Granny says – you can’t do that
Written By:
- Date published:
9:30 am, September 21st, 2012 - 16 comments
Categories: economy, exports, jobs -
Tags: exchange rate
The ever forward looking and even-handed Herald devotes its editorial to attacking Labour for supporting Winston Peters’ Bill to make some small changes to the Reserve Banks’ objectives to bring them more in line with Australia’s. Leaving aside the fact that the Herald hasn’t attacked NZF or the 3 other parties who support this, only Labour, isn’t it time Granny got with the programme?
You only need read the business and business opinion pages in the Herald itself to get what is happening. Of the 10 most-traded currencies in the world (and it should ring alarm bells that we’re in that grouping at all), New Zealand has the narrowest monetary policy. Our Reserve Bank considers just one thing in making its interest rate decisions – the impact on inflation. None of the other currencies have such narrowly-focused monetary policy.
Granny heartily approves. But Granny, like National, is fighting yesterday’s war. Inflation in general isn’t a problem any more. We have 1% inflation at the moment, and it won’t get above the 3% top of the Reserve Bank’s target bracket in any of the forecasts for many years. In fact, if big economies weren’t printing money like crazy and inducing some global inflation, we would probably have deflation now.
Now, lets look at those other largely-traded currencies again. These are the currencies with which ours is predominantly traded. The most-traded – US, Euro, Yen, Pounds – are all engaged in forms of quantitative easing. That means that their central banks are creating more of those currencies (decreasing their value/causing minor inflation) – which they then to buy their government’s own bonds, which lowers interest rates in their countries. Both actions decrease their exchange rate and increase ours in turn.
The rest of the top ten have wider objectives for their Reserve Banks than just inflation – they have to consider jobs and growth too. Some are also involved in forms of quantitative easing. The net effect: all these governments are attacking to keep their currencies low so their manufacturers can compete (and it certainly seems to be working for the US, which is seeing manufacturing grow to China’s cost).
Of course, when their currencies go down, ours goes up. They’re running beggar thy neighbour strategies – and we’re the neighbour.
So, what should we do? Well, we’ve got to play the game too. We could undertake quantitative easing – everyone else is doing it and the sky isn’t falling. At the very least, we should lower our official cash rate to make it less attractive for foreign ‘hot money’ to invest here. That would help bring our currency down and let our businesses compete on the export markets and against importers. But to do that, the Reserve Bank would have to be allowed to consider more than inflation – it should have to look at the whole economic impacts of its choices. We should also bring in policies to stop a housing bubble, which is bad, inflationary, and draws in hot money from overseas – policies like capital gains tax. That would allow further reductions in the OCR.
Right now, the Reserve Bank is like a doctor confronting a patient with a range of maladies. But it is only allowed to worry about whether or not a patient is hyper-ventilating – and its only remedy is strangulation. Meanwhile, other countries are giving their doctors the skills and tools to really fix their patients. And (this is where the metaphor breaks down) as they make their patients healthier, it makes ours sicker.
For some reason, Granny Herald thinks that’s just fine. Maybe because Granny Herald isn’t an exporter. Maybe because the Herald isn’t a paper that gives a damn about the 40,000 manufacturing workers who have seen their jobs disappear in the last 4 years.
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- State Highway 5 reopens between Napier and Taupō following Cyclone GabrielleA vital transport link for communities and local businesses has been restored following Cyclone Gabrielle with the reopening of State Highway 5 (SH5) between Napier and Taupō, Associate Minister of Transport Kiri Allan says. SH5 reopened to all traffic between 7am and 7pm from today, with closure points at SH2 (Kaimata ...1 day ago
- Special Lotto draw raises $11.7 million for Cyclone Gabrielle recoveryInternal Affairs Minister Barbara Edmonds has thanked generous New Zealanders who took part in the special Lotto draw for communities affected by Cyclone Gabrielle. Held on Saturday night, the draw raised $11.7 million with half of all ticket sales going towards recovery efforts. “In a time of need, New Zealanders ...2 days ago
- Government delivers a $3 million funding boost for Building Financial Capability servicesThe Government has announced funding of $3 million for providers to help people, and whānau access community-based Building Financial Capability services. “Demand for Financial Capability Services is growing as people face cost of living pressures. Those pressures are increasing further in areas affected by flooding and Cyclone Gabrielle,” Minister for ...4 days ago
- Education New Zealand | Manapou ki te Ao – new Chair and memberMinister of Education, Hon Jan Tinetti, has announced appointments to the Board of Education New Zealand | Manapou ki te Ao. Tracey Bridges is joining the Board as the new Chair and Dr Therese Arseneau will be a new member. Current members Dr Linda Sissons CNZM and Daniel Wilson have ...4 days ago
- Scholarships honouring Ngarimu VC and the 28th (Māori) Battalion announcedFifteen ākonga Māori from across Aotearoa have been awarded the prestigious Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships and Awards for 2023, Associate Education Minister and Ngarimu Board Chair, Kelvin Davis announced today. The recipients include doctoral, masters’ and undergraduate students. Three vocational training students and five wharekura students, ...4 days ago
