In face of share market meltdown, Govt’s options limited

Written By: - Date published: 7:15 am, August 26th, 2015 - 55 comments
Categories: auckland supercity, bill english, debt / deficit, Economy, housing, john key, tax, treasury - Tags: , ,

By Simon Louisson

John Key says New Zealand has options in the face of a share market meltdown.

The Prime Minister says that New Zealand is not like Greece (well that’s a relief).

The question is how real are those options?

Enormous debt built up by six successive Budget deficits has limited options.

Government debt under the stewardship of Finance Minister Bill English has soared to $63 billion – some 26.5% of GDP – from just $17 billion, or 9.1% of GDP, in 2009 when National tool office.

And while the economy temporarily revived due to a spike in dairy prices and the stimulus of the Christchurch rebuild, Bill English discarded the concept of the “automatic stabilizer’, where you save in good times so you can spend in bad times.

Remember it is only three four years ago that international rating agencies Fitch and Standard and Poor’s downgraded New Zealand’s credit rating, citing concern over our high external debt.

S&P’s sovereign credit analyst Kyran Curry said then: “the lowering of the foreign and local currency long-term ratings follows our assessment of the likelihood that New Zealand’s external position will deteriorate further”.

Our economic strengths were “moderated by New Zealand’s very high external imbalances, which are accompanied by high household and agriculture sector debt, dependence on commodity income, and emerging fiscal pressures associated with its aging population”.

Downward pressure on New Zealand’s ratings could re-emerge if the external position deteriorated, added Mr Curry.

Shortly after the ratings downgrade, New Zealand’s external position improved, thanks to dairy prices, but that situation has drastically reversed in the last 18 months with the Global Dairy Trade Index down 62 percent from a peak in 2013.

As well, debt in the household and agricultural sectors has increased sharply, and the latter it is about to increase drastically with most dairy farms now being unprofitable.

And now, our economy is tracking on what Treasury euphemistically called “Scenario One” – ie a negative outlook.

Under Treasury’s Budget Scenario One economic forecast, where world prices for New Zealand’s commodity exports fall below the central forecast, New Zealand’s current account deficit jumps to 7.7% of GDP by the end of 2016, far worse than the 3.6% deficit in the year to March 31, 2015.

Such an ugly deficit will certainly make the rating agencies sit bolt upright.

The central forecast had wholemilk powder prices moving back by 2016 to US$3900/MT, far north of their current level of US$1856.

Mr Key told Radio NZ that fears about China’s outlook mainly revolved around the construction and investment sectors while New Zealand was happily exposed to the consumer sector. Well go look at the fall in milk powder prices Mr Key.

The effect of a credit rating cut is to make borrowing by the government or New Zealanders more expensive. It is a detrimental and serious event that has long-term negative economic implications.

So essentially, the option of stimulating the economy via increased spending, or tax cuts, which would each significantly add to debt, is seriously limited.

A second option cited by Mr Key is a potential sharper cut in interest rates than already contemplated by the central bank.

Unlike many of the world’s leading economies, New Zealand has not yet had to cut its interest rates to zero, so with the Official Cash Rate at 2.5% there is theoretically a degree of wriggle room.

However, even there, the rating agencies are poised like Jerome Keino ready to wack us as a sharp cut to interest rates would puff up the Auckland property market further.

S&P just this month cut the ratings of the New Zealand arms of the four big Australian banks, citing concern about the over-valued Auckland market.

It said that most financial institutions would be adversely affected if house prices in Auckland fell sharply, even if they didn’t lend much in that region. The agency said that was because of Auckland’s importance to the New Zealand economy, accounting for about 35% of national output.

Then on Monday, Reserve Bank Deputy Governor Grant Spencer said the potential for a bursting of the Auckland property bubble was a serious danger to both banks, the banking system as well as the economy as a whole.

A sharp cut in interest rates will therefore be problematic without further inflating the Auckland property bubble, thereby risking destabilizing the financial system, something the Reserve Bank has a statutory requirement to protect.

So while New Zealand may have more options than Greece, thanks to this Government’s profligate past spending, including irresponsible tax cuts, our options have narrowed drastically.

 


 

Simon Louisson is a former journalist who worked for NZPA, Reuters, AP Dow Jones and The Wall Street Journal, The Press, The Jerusalem Post and as a media and political adviser to the Green Party.

55 comments on “In face of share market meltdown, Govt’s options limited ”

  1. AmaKiwi 1

    +1

    In each of the past 30 years, only three OECD countries have NEVER had a year when they had a positive balance of trade: Greece, Australia, and New Zealand.

    IMO, these market drops signal a dramatic turn for the worse in a global sovereign debt crisis. If I am right, National has done everything WRONG. We are more in debt and far less able to cope than we were under Labour in 208.

    • save NZ 1.1

      +1 – the government should have continued to cut debt like under Labour. Instead they have spent the kitty and then some, AND MORE.

      Not content to get us into huge debt the Nats have also been busy selling our assets to their mates, power, land and state housing.

      Not even content to do just that they have ordered state owned companies like Solid Energy to take on more debt until they are now bankrupt so they could get more dividends (while still not being in surplus).

      Not content with that, they lowered the immigration investment criteria so now you get into the country by buying up residential property and farms!

      Not only content to do that, they set up crazy public private schemes like Serco to lose NZ jobs and pay more money to have worse public service, less jobs and the profits being sent offshore.

      Not only content to do that they set up crazy corporate welfare schemes like paying for SkyCities conference centre build and putting a vanity conference centre in Christchurch (where Joe Bloggs doesn’t even have an insurance pay out to provide a roof over their head).

      They are like SO CRAZY and irresponsible. It is like some sort of sick joke.

      And then having MSM do their dirty work by telling joe blogs how amazing they are running the economy.

      Words fail me.

      They are even worse than Muldoon’s crazy ideas.

      They are the LOONY RIGHTIES.

      • Chooky 1.1.1

        +100…”They are the LOONY RIGHTIES.”…corruption!

        ….they are working NOT for New Zealand and New Zealanders

        • save NZ 1.1.1.1

          And this, money not spent of social welfare but on consultants to take from the poor and give to the corporate rich.

