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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1. What was The Curse of Jim Bolger?a. Winston Peters b. Soon after shaking his hand, world leaders would mysteriously lose office or shuffle off this mortal coilc. Could never shake off the Mother of All Budgetsd. Dandruff2. True or false? The Chairman of a Kiwi export business has asked the ...
Jack Vowles writes – New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’. ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
The Government’s newly announced review of methane emissions reduction targets hints at its desire to delay Aotearoa New Zealand’s urgent transition to a climate safe future, the Green Party said. ...
The Government must commit to the Maitai School building project for students with high and complex needs, to ensure disabled students from the top of the South Island have somewhere to learn. ...
Mental Health Minister Matt Doocey and his Government colleagues have made a meal of their mental health commitments, showing how flimsy their efforts to champion the issue truly are, says Labour Mental Health spokesperson Ingrid Leary. ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...
A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector. "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong. Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
Prime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong. During today’s meeting, Prime Minister Luxon ...
A leaked document shows the Canterbury/Waitaha arm of health agency Te Whatu Ora is scurrying to save $13.3 million by July. The “financial sustainability target”, which was “allocated” to Waitaha, is consistent with what’s happening in other districts, says Sarah Dalton, executive director of the Association of Salaried Medical Specialists. ...
A look at the state of the previous government’s affordable housing scheme, and what could come next.Remind me: What’s KiwiBuild again?First announced in 2012, KiwiBuild was a flagship policy of the Labour Party heading into both its 2014 and 2017 election campaigns. With Jacinda Ardern as prime minister, ...
Labour in opposition will be shocked to learn which party had six years in power but squandered any chance to make real change. Grant Robertson’s valedictory speech was a predictably entertaining trip down memory lane. The acid-tongued incoming Otago University chancellor administered a sick burn to the coalition government. He ...
Opinion: It has been announced that nine percent of roles at Oranga Tamariki will be disestablished, presumably to help fund the tax cuts promised by the coalition Government. I am reminded of the graphics used to illustrate pandemic events, where five thousand people are standing in a field and then ...
After more than two sleepless days, running through savage terrain, Greig Hamilton didn’t know if he was going to finish one of the most gruelling psychological assaults in sport. He was metres away from the finish line, a yellow gate made famous in a Netflix documentary; a race he’d dreamed ...
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, Wednesday 24 April appeared first on Newsroom. ...
The following interview with former Green Party MP Sue Kedgley came about because she features in the new memoir Hine Toa by activist Ngāhuia te Awekōtuku; the two knew each other at the University of Auckland in the early 70s, when they were both took on leadership roles in the ...
Taiwan’s semiconductor industry is seen some as its ‘silicon shield’ against invasion – but how will overseas expansion affect that protection? The post The state of Taiwan’s silicon shield appeared first on Newsroom. ...
There’s relief for building owners bending under the weight of earthquake strengthening rules – and costs – that came into force seven years ago. Building and Construction Minister Chris Penk has announced a scheduled 2027 review of the earthquake-prone building regulations will now start this year. Owners will also get ...
COMMENTARY:By Murray Horton New Zealand needs to get tough with Israel. It’s not as if we haven’t done so before. When NZ authorities busted a Mossad operation in Auckland 20 years ago, the government didn’t say: “Oh well, Israel has the right to defend itself.” No, it arrested, prosecuted, ...
NEWSMAKERS:By Vijay Narayan, news director of FijiVillage Blessed to be part of the University of Fiji (UniFiji) faculty to continue to teach and mentor those who want to join our noble profession, and to stand for truth and justice for the people of the country. I was privileged to ...
Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University Three weeks from now, some of us will be presented with a mountain of budget papers, and just about all of us will get to hear about them on radio, ...
Source: The Conversation (Au and NZ) – By Dan Lowry, Ice Sheet & Climate Modeller, GNS Science Hugh Chittock/Antarctica New Zealand, CC BY-SA As the climate warms and Antarctica’s glaciers and ice sheets melt, the resulting rise in sea level has the potential to displace hundreds of millions of ...
The government's plan to reintroduce a three strikes regime is being strongly opposed by lawyers, who argue there is no evidence it reduces crime or helps people rehabilitate. ...
Source: The Conversation (Au and NZ) – By Dan Jerker B. Svantesson, Professor specialising in Internet law, Bond University Do Australian courts have the right to decide what foreign citizens, located overseas, view online on a foreign-owned platform? Anyone inclined to answer “yes” to this question should perhaps also ask ...
Source: The Conversation (Au and NZ) – By Giovanni E Ferreira, NHMRC Emerging Leader Research Fellow, Institute of Musculoskeletal Health, University of Sydney Last week in a post on X, owner of the platform Elon Musk recommended people look into disc replacement if they’re experiencing severe neck or back pain. ...
