist free enterprise system?

    So I have this valve controlling feedwater to a boiler. The control loop is tuned absolutely on the nose, but because I’m an arrogant ass I don’t listen to one of my colleauges who keeps telling me that the loop is unstable under different operating conditions to the ones I have assumed will always apply.

    Inevitably the day arrives when my colleauge is proven right, the feedwater control fracks up and the boiler explodes. At this point I turn around and claim that we should be thankful, because looking at the now shattered, but very stable, valve lying in the wreckage, the system turned out ultimately to be ‘self correcting’.

    Outline and justify your response.

    • vto 17.1

      Not a good analogy mr logix. Perhaps extend it to the entire water supply, boiler and heating system. A valve could not handle the loading and had been fiddled with a few years previously. The valve blew, causing unfortunate and dire repercussions throughout the system. It seems many consider the valve fiddling to indicate that the entire water supply, boiling and heating system is stuffed. Incorrect assumption.

      Analogies have limitations.

      How is this not a self-correction? The system over-extended, is collapsing to a new level, and will thereafter likely continue in similar fashion (reacting and bending to the whims and desires and characters of the human nature, which in the immediate future may well mean far less of the material consumerist desire).

      r0b suggest below that we are all socialists now. Don’t be fooled. The socialist type interventions going on are wolves in sheeps clothing.

      • RedLogix 17.1.1

        The system over-extended, is collapsing to a new level, and will thereafter likely continue in similar fashion

        That is not what was being claimed for it. Until just recently all the central bankers were crowing about the ‘The Great Moderation’ and how their much touted risk management skills meant that catastrophic instability was now an impossibility.

        Analogies have limitations.

        All you are really doing is moving the goal posts. You missed the real point of the analogy. If an engineered system fails then there are one of two possible scenarios:

        1. Something entirely novel has happened, the root cause can be investigated, and steps taken to ensure it does not happen again.

        2. The engineer screwed up. Generally when this happens heads roll.

        But in this case we have a system called ‘free market capitalism’. It has demonstrably failed. As you rightly said above, the root cause of this failure is neither novel (we’ve had major failures before, eg 1930) and warnings were given of the obvious problems (but they were ignored). Therefore scenario 1 does not apply.

        Scenario 2 does. The people who run the system, the bankers and capitalists screwed up, but somehow sacking them is not on the agenda.

        In this case we give them bigger bonus’s than ever before and tell them to get right back to doing pretty much what they were doing before the ‘unfotunate accident’ (the one they had spent years assuring us could not happen).

        • Bill 17.1.1.1

          Capitalism hasn’t failed. Not from the perspective of elites. They continue to exploit us as before.

          However there is a need to retrench ’cause they have exposed themselves a tad. So an outcome is being sought.

          The outcome is intended to allow those who have exercised power to continue to do so. The outcome is intended to protect those people from their own excesses as encouraged by the framework of possibility and reward (Capitalism) so that they are not subject to the possibility f the rabble ever rising up saying that enough is enough and putting an end to their wee game.

          It is not intended that the environment be protected (that would put too many constraints on their exercise of power).

          It is not intended that society be protected, nor ordinary people in the so-called developed countries, nor the poor bastards in the rest of the world. (Too many constraints, too much accountability.)

          Just concentrate power and protect profit.

          Secure the buoyancy of the good ship Capitalism and it’s elitist crew across the seas of the blighted, disposable rabble and the detritus of environmental catastrophe thrown up by their project. That’s all. That’s how they will measure their success.

        • vto 17.1.1.2

          Don’t get me wrong Mr Logix, I agree that the measures being taken are not right and that various people and entities who should be paying are not.

          Imo there is a mix of the engineer screwing up, as you say (relaxing rules arounf finance etc), and an over-extension of the market.

          Like the tulip boom in the 1600s, people kept buying and selling with no real evaulation of the true value which was of course a lot lower than that traded. This is classic boom behaviour. All those financial instruments etc being traded were not as valuable as people believed. Then all of a sudden the truth became apparent and immense losses occurred instantly. Other examples include gold booms, 80s equity boom, etc.

          Other classic boom behaviour also involves people claiming that history will not repeat and that this time is different.

          However, also, as you say, part of that boom behaviour resulted from the engineer changing the settings which allowed the exuberant trading to extend somewhat.

          Nevertheless, no matter the settings on one part of the system, it was still an over-extended market which is self-correcting. The market behaviour and results, which come abpout as a result of millions of people going about their business, imo is far more preferable than a system which is directed from from above by a small number of dictatorial types. The capitalist free enterprise system is of course a form of democracy in action on a daily basis.

