web analytics

Nats trying hide Mighty River risks?

Written By: - Date published: 1:49 pm, April 21st, 2013 - 21 comments
Categories: privatisation - Tags: , ,

It is absolutely essential for National that lots of ordinary Kiwis buy Mighty River shares. They’ve staked their whole reputation on it. To that end, they’ve fostered a belief that the shares will be a licence to print money.

That was never the case – in fact, at the share price offered, it’s a low return company. Tiwai and NZ Power only add to the negatives of Mighty River as an investment.

Yet, as Rod Oram found, there’s no independent advice available to ‘mum and dad’ on the size of the risks. Why is it so hard to find that advice? National must have such advice and so must the big firms they’ve contracted for the sale.

But that advice is being kept from the public and all we’re hearing is them beating the ‘buy, buy, buy’ drum – because they have a financial and political interest in Kiwis blindly paying their money down, and they don’t care if ‘mum and dad’ come a cropper later.

Update: See also:

MRP refuses to release engineer’s report

Mighty River Power refuses to divulge a full engineer’s report into its power generation assets.

The state-owned power company, which is being partially privatised, included a summary of the Beca report in its prospectus and investment statement.

But MRP says the full report “is not publicly available, pursuant to our agreement with Beca”.

Why aren’t potential investors getting all the facts? Why not release the report?

21 comments on “Nats trying hide Mighty River risks?”

  1. Lanthanide 1

    I think anyone who buys into it now is a sucker.

    I decided if I bought any at all, it’d be from Meridian, on the basis that Tiwai closing down will actually be good for them, as they can re-sell the same electricity at a higher rate to other users. But now with NZPower, even that seems like a remote possibility.

    Also this: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10875890

    Quite a lot, it turns out, if you read the 257-page offer document, as all potential investors should.

    Firstly, Mighty River Power has a fair amount of debt and is forecasting to increase it by $250 million to $1.126 billion in the two years to mid next year as it ramps up its geothermal investments. This higher debt and a rise in interest costs helps explain why its underlying earnings are expected to fall 13 per cent next year.

    Yet Mighty River Power isn’t keeping anything in reserve. It is forecasting paying out 107 per cent of its profits in dividends this year. In effect, it is borrowing a bit to pay next year’s dividend.

    Mighty River is also relatively expensive, forecasting a price to earnings multiple of up to 24.4.

    • QoT 1.1

      Pardon my ignorance, but hasn’t “ramp[ing] up its geothermal investments” turned into a giant red flag following the NZ Power announcements? If you’ve got any inkling Labour/Greens form the new government, doesn’t geothermal suddenly become a lot less profitable?

      • Lanthanide 1.1.1

        MRP are investing in geothermal development overseas: Chile and the US apparently.

        Their website says this:

        Geothermal is a premium renewable, in demand globally. Mighty River Power is committed to a strategy of applying our geothermal experience and expertise gained through our domestic geothermal development, construction and operations. Following completion of our Ngatamariki project near Taupo (New Zealand) in mid-2013, we do not expect development opportunities in New Zealand within the next three to five years due to market conditions – and international markets offer better opportunities for growth.

        So if anything, their international investments would put them in a better place compared to NZ-only operators, when NZPower is set up. Assuming, of course, that they can manage an international investment situation and not cock it up; their massive debt levels aren’t very encouraging to me.

  2. Tigger 2

    Thanks for the link. Wow, that Oram piece is scary reading, especially given the author’s credentials. If he can’t find advice, who can? No one, that’s who.

    The Nats have totally screwed themselves with this policy. It’s a mess.

    • Tim 2.1

      Yep, you should have heard him on NinetoNoon the other week with Ryan trying her best not to let him get a word in edgeways.
      Kathryn must be ‘utterly devastated darling’ her potential share portfolio could rapidly disappear up her own etc.