          Cost of private contractors doubles to $11.9m at Ministry of Social Development
          Payments for private contractors at the Ministry of Social Development has skyrocketed to $11.9 million.
          The blow-out has resulted in a bill for taxpayers that is more than double the previous year.
          Figures from the Social Services Committee’s estimates examination reveal that at the same time the public service is being asked to be frugal, the ministry has spent up large on private contractors, including a $2.6m programme provided by Deloitte.
          The ministry spent $5.4m on contractors for the year to the end of March 2014, but that amount ballooned to almost $12m by the end of March this year.

        • save NZ 1.1.1.2

          +1 – I just hope these National MP’s unscrupulously selling off our country and doing criminal financial damage to the economy, get to taste a Serco prison first hand.

    • DS 1.2

      Quibble:

      New Zealand hasn’t had a Current Account surplus since 1974. We have trade surpluses all the time, but they are always outweighed by a severely negative balance of invisibles (profit flows and such).

  2. Ad 2

    The Key/English/Joyce handling of the economy is beginning to feel like the Robert Redford film “All Is Lost”, which consists of a series of flashbacks in which the sailor
    – chose not to plan
    – chose not to tell people where he was going
    – chose not to predict his risks
    – chose to go the unsafe and vulnerable route
    – chose the wrong equipment
    – chose to keep pressing ahead when it was going wrong

    …and then cries out “All Is Lost.”

    Now, I sure ain’t saying “All Is Lost”. Far from it.
    And I would hate to hear any alternative government sounding other than resolute and coherent rather than stoking public fear.

    But this government has consistently failed to plan, form new instruments, chart a course, tell people where it was going, or figured out how to change when things are going wrong.

    National are inferior government in a crisis.

    • One Anonymous Bloke 2.1

      Also, they’re an inferior government when there isn’t a crisis.

    • tracey 2.2

      except the government ministers are not suffering. They are not castaways, they are not bereft or hungry or thirsty.

      • Ad 2.2.1

        And clearly you’re not Robert Redford either.
        Go and figure out the definition of metaphor and come back.

  3. Charles 3

    Cool! The Nats are finally thinking of becoming responsible in the face of a crisis and spending to alleviate effects. This spending will include:

    Proactive job creation, public sector support for self-employment, small businesses, co-operative and community-owned enterprises. Expand the apprenticeship programme and greater availability of bridging courses for immigrants.

    Introduce a tax-free zone at the bottom end of the income scale.

    $6.8 million increase in support Initiatives to employ people with disabilities, mainly in the public sector.

    New top tax rate of 40 percent above $140,000. Tax credit giving an extra $60 a week to families; a non-discriminatory Parental Tax Credit of $220 a week in the first weeks of life for the poorest children; $500 million per year investment in children’s health and education to reduce the harm caused by poverty.

    $21 million a year to extend free GP visits to teenagers aged 13-17, abolish their prescription charges; a further $8 million a year to help GPs deal with the extra workload.

    Increase the minimum wage and ensure it cannot fall below 66% of the average wage.

    Set benefit amounts at a level sufficient for all basic needs of the individual/family: Protect all benefit levels by linking rates to a fixed percentage of the average wage (like superannuation).

    A two-tier benefit system consisting of a universal base rate that is enough to live on, with add-ons for specific circumstances, such as dependants, disability or chronic illness.

    A Universal Child Benefit with the ability to capitalise it towards a home deposit.

    Abolish stand-down periods, treat people aged 18 and over as adults for benefit purposes; no forced work for the dole.

    Oh wait no I was thinking of a Green government. Silly me. https://www.greens.org.nz/policy

    Oh, well then, what will happen is National will use this as an excuse to blame the unemployed, the vulnerable, extend zero hour contracts everywhere, privatise everything, throw those with the least power over their circumstances under the metaphorical luxury tour bus – or into private prisons – while handing out funds to the usual collection of people who don’t need it and waste it.

    • tracey 3.1

      I can always count on your to remind me that I have a pot on the hob… that needs more…

  4. tc 4

    As designed folks, the narrow ‘dairy is the new gold’ focus, hammering R&D, reduction in the govt asset base/revenue, foreign ownership is all good, Cullen fund is evil etc etc is what banksta john’s wrecking crew has been relentless about with TPPA coming along to further give away control and soverignty.

    Granny hardcopy leads today with a dog whistling piece on empty state houses playing her part on the diversion front giving the flag a rest probably.

  5. Stuart Munro 5

    The Key government aren’t actually any good at this economics stuff. They just swallow and regurgitate any daft line from the fantasists at Treasury. Among the many options this government faces the service revolver and the decent thing is not the worst.

  6. tracey 6

    I thought I heard Key imply when asked about plan B that he didnt need one cos PLan A is working?

  7. linda 7

    I think national party voters should. Pay the rest of us cant we are stone broke as it is

  8. Anno1701 8

    makes you wonder if JK is our “economic hitman”

  9. Michael 9

    I hate to give National any satisfaction, but this post is wrong.

    a) National was right to run deficits after the GFC as balancing the books when the economy was not running at capacity would have harmed the economy and worsened unemployment.

    b) Debt being 26% of GDP still places us as one of the lowest debtors in the OECD. We can afford to run more deficits if the economy worsens. Debt below ~60% of GDP is considered sustainable, I believe. (And you don’t really get into a Greece-style crisis until you get to like 100-150% of GDP).

    But one point I will make to criticise:
    a) Increasing debt to cut taxes for the wealthy was extremely stupid. National’s tax cuts for the lower tax brackets made sense – that’s classic Keynesianism. But the top rate should not have been changed.

    • dukeofurl 9.1

      Trouble is this year which is supposed to be a ‘near surplus’ is in reality a cash deficit of $5-7 Billion. Thats 7% of government spending. Any economic slowing and the cash deficit ( which is the amount borrowed) gets to 10% of total spending very quickly.

    • Lara 9.2

      Your first point a) may have been true for a couple of years, or maybe even up to four years after the GFC ended, but not the last couple of years at least.

      The GFC ended (at least, the markets made their final lows and thereafter have been in a bull market since) in 2009.

      So for a couple of years after that then yes, running a deficit would be okay. With the strong caveat that only so long as the extra spending was carefully targeted to STIMULATE THE ECONOMY.

      But six years? Six years after the GFC ended? That’s ridiculous. Those last years were a bull market, a long one, with economic recovery. That’s the time to put money aside to weather the next storm, not continue to run deficits and leave the economy less able to weather the next storm.

