Most of us tend to shop regularly at the same supermarket. Promotions are the supermarkets’ attempts to break that behaviour.
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There is data to show it works, [AUT marketing lecturer] Phillips says. In 2016, My Little Garden triggered a lot of what the experts call “switching behaviour”. New World had a 3.6 per cent sales increase (worth $14.4 million) during the promotional period. Pak ’n Save dropped 1.9 per cent and Countdown fell 0.6 per cent, Phillips says.
The experts say customers don’t instantly and automatically switch back at the end of a promotion but the chains are engaged in a constant “Cold War” to keep them. It is why, when one chain runs a promotion, the other will roll one out shortly afterwards.
Ad-so Australia takes a moral stand on human rights issues in China (while NZ keeps sucking up to China) and all you can see is a chance for cheap wine from Oz because China has retaliated.
Wait until China controls the international monetary system and endlessly imposes illegal sanctions like the US, instead of deciding who it will trade with and when.
Say you were to discover that a majority of prices in the economy are set via some form of cost + markup pricing, and not supply and demand. Would you still expect Penfolds to give you their wine at a discount?
That would, I hope, depend on a completely unregulated market free from any other constraint other than my perfect knowledge of the market, a Licensing Trust able to attend to me needs without thought for its internal mass buyers, the market's perfect knowledge of Penfold's, and and zero impact from any government or regulation, anywhere.
I reckon it is no different with the stories we weave and the necessary narratives to tell and develop these stories. The story must be complete, an integrated self-consistent set of facts and factoids. Some people will go to great lengths to make sure no pieces are missing and sometimes people will force a piece into the whole/hole even though it doesn’t fit neatly.
If forests could or should be considered and/or are indeed superorganisms, why would this stop at the DoC signpost at the boundary? Is it just the flora or does it also include the fauna? If yes, what does that mean to the boundary? What does rain and wind mean for the boundary, and streams and rivers? Is communication bi-directional, does it travel upstream and upwind? I think there’s a good story in there, about the terror in the forest and the Dark Woods.
After recently putting up the rent 14%, he then kicks out a mother and her son who has learning disabilities on the eve of a law change to protect tenants because "he deciding what to do".
He says it is business first, but then other landlords say theirs is an important public service, first.
Who to believe, or should we believe none of them?
A quick search on the govt tenancy website shows the range of rents for 3bed homes in Wainuiomata is $500 – 550pw.
Increasing the rent to $430 pw shows that McKenzie had let the rent fall well behind market. It never does anyone any favours in the long run – and I can well understand the dismay of the mother who not only has to try and find a new home in a very tight market, but faces a rental jump in the order of $100pw at the same time.
A 3 bed home in Wainui is probably worth north of $700k if he'd been getting a rent of $380pw – gross income about $19.7k pa – that's a yield of under 3%. His net in the pocket after fixed costs, mortgage and tax was almost certainly less than $5kpa.
At least it will have a nice fresh lick of paint and be tidied up. That’s all aspiring new tenants wish for nowadays and they won’t mind paying the price because beggars can’t be choosers.
Nikki And Cole Prier don’t come into it for landlords.
Given how far behind the market their rent had fallen – I'll bet you that their unfortunate personal position actually did 'come into it' for McKenzie.
We've got one older couple who've been with us for over a decade and they pay way below market – but we deliberately choose to carry them because they both contribute to their community magnificently.
But as I said above – in the long run it may not be doing either party any favours.
“I am now deciding whether to get out of being a landlord, or not,” he said.
“With the uncertainty of what’s coming up, I’ve had a guts full. I’ll renovate the house, then make a decision about whether to put it on the market.”
As I indicated the other night – my own average rent at the present is $384 pw – a very similar number to the story above, and the properties are newer and in a more desirable suburb. Any thoughts on whether I should sell up and 'evict' a whole bunch of people from their homes?
Because honestly that's what's going through my mind. Our equity would do a whole lot better for us in Australia at the moment.
That's pathetic. I'm giving you real life facts and figures from my experience as a real world landlord for almost 20 yrs. If you don't understand how the business works then anything you say is going to amount to little more than pious, futile prattle.
I'm not asking for anyone's pity – how I choose to run my business is precisely my responsibility and no-one else's. But I am prepared to educate you in some basic numbers and their consequences.
As I mentioned the other night – one of the reasons why we moved to Australia 8yrs ago was because our mortage was indeed putting us under considerable pressure.
Essentially over the past 20yrs we've actually had to put money into the business to keep it afloat, and our tenants in their homes. We're now in the position of having shitloads of equity, but crap cash flow, and because I'm close to retiring that isn't something I can sustain anymore.
What would you do? Sell and evict – or hold on and hope the business environment doesn't continue to become more hostile?
I get where you're coming from, but from the perspective of an investor they will often be looking to add value, usually a significant renovation, and vacant possession will be important to them.
Essentially over the past 20yrs we've actually had to put money into the business to keep it afloat, and our tenants in their homes. We're now in the position of having shitloads of equity, but crap cash flow, and because I'm close to retiring that isn't something I can sustain anymore.
