Cynical, malevolent and bandwagon-ing bunch maybe, but National is right to join the chorus of questioning bank profits. Now a majority of the house is onto this. Stopped clock etc.
And Labours response as usual is tepid…why?, because like National, they are free market fundamentalists, both whom believe the markets and commodification can fix every problem..even in the face of the World burning, caused by free markets and unfettered commodification….not a lot of difference between these guys and ISIS as far as I am concerned..both extremist nutters who would kill us all to prove their ideology is right.
I don't even know what your comment means?…anyway I commute 20km each way to and from work most days and drive a 1988 800cc Suzuki Alto, so fuel doesn't cost me fuck all.
Sam Stubbs brilliantly ripped the banks to pieces in RNZ's Morning Report this morning at about 8.15. A must listen
Key point: the profits the Australian banks are making in NZ are much higher than profits made by banks internationally. Conclusion: WINDFALL TAX
Come on Robertson FFS this is a win-win. A couple of billion in the coffers with most of the population (not the top 5% of course) cheering to the rafters.
Holy hika, he's absolutely SLATED them! Government inquiry, open banking, expansion of Kiwibank are all feasible measures the govt could take. Listen to the RNZ report, it's most insightful.
The banking sector [18 May 2022]
New Zealand currently has 27 registered banks, with four large Australian-owned banks (ANZ, ASB, BNZ and Westpac) responsible for 85% of bank lending. The five New Zealand-owned banks account for 9% of bank lending.
Many Kiwis will have good reasons to use Aussie-owned banks – for those that don’t, a selection of ‘solutions’ are available. Switching banks is very doable.
Switching banks [NZ Bankers Association]
Switching banks is safe, easy and fast. Your new bank can take care of everything in five working days. It’s among the fastest switching in the world.
This process also links recurring payments, such as direct debits and automatic payments, to your new bank account number. Your new bank can do all that for you, through a single form.
Bank profits are positively correlated with the OCR. Thats going to become a bit of a conundrum at some point if much inflation policy is monetary policy.
I was being a bit cynical. I know someone working at one of the big Australian banks, who attends these meetings.
From the little I know. Grant Robertson appears to be asking for direction on monetary policy from them. If true, he's obviously following it, hence the huge profits.
What your describing sounds like complete industry capture. Frankly one hopes this is not true.
The main issue being the links between monetary policy and bank profits are much more clear and better established than the links between monetary policy and inflation control. In fact if a lot of the price revisions are coming from overseas then the impact of monetary policy may be (quite obviously) none. Monetary policy does impact interest rates accruing to savers however so relying on it is making a wide range of inequality pressures worse.
The other thing is Robertson appears to be saying we don't want to use an increase in unemployment to target inflation. But this is part of how monetary policy supposedly works, if it works. So he's saying the RBNZ can use their policy tool just as long as it doesn't actually work the way its supposed to work. Orr must be very confused about what he is supposed to do under his monetary policy targets agreement (annually re-agreed) with Robertson. Probably he is supposed to do, nothing which reflects badly on Robertson or the government.
The little information I do have from the conversation, was that discussions about inflationary housing costs and lending were taking place regularly, so you might not be too far off the mark. However, I'm trying to not overstate the unknown.
(I hesitated about posting hearsay without verification, but then considered that someone reading might be interested enough to do an OIA request that I don't currently have time to do.)
QE isn't really facilitating any additional ability to lend. The banks always have as much flexibility to lend without ever running into an interbank payment constraint in terms of reserves. This is because the RBNZ will lend what ever volume of reserves needed at the OCR as part of monetary policy anyway.
The actual constraints against lending are things like LVR ratios, or debt to income ratios or how many years the bank agrees as a repayment term. But as long as the borrower can repay and will pay interest above the OCR then the bank can make that loan profitably.
QE is just an expedient way of operating relatively typical monetary policy while having the central bank lend to the govt. Commercial banks and other large scale financials are involved in primary lending and in return get a small return as the RBNZ will usually buy the bonds back again for marginally more again on the secondary market. Other than this small cut however the RBNZ may as well be lending directly to the government.
Banks, supermarket monopolies, fuel companies, Fletchers, etc, etc.
There's an election next year, polls are being done all the time.
Is the National Party going to make big noises about massive profits being terrible, implying everything will be different after they get in? Of course.
And after they and ACT are elected next year will everything in regards to massive profits be different and better, to the advantage of most? Of course not. It's all bluster, all piss and wind.
Did you listen to the Green's "Finance Spokesman" on Morning Report this morning? It was Julie Anne Genter. She was a total joke and clearly knew absolutely nothing about the topic.
If a party doesn't have anyone who knows the topic under consideration they shouldn't even try and put up a representative. It merely makes them a laughing stock.
I didn't hear what she said but she might just be too far ahead of her time. It's happened before with the Greens of course, Russell Norman raised the fact that the reserve bank could just use QE to directly fund the government back in 2012.
It took a further 8 years and a pandemic but as it turned out, well yes, the government can just pay for everybody's wages if it thinks that's a good idea. Somehow for the interim period 2012-2020 the countries finances were constantly narrated as we can't afford this, we can't afford that, we are borderline bankrupt and then it just happened we weren't.
A challenge to orthodoxy and BAU is often met with accusations of ignorance and usually such accusations lack substance and argument coming from fearful empty hollow vessels yearning for yesteryear.
The IMF this week said that windfall taxes,create uncertainty and decrease investment,one of the messages that Robertson would have received,as was the emphasis on stability,and debt management.
Genter is well out of her depth here,and lettuce economics carries little weight in a high risk economy like NZ,where to attract investment ( read fund debt) we have to offer higher interest rates, then other G10 economies.
NZ is a price taker in attracting debt,due to the risks with being a commodity currency,a large current account deficit,and trade imbalance increasing debt by local and central government (based on policies of low interest rates).
Total government borrowings are now 219,232 m vs a budget forecast of 209,291m in increase in debt of 9914000000 $ in 3 months.The government needs to get its spending under control,as inflation is the only game in town.
We do not have a policy of low interest rates as that is essentially determined by markets,which look at the ability to pay in the future.With high overseas debt loading,we also have a forex risk,as flows are not say like Australia with both commodity and investment inflows (from australian offshore investments) sustaining a current account surplus.This reduces the demand on borrowing.
With a lower inflation rate,it is the real rate of return on the interest bearing bond eg central bank rate less inflation.
The policies were structured during a period of low interest rates,now with cost increases,they are demand drivers for inflation.As surpluses do not exist,they are driven by debt to pay borrowing,which increases inflation infintitum.
Seems like government is a bit stuffed then. You've pointed out a $10 billion treasury forecasting error 3-months out and the 'correct' financing depends on getting both the inflation and interest rate forecasts right about 2-5 years out.