      • Colonial Viper 9.2.1

        Don’t mix up the bullish state of the financial markets in the last couple of years – fed by a QE I.V. drip of brand new electronic cash direct injected into the markets daily feeding asset price bubbles as well as ZIRP/NIRP – to the state of the global real economy over the same time frame.

        The Wall St/Main St divide has never been greater.

        • Lara 9.2.1.1

          This is true, that inequality and the divide between financial markets and the rest of the economy is great.

          But NZ has still had overall growth in our GDP (with the exception of 2011) for most of National’s reign.

          And although there is a gap between financial markets and the rest of the economy (which is highly problematic) there has been some filter through to the wider economy.

          It’s just not true to say that NZ has been suffering from the effects of the GFC enough for deficits to be run consistently all these years.

          • Colonial Viper 9.2.1.1.1

            The NZ money supply depends on debt, because our government does not issue the money it needs itself.

            Foreign companies take approx $15B out of the country annually, we import more than we export, and the country runs a chronic current account deficit.

            Net, the NZ economy is depleted of many billions of dollars of cash a year.

            If the government were to also start running a surplus i.e. taking more out of the economy than it spends into the economy, it will further exacerbate this extraction of cash out of the NZ economy.

            The result, over time, will be a recession and economic crisis.

            • Lara 9.2.1.1.1.1

              I agree completely.

              I’m approaching the topic from the mantra of a National supporter. They seem to think a surplus is a good thing, and that National are always just about to produce one, and when they don’t’ keep blaming it on Labour and GFC.

              My point is that is bullshit.

              And I’m aware of how money works, that it is created new as debt by private banks.

              And I’m also aware that this is not the only possible way of structuring our monetary supply, in fact, it seems really dumb to keep doing it this way. Iceland is onto it.

              But while we operate in a money = debt system and while we get into ever increasing debt, the interest must be repaid. If this is the system they insist on then they need to reduce debt in good times so that they are ready for bad times.

              I have read plenty of Bernard LIeater’s ideas, and Margrit Kennedy’s too.

      • Michael 9.2.2

        That’s why I mentioned the tax cuts for the wealthy. Now *that* was profligate. If National had not done that, then the books probably would have balanced themselves a bit faster.

        But other than reversing those tax cuts, National should not have raised taxes or cut spending elsewhere to get the deficit down faster. In 2007/08 the unemployment rate was between 3 and 4 percent. It peaked above 7 percent around 2012 or 2013. We didn’t see a more solid recovery in that rate until 2014. So that’s 5 years after the GFC ‘ended’.

        So sure 6 years after the GFC might be a bit excessive. But we still were quite far from running at capacity until early 2014, so the deficit should not have been forced down. I think if National hadn’t cut taxes for higher income earners, we probably would’ve seen the books balanced by then.

        But I think it was completely justified to deficit spend and keep easy monetary policies until 4 or 5 years after the GFC officially ended, sure. I do agree that we should have seen the books balanced by now, though, so we can be prepared to stimulate the economy in case the China crisis snowballs.

        • Colonial Viper 9.2.2.1

          Governments cannot ‘balance the books’ if a country has a chronic current account deficit like we do.

        • Lara 9.2.2.2

          Yes, I do tend to agree with you.

          I’m just really sick of National supporters blaming this governments lack of financial management, the consistent deficits and increasing government debt on the GFC which ended years ago.

          Their supporters are so sure National is a good manager of the economy, all the while they have never actually produced a surplus while repeatedly promising it’s just around the corner, and blaming it all on Labour and the GFC which damn well ended years ago.

          I do agree the “recovery” is a fake. And I expect it’s beginning to all unravel now.

    • Stuart Munro 9.3

      Don’t confuse the incompetent inability to run surpluses with stimulus spending. Those tax cuts were paid for by austerity measures that more than consumed any stimulatory effect. Tax cuts are invariably a remarkably poor stimulus – they feed into the wrong end of the economy.

      We’re in trouble – and the reason we’re in trouble is our economic management is hopelessly captured by neo-liberal cultists. Whatever goes wrong their answer is to steal more public assets.

      This government are looters – only in power for what they can steal. The public should impose martial law on them until the crisis abates. Martial law usually includes shooting looters.

    • Pat 9.4

      debt is approx 37% of GDP…from near zero under Labour

  10. SPC 10

    The OCR was reduced to 3% in July.

    It is not 2.5%, it is forecast to reduce to 2.5% later this year.

    • lprent 10.1

      Agreed. A bit pedantic though

      By now I’d say that the drop is built into everything that the market already does. It is even more likely to go ahead now that the overseas trade is falling.

      The only thing that appeared to have been staying the RBNZ’s hand last year was that it might heat up the Auckland housing market further. However it has become quite apparent over the last 18 months that the money fuelling that is from financing sources outside of the local mortgage markets, and therefore unaffected by OCR rates.

  11. SPC 11

    The most obvious option is to introduce unemployment insurance.

    A pool of money available to pay people for up to 12 months unemployment keeps the economy intact despite job loss – it also means there is no shock to the government budget from benefit cost rise.

    Re property, a surcharge on investment property mortgages would help to calm speculation driven buying and assist resort to a lower OCR/dollar.

    • Craig H 11.1

      I don’t care how it’s done (UBI is my personal preference), but anything that eliminates benefit-bashing is good in my books.

    • Tricledrown 11.2

      That’s not working very well in the US ,ACT style policy.

      • SPC 11.2.1

        Unemployment insurance is not ACT style policy. And they do not have universal unemployment insurance in the USA. They simply have a limited term for UB.

  12. Richard@Down South 12

    The Government crippled the economy when they lead a ‘cut costs at all expenses’ crusade… It didn’t matter what it did to each government dept, as long as costs were cut…

    Private industry was hardly going to look at what the government was doing and go ‘now is a good time to invest and hire new staff (unless you had an up and coming plan/project which had a good chance of succeeding), so most businesses hunkered down, and waited for the ‘economic recovery’ which never came

    Instead, the Government could have made smart choices, invested in real job growth, not changed the GST rate/upper tax rates (a move which was supposed to be revenue neutral but wasnt)… Instead of selling off assets because it is a core belief, they could have kept them and in a few years, we’d have been in a better position than we will be due to the sell off (i believe its 7 years from sale date that we lose any benefit due to what we would have gotten in dividends)

  13. RedBaronCV 13

    I Think I would change the heading “Govts options are limited” sounds like they are caught in something they haven’t contributed to.
    Something harsher like “Govt ensures we have no options ” but I’m sure there are better ways of saying this

  14. Nic the NZer 14

    [lprent: This is a simply awful comment – appears to have been written by a economic idiot doing a diversion comment and not even explaining what their alternatives are. ]

    This is a simply awful article. The author disqualifies himself from ever writing about the economy again due to his total ignorance.

