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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In 2008, the UK Parliament passed the Climate Change Act 2008. The law established a system of targets, budgets, and plans, with inbuilt accountability mechanisms; the aim was to break the cycle of empty promises and replace it with actual progress towards emissions reduction. The law was passed with near-universal ...
Buzz from the Beehive Local Water Done Well – let’s be blunt – is a silly name, but the first big initiative to put it into practice has gone done well. This success is reflected in the headline on an RNZ report:District mayors welcome Auckland’s new water deal with ...
This is a re-post from Yale Climate ConnectionsA farmworker cleans the solar panels of a solar water pump in the village of Jagadhri, Haryana Country, India. (Photo credit: Prashanth Vishwanathan/ IWMI) Decisions made in India over the next few years will play a key role in global ...
Lindsay Mitchell writes – The Children’s Minister, Karen Chhour, intends to repeal Section 7AA from the Oranga Tamariki Act 1989 because it creates conflict between claimed Crown Treaty obligations and the child’s best interests. In her words, “Oranga Tamariki’s governing principles and its act should be colour ...
Geoffrey Miller writes – The gloves are off. That might seem to be the undertone of surprisingly tough talk from New Zealand’s foreign and trade ministers. Winston Peters, the foreign minister, may be facing legal action after making allegations about former Australian foreign minister Bob Carr on Radio New Zealand. ...
Brian Easton writes – This is about the time that the Treasury will be locking up its economic forecasts to be published in the 2024 Budget Economic and Fiscal Update (BEFU) on budget day, 30 May. I am not privy to what they will be (I will report on them ...
TL;DR:Winston Peters is reported to have won a budget increase for MFAT. David Seymour wanted his Ministry of Regulation to be three times bigger than the Productivity Commission. Simeon Brown is appointing a Crown Monitor to Watercare to protect the Claytons Crown Guarantee he had to give ratings agencies ...
The gloves are off. That might seem to be the undertone of surprisingly tough talk from New Zealand’s foreign and trade ministers. Winston Peters, the foreign minister, may be facing legal action after making allegations about former Australian foreign minister Bob Carr on Radio New Zealand. Carr had made highly ...
I could be a florist'Round the corner from Rye LaneI'll be giving daisies to craziesBut, baby, I'll wrap you up real safe Oh, I can give you flowers At the end of every dayFor the center of your table, a rainbowIn case you have people 'round to stay Depending on ...
TL;DR: The six key events to watch in Aotearoa-NZ’s political economy in the week to May 12 include:PM Christopher Luxon is scheduled to hold a post-Cabinet news conference at 4 pm today. Finance Minister Nicola Willis will give a pre-budget speech on Thursday.Parliament sits from Question Time at 2pm on ...
The price of the foreign affairs “reset” is now becoming apparent, with Defence set to get a funding boost in the Budget. Finance Minister Nicola Willis has confirmed that it will be one of the few votes, apart from Health and Education and possibly Police, which will get an increase ...
A listing of 26 news and opinion articles we found interesting and shared on social media during the past week: Sun, April 28, 2024 thru Sat, May 4, 2024. Story of the week "It’s straight out of Big Tobacco’s playbook. In fact, research by John Cook and his colleagues ...
Yesterday I received come lovely feedback following my Star Wars themed newsletter. A few people mentioned they’d enjoyed reading the personal part at the beginning.I often begin newsletters with some memories, or general thoughts, before commencing the main topic. This hopefully sets the mood and provides some context in which ...
April 30 was going to be the day we’d be calling Mum from London to wish her a happy birthday. Then it became the day we would be going to St. Paul's at Evensong to remember her. The aim of the cathedral builders was to find a way to make their ...
Rob MacCulloch writes – Can’t remember the last book by a Kiwi author you read? Think the NZ government should spend less on the arts in favor of helping the homeless? If so, as far as Newsroom is concerned, you probably deserve to be called a cultural ignoramus ...
