Mr Luxon seems to be attempting a version of his hero SirKey’s Hermit Kingdom meme. Hawaii might be more suited to this miserablistβplease keep him on Natzos until October 14.
I kinda agree with him , as a farm worker and dog trialer I rub shoulders with lots of wealthy people, fuck they moan alot,and some of them a just angry people,
I offered to swap places with them but none of them have taken my kind offer up π
It would be false of me to claim that I'm openly left in these circumstances, partly due to cowardice, also a boys got to eat, and arguing with stupid people is pointless.
That said the left is the only option of a thinking person who doesn't vote for self interest imho.
Matey I know its not cowardice…and… I can relate to the other 2. Ive tried to engage with some people…not even rich and/or right wing , for whom actually voting would be in their best interests.
Hard work….and/or not interested. But..gotta try.
Anyway…you are Rural, and what i've seen got a lot of sense.
I like your last sentence
That said the left is the only option of a thinking person who doesn't vote for self interest imho.
I do know of Rural's with similar thinking down South.
Be a good thing if the whole quote was published to give it in context. Here it is:
"We have become a very negative, wet, whiney, inward-looking country and we have lost the plot and we have got to get our mojo back," Luxon said to one farmer.
Oh tsmithfield, don’t go spoiling everyone’s fun. People are getting off in their darkened room on what they thought was said rather than what actually was said. Let them be.
Some people just love talking & hearing negative platitudes of doom & gloom. Those same people often look for a Saviour to lead them to the Promised Land aka a brighter future. Those same people believe just about anything that suits their narrative of fear & loathing. Those same people often vote National, ACT, or NZF and the likes, where bullet points and lazy populist propaganda rule. By their narrative we shall know them.
"We have become a very negative, wet, whiney, inward-looking country and we have lost the plot and we have got to get our mojo back," Luxon said to one farmer.
Negative, wet, whiney is a clear self-description of the National and ACT parties and their voters, but inward-looking is an accusation directed at Labour, the Greens and their voters.
The unfortunate truth is of free trade agreements with the EU and the impressively good deal with the UK.
And the PM is leading a trade mission to China.
And we also have the Fifa Women's World Cup here in July.
Queenstown airport is looking to expand and Christchurch airport wants to build another at Tarras.
The inward-looking claim is nothing more than a cynical political lie which some people revel in swallowing.
You might want to have a look at the date for your numbers.
The World Bank stopped calculating that number several years ago. You may find that the numbers you are quoting are from the days when Winston Peters still ruled the roost.
Thank you for this comment. I hadn't been aware that they were reviving this exercise. It had, as your link shows, started smelling rather more than a reliable exercise should. It was also being done using information that really couldn't be relied on and which was often nothing but guesses.
That isn't saying that New Zealand was corrupt in the way that China was but the evaluation done, for all countries, was pretty rudimentary and wasn't always based on up to date figures. Trying to cover all the countries in the world and doing it every year meant that if they didn't have a new number there was, as I understood it, a tendency to just assume nothing had changed since last year or the last year you did have something, if you didn't have an updated value readily available.
We need a proper Commerce Commission inquiry into bank profits [5 March 2023]
While I have the highest respect for Sir John Key, he was chairing our biggest bank, and most profitable company, within a year of leaving politics. No politician, let alone an ex-prime minister should be allowed to do that. The OECD standard is to wait at least three years.
…
The fourth question is why the New Zealand operations of Australian-owned banks are consistently more profitable than their home market.
Relative to incomes, Australian-owned banks have reliably made about 20% more from the average Kiwi customer than their Aussie equivalent. How is this possible, and why is this accepted by politicians and regulators?
But no reflection on the role opposition parties, and their proxies have played in making us like that. Relentless negativity makes for a whiney, wet country.
Uh huh…he resigned as NZ PM for reasons never satisfactorily explained–“to spend more time with the missus and kids” was more or less the offical line.
But, John Phillip Key has never resigned as a representative of international Finance Capital–which he has been most of his adult life. He is regularly roped in for this or that conference or toffs gathering like other ex senior politicians, and he injects himself into current events, e.g the swingeing “Hermit Kingdom” meme.
Gee. I changed "he" to "she" and "Key" to "Ardern" and "International Capital" to whatever the nutters on the other side of politics claim and it looked just the same as the moans made about Ms Ardern after her sudden resignarion.
But you can still feel his cold, dead hand on everything Luxton does. It's either convenient or naive to imagine Key is not consulted regularly. He did do an opinion piece/interview lambasting our ambition this weekend at the same time egg head restates the wet, whiney, inward-looking line.
Because he's a storyteller extraordinaire, I presume. They must've been impressed with the stories he told when he was a cabinet minister. Don't hold your breathe waiting for that "wider university story" to appear in the media. Media prefer narrow stories.
Still, if an enterprising journo finds someone who did actually buy his story, they could report how enthralling it was, eh? Then a uni prof economist would have the basis for a social science research project: surveying all such people, to measure the cost-effectiveness of the big spend. Universities are accountable to nobody, of course, but at least folks would see how many were thrilled by Joyce's tale-spinning.
Stephen Joyce does appear to be a bit of an old school con-man. The infamous “Stevie’s Hole” in 2017 appeared to cost NZ Labour several vital percent in the General Election.
Some Economists agreed with Joyces claim of a missing 11$bill, and more did not, but he got the media channel headlines and the perception was created.
Tl;dr – Russian's history is agin them so grassroots protest is unlikely, a coup is likely, and then it'll be back to business as usual with the West.
Meanwhile, Russia's neighbours will remain between the rock and the hard place they've been in post-USSR collapse. But now they'll know just how dangerous their terror-state neighbour is.
There will be no "popular uprising" in russia Hundreds of thousands of ru have perished, their economy continues to degrade, and there are hints of succession planning (e.g. statements by Nadezhdin and Zatulin). 1/
Max Rashbrooke points to one negative stat: "the social housing waitlist has spiralled upwards from 8,000 in March 2018 to 24,000 today." Labour apologists would probably claim that the escalation isn't entirely due to Grant's budgets during those years.
They will likely seek refuge by blaming global inflation. They won't be honest enough to blame neoliberalism or Labour's adherence to that failed ideology.
Labour does deserve credit for the upward trend in recent years in that MSD graph for 1947-2023 (ratio of benefits to average take-home pay). Fascinating to see how Muldoon maintained Kirk's socialism in his first term, then did a sharp reversal in 1979 – probably due to the winds of change blowing a whiff of Thatcherism at him.
Hey Dennis, good to see you back round these parts.
In respect to yr comment about Labour's adherence to the failed ideology of Neo-Liberalism, I wanted to ask you (or any other eader) for a title of the sort of system that has: strong government capacity for building infrastructure, a desire for local manufacture of clothing, textiles, pharmaceuticals etc.
A system that is a little more inwards looking, that can build national resilience and not be reliant on foreign shipping companies dropping stuff off to us while it is profitable for them to do so. A political system that wouldn't close Marsden Point and wouldn't allow Glenbrook to start atrophying so it becomes unviable.
Sorry, a lot in that outburst and I understand if ya don't want to acknowledge it.
Your phrase national resilience is a useful pointer, eh? I don't have anything better to offer as framing, tbh. Seems the world is trending towards interdependence – but that term is too abstract to serve as a meme/label. It can serve as ideology.
My Green trajectory points toward bioregionalism rather than nationalism, but nations will persevere as umbrella structures due to inertia. Comparative advantage will persist in guiding states as they shift in their economic policies. The case for retaining the elements of Muldoon's think-big strategy depends on pragmatic tweaking or clever economic design plus transformation.
I agree that "a little more inwards looking" is a sensible shift but having been globalist in outlook since adolescence I see activist foreign policy as essential (on a non-aligned basis). Could be Hipkins intends to frame our role similarly on his visit to China. He has done way better as PM than I expected, so good luck to him!
I am part way through Danyl McLaughlin's piece in the Listener (no link sorry, someone scanned it and sent it to me). "lost opportunities and gradual failure driven not by ideology but a lack of it". Sums up Hipkins and co nicely.
I am over 'the market deciding' in respect to our education, health, housing, infrastructure etc. It's all a race to the bottom and we folk love a bargain.
"lost opportunities and gradual failure driven not by ideology but a lack of it". Sums up Hipkins and co nicely.
That is very perceptive gsays.
I too think we have lost our ideology and the only ideology is to get back to govern after the election. The number of policies that have been thrown either on the scrap heap or the recycling pile is sad.
Covid was a major distraction…Labour gave vast quantities of money to businesses to stay afloat (many took it when it wasn't needed) that could/would have been used to build social housing instead.
Just want to re-up the mods here at TS. You do excellent work.
Look at what passes for "commentary" at TDB. I got dungeoned (and have since been let back) for pointing out the vitriol in the posts and comments (and I admit engaging in it a bit of it myself) but the ones like below are perfectly fine, as long as they stroke Martyn:
Fuck those stupid cunts at the standard beginning with Weka are making fucking it all up stupid greed and envy narratives. Martyn is correct these wealth taxes should be aimed at the productive capacity it should be directed at speculation and asset stripping. But all good. I think if Marama for one can hold back on the all cus men are evil narrative and sit down with some….
etc. etc.
Here I learn stuff, esp with the good articulate comments from those I agree and disagree with.
But all good. I think if Marama for one can hold back on the all cus men are evil narrative and sit down with some….
I think this is a rather nice Freudian slip 'cus men'. I don't like cuss men actually and would welcome someone holding back all the porn and bad language…..ah me! What a pity that he didn't mean that.
Touching that he feels Marama would be capable of throwing away the trans narrative for one second and focusing on housing or family violence.
Totally – it feels like yelling into the wind when commenting; but the worst thing about that kind of bluster for me is that it's alienating. It pits left against left making us look squabbly and ridiculous, when we have a much more formidable group of minds to get through to, if we were to amicably disagree but advance the common argument.
agree with this too. It's sobering. MB's headline "THANK BABY JESUS: Supporting the Greens finally pays off! Why their tax solution is a great start!" is bizarre. He's one of the main left wing detractors of the GP and has constantly undermined them. Also, ffs, the tax policy is a rewrite of the 2020 one, so what the fuck is he on about with the 'finally the Greens deliver' shit? Hosting his commentariat the way he does feeds this kind of left wing shooting each other in the foot stuff.
Again concentrating on the messengers and not the message.
If this is not what is meant in the policy then someone should say something. NOW.
I am not au fait with the figures but the idea was that retired people past their capacity to bring in a huge bucks by working and maybe living on National Super*, were going to be expected to pay huge figures just to remain in their own homes.
So we have this egalitarian madness of affecting everyone rather than on concentrating on fixing what we have now and then looking at what extra we need to do.
"The Green Party will introduce a 2.5% Wealth Tax on net assets – things like properties or shares. Couples who jointly own assets will only pay the Wealth Tax on assets above the $4 million threshold (minus mortgages and other debt). For an individual, the tax will only apply to assets above $2 million."
The $4 million threshold appears to be reduced to $2 million on that death.
Not only do they have reduced income, but any perceived value over $2 million will be taxed.
Given that property value increases have been inflationary and not related to material improvements, it means that there will be some who will not be able to afford the Wealth Tax on their homes they have paid for, and pay rates on. They may have lived in those properties for their whole married lives, and through no fault of their own, will now be compelled to move.
This failure to exclude the family home is poor policy. It also assumes that no personal sacrifices have been made to get to that position, and that the young couple living in a similar house with a big mortgage paying interest to a bank, is considered to be more justified to live in their house with no further costs – than a pensioner who has completed their mortgage.
"Almost all family homes in Aotearoa come under the threshold for the Green Party’s proposed Wealth Tax, whether individually or jointly owned. The Wealth Tax will be paid by 0.7% of New Zealanders – the wealthiest few property owners in the country, who can afford to contribute more. The Wealth Tax will be designed to ensure it is workable for people who own more than $2 million in assets but have only a modest income. These people, who are often retired, will be able to defer payment of the net wealth tax until their asset is sold. This is similar to the approach many councils already allow with rates payments."
Almost ALL family homes. I want to know how this figure was ascertained, and why people are required to borrow or defer to pay for a home they have likely paid extra over the years to acquire. Also would like to note that rates already tax people on their property values.
"The net wealth tax would cover most forms of wealth and assets, like property, shares, and bonds. These assets have known values because they are traded often. High value property such as artworks will also be included and can be valued on the basis of what they are insured for. "
Property values are volatile at present. So, the value is not really known or stable. No mention made of bank deposits or term investments.
"Everyday household goods like furniture, appliances, electronics, and vehicles with values less than $50,000 will be excluded for simpler application of the Wealth Tax."
Jewellery, precious metals, lego collectibles and a vast amount of other speculative investments appear not to be captured under this policy. Is there a concern that perhaps this encourages people to avoid solid investments in their own homes and businesses, and go into volatile speculation?
"MΔori land under the Te Ture Whenua MΔori Act would be exempt and so would the assets of Post-Settlement Governance Entities, such as land returned under a Treaty Settlement or vested in a Treaty Settlement Entity."
Well, apparently a policy can't be made without including a divisive criteria.
The scenarios in this policy document while feasible, are contrived and not reflective of those who will be affected by this policy.
A speculative tax policy would perhaps be better. If we include KiwiSaver portfolios – many working people will be close to passing the threshold by retirement with that and a family home.
This policy does seem to be punitive against those who are savers and not spenders, by assuming the ability to save has come from gross excess.
Given that property value increases have been inflationary and not related to material improvements, it means that there will be some who will not be able to afford the Wealth Tax on their homes they have paid for, and pay rates on. They may have lived in those properties for their whole married lives, and through no fault of their own, will now be compelled to move.
Why would the widow/widower not just defer until the house is later sold? Either when they naturally move, or on their death, or perhaps on passing to a relative? In which case there is no compulsion to move.
