Hickey on fighting the currency war

Written By: - Date published: 10:30 am, October 7th, 2010 - 18 comments
Categories: Economy - Tags: ,

Bernard Hickey continues his politico-economic rebirth. Yesterday, he wrote on how New Zealand can protect itself from dangerous international capital flows that undermine our economy and our ability to choose our own path. We shouldn’t leave the guidance of our economy to the invisible hand of blind, fallible, and valueless markets.

the efficient market hypothesis has been proved wrong. We can’t trust our companies, our banks and, ultimately, ourselves anymore.

The point is that individual ‘rational’ actions of corporations and individuals can sum up to negative outcomes that ultimately come back to hurt everyone. The tragedy of the commons isn’t the only example of market failure; we’re in the middle of simultaneous and inter-linked financial, sovereign debt, resource, and climate change crises because of markets’ failure to react to the long-term problems they’re causing. Yet we have signed over the direction of our economy and with it our society to markets that we know to be short-termist and prone to mal-investment (like bubbles).

We now face international currency wars, mass money printing and the eventual restructuring of the global currency landscape, possibly with a changing of the reserve currency guard from the US dollar to something else.

The Institute of International Finance, which represents 420 financial institutions in 70 countries this week called for a new ‘Plaza Accord’ or Bretton Woods Agreement to restructure the global currency system.

It’s clear something failed and something will change in global currency system, whether we like it or ignore it or not.

We’re going to have the largest revamp of the international capitalist system since Bretton Woods at the end of World War 2 (which set up institutions like the IMF and World Bank). Brazil says it’s already in a ‘currency war’ trying to keep its exchange rate down and others are going to join in as they try to keep their exchange rates down. Why? Because it makes exports more competitive and decreases imports, which supports domestic growth. This is known as a ‘beggar thy neighbour’ strategy because countries are trying to improve their trade balances at their trading partners’ cost. It’s a race to the bottom, as countries try to undercut each other in a vicious and unsustainable cycle.

Countries will engage in ‘quantitative easing’ (printing money) to lower their exchange rates. This is inflationary, of course, which has the side benefit of reducing the real value of previously issued government debt – governments will ‘inflate away’ their debt but the cost doesn’t disappear, it is worn by savers and results in less faith in sovereign debt, which means higher borrowing costs in the future.

How do we cope in this world, which looks more like the pre-20th century international system then what we’ve come to think of as normal and natural in the last 60 years?

If the New Zealand dollar surges under the weight of capital inflows from carry-trading, yield-hunting investors and those hunting for safety away from the money printing, then the Reserve Bank needs to be ready to sell New Zealand dollars. It worked before in 2007 and made the taxpayer a tidy profit. It can work again…

…The Reserve Bank then decided to set the banks a target for how much of their funding should come from long term and stable sources, rather than the shorter term and unstable ‘hot’ CP markets.

This target is the Core Funding Ratio, which says banks must have 75 per cent of their funding from longer term bond and local term deposit markets by midway through 2012. The interim limit at the moment is 65 per cent

This has forced the banks to reduce their reliance on ‘hot’ money and hunt harder for funding from local term deposits, pushing these rates up sharply relative to the Official Cash Rate.

This simultaneously has encouraged more local savings and less foreign borrowing. It essentially forces New Zealanders to save locally to repay foreign debt through the banking system.

So what’s wrong with lifting the Core Funding Ratio to 90 per cent or even higher? It would make our system safer and make our economy less vulnerable to another freeze on international capital markets.

During the end of the boom, The Reserve Bank couldn’t get the housing market and inflation under control because of the huge inflows of ‘hot money’ that were, paradoxically, attracted by the high interest rate the Reserve Bank set. Increasing the long-term capital ratio is a far better way to control inflation without being at the mercy of foreign speculators.

Next, we need to keep our real assets ours, as they become increasingly sought after in a resource-poor world:

Right now nations with large capital surpluses and those looking to diversify out of US dollars are looking for hard, food-producing and commodity-producing assets in stable, easy countries such as New Zealand and Australia.