The trouble with this is that I've heard this description from not only landlords but farmers as well, except farmers don't like to flaunt their equity in public.
The total values of assets that can be realised is the figure that most people will focus on. If you have $10M in equity but moan your a**e off about pitiful cashflow, then you generally won't get a lot of sympathy.
I've made it clear I'm not asking for sympathy. I chose to get into this business and have stuck at it for 20 years now. That's my responsibility and no-one else's. All I'm doing here is explaining how the business works in order that people can make informed sense of these stories they read.
Rule No. 1 in all businesses is that cash flow is king. No matter how much shareholder funds you have, how much capital, stock, ring-fenced tax loss, forward orders or anything else – if you cannot meet this month's cash burn the business is bankrupt. And what I've explained here – overshared if you will – is that most residential rental businesses, like many NZ businesses (certainly those with substantial debt), are running on pretty thin cash flow margins. Or are being propped up by the owner's PAYE income.
Just as an extra data point – fixed costs used to run at about 20% of rental income, and here in Australia we can see this is still the case. By contrast in NZ they've risen to somewhere between 35 – 40% in recent years. And in the past most people could reasonably run the business themselves, but increasingly the environment has forced owners to use professional managers – and there's another 10% of cashflow gobbled up.
So even small extra costs imposed by new govt rules, or bad tenants, or even just letting the rent fall too far behind market because you felt sorry for a tenant, can have a big impact on the bottom line cashflow.
The total values of assets that can be realised is the figure that most people will focus on.
Equity means nothing unless I either sell or borrow more against it – and neither is a non-trivial decision. It's this background that helps decode what was going on with the original Wainui story above.
Stepping back, this is as you've pointed out, a wider theme with the whole NZ economy, too much has over the past three decades has tilted toward capital gain for profit, rather than cash flow. It's a structural flaw across many sectors that has distorted our decision-making and tends toward market failure. (I recall writing on this here at TS over a decade ago.)
It's especially chronic in agriculture. About that time we had looked at diversifying into a small horticultural business – and I recall one offer that was priced at over $2m for a business that barely turned over $160k. Utterly nuts – literally.
Which is why I was a strong supporter and promoter here of TOP's Comprehensive Capital Tax proposal. Not so much because I thought the party was a ripper – but because in my view it was a intelligently designed tax that would actually achieve what it was intended to do.
I was going to reply to your comment the other night about landlords creaming it but decided not to – it is sitting there half-finished. I think it is much better this way.
Why you would want to evict your tenants from your rentals is unclear to me except to free up equity. If you need (to do) that, then you can justify it, at least to yourself. It is your decision.
Don’t ask for business advice here, unless you really want/need it and intend to follow it. Ask a professional instead.
Don’t share your business wheeling and dealing here unless you want to cop the flack for it. Over-sharing carries many risks online for little gain/benefit even though your intention might be to provide a different PoV to guide/inform discussion and lift to a ‘higher plane’ than the usual ‘landlord-bashing’, which I respect and understand, but it doesn’t get you far, does it?
I could do similar things on discussion topics here but I’m not prepared to die in the ditch for those unless it is about a core value of mine – details are less important and there are other ways to get your point across without divulging too much personal information or history; arguments should be able to stand on their own legs of merit and persuasion.
Don’t ask for business advice here, unless you really want/need it and intend to follow it. Ask a professional instead.
In effect I am the professional here and I've been sharing information on how the residential rental business actually works. I've been doing this solely in the hope that some people here might stop treating their landlord as some spawn of the devil – and start focusing on the real reasons why the housing market in NZ has gotten into the mess it has.
But maybe you're right – the effort was doomed to be futile from the outset.
… and personal stories that rehumanize each other to each other.
…
There is no We if we see each other through partisan caricatures and don’t engage directly. When we hear each others’ stories, we know that in real life, good versus evil is rarely the truth, …
The other important tension that exists in this landlord/tenant discussion is for one party it is a business. The tax benefits, passive income etc, the leverage available…
The other party it is home, a place for family, a garden, pets, to love, laugh weep. A turangawaewae.
Failing to acknowledge the other view is where the argy barty begins.
Like Kiwi attitudes to land. One view is my property, my rights etc. The other is stewardship, a responsibility to pass it forward in better knick, to treat and see it as if it were alive. A strong spiritual bond.
Well Red, you've made tonnes of equity over the years.
Rent + tax preferences + equity increases = a reasonable rate of return.
You sound like you're in a steady place.
This is a leftie site so few will have patience to give non-Socialist advice.
But you are still of sufficiently sound mind that you can throw the dice another way than real estate.
In New Zealand, Victoria, or Queensland we need more people prepared to cash up and invest in fresh local growing business that's better for the whole economy.
Reading the article, he actually comes across as a pretty decent landlord. If Red Logix's numbers correct, then he has been giving her a very good deal for a long time.
Unfortunately, this is a consequence of the new rental laws. If he was intending to sell or do a major upgrade, I thought under the new rules he could still give the 90 day notice?
So it seems a bit like he 'panicked' and gave notice now when in fact if he decides to sell in a years time he could still give notice.
