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Mythbusting: ‘Book value’ & ‘over the odds’

Written By: - Date published: 10:14 am, May 12th, 2008 - 32 comments
Categories: assets, john key, slippery - Tags:

In an attempt to find a non-ideological ground to justify opposing the Government’s buyback of the rail system, John Key and others have been claiming that the $665 million price-tag is ‘over the odds’ and $200 million in excess of Toll’s ‘book value’ for the assets bought. What do these two terms mean and what do they say about the value of the buyback?

Book value is ‘The value at which an asset is carried on a balance sheet. In other words, the cost of an asset minus accumulated depreciation.’ So, in the case of Toll, the book value is what you would get for the trains and wagons if you sold them individually. It is not the value of the company as a going concern. A company is usually worth a lot more than the mere saleable value of its assets. After all, the company is not just in the business of selling its assets; it is in the business of doing things with those assets to generate a profit. Telecom, for example, has a book value of $3.6 billion, if it sold of all the stuff it owns it thinks it would get $3.6 billion but Telecom is worth more than the sum of it’s parts: if you wanted to buy all 1.8 billion Telecom shares today it would cost you $7 billion.

The Government is getting more than just trains from Toll it is getting a working, profitable company, with an organisation, existing customers and suppliers, contracts, and staff. You determine the value of a company by looking at the present value its expected future profits (and any other gains that may come to you through owning the company). Book value is simply not a relevant to that calculation. John Key knows that, he’s the moneyman, remember, but he’s hoping you don’t.

Search google for ‘over the odds’ and the first references you find are to gambling but it’s also used in a related activity currency speculation. When Mr Key was a currency speculator his job was to estimate the odds of a currency trade being a certain value at a certain time. If a currency speculator pays more for a currency trade than is justified even if currency moves as hoped, then they pay above the odds just like a bet on a horse that costs more than you get back if you win the bet. Again, that has nothing to do with the book value of the rail stock and nothing to do with the price one should pay for a company, it is a gambler’s/currency speculator’s term.

And again, slippery John is hoping you will be wowed by the fancy-sounding language and not look at what he’s saying actually means. Because, as so often, what he is saying actually means nothing.

[PS. The Right is now trying to make a deal over a $200 million loan that the Government may be getting as part of the rail company. No information is available on whether the loan will actually be part of the deal and the interest-rate on it (the value of any loan depends on it’s interest), so it’s impossible to say what it costs. Moreover, most companies hold debt, it’s part of business, and the rail was a profitable operation even with this debt, so it does not change the logic of the deal. More hollow arguments that prey on ignorance.]

32 comments on “Mythbusting: ‘Book value’ & ‘over the odds’ ”

  1. mike 1

    Looks like the 665m is now 885m.
    Paul Henry had Clark squirming this morning when she said she had no knowledge of the extra 200m.
    Quite an expensive election bribe that just might as Henry says bite them in the arrrse.

  2. higherstandard 2

    If you want a run down on examples of politicians saying nothing I recommend the following link when you have 10 minutes to spare.

    http://www.medialawjournal.co.nz/?p=103

  3. higherstandard 3

    Mike if true it’s a sad commentary on the people that are negotiating these contracts for the government

  4. So Helen has no knowledge of the extra 200 million?, perhaps she is just confused.

  5. AncientGeek 5

    Steve: you forgot to mention the existing customer relationships. When companies are sold that is usually the biggest asset. After all that is where you make money from.

    Book value is the absolute worst case. It is what you should be able to get if you just sell the assets. In most cases the client lists on their own even for dead companies are often worth more than the assets.

    That isn’t the case here. We’re talking about a running profitable company. Buying it is a strategic decision based on future transport needs in a higher energy cost environment.

    To put it mildly the nats are shading the truth by performing the lie of omission in their criticism. From where I’m looking it looks like a relative bargain for the state. But of course Toll had this wee weak point – they haven’t been paying their rent.

  6. see my PS above regarding this supposed loan.

