web analytics

It’s not us: it’s the big banks

Written By: - Date published: 10:01 am, April 29th, 2013 - 31 comments
Categories: capital gains, capitalism, class war, cost of living, david cunliffe, debt / deficit, economy, gst, kiwisaver, news, russel norman, same old national, spin, thinktank - Tags:

So the big Aussie banks in NZ are on course for showing they have made record profits in their last financial year, according to Richard Meadows on Stuff:

Banking analysts expect record-breaking profits from the ‘Big Four’ Aussie lenders this week, but their local offshoots’ performance may be slightly less dazzling. …

ASB, which follows a different reporting year, has already turned in a $365 million net profit for the six months to December, down 2 per cent from the previous period’s record result. On a normalised basis, which is the bank’s preferred measure, profit rose 7 per cent. …

Across the Tasman, the Australian Financial Review reported that analysts expected the parents of the local banks to book record half-year profits of a collective A$13.2 billion (NZ$16b).

The Sydney Morning Herald reported ANZ and Westpac’s cash earnings were expected to rise 7 per cent from the previous corresponding period, while the underdog NAB was tipped to gain 2 per cent.

Meanwhile, it seems that Kiwis are not the poor savers many politicians and journalists make us out to be.  Apparently this is the conclusion of a report by the policy think tank The New Zealand Initiative (a bunch that prefer “Adam Smith’s invisible hand to government’s visible fist”).  According to  Catherine Harris’s article on Stuff, Kiwis are actually quite good savers:

In fact, New Zealand’s collective savings – from companies, government and households – had been “positive” for 38 of the past 41 years – in other words, its income was greater than its spending on consumption.

The savings figures did not include some forms of debt, though it did feature mortgage interest. But households’ net wealth had also risen.

So does that mean that the original money borrowed for mortgages is not included in the total debt of New Zealanders? Meanwhile, it argues that the problem is government policies that has caused the overall debt, even though it included government savings in NZ’s collective savings. The article claims that lack of saving is not the cause of NZ’s high debt levels:

In fact, the country’s chronically large current account deficit is the legacy of government policies between 1974 and the mid-1980s, says author and institute fellow Bryce Wilkinson.

“It was triggered by large trade deficits in the balance of payments, not least due to spiking oil prices, and exacerbated by the largely ‘Keynesian’ government deficit spending policy response.”

Since then, the large “net international investment position” – the $146 billion difference between assets New Zealanders own overseas and overseas-owned assets in New Zealand – had kept the current account balance in deficit.

I’m confused.  It looks to me like they are trying Harris’s article does not provide support another claim in the lead sentence, that New Zealanders “also fear overseas investment unnecessarily“.  Instead the article ends with reference to statistics that show,

Wilkinson also rejected the idea that Asians were taking over New Zealand. In fact, said the report, as of last year Australians owned 55 per cent of foreign investment in New Zealand, while those from Asean nations owned only 3.1 per cent.

Or is Harris and/or Wilkinson implying that Asean nation are “foreign”, but Australia isn’t?

I would have thought The New Zealand Initiative’s findings show that the (alleged) invisible hand is not stopping the foreign Aussie big banks ripping off Kiwis, and that their report is masking this by excluding some crucial forms of private debt.

Back in 2010, the NAct government launched a Savings working party because of their concerns about Kiwis not saving enough. Labour’s then financial spokesperson, David Cunliffe was skeptical.  An Otago Daily Times article said:

“Having already cut New Zealand Superannuation Fund contributions and gutted KiwiSaver, the terms of reference for the Savings Working Group are now equally disturbing,” he  [Cunliffe] said.

“New Zealanders all know `government savings’ is code for harsh cuts to essential services, `changes to the tax system’ are likely to favour the wealthiest kiwis, and references to `fairness and effectiveness of KiwiSaver’ could mean further gutting of this landmark scheme.”

When the report from the Savings Working group was released in February 2011, as reported by TVNZ, Cunliffe and Russel Norman were critical, arguing that the report put too much focus on cutting government rather than on private debt.