  3. tc 3

    See now why heffernden’s getting 500K to stay through the sale and then he’s off, being an engineer by profession , then a politician in his current role, he’s no idiot when it comes to the cold harsh reality of what’s going to happen.

    Withers and the other fat cats are there to keep the lid on matters. What economic vandals they are paying outa dividend like that and these are the captains of industry the NACT place all their bets one, NZild you’re being conned.

    • Tim 3.1

      “…..being an engineer by profession , then a politician in his current role…..”
      That’s not meant to excuse the guy (in the manner of “awe – he’s not really such a bad bloke is he?”) is it?
      Should have stuck to engineering. Knowingly laying down with dogs has an outcome that was always going to be inevitable

      • tc 3.1.1

        I’m not excusing him for a nano second, the former social credit candidate knows exactly what is being cooked up.

        Just pointing out that he has the analytical numerical skills to know where this is headed and totally agree with the lying down with dogs, the board and this govt is full of them.

        • stever 3.1.1.1

          He might also be stepping outside the acceptable ethical standards of a proper engineer, as required by IPENZ (the NZ engineers’ institute) and the international bodies that IPENZ says it peers with.

          Anyone know if he’s an IPENZ member?

  4. dumrse 4

    ” Rod Oram can’t find indepenant advice…”. Then he should refrain from being a commentator if he is that thick. I’m a “mum and dad” investor and I had no trouble getting advice on risk. Then again I didn’t expect to get it for nothing of have it shoved under my nose.

    • freedom 4.1

      dumrse, so you won’t share your access to this info so other mums and dads can make an informed decision? prat!

      As if you are any diifferent from thousands of others of small time wannabes who are going to be slaughtered by the big boys once the price drops and you bail, then the real investors take it over. You are just a wanker spouting horeseshit, staring up the tailpipe of your inevitable demise.

      Buy your shares and you will only lose money as certainly as the mukapuna to come have lost their heritage.

    • Galeandra 4.2

      Read Oram’s article, Dumbarse, in which he explains how many advisors/institutional experts he sought responses from, and got nowhere with. That was the point of his piece; any reasonably intelligent investor seeking advice on the Mum’n’Dad scale has no hope at all of getting realistic risk assessment.. The no doubt highly competent ‘advice’ you received, on the other hand, I hope you follow in spades. Go on, double up, you know you want to. You deserve it!!

    • Shaz 4.3

      I think you have missed the point possibly because you have not heard the link. Rod’s case is pretty compelling. There is one set of information for institutional investors and a smaller, already out of date set for independent investors as a number of the risks outlined in the prosepectus have eventuated. There is a blackout on advice because MRP sale is bound by US securities law and not NZ securities law. This is (as far as I can understand), because the government either were not able (or overlooked) drafting the MOMA legislation so as do what they had committed to – to ensure New Zealanders residents are at the head of the queue.

      A nonsensical , immoral and economically insane policy that is now also failing on its own terms

  5. Jackal 5

    I was under the impression that it’s a requirement under the law for those selling shares to divulge any and all information concerning risks.

    Anyone who makes investment recommendations is viewed by the law as an investment adviser and can be prosecuted as such for any misleading material. Not stating risks if there are risks is viewed as misleading potential investors.

    A failure to divulge information and mislead potential investors is a prosecutable offence resulting in imprisonment for a term not exceeding 5 years or a fine not exceeding $300,000.

    Perhaps National is taking advice from the likes of John Banks and Don Brash who misled investors concerning the risks involved in the Huljich KiwiSaver scheme?

    • Colonial Viper 5.1

      Institutional investors are going to ask for far more technical and financial information than the average citizen can understand, in order for their own in-house analysts to work on.

      And they are not going to share the results of their analysis with you and I. And also probably not the Government.

    • tc 5.2

      Our corporate/investment governance is a joke, they don’t need an amateur like Banks with joan withers who was on the feltex board when it ‘allegedly’ misled the market.