    Like book value, net financial assets (savings minus loans) has little to do with the value of a company. What matters is the present value of expected future gains (both profits from the company itself and other benefits accuring to the owner) – book value and financial assets only inform those projections, they are not in themselves ways of measuring the value of a business operation.

  7. AncientGeek, right you are, I mentioned contracts but existing relationships should be there –

    it is the fact that a company has people who come and buy what it sells that makes it worth owning, not the assets it uses in the process

  8. AncientGeek 8

    I’d guess that the government will be putting TranzRail in as a part of the successful SOE model. That has proved to be quite effective in producing profitable enterprises once the capital expenditures have been done. Less opportunity for politicians to screw around with the management.

    It has proved to be an effective model. The state as a shareholder is able to inject funds for longer term investments than the market is capable of recognizing. Fits the role of government in developing infrastructure.

  9. AncientGeek 9

    hs:

    If you want a run down on examples of politicians saying nothing I recommend the following link when you have 10 minutes to spare.

    Excellent link.

    I was trying to pick JK’s favorite strategy for dodging awkward questions as he isn’t represented in the collection of quotes.

    I think it is number four – the Smother Tackle. Say something that sounds good, but actually says zilch. I loved this one from Shipley during the start phase of East Timor…

    Is it likely that the defence forces will be put on a 24 or 48 hour alert within days?

    We have a 24 hour alert for the C130s that may be required to evacuate people out of Dili. They are already on 24 hour alert, these are the people associated with the two aircraft and if they are required they are in a position to go at any time. If we are required to join a force we can bring the timing down depending on the request. I don’t want to commit to a 24 hour because I have not discussed the wider allocation of troops on that time basis at this stage. What I can tell you is that New Zealand has been preparing for some months to see that we not only have the people but also the equipment ready to make a contribution in this area

    As the writer says:-

    Extraordinary. Notice that the answer to that question was, “I don’t know’.

    That sounds like John Keys favorite technique – saying nothing nicely.

  10. r0b 10

    Thanks for this post Steve, very useful to have posts like this on the languages of economics and accounting. In fact, very useful to have “educational” posts in general on how stuff works (could be completely debate / policy free).

  11. randal 11

    you should have been here on monday…matthew hooton on RNZ this morning was just plain bad tempered…he knows he is going to loose!

  12. Billy 12

    “Moreover, most companies hold debt, it’s part of business…”

    But it’s not usual in a situation like this for the purchaser to buy the company. You would expect it to buy the assets and leave the vendor to clear up the debt.

  13. Santi 13

    As a Toll shareholder I must congratulate that “sucker” Michael Cullen for the premium price he paid. It could’ve been higher, but I’m not complaining.

    Ah, the beauty of having a socialist government adding thousands of dollars to my personal wealth.

  14. Billy 14

    “…he knows he is going to loose.”

    Are you sure you went to university, randal?

  15. Tane 15

    Ah, the beauty of having a socialist government adding thousands of dollars to my personal wealth.

    We can confiscate it if you prefer, but that’s generally frowned upon by the right.

  16. Santi – you’re not kidding anyone about your personal wealth as you are clearly too dumb to count to 100 let alone accrue significant capital. Oddly that’s why I’ve never understood your rightwing sentiments as it’s the left that are ideologically inclined to helping out disadvantaged types such as yourself…

  17. higherstandard 17

    Sod

    Apparent stupidity is no barrier to accruing wealth and power the current leader of the USA is a fairly good example.

  18. Phil 18

    A couple of points…

    Steve says;
    “The Government is getting more than just trains from Toll it is getting a working, profitable company, with an organisation, existing customers and suppliers, contracts, and staff. ”

    1)The single most profitable component of the enterprise group – the road freight business – remains in private hands.
    2)Part of the agreement includes Toll recieving significant ongoing benefit in discounted rent and other operating expenses; yet more lost revenue to the government.