More rent controls will probably make more landlords sell which may be ok as possibly first home buyers would buy. But could be less rentals available. This tenant has been paying $380 per week up until recently which sounds extremely cheap, so he has been subsidizing her for some time now, so he sounds like a very reasonable landlord. He possibly could have given her notice several years ago and rented it out for far more if he had been greedy.
So you think the landlord is disorganized because for example, he decided to charge her $380 per week instead of the going market rate for the last few years? Well you will be pleased to know that there are many landlords out there that are well organized, and will charge as much as they can, and also raise the rent as often as possible. Many other people would refer to them as greedy rather than organized!
I guess the elephant in the room is that no doubt the tax payer will subsidize the next rental through accomodation supplements.
I can't help but think that a big part of the issue we have is that public funds are paid to enable tennants to meet rents far above their normal income allows.
The policy came from a good place but the unintended consequence of the scheme sas that it has in effect acted as a wealth transfer and helps fuel the house price increases.
Imagine if there had been no supplements from govt, the money required to pay the huge rents required to pay the equally huge mortgages/provide a return just wouldnt be there, ergo banks would have been far more reluctant to lend and price increases would have closer matched incomes.
The govt getting out of social housing and essentially contracting it out to the private sector was a huge mistake and one that is not able to be undone in a hurry. Nonetheless the only solution I can see is that we get stuck in on a massive state backed building program aimed at sucking air out of house price increases. Pouring more money in to help first home buyers or renters for that matter will not help.
Given that he's also pissy about the healthy homes regulations anf the july deadline for that, and that timeframe means it's likely that most of the bonds issued in the last 6 months will be for healthy homes, it's possible he was keeping up with the market rates.
Complete gratitude and respect for the work the MIQ workers. They should all get some sort of significant award….give them a knighthood, a ceremony like the oscars. True hero’s and heroines
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Our two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...
Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...
Tonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
Te Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
Te Pāti Māori co-leader Rawiri Waititi, and Mema Paremata mō Tāmaki-Makaurau, Takutai Tarsh Kemp, will travel to the Gold Coast to strengthen ties with Māori in Australia next week (15-21 April). The visit, in the lead-up to the 9th Australian National Kapa haka Festival, will be an opportunity for both ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
Distinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...
Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...
A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
I was initially resistant to the idea often suggested to me that the Government should deliver an arts strategy. The whole point of the arts and creativity is that people should do whatever the hell they want, unbound by the dictates of politicians in Wellington. Peter Jackson, Kiri Te Kanawa, Eleanor ...
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The Queensland state election will be held in October. A YouGov poll for The Courier Mail, conducted April 9–17 from a sample ...
Source: The Conversation (Au and NZ) – By Amin Naeni, PhD candidate at Alfred Deakin Institute for Citizenship and Globalisation, Deakin University There’s been much talk in recent months about what a possible second Donald Trump presidency in the United States could mean for Europe, Russia’s war in Ukraine, the ...
A brief round-up of submissions on the controversial proposed law. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Last week, submissions on the controversial Fast-track Approvals Bill closed just hours after the government released a list of stakeholder organisations who were sent letters advising how they could ...
A poem from Robin Peace’s new collection Detritus of Empire: feather / grass / rock. Cereal giving I see a woman’s hands, see her curious hands break a stalk as she walks through the tall prairie, the savannah, the steppe, wherever it was. See her idly bite the grass that ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 Hemingway’s Goblet by Dermot Ross (Mary Egan Publishing, $38)A handsomely produced (debossed cover, lovely ...
The Commissioner's decision validates the longstanding efforts of the local community and ensures that Awataha Marae will be managed to serve the needs of the local community, particularly for hosting tangihanga. ...
Source: The Conversation (Au and NZ) – By Tristan Salles, Associate professor, University of Sydney Examples of Australian landscapes.Unsplash Seventy thousand years ago, the sea level was much lower than today. Australia, along with New Guinea and Tasmania, formed a connected landmass known as Sahul. Around this time – ...
Source: The Conversation (Au and NZ) – By Felicity Castagna, Lecturer, Creative Writing, Western Sydney University Day Day Market, ParramattaPhoto: Garry Trinh I live on the edge of Parramatta, Australia’s fastest-growing city, on the kind of old-fashioned suburban street that has 1950s fibros constructed in the post-war housing boom, ...
Source: The Conversation (Au and NZ) – By Michael Ryan, Teaching Fellow in Economics, University of Waikato GettyImagesfatido/Getty Images There is an ongoing global debate over whether the high inflation seen in the aftermath of the COVID-19 pandemic can be lowered without a recession. New Zealand is not ...
The ‘Wicked Game’ heartthrob is in his late 60s now. That didn’t stop him putting on a lively, goofy and very sparkly show. Apart from ‘Wicked Game’, which graces a sultry playlist of mine simply called 💋, my last sustained Chris Isaak listening session took place when I was about ...
Analysis - Two ministers were stripped of portfolios in a warning to Cabinet, drama broke out at the Waitangi Tribunal, and the gang patch ban bill ran into opposition. ...