      Any half decent financial hack who bothered to visited feltex factories would have seen what a joke that joint was but our MSM fawn at the feet of these captains of industry and follow the spin rather than do any actual work.

      MRP will go the same way under Shonkey.

  6. Steve Withers 6

    National have proven themselves to be untrustworthy when private business interests and executive power collide with the public interest and democracy.

    Never mind ideology. Never mind policy.

    You just can not trust them.

    The gutting of democracy in Auckland as a consequence of the amalgamation, the CERA dictatorship in Christchurch and the referendum to get rid of MMP all stand as clear signs they have no time for democracy.

    Getting rid the TVNZ Charter, canning TVNZ7, gutting DoC, ignoring climate change…..are clear signs they have no time for the wider public interest.

    These are just a small number of the many things that collectively render them untrustworthy. They will do as they please for the narrow interests who they actually represent (farmers, transport operators and any foreign corporate) no matter what most people want done. The asset sales programme is just one more example.

    I won’t be buying shares in any of these assets because I *already* own them.

Recent Comments

Recent Posts

  • Week That Was: 2020
    We are back for 2020! From changes to Family Funded Care, to a record high number of Kiwis in construction in the trades - we're already back making progress on those long-term challenges. Read all about it and more ...
    2 days ago
  • Winston Peters: “Ihumātao deal still a long way off”
    Deputy Prime Minister Winston Peters told Mike Hosking that a settlement deal regarding Ihumātao in Auckland is still a long way off. The Maori King's flag was lowered at the site near Auckland Airport yesterday, sparking suggestions an announcement of a deal could be made by Waitangi Day. Pania Newton, ...
    3 days ago
  • Winston Peters accuses Gerry Brownlee of ‘politicising’ Holocaust memorial
    Foreign Affairs Minister Winston Peters is accusing Gerry Brownlee of "politicising" a Holocaust memorial event after the National MP questioned the lack of Kiwi representation there. The Yad Vashem World Holocaust Remembrance Centre in Jerusalem, Israel, is holding the World Holocaust Forum on January 23 to mark 75 years since ...
    3 days ago
  • Provincial Growth Fund to help Waipukurau Pā sites attract thousands of tourists
    The Ngā Ara Tipuna - Waipukurau Pā Site Interpretation project is receiving $2.798 million from the Provincial Growth Fund. It is is expected to boost the town's employment and tourism, creating sixteen new jobs once completed and attract up to 15,000 visitors a year. Parliamentary Under-Secretary for Regional Economic Development ...
    4 days ago
  • “Common sense will prevail, not extremism” Winston Peters backs Shane Jones’ pro-meat stance
    New Zealand First leader Winston Peters is backing his MPs who have spoken out against a new climate change teaching resource that advises students to eat less meat to save the planet. The new teaching resource, announced by Education Minister Chris Hipkins and Climate Change Minister James Shaw, tells students ...
    5 days ago
  • Violent assault on paramedic highlights need for law change
    Darroch Ball MP, Spokesperson for Justice Today’s horrific violent assault of an on-duty female paramedic which rendered her unconscious is truly unsettling. “Our thoughts are with the paramedic, her loved ones and the St John’s team at Warkworth Station,” says New Zealand First Justice Spokesperson Darroch Ball. “Harsher penalties for perpetrators ...
    6 days ago
  • Acting PM Winston Peters confirms NZDF troops in Iraq not hit by Iranian attacks