- Appointment of Judge of the Court of Appeal and Judge of the High CourtHigh Court Judge Jillian Maree Mallon has been appointed a Judge of the Court of Appeal, and District Court Judge Andrew John Becroft QSO has been appointed a Judge of the High Court, Attorney‑General David Parker announced today. Justice Mallon graduated from Otago University in 1988 with an LLB (Hons), and with ...4 days ago
- NZ still well placed to meet global challengesThe economy has continued to show its resilience despite today’s GDP figures showing a modest decline in the December quarter, leaving the Government well positioned to help New Zealanders face cost of living pressures in a challenging global environment. “The economy had grown strongly in the two quarters before this ...4 days ago
- Western Ring Route CompleteAucklanders now have more ways to get around as Transport Minister Michael Wood opened the direct State Highway 1 (SH1) to State Highway 18 (SH18) underpass today, marking the completion of the 48-kilometre Western Ring Route (WRR). “The Government is upgrading New Zealand’s transport system to make it safer, more ...4 days ago
- Briefings to Incoming MinistersThis section contains briefings received by incoming ministers following changes to Cabinet in January. Some information may have been withheld in accordance with the Official Information Act 1982. Where information has been withheld that is indicated within the document. ...4 days ago
- Teaming up for a stronger, more resilient FijiAotearoa New Zealand Foreign Affairs Minister Nanaia Mahuta reaffirmed her commitment to working together with the new Government of Fiji on issues of shared importance, including on the prioritisation of climate change and sustainability, at a meeting today, in Nadi. Fiji and Aotearoa New Zealand’s close relationship is underpinned by the Duavata ...5 days ago
- Investment in blue highway a lifeline for regional economies and cyclone recoveryThe Government is delivering a coastal shipping lifeline for businesses, residents and the primary sector in the cyclone-stricken regions of Hawkes Bay and Tairāwhiti, Regional Development Minister Kiri Allan announced today. The Rangitata vessel has been chartered for an emergency coastal shipping route between Gisborne and Napier, with potential for ...5 days ago
- Next steps developing clean energy for NZThe Government will progress to the next stage of the NZ Battery Project, looking at the viability of pumped hydro as well as an alternative, multi-technology approach as part of the Government’s long term-plan to build a resilient, affordable, secure and decarbonised energy system in New Zealand, Energy and Resources ...5 days ago
- Statement from the Prime Minister on Stuart NashThis morning I was made aware of a media interview in which Minister Stuart Nash criticised a decision of the Court and said he had contacted the Police Commissioner to suggest the Police appeal the decision. The phone call took place in 2021 when he was not the Police Minister. ...6 days ago
- CPTPP Trade Ministers coming to AucklandThe Government’s sharp focus on trade continues with Aotearoa New Zealand set to host Trade Ministers and delegations from 10 Asia Pacific economies at a meeting of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission members in July, Minister for Trade and Export Growth Damien O’Connor announced today. “New Zealand ...6 days ago
- Govt approves $25 million extension for cyclone-affected businesses$25 million boost to support more businesses with clean-up in cyclone affected regions, taking total business support to more than $50 million Demand for grants has been strong, with estimates showing applications will exceed the initial $25 million business support package Grants of up to a maximum of $40,000 per ...6 days ago
- More than 160,000 new Kiwis to call NZ home80 per cent of 2021 Resident Visas applications have been processed – three months ahead of schedule Residence granted to 160,000 people 84,000 of 85,000 applications have been approved Over 160,000 people have become New Zealand residents now that 80 per cent of 2021 Resident Visa (2021RV) applications have been ...6 days ago
- New Zealand to attend regional security meeting in AustraliaThe Lead Coordination Minister for the Government’s Response to the Royal Commission’s Report into the Terrorist Attack on the Christchurch Mosques travels to Melbourne, Australia today to represent New Zealand at the fourth Sub-Regional Meeting on Counter-Terrorism and Transnational Security. “The Government is committed to reducing the threat of terrorism ...6 days ago
- Health and safety action plan for portsThe health and safety practices at our nation’s ports will be improved as part of a new industry-wide action plan, Workplace Relations and Safety, and Transport Minister Michael Wood has announced. “Following the tragic death of two port workers in Auckland and Lyttelton last year, I asked the Port Health ...6 days ago
- Bikes and scooters to be exempt from FBTBikes, electric bikes and scooters will be added to the types of transport exempted from fringe benefit tax under changes proposed today. Revenue Minister David Parker said the change would allow bicycles, electric bicycles, scooters, electric scooters, and micro-mobility share services to be exempt from fringe benefit tax where they ...7 days ago
- Foreign Affairs Minister to reaffirm our close relationship with FijiForeign Affairs Minister Nanaia Mahuta will hold bilateral meetings with Fiji this week. The visit will be her first to the country since the election of the new coalition Government led by Prime Minister and Minister of Foreign Affairs Sitiveni Rabuka. The visit will be an opportunity to meet kanohi ki ...7 days ago
- New legislation to streamline Cyclone recoveryThe Government is introducing the Severe Weather Emergency Legislation Bill to ensure the recovery and rebuild from Cyclone Gabrielle is streamlined and efficient with unnecessary red tape removed. The legislation is similar to legislation passed following the Christchurch and Kaikōura earthquakes that modifies existing legislation in order to remove constraints ...7 days ago
