web analytics

‘Mum & Dad’ right to be angry with Nats

Written By: - Date published: 9:42 am, December 5th, 2013 - 40 comments
Categories: privatisation - Tags:

Mighty River, Meridian, and Air New Zealand are all now trading well below their listing prices (Mighty River is down 20%!) costing ‘mum and dad investors’ tens of millions of their savings. When journalists raise that with National, Bill English’s angry response is ‘you would be complaining if they had made windfall gains too’. He’s right. And there’s the rub. The Government has conflicting interests in a share sale.

On the one hand, the Government does have a duty to be a good steward of public wealth. That should have meant not selling the assets in the first place. Secondly, it should mean getting a good price if you’re stupid enough to sell. National failed on those measures. Mighty River and Meridian both sold for significantly less than expected.

On the other hand, the Government has a fiduciary duty in dealing with its citizens, especially when they are on opposite sides of a contract. That is, they shouldn’t be out to rip us off. So, the New Zealanders who listened when ministers said that these would be great investments, an opportunity to diversify from housing and take on a stake in a solid infrastructure company, and acted as the government intended when they saw National’s $8 million ad campaign encouraging them to buy shares have a right to feel aggrieved. After all, they only did what the Government told them to do, and they’re poorer for having done it.

Doesn’t that put the Government between a rock and a hard place? Sell too cheap and be damned as privatising public wealth when the price rises; sell to expensively and be accused of tricking people out of their savings. Yeah, it kind of does. What’s the solution? How about don’t sell the bloody things?

Last night, English told Garner that the odds of selling Genesis are only 50/50. Seems even he can learn.

*If anyone tries to claim that losses in share values ‘don’t count’ until you sell the shares, you’re a fucken moron. The NZX records the change in the dollar value of shares, why wouldn’t you? Do you think changes in the value of your house ‘don’t count’ until you sell? Because the bank thinks they count. Does a business or the government ‘not count’ changes in the value of its non-cash assets and liabilities? How can you work out the economics of keeping an investment if you don’t use its current market value when making your decision?

40 comments on “‘Mum & Dad’ right to be angry with Nats”

  1. Puckish Rogue 1

    *If anyone tries to claim that losses in share values ‘don’t count’ until you sell the shares, you’re a fucken moron

    – They don’t because I’m happy with the divedends I’m receiving which is why I bought them. Warren Buffett always talks about how he buys shares with the view that the stock market might close for ten years so the day to day or month to month performance doesn’t bother him so I tend to take more notice of what he says (about shares anyway)

    • Lightly 1.1

      yeah, read Warren Buffet’s annual reports – it’s all about share price movements. In fact, Buffet never pays dividends, the gain or lose you get from investing in him is entirely dependent on share price movements.

    • Rich 1.2

      Tell you what, how about giving me $20k. I’ll pay you an 8% ‘dividend’. If you want the money back, I’ll give you everything I haven’t spent – maybe a couple of grand if you’re lucky..

      • Puckish Rogue 1.2.1

        Show me proof of earnings for the last decade and a prospective and I’ll judge the investment on its merits

    • Draco T Bastard 1.3

      They don’t because I’m happy with the divedends I’m receiving which is why I bought them.

      Perfect definition of a Bludger – someone who gets something for doing nothing.

      • Puckish Rogue 1.3.1

        Minus the tax from the earnings of course so not a bludger at all

        • Draco T Bastard 1.3.1.1

          Doesn’t matter how much tax you pay, you’re still getting something from other peoples work which you didn’t help with and so you’re a bludger.

          • Matthew Whitehead 1.3.1.1.1

            Well, that depends- did he actually work hard* for the money he invested in the first place?

            I’m all for people getting a return on investing their wages. That’s fine. It’s the fact that some people inherit vast sums of wealth or that people are paid more than they can possibly contribute to an organisation that cheeses me off.

            So, I think people should choose: Do they want the ability to get a return on capital, or do they want inheritance and padded paychecks? Because having both is completely unreasonable.

            *ie. not inherit, or not earn in an overpaid position like corporate CEO, commodities trader, etc…

        • idlegus 1.3.1.2

          bennies pay tax too…

      • Wayne 1.3.2

        He did do something. He spent his capital to buy the shares. Or do you think interest (and dividends) are immoral. And that capital is free.

  2. dv 2

    PR
    BUT the market price will factor in the dividend expectation.

    Contact has produced about 6% pa over the 12 years.
    That is below the average bank rate.

    • Puckish Rogue 2.1

      The banks giving 4-5% return at the moment so I’m still happy with the divedends…

      • QoT 2.1.1

        “Yes, I stole your car, but I’m still giving you a cut of the petrol money so I’m the good guy here.”

      • Judge Holden 2.1.2

        The banks are paying 4-5% and you’re happy with -20%. You’re a genius.

        • Akldnut 2.1.2.1

          PR – I’ve got a bridge that you may be interested in, if not, I have a friend who’s brother in laws nephews, girlfriends best friend has a freehold farm in the Waikato and she’s looking at swapping it for a car because she hasn’t got on to make it to her Winz appointments. Interested?

