web analytics

Minister Robertson, UK Pensions, and Risk

Written By: - Date published: 9:44 am, October 15th, 2022 - 19 comments
Categories: Deep stuff, economy, grant robertson, kiwisaver, politicans, uk politics - Tags:

A simple and rational question in the later part of a political term is: am I better off?

There’s a specific set of New Zealanders who won’t feel it: Kiwisavers and home owners with high mortgages. But is that reasonable?

We have been used over the last decade to a long bull run in which a relatively steady global economy and massive increases in house prices have made savings feel bullet proof. It’s given us a lot of confidence when so much of the world is in financial chaos. Perhaps we’ve forgotten that all investment involves risk.

Those in even riskier investment categories quite unguided by professional advice like Sharesies will have seen all the tech stocks pulling their money down into something very, very dark. Unless at the start you just held your nose and bought oil companies.

That confidence is gone for now. But it is unreasonable to attribute such instability to this Labour government.

Our Financial Markets Authority tracks the great myriad of Kiwisaver funds. Best to rely on their data rather than the many other aggregator evaluators out there.

This is where it’s worth comparing the actions of the UK government and its central bank with that of New Zealand right now.
In the UK, insurance companies that give defined benefit pension schemes have been forced since 2008’s financial crash to keep aside reserves for difficult circumstances. The UK government has proposed policies that have generated massive instability for those schemes trying to get their money so that they can pay out.

The UK doesn’t have the backstop of the NZSuperFund to provide everyone with a floor of minimum income in retirement. So this stuff is really, really important for millions of UK citizens seeking to finally stop work. A total of more than 18 million people are affected by the UK pension crisis in some way. Of these more than 2.7 million people still pay into defined benefit schemes. About 4.77 million people belong to schemes closed to new members. A further 3.4 million are in schemes that have shut to new accruals.

The UK pension regulator says there are a further 5 million people who have left their employer and are deferred members.

That’s a lot of citizens, a lot of media commentators, a lot of voters getting really insecure when government policy intervention has appeared to cause investment panic so big that the Bank of England has now had to intervene three times with a simply massive bond-buying effort.

The Bank of England has had to step into the market with massive interventions to ensure there are enough buyers and sellers at any one point in time.

Also gives you an idea why the British Prime Minister just fired her Head of Treasury a few hours ago.

If there are just two words to sum up the performance of New Zealand’s Minister of Finance Grant Robertson, it would be simply: “steady ship”. He’d have reason to be happy with that description given what has faced the country over 2 years and is likely to come.

The UK has based much of its economic competitive advantage on the power and competence of its financial markets. That reputation has been dented over the past month and it is due to political mismanagement from the Conservative Party.

The New Zealand Labour government on the other hand, even as we go through great investment uncertainty this year and in the year ahead, should reasonably be given some credit for the stability it has provided. On that measure alone we are better off.

690,000 Kiwisavers and the 28% of New Zealand with a mortgage might not feel that at the moment.

The political question is whether Kiwis currently losing money on paper can remember this: all investment involves risk and it’s entirely fair for our government to only manage so much of that risk and for the rest to fall on us the investor. Will irrational anxiety beat rational risk in our upcoming politics?

19 comments on “Minister Robertson, UK Pensions, and Risk ”

  1. SPC 1

    When my Kiwi Saver provider was removed from the government scheme a year or so back I was transferred to a conservative fund at the BNZ – I was however advised to go to to the category I was at formerly at (ultra conservative) because of my age (thus have little risk).

    I'm still getting good dividend returns on the power company shares sold below market price by National (100% or more CG and likely to be untaxed when sold).

    Like many of the generation no mortgage, so just facing a long overdue correction in property asset value (still higher than 2020 value which was above the high enough 2017 values). And of course the current mortgage rate cost might impact the amount of renovation work undertaken and cause a delay to reverse mortgaging. Such is hardship, one might have to sell up and move into a place with less land.

  2. aj 2

    A simple and rational question in the later part of a political term is: am I better off

    As you go on to describe it is neither simple nor rational. And explaining is losing. Your last para is the important one and the answer, unfortunately, is probably no. Irrational anxiety wins every time.