  19. Noone’s denying those are costs that are part of the deal, Phil, (and if they weren’t the cash price would be higher) but you’ll agree book value is just a distraction in this debate- you can’t say ‘Toll’s book value was $400 million, they paid $665 million, therefore they paid $265 million too much’ because that’s simply not how you value a business.

    captcha: ‘$7,388,099,416 eases’. Yup, I bet it eases a lot.

  20. higherstandard 20

    For those with a wish to learn more on valuing a company.

    http://pages.stern.nyu.edu/~igiddy/valuationmethods.htm

  21. ghostwhowalks 21

    Sure Toll gets a benefit with ‘cheap rent’ but they would likely have an obligation in return to use rail for the truck business where possible. Toll trucking would say have a contract to deleiver beer from an Aucckland brewery to the SI. And they would use rail for most of the journey.

    As for the mystery $200 million, Where is the need for government funding to repay this. Toll Rail is a profitable business and it would be normal to have debt on its books and pay interest. This wouldnt be from the taxpayers account.

    I see a concerted effort to blight this buyback based on dubious reporting, they know the public likes it but want to wear down that support by a BRL agit prop campaign.

    AS for the Aussies, who where the ones about to sell of Qantas cheaply to an overseas consortium. One very small fund trader dug his heels in over the poor deal and it just failed to get shareholder approval ( in spite of bending the rules). That fund trader no longer has a job, BTW

  22. j 22

    Not really familar with Toll but didn’t the govnt pay them a subsidy to operate. If they were paid a subsidy then could the rail operation really be described as profitable.

    If you could normalize the earnings by adding back capital expenditure (which apprently they skimped on) and subtracting the govnt we would have a better idea of the true value based on a discounted cashflow basis.

    Congrats to toll shareholders on getting a 4% rise on the day of the sale. The market knows who won on the day.

  23. ghostwhowalks 23

    j the ‘market’ is a way of getting a price not a crystal ball. Thats why so many companies went private ( while the credit boom lasted) since the ‘market’ undervalued them.

    But in answer to your question Toll was to pay Govt (Ontrack) a price to run the trains ( which are leased) on the tracks which the govt had bought previously for $1.

  24. This isn’t much of a business, it couldn’t pay one of its core costs in full (track access charges). Nobody can pretend this is a viable going concern. Parts of it are, but the government was unwilling to make Toll – a monopoly operator of the rails the state owns – to pay what it owed it. The government regularly calls in debt collectors to truck companies to recover unpaid Road User Charges using its (and local authority) roads.

    Again it’s such a great deal, nobody else bought it. It is purely ideological to treat rail as deserving of a subsidy road does not get. A better answer would be to charge trucks differentially by route (reflecting differing road costs), but then that’s harder to sell to the public – but would address the “are rail and road treated the same” argument.

  25. Luke C 25

    Trucks clearly do not pay the full cost of operating on the roads.
    They cause all the road damage (1 truck = 10,000 cars), and necessitate the need for many of the road improvements such as grade easements and passing lanes.
    Toll could have paid the access charges and the business would have survived. However certain lines such as Napier – Gisborne, Northland, and maybe parts of BOP would have closed which would have been unacceptable. Once lines are closed they can degrade quickly, and to put them back into service in a decade would be very expensive.
    These lines may not be uneconomic currently, however they all have good future prospects from forestry and other freight.
    Looking at Napier Gisborne, the road is terrible and 100’s of millions could be spent on it and it would still be poor. Therefore it makes good sense for the govt to slightly subsidise the operation of the railway to keep the trucks off the road, and keep the road safe for cars.

  26. Pascal's bookie 26

    Looking at Napier Gisborne, the road is terrible and 100’s of millions could be spent on it and it would still be poor. Therefore it makes good sense for the govt to slightly subsidise the operation of the railway to keep the trucks off the road, and keep the road safe for cars.