Source: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University anek.soowannaphoom/Shutterstock NSW Treasurer Daniel Mookhey caught the headlines yesterday, courtesy of a blistering speech condemning the latest GST carve-up. New South Wales, he claimed, would be A$11.9 billion worse off over the ...
While police are "broadly in favour", the government's proposed anti-gang laws are facing pushback from lawyers, rights groups and former gang members. ...
While police are "broadly in favour", the government's proposed anti-gang laws are facing pushback from lawyers, rights groups and former gang members. ...
By Miriam Zarriga in Port Moresby Australian Prime Minister Anthony Albanese has arrived at Kokoda Station, Northern province, at the start of his state visit to Papua New Guinea. Both Albanese and Prime Minister James Marape will meet with the locals and the Northern Provincial government before they begin their ...
Source: The Conversation (Au and NZ) – By Chris Wallace, Professor, School of Politics Economics & Society, Faculty of Business Government & Law, University of Canberra Shutterstock An important principle was invoked by Prime Minister Anthony Albanese last week in defence of the government’s Future Made in Australia industry ...
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk Security forces reinforcements were sent from France ahead of two rival marches in the capital Nouméa today, at the same time and only two streets away one from the other. One march, called by Union Calédonienne party (a component of the ...
A poll last August found that just 16% of New Zealanders oppose bringing back the ‘Three Strikes’ law. The nationwide poll of 1,000 New Zealanders was commissioned by Family First NZ and carried out by Curia Market Research. ...
The solo show from Ana Scotney is both sprawling and intimate, and a must-see, writes Mad Chapman. In the opening moments of Scattergun: After the Death of Rūaumoko, writer and performer Ana Scotney lays out the groundwork, literally. Silently moving around the square stage, Scotney is not so much dancing ...
Source: The Conversation (Au and NZ) – By Kate Burridge, Professor of Linguistics, Monash University Who makes the words? Why are trees called trees and why are shoes called shoes and who makes the names? – Elliot, age 5, Eltham, Victoria Good question Elliot! Let’s start with ...
Source: The Conversation (Au and NZ) – By Stephen Duckett, Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, The University of Melbourne at amRawpixel.com/Shutterstock Roles of health professionals are still unfortunately often stuck in the past. That is, before the ...
COMMENTARY:By Malcolm Evans Last week’s leaked New York Times staff directive, as to what words can and cannot be used to describe the carnage Israel is raining on Palestinians, is proof positive, since those reports are published verbatim here in New Zealand, that our understanding of the conflict is ...
In the case of New Zealand, the results confirm that there is no popular support for the vicious austerity program being imposed by the National Party-led government, which is backed in all fundamental respects by the opposition Labour Party. ...
The ‘Vampire’ singer has never visited our part of the world, but that might all be about to change. We assess the evidence.Olivia Rodrigo’s Guts World Tour is pulling in massive crowds as it whips around the US and Europe, even helping to catapult regular supporting act Chappell Roan ...
Testing of drinking water in rural Canterbury over the weekend by Greenpeace revealed that several public town supplies were reaching levels of nitrate above 5 mg/L - the threshold which a growing body of scientific evidence has linked to increased ...
Source: The Conversation (Au and NZ) – By Rohan Fisher, Information Technology for Development Researcher, Charles Darwin University It may come as a surprise to hear 2023 was Australia’s biggest bushfire season in more than a decade. Fires burned across an area eight times as big as the 2019–20 Black ...
Responding to the Government’s announcement of changes to resource management laws, Taxpayers’ Union Executive Director, Jordan Williams, said: “These changes are a step in the right direction in terms of removing ideological and unworkable ...
More than two years after the Human Rights Council called for the establishment of a national human rights commission, such a body has yet to be formed. ...
Comment:An emergency management system with wide variations in performance, significant capability gaps, funding shortfalls and above all a setup that is not meeting the needs of New Zealanders at times of crisis. The Government’s inquiry into the response to Cyclone Gabrielle and other severe weather events in the North ...
Welcome to the whirring wonders of one brain trying to align its actions with its beliefs within a system it thinks is evil. My brain has been spiralling in a woke conundrum ever since I found out a bookshop I’ve never been to was shutting down. Good Books, a bookshop ...
We repeat our call for criminal justice policy to be based on evidence, something the three strikes regime neglects to recognise – with no evidence that it either reduces crime or assists with rehabilitation. ...
By Koroi Hawkins, RNZ Pacific editor in Honiara With only four more seats in the 50-member Parliament yet to be officially declared, there is no outright winner in the Solomon Islands elections. As of Monday, the two largest blocs in the winner’s circle, independents and the incumbent Prime Minister Manasseh ...
Two/fiftyseven is a multi-purpose space hidden in the heart of Wellington that is paving a way for sustainable building and responsible landlording in Aotearoa and beyond.By 2060 the world is predicted to double its entire building stock, which equates to building an entire New York City every 34 days, ...