The Australians have repeatedly blocked foreign attempts to buy strategically large chunks of gas and iron ore. We should do the same, if only to prevent the influx of foreign capital looking to exit the devaluing currencies from boosting our currency and destroying our export sector.

We should have a proper debate about it. This week Harvard University’s pension fund bought the largest dairy farm in central Otago with nary a squeak of debate, unlike the case of the possible sale of Crafar Farms to the Chinese. Let’s do this properly….

One of the problems both old and young New Zealand businesses face is a lack of local capital to fund either growth overseas or ownership succession at home.

All too often the easy option has been to sell out to a foreign company. In many cases this has either led to a steady drain of profits and dividends offshore or the loss of technology and expertise.

One solution is to require New Zealand fund managers, particularly those receiving a government subsidy of sorts through Kiwisaver or controlled by the government in the form of the NZ Super Fund, to invest a certain portion of their funds here.

What we need is a New Zealand Future Fund, comprising money from the Cullen Fund and other government funds, Kiwisaver, and other private savings, with a mandate to buy and hold assets of strategic importance to New Zealand, both here and abroad.

If New Zealand is going to be able to afford to support an ageing population and keep its higher skilled youth paying taxes in this country then we need plenty of interesting and highly paid jobs.

The NZ Institute’s excellent ‘A Goal is not a strategy‘ report highlights how New Zealand needs to prioritise development of high skilled, high value export sectors such as Information, Communications, Technology and Niche Manufacturing rather than low skilled and low value jobs in local services, commodity exports and low value tourism.

We need more software engineers and less night porters.

The neoliberal mantra has always been that the government shouldn’t pick winners. Well, the market has proven woeful at doing it. When you look at it, governments actually have a fantastic record in infrastructure investment and fostering innovation. Why shouldn’t we, through the democratic process, choose the path we want for the economy, the same way we do for the health or education systems? It’s time we woke up to the power of government. Total Crown spending equates to nearly 50% of GDP. In conjunction with tax and labour policies, the aggregate demand of the government has the potential to direct the economy in the right direction, if politicians are willing wield the weapon.

I should point out that I don’t think Hickey has become a Leftie. I think he’s just woken up the the economic realities that we are facing and concluded that leaving the steering of the little boat called New Zealand through these stormy seas to an invisible and incompetent hand is madness.

18 comments on “Hickey on fighting the currency war ”

  1. prism 1

    ” We shouldn’t leave the guidance of our economy to the invisible hand of blind, fallible, and valueless markets.” Not forgetting predatory. Is it wasps that will puncture grapes, suck out the juice and leave the depleted fruit hanging looking good from a dstance? That will be us, may be is already proceeding. Or perhaps the analogy is Nauru, mined for its riches of fertiliser and now facing stones all around and stoney-eyed financiers.

  2. Draco T Bastard 2

    The tragedy of the commons isn’t the only example of market failure;

    Actually, The Tragedy of the Commons is a perfect example of the irratinality of the free-market. Add rules and that tragedy won’t happen (if they’re followed and enforced). The neo-liberal paradigm is to remove the rules which, of course, ensures that the tragedy will happen. The other point is that the psychopaths will try to avoid the rules or, if in a position of power, will write the rules in such a way so that they don’t work or benefits them in some way, i.e. Nationals’ ETS, the repealing of the Glass-Steagal Act

    …and climate change crises because of markets’ failure to react to the long-term problems they’re causing.

    “The market” will use up resources as fast as possible with no thought about tomorrow. This is partly due to its propensity to use everything available now and partly due to the profit motive where the sole purpose is to accumulate as much money as possible and the money is accumulated by using up resources.

    The neoliberal mantra has always been that the government shouldn’t pick winners.

    Of course that’s what they say – that way they can game the system. If the government actually did what was best for society then the capitalists would lose the wealth that they’ve accumulated as well as the control that they have. And we would, of course, have a viable economy that actually helps the people.

    It’s time to drop the neo-liberal paradigm. It doesn’t work, it never has worked and never will work. We also have to become self-sufficient and so does every other country in the world.

    • nzfp 2.1

      He Draco

      Add rules and that tragedy won’t happen

      Change/add the rules and you change the game – which means we can change the game to make “winning” socially, environmentally and economically beneficially to all of us (including the biosphere we live in).