Rather than changing the name of New Zealand and going through that whole palaver do you think we should just cut to the chase and apply to be de-listed as a country immediately?
The "highest interest rates in the Western world" are not "determined by "the markets", they are determined by our absurd and one eyed "reserve Bank act" setting rates artificially higher than the "markets", encouraging speculative flows. Plus extra profit taking by banks operating in NZ. "Some of the highest bank profits in the world".
What hasn’t been commented on is that an increase in interest rates will also penalise every business and household in the country including everyone resident in Auckland and Christchurch who already have a mortgage and have no intention of buying or selling a home.
Funny that with all the talk in the media on dis and misinformation, that an actual story on some serious industrial sized dissemination of misinformation hasn't become a MSM story….I wonder why that is?
Researchers Find Massive Anti-Russian ‘Bot Army’ "An Australian university has unearthed millions of Tweets by fake accounts pushing disinformation on the Ukraine war, Peter Cronau reports. The sample size dwarfs other studies of covert propaganda about the war on social media."
This part in the abstract was interesting….and quite telling…
"By aggregating account groups we find significant information flows from bot-like accounts to non-bot accounts with behaviour differing between sides. Pro-Russian non-bot accounts are most influential overall, with information flows to a variety of other account groups. No significant outward flows exist from pro-Ukrainian non-bot accounts, with significant flows from pro-Ukrainian bot accounts into pro-Ukrainian non-bot accounts."
This recent brouhaha about mis/disinformation has me a tad bemused.
Often, the information would be more accurately described as ' This information doesn't suit my view/opinion/narrative.' or, 'I don't like this persons perspective on other things, they are probably lying'.
If misinformation is such a problem then surely the government wouldn't employ practitioners of 'public affairs consultantcy', strategic communication experts or spin doctors …/sarc
The newsrooms and current affairs production hubs of RNZ and TVNZ have become ideological monocultures. Senior executives, producers, journalists, technical staff and, seemingly, the entire workforce of the public broadcasters, subscribe to a single version of economic, political, social and cultural reality. A journalist wishing to put together a programme on the bitter divisions rending the women’s movement over transgender issues, for example, would not only be denied permission, she would be lucky to hold on to her job. The RNZ and TVNZ of today grow only a single crop. If you don’t like the taste of “Woke” – then you had better find an alternative menu of ideas.
Perhaps it is this complete indifference to the traditions of free inquiry and frank debate that enlivened the public broadcasters of yesteryear that explains the new entity.
At the summit of both RNZ and TVNZ sit people who despise the whole Reithian concept of broadcasting as a public service.
There seems to be a bit of a left twitter storm about TV3's Jenna Lynch's relationship with the ACT chief of staff. But I heard Mari Dunlop giving Christopher Luxon a hard time on RNZ yet everyone remained silent on her relationship with Kiri Allan. Jessica Mutch-McKay famously shacked up with Jacinda's hipster bodyguard, and Katie Bradford's mum needs little introduction whilst the odious pairings over at the ZB troll farm hardly need further comment. And one can of course refer to the Jane Clifton/Trevor Mallard marriage for the boomers out there.
Now, on the one hand you could argue this is unimportant – New Zealand is small country, we should rely on the professionalism of our journalists for impartiality and on Chinese walls to keep the pillow talk to a minimum. But I am not so sure. To me the uncomfortably cosy personal relationships between the MSM and members of the political class points to a wider issue in journalism – the excessively narrow, middle class, base most of them seem to be drawn from. The obsession with airfares and overseas holidays, an economic narrative invariably favourable to the asset owning classes, all buttressed by the underlying value assumptions of centrist liberalism (paywalled) are symptoms of the malaise of a disconnected class of journalists.
What it all does IMHO is fuel public suspicion of the "MSM" and the "deep state" where the "paid for" media is often literally in bed with the "swamp" that needs draining.
For what it is worth, I think that in these days of conspiracy theories the establishment media needs to be more vigilant of the public's generally dim view of its often excessively close relationships with it's subjects. On a dual hosted public broadcaster I thought it a mistake for Dunlop to be given the job of aggressively interviewing the LOTO, for example.
At the very least MSM websites ought to carry personal disclosure statements about relationships that may affect public perceptions of their journalists. The journalists will resent it immensely, but I would say tough.
Knew about Kiri Allen before but hard to know how she will manage her conflict of interest now she is interviewing.
I think Jacinda's body guard situation less problematic.
Katie Bradford I think has done an outstanding job of appearing not to be biased, but then again, we don't always agree with our mums. I never detected bias from Jane Clifton who also had a relationship with Murray McCully. that always intrigued me!
I do think, particularly in an election year having Mani go hard out against Luxon isn't a good look, unless she is equally hard with Lab.
In a time of such deep distrust and disdain of media and journalism, media companies should go out of their way to hire people with no connections to the political class so they can't be accused of bias and quite frankly, nepotism.
We shouldn't be in a situation where those who hold our leaders to account are dating, married or closely related to leaders or figures in political parties, without disclosures. We Also shouldn't be giving retired polis tv shows. Ugh
You mentioned a great point about the upper middle classification of politics and journalism, the things these journalists cover are usually vapid upper middle class issues , the journalists have no concept of poverty, unions, minimum wage, state houses or the benefit system and it shows in their coverage.
And since these are the issues they cover they are the issues governments think are important and politicians who belong almost exclusively to the same upper middle class with the same lack of understanding of ground level issues pass policy by and for the middle class.
We desperately need diversity of class in our politics
Our new public media should absolutely be as obsessed with diversity of class as it is with diversity of race gender and sexuality. It should be mandated.
Tvnz political panels for instance should have random working class and beneficiaries giving their views on the panel on q and a not just rich journalists , former polis and CEOs.
If we're going to return faith to journalism and politics we need to have journos and politicians from diverse backgrounds of class not just upper middle class opinions m
Which jobs should go first? Hmmm, let's start with bank economists, then right wing business journalists perhaps then move on to highly paid PR staff in the AUckland mayor's office…
The powerful Russian businessman and a close Vladimir Putin ally Yevgeny Prigozhin has admitted to interfering in US elections on the eve of a midterm vote in which Republicans will seek to take control of Congress and state-wide offices across the country.
“Gentlemen, we interfered, we are interfering and we will interfere,” Prigozhin, who has previously been accused of influencing the outcome of elections across continents, said in a statement posted by his catering company, Concord.
“Carefully, precisely, surgically and the way we do it, the way we can,” Prigozhin, 61, added.
