The government had the opportunity to get rid of neoliberalism and return to its roots as a working class party. Labour 2022 is not socialist. It is simply a manager for the corporate establishment.
It chose the liberal middle class instead and consigned itself to the dustbin of history.
Can’t put it much clearer than that. And evidence is there via the neo liberal Parliamentary consensus–whereby the State Sector Act, Reserve Bank Act, monetarist transactional methods etc. roll over with each election. Labour has enacted a number of useful reforms that the Natzos would not have…but…when the pirate banks and supermarket duopoly laugh in their and citizens faces and keep raking it in, and a state house mega build remains wanting…
As for the current RB rate hike, unemployed are often viewed by tories as “dirty filthy bennies”, a sub class of despicable losers…yet the RB Governor now says we need to add to their ranks to fight inflation, what the…while at the same time employers say they are labour starved and want more migrant labour. Now sure, jobs and people cannot always be linked, but the employers position says little more than–“cheap labour now please”–just as a number of workers are rediscovering their fight and winning decent wage increases.
The faux separation of, and ‘independent’ status of the Reserve Bank, under the RB Act, is such a travesty and reveals like little else why the NZ neo liberal state has to be booted.
Descending into negative equity is going to be a humbling experience for some holders of thumping great mortgages, and guess what–voting for Baldrick is not going to make it better–the contrary in fact. Retired, middle class, working class and alienated need to find some points of unity and develop public action to combat the coming shit show.
I see that the National Party and Groundswell are crowing about the number of signatures included in their petition which Groundswell describes as a "farming tax" but Stuff.co.nz describes as a "food tax" (Interesting contrast!).
By my rough calculations the petition at just over 102,000 was signed by something like 3% of the electorate – not a particularly impressive result and does not confirm Groundwell's claims that the overwhelming majority of New Zealanders support them.
By the way Groundswell keep sending me unsolicited feeds on Facebook and then getting angry when I respond to them asking questions which they don't want to answer. The solution is simple – if they don't want any criticism then stop sending them to me. The very first question I asked is "why are you calling it a farming tax when it is not a farming tax per se – it is an agricultural carbon emissions tax – which is not the same thing as in if you farm without emitting then you don't pay. I then told them that they were really just a front for the National Party at which point I received some hysterical troll responses.
They get angry unless you tell them what they want to hear.
net zero carbon. You sequester more GHGs than you produce. This means transitioning to regenerative models that build soil, biodiversity and grow forests, as well as reducing the GHG emitting practices and stopping relying on pay to pollute carbon credit schemes.
This is physically possible. The main blocks are economic, political and philosophical. I favour subsidising farms to transition, but farmers have to be on board. We also can't do industrial farming at the scale we currently do, so we need to transition our economy at the same time.
I'm generally in agreement about the large scale dairy farms we have here in Canterbury. However I know many local farmers with small holdings who claim they will go out of business as a result of these new laws
that's tough, and again, I would support the government assisting family farms including small ones, to transition. Continuing to farm without taking climate and ecology into account is not a solution to their problem. Groundswell can't help them. I hope someone sorts that out though, because we don't need small family farms being bought up by corporations either.
I know a guy spent the last 30 years on the family farm on low wages, 10 years of it nursing the parents as well as running the farm , the siblings want their cut now , the farms not big enough to pay the mortgage on the 3 to 4 mill he'd have to borrow to pay them out.
Occasionally parents can structure it to hand it down , but it will usually involve getting bigger, and most likely at some point it will be to dare to hand down,
The family farm is terminal it just might be a long slow death for some.
the problem there is the decisions of the parents. Not being overly critical, lots of people are like this and don't sort this stuff out until it's too late. But there are other options to just selling up and splitting the money.
And if the parents want all the kids to have an equal share and thus are ok with the farm being sold, then they’re ok with it no longer being a family farm. That’s on them.
bearing in mind that my parents' generation were the ones where the farm got left to the oldest boy and the girls were supposed to marry farmers if they wanted a farming life.
I’ve also seen the farmers who inherited a farm but then when they want to retire they want bought out. So yeah, the land prices are a huge problem, but there are other factors here too.
I know a farming family who put the farm into a trust and now the kids and their mum run it and when she dies the kids will run and I guess their kids when they have them.
Not every human activity has or is for a profit motive. Profit per se is not the issue anyway, it is about businesses paying their fair share and including this into their business models.
The banks tell us we must stop buying silly smashed avocadoes – officially! They have come to save us all from inflation by taking every cent we have left. They have come to save us from leaky homes by fire-saling the houses. They have come to stop the silly notion of anyone but the chosen rich accumulating capital by taking it all back.
The RBNZ is also telling you to hold on to your job and enjoy your pay-rise while you can, because it is projecting unemployment starting to rise in 2023, which just so happens to be election year.
Yes, but to those of us who are not schooled in even basic economics such as I it is not clear what that really means. That article doesn’t mention the RBNZ projections of the unemployment rate over the next 3 years and they are dire. It does, however, mention recession three times! The Proletariat will shrink, the Precariat will grow and NACT + NZF will ride in as our economic saviours and apply the razor gangs to government spending, including social welfare. As they always do because they are a one-trick pony with the memory of a goldfish.
We interpret the term 'maximum sustainable employment' (MSE) or full employment to mean the level of employment at which the job market is tight, but not so tight that inflation is rising out of control.
More formally, we define MSE as the highest use of labour resources that can be sustained over time without creating a sustained acceleration in inflation.
What is interesting about the RBNZs position regarding MSE, is that we had increasing inflation before wage growth rates began rising. It's almost as if workers don't have anything to do with setting prices, the actual origin of inflation.
My limited understanding of it is that headline inflation was high to start with, because of Covid and other global issues, and this is starting to feed into core inflation such as the MSE and wage inflation. I guess our economy, like so many others, was and is not resilient enough to weather so many large shocks in rapid succession.
Whatever the source of inflation, it is those least responsible for rising prices who are already bearing the brunt of its effects. It's apparently unreasonable to expect lower margins of those businesses that have enjoyed rising profits despite COVID and other global issues.
It's apparently unreasonable to expect lower margins … [my italics]
What do you mean? How is this apparent [to you]? How do you envision RBNZ and/or Government to control or influence those margins?
Yes, of course, the people at the bottom always suffer most and will always suffer more when things get worse. Rightly or wrongly, this Government does acknowledge this with the CoL adjustment, for example. However, RBNZ sees it as a contributing factor to stubbornly high household spending:
Household spending has stayed elevated, despite high inflation, rising interest rates, falling house prices and uncertainty about the global outlook. Recent spending has been supported by high employment, increasing wages, cost of living payments, and savings built up by households during COVID-19 lockdowns. [my italics]
It is apparent because the call from the RBNZ is for reduced consumer spending, not restricted profit margins. Monetary policy has significant lag and it is not always as effective as hoped.
Seeing that we must consume to live and that inflation in the cost of living (a ghoulish term when examined) has been rising faster than wages, a interventionist government could clamp down on these costs through price controls, rent controls, excess profit tax and other fiscal policies.
The Cost of Living Payment was unwise IMO and not directed properly. A reduction in tax liability for those at bottom would have been a much better move.
Petrol is still 25 cts. off per litre, PT fares are still discounted. The fuel discount also benefits the transporting industry, which unsurprisingly have asked for it to remain.
There are plenty more examples of how Government shoulders some of the burden of rising costs (inflation) for New Zealanders.
Any changes to the tax system can easily backfire and stoke the inflationary fire even further. This is the double-edged sword of given the people more money in the hand which they will spend rather than save and/or pay off debt. Consumer spending needs to come down, not go up.
At least that’s my limited understanding of the tricky situation we’re in.
It is apparent because the call from the RBNZ is for reduced consumer spending, not restricted profit margins
Its called demand destruction,it removes profits by enforcing providers to reduce margins to retain sales.it works efficiently in highly informed markets such as the US,where the prices fall to meet demand.
The RBNZs tool kit is limited and their remit is also, I am not expecting them to achieve something that is not within their capabilities. Monetary policy such that it is.
The government, however, has a commanding parliamentary majority and control of fiscal policy; which can form much more directed and precise set of tools. While they have made plenty of prudent decisions I would also join those calling on the government for a reinstatement of the rent freeze. It seems to me as an abdication of sorts to the RBNZ; rather than institute the needed redistributive laws.
People are relying on the charity, such as food banks, for the bare necessities of life in increasing numbers, but they must some how spend less? If those on the lowest incomes had more spending power they may be able to improve their living conditions, for example, no longer skipping meals, or moving out of the unhealthy rental into something better for them. Targeted tax policy could ensure that, RBNZ policies cannot. Some demand is simply unavoidable. There is also plenty of spending being done by those who do not require philanthropy, more often doling it out. It is the governments role to attempt to solve these inequities, not the RBNZ.