    Question: can NZ ever become like Greece?
    Authors Answer: Yes, maybe.
    Actual Answer: No never, because NZ has its own currency, unlike Greece.

    [lprent: Author never said that anywhere. ]

    Question: should we be concerned about credit rating downgrades?
    Authors Answer: Yes.
    Actual Answer: No never, because NZ has its own currency.

    [lprent: The issue is about debt, specifically sovereign debt which is about how governments raise money offshore in overseas currencies. We raise bugger all sovereign debt inside NZ because our savings levels are too low. Local currency has very little to do with overseas debt except in the export/import balances in paying it back. ]

    Question: should the government stimulate the economy with tax cuts or spending?
    Authors Answer: No, not an option, because it will add to the deficit.
    Actual Answer: Yes, definitely, the government should have already been doing more due to a 5%+ unemployment rate.

    [lprent: He didn’t say anything of the sort. It can only be done if the government wishes to raise debt offshore, or raises local taxes, or causes inflation in prices by printing money or by arbitrary confiscations. (And you didn’t explain any other method). What he said was that using the first was a problem. ]

    Then a discussion about interest rates, apparently the more viable but still problematic alternative. But completely missing the point that the housing market slowing dramatically is a likely underlying cause of the recession at which point your no longer concerned about housing market inflation.

    [lprent: You appear to have been reading a different article. The discussion was about the Reserve Bank’s OCR rate, the rating agencies response to it, and the danger to banks if there was a pop in the housing market. ]

    Obviously by dismissing the best, option for dealing with a likely recession you are going to be left with poor alternatives. Deficit fetishism is doing the country tremendous harm.

    [lprent: And then you didn’t bother to explain what your alternative was. Banned one week for doing a diversion on this post and attacking an author personally. I don’t care if you disagree, but to deliberately misrepresent what the author is saying, and then not even put your own ideas forward is outright stupid. Also tucking this at the end of the comments on this post ]

    • dukeofurl 14.1

      Glad someone pulled apart Nics farrago.

      One other economic lever Key said we could use was ‘lower interest rates’

      Which had me gobsmacked. The Reserve Bank governor is the only one who can set an ‘official interest rate’, and this was because it was taken out of the hands of politicians.

      Last time I checked the only mandate of the RBG was price stability in a certain range. Nowhere is there and requirement ( like other countries) for other economic indicators like reducing unemployment, or growing the economy etc.

      Has Key really thrown the RBG under the bus and the long held economic stability model that goes with it ? Is this the new Muldoon !

    • Wayne 14.2

      Another example of unreasonable banning by Iprent. I appreciate its your blog, but seriously Nic the NZer does not deserve the over the top reaction by you. And if you want to ban me as well because I question your decision, well, its your blog, so its your choice.

      [lprent: Hey don’t tempt me. My usual response to that plea is assist in the self-martyrdom that you are so clearly requesting. I figure that those making that plea should have what they are asking for in full, so I usually quadruple sentences.

      But in this case no. The comment was left in the post with my demonstration of a moderator doing exactly the same style of personal attack in return for a reason. Therefore to allow discussion on why I did it that way. See my comment in reply further down the page. ]

      • dukeofurl 14.2.1

        Banned one week for doing a diversion on this post and attacking an author personally. Im sure this nonsense did it:
        “The author disqualifies himself from ever writing about the economy again due to his total ignorance.”
        Everyone has a go at you wayne but authors are a different category

      • les 14.2.2

        have to agree with you there Wayne..he must have got out of the wrong side of the bed this morning.

        • dukeofurl 14.2.2.1

          read what the banning notice said, attacking the authors is a big no no.
          writing gibberish didnt help

      • Stuart Munro 14.2.3

        Actually Nic was behaving abnormally stupidly.

        should we be concerned about credit rating downgrades?
        Authors Answer: Yes.
        Actual Answer: No never, because NZ has its own currency.

        So credit downgrades make no difference? They don’t affect for example the cost of borrowing? The interest when for example you’ve blown $101 billion by truly spectacular incompetence is more if your credit rating is lower. Magic foreign investment fairies don’t make that go away.

        Like most of you untruthful ultra-righties Wayne, Nic would not survive what he deserves.

      • lprent 14.2.4

        I am always very unreasonable when people personally attack authors, and that was pretty clearly an attack on the author rather than what they wrote about.

        If it’d been a deconstruction of what was in the post, then Nic would have put in their preferred alternatives and left out the personal attack at the start.

        You’ll note that I did EXACTLY the same kind of attack on Nic that Nic did on Simon. This is part of my usual strategy to demonstrate why people shouldn’t use certain techniques unless they are willing to have the same ones used by me against them. Which is why I have this rather hurt email in my mailbox this morning from Nic.

        We need authors a damn sight more than we need commenters. Which is why attacking them on a personal basis is a risky business if people want to continue commenting here. Attack what they are saying, sure. But do not expect to do so when not offering anything as alternatives or without pointing to actual facts. That is a classic avoidance strategy of someone wanting to be a lazy critic without the moral and intellectual underpinnings to frame an effective criticism. It is what you do when you want to frame a personal attack. And leading off with something like

        The author disqualifies himself from ever writing about the economy again due to his total ignorance.

        is pretty hard to view as being anything apart from a personal attack.

        Normally I try to let authors deal with these as much as possible, and acting as a backup. However you’ll usually find me swinging my size 11’s in the same vein as any arsehole commenter (except far far worse) as soon as it is a post by a guest author, or a new author.

        I find it keeps most of the new authors entering the blogging environment happier if they know someone will deal with people being idiots.