Labour’s finance spokesman David Cunliffe adds that the report also ignored any discussion about the impact of dramatically cutting public services.

Slashing government spending and raising GST would make the recession worse and be unfair to Kiwis, he said.

Russel Norman argued for a Capital Gains Tax (other than for the family home) was essential, in keeping with the Saving’s Group Report that showed that biases in the tax system were contributing to the inflation of house prices.

So, overall, the articles indicate the big Aussie banks are the problem, not kiwis’ inability to save.  this is even though the New Zealand Initiative seems to be trying to skew the findings to support the NAct agenda for golvernment spending cuts.

We need better think tanks – especially, we need left wing alternatives to the current influential think tanks that begin with right wing assumptions about government intervention-bad; multinational corporates-good.

 

31 comments on “It’s not us: it’s the big banks ”

  1. One Anonymous Knucklehead 1

    Left-wing think tanks are called universities.

    • Colonial Viper 1.1

      No. Universities as institutions are doing only a fair to mediocre job of acting as the social and political conscience of NZ society.

      And the economics/finance departments are generally doing a pretty shite job. But in order for academics in those fields to get grants and to get papers pubished in the major journals (and hence promotions), you basically have to follow an orthodox neoliberal framework.

      If I were to be blunt, I’d argue that universities are not fulfilling the role that NZ society needs today; just what the imaginary market and its current funding models need.

    • Murray Olsen 1.2

      Not at all. Plenty of right wing rubbish comes out of universities, as well as some left wing analysis. This shows that they support a diversity of inquiry, unlike think tanks which normally support thinking in support of a well defined position. For example, if one has liberty or freedom in the title, it’s likely to support harsher prison sentences, surveillance without legal safeguards, interference in the bedroom, and state invasion of women’s lady parts.

      • One Anonymous Knucklehead 1.2.1

        The Right needs its own facts: the Left does not. Universities foster inquiry. No think tank is ever going to match their resources.

  2. DH 2

    “Saving’s Group Report that showed that biases in the tax system were contributing to the inflation of house prices”

    Unfortunately the problem goes a little deeper than that. I don’t know how many here have read Milton Friedman but his monetarist theory is the basis for how NZ controls inflation.

    A simple monetary view is inflation occurs when the money supply increases faster than economic growth. Bank lending is the cause of the money supply growing so the RBNZ are the ones charged with keeping growth in the money supply closely aligned with growth in GDP to prevent inflation. They do that by controlling the price of money – interest rates. Basic economic theory says that if interest rates go up the demand for borrowed money will fall leading to a slowdown in the growth of the money supply.

    The housing inflation is proof the RBNZ haven’t properly controlled growth in the money supply because house prices can’t go up without it (well they could, but only if there was a corresponding fall in prices elsewhere in the market and that hasn’t occured.)

    The subject is quite complex because the mortgage lending generates economic growth, it just doesn’t create enough growth in GDP to offset the increasing money supply.

    IMO Greens & Labour are tinkering at the edges too much & need to get to the source of the problem. CGT and tax won’t reduce mortgage lending, if anything they’ll increase it.

    • Saarbo 2.1

      DH,
      A question: In the basket of goods and services that make up CPI, do you know how much is made up of “housing”?

      I get the impression it is under represented.

      • DH 2.1.1

        Yup, your impression is correct. Can download CPI data here;

        http://www.stats.govt.nz/browse_for_stats/economic_indicators/CPI_inflation/info-releases.aspx

        They use a weighting format. Weighting can be viewed as a percentage, ie a weighting of 10 would represent roughly 10% of household spending. They adjust the results further by population/area weightings but that makes only a very minor change to the numbers. The CPI is made up of groups and sub-groups, 2011 weightings by group are;

        Food – 8.79
        Alcoholic beverages and tobacco – 6.91
        Clothing and footwear – 4.42
        Housing and household utilities – 23.55
        Household contents and services – 4.44
        Health – 5.44
        Transport – 15.12
        Communication – 3.53
        Recreation and culture – 9.12
        Education – 1.84
        Miscellaneous goods and services – 6.85