Yevgeny Prigozhin is of course head of the Wagner group, increasingly an organisation that is a mercenary political army that operates as a rival to the regular Russian Army. I have read there are three armies fighting different and disconnected wars against the Ukraine – the regular Russian army, the mercenary Wagner group, and the LNR/DNR militia. In any event, Putin's distrust of his army means Prigozhin and his political army are rapidly assuming an importance analogous to Himmler and the SS as a parallel political army loyal only to it's leader. If you want to know where Prigozhin's Wagner forces are on the totem pole of Russian power right now, they currently engaged in near suicidal frontal assaults on the heavily fortified Ukrainian positions outside the city of Bakhmut, were it looks like freshly mobilised, untrained Russian troops are being used as cannon fodder first wave assaults for Wagner forces, and suffering horrendous losses.
”I will answer you very subtly, delicately and I apologize, I will allow a certain ambiguity. Gentlemen, we interfered, we interfere and we will interfere. Carefully, precisely, surgically and in our own way, as we know how. During our pinpoint operations, we will remove both kidneys and the liver at once.”
Heaven forbid that we have record low unemployment and high wages.
Im telling you right now, the price for low inflation will always be low wage growth and high unemployment. Every single time. Look at during the 1990's, inflation was at 1%, but wages never even moved. Also unemployment was rampant, and people were stuck on the same wage throughout the decade.
You might be right Nic. I haven't followed it much, but saw that Rachael Stewart tweeted that Sean should have done due diligence on the "court documents". Time will tell.
Reading between the lines (just an opinion), sounds like Farrier got sucked into a web by a very cunning [deleted] and his mental health has suffered as a result, for which I have a lot of sympathy. I think it is possible Sean got played by the [deleted], which shows how dangerous and cunning these people can be.
given the litigious nature of the situation, can we please be more circumspect on what we call people? This is to protect TS's owners from legal action as publishers.
Just booked my tickets to the David Farrier film 'Mr Organ' Going on Saturday. I have followed David (Webworm) for a while now and looking forward to the film very much.
Who can apply for a Protection Order? Anyone who needs protection from someone who is violent, abusive or making threats can apply. You must have, or previously had, a close personal relationship with that person. It could be a partner, ex-partner, flatmate, carer or family/ whānau member. They don’t have to be living with you.
The general page also provides the link to Restraining Orders for cases not covered by Protection Orders.
Wouldn't almost anyone? I almost feel some (very) slight nostalgia for David Clark. He wasn't any more competent but at least he wasn't bitchy when being questioned.
In the 'last few years', lets say 5, most measurements have got a lot worse in health. Oh that's right, we don't measure anymore as targets are unhelpful!/
Wait times and access to primary care are covered under Better primary health care, which you would have known if you’d actually opened and read the link I’d provided. And if you’d read the Introduction to the Health System Indicators framework, you’d have a better understanding of the “six Government priorities and 12 high-level indicators” and possibly even understood why setting and measuring targets as done in the past is essentially meaningless and doesn’t fix anything. As it stands, you’re only confirming your own bias and parroting simplistic Nat propaganda slogans.
No, the targets were dumped as they were weighted too much in favour of middle class cancer patients, while the chronically sick poor were just left to rot.
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Chris Bishop’s bill has stirred up a hornets nest of opposition. Photo: Lynn Grieveson for The KākāTL;DR: The six things that stood out to me in Aotearoa’s political economy around housing, poverty and climate from the last day included:A crescendo of opposition to the Government’s Fast Track Approvals Bill is ...
Monday left me brokenTuesday, I was through with hopingWednesday, my empty arms were openThursday, waiting for love, waiting for loveThe end of another week that left many of us asking WTF? What on earth has NZ gotten itself into and how on earth could people have voluntarily signed up for ...
Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past week’s editions.State of humanity, 20242024, it feels, keeps presenting us with ever more challenges, ever more dismay.Do you give up yet? It seems to ask.No? How about this? Or this?How about this?Full story Share ...
Determining the hardest sport in the world is a subjective matter, as the difficulty level can vary depending on individual abilities, physical attributes, and experience. However, based on various factors including physical demands, technical skills, mental fortitude, and overall accomplishment, here is an exploration of some of the most challenging ...
The allure of sport transcends age, culture, and geographical boundaries. It captivates hearts, ignites passions, and provides unparalleled entertainment. Behind the spectacle, however, lies a fascinating world of financial investment and expenditure. Among the vast array of competitive pursuits, one question looms large: which sport carries the hefty title of ...
Introduction Pickleball, a rapidly growing paddle sport, has captured the hearts and imaginations of millions around the world. Its blend of tennis, badminton, and table tennis elements has made it a favorite among players of all ages and skill levels. As the sport’s popularity continues to surge, the question on ...
Abstract: Soccer, the global phenomenon captivating millions worldwide, has a rich history that spans centuries. Its origins trace back to ancient civilizations, but the modern version we know and love emerged through a complex interplay of cultural influences and innovations. This article delves into the fascinating journey of soccer’s evolution, ...
Tinting car windows offers numerous benefits, including enhanced privacy, reduced glare, UV protection, and a more stylish look for your vehicle. However, the cost of window tinting can vary significantly depending on several factors. This article provides a comprehensive guide to help you understand how much you can expect to ...
The pungent smell of gasoline in your car can be an alarming and potentially dangerous problem. Not only is the odor unpleasant, but it can also indicate a serious issue with your vehicle’s fuel system. In this article, we will explore the various reasons why your car may smell like ...
Tree sap can be a sticky, unsightly mess on your car’s exterior. It can be difficult to remove, but with the right techniques and products, you can restore your car to its former glory. Understanding Tree Sap Tree sap is a thick, viscous liquid produced by trees to seal wounds ...
The amount of paint needed to paint a car depends on a number of factors, including the size of the car, the number of coats you plan to apply, and the type of paint you are using. In general, you will need between 1 and 2 gallons of paint for ...
Jump-starting a car is a common task that can be performed even in adverse weather conditions like rain. However, safety precautions and proper techniques are crucial to avoid potential hazards. This comprehensive guide will provide detailed instructions on how to safely jump a car in the rain, ensuring both your ...
Graham Adams writes about the $55m media fund — When Patrick Gower was asked by Mike Hosking last week what he would say to the many Newstalk ZB callers who allege the Labour government bribed media with $55 million of taxpayers’ money via the Public Interest Journalism Fund — and ...
Note: this blog post has been put together over the course of the week I followed the happenings at the conference virtually. Should recordings of the Great Debates and possibly Union Symposia mentioned below, be released sometime after the conference ends, I'll include links to the ones I participated in. ...
The following was my submission made on the “Fast Track Approvals Bill”. This potential law will give three Ministers unchecked powers, un-paralled since the days of Robert Muldoon’s “Think Big” projects.The submission is written a bit tongue-in-cheek. But it’s irreverent because the FTAB is in itself not worthy of respect. ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
The Government’s newly announced review of methane emissions reduction targets hints at its desire to delay Aotearoa New Zealand’s urgent transition to a climate safe future, the Green Party said. ...