Tara Ward makes an impassioned plea for some vital pop culture merch. In April 1999, I became obsessed with a new reality television show called Popstars. Every Tuesday night, five strangers transformed into music royalty before my very eyes as Joe, Keri, Carly, Erika and Megan were chosen to form ...
PNG Post-Courier In the early hours of ANZAC Day, aerial photographs captured an impressive gathering of Australians and Papua New Guineans at Isurava in the Northern (Oro) Province. The solemn dawn service yesterday was held at a site steeped in history, where some of the fiercest battles of World War ...
The PSA is shocked that Oranga Tamariki has used the cost cutting drive to downgrade its commitment to Te Ao Māori and remove many specialist Māori roles. ...
Source: The Conversation (Au and NZ) – By Ian Kemish, Adjunct Professor, School of Historical and Philosophical Inquiry, The University of Queensland There can be no more powerful symbol of the relationship between Australia and Papua New Guinea than the prime ministers of these neighbouring countries walking together on the ...
Source: The Conversation (Au and NZ) – By Sharon Robinson, Distinguished Professor and Deputy Director of ARC Securing Antarctica’s Environmental Future (SAEF), University of Wollongong, University of Wollongong Andrew Netherwood Over the last 25 years, the ozone hole which forming over Antarctica each spring has started to shrink. ...
Source: The Conversation (Au and NZ) – By Viktoria Kahui, Senior Lecturer in Environmental Economics, University of Otago Getty Images/Amy Toensing Biodiversity is declining at rates unprecedented in human history. This suggests the ways we currently use to manage our natural environment are failing. One emerging concept focuses on ...
Source: The Conversation (Au and NZ) – By Timothy Colin Bednall, Associate Professor in Management, Swinburne University of Technology marvent/Shutterstock Finding the best person to fill a position can be tough, from drafting a job ad to producing a shortlist of top interview candidates. Employers typically consider information from ...
Wondering where to host your next BYO? Whether its a small gathering or a massive party, we’ve got some recommendations. I was first introduced to the concept of BYOs at Dunedin’s India Gardens, a legendary but sadly defunct establishment, which purveyed enormous quantities of mango chicken to Aotearoa’s drunkest future ...
Source: The Conversation (Au and NZ) – By Julien Cooper, Honorary Lecturer, Department of History and Archaeology, Macquarie University Julien Cooper The hyper-arid desert of Eastern Sudan, the Atbai Desert, seems like an unlikely place to find evidence of ancient cattle herders. But in this dry environment, my new ...
The sector says it’s hopeful her replacement Paul Goldsmith will be able to throw it a lifeline, after six months with a minister deemed missing in action, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign ...
The government can't just rely on axing public sector jobs and has to do more to cut spending, says the chief economist at a free market think tank. ...
Rock The Vote NZ, known for its advocacy for minor party unity and its role within the Freedoms NZ Coalition during the 2023 General Election, celebrates this merger as a strategic enhancement of its operational strength and outreach. ...
Nearly everyone has experienced the frustration of something you use breaking and being difficult or expensive to fix. Proposed legislation could change that. It’s been raining on and off all Sunday afternoon but people are lining up outside a building in a corner of Gribblehirst Park in Sandringham, Auckland. In ...
What does a forever relationship look like when you don’t believe in marriage? And how do you celebrate it? This essay is part of our Sunday Essay series, made possible thanks to the support of Creative New Zealand.I’m going to do it, right now. I’m going to say ...
It’s not that long ago Eliza McCartney was seriously wondering if the Paris Olympics would be her pole vaulting swansong. After years of being hounded by injury after injury, the Rio Olympics bronze medallist was still confident she would compete at her second Olympics in Paris in July, unless something ...
FICTION 1 Take Two by Danielle Hawkins (Allen & Unwin, $36.99) There’s commercial fiction, like this book, and then there’s quality fiction, quality writers, quality literature; the forthcoming Auckland Writers Festival is full of quality, and ReadingRoom has two tickets to give away to the following events: Paul Lynch (Dublin ...
Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],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, Friday 26 April appeared first on Newsroom. ...
You can’t have missed the Gallipoli story as the movies, documentaries, essays and books capture what it was like for New Zealand troops in their eight-month campaign on the Peninsula. But this Anzac Day the Auckland War Memorial Museum has published a book that sheds light on a little-known aspect of the ...
The Prime Minister has committed to resuming direct flights to Thailand. But it’s not a promise he will be able to deliver on anytime soon. The post Prime Minister jumps the gun in Thailand appeared first on Newsroom. ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra In the free-for-all between the Australian government and Big Tech boss Elon Musk this week, the government had to be on a winner. Most people would have little sympathy with Musk’s vociferous opposition to ...
Asia Pacific Report Chief Mandla Mandela, a member of the National Assembly of South Africa and Nelson Mandela’s grandson, has joined the Freedom Flotilla in istanbul as the ships prepare to sail for Gaza, reports Kia Ora Gaza. Mandela is also the ambassador for the Global Campaign to Return to ...
Pacific Media Watch Journalists who report on environmental issues are encountering growing difficulties in many parts of the world, reports Reporters Without Borders. According to the tally kept by RSF, 200 journalists have been subjected to threats and physical violence, including murder, in the past 10 years because they were ...