- Cost of living package: More bread and butter support for Kiwi familiesApproximately 1.4 million people will benefit from increases to rates and thresholds for social assistance to help with the cost of living Superannuation to increase by over $100 a pay for a couple Main benefits to increase by the rate of inflation, meaning a family on a benefit with children ...1 week ago
- Freeing up more government bandwidth and money to focus on the cost of living$1 billion in savings which will be reallocated to support New Zealanders with the cost of living A range of transport programmes deferred so Waka Kotahi can focus on post Cyclone road recovery Speed limit reduction programme significantly narrowed to focus on the most dangerous one per cent of state ...1 week ago
- State of National Emergency to end for Tairāwhiti and Hawke’s BayThe remaining state of national emergency over the Tairāwhiti and Hawke’s Bay regions will end on Tuesday 14 March, Minister for Emergency Management Kieran McAnulty announced today. Minister McAnulty gave notice of a national transition period over these regions, which will come into effect immediately following the end of the ...1 week ago
- Government delivers on Dawn Raids commitmentThe Government is today delivering on one of its commitments as part of the New Zealand Government’s Dawn Raids apology, welcoming a cohort of emerging Pacific leaders to Aotearoa New Zealand participating in the He Manawa Tītī Scholarship Programme. This cohort will participate in a bespoke leadership training programme that ...1 week ago
- New plan to increase productivity and high wage jobs across advanced manufacturing sectorIndustry Transformation Plan to transform advanced manufacturing through increased productivity and higher-skilled, higher-wage jobs into a globally-competitive low-emissions sector. Co-created and co-owned by business, unions and workers, government, Māori, Pacific peoples and wider stakeholders. A plan to accelerate the growth and transformation of New Zealand’s advanced manufacturing sector was launched ...1 week ago
- Aotearoa New Zealand supports Pacific countries to combat animal disease New Zealand will provide support for Pacific countries to prevent the spread of harmful animal diseases, Associate Minister of Agriculture Meka Whaitiri said. The Associate Minister is attending a meeting of Pacific Ministers during the Pacific Week of Agriculture and Forestry in Nadi, Fiji. “Highly contagious diseases such as African ...2 weeks ago
- Government delivers better public transport for ChristchurchThe Public Transport Futures project will deliver approximately: 100 more buses providing a greater number of seats to a greater number of locations at a higher frequency Over 470 more bus shelters to support a more enjoyable travel experience Almost 200 real time display units providing accurate information on bus ...2 weeks ago
- Minister praises education heroes in cyclone damaged regionsAll but six schools and kura have reopened for onsite learning All students in the six closed schools or kura are being educated in other schools, online, or in alternative locations Over 4,300 education hardpacks distributed to support students Almost 38,000 community meals provided by suppliers of the Ka Ora ...2 weeks ago
- Government investments drive health and business outcomes in the Bay of PlentyA new health centre has opened with financial support from the Government and further investment has been committed to projects that will accelerate Māori economic opportunities, Regional Development Minister Kiri Allan says. Community health provider QE Health will continue its long history in Rotorua with the official opening of the ...2 weeks ago
- UK NZ Working Holiday Scheme upgradedThe new three year NZ UK Working Holiday Visas (WHV) will now be delivered earlier than expected, coming into force by July this year in time to support businesses through the global labour shortages Prime Minister Chris Hipkins says. The improved WHV, successfully negotiated alongside the NZ UK Free trade ...2 weeks ago
- 2023 Offshore Renewable Energy Forum, New PlymouthIt seems like only yesterday that we launched the discussion document Enabling Investment in Offshore Renewable Energy, which is the key theme for this Forum. Everyone in this room understands the enormous potential of offshore wind in Aotearoa New Zealand – and particularly this region. Establishing a regime to pave ...2 weeks ago
- Milestone reached in crack down on gangsPolice has reached a major milestone filing over 28,000 charges related to Operation Cobalt. “I’m extremely proud of the fantastic work that our Police has been doing to crack down on gangs, and keep our communities safe. The numbers speak for themselves – with over 28,000 charges, Police are getting ...2 weeks ago
- New funding for Cyclone waste removalThe Government will provide $15 million in the short term to local councils to remove rubbish, as a longer-term approach is developed, the Minister for Emergency Management Kieran McAnulty announced today. “Several regions are facing significant costs associated with residential waste removal, which has the potential to become a public ...2 weeks ago
- Government working faster and smarter to support response and recovery$15 million of immediate reimbursement for marae, iwi, recognised rural and community groups $2 million for community food providers $0.5 million for additional translation services Increasing the caps of the Community and Provider funds The Government has announced $17.5 million to further support communities and community providers impacted by Cyclone ...2 weeks ago
- More Māori getting access to mental health and addiction servicesThe Government’s approach of using frontline service providers to address inequities for Māori with mental health and addiction needs is making good progress in many communities, a new report says. An independent evaluation into the Māori Access and Choice programme, commissioned by Te Whatu Ora has highlighted the programme’s success ...2 weeks ago
- Is it time for more transparency on lobbyists?
