Kim Hill asked “Why…

Written By: - Date published: 4:51 pm, June 12th, 2020 - 31 comments
Categories: Economy, employment, equality, Financial markets, jobs, Living Wage, monetary policy, radio, unemployment, us politics - Tags:

…is the US sharemarket roaring away – up 44% – while economic recovery prospects are grim?” ANZ’s Sharon Zollner’s answer on Tuesday was the Fed printing money, but worried markets were turning a  blind eye to the bad news. The bad news hit today as the sharemarket nose-dived. Wolf Richter’s answer was more to Kim’s point: “Fed bails out the wealthy while America convulses in pain.”

His whole article is worth a read. Here are some bits:

In a Wall Street Journal/NBC poll out today, 80% of the respondents said they feel that the country is spiraling out of control.

So there are some huge multi-faceted problems that need to be grappled with, and that need to be resolved, and people are hurting, and they’re frustrated, and they’re angry, and many are unemployed, and others have jobs that don’t pay enough to meet the rising living expenses, and small businesses are on the ropes, and there’s going to be a lot of pain.

And what does the Federal Reserve do?

It printed $2.9 trillion since early March to bail out investors in highly leveraged hedge funds that were imploding, and to bail out investors in highly leveraged mortgage REITs that were imploding, and to bail out asset holders whose stocks were plunging, and speculators in the riskiest concoctions, and investors of all kinds, and to bail out asset holders of any kind – and the wealthier they were, the more they got – to make sure they don’t feel any of the pain.

That’s what the Fed is doing.

So the Fed printed $2.9 trillion since early March. That’s about $22,000 per household. For the bottom half of households, $22,000 would have helped a lot to get through the crisis.

But this money wasn’t spread to them. It was helicopter money for Wall Street. And it went on to multiply. And most of it ended up with a relatively small number of households. And their wealth increased by the trillions of dollars.

It’s a polemic. He goes on:

In central-bank lingo, this is called “moral hazard”: Bailing out the wealthy and asset holders, hedge funds, mortgage REITs, private equity firms, and huge risk takers, and it’s called “moral hazard” because it encourages this risky behavior because they know that they’re going to get a bailout when it hits the fan next time, and so they do the same thing again and take even greater risks, and it blows up again with even bigger consequences, and they get bailed out again with even more trillions.

Tens of millions of people are out of a job, and many people protest in the streets, seething with anger and frustration. And many of those that didn’t lose their jobs are living from paycheck-to-paycheck, while the fruits of their labor continually get eaten up by rising prices and rents and healthcare costs – the lucky ones that even have healthcare.

But the Fed bails out that concentration of wealth and power so they never have to feel the economic pain, so that they don’t have any skin in any crisis, and so that the wealth disparity continues to surge.

Its not the printing of money that’s the problem. If it went to supporting jobs with a job guarantee, providing a decent health care system, and fixing America’s run-down and obsolescent infrastructure, it would relieve a great deal of the pain that people are curently feeling. I’m not holding out hope – as summer goes on and Covid case numbers keep rising, things are going to get worse for the 99%.

Good on Kim Hill for asking the question though. I hope she keeps them coming.

31 comments on “Kim Hill asked “Why… ”

  • Comments are now closed

  1. Peter Martin 1
    12 June 2020 at 4:53 pm

    Is it still roaring?

  2. dv 2
    12 June 2020 at 4:58 pm

    AND it will allow Trump to say LOOKee the sharemarket is fine I did that.

    • Tricledrown 2.1
      13 June 2020 at 10:30 am

      The Share Market will need a lot more than US3 Trillion to recover this is classic speculative behaviour without profit the share market will fall eventually.

      Tricle down = recession heading to a great depression.

      Right Wing govts don't look after main street only Wall street Casino economics for the vulture capitalists.

  3. Ad 3
    12 June 2020 at 5:22 pm

    About time she asked Ardern and Robertson similar questions.

    At least NZLabour policies are designed to save jobs – even if the policy is imperfect.

  4. Ad 4
    12 June 2020 at 5:24 pm

    How's everyone's Kiwisaver statement this week?

    • lprent 4.1
      12 June 2020 at 6:11 pm

      Actually mine went down a lot ~10% from a peak in Jan after covid-19 took hold world wide. Then it recovered. As of 12th June it is 3% higher than it was in Jan.