    Exactly right. It’s pragmatism. The only reasons not to are the normative ideological belief that govt. should only be in the business of locking people up and shooting foreigners, and the more mystical belief that govts cannot operate efficiently in the market place, due to their invisible government germs.

  27. Phil 27

    “They cause all the road damage (1 truck = 10,000 cars)…”

    I’ve heard this line repeatedly from the pro-rail side of the argument for a while now, but I have never seen any evidence to support it. Where does this claim come from?

    “… and necessitate the need for many of the road improvements such as grade easements and passing lanes ”

    Sure, because without trucks on the road there wouldn’t be any need what-so-ever for passing lanes or better road design. None at all, nada, zip, zilch…
    Go find a dictionary and look up “scapegoat”

  28. Pascal's bookie 28

    ” and necessitate the need for many of the road improvements such as grade easements and passing lanes ‘

    “Sure, because without trucks on the road there wouldn’t be any need what-so-ever for passing lanes or better road design. None at all…”

    When you double checked the definition of scapegoat Phil, did you notice one of the def’s for ‘Strawman’ a few pages later…

  29. Higherstandard 29

    Is there significant amounts of freight traffic between Napier and Gisborne ?

  30. j 30

    “j the ‘market’ is a way of getting a price not a crystal ball. Thats why so many companies went private ( while the credit boom lasted) since the ‘market’ undervalued them.”

    Not true at all. Companies went private during the credit boom because it was cheaper to replace equity with debt because the cost of capital of debt is lower than that of equity, and leverage them up and allow the equity holders to cashout through share buybacks, special dividends and IPOs. The private equity boom was simply another form of the leverage buyout.

    Markets are sometimes wrong or right but I didn’t see a whole lot of other companies bidding for the railway assets. If it is a profitable enterprise and given the worldwide mania about infrastructure I would have to say that the lack of competitors indicates that toll reeled their bondy in.

  31. Luke C 31

    “One 80,000-pound (36 tonnes) truck may do as much wear-and-tear damage to a highway as 9,600 passenger vehicles.”
    http://www.fleschnerlaw.com/terre-haute-truck-accident-lawyer.php
    Note that NZ allows 44 tonne trucks.
    If have done a few papers in road engineering and you learn that when designing roads you only take into account the number of trucks using the road, because the damge caused by cars is so insignificant.
    Something to do with the fourth power being taken of the weight of the truck when calculating damage.

  32. Matthew Pilott 32

    HS – I couldn’t say, but off the top of my head I’m not sure how else stuff gets to and from Gisborne. Apart from boat, but I haven’t heard much of Gisborne’s port.