The Government must commit to the Maitai School building project for students with high and complex needs, to ensure disabled students from the top of the South Island have somewhere to learn. ...
Mental Health Minister Matt Doocey and his Government colleagues have made a meal of their mental health commitments, showing how flimsy their efforts to champion the issue truly are, says Labour Mental Health spokesperson Ingrid Leary. ...
Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...
A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector. "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong. Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
For a few months at the turn of the millennium, TrueBliss burned bright as the biggest pop stars in the country. Alex Casey chats to two superfans who still hold the flame. During a humble backyard wedding in Nelson, 1999, one of the cordially invited guests had to excuse themselves ...
How will the recent wave of job cuts impact ethnic diversity in the media? In November last year, I was working a very busy day in the newsroom of a large online news site, interviewing whānau about their concerns over the imminent closure of one of the few puna reo ...
Source: The Conversation (Au and NZ) – By Ruth Knight, Researcher, Queensland University of Technology Have you ever felt sick at work? Perhaps you had food poisoning or the flu. Your belly hurt, or you felt tired, making it hard to concentrate and be productive. How likely would you be ...
Despite heavy criticism and an ongoing select committee process, the Police Minister says the Government will forge ahead with a ban on gang patches. ...
Source: The Conversation (Au and NZ) – By Sam Whiting, Lecturer – Creative Industries, University of South Australia Shutterstock Everyone has a favourite band, or a favourite composer, or a favourite song. There is some music which speaks to you, deeply; and other music which might be the current ...
A new survey says ‘outlook not great’ for those charged with building infrastructure, while RMA changes delight farmers and depress environmentalists, writes Anna Rawhiti-Connell in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. First RMA changes announced ...
Source: The Conversation (Au and NZ) – By Olli Hellmann, Associate Professor of Political Science, University of Waikato Getty Images When New Zealanders commemorate Anzac Day on April 25, it’s not only to honour the soldiers who lost their lives in World War I and subsequent conflicts, but also ...
A leaked document shows the Canterbury/Waitaha arm of health agency Te Whatu Ora is scurrying to save $13.3 million by July. The “financial sustainability target”, which was “allocated” to Waitaha, is consistent with what’s happening in other districts, says Sarah Dalton, executive director of the Association of Salaried Medical Specialists. ...
A look at the state of the previous government’s affordable housing scheme, and what could come next.Remind me: What’s KiwiBuild again?First announced in 2012, KiwiBuild was a flagship policy of the Labour Party heading into both its 2014 and 2017 election campaigns. With Jacinda Ardern as prime minister, ...
Labour in opposition will be shocked to learn which party had six years in power but squandered any chance to make real change. Grant Robertson’s valedictory speech was a predictably entertaining trip down memory lane. The acid-tongued incoming Otago University chancellor administered a sick burn to the coalition government. He ...
Opinion: It has been announced that nine percent of roles at Oranga Tamariki will be disestablished, presumably to help fund the tax cuts promised by the coalition Government. I am reminded of the graphics used to illustrate pandemic events, where five thousand people are standing in a field and then ...
After more than two sleepless days, running through savage terrain, Greig Hamilton didn’t know if he was going to finish one of the most gruelling psychological assaults in sport. He was metres away from the finish line, a yellow gate made famous in a Netflix documentary; a race he’d dreamed ...
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The following interview with former Green Party MP Sue Kedgley came about because she features in the new memoir Hine Toa by activist Ngāhuia te Awekōtuku; the two knew each other at the University of Auckland in the early 70s, when they were both took on leadership roles in the ...
Taiwan’s semiconductor industry is seen some as its ‘silicon shield’ against invasion – but how will overseas expansion affect that protection? The post The state of Taiwan’s silicon shield appeared first on Newsroom. ...
There’s relief for building owners bending under the weight of earthquake strengthening rules – and costs – that came into force seven years ago. Building and Construction Minister Chris Penk has announced a scheduled 2027 review of the earthquake-prone building regulations will now start this year. Owners will also get ...
COMMENTARY:By Murray Horton New Zealand needs to get tough with Israel. It’s not as if we haven’t done so before. When NZ authorities busted a Mossad operation in Auckland 20 years ago, the government didn’t say: “Oh well, Israel has the right to defend itself.” No, it arrested, prosecuted, ...
NEWSMAKERS:By Vijay Narayan, news director of FijiVillage Blessed to be part of the University of Fiji (UniFiji) faculty to continue to teach and mentor those who want to join our noble profession, and to stand for truth and justice for the people of the country. I was privileged to ...
Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University Three weeks from now, some of us will be presented with a mountain of budget papers, and just about all of us will get to hear about them on radio, ...
Source: The Conversation (Au and NZ) – By Dan Lowry, Ice Sheet & Climate Modeller, GNS Science Hugh Chittock/Antarctica New Zealand, CC BY-SA As the climate warms and Antarctica’s glaciers and ice sheets melt, the resulting rise in sea level has the potential to displace hundreds of millions of ...
The government's plan to reintroduce a three strikes regime is being strongly opposed by lawyers, who argue there is no evidence it reduces crime or helps people rehabilitate. ...
Source: The Conversation (Au and NZ) – By Dan Jerker B. Svantesson, Professor specialising in Internet law, Bond University Do Australian courts have the right to decide what foreign citizens, located overseas, view online on a foreign-owned platform? Anyone inclined to answer “yes” to this question should perhaps also ask ...
Source: The Conversation (Au and NZ) – By Giovanni E Ferreira, NHMRC Emerging Leader Research Fellow, Institute of Musculoskeletal Health, University of Sydney Last week in a post on X, owner of the platform Elon Musk recommended people look into disc replacement if they’re experiencing severe neck or back pain. ...
Source: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University anek.soowannaphoom/Shutterstock NSW Treasurer Daniel Mookhey caught the headlines yesterday, courtesy of a blistering speech condemning the latest GST carve-up. New South Wales, he claimed, would be A$11.9 billion worse off over the ...
While police are "broadly in favour", the government's proposed anti-gang laws are facing pushback from lawyers, rights groups and former gang members. ...
While police are "broadly in favour", the government's proposed anti-gang laws are facing pushback from lawyers, rights groups and former gang members. ...
By Miriam Zarriga in Port Moresby Australian Prime Minister Anthony Albanese has arrived at Kokoda Station, Northern province, at the start of his state visit to Papua New Guinea. Both Albanese and Prime Minister James Marape will meet with the locals and the Northern Provincial government before they begin their ...
Source: The Conversation (Au and NZ) – By Chris Wallace, Professor, School of Politics Economics & Society, Faculty of Business Government & Law, University of Canberra Shutterstock An important principle was invoked by Prime Minister Anthony Albanese last week in defence of the government’s Future Made in Australia industry ...