      However if someone does have a problem with their kiwisaver, then they need to remember two basic things.

      1. You should be looking at it as being a long term investment – even in my case – when I'm just 4 years off retirement age. Paper profits or losses are just that – fictional paper. Not worth looking at until you realise them.

        Worrying about it on a short-term basis might be good for pundits to write column inches on – but mostly it is a way of allowing scam artists to help move your money into investments that make them more money. Plus it raises your stress levels on something that matters (in my case) in 4 years.

        I have other things to worry about. Cars while biking. Voters allowing the morons in National to dither away another decade. Why if scared the crap out of my partner with a TIA.

      2. The best way to deal with any investment is to balance out where you place new investment money into. Picking up invested money and moving it is a desperation measure because it usually screws your profit returns – one way or another.

        In my case I have kiwisaver scattered across conservative and balanced through to high growth and getting satisfactory returns from the last decade. I could almost certainly make more nominal returns if I managed it myself. But if I add in what my time costs – then it isn't worth it.

      Don't worry overly on short term – that was the one basic thing that I learnt from doing the finance paper on my MBA. You look at every project based on the potential returns from safer investments – currently about 0 from interest from banks. And you're only really interested in hitting the market beta unless you want to go and run the companies yourself.

      • Ad 4.1.1
        13 June 2020 at 7:40 am

        My far simpler point was that most have seen their Kiwisaver recover similarly – and that is 95% of Kiwis' exposure to the sharemarket is via Kiwisaver.

        2.5 million New Zealanders are direct beneficiaries of the disjunct between the sharemarket economy and the everyday economy. Including you and I.

        So actually this strong local sharemarket is a good thing

        (whether "fair" or "rational" or even explainable I shall leave to others).

    • bwaghorn 4.2
      13 June 2020 at 7:43 am

      Mine plugged $7k at the first dip then bounced back so I shifted it to conservative then .

      It's been fascinating watching shear prices on shearsies, a case study in how the herd behaves .

  5. Barfly 5
    12 June 2020 at 5:39 pm

    are u ok mate?

  6. Bearded Git 6
    12 June 2020 at 6:15 pm

    Kim Hill should be cloned.

  7. Pi 7
    12 June 2020 at 8:46 pm

    Why do you push the conspiracy that the Fed is not a government agency when it is demonstrably false?

    https://www.federalreserve.gov/faqs/about_14986.htm

    • gsays 7.1
      13 June 2020 at 8:47 am

      Good question. I have long thought, incorrectly, that 'The Fed' is privately owned.

      I went and did a google and found out what caused my confusion.

      'The Fed' is a de-centralised bank, with & governers appointed by the President and approved by the senate.

      The 12 regional Federal reserve Banks are privately owned.
      https://www.philadelphiafed.org/-/media/education/teachers/resources/fed-today/fed-today_lesson-3.pdf
      From the link: "The Federal Reserve is not a private corporation. It is part private and part public, with its Board of Governors an agency of the United States government.

      The regional Federal Reserve Banks are private corporations acting as agents of the government that are owned by their member banks."

      • Mike Smith 7.1.1
        13 June 2020 at 11:53 am

        @gsays

        Thanks for the clarification – I had made the same mistake. I've taken the reference out of the post – I agree it is not particularly germane to the argument.

        This discussion by Michael Hudson with Paul Jay however definitely is relevant.

        • Pi 7.1.1.1
          13 June 2020 at 4:00 pm

          The key point is that regional fed banks are not private corporations in any real sense – in particular bank ‘shareholders’ in regional fed banks do not control monetary policy:

          https://en.m.wikipedia.org/wiki/Federal_Reserve

          It is the federal government (ie the politically appointed board of governors – who like our reserve bank are part of and independent from the government) who controls the fed – and the federal government who earns the vast majority of income (97%) from fed operations.

  8. Maurice 8
    12 June 2020 at 9:11 pm

    All the 'quantitative easing' fiat money is going into the share/bond markets to bail out the previous holders of those securities. The money has not disappeared but has gone into the hands of those who SOLD the shares and securities. Some where there is a LOT of fiat currency electronically stored away as credits in electronic bank accounts …. some of that is used to 'buy' Government and Private Bonds to recycle the digital totals back to Government; Reserve Banks and private Corporations. It sure ain't ending up in the Hoi Poloi's hands!

