web analytics

Hickey on the fall of capitalism

Written By: - Date published: 10:36 am, August 14th, 2011 - 33 comments
Categories: capitalism, class war - Tags:

Bernard Hickey writes compellingly on the coming fall of capitalism.  Click through and read the whole thing, here are some highlights.

Capitalism – top heavy and toppling

The last fortnight’s dramas on financial markets is really just the sound of investors waking up to some fundamental problems in the global economy.

It is now dawning on the world’s biggest fund managers that there is too much debt weighing on households and governments in the developed world.  More importantly, they realise there will not be enough economic growth and income to repay those debts over the next 10-20 years.

That means governments might default or print money to repay the debt. Bank shareholders and bondholders may have to realise enormous losses or face high inflation. Growth will be much slower and for longer than expected. Slower economic growth might mean lower corporate profits and lower share prices.

After nearly four years of urgent fixes, emergency measures, bank bail-outs, debt shuffles and government pump priming without any real improvement, there is a dawning realisation that something is broken at the heart of the global economy.

… Grantham has put his finger on the core problem with unfettered capitalism. It works to shift wealth to the richest but can eventually topple over under the weight of itself when that wealth is hoarded and not reinvested or spent.

… In New Zealand, the share of income going to the top 1 per cent also more than doubled after the mid-1980s to nearly 14 per cent of income by the early 2000s. Last year’s tax cuts will have worsened that.

The trickle-down theory will not be enough to save capitalism. Even the biggest capitalists are realising that now.

33 comments on “Hickey on the fall of capitalism ”

  1. I enjoy Hickey’s writing and I agree that we are in for a scary time.  It seems that the attempts at stimulation have failed.

    I think that peak oil has a lot to do with what has happened.  It is clear that the world has been surviving on cheap supplies of petroleum for some time and this has had a fundamental effect on our lives.  Food and other goods are transferred huge distances over the world.  Locally people get into their cars and drive either to work or to shopping meccas where these goods are available for instant purchase.  The production of food is so compromised that the primary consideration is the price that can be achieved on the other side of the world, not what is required to keep the local population fed properly.

    Until peak oil occurred.  After that there was a dramatic rise in the price of oil until 2008 when the effects on the world’s economy became apparent.

    The price of housing in the United States stalled and those who had bought on the premise that prices would always increase became very disappointed.  The industry behind them that had been leveraged profits to the nth degree failed spectacularly.
    The prediction of peak oil is that it’s price would spike, recession would follow, the price would reduce, the world’s economy would get on its feet, the price would then spike …

    Unfortunately this seems to be exactly what is happening.  The world’s economy crashed in 2007-08, the western democracies replied Kensyan like and opened up the spending to counter, but in 2011 it seems that the extra spend only just kept the economies going but some states had got themselves into a major debt situation.

    Then when these states decided or realised they had to stop the shit hit the fan.  Basically the world had got to the situation where it is realising it cannot keep consumption up by going further into debt.  Our reliance on the purchasing of bigger and bigger flat screen TVs and more and more expensive branded clothing is not going to work.

    Europe has its problems.  Ireland drove itself into bankruptcy rather than allowing to fail the Bank of Ireland, plaything of the speculators.  Many ordinary Irish regret this decision.  Greece, Portugal and Spain also hit the skids.  The European Union has many benefits but the fixed exchange rate means that Germany benefits but Greece suffers.

    Then England decided to combust.  It came out of nowhere really, an innocent father of four being shot dead, an attempt to frame him, a protest against the treatment of his family and then hell breaks loose.  Disaffected youth decided that this justified the complete refusal to abide by accepted social norms.  The looting was not of food or essentials, rather it seems to be that flat screen TVs and branded clothing was most popular.  Their attitude was summed up perfectly in a quote in this morning’s Sunday Star Times:

    “Bankers have looted the country’s wealth and got away with it, so it’s not hard to see why these locked out of the gravy train think they are entitled to help themselves too”

    And the rest of the world must be looking on and wondering when is it their turn?  To avoid this they need to firstly look at the world that their youth are growing up in.  If it involves unemployment, no future and the bombardment of them of images of wealth they need to aspire to then they are in trouble.  But if it involves training and an acknowledgement that our young are important and that we need to make sure that our world is fit for them then I am sure we can get through this.  But we need to change things.  Now.
     

