web analytics

Joyce’s multi billion dollar budget hole

Written By: - Date published: 2:13 pm, November 29th, 2017 - 29 comments
Categories: Media, national, Politics, same old national, Steven Joyce, the praiseworthy and the pitiful, you couldn't make this shit up - Tags:

It appears that Steven Joyce’s claim of a multi billion dollar hole in the Government’s finances may have been true after all.

Just that it was $14 billion in health spending. And $20 billion in defence. And it was in National’s own forecasts.

From Politik:

The former Finance Minister Steven Joyce made no financial allowance for National’s $20 billion defence re-equipment programme and says it was possible his Government might not have replaced the Orion maritime surveillance aircraft because of the cost.

Because of this the new Government is to review the $20 billion programme which was unveiled with much fanfare last year.

But the National Government never accurately costed it and made no provision in any of its long-term forecasts to pay for it.

No allowance was made in the capital spending forecasts of the Pre-election Economic and Fiscal Update for the procurement programme.

This has left Labour facing a multi-billion dollar hit to its budgets each year over the next 13 years if it decides to go ahead with the programme which apart from replacing the Orions calls for replacing the Hercules and 757 transport aircraft and the Navy’s frigates.

The money would come from the capital investment account which means it will not directly impact on Government operating expenses but rather its impact would be on Government borrowing.

The matter is now urgent because New Zealand’s option to purchase four P8 Poseidon maritime patrol aircraft expires next March.

Under Treasury accounting rules, purchases must be booked when the purchase is confirmed.

They are estimated to cost $2.2 billion.

The next time National lectures the left on fiscal discipline remind them that the Government’s debt went up by over $50 billion during nine long years of National’s reign.

And that it appears Steven Joyce would not recognise a fiscal hole if he buried himself in one.

29 comments on “Joyce’s multi billion dollar budget hole ”

  1. adam 1

    Well we now have a good reason to not buy them.

    We can’t afford them, and it’s Joyce’s fault.

  2. Macro 2

    When Steven counts 3 + 3 and gets 5 he is relaxed about that, because it is “Pretty Close”.
    Why he ever was given the task of keeping the Government accounts will forever remain a mystery.

  3. SO Joyce was right after all! He said that there was a hole in the finances, he just meant the PREFU where his government had omitted major spending. If oly we had known before hand how trustful these National lot were…

  4. One Anonymous Bloke 4

    As predicted.

    How did this escape the PREFU?

  5. tc 5

    Interested to see how this gets handled given the ever present DP media shills dotted about the place.

    Hopefully the sheeple go off at xmas with a clear message from jacinda as to the wrecking job done across the board so the bbq chats arent all ZB Mediawonks dog whistling memes.

  6. Ad 6

    Ka-ching!

    When Goff was Minister of Defence I wrote and asked him if on the successive regional Anniversary days he could parade all those Light Armoured Vehicles and new patrol ships up our main streets and harbours.

    Show off to taxpayers and citizens what all that capital was tied up in.

    Unfortunately he was just too shy with the gold epaulettes and Aviator glasses to get the idea, but I’m sure Ron Mark would be in to it. I’ll try Ron. I just know coming home he salutes his dog at the door.

  7. OncewasTim 7

    That’s a bloody big hole we’ll need to cater for its excrement!
    Perhaps a PPP treatment plant?
    Any gNat interested in ‘vesting, going forward’??

  8. greg 8

    we always suspected nacts were cooking the books there will be more to come

  9. This has left Labour facing a multi-billion dollar hit to its budgets each year over the next 13 years if it decides to go ahead with the programme which apart from replacing the Orions calls for replacing the Hercules and 757 transport aircraft and the Navy’s frigates.

    And is pretty much essential.

    We really do need a defence force with modern capability.

    The money would come from the capital investment account which means it will not directly impact on Government operating expenses but rather its impact would be on Government borrowing.

    The government, being the issuer of the countries currency, never needs to borrow. The fact that they do so is due to the lies told by the private sector for their own benefit and the economists who mostly don’t understand money (or the economy for that matter).

  10. eco maori 10

    Well I was waiting for joyce bullshit to surface this was predictable national can’t help but try and lie and cheat.
    And they try and make everyone toe the line. Look at simon bridge he can not talk straight with his crooked lisp all that comes out of that boys mouth is bullshit war is for idiots we just need to have gear to help in a natural disaster not a war leave that to the idiots Ana toa kai

    • One Anonymous Bloke 10.1

      If we leave violence to idiots only idiots will be able to do violence, and then who will defend you from the idiots?