  9. SPC 9
    13 June 2020 at 3:46 am

    BlackRock Holdings is not a bank, its asset management. Which is why the Federal Reserve works with it.

    The US government has also given a lot of money to companies so they can pay off their debt – which bails out their lenders.

  10. vto 10
    13 June 2020 at 6:35 am

    the world's greatest ponzi scheme

    racing ever faster to its end-point

  11. Sabine 11
    13 June 2020 at 8:22 am

    maybe someone should introduce her to this guy: Mr. Mnuchin.

    https://www.rawstory.com/2020/06/jaw-dropping-corruption-mnuchin-refuses-to-disclose-which-businesses-got-taxpayer-backed-bailouts/

    Treasury Secretary Steven Mnuchin told Congress on Wednesday that the Trump administration will never reveal the companies which received loans through the Paycheck Protection Program (PPP).

    but her emails.

    • francesca 11.1
      13 June 2020 at 8:52 am

      Do you honestly think her emails were the biggest obstacle to the White House?

    • Descendant Of Smith 11.2
      13 June 2020 at 9:03 am

      So same as New Zealand with South Canterbury Finance then.

      • Maurice 11.2.1
        13 June 2020 at 10:51 am

        Interesting …

        http://robinwestenra.blogspot.com/2012/11/the-alan-hubbard-case.html

        By 2009-10 South Canterbury Finance was bit of a 'last man standing' – the last independent finance company left in New Zealand.

        Briefly though,as I understand it, the new National government saw Alan Hubbard as a weak link.

        What happened is that John Key and his friends, by destroying the reputation of Alan Hubbard and his companies and putting them into receivership, were able to strip the assets under the guise of protecting investors' assets and subsidising the losses with tax payer money (to the tune of a massive $1.5 billion).

        The fact was that not ONE of these assertions was ever tested in court.

        The SFO removed his records and then, instead of the Crown having to prove their assertions Alan Hubbard was forced into the impossible position of proving his own innocence. Meanwhile the statutory managers were able to feed a compliant media news releases every few weeks that reinforced the perception that Hubbard was guilty of fraud.

        Finally, in 2011, just days before Alan Hubbard was due to have his day in court, he was killed in a car accident.

        Curiouser and Curiouser … a very deep Rabbit Hole?

        • Pi 11.2.1.1
          14 June 2020 at 3:35 pm

          The fraud charges will never be tested so unknowable. Chris Lee has his own view (see here for a summary: http://robinwestenra.blogspot.com/2012/11/the-alan-hubbard-case.html) that Hubbard did not steal money from Aorangi – but that Hubbard would have been lucky to avoid fraud charges.

          The blog you reference has it the wrong way around though. The scandal was the Government's decision to include SCF in the guarantee scheme in the first place. This was deliberate politics to SUPPORT (not attack) the South Island, with a heavy dose of moral hazard – transferring risk from South Island depositors to the NZ taxpayer.

          • Maurice 11.2.1.1.1
            14 June 2020 at 5:17 pm

            Indeed With National's South Island rural base being advantaged the inclusion of SCF in the guarantee scheme is questionable – at best

  12. Tricledrown 12
    13 June 2020 at 10:36 am

    Dos Bill English's biggest bungle $1.2 billion of tax payers money wasted because blinglish forgot to sign the bank failure insurance policy update sitting on his desk for 6 weeks

    • dv 12.1
      13 June 2020 at 11:24 am

      AND the Natz extended the Govt guarantee in 2010?

      I have a recollection that English brother was exposed financially to SCF.

      I must read Chris Lees Book, billion dollar bonfire.

  13. William C O'Donnell 13
    14 June 2020 at 8:52 am

    I believe the sharemarket is just an illusion; You buy a share in the hope that at some later point someone else will buy in at a higher price & so create value for you & any one else before you. The trick is to know when to get off the bandwagon at the right stop. If you are not in the loop of knowledge about a particular share, then you are living in hope.

    • Pat 13.1
      14 June 2020 at 10:33 am

      naught but a global casino

    • Ad 13.2
      14 June 2020 at 5:54 pm

      Your "illusion" currently directly benefits the 2.5 million New Zealanders within Kiwisaver, and a further 1 million in NZSuperauunation which is propped up by the NZSuperFund which is also reliant on the local and international share market.