    • Draco T Bastard 1.1

      It seems that the attempts at stimulation have failed.

      Of course it failed – it was completely the wrong thing to do*. The entire “stimulation” was nothing more than a transfer of wealth from the community to the rich.

      * Stimulation wasn’t what was needed. All debt to be forgiven was. Of course, maintaining the capitalist system isn’t a good idea anyway as anthropogenic climate change proves.

    • mik e 1.2

      Oliphants cartoon on the trickle down theory sums it up perfectly! I think it was in the New Yorker.

  2. Colonial Viper 2

    See that in the sky? That’s a flock of black swans. Damn.

    Where are our political leaders who understand what is going on and can see a way to navigate NZ through it all. Selling our strategic energy assets for worthless USD and devaluing the worth of workers is NOT the answer. But what is.

    Society must be for the people, not the financial markets or the casino chiefs.

    • neoleftie 2.1

      when has society been for the people – the rise of globalism, continium of capitalism and break down of sociatal anchors is basically to shackle the masses to consumerism and unlock a growth mechansim that allow the age old elite class to generate more power.

  3. Draco T Bastard 3

    …Grantham has put his finger on the core problem with unfettered capitalism. It works to shift wealth to the richest but can eventually topple over under the weight of itself when that wealth is hoarded and not reinvested or spent.

    This is why we need to tax the bejeezus out of the rich and, in fact, why we need to get rid of them.

    For starters all the money ends up in their pockets, then it’s loaned out at interest through the fractional reserve banking system to workers and governments which increases the rate at which money ends up in their pockets. All of this transfer of wealth to the rich eventually results in recession and depression as the massive debt build up caused by capitalist accumulation “corrects” (although we haven’t actually allowed that correction to take place this time).

    We cannot afford the rich.

    • Afewknowthetruth 3.1

      DTB

      Three great revolutions – the American War of Indepedence, the French Revolution and the Russian Revolution – were instigated by a desire to correct the problem (the revolutions of 1848 failed).

      Note that the money-lenders and land-owners re-established their control every time.

      • Colonial Viper 3.1.1

        So a couple of things:

        1) Govt should be the major land owner in the country and lease that land back to the private sector (50 and 100 year leases). This certainly already happens with Crown Leases.

        2) Interest rate reform. No interest to be chargeable on loans. Just like the good old days.

      • Draco T Bastard 3.1.2

        Doesn’t mean that they have to do so again. We can prevent it but it does mean keeping everyone informed by getting rid of the secrecy that is endemic to the present socio-economic system.

    • Colonial Viper 3.2

      We cannot afford the rich.

      And as an aspect of that, we can’t afford capital accumulation and misallocation where capital is not put to use for the good of the wider community.

  4. Afewknowthetruth 4

    It is all very superficial, as we would expect from Bernhard Hickey in a mainstream publication.

    Increasing debt is inherent in the fractional reserve banking system, and has been pointed out before, if all debts were paid off most of the money in the systtem would vanish overnight.

    When interest rates are at historically low levels (0.1 to 1.5% in many nations) and even then there is no simulation of the economies involved you know it is very close to the end. Instead, Hickey writes about the next 10-20 years, providing readers with false hope that the system will persist for 20 years (as required by the corporate owners of the Herald).

    This statement is a small step in the right direction: ‘More importantly, they realise there will not be enough economic growth and income to repay those debts over the next 10-20 years.’

    Once Hickey says ‘There can only be economic contraction because we don’t have the increasing energy supply necessary for economic growth’ we will know he understands a major aspect of the problem. Once he says that economic growth is the problem we will know he understands a bit more.

    Present economic arangements are predicated on converting fossil fuels into waste which is ‘killing’ the planet we live on. Capitalism is a system for facilitating the rapid destruction of the Earth and transfering the proceeds to those at the top.

    I guess hell will freeze over before we see such truthful commentary published in the Herald.