The only one I have seen doing anything like this is the Reserve Bank of New Zealand, which is an arm of Government and certainly isn't involved in lending you money to buy your home. There is only one RBNZ so you shouldn't be using a plural like "they".
I can only answer some. That may lose rentals – yes! That may lose homes – yes! I base my answers on historical precedent. This is a modern day land grab, as predicted, so blatantly obviously the same old same old.
Measures to counter this would have been to stop corporates jacking the price of everything and RBNZ not leading the charge to fuck all the little guys.
"Measures to counter this would have been to stop corporates jacking the price of everything and RBNZ not leading the charge to fuck all the little guys."
Yes. Making the impacts on little guys a political priority would be a start.
First home owners, not speculators, whose house should not be some widget in the enormous games of finance these fools play. I'm pissed off. Why were they (Government, RBNZ) all allowing so much practically free money to be lent out. And everyone BUY BUY BUY! We saw it coming, if we were meant to be paying attention and didn't… we were asleep. Everyone gets overextended and… hey presto, interest goes up, land grab.
They had the gall to tell us on the news last night those with savings are better off. Like it all balances out, this periodic stealing of people's life savings, via draining them trying to pay interest, then mortgagee sales, to further the rich.
I have an arrangement with my Bank that I pay the minimum fortnightly payment. That has not changed in the 4 years I have had the current mortgage. When interests rates were very low during Covid I was paying more principal and less interest. Now that rates are going up, I pay less principal and more interest. My fortnightly payment does not change.
The only thing that changes is the term of the loan. The date of final payment stretches out further and further. This does not bother me in the slightest – I will be long dead by then and the loan will be paid when either I, or my estate sells the property.
I bought my house over 40 years ago. I was paying 6% on the first mortgage and 9% on the second mortgage. I was single then (in the eyes of the State anyway) so I got flatmates in to help with the outgoings. In the bad days of the mid 1980's I had paid off the second mortgage, but was paying something like 17% on the first mortgage. I was lucky because my first mortgage was with Housing NZ because I bought in an area where the Government of the time was attempting to encourage home ownership. Other people were paying over 20% interest.
You do not sound that 'lucky' to me. You bought the property over 40 years ago and still have a mortgage on it? Sounds to me like your bank has done you no favours and has made a lot of money at your expense. You should probably get a good mortgage broker and some sound financial advice.
I have this mortgage now because when I paid off the original amount in 1992, I did not actually discharge the mortgage – just left it sitting there for nearly 3 decades. I borrowed against it again 4 years ago when I retired in order to fund an extensive upgrade of part of the dwelling (which at 90 odd years old was badly needed) and I rent out that part while living in the other part myself.
That sounds very smart but offset mortgages are at floating interest rate or higher and your comment makes no sense; your interest payments will go up too.
Only on the portion not offset – if it's fully offset (which is how I read the comment), no interest is charged. On the other hand, it's not much of a mortgage if it is fully offset – a mortgage in name only perhaps?
Loving the irony of Black Friday sale ads merrily sprinkled between the RBNZ pleading for people not to spend. This is the problem with capitalism, everyone constantly rowing against each other, sending out competing messages.
RBNZ says don't spend but every industry, everywhere, especially retail banking, says umm, no.
Covid relief was supposed to be security in uncertain times. What did middle New Zealand do? Went out and bought investment properties, fucking muppets.
Yes indeed, and various jackals are now gleefully buying property at lower prices. We sold six months back to move, in no rush, and the agent was really offended we held out for a less speculative buyer.
Unemployment will save us says the RB–yet–employers demand urgent imports of migrant labour. Which is really a call for low wages.
It's sad to see crime appearing to be on the increase – violent crime especially.
I did a training session at work recently about safety awareness. One of the questions the speaker asked was would you feel safer working in a bank or a dairy (in relation to the threat of robbery and/or the potential for violence)?
That is because there has been a lot of target hardening in other places. Service stations used to be easy targets, – not any more. Dairies – with their windows covered in advertising and run by family members, are the softest target around at the moment.
I have noticed some diaries starting to increase their security but I think there needs to be some consistency. I can't remember which of the big players owns 4 Square but they should be rolling out something to all their stores (though from what I know they are franchises)
They are part of the Foodstuffs Cooperative along with Pak 'n' Save and New World – technically not a franchise, but certainly looks and acts like one most of the time.
I have no idea what you are doing, but if it's a moderation issue, then moderate. If it's not, then hassling someone new like this is both rude and not great for the site. It also reflects badly on moderation.
No no, Incognito has obviously looked at my email address, matched with a previous account then is using it to needle me. I had no intention of trolling or the like – just wanted to get into some conversation again but, well, I think s/he has made themselves clear.
if it’s a moderation issue, then it needs to be dealt with as moderation not trolling someone.
I’ve had a look at your email and IP address. Email address is fine. IP address is shared with someone else who is currently active on TS. If that’s you using two names, then you cannot do that. Some mods will allow a name change for a good reason, others taking a harder line, but either way you cannot run two names here at the same time.
If there is a different explanation for the same IP address, then please explain. Otherwise, please drop pick one name and stick to it.
The IP address matches someone else's? That's weird.
Without betraying confidence/someone elses details is the person I share an email address with a long time user here? Because it isn't me – I only have one account but am on a large network.
Unfortunately for you, I’ve now looked more closely at the email address and see it’s similar to someone who’s on a permanent ban because of a long history of trolling and causing problems for moderators by trying to skirt bans. I’m putting you on the ban list again. If you think this is a mistake, then reply and your comment will end up in the back end where I will see it.
At some point lprent will do an amnesty on the permanent bans. At which point I suggest that if you want to comment here you pick one name, stick to it, and keep your head down.
I am not sure what sort of training such businesses offer.
they are usually family run and they work 24/7. My family owned such a business when I was growing up. The work is endless.
your comment does hint at a blame the victim approach. Was that what you were meaning or have I misinterpreted you? My apologies if I have. The blame lies with the a…hole who stabbed the worker to death.
Right, and who do you think should provide the training to the bosses? The police? The military?
Who do you think is equipped in NZ currently to ward off some shitheel with a knife? Would you be trained enough?
The last knife attacker is now in a female prison for attacking three people, inclusive his/their ex girlfriend who will have lasting scars in her face. And these victims simply had the audacity to go to a restaurant for a dinner and thought that was safe in NZ.
If you think dudes/ettes outside are shifty, close the door – which we do a lot now a days.
They will have to break the door, and by that time she should be able to get out the back door.
No heroics, no nothing. Just try to get out and not worry about a single thing or a single cent. Money is replacable, a cut up face is for live. IF you can't get away, give them the contents of the till, if they want a coffee to go with that , make that coffee, pack the box of chocolates and wish them a good day. Anything to stay unharmed and alive.
But in fact there is no training that can help you to get a way from someone who just simply has no respect for others, for society or their communities.
What will happen now is that Dairys will arm themselves, will hopefully always have a two people policies – if they don't have for the most part even more CCTV that they already have and if all falters, just shut. Because clearly it onus is on us to keep us alive, the police will come to mop up what is left over if the robbery/raid goes wrong, and of course lay a charge for murder or assault.
If the government is serious about winning the next election, and helping those at risk of being impacted by rising mortgage rates, then the government should change the target inflation range temporarilly to reflect the reality of the economic situation.
Those at risk don't only include mortgage holders. But also likely tenants who may face rent increases to cover increasing mortgage costs incurred by landlords.
If a lot of the inflation is imported, then, that component of inflation will not be affected. So, the only way to bring inflation back within the target band is to basically force NZ into a full-blown recession.
I think the target rate for the next three years should be say 3-5%, which would be much more achievable with a lot less pain.
I was trying to find some data to refute your claim,
But also likely tenants who may face rent increases to cover increasing mortgage costs incurred by landlords.
which I just don't think is true, at least not to the same scale of increase or remotely close to it. I do note you have couched your claim using the words, "likely", and "may".
There's this GA article from 2014. Best line is first in the comments section,
I read a lot about this also on interest, but the most obvious thing is that rents are paid from real money, out of real people income, sweat, work and productivity, that is finite. Houses are paid with fake bank money that don’t exist, so they can be as expensive as many zero you can put on a computer screen. Banks want houses to be more expensive, so they give you more fake money and so on, while we all get poorer. If we started listening a bit less to the Economists (with capital E) and a bit more on our brain cells, we would all be better off.
It is true to the extent that landlords will try to pass on their costs to tenants if they are able to. Of course, market conditions may not allow that. For instance, if there is a glut of houses on the market. So, it isn't given.