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    1 day ago
  • When an independent expert / advisory group is anything but ..
    OPINION: Yesterday, 1News reported that the Government's "independent" advisory group had recommended Kiwirail offload its ferries to another entity.Except this wasn't entirely new news at all, besides that it came formally from Nicola Willis’s advisory team.TVNZ is under significant cost pressure, and earlier this year, after expressing strong discontent with ...
    Mountain TuiBy Mountain Tui
    2 days ago
  • The Kākā’s Pick 'n' Mix for Friday, July 12
    Photo by Alexander Schimmeck on UnsplashTL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 9:00 am on Friday, July 12 are:Scoop: Ministerial group advises KiwiRail no longer run Cook Strait ferries 1News’ Julia RodenNews: ...
    The KakaBy Bernard Hickey
    2 days ago
  • Weekly Roundup 12-July-2024
    Kia ora and welcome to another Friday roundup, in which we pull together some of the links and stories that caught our eye this week. Feel free to add more in the comments! The week in Greater Auckland On Monday, Scott delivered a delicious disquisition on donut cities, ...
    Greater AucklandBy Greater Auckland
    2 days ago
  • The Kākā’s Journal of Record for Friday, July 12
    Photo by Dominik Scythe on UnsplashTL;DR: The top six announcements, rulings, reports, surveys, statistics and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Friday, July 11 are:Climate: Transport Minister Simeon Brown said in a release the Government's plan to reverse New ...
    The KakaBy Bernard Hickey
    2 days ago
  • The Hoon around the week to July 12
    TL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features co-hosts and talking with:The Kākā’s climate correspondent talking about the National-ACT-NZ First Government’s climate strategy ‘pamphlet’, its watering down of Clean Car Standards and its general lack of coherence;University of Otago Foreign Relations Professor ...
    The KakaBy Bernard Hickey
    2 days ago
  • Casey Costello strikes again
    Summary: A track record of deception is becoming evident in the Government’s Coalition alliance. Ministers across all parties have been found to either lie without contrite, and/or act unlawfully and unreasonably. The rails are coming off quicker than a marshmallow induced fantasy train ride as the conductors throw caution to ...
    Mountain TuiBy Mountain Tui
    2 days ago
  • Skeptical Science New Research for Week #28 2024
    Open access notables Antarctic Bottom Water Warming, Freshening, and Contraction in the Eastern Bellingshausen Basin, Johnson et al., Geophysical Research Letters Cold winds blowing over polynyas (areas of ice-free water) on the Antarctic continental shelf create sea ice, forming very cold and somewhat salty, hence very dense, waters. These dense ...
    2 days ago
  • We're back! Join us for the weekly Hoon on YouTube Live
    Photo by Mathias Elle on UnsplashWe’re back after a three-week mid-winter break. I needed a rest, but back into it. We’re still with the ‘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 ...
    The KakaBy Bernard Hickey
    2 days ago
  • Climate Change: National’s gas fantasy
    Yesterday the government released the advice on its proposal to repeal the offshore fossil gas exploration ban, including a Climate Implications of Policy Assessment statement, Cabinet paper, and Regulatory Impact Statement. I spent some time looking at these last night, and the short version is that the government's plan is ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • A criminal minister
    RNZ reports that cancer minister Casey Costello has been reprimanded and forced to apologise by the Ombudsman for acting "contrary to law" in her handling of an OIA request: Associate Health Minister Casey Costello has been severely reprimanded by the Chief Ombudsman and forced to apologise for trying to ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • Gordon Campbell on Luxon in the NATO pressure cooker
    New Zealand is one of six countries invited as onlookers to this week’s NATO summit in Washington. As such, PM Christopher Luxon will be made aware of the pressure on the 32 NATO member states (a) to increase their Defence spending (b) to become less militarily dependent on the US ...
    WerewolfBy lyndon
    2 days ago
  • Bernard’s Dawn Chorus for Thursday July 11
    TL;DR: My top six things to note around housing, climate and poverty in Aotearoa’s political economy in the last day or so on the morning of July 11 are:Climate: Climate Change Minister Simon Watts issued the National-ACT-NZ First Coalition Government’s climate strategy yesterday, including a three-page document with five bullet ...
    The KakaBy Bernard Hickey
    2 days ago
  • By George! Splendid streets take shape down south
    The revitalisation of Auckland city centre, especially around Wynyard Quarter, Te Komititanga, and Queen Street, is top of mind for Greater Auckland readers – but other cities around Aotearoa New Zealandare installing people-friendly streets. This guest post by Jessica de Heij, who grew up in the Netherlands and is an ...
    Greater AucklandBy Guest Post
    3 days ago
  • Bernard's Pick 'n' Mix for Thursday, July 11
    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:30 am on July 11 are:Scoop: NZ First Minister acted 'contrary to law’. Casey Costello has been severely reprimanded by the Chief Ombudsman and forced ...
    The KakaBy Bernard Hickey
    3 days ago
  • The Kākā’s Journal of Record for Thursday, July 11
    TL;DR: The top six announcements, rulings, reports, surveys, statistics and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Thursday, July 11 are:Economy: Te Pūtea Matua The Reserve Bank of New Zealand (RBNZ) announced its Monetary Policy Committee decided to hold the ...
    The KakaBy Bernard Hickey
    3 days ago
  • Farmers’ revenge meets Green resistance
    If there was one issue that united farmers in opposition to the Labour Government, it was the battle of the waterways between farmers and Environment Minister David Parker. Parker won the first round with his 2020 National Policy Standard on Freshwater Management (NPSFM) which imposed tough new standards on waterways ...
    PolitikBy Richard Harman
    3 days ago
  • Personal Reflections: 10th July
    Please note: This is a personal reflection and does not refer to politics. These entries are not sent to subscribers.Text within this block will maintain its original spacing when publishedHubris and Pride Out of the fire and into the frying pan? Swimming with the big sharks Tonight, I am excited. ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Oh Vienna
    Nothing can warm your heart like the sight of your daughter stepping off a train. Mary-Margaret arrived on Saturday to ride with us to Vienna.You know your way around a bike? the guy at the hire shop asks her. Yep. She’s ridden them on rail trails, Auckland’s mean streets, commutes ...
    More Than A FeildingBy David Slack
    3 days ago
  • Geoffrey Miller: New Zealand forges deeper ties with NATO
    Christopher Luxon is finding his foreign policy feet. Now eight months into the job, New Zealand’s Prime Minister is in Washington DC this week to attend the NATO summit. It is the third year in a row that Wellington has been invited to the annual gathering of the North Atlantic ...
    Democracy ProjectBy Geoffrey Miller
    3 days ago
  • Climate Change: National’s carbon capture fantasy
    As the climate crisis has grown worse, the tactics of the polluting industries have shifted. From denying climate change, they then moved on to pushing "carbon capture" - dumping their emissions underground rather than in the atmosphere. It's a PR scam, intended to prolong the life of the industry we ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • Harsh Truths.
    The Way We Were: An indelible mark was left upon a whole generation of New Zealanders by the Great Depression and World War II; an impression that not only permitted men and women of all classes and races to perceive the need to work together for the common good, but also ...
    3 days ago