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk Security forces reinforcements were sent from France ahead of two rival marches in the capital Nouméa today, at the same time and only two streets away one from the other. One march, called by Union Calédonienne party (a component of the ...
A poll last August found that just 16% of New Zealanders oppose bringing back the ‘Three Strikes’ law. The nationwide poll of 1,000 New Zealanders was commissioned by Family First NZ and carried out by Curia Market Research. ...
The solo show from Ana Scotney is both sprawling and intimate, and a must-see, writes Mad Chapman. In the opening moments of Scattergun: After the Death of Rūaumoko, writer and performer Ana Scotney lays out the groundwork, literally. Silently moving around the square stage, Scotney is not so much dancing ...
Source: The Conversation (Au and NZ) – By Kate Burridge, Professor of Linguistics, Monash University Who makes the words? Why are trees called trees and why are shoes called shoes and who makes the names? – Elliot, age 5, Eltham, Victoria Good question Elliot! Let’s start with ...
Source: The Conversation (Au and NZ) – By Stephen Duckett, Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, The University of Melbourne at amRawpixel.com/Shutterstock Roles of health professionals are still unfortunately often stuck in the past. That is, before the ...
COMMENTARY:By Malcolm Evans Last week’s leaked New York Times staff directive, as to what words can and cannot be used to describe the carnage Israel is raining on Palestinians, is proof positive, since those reports are published verbatim here in New Zealand, that our understanding of the conflict is ...
In the case of New Zealand, the results confirm that there is no popular support for the vicious austerity program being imposed by the National Party-led government, which is backed in all fundamental respects by the opposition Labour Party. ...
The ‘Vampire’ singer has never visited our part of the world, but that might all be about to change. We assess the evidence.Olivia Rodrigo’s Guts World Tour is pulling in massive crowds as it whips around the US and Europe, even helping to catapult regular supporting act Chappell Roan ...
Testing of drinking water in rural Canterbury over the weekend by Greenpeace revealed that several public town supplies were reaching levels of nitrate above 5 mg/L - the threshold which a growing body of scientific evidence has linked to increased ...
Source: The Conversation (Au and NZ) – By Rohan Fisher, Information Technology for Development Researcher, Charles Darwin University It may come as a surprise to hear 2023 was Australia’s biggest bushfire season in more than a decade. Fires burned across an area eight times as big as the 2019–20 Black ...
Responding to the Government’s announcement of changes to resource management laws, Taxpayers’ Union Executive Director, Jordan Williams, said: “These changes are a step in the right direction in terms of removing ideological and unworkable ...
More than two years after the Human Rights Council called for the establishment of a national human rights commission, such a body has yet to be formed. ...
Comment:An emergency management system with wide variations in performance, significant capability gaps, funding shortfalls and above all a setup that is not meeting the needs of New Zealanders at times of crisis. The Government’s inquiry into the response to Cyclone Gabrielle and other severe weather events in the North ...
Welcome to the whirring wonders of one brain trying to align its actions with its beliefs within a system it thinks is evil. My brain has been spiralling in a woke conundrum ever since I found out a bookshop I’ve never been to was shutting down. Good Books, a bookshop ...
We repeat our call for criminal justice policy to be based on evidence, something the three strikes regime neglects to recognise – with no evidence that it either reduces crime or assists with rehabilitation. ...
By Koroi Hawkins, RNZ Pacific editor in Honiara With only four more seats in the 50-member Parliament yet to be officially declared, there is no outright winner in the Solomon Islands elections. As of Monday, the two largest blocs in the winner’s circle, independents and the incumbent Prime Minister Manasseh ...
Two/fiftyseven is a multi-purpose space hidden in the heart of Wellington that is paving a way for sustainable building and responsible landlording in Aotearoa and beyond.By 2060 the world is predicted to double its entire building stock, which equates to building an entire New York City every 34 days, ...
Popstars wasn’t just a reality television revolution, it was also a huge moment for Y2K fashion.It’s 25 years since girl group TrueBliss was formed on New Zealand national television, breaking new ground for both the reality television industry and the shiny clothing industry. With the first episode on NZ ...
Source: The Conversation (Au and NZ) – By Christopher Pepping, Associate Professor in Clinical Psychology, Griffith University Marvin / Shutterstock Are all single people insecure? When we think about people who have been single for a long time, we may assume it’s because single people have insecurities that make ...
Source: The Conversation (Au and NZ) – By William Geary, Lecturer in Quantitative Ecology & Biodiversity Conservation, The University of Melbourne Trismegist san, Shutterstock Landscapes that have escaped fire for decades or centuries tend to harbour vital structures for wildlife, such as tree hollows and large logs. But these ...
Source: The Conversation (Au and NZ) – By Rebecca Gladstone-Gallagher, Lecturer in Marine Science, University of Auckland, Waipapa Taumata Rau Shutterstock/S Curtis Why are we crossing ecological boundaries that affect Earth’s fundamental life-supporting capacity? Is it because we don’t have enough information about how ecosystems respond to change? Or ...
Source: The Conversation (Au and NZ) – By Matthew Crocker, PhD Student in Economics, Deakin University Here’s something for the board of the Reserve Bank of Australia to ponder as it meets next month to set interest rates. It has pushed up rates on 13 occasions since it began its ...
As part of our series exploring how New Zealanders live and our relationship with money, a charity director outlines how she’s saving for retirement and buying secondhand. Want to be part of The Cost of Being? Fill out the questionnaire here.Gender: Female Age: 45 Ethnicity: Pākehā Role: Charity director, mum of ...
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Cynical, malevolent and bandwagon-ing bunch maybe, but National is right to join the chorus of questioning bank profits. Now a majority of the house is onto this. Stopped clock etc.
National urges govt to probe monetary policy over banks' huge profits https://www.rnz.co.nz/news/political/478252/national-urges-govt-to-probe-monetary-policy-over-banks-huge-profits
And Labours response as usual is tepid…why?, because like National, they are free market fundamentalists, both whom believe the markets and commodification can fix every problem..even in the face of the World burning, caused by free markets and unfettered commodification….not a lot of difference between these guys and ISIS as far as I am concerned..both extremist nutters who would kill us all to prove their ideology is right.
"not a lot of difference between these guys and ISIS"
Yeah but how much to fuel the enormous clown car you ride round in?
I don't even know what your comment means?…anyway I commute 20km each way to and from work most days and drive a 1988 800cc Suzuki Alto, so fuel doesn't cost me fuck all.
Sam Stubbs brilliantly ripped the banks to pieces in RNZ's Morning Report this morning at about 8.15. A must listen
Key point: the profits the Australian banks are making in NZ are much higher than profits made by banks internationally. Conclusion: WINDFALL TAX
Come on Robertson FFS this is a win-win. A couple of billion in the coffers with most of the population (not the top 5% of course) cheering to the rafters.