          Hence, some thanks to this system for stopping the recent over-exuberant consumerist approach. Imagine if that small group of dictatorial types tried to stop and control this sort of thing? Scary. In fact, a small group of dictatorial types are currently trying to fix things and you agree they are not doing a good job. And further, if the system was allowed to run its course then your wish would come true and all those who should be paying would be paying. You should embrace it – it would achieve the ends you desire.

          • RedLogix 17.1.1.2.1

            Well I can see where you are coming from, but what you are really saying is that ‘free market capitalism’ is inherently unstable (actually it is, look up Hyman Minsky sometime) and fails catastrophically from time to time… and that we should be thankful for this.

            Would you buy a car on that basis? “Yeah, goes great, but every few years the wheels all fall off killing you and your family.”

  17. r0b 18

    How about a thank you then to the capitalist free enterprise system?

    What capitalist free enterprise system? Haven’t you heard? We’re all socialists now

  18. Quoth the Raven 19

    vto – We don’t have a free enterprise system. We have capitalism. The two are contradictory. And of course I should add that governments bailing out banks and large corporations are not allowing market forces to operate – Plutocracy.

  19. ripp0 20

    quoth, vto,

    interesting points made by both of you and I thank you for same. As to Pluto I’d always thought of it as a planet and disney dog character (something like that :-)..

    In part I suspect that both your takes have included some if not all of the linked material provided by Pascal’s Bookie.. that is this notion of bankers bidding up their ‘for sale’ assets with bailout bucks.. what PB disna point out – nor that selfsame materia make clear – was how April 2 legislation enabled relaxation of former mark-to-market (accounting) rules.

    In essence this meant that since there was no market (nor market value) for such assets(toxic) then no one could know what they were worth. Repeat: no market also means no liquidity or cash or money to pay deals and trade in. Now none of us would want the government bailouts to BE that cash etc. Not least for the simple reason that once it has gone the problem asset/s are still there… and hey, how high would anyone feel happy at govt debt-to-GDP ratio.. right now.

    Yeah, I know this must all look off the wall yet so far as I can see there aint nothing better there.. I’m saying that that bidding up (these guys would have known it in the pipeline prior to April 2, to explain a perceived news lag) is the means of finding a market again and its prevailing value/s..

    Hope this helps..

  20. MikeE 21

    “And how would you have “redesigned capitalism’?”

