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John and Bill cost us $7 million in two months

Written By: - Date published: 12:00 pm, September 23rd, 2009 - 45 comments
Categories: bill english, budget 2009, economy, national/act government, superannuation - Tags:

You’ll remember that in the Budget National decided to suspend payments to the Cullen Fund, which is designed to help fund the future cost of superannuation. At the time, John Key and Bill English said we were losing money on the Fund and we couldn’t afford to borrow to put money into it. They compared borrowing to put money into the Fund to putting money on the credit card to pay for a bet. More financially intelligent people pointed out that the markets were already rising from historic lows, making it the best time in a long time to be buying. The case was more akin to putting money in a high-return, long-term investment by increasing the mortgage a little. Indeed, the Fund has grown 33% since March and is now at a record level.

A Treasury leak revealed that, by Treasury’s own numbers, the Government would lose $8 billion in lost profits to the Fund and lost tax payments from the Fund by cancelling the payments. English bare-faced denied the truth of those numbers (has anyone else noticed he’s been at the centre of nearly every bad story for National since the secret tapes?).

The Government has reduced its contributions to the Fund to $250 million this year –  according to the Fund’s formula, $1,466 million should be put in. From next year, there will be no contributions. Already the decision is costing us millions.

In July, the Fund made 6.09% above the cost of government borrowing (6.31% basic return) . In August, it made 2.56% over the cost of borrowing (2.80%). But we’re putting only $21 million of new money in the Fund each month, rather than $122 million as we would be under if National hadn’t cut the payments. As a result of investing less money we’ve lost over $7 million in Fund returns so far and that will rise, at a compounding rate, every month that the Fund makes a profit. By 2022, Treasury says they will have cost us $8 billion.

Cullen Fund lost earnings

Gee, having an ex-Treasury official and a currency speculator in charge of the nation’s finances isn’t looking so great now, eh? It’s enough to make one pine for the shear bloody competence of Cullen and Clark.

45 comments on “John and Bill cost us $7 million in two months”

  1. There was a horse I was going to back at the weekend.

    Decided not too.

    Dam, it won so it looks like I lost money even though I never had it in the first place. How stupid am I?

    Don’t worry, in the real world, no one is pining for Cullen and Clark as the polls clearly show.

    • lprent 1.1

      I seem to remember that the last Morgan poll is showing a bit of a reversal. Perhaps you should wait for the next Morgan poll to see if it looks like a trend? Otherwise it is case of “counting your chickens too early” and other overblown analogies like yours above… It almost looked like a troll line…

      • Daveski 1.1.1

        Come on LP

        As PNP below shows, the problem is with the original post which is so predictable it’s the blogging equivalent of painting by numbers.

        As for the polls, it may be too early to show what National’s future is but they certainly support the view that there is no great hankering for Cullen and Clark apart from the dispossessed here and in other isolated parts of the country.

        • lprent 1.1.1.1

          As predictable as National acting short-term. I swear that they don’t know how to count past their fingers unless they use their toes

    • Galeandra 1.2

      How stupid am I?

      Don’t really want to tell you, but it looks like a very big very.

      I think that the fund buys real equities not TAB fantasies. Do you know the difference?

  2. Marty, a man after my own heart! Good to see another supporter of the ‘think big – borrow to invest in productive assets’ approach 🙂

    Nothing wrong with borrowing to invest, what needs to be remembered with the Cullen fund however is that the money to pay the interest has to come out of general taxation and not the super fund itself. If the fund was to borrow, invest in the world markets, and then pay the interest out of its profits then I reckon a lot of people would be supportive of that. In suspending contributions, National looked at the short term accounts so the question we need to ask now is – do we want more pain now, or less benefit in the future? The Standard is constantly blogging about the hardship that is falling on lower-income workers, increased Cullen fund contributions is only going to increase that.

    You said in your previous post that this could be a w shaped recession – if it is, then the markets are likely to tank again, taking the Cullen fund with it. It is a foolish man who forgets that markets rise and fall, Treasury seems to be full of them!

  3. Marty, a man after my own heart! Good to see another supporter of the ‘think big borrow to invest in productive assets’ approach

    Nothing wrong with borrowing to invest, what needs to be remembered with the Cullen fund however is that the money to pay the interest has to come out of general taxation and not the super fund itself. If the fund was to borrow, invest in the world markets, and then pay the interest out of its profits then I reckon a lot of people would be supportive of that. In suspending contributions, National looked at the short term accounts so the question we need to ask now is do we want more pain now, or less benefit in the future? The Standard is constantly blogging about the hardship that is falling on lower-income workers, increased Cullen fund contributions is only going to increase that.