I agree such a compulsion would be problematic, I think it is in TOP's policy for instance.
@arkies link doesn't specify that the wealth tax is due EVERY year.
Actually, even the Green's full policy document doesn't ensure that is clear.
By the time retirement comes for many – this threshold may have been well breached. Especially if you are speaking of a working couple that have been putting money into KiwiSaver since it began. There is no indication that the policy will increase thresholds in line with inflation.
In order to pay a wealth tax of ‘only’ $25,000 (one of the examples given) – they may have to keep working to earn the approx $29K a year to pay that tax back. If values increase (while property materially depreciates) those earnings have to increase, and come with a secondary cost that it diverts money away from repairs and improvements, that are often beneficial to the elderly.
If house prices plummet – once again – there is no return of taxes, or change in material buildings.
Actually, the more I look at this tax policy – the more I think it is ill-conceived.
you haven't answered my question. If someone has a free hold house worth say $2.5m, and they can't afford to pay the $12,500/year in wealth tax, why would they not just defer payment until the house is later sold?
(or a couple with a house worth $4.5m)
By the time retirement comes for many – this threshold may have been well breached.
what threshold, and breached how?
There is no indication that the policy will increase thresholds in line with inflation.
not sure what you mean. Do you mean that the $2m threshold should increase as the cost of living does? Or housing prices? Valuations?
I think the underlying assumption is that those with "wealth" have accumulated it under a form of inheritance, passive income or exploitative practices. There is also an assumption that those with "wealth" have lived lives of excess or of discretionary purchase or service options.
That assumption is incorrect.
Wouldn't it make more sense to address those loopholes in tax policy?
Ensuring speculative property development was always taxed?
Ensuring exploitative businesses and labour practices were readily identified and stopped? etc
"If someone has a free hold house worth say $2.5m, and they can't afford to pay the $12,500/year in wealth tax, why would they not just defer payment until the house is later sold?"
If someone lives in a similar home that is rented, they will be materially living in a similar home to those that own their own home, but not compelled to move, or take on a form of debt in order to remain.
What assumptions must be made about the individuals in either scenario to justify that compelled donation to the government?
I think the underlying assumption is that those with "wealth" have accumulated it under a form of inheritance, passive income or exploitative practices. There is also an assumption that those with "wealth" have lived lives of excess or of discretionary purchase or service options.
This is your assumption about the policy and I'd like to know where you get it from because I haven't seen it in the policy I've been reading. It's certainly not how I see a wealth tax, and it looks like the Greens have put thought into how to protect people who have accrued assets but don't have much income.
"If someone has a free hold house worth say $2.5m, and they can't afford to pay the $12,500/year in wealth tax, why would they not just defer payment until the house is later sold?"
If someone lives in a similar home that is rented, they will be materially living in a similar home to those that own their own home, but not compelled to move, or take on a form of debt in order to remain.
I have no idea what you are on about. No-one in this policy would be forced to move or take on debt, that's the point of the deferral option. Is there a reason you won't answer that question?
Renters are compelled to move and take on debt all the time. Low income renters are particularly vulnerable. I can't believe you actually wrote that.
What assumptions must be made about the individuals in either scenario to justify that compelled donation to the government?
the assumption that in civil society we pay tax so society functions well and we all benefit from that. Fairly standard left wing concept of taxation.
There is one nation in the OECD without a CGT, wealth tax or estate tax/gift duty.
Not surprisingly the nation has a problem with property values too high to incomes and with too much focus on growing wealth by owning property, rather than the productive economy.
And from this comes a problem with poverty and dealing with costs such as rising rent cost, or high mortgage cost and or debt level on property purchase.
Yet then the claim of an onerous burden, to the point of hardship, if those who have over $2M of net wealth (individually) are subject to a wealth tax when compared to those who rent (they pay tax on the income they earn to afford to rent).
Seriously?
There will be no hardship because they can defer the charge until the property is sold. It's no more hardship than a property falling in value with a market correction. It's just a decline in their paper wealth.
For mine objection is class based, those with wealth seeking to secure it in its entirety to pass onto the next generation.
People in relatively modest houses in close-in suburbs to major cities can have property worth close to that. Some of properties in traditionally wealthy Wgtn suburbs like Kelburn, Oriental Bay Khandallah are having other less favoured suburbs now close on their heels.
Some people like me and two of my female friends are singles (through widowhood/divorce) so not even another person around to raid their Super.
The family home needs to be exempted.
All other valuables need to be included, property, shares, collections, jewellery, gold……
Meh in nations with CGT there was the exemption of the family home, then there came the MacMansion to gather up CG wealth without tax liability. Then either CGT was reformed to include the family home when it was way above the median value, or they brought in a wealth or estate tax.
You would be surprised at how many single people now own houses now worth say $1.5 -1.8m…these may get to $2m by the time we are much older. Some have other assets that would be caught.
The three women I mentioned earlier have no mortgages. I have been in my home since 1974 and one of the others was a new build in 1970. None of these have been built, occupied or had mortgages paid off other than with the earnings of the hard working owner/s let alone by underhand or exploitive means.
If you are not au fait with the figures then why are you responding to the policy as if you are?
When the wealth tax was mooted some time ago (2-3 years?) I did a fair bit of work running various scenarios through, & saw that it was a crock that unfairly imapcted at a low level on people who were asset rich and cash poor. When I saw the figures that had been done recently, and Ok you say they may be lacking it did seem that very little had changed or beeen refined.
I am not sure why the level is set so low.
I am not sure why the first port of call wasn't to find ways to rein in those (911?) who are paying less tax than someone earning $25,000.
The tax brackets are woeful, with bracket creep and we don't tax or catch the really wealthy. I feel that death duties or a stamp duty/transaction tax on sales would be fairer rather than coming down hard on people who have worked hard, have not been able to structure their own tax affairs along the way to minimise tax (ie by being wage & salary earners) and who will probably worry themselves sick at not being able to pay the tax and not being able to leave to children/grandchildren/charity.
Then there has been nothing said about the effect on the charitable sector. Many people who do not have children make huge donations to charities on their death. In Wellington we have the example of Margaret Doucas who left millions to animal welfare groups including the SPCA.
We have Lloyd Morrison the founder of Infratil who has funded several ambulances/medics for Wellington Free Ambulance.
Rather than taxing people who are cash poor, going through life, why is this not left until after death and a one step wash up similar to death duties. It sounds as though if it was charged yearly and presumably interest charged as well, that a person who dies 20 years later will not have very much left. I have based this on the fact that the amounts charged each year will more than likely increase yearly by the rate of inflation or the real estate inflation.
I don't like it, the starting rates are too low, the family home should be exempted. Why is the policy not aimed at the truly wealthy, landlords or those 911 people on megabucks paying PAYE at a lesser rate than a wage earner on $25,000?
If the wealth tax has as an aim to break up the big estates, as in the 1890s then this is not the way. If this is to extract $$$ during the life of an asset it may have some benefits for the Govt but can penalise owners. It is a grab by the Govt of private wealth, without exploring if there are better ways first. It does not logically follow to me that this form of tax is needed to pay for UBI.
I guess if the idea captivates we may find better options from the other parties.
The three women I mentioned earlier have no mortgages. I have been in my home since 1974 and one of the others was a new build in 1970. None of these have been built, occupied or had mortgages paid off other than with the earnings of the hard working owner/s let alone by underhand or exploitive means.
Thanks for a more specific example. So someone bought a house in the 70s. They took out maybe a $50,000 mortgage, and over 20 or 30 years they paid it off, as you say by hard work. Allowing for a normal rate of property value between the 70s and the 90s (let's say the house was worth $150,000 by the 90s), where did the other $1,850,000 come from?
You would be surprised at how many single people now own houses now worth say $1.5 -1.8m…these may get to $2m by the time we are much older.
Yes, from capital gains, not hard work.
As far as I can tell you are making an argument that people should keep the capital gains from the grossly over inflated property market of the past 30 years. Not money they earned from hard work, but wealth they accrued from fortune: being born at time that enabled low cost home buying and later massive appreciation in value of that home. The problem here is that the societal conditions that allowed that to happen also pushed a lot of other people into poverty. What the GP is proposing is to redress some of that balance.
If you are not au fait with the figures then why are you responding to the policy as if you are?
When the wealth tax was mooted some time ago (2-3 years?) I did a fair bit of work running various scenarios through, & saw that it was a crock that unfairly imapcted at a low level on people who were asset rich and cash poor.
in 2020 the policy was 1% on assets over $1m. They've raised the threshold.
I am not sure why the first port of call wasn't to find ways to rein in those (911?) who are paying less tax than someone earning $25,000.
The tax brackets are woeful, with bracket creep and we don't tax or catch the really wealthy. I feel that death duties or a stamp duty/transaction tax on sales would be fairer rather than coming down hard on people who have worked hard, have not been able to structure their own tax affairs along the way to minimise tax (ie by being wage & salary earners)…
In the GP plan, income tax for lower earners will go down. High income earners will pay more tax.
…and who will probably worry themselves sick at not being able to pay the tax and not being able to leave to children/grandchildren/charity.
except this is just not true. If a single woman has a house worth $2m, there is no tax owed. If she has a house worth $2.2m, then she would pay $5,000/year. If she cannot afford this, then this can be deferred until such time as the house is sold. Let's say that is 30 years down the track. That's $150,000. By then the house is going to be worth a lot more, but let's say it's not. Let's say it's worth $2.5m. The house is sold, the tax paid, and she is left with $2,350,000. How is this not enough to leave to children/grandchildren? Even charity if she wants.
Then there has been nothing said about the effect on the charitable sector. Many people who do not have children make huge donations to charities on their death. In Wellington we have the example of Margaret Doucas who left millions to animal welfare groups including the SPCA.
… We have Lloyd Morrison the founder of Infratil who has funded several ambulances/medics for Wellington Free Ambulance.
no-one is going to take their millions from them. They're just not.
Rather than taxing people who are cash poor, going through life, why is this not left until after death and a one step wash up similar to death duties
Almost like deferring payment until later π
It sounds as though if it was charged yearly and presumably interest charged as well, that a person who dies 20 years later will not have very much left. I have based this on the fact that the amounts charged each year will more than likely increase yearly by the rate of inflation or the real estate inflation.
this doesn't make sense. For a start it's not a fact, it's an assumption. What is that assumption based on exactly? Why are you assuming interest would be charged?
And if someone were to lose say $2.1m over 20 years, they'd have to pay $100,000/year. Instead of the proposed $2,500/year. Serious Shanreagh, I know it’s a big shift in thinking around tax and assets, but it’s not even close to being as bad as you imagine.
no-one is going to take their millions from them. They're just not.
Ok are you saying that people who are intending to leave all their assets to charity such as the Doucas' and Lloyd Morrisons of this world will not have to pay this wealth tax.
Because if you are then I think that it a very good idea. These two people in Wellington have had a huge effect.
The more ambulances that others supply the less that has to be raised to keep Wellington Ambulances free to users. The way we treat animals tells us much about our humanity.
I see that it would be wonderful if on death an estate going to charity would have this wealth tax abated in some way. perhaps say 50% to charity means 50% abated off the tax. Because when you think about it an asset of $2m going to charity is much better than say $150,000. If the charity is chosen well more of the actual money will get to the end users. A point that Ian Taylor was making.
Ok are you saying that people who are intending to leave all their assets to charity such as the Doucas’ and Lloyd Morrisons of this world will not have to pay this wealth tax.
No, I’m pointing out that if someone has $5m to donate to a charity, when they die they will still have most of that $5m to donate to charity even if they paid the wealth tax every year for 20 years.
Given the amount is at the 0.7% of the population level and might rise to over 1% later, is it too low?
Couples won't be paying till $4m. The impost is greater on those singles owning.
A consideration as to determining impact would be whether the amount is adjusted to the market/indexed or not.
At the extreme property might rise to $3M over time. Initially there would be no wealth tax. Then a little and finally peaking at $1m at 2.5% – $25,000 pa.
My conclusion is that the estate would be worth well over $2m on the house sale after making all the charges made
5 years zero, c10 years $10,000, c5 years $25,000 – little over $200,000. Interest costs within $100,000. Way less than the CG during the period.
So to your claim of
It sounds as though if it was charged yearly and presumably interest charged as well, that a person who dies 20 years later will not have very much left.
Yeah right…..probably was an exageration but what is not an exageration though is that the impact is greater on singles than a couple, as you have said.
In a fundamental sense, instead of policies that provide ways to improve the options and wellbeing of those that are struggling, it is a policy that believes redistribution – using nominal thresholds – of personal assets is a solution.
This policy makes a lot of assumptions, and it's only after reading it and having questions about the blanket assertions of it – that I can actually say – I see how such policies get the accusation of "envy politics".
The consistent failures of successive governments to address the regulatory and policy drivers of poverty, housing, and the cost of living rises is ignored.
This policy instead assumes those that made it through with assets – are the ones that should pay. I have numerous examples within my acquaintance that do not fit those assumptions. Relatives with access to free housing, on benefits for years, often have more discretionary spending than working households. This is not to say that this is the situation for all beneficiaries, but the point is, poverty needs to be measured in material and well-being, and balance of income vs outgoing terms as well as in nominal terms.
It also pre-disposes governments to benefit from allowing housing inflation to continue, as there will be a financial cost to any significant housing deflation – as it will be predicated on property values in many cases. As I am someone who sincerely believes bringing house prices down will significantly improve the balance between income and outgoings – thereby addressing poverty in one way – this is a real concern. If house prices do fall – then the wealth tax received for paper profits – becomes even more unjustifiable.
Some of those who work and own properties do so with costs to their material and mental well-being.
I mentioned this possibility in a Standard post a few weeks ago:
Also, the press release is low on details on calculations, and it does strike me that the demonisation of landlords, is perhaps making it's way to the critique of anyone who owns property. I guess we'll see.
