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

  • Building back better
    It’s a three-week recess in Parliament – so, no bills are going through the House and no select committees are meeting. But the hard work of our ministers continues, and many of our MPs are back in their electorates, taking the opportunity to meet with local communities and businesses about ...
    20 hours ago
  • Greens call for a Warrant of Fitness for rental homes
    The Green Party is launching a petition today calling on the Government’s Healthy Homes Standards to be backed up with a proper Warrant of Fitness (WoF) for rental homes. ...
    4 days ago
  • Securing our recovery: By the numbers
    Our plan to secure New Zealand’s recovery from COVID-19 is working, with the past three months seeing the second-highest number of people moved off a main benefit into work since records began. ...
    1 week ago
  • More Kiwis in work through recovery plan
    The latest statistics show the Government’s focus on jobs is working. The net number of people on a main benefit dropped by around 11,190 people during the past three months, with around 31,240 people moving off a benefit into work. ...
    1 week ago
  • Green Party appoints new Chief of Staff
    The Green Party has appointed a new Parliamentary Chief of Staff, Robin Campbell. ...
    2 weeks ago
  • We’re turning 105!
    It’s our birthday! Today, 105 years ago, the New Zealand Labour Party was founded. And we haven’t stopped moving since: fighting for workers’ rights, expanding protections to boost equality, and upholding democratic socialist ideals. We’re now the oldest political party in New Zealand and, as we celebrate our 105 years, ...
    2 weeks ago
  • Principles for guiding the Emissions Reduction Plan Speech
    Tēnā koutou, tēnā koutou, tēnā koutou katoa. ...
    2 weeks ago

  • 10 days sick leave for employees delivered
    Legislation doubling employees’ minimum sick leave entitlement to 10 days comes into effect today, bringing benefits to both businesses and employees, Workplace Relations and Safety Minister Michael Wood announced today. “Our Government is delivering on a key manifesto commitment to help Kiwis and workplaces stay healthy,” Michael Wood said. “COVID-19 ...
    BeehiveBy beehive.govt.nz
    4 hours ago
  • Prime Minister congratulates Fiame Naomi Mata’afa on Election Win
    Prime Minister Jacinda Ardern tonight congratulated Prime Minister-elect Fiame Naomi Mata’afa on her victory in the Samoa’s general election. “New Zealand has a special relationship with Samoa, anchored in the Treaty of Friendship. We look forward to working with Samoa’s new government in the spirit of partnership that characterises this ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Quarantine Free Travel with Australia suspended
    Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today. From 11.59pm today Australians will no longer be able to enter New Zealand quarantine-free. This will be ...
    BeehiveBy beehive.govt.nz
    21 hours ago
  • Growing conservation efforts in Gisborne
    A big injection of Jobs for Nature funding will create much-needed jobs and financial security for families in TeTairāwhiti, and has exciting prospects for conservation in the region, Conservation Minister Kiri Allan says. “The projects target local communities most affected by the economic consequences of COVID 19 and are designed ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Flood recovery given further assistance
    The Government is contributing a further $1 million to help the flood battered Buller community, Acting Emergency Management Minister Kris Faafoi announced today. “Buller is a small community which has found itself suddenly facing significant and ongoing welfare costs. While many emergency welfare costs are reimbursed by Government, this money ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Funding for five projects to reduce food waste
    The Government is funding five projects to help address the growing problem of food waste, Environment Minister David Parker announced today. “New Zealand households throw away nearly 300,000 tonnes of food every year, half of which could still be eaten. By supporting these initiatives, we’re taking steps to reduce this ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Temporary Accommodation Service activated for West Coast flooding event
    The Temporary Accommodation Service (TAS) has been activated today - meaning residents on the West Coast of the South Island and in the Marlborough region hit by flooding over the weekend can now access help finding temporary accommodation, announced Associate Minister of Housing (Public Housing) Poto Williams in Westport today. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Pause to Quarantine Free Travel from South Australia to New Zealand
    Quarantine Free Travel from South Australia to New Zealand will be paused from 11.59am (NZT) tonight, COVID-19 Response Minister Chris Hipkins has announced. However, people currently in the state who ordinarily live in New Zealand will be able to return on “managed return” flights starting with the next available flight, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand condemns malicious cyber activity by Chinese state-sponsored actors
    New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Remarks to Diplomatic Corps
    It is a pleasure to be with you all this evening. Some of you may have been surprised when you received an invitation from the Minister of Disarmament and Arms Control, and I would forgive you if you were. New Zealand is unique in having established a Ministerial portfolio ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Early Pfizer shipment boosts vaccine schedule
    The largest shipment of the Pfizer vaccine to date has arrived into New Zealand two days ahead of schedule, and doses are already being delivered to vaccination centres around the country, COVID-19 Response Minister Chris Hipkins says. “The shipment of more than 370,000 doses reached New Zealand yesterday, following a ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Backing for Bay of Islands predator free effort