    You said in your previous post that this could be a w shaped recession if it is, then the markets are likely to tank again, taking the Cullen fund with it. It is a foolish man who forgets that markets rise and fall, Treasury seems to be full of them!

    • Bright Red 3.1

      It’s also a foolish person that forgets the markets beat the risk-free rate of return (ie the government’s borrowing rate) over the long-term.

      There will be months, like the last six, where the Fund beats the cost of borrowing by a long way. There will be months (like last year) when it loses. But over the long-haul the Cullen Fund will beat its cost of borrowing… unless we have a complete economic collapse…

  4. scotty 4

    Daveski,
    You might be fizzing at the bung over Nationals perfomance,but where I work (62 employees) its hard to find anyone who voted for National now,I know some did but are clearly embarrassed,and wont get burnt again.

    • Daveski 4.1

      Fair call scotty but you missed my point (and LP thinks I was trolling).

      The jury is out on the Nats I am happy to agree. But there is no evidence that there is a collective pining for Clark and Cullen which is the point I was making.

      I have my own concerns about the Nats – more so their lack of policies in critical areas – which puts a twist on their current polling.

      And I don’t fizz or bung either 🙂

      • lprent 4.1.1

        I don’t think you were trolling, not after I read it and saw who’d posted it. However the phrasing raised my trolling instincts.

        That is quite a different thing – I scan for phrases and ways of thinking as I scroll through hundreds of comments a day, plus a little list of who is banned or not. I don’t really ‘read’ while moderating until I see something that looks troll-like.

        It is the frogs eyes issue….

        • felix 4.1.1.1

          Frogs eyes issue? Which issue would that be then?

          • lprent 4.1.1.1.1

            Detach the eyes from a frog. While still alive, the eye will send a signal down the nerves when a fly is swung past it. However if the fly is moved backwards (ie tail first) you don’t get a signal. The software for fly detection is located in the eyes.

    • gingercrush 4.2

      Oh don’t play that game, its pathetic. The idea that by talking to just a few people you can somehow get the opinions of all New Zealanders really doesn’t work. Particularly, as in some workplaces it wouldn’t surprise me if even one person voted National. Likewise, I can find you plenty of workplaces where a vote for Labour would be very small. Doesn’t actually tell us anything.

      ——–

      As for polls. So Labour managed to crawl upwards a bit. It needs to happen consecutively and the TV polls need to reflect this. As when that happens, both Garner and Espiner can proclaim how Labour are making big gains.

  5. How much did Helen and Cullen cost us? I would like to see the numbers.

    • Armchair Critic 5.1

      Will just the numbers be okay, Brett, or do you need a tape recording to prove it?

    • burt 5.2

      Who knows, they validated 14 years of their own uncontrolled spending on elections and that alone could have easily been more than the $7m being talked about here. Billions and billions wasted on social polices to win votes – just like National will do when their popularity starts to flag.

      • r0b 5.2.1

        Who knows, they validated 14 years of their own uncontrolled spending on elections

        That’s right, the 14 year Labour government 1993 – 2006. I remember it well.

        I’ve got to admit, you’re as sharp as ever Burt.

      • burt 5.2.2

        OK rOb, how much was spent that was potentially illegal during the period that the Labour-led govt validated?

        You must know surely – no one who cared about govt being accountable would defend validating an unknow amount of money…

  6. Kevin Welsh 6

    Come on Brett, shouldn’t be too hard to find those numbers in big bold type over at DPF.

  7. burt 7

    Marty G

    Have you mortgaged your house to invest in this market?

    • Maynard J 7.1

      The fund managers are a bit expensive, but if I could fire some cash into it, I would.

      Oh, and I would have to be able to borrow at the rate the government does. Not so easy, that one.

      I’ve got to admit, you’re as sharp as ever Burt.

    • burt 7.2

      Marty

      The same argument that growth exceeds the cost of borrowing long term also applies to real estate. Quick borrow to buy residential property… you are throwing away money every day you don’t borrow… well that is what Marty G would say.