Firstly, within a historical context, the inflation rate has been much higher in the past reaching an eye-watering 17% in 1987. So, I am not sure that 3-5% inflation is intolerable for several years, given the extra-ordinary times we have been through, and that the RB did cock things up a bit.
Secondly, adjusting the inflation target range is not without historical precedent. For instance, in 1996 the target range moved from 0-2% to 0-3%.
If we do have a recession, there is no guarantee it will be shallow, and it may cost a lot of jobs. But applying the handbrake a bit slower may allow a lot of jobs to be saved.
Even if the RB crashes the economy, there still won't be price stability. For instance, we import a lot of stuff as part of my company. Prices have gone up at least 30% from most suppliers over the last several years. There is no sign that imported inflation is going to end any time soon.
What will happen though, in a recession, is a lot of people will lose their jobs, and there will be a lot of hardship that could be avoided by taking a more measured approach to bringing down inflation. It is not the fault of voters that the RB way over-stimulated the economy. Yet they are being expected to take the medicine to fix it.
Someone pays one way or another whether target inflation range stays the same or is increased temporarilly to a more realistic level. That is through either slightly higher prices, but lower interest rates. Or higher interest rates, and slightly lower prices.
One of the understood effects of the OCR tightening is the currency appreciation.There are 2 parts here the appreciation of the US$ as a reserve currency with large reservoirs for liquid assets such as cash,and the differential in the interest rates (with forex risk)
Here with the OCR being largely forecast there has been an appreciation of 10% since the start of oct,against the US$.This in turn reduces the cost of imports along with reducing the freight and insurance component ( freight rates now back to around pre covid)
The question you need to ask your supplier is why the price has not adjusted.
"Increasingly National’s election pitch is simply that they are “not Labour”. But is that really enough during an economic recession? Does National have any policies of substance that might help navigate the current economic crisis? Even if voters punish Labour for mismanaging the economy, there are no signs that they should have confidence that National would do any better."
When a Government takes from more people than it gives too or does not give enough to those who believe they deserve more then a majority is formed for its demise. The major problem is inflation which takes from many and gives to few – so once the incumbent Government is blamed for "letting inflation get out of control" it is on the way to being toast.
The current Gov may have a lot to answer for but in reality the current economic situation has been little influenced by them, this situation has been building since 2008 , and as is noted in the linked piece that will butter no parsnips for the electorate come next year.
Question: Why the first house price spike 2002-2008?
While looking for something else I saw again the there has been constant and severe house price inflation in NZ for 20 years now, briefly interrupted by the GFC. We know about 2010-2018 (Jong Khee), and 2020-2021 (Covid relief).
Why did the 2002-2008 spike occur? Accelerated immigration? Free trade deal with China? Is it just the cost of open tap neoliberal economics?
I suspect it is, which is why I applaud this government's commitment to managing immigration and foreign capital interference in the residential housing market.
it's also because the Retirement Commissioner spent years telling NZ to invest in property. That alongside the narrative that we couldn't afford superannuation any more and people needed to save for their own retirement. It was very anti-socialist/pro neolib.
Yes, i remember that. And the re-zoning of residential properties/zones to mixed which resulted in many nice villas being turned into offices, dental clinics and the likes. These lost residential houses were never replaced.
There was also the share market collapse in 1987 causing the losses of retirement savings of many, so for some, property probably would at least be worth something, unlike shares which can theoretically become worthless.
I also wonder how much impact Rich Dad, Poor Dad had – the book had more to it than "buy underpriced real estate using leverage", but that was probably the main message people took from it. It was published in 1997 and was a big seller, and I could see that message slowly percolating through to NZ after the 1997 Asian financial crisis as the economy first recovered in 1998-9 and then picked up steam under Labour.
I remember a real slump in house prices in 1991. I was overseas for most of 1990 and I remember when I came back giving some serious thought to buying an investment property in early 1991 as there was quite a glut on the market. I did decide not to – which was probably wise.
Those that have shall be given more, and they will have an abundance. But those that do not have, even what they have, will be taken away from them.
Matthew 25:29
The OCR: What you need to know
RNZ Business
12:46 pm on 23 November 2022
…… increasing the OCR, the cost to consumers of borrowing money from their banks also increases, and as consumers find themselves spending more of their take-home pay on servicing their debts, they have less money to spend on other things.
Banks made record profits, there was no pandemic for them. Rents, mortgages still had to be paid even under lock down.
To keep up with paying higher interest rates demanded by the banksters. Adrian Orr says the public will have to cut their spending,
Adrian Orr has also linked higher unemployment to job competition as the answer to 'wage inflation'.
Adrian Orr says unemployment must rise, before inflation, (particularly wage inflation) will be brought under control.
Bigger mortgage payments, less wages, more unemployment, more job competition, this is all sweet music to the banksters and bosses.
Listening to the car radio. Newstalk ZB, a representative of the banking community said; Can't meet your new mortgage interest rate. Talk to us. 'We can help. 'We don't want to see you out of your home.' 'We are here for the long haul'. (And so are you).
Bought at the high end of the housing market?
Feeling squeezed between inadequate wage increases and high interest rates?
Go to your local bank manager and beg for mercy like the desperate wretch you are, He will see what he can do for you. Agree to a mortgage holiday, or longer period of payment, he will let you stay in your home to work longer to pay off your mortgage.
The March of the Greedies;
Adrian Orr admits Reserve Bank is 'deliberately engineering recession'
Tom Pullar-Strecker 10:02, Nov 24 2022
Orr told Parliament’s Finance and Expenditure select committee it was correct that the Reserve Bank was engineering a recession, saying it was deliberately trying to slow spending in the economy.
"….You know, if you just start behaving, ‘1% different’ around inflation expectations and wage growth that makes our job easier."
Reserve Bank manager, Adrian Orr. also says government spending must be cut.
(Y'know, health care, education, welfare all that unnecessary stuff that gets in the way of maximising bankster profits).
…..Adrian Orr's message to think harder about spending – or "cool the jets" – isn't just for the public. He has told the Government to spend sensibly or risk even higher inflation.
No one should expect their investment to be underwritten by taxpayers. You are responsible for your own risk more than banks are.
Hindsight won't be kind to this government wasting billions on non-delivered services. Robertson may think the RB is overreacting, but honestly so did Robertson.
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The Government’s idea is that the private sector and Community Housing Providers will fund, build and operate new affordable housing to address our housing crisis. Meanwhile, the Government does not know where almost half of the 1,700 children who left emergency housing actually went. Photo: Lynn Grieveson / The KākāLong ...
Oh, home, let me come homeHome is wherever I'm with youOh, home, let me come homeHome is wherever I'm with youSongwriters: Alexander Ebert / Jade Allyson CastrinosMorena,I’m on a tight time frame this morning. In about an hour and a half, I’ll need to pack up and hit the road ...
This is a post about the Mountain Tui substack, and small tweaks - further to the poll and request post the other day. Please don’t read if you aren’t interested in my personal matters. Thank you all.After oohing-and-aahing about how to structure the Substack model since November, including obtaining ...
This transcript of a recent conversation between the Prime Minister and his chief economic adviser has not been verified.We’ve announced we are the ‘Yes Government’. Do you like it?Yes, Prime Minister.Dreamed up by the PR team. It’s about being committed to growth. Not that the PR team know anything about ...
The other day, Australian Senator Nick McKim issued a warning in the Australian Parliement about the US’s descent into fascim.And of course it’s true, but I lament - that was true as soon as Trump won.What we see is now simply the reification of the intention, planning, and forces behind ...
Among the many other problems associated with Musk/DOGE sending a fleet of teenage and twenty-something cultists to remove, copy and appropriate federal records like social security, medicaid and other supposedly protected data is the fact that the youngsters doing the data-removal, copying and security protocol and filter code over-writing have ...
Jokerman dance to the nightingale tuneBird fly high by the light of the moonOh, oh, oh, JokermanSong by Bob Dylan.Morena folks, I hope this fine morning of the 7th of February finds you well. We're still close to Paihia, just a short drive out of town. Below is the view ...
It’s been an eventful week as always, so here’s a few things that we have found interesting. We also hope everyone had a happy and relaxing Waitangi Day! This week in Greater Auckland We’re still running on summer time, but provided two chewy posts: On Tuesday, a guest ...
Queuing on Queen St: the Government is set to announce another apparently splashy growth policy on Sunday of offering residence visas to wealthy migrants. Photo: Lynn Grieveson / The KākāLong stories short, the top six things in our political economy around housing, climate and poverty on Friday, February 7:PM Christopher ...
The fact that Waitangi ended up being such a low-key affair may mark it out as one of the most significant Waitangi Days in recent years. A group of women draped in “Toitu Te Tiriti” banners who turned their backs on the politicians’ powhiri was about as rough as it ...