        Housing and household utilities includes only the cost of a new house which I’m pretty sure doesn’t include the price of land. That group has the following sub-group weightings that make up the total of 23.55;

        Actual rentals for housing – 8.78
        Purchase of new housing – 4.01
        Property maintenance materials – 0.61
        Property maintenance services – 2.96
        Water supply – 0.26
        Refuse disposal and recycling – 0.14
        Local authority rates and payments – 2.32
        Other property related services – 0.03
        Electricity – 3.91
        Gas – 0.43
        Solid fuels – 0.11

        An example of calculating it; say you have inflation in rentals of 10%. You’d multiply that by it’s weighting of 8.78% which makes 0.878 and would add 0.878 points to the CPI.

        From the publics POV the CPI is a total con job but people aren’t good at figuring out this sort of stuff so no-one really understands it.

  3. JonL 3

    Interesting.

    In the latest Eurobarometer poll
    Large majorities across Europe support:
    – the introduction of a tax on financial transactions (71%)
    – tighter rules for credit rating agencies (79%)
    – a tax on profits made by banks (83%)
    – tighter rules on tax avoidance and tax havens (61%)
    70% wish to see a stronger EU role in regulating the financial services industry and 76% want to see stronger EU coordination of economic policy.
    Tellingly only 39% of the population believe that reducing public deficits and debt are the answer to the economic crisis.

    Are there any similar polls in NZ?

    • infused 3.1

      Probably not since we didn’t get fucked like Europe did.

      • felix 3.1.1

        …thanks to the previous govt using budget surpluses to pay off our debt and leave the books in good shape. According to Bill English, that is.

        Guess it’s a good thing they didn’t listen to you and your mates bleating at them for years to spend those surpluses on tax cuts, eh?

        • infused 3.1.1.1

          It doesn’t matter, Labour spent it all in the end anyway.

          • Pascal's bookie 3.1.1.1.1

            But like you say, we weren’t fucked like Eurp.

            Say, who reckoned we should be more like Ireland leading in to the GFC?

          • felix 3.1.1.1.2

            Labour left us with no debt, confused. You and your mob wanted them to leave us with a massive debt.

            I think that matters quite a lot.

  4. MrSmith 4

    Great piece Karol and wish I had time to write something in reply, DH is on the money though.

  5. dumrse 5

    Labour had no hesitation in telling us they would nationalise the Power so, why not Nationalise the Banks. Think about it, the fat profits could be used to repay the purchase price and the next decade will contribute to the economy. Don’t forget, you heard about it here first.

  6. MrSmith 6

    “So the big Aussie banks in NZ are on course for showing they have made record profits in their last financial year, according to Richard Meadows on Stuff:”

    The thing that most people don’t understand is that accounting has a lot of grey areas, and the right like it that way, now if you are an Aussie bank do you think you would employ your brothers, sisters, uncles son, who you were told is good at maths to do your accounts? No you will likely pull some of that tax deductible freshly printed money out and employ the best fuckin accountant money can buy and when I say the best, I don’t mean the most moralistic, I mean the one that will make me the most money, accounting is just another game, the government sets the rules and if you want to win at this game, so like most sports you push the limits, until you get caught breaking the rules, then you say your sorry and hope the gains outweigh the losses.

    The Aussie banks will be cooking their books, you can bet on it, for the tax department to take on this lot will mean a large swallow, and lets face it the Nat’s put the dogs on the chains 4 years ago.

    Interesting listening to our former prime minister Boldger rewriting history on RadioNZ the other day, saying he had some regrets, meaning when he first came to power that selling our banking system to the Aussie’s, was his greatest regret, thanks a lot Jim, Jim you will go down in history as the Man that sold NZ to Australia.