  5. KJT 5

    Why should our elderly, sick and young people be living in poverty in one of the richest countries in history, just so the very rich can avoid a few% contribution to the society they benefit from.

    We tried letting the wealthy keep more. It has proven to be a disaster.
    1/3 decrease in investment, manufacturing almost gone, a relentless slide down the economic rankings, increasing inequality, massive hemorrhage of capital to financial gambling.

    The way to get new money in the system and keep what is there is to bring back workers bargaining power (so money they have earned stays here a wages instead of disappearing offshore), tax capital flows, tax speculation, tax the wealthy more and use that money to invest in New Zealand (Including research and development as well as the health and education of New Zealanders), stop paying overseas banks to add zeros to their electronic ledgers and lend capital to ourselves. (Gaddafi’s big crime). As that arch lefty Adam Smith said. Tax the owners of capital and leave the producers alone.

    Waiting for the private sector to re-allocate capital to benefit society has not worked, and never will!

  6. “Unfettered” capitalism? When was it ever “fettered”? Its been going downhill for a century at least. The short upturns are due to the grizzly downturns. Depressions and wars which killed multimillions. The welfare state means bosses’ welfare. Keynes mated inflation to stagnation. Capitalism is kept alive by the drip feed of the blood of the masses sacrificed to its barbarity. Capitalism is broke and can’t be fixed. Hickey is bright enough to read the writing in blood on the wall. He might become a Marxist yet.

    • Afewknowthetruth 6.1

      dave.

      There was a brief period in the late-70s when environmental catastrophes and energy starvation led to a slight fettering of western capitalism.

      I guess TPTB were not happy with the way things were going -all that nonsense about energy conservation and environmental protection- so they installed Reagan, Thatcher, Roger Douglas etc. to put the world on track for all the Friedman excesses we have witnessed over the past 25 years and the implosion that is now on the horizon.

  7. Capitalism hasn’t failed. It has some obvious failings and they need to be addressed, but like the imperfections of democracy there’s no better way of doing things, alongside a mix of social policies.

    • mik e 7.1

      Berlusconi has raised taxes on the rich.I can hear the out rage from the right.Osbourne Tory finance minister has admitted its social deprivation thats caused the riots in England!

    • KJT 7.2

      Yeah, right!

    • Afewknowthetruth 7.3

      I suppose you call half the population of the world living in poverty, a succession of environmental catastrophes -Exxon Valdez, Bohpal, Fukishima and dozens more, death of the oceans, blowing up mounatin tops, desecrating an area the size of England to get to tar sands, wiping out hundreds of indigenous cultures, a state of perpetual war, and a thoroughly sick society which is locked into consumerism that has no future a success.

      ‘there’s no better way of doing things’

      You have demonstrated you have an incredibly tiny imagination, a very poor knowledge of history and a closed mind, so I guess there is no point in further discussion

    • Colonial Viper 7.4

      there’s no better way of doing things, alongside a mix of social policies.

      BULLSHIT

      A better way of doing things would be to give workers and local communities the capital wealth they need to set things up and get things done for themselves and to reap the benefits of their hard work for themselves. Not for some major shareholder in a foreign country who adds no value to the operation or the community.

      In other words, democratic socialism.

      • Pete George 7.4.1

        Workers and local communities can do that if they want to. The key thing is for them not just to expect it to be handed to them, they have to make it happen.

        • Colonial Viper 7.4.1.1

          Sure. They need to make it work. And we can start them off with $10B. It takes money to make money, you know that.

        • Draco T Bastard 7.4.1.2

          The key thing is for them not just to expect it to be handed to them, they have to make it happen.

          Yep, I’m all in favour of expropriation of the wealth back into the communities hands – and jailing the fucking psychopaths that took it from the community in the first place.

        • mik e 7.4.1.3

          We did have regional development boards but National scraped them because it is easier to buy votes in Auckland. Building motorways while john Key builds cycle ways for the rest of the country

        • mik e 7.4.1.4

          PG yeah cycleways would be a good start.Or do you mean billionaire film makers, Mediaworks ,destiny Church, SCF,double dipping in Dipton by a dipstick!