    By removing all the socialism for starters

Recent Comments

Recent Posts

  • EV road user charges bill passes
    Transport Minister Simeon Brown has welcomed the passing of legislation to move light electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) into the road user charges system from 1 April.  “It was always intended that EVs and PHEVs would be exempt from road user charges until they reached two ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Bill targets illegal, unregulated fishing in international waters
    New Zealand is strengthening its ability to combat illegal fishing outside its domestic waters and beef up regulation for its own commercial fishers in international waters through a Bill which had its first reading in Parliament today. The Fisheries (International Fishing and Other Matters) Amendment Bill 2023 sets out stronger ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Reserve Bank appointments
    Economists Carl Hansen and Professor Prasanna Gai have been appointed to the Reserve Bank Monetary Policy Committee, Finance Minister Nicola Willis announced today. The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates.  Carl Hansen, the executive director of Capital ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Stronger protections for apartment owners
    Apartment owners and buyers will soon have greater protections as further changes to the law on unit titles come into effect, Housing Minister Chris Bishop says. “The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act had already introduced some changes in December 2022 and May 2023, and ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Travel focused on traditional partners and Middle East
    Foreign Minister Winston Peters will travel to Egypt and Europe from this weekend.    “This travel will focus on a range of New Zealand’s traditional diplomatic and security partnerships while enabling broad engagement on the urgent situation in Gaza,” Mr Peters says.   Mr Peters will attend the NATO Foreign ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Keep safe on our roads this Easter
    Transport Minister Simeon Brown is encouraging all road users to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. “Road safety is a responsibility we all share, and with increased traffic on our roads expected this Easter we ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Cost of living support for over 1.4 million Kiwis
    About 1.4 million New Zealanders will receive cost of living relief through increased government assistance from April 1 909,000 pensioners get a boost to Superannuation, including 5000 veterans 371,000 working-age beneficiaries will get higher payments 45,000 students will see an increase in their allowance Over a quarter of New Zealanders ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Tenancy reviews for social housing restart
    Ensuring social housing is being provided to those with the greatest needs is front of mind as the Government restarts social housing tenancy reviews, Associate Housing Minister Tama Potaka says. “Our relentless focus on building a strong economy is to ensure we can deliver better public services such as social ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Kermadec Ocean Sanctuary plan halted
    The Kermadec Ocean Sanctuary will not go ahead, with Cabinet deciding to stop work on the proposed reserve and remove the Bill that would have established it from Parliament’s order paper. “The Kermadec Ocean Sanctuary Bill would have created a 620,000 sq km economic no-go zone,” Oceans and Fisheries Minister ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Cutting all that dam red tape
    Dam safety regulations are being amended so that smaller dams won’t be subject to excessive compliance costs, Minister for Building and Construction Chris Penk says. “The coalition Government is focused on reducing costs and removing unnecessary red tape so we can get the economy back on track.  “Dam safety regulations ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Drought support extended to parts of North Island
    The coalition Government is expanding the medium-scale adverse event classification to parts of the North Island as dry weather conditions persist, Agriculture Minister Todd McClay announced today. “I have made the decision to expand the medium-scale adverse event classification already in place for parts of the South Island to also cover the ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Passage of major tax bill welcomed
    The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis.  “The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill will help place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Lifting economy through science, tertiary sectors
    Science, Innovation and Technology Minister Judith Collins and Tertiary Education and Skills Minister Penny Simmonds today announced plans to transform our science and university sectors to boost the economy. Two advisory groups, chaired by Professor Sir Peter Gluckman, will advise the Government on how these sectors can play a greater ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government announces Budget priorities
    The Budget will deliver urgently-needed tax relief to hard-working New Zealanders while putting the government’s finances back on a sustainable track, Finance Minister Nicola Willis says.  The Finance Minister made the comments at the release of the Budget Policy Statement setting out the Government’s Budget objectives. “The coalition Government intends ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government to consider accommodation solution
    The coalition Government will look at options to address a zoning issue that limits how much financial support Queenstown residents can get for accommodation. Cabinet has agreed on a response to the Petitions Committee, which had recommended the geographic information MSD uses to determine how much accommodation supplement can be ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government approves extension to Royal Commission of Inquiry into Abuse in Care
    Cabinet has agreed to a short extension to the final reporting timeframe for the Royal Commission into Abuse in Care from 28 March 2024 to 26 June 2024, Internal Affairs Minister Brooke van Velden says.                                         “The Royal Commission wrote to me on 16 February 2024, requesting that I consider an ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • $18m boost for Kiwis travelling to health treatment
    The coalition Government is delivering an $18 million boost to New Zealanders needing to travel for specialist health treatment, Health Minister Dr Shane Reti says.   “These changes are long overdue – the National Travel Assistance (NTA) scheme saw its last increase to mileage and accommodation rates way back in 2009.  ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • PM’s Prizes for Space to showcase sector’s talent
    The Government is recognising the innovative and rising talent in New Zealand’s growing space sector, with the Prime Minister and Space Minister Judith Collins announcing the new Prime Minister’s Prizes for Space today. “New Zealand has a growing reputation as a high-value partner for space missions and research. I am ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Concerns conveyed to China over cyber activity
    Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government.     “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity, attributed to groups sponsored by the Chinese Government, targeting democratic institutions in both New ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Independent Reviewers appointed for School Property Inquiry
    Independent Reviewers appointed for School Property Inquiry Education Minister Erica Stanford today announced the appointment of three independent reviewers to lead the Ministerial Inquiry into the Ministry of Education’s School Property Function.  The Inquiry will be led by former Minister of Foreign Affairs Murray McCully. “There is a clear need ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Brynderwyns open for Easter
