web analytics

John and Bill cost us $7 million in two months

Written By: - Date published: 12:00 pm, September 23rd, 2009 - 47 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.

47 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.

Links to post

Recent Comments

Recent Posts

  • Tuvalu language revival and COVID-19
    Te Vaiaso o te Gana Tuvalu 2021 - Tuvalu Language Week moves online due to the uncertainty around COVID-19 said the Minister for Pacific Peoples Aupito William Sio.  “However it is a timely reminder of the power of embracing both traditional and new ways of doing things. It has been ...
    BeehiveBy beehive.govt.nz
    20 hours ago
  • United Nations General Assembly: 76th General Debate Statement
    E ngā Mana, e ngā Reo, Rau Rangatira mā o tēnei Whare Nui o te Ao Prestigious people, Speakers of note, Chiefs one and all of this General Assembly Ngā mihi mahana ki o koutou katoa, mai i toku Whenua o Aotearoa Warm greetings to you all from my home ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • APEC 2021 Women and the Economy Forum prioritises women’s economic empowerment
    Minister for Women Jan Tinetti today chaired the virtual APEC 2021 Women and the Economy Forum, which is working to address outstanding issues for women and girls across the region as it recovers from the COVID-19 pandemic. The forum brought together Ministers and representatives from 21 economies to discuss gender ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Upper Hauraki to move to Alert Level 2
    Upper Hauraki will move to Alert Level 2 from 11:59pm tomorrow, 25 September, COVID-19 Response Minister Chris Hipkins confirmed today. After positive cases were detected in the Upper Hauraki area on Sunday, extra Alert Level restrictions were put in place to immediately prevent any wider transmission of the virus.  “We’ve ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Report into Aotearoa New Zealand’s export controls system released
    Foreign Affairs Minister Nanaia Mahuta today welcomed the findings of an independent review into Aotearoa New Zealand’s export controls system, which regulates the export of goods to foreign militaries, police forces or paramilitaries. Produced by David Smol, a former Chief Executive of the Ministry of Business, Innovation and Employment, the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New District Court Judge appointed
    Attorney-General David Parker has announced the appointment of Brett Crowley of Wellington as a District Court Judge.  He is currently the Wellington Public Defender and started his career as a staff solicitor working in a range of litigation including criminal defence work. He went to the bar in 1999 specialising ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Mental health stocktake shows strong progress
    The first report of the Government’s Implementation Unit has found strong progress has been made since the Mental Health and Addictions Package was announced in 2019. “The report notes most initiatives funded in the Budget 2019 package are on track to deliver what is expected by 2023/24,” Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Working together to grow the West Coast
    A project that has been crucial in allowing businesses to continue during the tourism downturn is among a number of initiatives to receive a boost from the Government’s Jobs For Nature programme, Conservation Minister Kiri Allan says. Sustaining South Westland is an extension of an initiative set up last year ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Next steps to improve safety in wake of Whakaari White Island tragedy
    The Government is moving to improve safety in light of the Whakaari White Island tragedy and has released proposals to reinforce safety standards in registered adventure activities. The package of proposals includes: Strengthening requirements for how operators, landowners and the regulator manage natural hazard risks Improving how risks are monitored, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand donates more COVID-19 vaccines to COVAX and the Pacific
    Foreign Affairs Minister Hon Nanaia Mahuta and Associate Health Minister Aupito William Sio announced today that New Zealand is donating additional Pfizer vaccines to the Pacific and AstraZeneca vaccines to the COVAX Facility, to support equitable access to COVID-19 vaccines. “New Zealand is donating 708,000 doses of the AstraZeneca COVID-19 vaccine ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech to the Property Council of New Zealand
    Kia ora koutou katoa   Is it a pleasure to be able to speak with you today, and to be able to answer some questions you may have. I would like to acknowledge the organisers of this event, the Property Council. The theme of this year’s conference is City Shapers. Together ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Additional MIQ for Christchurch
    An additional hotel will be added to our network of managed isolation and quarantine facilities, COVID-19 Response Minister Chris Hipkins said today. “I have approved and Cabinet is in the final stages of signing off The Quality Hotel Elms in Christchurch as a new managed isolation facility,” Chris Hipkins said. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ COVID-19 response earns another major digital investment
    Minister for the Digital Economy and Communications Dr David Clark welcomes Amazon’s Web Services’ (AWS) decision to establish a Cloud Region on New Zealand shores, further boosting New Zealand’s growing digital sector, and providing a vote of confidence in the direction of New Zealand’s economic recovery. “Amazon is the second ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand invests in cutting edge cancer R&D