    Boy and Girls we would be far better off becoming another state of Australia now! sorry but the game is up kids, at-least we would get decent wages and conditions, think about it, swallow your pride and ask to become part of Austrila or shut the fuck up about being Australia’s bum boys, bend over and pay the rent, they own us now, thanks Jim.

  7. MrSmith 7

    Going Bush tomorrow Karol but no doubt Draco will show up and DH needs to write more on this, hope to get back to this later tomorrow when the traps are out.

  8. MrSmith 8

    “Meanwhile, it seems that Kiwis are not the poor savers many politicians and journalists make us out to be.  Apparently this is the conclusion of a report by the policy think tank The New Zealand Initiative (a bunch that prefer “Adam Smith’s invisible hand to government’s visible fist”).  According to  Catherine Harris’s article on Stuff, Kiwis are actually quite good savers:”

    I have know idea what or who’s behind the New Zealand Initiative, call me a sceptic, rewriting history is like religion, just interpretation, and every man and his dog, like the New Zealand Initiative seem to be rewriting history at the moment.

    Read this recently by Noam Chomsky on Adam Smith. http://www.greanvillepost.com/2013/04/11/education-is-ignorance-discovering-the-real-adam-smith/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%253A+TheGreanvillePost+%2528The+Greanville+Post%2529

    • Pascal's bookie 8.1

      New Zealand Initiative is Business Roundtable 2.0

    • karol 8.2

      Here is the link to Wilkinson’s full NZ Initiative report. This is what it says “About the Author”

      Prior to setting up economics consultancy Capital Economics in 1997, Bryce Wilkinson was a director of Credit Suisse First Boston in New Zealand (now First NZ Capital). Before moving into investment banking in 1985, he worked in the New Zealand Treasury, reaching the position of director. Bryce has a strong background in public policy analysis, including monetary policy, capital market research and microeconomic advisory work. He was a member of the government’s Regulatory Responsibility Taskforce, the 2025 Taskforce and the ACC Stocktake Group and was acting executive director of the New Zealand Business Roundtable for a short period in late 2011 and early 2012.

      Bryce holds a PhD in economics from the University of Canterbury and was a Harkness Fellow at Harvard University.

  9. infused 9

    Yes it is us. We are the ones spending their money. They won’t make a profit if you are not borrowing…

  10. tracey 10

    Wasnt the main advisor to bush vis a vis the bank bailouts the former head of goldman sachs?