Analysis by Dr Bryce Edwards, Democracy Project (https://democracyproject.nz)Political scientist, Dr Bryce Edwards. Prime Minister Christopher Luxon has surprised everyone with his ruthlessness in sacking two of his ministers from their crucial portfolios. Removing ministers for poor performance after only five months in the job just doesn’t normally happen in ...
Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra BagzhanSadvakassov/Upsplash, CC BY-SA Australia’s inflation rate has fallen for the fifth successive quarter, and it’s now less than half of what it was back in late 2022. ...
ACT's Rural Communities and Veterans spokesman Mark Cameron responds to cancellations and protests of ANZAC Day commemorations in Wellington. He says, "These pitiful attempts to detract from ANZAC Day are not at all indicative of the feelings of mainstream ...
Source: The Conversation (Au and NZ) – By Meighen McCrae, Associate Professor of Strategic & Defence Studies, Australian National University American and Australian stretcher bearers working together near the front line during the Battle of Hamel in 1918.Australian War Memorial While the AUKUS alliance is new, the Australian-American partnership ...
Pōneke based peace activists staged a silent protest at the ANZAC day service to highlight New Zealand’s complicity in war and genocide, and urge the government to take concrete steps to stop the genocide in Palestine. ...
Source: The Conversation (Au and NZ) – By Magdalena M.E. Bunbury, Postdoctoral Researcher, James Cook University Burial with a horse at the Rákóczifalva site, Hungary (8th century AD).Sándor Hegedűs, Hungarian National Museum, CC BY How do we understand past societies? For centuries, our main sources of information have been ...
Amanda Thompson doesn’t really do Anzac Day. But what she does do is remember the people she knew who had a lifetime to remember stuff they didn’t really want to, because of a war they didn’t ask for. And she does make Anzac biscuits.First published in 2021.All my ...
Source: The Conversation (Au and NZ) – By Kathryn Willis, Postdoctoral Researcher, CSIRO Xavier Boulenger/Shutterstock In the two decades to 2019, global plastic production doubled. By 2040, plastic manufacturing and processing could consume as much as 20% of global oil production and use up 15% of the annual carbon ...
With our collective remembrance, and steadfast belief in our common humanity, we strengthen our hope and resolve to do what we can to foster dialogue and understanding, and to heal divisions in our pursuit of peace. ...
Principal reasons for the opposition is the loss of the public’s democratic right to have “a fair say” and the vital need for a government free from corruption, said Casey Cravens of Dunedin, president of the New Zealand Federation of Freshwater ...
Never mind the scoreboard – in the 2000 Bledisloe Cup decider, the real trans-Tasman battle was won before kickoff.First published in 2016. The dawn of the new millennium was a dark time for the All Blacks. Their final game pre-Y2K was a 22-18 loss to South Africa in the ...
I’m on the wrong side of 40, I never pursued creative work and now my job is killing my soul. Help! Want Hera’s help? Email your problem to helpme@thespinoff.co.nzDear Hera,May I start with the least original conversation opener you’re likely to hear around the motu at the moment, particularly in Wellington: ...
“Never again - No AUKUS” was the message of the wreath laid at this morning’s national ANZAC Day commemorative service at Pukeahu National War Memorial Park this morning by the Stop AUKUS group. ...
Until this month, Auckland swimmer Hazel Ouwehand had never met a qualifying time in an Olympic event for a New Zealand team, even as a junior. Now she’s very likely off to the Paris Olympics after swimming well under the qualifying standard in the 100m butterfly twice – both in ...
While Anzac Day has experienced a resurgence in recent years, our other day of remembrance has slowly faded from view.The Sunday Essay is made possible thanks to the support of Creative New Zealand. Original illustrations by Hope McConnell.First published in 2022.The high school’s head girl and ...
Australian and New Zealand volunteers fought together in the Waikato War, yet still its place in the Anzac tradition is unacknowledged by our defence forces or Returned Services Association.First published in 2018.When I was a boy cub I attended Anzac Day services in the South Auckland suburb of ...
A poem by Wellington writer Tayi Tibble.Hoki Mai She kisses him goodbye with her eyes still wet and alight from their last swim in the Awatere river. At the train station celebration, she leads the Kapa Haka but her voice keeps breaking under and over itself like waves. ...
A poem from Bill Manhire’s 2017 book of verse Some Things to Place in a Coffin.My World War I Poem Inside each trench, the sound of prayer. Inside each prayer, the sound of digging. Image courtesy of Auckland War Memorial Museum. ...
There are three books I have wolfed down in one sitting over the last two years. Colleen Maria Lenihan’s gorgeous and sad debut Kōhine, Noelle McCarthy’s memoir Grand about becoming her mother and then unbecoming her, and now Hine Toa, a staunch yet gentle self-portrait by living legend Ngāhuia te ...
Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],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, Thursday 25 April appeared first on Newsroom. ...