      Capcha: ACHIEVED!

    • djp 2.2

      >>The tragedy of the commons isn’t the only example of market failure;

      This is a total clanger, the tragedy of the commons can only happen when there is no market. Note the word “commons”, how can there be a market when there is no private ownership.

      It seems to me that Marty uses this (misplaced) point to argue for govt intervention and then spends the rest of the article showing the stupid govt interventions (I agree they are stupid btw) going on around the world today (mercantilism, printing money etc).

      Come on guys (as Jane Galt said):
      1) People are often stupid
      2) Bureaucrats are the same stupid people, with bad incentives.

      • Bright Red 2.2.1

        the problem of the tragedy of the commons is that individuals making rational decisions at an individual level will cause a problem at a colelctive level that comes back to hurt them all.

        The individual cowherd has an incentive to have as many cows as possible on the unregulated field. They overstock it and the cows starve.

        That’s a problem of individuals in a market acting for themselves with no colletive authority to make sure they don’t screw up.

        Marty’s point is correct.

        • djp 2.2.1.1

          I think you are mixed up Bright Red.

          Either the cowherd owns the property (in which case he will take care of it), or the property is designated “commons” (probably by some govt bureaucrat) and it will fall foul of the “tradgedy of the commons”.

          Compare for example the state of your home toilet with a public one.

          • Bright Red 2.2.1.1.1

            the private property system is one way to deal with the particular situation in the tragedy of the commons. What it is important to realise is that the private property system is a form of collective governance. Private property rights exist in as much as they are recognised and enforced by a governing body.

            It is only by organising collectively (perhaps to create private property rights, perhaps by creating collective rules/laws) that the tragedy of the commons, where each looks after himself in an unregulated, free-for-all environment is avoided.

          • Colonial Viper 2.2.1.1.2

            In fact, when it comes to things like water coming down the river, or air quality, commercial interests have no problem dumping into or exploiting the resource as much as they are able to. Circumventing or removing regs as far as possible is an example of this behaviour.

            Compare for example the state of your home toilet with a public one.

            The widespread mindset of property oriented individualism – I don’t own it so why should I be careful with it, keep my litter off the beach etc.

          • Draco T Bastard 2.2.1.1.3

            Compare for example the state of your home toilet with a public one.

            And that wouldn’t be an example either if the people paid enough in rates to ensure that the toilets were properly maintained. It would also help if the children were taught just where the resources were coming from for that toilet and it’s maintenance that way they may just stop destroying them.

      • Draco T Bastard 2.2.2

        The “commons” is a set area were anyone can use it within a set of rules. It’s not privatisation that stops the tragedy as argued by the economists but the rules which always accompanies it. Privatisation actually ensures the tragedy as it also removes the rules and the oversight by the community. This is seen in our farms where the rules governing the farms are close to non-existent (voluntary regulation) and there’s no real oversight anyway. The result is the massive degradation of our natural ecology, pollution of our rivers and usurpation of our water to profit the individual farmers.

        And Jane Galt was obviously an idiot to come up with such simplistic nonsense.

    • jimmy 2.3

      It makes me laugh how some of the commenters on Hickeys page still think the govt shouldnt be picking winners when not picking winners is just the same as picking winners (i.e. not doing anything is just the same as doing something, someone wins/looses regardless).

    • Jeremy Harris 2.4

      The neo-liberal paradigm is to remove the rules which, of course, ensures that the tragedy will happen.

      Actually the neo-liberal paradigm is to remove the commons…

  3. nzfp 3

    Great post Marty,
    I like this comment particulary:

    Right now nations with large capital surpluses and those looking to diversify out of US dollars are looking for hard, food-producing and commodity-producing assets in stable, easy countries such as New Zealand and Australia.