      • Bright Red 7.2.1

        “borrow to buy real estate” – Nearly everyone does that genius

        But, as, MJ points out, we don’t have the cheap borrowing and professional fund managers that the Cullen Fund does. It’s a far safer bet for the govt than for an ordinary person, as has been borne out by the facts.

      • burt 7.2.2

        Bright Red

        So we should risk public money against an uncertain financial market…. Guess if it was OK to spend hundreds of millions more than the trains were worth to say we own them then taking wild risks with tax payers money in the name of the Cullen fund makes perfect sense.

        Now you go and 100% mortgage your house today to buy more properties – the recession is over and you will thank me for this advice in 10 years time.

  8. ieuan 8

    Surely now the decision to spend contributions for 11 years will have to be re-examined.

    A better policy would have been to suspend contributions until there is an improvement in the state of the economy and in the size of the government deficit.

    • lprent 8.1

      Ah but you’re not thinking like a short-term thinking National MP. Doing something sensible to cover medium to long term requirements wouldn’t have helped with making stupid short-term tax-cuts.

    • burt 8.2

      Was that stupid short term tax cuts announced in the 2008 budget implemented part way through a tax year or was that the short term ones implemented by the incoming Nat govt?

      Perhaps I missed that tax cuts were both good and bad depending on who was implementing them and how?

      • Lanthanide 8.2.1

        All of the tax cuts were bad, but Labour’s ones were considerably ‘less bad’ than National’s. Duh.

        • Bright Red 8.2.1.1

          Yup.

          Cullen knew that tax cuts were coming regardless of whether he passed them or not, at least he targeted them at the people who needed them.

          Who got anything from the National tax cuts? Only the rich. A billion dollars a year that could be reducing our debt or going in our national savings, just disappearing into a few rich people’s bank accounts.

          • burt 8.2.1.1.1

            OMG – people who pay the most tax got reductions in how much tax they pay. Hell no wonder you lefties didn’t like it – reducing taxes wasn’t just more redistribution by stealth.

  9. randal 9

    well both key and english know that you cant make any money if it is already in a safe place. they love uncertainty because they are of that group of people who have been trained to make money when the money market is going up or down.
    as for the rest then they can always raise taxes… and they will.

  10. Herodotus 10

    Not only must the fund cover the cost of borrowing, but the powers that be must or at least should review that with the opportunity cost/benefit that the money could be put to other uses. We may still arrive at the answer to continue to invest in the “Cullen” fund.
    Also by “borrowing” more to invest in the cullen fund or elsewhere may result in interest rates for the public, private sector or both to increase. Thus the profit may result in a greater cost to the country.
    Nothing is as simple as it seems that is why we have experts !!

  11. Herodotus 11

    re tax cuts, the people of NZ (In my mind) needed some form of cuts. With price gouging from power generator coys $4b (Over 8 years), tax creep over $1.5b/year, not to mention interest rates going through the roof. Things for low to upper middle people were struggling and seeeing diminshing returns for their efforts.

  12. burt 12

    Super fund reports massive losses for 2008/2009

    In the statement of net assets the GSF was listed as having $3.5 billion in investment assets at the end of the 2008 financial year and $2.4 billion at the end of 2009.

    Its total net assets fell from $3.5 billion to $2.8 billion

    Sure it’s not the Cullen white Elephant but this disproves the theory that there is no risk in Govt run super funds.

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    6 days ago
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    7 days ago
  • Time for a living wage for supermarket workers
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    No Right TurnBy Idiot/Savant
    7 days ago
  • Hard News: MUSIC: Lockdown Grooves
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    7 days ago
  • A place of greater safety?
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    7 days ago
  • The police and public trust
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    No Right TurnBy Idiot/Savant
    7 days ago
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    Frankly SpeakingBy Frank Macskasy
    7 days ago
  • COVID-19 vs New Zealand
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    7 days ago
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    RedlineBy Daphna
    1 week ago
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    Frankly SpeakingBy Frank Macskasy
    1 week ago
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  • Rāhui day 3
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  • A test of civil society.
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    1 week ago
  • Life in Lock Down: Day 2
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    Frankly SpeakingBy Frank Macskasy
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  • How Do You Feel? What Do You Think?
    Fortune's Children: Under extraordinary pressure, the leader of the Government and the leader of the Opposition will each show us what they are made of. Have they been blessed with intelligence, grace, wit, poise, toughness, empathy and humour – and in what measure? More importantly, to what extent have they ...
    1 week ago
  • Landlords are NOT an essential service
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    1 week ago
  • A “new Society” post-COVID19 will definitely emerge. The question is: on what path?
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    1 week ago
  • Raise the Bar: Everything you need to know about the wage subsidy
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    1 week ago
  • The massacre of prisoners in Modelo jail, Bogota, March 21
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    RedlineBy Admin
    1 week ago
  • We are not America
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    No Right TurnBy Idiot/Savant
    1 week ago
  • When will we know the lockdown is working?
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    SciBlogsBy Siouxsie Wiles
    1 week ago
  • Lock Down: Day 1
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    Frankly SpeakingBy Frank Macskasy
    1 week ago
  • A Compelling Recollection.
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    1 week ago