      • neoleftie 7.4.2

        we would need a socio / eco shift for that to happen. yes spain has a few nice examples.
        So bring on the workers revolution and create co-ops within the work place…

  8. Afewknowthetruth 8

    Just seen this on growth. Independent UK.

    Growth stalls across the eurozone

    Investors braced for poor second-quarter figures

    By Margareta Pagano, Business Editor

    Sunday, 14 August 2011

    Investors are prepared for further evidence that recovery may be stalling across Europe as second-quarter growth figures are announced for the eurozone this week.

    City analysts predict a modest 0.3 per cent average growth – despite Germany’s continued strong performance. But investors were uneasy after Friday’s news that, in the three months to June, growth collapsed to zero in France. Greece also disclosed much worse figures than expected – with its economy shrinking by 6.9 per cent in the second quarter.

    • Colonial Viper 8.1

      Good old IMF/ECB neoliberal vandals.

      Has the EU not learnt anything about what to do from Malaysia, Argentina or Iceland. Or what not to do from Greece and Ireland.

      Madness.

  9. randal 9

    Its only words dude. Capitalism is still the only system that produces the goods. Sorry to talk down hickey but his is the view of every kiwi who only knows abou their own mortgage and not how things are actually made. When capitalism goes we all go. byeeeeeeeeeeeeeeeeee…

  10. Jenny 10


    I thought that the most important quote from Bernard Hickey’s article was the following which I have abridged:

    Hedge-fund manager Jeremy Grantham also picked up on this structural problem this week…..
    Grantham should know about how the rich work. His firm manages more than US$100 billion worth of funds and doesn’t accept any amounts less than US$10m. Yet even he is saying it is now time to reset capitalism…..

    He wants to see tax rates on the wealthiest rise back to the levels seen in the 1950s and 60s.

    Bernard Hickey

    In line with this call for a fairer tax system even from within the highest ranks of finance capital, was this press release in my inbox.

    Tax Justice media release
    14 August 2011

    Tax Justice to present 40,000 signatures to Parliament, Tuesday 16 August

    40,000 signatures calling for GST to be removed from food and a tax placed on financial speculation instead will be presented to Parliament at 12noon on Tuesday 16 August.

    The Tax Justice petition will be received on the steps of Parliament by Su’a William Sio, the Labour MP for Mangere, who will be presenting it to the House.

    Russel Norman, Green Party co-leader, and Hone Harawira, Mana leader, have also confirmed their attendance at the petition handover.

    “With round two of the Global Financial Crisis upon is, there’s more reason than ever to make changes to New Zealand’s unfair tax system,” says Vaughan Gunson, Tax Justice campaign coordinator.

    “Taking GST off food would give immediate relief to ordinary New Zealanders struggling to pay the bills. While introducing a Financial Transaction Tax that targets the pariahs of the financial world would generate much needed government revenue,” says Gunson.

    The organisations and individuals who have actively supported the Tax Justice campaign to date will be represented in a delegation on the steps of Parliament. Included in the delegation are: Aaron Edwards (Whangarei District Councilor), Alastair Duncan (Service & Food Workers Union), Ariana Paretutanganui-Tamati (Mana Movement), Kay Murray (Alliance Party co-leader), Mike Clark (Maritime Union of NZ), Peter Conway (Council of Trade Unions secretary), and Sheryl Cadman (National Distribution Union).

    Vaughan Gunson, Tax Justice campaign coordinator, is available to speak to the media about the Tax Justice campaign prior to, during, and after the presentation of the petition. He can be contacted on 021-0415 082.

    The MPs who will be receiving the petition, and members of the Tax Justice delegation, will be available to speak to the media on the steps of Parliament between 11.30am and 1pm.

    A group “photo opportunity” for photographers and TV cameras will be organised at the conclusion of the formal presentation of the Tax Justice petition to the MPs.