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    6 days ago
  • This is not kind
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    No Right TurnBy Idiot/Savant
    6 days ago
  • Wokies are the establishment
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    RedlineBy Daphna
    6 days ago
  • How to strengthen the post-isolation Covid rules
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    SciBlogsBy Siouxsie Wiles
    6 days ago
  • Neuralink and You: A Human-AI Symbiosis
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    SciBlogsBy Guest Author
    6 days ago
  • Liam Hehir: Our obsession with American politics
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    Democracy ProjectBy bryce.edwards
    6 days ago
  • COVID: Back to Level 1
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    6 days ago
  • Climate Change: Climate injustice
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    No Right TurnBy Idiot/Savant
    6 days ago
  • Good riddance
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    No Right TurnBy Idiot/Savant
    7 days ago
  • 2020 SkS Weekly Climate Change & Global Warming Digest #38
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    7 days ago
  • Anyone for Collins?
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    Bryan GouldBy Bryan Gould
    7 days ago
  • Crusher’s fiscal malfunction
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    7 days ago
  • Much of the commentariat’s reporting of the most recent GDP figure was misleading and unhelpful. The prize for the stupidest remark about the GDP figure for second quarter 2020 (2020Q2) released on Thursday (17 Sept) goes to Judith Collins, whose response to Grant Robertson’s comments indicated she did not ...
    PunditBy Brian Easton
    1 week ago
  • Love and Hate as Complementary Revolutionary Acts
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    1 week ago
  • 2020 SkS Weekly Climate Change & Global Warming News Roundup #38
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    1 week ago
  • Tax cuts for all!!! (except you, you, and you)
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    My ThinksBy boonman
    1 week ago
  • Great Waves Washing Over New Zealand
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    PunditBy Brian Easton
    1 week ago
  • New Zealand has role to play in resolving crisis on ‘geopolitical fault line’, Helen Clark says
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    Democracy ProjectBy Geoffrey Miller
    1 week ago
  • Euthanasia referendum: How to cut through the emotions
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    SciBlogsBy Guest Author
    1 week ago
  • Why we need cameras on boats
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Graham Adams: The religious right’s campaign to spike the euthanasia referendum
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    Democracy ProjectBy bryce.edwards
    1 week ago
  • Opportunistic looting
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Uncomfortable Choices.
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    1 week ago
  • Tony Burton: Covid and benefit payments
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    Democracy ProjectBy bryce.edwards
    1 week ago
  • Talking tax: How to win support for taxing wealth
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    Closing the GapBy Tracey Sharp
    1 week ago
  • Getting Tough.
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    1 week ago
  • Media Link: Nuclear strategy, then and now.
    Although I had the fortune of being a graduate student of some of the foremost US nuclear strategists of the day (1970s) and later rubbed shoulders with Air Force and Naval officers who were entrusted with parts of the US nuclear arsenal, I seldom get to write or speak about ...
    KiwipoliticoBy Pablo
    1 week ago
  • The Chinese List.
    News that Zhenhua Data, an arm of China Zhenhua Electronics Group, a subsidiary of the military-connected China Electronic Information Industry Group (CETC), maintains a list of 800 New Zealanders on a “Overseas Key Information Database” that contains personal information on more than 2.4 million foreign individuals, has caused some consternation ...
    KiwipoliticoBy Pablo
    2 weeks ago
  • Things that grow fast, and things that surprise us
    Marie Becdelievre January 2020. The number of news article mentioning coronavirus exploded and anxious voices whispered about a global pandemic. Whisper? To me, it was only a whisper. I tend to learn about the world through non-fiction books, conferences, and academic research rather than news and social media, so ...
    SciBlogsBy Guest Author
    2 weeks ago
  • Skeptical Science New Research for Week #37, 2020
    2,082,476,000,000,000 Viability of greenhouse gas removal via the artificial addition of volcanic ash to the ocean  (not open access, unfortunately) walks us through the numbers on a particular means of CO2 removal, addition of volcanic tephra to the ocean. The mechanism is straight chemistry and the cost is fully an order of ...
    2 weeks ago
  • Barbados to become a republic
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    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Party Like It’s 1989: Bait and Switch is a Bad Look, Mr Hipkins
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    2 weeks ago
  • Will the tropics eventually become uninhabitable?
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    SciBlogsBy Guest Author
    2 weeks ago
  • A first-hand look: What it’s like to live in a 2020 California wildfire evacuation zone
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    2 weeks ago