  • Further measures to support businesses
    The Government will be introducing legislation to make changes to the Companies Act to help companies facing insolvency due to COVID-19 to remain viable and keep New Zealanders in jobs. The temporary changes include: Giving directors of companies facing significant liquidity problems because of COVID-19 a ‘safe harbour’ from insolvency ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Govt’s COVID plan, economic strength recognised
    The Government’s plan to cushion the blow of COVID-19 by supporting incomes, jobs and businesses, and position the economy to recover has been backed by another international report. International credit rating agency Moody’s today reaffirmed its highest Aaa credit rating on New Zealand, saying the economy is expected to remain ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding certainty for sports through COVID-19
    National sports organisations have been given certainty of funding to ensure they can remain viable through the COVID-19 pandemic, Sport and Recreation Minister Grant Robertson announced today. “The global spread of COVID-19 has had a significant impact on sport and recreation in New Zealand, including the cancellation or postponement of ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Butchers now allowed to process pork
    Changes have been made to allow butchers to process pork, only for supply to supermarkets or other processors or retailers that are open, Agriculture Minister Damien O’Connor has announced. “We carefully weighed the risk of allowing butchers to open their shops for retail customers, but the risk of spreading COVID-19 ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Essential workers leave scheme established
    Essential workers who take leave from work to comply with public health guidance are being supported with a leave scheme to ensure they will continue to receive income, say the Minister of Workplace Relations and Safety Iain Lees-Galloway and Minister for Social Development, Carmel Sepuloni. A number of essential businesses ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Govt WhatsApp helps share COVID-19 information
    A Government WhatsApp channel has been launched to help make information more easily accessible and shareable in the fight against COVID-19. Govt.NZ, which is free to use on any mobile device, will carry information and news for the public, businesses, healthcare providers, not for profits and local government. It can ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Managed departure plan for stranded foreign nationals enables safe, orderly exit
    The Government has announced a plan to enable the safe, orderly exit of tens of thousands of stranded foreign nationals from New Zealand during the current COVID-19 Alert Level 4 restrictions, Deputy Prime Minister and Foreign Minister Winston Peters has said. “When we moved into lockdown a week ago, the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government delivers COVID-19 support to GPs and Pharmacies
    Health Minister Dr David Clark says the Government is delivering on its commitment to support general practice doctors and nurses, and pharmacies on the front-line of our fight against COVID-19. "For us to overcome COVID-19, we need community health services such as general practice and community pharmacy to step up ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Susan Thomas the new Chief High Court Judge
    Justice Susan Thomas has been appointed Chief High Court Judge, Attorney-General David Parker announced today.  She replaces Justice Geoffrey Venning who has resigned from the position.   David Parker paid tribute to Justice Venning, who he said had stewarded the High Court very capably over the last five years.   “On behalf ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Business Finance Guarantee – applications open
    Businesses can start applying to their banks for loans under the Business Finance Guarantee Scheme set up to support the New Zealand economy during the COVID-19 pandemic. “We’re moving quickly to protect New Zealand businesses, jobs and the economy during this unprecedented global economic shock,” Finance Minister Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Work starts on ways to fast-track consents to boost recovery from Covid-19 downturn
    Work is underway looking at measures to speed up consents for development and infrastructure projects during the recovery from COVID 19, to provide jobs and stimulate our economy.  Environment Minister David Parker said the COVID-19 pandemic is a serious global crisis that will have a wide ranging and lasting impact ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Advance payments to support contractors
    Advance payments will be made to transport construction industry contractors to retain the workforce and ensure it is ready to quickly gear up to build projects which will be vital to New Zealand’s COVID-19 economic recovery, Transport Minister Phil Twyford announced today. He said keeping the workforce required to build ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government seeks infrastructure projects
    The Government has tasked a group of industry leaders to seek out infrastructure projects that are ready to start as soon as the construction industry returns to normal to reduce the economic impact of the COVID-19 pandemic, Economic Development Minister Phil Twyford and Infrastructure Minister Shane Jones say. The Infrastructure ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Health system scaled up to prepare for COVID-19