Popstars wasn’t just a reality television revolution, it was also a huge moment for Y2K fashion.It’s 25 years since girl group TrueBliss was formed on New Zealand national television, breaking new ground for both the reality television industry and the shiny clothing industry. With the first episode on NZ ...
Source: The Conversation (Au and NZ) – By Christopher Pepping, Associate Professor in Clinical Psychology, Griffith University Marvin / Shutterstock Are all single people insecure? When we think about people who have been single for a long time, we may assume it’s because single people have insecurities that make ...
Source: The Conversation (Au and NZ) – By William Geary, Lecturer in Quantitative Ecology & Biodiversity Conservation, The University of Melbourne Trismegist san, Shutterstock Landscapes that have escaped fire for decades or centuries tend to harbour vital structures for wildlife, such as tree hollows and large logs. But these ...
Source: The Conversation (Au and NZ) – By Rebecca Gladstone-Gallagher, Lecturer in Marine Science, University of Auckland, Waipapa Taumata Rau Shutterstock/S Curtis Why are we crossing ecological boundaries that affect Earth’s fundamental life-supporting capacity? Is it because we don’t have enough information about how ecosystems respond to change? Or ...
Source: The Conversation (Au and NZ) – By Matthew Crocker, PhD Student in Economics, Deakin University Here’s something for the board of the Reserve Bank of Australia to ponder as it meets next month to set interest rates. It has pushed up rates on 13 occasions since it began its ...
As part of our series exploring how New Zealanders live and our relationship with money, a charity director outlines how she’s saving for retirement and buying secondhand. Want to be part of The Cost of Being? Fill out the questionnaire here.Gender: Female Age: 45 Ethnicity: Pākehā Role: Charity director, mum of ...
Source: The Conversation (Au and NZ) – By Sophie Yates, Research Fellow, Crawford School of Public Policy, Australian National University Many Australians with disability feel on the edge of a precipice right now. Recommendations from the disability royal commission and the NDIS review were released late last year. Now a ...
It’s been called a failed experiment and a judicial straightjacket but the government says the revised three strikes law will be a more workable regime, writes Anna Rawhiti-Connell in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. Three ...
New Zealand’s Palestinian community and Palestinian Youth Aotearoa are voicing alarm and disappointment with the lack of factual rigour present during the Israeli Ambassador’s appearance as a guest on TVNZ’s Q+A With Jack Tame Sunday (21/04). ...
Both ACT leader David Seymour, who played a key role in drawing up the assisted dying law, and hospice leaders say it's time the legislation was changed. ...
Public submissions on proposed gang control laws are being heard today. Rising gang membership has been cited as rationale for a crackdown – but what do we actually know about how many people belong to gangs in New Zealand?What’s all this then?A rise in the number of gang ...
Climate activists are setting their sights on an unpopular target, and hoping to bring lots of the public with them. It’s hard to miss the Majestic Princess: the enormous cruise ship, docked at Auckland’s Prince’s Wharf, looms over the nearby buildings. The ship, which can fit nearly 6,000 people, ...
Opinion: Making sure developers, local and central government, and landowners are all on the same page makes sense The post A new kind of city deal appeared first on Newsroom. ...
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The following korero between Ngāhuia te Awekōtuku, author of the newly published memoir Hine Toa, one of the year’s most important books, and Dale Husband from e-tangata, was first published in October. It traverses her involvement with the activist group Ngā Tamatoa at Auckland University in the early 1970s, her ...
In the 16 years since it was bought by the government for $690 million, KiwiRail has had several overhauls and turnaround plans worth billions of dollars. Its ambitions as a successful, profitable operator of tourism, freight and ferries have often been derailed by disasters from earthquakes to cyclones, mine explosions ...
Black Ferns trailblazer Kendra Cocksedge was on the verge of tears when her young protégé, Hannah King, unassumingly broke the news. Three-time Rugby World Cup winner Cocksedge and Lincoln agriculture student King meet every few weeks over a hot chocolate, in an enduring mentorship that’s spanned years. “Before we even ...
Opinion: We’ve kicked the tyres on the perception NZ’s economy is in a parlous state compared to Australia. We take a quick tour of relative trends in GDP, housing markets, labour markets, trade, the fiscal situation, and the outlooks for inflation and interest rates. We find the cyclical positions of ...
By Russell Palmer, RNZ News digital political journalist New Zealand’s Foreign Minister Winston Peters is putting off recognition of Palestine as a state, despite opposition Labour’s formal request that he make the move. Peters said diplomatic recognition of Palestine was a matter of “when not if”, but doing so now ...
The opposition has laid into the government's plan to reintroduce a "three strikes" regime, saying it's inequitable and there's very little evidence it works. ...
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