    For more information on the Tax Justice campaign go to http://www.nogstonfood.org

    For comment, contact:

    Vaughan Gunson
    Tax Justice campaign coordinator
    (09)433 8879
    021-0415 082
    svpl@xtra.co.nz

    Victor Billot
    Tax Justice media spokesperson
    021-482 219
    victor@victorbillot.com

    The successful Tax Justice petition has been a large, co-operative effort involving activists of many shades around New Zealand.

    Collective activity over four years (starting with RAM’s GST-off-food petition in 2008, going through the Bad Banks campaign and latterly the Tax Justice petition) has been extremely important in advancing tax justice policies within the Maori Party, Labour Party, Green Party and Mana.

    Together many different socialists, unionists and other activists, have helped to get neo-liberalism’s crumbling central pillar of financialisation onto the radar of all the left-leaning parliamentary parties, and into the consciousness of a growing number of the body politic.

    The scene is now set for all these forces to work together for the implementation of genuine Tax Justice in New Zealand.

    • mik e 10.1

      Berlusconi must be listening to maybe Joyce Key and English could take a leaf out of right winger Berlusconi’s book!

  11. AAMC 11

    don’t suppose anyone here can link to the Bill Gross and Jeremy Grantham articles Hicky is referencing?

    Have searched but to no avail…

    • joe90 11.1

      A snapshot of Grantham’s argument, along with his key points at the bottom of the article.

      http://www.businessinsider.com/jeremy-grantham-commodity-prices-2011-6##ixzz1V4amQiYlhttp://www.businessinsider.com/jeremy-grantham-commodity-prices-2011-6#

      GRANTHAM:
      Summary of the Summary
      The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.
      Summary
       Until about 1800, our species had no safety margin and lived, like other animals, up to the limit of the food supply, ebbing and flowing in population.
       From about 1800 on the use of hydrocarbons allowed for an explosion in energy use, in food supply, and, through the creation of surpluses, a dramatic increase in wealth and scientific progress.
       Since 1800, the population has surged from 800 million to 7 billion, on its way to an estimated 8 billion, at minimum.
       The rise in population, the ten-fold increase in wealth in developed countries, and the current explosive growth in developing countries have eaten rapidly into our finite resources of hydrocarbons and metals, fertilizer, available land, and water.
       Now, despite a massive increase in fertilizer use, the growth in crop yields per acre has declined from 3.5% in the 1960s to 1.2% today. There is little productive new land to bring on and, as people get richer, they eat more grain-intensive meat. Because the population continues to grow at over 1%, there is little safety margin.
       The problems of compounding growth in the face of finite resources are not easily understood by optimistic, short-term-oriented, and relatively innumerate humans (especially the political variety).
       The fact is that no compound growth is sustainable. If we maintain our desperate focus on growth, we will run out of everything and crash. We must substitute qualitative growth for quantitative growth.
       But Mrs. Market is helping, and right now she is sending us the Mother of all price signals. The prices of all important commodities except oil declined for 100 years until 2002, by an average of 70%. From 2002 until now, this entire decline was erased by a bigger price surge than occurred during World War II.
       Statistically, most commodities are now so far away from their former downward trend that it makes it very probable that the old trend has changed – that there is in fact a Paradigm Shift – perhaps the most important economic event since the Industrial Revolution.
       Climate change is associated with weather instability, but the last year was exceptionally bad. Near term it will surely get less bad.
       Excellent long-term investment opportunities in resources and resource efficiency are compromised by the high chance of an improvement in weather next year and by the possibility that China may stumble.
       From now on, price pressure and shortages of resources will be a permanent feature of our lives. This will increasingly slow down the growth rate of the developed and developing world and put a severe burden on poor countries.
       We all need to develop serious resource plans, particularly energy policies. There is little time to

      Read more: http://www.businessinsider.com/jeremy-grantham-commodity-prices-2011-6#heres-the-bottom-line-13#ixzz1V4cHrSW3