A new investigation on the role of lobbyists raises fresh questions about whether we need better disclosure of who they are and who they work for, writes Anna Rawhiti-Connell in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. ...1 hour ago - Why Grater Goods is using equity crowdfunding to expandFlip Grater decided to give up her career in music to pursue her other passion of vegan delicatessens. Now, her meat-free versions of chorizo, pastrami, and turkey have launched her business and landed her products in foodstuffs supermarkets. She talks to Simon Pound about Grater Goods’ rapid success, and expanding ...1 hour ago
- IPCC Report Shows 2023 Is A ‘Now Or Never’ Climate Election
“This is it; 2023 will be the last opportunity New Zealand has to get a government that will confront the climate emergency with the urgency it demands,” says the Green Party’s co-leader and climate change spokesperson, James Shaw. Speaking after ...2 hours ago - IPCC Report A Wake-up Call For Hipkins As Climate Election ApproachesToday the Intergovernmental Panel on Climate Change, the IPCC, released its ‘synthesis report’, summarising six previous reports. Greenpeace says that the latest report confirms the industrial drivers of climate change, its dire planetary impacts, and ...2 hours ago
- Prime Minister’s chief of staff Andrew Kirton led lobbying firm that fought against reforms now bi...
Prime Minister's chief of staff came directly from leading a lobbying firm that argued against alcohol reforms that have now been ditched. ...3 hours ago - Mahesh Muralidhar Selected As National’s Candidate In Auckland CentralPhase One Ventures chief executive Mahesh Muralidhar has been selected by local party members as National’s candidate in Auckland Central for the 2023 General Election. “I want to thank our local party members for backing me to campaign for ...3 hours ago
- An incident at Blueskin Bay
On the holy terror and absolute love of parenting Picked up by Octavia outside the book shop, the kid and I clambered into the back, to the soundtrack of classic hits from what seemed to be a tape she was playing. We were thankful to get in. The sun ...3 hours ago - Guyon Espiner reveals the banal and bleak machinations of government lobbyistsA new investigative series from RNZ reveals just how broken the government communications machine is, writes Duncan Greive. Investigative journalist Guyon Espiner is peeling back the lid on the world of external lobbyists and corporate affairs strategists employed by the public sector. His new series, being published on RNZ this ...4 hours ago
- What you need to know about the anti-trans campaigner heading to New ZealandFresh from a Melbourne rally that attracted neo-Nazi supporters, British anti-transgender rights speaker Kellie-Jay Keen-Minshull is scheduled to appear at two events in Aotearoa. So what’s the lowdown? Another controversial international speaker wants to visit New Zealand, and, as expected, reaction has covered the full spectrum from outrage to support. ...4 hours ago
- Macron’s reform dilemma: progress or popularity?
French economy has made significant strides, but the need for political consensus and restoring social cohesion is urgent ...4 hours ago - Our climate change policies are a mess
The Emissions Trading Scheme was always a neoliberal, market-based, get-out-of-jail-free plan. Time to lead the way with Tradable Energy Quotas instead Opinion: The old saying about news – that it’s always bad or it wouldn’t be news – is distressingly true for the climate, both in terms of this summer’s weather ...4 hours ago - Catching a fair ride
The Detail finds out why a law change in 2017 has led to a proliferation of independent taxi drivers – and why they're leaving some passengers feeling ripped off Not all taxis are created equal. RNZ newsreader Evie Ashton found this out the hard way, after Dave Chapelle's recent show at Auckland's ...4 hours ago - Mahuta's China trip a test of NZ sensitivities
The foreign minister's trip to Beijing comes with tricky topics. ...4 hours ago - Is it time for business to push for green politics?