Links to post

Recent Comments

Recent Posts

  • World-leading family harm prevention campaign supports young NZers
    Associate Minister for Social Development and Employment Priyanca Radhakrishnan has today launched the Love Better campaign in a world-leading approach to family harm prevention. Love Better will initially support young people through their experience of break-ups, developing positive and life-long attitudes to dealing with hurt. “Over 1,200 young kiwis told ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • First Chief Clinical Advisor welcomed into Coroners Court
    Hon Rino Tirikatene, Minister for Courts, welcomes the Ministry of Justice’s appointment of Dr Garry Clearwater as New Zealand’s first Chief Clinical Advisor working with the Coroners Court. “This appointment is significant for the Coroners Court and New Zealand’s wider coronial system.” Minister Tirikatene said. Through Budget 2022, the Government ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • Next steps for affected properties post Cyclone and floods
    The Government via the Cyclone Taskforce is working with local government and insurance companies to build a picture of high-risk areas following Cyclone Gabrielle and January floods. “The Taskforce, led by Sir Brian Roche, has been working with insurance companies to undertake an assessment of high-risk areas so we can ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • New appointment to Māori Land Court bench
    E te huia kaimanawa, ko Ngāpuhi e whakahari ana i tau aupikinga ki te tihi o te maunga. Ko te Ao Māori hoki e whakanui ana i a koe te whakaihu waka o te reo Māori i roto i te Ao Ture. (To the prized treasure, it is Ngāpuhi who ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Government focus on jobs sees record number of New Zealanders move from Benefits into work
    113,400 exits into work in the year to June 2022 Young people are moving off Benefit faster than after the Global Financial Crisis Two reports released today by the Ministry of Social Development show the Government’s investment in the COVID-19 response helped drive record numbers of people off Benefits and ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Vertical farming partnership has upward momentum
    The Government’s priority to keep New Zealand at the cutting edge of food production and lift our sustainability credentials continues by backing the next steps of a hi-tech vertical farming venture that uses up to 95 per cent less water, is climate resilient, and pesticide-free. Agriculture Minister Damien O’Connor visited ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Conference of Pacific Education Ministers – Keynote Address
    E nga mana, e nga iwi, e nga reo, e nga hau e wha, tena koutou, tena koutou, tena koutou kātoa. Warm Pacific greetings to all. It is an honour to host the inaugural Conference of Pacific Education Ministers here in Tāmaki Makaurau. Aotearoa is delighted to be hosting you ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New $13m renal unit supports Taranaki patients
    The new renal unit at Taranaki Base Hospital has been officially opened by the Minister of Health Dr Ayesha Verrall this afternoon. Te Huhi Raupō received around $13 million in government funding as part of Project Maunga Stage 2, the redevelopment of the Taranaki Base Hospital campus. “It’s an honour ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Second Poseidon aircraft on home soil
    Defence Minister Andrew Little has marked the arrival of the country’s second P-8A Poseidon aircraft alongside personnel at the Royal New Zealand Air Force’s Base at Ohakea today. “With two of the four P-8A Poseidons now on home soil this marks another significant milestone in the Government’s historic investment in ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Further humanitarian aid for Türkiye and Syria
    Aotearoa New Zealand will provide further humanitarian support to those seriously affected by last month’s deadly earthquakes in Türkiye and Syria, says Foreign Minister Nanaia Mahuta. “The 6 February earthquakes have had devastating consequences, with almost 18 million people affected. More than 53,000 people have died and tens of thousands more ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Community voice to help shape immigration policy
    Migrant communities across New Zealand are represented in the new Migrant Community Reference Group that will help shape immigration policy going forward, Immigration Minister Michael Wood announced today.  “Since becoming Minister, a reoccurring message I have heard from migrants is the feeling their voice has often been missing around policy ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • State Highway 3 project to deliver safer journeys, better travel connections for Taranaki
    Construction has begun on major works that will deliver significant safety improvements on State Highway 3 from Waitara to Bell Block, Associate Minister of Transport Kiri Allan announced today. “This is an important route for communities, freight and visitors to Taranaki but too many people have lost their lives or ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Ginny Andersen appointed as Minister of Police
    Prime Minister Chris Hipkins has today appointed Ginny Andersen as Minister of Police. “Ginny Andersen has a strong and relevant background in this important portfolio,” Chris Hipkins said. “Ginny Andersen worked for the Police as a non-sworn staff member for around 10 years and has more recently been chair of ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government confirms vital roading reconnections