  3. Lanthanide 3

    Do you think changes in the value of your house ‘don’t count’ until you sell? Because the bank thinks they count.

    That depends entirely on whether you care what the bank thinks. If there is no mortgage on the property, and you’re not trying to use the equity as leverage for any other purpose, then it doesn’t matter at all what the market value of your house is… until you come to sell it.

    Which is exactly the same for shares, if you’ve bought those shares with the intention to hold on for long-term gains. The present-day market value literally does not matter to you if you are not trying to use that notional value for any purpose.

    The takeaway from this is that losses in share value matters to *some people*, and to others it doesn’t matter at all. So insisting that the loss in share value matters to everyone who holds the shares makes you look very ignorant.

    • Puckish Rogue 3.1

      Hey be fair to the guy, hes probably just trying earn a paycheck (maybe I mean I’m just guessing as to why he does it)

    • Lightly 3.2

      this is so fucken stupid.

      If I spend $1000 on a financial asset and now I can only sell it for $800, then it is now worth $800 on my books. It’s not still worth $1000 just because I don’t want to face the truth.

      • Lanthanide 3.2.1

        I’m not saying it’s not worth $800.

        I am replying to James’ point:

        If anyone tries to claim that losses in share values ‘don’t count’ until you sell the shares, you’re a fucken moron.

        IF you don’t care about the share price, because it doesn’t matter to you, then the claim that the losses in share values “don’t count” is true.

        It is perfectly legitimate to “not care” about the price of the shares, and doing so does not make you a “fucking moron”. It just means you have different financial priorities from someone who does care about the price of shares. James is wrong.

        • Lightly 3.2.1.1

          it does make you a fucken moron if you hand over $1000 for something and then don’t care what happens to its value. Because if you don’t monitor changes in that value, you can’t possibly assess whether continuing that investment is rational.

          • alwyn 3.2.1.1.1

            In that case you are calling Bill Gates a “fucken moron”.
            In the dot.com crash of 2000 Gates was estimated to have lost more than $20 billion because of the drop in the value of his Microsoft shares,
            He said that he didn’t care and that as far as he was concerned nothing had changed. As he said, Micosoft hadn’t changed and he still owned the same percentage as he had yesterday so why should he care? As far as he was concerned he hadn’t lost anything.
            Still you are no doubt much smarter than the moron Bill aren’t you?

          • Lanthanide 3.2.1.1.2

            Once again, if someone who is investing in shares is doing it on the basis of “this will pay me a dividend, I don’t care whatsoever about the share price in the short-medium term” then the share price in the short-medium term literally is meaningless to them.

            Get it through your thick head that not everyone makes investment decisions on the same basis.

            Now, if suddenly the dividend payout became much less than they had been anticipating, they would likely be concerned. And similarly the share price itself would likely reduce to match the reduced future-flow of dividends. Which could put them in a pickle if they ended up needing to sell.

          • Matthew Whitehead 3.2.1.1.3

            Let me put it to you this way:

            Say you invest $1,000 in a company that pays you a $25 yearly dividend, but their current market value has halved, so you’ve “lost” $500, notionally.

            If that dividend looks set to stay stable or increase over the long term, and you intend to hold on to the shares for 50 years, are you an idiot?

            The answer is: No, you’ll achieve a 25% return on your investment, plus the market value of the shares if you choose to sell them afterwards. It’s perfectly legitimate to hold on to shares for their dividends, in fact, it’s usual practice.

            So, people might not currently feel bad about buying power company shares. (Especially if they think that a buy-back is on the table. For sighing.) The real question is how they’ll feel if we get the promised NZ Power setup with a new government. 😉
            (Well, that and the concept of participating in asset theft)

    • Disraeli Gladstone 3.3

      +1000

      Thank you.

  4. rich the other 4

    So Key isn’t looking after his mates after all.
    The cry !Looking after his rich mates! is proven to be another green/labour fairy tale..
    green/labour will be delighted they have managed to undermine the value of ” mum and dads” investment which also means our 51% has also declined at the same rate.
    We all loose , thank’s green/labour, a real incite to your business management skills.
    If they ever get a chance they will bankrupt us all.

    • framu 4.1

      “The cry !Looking after his rich mates! is proven to be another green/labour fairy tale..”

      just because the share price dropped?

      you really are a simplistic, one dimensional fellow arent you

      and can you explain how green/lab reduced the value when it was nationals decision to persue the sales in the way they have inspite of the announcement of NZ power

      why do you hate the opposition for announcing their intentions ahead of the sales?

      Its not a shop – they are state owned assets being sold in a recession against popular will – the whole thing is 100% political.
      Even national know this – their entire policy and sales messaging would have been different if they thought it was just a financial deal wouldnt it

    • Mike S 4.2

      “which also means our 51% has also declined at the same rate.”