  • Explainer: Simeon Brown's CCUS Announcement
    Sources for the data and research:Peter Milne: Time’s up on Gorgon’s five years of carbon storage failureSimon Holmes a Court: "Does best CCS power station in world provide model for Australia?" Chris Vanderstock: "The truth about Carbon Capture and Storage"   "Sunk Costs": documenting CCS's failure to meet every, single, target, ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • The Kiwirail Interislander saga continues
    This morning, 1 News is reporting that the cancellation of the i-Rex ferries has so far cost taxpayers $484 million.That's almost half a billion dollars. That could probably fund thousands of new doctors, maybe complete a few hospital rebuilds, or how about money for our experienced police so they don’t ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Bernard’s Chorus for Wednesday, July 10
    As foreshadowed in legislation passed quietly under urgency just before Christmas, the Transport Minister has personally watered down standards for car imports in a way expected to add millions of tonnes to our climate emissions Photo: Lynn Grieveson / The KākāTL;DR: My top six things to note around housing, climate ...
    The KakaBy Bernard Hickey
    3 days ago
  • Christopher Luxon's business acumen
    It’s April, and the relatively new Prime Minister of New Zealand is on his first overseas mission to South East Asia.Christopher Luxon walks into the room. A warm smile on his face. A hand extended to his counterpart.“We are open for business,” he says confidently. “New Zealand is under new ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • Meet New Zealand's Russell Brand?
    Hi,There is an all too common story within the guru community, and we see it play out again and again. The end is nearly always the same — a trail of victims and confusion left in the guru’s wake.As seen in the recent case of Russell Brand, the guru simply ...
    David FarrierBy David Farrier
    4 days ago
  • Why is the Government flooring it on unsafe speeds?
    Feedback closes midnight Thursday 11 July, on the draft speed-setting rule. See our previous post on the subject for details, and guidance on having your say. Among other things, it proposes to raise speeds in cities back up to a universal 50km/h (with no option of 30km/h), and will restrict safe ...
    Greater AucklandBy Greater Auckland
    4 days ago
  • American Boy
    Take me on a trip, I'd like to go some dayTake me to New York, I'd love to see LAI really want to come kick it with youYou'll be my American boy…Love letters straight from the heart. Hmm, I think that’s a different tune, but that’s where we’ll begin. With ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Bernard's Pick 'n' Mix for Wednesday, July 10
    Photo by Jannis Brandt on UnsplashTL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am are:Investigation: Benefitting from the misery of others. Over 40% of emergency housing funding went to a concentrated group ...
    The KakaBy Bernard Hickey
    4 days ago
  • The Kākā’s Journal of Record for Wednesday, July 10
    Photo by Mr Cup / Fabien Barral on UnsplashTL;DR: The top six announcements, reports and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:30 am on Wednesday, July 10 are:Climate: Minister for Transport Simeon Brown announced changes to the Clean Car Importer Standard that ...
    The KakaBy Bernard Hickey
    4 days ago
  • How rural families are saving thousands with electric vehicles
    This is a re-post from Yale Climate Connections by Daisy Simmons (Photo credit: Automotive Rhythms / CC BY-NC 2.0) Some people thought Juliana Dockery and her husband Sean were being impractical when they bought an electric vehicle in 2022. Why? Like one in five Americans, they live in a rural area ...
    4 days ago
  • Love to complete it all
    Photo credit: Rob DickinsonThis is my wish for you: Comfort on difficult days, smiles when sadness intrudes, rainbows to follow the clouds, laughter to kiss your lips, sunsets to warm your heart, hugs when spirits sag, beauty for your eyes to see, friendships to brighten your being, faith so that ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • Climate Change: What’s left of the Emissions Reduction Plan?
    In 2019, Parliament, in a supposed bipartisan consensus, passed the Zero Carbon Act. The Act established long-term emissions reduction targets, and a cycle of five-yearly budgets and emissions reduction plans to meet them, with monitoring by the independent Climate Change Commission. In theory this was meant to ensure that the ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • The President They Have Got.
    “This cannot be real life!” Confronted with the choice of recommitting themselves to the myth of Joe Biden, or believing the evidence of their own eyes, those Americans not already committed to Donald Trump will reach out instinctively for the President they wish they had – blind to the President they ...
    4 days ago
  • Has Progressivism Peaked?
    Let’s Go Crazy! AOC (Alexandria Ocasio-Cortez) rarks-up the voters of New York’s 16th Congressional District.HAVE WE MOVED past peak progressivism? Across the planet, there are signs that the surge of support for left-wing causes and personalities, exemplified by the election of the democratic socialist Alexandria Ocasio Cortez (AOC) to the US House ...
    4 days ago
  • The Kākā’s Dawn Chorus for July 9
    TL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy in the last day are:Labour may be looking at signing up for an Irish style 33% inheritance tax instead of or as well as a capital gains tax;Sam Stubbs has proposed the Government sell ...
    The KakaBy Bernard Hickey
    4 days ago
  • Mr Luxon goes to Washington.
    Once fastened servile now your getting sharpMoving oh so swiftly with such disarmI pulled the covers over him shoulda' pulled the alarmTurned to my nemesis a fool no fucking godTuesday morning usually provides something to write about with a regular round of interviews for the Prime Minister across Newshub, TVNZ, ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Kiwirail at Councils Transport & Infrastructure Committee
    Last week at the Council’s Transport and Infrastructure Committee, Kiwirail gave an update about the state of the network and the work they’re doing to get it ready for the opening of the City Rail Link. There were a few aspects that stood out to me so I’ve pulled them ...
    Greater AucklandBy Greater Auckland
    5 days ago
  • Bernard's Pick 'n' Mix for Tuesday, July 9
    Photo by City Church Christchurch on UnsplashTL;DR: The top six links elsewhere I’ve spotted around housing, climate and poverty in Aotearoa’s political economy in the last day to 8:00 am are:Scoop: Waipareira Trust political donations probe referred to Charities Registration Board NZ Herald-$$$’s Matt NippertScoop: Migrant whistleblowers speak out after ...
    The KakaBy Bernard Hickey
    5 days ago
  • What’s next after Supreme Court curbs regulatory power: More focus on laws’ wording, less on the...
    This article by Robin Kundis Craig, Professor of Law, University of Kansas is republished from The Conversation under a Creative Commons license. Read the original article. Federal Chevron deference is dead. On June 28, 2024, in a 6-3 vote, the Supreme Court overturned the 40-year-old legal tenet that when a federal ...
    5 days ago
  • The folly of retreat in the face of defeat
    Note: This is a long readPolitical discourse on social media taught me that bad faith operators and tactics are not only prevalent, they are widespread and effective.Thanks for reading Mountain Tui! Subscribe for free to receive new posts and support my work.Their objectives are much narrower than one might imagine.The ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • The Parent Zone
    Hi,I am about to wing my way back to New Zealand for the Webworm popup this Saturday in Auckland — can’t wait to see some of you there! In the meantime, I highly recommend the latest pet thread over on the Webworm app. All I’ll say is that readers here ...
    David FarrierBy David Farrier
    5 days ago
  • Tuesday: The Kākā’s Journal of Record for July 9