      Google: Bill Gross pimco newsletter

Recent Comments

Recent Posts

  • Bill introduced to support workers with 10 days sick leave
    The Government is delivering on a key commitment by introducing a Bill to Parliament to expand sick leave entitlements from five days to ten days a year, Workplace Relations and Safety Minister Michael Wood announced today. “COVID-19 has shown how important it is to stay at home when people are ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Progress on pay equity for DHB staff
    Today’s initial agreement between DHBs and the PSA on pay equity for clerical and administration staff is an important step toward better, fairer pay for this crucial and largely female workforce, Health Minister Andrew Little says. If ratified, the agreement between the Public Service Association and the country’s 20 District ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Iconic Milford Track officially reopens
    One of New Zealand’s premier hikes and a cornerstone of the Te Anau community, the Milford Track has officially reopened, “From today, hikers booked on the popular Great Walk will be able to complete the walk end-to-end for the first time since early February,” Minister of Conservation Kiri Allan says. ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Support for farmers beefed up ahead of La Niña
    Further funding for feed support services and new animal welfare coordinators will help farmers who continue to feel the effects of an extended drought, says Rural Communities Minister Damien O’Connor. “In March this year, I classified the drought in the North Island, parts of the South Island and the Chathams ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Next steps for Christchurch Hospital campus redevelopment
    Canterbury DHB will be better placed to respond to future demand for services and continue to deliver high quality care, with the next stage of the campus redevelopment programme confirmed, Health Minister Andrew Little says. The Government has approved $154 million in funding for the construction of a third tower ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Five Power Defence Arrangements Defence Ministers’ Joint Statement
    The Defence Ministers from Australia, Malaysia, New Zealand, Singapore and United Kingdom reaffirmed their nations’ continued commitment to the Five Power Defence Arrangements (FPDA), and commended the achievements over the past 49 years as the FPDA moves towards its 50th Anniversary in 2021.  The Ministers recognised the FPDA’s significant role ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Jobs for Nature funding protects health of Hawke’s Bay waterways
    A joint Government and Hawke’s Bay Regional Council project will invest $4.2 million to protect local waterways, enhance biodiversity and employ local people, Environment Minister David Parker announced today.   Over two years, the Hāpara Takatū Jobs for Nature project will fence 195km of private land to exclude stock from vulnerable ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Year border exception for seasonal workers in the horticulture and wine industries
    2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week while in isolation From January ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government increases support for New Zealanders to work in seasonal jobs
    The Government is offering further financial support for unemployed New Zealanders to take on seasonal work. These new incentives include: Up to $200 per week for accommodation costs $1000 incentive payment for workers who complete jobs of six weeks or longer increasing wet weather payments when people can’t work to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government receives Royal Commission of Inquiry report into the Terrorist Attack on Christchurch Mos...
    Minister for Internal Affairs Jan Tinetti has today received the Royal Commission of Inquiry report into the Terrorist Attack on Christchurch Mosques, and will table it in Parliament on Tuesday December 8. “I know this will have been a challenging process for whānau, survivors and witnesses of the terrorist attack ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand Government to declare a climate emergency
    The Government will declare a climate emergency next week, Climate Change Minister James Shaw said today.                                       “We are in the midst of a climate crisis that will impact on nearly every ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Call for urgent action on Pacific conservation
    A declaration on the urgency of the global biodiversity crisis and the need for immediate, transformative action in the Pacific was agreed at a pan-Pacific conference today. The 10th Pacific Islands Conference on Nature Conservation and Protected Areas is taking place this week across the Pacific.  Minister of Conservation Kiritapu ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech from the throne
    E aku hoa i te ara o te whai, Kia kotahi tā tātou takahi i te kō, ko tōku whiwhi kei tō koutou tautoko mai. Ko tāku ki a koutou, hei whakapiki manawa mōku. He horomata rangatira te mahi, e rite ai te whiwhinga a te ringatuku, me te ringakape ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Keynote address to Chartered Accountants Australia and New Zealand conference