  3. Nic the NZer 3

    Discussion of the actual basis for BoE intervention in govt bond markets. The actual reason for why UK pensions could not tolerate relatively small fluctuations in UK govt bonds missing from this post unfortunately.

    http://bilbo.economicoutlook.net/blog/?p=50528

    • Pat 3.1

      "One of the related problems is that pension funds are managed according to the greed principle rather than to exclusively ensure liabilities can be met.

      The latter goal is relatively simple – just invest in risk-free assets that deliver a known principle at a known maturity.

      So if you need $30 billion in 20 years time, the easiest way to guarantee you will have it is to buy a 20-year bond that has a face value of $30 billion."

      http://bilbo.economicoutlook.net/blog/?p=50528

      Indeed, so why were pension funds in a position to be margin called?….particularly in the recent market conditions? A piece i read recently indicated that pension fund leverage was considered a no no….apparently not.

      • Ad 3.1.1

        Here's another version of why pension funds reacted so fast and so big, including the letter from the Bank of England to the UK Treasury Committee explaining its actions:

        How a sleepy corner of the market nearly triggered a meltdown | CNN Business

        • pat 3.1.1.1

          "LDI has evolved from that into something quite different from just hedging liabilities to pay pensions. What we see now is happening because pension schemes have been speculating — investing in equities, private equity and hedge funds, with disguised borrowings or leverage — not hedging. By increasing leverage, many UK pension schemes have been operating as badly run hedge funds, increasing risk for themselves and the whole financial system. This greed, stupidity and laziness was encouraged by investment consultants, who get paid for complexity. Some pension schemes have bought “leveraged gilt funds” — the clue is in the name. These instruments create leverage through derivatives and gilt repos, which allow holders to exchange government bonds for cash. The economic risk is taken on by the pension schemes."

          https://www.ft.com/content/98c35e6a-079b-498a-9842-f8b0f3faf232

          • Poission 3.1.1.1.1

            The problem was that the shock and subsequent moves in interest rates ( in response to the mini budget and its 60b pound hole) was huuuuge,never seen in the history of interest rates and everyone ran for a small door at the end of the theatre.

            Now, institutional investors’ risk models (trust me: first-hand experience) are mostly based on 5-10 years historical volatility and hence unprepared to deal with such moves.
            The amount of cash required to meet margin calls when the move in interest rates is 6-8x standard deviations is very large.

            And remember where this cash has been invested?
            Mostly in riskier assets that Clearing Houses won’t accept as collateral.
            Pension funds also don’t have direct access to the Central Bank, which makes it impossible for them to post collateral and receive funds to meet margin calls this way.

            All of a sudden, the most typical liquidity problem arises.
            The only way out is to liquidate assets (bonds, stocks, all!) and meet margin calls to avoid a liquidity problem morphing into a solvency issue.

            https://themacrocompass.substack.com/p/pension-fund-drama#details

            Here in NZ,with our large investment in pension funds ( over 33% of gdp private alone) it adds risk to the investors and the lenders where flows are necessary for pay outs,for retirees and those cashing up to fuel the property bubble.

            Also the government expanded the methodology used in ascertaining sovereign debt to gdp,by including assets from wealth funds such as ACC,NZSF,and revaluing the housing corp estate,all of which have taken substantive hits since the june data close.( only 7 b of wealth funds losses accounted for) in FYI ending june.

            • pat 3.1.1.1.1.1

              Understand the effect of the margin call but dont get WHY pension funds (supposedly conservative) are exposing themselves to derivatives risk…the (future) payments are known and finite and all that is required is a diversified portfolio (including bonds) and the power of time and compounding interest…..something actuaries do every day

              It is a good link…though not exactly reassuring.

              • Poission

                Pension funds whilst conservative biased,had the problem with low interest rates (or even negative such as europe or japan) which meant they were not getting returns needed to meet future demand.

                There maybe have also in the UK been a higher demand for full payout with covid etc.

                The NZ superfund also undertakes high risk investments with companies that have PE ratios >40,which is problematic if they are bleeding cash.Also with the high overseas weighting of investments an appreciation in the NZ$ would make the overseas assets depreciate further as the currency hedges expire.