    Six further bailey bridge sites confirmed Four additional bridge sites under consideration 91 per cent of damaged state highways reopened Recovery Dashboards for impacted regions released The Government has responded quickly to restore lifeline routes after Cyclone Gabrielle and can today confirm that an additional six bailey bridges will ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Foreign Minister Mahuta to meet with China’s new Foreign Minister
    Foreign Minister Nanaia Mahuta departs for China tomorrow, where she will meet with her counterpart, State Councillor and Foreign Minister Qin Gang, in Beijing. This will be the first visit by a New Zealand Minister to China since 2019, and follows the easing of COVID-19 travel restrictions between New Zealand and China. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Education Ministers from across the Pacific gather in Aotearoa
    Education Ministers from across the Pacific will gather in Tāmaki Makaurau this week to share their collective knowledge and strategic vision, for the benefit of ākonga across the region. New Zealand Education Minister Jan Tinetti will host the inaugural Conference of Pacific Education Ministers (CPEM) for three days from today, ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • State Highway 5 reopens between Napier and Taupō following Cyclone Gabrielle
    A vital transport link for communities and local businesses has been restored following Cyclone Gabrielle with the reopening of State Highway 5 (SH5) between Napier and Taupō, Associate Minister of Transport Kiri Allan says. SH5 reopened to all traffic between 7am and 7pm from today, with closure points at SH2 (Kaimata ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Special Lotto draw raises $11.7 million for Cyclone Gabrielle recovery
    Internal Affairs Minister Barbara Edmonds has thanked generous New Zealanders who took part in the special Lotto draw for communities affected by Cyclone Gabrielle. Held on Saturday night, the draw raised $11.7 million with half of all ticket sales going towards recovery efforts. “In a time of need, New Zealanders ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government delivers a $3 million funding boost for Building Financial Capability services
    The Government has announced funding of $3 million for providers to help people, and whānau access community-based Building Financial Capability services. “Demand for Financial Capability Services is growing as people face cost of living pressures. Those pressures are increasing further in areas affected by flooding and Cyclone Gabrielle,” Minister for ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Education New Zealand | Manapou ki te Ao – new Chair and member
    Minister of Education, Hon Jan Tinetti, has announced appointments to the Board of Education New Zealand | Manapou ki te Ao. Tracey Bridges is joining the Board as the new Chair and Dr Therese Arseneau will be a new member. Current members Dr Linda Sissons CNZM and Daniel Wilson have ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Scholarships honouring Ngarimu VC and the 28th (Māori) Battalion announced
    Fifteen ākonga Māori from across Aotearoa have been awarded the prestigious Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships and Awards for 2023, Associate Education Minister and Ngarimu Board Chair, Kelvin Davis announced today.  The recipients include doctoral, masters’ and undergraduate students. Three vocational training students and five wharekura students, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Appointment of Judge of the Court of Appeal and Judge of the High Court
    High Court Judge Jillian Maree Mallon has been appointed a Judge of the Court of Appeal, and District Court Judge Andrew John Becroft QSO has been appointed a Judge of the High Court, Attorney‑General David Parker announced today. Justice Mallon graduated from Otago University in 1988 with an LLB (Hons), and with ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • NZ still well placed to meet global challenges
    The economy has continued to show its resilience despite today’s GDP figures showing a modest decline in the December quarter, leaving the Government well positioned to help New Zealanders face cost of living pressures in a challenging global environment. “The economy had grown strongly in the two quarters before this ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Western Ring Route Complete
    Aucklanders now have more ways to get around as Transport Minister Michael Wood opened the direct State Highway 1 (SH1) to State Highway 18 (SH18) underpass today, marking the completion of the 48-kilometre Western Ring Route (WRR). “The Government is upgrading New Zealand’s transport system to make it safer, more ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Briefings to Incoming Ministers
    This section contains briefings received by incoming ministers following changes to Cabinet in January. Some information may have been withheld in accordance with the Official Information Act 1982. Where information has been withheld that is indicated within the document. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Teaming up for a stronger, more resilient Fiji
    Aotearoa New Zealand Foreign Affairs Minister Nanaia Mahuta reaffirmed her commitment to working together with the new Government of Fiji on issues of shared importance, including on the prioritisation of climate change and sustainability, at a meeting today, in Nadi. Fiji and Aotearoa New Zealand’s close relationship is underpinned by the Duavata ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Investment in blue highway a lifeline for regional economies and cyclone recovery
    The Government is delivering a coastal shipping lifeline for businesses, residents and the primary sector in the cyclone-stricken regions of Hawkes Bay and Tairāwhiti, Regional Development Minister Kiri Allan announced today. The Rangitata vessel has been chartered for an emergency coastal shipping route between Gisborne and Napier, with potential for ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Next steps developing clean energy for NZ