The average value of a house is under $1M. This threshold is $2m single and $4m couple. If impacts on circa 1% of homeowners – as per 0.7 total (c65% who own their home).
The complicating factor is trusts (is there some sort of threshold?).
The consistent failures of successive governments to address the regulatory and policy drivers of poverty, housing, and the cost of living rises is ignored.
We had little cost of living inflation for two or three decades (apart from power and housing). And a fairer incomes and taxation regime is part of reducing poverty.
It also pre-disposes governments to benefit from allowing housing inflation to continue, as there will be a financial cost to any significant housing deflation – as it will be predicated on property values in many cases. As I am someone who sincerely believes bringing house prices down will significantly improve the balance between income and outgoings – thereby addressing poverty in one way – this is a real concern.
If the government wants to increase levels of home ownership (which Labour Greens and TPM do) – which prevents hardship and impost on government when people retire from work, they have motive to hold down property values.
If house prices do fall – then the wealth tax received for paper profits – becomes even more unjustifiable.
It is seen as justifiable elsewhere in the OECD, and property markets rarely fall in nominal value over time, but sometimes in real value (for several years or so) – and then only because they have become overvalued.
I can't be the only one brought up with the value of not going into debt if it can be at all avoided.
I was also brought up on the aspects of Aesop's fable of the grasshopper and the ants. While I have acquaintances that have benefited from unrealised capital gains on housing, I also know of others that have accumulated what you consider excessive wealth through excessive long hours of work and sacrifice.
Putting in 60 hour weeks into their businesses, and giving up time with their children in order to provide for them in later life.
The threshold takes no account of this difference, nor of the responsibilities of individuals or couples for others.
It also assumes that no provision for the others has been made by anyone at all during their lives. It is only the government that can provide – and it will do so by taking monies from those who own private assets over what they consider moral. (But most likely relates to their calculations to what they needed to get the funds for their policy).
How many avoid debt when buying a property? How many increase the mortgage to fund a renovation/improvement?
The idea that those owning property worth over $4m couples or $2m single face a burden with a debt charge against the property, when that is less than the untaxed CG growth of the property, is absurd.
I have no opinion about what amount of wealth is excessive, I do however acknowledge we are currently unique in the OECD in having no CGT, wealth tax or estate tax/gift duty.
and it will do so by taking monies from those who own private assets over what they consider moral.
Total nonsense, it's taxation. It appears that those who have – the top 1% are the ones who whine the most.
I am not au fait with the figures but the idea was that retired people past their capacity to bring in a huge bucks by working and maybe living on National Super*, were going to be expected to pay huge figures just to remain in their own homes.
If you are not au fait with the figures then why are you responding to the policy as if you are?
Here is the basic primer that Albert Park didn't bother to read,
2.5% will be charged on wealth over a set level i.e. it's not charged on the whole amount
that level is set at $4m for couples and $2m for individuals
this means that an individual with a house worth $2.5m (mortgage paid off), will have an annual bill of $12,500
that sounds like a lot, but bear in mind two things
very few people in NZ have a mortgage free house worth $2.5m
for those that are asset rich and cash poor, payment can be deferred until the asset is sold
Thus,
Almost all family homes in Aotearoa come under the threshold for the Green Party’s proposed Wealth Tax, whether individually or jointly owned. The Wealth Tax will be paid by 0.7% of New Zealanders – the wealthiest few property owners in the country, who can afford to contribute more.
The Wealth Tax will be designed to ensure it is workable for people who own more than $2 million in assets but have only a modest income. These people, who are often retired, will be able to defer payment of the net wealth tax until their asset is sold. This is similar to the approach many councils already allow with rates payments
(not sure what they mean by net wealth tax there. Anyone?)
So a woman in her 70s with a mortgage free house valued at $2.5m, who lives in her home for another 10 years then shifts into a smaller more manageable home, would owe $125,000 when her house is sold. Again, this sounds like a lot, but what she is left with is $2,125,000. And most of that will have accrued from capital gains via the insane property market increases of the past few decades.
I wanted to make this clear so you can form a picture in your mind of the couple sitting on a freehold properties worth $5,000,000 being asked to pay $25,000 in tax to support a safety net for the lest well off. This is not dangerous or radical. It's actually good and sensible.
"I wanted to make this clear so you can form a picture in your mind of the couple sitting on a freehold properties worth $5,000,000 being asked to pay $25,000 in tax to support a safety net for the lest well off."
An alternative way of making this clear, is to call it an annual compelled donation to the government.
What is any tax if not a compelled payment? How else do we fix accelerating inequality and insufficient funding of public services? Sounding awfully taxation-is-theft libertarian here.
Might be sounding that way. But don't people who will be affected ALREADY pay tax on their income, and rates on their property values? I haven’t suggested excluding those forms of taxation.
Because this tax is in ADDITION to income tax, it must be considered in terms of it's impact on the motivation to save and be frugal, and not just assume such wealth comes from a form of exploitation and indicates a material wealth and excess discretionary spending – rather than a paper one.
yes, it's a new tax. A taxation on wealth accrual that isn't currently taxed. That's all a given.
Because this tax is in ADDITION to income tax, it must be considered in terms of it's impact on the motivation to save and be frugal, and not just assume such wealth comes from a form of exploitation and indicates a material wealth and excess discretionary spending – rather than a paper one.
sure, but you haven't made the case yet, with reference to the actual policy, for who would be unfairly impacted and how.
The policy position doesn't assume that wealth comes only from exploitation. It assumes wealth comes from a range of factors, including excessive capital gains on housing, and the kind of large wealth that can be built up from privilege that relies on collective resources but doesn't pay its way.
"The policy position doesn't assume that wealth comes only from exploitation. It assumes wealth comes from a range of factors, including excessive capital gains on housing"
The last 30+ years of increases in housing valuations doesn't equate to material improvement either. Those who own these houses that have rapidly increased in price didn't do anything material to generate that extra value, they just happened to buy at the bottom of the market.
I’m not quite sure how there isn’t material improvement on a freehold house worth over $2m. I get it in principle, but in reality having that kind of asset opens a whole bunch of doors that wouldn’t otherwise even exist. For instance, one could sell it and buy a less expensive house if one was moving to another part of the country. Or one could use it to finance a second house or a business. So much potential that the person on the same income but no freehold $2m house doesn’t have.
And, the income that was being used to pay off the mortgage is freed up. How is that not a material improvement?
I’d like to know how someone even pays off a $2m mortgage.
Surely it won't only be property – the art collection, or vintage cars, or wine cellar can easily run into hundreds of thousands.
However, those are likely to be 'pre-valued' for insurance purposes. Property is often under insured (as we've seen during the recent climate and natural disasters) – and the Council valuations are basically just a guess based on the location, size of section and number of bedrooms.
The policy position doesn't assume that wealth comes only from exploitation. It assumes wealth comes from a range of factors, including excessive capital gains on housing, and the kind of large wealth that can be built up from privilege that relies on collective resources but doesn't pay its way.
I can't help thinking that if this the crux of the issue and its raison d'etre it is more about the politics of envy than anything else.
Phrasing such as the para above is not going to 'win friends and influence people' who may have felt that a tax like death duties or something similar when they are gone was Ok as a way to leave something behind to do good for the wider populace.
I think any wider dissemination or discussion needs to build on the basis of doing good rather than seemingly punishing people for being alive when economic conditions over which they had no control, were such that did not prevent excessive (my bold) capital gains. Let alone the 'privilege' I guess from having a family that has different priorities.
This sounds a mean spirited & punishing reason for introducing a wealth tax. Especially one which may catch the family home.
I think any wider dissemination or discussion needs to build on the basis of doing good rather than seemingly punishing people for being alive when economic conditions over which they had no control, were such that did not prevent excessive (my bold) capital gains. Let alone the 'privilege' I guess from having a family that has different priorities
Doing good? Did you miss what the wealth tax was intended to pay for?
Privilege in my sentence referred to people who accrued a lot of wealth. Not a $2m dollar house via capital gains, but millions of dollars that comes from their work but where that work relies on the whole of society. I wasn't talking about people in your situation I was pointing out that 'evil greedy people' isn't the only way to understand wealth accrual. It is a privilege to make millions of dollars, no-one does this by hard work alone.
Can you please explain how paying a small proportion of the large capital gains from unearned wealth to get NZers out of poverty is a punishment? I really don't get it.
My childhood home was in a state housing area. My parents bought it when it became available.
I remember my mother mentioning in her late fifties that they had finally paid off the mortgage.
Directly across the street were state houses that remained in Housing NZ. One of the families lived there for over two decades. We lived in similar houses in terms of size and quality, went to the same schools and played together.
This house is now worth about two million. AFAIK the walls will still be uninsulated. My mother is now widowed. If she was still living there after the death of my father, she will be expected to find money or accumulate debt to pay the wealth tax.
The family living on the other side of the road, in much the same house – will not be subject to that requirement.
So, as you say, the widowed person can choose to sell, reduce assets and move from a neighbourhood where they are known and have support systems in place. Or they can "choose" to accumulate debt, in the sanitised form of deferred payments, which is something that many older people have lived their lives avoiding.
@arkie mentioned:
"The last 30+ years of increases in housing valuations doesn't equate to material improvement either. Those who own these houses that have rapidly increased in price didn't do anything material to generate that extra value, they just happened to buy at the bottom of the market."
Long term home owners do not benefit from paper profits. It doesn't insulate houses, fix roofs, pay for maintenance or rates.
Address the failure of not taxing speculative housing transactions appropriately, rather than assume all property owners are materially better off when property values rise. Those who own single properties are often not as both insurance costs and rates rise.
There is going to be very well organised and funded opposition to any attempt to redistribute wealth (even slightly). This astroturfing is just the earliest beginning, I suspect.
The Bannon model; never mind the merits or otherwise, just confuse and distort.
“The Democrats don’t matter,” he had said to me over our lunch. “The real opposition is the media. And the way to deal with them is to flood the zone with shit.”
darklol. Yes, research universities can redefine lesbianism and openly practice misogyny, because they're allowed to say what they want, but people are compelled to use specified pronouns or can lose their job for saying that male people are male.
1. The word gay has been taken from woman – some identified as gay women. It is now only, gay men.
2. The word lesbian is not associated with women, even though word gay is with men.
3. Gay (men) do not include the non binary, but lesbian does.
4. The inclusion of non binary, apart from women in the lesbian group – indicates inclusion of those born male who identify as non binary if they prefer female partners. Why? Because anyone born female who identifies as non binary and prefers female partners is a lesbian already.
I suppose the logic is if they accept people who have not transitioned as transgender women, why not the non binary born male as well.
They have made a compelling case for self ID as a development leading towards the primacy of the gay male in his identity and the subordination of the lesbian woman in hers.
Thus identified, in their own way, that their liberalism is one that will be subject to a counter-offensive because it is not a secure position to stand on.
Standard Operating Procedure
A non binary woman, born female, who prefers female partners is a lesbian woman.
A non binary man, born male, who prefers female partners is only going to interest bi-sexual women, not lesbian ones. And not as a lesbian, but as a person they might find more interesting than cis gender heterosexual men. Thus seen as bi-sexual women friendly.
A person born male and who transitions to the female form, and who prefers female partners – might interest bi-sexual women and even be a partner to a lesbian woman, as someone lesbian women friendly. But not qualify for a lesbian identity, or group except as someones guest/partner or honorary (a bit like how the transsexuals were accepted without question pre gender ID).
to link to a specific tweet, click on the date/time stamp on the individual tweet. This will set the URL in the address bar to that tweet. You can then copy and paste it to TS.
What you have done is just copy the URL/address of the person's account (presumably you were reading their timeline), which is why no-one knows what you are talking about. The tweet you were referring to has disappeared down the timeline.
Also, TS doesn't embed tweets atm, so best to also copy and paste the words in the tweet and put them on TS inside some quotations or such to make it clear they are quote. Still needs the direct link as well.
removing the word militant (to describe armed Palestinian groups – left referred to as as gunmen of).
"Hamas, the elected government of the blockaded Gaza Strip." It has been reverted to say, "Hamas, which runs the blockaded Gaza Strip."
The only thing is that there is this thing called accuracy – the last Palestinian elections were in 2006 and Hamas won. They were later removed from government in the West Bank by forces loyal to PA President Abbas in 2007 (there have been no elections since). The West and Israel recognise Abbas only.
Abbas was a fool and allowed Hamas to stand in elections for PA governance without signing up to the Oslo Accords.
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David Farrar writes –Β Radio NZΒ reports: The Education Review Office says too many new teachers feel poorly prepared for their jobs. In a report published on Monday, the review office said 60 percent of the principals it interviewed said their new teachers were not ready. ...
New Zealand’s economic performance and the PM’s vision Β Michael Reddell writes –Β When I wrote yesterday morningβs post, highlighting how poorly both New Zealand and its Anglo peer countries have been doing in respect of productivity in recent times (ie, in the case of New ...
Hi all,Firstly - thank you! You guys are awesome. The response I’ve received to last night’s mail has been quite overwhelming. It’s a ghastly day outside, but there are no clouds in here.In case you didn’t read my email and are wondering what on earth I’m talking about you can ...
If there was still any doubt as to who is actually running this government β and it isnβt the buffoon from Botany β then this weekβs announcement of a huge spend up on charter schools has settled the matter. While jobs and public services continue to be cut in the ...
This is a re-post from Yale Climate Connections by Gaye Taylor As widespread drought raises expectations for a repeat of last year’s ferocious wildfire season, response teams across Canada are grappling with the rapidly changing face of fire in a warming climate. No longer quenched by winter, nor quelled by the ...