      Idiocy requires restraint.

      • +111

        Dissolution of the armed forces is a nice idea but the world isn’t nice.

      • eco maori 10.1.2

        If we stopped glorifing war and stopped making movies on war stopped celebrating war the wealthy start wars and the poor have to fight in a war started by some idiots who can’t see the the big pictures which is we are all human full stop. Maori lost a lot of good leaders going to war for the west and came home to get kicked in the private parts Kia kaha

        • One Anonymous Bloke 10.1.2.1

          I agree. War is stupid and useless, which is a good reason to study it closely.

          The supreme art of war is to subdue the enemy without fighting. Sun Tzu.

  11. Liberty4NZ 11

    So the guy hit by a fake cock is whining about N.Z. being hit by a fake hole. Frued would have a field day.

  12. Booker 12

    And just think: we have Winston to thank for saving us from Joyce being the country’s finance minister.

    Just remember kids, failing 8 finance and economics papers at university doesn’t mean you can’t run the country’s books in the National party.

    • Just remember kids, failing 8 finance and economics papers at university doesn’t mean you can’t run the country’s books in the National party.

      He had the same ideology as National and that means it was all good. As far as they were concerned he’d make the ‘right’ decisions and that was all that mattered.

  13. garibaldi 13

    This is a bigger issue than Golriz, so let’s see how the media manages to ignore it and concentrate on excoriating the Greens.

  14. cleangreen 14

    Steven Joyce = “an orchestrated litany of lies”

    Now where have I heard that before??????

    Oh of course: – !!!!!; – That was when another ‘tory’ Government “ruled over us” right?
    1977-79 era.
    Justice Mahon ruled over the Air NZ ‘Royal Commission enquiry over AirNZ’s flimsy excuse for the fatal flight 901 over Mt Erobus.

    Seemed like the pattern of lies doesn’t change with these right wing Governments does it?

    I was very very sadened then to feel for those bereaved families who lost their loved ones then.

    https://en.wikipedia.org/wiki/Air_New_Zealand_Flight_901

  15. Tricledrown 15

    Do we need all this equipment.
    Frigates are going to be really expensive.
    The Hercules replacements like wise the P8.
    We should cut all the numbers down as the cost of running bigger more modern equipment may be more expensive to.

    • Do we need all this equipment.

      We really need more. Our defence forces are not where they need to be in terms of capability.

      As for expense: That’s just par for the course of being a nation. We need the capability to defend ourselves. It’s expensive but if we made the gear ourselves it would be less so and would also have major spin-offs for the economy.

  16. tracey 16

    So the Nats covered up a hole which meant it had committed future money meaning the new government cant keep alot of promises? How to be in Govt while in Opposition?