    Photo by Alex Zaj on UnsplashTL;DR: The top six announcements, speeches, news conferences reports and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Tuesday, July 9 are:Politics: Full news conference: 'Please resign', Chloe Swarbrick tells Darleen Tana RNZ VideoPaper: Increasing speed ...
    The KakaBy Bernard Hickey
    5 days ago
  • Breaking up is so hard to do
    The fundamental weakness of the waka jumping legislation is once again on display, as the Greens seem reluctant to trigger it to remove Darleen Tana from Parliament altogether. Tana has been suspended from the Greens Caucus while it had barrister Rachel Burt investigate allegations that she had been involved in ...
    PolitikBy Richard Harman
    5 days ago
  • Gordon Campbell on the privatising of state housing provision, by stealth
    Kāinga Ora’s “independent review” was carried out by the same National Party leader whose own administration’s inadequate housing build – and selling of state houses- had caused Kāinga Ora to embark on its crash building programme in the first place. To use a rugby analogy, this situation is exactly like ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • “Laser focused on the cost of living crisis”
    Cartoonist credit: Christopher Slane ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Gordon Campbell on the elections in France, Iran and Britain
    As Werewolf predicted a week ago, it was premature to call Emmanuel Macron’s snap election call “a bitter failure” and “a humiliating defeat” purely on the basis of the first round results. In fact, it is the far-right that has suffered a crushing defeat. It has come in third in ...
    WerewolfBy lyndon
    5 days ago
  • The UK needs proportional representation
    Like a lot of people, I spent Friday watching the UK election. There's the obvious joy at seeing the end of 14 years of Tory chaos, but at the same time the new government does not greatly enthuse me. In order to win over the establishment, Starmer has moved UK ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Bernard's Chorus for Monday, July 8
    TL;DR: Thanks for the break, and now I’m back. These are the top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy in the last day or so:Chris Bishop’s pledge to ‘flood the market’ with land to build new houses both out and up remains dependent ...
    The KakaBy Bernard Hickey
    5 days ago
  • French Left Wins Big
    Usually I start with some lyrics from the song at the end of the newsletter, to set the mood. But today I’m going to begin with a bit of a plea. About six weeks ago I decided to make more of my writing public with the hope that people would ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Satire: It's great our Prime Minister is so on the ball
    ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • This is the real reason David Seymour needs to reinterpret the Treaty of Waitangi
    This is republished from an earlier write upDavid Seymour is part of the ACT Party. He's backed by people like Alan Gibbs, and Koch money. He grew up as a right wing lobbyist - tick tick tick. All cool and fine - we know.What's also been clear is a fervent ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • Going for Housing Growth: Filling the housing donut?
    Hot take: it should be affordable to live in Auckland. You may not be surprised to learn I’m not the only one with this hot take. Indeed, the Minister of Housing recently took the notable step of saying house prices should come down, something common wisdom says should be a politically ...
    Greater AucklandBy Scott Caldwell
    6 days ago
  • Bernard's Pick 'n' Mix for Monday July 9
    TL;DR: As of 6:00 am on Monday, July 9, the top six links elsewhere I’ve spotted around housing, climate and poverty in Aotearoa’s political economy in the last day or so are:Scoop: Probation officer sacked for snooping is linked to alleged spy Jian Yang. Corrections dismissed Xu Shan over his ...
    The KakaBy Bernard Hickey
    6 days ago
  • What has the Government done for you so far?
    List effective 1 July 2024Consumer and household (note: road and car costs are under infrastructure)Cancelled half-price public transport fares for under-25s and free fares for under-13s funding, scrapping the Labour government-era subsidies. The change will not affect pre-existing discounts funded directly by councils.Cut funding for free budgeting services. One third of the ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • The Kākā’s Journal of Record for Monday, July 8
    Photo by Amador Loureiro on UnsplashTL;DR: As of 6:00 am on Monday, July 8, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last three days were:Local Government Minister Simeon Brown announced the Coalition Government would not be responding to ...
    The KakaBy Bernard Hickey
    6 days ago
  • The Kākā’s diary for the week to July 15 and beyond
    TL;DR: The six key events to watch in Aotearoa-NZ’s political economy in the week to July 15 include:PM Christopher Luxon is travelling to Washington this week to attend a NATO meeting running from Tuesday to Thursday. Parliament is not sitting this week.The RBNZ is expected to hold the OCR on ...
    The KakaBy Bernard Hickey
    6 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #27
    A listing of 31 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 30, 2024 thru Sat, July 6, 2024. Story of the week Our Story of the Week is brought to us by Dr. Ella Gilbert, a researcher with the British ...
    6 days ago
  • The Great Splintering: Thoughts on the British Election
    I can remember 1997. Even living on the other side of the world, having a Scottish father and Welsh grandfather meant I acquired a childhood knowledge of British politics via family connections (and general geekery). And yes, I inherited the dark legends of that evil folk-devil, Margaret Thatcher. So when ...
    6 days ago
  • 2% royalties for mining? Deal!
    Snapshot postToday, Shane Jones was courageous enough to front Q&A with Jack Tame. Thanks for reading Mountain Tui ! Subscribe for free to receive new posts and support my work.Jack Tame is a bit of a legend. And that’s only because he strikes me as a good journalist i.e. well ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • Aotearoa Says – No Diggity.
    Strictly biz, don't play aroundCover much ground, got game by the poundGetting paid is a forteEach and every day, true player wayOne month ago tens of thousands of Kiwis took to the streets to protest against the coalition’s Fast Track legislation. Concerned that it would prioritise some people making a ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Strangers and others
    For a moment yesterday I thought I might have been trailing my old friend Simon Wilson across the Danube, over cobbled stones, and into the old town square of Linz. Same comfortable riding style, same jacket, same full head of hair, but no, different friend of cycling.There is a kindred ...
    More Than A FeildingBy David Slack
    7 days ago
  • Killing the Golden Goose of New Zealand's economy
    IntroductionIn New Zealand, the National party generally retains a reputation of being pro-business and pro-economy.Thanks for reading Mountain Tui ! Subscribe for free to receive new posts and support my work.The underlying assumption is National are more competent economic managers, and by all accounts Luxon and his team have talked ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Newshub Signs Off
    Wait for the night, for the light at the end of an era'Cause it's love at the end of an eraThe last episode of Newshub, the final instalment of TV3 News, aired last night. Many of us who took the time to watch felt sad and nostalgic looking back over ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • The Pharmac Fiasco
    If you don’t understand how things work you make foolish mistakes. To explain how the government got into its cancer drugs muddle, we need to explain first how New Zealand’s pharmaceutical purchasing system works. There is a parallel between Pharmac and the Reserve Bank of New Zealand. The Government sets ...
    PunditBy Brian Easton
    1 week ago