    Speech to the CAANZ conference - November 19, 2020 Thank you, Greg, (Greg Haddon, MC) for the welcome. I’d like to acknowledge John Cuthbertson from CAANZ, the Commissioner of Inland Revenue Naomi Ferguson, former fellow MP and former Minister of Revenue, Peter Dunne, other guest speakers and CAANZ members. I ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Expert independent advisory group appointed to strengthen the future of Māori broadcasting
    A panel of seven experts are adding their support to help shape the future of Māori broadcasting, Minister for Māori Development Willie Jackson has announced today. “Today I will meet with some of the most experienced Māori broadcasters, commentators and practitioners in the field. They have practical insights on the ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government to review housing settings
    New Zealand’s stronger-than-expected economic performance has flowed through to housing demand, so the Government will review housing settings to improve access to the market, the Finance Minister Grant Robertson announced today. “Our focus is on improving access to the housing market for first home buyers and ensuring house price growth ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Crown accounts reflect Govt’s careful economic management
    The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance before gains and losses, or OBEGAL, was in deficit. However that ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Community launch marks next step in addressing racism in education
    The launch of Te Hurihanganui in Porirua today is another important milestone in the work needed to address racism in the education system and improve outcomes for Māori learners and their whānau, Associate Education Minister Kelvin Davis says. Budget 2019 included $42 million over three years to put Te Hurihanganui ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government to consider recommendations on DNA use in criminal investigations
    The Minister of Justice has received the Law Commission’s recommending changes to the law governing the way DNA is used in criminal investigations. The report, called The Use of DNA in Criminal Investigations – Te Whahamahi I te Ira Tangata I ngā Mātai Taihara, recommends new legislation to address how ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Speech to Wakatū Nelson regional hui on trade
    First, I want to express my thanks to Te Taumata for this hui and for all the fantastic work you are doing for Māori in the trade space. In the short time that you’ve been operating you’ve already contributed an enormous amount to the conversation, and developed impressive networks.  I ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Speech to Primary Industries Summit
    Thank you for the opportunity to speak to you today about the significant contribution the food and fibres sector makes to New Zealand and how this Government is supporting that effort. I’d like to start by acknowledging our co-Chairs, Terry Copeland and Mavis Mullins, my colleague, Agriculture Minister Damien O’Connor, ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Fast track referrals will speed up recovery and boost jobs and home building
    The Government is taking action to increase jobs, speed up the economic recovery and build houses by putting three more projects through its fast track approval process. “It’s great to see that the fast-track consenting process is working. Today we have referred a mix of potential projects that, if approved, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Papakāinga provides critically needed homes in Hastings
    A papakāinga opened today by the Minister for Māori Development the Hon Willie Jackson will provide whānau with much needed affordable rental homes in Hastings. The four home papakāinga in Waiōhiki is the first project to be completed under the ‘Hastings Place Based’ initiative. This initiative is a Government, Hastings ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand ready to host APEC virtually
    Prime Minister Jacinda Ardern took over the leadership of APEC earlier today, when she joined leaders from the 21 APEC economies virtually for the forum’s final 2020 meeting. “We look forward to hosting a fully virtual APEC 2021 next year. While this isn’t an in-person meeting, it will be one ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Revival of Māori Horticulturists
    The rapid revival of Māori horticulture was unmistakeable at this year’s Ahuwhenua Trophy Awards, with 2020 marking the first time this iconic Māori farming event was dedicated to horticulture enterprises. Congratulating finalists at the Awards, Māori Development Minister Willie Jackson said growing large-scale māra kai is part of Māori DNA. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Emergency benefit to help temporary visa holders
    From 1 December, people on temporary work, student or visitor visas who can’t return home and or support themselves may get an Emergency Benefit from the Ministry of Social Development, Social Development and Employment Minister Carmel Sepuloni announced today. Previously, temporary visa holders in hardship because of COVID-19 have had ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • School sustainability projects to help boost regional economies
    Forty one schools from the Far North to Southland will receive funding for projects that will reduce schools’ emissions and save them money, Education Minister Chris Hipkins announced today. This is the second round of the Sustainability Contestable Fund, and work will begin immediately. The first round announced in April ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Farmer-led projects to improve water health in Canterbury and Otago