Hi,This week’s Flightless Bird episode was about “fake seizure guy” — a Melbourne man who fakes seizures in order to get members of the public to sit on him.The audio documentary (which I have included in this newsletter in case you don’t listen to Flightless Bird) built on reporting first ...
This is a re-post from Yale Climate Connections by Karin Kirk The 119th Congress comes with a price tag. The oil and gas industry gave about $24 million in campaign contributions to the members of the U.S. House and Senate expected to be sworn in January 3, 2025, according to a ...
Early morning, the shadows still long, but you can already feel the warmth building. Our motel was across the road from the historic homestead where Henry Williams' family lived. The evening before, we wandered around the gardens, reading the plaques and enjoying the close proximity to the history of the ...
Thanks folks for your feedback, votes and comments this week. I’ll be making the changes soon. Appreciate all your emails, comments and subscriptions too. I know your time is valuable - muchas gracias.A lot is happening both here and around the world - so I want to provide a snippets ...
Data released today by Statistics NZ shows that unemployment rose to 5.1%, with 33,000 more people out of work than last year said NZCTU Te Kauae Kaimahi Economist Craig Renney. “The latest data shows that employment fell in Aotearoa at its fastest rate since the GFC. Unemployment rose in 8 ...
The December labour market statistics have been released, showing yet another increase in unemployment. There are now 156,000 unemployed - 34,000 more than when National took office. And having thrown all these people out of work, National is doubling down on cruelty. Because being vicious will somehow magically create the ...
Boarded up homes in Kilbirnie, where work on a planned development was halted. Photo: Lynn Grieveson / The KākāLong stories short, the top six things in our political economy around housing, climate and poverty on Wednesday, February 5 are;Housing Minister Chris Bishop yesterday announcedKāinga Ora would be stripped of ...
This week Kiwirail and Auckland Transport were celebrating the completion of the summer rail works that had the network shut or for over a month and the start of electric trains to Pukekohe. First up, here’s parts of the press release about the shutdown works. Passengers boarding trains in Auckland ...
Through its austerity measures, the coalition government has engineered a rise in unemployment in order to reduce inflation while – simultaneously – cracking down harder and harder on the people thrown out of work by its own policies. To that end, Social Development Minister Louise Upston this week added two ...
This year, we've seen a radical, white supremacist government ignoring its Tiriti obligations, refusing to consult with Māori, and even trying to legislatively abrogate te Tiriti o Waitangi. When it was criticised by the Waitangi Tribunal, the government sabotaged that body, replacing its legal and historical experts with corporate shills, ...
Poor old democracy, it really is in a sorry state. It would be easy to put all the blame on the vandals and tyrants presently trashing the White House, but this has been years in the making. It begins with Margaret Thatcher and Ronald Reagan and the spirit of Gordon ...
The new school lunches came in this week, and they were absolutely scrumptious.I had some, and even though Connor said his tasted like “stodge” and gave him a sore tummy, I myself loved it!Look at the photos - I knew Mr Seymour wouldn’t lie when he told us last year:"It ...
The tighter sanctions are modelled on ones used in Britain, which did push people off ‘the dole’, but didn’t increase the number of workers, and which evidence has repeatedly shown don’t work. Photo: Lynn Grieveson / The KākāLong stories short, the top six things in our political economy around housing, ...
Catching you up on the morning’s global news and a quick look at the parallels -GLOBALTariffs are backSharemarkets in the US, UK and Europe have “plunged” in response to Trump’s tariffs. And while Mexico has won a one month reprieve, Canada and China will see their respective 25% and 10% ...
This post by Nicolas Reid was originally published on Linked in. It is republished here with permission. Gondolas are often in the news, with manufacturers of ropeway systems proposing them as a modern option for mass transit systems in New Zealand. However, like every next big thing in transport, it’s hard ...
This is a re-post from The Climate BrinkBoth 2023 and 2024 were exceptionally warm years, at just below and above 1.5C relative to preindustrial in the WMO composite of surface temperature records, respectively. While we are still working to assess the full set of drivers of this warmth, it is clear that ...
Hi,I woke up feeling nervous this morning, realising that this weekend Flightless Bird is going to do it’s first ever live show. We’re heading to a sold out (!) show in Seattle to test the format out in front of an audience. If it works, we’ll do more. I want ...
From the United-For-Now States of America comes the thrilling news that a New Zealander may be at the very heart of the current coup. Punching above our weight on the world stage once more! Wait, you may be asking, what New Zealander? I speak of Peter Thiel, made street legal ...
Even Stevens: Over the 33 years between 1990 and 2023 (and allowing for the aberrant 2020 result) the average level of support enjoyed by the Left and Right blocs, at roughly 44.5 percent each, turns out to be, as near as dammit, identical.WORLDWIDE, THE PARTIES of the Left are presented ...
Back in 2023, a "prominent political figure" went on trial for historic sex offences. But we weren't allowed to know who they were or what political party they were "prominent" in, because it might affect the way we voted. At the time, I said that this was untenable; it was ...
I'm going, I'm goingWhere the water tastes like wineI'm going where the water tastes like wineWe can jump in the waterStay drunk all the timeI'm gonna leave this city, got to get awayI'm gonna leave this city, got to get awayAll this fussing and fighting, man, you know I sure ...
Waitangi Day is a time to honour Te Tiriti o Waitangi and stand together for a just and fair Aotearoa. Across the motu, communities are gathering to reflect, kōrero, and take action for a future built on equity and tino rangatiratanga. From dawn ceremonies to whānau-friendly events, there are ...
Subscribe to Mountain Tūī ! Where you too can learn about exciting things from a flying bird! Tweet.Yes - I absolutely suck at marketing. It’s a fact.But first -My question to all readers is:How should I set up the Substack model?It’s been something I’ve been meaning to ask since November ...
Here’s the key news, commentary, reports and debate around Aotearoa’s political economy on politics and in the week to Feb 3:PM Christopher Luxon began 2025’s first day of Parliament last Tuesday by carrying on where left off in 2024, letting National’s junior coalition partner set the political agenda and dragging ...
The PSA have released a survey of 4000 public service workers showing that budget cuts are taking a toll on the wellbeing of public servants and risking the delivery of essential services to New Zealanders. Economists predict that figures released this week will show continued increases in unemployment, potentially reaching ...
The Prime Minister’s speech 10 days or so ago kicked off a flurry of commentary. No one much anywhere near the mainstream (ie excluding Greens supporters) questioned the rhetoric. New Zealand has done woefully poorly on productivity for a long time and we really need better outcomes, and the sorts ...
President Trump on the day he announced tariffs against Mexico, Canada and China, unleashing a shock to supply chains globally that is expected to slow economic growth and increase inflation for most large economies. Photo: Getty ImagesLong stories short, the top six things in our political economy around housing, climate ...
Photo by Towfiqu barbhuiya on UnsplashHere’s what we’re watching in the week to February 9 and beyond in Aotearoa’s political economy around housing, climate and poverty:Monday, February 3Politics: New Zealand Government cabinet meeting usually held early afternoon with post-cabinet news conference possible at 4 pm, although they have not been ...
Trump being Trump, it won’t come as a shock to find that he regards a strong US currency (bolstered by high tariffs on everything made by foreigners) as a sign of America’s virility, and its ability to kick sand in the face of the world. Reality is a tad more ...
A listing of 24 news and opinion articles we found interesting and shared on social media during the past week: Sun, January 26, 2025 thru Sat, February 1, 2025. This week's roundup is again published soleley by category. We are still interested in feedback to hone the categorization, so if ...
What seems to be the common theme in the US, NZ, Argentina and places like Italy under their respective rightwing governments is what I think of as “the politics of cruelty.” Hate-mongering, callous indifference in social policy-making, corporate toadying, political bullying, intimidation and punching down on the most vulnerable with ...
If you are confused, check with the sunCarry a compass to help you alongYour feet are going to be on the groundYour head is there to move you aroundSo, stand in the place where you liveSongwriters: Bill Berry / Michael Mills / Michael Stipe / Peter Buck.Hot in the CityYesterday, ...
Shane Jones announced today he would be contracting out his thinking to a smarter younger person.Reclining on his chaise longue with a mouth full of oysters and Kina he told reporters:Clearly I have become a has-been, a palimpsest, an epigone, a bloviating fossil. I find myself saying such things as: ...
Warning: This post contains references to sexual assaultOn Saturday, I spent far too long editing a video on Tim Jago, the ACT Party President and criminal, who has given up his fight for name suppression after 2 years. He voluntarily gave up just in time for what will be a ...
Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by Sue Bin Park from the Gigafact team in collaboration with members from our team. You can submit claims you think need checking via the tipline. Is global warming ...
Our low-investment, low-wage, migration-led and housing-market-driven political economy has delivered poorer productivity growth than the rest of the OECD, and our performance since Covid has been particularly poor. Photo: Lynn Grieveson / The KākāLong stories short, the top six things in our political economy around housing, climate and poverty this ...
..Thanks for reading Frankly Speaking ! Subscribe for free to receive new posts and support my work.As far as major government announcements go, a Three Ministers Event is Big. It can signify a major policy development or something has gone Very Well, or an absolute Clusterf**k. When Three Ministers assemble ...
One of those blasts from the past. Peter Dunne – originally neoliberal Labour, then leader of various parties that sought to work with both big parties (generally National) – has taken to calling ...
Completed reads for January: I Am Legend, by Richard Matheson The Black Spider, by Jeremias Gotthelf The Spider and the Fly (poem), by Mary Howitt A Noiseless Patient Spider (poem), by Walt Whitman August Heat, by W.F. Harvey Charlotte’s Web, by E.B. White The Shrinking Man, by Richard Matheson ...
Do its Property Right Provisions Make Sense?Last week I pointed out that it is uninformed to argue that the New Zealand’s apparently poor economic performance can be traced only to poor regulations. Even were there evidence they had some impact, there are other factors. Of course, we should seek to ...
Richard Wagstaff It was incredibly jarring to hear the hubris from the Prime Minister during his recent state of the nation address. I had just spent close to a week working though the stories and thoughts shared with us by nearly 2000 working people as part of our annual Mood ...
Odd fact about the Broadcasting Standards Authority: for the last few years, they’ve only been upholding about 5% of complaints. Why? I think there’s a range of reasons. Generally responsible broadcasters. Dumb complaints. Complaints brought under the wrong standard. Greater adherence to broadcasters’ rights to freedom of expression in the ...
And I said, "Mama, mama, mama, why am I so alone"'Cause I can't go outside, I'm scared I might not make it homeWell I'm alive, I'm alive, but I'm sinking inIf there's anyone at home at your place, darlingWhy don't you invite me in?Don't try to feed me'Cause I've been ...
Climate Change Minister Simon Watts’ star is on the rise, having just added the Energy, Local Government and Revenue portfolios to his responsibilities - but there is nothing ambitious about the Government’s new climate targets. Photo: SuppliedLong stories short, the top six things in our political economy around housing, climate ...
It may have been a short week but there’s been no shortage of things that caught our attention. Here is some of the most interesting. This week in Greater Auckland On Tuesday Matt took a look at public transport ridership in 2024 On Thursday Connor asked some questions ...
The East Is Red: Journalists and commentators are referring to the sudden and disruptive arrival of DeepSeek as a second “Sputnik moment”. (Sputnik being the name given by the godless communists of the Soviet Union to the world’s first artificial satellite which, to the consternation and dismay of the Americans, ...
Hi,Back on inauguration day we launched a ridiculous RFK Jr. “brain worms” tee on the Webworm store, and I told you I’d be throwing my profits over to Mutual Aid LA and Rainbow Youth New Zealand. Just to show I am not full of shit, here are the receipts. I ...
New Zealand First has introduced a Member’s Bill aimed at preventing banks from refusing their services to businesses because of the current “Environmental, Social, and Governance (ESG) Framework”. “This Bill ensures fairness and prevents ESG standards from perpetuating woke ideology in the banking sector being driven by unelected, globalist, climate ...
Erica Stanford has reached peak shortsightedness if today’s announcement is anything to go by, picking apart immigration settings piece by piece to the detriment of the New Zealand economy. ...
Our originating document, theTreaty of Waitangi, was signed on February 6, 1840. An agreement between Māori and the British Crown. Initially inked by Ngā Puhi in Waitangi, further signatures were added as it travelled south. The intention was to establish a colony with the cession of sovereignty to the Crown, ...
Te Whatu Ora Chief Executive Margie Apa leaving her job four months early is another symptom of this government’s failure to deliver healthcare for New Zealanders. ...
The Green Party is calling for the Prime Minister to show leadership and be unequivocal about Aotearoa New Zealand’s opposition to a proposal by the US President to remove Palestinians from Gaza. ...
The latest unemployment figures reveal that job losses are hitting Māori and Pacific people especially hard, with Māori unemployment reaching a staggering 9.7% for the December 2024 quarter and Pasifika unemployment reaching 10.5%. ...
Waitangi 2025: Waitangi Day must be community and not politically driven - Shane Jones Our originating document, theTreaty of Waitangi, was signed on February 6, 1840. An agreement between Māori and the British Crown. Initially inked by Ngā Puhi in Waitangi, further signatures were added as it travelled south. ...
Despite being confronted every day with people in genuine need being stopped from accessing emergency housing – National still won’t commit to building more public houses. ...
The Green Party says the Government is giving up on growing the country’s public housing stock, despite overwhelming evidence that we need more affordable houses to solve the housing crisis. ...
Before any thoughts of the New Year and what lies ahead could even be contemplated, New Zealand reeled with the tragedy of Senior Sergeant Lyn Fleming losing her life. For over 38 years she had faithfully served as a front-line Police officer. Working alongside her was Senior Sergeant Adam Ramsay ...
Green Party co-leader Marama Davidson will return to politics at Waitangi on Monday the 3rd of February where she will hold a stand up with fellow co-leader Chlöe Swarbrick. ...
Te Pāti Māori is appalled by the government's blatant mishandling of the school lunch programme. David Seymour’s ‘cost-saving’ measures have left tamariki across Aotearoa with unidentifiable meals, causing distress and outrage among parents and communities alike. “What’s the difference between providing inedible food, and providing no food at all?” Said ...
The Government is doubling down on outdated and volatile fossil fuels, showing how shortsighted and destructive their policies are for working New Zealanders. ...
Green Party MP Steve Abel this morning joined Coromandel locals in Waihi to condemn new mining plans announced by Shane Jones in the pit of the town’s Australian-owned Gold mine. ...
The Green Party is calling on the Government to strengthen its just-announced 2030-2035 Nationally Determined Contribution (NDC) under the Paris Agreement and address its woeful lack of commitment to climate security. ...
Today marks a historic moment for Taranaki iwi with the passing of the Te Pire Whakatupua mō Te Kāhui Tupua/Taranaki Maunga Collective Redress Bill in Parliament. "Today, we stand together as descendants of Taranaki, and our tūpuna, Taranaki Maunga, is now formally acknowledged by the law as a living tūpuna. ...
Labour is relieved to see Children’s Minister Karen Chhour has woken up to reality and reversed her government’s terrible decisions to cut funding from frontline service providers – temporarily. ...
It is the first week of David Seymour’s school lunch programme and already social media reports are circulating of revolting meals, late deliveries, and mislabelled packaging. ...
The Green Party says that with no-cause evictions returning from today, the move to allow landlords to end tenancies without reason plunges renters, and particularly families who rent, into insecurity and stress. ...
The Government’s move to increase speed limits substantially on dozens of stretches of rural and often undivided highways will result in more serious harm. ...
In her first announcement as Economic Growth Minister, Nicola Willis chose to loosen restrictions for digital nomads from other countries, rather than focus on everyday Kiwis. ...
The Government’s commitment to get New Zealand’s roads back on track is delivering strong results, with around 98 per cent of potholes on state highways repaired within 24 hours of identification every month since targets were introduced, Transport Minister Chris Bishop says. “Increasing productivity to help rebuild our economy is ...
The former Cadbury factory will be the site of the Inpatient Building for the new Dunedin Hospital and Health Minister Simeon Brown says actions have been taken to get the cost overruns under control. “Today I am giving the people of Dunedin certainty that we will build the new Dunedin ...
From today, Plunket in Whāngarei will be offering childhood immunisations – the first of up to 27 sites nationwide, Health Minister Simeon Brown says. The investment of $1 million into the pilot, announced in October 2024, was made possible due to the Government’s record $16.68 billion investment in health. It ...
New Zealand’s strong commitment to the rights of disabled people has continued with the response to an important United Nations report, Disability Issues Minister Louise Upston has announced. Of the 63 concluding observations of the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD), 47 will be progressed ...
Resources Minister Shane Jones has launched New Zealand’s national Minerals Strategy and Critical Minerals List, documents that lay a strategic and enduring path for the mineral sector, with the aim of doubling exports to $3 billion by 2035. Mr Jones released the documents, which present the Coalition Government’s transformative vision ...
Firstly I want to thank OceanaGold for hosting our event today. Your operation at Waihi is impressive. I want to acknowledge local MP Scott Simpson, local government dignitaries, community stakeholders and all of you who have gathered here today. It’s a privilege to welcome you to the launch of the ...