Today New Zealand First will introduce a Member’s Bill that will protect women’s spaces. The ‘Fair Access to Bathrooms Bill’ will require, primarily in the interest and safety of women and girls, that all new non-domestic publicly accessible buildings provide separate, clearly demarcated, unisex and single sex bathrooms. This Bill ...
The Green Party is welcoming Climate Change Minister Simon Watts’ continuation of Hon. James Shaw’s cross-party work on climate adaptation, now in the form of a Finance and Expenditure Committee Inquiry. ...
The National Government plans to cut 390 jobs at ACC, including roles in the areas of prevention of sexual violence, road safety and workplace safety. ...
The Government has been caught in opposition to evidence once again as it looks to usher in tried, tested and failed work seminar obligations for job-seeking beneficiaries. ...
The Green Party is welcoming the announcement by the Minister Responsible for RMA Reform Chris Bishop to approve most of the Wellington City Council’s District Plan recommendations. ...
David Seymour has failed to get the sweeping cuts he wanted to the free and healthy school lunch programme, Labour education spokesperson Jan Tinetti said. ...
Hon Willie Jackson has been invited by the Oxford Union to debate the motion “This House Believes British Museums are not Very British’ on May 23rd. ...
Green Party MP Hūhana Lyndon says her Public Works (Prohibition of Compulsory Acquisition of Māori Land) Amendment Bill is an opportunity to right some past wrongs around the alienation of Māori land. ...
A senior, highly respected King’s Counsel with decades of experience in our law courts, Gary Judd KC, has filed a complaint about compulsory tikanga Māori studies for law students - highlighting the utter depths of absurdity this woke cultural madness has taken our society. The tikanga regulations will compel law ...
The Government needs to be clear with the people of the Nelson Marlborough region about the changes it is considering for the Nelson Hospital rebuild, Labour health spokesperson Ayesha Verrall said. ...
Ministers must front up about which projects it will push through under its Fast Track Approvals legislation, Labour environment spokesperson Rachel Brooking said today. ...
The Government is again adding to New Zealand’s growing unemployment, this time cutting jobs at the agencies responsible for urban development and growing much needed housing stock. ...
With Minister Karen Chhour indicating in the House today that she either doesn’t know or care about the frontline cuts she’s making to Oranga Tamariki, we risk seeing more and more of our children falling through the cracks. ...
The Labour Party is saddened to learn of the death of Sir Robert Martin, a globally renowned disability advocate who led the way for disability rights both in New Zealand and internationally. ...
Labour is calling for the Government to urgently rethink its coalition commitment to restart live animal exports, Labour animal welfare spokesperson Rachel Boyack said. ...
Today’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choosing to make them worse. ...
The Green Party is calling on the Government to do more for our households in most need as unemployment rises and the cost of living crisis endures. ...
Unemployment is on the rise and it’s only going to get worse under this Government, Labour finance spokesperson Barbara Edmonds said. Stats NZ figures show the unemployment rate grew to 4.3 percent in the March quarter from 4 percent in the December quarter. “This is the second rise in unemployment ...
The New Zealand Labour Party welcomes the entering into force of the European Union and New Zealand free trade agreement. This agreement opens the door for a huge increase in trade opportunities with a market of 450 million people who are high value discerning consumers of New Zealand goods and ...
The National-led Government continues its fiscal jiggery pokery with its Pharmac announcement today, Labour Health spokesperson Ayesha Verrall says. “The government has increased Pharmac funding but conceded it will only make minimal increases in access to medicine”, said Ayesha Verrall “This is far from the bold promises made to fund ...
This afternoon’s interim Waitangi Tribunal report must be taken seriously as it affects our most vulnerable children, Labour children’s spokesperson Willow-Jean Prime. ...
Te Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...
Our two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...
Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...
Tonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...
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. ...
Introduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...
Defence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...
New Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...
Jobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...
A new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says. “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...
Check against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with your Board and team, for hosting me. I’d like to acknowledge His Worship ...