      Assuming that the government isn’t going to sell off the remaining 51% (to their rich mates), then the “decline” you mentioned means nothing at all. The 51% of the assets and infrastructure still have the same value as they did before the sale. Only those who purchased shares have seen a decline in their investment value and we all know they aren’t “mums and dads”.

      If you think share prices are indicative of the true actual worth of a company then you’re way misguided.

    • So Key isn’t looking after his mates after all.
      The cry !Looking after his rich mates! is proven to be another green/labour fairy tale..

      Not at all, rich.

      The Nats cut taxes twice for the top income earners. That lost the government billions in lost revenue. So the Nats had to borrow more to make up for it, and sell down state assets.

      In turn the top income earners were able to but shares in SOEs with the extra cash they received through the ’09 and ’10 tax cuts.

      And with the loss of 49% of Meridian, Air NZ (a bit less), and Mighty River Power, this government (and future governments) face a drop in revenue.

      All because the Nats went ahead with tax cuts we could ill afford.

      Have I left anything out about the Nats looking after their mates?

  5. rich the other 5

    famu ,
    That’s a strange question,
    (why do you hate the opposition for announcing their intentions ahead of the sales?)

    National announced their intentions to SELL 49% BEFORE the last election , they WON and their coalition partners accepted that policy.
    Make no mistake , the losses being incurred by “mum and dad ” investors is a direct result of green/labours threats to interfere in the electricity market.

    • Will@Welly 5.1

      The share value has dropped because the Government has flooded the market with one commodity – electricity. And is threatening to put more shares into the marketplace. Many speculators sold their shares in the first couple of days. Don’t blame Labour/Greens – blame a flawed ideology.

    • framu 5.2

      and lab/green announced their intention in response before the first float happened didnt they.

      its not a strange question at all – when should any opposition party announce their policy intentions? before or after? – warn or surprise?

      if you think that it would have been better for lab/green to keep it secret your worse than a moron… oh wait… i get it… you think that the opposition had no right whatsoever to announce policy intentions regarding an asset that the state has majority ownership of dont you.

      Yeah, theres some rather unsavory words for people who have that view of democracy

      ————————————–

      national didnt win you moron – they didnt get over 50%. The coalition won – and all the coalition won was the mandate to from the govt

      exactly how many times does this have to be pointed out to people like you?

      ——————————————

      I see that you think that NZ power was the only thing that affected the share price – so pushing multiple assets of the same nature onto the market at roughly the same time didnt have any effect? – treasury thinks it did

      over valuing the asset to talk up the expected gain didnt have an effect?

      but keep going – please

    • Mike S 5.3

      So if labour had announced their policy after the sales you’d be happy? Announcing before the sales was the responsible thing to do, it allowed people to factor the Labour policy into their decision whether to purchase or not.

    • Make no mistake , the losses being incurred by “mum and dad ” investors is a direct result of green/labours threats to interfere in the electricity market.

      Rich, I believe the Labour-Green opposition gave fair warning of their intentions. What your mythical “mum and dad” investors did afterward was of their own volition. It’s called taking responsibility which, I understand, right wingers are pretty Big on.

      Anyway, if anyone interfered with the “electricity market”, I believe it was the Nats. How moronic is it to flood a small share market like New Zealand’s, and express surprise when the price of shares drops.

      The more there is of an item, the lower the price. (Eg; powerco shares.)

      The less there is of an item, the higher the price. (Eg, housing in Auckland and Christchurch.)

      FFS, man, that’s Free Markets Economics 101: supply and demand. Do we have to draw you a pretty picture with bright crayons to explain it?! (And why on Earth do we leftists have to explain this simple thing to neolibs like you in the first place?!)

  6. The Gormless Fool formerly known as Oleolebiscuitbarrell 6

    On the one hand, the Government does have a duty to be a good steward of public wealth. That should have meant not selling the assets in the first place.

    Doesn’t being a good steward of public wealth require you to sell the assets in certain circumstances? If you knew the assets were bullshit, or you could make a better return elsewhere, or someone was willing to pay considerably more than they were worth, for instance.