Half of Christchurch City Holdings Ltd’s directors and its chair resigned en masse last night in protest at Christchurch City Council’s demand to front-load dividends File Photo: Lynn Grieveson / The KākāTL;DR: The chair of Christchurch City Council’s investment company and four of its independent directors resigned in protest last ...
The University of Waikato has reworded an advertisement that begins the tender process for its new $300 million-plus medical school even though the Government still needs to approve it. However, even the reworded ad contains an architectβs visualisations of what the school might look like. ACT leader David Seymour told ...
As a follow-up to the Rings of Power trailer discussion, I thought I needed to add something. There has been some online mockery about the use of the same actor for both the Halbrand and Annatar incarnations of Sauron. The reasoning is that Halbrand with a shave and a new ...
This isn’t quite as dramatic as the title might suggest. I’m not going anywhere, but there is something I wanted to talk to you about.Let’s start with a typical day.Most days I send out a newsletter in the morning. If I’ve written a lot the previous evening it might be ...
Buzz from the Beehive The promise of tax relief loomed large in his considerations when Β the PM delivered a pre-Budget speech to the Auckland Business Chamber. The job back in Wellington is getting government spending back under control, he said, bandying figures which show that in per capita terms, the ...
Yesterday de facto Prime Minister David Seymour announced that his glove puppet government would be re-introducing charter schools, throwing $150 million at his pet quacks, donors and cronies and introducing an entire new government agency to oversee them (the existing Education Review Office, which actually knows how to review schools, ...
Te PΔti MΔori have launched a petition to stop the repeal of Section 7AA from the Oranga Tamariki Act. This announcement comes prior to the first reading of the Section 7AA repeal bill in Parliament today. βSection 7AA forces the Government to adhere to Te Tiriti o Waitangi with respect ...
The Government has yet again failed to do the one thing that needs to happen to ensure houses can be built β commit to ongoing funding, Labour housing spokesperson Kieran McAnulty said. ...
Treasury officials have outlined many ways in which the Fast Track Approvals Bill is deeply flawed, Labour environment spokesperson Rachel Brooking says. ...
Green Party co-leaders Marama Davidson and ChlΓΆeΒ Swarbrick used this year's State of the Planet to call on the Government to prioritise people and planet as the delivery of the Budget approaches. A full transcript of their speeches can be found below.Β ...
Green Party co-leaders Marama Davidson and ChlΓΆe Swarbrick have used their State of the Planet speeches to challenge the Government to prioritise people and planet over profit as the delivery of the Budget approaches. ...
More than 4,500 jobs are set to go as the National Government continues its deep cuts to services to pay for irresponsible and ill-timed tax cuts. Β ...
The Governmentβs introduction of legislation that would enable landlords to end tenancies with no reason marks a dark day for the 1.4 million people who rent their home in Aotearoa.Β ...
The Minister for Mental Health has found the Suicide Prevention Office and mental health support for 111 calls slipping through his fingers, says Labour spokesperson for Mental Health Ingrid Leary. ...
Todayβs justification from the Minister for Children for scrapping protections for our tamariki was either a case of ignorance or deliberate deception.Β ...
The Green Party says the Governmentβs misguided policy on gangs will fail, following the announcement of the establishment of a national gang unit and district gang disruption units to target gang activities.Β ...
βWith Police pay negotiations still unresolved after six months in Government, Mark Mitchell has today rolled the Commissioner out for a rebrand of their approach to gang crime,β Labour police spokesperson Ginny Andersen said.Β Β ...
The Government bringing back 50 charter schools will not increase achievement and is a distraction from the core mission of the education system, Labour education spokesperson Jan Tinetti said. ...
Te PΔti MΔori is showing extreme concern over the Environment Select Committees adoption of a lucky dip draw to determine hearings for the Fast Track Approvals bill. Of the 27,000 submissions, 2,900 requested to present. All organisations will be heard; however, the remaining 2,350 submitters will be subject to a ...
Today New Zealand First will introduce a Memberβs Bill that will protect womenβs spaces. The βFair Access to Bathrooms Billβ 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 Wattsβ continuation of Hon. James Shawβs 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. ...
This morningβs pre-Budget speech from the Minister of Finance offered no βmeaningfulβ news on the Governmentβs trickle-down economics based plans. ...
The Green Party is welcoming the announcement by the Minister Responsible for RMA Reform Chris Bishop to approve most of the Wellington City Councilβs 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 βThis House Believes British Museums are not Very Britishβ on May 23rd. ...
Green Party MP HΕ«hana Lyndon says her Public Works (Prohibition of Compulsory Acquisition of MΔori Land) Amendment Bill is an opportunity to right some past wrongs around the alienation of MΔori land. ...
A senior, highly respected Kingβs Counsel with decades of experience in our law courts, Gary Judd KC, has filed a complaint about compulsory tikanga MΔori studies for law students - highlighting the utter depths of absurdity this woke cultural madness has taken our society.Β 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 Zealandβs 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 doesnβt know or care about the frontline cuts sheβs 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. ...
The Coalition Governmentβs Residential Tenancies Amendment Bill, which will improve tenancy laws and help increase the supply of rental properties, has passed its first reading in Parliament says Housing Minister Chris Bishop. βThe Bill proposes much-needed changes to the Residential Tenancies Act 1986 that will remove barriers to increasing private ...
Standing here in Cassino War Cemetery, among the graves looking up at the beautiful Abbey of Montecassino, it is hard to imagine the utter devastation left behind by the battles which ended here in May 1944. Hundreds of thousands of shells and bombs of every description left nothing but piled ...
I present a legislative statement on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill Mr. Speaker, I move that the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill be now read a first time. I nominate the Social Services and Community Committee to consider the Bill. Thank you, Mr. ...
The Bill to repeal Section 7AA of the Oranga Tamariki Act has had its first reading in Parliament today. The Bill reaffirms the Coalition Governmentβs commitment to the care and safety of children in care, says Minister for Children Karen Chhour.Β βWhen I became the Minister for Children, I made ...
Kia ora koutou, good morning, and zao shang hao. Thank you Fran for the opportunity to speak at the 2024 China Business Summit β itβs great to be here today. Iβd also like to acknowledge: Simon Bridges - CEO of the Auckland Chamber of Commerce. His Excellency Ambassador - Wang ...
Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home.Β Β βNew Zealanders in New Caledonia have faced a challenging few days - and bringing ...
Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home.Β βNew Zealanders in New Caledonia have faced a challenging few days - and bringing them ...
The Coalition Government will introduce legislation this year that will enable roadside drug testing as part of our commitment to improve road safety and restore law and order, Transport Minister Simeon Brown says.Β βAlcohol and drugs are the number one contributing factor in fatal road crashes in New Zealand. In ...
The Government has announced a series of immediate actions in response to the independent review of KΔinga Ora β Homes and Communities, Housing Minister Chris Bishop says. βKΔinga Ora is a large and important Crown entity, with assets of $45 billion and over $2.5 billion of expenditure each year. It ...
Associate Health Minister David Seymour is pleased that Pseudoephedrine can now be purchased by the general public to protect them from winter illness, after the coalition government worked swiftly to change the law and oversaw a fast approval process by Medsafe. βPharmacies are now putting the medicines back on their ...
TΔnΔ koutou katoa.β―Da jia hao. Β Good morning everyone. Β Prime Minister Luxon, your excellency, a great friend of New Zealand and my friend Ambassador Wang, Mayor of what he tells me is the best city in New Zealand, Wayne Brown, the highly respected Fran OβSullivan, Champion of the Auckland business ...
Energy Minister Simeon Brown has announced that the Government will make it easier for lines firms to take action to remove vegetation from obstructing local powerlines. The change will ensure greater security of electricity supply in local communities, particularly during severe weather events.Β βTrees or parts of trees falling on ...
Wairarapa Moana ki Pouakani were the top winners at this yearβs Ahuwhenua Trophy awards recognising the best in MΔori dairy farming. MΔori Development Minister Tama Potaka announced the winners and congratulated runners-up, WhakatΕhea MΔori Trust Board, at an awards celebration also attended by Prime Minister Christopher Luxon and Finance Minister ...
"On the 27th of March, I sought assurances from the Chief Executive, Department of Internal Affairs, that the Departmentβs correct processes and policies had been followed in regards to a passport application which received media attention,β says Minister of Internal Affairs Brooke van Velden.Β βI raised my concerns after being ...
Attorney-General Judith Collins has announced the appointment of three new District Court Judges, to replace Judges who have recently retired. Peter James DaveyΒ of Auckland has been appointed a District Court Judge with a jury jurisdiction to be based at Whangarei. Mr Davey initially started work as a law clerk/solicitor with ...
Associate Education Minister David Seymour is calling on the Post Primary Teachersβ Association (PPTA) to put ideology to the side and focus on studentsβ learning, in reaction to the union holding paid teacher meetings across New Zealand about charter schools.β― β―Β βThe PPTA is disrupting schools up and down the ...
Commerce and Consumer Affairs Minister Andrew Bayly today announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA). Mr Stobo takes over from Mark Todd, whose term expired at the end of April. Mr Stoboβs appointment is for a five-year term. βThe FMA plays ...
Surf Life Saving New Zealand and Coastguard New Zealand will continue to be able to keep people safe in, on, and around the water following a funding boost of $63.644 million over four years, Transport Minister Simeon Brown and Associate Transport Minister Matt Doocey say. βHeading to the beach for ...
New Zealand and Tuvalu have reaffirmed their close relationship, Foreign Affairs Minister Winston Peters says.Β βNew Zealand is committed to working with Tuvalu on a shared vision of resilience, prosperity and security, in close concert with Australia,β says Mr Peters, who last visited Tuvalu in 2019.Β βIt is my pleasure ...
Prime Minister Christopher Luxon met today with Samoaβs O le Ao o le Malo, Afioga Tuimalealiifano Vaaletoa Sualauvi II, who is making a State Visit to New Zealand. βHis Highness and I reflected on our two countriesβ extensive community links, with SamoanβNew Zealanders contributing to all areas of our national ...
Transport Minister Simeon Brown has announced that he has approved Waiheke Island ferry operator Island Direct to be eligible for SuperGold Card funding, paving the way for a commercial agreement to bring the operator into the scheme. βIsland Direct started operating in November 2023, offering an additional option for people ...
Foreign Minister Winston Peters today announced further sanctions on 28 individuals and 14 entities providing military and strategic support for Russiaβs invasion of Ukraine.Β βRussia is directly supported by its military-industrial complex in its illegal aggression against Ukraine, attacking its sovereignty and territorial integrity. New Zealand condemns all entities and ...
A year on from the tragedy at Loafers Lodge, the Government is working hard to improve building fire safety, Building and Construction Minister Chris Penk says. βI want to share my sincere condolences with the families and friends of the victims on the anniversary of the tragic fire at Loafers ...
Ka nui te mihi kia koutou. Kia ora and good afternoon, everyone. Thank you so much for having me here in the lead up to my Governmentβs first Budget. Before I get started can I acknowledge: Simon Bridges β Auckland Business Chamber CEO. Steve Jurkovich β Kiwibank CEO. Kids born ...
New Zealand and Vanuatu will enhance collaboration on issues of mutual interest, Foreign Minister Winston Peters says.Β Β βIt is important to return to Port Vila this week with a broad, high-level political delegation which demonstrates our deep commitment to New Zealandβs relationship with Vanuatu,β Mr Peters says.Β Β βThis ...
Minister for Land Information, Chris Penk will travel to Peru this week to represent New Zealand at a meeting of trade ministers from the Asia-Pacific region on behalf of Trade Minister Todd McClay. The annual Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade meeting will be held on 17-18 May ...
Minister of Education Erica Stanford will head to the United Kingdom this week to participate in the 22nd Conference of Commonwealth Education Ministers (CCEM) and the 2024 Education World Forum (EWF). βI am looking forward to sharing this Governmentβs education priorities, such as introducing a knowledge-rich curriculum, implementing an evidence-based ...
Minister of Education Erica Stanford has today thanked outgoing New Zealand Qualifications Authority Chair, Hon Tracey Martin. βTracey Martin tendered her resignation late last month in order to take up a new role,β Ms Stanford says. Ms Martin will relinquish the role of Chair on 10 May and current Deputy ...
New Zealand Prime Minister Christopher Luxon and President Emmanuel Macron of France today announced a new non-governmental organisation, the Christchurch Call Foundation, to coordinate the Christchurch Callβs work to eliminate terrorist and violent extremist content online.Β Β This change gives effect to the outcomes of the November 2023 Call Leadersβ Summit, ...
Distinguished public servant and former diplomat Sir Maarten Wevers will lead the independent review into the disability support services administered by the Ministry of Disabled People β Whaikaha. The review was announced by Disability Issues Minister Louise Upston a fortnight ago to examine what could be done to strengthen the ...
Todayβs announcement by Police Commissioner Andrew Coster of a National Gang Unit and district Gang Disruption Units will help deliver on the coalition Governmentβs pledge to restore law and order and crack down on criminal gangs, Police Minister Mark Mitchell says. βThe National Gang Unit and Gang Disruption Units will ...
Foreign Minister Winston Peters has today expressed regret at North Koreaβs aggressive rhetoric towards New Zealand and its international partners.Β βNew Zealand proudly stands with the international community in upholding the rules-based order through its monitoring and surveillance deployments, which it has been regularly doing alongside partners since 2018,β Mr ...
Air Vice-Marshal Tony Davies MNZM is the new Chief of Defence Force, Defence Minister Judith Collins announced today. The Chief of Defence Force commands the Navy, Army and Air Force and is the principal military advisor to the Defence Minister and other Ministers with relevant portfolio responsibilities in the defence ...
Legislation to repeal section 7AA of the Oranga Tamariki Act has been introduced to Parliament. The Billβs introduction reaffirms the Coalition Governmentβs commitment to the safety of children in care, says Minister for Children, Karen Chhour. βWhile section 7AA was introduced with good intentions, it creates a conflict for Oranga ...