Racing Minister, Winston Peters has announced the Government is preparing public consultation on GST policy proposals which would make the New Zealand racing industry more competitive. “The racing industry makes an important economic contribution. New Zealand thoroughbreds are in demand overseas as racehorses and for breeding. The domestic thoroughbred industry ...
Business confidence remains very high and shows the economy is on track to improve, Economic Growth Minister Nicola Willis says. “The latest ANZ Business Outlook survey, released yesterday, shows business confidence and expected own activity are ‘still both very high’.” The survey reports business confidence fell eight points to +54 ...
Enabling works have begun this week on an expanded radiology unit at Hawke’s Bay Fallen Soldiers’ Memorial Hospital which will double CT scanning capacity in Hawke’s Bay to ensure more locals can benefit from access to timely, quality healthcare, Health Minister Simeon Brown says. This investment of $29.3m in the ...
The Government has today announced New Zealand’s second international climate target under the Paris Agreement, Climate Change Minister Simon Watts says. New Zealand will reduce emissions by 51 to 55 per cent compared to 2005 levels, by 2035. “We have worked hard to set a target that is both ambitious ...
Nine years of negotiations between the Crown and iwi of Taranaki have concluded following Te Pire Whakatupua mō Te Kāhui Tupua/the Taranaki Maunga Collective Redress Bill passing its third reading in Parliament today, Treaty Negotiations Minister Paul Goldsmith says. “This Bill addresses the historical grievances endured by the eight iwi ...
As schools start back for 2025, there will be a relentless focus on teaching the basics brilliantly so all Kiwi kids grow up with the knowledge, skills and competencies needed to grow the New Zealand of the future, Education Minister Erica Stanford says. “A world-leading education system is a key ...
Housing Minister Chris Bishop and Associate Agriculture Minister Mark Patterson have welcomed Kāinga Ora’s decision to re-open its tender for carpets to allow wool carpet suppliers to bid. “In 2024 Kāinga Ora issued requests for tender (RFTs) seeking bids from suppliers to carpet their properties,” Mr Bishop says. “As part ...
Associate Education Minister David Seymour has today visited Otahuhu College where the new school lunch programme has served up healthy lunches to students in the first days of the school year. “As schools open in 2025, the programme will deliver nutritious meals to around 242,000 students, every school day. On ...
Minister for Children Karen Chhour has intervened in Oranga Tamariki’s review of social service provider contracts to ensure Barnardos can continue to deliver its 0800 What’s Up hotline. “When I found out about the potential impact to this service, I asked Oranga Tamariki for an explanation. Based on the information ...
A bill to make revenue collection on imported and exported goods fairer and more effective had its first reading in Parliament, Customs Minister Casey Costello said today. “The Customs (Levies and Other Matters) Amendment Bill modernises the way in which Customs can recover the costs of services that are needed ...
Minister of Internal Affairs Brooke van Velden says the Department of Internal Affairs [the Department] has achieved significant progress in completing applications for New Zealand citizenship. “December 2024 saw the Department complete 5,661 citizenship applications, the most for any month in 2024. This is a 54 per cent increase compared ...
Reversals to Labour’s blanket speed limit reductions begin tonight and will be in place by 1 July, says Minister of Transport Chris Bishop. “The previous government was obsessed with slowing New Zealanders down by imposing illogical and untargeted speed limit reductions on state highways and local roads. “National campaigned on ...
Finance Minister Nicola Willis has announced Budget 2025 – the Growth Budget - will be delivered on Thursday 22 May. “This year’s Budget will drive forward the Government’s plan to grow our economy to improve the incomes of New Zealanders now and in the years ahead. “Budget 2025 will build ...
For the Government, 2025 will bring a relentless focus on unleashing the growth we need to lift incomes, strengthen local businesses and create opportunity. Prime Minister Christopher Luxon today laid out the Government’s growth agenda in his Statement to Parliament. “Just over a year ago this Government was elected by ...
Associate Education Minister David Seymour welcomes students back to school with a call to raise attendance from last year. “The Government encourages all students to attend school every day because there is a clear connection between being present at school and setting yourself up for a bright future,” says Mr ...
The Government is relaxing visitor visa requirements to allow tourists to work remotely while visiting New Zealand, Economic Growth Minister Nicola Willis, Immigration Minister Erica Stanford and Tourism Minister Louise Upston say. “The change is part of the Government’s plan to unlock New Zealand’s potential by shifting the country onto ...
The opening of Kāinga Ora’s development of 134 homes in Epuni, Lower Hutt will provide much-needed social housing for Hutt families, Housing Minister Chris Bishop says. “I’ve been a strong advocate for social housing on Kāinga Ora’s Epuni site ever since the old earthquake-prone housing was demolished in 2015. I ...
Trade and Investment Minister Todd McClay will travel to Australia today for meetings with Australian Trade Minister, Senator Don Farrell, and the Australia New Zealand Leadership Forum (ANZLF). Mr McClay recently hosted Minister Farrell in Rotorua for the annual Closer Economic Relations (CER) Trade Ministers’ meeting, where ANZLF presented on ...
A new monthly podiatry clinic has been launched today in Wairoa and will bring a much-needed service closer to home for the Wairoa community, Health Minister Simeon Brown says.“Health New Zealand has been successful in securing a podiatrist until the end of June this year to meet the needs of ...
The Judicial Conduct Commissioner has recommended a Judicial Conduct Panel be established to inquire into and report on the alleged conduct of acting District Court Judge Ema Aitken in an incident last November, Attorney-General Judith Collins said today. “I referred the matter of Judge Aitken’s alleged conduct during an incident ...
Students who need extra help with maths are set to benefit from a targeted acceleration programme that will give them more confidence in the classroom, Education Minister Erica Stanford says. “Last year, significant numbers of students did not meet the foundational literacy and numeracy level required to gain NCEA. To ...
Foreign Affairs Minister Winston Peters has announced three new diplomatic appointments. “Our diplomats play an important role in ensuring New Zealand’s interests are maintained and enhanced across the world,” Mr Peters says. “It is a pleasure to announce the appointment of these senior diplomats from the Ministry of Foreign Affairs and ...
Ki te kahore he whakakitenga, ka ngaro te Iwi – without a vision, the people will perish. The Government has achieved its target to reduce the number of households in emergency housing motels by 75 per cent five years early, Associate Housing Minister Tama Potaka says. The number of households ...
The opening of Palmerston North’s biggest social housing development will have a significant impact for whānau in need of safe, warm, dry housing, Associate Housing Minister Tama Potaka says. The minister visited the development today at North Street where a total of 50 two, three, and four-bedroom homes plus a ...
Foreign Minister Winston Peters has announced the new membership of the Public Advisory Committee on Disarmament and Arms Control (PACDAC), who will serve for a three-year term. “The Committee brings together wide-ranging expertise relevant to disarmament. We have made six new appointments to the Committee and reappointed two existing members ...
Ka nui te mihi kia koutou. Kia ora, good morning, talofa, malo e lelei, bula vinaka, da jia hao, namaste, sat sri akal, assalamu alaikum. It’s so great to be here and I’m ready and pumped for 2025. Can I start by acknowledging: Simon Bridges – CEO of the Auckland ...
The Government has unveiled a bold new initiative to position New Zealand as a premier destination for foreign direct investment (FDI) that will create higher paying jobs and grow the economy. “Invest New Zealand will streamline the investment process and provide tailored support to foreign investors, to increase capital investment ...
Science, Innovation and Technology Minister Judith Collins today announced the largest reset of the New Zealand science system in more than 30 years with reforms which will boost the economy and benefit the sector. “The reforms will maximise the value of the $1.2 billion in government funding that goes into ...
Turbocharging New Zealand’s economic growth is the key to brighter days ahead for all Kiwis, Prime Minister Christopher Luxon says. In the Prime Minister’s State of the Nation Speech in Auckland today, Christopher Luxon laid out the path to the prosperity that will affect all aspects of New Zealanders’ lives. ...
The latest set of accounts show the Government has successfully checked the runaway growth of public spending, Finance Minister Nicola Willis says. “In the previous government’s final five months in office, public spending was almost 10 per cent higher than for the same period the previous year. “That is completely ...
The Government’s welfare reforms are delivering results with the number of people moving off benefits into work increasing year-on-year for six straight months. “There are positive signs that our welfare reset and the return consequences for job seekers who don't fulfil their obligations to prepare for or find a job ...
Jon Kroll and Aimee McCammon have been appointed to the New Zealand Film Commission Board, Arts Minister Paul Goldsmith says. “I am delighted to appoint these two new board members who will bring a wealth of industry, governance, and commercial experience to the Film Commission. “Jon Kroll has been an ...