  • Hokitika Landmark earmarked for $22m restoration
    Seddon House in Hokitika, once a hub for government on the West Coast, has been earmarked for government use once again. “Today we’re announcing a $22 million investment from the Government’s $3 billion infrastructure fund for shovel ready projects for the purchase and restoration of Seddon House in the heart of ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister of Foreign Affairs makes two diplomatic appointments
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    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ’s most prestigious conservation award – Loder Cup presented to Graeme Atkins
    The Minister of Conservation Minister, Eugenie Sage, today presented Aotearoa New Zealand’s most prestigious conservation award, the Loder Cup, to the 2020 winner Graeme Atkins while in Gisborne/Tūranga-nui-a-Kiwa. “Graeme Atkins of Ngāti Porou is a Department of Conservation ranger whose contribution to conservation goes well above and beyond his employment,” ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Parliament to install solar and cut carbon
    Parliament is leading by example by taking action to cut its carbon footprint by installing solar and improving energy efficiency, the Minister for Climate Change, James Shaw said today. The Minister confirmed that Parliamentary Services will receive support through the Clean-Powered Public Service Fund to install solar PV and LED ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Tuvalu Language Week theme promotes community resilience in the face of COVID-19
    The Minister for Pacific Peoples, Aupito William Sio says the 2020 Tuvalu Language Week theme of “Fakatili Te Kiloga Fou” which means “Navigating the changing environment” is a call on all Pacific peoples to be strong and resilient in the face of COVID-19. “This theme is a reminder to us ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • International sport back up and running in New Zealand
    The Government is welcoming today’s announcement that the West Indies and Pakistan cricket teams will tour New Zealand this summer.  “A lot of hard work has been undertaken by sports officials including New Zealand Cricket, Netball New Zealand and government officials to ensure that international sport can return safely to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • 1BT funds for Northland forest taonga
    Northland’s indigenous tree canopy is set to grow for the benefit of mana whenua and the wider community thanks to nearly $2 million in One Billion Trees funding, Forestry Minister Shane Jones announced today. Te Komanga Marae Trust has received more than $1.54 million to restore and enhance the native ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Better health care for West Coasters as Te Nikau Hospital officially opened
    The Government has delivered a new hospital for Greymouth and is starting work on a much needed new health centre in Westport, ensuring local communities will benefit from better access to high quality integrated health services. Today, Prime Minister Jacinda Ardern and Associate Health Minister Peeni Henare officially open Te ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government backing local with PGF loan
    A West Coast distillery will benefit from a Provincial Growth Fund investment that will enable it to expand its operations and create jobs in the town of Reefton, Rural Communities Minister Damien O’Connor and Regional Economic Development Minister Shane Jones have announced. The Reefton Distilling Co will receive a $928,000 ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Primary sector exports and jobs up again
    Primary sector exports and jobs are up again, demonstrating the sector’s underlying strength amid the COVID-19 global pandemic and US-China trade war, and supporting New Zealand’s economic recovery. Stats NZ today reported New Zealand’s merchandise exports in August were up 8.6% on a year ago, driven by an increase in ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Clean energy future for more schools
    Schools across Aotearoa New Zealand will be supported by the Government to upgrade to run on clean energy, the Minister for Climate Change James Shaw announced today. The Minister has allocated $50 million from the Clean Powered Public Service Fund to replace, or convert, coal boilers in schools with clean ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Building business strength with digital tools
    New training and tools for digital commerce will give small businesses, especially in the tourism sector, the support they need to adapt and innovate in a COVID world. Tourism Minister Kelvin Davis and Small Business Minister Stuart Nash have announced details of how $20 million digital capability funding set aside ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New pest lures to protect nature
    The Department of Conservation (DOC) is investing $1.4 million to develop new predator lures that would be game-changers for trapping and surveillance towards a predator-free Aotearoa, the Minister of Conservation Eugenie Sage, announced in Christchurch today. The proposal is to develop long-life lures attractive to a range of predators—rats, mustelids ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Support for innovative Pacific education responses to COVID-19 needs
    Supporting new and creative Pacific education practices as part of our COVID-19 response and recovery is the focus of a new $28.5 million Pacific Education Innovation Fund announced today by Associate Minister of Education Jenny Salesa.  “There is already an incredible amount of innovative and creative work going on in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Eligibility expanded for COVID-19 leave support