      That's 2/3s of the New Zealand population reliant on the performance of sharemarkets.

      So far this "illusion" has done incredibly well for us.

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    This re-post from Yale Climate Connections by Andy Furillo was originally published by Capital & Main and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. The California Legislature took a step last week that has the potential to accelerate the fight against climate ...
    Skeptical Science
    4 days ago

  • Untangling South East Queensland’s Public Transport
    This is a cross post Adventures in Transitland by Darren Davis. I recently visited Brisbane and South East Queensland and came away both impressed while also pondering some key changes to make public transport even better in the region. Here goes with my take on things. A bit of ...
    Greater AucklandBy Guest Post
    4 days ago

  • Try A Little Kindness.
    My daughter arrived home from the supermarket yesterday and she seemed a bit worried about something. It turned out she wanted to know if someone could get her bank number from a receipt.We wound the story back.She was in the store and there was a man there who was distressed, ...
    Nick’s KōreroBy Nick Rockel
    4 days ago

  • What makes NZFirst tick
    New Zealand’s longest-running political roadshow rolled into Opotiki yesterday, with New Zealand First leader Winston Peters knowing another poll last night showed he would make it back to Parliament and National would need him and his party if they wanted to form a government. The Newshub Reid Research poll ...
    PolitikBy Richard Harman
    5 days ago

  • September AMA
    Hi,As September draws to a close — I feel it’s probably time to do an Ask Me Anything. You know how it goes: If you have any burning questions, fire away in the comments and I will do my best to answer. You might have questions about Webworm, or podcast ...
    David FarrierBy David Farrier
    5 days ago

  • Bludgers lying in the scratcher making fools of us all
    The mediocrity who stands to be a Prime Minister has a litany.He uses it a bit like a Koru Lounge card. He will brandish it to say: these people are eligible. And more than that, too: These people are deserving. They have earned this policy.They have a right to this policy. What ...
    More Than A FeildingBy David Slack
    5 days ago

  • More “partnerships” (by the look of it) and redress of over $30 million in Treaty settlement wit...
    Buzz from the Beehive Point of Order has waited until now – 3.45pm – for today’s officially posted government announcements.  There have been none. The only addition to the news on the Beehive’s website was posted later yesterday, after we had published our September 26 Buzz report. It came from ...
    Point of OrderBy Bob Edlin
    5 days ago

  • ALEX HOLLAND: Labour’s spending
    Alex Holland writes –  In 2017 when Labour came to power, crown spending was $76 billion per year. Now in 2023 it is $139 billion per year, which equates to a $63 billion annual increase (over $1 billion extra spend every week!) In 2017, New Zealand’s government debt ...
    Point of OrderBy poonzteam5443
    5 days ago

  • If not now, then when?
    Labour released its fiscal plan today, promising the same old, same old: "responsibility", balanced books, and of course no new taxes: "Labour will maintain income tax settings to provide consistency and certainty in these volatile times. Now is not the time for additional taxes or to promise billions of ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • THE FACTS:  77% of Kiwis believe NZ is becoming more divided
    The Facts has posted –        KEY INSIGHTSOf New Zealander’s polled: Social unity/division 77%believe NZ is becoming more divided (42% ‘much more’ + 35% ‘a little more’) 3%believe NZ is becoming less divided (1% ‘much less’ + 2% ‘a little less’) ...
    Point of OrderBy poonzteam5443
    5 days ago

  • Gordon Campbell on the cynical brutality of the centre-right’s welfare policies
    The centre-right’s enthusiasm for forcing people off the benefit and into paid work is matched only by the enthusiasm (shared by Treasury and the Reserve Bank) for throwing people out of paid work to curb inflation, and achieve the optimal balance of workers to job seekers deemed to be desirable ...
    Gordon CampbellBy lyndon
    5 days ago

  • Wednesday’s Chorus: Arthur Grimes on why building many, many more social houses is so critical
    New research shows that tenants in social housing - such as these Wellington apartments - are just as happy as home owners and much happier than private tenants. Photo: Lynn Grieveson / The KākāTL;DR: The election campaign took an ugly turn yesterday, and in completely the wrong direction. All three ...
    The KakaBy Bernard Hickey
    5 days ago