    American Economist and Chief Economic Policy Advisor for the Kucinich for President 2008 campaign – Professor Michael Hudson made similar statements and gave warnings about Australia and Malaysia in a speech he gave in Australia in late 2009

    “Michael Hudson — Historical & International Perspective of the Global Economic Collapse”
    Source: http://reformthemoney.blogspot.com/2010/03/michael-hudson-historical-international.html

    At 1hr 10mins 25 seconds into the speech, Hudson comments on alternatives to the US dollar as an international medium of exchange when he describes a meeting with former Malaysian Prime Minister Dr Tun Mahatir bin Mohamed. Mahatir stated that it was not a good idea for Malaysia to build up international reserves because:

    … having international reserves is like having an oil well for a predatory army, in this case George Soros and the speculators. A country with international reserves, is just going to be a sitting duck for speculators to raid the currency and empty out the reserves into their own pockets by corporate trading and derivatives trading …

  4. Colonial Viper 4

    Thanks for picking up on this and writing such thorough commentary Marty.

    Now, lets start thinking about what a world would look like which is aimed at helping people and communities thrive. One which doesn’t rely on unsustainable, ever increasing mounds of interest bearing debt created money and psychologically destructive consumerism/individualism.

  5. nzfp 5

    Oh Marty,
    You are soo insightful. You state:

    “How do we cope in this world, which looks more like the pre-20th century international system then what we’ve come to think of as normal and natural in the last 60 years?”

    That is because we are living in the same economy as pre-20th century – before the economic reforms of the social democrats as advocated by the classical economists such as John Stuart Mills, Adam Smith, David Ricardo and of course Henry George.

    All of these economists recommended a tax system that placed the burden of tax squarely on land and economic rent and removed the burden from labour. The result was that land and labour costs decreased because industry didn’t need to include labour tax (income tax) into the costs of production, the economy had more money flowing as labour got to keep the majority – if not all of the fruits of it’s labour. The Government could fund itself from the tax on resource and land rents.

    This was the basis of classical liberalism, liberating labour and industry.

    With the advent of neo-liberalism (anti-liberalism) we got the complete reverse which puts us back in the same place we were before the social democratic economic reforms of the classical economists.