    Scaling up the manufacture of CAR T-cell cancer therapy for clinical trials Advancing New Zealand’s biomedical manufacturing capability Supporting future international scientific collaborations Transforming cancer care with targeted, affordable solutions Research, Science and Innovation Minister Hon Dr Megan Woods has announced that the fight against COVID-19 will not stop the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Expert group appointed to lead New Zealand’s future health system
    An outstanding group of people with extensive and wide-ranging governance and health experience have been appointed to lead the Māori Health Authority and Health New Zealand, Health Minister Andrew Little says. “This Government is building a truly national health system to provide consistent, high-quality health services right across the country. This ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Funding to help clean up contaminated sites
    The Government is supporting the clean-up of contaminated sites in Northland, Dunedin and Southland to reduce risk to people’s health and protect the environment. Environment Minister David Parker said the funding announced today, through the Contaminated Sites Remediation Fund, will help us turn previously hazardous sites into safe, usable public ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Predator Free apprenticeships open up new job opportunities
    The expansion of a predator free apprenticeship programme is an opportunity for more people to kick-start a conservation career, Conservation Minister Kiri Allan says. “The Predator Free Apprenticeship Programme is focused on increasing the number of skilled predator control operators in New Zealand through a two-year training programme. “The Trust ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further NCEA support confirmed for Auckland students
    The number of Learning Recognition Credits for senior secondary school students will be increased for Auckland students, Education Minister Chris Hipkins confirmed today. This recognises the extended time these students will spend in Alert Levels 3 and 4. “It means students in Auckland will have a fair opportunity to attain ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Long-term pathway next step to better mental wellbeing for New Zealanders
    The Government is taking a new approach to support people who experience mental distress, Health Minister Andrew Little says. “Kia Manawanui Aotearoa – Long-term pathway to mental wellbeing (Kia Manawanui) is the first 10-year plan of its kind that targets the cause of mental distress and also sets out how ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Keeping our Police safe to keep our communities safe
    The Government is committed to keeping our frontline police officers safe, so they in turn can keep New Zealanders safe – with one of the largest investments in frontline safety announced by Police Minister Poto Williams at the Police College today.   The $45 million investment includes $15.496 million in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Clean Vehicles Bill passes first checkpoint
    The Land Transport (Clean Vehicles) Amendment Bill will help New Zealand drive down transport emissions by cleaning up the light vehicle fleet, Transport Minister Michael Wood says. The Bill passed its first reading today and will establish the legislative framework for key parts of the Government’s Clean Car Package, including ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Funding boost supports ongoing Māori COVID-19 response
    The Government is responding to the need by whānau Māori and Māori Health providers to support their ongoing work responding to COVID-19 and to continue increasing rates of Māori vaccination, Associate Minister for Health (Māori Health), Peeni Henare and Minister for Māori Development Willie Jackson announced today.   This increased ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Significant increase to COVID-19 penalties
    Penalties for breaches of COVID-19 orders are set to significantly increase from early November 2021 to better reflect the seriousness of any behaviour that threatens New Zealand’s response to the virus, COVID-19 Response Minister Chris Hipkins said today. “Throughout this Delta outbreak we’ve seen the overwhelming majority of people doing ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Counter-Terrorism Legislation Bill returns to Parliament
    The Counter-Terrorism Legislation Bill has returned to Parliament for its second reading in an important step towards giving enforcement agencies greater power to protect New Zealanders from terrorist activity. “The Bill addresses longstanding gaps in our counter terrorism legislation that seek to protect New Zealanders and make us safer,” Justice ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Joint Statement: New Zealand and Australian Trade Ministers
    Hon Damien O'Connor MP, New Zealand Minister for Trade and Export Growth, and Hon Dan Tehan MP, Australian Minister for Trade, Tourism and Investment, met virtually on Monday 20 September to advance trans-Tasman cooperation under the Australia-New Zealand Closer Economic Relations Trade Agreement (CER). CER is one of the most ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Prime Minister’s Post Cabinet Press Conference/COVID-19 Update opening statement
    ***Please check against delivery***   E te tī, e te tā, nau mai rā [To all, I bid you welcome]   As you will have seen earlier, today there are 22 new community cases to report; three of which are in Whakatiwai in the Hauraki area, and the remainder in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Major milestones for Māori COVID-19 vaccine rollout as new campaign launches