    The Government will progress to the next stage of the NZ Battery Project, looking at the viability of pumped hydro as well as an alternative, multi-technology approach as part of the Government’s long term-plan to build a resilient, affordable, secure and decarbonised energy system in New Zealand, Energy and Resources ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Statement from the Prime Minister on Stuart Nash
    This morning I was made aware of a media interview in which Minister Stuart Nash criticised a decision of the Court and said he had contacted the Police Commissioner to suggest the Police appeal the decision. The phone call took place in 2021 when he was not the Police Minister. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • CPTPP Trade Ministers coming to Auckland
    The Government’s sharp focus on trade continues with Aotearoa New Zealand set to host Trade Ministers and delegations from 10 Asia Pacific economies at a meeting of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission members in July, Minister for Trade and Export Growth Damien O’Connor announced today. “New Zealand ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt approves $25 million extension for cyclone-affected businesses
    $25 million boost to support more businesses with clean-up in cyclone affected regions, taking total business support to more than $50 million Demand for grants has been strong, with estimates showing applications will exceed the initial $25 million business support package Grants of up to a maximum of $40,000 per ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More than 160,000 new Kiwis to call NZ home
    80 per cent of 2021 Resident Visas applications have been processed – three months ahead of schedule Residence granted to 160,000 people 84,000 of 85,000 applications have been approved Over 160,000 people have become New Zealand residents now that 80 per cent of 2021 Resident Visa (2021RV) applications have been ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Scholarships propel Kiwi students to NASA
    The Government continues to invest in New Zealand’s burgeoning space industry, today announcing five scholarships for Kiwi Students to undertake internships at NASA’s Jet Propulsion Laboratory (JPL) in California. Economic Development Minister Stuart Nash congratulated Michaela Dobson (University of Auckland), Leah Albrow (University of Canterbury) and Jack Naish, Celine Jane ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand to attend regional security meeting in Australia
    The Lead Coordination Minister for the Government’s Response to the Royal Commission’s Report into the Terrorist Attack on the Christchurch Mosques travels to Melbourne, Australia today to represent New Zealand at the fourth Sub-Regional Meeting on Counter-Terrorism and Transnational Security. “The Government is committed to reducing the threat of terrorism ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Health and safety action plan for ports
    The health and safety practices at our nation’s ports will be improved as part of a new industry-wide action plan, Workplace Relations and Safety, and Transport Minister Michael Wood has announced. “Following the tragic death of two port workers in Auckland and Lyttelton last year, I asked the Port Health ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Bikes and scooters to be exempt from FBT
    Bikes, electric bikes and scooters will be added to the types of transport exempted from fringe benefit tax under changes proposed today. Revenue Minister David Parker said the change would allow bicycles, electric bicycles, scooters, electric scooters, and micro-mobility share services to be exempt from fringe benefit tax where they ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Foreign Affairs Minister to reaffirm our close relationship with Fiji
    Foreign Affairs Minister Nanaia Mahuta will hold bilateral meetings with Fiji this week. The visit will be her first to the country since the election of the new coalition Government led by Prime Minister and Minister of Foreign Affairs Sitiveni Rabuka. The visit will be an opportunity to meet kanohi ki ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New legislation to streamline Cyclone recovery
    The Government is introducing the Severe Weather Emergency Legislation Bill to ensure the recovery and rebuild from Cyclone Gabrielle is streamlined and efficient with unnecessary red tape removed. The legislation is similar to legislation passed following the Christchurch and Kaikōura earthquakes that modifies existing legislation in order to remove constraints ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Cost of living package: More bread and butter support for Kiwi families
    Approximately 1.4 million people will benefit from increases to rates and thresholds for social assistance to help with the cost of living Superannuation to increase by over $100 a pay for a couple Main benefits to increase by the rate of inflation, meaning a family on a benefit with children ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Freeing up more government bandwidth and money to focus on the cost of living
    $1 billion in savings which will be reallocated to support New Zealanders with the cost of living A range of transport programmes deferred so Waka Kotahi can focus on post Cyclone road recovery Speed limit reduction programme significantly narrowed to focus on the most dangerous one per cent of state ...
    BeehiveBy beehive.govt.nz
    1 week ago

Page generated in The Standard by Wordpress at 2023-03-22T03:40:04+00:00