What regional development could look like….I hope the PGF is backing these types of initiatives in spades
https://www.rnz.co.nz/national/programmes/countrylife/audio/2018784336/miro-bringing-jobs-home
The man who gave the world the term "feminazi" is dead at 70.
https://www.youtube.com/watch?v=KtjFrCGFzu4
How those supermarket 'collectable' campaigns work. https://www.stuff.co.nz/business/124260714/the-summer-of-smeg–why-new-worlds-knife-promotion-worked-so-well
Marketing 101, the two NZ supermarket chains are very good at it.
Quite a chunk of the Australian wine industry has simply collapsed due to Chinese trade retaliation for alleged price dumping.
https://edition.cnn.com/2021/02/16/business/australia-china-wine-tariffs-dst-intl-hnk/index.html
And yet the price of Penfolds hasn't dropped here. I think it should.
You know it is not quite like the international oil market but
Maybe people should consider not using nature to make money from the unreliable global economy.
Love to see the carbon footprint of shipping wine across the planet too.
It's almost like people don't understand there's an massive crisis on the horizon.
Ad-so Australia takes a moral stand on human rights issues in China (while NZ keeps sucking up to China) and all you can see is a chance for cheap wine from Oz because China has retaliated.
Some moral compass you have there Ad.
The natural endpoint of chardonnay socialism was their discovery of the Barossa Valley reds.
My wine collection is almost exclusively Aussie reds.
This isn't hard – the world is waking up to the fact that Xi Xinping's regime is acting like an enemy not a trade partner.
Once this has sunk in – everyone will start to work out ways of decoupling existing trade and supply chains out of the CCP's reach – ASAP.
Aussie wine producers have been done a favour here with an advanced heads up.
Wait until China controls the international monetary system and endlessly imposes illegal sanctions like the US, instead of deciding who it will trade with and when.
More likely to go the other way though isn't it.
Say you were to discover that a majority of prices in the economy are set via some form of cost + markup pricing, and not supply and demand. Would you still expect Penfolds to give you their wine at a discount?
http://socialdemocracy21stcentury.blogspot.com/2014/05/mark-up-pricing-in-20-nations-and.html
That would, I hope, depend on a completely unregulated market free from any other constraint other than my perfect knowledge of the market, a Licensing Trust able to attend to me needs without thought for its internal mass buyers, the market's perfect knowledge of Penfold's, and and zero impact from any government or regulation, anywhere.
That would just be so sweet.
@ Sacha @ 3:
Yes, I read that one too.
I reckon it is no different with the stories we weave and the necessary narratives to tell and develop these stories. The story must be complete, an integrated self-consistent set of facts and factoids. Some people will go to great lengths to make sure no pieces are missing and sometimes people will force a piece into the whole/hole even though it doesn’t fit neatly.
Stories? This is a must-read (so, read it! 🙂
https://charleseisenstein.org/essays/to-reason-with-a-madman/
A tantalising title 😉
I just might read it.
If forests could or should be considered and/or are indeed superorganisms, why would this stop at the DoC signpost at the boundary? Is it just the flora or does it also include the fauna? If yes, what does that mean to the boundary? What does rain and wind mean for the boundary, and streams and rivers? Is communication bi-directional, does it travel upstream and upwind? I think there’s a good story in there, about the terror in the forest and the Dark Woods.
https://www.stuff.co.nz/environment/124256600/the-mysterious-existence-of-a-leafless-kauri-stump-kept-alive-by-its-forest-neighbours
People worry about schools closed or not closed or not closed long enough due to Covid-19.
Maybe they should worry more about this instead:
https://www.stuff.co.nz/environment/climate-news/124183902/rising-tides-put-up-to-94-schools-at-risk-of-flooding-and-closures
Yes, I know, very mischievous of me to phrase it as a binary but when in Rome …
They were going to die anyway …
Another Covid-19 myth busted.
https://www.newshub.co.nz/home/world/2021/02/coronavirus-the-average-covid-19-victim-had-16-years-of-life-left-in-them-study-finds.html
What a lovely bloke landlord Andrew McKenzie is.
After recently putting up the rent 14%, he then kicks out a mother and her son who has learning disabilities on the eve of a law change to protect tenants because "he deciding what to do".
He says it is business first, but then other landlords say theirs is an important public service, first.
Who to believe, or should we believe none of them?
https://www.stuff.co.nz/life-style/homed/housing-affordability/124297655/rental-law-change-casualties-evicted-tenants-fear-homelessness
A quick search on the govt tenancy website shows the range of rents for 3bed homes in Wainuiomata is $500 – 550pw.
Increasing the rent to $430 pw shows that McKenzie had let the rent fall well behind market. It never does anyone any favours in the long run – and I can well understand the dismay of the mother who not only has to try and find a new home in a very tight market, but faces a rental jump in the order of $100pw at the same time.
A 3 bed home in Wainui is probably worth north of $700k if he'd been getting a rent of $380pw – gross income about $19.7k pa – that's a yield of under 3%. His net in the pocket after fixed costs, mortgage and tax was almost certainly less than $5kpa.
No wonder he wants to sell.
Apparently, he has not yet decided what to do with the property except to ‘renovate’ it AKA“a paint and a tidy up”.
Another ghost house.
By evicting when he did he avoided having to sell or move in. The new law requires him to do this.