Holy hika, he's absolutely SLATED them! Government inquiry, open banking, expansion of Kiwibank are all feasible measures the govt could take. Listen to the RNZ report, it's most insightful.
"are all feasible measures the govt could take"…but won't.
https://www.heartland.co.nz/
https://www.kiwibank.co.nz/personal-banking/
https://www.sbsbank.co.nz/
https://www.co-operativebank.co.nz/
https://www.tsb.co.nz/
Many Kiwis will have good reasons to use Aussie-owned banks – for those that don’t, a selection of ‘solutions’ are available. Switching banks is very doable.
Grant Robertson meets with the major banks regularly, to discuss their current positions and forecasts.
He most likely will have some insights.
Bank profits are positively correlated with the OCR. Thats going to become a bit of a conundrum at some point if much inflation policy is monetary policy.
I was being a bit cynical. I know someone working at one of the big Australian banks, who attends these meetings.
From the little I know. Grant Robertson appears to be asking for direction on monetary policy from them. If true, he's obviously following it, hence the huge profits.
What your describing sounds like complete industry capture. Frankly one hopes this is not true.
The main issue being the links between monetary policy and bank profits are much more clear and better established than the links between monetary policy and inflation control. In fact if a lot of the price revisions are coming from overseas then the impact of monetary policy may be (quite obviously) none. Monetary policy does impact interest rates accruing to savers however so relying on it is making a wide range of inequality pressures worse.
The other thing is Robertson appears to be saying we don't want to use an increase in unemployment to target inflation. But this is part of how monetary policy supposedly works, if it works. So he's saying the RBNZ can use their policy tool just as long as it doesn't actually work the way its supposed to work. Orr must be very confused about what he is supposed to do under his monetary policy targets agreement (annually re-agreed) with Robertson. Probably he is supposed to do, nothing which reflects badly on Robertson or the government.
"What your describing sounds like complete industry capture. Frankly one hopes this is not true."
I hope not as well.
Do our Minister's have publicly published schedules?
I read somewhere that Robertson was meeting weekly with banks during the Covid response, though I have no links to back that up with.
'Where should govt put QE funding to get us through Covid?'
Just hand it to us and we will inflate the housing casino further and pad our profits.
Sure thing. How much do you want?
The little information I do have from the conversation, was that discussions about inflationary housing costs and lending were taking place regularly, so you might not be too far off the mark. However, I'm trying to not overstate the unknown.
(I hesitated about posting hearsay without verification, but then considered that someone reading might be interested enough to do an OIA request that I don't currently have time to do.)
QE isn't really facilitating any additional ability to lend. The banks always have as much flexibility to lend without ever running into an interbank payment constraint in terms of reserves. This is because the RBNZ will lend what ever volume of reserves needed at the OCR as part of monetary policy anyway.
The actual constraints against lending are things like LVR ratios, or debt to income ratios or how many years the bank agrees as a repayment term. But as long as the borrower can repay and will pay interest above the OCR then the bank can make that loan profitably.
QE is just an expedient way of operating relatively typical monetary policy while having the central bank lend to the govt. Commercial banks and other large scale financials are involved in primary lending and in return get a small return as the RBNZ will usually buy the bonds back again for marginally more again on the secondary market. Other than this small cut however the RBNZ may as well be lending directly to the government.
Banks, supermarket monopolies, fuel companies, Fletchers, etc, etc.
There's an election next year, polls are being done all the time.
Is the National Party going to make big noises about massive profits being terrible, implying everything will be different after they get in? Of course.
And after they and ACT are elected next year will everything in regards to massive profits be different and better, to the advantage of most? Of course not. It's all bluster, all piss and wind.
https://twitter.com/NZGreens/status/1589767200524890112?
Did you listen to the Green's "Finance Spokesman" on Morning Report this morning? It was Julie Anne Genter. She was a total joke and clearly knew absolutely nothing about the topic.
If a party doesn't have anyone who knows the topic under consideration they shouldn't even try and put up a representative. It merely makes them a laughing stock.
I didn't hear what she said but she might just be too far ahead of her time. It's happened before with the Greens of course, Russell Norman raised the fact that the reserve bank could just use QE to directly fund the government back in 2012.
https://www.odt.co.nz/business/printing-more-money-answer
It took a further 8 years and a pandemic but as it turned out, well yes, the government can just pay for everybody's wages if it thinks that's a good idea. Somehow for the interim period 2012-2020 the countries finances were constantly narrated as we can't afford this, we can't afford that, we are borderline bankrupt and then it just happened we weren't.
Who knew? Turns out it was Russell Norman.
A challenge to orthodoxy and BAU is often met with accusations of ignorance and usually such accusations lack substance and argument coming from fearful empty hollow vessels yearning for yesteryear.
You mean, you!, didn't understand what Julie Ann Genter, was saying.
Why don't you try and see if you can understand her, or whether you think she knows anything at all about what she was saying.
The interview is here
https://www.rnz.co.nz/national/programmes/morningreport/audio/2018865925/tax-excessive-gains-by-mega-banks-greens
The IMF this week said that windfall taxes,create uncertainty and decrease investment,one of the messages that Robertson would have received,as was the emphasis on stability,and debt management.
Genter is well out of her depth here,and lettuce economics carries little weight in a high risk economy like NZ,where to attract investment ( read fund debt) we have to offer higher interest rates, then other G10 economies.
Why is our currency so heavily traded internationally?
It pays higher interest rates then any G10 currency,and pairs (usd.nzd) with a hedge (nzd aud) on the short.
https://pbs.twimg.com/media/Fg_Q5dYWYAAFOI5?format=png&name=small
Thanks
Because our reserve Bank keeps our interest rates artificially high.. In vain attempts to target inflation.
Attracting currency flows.
KJT. Random musings on all sorts of things.: Search results for Interest rates (kjt-kt.blogspot.com)
NZ is a price taker in attracting debt,due to the risks with being a commodity currency,a large current account deficit,and trade imbalance increasing debt by local and central government (based on policies of low interest rates).
Total government borrowings are now 219,232 m vs a budget forecast of 209,291m in increase in debt of 9914000000 $ in 3 months.The government needs to get its spending under control,as inflation is the only game in town.
Are you sure NZ can be both a price (interest rate) taker and have a policy of low interest rates.
We do not have a policy of low interest rates as that is essentially determined by markets,which look at the ability to pay in the future.With high overseas debt loading,we also have a forex risk,as flows are not say like Australia with both commodity and investment inflows (from australian offshore investments) sustaining a current account surplus.This reduces the demand on borrowing.
With a lower inflation rate,it is the real rate of return on the interest bearing bond eg central bank rate less inflation.
So central and local government have not been increasing debt "based on policies of low interest rates"?