Defence Minister Judith Collins will this week travel to the UK and Italy to meet with her defence counterparts, and to attend Battles of Cassino commemorations. βI am humbled to be able to represent the New Zealand Government in Italy at the commemorations for the 80th anniversary of what was ...
The upcoming Budget will include funding for up to 50 charter schools to help lift declining educational performance, Associate Education Minister David Seymour announced today. $153 million in new funding will be provided over four years to establish and operate up to 15 new charter schools and convert 35 state ...
βThe results of the public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has now been received, with results indicating over 13,000 submissions were made from members of the public,β Internal Affairs Minister Brooke van Velden says. βWe heard feedback about the extended lockdowns in ...
Foreign Minister, Defence Minister, other Members of Parliament Acting Chief of Defence Force, Secretary of Defence Distinguished GuestsΒ Defence and Diplomatic ColleaguesΒ Ladies and Gentlemen,Β Good afternoon, tΔna koutou, apinun truΒ Β Itβs a pleasure to be back in Port Moresby today, and to speak here at the Kumul Leadership ...
Health, infrastructure, renewable energy, and stability are among the themes of the current visit to Papua New Guinea by a New Zealand political delegation, Foreign Minister Winston Peters says. Β βPapua New Guinea carries serious weight in the Pacific, and New Zealand deeply values our relationship with it,β Mr Peters ...
Education is facing a bunch of changes, but the important ones are not banned cell phones or ‘woke’ foods.Β The Government has ordered teachers to adopt ‘structured literacy’ to get children reading.Β That means Reading Recovery, a system New Zealand pioneered and spread to the world, along with ‘whole language’, ...
What a difference a year has made for Caroline Powell. After coming last at the Badminton Horse Trials in 2023, Powell triumphed at this yearβs event earlier this month, on board her sometimes-feisty Irish-bred mare Greenacres Special Cavalier β much to her astonishment. Now she hopes to succeed at the ...
The publishing sensation of 2024 is wartime memoir The Last Secret AgentΒ by Pippa Latour and Jude Dobson, which tells the amazing story of a woman who operated behind enemy lines in Nazi-occupied France. Sales went through the roof as soon as it was published: in its first week it became ...
Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question?Send Newsroom your questions. The post Newsroom daily quiz, Wednesday 22 May appeared first on Newsroom. ...
Comment: NZ’s main political parties need to reach a consensus on how to adjust to China’s dominance and coercion The post Bridging the Aukus chasm appeared first on Newsroom. ...
Opinion: Jacinda Ardernβs leadership significantly enhanced New Zealandβs profile on the global stage. In the first five months of her second term of government, between December 2020 and April 2021, her name appeared 24 times in the Washington Post, 10 in the New York Times, 27 in the Times and ...
Comment: The public has seen the PM’s ruthless side, but it’s hard to imagine a scenario where a member of the coalition faces the same punishment The post Christopher Luxon the disciplinarian appeared first on Newsroom. ...
By Maia Ingoe, RNZ News journalist A NZ Defence Force plane carrying 50 New Zealanders evacuated from New Caledonia landed at Auckland International Airport last night. The Ministry of Foreign Affairs and Trade said it would be working with France and Australia to ensure the safe departure of several evacuation ...
Source: The Conversation (Au and NZ) – By Stephen Snow, Research Scientist, CSIRO CSIRO How often do you check your local weather forecast? How about your local climate projections for 2050? For many farmers, the answer to the first question is all the time. But the answer to the ...
Pacific Media Watch A MΔori supporter of Pacific independence movements claims the French government has βconstructed the crisisβ in New Caledonia by pushing the indigenous Kanak population to the edge, reports Atereano Mateariki of Waatea News. A NZ Defence Force Hercules is today evacuating about 50 New Zealanders stranded in ...
COMMENTARY:By Gordon Campbell The split opening up in Israelβs βWar Cabinetβ is not just between Prime Minister Benjamin Netanyahu and his long-term rival Benny Gantz. It is actually a three-way split, set in motion by Defence Minister Yoav Gallant. It was Gallantβs open criticism of Netanyahu that finally flushed ...
Reacting to todayβs Budget Speech from Labourβs Finance spokesperson, Barbara Edmonds, Taxpayersβ Union Campaigns Manager, Connor Molloy, said: βIt is encouraging to see that one of Labourβs stated priorities is to focus on creating βa level ...
Source: The Conversation (Au and NZ) – By Kylie Turner, System Lead, Sustainable Economies, Climateworks Centre atk work/Shutterstock In the budget last week, the government was keen to talk about its efforts to turn Australia into a renewable superpower under the umbrella of the Future Made in Australia policies. ...
Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University Opposition Leader Peter Dutton might have done us a favour. As part of his budget reply speech on Thursday night he promised to stop foreigners buying existing Australian homes. ...
Source: The Conversation (Au and NZ) – By Amy Maguire, Associate Professor in Human Rights and International Law, University of Newcastle The request by Karim Khan, chief prosecutor of the International Criminal Court (ICC), for arrest warrants for Israeli and Hamas leaders is a significant step in the effort to ...
RNZ Pacific A New Zealand author, journalist and media educator who has covered the Asia-Pacific region since the 1970s says liberation βmust comeβ for Kanaky/New Caledonia. Professor David Robie sailed on board Greenpeaceβs flagship Rainbow Warrior until it was bombed by French secret agents in New Zealand in July 1985 ...
Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand Fonterra caught the business world by surprise last week with plans to sell off its consumer brands and businesses β including supermarket mainstays such as Anchor, Fresh’n Fruity and Mainland. The move ...
Source: The Conversation (Au and NZ) – By David Small, Senior lecturer, Above the Bar School of Educational Studies and Leadership, University of Canterbury With an air force plane on its way to rescue New Zealanders stranded by the violent uprising in New Caledonia, many familiar with the islandβs history ...
Regional councils must focus on building meaningful and enduring relationships with iwi and hapΕ« to support better freshwater management, says the Auditor-General in a new report. ...
Chris Glaudel, Deputy Chief Executive of Community Housing Aotearoa, sees the announcement as a step towards addressing New Zealandβs high and rising levels of homelessness by improving our approach and system to delivering affordable homes. ...
Source: The Conversation (Au and NZ) – By Ali Mamouri, Research fellow, Middle East studies, Deakin University The death of President Ebrahim Raisi in a helicopter crash this week occurred during one of the Islamic Republic of Iranβs most challenging periods. Raisi, a prominent figure in the political elite, ...
The end of universal flu shot funding for under-12s is a step backwards for New Zealand child health, say experts from the University of Auckland and the University of Otago. New Zealandβs decision to no longer offer free influenza vaccines for all children under 12 will likely wipe out recent ...
The PSA is taking action to force the Ministry of Education to comply with its legal obligations to do everything it can to find other roles for staff it is laying off because of the Governmentβs spending cuts. ...
Source: The Conversation (Au and NZ) – By Andrea Waling, Senior Lecturer & Research Fellow, Sex, Health and Society, La Trobe University Netflix There has been much excitement in the lead up to the first four episodes of Bridgertonβs season three, featuring leading couple Penelope Featherington (Nicola Coughlan) and ...
Source: The Conversation (Au and NZ) – By Lisa De Bortoli, Senior Research Fellow, Australian Council for Educational Research Taylor Flowe/Unsplash, CC BY Australian teenagers have more disruptive maths classrooms and experience bullying at greater levels than the OECD average, a new report shows. But in better news, Australian ...
Poet, editor and former bookseller Jane Arthurβs debut childrenβs novel Brown Bird is the story of a shy, self-conscious 11-year-old β partly based on her childhood self β venturing out of her quiet comfort zone. Childrenβs books are close to my heart because mostly I believe that adults are rings ...
Peter Jackson is bringing Lord of the Rings back to Wellington, producing two new Gollum films in Wellington. Madeleine Chapman (Gollum) argues with Madeleine Chapman (Smeagol) about it. First of all, I canβt believe weβre even having this conversation. Of course itβs great news!I donβt know, it gives me ...
AsΒ part of our series exploring how New Zealanders live and our relationship with money, a part-time media librarian and superannuitant explains how he spends and saves. Want to be part of The Cost of Being? Fill out the questionnaire here.Gender: Male Age: 65 Ethnicity:Β EuropeanRole: Media librarian ...
The Governmentβs Environmental Select Committee is refusing to engage meaningfully when it matters the most over new fast tracking environmental legislation, says NgΔti Ruanui. ...
Source: The Conversation (Au and NZ) – By Samantha Marsh, Senior Research Fellow in Public Health, University of Auckland, Waipapa Taumata Rau Christoph Soeder/dpa New Zealandβs decision to no longer offer free influenza vaccines for all children under 12 will likely wipe out recent gains in uptake. And it ...
Source: The Conversation (Au and NZ) – By Alexis Anja Kallio, Deputy Director (Research), Queensland Conservatorium, Griffith University Many young people in contact with the justice system come from backgrounds of extreme poverty, parental abuse or neglect, parental incarceration and disrupted education. These complex traumas often manifest as addictions ...
The agency was found to be underperforming and βnot financially viableβ, explains Stewart Sowman-Lund in this extract from The Bulletin. To receive The Bulletin in full each weekday,Β sign up here. A damning report A government-ordered ...
Asia Pacific Report For more than 76 years, Palestinians have resisted occupation, dispossession and ethnic cleansing, culminating in Israelβs genocidal war on Gaza. Yet in the midst of this catastrophic seven months of βhell on earthβ, it is a paradox that there exists an extraordinary oasis of peace and nature. ...
Youβll never set foot in one. But its emissions still effect you. Shanti Mathias reports on a campaign to make private jet owners pay for their emissions in some way. The private jet passengers saunter down the red carpet, wearing sunglasses and heels; paparazzi cameras flash. The sky is blue, ...
Quality teachers back on the front line can only be a good thing.Β One of the difficult things we teach in senior English classes at secondary school is the development of an idea. This involves deepening your argument, without instead βgoing sidewaysβ and merely adding examples while repeating the same ...
Opinion: People with certain types of health conditions are more likely than others to have their symptoms dismissed, minimised or disbelieved. These conditions are diagnosed based on the patient self-report of symptoms, where there is no definitive diagnostic test that can prove the existence of disease or demonstrate structural or ...
The intensity of it, ironically, can feel like bullying. Social media activism is reaching something of a peak with the war in Gaza, using the hashtag Blockout2024. It started at this year’s MetGala when influencer and model Haley Kalil was caught on video muttering ‘let them eat cake’ – suddenly ...
Itβs 2011 and I am 43 years old. My partner, Christine, and I got together when I was 36. We had been friends for about 10 years before that. One of the first things I asked Christine was whether she wanted to have kids. I had just come out of ...
Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question?Send Newsroom your questions. The post Newsroom daily quiz, Tuesday 21 May appeared first on Newsroom. ...
Opinion: As an indication of the eye-watering sums involved for the mega-prison plans announced two weeks ago by Corrections Minister Mark Mitchell, consider that $932 million has already been spent on a separate facility due to open at Waikeria next year β that’s about $1.5 million for each of the ...
New Caledoniaβs Tontouta International Airport remains closed, and Air New Zealandβs next scheduled flight is on Saturday β although it is not ruling out adding extra services. Air NZβs Captain David Morgan said on Monday evening flights would only resume when they were assured of the security of the airport ...
Asia Pacific Report As Israel drives the Palestinians deeper into another Nakba in Gaza with its assault on Rafah, the Palestine Youth Aotearoa (PYA) and solidarity supporters in Aotearoa New Zealand tonight commemorated the original Nakba β βthe Catastropheβ β of 1948. The 1948 Nakba . . . more than ...
NZ a “wet and whiny place” according to Baldrick Mark Luxon.
https://www.stuff.co.nz/national/politics/132301337/christopher-luxon-calls-nz-a-very-negative-wet-whiny-inwardlooking-country
Well it certainly might be if you happen to be a poor farm beast subject to the mud slurry of “winter grazing” or a Groundswell/Fed Farmers moan fest.
Yes, we have had a bit of rain…Climate Disaster related…but he wants to give the farming faithful still more time out from taking responsibility.
https://www.stuff.co.nz/national/politics/130144119/national-promises-to-repeal-potential-farming-emission-changes
Mr Luxon seems to be attempting a version of his hero SirKey’s Hermit Kingdom meme. Hawaii might be more suited to this miserablistβplease keep him on Natzos until October 14.
I kinda agree with him , as a farm worker and dog trialer I rub shoulders with lots of wealthy people, fuck they moan alot,and some of them a just angry people,
I offered to swap places with them but none of them have taken my kind offer up π
Onya mate! I rate that you maintain your "left" . And..sense of humour…essential
) Keep on
It would be false of me to claim that I'm openly left in these circumstances, partly due to cowardice, also a boys got to eat, and arguing with stupid people is pointless.
That said the left is the only option of a thinking person who doesn't vote for self interest imho.
Matey I know its not cowardice…and… I can relate to the other 2. Ive tried to engage with some people…not even rich and/or right wing , for whom actually voting would be in their best interests.
Hard work….and/or not interested. But..gotta try.
Anyway…you are Rural, and what i've seen got a lot of sense.
I like your last sentence
I do know of Rural's with similar thinking down South.
Priceless bwaghorn.
Negative, wet, whiny, inward looking? He's been spending too much time in the National caucus.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
Be a good thing if the whole quote was published to give it in context. Here it is:
Not to much I disagree with to be honest.
Well, still not quite in the JFK, Obama or Jacinda league…
Oh tsmithfield, don’t go spoiling everyone’s fun. People are getting off in their darkened room on what they thought was said rather than what actually was said. Let them be.
Enlighten us with what was actually said, troll.
And nuzzling farmer nethers by kicking the emissions can down the paddock by five years is the epitome of positive, dry, stoicism.