  17. tracey 17

    Key lying to win an election in 2014 and Joyce in 2017…

    Have the media foubd Key for comment? He used to love a photo op

Recent Comments

Recent Posts

  • 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
    8 hours 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
    9 hours 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
    10 hours 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
    11 hours 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
    12 hours 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
    1 day 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
    1 day 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 days 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 days 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 days 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 days ago
  • Speech to the New Zealand Nurses Organisation Conference 2021
    Kia Ora tatau katoa.   Ka tuku mihi ki nga nēhi, He pou Hauora o Aotearoa, E ora ai tatou.   Whakatau mai  I runga i te kaupapa o te ra Te NZNO conference.   Tena koutou tena koutou Tena tatou katoa   Good morning, and thank you inviting me ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government investment in farmer-led catchment groups sweeps past 150 mark
    171 catchment groups have now been invested in by the Government 31 catchment groups in the Lower North Island are receiving new support More than 5,000 farmers are focussed on restoring freshwater within a generation through involvement in catchment groups  Government investment in on-the-ground efforts by farmers to improve land ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Fight to protect kauri on track
    The Government is pitching in to help vital work to protect nationally significant kauri forests in Auckland, Minister of Conservation Kiri Allan says. “Ensuring the survival of these iconic trees for future generations means doing everything we can to prevent the potential spread of kauri dieback disease,” Kiri Allan said. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Joint statement of Mr Bernard Monk; Hon Andrew Little, Minister Responsible for Pike River Re-entry,...
    [Note: The Parties have agreed on terms to fully and finally settle the proceeding and will jointly issue the below statement.] At the heart of this litigation are the lives of the 29 men tragically lost at the Pike River mine on 19 November 2010 and to whom we pay ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • More financial support for businesses
    Today’s decision to keep Auckland in a higher COVID Alert Level triggers a third round of the Wage Subsidy Scheme which will open for applications at 9am this Friday. “The revenue test period for this payment will be the 14th to the 27th of September. A reminder that this is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Aotearoa New Zealand provides further humanitarian support for Afghanistan
    Aotearoa New Zealand is providing a further $3 million in humanitarian assistance in Afghanistan, Foreign Minister Nanaia Mahuta announced today.  “There is significant humanitarian need in Afghanistan, with the crisis disproportionately affecting women and girls,” said Nanaia Mahuta. The UN has estimated that 80% of the quarter of a million ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Innovative te reo prediction tool announced in Te Wiki o Te Reo Māori
    A new Māori language prediction tool will play a key role in tracking our te reo Māori revitalisation efforts, Minister for Māori Development Willie Jackson announced today. He Ara Poutama mō te reo Māori (He Ara Poutama) can forecast the number of conversational and fluent speakers of te reo Māori ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further Government support for people to access food and essential items
    The Government is responding to need for support in Auckland and has committed a further $10 million to help people access ongoing food and other essential items, Minister for Social Development Carmel Sepuloni announced today. This latest tranche is targeted at the Auckland region, helping providers and organisations to distribute ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Half a million Pfizer vaccines from Denmark
    The Government has secured an extra half a million doses of Pfizer COVID-19 vaccines from Denmark that will start arriving in New Zealand within days, Prime Minister Jacinda Ardern announced today. “This is the second and larger agreement the Government has entered into to purchase additional vaccines to meet the ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Inland Revenue providing essential COVID support for businesses
    Inland Revenue is seeing increased demand for Resurgence Support Payments and other assistance schemes that it administers, but is processing applications quickly, Revenue Minister David Parker said today. David Parker said the Resurgence Support Payment, the Small Business Cashflow (loan) Scheme and the Wage Subsidy are available at the same ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New Zealand marks 20th anniversary of 9/11 attacks
    New Zealand is expressing unity with all victims, families and loved ones affected by the September 11 2001 terrorist attacks, and all terrorist attacks around the world since, including in New Zealand. “Saturday marks twenty years since the 9/11 terrorist attacks in the United States, which killed nearly 3,000 people ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to SPREP Environment Ministers
    Talofa Honourable Ulu of Tokelau Faipule Kelihiano Kalolo Tēnā koutou katoa and warm Pacific greetings from Aotearoa to your excellencies, ladies and gentlemen. The new science released by the Intergovernmental Panel on Climate Change on 8 August paints an alarming picture of the projected impacts of climate change on the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Additional Resurgence Support Payments to support business
    Businesses affected by higher Alert Levels will be able to apply for further Resurgence Support Payments (RSP). “The Government’s RSP was initially intended as a one-off payment to help businesses with their fixed costs, such as rent. Ministers have agreed to provide additional payments to recognise the effects of an ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More Dawn Raids scholarships announced
    Details of the ‘Manaaki New Zealand Short Term Training Scholarships’, a goodwill gesture that follows the Government’s apology for the Dawn Raids of the 1970s, were released today by Pacific Peoples Minister Aupito William Sio. “These scholarships that are targeted to the Pacific will support the kaupapa of the Dawn Raids’ ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • One-way quarantine-free travel for RSE workers starting in October