The policies were structured during a period of low interest rates,now with cost increases,they are demand drivers for inflation.As surpluses do not exist,they are driven by debt to pay borrowing,which increases inflation infintitum.
Seems like government is a bit stuffed then. You've pointed out a $10 billion treasury forecasting error 3-months out and the 'correct' financing depends on getting both the inflation and interest rate forecasts right about 2-5 years out.
Rather than changing the name of New Zealand and going through that whole palaver do you think we should just cut to the chase and apply to be de-listed as a country immediately?
The "highest interest rates in the Western world" are not "determined by "the markets", they are determined by our absurd and one eyed "reserve Bank act" setting rates artificially higher than the "markets", encouraging speculative flows. Plus extra profit taking by banks operating in NZ. "Some of the highest bank profits in the world".
Aussies are banking on bumper profits in NZ – Milford Asset
Bank profits to overseas banks are themselves a large factor in our negative current accounts. Compare bank profits to net dairy earnings.
Well higher interest rates have been the norm in NZ,for the 21st century,being higher in property bubbles,and property crashes.
https://twitter.com/RobinBrooksIIF/status/1586352385684709377/photo/1
TBF, Sam Stubbs was far more articulate, informed and passionate than Genter came across.
Dann didn't interrupt Subbs as much as he did Genter.
Stubbs needs to look after his own house,Should Simplicity fees be reduced,with such an appalling rate of return.
https://simplicity.kiwi/kiwisaver/performance/
The tweet after Arkie’s has a link to their more detailed policy document: https://assets.nationbuilder.com/beachheroes/pages/16835/attachments/original/1666994726/Excess_Profits_-_October_2022.pdf?1666994726%22
Funny that with all the talk in the media on dis and misinformation, that an actual story on some serious industrial sized dissemination of misinformation hasn't become a MSM story….I wonder why that is?
Researchers Find Massive Anti-Russian ‘Bot Army’
"An Australian university has unearthed millions of Tweets by fake accounts pushing disinformation on the Ukraine war, Peter Cronau reports. The sample size dwarfs other studies of covert propaganda about the war on social media."
Thanks, Adrian – interesting article.
Study link below if anyone wants to dive deeper:
https://arxiv.org/pdf/2208.07038.pdf
Thanks Molly,
This part in the abstract was interesting….and quite telling…
"By aggregating account groups we find significant information flows from bot-like accounts to non-bot accounts with behaviour differing between sides. Pro-Russian non-bot accounts are most influential overall, with information flows to a variety of other account groups. No significant outward flows exist from pro-Ukrainian non-bot accounts, with significant flows from pro-Ukrainian bot accounts into pro-Ukrainian non-bot accounts."
This recent brouhaha about mis/disinformation has me a tad bemused.
Often, the information would be more accurately described as ' This information doesn't suit my view/opinion/narrative.' or, 'I don't like this persons perspective on other things, they are probably lying'.
If misinformation is such a problem then surely the government wouldn't employ practitioners of 'public affairs consultantcy', strategic communication experts or spin doctors …/sarc
Goodness but it is clear no one at RNZ is returning Chris Trotter's calls these days.
??
???
Because of this?
More Than One Way To Skin A Cat. | The Daily Blog
There seems to be a bit of a left twitter storm about TV3's Jenna Lynch's relationship with the ACT chief of staff. But I heard Mari Dunlop giving Christopher Luxon a hard time on RNZ yet everyone remained silent on her relationship with Kiri Allan. Jessica Mutch-McKay famously shacked up with Jacinda's hipster bodyguard, and Katie Bradford's mum needs little introduction whilst the odious pairings over at the ZB troll farm hardly need further comment. And one can of course refer to the Jane Clifton/Trevor Mallard marriage for the boomers out there.
Now, on the one hand you could argue this is unimportant – New Zealand is small country, we should rely on the professionalism of our journalists for impartiality and on Chinese walls to keep the pillow talk to a minimum. But I am not so sure. To me the uncomfortably cosy personal relationships between the MSM and members of the political class points to a wider issue in journalism – the excessively narrow, middle class, base most of them seem to be drawn from. The obsession with airfares and overseas holidays, an economic narrative invariably favourable to the asset owning classes, all buttressed by the underlying value assumptions of centrist liberalism (paywalled) are symptoms of the malaise of a disconnected class of journalists.
What it all does IMHO is fuel public suspicion of the "MSM" and the "deep state" where the "paid for" media is often literally in bed with the "swamp" that needs draining.
For what it is worth, I think that in these days of conspiracy theories the establishment media needs to be more vigilant of the public's generally dim view of its often excessively close relationships with it's subjects. On a dual hosted public broadcaster I thought it a mistake for Dunlop to be given the job of aggressively interviewing the LOTO, for example.
At the very least MSM websites ought to carry personal disclosure statements about relationships that may affect public perceptions of their journalists. The journalists will resent it immensely, but I would say tough.
Not quite true, I heard RNZ announce it just as Mani was becoming the Morning Report host. That's how I knew about it.
But good points – you left out Brooke Sabin son of that odious man that exited or was exited from the Nat Party some years ago for… I forget now…
Knew about Kiri Allen before but hard to know how she will manage her conflict of interest now she is interviewing.
I think Jacinda's body guard situation less problematic.
Katie Bradford I think has done an outstanding job of appearing not to be biased, but then again, we don't always agree with our mums. I never detected bias from Jane Clifton who also had a relationship with Murray McCully. that always intrigued me!
I do think, particularly in an election year having Mani go hard out against Luxon isn't a good look, unless she is equally hard with Lab.
Its tricky.
You obviously missed Marni Dunlop giving the Prime Minister a hard time on Monday morning.
Fully agree.
In a time of such deep distrust and disdain of media and journalism, media companies should go out of their way to hire people with no connections to the political class so they can't be accused of bias and quite frankly, nepotism.
We shouldn't be in a situation where those who hold our leaders to account are dating, married or closely related to leaders or figures in political parties, without disclosures. We Also shouldn't be giving retired polis tv shows. Ugh
You mentioned a great point about the upper middle classification of politics and journalism, the things these journalists cover are usually vapid upper middle class issues , the journalists have no concept of poverty, unions, minimum wage, state houses or the benefit system and it shows in their coverage.
And since these are the issues they cover they are the issues governments think are important and politicians who belong almost exclusively to the same upper middle class with the same lack of understanding of ground level issues pass policy by and for the middle class.
We desperately need diversity of class in our politics
Our new public media should absolutely be as obsessed with diversity of class as it is with diversity of race gender and sexuality. It should be mandated.
Tvnz political panels for instance should have random working class and beneficiaries giving their views on the panel on q and a not just rich journalists , former polis and CEOs.