Companies have tended to be louder in lobbying politicians against climate change mitigation rather than in favour of it. This election, that needs to change ...4 hours ago - Veteran scientist kicks up over climate
Knighted, nonagenarian scientist adds his voice to the call for a climate election ...4 hours ago - Is NZ ready for the next pandemic?
H5N1 only sporadically infects humans - but it kills half of those who catch it. As the largest ever outbreak of the virus continues to rage, is New Zealand prepared? Special report: Kiwi scientist Robert Webster knew two things about the avian flu virus he dripped into his nose one day ...4 hours ago - Black Fern hero's comeback makes her a little Blue
The hat-trick hero of the Black Ferns’ 2017 World Cup win, Toka Natua is back in rugby – discovering the pros and cons of playing as a mum. And the double international is ready for her next chapter in France. There are the odd moments at training where Toka Natua’s mind goes blank ...4 hours ago - Fact-checking the co-governance roadshow
With a number of events planned down the length of the country, the scene at this weekend’s ‘Stop Co-Governance’ rally in Orewa could be just the first of many Social media erupted with pictures of distorted faces, pulled into expressions of anger or yelling gleefully into the camera. The mugshots ...4 hours ago - Newsroom daily quiz, Tuesday 21 March
Loading...(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. ...5 hours ago - Daily crossword, Tuesday 21 March
...5 hours ago - ‘It can be done. It must be done’: IPCC delivers definitive report on climate change, and where ...
Source: The Conversation (Au and NZ) – By Frank Jotzo, Professor, Crawford School of Public Policy and Head of Energy, Institute for Climate Energy and Disaster Solutions, Australian National University IISD/ENB The world is in deep trouble on climate change, but if we really put our shoulder to ...7 hours ago - New Caledonia’s lone daily newspaper ceases publication after 52 yearsRNZ Pacific New Caledonia’s only daily newspaper, Les Nouvelles Calédoniennes, has folded after the commercial court accepted the publishing company’s request for its liquidation. The court had deferred its decision by a day after an injunction by the public prosecutor who wanted to see if there was still a possibility ...8 hours ago
- Traditional chiefs still have strong place in Fiji, says linguistBy Arieta Vakasukawaqa in Suva The installation of the Turaga Bale na Vunivalu Na Tui Kaba, Ratu Epenisa Cakobau, clearly indicates that Fiji’s traditional chiefly system still has a strong footing and chiefs still command respect among the country’s citizens. This is the view of Dr Paul Geraghty, the University ...8 hours ago
- How the USP political saga may end the era of Bainimarama and FijiFirstANALYSIS: By Shailendra Bahadur Singh in Suva The long-running row between the former Fiji government and the Suva-based regional University of the South Pacific (USP) has come back to haunt former Fiji Prime Minister Voreqe Bainimarama, who spent a night in a police cell on March 9 before appearing in ...8 hours ago
- Pro-independence party Tavini’s heals rift with ‘unity and credibility’ congressBy Antoine Samoyeau in Pape’ete About 3000 activists of French Polynesia’s pro-independence Tavini Huiraatira party met for six hours at the weekend with the executives insisting that they were “united’ after a recent upheaval over leadership. The party also presented a “renewed” slate of 73 candidates for next month’s territorial ...9 hours ago
- First Australian charged with war crime of murder in AfghanistanSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The first arrest has been made following the Brereton inquiry into allegations that Australians committed war crimes in Afghanistan. Former SAS soldier, Oliver Schulz, 41, has been remanded in custody after his arrest by ...13 hours ago
- Super Rugby Aupiki semis review: Matatū, Manawa, rugby all winners on the dayWe have our 2023 finalists after a big Sunday double-header at North Shore Stadium. Alice Soper reviews. Matatū vs Blues Matatū have scored the first try in every match they have played this season. It looked like this streak was going to be broken as the Blues finally found ...13 hours ago
- What is myrtle rust and why has this disease closed Lord Howe Island to visitors?Source: The Conversation (Au and NZ) – By Robert Park, Judith and David Coffey Chair in Sustainable Agriculture, Plant Breeding Institute, University of Sydney Shutterstock Some 70% of the World Heritage-listed Lord Howe Island has been closed to non-essential visitors in response to a recurrence of the plant ...14 hours ago
- Scammers can slip fake texts into legitimate SMS threads. Will a government crackdown stop them?Source: The Conversation (Au and NZ) – By Suranga Seneviratne, Senior Lecturer – Security, University of Sydney Shutterstock Are you tired of receiving SMS scams pretending to be from Australia Post, the tax office, MyGov and banks? You’re not alone. Each year, thousands of Australians fall victim to ...15 hours ago
- Introducing Fear and Wonder: The Conversation’s new climate podcastSource: The Conversation (Au and NZ) – By Misha Ketchell, Editor, The Conversation Thanks in no small part to the work of the Intergovernmental Panel on Climate Change (IPCC), today few people would be foolish enough to dispute the scientific consensus on the climate crisis. But as ...15 hours ago