Recent Comments

Recent Posts

  • Site of new freight hub revealed
    Hon Shane Jones, Minister of Regional Economic Development A regional freight hub for the lower North Island will be built just northeast of Palmerston North, Regional Development Minister Shane Jones has announced. The Government is investing $40 million through the Provincial Growth Fund to designate and buy land and design ...
    9 hours ago
  • Greens call for Guaranteed Minimum Income to alleviate skyrocketing debt with MSD
    Green Party Co-leader Marama Davidson is calling for the introduction of a Guaranteed Minimum Income to lift hundreds of thousands of people out of poverty and prevent more families entering into further debt with the Ministry of Social Development.  ...
    10 hours ago
  • Winston Peters: Facts matter when taxpayer money is on the line
    There has been renewed focus on New Zealand First acting as a handbrake on the Government after our decision to not support Auckland light rail. We are a handbrake for bad ideas, that is true, but our track record since 2017 has seen New Zealand First constructively also serve as an ...
    12 hours ago
  • Bill raising minimum residency requirement for NZ Super passes first reading
    Mark Patterson MP, New Zealand First List MP New Zealand First’s Fair Residency for Superannuation Bill passed its First Reading in Parliament today. The Bill makes a significant change to NZ Super by raising the minimum residency requirement from 10 to 20 years, after age 20. “Currently, a migrant of ...
    12 hours ago
  • Harsher penalties for assaults on first responders one step closer
    Darroch Ball MP, Spokesperson for Law and Order A New Zealand First member’s bill in the name of Darroch Ball introducing a six-month minimum prison sentence for assaults on first responders has passed its second reading in Parliament. The new offence of "injuring a first responder or corrections officer with ...
    1 day ago
  • Criminal Cases Review Commission delivers Coalition promise
    Fletcher Tabuteau MP, Deputy Leader of New Zealand First New Zealand First welcomes the launch of the new Criminal Cases Review Commission, gifted with the name from Waikato-Tainui - Te Kāhui Tātari Ture, announced in Hamilton today by Justice Minister Andrew Little. “New Zealand First has long believed in and ...
    1 day ago
  • Greens welcome huge new investment in sustainable projects
    The Green Party is celebrating over $800m in new funding for green projects, which will get people into jobs while solving New Zealand’s long-term challenges. ...
    1 day ago
  • New Zealand First demands answers from Meridian Energy
    Mark Patterson MP, Spokesperson for Primary Industries New Zealand First is appalled that Meridian seems to have been unnecessarily spilling water from its dams to drive up its profits."While New Zealanders have been coming together in some of our darkest hours, we don’t expect power gentailers to waste water and ...
    2 days ago
  • Getting New Zealand moving again: June 2020
    We wrapped up the first half of 2020 with a busy month, taking additional steps to support New Zealanders as we continue with our economic recovery. We rolled out targeted packages to support key industries like tourism and construction, helped create jobs in the environmental and agriculture sectors, and set ...
    2 days ago
  • Māori union leader appointed to Infrastructure Commission board
    Hon Shane Jones, Minister for Infrastructure Infrastructure Minister Shane Jones has welcomed the appointment of Maurice Davis and his deep infrastructure and construction experience to the board of the Infrastructure Commission. Mr Davis (Ngāti Maniapoto), is the seventh and final appointment to the board led by former Reserve Bank Governor ...
    2 days ago
  • Click-bait journalism at its worst
    Rt Hon Winston Peters, Leader of New Zealand First New Zealand’s click bait journalism is taking a turn for the worse, with yet another example of sensationalist, wilful-misrepresentation of the facts. “New Zealand First has worked constructively with its Coalition partner on hundreds of pieces of legislation and policy, and ...
    2 days ago
  • Green Party proposes transformational Poverty Action Plan
    The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity.     ...
    4 days ago
  • PGF accelerates Rotorua projects
    Rt Hon Winston Peters, Deputy Prime Minister Fletcher Tabuteau MP, Under-Secretary for Regional Economic Development The Rotorua Museum redevelopment and Whakarewarewa and Tokorangi Forest projects will be accelerated thanks to a $2.09 million Provincial Growth Fund (PGF) boost, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher ...
    5 days ago
  • Week That Was: Getting people into jobs
    This week, we rolled out the next steps of our recovery plan, with new infrastructure investment, extra support for tourism operators, and a new programme to get Kiwis into agriculture careers. The global economic consequences of COVID-19 will continue to be a challenge, but we have a detailed plan to ...