                • pat

                  Get that, but we are talking long term …and acknowledge rates have been low for an extended period, but not worldwide, there has been opportunity in other markets and equities have (until recently) boomed with those low interest rates, so no lack of opportunity there.

                  Consider the impact on say the NZ Super fund, excellent returns until last year (with loses) but the expectation is it will recover over time, and should it fail to meet projections we wont know for a decade or more and will cut our cloth at the time….or alternatively it may surprise on the upside (it would be a surprise imo)

                • pat

                  Further thought…it is a 'quality' problem.

                  The quality of collateral is the issue , quality being a proxy for (secure) return and return is a function of growth.

                  We cycle back to growth….always.

                  Ironically so does Truss

                  • Nic the NZer

                    Leveraging your investment adds risk. This remains true regardless of the 'quality' of collateral put up.

                    • pat

                      It may remain true, but risk, or the perception of, impacts willingness…..collateral is only of use if it is acceptable.

                      Nobody will lend secured against something perceived as worthless (or insufficient)

                  • Poission

                    Its also a quantity issue,increasing leverage to get more blood out of same asset.

                    With all asset appreciation (value) a substantive part of the growth is debt,which becomes exposed when the tide comes out.

                    The high rates of interest are now a real part of both borrowing and lending and are not transitionary they are here to stay,until demand for debt is lessened.

                    NZ is a highly indebted country with a substantive current account deficit ( higher then the UK) and limited ability to service our debt through exports,if we cannot start to live within our means.

                    Selling productive NZ assets to overseas entities only increases investment flow offshore (called profits),and interest bills are increasing,as is inflation and the debt treadmill.

                  • Nic the NZer

                    That touches on what I think is an interesting question, does the availability of govt debt at a 'risk free' rate of return feed into this leveraging strategy.

                    What has the private sector created which is as stable a collateral investment (nothing?). Nobody appears to be selling derivatives hedged in bit coin (because you'd have to be insane to do it).

                    So the question is, should the govt stop issuing debt does this part of the market disappear? and where do (non-leveraged) pension funds actually invest at a low risk level?

                    • Pat

                      "does the availability of govt debt at a 'risk free' rate of return feed into this leveraging strategy."

                      I suspect so….though erroneously as recent events have demonstrated.

                      "So the question is, should the govt stop issuing debt does this part of the market disappear? "

                      If the (all) Gov stop issuing debt (or purchase all their own) then it must

                      "and where do (non-leveraged) pension funds actually invest at a low risk level?"

                      Depends on the definition of low, but without Gov Bonds then blue chip equities and infrastructure…as they currently do alongside bonds.

                      It is worth noting that the (various) Govs don’t have to stop issuing debt for markets to freeze…lack of confidence can have the same effect.

  4. Cricklewood 4

    Realistically is obtuse market instruments using derivatives etc that are the real problem. Basically the capacity for disaster is greatly increased.

    Also while it's nice to talk about investment risk when it comes to Kiwisaver the reality is you dont have the ultimate level of control. You can't pull your money out.

  5. Mike the Lefty 5

    I certainly have more confidence in Grant Robertson as finance minister than any of the "economic wizards" that National like to think they have.

    But like many others my Kiwisaver account seems smaller every time I log in (I have stopped doing so) although I keep contributing.

    • Craig H 5.1

      Mine is doing that as well, but that's reflective of it being in a growth = higher-risk fund in difficult times for markets. If I moved it to a cash fund, it would stop falling at least.