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    7 days ago
  • Scrutiny week off to rocky start
    Parliament’s new “Scrutiny” process, which is supposed to allow Select Committees to interrogate Ministers and officials in much more depth, has got off to a rocky start. Yesterday was the first day of “Scrutiny Week” which is supposed to see the Government grilled on how it spends taxpayers’ money and ...
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    1 week ago
  • The choice could not be more stark’: How Trump and Biden compare on climate change
    This is a re-post from Yale Climate Connections by Barbara Grady Illustration by Samantha Harrington. Photo credits: Justin Lane-Pool/Getty Images, Win McNamee/Getty Images, European Space Agency. In an empty wind-swept field in Richmond, California, next to the county landfill, a company called RavenSr has plotted out land and won ...
    1 week ago
  • Differentiating between democracy and republic
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    1 week ago
  • Bernard's mid-winter pick 'n' mix for Monday, June 17
    TL;DR: Chris Bishop talks up the use of value capture, congestion charging, PPPs, water meters, tolling and rebating GST on building materials to councils to ramp up infrastructure investment in the absence of the Government simply borrowing more to provide the capital.Meanwhile, Christopher Luxon wants to double the number of ...
    The KakaBy Bernard Hickey
    1 week ago
  • You do have the power to change things
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    1 week ago
  • Turning Away – Who Cares If We Don't?
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    1 week ago
  • Dissecting Tickled
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    1 week ago
  • New Zealand Webworm Popup + Tickled!
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    David FarrierBy David Farrier
    1 week ago
  • What China wants from NZ business
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    1 week ago
  • Review: The Worm Ouroboros, by E.R. Eddison (1922)
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    1 week ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #24
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    1 week ago
  • Sunday Morning Chat
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    Nick’s KōreroBy Nick Rockel
    1 week ago
  • The Book of Henry
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    More Than A FeildingBy David Slack
    1 week ago
  • Fact Brief – Is ocean acidification from human activities enough to impact marine ecosystems?
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    1 week ago
  • Happiness is a Warm Gun
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    1 week ago
  • Still doing a good 20
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    1 week ago
  • Coalition of the Unwilling?
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    PunditBy Brian Easton
    1 week ago
  • Of red flags and warning signs in comments on social media
    Somewhat surprisingly for what is regarded as a network of professionals, climate science misinformation is getting shared on LinkedIn, joining other channels where this is happening. Several of our recent posts published on LinkedIn have attracted the ire of various commenters who apparently are in denial about human-caused climate change. Based ...
    1 week ago
  • All good, still
    1. On what subject is Paul Henry even remotely worth giving the time of day?a. The state of our nationb. The state of the ACT partyc. How to freak out potential buyers of your gin palace by baking the remains of your deceased parent into its fittings2. Now that New ...
    More Than A FeildingBy David Slack
    2 weeks ago
  • The looting is the point
    Last time National was in power, they looted the state, privatising public assets and signing hugely wasteful public-private partnership (PPP) contracts which saw foreign consortiums provide substandard infrastructure while gouging us for profits. You only have to look at the ongoing fiasco of Transmission Gully to see how it was ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • The Illusion of Power: How Local Government Bureaucrats Overawe Democratically-Elected Councillors..
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    2 weeks ago
  • Lowlights & Bright Spots
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    Nick’s KōreroBy Nick Rockel
    2 weeks ago
  • Weekly Roundup 14-June-2024
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    2 weeks ago
  • The Hoon around the week to June 14
    Photo: Lynn Grieveson / The KākāTL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features co-hosts and talking with:The Kākā’s climate correspondent about the National-ACT-NZ First Government’s moves this week to take farming out of the ETS and encourage more mining and oil and ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Climate policy axed in broad daylight, while taxpayer liabilities grow in the dark
    In 2019, Shane Jones addressed the “50 Shades of Green” protest at Parliament: Now he is part of a government giving those farmers a pass on becoming part of the ETS, as well as threatening to lock in offshore oil exploration and mining for decades. Photo: Lynn GrievesonTL;DR: Here’s the ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Rage Bait!
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    David FarrierBy David Farrier
    2 weeks ago
  • Bernard's Dawn Chorus and pick 'n' mix for Friday, June 14
    Seymour said lower speed limits “drained the joy from life as people were forced to follow rules they knew made no sense.” File Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Friday, June 14 were:The National/ACT/NZ First ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Friendly but frank talks with China Premier
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    PolitikBy Richard Harman
    2 weeks ago
  • Skeptical Science New Research for Week #24 2024
    Open access notables Wildfire smoke impacts lake ecosystems, Farruggia et al., Global Change Biology: We introduce the concept of the lake smoke-day, or the number of days any given lake is exposed to smoke in any given fire season, and quantify the total lake smoke-day exposure in North America from 2019 ...
    2 weeks ago
  • Join us for the weekly Hoon on YouTube Live
    Photo by Mathias Elle on UnsplashIt’s that new day of the week (Thursday rather than Friday) when we have our ‘hoon’ webinar with paying subscribers to The Kākā for an hour at 5 pm.Jump on this link on YouTube Livestream for our chat about the week’s news with special guests:5.00 ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Geoffrey Miller: China’s message to New Zealand – don’t put it all at risk
    Don’t put it all at risk. That’s likely to be the take-home message for New Zealand Prime Minister Christopher Luxon in his meetings with Li Qiang, the Chinese Premier. Li’s visit to Wellington this week is the highest-ranking visit by a Chinese official since 2017. The trip down under – ...
    Democracy ProjectBy Geoffrey Miller
    2 weeks ago
  • The Real Thing
    I know the feelingIt is the real thingThe essence of the soulThe perfect momentThat golden momentI know you feel it tooI know the feelingIt is the real thingYou can't refuse the embraceNo?Sometimes we face the things we most dislike. A phobia or fear that must be confronted so it doesn’t ...
    Nick’s KōreroBy Nick Rockel
    2 weeks ago