    6 days ago
  • Coalition commitment establishing Mental Health Commission delivered
    Jenny Marcroft MP, Spokesperson for Health New Zealand First welcomes the passage of the Mental Health and Wellbeing Commission Bill through its final reading in Parliament today fulfilling a coalition agreement commitment. “This is an important step in saving the lives of New Zealanders and delivers a key coalition commitment ...
    6 days ago
  • Whakatāne gets a $2.5m ‘turbo boost’
    Whakatāne has been given a $2.5 million boost to speed up previously funded projects and create more than 450 jobs in the next decade. Of those, the equivalent of 160 full-time jobs could be delivered in the next six weeks. Deputy Prime Minister Winston Peters is in town to make ...
    6 days ago
  • $2.5m PGF funding to speed up economic recovery in Whakatāne
    Rt Hon Winston Peters, Deputy Prime Minister Fletcher Tabuteau MP, Under-Secretary for Regional Economic Development The Provincial Growth Fund (PGF) is investing $2.5 million to accelerate three infrastructure projects in Whakatāne, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. “This package is about ...
    6 days ago
  • Shane Jones calls out those holding drought-stricken Auckland ‘to ransom’ over water
    Infrastructure Minister Shane Jones is throwing his weight behind a bid by the Auckland Council to fast-track the more than doubling of the city's water allowance from the Waikato River. And he's coming out strongly against anyone who plans on getting in the way of this campaign. "It is my ...
    6 days ago
  • Another Green win as climate change considerations inserted into the RMA
    The Green Party is thrilled to see changes to the Resource Management Act (RMA) that mean consents for large projects can be declined if they will have significant climate change implications that are inconsistent with the Zero Carbon Act and Aotearoa New Zealand’s Paris Agreement obligations.  ...
    1 week ago
  • New Navy vessel Aotearoa to arrive in New Zealand
    Hon Ron Mark, Minister of Defence The Royal New Zealand Navy’s new ship, Aotearoa, set sail for New Zealand on 10 June from the Republic of Korea, and is due to arrive in Auckland tomorrow, announced Minister of Defence Ron Mark. “Aotearoa is the Royal New Zealand Navy’s new fleet ...
    1 week ago
  • Racing Industry Bill passes third reading
    Rt Hon Winston Peters, Deputy Prime Minister, Minister for Racing Racing Minister Winston Peters has today welcomed the Racing Industry Bill passing its third reading, creating the legislative framework for revitalising the racing industry while limiting the need for future government intervention. “For too long our domestic racing industry has ...
    1 week ago
  • Green Party seek amendment to ensure all prisoners can vote
    The Green Party has today put forward an amendment to the Electoral (Registration of Sentenced Prisoners) Amendment Bill to ensure all people in prisons can vote in general elections. ...
    1 week ago
  • Green Party welcomes new approach to delivering light rail
    The Green Party welcomes the decision to not proceed with Public Public Investment (PPI) delivery of Auckland’s light rail project and to instead run the process through the public service. ...
    1 week ago
  • New Zealand First welcomes PGF investment in Wairarapa Water
    Hon Ron Mark, New Zealand First List MP based in the Wairarapa New Zealand First List MP Hon Ron Mark welcomes the announcement of Provincial Growth Funding investment of $1.4 million to help secure the Wairarapa’s water supply. The funding boost will allow the Greater Wellington Regional Council (GWRC), and ...
    1 week ago
  • New Zealand First MP Mark Patterson selected as candidate for Taieri
    New Zealand First list MP Mark Patterson has been selected to represent the party in the newly formed Taieri electorate at the upcoming election. Mr Patterson, his wife Jude and two daughters farm sheep and beef at Lawrence and Waitahuna. He previously stood in the Clutha-Southland electorate however boundary changes ...
    1 week ago
  • Ground-breaking on NZ Post depot
    Hon Shane Jones, Associate Minister for State Owned Enterprises A new ‘super depot’ to be built for NZ Post in Wellington will create around 350 jobs during construction, Associate Minister for State Owned Enterprises Shane Jones says. Shane Jones today attended a ground-breaking and blessing ceremony for the parcel-processing depot ...
    1 week ago
  • Week That Was: Putting our economic plan into action
    Our strong economic management prior to COVID-19 - with surpluses, low debt and near-record-low unemployment - put us in a good position to weather the impact of the virus and start to rebuild our economy much earlier than many other countries. Now we're putting our plan to recover and rebuild ...
    1 week ago
  • Fleeing drivers hit new record-high yet again