Finance Minister Nicola Willis has hailed a drop in the domestic component of inflation, saying it increases the prospect of mortgage rate reductions and a lower cost of living for Kiwi households. Stats NZ reported today that inflation was 2.2 per cent in the year to December, the second consecutive ...
Two new appointed members and one reappointed member of the Employment Relations Authority have been announced by Workplace Relations and Safety Minister Brooke van Velden today. “I’m pleased to announce the new appointed members Helen van Druten and Matthew Piper to the Employment Relations Authority (ERA) and welcome them to ...
Source: The Conversation (Au and NZ) – By Jacinta Humphrey, Research Fellow in Urban Ecology, RMIT University Golf courses are sometimes seen as harmful to the environment. According to the popular notion, the grass soaks up too much water, is cut too short and sprayed with dangerous chemicals. But in ...
The poll, conducted between 02 and 04 February, shows National up 2.3 points to 31.9 percent, while Labour has risen 0.4 points from last month to 31.3 percent. ...
Source: The Conversation (Au and NZ) – By Katrina McFerran, Professor and Head of Creative Arts and Music Therapy Research Unit; Director of Researcher Development Unit, The University of Melbourne New York Public Library Many of us take pleasure in listening to music. Music accompanies important life events and ...
Source: The Conversation (Au and NZ) – By Katrina McFerran, Professor and Head of Creative Arts and Music Therapy Research Unit; Director of Researcher Development Unit, The University of Melbourne New York Public Library Many of us take pleasure in listening to music. Music accompanies important life events and ...
The Cook Islands finds itself in a precarious dance — one between the promises of foreign investments and the integrity of our own sovereignty. As the country sways between partners China and Aotearoa New Zealand, the Cook Islands News asks: “Do we continue to haka with the Taniwha, our constitutional ...
A diplomatic scuffle with the Cook Islands. Plus: What went down at Waitangi. The Cook Islands prime minister, Mark Brown, has provoked the wrath of the New Zealand foreign minister with his decision to head to China to sign a new strategic deal. By failing to consult on the ...
The deputy chairperson of the Australasian College of Emergency Medicine, Dr Michael Connelly, said simply setting targets without "resourcing" them was a pointless exercise, as the number of patients - and their acuity - continuing to grow. ...
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You can only do one rent rise a year but the Reserve Bank has ensured it will be very big.
This government has had multiple chances to force greater price competition, but now the the RBNZ has just told Labour: "Too late!".
someone with a lot of money is going to have lots of fun buying up houses penny to the dollar. I wonder if we are going to see investors/hedgefunds/pension funds etc buying up large as they did/do in the US.
https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/
Yes next year there could well be some real property bargains to be had for those lucky enough to be cashed up
The government had the opportunity to get rid of neoliberalism and return to its roots as a working class party. Labour 2022 is not socialist. It is simply a manager for the corporate establishment.
It chose the liberal middle class instead and consigned itself to the dustbin of history.
Can’t put it much clearer than that. And evidence is there via the neo liberal Parliamentary consensus–whereby the State Sector Act, Reserve Bank Act, monetarist transactional methods etc. roll over with each election. Labour has enacted a number of useful reforms that the Natzos would not have…but…when the pirate banks and supermarket duopoly laugh in their and citizens faces and keep raking it in, and a state house mega build remains wanting…
As for the current RB rate hike, unemployed are often viewed by tories as “dirty filthy bennies”, a sub class of despicable losers…yet the RB Governor now says we need to add to their ranks to fight inflation, what the…while at the same time employers say they are labour starved and want more migrant labour. Now sure, jobs and people cannot always be linked, but the employers position says little more than–“cheap labour now please”–just as a number of workers are rediscovering their fight and winning decent wage increases.
The faux separation of, and ‘independent’ status of the Reserve Bank, under the RB Act, is such a travesty and reveals like little else why the NZ neo liberal state has to be booted.
Descending into negative equity is going to be a humbling experience for some holders of thumping great mortgages, and guess what–voting for Baldrick is not going to make it better–the contrary in fact. Retired, middle class, working class and alienated need to find some points of unity and develop public action to combat the coming shit show.
[corrected typo in user name – Incognito]
Mod note
Thank you.
I see that the National Party and Groundswell are crowing about the number of signatures included in their petition which Groundswell describes as a "farming tax" but Stuff.co.nz describes as a "food tax" (Interesting contrast!).
By my rough calculations the petition at just over 102,000 was signed by something like 3% of the electorate – not a particularly impressive result and does not confirm Groundwell's claims that the overwhelming majority of New Zealanders support them.
By the way Groundswell keep sending me unsolicited feeds on Facebook and then getting angry when I respond to them asking questions which they don't want to answer. The solution is simple – if they don't want any criticism then stop sending them to me. The very first question I asked is "why are you calling it a farming tax when it is not a farming tax per se – it is an agricultural carbon emissions tax – which is not the same thing as in if you farm without emitting then you don't pay. I then told them that they were really just a front for the National Party at which point I received some hysterical troll responses.
They get angry unless you tell them what they want to hear.
I see nothing because you haven’t provided a single link besides a vague reference to Stuff.
stuff.co.nz/national/130485650/groundswell-nz-presents-its-food-tax-petition-at-parliament
Had to be typed out by hand because of my stupid IMAC that refuses to let me copy and paste links on this site, regardless of which browser I use.
https://www.stuff.co.nz/national/130485650/groundswell-nz-presents-its-food-tax-petition-at-parliament
try copying and pasting into another app first. Text Edit if you have it, then select plain text, then copy and paste to TS.
If that doesn't work, please let us know because it shouldn't be doing that (the TS edit box). Details of what happens would help.
Thanks Mike.
How do you farm without emitting? This seems like an impossibility to me.
Every human activity has some emissions attached to them
net zero carbon. You sequester more GHGs than you produce. This means transitioning to regenerative models that build soil, biodiversity and grow forests, as well as reducing the GHG emitting practices and stopping relying on pay to pollute carbon credit schemes.
This is physically possible. The main blocks are economic, political and philosophical. I favour subsidising farms to transition, but farmers have to be on board. We also can't do industrial farming at the scale we currently do, so we need to transition our economy at the same time.
I'm generally in agreement about the large scale dairy farms we have here in Canterbury. However I know many local farmers with small holdings who claim they will go out of business as a result of these new laws
that's tough, and again, I would support the government assisting family farms including small ones, to transition. Continuing to farm without taking climate and ecology into account is not a solution to their problem. Groundswell can't help them. I hope someone sorts that out though, because we don't need small family farms being bought up by corporations either.
The small family farm is terminal, land prices mean that it's only a matter of time before they are all gone,
can't see how that follows, unless farmers sell their family land on the open market.
I know a guy spent the last 30 years on the family farm on low wages, 10 years of it nursing the parents as well as running the farm , the siblings want their cut now , the farms not big enough to pay the mortgage on the 3 to 4 mill he'd have to borrow to pay them out.
Occasionally parents can structure it to hand it down , but it will usually involve getting bigger, and most likely at some point it will be to dare to hand down,
The family farm is terminal it just might be a long slow death for some.
the problem there is the decisions of the parents. Not being overly critical, lots of people are like this and don't sort this stuff out until it's too late. But there are other options to just selling up and splitting the money.
And if the parents want all the kids to have an equal share and thus are ok with the farm being sold, then they’re ok with it no longer being a family farm. That’s on them.
bearing in mind that my parents' generation were the ones where the farm got left to the oldest boy and the girls were supposed to marry farmers if they wanted a farming life.
I’ve also seen the farmers who inherited a farm but then when they want to retire they want bought out. So yeah, the land prices are a huge problem, but there are other factors here too.
I know a farming family who put the farm into a trust and now the kids and their mum run it and when she dies the kids will run and I guess their kids when they have them.
I just think that people who think money is more important than land are insane, but that does describe most of society 🤷♀️
Not every human activity has or is for a profit motive. Profit per se is not the issue anyway, it is about businesses paying their fair share and including this into their business models.
The banks tell us we must stop buying silly smashed avocadoes – officially! They have come to save us all from inflation by taking every cent we have left. They have come to save us from leaky homes by fire-saling the houses. They have come to stop the silly notion of anyone but the chosen rich accumulating capital by taking it all back.
Questions?
Which “banks” or do you mean the RBNZ?
The RBNZ is also telling you to hold on to your job and enjoy your pay-rise while you can, because it is projecting unemployment starting to rise in 2023, which just so happens to be election year.
so to add to DB's list, "the banks" are also saying, sorry beneficiaries, better luck next time.