Recent Comments

Recent Posts

  • Joint statement: Australia and Aotearoa New Zealand Foreign Minister Consultations
    Australian Minister for Foreign Affairs, Senator the Hon Penny Wong welcomed Aotearoa New Zealand's Minister for Foreign Affairs, Hon Nanaia Mahuta to Canberra today for biannual Australia – Aotearoa New Zealand Foreign Minister Consultations. The Ministers acknowledged the unique strength of the relationship between Australia and Aotearoa New Zealand, reaffirmed the shared ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Funding boost for kaupapa Māori response to homelessness
    Associate Minister of Housing (Homelessness) Marama Davidson has announced a significant funding boost today for kaupapa Māori approaches that support whānau into housing. $24.7 million will be allocated to support the delivery of He Ara Hiki Mauri – a tangata whenua-led response to homelessness. “Homelessness is not inevitable. By working ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Appointment of Judge of the High Court
    Auckland barrister David Gary Johnstone has been appointed a judge of the High Court, Attorney‑General David Parker announced today. Justice Johnstone graduated from the University of Auckland in 1991 with a BCom/LLB(Hons), and joined Bell Gully as a solicitor, practising in general commercial litigation. During 1993 and 1994 he studied at the ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • New mental health facility a step closer for Gisborne
    Health Minister Andrew Little was at Gisborne Hospital today to mark the next step of Te Tairāwhiti’s new Te Whare Awhiora mental health facility build. The Health Minister turned a sod to mark the start of groundworks at the site, in preparation for the placement of a mauri stone. “The ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • More rural broadband for regional communities
      New contracts will improve around 30,000 broadband connections in rural homes and communities Govt on track to see 99.8% of all New Zealanders receive access to improved broadband as a result of various connectivity programmes by the end of 2023, including those targeting rural regions Applications open for one-off ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Tauranga region to benefit from new funding and financing tool
    Tauranga will be the first region to use a new Government tool to raise funding for much-needed infrastructure. A Special Purpose Vehicle (SPV) will be used to raise finance from private markets, which is then repaid via the levy on those who benefit from the infrastructure. The finance raised by ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • New committee established to drive better public health outcomes
    Some of the country’s most difficult health issues will be tackled by a newly established public health advisory committee, whose members have now been appointed. Associate Minister of Health Dr Ayesha Verrall says the new Public Health Advisory Committee will investigate and help address long-term health challenges facing Aotearoa. “We ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Government and sector back innovative regional and wool projects
    $2.17 million for new food and fibre ventures in Taranaki $2.24m to develop high-value, sustainable cashmere industry $233,000 to prototype an acoustic, knitted textile product from strong wool for high-end commercial and residential interiors.  $530 million co-invested with business through the Sustainable Food and Fibre Futures fund  The Government closes ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Statement on the death of Sir Murray Halberg
    New Zealand has lost one our true sporting icons with the passing of Sir Murray Halberg, Grant Robertson, Minister of Sport and Recreation said today. “Sir Murray was an extraordinary athlete. His gold medal in the 5000m at the Rome Olympic Games in 1960 has been immortalised as part of New ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Ministerial talks in Canberra to progress trans-Tasman relationship
    The importance of cooperation in the Pacific to support the region’s recovery and resilience will be a focus of formal talks in Canberra tomorrow between the Foreign Minister Nanaia Mahuta and her Australian counterpart Penny Wong. Nanaia Mahuta will meet Senator Wong for the second formal Foreign Ministers’ Consultations following ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Iwi and Government partnership delivers more rental homes for Pāpāmoa whānau
    Associate Minister of Housing (Māori Housing) Peeni Henare attended the official opening of 10 new rental homes built for working whānau of Ngā Pōtiki ā Tamapahore in Pāpāmoa today. “The Bay of Plenty region is one of many regions facing significant housing challenges and this Government is taking action by ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government investment to support growth of Māori businesses and jobs in the primary sector
    Total exports by Māori businesses have grown by 38% since 2017 to $872 million, with the majority from the food and fibre sector Launch of Rautaki mo te Taurikura action plan to support the continued growth of Māori food and fibre sector Support for Māori agribusiness innovation and workforce development ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government to address child abuse system failings
    The Government is adopting the majority of recommendations from an independent review into the actions of government agencies leading up to the death of 5-year-old Malachi Subecz, Minister for Children Kelvin Davis announced today. Following Malachi’s murder at the hands of his caregiver in 2021, Dame Karen Poutasi was appointed ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • More tools to help Police deal with fleeing drivers