Looks like he wants to sit on an empty house and enjoy capital gain. Nikki And Cole Prier don’t come into it for landlords.
At least it will have a nice fresh lick of paint and be tidied up. That’s all aspiring new tenants wish for nowadays and they won’t mind paying the price because beggars can’t be choosers.
Yup, the CG is already locked in.
Nikki And Cole Prier don’t come into it for landlords.
Given how far behind the market their rent had fallen – I'll bet you that their unfortunate personal position actually did 'come into it' for McKenzie.
We've got one older couple who've been with us for over a decade and they pay way below market – but we deliberately choose to carry them because they both contribute to their community magnificently.
But as I said above – in the long run it may not be doing either party any favours.
Make what you will of this:
As I indicated the other night – my own average rent at the present is $384 pw – a very similar number to the story above, and the properties are newer and in a more desirable suburb. Any thoughts on whether I should sell up and 'evict' a whole bunch of people from their homes?
Because honestly that's what's going through my mind. Our equity would do a whole lot better for us in Australia at the moment.
Will someone not think of the poor landlords!
That's pathetic. I'm giving you real life facts and figures from my experience as a real world landlord for almost 20 yrs. If you don't understand how the business works then anything you say is going to amount to little more than pious, futile prattle.
I'm not asking for anyone's pity – how I choose to run my business is precisely my responsibility and no-one else's. But I am prepared to educate you in some basic numbers and their consequences.
Stop with the ridiculous claim you are under so much pressure then.
And your real life facts and figures is simply virtue signalling.
Why do you think this is a 'ridiculous claim'?
As I mentioned the other night – one of the reasons why we moved to Australia 8yrs ago was because our mortage was indeed putting us under considerable pressure.
Essentially over the past 20yrs we've actually had to put money into the business to keep it afloat, and our tenants in their homes. We're now in the position of having shitloads of equity, but crap cash flow, and because I'm close to retiring that isn't something I can sustain anymore.
What would you do? Sell and evict – or hold on and hope the business environment doesn't continue to become more hostile?
Sell and evict – or hold on and hope
When the legal balance between landlords and tenants is about right, selling with a sitting tenant will be a plus, not a minus.
I get where you're coming from, but from the perspective of an investor they will often be looking to add value, usually a significant renovation, and vacant possession will be important to them.
And if the new owner wants to live in it ….
The trouble with this is that I've heard this description from not only landlords but farmers as well, except farmers don't like to flaunt their equity in public.
The total values of assets that can be realised is the figure that most people will focus on. If you have $10M in equity but moan your a**e off about pitiful cashflow, then you generally won't get a lot of sympathy.
I've made it clear I'm not asking for sympathy. I chose to get into this business and have stuck at it for 20 years now. That's my responsibility and no-one else's. All I'm doing here is explaining how the business works in order that people can make informed sense of these stories they read.
Rule No. 1 in all businesses is that cash flow is king. No matter how much shareholder funds you have, how much capital, stock, ring-fenced tax loss, forward orders or anything else – if you cannot meet this month's cash burn the business is bankrupt. And what I've explained here – overshared if you will – is that most residential rental businesses, like many NZ businesses (certainly those with substantial debt), are running on pretty thin cash flow margins. Or are being propped up by the owner's PAYE income.
Just as an extra data point – fixed costs used to run at about 20% of rental income, and here in Australia we can see this is still the case. By contrast in NZ they've risen to somewhere between 35 – 40% in recent years. And in the past most people could reasonably run the business themselves, but increasingly the environment has forced owners to use professional managers – and there's another 10% of cashflow gobbled up.
So even small extra costs imposed by new govt rules, or bad tenants, or even just letting the rent fall too far behind market because you felt sorry for a tenant, can have a big impact on the bottom line cashflow.
The total values of assets that can be realised is the figure that most people will focus on.
Equity means nothing unless I either sell or borrow more against it – and neither is a non-trivial decision. It's this background that helps decode what was going on with the original Wainui story above.
Stepping back, this is as you've pointed out, a wider theme with the whole NZ economy, too much has over the past three decades has tilted toward capital gain for profit, rather than cash flow. It's a structural flaw across many sectors that has distorted our decision-making and tends toward market failure. (I recall writing on this here at TS over a decade ago.)
It's especially chronic in agriculture. About that time we had looked at diversifying into a small horticultural business – and I recall one offer that was priced at over $2m for a business that barely turned over $160k. Utterly nuts – literally.
Which is why I was a strong supporter and promoter here of TOP's Comprehensive Capital Tax proposal. Not so much because I thought the party was a ripper – but because in my view it was a intelligently designed tax that would actually achieve what it was intended to do.
I was going to reply to your comment the other night about landlords creaming it but decided not to – it is sitting there half-finished. I think it is much better this way.
Why you would want to evict your tenants from your rentals is unclear to me except to free up equity. If you need (to do) that, then you can justify it, at least to yourself. It is your decision.
Don’t ask for business advice here, unless you really want/need it and intend to follow it. Ask a professional instead.
Don’t share your business wheeling and dealing here unless you want to cop the flack for it. Over-sharing carries many risks online for little gain/benefit even though your intention might be to provide a different PoV to guide/inform discussion and lift to a ‘higher plane’ than the usual ‘landlord-bashing’, which I respect and understand, but it doesn’t get you far, does it?