    Darroch Ball MP, New Zealand First Spokesperson for Law and Order Recently released Police fleeing driver statistics have shown yet another increase in incidents with another record-high in the latest quarter. “This new quarterly record-high is the latest in a string of record-high numbers since 2014.  The data shows incidents ...
    1 week ago
  • Fletcher Tabuteau selected as candidate for Rotorua
    New Zealand First MP Fletcher Tabuteau is pleased to be confirmed today as the party’s candidate for the Rotorua electorate. Speaking at the Rotorua AGM for New Zealand First, Mr Tabuteau said this is an election that is incredibly important for the people of Rotorua. “The founding principles of New ...
    2 weeks ago
  • Greens call for Government office to address Rainbow issues following Human Rights Commission report
    The Human Rights Commission’s PRISM report on the issues impacting people based on their sexual orientation, gender identity and expression, and sex characteristics (SOGIESC) provides an excellent programme of work for future governments to follow, say the Greens. ...
    2 weeks ago
  • Winston Peters continues push for trans-Tasman travel as military take control of operations
    Foreign Affairs Minister Winston Peters said the trans-Tasman bubble had not been jeopardised after a border botch-up resulted in New Zealand having two active cases of COVID-19. On Friday, Mr Peters told RNZ's Morning Report he had heard from Australian Prime Minister Scott Morrison that borders for trans-Tasman travel would open by ...
    2 weeks ago
  • Winston Peters on the Government’s Covid-19 border blunder
    Deputy Prime Minister Winston Peters said today he was pleased the army was now running the quarantine and isolation process - up until now it has been the Ministry of Health. Peters told Newstalk ZB's Mike Hosking that the army knew how to introduce and follow protocols and instil discipline. ...
    2 weeks ago
  • New Zealand First’s Ron Mark confirms bid for the Wairarapa seat
    Hon Ron Mark, New Zealand First List MP based in the Wairarapa New Zealand First MP and Minister for Defence and Veteran’s Affairs Ron Mark has confirmed his bid for the Wairarapa seat.“The Coalition Government has done a lot of good work throughout the Wairarapa, but many constituents have told ...
    2 weeks ago
  • New Zealand First welcomes second tranche of candidates
    New Zealand First is pleased to release the names of its next tranche of candidates for the 2020 election. We’re proud to announce these hardworking New Zealanders that have put their hand up to fight for a commonsense and resilient future.Jamie Arbuckle – Kaikoura Mark Arneil – Christchurch Central Jackie ...
    2 weeks ago
  • Joint effort under way to repatriate stranded Vanuatu nationals
    Rt Hon Winston Peters, Deputy Prime Minister, Minister of Foreign Affairs Hon Ron Mark, Minister of Defence A massive joint effort between New Zealand Government agencies, employers, and the Vanuatu Government is underway to repatriate over 1000 Vanuatu nationals stranded in New Zealand, Foreign Affairs Minister Winston Peters and Defence Minister Ron ...
    2 weeks ago
  • $40m for regional apprenticeships
    Hon Shane Jones, Minister of Regional Economic Development Reprioritised funding of $40 million from the Provincial Growth Fund will support up to 1000 regional apprenticeships, Regional Economic Development Minister Shane Jones said today. The Regional Apprenticeship Initiative is part of the wider Apprenticeship Boost announced by Education Minister Chris Hipkins ...
    2 weeks ago
  • Greens welcome new ACC zero carbon plans, call for ruling out any future fossil fuel investment
    The Green Party welcomes the ACC’s announcement to achieve net zero carbon emissions by 2050 but emphasises the need to go further, and faster to truly meet the climate change challenge. ...
    2 weeks ago
  • Farmers pleased with NZ First amendments to firearms bill
    Farmers are rejoicing after Labour agreed to an amendment pushed by New Zealand First in the firearms bill that will allow the use of restricted guns for pest control.  Concessions on gun control mean farmers will be able to apply for a licence to use restricted firearms for pest control. ...
    2 weeks ago
  • New Zealand launches free trade talks with the UK
    New Zealand has formally launched free trade negotiations with the United Kingdom, with hopes a swift deal could assist with the country's post-Covid recovery. The two countries announced the start of FTA talks on Wednesday afternoon, offering a new avenue for trade progress. In a statement announcing the start of ...
    2 weeks ago
  • Northland’s $200m rail upgrade providing work for locals
    The Northland rail project is already providing jobs for locals, with 200 contractors and KiwiRail staff needed over the coming months. The Provincial Growth Fund (PGF) has pledged $204.5 million for the project - $164.5m to upgrade the Northland rail line and $40m to buy land. New Zealand First leader ...
    2 weeks ago