    Increase the maximum driver licence disqualification period for a second offence of failing to stop or remain stopped, from 12 months to between 12 months and 24 months; Amend the Sentencing Act 2002 so that a vehicle can be forfeited on conviction for failing to stop. Offenders could have their ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Govt books solid as global situation worsens
    The Crown accounts are in a solid position thanks to the Government’s careful financial management through a deteriorating global environment. For the four months to the end of October, the Operating Balance before Gains and Losses (OBEGAL) recorded a deficit of $2.8 billion, $274 million lower than forecast at Budget ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Expanded Dental Grants Available From Today
    ·       Increased Special Needs Grants for dental treatment are available to eligible New Zealanders available from today ·       New criteria means more Dental Treatment covered ·       People can now receive more than one grant in a year (any 52-week period), up to the maximum of $1,000 ·       Recent increases to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Exports tracking towards new record high growth
    Primary industry exports to reach new record high of $55 billion in 2023 Forecasts $2.9 billion higher than in June 2022 Tracking strongly towards a 4 per cent increase in the year ending June 2023, despite global downturn New Zealand’s record food and fibre export revenue is projected to reach ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New guidance for climate action at the local level
    The Government has released new guidance to support stronger links between New Zealand’s climate change goals, and local and regional planning. From today, it has become a legal requirement for local governments to consider the Government’s National Adaptation Plan and Emissions Reduction Plan when preparing or changing regional policy statements, ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • World-first bedside blood test good for people, good for health system
    A single blood test that can diagnose heart attacks in minutes instead of hours, saving the health system millions of dollars and getting patients treated faster, is being rolled out in New Zealand hospitals, says Health Minister Andrew Little. “This research, led by emergency doctors at Christchurch Hospital, is ground-breaking,” ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New rongoā workstream announced alongside Therapeutic Products Bill
    A new workstream has been established within government to consider how rongoā might be protected in legislation. This comes as the Therapeutic Products Bill is introduced in Parliament today, Associate Minister for Health (Māori) Hon Peeni Henare said. “Under Te Tiriti o Waitangi, the Crown has an obligation to actively ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Therapeutic Products Bill introduced
    Legislation to modernise the way medicines, medical devices and natural health products are regulated has been introduced in Parliament today. The Therapeutic Products Bill replaces the Medicines Act 1981 and Dietary Supplements Regulations 1985 with a comprehensive regulatory regime that is fit for the future. Health Minister Andrew Little said ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Climate Action Centre to support farmers maintain international edge
    New Climate Action Centre launched to support farmers reduce ag emissions through R&D investment 50:50 joint venture between Government and agribusiness to accelerate product development First Centre projects launched to get farmers the emissions reducing tools sooner Indicative funding commitment rising to $35 million per year by Joint venture partners, ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Progress on firearms register and safety authority
    The launch today of a new firearms regulator to ensure the legitimate possession and use of firearms, and an online portal to apply for licences, marks a significant step towards modernisation and improvements in gun safety, Police Minister Chris Hipkins says.     Police is moving from being an administrator of ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government sets out next steps for on-farm sequestration strategy
    Government to work with primary sector on developing a sequestration strategy Government confirms today it will bring all scientifically robust forms of sequestration into the Emissions Trading Scheme, starting from 2025. This will be done at full value, rather than at a discount, so farmers can realise the true potential ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Prime Minister concludes bilateral talks with Finnish PM
    Prime Minister Jacinda Ardern and Finnish Prime Minister Sanna Marin have concluded their first in person bilateral meeting in Auckland this morning. The Prime Ministers reiterated how their respective countries shared similar values and reflected on ways to further strengthen the relationship between New Zealand and Finland. “New Zealand and Finland ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Plan to boost value & lift sustainability of NZ forestry sector
    Sector ITP to grow domestic processing and low-carbon wood products Grow the wood processing sector by 3.5 million cubic metres (25%) by 2030 Grow export earnings from value-added wood products by $600 million by 2040 Increase the use of domestic timber in construction by 25% by 2030 The Forestry and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government supports more energy-saving projects to help more Kiwis save money