    Acting Prime Minister Winston Peters called for calm and diplomacy following Iranian missile strikes on bases housing United States troops in Iraq, but confirmed New Zealand's base in the country was not hit. The New Zealand Defence Force (NZDF) was earlier today investigating claims New Zealand's base in Iraq had ...
    6 days ago
  • Kaikōura $10.88 million boost in tourism & business
    Fletcher Tabuteau MP, Parliamentary Undersecretary for Regional Economic Development The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. As part of the Kaikōura Marina Development Programme, the following two projects will receive ...
    1 week ago
  • Delivering a stable water supply to Wairarapa
    Hon. Ron Mark, New Zealand First List MP based in Wairarapa The Provincial Growth Fund (PGF) is investing $7.11 million to create a sustainable water supply for the Wairarapa. The PGF will provide a $7 million investment to Wairarapa Water Limited to progress the Wairarapa Water Storage Scheme towards procurement, consenting, ...
    2 weeks ago
  • Housing consents hit highest level since 1974
    Housing consents have hit a 45-year high, as Statistics NZ data shows a total of 37,010 residential consents were issued in the year to November --- the first time they have breached the 37,000 mark since the mid-1970s. Statistics NZ said the trend had been rising since late 2011, when ...
    2 weeks ago
  • Darroch Ball MP: “Violence against first responders is a problem on the rise”
    New Zealand First MP Darroch Ball says that a paramedic being kicked unconscious last night in an attempted burglary in Warkworth, north of Auckland, is a symptom of a larger problem. "Incidents like this are becoming more and more frequent...and it’s getting worse," Mr Ball said. The MP is pushing for ...
    2 weeks ago
  • Minister Ron Mark asks NZDF to conduct fire risk assessment from defence point of view
    Defence Minister Ron Mark said there was nothing to prevent similar large-scale bushfires seen in Australia from also happening in New Zealand, and has asked the New Zealand Defence Force to conduct a nfire risk assessment from a defence point of view. The defence assessment would help prevent a disaster ...
    2 weeks ago
  • Defence Minister Mark expresses “absolute confidence” in NZDF forces stationed in Iraq
    While feeling worried about increased Middle East tensions, Defence Minister Ron Mark said he had "absolute confidence" in New Zealand Defence Force (NZDF) leadership. His statements come as the fate of Kiwi troops stationed in Iraq comes under intense scrutiny. Forty-five Defence Force personnel were thought to be in the ...
    3 weeks ago
  • ‘No Body, No Parole’ Bill is pointless dog-whistling
    Darroch Ball MP, Spokesperson for Law and Order National MP Tim Macindoe Member’s Bill, Concealment of Location of Victim Remains Bill does not do what he claims. The Bill specifies a requirement for the Parole Board to only “consider” denying parole if an offender refuses to disclose the location of the body. ...
    3 weeks ago
  • New Zealand Defence Force sends support to Australia
    Hon. Ron Mark, Minister of Defence Minister of Defence Ron Mark today announced New Zealand is sending three Royal New Zealand Air Force NH90 helicopters and crew, and two NZ Army Combat Engineer Sections as well as a command element to support the Australian Defence Force efforts in tackling the Australian ...
    3 weeks ago
  • Defence Minister Ron Mark: “NZDF focused on protecting troops in Iraq from retaliation”
    As tensions in the Middle East continue to grow after the assassination of top Iranian general Qasem Soleimani, the New Zealand Defence Force is focusing on the protection of Kiwi troops deployed in Iraq. Foreign Affairs Minister Winston Peters says that "recent attacks on coalition bases and embassies constitute unacceptable ...
    3 weeks ago