Your Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...
The Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...
The Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...
Rape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...
Associate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...
New research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...
Deputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...
There has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...
Defence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...
Welcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...
It is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...
New Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...
A new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...
Foreign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...
The Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...
Minister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...
New Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...
Six tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...
New Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...
The OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...
The Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...
Foreign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...
The Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...
Thank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...
The Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...
The coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...
Structured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...
Trade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...
The rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...
The Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...
New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...
Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...
From today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...
People with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...
Source: The Conversation (Au and NZ) – By Sara Dehm, Senior lecturer, international migration and refugee law, University of Technology Sydney The High Court unanimously ruled today that the Australian government can keep asylum seekers in immigration detention indefinitely in cases where they do not “voluntarily” cooperate with their own ...
Source: The Conversation (Au and NZ) – By Kim Munro, Lecturer, Creative Industries and Digital Media, University of South Australia Twenty-four hours after the release of Macklemore’s pro-Palestine protest song Hind’s Hall on social media on May 7, the video had already notched up over 24 million views. In ...
Failing to anticipate the complexity of the consenting system is being cited as the the current builder's shortcomings, an Infrastructure Commission review says. ...
350 Aotearoa is calling the Environment Select Committee’s decision to allow oral submissions from just 40% of individual, unique submitters who asked to speak to the committee ‘a disgraceful blight to democracy’. ...
Source: The Conversation (Au and NZ) – By James Helal, Assistant Dean (Sustainability), The University of Melbourne Dubai skylineAleksandarPasaric/Pexels Since ancient times, people have built structures that reach for the skies – from the steep spires of medieval towers to the grand domes of ancient cathedrals and mosques. Today ...
Source: The Conversation (Au and NZ) – By Edward Musole, PhD Law Student, University of New England Girts Ragelis/ShutterstockRecent trends show Australians are increasingly buying wearables such as smartwatches and fitness trackers. These electronics track our body movements or vital signs to provide data throughout the day, with ...
Papua New Guinea experienced a significant earthquake on 24 March in East Sepik and there has also been recent flooding there and in surrounding provinces. ...
Source: The Conversation (Au and NZ) – By Yousuf Mohammed, Dermatology researcher, The University of Queensland Maridav/Shutterstock You wake up, stagger to the bathroom and gaze into the mirror. No, you’re not imagining it. You’ve developed face wrinkles overnight. They’re sleep wrinkles. Sleep wrinkles are temporary. But as your ...
The Environment Select Committee has just announced that 60 percent of individuals who asked to speak at the hearings will not be heard. This equates to almost 700 people who made individual submissions and more than 1000 more who made a form submission. ...
The Royal New Zealand Ballet is performing Swan Lake around the country. What kind of dream does the ballet sell?Before going to see the Royal New Zealand Ballet perform Swan Lake, I had about as much familiarity with the plot of this ballet as could be expected from having ...
A new poem by Auckland poet Eamonn Tee. High Tide at Local Maxima It is only going to get worse. The streams will be narrow and fickle. The week will bend and buckle like a pot-bellied waist. You will make it to the weekend with one ...
The New Zealand entrepreneur behind beauty business Ethique is gearing up to launch a new eco-venture. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Our thirst for a tasty bevvy is insatiable, but it comes with a hefty plastic price for the planet: 580 billion ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 James by Percival Everett (Mantle, $38) A retelling of The Adventures of Huckleberry Finn from ...
By Kamna Kumar in Suva Pacific Islands Forum Secretary-General Henry Puna stressed the importance of media freedom and its link to the climate and environmental crisis at the 2024 World Press Freedom Day event organised by the University of the South Pacific’s journalism programme. Under the theme “A Planet for ...
Tara Ward previews a new local TV series offering alternative visions of motherhood. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. A woman is clambering up the side of her two-story house, clinging desperately to a drainpipe. Nearby, her child is perched on the ...
Local Government New Zealand (LGNZ) is supportive of the cross-party approach to climate adaptation announced by the Minister of Climate Change today. ...