  • Bennie Bashing.
    If there’s one thing the mob loves more than keeping Māori in their place, more than getting tough on the gangs, maybe even more than tax cuts. It’s a good old round of beneficiary bashing.Are those meanies in the ACT party stealing your votes because they think David Seymour is ...
    Nick’s KōreroBy Nick Rockel
    5 days ago

  • The kindest cuts
    Labour kicks off the fiscal credibility battle today with the release of its fiscal plan. National is expected to follow, possibly as soon as Thursday, with its own plan, which may (or may not) address the large hole that the problems with its foreign buyers’ ban might open up. ...
    PolitikBy Richard Harman
    6 days ago

  • Green right turn in Britain? Well, a start
    While it may be unlikely to register in New Zealand’s general election, Britain’s PM Rishi Sunak has done something which might just be important in the long run. He’s announced a far-reaching change in his Conservative government’s approach to environmental, and particularly net zero, policy. The starting point – ...
    Point of OrderBy xtrdnry
    6 days ago

  • At a glance – How do human CO2 emissions compare to natural CO2 emissions?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    Skeptical Science
    6 days ago

  • How could this happen?
    Canada is in uproar after the exposure that its parliament on September 22 provided a standing ovation to a Nazi veteran who had been invited into the chamber to participate in the parliamentary welcome to Ukrainian President Zelensky. Yaroslav Hunka, 98, a Ukrainian man who volunteered for service in ...
    Open ParachuteBy Ken
    6 days ago

  • Always Be Campaigning
    The big screen is a great place to lay out the ways of the salesman. He comes ready-made for Panto, ripe for lampooning.This is not to disparage that life. I have known many good people of that kind. But there is a type, brazen as all get out. The camera ...
    More Than A FeildingBy David Slack
    6 days ago

  • STEPHEN FRANKS: Press seek to publicly shame doctor – we must push back
    The following is a message sent yesterday from lawyer Stephen Franks on behalf of the Free Speech Union. I don’t like to interrupt first thing Monday morning, but we’ve just become aware of a case where we think immediate and overwhelming attention could help turn the tide. It involves someone ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Competing on cruelty
    The right-wing message calendar is clearly reading "cruelty" today, because both National and NZ First have released beneficiary-bashing policies. National is promising a "traffic light" system to police and kick beneficiaries, which will no doubt be accompanied by arbitrary internal targets to classify people as "orange" or "red" to keep ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • Further funding for Pharmac (forgotten in the Budget?) looks like a $1bn appeal from a PM in need of...
    Buzz from the Beehive One Labour plan  – for 3000 more public homes by 2025 – is the most recent to be posted on the government’s official website. Another – a prime ministerial promise of more funding for Pharmac – has been released as a Labour Party press statement. Who ...
    Point of OrderBy Bob Edlin
    6 days ago

  • Bryce Edwards: The Vested interests shaping National Party policies
    As the National Party gets closer to government, lobbyists and business interests will be lining up for influence and to get policies adopted. It’s therefore in the public interest to have much more scrutiny and transparency about potential conflicts of interests that might arise. One of the key individuals of ...
    Democracy ProjectBy bryce.edwards
    6 days ago

  • Labour may be on way out of power and NZ First back in – but will Peters go into coalition with Na...
    Voters  are deserting Labour in droves, despite Chris  Hipkins’  valiant  rearguard  action.  So  where  are they  heading?  Clearly  not all of them are going to vote National, which concedes that  the  outcome  will be “close”. To the Right of National, the ACT party just a  few weeks  ago  was ...
    Point of OrderBy tutere44
    6 days ago

  • GRAHAM ADAMS: Will the racists please stand up?
    Accusations of racism by journalists and MPs are being called out. Graham Adams writes –    With the election less than three weeks away, what co-governance means in practice — including in water management, education, planning law and local government — remains largely obscure. Which is hardly ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Gordon Campbell on whether Winston Peters can be a moderating influence
    As the centre-right has (finally!) been subjected to media interrogation, the polls are indicating that some voters may be starting to have second thoughts about the wisdom of giving National and ACT the power to govern alone. That’s why yesterday’s Newshub/Reid Research poll had the National/ACT combo dropping to 60 ...
    Gordon CampbellBy lyndon
    6 days ago

  • Tuesday’s Chorus: RBNZ set to rain on National's victory parade
    ANZ has increased its forecast for house inflation later this year on signs of growing momentum in the market ahead of the election. Photo: Lynn Grieveson / The KākāTL;DR: National has campaigned against the Labour Government’s record on inflation and mortgage rates, but there’s now a growing chance the Reserve ...
    The KakaBy Bernard Hickey
    6 days ago