  • Health staff to meet flights from China as precautionary measure
    Public health staff will begin meeting flights from China from tomorrow, to actively look for signs of the novel coronavirus and provide advice, information and reassurance to passengers. Health Minister Dr David Clark says the additional measures are being taken following the arrival of the disease in Australia, via flights ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • National Yearling Sales 2020
    National Yearling Sales at Karaka   26 January 2020    [CHECK AGAINST DELIVERY] Good morning. It is a pleasure to be here on opening day of the 2020 National Yearling Sales Series. Let us all acknowledge Sir Peter Vela and the Vela family for their outstanding contribution to the New ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Government and construction industry to build big, lift productivity with Transformation Plan
    Delivering the workforce and productivity gains required to build the houses, schools, roads, rail and hospitals New Zealand needs will become easier with the Government-industry Construction Sector Transformation Plan launched today, Minister for Building and Construction Jenny Salesa says. “The action plan launched today delivers on the Government’s Construction Sector ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Log trains to begin on Wairoa-Napier line
    Log trains are about to start running between Wairoa and Napier following Provincial Growth Fund investment to reopen the rail line, Regional Economic Development Minister Shane Jones says. The Government invested $6.2 million to reopen the mothballed rail line which was closed after significant storm damage in 2012. “With PGF ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Minister of Defence concludes successful visit with his US counterpart
    Minister of Defence Ron Mark met with United States Secretary of Defense Mark Esper today. “This was an excellent opportunity to meet with one of our closest security partners,” Ron Mark said. “The main focus of the meeting was to discuss challenges that New Zealand and the United States share ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand acknowledges ICJ decision on Myanmar
    Foreign Minister Winston Peters today acknowledged the ruling of the International Court of Justice in relation to the Rohingya people in Myanmar. The ruling ordered the Government of Myanmar to take all measures within its power to prevent the commission of acts of genocide in relation to members of the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ’s trade aims advanced at Davos meetings
    A proposal to cut “trade and production-distorting subsidies” in the agricultural sector by 2030 has set out important measures to ensure a fair agricultural trading system.  Speaking after attending meetings of trade ministers in Davos, Switzerland, Minister for Trade and Export Growth David Parker welcomed the joint proposal from the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Great news for New Zealanders with cystic fibrosis
    Health Minister Dr David Clark says he is delighted that PHARMAC has struck a provisional deal to fund Kalydeco – a medicine which is set to improve the quality of life for about 30 New Zealand children and adults with cystic fibrosis. “While rare, cystic fibrosis is an awful inherited ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand least corrupt country in the world
    New Zealand has regained its position as the least corrupt country in the world for the second time under this Coalition Government, says Justice Minister Andrew Little. “New Zealanders can be proud that our reputation as one of the least corrupt countries in the world has been restored,” says Andrew ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Boost for Rēkohu/Wharekauri/Chatham Islands Community Conservation
    Community conservation in Rēkohu/Wharekauri/the Chatham Islands is receiving a boost, with grants to support local projects announced today by Minister of Conservation Eugenie Sage. “Rēkohu/Wharekauri/ the Chatham Islands are home to 20 per cent of New Zealand’s threatened bird species and 11 per cent of New Zealand’s threatened plant species. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Rātana Pā goes high-tech with UFB
    Iwi, hapu and visitors to Rātana Pā near Whanganui now have access to ultra-fast broadband following its connection, completed in time for annual Rātana celebrations, Regional Economic Development Minister Shane Jones says. The connection and associated hardware were funded from the Provincial Growth Fund’s $21 million Marae Digital Connectivity programme, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Govt’s strong financial management acknowledged
    The Government’s strong financial management and plan to future proof the economy with new infrastructure investment has gained further recognition from an international ratings agency. Credit rating agency Fitch has upgraded one of its main metrics assessing the Government’s books, lifting its foreign currency AA rating outlook to ‘positive’ from ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Boost in Whānau Ora funding to keep changing lives
    Whānau throughout New Zealand are set to benefit from an extra three million dollars that will go directly to Whānau Ora Commissioning Agencies, the Minister for Whānau Ora Peeni Henare announced today.  Including previous funding boosts, the Agencies will now receive $87 million this year between them.  In Budget 2019 ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • More people getting into work