  • Transformative investment in cancer treatments and more new medicines
    The coalition Government is delivering up to 26 cancer treatments as part of an overall package of up to 54 more new medicines, Health Minister Dr Shane Reti and Associate Health Minister David Seymour announced today. “Pharmac estimates that around 175,000 people will benefit from the additional treatments in just ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • More support for drought-affected communities
    The coalition Government is providing more financial support to drought-stricken farmers and growers in many parts of the country to help with essential living costs. “Rural Assistance Payments have been made available in 38 districts affected by dry conditions to help eligible farmers and growers whose income has taken a ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Job seekers to report on progress after six months from today
    A new requirement for people on Jobseeker Support benefits to meet with MSD after six months to assess how their job search is going gets underway today. About 20,000 Jobseeker beneficiaries with full-time work obligations are expected to attend MSD’s new ‘Work check-in’ seminars over the next 12 months, Social ...
    BeehiveBy beehive.govt.nz
    20 hours ago
  • New cops means more Police on the beat
    The decision to deploy more Police on the beat in Auckland CBD has been welcomed by Police Minister Mark Mitchell and Associate Police Minister Casey Costello. Starting from 1 July, an additional 21 police officers will be redeployed in Auckland City, bringing the total number of beat police in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government takes action to address youth crime
    The Government is introducing a new declaration for young offenders to ensure they face tougher consequences and are better supported to turn their lives around, Children’s Minister Karen Chhour announced today. The establishment of a Young Serious Offender declaration delivers on a coalition Government commitment and supports the Government’s target ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Reserve Bank chair reappointed
    Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026.  “Professor Quigley has played a key role in establishing the new Board after the commencement of the new RBNZ Act on 1 July ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • School attendance increases
    School attendance data released today shows an increase in the number of students regularly attending school to 61.7 per cent in term one. This compares to 59.5 per cent in term one last year and 53.6 per cent in term four. “It is encouraging to see more children getting to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Record investment in public transport services
    The Government has announced a record 41 per cent increase in indicative funding for public transport services and operations, and confirmed the rollout of the National Ticketing Solution (NTS) that will enable contactless debit and credit card payments starting this year in Auckland, Transport Minister Simeon Brown says.“This Government is ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • GDP data shows need to strengthen and grow the economy
    GDP figures for the March quarter reinforce the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says.  Data released today by Stats NZ shows GDP has risen 0.2 per cent for the quarter to March.   “While today’s data is technically in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Women continue to make up over 50 per cent on public sector boards
    Women’s representation on public sector boards and committees has reached 50 per cent or above for the fourth consecutive year, with women holding 53.9 per cent of public sector board roles, Acting Minister for Women Louise Upston says. “This is a fantastic achievement, but the work is not done. To ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government supporting Māori business success
    The Coalition Government is supporting Māori to boost development and the Māori economy through investment in projects that benefit the regions, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say. “As the Regional Development Minister, I am focused on supporting Māori to succeed. The Provincial Growth Fund ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Better solutions for earthquake-prone buildings
    Building and Construction Minister Chris Penk has announced that the review into better managing the risks of earthquake-prone buildings has commenced. “The terms of reference published today demonstrate the Government’s commitment to ensuring we get the balance right between public safety and costs to building owners,” Mr Penk says.  “The Government ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Prime Minister wraps up visit to Japan
    Prime Minister Christopher Luxon has just finished a successful three-day visit to Japan, where he strengthened political relationships and boosted business links. Mr Luxon’s visit culminated in a bilateral meeting with Japanese Prime Minister Kishida Fumio followed by a state dinner. “It was important for me to meet Prime Minister Kishida in person ...
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    5 days ago
  • Major business deals signed on PM’s Japan trip
    Significant business deals have been closed during the visit of Prime Minister Christopher Luxon to Japan this week, including in the areas of space, renewable energy and investment.  “Commercial deals like this demonstrate that we don’t just export high-quality agricultural products to Japan, but also our world-class technology, expertise, and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Strategic Security speech, Tokyo
    Minasan, konnichiwa, kia ora and good afternoon everyone. Thank you for the invitation to speak to you today and thank you to our friends at the Institute for International Socio-Economic Studies and NEC for making this event possible today.  It gives me great pleasure to be here today, speaking with ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • National Infrastructure Pipeline worth over $120 billion
    The National Infrastructure Pipeline, which provides a national view of current or planned infrastructure projects, from roads, to water infrastructure, to schools, and more, has climbed above $120 billion, Infrastructure Minister Chris Bishop says. “Our Government is investing a record amount in modern infrastructure that Kiwis can rely on as ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Making it easier to build infrastructure