  • After a Pittsburgh coal processing plant closed, ER visits plummeted
    This is a re-post from Yale Climate Connections by Katie Myers. This story was originally published by Grist and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. Pittsburgh, in its founding, was blessed and cursed with two abundant natural resources: free-flowing rivers and a nearby coal seam. ...
    Skeptical Science
    6 days ago

  • September-23 AT Board Meeting
    Today the AT board meet again and once again I’ve taken a look at what’s on the agenda to find the most interesting items. Closed Agenda Interestingly when I first looked at the agendas this paper was there but at the time of writing this post it had been ...
    Greater AucklandBy Matt L
    6 days ago

  • Electorate Watch: West Coast-Tasman
    Continuing my series on interesting electorates, today it’s West Coast-Tasman.A long thin electorate running down the northern half of the west coast of the South Island. Think sand flies, beautiful landscapes, lots of rain, Pike River, alternative lifestylers, whitebaiting, and the spiritual home of the Labour Party. A brief word ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • Big money brings Winston back
    National leader Christopher Luxon yesterday morning conceded it and last night’s Newshub poll confirmed it; Winston Peters and NZ First are not only back but highly likely to be part of the next government. It is a remarkable comeback for a party that was tossed out of Parliament in ...
    PolitikBy Richard Harman
    7 days ago

  • 20 days until Election Day, 7 until early voting begins… but what changes will we really see here?
    As this blogger, alongside many others, has already posited in another forum: we all know the National Party’s “budget” (meaning this concept of even adding up numbers properly is doing a lot of heavy, heavy lifting right now) is utter and complete bunk (read hung, drawn and quartered and ...
    exhALANtBy exhalantblog
    7 days ago

  • A night out
    Everyone was asking, Are you nervous? and my response was various forms of God, yes.I've written more speeches than I can count; not much surprises me when the speaker gets to their feet and the room goes quiet.But a play? Never.YOU CAME! THANK YOU! Read more ...
    More Than A FeildingBy David Slack
    1 week ago

  • A pallid shade of Green III
    Clearly Labour's focus groups are telling it that it needs to pay more attention to climate change - because hot on the heels of their weaksauce energy efficiency pilot programme and not-great-but-better-than-nothing solar grants, they've released a full climate manifesto. Unfortunately, the core policies in it - a second Emissions ...
    No Right TurnBy Idiot/Savant
    1 week ago

  • New Zealand resumes peacekeeping force leadership
    New Zealand will again contribute to the leadership of the Multinational Force and Observers (MFO) in the Sinai Peninsula, Egypt, with a senior New Zealand Defence Force officer returning as Interim Force Commander. Defence Minister Andrew Little and Foreign Affairs Minister Nanaia Mahuta have announced the deployment of New Zealand ...
    BeehiveBy beehive.govt.nz
    1 hour ago

  • New national direction provides clarity for development and the environment
    The Government has taken an important step in implementing the new resource management system, by issuing a draft National Planning Framework (NPF) document under the new legislation, Environment Minister David Parker said today. “The NPF consolidates existing national direction, bringing together around 20 existing instruments including policy statements, standards, and ...
    BeehiveBy beehive.govt.nz
    4 hours ago

  • Government shows further commitment to pay equity for healthcare workers
    The Government welcomes the proposed pay equity settlement that will see significant pay increases for around 18,000 Te Whatu Ora Allied, Scientific, and Technical employees, if accepted said Health Minister Ayesha Verrall. The proposal reached between Te Whatu Ora, the New Zealand Public Service Association Te Pūkenga Here Tikanga Mahi ...
    BeehiveBy beehive.govt.nz
    5 hours ago