/
Magical thinking kiwis
once were magic
Some people just love talking & hearing negative platitudes of doom & gloom. Those same people often look for a Saviour to lead them to the Promised Land aka a brighter future. Those same people believe just about anything that suits their narrative of fear & loathing. Those same people often vote National, ACT, or NZF and the likes, where bullet points and lazy populist propaganda rule. By their narrative we shall know them.
Yr first two sentences sounds like you are describing The Disinformation Project.
Nope, it’s the other way round.
"We have become a very negative, wet, whiney, inward-looking country and we have lost the plot and we have got to get our mojo back," Luxon said to one farmer.
Has Luxon taken to reading the Standard ?
'Mojo'- magic charm, talisman, a spell. Just what we need…… Bald Lemon Luxon singing the Blues. "I got my mojo workin' but it just don't work on you."
Negative, wet, whiney is a clear self-description of the National and ACT parties and their voters, but inward-looking is an accusation directed at Labour, the Greens and their voters.
The unfortunate truth is of free trade agreements with the EU and the impressively good deal with the UK.
And the PM is leading a trade mission to China.
And we also have the Fifa Women's World Cup here in July.
Queenstown airport is looking to expand and Christchurch airport wants to build another at Tarras.
The inward-looking claim is nothing more than a cynical political lie which some people revel in swallowing.
MOJO back .
Yeah baby yeah!!
I hunt down the cd compilations they used to have on their covers..
Quality stuff..
New Zealand is ranked by none other than the World Bank as the best country in the world for ease of doing business. What is Luxon's problem?
https://graphics.wsj.com/table/DoingBusiness
His problem is he wants to be pm, and he'll say and do anything to get there!!
You might want to have a look at the date for your numbers.
The World Bank stopped calculating that number several years ago. You may find that the numbers you are quoting are from the days when Winston Peters still ruled the roost.
Its dated 2019 on another site….after 2 years of the Labour government….NZ has probably gone further ahead since
"probably gone further ahead"
Now that is the confidence we need. I don't know whether I would bet on it though.
So positive left wing comment, draws whiney negative right wing response!!!luxon was right
A very positive result, but (apparently) some of the World Bank's 'Ease of Doing Business' rankings are a bit suspect – what do you expect from a bank.
https://en.wikipedia.org/wiki/Ease_of_doing_business_index#Controversies
Thank you for this comment. I hadn't been aware that they were reviving this exercise. It had, as your link shows, started smelling rather more than a reliable exercise should. It was also being done using information that really couldn't be relied on and which was often nothing but guesses.
That isn't saying that New Zealand was corrupt in the way that China was but the evaluation done, for all countries, was pretty rudimentary and wasn't always based on up to date figures. Trying to cover all the countries in the world and doing it every year meant that if they didn't have a new number there was, as I understood it, a tendency to just assume nothing had changed since last year or the last year you did have something, if you didn't have an updated value readily available.
By the way the World Bank isn’t really a bank.
Likening the World Bank to a real bank would be unkind.
https://en.wikipedia.org/wiki/ANZ_(bank)#Controversies
A 'culture' of greed? Say it isn't so!
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
https://en.wikipedia.org/wiki/Barings_Bank#Corruption
The collapse of Credit Suisse earlier this year came just in time
But no reflection on the role opposition parties, and their proxies have played in making us like that. Relentless negativity makes for a whiney, wet country.
It seems deliberate and straight out of the Jong Khee emotionally abusive dad handbook.
He must be banking on enough people feeling naughty and worthless, and in need of a good smacking, to get him over the line.
This is definitely the strategy of Luxton's mentor, who openly spoke of only needing a certain number of voters.
Key resigned at the end of 2016, it's halfway through 2023 now dear boy.
Uh huh…he resigned as NZ PM for reasons never satisfactorily explained–“to spend more time with the missus and kids” was more or less the offical line.
But, John Phillip Key has never resigned as a representative of international Finance Capital–which he has been most of his adult life. He is regularly roped in for this or that conference or toffs gathering like other ex senior politicians, and he injects himself into current events, e.g the swingeing “Hermit Kingdom” meme.
Gone and not forgotten.
Gee. I changed "he" to "she" and "Key" to "Ardern" and "International Capital" to whatever the nutters on the other side of politics claim and it looked just the same as the moans made about Ms Ardern after her sudden resignarion.
Both stories seem equally ridiculous.
But you can still feel his cold, dead hand on everything Luxton does. It's either convenient or naive to imagine Key is not consulted regularly. He did do an opinion piece/interview lambasting our ambition this weekend at the same time egg head restates the wet, whiney, inward-looking line.
He may be long gone…but the hangover lingers…
And luxon is trying to do a key redux…
And it is kinda painful to watch…
He wants to take nz back to 2016…
Probably further back than 2016, back to when the little woman where breeding and feeding their men .
So Waikato Uni gave Steven Joyce a million bucks for
Because he's a storyteller extraordinaire, I presume. They must've been impressed with the stories he told when he was a cabinet minister. Don't hold your breathe waiting for that "wider university story" to appear in the media. Media prefer narrow stories.
Still, if an enterprising journo finds someone who did actually buy his story, they could report how enthralling it was, eh? Then a uni prof economist would have the basis for a social science research project: surveying all such people, to measure the cost-effectiveness of the big spend. Universities are accountable to nobody, of course, but at least folks would see how many were thrilled by Joyce's tale-spinning.
Stephen Joyce does appear to be a bit of an old school con-man. The infamous “Stevie’s Hole” in 2017 appeared to cost NZ Labour several vital percent in the General Election.
Some Economists agreed with Joyces claim of a missing 11$bill, and more did not, but he got the media channel headlines and the perception was created.
https://thespinoff.co.nz/politics/04-09-2017/is-there-really-an-11-billion-hole-in-labours-election-plan
TEU–Te Whanga a-Nui-a-Tara members at the university are falling behind as this type of largesse is ladled out to Mr Joyce’s consulting company.
Seems like it’s these consultants ruining education…
Waikato must be mad or stupid. Joyce is a dinosaur-remember his RONS?
Likely the old boys n girls club at play with Stevie cultivating the sector leveraging his time when he was the minister.
What a basket case that institution is.
The National party are not serious people.
https://thekaka.substack.com/p/nationals-delay-and-hope-policy-for?publication_id=102473&post_id=127832466&isFreemail=true
Tl;dr – Russian's history is agin them so grassroots protest is unlikely, a coup is likely, and then it'll be back to business as usual with the West.
Meanwhile, Russia's neighbours will remain between the rock and the hard place they've been in post-USSR collapse. But now they'll know just how dangerous their terror-state neighbour is.
Madi Kapparov
@MuKappa
·
Jun 12
There will be no "popular uprising" in russia Hundreds of thousands of ru have perished, their economy continues to degrade, and there are hints of succession planning (e.g. statements by Nadezhdin and Zatulin). 1/
https://twitter.com/MuKappa/status/1667916593714667523
https://threadreaderapp.com/thread/1667916593714667523.html
The sixth Labour Government's track record on poverty reduction gets expert analysis here: https://thespinoff.co.nz/politics/12-06-2023/the-two-poverties
Max Rashbrooke points to one negative stat: "the social housing waitlist has spiralled upwards from 8,000 in March 2018 to 24,000 today." Labour apologists would probably claim that the escalation isn't entirely due to Grant's budgets during those years.
They will likely seek refuge by blaming global inflation. They won't be honest enough to blame neoliberalism or Labour's adherence to that failed ideology.
Labour does deserve credit for the upward trend in recent years in that MSD graph for 1947-2023 (ratio of benefits to average take-home pay). Fascinating to see how Muldoon maintained Kirk's socialism in his first term, then did a sharp reversal in 1979 – probably due to the winds of change blowing a whiff of Thatcherism at him.
Hey Dennis, good to see you back round these parts.
In respect to yr comment about Labour's adherence to the failed ideology of Neo-Liberalism, I wanted to ask you (or any other eader) for a title of the sort of system that has: strong government capacity for building infrastructure, a desire for local manufacture of clothing, textiles, pharmaceuticals etc.
A system that is a little more inwards looking, that can build national resilience and not be reliant on foreign shipping companies dropping stuff off to us while it is profitable for them to do so. A political system that wouldn't close Marsden Point and wouldn't allow Glenbrook to start atrophying so it becomes unviable.
Sorry, a lot in that outburst and I understand if ya don't want to acknowledge it.
Your phrase national resilience is a useful pointer, eh? I don't have anything better to offer as framing, tbh. Seems the world is trending towards interdependence – but that term is too abstract to serve as a meme/label. It can serve as ideology.
My Green trajectory points toward bioregionalism rather than nationalism, but nations will persevere as umbrella structures due to inertia. Comparative advantage will persist in guiding states as they shift in their economic policies. The case for retaining the elements of Muldoon's think-big strategy depends on pragmatic tweaking or clever economic design plus transformation.
I agree that "a little more inwards looking" is a sensible shift but having been globalist in outlook since adolescence I see activist foreign policy as essential (on a non-aligned basis). Could be Hipkins intends to frame our role similarly on his visit to China. He has done way better as PM than I expected, so good luck to him!
I am part way through Danyl McLaughlin's piece in the Listener (no link sorry, someone scanned it and sent it to me). "lost opportunities and gradual failure driven not by ideology but a lack of it". Sums up Hipkins and co nicely.
I am over 'the market deciding' in respect to our education, health, housing, infrastructure etc. It's all a race to the bottom and we folk love a bargain.
It ain't serving us well.
That is very perceptive gsays.
I too think we have lost our ideology and the only ideology is to get back to govern after the election. The number of policies that have been thrown either on the scrap heap or the recycling pile is sad.
Covid was a major distraction…Labour gave vast quantities of money to businesses to stay afloat (many took it when it wasn't needed) that could/would have been used to build social housing instead.
The regressive, condescending, gammon boot certainly fits.
https://www.newshub.co.nz/home/politics/2023/06/senior-national-mp-michael-woodhouse-apologises-for-calling-education-minister-jan-tinetti-a-good-girl.html
Woodhouse has form….
She should go and have babies
Steven Joyce, what a bloody Hypocrite
( NZ Herald today )
Has there is ever a politician in this country to be bigger arsole I have yet to see.
A greedy, money hungry bastard, he is.
Just want to re-up the mods here at TS. You do excellent work.
Look at what passes for "commentary" at TDB. I got dungeoned (and have since been let back) for pointing out the vitriol in the posts and comments (and I admit engaging in it a bit of it myself) but the ones like below are perfectly fine, as long as they stroke Martyn:
etc. etc.
Here I learn stuff, esp with the good articulate comments from those I agree and disagree with.
I, for one, am happy to be a "s.c." at the Standard.
I think this is a rather nice Freudian slip 'cus men'. I don't like cuss men actually and would welcome someone holding back all the porn and bad language…..ah me! What a pity that he didn't mean that.
Touching that he feels Marama would be capable of throwing away the trans narrative for one second and focusing on housing or family violence.
Cheers roy. I completely agree, I'm a fan of the 'my blog, my rules' principle, but I couldn't stand commenting in an environment like that.
Totally – it feels like yelling into the wind when commenting; but the worst thing about that kind of bluster for me is that it's alienating. It pits left against left making us look squabbly and ridiculous, when we have a much more formidable group of minds to get through to, if we were to amicably disagree but advance the common argument.
agree with this too. It's sobering. MB's headline "THANK BABY JESUS: Supporting the Greens finally pays off! Why their tax solution is a great start!" is bizarre. He's one of the main left wing detractors of the GP and has constantly undermined them. Also, ffs, the tax policy is a rewrite of the 2020 one, so what the fuck is he on about with the 'finally the Greens deliver' shit? Hosting his commentariat the way he does feeds this kind of left wing shooting each other in the foot stuff.
needs better trolls.
Eddie Clark
@Publicwrongs
Also looks like a wee bit of concerted sock puppeting going on.
https://twitter.com/Publicwrongs/status/1667988948864598
Again concentrating on the messengers and not the message.
If this is not what is meant in the policy then someone should say something. NOW.
I am not au fait with the figures but the idea was that retired people past their capacity to bring in a huge bucks by working and maybe living on National Super*, were going to be expected to pay huge figures just to remain in their own homes.
So we have this egalitarian madness of affecting everyone rather than on concentrating on fixing what we have now and then looking at what extra we need to do.
*Standard NZ Super Rates (for tax code M)
from https://sorted.org.nz/guides/retirement/this-years-nz-super-rates
Qualifying as
Weekly rate Annual rate
Single: living alone
$496 $25,811
Single: sharing
$458 $23,825
Married, civil union or de facto couple: one partner qualifies (and the other is not included)
$382 $19,855
Married, civil union or de facto couple: both partners qualify
$764 pw $39,709
Married, civil union or de facto couple: one partner qualifies and the other is included
$726 $37,744
Again concentrating on the messengers and not the message.
No, it's exactly focused on the message. The maths is obviously wrong.
no, Clark and Joe are pointing out that the same meme of lies about the GP policy is being shared on social media. That's likely to be astroturfing.
A number of us pointed out the problem with the tweet, including me here,
https://twitter.com/wekatweets/status/1667845523636883458
Albert and co made fundamental reading error of the most basic social media information shared from the Greens about their own policy. Or they lied.
Their maths is incorrect.
But the scenario that was brought up by George yesterday (.https://thestandard.org.nz/this-is-what-ending-poverty-looks-like-in-new-zealand/#comment-1953928), brings to mind another common situation where one partner dies years before the other in retirement.
https://assets.nationbuilder.com/beachheroes/pages/17574/attachments/original/1686379147/Tax_Full_Policy_Document_v4.pdf?1686379147
"The Green Party will introduce a 2.5% Wealth Tax on net assets – things like properties or shares. Couples who jointly own assets will only pay the Wealth Tax on assets above the $4 million threshold (minus mortgages and other debt). For an individual, the tax will only apply to assets above $2 million."