    Work to scale up the health system in preparation for COVID-19 was today outlined by Health Minister David Clark, as he reported back to the new Epidemic Response Committee. “We are well placed to contain the spread of COVID-19. We have taken early and decisive action at our borders, and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Essential media COVID-19 guidelines refined
    The Government is refining its COVID-19 essential business guidance to include the distribution of news publications for communities which are hard to reach. The Minister of Broadcasting, Communications and Digital Media, Kris Faafoi, said the move was in recognition of the importance for New Zealanders who might be harder to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Supermarkets able to open on Easter Sunday
    The Government is ensuring supermarkets can open on Easter Sunday so we can buy groceries, but stay closed on Good Friday allowing workers to take a break. This provides a balanced approach and ensures we avoid large queues that two days closure may cause. “Supermarkets will be able to open ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New Zealand defence personnel conclude mission at Taji
    Following the successful conclusion of the Building Partner Capacity (BPC) mission at Taji, New Zealand defence personnel are returning to New Zealand from Iraq, in accordance with the Cabinet decision made in June 2019, Foreign Affairs Minister Winston Peters and Defence Minister Ron Mark announced today. “New Zealand is very ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • State of National Emergency extended
    The State of National Emergency to help stop the spread of COVID-19 has been extended for a further seven days, Minister of Civil Defence Peeni Henare said. The initial declaration on March 25 lasted seven days and can be extended as many times as necessary. “Since we went into isolation ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Strong Govt books support ‘go hard, go early’ response
    New Zealand’s ability to go hard and go early in the fight against COVID-19 has been underpinned by strong Government finances and the growing economy heading into this global pandemic, Finance Minister Grant Robertson says. The Treasury today released the Crown financial statements for the eight months to the end ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Christchurch Hospital Hagley ICU to open to support COVID-19 response
    Health Minister Dr David Clark says 36 new intensive care beds at Christchurch Hospital’s new Hagley building are being fast tracked so they are available for treatment of COVID-19 patients.   The Ministry of Health is working with contractor CPB and Canterbury DHB to enable access to the hospital’s ICU, ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government supports Air NZ freight flights
    The Government has fast-tracked up to $1 million to help Air New Zealand move urgent freight to and from New Zealand, with the first flight to Shanghai leaving tonight, Transport Minister Phil Twyford announced today. Phil Twyford says it’s crucial that trade in vital goods such as medical supplies and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tariff concessions on COVID-19 related products
    New Zealand will temporarily remove tariffs on all medical and hygiene imports needed for the COVID-19 response. Trade and Export Growth Minister David Parker and Commerce and Consumer Affairs Minister Kris Faafoi said today that the New Zealand Customs Service will apply tariff concessions to all diagnostic reagents and testing ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Clarification of modification to wage subsidy scheme
    Minister of Finance Grant Robertson has clarified that the changes to the wage subsidy scheme announced yesterday mean that employers should be passing on the full subsidy to workers, except in the case where the person’s normal income is less than the level of the subsidy. “We still want employers ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Face masks flowing to DHBs
    Medical face masks from the national reserve supply are now being distributed to District Health Boards, while at the same time local production is being ramped up. Yesterday more than 640,000 masks were sent to DHBS – that is an immediate two week supply, with more to follow in coming ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Further steps to protect New Zealanders’ jobs
    The Government has made modifications to the wage subsidy scheme to ensure people don’t lose their jobs during the national lockdown. These changes will soften the impact of COVID-19 on workers, families and businesses, and position them to exit the lockdown and look to recovery, Finance Minister Grant Robertson says. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tax relief for Mycoplasma Bovis farmers
    Farmers whose herds were culled in response to the outbreak of Mycoplasma bovis will be able to minimise the tax treatment of their income in some circumstances. Revenue Minister Stuart Nash says Cabinet has agreed to change the law. It means farmers may be eligible to spread their income over ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • $27 million for NGOs and community groups to continue providing essential services
    A $27 million dollar package, effective immediately, is being provided to social sector services and community groups to ensure they can continue to provide essential support to communities as we stay at home as a nation to stop the spread of COVID-19, Minister for Social Development Carmel Sepuloni announced. “At ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Statement on guilty plea of March 15 terrorist