    The Government is modernising the Public Works Act to make it easier to build infrastructure, Minister for Land Information Chris Penk announced today. An independent panel will undertake an eight-week review of the Act and advise on common sense changes to enable large scale public works to be built faster and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • NZ enhances North Korea sanctions monitoring
    New Zealand will enhance its defence contributions to monitoring violations of sanctions against North Korea, Prime Minister Christopher Luxon announced today.  The enhancement will see the New Zealand Defence Force (NZDF) increase its contributions to North Korea sanctions monitoring, operating out of Japan. “This increase reflects the importance New Zealand ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Speech to Safeguard National Health and Safety Conference
    Good afternoon everyone. It’s great to be with you all today before we wrap up Day One of the annual Safeguard National Health and Safety Conference. Thank you to the organisers and sponsors of this conference, for the chance to talk to you about the upcoming health and safety consultation. ...
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    7 days ago
  • Ōtaki to north of Levin alliance agreements signed
    Transport Minister Simeon Brown has welcomed an important milestone for the Ōtaki to north of Levin Road of National Significance (RoNS), following the NZ Transport Agency (NZTA) signing interim alliance agreements with two design and construction teams who will develop and ultimately build the new expressway.“The Government’s priority for transport ...
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    7 days ago
  • Improvements to stopping Digital Child Exploitation
    The Department of Internal Affairs [Department] is making a significant upgrade to their Digital Child Exploitation Filtering System, which blocks access to websites known to host child sexual abuse material, says Minister of Internal Affairs Brooke van Velden.  “The Department will incorporate the up-to-date lists of websites hosting child sexual ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • New vaccine research aims to combat prevalent bovine disease
    A vaccine to prevent an infectious disease that costs New Zealand cattle farmers more than $190 million each year could radically improve the health of our cows and boost on-farm productivity, Associate Agriculture Minister Andrew Hoggard says. The Ministry for Primary Industries is backing a project that aims to develop ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Making it easier to build granny flats
    The Government has today announced that it is making it easier for people to build granny flats, Acting Prime Minister Winston Peters and RMA Reform Minister Chris Bishop say. “Making it easier to build granny flats will make it more affordable for families to live the way that suits them ...
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    1 week ago
  • High Court Judge appointed
    Attorney-General Judith Collins today announced the appointment of Auckland King’s Counsel Gregory Peter Blanchard as a High Court Judge. Justice Blanchard attended the University of Auckland from 1991 to 1995, graduating with an LLB (Honours) and Bachelor of Arts (English). He was a solicitor with the firm that is now Dentons ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Health workforce numbers rise
    Health Minister Dr Shane Reti says new data released today shows encouraging growth in the health workforce, with a continued increase in the numbers of doctors, nurses and midwives joining Health New Zealand. “Frontline healthcare workers are the beating heart of the healthcare system. Increasing and retaining our health workforce ...
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    2 weeks ago
  • Government to overhaul firearms laws
    Associate Justice Minister Nicole McKee has today announced a comprehensive programme to reform New Zealand's outdated and complicated firearms laws. “The Arms Act has been in place for over 40 years. It has been amended several times – in a piecemeal, and sometimes rushed way. This has resulted in outdated ...
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    2 weeks ago
  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
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    2 weeks ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
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    2 weeks ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
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    2 weeks ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
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    2 weeks ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
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    2 weeks ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
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    2 weeks ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
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    2 weeks ago
  • Prime Minister Luxon meets with Premier Li
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    2 weeks ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
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    2 weeks ago
  • Funding Boost for Rural Support Trusts
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    2 weeks ago
  • Latest data shows size of public service decreasing
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    2 weeks ago
  • Speech to the Law Association
    Thank you to the Law Association for inviting me to speak this morning. As a former president under its previous name — the Auckland District Law Society — I take particular satisfaction in seeing this organisation, and its members, in such good heart. As Attorney-General, I am grateful for these ...
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    2 weeks ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
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    2 weeks ago
  • Inquiry requested into rural banking
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    2 weeks ago

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