- Why sports stars get less support than other injured workers – and how we can fix itSource: The Conversation (Au and NZ) – By Eric Windholz, Senior Lecturer and Associate, Monash Centre for Commercial Law and Regulatory Studies, Monash University Inadequate, inequitable, and in some cases possibly in breach of workers’ compensation laws. That’s how bad the current insurance arrangements are for Australia’s professional sports people, ...15 hours ago
- New Police Minister Must Check Police Equations Behind Firearm Fee IncreaseThe newly-minted Police Minister, Ginny Andersen, has been called on by the Council of Licensed Firearm Owners (COLFO) to investigate how the previous Minister allowed Police to propose extraordinary fee increases for licensed firearm owners without ...17 hours ago
- How did millions of fish die gasping in the Darling – after three years of rain?Source: The Conversation (Au and NZ) – By Richard Kingsford, Professor, School of Biological, Earth and Environmental Sciences, UNSW Sydney Bill Ormonde, Author provided Millions of dead fish float on the surface of the river. Native bony herring and introduced young carp, as well as a few mature ...17 hours ago
- Ginny Andersen named new Minister of PoliceGinny Andersen will be the new minister of police, Prime Minister Chris Hipkins says. ...17 hours ago
- Free Information And Advice In Your LanguageThings make more sense when people are speaking your language! This CAB Awareness Week (20-26 March), we are celebrating diversity and multiculturalism within our service. At the Citizens Advice Bureau, we are committed to making sure our service ...17 hours ago
- All spaces great and small: Week two of the Auckland Arts FestivalThe second week of the Auckland Arts Festivals showed the versatility of the city’s spaces, even when not matched entirely correctly with shows. Sam Brooks reviews (with assistance from Shanti Mathias). I often dismay at the lack of performance spaces we have in Auckland, and it takes something like the ...17 hours ago
- Getting Flipped By The BirdThe free and easy SMS two factor authentication (2FA) to log into your Twitter account ends today. That concerns Privacy Commissioner Michael Webster because it takes away one of the most common ways to verify who users are on their free accounts, which ...18 hours ago
- Junior minister Ginny Andersen takes over police role from Stuart NashNew Zealand’s new minister of police will be one of the freshest faces around the cabinet table. Ginny Andersen, the MP for Hutt South, has been named as the new minister taking over from Stuart Nash. Andersen first became an MP in 2017 and only became a minister for the ...18 hours ago
- More bailey bridges confirmed for restoring access after cycloneRoad workers have reported being subjected to abuse by passing motorists, which is unacceptable, Prime Minister Chris Hipkins says. ...18 hours ago
- Cyclone Gabrielle: More damaged roads reconnectedThe government has announced further roading reconnections, several weeks on from Cyclone Gabrielle. Earlier this morning it was confirmed the link between Napier and Taupō had been reestablished. And now, transport minister Michael Wood said another six bailey bridges would be constructed. “Our immediate priority has been to reopen lifeline ...18 hours ago
- Government Should Not Be Spending Taxpayer Money To Lobby ItselfThe Taxpayers’ Union has slammed the revelation that government agencies and State Owned Enterprises are spending hundreds of thousands of taxpayers’ dollars on lobbying firms as revealed by Radio NZ this morning. Taxpayers’ Union Campaigns Manager, ...18 hours ago
- Foreign Minister Mahuta to visit China counterpartNew Zealand's Foreign Minister Nanaia Mahuta is leaving for Beijing tomorrow to meet with China's State Councillor and Foreign Minister Qin Gang. ...18 hours ago
- ‘A place to dance and a place to cry’: Pride (R)evolution is an authentic exhibition for queer c...Source: The Conversation (Au and NZ) – By Peter McNeil, Distinguished Professor of Design History, UTS, University of Technology Sydney Sydney World Pride and Mardi Gras 2023 were a huge success. Sydney was activated in a way rarely seen – block and street parties, cultural festivals and dance parties for ...18 hours ago
- Mahuta heading to China – first visit by a minister since 2019For the first time since 2019, a New Zealand minister will head to China this week. Foreign minister Nanaia Mahuta will meet with her Chinese counterpart Qin Gang in Beijing. “I intend to discuss areas where we cooperate, such as on trade, people-to-people and climate and environmental issues. I will ...18 hours ago
- Chief Ombudsman Concludes Investigation Into Council Decisions Over National Erebus MemorialThe Chief Ombudsman Peter Boshier has completed his investigation into complaints about Auckland Council’s role in the National Erebus Memorial project. The complaints relate to the council’s approval and consents process for the memorial site in ...19 hours ago
- The post-COVID crisis hit Queensland hardest. With 100,000 households needing low-cost housing, here...Source: The Conversation (Au and NZ) – By Hal Pawson, Professor of Housing Research and Policy, and Associate Director, City Futures Research Centre, UNSW Sydney Pandemic-generated pressures have left our rental housing market reeling. Australia-wide, vacancy rates are at rock-bottom levels. Rents are soaring at record rates. Queensland has ...19 hours ago