  • 100 new public EV chargers to be added to national network
    The public EV charging network has received a significant boost with government co-funding announced today for over 100 EV chargers – with over 200 charging ports altogether – across New Zealand, and many planned to be up and running on key holiday routes by Christmas this year. Minister of Energy ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Safeguarding Tuvalu language and identity
    Tuvalu is in the spotlight this week as communities across New Zealand celebrate Vaiaso o te Gagana Tuvalu – Tuvalu Language Week. “The Government has a proven record of supporting Pacific communities and ensuring more of our languages are spoken, heard and celebrated,” Pacific Peoples Minister Barbara Edmonds said. “Many ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • New community-level energy projects to support more than 800 Māori households
    Seven more innovative community-scale energy projects will receive government funding through the Māori and Public Housing Renewable Energy Fund to bring more affordable, locally generated clean energy to more than 800 Māori households, Energy and Resources Minister Dr Megan Woods says. “We’ve already funded 42 small-scale clean energy projects that ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Huge boost to Te Tai Tokerau flood resilience
    The Government has approved new funding that will boost resilience and greatly reduce the risk of major flood damage across Te Tai Tokerau. Significant weather events this year caused severe flooding and damage across the region. The $8.9m will be used to provide some of the smaller communities and maraes ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Napier’s largest public housing development comes with solar
    The largest public housing development in Napier for many years has been recently completed and has the added benefit of innovative solar technology, thanks to Government programmes, says Housing Minister Dr Megan Woods. The 24 warm, dry homes are in Seddon Crescent, Marewa and Megan Woods says the whanau living ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Te Whānau a Apanui and the Crown initial Deed of Settlement I Kua waitohua e Te Whānau a Apanui me...
    Māori: Kua waitohua e Te Whānau a Apanui me te Karauna te Whakaaetanga Whakataunga Kua waitohua e Te Whānau a Apanui me te Karauna i tētahi Whakaaetanga Whakataunga hei whakamihi i ō rātou tāhuhu kerēme Tiriti o Waitangi. E tekau mā rua ngā hapū o roto mai o Te Whānau ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Plan for 3,000 more public homes by 2025 – regions set to benefit
    Regions around the country will get significant boosts of public housing in the next two years, as outlined in the latest public housing plan update, released by the Housing Minister, Dr Megan Woods. “We’re delivering the most public homes each year since the Nash government of the 1950s with one ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Immigration settings updates
    Judicial warrant process for out-of-hours compliance visits 2023/24 Recognised Seasonal Employer cap increased by 500 Additional roles for Construction and Infrastructure Sector Agreement More roles added to Green List Three-month extension for onshore Recovery Visa holders The Government has confirmed a number of updates to immigration settings as part of ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Poroporoaki: Tā Patrick (Patu) Wahanga Hohepa
    Tangi ngunguru ana ngā tai ki te wahapū o Hokianga Whakapau Karakia. Tārehu ana ngā pae maunga ki Te Puna o te Ao Marama. Korihi tangi ana ngā manu, kua hinga he kauri nui ki te Wao Nui o Tāne. He Toa. He Pou. He Ahorangi. E papaki tū ana ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Renewable energy fund to support community resilience
    40 solar energy systems on community buildings in regions affected by Cyclone Gabrielle and other severe weather events Virtual capability-building hub to support community organisations get projects off the ground Boost for community-level renewable energy projects across the country At least 40 community buildings used to support the emergency response ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • COVID-19 funding returned to Government
    The lifting of COVID-19 isolation and mask mandates in August has resulted in a return of almost $50m in savings and recovered contingencies, Minister of Health Dr Ayesha Verrall announced today. Following the revocation of mandates and isolation, specialised COVID-19 telehealth and alternative isolation accommodation are among the operational elements ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Appointment of District Court Judge
    Susie Houghton of Auckland has been appointed as a new District Court Judge, to serve on the Family Court, Attorney-General David Parker said today.  Judge Houghton has acted as a lawyer for child for more than 20 years. She has acted on matters relating to the Hague Convention, an international ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Government invests further in Central Hawke’s Bay resilience
    The Government has today confirmed $2.5 million to fund a replace and upgrade a stopbank to protect the Waipawa Drinking Water Treatment Plant. “As a result of Cyclone Gabrielle, the original stopbank protecting the Waipawa Drinking Water Treatment Plant was destroyed. The plant was operational within 6 weeks of the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Govt boost for Hawke’s Bay cyclone waste clean-up
    Another $2.1 million to boost capacity to deal with waste left in Cyclone Gabrielle’s wake. Funds for Hastings District Council, Phoenix Contracting and Hog Fuel NZ to increase local waste-processing infrastructure. The Government is beefing up Hawke’s Bay’s Cyclone Gabrielle clean-up capacity with more support dealing with the massive amount ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Taupō Supercars revs up with Government support