    The expanded scheme will cover: People who have COVID-19 like symptoms and meet the Ministry of Health’s criteria, and need to self-isolate while awaiting the results of a COVID-19 test. People who are directed to self-isolate by a Medical Officer of Health or their delegate or on advice of their ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Seasonal work visa available to more people
    The Government is putting in place a range of immigration policy changes to help fill labour shortages in key industries while ensuring New Zealanders, who have lost jobs due to COVID-19, have the chance to find new employment. “Two key sectors we are moving to help are horticulture and wine ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More border exceptions for critical roles
    The Government has established class exceptions for border entry for a limited number of veterinarians, deep sea fishing crew, as well as agricultural and horticultural machinery operators. “Tight border restrictions remain the backbone of the Government’s border strategy to protect New Zealand against COVID-19 and ensure New Zealand citizens and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Crown will not appeal Dodds v Southern Response decision
    The Crown will not appeal the Court of Appeal decision in the Dodds v Southern Response case, Grant Robertson announced today. “Southern Response will be paying the damages awarded by the Court to Mr and Mrs Dodds shortly. The Crown was already meeting their legal costs for this appeal. “The ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Crucial PGF investments for Northland
    The Provincial Growth Fund is investing nearly $30 million in a diverse range of projects that will create immediate and long-term jobs and lift economic and social outcomes for Northland and its people. Deputy Prime Minister Winston Peters and Regional Economic Development Minister Shane Jones made the announcement today in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • $27million investment in global vaccine facility
    The Coalition Government has committed to invest $27 million in COVID-19 vaccine development through the global COVAX Facility, Foreign Minister Winston Peters announced today. “The COVAX Facility is a key part of our COVID-19 Vaccine Strategy to obtain safe and effective vaccines. It allows us to invest in a high-quality, ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government backing Māori landowners
    The Government will provide up to $1.69 million through the One Billion Trees programme to Māori landowners to make their whenua more productive through the planting of forests, both native and exotic, and improve economic and environmental outcomes, Forestry Minister Shane Jones has announced. “Around 1.5 million ha of land ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New tools to make nature more accessible
    People planning to head outdoors now have a resource that lets them know how accessible an area is for people with varying levels of mobility, Minister of Conservation Eugenie Sage announced today. The Halberg Foundation, Sensibel, and the Department of Conservation (DOC) have launched Accessibel, a new tool which helps ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • PGF makes Māori history more accessible
    One of the most significant battle sites of the 1860s Land Wars will receive $2.96 million from the Provincial Growth Fund to improve the site and help tell the New Zealand story to visitors, Māori Development Minister Nanaia Mahuta and Regional Economic Development Minister Shane Jones have announced. Nanaia Mahuta ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Making it official: The journey of te reo Māori | Kia whakapūmautia: Ngā piki me ngā heke o te r...
    The journey towards recognising Māori as an official language and taonga has been captured as a web series and launched today during Te Wiki o te Reo Māori, announced Associate Arts, Culture and Heritage Minister Carmel Sepuloni. “Te reo Māori is a living language, and understanding its significance, and pathways to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Better-than-forecast GDP reflects decision to protect New Zealand
    Today’s better-than-forecast GDP figures show the expected impact of the decision to act quickly to protect New Zealanders from the global COVID-19 pandemic. GDP fell 12.2% in the June quarter from March, reflecting decisions to close New Zealand’s borders and enter Alert Level 4. “This result was better than the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Boost for COVID-19 related Pacific education needs
    The Government is investing $39.7 Million over four years to support the educational needs of Pacific learners and families in the regions hardest hit by COVID-19, with Auckland getting an immediate boost, Associate Minister of Education Jenny Salesa says.   “Like all New Zealanders Pacific families want learners to do well ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More resources for kiwi conservation
    New Zealand’s goal of 100,000 kiwi by 2030 is being helped by an extra $19.7 million in funding to accelerate iwi and community efforts to protect kiwi, Minister of Conservation Eugenie Sage announced. “$19.7 million of Jobs for Nature funding is being invested in kiwi conservation activities including increased predator ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Improving access to affordable electricity