- Review: Homegrown remains New Zealand’s most consistent music festivalThe first edition felt like a breath of fresh, local music-filled air. This year, with many of the same headliners as 2008 (and every year since), the formula has grown stale. It’s finally time to admit that on a cold night in Palmy 20 years ago, I felt Shihad frontman ...19 hours ago
- Review: The Homegrown festival formula needs a shake-upThe first edition felt like a breath of fresh, local music-filled air. This year, with many of the same headliners as 2008 (and every year since), the long-running Wellington festival has grown stale. It’s finally time to admit that on a cold night in Palmy 20 years ago, I felt ...19 hours ago
- Anti-trans activist’s visit now under reviewThe anti-transgender activist that provoked aggressive protests in Australia over the weekend may not be able to enter New Zealand. Kellie-Jay Keen-Minshull, the British anti-transgender campaigner, is scheduled to visit New Zealand next weekend for two public events. But according to a new statement from Immigration NZ, her ability to ...19 hours ago
- Local Government Minister Should Meet Taxpayers’ Union On Three WatersThe New Zealand Taxpayers’ Union is pleased to hear that the Minister of Local Government, Kieran McAnulty, has invited concerned mayors to the Beehive to discuss the Three Waters reforms but believe he should meet with the country’s largest ...19 hours ago
- NSW Resolve poll has narrow lead for Labor five days before electionSource: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Dan Himbrechts/Paul Braven/AAP The New South Wales state election will be held on Saturday. I had a preview of both ...19 hours ago
- Breaking: Anti-trans campaigner’s NZ visit ‘under reviewWhether the anti-trans campaigner can enter the country without a visa is now up in the air. Controversy surrounds the upcoming visit by Kellie-Jay Keen-Minshull, the British anti-transgender campaigner on a global tour who is scheduled to visit New Zealand next weekend for two public events. During an appearance in Melbourne ...20 hours ago
- Pharmac prioritised Māori and Pacific patients for access to new diabetes drugs – did they get it...Source: The Conversation (Au and NZ) – By Lynne Chepulis, Associate Professor Health Sciences, University of Waikato Getty Images The controversial 2021 decision by the government drug-buying agency Pharmac to prioritise Māori and Pacific patients in its funding of two game-changing new diabetes drugs appears to have paid ...21 hours ago
- Why a teal deal has no appealThe idea of the Greens flirting with National gets an airing before almost every election. It remains as much of a nonstarter as ever, writes Henry Cooke. This article was first published in Henry Cooke’s politics newsletter, Museum Street. It’s far more reliable than clockwork. Every election cycle – often several ...21 hours ago
- Lotto draw raises $11.7m for Cyclone Gabrielle reliefWith half the value of all Lotto, Powerball and Strike tickets going to cyclone relief, the "Must-be-won" draw for $15.5 million on Saturday went to a Canterbury player. ...21 hours ago
- Wayne Brown (re)declares war on road conesAuckland’s mayor has taken aim at road closures and traffic disruption around the super city, revealing a plan to reduce road cones. Wayne Brown had previously pledged to clean up the city of road cones and set it out as an “immediate priority” for the council’s transport agency. Now, he’s ...22 hours ago
- Credit Suisse is the car crash in its own Bonfire of the Vanities
The name's Bond – unhedged Treasury bond. Jonathan Milne argues that bond traders have again become sexy, for all the wrong reasons. Analysis: Giant Swiss bank UBS has agreed to buy its rival Credit Suisse for 3 billion Swiss francs (US$3.23 billion) and to assume up to $5.4 billion in losses, in a shotgun ...22 hours ago - A dummy’s guide to having your say on the Auckland budget‘Don’t fucking come and talk to me, write a submission,’ reckons Mayor Wayne Brown. So how do you do that? Let’s be honest, most people don’t understand local politics. We know that we vote for a mayor and councillors every couple of years, and that’s about it. But local politics ...22 hours ago
- Major cyclone-damaged highway reopensThe link between Napier and Taupō has reopened this week for the first time since it was damaged in Cyclone Gabrielle. State highway five will be open to all traffic between 7am and 7pm, with overnight closure points at Kaimata Road, Glengarry Road and Matea Road. Kiri Allan, the associate ...23 hours ago
- Geoffrey Miller’s Political Roundup: NZ’s Middle East strategy, 20 years after the Iraq WarAnalysis by By Geoffrey Miller. Political Roundup: NZ’s Middle East strategy, 20 years after the Iraq War This week marks the twentieth anniversary of the Iraq War. While it strongly opposed the US-led invasion, New Zealand’s then Labour-led government led by Prime Minister Helen Clark did deploy military engineers to try to help rebuild Iraq ...24 hours ago
- Your bank is here to helpIf you find yourself stressing about the cost of living crisis and how it will impact your home loan, talking to your bank as soon as possible is important. If you are experiencing financial challenges or think you might in the future, it’s important to reach out to your bank ...24 hours ago
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WTF would granny know about Finance and economics except rabbiting from a supplied script !