I could do similar things on discussion topics here but I’m not prepared to die in the ditch for those unless it is about a core value of mine – details are less important and there are other ways to get your point across without divulging too much personal information or history; arguments should be able to stand on their own legs of merit and persuasion.
These are my genuine well-meant thoughts for you.
Make of it what you will.
Bye
Fair enough.
Don’t ask for business advice here, unless you really want/need it and intend to follow it. Ask a professional instead.
In effect I am the professional here and I've been sharing information on how the residential rental business actually works. I've been doing this solely in the hope that some people here might stop treating their landlord as some spawn of the devil – and start focusing on the real reasons why the housing market in NZ has gotten into the mess it has.
But maybe you're right – the effort was doomed to be futile from the outset.
HT to Robert Guyton.
The other important tension that exists in this landlord/tenant discussion is for one party it is a business. The tax benefits, passive income etc, the leverage available…
The other party it is home, a place for family, a garden, pets, to love, laugh weep. A turangawaewae.
Failing to acknowledge the other view is where the argy barty begins.
Like Kiwi attitudes to land. One view is my property, my rights etc. The other is stewardship, a responsibility to pass it forward in better knick, to treat and see it as if it were alive. A strong spiritual bond.
Well Red, you've made tonnes of equity over the years.
Rent + tax preferences + equity increases = a reasonable rate of return.
You sound like you're in a steady place.
This is a leftie site so few will have patience to give non-Socialist advice.
But you are still of sufficiently sound mind that you can throw the dice another way than real estate.
In New Zealand, Victoria, or Queensland we need more people prepared to cash up and invest in fresh local growing business that's better for the whole economy.
You've done good. Do even better.
Reading the article, he actually comes across as a pretty decent landlord. If Red Logix's numbers correct, then he has been giving her a very good deal for a long time.
Unfortunately, this is a consequence of the new rental laws. If he was intending to sell or do a major upgrade, I thought under the new rules he could still give the 90 day notice?
So it seems a bit like he 'panicked' and gave notice now when in fact if he decides to sell in a years time he could still give notice.
More reason for rent controls then. More regulation around the cowboy residential industry would give surety and guidance to both tenant and landlord.
More rent controls will probably make more landlords sell which may be ok as possibly first home buyers would buy. But could be less rentals available. This tenant has been paying $380 per week up until recently which sounds extremely cheap, so he has been subsidizing her for some time now, so he sounds like a very reasonable landlord. He possibly could have given her notice several years ago and rented it out for far more if he had been greedy.
Just a hunch but I don't think he's reasonable at all, I think he's disorganised.
[RL: Deleted. Damaging speculation that puts the site at risk. Be more careful in future.]
So you think the landlord is disorganized because for example, he decided to charge her $380 per week instead of the going market rate for the last few years? Well you will be pleased to know that there are many landlords out there that are well organized, and will charge as much as they can, and also raise the rent as often as possible. Many other people would refer to them as greedy rather than organized!
Lol. RedLogix flexing his muscles from Brisbane.
I guess the elephant in the room is that no doubt the tax payer will subsidize the next rental through accomodation supplements.
I can't help but think that a big part of the issue we have is that public funds are paid to enable tennants to meet rents far above their normal income allows.
The policy came from a good place but the unintended consequence of the scheme sas that it has in effect acted as a wealth transfer and helps fuel the house price increases.
Imagine if there had been no supplements from govt, the money required to pay the huge rents required to pay the equally huge mortgages/provide a return just wouldnt be there, ergo banks would have been far more reluctant to lend and price increases would have closer matched incomes.
The govt getting out of social housing and essentially contracting it out to the private sector was a huge mistake and one that is not able to be undone in a hurry. Nonetheless the only solution I can see is that we get stuck in on a massive state backed building program aimed at sucking air out of house price increases. Pouring more money in to help first home buyers or renters for that matter will not help.
Given that he's also pissy about the healthy homes regulations anf the july deadline for that, and that timeframe means it's likely that most of the bonds issued in the last 6 months will be for healthy homes, it's possible he was keeping up with the market rates.
When myopic birdwatchers can’t tell the difference between a Kea and a Kiwi.
https://www.engadget.com/twitter-birdwatch-fact-checking-crowdsourcing-partisanship-citation-173611388.html
Still, it is an experiment in its early days so let’s watch & learn from it.
Some of the findings are not at all surprising if you have been around the block more than once 😉
here is a civil debate that is well worth taking the time to watch…
https://www.youtube.com/watch?v=KEq_1eKcph8
Taibbi & Eskow: The Marcuse Match
Nice to see MIQ workers getting first doses of Covid vaccine today – gratitude and respect are due for the work they do.
or just pay them some really really awesome bonuses – weekly.
Stiffing 'em on a goodly portion of the interest and commissions, too.
https://twitter.com/KawsachunNews/status/1362176105332019201
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https://twitter.com/KawsachunNews/status/1362192605996539911
https://threadreaderapp.com/thread/1362176105332019201.html