    17 community energy-saving education projects share $1.7 million Builds on success of previous Government projects that have supported more than 13,000 households and 440 energy education events with more than 80,000 LEDs distributed Helping households to reduce their energy bills and make their homes warmer and more energy-efficient, is the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Govt funds new 80-bed mental health unit for Canterbury
    The Government has granted final approval for a new 80-bed acute mental health facility at the Hillmorton Hospital campus, Health Minister Andrew Little says. “This is the second stage of Hillmorton’s major infrastructure redevelopment programme and is one of the largest investments ever made in New Zealand’s mental health infrastructure ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Māori education momentum rolls on with new wharekura
    A new Year 1-13 wharekura will extend Māori Medium Education into Porirua West from 2027, Associate Education Minister Kelvin Davis announced today. “The establishment of Te Kākā Kura o Ngāti Toa Rangatira will over time provide a local option for up to 200 tamariki and rangatahi on the western side ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Easing administrative burden on farmers through new integrated farm planning projects
    37 new investments to simplify planning and reduce paperwork for farmers and growers Targeted projects for Northland, Waikato, Bay of Plenty, Taranaki, Gisborne, Hawke’s Bay, Manawatū-Whanganui, West Coast, Canterbury, and Otago Resources, a digital wallet and template tools to help farmers develop and integrate their farm planning. The Government is ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Commerce Commission Chair appointed
    Commerce and Consumer Affairs Minister Dr David Clark has today announced the appointment of Dr John Small as the new Chair of the Commerce Commission. “Dr Small has made a valuable contribution to a broad range of the Commission’s work in his roles as associate member and member, which he ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Realising housing dreams for the Kāpiti Coast
    Much needed public housing is on the way for the Kāpiti Coast thanks to the Government’s purchase of a large vacant plot of land at 59-69 Raumati Road in Raumati Beach. “This purchase will ultimately mean more families have a place to call home and demonstrates our commitment to resolving ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Decarbonisation industry milestone reached in Timaru
    A pioneering boiler conversion project is now up and ready to go, using woodchips to make potato chips, while slashing emissions. “McCain’s newly converted coal boiler will reduce CO2 emissions at its Timaru factory by 95% and is an excellent example of the great climate gains we can achieve through ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Fiftieth Anniversary of Diplomatic Relations With China
    Chinese Embassy Reception Te Papa, Wellington   Tēnā koutou katoa, Da jia hao Let me first acknowledge Ambassador Wang Xiaolong, thank you for the invitation this evening, it is a pleasure to be here. I would also like to acknowledge current and former Parliamentary colleagues, as well as members of ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Govt keeps AM on the air in Northland
    Minister of Broadcasting and Media Willie Jackson and Minister for Emergency Management Kieran McAnulty today announced a $1.48 million package to fund the repair and replacement of three transmission masts in Northland to ensure AM radio can stay on air in the region. “This funding will secure the reinstatement of ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Multi million dollar package to tackle retail crime and reoffending
    A multi million dollar package to tackle retail crime and reoffending is the most significant crime prevention financial package in recent memory  New fog cannon subsidy scheme set up. Government to provide $4000 for all small shops and dairies in New Zealand who want a fog cannon installed, with shops ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Funding boost to support NZ’s game development industry
    New Zealand’s game developers will receive an immediate funding boost to help support the growth of local studios beyond the current Dunedin centre. “New Zealand’s game development sector has been rapidly growing. The latest data from the New Zealand Game Developers Association shows the total revenue for the industry is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • A new strategy for Pacific housing
    New and existing housing initiatives are being brought together to improve home ownership for Pacific people said Minister for Pacific Peoples, Aupito William Sio. Fale mo Aiga: Pacific Housing Strategy and Action Plan 2030, launched today, is the Government’s targeted response to the housing challenges faced by Pacific Aotearoa. Minister ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government takes action on pay parity for healthcare workers
    Thousands of frontline community health workers – including nurses in aged-care facilities - are in for a pay rise as the Labour Government takes action on pay parity in the health sector. “I’m pleased to announce that Cabinet has agreed to on-going funding of $200 million a year so that ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • World’s first algae-based local anaesthetic another step closer to reality
    A partnership between the Government and the Cawthron Institute has delivered a breakthrough in the production of a potent microalgal ingredient for the world’s first algae-based pain medication, Agriculture Minister Damien O’Connor announced.  “Scientists at Cawthron Institute in Nelson have developed a reliable and commercially scalable method for producing neosaxitoxin, ...
    BeehiveBy beehive.govt.nz
    6 days ago