The $4 million threshold appears to be reduced to $2 million on that death.
Not only do they have reduced income, but any perceived value over $2 million will be taxed.
Given that property value increases have been inflationary and not related to material improvements, it means that there will be some who will not be able to afford the Wealth Tax on their homes they have paid for, and pay rates on. They may have lived in those properties for their whole married lives, and through no fault of their own, will now be compelled to move.
This failure to exclude the family home is poor policy. It also assumes that no personal sacrifices have been made to get to that position, and that the young couple living in a similar house with a big mortgage paying interest to a bank, is considered to be more justified to live in their house with no further costs – than a pensioner who has completed their mortgage.
"Almost all family homes in Aotearoa come under the threshold for the Green Party’s proposed Wealth Tax, whether individually or jointly owned. The Wealth Tax will be paid by 0.7% of New Zealanders – the wealthiest few property owners in the country, who can afford to contribute more. The Wealth Tax will be designed to ensure it is workable for people who own more than $2 million in assets but have only a modest income. These people, who are often retired, will be able to defer payment of the net wealth tax until their asset is sold. This is similar to the approach many councils already allow with rates payments."
Almost ALL family homes. I want to know how this figure was ascertained, and why people are required to borrow or defer to pay for a home they have likely paid extra over the years to acquire. Also would like to note that rates already tax people on their property values.
"The net wealth tax would cover most forms of wealth and assets, like property, shares, and bonds. These assets have known values because they are traded often. High value property such as artworks will also be included and can be valued on the basis of what they are insured for. "
Property values are volatile at present. So, the value is not really known or stable. No mention made of bank deposits or term investments.
"Everyday household goods like furniture, appliances, electronics, and vehicles with values less than $50,000 will be excluded for simpler application of the Wealth Tax."
Jewellery, precious metals, lego collectibles and a vast amount of other speculative investments appear not to be captured under this policy. Is there a concern that perhaps this encourages people to avoid solid investments in their own homes and businesses, and go into volatile speculation?
"MΔori land under the Te Ture Whenua MΔori Act would be exempt and so would the assets of Post-Settlement Governance Entities, such as land returned under a Treaty Settlement or vested in a Treaty Settlement Entity."
Well, apparently a policy can't be made without including a divisive criteria.
The scenarios in this policy document while feasible, are contrived and not reflective of those who will be affected by this policy.
A speculative tax policy would perhaps be better. If we include KiwiSaver portfolios – many working people will be close to passing the threshold by retirement with that and a family home.
This policy does seem to be punitive against those who are savers and not spenders, by assuming the ability to save has come from gross excess.
Why would the widow/widower not just defer until the house is later sold? Either when they naturally move, or on their death, or perhaps on passing to a relative? In which case there is no compulsion to move.
I agree such a compulsion would be problematic, I think it is in TOP's policy for instance.
also, how many couples in NZ own a freehold property worth more than $2m?
see my policy explanation below, and arkie's link,
.https://thestandard.org.nz/this-is-what-ending-poverty-looks-like-in-new-zealand/#comment-1953928
@arkies link doesn't specify that the wealth tax is due EVERY year.
Actually, even the Green's full policy document doesn't ensure that is clear.
By the time retirement comes for many – this threshold may have been well breached. Especially if you are speaking of a working couple that have been putting money into KiwiSaver since it began. There is no indication that the policy will increase thresholds in line with inflation.
In order to pay a wealth tax of ‘only’ $25,000 (one of the examples given) – they may have to keep working to earn the approx $29K a year to pay that tax back. If values increase (while property materially depreciates) those earnings have to increase, and come with a secondary cost that it diverts money away from repairs and improvements, that are often beneficial to the elderly.
If house prices plummet – once again – there is no return of taxes, or change in material buildings.
Actually, the more I look at this tax policy – the more I think it is ill-conceived.
you haven't answered my question. If someone has a free hold house worth say $2.5m, and they can't afford to pay the $12,500/year in wealth tax, why would they not just defer payment until the house is later sold?
(or a couple with a house worth $4.5m)
what threshold, and breached how?
not sure what you mean. Do you mean that the $2m threshold should increase as the cost of living does? Or housing prices? Valuations?
I think the underlying assumption is that those with "wealth" have accumulated it under a form of inheritance, passive income or exploitative practices. There is also an assumption that those with "wealth" have lived lives of excess or of discretionary purchase or service options.
That assumption is incorrect.
Wouldn't it make more sense to address those loopholes in tax policy?
Ensuring speculative property development was always taxed?
Ensuring exploitative businesses and labour practices were readily identified and stopped? etc
"If someone has a free hold house worth say $2.5m, and they can't afford to pay the $12,500/year in wealth tax, why would they not just defer payment until the house is later sold?"
If someone lives in a similar home that is rented, they will be materially living in a similar home to those that own their own home, but not compelled to move, or take on a form of debt in order to remain.
What assumptions must be made about the individuals in either scenario to justify that compelled donation to the government?
This is your assumption about the policy and I'd like to know where you get it from because I haven't seen it in the policy I've been reading. It's certainly not how I see a wealth tax, and it looks like the Greens have put thought into how to protect people who have accrued assets but don't have much income.
I have no idea what you are on about. No-one in this policy would be forced to move or take on debt, that's the point of the deferral option. Is there a reason you won't answer that question?
Renters are compelled to move and take on debt all the time. Low income renters are particularly vulnerable. I can't believe you actually wrote that.
the assumption that in civil society we pay tax so society functions well and we all benefit from that. Fairly standard left wing concept of taxation.
There is one nation in the OECD without a CGT, wealth tax or estate tax/gift duty.
Not surprisingly the nation has a problem with property values too high to incomes and with too much focus on growing wealth by owning property, rather than the productive economy.
And from this comes a problem with poverty and dealing with costs such as rising rent cost, or high mortgage cost and or debt level on property purchase.
Yet then the claim of an onerous burden, to the point of hardship, if those who have over $2M of net wealth (individually) are subject to a wealth tax when compared to those who rent (they pay tax on the income they earn to afford to rent).
Seriously?
There will be no hardship because they can defer the charge until the property is sold. It's no more hardship than a property falling in value with a market correction. It's just a decline in their paper wealth.
For mine objection is class based, those with wealth seeking to secure it in its entirety to pass onto the next generation.
People in relatively modest houses in close-in suburbs to major cities can have property worth close to that. Some of properties in traditionally wealthy Wgtn suburbs like Kelburn, Oriental Bay Khandallah are having other less favoured suburbs now close on their heels.
Some people like me and two of my female friends are singles (through widowhood/divorce) so not even another person around to raid their Super.
The family home needs to be exempted.
All other valuables need to be included, property, shares, collections, jewellery, gold……
how many couples do you know have a $4m dollar house with no mortgage?
how many single people do you know with a $2m house with no mortgage?
It's not the market value of the house that is taxed, it's the actual assets above $2m or $4m
And, if someone who isn't income wealthy can't afford the tax, they can defer it until such time as the house that is so grossly over valued is sold.
If the family home was exempt, they'd have to lower the thresholds and my guess is this would create more problems than it solves.
Meh in nations with CGT there was the exemption of the family home, then there came the MacMansion to gather up CG wealth without tax liability. Then either CGT was reformed to include the family home when it was way above the median value, or they brought in a wealth or estate tax.
You would be surprised at how many single people now own houses now worth say $1.5 -1.8m…these may get to $2m by the time we are much older. Some have other assets that would be caught.
The three women I mentioned earlier have no mortgages. I have been in my home since 1974 and one of the others was a new build in 1970. None of these have been built, occupied or had mortgages paid off other than with the earnings of the hard working owner/s let alone by underhand or exploitive means.
When the wealth tax was mooted some time ago (2-3 years?) I did a fair bit of work running various scenarios through, & saw that it was a crock that unfairly imapcted at a low level on people who were asset rich and cash poor. When I saw the figures that had been done recently, and Ok you say they may be lacking it did seem that very little had changed or beeen refined.
I am not sure why the level is set so low.
I am not sure why the first port of call wasn't to find ways to rein in those (911?) who are paying less tax than someone earning $25,000.
The tax brackets are woeful, with bracket creep and we don't tax or catch the really wealthy. I feel that death duties or a stamp duty/transaction tax on sales would be fairer rather than coming down hard on people who have worked hard, have not been able to structure their own tax affairs along the way to minimise tax (ie by being wage & salary earners) and who will probably worry themselves sick at not being able to pay the tax and not being able to leave to children/grandchildren/charity.
Then there has been nothing said about the effect on the charitable sector. Many people who do not have children make huge donations to charities on their death. In Wellington we have the example of Margaret Doucas who left millions to animal welfare groups including the SPCA.
https://www.nzherald.co.nz/nz/wellington-woman-margaret-doucas-leaves-millions-to-spca-in-will/DPVQ2EUXTOXNXAUZ3QHYAHGTNY/
We have Lloyd Morrison the founder of Infratil who has funded several ambulances/medics for Wellington Free Ambulance.
Rather than taxing people who are cash poor, going through life, why is this not left until after death and a one step wash up similar to death duties. It sounds as though if it was charged yearly and presumably interest charged as well, that a person who dies 20 years later will not have very much left. I have based this on the fact that the amounts charged each year will more than likely increase yearly by the rate of inflation or the real estate inflation.
I don't like it, the starting rates are too low, the family home should be exempted. Why is the policy not aimed at the truly wealthy, landlords or those 911 people on megabucks paying PAYE at a lesser rate than a wage earner on $25,000?
If the wealth tax has as an aim to break up the big estates, as in the 1890s then this is not the way. If this is to extract $$$ during the life of an asset it may have some benefits for the Govt but can penalise owners. It is a grab by the Govt of private wealth, without exploring if there are better ways first. It does not logically follow to me that this form of tax is needed to pay for UBI.
I guess if the idea captivates we may find better options from the other parties.
Thanks for a more specific example. So someone bought a house in the 70s. They took out maybe a $50,000 mortgage, and over 20 or 30 years they paid it off, as you say by hard work. Allowing for a normal rate of property value between the 70s and the 90s (let's say the house was worth $150,000 by the 90s), where did the other $1,850,000 come from?
Yes, from capital gains, not hard work.
As far as I can tell you are making an argument that people should keep the capital gains from the grossly over inflated property market of the past 30 years. Not money they earned from hard work, but wealth they accrued from fortune: being born at time that enabled low cost home buying and later massive appreciation in value of that home. The problem here is that the societal conditions that allowed that to happen also pushed a lot of other people into poverty. What the GP is proposing is to redress some of that balance.
Citation needed. Afaik the 2020 policy also allowed for deferment of payments. Here's a post about it https://thestandard.org.nz/green-party-rocks-their-new-guaranteed-minimum-income-policy/
in 2020 the policy was 1% on assets over $1m. They've raised the threshold.
In the GP plan, income tax for lower earners will go down. High income earners will pay more tax.
except this is just not true. If a single woman has a house worth $2m, there is no tax owed. If she has a house worth $2.2m, then she would pay $5,000/year. If she cannot afford this, then this can be deferred until such time as the house is sold. Let's say that is 30 years down the track. That's $150,000. By then the house is going to be worth a lot more, but let's say it's not. Let's say it's worth $2.5m. The house is sold, the tax paid, and she is left with $2,350,000. How is this not enough to leave to children/grandchildren? Even charity if she wants.
no-one is going to take their millions from them. They're just not.
Almost like deferring payment until later π
this doesn't make sense. For a start it's not a fact, it's an assumption. What is that assumption based on exactly? Why are you assuming interest would be charged?
And if someone were to lose say $2.1m over 20 years, they'd have to pay $100,000/year. Instead of the proposed $2,500/year. Serious Shanreagh, I know it’s a big shift in thinking around tax and assets, but it’s not even close to being as bad as you imagine.
Ok are you saying that people who are intending to leave all their assets to charity such as the Doucas' and Lloyd Morrisons of this world will not have to pay this wealth tax.
Because if you are then I think that it a very good idea. These two people in Wellington have had a huge effect.
The more ambulances that others supply the less that has to be raised to keep Wellington Ambulances free to users. The way we treat animals tells us much about our humanity.
I see that it would be wonderful if on death an estate going to charity would have this wealth tax abated in some way. perhaps say 50% to charity means 50% abated off the tax. Because when you think about it an asset of $2m going to charity is much better than say $150,000. If the charity is chosen well more of the actual money will get to the end users. A point that Ian Taylor was making.
No, I’m pointing out that if someone has $5m to donate to a charity, when they die they will still have most of that $5m to donate to charity even if they paid the wealth tax every year for 20 years.
Given the amount is at the 0.7% of the population level and might rise to over 1% later, is it too low?
Couples won't be paying till $4m. The impost is greater on those singles owning.
A consideration as to determining impact would be whether the amount is adjusted to the market/indexed or not.
At the extreme property might rise to $3M over time. Initially there would be no wealth tax. Then a little and finally peaking at $1m at 2.5% – $25,000 pa.
My conclusion is that the estate would be worth well over $2m on the house sale after making all the charges made
5 years zero, c10 years $10,000, c5 years $25,000 – little over $200,000. Interest costs within $100,000. Way less than the CG during the period.
So to your claim of
Total nonsense.
Yeah right…..probably was an exageration but what is not an exageration though is that the impact is greater on singles than a couple, as you have said.
In a fundamental sense, instead of policies that provide ways to improve the options and wellbeing of those that are struggling, it is a policy that believes redistribution – using nominal thresholds – of personal assets is a solution.
This policy makes a lot of assumptions, and it's only after reading it and having questions about the blanket assertions of it – that I can actually say – I see how such policies get the accusation of "envy politics".