    The December quarter benefit numbers released today show the Government’s plan to get people off the benefit and into work is starting to pay off,” Social Development Minister Carmel Sepuloni said.   “Nearly 19,000 people cancelled their benefit and went into work in the last few months of the year – ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Wairoa gets up to $6.1m to rebuild heart of CBD
    The Provincial Growth Fund (PGF) is investing up to $6.1 million to revitalise business and tourism opportunities in Wairoa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The PGF is funding: Up to $4.8 million for the Wairoa Integrated Business and Tourism Facility Up to $960,000 for the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Major Events support for creative and cultural events
    Creative and cultural events that highlight New Zealand’s diverse culture and build national pride are set to get a funding boost through the Major Events Fund, Economic Development Minister Phil Twyford said today. The new Creative and Cultural Events Incubator, which is funded through the Major Events Fund, will open ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Classroom internet in hundreds of schools to get a boost
    The Government has begun a massive IT upgrade to provide more seamless internet access to 200 schools around the country. Te Mana Tūhono – Technology in Schools work programme will launch with a pilot of 10 smaller state schools early this year. IT equipment that gives students access to the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Construction workforce, apprenticeships hit record highs
    Working with industry and committing to rebuild New Zealand’s infrastructure has produced a record high number of Kiwis working in the construction industry and learning trades, says Minister for Building and Construction Jenny Salesa. New figures available today from the Ministry of Business, Innovation and Employment and the Tertiary Education ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ concludes digital economy trade talks with Singapore and Chile
    A new trade agreement concluded today helps New Zealand exporters and consumers take advantage of opportunities from digital trade.    Minister for Trade and Export Growth David Parker together with Chile’s Vice Minister of Trade Rodrigo Yañez and Singapore’s Minister of Trade and Industry Chan Chun Sing, have announced conclusion of ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Provincial Growth Fund to fund Waipukurau cultural development and tourism
    The Ngā Ara Tipuna -  Waipukurau Pā Site Interpretation project will receive $2.798 million from the Provincial Growth Fund to create an authentic cultural tourism experience, Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today “The project will inform visitors about the history of six pā sites in Waipukurau with a combination ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • 21 new judges boost diversity, improve access to justice
    Twenty-one new District Court judges have been appointed in a move that will improve access to justice and boost diversity on the bench. The new judges include replacements for retirements and 10 new positions. Attorney-General David Parker today announced the 14 judges who can immediately be named, with the remainder ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Puhinui to Auckland Airport in 10 minutes
    Aucklanders are another step closer to getting rapid transit to the airport, with the start of construction to upgrade State Highway 20B to the airport, Transport Minister Phil Twyford announced today. SH20B will be upgraded with additional lanes in each direction, dedicated to bus and high-occupancy vehicles between Pukaki Creek ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Advancing New Zealand’s trade agenda focus of Europe meetings
    World Trade Organisation reform, agricultural trade and a free trade agreement with the United Kingdom will be the focus of Minister for Trade and Export Growth David Parker’s visit to Europe this week. David Parker leaves on Tuesday for a series of meetings in the UK and Switzerland that aim ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Minister of Defence to visit counterparts in US and Canada
    The Minister of Defence, Ron Mark, departed today for the United States and Canada where he will meet with his counterparts.  While in Canada Minister Mark will meet with his counterpart, Minister of National Defence Harjit Sajjan.  “New Zealand and Canada are close friends, and share an instinctive like-mindedness on ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government to deliver family carers $2000 pay rise, expand scheme to spouses this year
    The Coalition Government is delivering this year the changes to Funded Family Care the disability sector has long-asked for, says Associate Minister of Health Jenny Salesa. “Today we are announcing the details of our big changes to Funded Family Care, including an annual average pay boost of $2,246.40 for funded ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Ko te reo kua mū: Piri Sciascia
    Minister for Māori Development Nanaia Mahuta joins te ao Māori in their sorrow as they learn of the loss of one of the great orators and spokespersons of a generation – Piri Sciascia.  “The son of Pōrangahau was a staunch advocate for Māori development and served his people for over ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister opens new ecosanctuary at Cape Farewell