      One-way quarantine-free travel for Recognised Seasonal Employer (RSE) workers from Samoa, Tonga and Vanuatu starts in October New requirement for RSE workers to have received their first vaccination pre-departure, undertake Day 0 and Day 5 tests, and complete a self-isolation period of seven days, pending a negative Day 5 ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt boosts Pacific suicide prevention support
    Applications have opened for the Pacific Suicide Prevention Community Fund as the Government acts to boost support amid the COVID delta outbreak. “We know strong and connected families and communities are the most important protective factor against suicide and this $900,000 fund will help to support this work,” Health Minister ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt parks the expiry of licenses, WoFs and regos
    As a result of the Delta outbreak, driver licences, Warrants of Fitness (WoFs), Certificates of Fitness (CoFs), vehicle licences (‘regos’) and licence endorsements that expired on or after 21 July 2021 will be valid until 30 November 2021, Transport Minister Michael Wood has announced today. “While this extension won’t officially ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19 community fund to provide support for vulnerable women and girls
    Minister for Women Jan Tinetti today announced a $2 million community fund that will provide support for women and girls adversely affected by COVID-19. “We know that women, particularly those who are already vulnerable, are disproportionally affected by the kind of economic disruption caused by COVID-19,” Jan Tinetti said. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Next phase of support for Fiji’s COVID-19 response announced
    A further NZ$12 million of support for Fiji’s COVID-19 response has been announced by Foreign Minister Hon Nanaia Mahuta today. The package builds on previous tranches of assistance Aotearoa New Zealand has provided to Fiji, totalling over NZ$50 million. “Fiji remains in a very challenging position in their response to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Robotic asparagus harvester aimed at addressing industry challenges
    The Government is backing a $5 million project to develop a commercial-scale autonomous robotic asparagus harvester, Agriculture Minister Damien O’Connor announced today. The Sustainable Food and Fibre Futures fund (SFF Futures) is contributing $2.6 million to the project. Project partner Robotics Plus Limited (RPL) will build on a prototype asparagus ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Additional Pfizer vaccines to arrive tomorrow
    More than a quarter of a million additional doses of the Pfizer vaccine are on their way from Spain to New Zealand, Prime Minister Jacinda Ardern announced today. The additional doses will arrive in Auckland on Friday morning to help meet the current surge in demand for vaccination. “It’s been ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Young people to have their voices heard in Youth Parliament 2022
    The dates and details for Youth Parliament 2022 have been announced today by Minister for Youth Priyanca Radhakrishnan, and the Speaker of the House of Representatives. Youth Parliament is an opportunity for 141 young people from across Aotearoa New Zealand to experience the political process and learn how government works. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Boosting support for tertiary students affected by COVID-19
    Students facing a hard time as a result of COVID-19 restrictions will continue to be supported,” Education Minister Chris Hipkins confirmed today. The Government is putting a further $20 million into the Hardship Fund for Learners, which will help around 15,000 students to stay connected to their studies and learning. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Immediate relief available for Māori and iwi organisations
    The Government has reprioritised up to $5 million to provide immediate relief to vulnerable whānau Māori and communities during the current COVID-19 outbreak Minister for Māori Development Willie Jackson announced today. The COVID-19 2021 Whānau Recovery Fund will support community-driven, local responses to gaps in access and provision of critical ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New beef genetics programme to deliver cows with smaller environmental hoof-print
    The Government is backing a genetics programme to lower the beef sector’s greenhouse gas emissions by delivering cows with a smaller environmental hoof-print, Agriculture Minister Damien O’Connor announced today. Informing New Zealand Beef is a seven-year partnership with Beef + Lamb New Zealand that is expected to result in more ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Appointments to the New Zealand Qualifications Authority
    Education Minister Chris Hipkins today announced new appointments to the board of the New Zealand Qualifications Authority (NZQA). Former Associate Minister of Education, Hon Tracey Martin, has been appointed as the new Chair for NZQA, replacing the outgoing Acting and Deputy Chair Professor Neil Quigley after an 11-year tenure on ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt supports residential house building by allowing manufacture of building supplies
    The Government has agreed to allow some building product manufacturing to take place in Auckland during Covid lockdown to support continued residential construction activity across New Zealand. “There are supply chain issues that arise from Alert Level 4 as building products that are manufactured domestically are mostly manufactured in Auckland. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government invests in scientific research to boost economy, address climate change and enhance wellb...
    Research, Science and Innovation Minister Hon Dr Megan Woods has today announced the recipients of this year’s Endeavour Fund to help tackle the big issues that New Zealanders care about, like boosting economic performance, climate change, transport infrastructure and wellbeing. In total, 69 new scientific research projects were awarded over ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Transport to drive economic recovery
    The Government is investing a record amount in transport services and infrastructure to get New Zealand moving, reduce emissions and support the economic recovery, Transport Minister Michael Wood announced today. The 2021-24 National Land Transport Programme (NLTP) was released today which outlines the planned investments Waka Kotahi NZ Transport Agency ...
    BeehiveBy beehive.govt.nz
    2 weeks ago