The consistent failures of successive governments to address the regulatory and policy drivers of poverty, housing, and the cost of living rises is ignored.
This policy instead assumes those that made it through with assets – are the ones that should pay. I have numerous examples within my acquaintance that do not fit those assumptions. Relatives with access to free housing, on benefits for years, often have more discretionary spending than working households. This is not to say that this is the situation for all beneficiaries, but the point is, poverty needs to be measured in material and well-being, and balance of income vs outgoing terms as well as in nominal terms.
It also pre-disposes governments to benefit from allowing housing inflation to continue, as there will be a financial cost to any significant housing deflation – as it will be predicated on property values in many cases. As I am someone who sincerely believes bringing house prices down will significantly improve the balance between income and outgoings – thereby addressing poverty in one way – this is a real concern. If house prices do fall – then the wealth tax received for paper profits – becomes even more unjustifiable.
Some of those who work and own properties do so with costs to their material and mental well-being.
I mentioned this possibility in a Standard post a few weeks ago:
.https://thestandard.org.nz/why-a-capital-gains-tax-is-necessary/#comment-1947494
Well, I can see it.
I guess others see a resource for covering failed government policies.
The average value of a house is under $1M. This threshold is $2m single and $4m couple. If impacts on circa 1% of homeowners – as per 0.7 total (c65% who own their home).
The complicating factor is trusts (is there some sort of threshold?).
We had little cost of living inflation for two or three decades (apart from power and housing). And a fairer incomes and taxation regime is part of reducing poverty.
If the government wants to increase levels of home ownership (which Labour Greens and TPM do) – which prevents hardship and impost on government when people retire from work, they have motive to hold down property values.
It is seen as justifiable elsewhere in the OECD, and property markets rarely fall in nominal value over time, but sometimes in real value (for several years or so) – and then only because they have become overvalued.
Edit: …Given that property value increases have been inflationary and not necessarily related to material improvements
Nonsense.
The tax is only on property worth over $2M (individual).
And it is not hard to charge unpaid rates and wealth tax against the home and collect the money when it is sold.
I can't be the only one brought up with the value of not going into debt if it can be at all avoided.
I was also brought up on the aspects of Aesop's fable of the grasshopper and the ants. While I have acquaintances that have benefited from unrealised capital gains on housing, I also know of others that have accumulated what you consider excessive wealth through excessive long hours of work and sacrifice.
Putting in 60 hour weeks into their businesses, and giving up time with their children in order to provide for them in later life.
The threshold takes no account of this difference, nor of the responsibilities of individuals or couples for others.
It also assumes that no provision for the others has been made by anyone at all during their lives. It is only the government that can provide – and it will do so by taking monies from those who own private assets over what they consider moral. (But most likely relates to their calculations to what they needed to get the funds for their policy).
How many avoid debt when buying a property? How many increase the mortgage to fund a renovation/improvement?
The idea that those owning property worth over $4m couples or $2m single face a burden with a debt charge against the property, when that is less than the untaxed CG growth of the property, is absurd.
I have no opinion about what amount of wealth is excessive, I do however acknowledge we are currently unique in the OECD in having no CGT, wealth tax or estate tax/gift duty.
Total nonsense, it's taxation. It appears that those who have – the top 1% are the ones who whine the most.
If you are not au fait with the figures then why are you responding to the policy as if you are?
Here is the basic primer that Albert Park didn't bother to read,
https://assets.nationbuilder.com/beachheroes/pages/17574/attachments/original/1686379155/Tax_Policy_Summary1.pdf?1686379155
Here's the gist of the wealth tax,
Thus,
https://assets.nationbuilder.com/beachheroes/pages/17574/attachments/original/1686379147/Tax_Full_Policy_Document_v4.pdf?1686379147
(not sure what they mean by net wealth tax there. Anyone?)
So a woman in her 70s with a mortgage free house valued at $2.5m, who lives in her home for another 10 years then shifts into a smaller more manageable home, would owe $125,000 when her house is sold. Again, this sounds like a lot, but what she is left with is $2,125,000. And most of that will have accrued from capital gains via the insane property market increases of the past few decades.
Good, quick simple explainer thread here: https://twitter.com/Tim_Batt/status/1668035800263708672
thanks! that's really good.
"I wanted to make this clear so you can form a picture in your mind of the couple sitting on a freehold properties worth $5,000,000 being asked to pay $25,000 in tax to support a safety net for the lest well off."
An alternative way of making this clear, is to call it an annual compelled donation to the government.
just so long as we can call all tax an 'annual compelled donation to the government as well'.
If you think that makes it clear…
I think it's messaging designed to convey something negative, so no π
(PS. How did you get your emoticon to wink on the other side? In awe of your skill)
What is any tax if not a compelled payment? How else do we fix accelerating inequality and insufficient funding of public services? Sounding awfully taxation-is-theft libertarian here.
edit: snap weka
Might be sounding that way. But don't people who will be affected ALREADY pay tax on their income, and rates on their property values? I haven’t suggested excluding those forms of taxation.
Because this tax is in ADDITION to income tax, it must be considered in terms of it's impact on the motivation to save and be frugal, and not just assume such wealth comes from a form of exploitation and indicates a material wealth and excess discretionary spending – rather than a paper one.
yes, it's a new tax. A taxation on wealth accrual that isn't currently taxed. That's all a given.
sure, but you haven't made the case yet, with reference to the actual policy, for who would be unfairly impacted and how.
The policy position doesn't assume that wealth comes only from exploitation. It assumes wealth comes from a range of factors, including excessive capital gains on housing, and the kind of large wealth that can be built up from privilege that relies on collective resources but doesn't pay its way.
"The policy position doesn't assume that wealth comes only from exploitation. It assumes wealth comes from a range of factors, including excessive capital gains on housing"
Doesn't equate to material improvement.
so? Please address the deferred payment issue, because otherwise we're going round in circles.
Why does that matter?
The last 30+ years of increases in housing valuations doesn't equate to material improvement either. Those who own these houses that have rapidly increased in price didn't do anything material to generate that extra value, they just happened to buy at the bottom of the market.
edit: snap again weka
I’m not quite sure how there isn’t material improvement on a freehold house worth over $2m. I get it in principle, but in reality having that kind of asset opens a whole bunch of doors that wouldn’t otherwise even exist. For instance, one could sell it and buy a less expensive house if one was moving to another part of the country. Or one could use it to finance a second house or a business. So much potential that the person on the same income but no freehold $2m house doesn’t have.
And, the income that was being used to pay off the mortgage is freed up. How is that not a material improvement?
I’d like to know how someone even pays off a $2m mortgage.
Has anyone addressed the issue of the calculation of nett wealth for the Greens proposed tax?
Pardon me if this has been explained elsewhere.
I haven't seen these addressed either.
Surely it won't only be property – the art collection, or vintage cars, or wine cellar can easily run into hundreds of thousands.
However, those are likely to be 'pre-valued' for insurance purposes. Property is often under insured (as we've seen during the recent climate and natural disasters) – and the Council valuations are basically just a guess based on the location, size of section and number of bedrooms.
I can't help thinking that if this the crux of the issue and its raison d'etre it is more about the politics of envy than anything else.
Phrasing such as the para above is not going to 'win friends and influence people' who may have felt that a tax like death duties or something similar when they are gone was Ok as a way to leave something behind to do good for the wider populace.
I think any wider dissemination or discussion needs to build on the basis of doing good rather than seemingly punishing people for being alive when economic conditions over which they had no control, were such that did not prevent excessive (my bold) capital gains. Let alone the 'privilege' I guess from having a family that has different priorities.
This sounds a mean spirited & punishing reason for introducing a wealth tax. Especially one which may catch the family home.
.
Doing good? Did you miss what the wealth tax was intended to pay for?
Privilege in my sentence referred to people who accrued a lot of wealth. Not a $2m dollar house via capital gains, but millions of dollars that comes from their work but where that work relies on the whole of society. I wasn't talking about people in your situation I was pointing out that 'evil greedy people' isn't the only way to understand wealth accrual. It is a privilege to make millions of dollars, no-one does this by hard work alone.
Can you please explain how paying a small proportion of the large capital gains from unearned wealth to get NZers out of poverty is a punishment? I really don't get it.
My childhood home was in a state housing area. My parents bought it when it became available.
I remember my mother mentioning in her late fifties that they had finally paid off the mortgage.
Directly across the street were state houses that remained in Housing NZ. One of the families lived there for over two decades. We lived in similar houses in terms of size and quality, went to the same schools and played together.
This house is now worth about two million. AFAIK the walls will still be uninsulated. My mother is now widowed. If she was still living there after the death of my father, she will be expected to find money or accumulate debt to pay the wealth tax.
The family living on the other side of the road, in much the same house – will not be subject to that requirement.
So, as you say, the widowed person can choose to sell, reduce assets and move from a neighbourhood where they are known and have support systems in place. Or they can "choose" to accumulate debt, in the sanitised form of deferred payments, which is something that many older people have lived their lives avoiding.
@arkie mentioned:
"The last 30+ years of increases in housing valuations doesn't equate to material improvement either. Those who own these houses that have rapidly increased in price didn't do anything material to generate that extra value, they just happened to buy at the bottom of the market."
Long term home owners do not benefit from paper profits. It doesn't insulate houses, fix roofs, pay for maintenance or rates.
Address the failure of not taxing speculative housing transactions appropriately, rather than assume all property owners are materially better off when property values rise. Those who own single properties are often not as both insurance costs and rates rise.
"annual compelled donation to the government."
i.e. to society, or the community. Sounds good.
"annual required contribution to community and societal wealth"
aka social contract
There is going to be very well organised and funded opposition to any attempt to redistribute wealth (even slightly). This astroturfing is just the earliest beginning, I suspect.
The Bannon model; never mind the merits or otherwise, just confuse and distort.
“The Democrats don’t matter,” he had said to me over our lunch. “The real opposition is the media. And the way to deal with them is to flood the zone with shit.”
https://web.archive.org/web/20230000000000*/https://www.bloomberg.com/opinion/articles/2018-02-09/has-anyone-seen-the-president
https://www.stuff.co.nz/business/farming/advice/300903339/new-zealand-farmers-should-be-celebrated-for-addressing-climate-change
Please let us know where the party is so the Hawkes Bay and the Coromandel can attend!
At least 20 years of telling the rest of us to ggf and now they want us to pick up their tab too.
The latest insanity from Gender Ideology.
I am a woman – not a "non man".
Sorry admin – I don’t know how to resize the image.
do you have a link to the original tweet for this please?
nevermind, I see quite a few people are tweeting it π
https://twitter.com/search?q=john%20hopkins%20lesbian&src=typed_query
The world has gone quite potty.
It's a private research university with an endowment of $9Billion. Surely they can say what they want?
https://en.wikipedia.org/wiki/Johns_Hopkins_University
darklol. Yes, research universities can redefine lesbianism and openly practice misogyny, because they're allowed to say what they want, but people are compelled to use specified pronouns or can lose their job for saying that male people are male.
This is going to get real.
1. The word gay has been taken from woman – some identified as gay women. It is now only, gay men.
2. The word lesbian is not associated with women, even though word gay is with men.
3. Gay (men) do not include the non binary, but lesbian does.
4. The inclusion of non binary, apart from women in the lesbian group – indicates inclusion of those born male who identify as non binary if they prefer female partners. Why? Because anyone born female who identifies as non binary and prefers female partners is a lesbian already.
I suppose the logic is if they accept people who have not transitioned as transgender women, why not the non binary born male as well.
They have made a compelling case for self ID as a development leading towards the primacy of the gay male in his identity and the subordination of the lesbian woman in hers.
Thus identified, in their own way, that their liberalism is one that will be subject to a counter-offensive because it is not a secure position to stand on.
Standard Operating Procedure
A non binary woman, born female, who prefers female partners is a lesbian woman.
A non binary man, born male, who prefers female partners is only going to interest bi-sexual women, not lesbian ones. And not as a lesbian, but as a person they might find more interesting than cis gender heterosexual men. Thus seen as bi-sexual women friendly.
A person born male and who transitions to the female form, and who prefers female partners – might interest bi-sexual women and even be a partner to a lesbian woman, as someone lesbian women friendly. But not qualify for a lesbian identity, or group except as someones guest/partner or honorary (a bit like how the transsexuals were accepted without question pre gender ID).
More dodgy editing at RNZ
https://twitter.com/CranmerWrites
Surely some senior heads at RNZ need to role ASAP ?
I've got zero idea what the issue is. Hard to get upset by this unless you are an Israeli sympathiser.
'I've got zero idea …..'
That's been evident for some time.
And that comment is a Higher Standard? Yeah right.
Here's the article as published by Reuters so no, nothing at all dodgy about RNZ editing.
Cranmer, however….
https://www.reuters.com/world/middle-east/israeli-settlers-clash-with-palestinians-flashpoint-west-bank-town-2023-03-07/
to link to a specific tweet, click on the date/time stamp on the individual tweet. This will set the URL in the address bar to that tweet. You can then copy and paste it to TS.
What you have done is just copy the URL/address of the person's account (presumably you were reading their timeline), which is why no-one knows what you are talking about. The tweet you were referring to has disappeared down the timeline.
Also, TS doesn't embed tweets atm, so best to also copy and paste the words in the tweet and put them on TS inside some quotations or such to make it clear they are quote. Still needs the direct link as well.
Really?
The edits
The only thing is that there is this thing called accuracy – the last Palestinian elections were in 2006 and Hamas won. They were later removed from government in the West Bank by forces loyal to PA President Abbas in 2007 (there have been no elections since). The West and Israel recognise Abbas only.
Abbas was a fool and allowed Hamas to stand in elections for PA governance without signing up to the Oslo Accords.
6 min guardian explains drivers of Australia's rental crisis and possible solutions
Would love to see a similar back-of-the-envelope for NZ.