The Sustainable Business Council (SBC) and Climate Leaders Coalition (CLC) welcome today’s announcement from Government around a bipartisan inquiry into an enduring climate adaptation framework for New Zealand. ...
The Free Speech Union welcomes the decision by the Department of Internal Affairs, and Minister Brooke Van Velden, to abandon proposals to further regulate online speech. ...
Its new building in Wellington will not be nearly big enough for all its records, and it has also run out of money to build its new storage facility in Levin. ...
BusinessNZ is congratulating the Minister of Climate Change for his work in achieving cross-party consensus for a way forward on climate adaptation. ...
Recent research reveals the repeal of smokefree measures is not only bad for our health, but also the economy. The Government has repealed various smokefree measures to ensure it keeps collecting $1.2 billion a year in tobacco taxes, in order to pay for tax cuts already being delivered to ...
The club’s surprisingly good season is built on the desire to prove a random A-League YouTuber wrong… and a few other factors.“There’s no way that Wellington Phoenix play finals this year. I can’t see it happening at all.” Those are the words of Lachlan Raeside, an Australian football content ...
Source: The Conversation (Au and NZ) – By César Albarrán-Torres, Senior Lecturer, Department of Media and Communication, Swinburne University of Technology Apple TV+ As one of billions of bilingual individuals in the world, it disappoints me when a film or TV show with characters of a non-English-speaking background is ...
The under-utilised course is a waste of space, and with a little political will, it could be turned into something better. For the duration of her stay in Wellington, my long-suffering cousin listened to me rant about golf courses. They’re bad for the environment: water intensive and pesticide heavy. They ...
Source: The Conversation (Au and NZ) – By Leah Ruppanner, Professor of Sociology and Founding Director of The Future of Work Lab, Podcast at MissPerceived, The University of Melbourne Shutterstock A recent report from the US Centers for Disease Control and Prevention shows US fertility rates dropped 2% in ...
Source: The Conversation (Au and NZ) – By Amy Corderoy, Medical doctor and PhD candidate studying involuntary psychiatric treatment, School of Psychiatry, UNSW Sydney shop_py/Shutterstock Picture two people, both suffering from a serious mental illness requiring hospital admission. One was born in Australia, the other in Asia. Hopefully, ...
Source: The Conversation (Au and NZ) – By Sarah Treby, Postdoctoral Research Fellow, RMIT University P.j.Hickox, Shutterstock Peatlands store more carbon per square metre than any other ecosystem on Earth. These waterlogged, mossy bogs beat even dense rainforests for their ability to act as carbon reservoirs. Under the ...
Source: The Conversation (Au and NZ) – By John Goss, Adjunct Associate Professor, Health Research Institute, University of Canberra Government spending on health has been growing so rapidly that a decade ago the then health minister Peter Dutton called it “unmanageable” and “unsustainable”. Health spending grew in real terms by ...
New Zealand's largest electricity distributor is warning the country to hurry up with controls around charging electric vehicles or face unnecessary bills running into the billions. ...
New Zealanders have been asked to conserve energy this morning to combat a possible electricity shortfall, writes Stewart Sowman-Lund in this extract from The Bulletin. To receive The Bulletin in full each weekday, sign up here. A call to conserve power New Zealand is facing a possible electricity shortfall, with people up ...
Writer Rebecca K Reilly breaks down the national book awards. What are the Ockhams?The Ockham New Zealand Book Awards are our annual national awards for books published for adults, and have existed in this form since 2016. There are four categories: Fiction, Poetry, General Non-fiction and Illustrated Non-fiction. There ...
Wellington City Council should keep its 34% ownership share in Wellington International Airport, argue Unions Wellington spokespeople Finn Cordwell and Ashok Jacob. Insanity, as the saying goes, is doing the same thing over and over again and expecting different results. Wellington City Council (WCC) is yet again proposing to dispose ...