    More than $6 million will be spent on helping farmers improve the health of rivers, wetlands, and habitat biodiversity in Canterbury and Otago, as well as improving long-term land management practices, says Agriculture Minister Damien O’Connor. Four farmer-led catchment group Jobs for Nature projects have between allocated between $176,000 and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tupu Aotearoa continues expansion to Pacific communities in Nelson, Marlborough, Tasman & Northl...
    Pacific communities in Nelson, Marlborough, Tasman and Northland will benefit from the expansion of the Tupu Aotearoa programme announced today by the Minister for Pacific Peoples, Aupito William Sio. The programme provides sustainable employment and education pathways and will be delivered in partnership with three providers in Northland and two ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New primary school and classrooms for 1,200 students in South Island
    Education Minister Chris Hipkins unveiled major school building projects across the South Island during a visit to Waimea College in Nelson today. It’s part of the Government’s latest investment of $164 million to build new classrooms and upgrade schools around the country. “Investments like this gives the construction industry certainty ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Minister of Māori Development pays tribute to Rudy Taylor
      Today the Minister of Māori Development, alongside other Government Ministers and MP’s said their final farewells to Nga Puhi Leader Rudy Taylor.  “Rudy dedicated his life to the betterment of Māori, and his strong approach was always from the ground up, grassroots, sincere and unfaltering”  “Over the past few ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prime Minister to attend APEC Leaders’ Summit
    Prime Minister Jacinda Ardern will attend the annual APEC Economic Leaders’ Meeting and associated events virtually today and tomorrow. “In a world where we cannot travel due to COVID-19, continuing close collaboration with our regional partners is key to accelerating New Zealand’s economic recovery,” Jacinda Ardern said. “There is wide ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Speech to Infrastructure NZ Symposium
    Tena Koutou, Tena Koutou and thank you for inviting me to speak to you today. This is a critical time for New Zealand as we respond to the damage wreaked by the global COVID-19 pandemic. It is vital that investment in our economic recovery is well thought through, and makes ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Pike River 10 Year Anniversary Commemorative Service
    Tēnei te mihi ki a tātau katoa e huihui nei i tēnei rā Ki a koutou ngā whānau o te hunga kua riro i kōnei – he mihi aroha ki a koutou Ki te hapori whānui – tēnā koutou Ki ngā tāngata whenua – tēnā koutou Ki ngā mate, e ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Huge investment in new and upgraded classrooms to boost construction jobs
    Around 7,500 students are set to benefit from the Government’s latest investment of $164 million to build new classrooms and upgrade schools around the country. “The election delivered a clear mandate to accelerate our economic recovery and build back better. That’s why we are prioritising construction projects in schools so more ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Keeping Pike River Mine promises 10 years on
    Ten years after the Pike River Mine tragedy in which 29 men lost their lives while at work, a commemorative service at Parliament has honoured them and their legacy of ensuring all New Zealand workplaces are safe. Prime Minister Jacinda Ardern attended the event, along with representatives of the Pike ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Additional testing to strengthen border and increase safety of workers
    New testing measures are being put in place to increase the safety of border workers and further strengthen New Zealand’s barriers against COVID-19, COVID-19 Response Minister Chris Hipkins said today. “These strengthened rules – to apply to all international airports and ports – build on the mandatory testing orders we’ve ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More public housing delivered in Auckland
    The Government’s investment in public housing is delivering more warm, dry homes with today’s official opening of 82 new apartments in New Lynn by the Housing Minister Megan Woods. The Thom Street development replaces 16 houses built in the 1940s, with brand new fit-for-purpose public housing that is in high ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Agreement advanced to purchase up to 5 million COVID-19 vaccines
    The Government has confirmed an in-principle agreement to purchase up to 5 million COVID-19 vaccines – enough for 5 million people – from Janssen Pharmaceutica, subject to the vaccine successfully completing clinical trials and passing regulatory approvals in New Zealand, says Research, Science and Innovation Minister Megan Woods. “This agreement ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Jobs for Nature funding will leave a conservation legacy for Waikanae awa
    Ninety-two jobs will be created to help environmental restoration in the Waikanae River catchment through $8.5 million of Jobs for Nature funding, Conservation Minister Kiritapu Allan announced today. “The new funding will give a four-year boost to the restoration of the Waikanae awa, and is specifically focussed on restoration through ...
    BeehiveBy beehive.govt.nz
    2 weeks ago