    The Government is throwing its support behind an ambitious project to restore native biodiversity and build long-term conservation careers, Conservation Minister Kiri Allan says. Predator Free Bay of Islands aims to eradicate predators from the three main peninsulas in the region, and significantly reduce their impact throughout the wider 80,000-plus ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government commits $600,000 to flood recovery
    The Government is contributing $600,000 to help residents affected by the weekend’s violent weather with recovery efforts. Acting Minister for Emergency Management Kris Faafoi and Agriculture Minister Damien O’Connor have been in the Buller district this afternoon to assess flood damage and support the local response effort. They have announced ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government assisting local responses to heavy rainfall and high wind
    Acting Minister of Emergency Management Kris Faafoi says Central Government is monitoring the severe weather across the country, and is ready to provide further support to those affected if necessary. “My thoughts are with everyone who has been affected by this latest event, particularly communities on the West Coast and ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • PM Ardern chairs APEC Leaders’ meeting on COVID-19
    New Zealand Prime Minister Jacinda Ardern has chaired a meeting of Leaders representing the 21 APEC economies overnight. “For the first time in APEC’s history Leaders have come together for an extraordinary meeting focused exclusively on COVID-19, and how our region can navigate out of the worst health and economic ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Health Minister welcomes progress on nurses’ pay
    The New Zealand Nurses Organisation’s decision to take the Government’s improved pay offer to members and to lift strike notices is a positive move towards settling district health board nurses’ pay claims, Health Minister Andrew Little said. “It’s encouraging that the discussions between NZNO and DHBs over the nurses’ employment ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Boost for Pacific regional business
    Pacific businesses will get a much-needed financial boost as they recover from the effects of the COVID-19 pandemic thanks to the new Pacific Aotearoa Regional Enterprise Fund, said Minister for Pacific Peoples Aupito William Sio.  The new $2 million fund will co-invest in Pacific business projects and initiatives to create ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • PM Ardern call with President Biden
    Prime Minister Jacinda Ardern spoke with US President Biden this morning, ahead of the APEC Informal Leaders’ Retreat on COVID-19. “President Biden and I discussed the forthcoming APEC leaders meeting and the critical importance of working together as a region to navigate out of the COVID-19 pandemic”, Jacinda Ardern said. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Renewed partnership creates jobs for New Zealand youth
    The Government has signed a new memorandum of understanding (MoU) with the Mayors Taskforce for Jobs, strengthening the partnership to get more young people into work.  The Mayors Taskforce for Jobs (MTFJ) is a nationwide network of all Mayors in New Zealand, who are committed to making sure all young ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • South Island areas prioritised in tourism fund
    Five South Island areas are prioritised in the latest round of decisions from a tourism fund that is supporting infrastructure projects from Cape Reinga to Stewart Island and the Chathams. Tourism Minister Stuart Nash has announced details of 57 nationwide projects to receive support from the Tourism Infrastructure Fund (TIF). ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New code sets clear expectations for learner safety and wellbeing in tertiary education
    A new code of practice for the pastoral care of domestic tertiary and international students will be in place from January next year, Education Minister Chris Hipkins announced today The code, which makes clear that creating an environment that supports learning and wellbeing is a shared responsibility between tertiary providers, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • First TAB New Zealand Board appointments announced
    The members of the first TAB NZ Board come with experience in racing and sport administration, business and governance, the betting industry, broadcasting and gambling harm minimisation. “This Board will progress from the excellent work done by the interim board, put in place in August 2020,” Grant Robertson said. “The ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Northland Maori Pathways initiative introduced
    The Government has today launched Māori Pathways at Northland Region Corrections Facility, a ground-breaking series of initiatives designed in partnership with Māori to reduce re-offending and improve outcomes for whānau. A key part of the Hōkai Rangi strategy, Māori Pathways looks to achieve long-term change and involves a number of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Extended Essential Skills visas being rolled out
    Two year Essential Skills visa to provide certainty to at least 18,000 visa holders Streamlined application process to benefit at least 57,000 visa holders The Government is increasing the duration of some Essential Skills visas and streamlining the application process to provide more certainty to employers and visa holders while ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pause to Quarantine Free Travel from Victoria to New Zealand
    Quarantine Free Travel from Victoria to New Zealand will be paused from 1.59am (NZT) Friday, COVID-19 Response Minister Chris Hipkins has announced. The decision follows updated public health advice from New Zealand officials and a growing number of cases and locations of interest. The pause will run for at least ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Hydrogen agreement signed with Singapore