New Zealand’s largest book publisher has undergone drastic changes this week, leaving its future role in local publishing uncertain. Two of the most recognisable local publishers in New Zealand are among those restructured out of Penguin Random House, it was announced this week. Head of publishing Claire Murdoch will leave ...
In 2021 the Public Interest Journalism Fund launched the Te Rito Journalism project, a $2.4 million initiative to boost diversity in New Zealand’s newsrooms. The initiative was in response to the decades-long shortage of Māori and Pacific journalists in the media industry. It was billed as New Zealand’s ...
The Black Ferns Sevens appeared to be a mile behind Australia at the halfway point of the 2023-24 SVNS international circuit. Winless in three tournaments, a cup quarter-final exit in Perth was one of their worst results. To add insult to injury, talismanic skipper Sarah Hirini had been ruled out ...
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Successive governments have tried, and failed, to count Māori. But with the return of social investment, it’s more important than ever to get good data. The post Government looks for a better way to count Māori appeared first on Newsroom. ...
Experts in financing social investment initiatives say New Zealand is in a prime position to tackle social issues via a social investment approach The post What will Willis’ social investment fund look like? appeared first on Newsroom. ...
By Lydia Lewis, RNZ Pacific journalist A former Tuvalu prime minister says while the New Zealand government’s oil and gas plans show it is concerned about its economy, he is more concerned about the livelihoods and survival of the Tuvalu people. Enele Sopoaga — who still serves as an MP ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Many people who follow federal budgets know about the magnificent “budget tree” in a parliamentary courtyard, which turns a glorious red in time for the May event. This week Treasurer Jim Chalmers posed by ...
Source: The Conversation (Au and NZ) – By Samantha Bennett, Professor of Music, Australian National University Richard P J Lambert/flickr, CC BY The future belongs to the analogue loyalists. Fuck digital. As a tsunami of CDs, DAT tapes and samplers swept the recording industry in the ...
Source: The Conversation (Au and NZ) – By Catherine Strong, Associate professor, Music Industry, RMIT University This week American rapper Macklemore released a new track, Hind’s Hall, which has gained a lot of attention because of its explicitly political nature. The track is unapologetically pro-Palestine. It declares the artist’s ...
Explainer - The government from 2025 is mandating how state schools teach children to read. But what is structured literacy and how does it compare to other teaching methods? ...
Source: The Conversation (Au and NZ) – By Danica Jenkins, Lecturer in European Studies, University of Sydney On a freezing spring night in March, Georgia’s national soccer team beat Greece in a nail-biter penalty shootout to qualify for the Euro 2024 championships. The atmosphere on the streets of the capital ...
Source: The Conversation (Au and NZ) – By Adam G. Arian, Lecturer (Accounting & Finance), Australian Catholic University Loic Manegarium/Pexels Imagine every ton of carbon dioxide a company emits is slowly inflating its costs — not just in terms of potential fines or fees but in the capital it ...
Source: The Conversation (Au and NZ) – By Somwrita Sarkar, Senior Lecturer in Design and Computation, University of Sydney The “latte line” is the infamous, invisible boundary that divides Sydney between the more affluent north-east and the south-west. Historically, people north of the line enjoy better access to jobs and ...
Source: The Conversation (Au and NZ) – By Andrew Dowdy, Principal Research Scientist in Extreme Weather, The University of Melbourne Nomad_Soul/Shutterstock In media articles about unprecedented flooding, you’ll often come across the statement that for every 1°C of warming, the atmosphere can hold about 7% more moisture. This ...
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Acting Chief Human Rights Commissioner Saunoamaali’i Dr Karanina Sumeo says, “Addressing violence and abuse remains New Zealand’s most significant human rights issue affecting women. ...
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One woman’s quest to watch Challengers without ruining her body clock. Every Saturday morning, I wake up with a screaming demon inside my head urging me to “Do. Something. This. Weekend.” I run through the possibilities in my head in a defensive mental crouch, reminiscent of that one time I ...
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.