  • Whanganui Port gets PGF boost
    Five port-related projects in Whanganui will receive a $26.75 million Provincial Growth Fund investment to support local economic recovery and create new opportunities for growth, Regional Economic Development Minister Shane Jones announced today. “This is a significant investment that will support the redevelopment of the Whanganui Port, a project governed ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • More support for Sarjeant Gallery
    Whanganui’s Sarjeant Gallery will receive an investment of up to $12 million administered by the Provincial Growth Fund to support its redevelopment, Regional Economic Development Minister Shane Jones announced today. The project is included in a $3 billion infrastructure pipeline announced by Finance Minister Grant Robertson and Shane Jones yesterday. ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Funding for training and upskilling
    The Provincial Growth Fund is investing nearly $2.5 million into three Te Ara Mahi programmes to support Manawatū-Whanganui jobseekers and employees to quickly train and upskill, Regional Economic Development Minister Shane Jones announced today. “Up to 154 local people will be supported into employment within the first year by these ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Statement from the Minister of Health Dr David Clark
      This morning I have formally tendered my resignation as Minister of Health, which was accepted by the Prime Minister. Serving as Minister of Health has been an absolute privilege – particularly through these extraordinary last few months. It’s no secret that Health is a challenging portfolio. I have given ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Scholarship placements for agricultural emissions scientists doubles
    Scholarships for 57 early-career agricultural emissions scientists from 20 developing countries is another example of New Zealand’s international leadership in primary sector sustainability, says Agriculture Minister Damien O’Connor. Mr O’Connor, announcing the scholarships today, says hundreds of applications were received for this fourth round of the CLIFF-GRADS programme (Climate, Food ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Funding for Foxton regeneration
    A project to help rejuvenate the Horowhenua town of Foxton will receive a Provincial Growth Fund investment of $3.86 million, Regional Economic Development Minister Shane Jones announced today. “This funding for the Foxton Regeneration project will be used to make the well-known holiday town even more attractive for visitors and ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Plan to improve protection of moa bones
    Moa bones and other sub-fossil remains of extinct species are set to have improved protection with proposals to prevent the trade in extinct species announced the Minister of Conservation Eugenie Sage today. “We have lost too many of our native species, but these lost species, such as moa, remain an ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Free lunches served up to thousands of school children in the South Island
    The Government’s free and healthy school lunches programme moves south for the first time creating jobs for around 30 people in Otago and Southland. “Eighteen schools with 3000 students are joining the programme – 11 have already begun serving lunches, and seven are preparing to start during Term 3. This is ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Screen Sector recovery package protects jobs, boosts investment
    Thousands of Kiwi jobs and investment in New Zealand productions will be protected through a screen sector support package announced today by Associate Minister for Arts Culture and Heritage Carmel Sepuloni, Minister for Economic Development Phil Twyford and Minister for Broadcasting Kris Faafoi. The package also includes investment in broadcasting ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • New fund to help save local events and jobs
    The Government has established a new $10 million fund for the domestic events sector to help save jobs and protect incomes as it recovers from the impacts of COVID-19, Minister of Economic Development Phil Twyford announced today. This funding from Budget 2020 follows talks with the event sector designed to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Bill to improve fuel market competition
    The Government has taken another step in its commitment to making sure New Zealanders get a fairer deal at the petrol pump with the introduction of legislation to improve competition in the retail fuel market, says Energy and Resources Minister Megan Woods. “The fuel market study that this Government ordered ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand joins global facility for pre-purchase of COVID-19 Vaccine
    New Zealand has joined a global initiative that aims to enable all countries to access a safe and effective Covid-19 vaccine, Foreign Affairs Minister Winston Peters announced today. The COVAX Facility was recently launched by Gavi, the Vaccine Alliance. The Alliance includes the World Health Organization, UNICEF, the World Bank ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Right to legal representation in Family Court restored today
    From today new legislation takes effect to both restore the right to legal representation at the start of a Care of Children (CoCA) dispute in the Family Court, and allow parties to those proceedings to access legal aid where eligible. During a visit to the Family Court in Auckland today, ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Transitioning to a fully-qualified home-based ECE workforce
    Home-based early childhood education (ECE) subsidised by the government will transition to a fully qualified workforce by 2025 to ensure better and more consistent quality, Education Minister Chris Hipkins announced today. “Quality early learning helps provide children with a strong foundation for their future,” Chris Hipkins said. From 1 January ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Criminal Cases Review Commission gets to work
    The new Criminal Cases Review Commission | Te Kāhui Tātari Ture (CCRC) has started work and can now independently investigate claimed miscarriages of justice. “Even though we have appeal rights and safeguards against unsafe convictions, from time to time our justice system does get things wrong. The design of the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Speech by the Minister of Defence to the New Zealand Institute of International Affairs
    E ngā mana, e ngā reo, e ngā karangatanga maha, tēnā koutou Ki a koutou Te Āti Awa, Taranaki Whānui, Ngāti Toa Rangatira, ngā mana whenua o te rohe nei, tēnā koutou Ko Te Whare Wānanga o Aotearoa ki ngā take o te Ao (NZIIA), Ko te Rōpū Tohu Tono ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Six months with baby and $20 more a week for new parents
    The Government’s increase to paid parental leave kicks in today with another 4 weeks taking New Zealand up to a full 6 months (26 weeks, up from 22 weeks) leave for new parents, and the maximum weekly payment will increase by $20pw, Workplace Relations and Safety Minister Iain Lees-Galloway says. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Infrastructure investment to create jobs, kick-start COVID rebuild
    A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister Shane Jones today outlined how the $3 billion infrastructure fund in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Statement on passage of national security law for Hong Kong
    Foreign Affairs Minister Winston Peters today expressed the New Zealand Government’s deep disappointment at the passage by China’s National People’s Congress Standing Committee of a national security law for Hong Kong. “New Zealand has consistently emphasised its serious concern about the imposition of this legislation on Hong Kong without inclusive ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • July 1 marks progress for workers, families
    More jobs and more family time with newborns are the centrepiece of a suite of Government initiatives coming into effect today. July 1 is a milestone day for the Government as a host of key policies take effect, demonstrating the critical areas where progress has been made. “The Coalition Government ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Auckland water consent referred to Board of Inquiry
    Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses.  The call-in means the application has been referred ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand to host virtual APEC in 2021
    Foreign Affairs Minister Winston Peters and Trade and Export Growth Minister David Parker announced today that New Zealand’s hosting of APEC in 2021 will go ahead using virtual digital platforms. Mr Peters said the global disruption caused by COVID-19, including resultant border restrictions, had been the major factor in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Matakana Link Road construction kicks off and drives jobs
    The start of construction on a new link road between Matakana Road and State Highway 1 will create jobs and support the significant population growth expected in the Warkworth area, Transport Minister Phil Twyford and Mayor Phil Goff announced today. Transport Minister Phil Twyford said construction of the Matakana Link ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PPE supplies secured as COVID-19 response focuses on border
    The Government is prioritising its latest investment in PPE for frontline health workers, including staff at managed isolation and quarantine facilities, Health Minister David Clark says. “With no community transmission of COVID-19 our response now has a firm focus on keeping our border safe and secure. “We must ensure that ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PGF funding for Parihaka settlement
    The Parihaka Papakāinga Trust in Taranaki will receive up to $14 million for a new visitor centre and other improvements at the historic settlement that will boost the local economy and provide much-needed jobs, Regional Economic Development Minister Shane Jones and Minister for Treaty of Waitangi Negotiations Andrew Little have ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Protections for workers in triangular employment
    Protections for workers who are employees of one employer but working under the direction of another business or organisation have come into force, closing a gap in legislation that  made the personal grievance process inaccessible for some workers, says Workplace Relations Minister Iain Lees-Galloway. “This Government is working hard to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government strengthens managed isolation system
    A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify and understand current and emerging risks to ensure the end-to-end ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Whakatāne to go predator free with Government backing Ngāti Awa led efforts
    The important brown kiwi habitat around Whakatāne will receive added protection through an Iwi-led predator free project announced by Minister of Conservation Eugenie Sage and Under Secretary for Regional Economic Development Fletcher Tabuteau. “The Government is investing nearly $5 million into Te Rūnanga o Ngāti Awa’s environmental projects with $2.5 ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Growing Goodwood: Expanding wood waste recycling plant in Bay of Plenty, Waikato
    An extra 4,000 tonnes of offcuts and scraps of untreated wood per year will soon be able to be recycled into useful products such as horticultural and garden mulch, playground safety surfacing and animal bedding as a result of a $660,000 investment from the Waste Minimisation Fund, Associate Environment Minister ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Scott Watson’s convictions to be referred to Court of Appeal
    The Governor-General has referred Scott Watson’s convictions for murder back to the Court of Appeal, Justice Minister Andrew Little announced today. Mr Watson was convicted in 1999 of the murders of Ben Smart and Olivia Hope. His appeal to the Court of Appeal in 2000 was unsuccessful, as was his ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Protecting Kiwis with stronger financial supervision
    A new five-year funding agreement for the Reserve Bank will mean it can boost its work to protect New Zealanders’ finances, Finance Minister Grant Robertson says. “New Zealand has a strong and stable financial system. Financial stability is an area that we are not prepared to cut corners for, particularly ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Forgotten funds and missing money
    A law change has been introduced to make it easier for forgotten funds in institutional accounts to be returned more easily to their rightful owners. Revenue Minister Stuart Nash has introduced an amendment to the Unclaimed Money Act 1971. It will update the rules controlling forgotten sums of money held ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government delivers on mental health commitment
    The Government is delivering on election commitments and a key recommendation of He Ara Oranga: Report of the Government Inquiry into Mental Health and Addiction with the establishment of a permanent independent Mental Health and Wellbeing Commission, Health Minister Dr David Clark says. Legislation enabling the establishment of the fully ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New Zealand privacy law modernised
    A Bill to replace New Zealand’s Privacy Act passed its third reading in Parliament today, Justice Minister Andrew Little has announced. “The protections in the Privacy Bill are vitally important. The key purpose of the reforms is to promote and protect people’s privacy and give them confidence that their personal ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Tourism operators provided extra support
    Extra support is being provided to tourism businesses operating on public conservation land announced Tourism Minister Kelvin Davis and Conservation Minister Eugenie Sage today.  The Government is providing $25m worth of support to tourism operators impacted by COVID-19, with a decision to waive most Department of Conservation tourism related concession ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Queenstown infrastructure package to bolster local economy
    A central Government partnership with Queenstown will help unlock around $300 million of projects in the township and create about 320 direct jobs, Prime Minister Jacinda Ardern has announced today. The Government will contribute $85 million to the Queenstown Town Centre ($35m) project and Stage One of the Queenstown Arterials ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Key appointments to ensure high quality healthcare for New Zealanders
    Health Minister Dr David Clark welcomes the appointment of Auckland coroner Morag McDowell to the role of Health and Disability Commissioner. He is also pleased his appointments to the inaugural Paramedic Council were confirmed by gazette this week. The new Health and Disability Commissioner Ms McDowell will commence the role ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Whakatāne Māori food producers receive $2.1m PGF boost
    The Provincial Growth Fund is investing $2.1 million in a blueberry orchard initiative, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. “The Meihana Koata Trust will receive a loan from the PGF’s Whenua Māori allocation to develop an 18.8 hectare blueberry orchard on ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • PGF investment in Rewa’s Village
    A well-known Māori tourism in Northland will receive $1.25 million from the Provincial Growth Fund for much-needed redevelopment, Regional Economic Development Minister Shane Jones says. Te Rūnanga o Ngāti Rēhia Charitable Trust will use the funding to upgrade Te Pā Kāinga o Rewa, or Rewa’s Village, in Kerikeri. The long-established ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government partners with Ngāti Rēhia to create kauri sanctuary
    The Government and Northland iwi Ngāti Rēhia have today announced up to $6.25 million in One Billion Trees funding for a new kauri sanctuary. Forestry Minister Shane Jones said the sanctuary would help protect kauri by creating New Zealand’s first bio-secure kauri sanctuary, free of kauri dieback disease. “I am ...
    BeehiveBy beehive.govt.nz
    6 days ago