    The signing of a Memorandum of Cooperation on low-carbon hydrogen with Singapore signals the start of greater collaboration between the two countries as they transition towards low carbon economies, says Energy and Resources Minister Dr Megan Woods. The cooperation agreement between New Zealand’s Ministry of Business, Innovation and Employment and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Hydrogen arrangement signed with Singapore
    The signing of an Arrangement of Cooperation on low-carbon hydrogen with Singapore heralds the start of greater collaboration between it and New Zealand as both countries transition towards low carbon economies, says Energy and Resources Minister Megan Woods. The cooperation arrangement between New Zealand’s Ministry of Business, Innovation and Employment ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to LGNZ Conference
    Kia ora koutou katoa and thank-you for the invitation to speak to you all today. I would like to acknowledge Local Government New Zealand President Stuart Crosby, and Chief Executive, Susan Freeman-Greene, Te Maruata Chair, Bonita Bigham, and our host, Mayor John Leggett. I also acknowledge all the elected members ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government to provide support for water reforms, jobs and growth
    The Government today announced a $2.5 billion package to support local government transition through the reforms to New Zealand’s drinking water, wastewater and stormwater services. The package will also stimulate local economies while creating jobs and unlocking infrastructure for housing. “New Zealand’s water systems are facing a significant crisis and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government Initiatives Contribute to Fall in Benefit Numbers
    Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit. “This Government’s plan to increase work focused support for Jobseekers is paying off,” Carmel Sepuloni said. “All up Benefit numbers ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tourism support package continues rollout
    Mental wellbeing support is being rolled out to five South Island communities most affected by the absence of international tourists. Tourism Minister Stuart Nash today announced details of how tourism operators and communities can access the help announced in May as part of the government’s $200 million Tourism Communities: Support, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ-PNG Sign Statement of Partnership
    New Zealand’s Prime Minister Jacinda Ardern and Papua New Guinea’s Prime Minister James Marape signed the first ever New Zealand - Papua New Guinea Statement of Partnership today. “This new Statement of Partnership reflects the importance we place on the close economic, cultural and people-to-people links our two countries have ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Further advice being sought on new cases in Victoria
    Further advice is being sought from public health officials following seven new positive cases of COVID-19 in Victoria today, COVID-19 Response Minister Chris Hipkins says. “There are also a growing number of locations of interest that are of concern, including a sports stadium on Saturday and several pubs,” Chris Hipkins ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Christchurch Learning Community Hubs supporting ethnic families
    As part of the Government’s ongoing commitment to working with the victims and those affected by the March 15 terror attacks, today Associate Minister of Education Hon Jan Tinetti released the report ‘Voices from the Ōtautahi’ on the Christchurch Learning Community Hubs. “It’s so important we continue to support the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Hundreds more hands funded to work for nature
    Supporting biodiversity protection through community-led projects and on private property will create at least 500 more jobs under the Mahi mō te Taiao/Jobs for Nature programme, Minister of Conservation Kiritapu Allan announced today. “The work we are funding includes everything from pest control and restoration planting to plant propagation, skill ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Saliva testing expansion for frontline border workers
    All frontline border workers who are required to be regularly tested for COVID-19 will soon be able to choose regular saliva testing as a full replacement for nasopharyngeal testing, COVID-19 Response Minister Chris Hipkins has announced. Saliva testing will be expanded as an option for all those on a regular ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government consults on freshwater farm plan
    The Government is inviting farmers and growers to provide their practical ideas to help develop high-quality and workable freshwater farm plans, in line with its freshwater goals said Agriculture Minister Damien O’Connor and Environment Minister David Parker. The ministers today released the consultation documents for freshwater farm plans and stock exclusion low slope maps. Comment is being sought on a new, more ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Increased support for midwives
    New measures to help bolster the midwifery workforce as they care for the next generation of New Zealanders, have been announced today by Associate Minister of Health Dr Ayesha Verrall. “New Zealand’s midwives are committed to the wellbeing of women and whānau, but they’re facing significant challenges. The DHB midwifery ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister's Speech to NZIIA Annual Conference
    Ladies and gentlemen, distinguished guests, ata mārie, tēnā koutou katoa. It’s a great pleasure to attend an event on such an important topic as New Zealand’s future in the Indo-Pacific region. Thank you to the New Zealand Institute of International Affairs for bringing this hui together. I am encouraged to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New national cancer treatment service opens
    A new national cancer treatment service will see patients who used to travel to Australia treated in Auckland, Health Minister Andrew Little announced today.  Peptide Receptor Radionuclide Therapy, or PRRT, can help manage symptoms of metastatic neuroendocrine cancer and increase and improve life for people who have it.  The treatment ...
    BeehiveBy beehive.govt.nz
    1 week ago