  • Prime Minister wraps up US visit in California
    Prime Minister Christopher Luxon has finished a successful four-day visit to the United States with meetings in California on his final day focusing on innovation and investment.  “It has been fantastic to be in San Francisco today seeing first-hand the deepening links between New Zealand and California. “New Zealand company, EV Maritime, ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Prime Minister leads Indo-Pacific Four at NATO
    Prime Minister Christopher Luxon today chaired a meeting of the Indo-Pacific Four (IP4) countries – Australia, Japan, the Republic of Korea and New Zealand. The IP4 met in the context of NATO’s Summit in Washington DC hosted by President Biden. “Prosperity is only possible with security,” Mr Luxon says. “We need ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • District Court judges appointed
    Attorney-General Hon Judith Collins today announced the appointment of three new District Court Judges.   The appointees, who will take up their roles in July and August at the Manukau, Rotorua and Invercargill courts, are:   Matthew Nathan Judge Nathan was admitted to bar in New Zealand in 2021, having previously been ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Urgent review into Wairoa flood response begins
    Environment Minister, Penny Simmonds today announced the terms of reference for a rapid review into the Wairoa flood response. “The Wairoa community has raised significant concerns about the management of the Wairoa River bar and the impact this had on flooding of properties in the district,” says Ms Simmonds. “The Government ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • NZDF’s Red Sea deployment extended
    New Zealand has extended its contribution to the US-led coalition working to uphold maritime security in the Red Sea, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today. “The decision to extend this deployment is reflective of the continued need to partner and act in line with New ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government provides support to tackle tax debt and compliance
    New compliance funding in Budget 2024 will ensure Inland Revenue is better equipped to catch individuals who are evading their tax obligations, Revenue Minister Simon Watts says. “New Zealand’s tax debt had risen to almost $7.4 billion by the end of May, an increase of more than 50 per cent since 2022. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Taking action to reduce road cones
    The Coalition Government is taking action to reduce expenditure on road cones and temporary traffic management (TTM) while maintaining the safety of workers and road users, Transport Minister Simeon Brown says.  Rolling out a new risk-based approach to TTM that will reduce the number of road cones on our roads.  ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Celebrating 100 years of progress
    Te Arawa Lakes Trust centenary celebrations mark a significant milestone for all the important work done for the lakes, the iwi and for the Bay of Plenty region, says Māori Crown Relations: Te Arawhiti and Māori Development Minister Tama Potaka. The minister spoke at a commemorative event acknowledging 100 years ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Foreign Minister to travel to Korea and Japan
    Foreign Minister Winston Peters will travel to the Republic of Korea and Japan next week.    “New Zealand enjoys warm and enduring relationships with both Korea and Japan. Our relationships with these crucial partners is important for New Zealand’s ongoing prosperity and security,” says Mr Peters.    While in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Huge opportunity for educators and students as charter school applications open
    Associate Education Minister David Seymour says today is another important step towards establishing charter schools, with the application process officially opening.  “There has already been significant interest from groups and individuals interested in opening new charter schools or converting existing state schools to charter schools,” says Mr Seymour. “There is ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Decreasing gas reserves data highlights need to reverse oil and gas exploration ban
    MBIE’s annual Petroleum Reserves report detailing a 20 per cent reduction in New Zealand’s natural gas reserves shows the need to reverse the oil and gas exploration ban, Energy Minister Simeon Brown says.“Figures released by MBIE show that there has been a 20 per cent reduction in New Zealand’s natural ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Providers of military assistance to Russia targeted in new sanctions
    Foreign Minister Winston Peters has announced further sanctions as part of the Government’s ongoing response to Russia’s illegal invasion of Ukraine.    “Russia’s continued illegal war of aggression against Ukraine is a direct and shocking assault on the rules-based order. Our latest round of sanctions targets Russians involved in that ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • OECD report shows New Zealand is a red tape state
    Minister for Regulation David Seymour says that the OECD Product Market Regulation Indicators (PMRI) released this morning shows why New Zealanders sorely need regulatory reform. “This shocker result should end any and all doubt that the Government must go to war on red tape and regulation,” says Mr Seymour.  “The ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government unveils five-point climate strategy
    The coalition Government is proud to announce the launch of its Climate Strategy, a comprehensive and ambitious plan aimed at reducing the impacts of climate change and preparing for its future effects, Climate Change Minister Simon Watts says. “The Strategy is built on five core pillars and underscores the Government’s ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • National Bowel Screening Programme reaches 2 million life-saving screening kits
    The National Bowel Screening Programme has reached a significant milestone, with two million home bowel screening kits distributed across the country, Health Minister Dr Shane Reti announced today.   “This programme, which began in 2017, has detected 2,495 cancers as of June 2024. A third of these were at an early ...
    BeehiveBy beehive.govt.nz
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  • Granny flats popular with all ages
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