    A new ecosanctuary with a predator proof fence on Golden Bay’s Cape Farewell, which will restore a safe home for sea birds, rare native plants, giant snails, and geckos, was officially opened today by the Minister of Conservation Eugenie Sage. “There has been a fantastic community effort supported by the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pacific partners work together to provide additional support to Australia
    The NZDF continues to support the Australian Defence Force (ADF) as it battles fires in Victoria and New South Wales, including by transporting Republic of Fiji Military engineers from Nadi to Australia, announced Defence Minister Ron Mark. On Saturday morning a NZDF Boeing 757 will depart New Zealand to uplift ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Kaikōura $10.88 million boost in tourism & business
    The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. As part of the Kaikōura Marina Development Programme, the following two projects will receive PGF funding: A $9.88 million investment to begin the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt accounts in surplus, debt remains low
    The Government’s books are in good shape with the accounts in surplus and expenses close to forecast, Finance Minister Grant Robertson says. The Treasury today released the Crown accounts for the five months to November. The operating balance before gains and losses (OBEGAL) was above forecast by $0.7 billion resulting ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Auckland focus for first Police graduation of 2020
    The number of Police on the Auckland frontline is increasing with the graduation today of a special locally-trained wing of new constables. Police Minister Stuart Nash says the graduation of eighteen officers from Recruit Wing 333-5 means that more than 1900 new Police have been deployed since the Coalition Government ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Wairarapa gets $7.11m PGF water boost
    The Provincial Growth Fund is putting $7.11 million into creating a sustainable water supply for Wairarapa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The following two projects will receive Provincial Growth Fund (PGF) funding: A $7 million investment in Wairarapa Water Limited for the pre-construction development of ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Progress with new Police station in Mahia
    Community safety and crime prevention in the East Coast community of Mahia has moved forward with the opening of a new Police station to serve the growing coastal settlement. Police Minister Stuart Nash has officially opened the new station, which was relocated almost 20 kilometres along the coast from the nearby ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Plans to protect the future of whitebaiting announced
    With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. “The need for action for a healthy whitebait fishery has never been greater,” Eugenie Sage said.  “Four of the six whitebait species are ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New resource for schools to increase awareness and understanding of climate change
    A new Ministry of Education resource available for schools in 2020 will increase awareness and understanding of climate change, Education Minister Chris Hipkins said today. “The resource, Climate Change – prepare today, live well tomorrow, will help students understand the effects of climate change at a local, national and global ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Getting more out of our most productive firms
    Finance Minister Grant Robertson has approved the terms of reference for an Inquiry into the economic contribution of New Zealand's frontier firms. Frontier firms are the most productive firms in the domestic economy within their own industry. “These firms are important as they diffuse new technologies and business practices into ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • NZDF sends more support to Australia
    The New Zealand Defence Force (NZDF) is sending an Environmental Health Team, a Primary Health Care Team and a Chaplain to Australia, boosting New Zealand support for the Australian Defence Force (ADF) as it battles bush fires in Victoria and New South Wales, Defence Minister Ron Mark announced today. The ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand joins partners in calling for full investigation into air crash in Iran
    Acting Prime Minister and Minister of Foreign Affairs Rt Hon Winston Peters says that developments suggesting a surface-to-air missile is responsible for the downing of the Ukrainian International Airlines flight in Iran is disastrous news. “New Zealand offers its deepest sympathies to the families of the 176 victims. It is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Staying connected to Australian agriculture
    Agriculture Minister, Damien O’Connor, says the Ministry for Primary Industries is continuing to stay connected to federal authorities in Australia as devastating fires affect the country.  “The Ministry is using an existing trans-Tasman forum for discussions on the agricultural impact of the fires and the future recovery phase,” says Damien ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Investment in schools – a commitment to communities
    Thousands of school-age children, their teachers and wider communities are benefiting from the Government’s multi-million dollar investment upgrading and renewing schools, Education Minister Chris Hipkins said today. “We want New Zealand to be the best place to be a child and that means learning in warm, comfortable and modern classrooms,” ...
    BeehiveBy beehive.govt.nz
    3 weeks ago