    State Highway 1 across the Brynderwyns will be open for Easter weekend, with work currently underway to ensure the resilience of this critical route being paused for Easter Weekend to allow holiday makers to travel north, Transport Minister Simeon Brown says. “Today I visited the Brynderwyn Hills construction site, where ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech to the Infrastructure Funding & Financing Conference
    Introduction Good morning to you all, and thanks for having me bright and early today. I am absolutely delighted to be the Minister for Infrastructure alongside the Minister of Housing and Resource Management Reform. I know the Prime Minister sees the three roles as closely connected and he wants me ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Parliamentary network breached by the PRC
    New Zealand stands with the United Kingdom in its condemnation of People’s Republic of China (PRC) state-backed malicious cyber activity impacting its Electoral Commission and targeting Members of the UK Parliament. “The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ to provide support for Solomon Islands election
    Foreign Minister Winston Peters and Defence Minister Judith Collins today announced New Zealand will provide logistics support for the upcoming Solomon Islands election. “We’re sending a team of New Zealand Defence Force personnel and two NH90 helicopters to provide logistics support for the election on 17 April, at the request ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ-EU FTA gains Royal Assent for 1 May entry to force
    The European Union Free Trade Agreement Legislation Amendment Bill received Royal Assent today, completing the process for New Zealand’s ratification of its free trade agreement with the European Union.    “I am pleased to announce that today, in a small ceremony at the Beehive, New Zealand notified the European Union ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • COVID-19 inquiry attracts 11,000 submissions
    Public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has concluded, Internal Affairs Minister Hon Brooke van Velden says.  “I have been advised that there were over 11,000 submissions made through the Royal Commission’s online consultation portal.” Expanding the scope of the Royal Commission of ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Families to receive up to $75 a week help with ECE fees
    Hardworking families are set to benefit from a new credit to help them meet their early childcare education (ECE) costs, Finance Minister Nicola Willis says. From 1 July, parents and caregivers of young children will be supported to manage the rising cost of living with a partial reimbursement of their ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Unlocking a sustainable, low-emissions future
    A specialised Independent Technical Advisory Group (ITAG) tasked with preparing and publishing independent non-binding advice on the design of a "green" (sustainable finance) taxonomy rulebook is being established, Climate Change Minister Simon Watts says.  “Comprising experts and market participants, the ITAG's primary goal is to deliver comprehensive recommendations to the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Chief of Army thanked for his service
    Defence Minister Judith Collins has thanked the Chief of Army, Major General John Boswell, DSD, for his service as he leaves the Army after 40 years. “I would like to thank Major General Boswell for his contribution to the Army and the wider New Zealand Defence Force, undertaking many different ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Minister to meet Australian counterparts and Manufacturing Industry Leaders
    25 March 2024 Minister to meet Australian counterparts and Manufacturing Industry Leaders Small Business, Manufacturing, Commerce and Consumer Affairs Minister Andrew Bayly will travel to Australia for a series of bi-lateral meetings and manufacturing visits. During the visit, Minister Bayly will meet with his Australian counterparts, Senator Tim Ayres, Ed ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government commits nearly $3 million for period products in schools
    Government commits almost $3 million for period products in schools The Coalition Government has committed $2.9 million to ensure intermediate and secondary schools continue providing period products to those who need them, Minister of Education Erica Stanford announced today. “This is an issue of dignity and ensuring young women don’t ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Speech – Making it easier to build.
    Good morning, it’s great to be here.   First, I would like to acknowledge the New Zealand Institute of Building Surveyors and thank you for the opportunity to be here this morning.  I would like to use this opportunity to outline the Government’s ambitious plan and what we hope to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Pacific youth to shine from boost to Polyfest
    Minister for Pacific Peoples Dr Shane Reti has announced the Government’s commitment to the Auckland Secondary Schools Māori and Pacific Islands Cultural Festival, more commonly known as Polyfest. “The Ministry for Pacific Peoples is a longtime supporter of Polyfest and, as it celebrates 49 years in 2024, I’m proud to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • 2024 Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships announced
    ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to Breast Cancer Foundation – Insights Conference
    Before moving onto the substance of today’s address, I want to recognise the very significant and ongoing contribution the Breast Cancer Foundation makes to support the lives of New Zealand women and their families living with breast cancer. I very much enjoy working with you. I also want to recognise ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Kiwi research soars to International Space Station
    New Zealand has notched up a first with the launch of University of Canterbury research to the International Space Station, Science, Innovation and Technology and Space Minister Judith Collins says. The hardware, developed by Dr Sarah Kessans, is designed to operate autonomously in orbit, allowing scientists on Earth to study ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to the New Zealand Planning Institute
    Introduction Thank you for inviting me to speak with you today and I’m sorry I can’t be there in person. Yesterday I started in Wellington for Breakfast TV, spoke to a property conference in Auckland, and finished the day speaking to local government in Christchurch, so it would have been ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Support for Northland emergency response centre
    The Coalition Government is contributing more than $1 million to support the establishment of an emergency multi-agency coordination centre in Northland. Emergency Management and Recovery Minister Mark Mitchell announced the contribution today during a visit of the Whangārei site where the facility will be constructed.  “Northland has faced a number ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Celebrating 20 years of Whakaata Māori
    New Zealanders have enjoyed a broader range of voices telling the story of Aotearoa thanks to the creation of Whakaata Māori 20 years ago, says Māori Development Minister Tama Potaka. The minister spoke at a celebration marking the national indigenous media organisation’s 20th anniversary at their studio in Auckland on ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Some commercial fishery catch limits increased
    Commercial catch limits for some fisheries have been increased following a review showing stocks are healthy and abundant, Ocean and Fisheries Minister Shane Jones says. The changes, along with some other catch limit changes and management settings, begin coming into effect from 1 April 2024. "Regular biannual reviews of fish ...
    BeehiveBy beehive.govt.nz
    7 days ago

Page generated in The Standard by Wordpress at 2024-03-28T09:41:12+00:00