The manufactured ACC crises should leave no-one in doubt they’re part of the CT NACT spin machine, this is further evidence.
JA and Fo’S with probably give the same telling off to labour if they haven’t already.
I don’t bother with it anymore, plenty of other high quality stuff online like this blog…was it an unsigned editorial which effectively means it’s usually signed by A. Hollowman.
A. hollowman, shouldnt that be J. hollowman?
Here’s a policy to help fight the housing bubble while also helping out businesses and directing investment towards them. This idea isn’t mine originally.
Reduce the OCR by 1% and apply a 1% tax to residential mortgages; both owner-occupied and investment.
This way banks will be more encouraged to lend to businesses. The government will get more tax revenue. Residential investment won’t be as attractive: at the moment you can write off your interest costs against your income; this change will reduce the interest portion that can be written off but the cost will remain the same, with the difference going direct to the government. The OCR will be lower so foreign investors will gain less return on their deposits.
This also has the advantage over capital gains tax in that the revenue streams are immediate, based on present capital value (via the mortgage) and there’s no distortion around ring-fencing in or out specific types of assets.
variable mortgage levy was supported by cullen in 2006 but the Nats and the Herald shourted it down.
Better (because it applies to all consumers, not just those with mortgages – and it makes them save rather than taking their money and giving it to banks and savers) would be complusory Kiwisaver with a variable contrbiution rate
granny has become senile just like armstrong and venal like sullivan and is turning into an alltogether nasty thing.
If their workers were in a Union they’d be able to do something about it 🙂
If the editorial policies make us sick, imagine actually working there …. ick
Y’know I recall sometime in the 80’s when they were discussing a “Hypocratic” style oath for Reporters to live by, Ultimately the response was “Don’t put your evil censorship/contraints on us buddy”, but today I can see why the civilised people of the 80’s pushed for it.
Holding a grade average of A++ in the mathematics of nuclear fission doesn’t make them good people nor does it inspire confidence.
All the Herald says is –
You cannot go back to Muldoonism, because that is what the proposal means.
He stuffed the economy, by taking control of the Reserve Bank and manipulating it (very badly) – hence the 1986 Reserve Bank Act.
Douglas had to sort it out.
If Muldoon was alive today he would most likely have sworn off politics.
No one wanted him to regulate, so he stole our pensions instead, bad for his heart, but necessary.
bullshit.
when douglas realised that the Labour Party would never make him him PM he decided to do as much damage to the country and the party that he could because when it came down to it he was personally financially secure.
He swallowed the 80’s reagan ideology whole and thought he could make up rules that would last forever.
not so.
the essence of being a human being is the ability to adapt to the environment and at the moment New Zealand is not adapting at all. and in fact is compounding error upon error by trying to rely on someone elses rules instead of generating new alternatives.
Could this argument not also be held for Michael Cullen, except for the Regan ideology bit?
Michael Cullen was an honest servant of the party and not an ambitious upstart like douglas.
The Reserve Bank 1989 has succeeded at elimintating double digit inflation but at huge social costs.
The reduction and slow growth in wages and conditions (esp during the so-called ‘boom’ years — that is what happens when you loosen credit — people burrow to the hilt to buy houses and imported goods), the consistent erosion of social spending starting from Ruth’s cuts back in 1991 and the consequent reduction in edcuation and health services (ie hospital closure) and reductions and pay and conditions for education in health staff.
Thanks to the RBA, the entire post war 1935-84 welfare state has been dismantled so the rich can enjoy lower mortgages and tax cuts.
And a high dollar, making overseas holidays and 50″ 3D TVs much cheaper.
CV
And imported Petrol.
If the exchange rate reduces so the price of auto fuel increases accordingly.
Fortran if we keep importing fuel in the amounts we are ,we are going broke sooner or later we will pay the price!