    “The guilty plea today will provide some relief to the many people whose lives were shattered by what happened on March 15,” Prime Minister Jacinda Ardern said. “These guilty pleas and conviction bring accountability for what happened and also save the families who lost loved ones, those who were injured, ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • COVID-19 updates
    The Prime Minister is holding daily press conferences to update New Zealanders on the Government's response to COVID-19. Links to videos and transcripts of these updates below. These transcripts also include All of Government press conferences led by Director Ministry of Health's Director-General of Health Dr Ashley Bloomfield. 25 March: Live update from the Prime ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Police numbers break through 10,000 mark
    Frontline Police numbers have broken through the 10,000 mark for the first time in history as officers step forward to keep the community safe during the COVID19 lockdown. “Two Police graduations in Auckland and Wellington in the past week have been conducted in unprecedented circumstances,” Police Minister Stuart Nash said. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Urgent tax measures for economic recovery
    Urgent legislation has been passed to support the package of economic and social measures needed to recover from the impact of the coronavirus outbreak. “The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill will cushion New Zealanders from the worst economic impacts of the COVID-19 outbreak,” said Revenue Minister ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Further support for farmers and growers as drought persists
    From tomorrow, Government support for farmers and growers affected by drought will be expanded and extended across the country, with access to Rural Assistance Payments (RAPS) available throughout the North Island, parts of the South Island and the Chatham Islands, Social Development Minister Carmel Sepuloni announced. “These challenging conditions have ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • COVID-19: Temporary changes to Education Act
    Parliament has passed amendments to legislation that give the Secretary of Education stronger powers to act in the fight to limit the spread of COVID-19, Education Minister Chris Hipkins said today. “They are part of a suite of changes passed under the COVID-19 Response (Urgent Management Measures) Legislation Bill,” Chris ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Canada, Australia, Chile, Brunei and Myanmar join NZ and Singapore in committing to keeping supply a...
    Canada, Australia, Chile, Brunei and Myanmar have joined forces with New Zealand and Singapore by committing to keep supply chains open and remove any existing trade restrictive measures on essential goods, especially medical supplies, in the face of the Covid-19 crisis.  Trade and Export Growth Minister David Parker today welcomed ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • COVID-19: Rent increase freeze and more protection for tenants
    Immediate freeze on rent increases Tenancies will not be terminated during the lock-down period, unless the parties agree, or in limited circumstances Tenants who had previously given notice can stay in their if they need to stay in the tenancy during the lock-down period Tenants will still be able to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Working together to protect businesses and workers
    As New Zealand unites to lock-down in the fight against COVID-19, the Finance Minister is urging all businesses and workers to stay connected over the next four weeks. “We understand the extreme pressure many businesses are under right now. I know most business owners think of their workers as family ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • State of National Emergency declared to fight COVID-19
    A State of National Emergency has been declared across the country as the Government pulls out all the stops to curtail the spread of COVID-19. “Today we put in place our country’s second ever State of National Emergency as we fight a global pandemic, save New Zealanders’ lives and prevent ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prime Minister’s statement on State of National Emergency and Epidemic Notice
    Mr Speaker I wish to make a Ministerial Statement under Standing Order 347 in relation to the recent declaration of a State of National Emergency. Having considered the advice of the Director Civil Defence Emergency Management, the Minister of Civil Defence declared a State of National Emergency for the whole of ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Deadline for domestic travel extended
    People needing to travel on domestic flights, trains and Cook Strait ferries to get home before the country moves into level 4 lock-down tomorrow night will be able to continue using the passenger services until midnight on Friday, Transport Minister Phil Twyford said today. Domestic passenger services, particularly ferries, have ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Mortgage holiday and business finance support schemes to cushion COVID impacts
    The Government, retail banks and the Reserve Bank are today announcing a major financial support package for home owners and businesses affected by the economic impacts of COVID-19. The package will include a six month principal and interest payment holiday for mortgage holders and SME customers whose incomes have been ...
    BeehiveBy beehive.govt.nz
    2 weeks ago