If we're going to return faith to journalism and politics we need to have journos and politicians from diverse backgrounds of class not just upper middle class opinions m
Lets see
https://www.stuff.co.nz/business/money/130403417/which-jobs-would-be-the-first-to-go-if-unemployment-rose
OK lose jobs- lower tax take
More unemployed thus higher govt expenditure.
And that will reduce inflation HAH
Which jobs should go first? Hmmm, let's start with bank economists, then right wing business journalists perhaps then move on to highly paid PR staff in the AUckland mayor's office…
Ooh, this will exercise some people here. https://www.theguardian.com/world/2022/nov/07/putin-ally-yevgeny-prigozhin-admits-interfering-in-us-elections
Yevgeny Prigozhin is of course head of the Wagner group, increasingly an organisation that is a mercenary political army that operates as a rival to the regular Russian Army. I have read there are three armies fighting different and disconnected wars against the Ukraine – the regular Russian army, the mercenary Wagner group, and the LNR/DNR militia. In any event, Putin's distrust of his army means Prigozhin and his political army are rapidly assuming an importance analogous to Himmler and the SS as a parallel political army loyal only to it's leader. If you want to know where Prigozhin's Wagner forces are on the totem pole of Russian power right now, they currently engaged in near suicidal frontal assaults on the heavily fortified Ukrainian positions outside the city of Bakhmut, were it looks like freshly mobilised, untrained Russian troops are being used as cannon fodder first wave assaults for Wagner forces, and suffering horrendous losses.
Don't take it too hard Sacha, you're not the first to be totally suckered by a trolling Russian , you won't be the last
I like the reference to kidneys and liver which you missed out.
No such reference in the article.
You mean one article was enough for you?
Could do better
”I will answer you very subtly, delicately and I apologize, I will allow a certain ambiguity. Gentlemen, we interfered, we interfere and we will interfere. Carefully, precisely, surgically and in our own way, as we know how. During our pinpoint operations, we will remove both kidneys and the liver at once.”
https://www.moonofalabama.org/2022/11/putins-chef-ridicules-us-news-outlets-adds-election-interference-comedy-sketch.html#more
Bad faith.
Luxon shocked government doesn't do what Willis says.
https://www.stuff.co.nz/business/300733275/national-shocked-by-adrian-orrs-reappointment-to-head-of-reserve-bank
Adrian Orr has utterly failed his remit and should not have been retained.
Heaven forbid that we have record low unemployment and high wages.
Im telling you right now, the price for low inflation will always be low wage growth and high unemployment. Every single time. Look at during the 1990's, inflation was at 1%, but wages never even moved. Also unemployment was rampant, and people were stuck on the same wage throughout the decade.
…epitomises what's wrong with capitalist economics…
https://www.theguardian.com/environment/2022/nov/07/forest-regeneration-that-earned-multimillion-dollar-carbon-credits-resulted-in-fewer-trees-analysis-finds
People scamming the ets, no surprises there!!
Good.
https://twitter.com/TodayFM_nz/status/1589714503138410497
https://thespinoff.co.nz/pop-culture/08-11-2022/from-bashford-antiques-to-sean-plunket-a-timeline-of-david-farrier-and-mister-organ
Yes a good example of how our free speech laws work. It appears Plunket slandered Farrier, so good for him taking legal action.
Isn't the problem that Plunket released court documents on Twitter, not that he said anything untrue himself.
You might be right Nic. I haven't followed it much, but saw that Rachael Stewart tweeted that Sean should have done due diligence on the "court documents". Time will tell.
Reading between the lines (just an opinion), sounds like Farrier got sucked into a web by a very cunning [deleted] and his mental health has suffered as a result, for which I have a lot of sympathy. I think it is possible Sean got played by the [deleted], which shows how dangerous and cunning these people can be.
But the above is speculation on my behalf
given the litigious nature of the situation, can we please be more circumspect on what we call people? This is to protect TS's owners from legal action as publishers.
Just booked my tickets to the David Farrier film 'Mr Organ' Going on Saturday. I have followed David (Webworm) for a while now and looking forward to the film very much.
Review here:
https://www.1news.co.nz/2022/11/08/review-mister-organ-grips-you-tight-and-wont-let-go/
Profuse apologies Weka.
My bad.
that was an interesting hour's reading.
Generally, can Family Protection Orders be used against people who aren't family?
Yes, but there has to be, or have been, a "close personal relationship".
https://www.justice.govt.nz/family/family-violence/apply-for-a-protection-order/ has general information, and in the application form, it has this section:
The general page also provides the link to Restraining Orders for cases not covered by Protection Orders.
thanks, that makes sense of it then. Kind of.
https://www.tvnz.co.nz/shows/q-and-a
Outstanding interview with Shane Reti on what he would do about the Health System.
Not sure why he isn't leader. Watched this after reading Chris T article which is on TS feed.
Yes Shane would be an excellent health minister and certainly a lot better than the current one.
Wouldn't almost anyone? I almost feel some (very) slight nostalgia for David Clark. He wasn't any more competent but at least he wasn't bitchy when being questioned.
Your nostalgia matches mine for Coleman – medical doctors should know better.
Still, if there's a buck to be made from healthcare, trust Coleman to sniff it out.
Don't have much awareness of recent history, do you.
Reti will continue National's disastrous privatisation and de-funding of health, which has caused so much trouble in the last few years.
In the 'last few years', lets say 5, most measurements have got a lot worse in health. Oh that's right, we don't measure anymore as targets are unhelpful!/
Is that right?
Health System Indicators framework: Measuring how well the health and disability system serves New Zealanders
https://reports.hqsc.govt.nz/HSI/_w_21ce52a1/#!/
Here's one measurement.
https://www.nzherald.co.nz/nz/nearly-all-nz-hospitals-failing-to-meet-govts-ed-wait-time-targets/UUUS4R3CIRX5W46DQYRFDKUR4Y/
The rabid right often contradict themelves – alwyn @10.1.1 at least had the common sense to restrict his bitching to personal feelz.
Wait times and access to primary care are covered under Better primary health care, which you would have known if you’d actually opened and read the link I’d provided. And if you’d read the Introduction to the Health System Indicators framework, you’d have a better understanding of the “six Government priorities and 12 high-level indicators” and possibly even understood why setting and measuring targets as done in the past is essentially meaningless and doesn’t fix anything. As it stands, you’re only confirming your own bias and parroting simplistic Nat propaganda slogans.
No, the targets were dumped as they were weighted too much in favour of middle class cancer patients, while the chronically sick poor were just left to rot.
If Reti had his way, we would be paying as much to see the doctor as we do the dentist.
Andrew Little is the first minister of health in decades that doesnt see health as a tradeable commidity.
How much more dirty are the right going to get? With their au pair the Murdoc Press punching hard.
https://www.youtube.com/watch?v=aoiZ8LgIEow