    Ensuring New Zealanders can get the best deal on their electricity takes a step in the right direction today with the South Island launch of the EnergyMate pilot run by the Electricity Retailers’ Association, says Minister of Energy and Resources, Dr Megan Woods. EnergyMate is an industry-led programme providing coaching ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government achieves 50 percent women on state boards
    Minister for Women Julie Anne Genter announced today that the Government has reached its target of 50 percent on women on state sector board and committees – setting a new record level of women on state sector boards. “This Government is committed to having more women in leadership roles - ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Record transport investment to help economic recovery and save lives
    Transport Minister Phil Twyford released today the final Government Policy Statement on land transport (GPS) 2021 which outlines the planned $48 billion investment in services and infrastructure over the next decade. “The final GPS supports our Government’s five-point plan for economic recovery by confirming our record investments in transport infrastructure ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Advancing clean energy technology
    Three ambitious and cutting-edge research programmes that will lift New Zealand’s advanced energy technology research capability over seven years, have been supported by Government today, says Research, Science and Innovation Minister Megan Woods. The projects will each receive a share of $40.7 million investment from the Strategic Science Investment Fund. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Major milestone reached in Pike River Re-entry
    The critical area for forensic examination known as Pit Bottom in Stone has been reached in what is a major milestone for the Pike River re-entry project, Minister Responsible for Pike River Re-entry Andrew Little announced. “The infrastructure located in Pit Bottom in Stone is of very significant interest in ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Economic recovery guides Govt response to retirement income policy review
    The Government is working on how New Zealand’s retirement income policies and settings can best support Kiwis in light of the COVID-19 economic recovery, with the help of the Retirement Commissioner’s latest review, Commerce and Consumer Affairs Minister Kris Faafoi said. “The Retirement Commissioner’s three-yearly review into New Zealand’s retirement ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Iwi community hub opens in Murupara
    A new digital hub and development centre in Murupara will be instrumental in growing the region’s productivity, said Under-Secretary for Regional Economic Development Fletcher Tabuteau at the official opening of two community initiatives today. “I’m pleased to be here celebrating a significant milestone for two projects set to make a ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PREFU shows economy doing better than forecast
    PREFU shows economy doing better than forecast Unemployment to peak at 7.8%, down from 9.8% forecast in the Budget Year-to-June accounts show tax revenue, debt and OBEGAL better than forecast Global forecast downgraded as COVID-19 second waves and uncertainty grows Balanced plan to support critical public services, manage debt and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Spruce-up for Ōtaki community facilities
    The Kāpiti Coast town of Ōtaki will receive $1.4 million in Government funding for two projects providing scores of jobs for locals while improving community facilities, Regional Economic Development Minister Shane Jones has announced. The Māoriland Charitable Trust will receive a $900,000 Provincial Growth Fund (PGF) grant to upgrade the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PGF funding for Jobs for Nature programme
    The Provincial Growth Fund will provide $11.88 million to fund fencing and waterway projects nationwide that will improve the environment and create jobs in their communities, Regional Economic Development Minister Shane Jones has announced. “These projects will create more than 100 jobs nationwide with work starting within the next couple ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Procurement to promote jobs, Māori and Pasifika businesses and sustainability
    As part of the COVID-19 recovery, the Government has strengthened its procurement rules to ensure its annual $42 billion spend creates more jobs, uses more sustainable construction practices and results in better outcomes for Māori and Pasifika, Government Ministers announced today.   Economic Development Minister Phil Twyford says the $42 ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Timaru’s Theatre Royal to be upgraded and new heritage facility built
    The Government is supporting a major upgrade of Timaru’s iconic Theatre Royal and the construction of a new connected Heritage Facility museum and exhibition space with $11.6 million from the Government’s Infrastructure Fund, Jacinda Ardern announced today. “We heard the call from the community and the council. The Theatre Royal ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • District Court judge appointed
    Chrissy Montague (formerly Armstrong), barrister of Auckland has been appointed as a District Court Judge with Family Court jurisdiction to be based in Wellington, Attorney-General David Parker announced today. Ms Montague commenced practice in Auckland in 1987 and went into general practice dealing with Wills, Estates, Trusts, Conveyancing, Relationship Property ...
    BeehiveBy beehive.govt.nz
    2 weeks ago