    Whānau Ora and Associate Health (Māori Health) Minister Peeni Henare acknowledges two major milestones in the rollout of the COVID-19 vaccination programme for Māori. “I am very pleased to announce more than 50 percent of eligible Māori have received their first dose and 25 per cent are now fully vaccinated,” ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government funding to fight infectious diseases
    $36 million for research into Covid-19 and other infectious diseases The investment will improve our readiness for future pandemics Research will focus on prevention, control, and management of infectious diseases The Government’s investing in a new Infectious Diseases Research Platform to boost Aotearoa New Zealand’s Covid-19 response and preparedness for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Quarantine-free travel with Australia to remain suspended for a further 8 weeks
    Suspension to be reviewed again mid to late November Decision brought forward to enable access from Australia to first tranche of around 3000 rooms in MIQ Air New Zealand working at pace to put on more flights from Australia from October    The suspension of quarantine-free travel (QFT) with Australia has ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Extra support for Ethnic Communities to share vaccination information
    Extra support is being made available to Ethnic Communities to help them share COVID-19 vaccination information within their communities, Minister for Diversity, Inclusion and Ethnic Communities Priyanca Radhakrishnan said. “We know we need to get every eligible person in New Zealand vaccinated. A fund being launched today will allow for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • School holidays remain unchanged for Auckland region
    School holidays in Auckland will continue to be held at the same time as the rest of the country, starting from Saturday, 2 October, Education Minister Chris Hipkins said today. “I’ve carefully considered advice on the implications of shifting the dates and concluded that on balance, maintaining the status quo ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government continues crackdown on gangs and organised crime
    Operation Tauwhiro extended until March 2022 Since it was launched in February, Operation Tauwhiro has resulted in:   987 firearms seized $4.99 million in cash seized 865 people charged with a firearms-related offence Gangs and organised crime groups will continue to be relentlessly targeted with the extension of Police’s successful ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Body Positive 'HIV Treatments Update Seminar 2021'
    E ngā mana E ngā reo E ngā iwi Tēnā koutou katoa Ka huri ki ngā mana whenua o te rohe nei. Tēnā koutou. He mihi hoki ki a tatou kua tau mai nei I raro I te kaupapa o te rā. Nō reira tēnā koutou katoa Acknowledgements It’s a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Power bill changes bring fairness to charges
    A key recommendation of an independent panel to make electricity charges fairer across all households will be put in place, the Energy and Resources Minister Megan Woods has announced. “Phasing out the regulations on ‘low-use’ electricity plans will create a fairer playing field for all New Zealanders and encourage a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ economy’s strong momentum will support rebound from Delta outbreak; COVID fund replenished
    The economy showed strong momentum in the period leading up to the recent Delta COVID-19 outbreak, which bodes well for a solid economic rebound, Grant Robertson said. GDP rose 2.8 percent in the June quarter, following on from a 1.4 percent increase in the previous March quarter. This was a ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Projects create benefits into the future
    Making a well-known lake swimmable and helping to halt the decline of the endangered hoiho/yellow-eyed penguins are among a suite of new projects being supported by the Government’s Jobs for Nature programme across the southern South Island, Conservation Minister Kiri Allan says. “It’s no secret that many of our most ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Opening statement for Whāriki Indigenous Small Business Roundtable
      Kei ngā tōpito e wha o te āo e rere ana te mihi maioha ki a koutou nō tawhiti, nō tata mai e tāpiri ana ki tēnei taumata kōrero mo te ao hokohoko arā mā ngā pākihi mo ngā iwi taketake Tēnā koutou, tēnā koutou katoa – Pai Mārire.  ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New members appointed to Kāpuia
    The Government is adding four additional members to Kāpuia, the Ministerial Advisory Group on the Government’s Response to the Royal Commission of Inquiry into the terrorist attack on Christchurch mosques. “I’m looking forward to having Pamela MacNeill, Huia Bramley, Melani Anae and Katherine Dedo  join Kāpuia and contribute to this group’s ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Timeline confirmed for Emissions Reductions Plan
    Cabinet has agreed to begin consulting on the Emissions Reduction Plan in early October and require that the final plan be released by the end of May next year in line with the 2022 Budget, the Minister of Climate Change, James Shaw confirmed today. “Cabinet’s decision allows organisations and communities ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Pay parity pathway for early learning teachers confirmed
    Pay parity conditions and higher funding rates for education and care services will come into force on 1 January, 2022, Minister of Education Chris Hipkins confirmed today. The Government signalled this work in Budget 2021. “From 1 January, 2022, centres opting into the scheme will receive government funding and be ...
    BeehiveBy beehive.govt.nz
    2 weeks ago