    The future of Supercars events in New Zealand has been secured with new Government support. The Government is getting engines started through the Major Events Fund, a special fund to support high profile events in New Zealand that provide long-term economic, social and cultural benefits. “The Repco Supercars Championship is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • There is no recession in NZ, economy grows nearly 1 percent in June quarter
    The economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said. “The New Zealand economy is doing better than expected,” Grant Robertson said. “It’s continuing to grow, with the latest figures showing ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Highest legal protection for New Zealand’s largest freshwater springs
    The Government has accepted the Environment Court’s recommendation to give special legal protection to New Zealand’s largest freshwater springs, Te Waikoropupū Springs (also known as Pupū Springs), Environment Minister David Parker announced today.   “Te Waikoropupū Springs, near Takaka in Golden Bay, have the second clearest water in New Zealand after ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • More support for victims of migrant exploitation
    Temporary package of funding for accommodation and essential living support for victims of migrant exploitation Exploited migrant workers able to apply for a further Migrant Exploitation Protection Visa (MEPV), giving people more time to find a job Free job search assistance to get people back into work Use of 90-day ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Strong export boost as NZ economy turns corner
    An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says. “The economy is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Funding approved for flood resilience work in Te Karaka
    The Government has approved $15 million to raise about 200 homes at risk of future flooding. More than half of this is expected to be spent in the Tairāwhiti settlement of Te Karaka, lifting about 100 homes there. “Te Karaka was badly hit during Cyclone Gabrielle when the Waipāoa River ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Further business support for cyclone-affected regions
    The Government is helping businesses recover from Cyclone Gabrielle and attract more people back into their regions. “Cyclone Gabrielle has caused considerable damage across North Island regions with impacts continuing to be felt by businesses and communities,” Economic Development Minister Barbara Edmonds said. “Building on our earlier business support, this ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • New maintenance facility at Burnham Military Camp underway
    Defence Minister Andrew Little has turned the first sod to start construction of a new Maintenance Support Facility (MSF) at Burnham Military Camp today. “This new state-of-art facility replaces Second World War-era buildings and will enable our Defence Force to better maintain and repair equipment,” Andrew Little said. “This Government ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Foreign Minister to attend United Nations General Assembly
    Foreign Minister Nanaia Mahuta will represent New Zealand at the 78th Session of the United Nations General Assembly (UNGA) in New York this week, before visiting Washington DC for further Pacific focussed meetings. Nanaia Mahuta will be in New York from Wednesday 20 September, and will participate in UNGA leaders ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Midwives’ pay equity offer reached
    Around 1,700 Te Whatu Ora employed midwives and maternity care assistants will soon vote on a proposed pay equity settlement agreed by Te Whatu Ora, the Midwifery Employee Representation and Advisory Service (MERAS) and New Zealand Nurses Association (NZNO), Minister of Health Dr Ayesha Verrall announced today. “Addressing historical pay ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • New Zealand provides support to Morocco
    Aotearoa New Zealand will provide humanitarian support to those affected by last week’s earthquake in Morocco, Foreign Minister Nanaia Mahuta announced today. “We are making a contribution of $1 million to the International Federation of Red Cross and Red Crescent Societies (IFRC) to help meet humanitarian needs,” Nanaia Mahuta said. ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • Government invests in West Coast’s roading resilience
    The Government is investing over $22 million across 18 projects to improve the resilience of roads in the West Coast that have been affected by recent extreme weather, Prime Minister Chris Hipkins confirmed today.  A dedicated Transport Resilience Fund has been established for early preventative works to protect the state ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • Government invests in Greymouth’s future
    The Government has today confirmed a $2 million grant towards the regeneration of Greymouth’s CBD with construction of a new two-level commercial and public facility. “It will include a visitor facility centred around a new library. Additionally, it will include retail outlets on the ground floor, and both outdoor and ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

  • Nanaia Mahuta to attend PIF Foreign Ministers’ Meeting
    Foreign Minister Nanaia Mahuta will attend the Pacific Islands Forum (PIF) Foreign Ministers’ Meeting, in Suva, Fiji alongside New Zealand’s regional counterparts. “Aotearoa New Zealand is deeply committed to working with our pacific whanau to strengthen our cooperation, and share ways to combat the challenges facing the Blue Pacific Continent,” ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

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