The official statement being:
https://www.rnz.co.nz/news/business/479336/official-cash-rate-raised-by-75-basis-points-to-4-point-25-percent
Gotta maintain precariousness for workers. How else can we ‘encourage’ them to accept insufficient wage increases and unimproved working conditions.
Yes, but to those of us who are not schooled in even basic economics such as I it is not clear what that really means. That article doesn’t mention the RBNZ projections of the unemployment rate over the next 3 years and they are dire. It does, however, mention recession three times! The Proletariat will shrink, the Precariat will grow and NACT + NZF will ride in as our economic saviours and apply the razor gangs to government spending, including social welfare. As they always do because they are a one-trick pony with the memory of a goldfish.
https://www.rbnz.govt.nz/monetary-policy/about-monetary-policy/inflation-and-maximum-sustainable-employment
What is interesting about the RBNZs position regarding MSE, is that we had increasing inflation before wage growth rates began rising. It's almost as if workers don't have anything to do with setting prices, the actual origin of inflation.
My limited understanding of it is that headline inflation was high to start with, because of Covid and other global issues, and this is starting to feed into core inflation such as the MSE and wage inflation. I guess our economy, like so many others, was and is not resilient enough to weather so many large shocks in rapid succession.
Whatever the source of inflation, it is those least responsible for rising prices who are already bearing the brunt of its effects. It's apparently unreasonable to expect lower margins of those businesses that have enjoyed rising profits despite COVID and other global issues.
What do you mean? How is this apparent [to you]? How do you envision RBNZ and/or Government to control or influence those margins?
Yes, of course, the people at the bottom always suffer most and will always suffer more when things get worse. Rightly or wrongly, this Government does acknowledge this with the CoL adjustment, for example. However, RBNZ sees it as a contributing factor to stubbornly high household spending:
https://www.rbnz.govt.nz/-/media/884276dd2ebb4962b325130eef7ae725.ashx
It is apparent because the call from the RBNZ is for reduced consumer spending, not restricted profit margins. Monetary policy has significant lag and it is not always as effective as hoped.
Seeing that we must consume to live and that inflation in the cost of living (a ghoulish term when examined) has been rising faster than wages, a interventionist government could clamp down on these costs through price controls, rent controls, excess profit tax and other fiscal policies.
The Cost of Living Payment was unwise IMO and not directed properly. A reduction in tax liability for those at bottom would have been a much better move.
"It is apparent because the call from the RBNZ is for reduced consumer spending, not restricted profit margins. "
That is a distinction that should be acknowledged.
I’m not aware of RBNZ having anything in their tool kit to adjust or influence profit margins in the private sector.
Yes, price controls are an option and Government is making moves on those. Of course, the rent freeze has ended but the HRC has called for a return.
https://www.rnz.co.nz/news/national/472987/human-rights-commission-says-freeze-on-rent-increases-should-return
Petrol is still 25 cts. off per litre, PT fares are still discounted. The fuel discount also benefits the transporting industry, which unsurprisingly have asked for it to remain.
https://www.newshub.co.nz/home/politics/2022/11/cost-of-living-transporting-nz-calling-for-fuel-tax-cut-to-remain-so-kiwis-can-have-certainty.html
There are plenty more examples of how Government shoulders some of the burden of rising costs (inflation) for New Zealanders.
Any changes to the tax system can easily backfire and stoke the inflationary fire even further. This is the double-edged sword of given the people more money in the hand which they will spend rather than save and/or pay off debt. Consumer spending needs to come down, not go up.
At least that’s my limited understanding of the tricky situation we’re in.
Its called demand destruction,it removes profits by enforcing providers to reduce margins to retain sales.it works efficiently in highly informed markets such as the US,where the prices fall to meet demand.
https://www.nasdaq.com/market-activity/commodities/lbs
The RBNZs tool kit is limited and their remit is also, I am not expecting them to achieve something that is not within their capabilities. Monetary policy such that it is.
The government, however, has a commanding parliamentary majority and control of fiscal policy; which can form much more directed and precise set of tools. While they have made plenty of prudent decisions I would also join those calling on the government for a reinstatement of the rent freeze. It seems to me as an abdication of sorts to the RBNZ; rather than institute the needed redistributive laws.
People are relying on the charity, such as food banks, for the bare necessities of life in increasing numbers, but they must some how spend less? If those on the lowest incomes had more spending power they may be able to improve their living conditions, for example, no longer skipping meals, or moving out of the unhealthy rental into something better for them. Targeted tax policy could ensure that, RBNZ policies cannot. Some demand is simply unavoidable. There is also plenty of spending being done by those who do not require philanthropy, more often doling it out. It is the governments role to attempt to solve these inequities, not the RBNZ.
Which "Banks" (plural) are these?
The only one I have seen doing anything like this is the Reserve Bank of New Zealand, which is an arm of Government and certainly isn't involved in lending you money to buy your home. There is only one RBNZ so you shouldn't be using a plural like "they".
We all know the 'official' banks follow the lead of RBNZ. It's dishonest to pretend otherwise.
Those are commercial banks and have completely different ‘mandates’ and accountability compared to RBNZ.
Kiwibank is owned by us. Do you think they blindly follow that lead as well?
If they do then Grant has to reprogramme their reason for being.
What is the plan for those currently struggling financially who face rising cost of lving increases?
For those that may lose their rentals?
For those that may lose their homes?
Any chance of measures to counter this stress and disruption?
Is that enough questions, for now?
I can only answer some. That may lose rentals – yes! That may lose homes – yes! I base my answers on historical precedent. This is a modern day land grab, as predicted, so blatantly obviously the same old same old.
Measures to counter this would have been to stop corporates jacking the price of everything and RBNZ not leading the charge to fuck all the little guys.
"Measures to counter this would have been to stop corporates jacking the price of everything and RBNZ not leading the charge to fuck all the little guys."
Yes. Making the impacts on little guys a political priority would be a start.
Little guys, and maybe I meant middle guys.
First home owners, not speculators, whose house should not be some widget in the enormous games of finance these fools play. I'm pissed off. Why were they (Government, RBNZ) all allowing so much practically free money to be lent out. And everyone BUY BUY BUY! We saw it coming, if we were meant to be paying attention and didn't… we were asleep. Everyone gets overextended and… hey presto, interest goes up, land grab.
They had the gall to tell us on the news last night those with savings are better off. Like it all balances out, this periodic stealing of people's life savings, via draining them trying to pay interest, then mortgagee sales, to further the rich.
I have an arrangement with my Bank that I pay the minimum fortnightly payment. That has not changed in the 4 years I have had the current mortgage. When interests rates were very low during Covid I was paying more principal and less interest. Now that rates are going up, I pay less principal and more interest. My fortnightly payment does not change.
The only thing that changes is the term of the loan. The date of final payment stretches out further and further. This does not bother me in the slightest – I will be long dead by then and the loan will be paid when either I, or my estate sells the property.
I bought my house over 40 years ago. I was paying 6% on the first mortgage and 9% on the second mortgage. I was single then (in the eyes of the State anyway) so I got flatmates in to help with the outgoings. In the bad days of the mid 1980's I had paid off the second mortgage, but was paying something like 17% on the first mortgage. I was lucky because my first mortgage was with Housing NZ because I bought in an area where the Government of the time was attempting to encourage home ownership. Other people were paying over 20% interest.
I was also lucky because I always had work.
You do not sound that 'lucky' to me. You bought the property over 40 years ago and still have a mortgage on it? Sounds to me like your bank has done you no favours and has made a lot of money at your expense. You should probably get a good mortgage broker and some sound financial advice.
I have this mortgage now because when I paid off the original amount in 1992, I did not actually discharge the mortgage – just left it sitting there for nearly 3 decades. I borrowed against it again 4 years ago when I retired in order to fund an extensive upgrade of part of the dwelling (which at 90 odd years old was badly needed) and I rent out that part while living in the other part myself.
That makes more sense. So was re-paid back in 1992. This is a new mortgage / draw down.
Listen to yourself and take you own advice: https://thestandard.org.nz/open-mike-05-10-2022/#comment-1913857.
Yes I will speak to myself. As its an offset mortgage and is completely offset the rate increasing wont affect me.
That sounds very smart but offset mortgages are at floating interest rate or higher and your comment makes no sense; your interest payments will go up too.
Only on the portion not offset – if it's fully offset (which is how I read the comment), no interest is charged. On the other hand, it's not much of a mortgage if it is fully offset – a mortgage in name only perhaps?
Loving the irony of Black Friday sale ads merrily sprinkled between the RBNZ pleading for people not to spend. This is the problem with capitalism, everyone constantly rowing against each other, sending out competing messages.
RBNZ says don't spend but every industry, everywhere, especially retail banking, says umm, no.
Covid relief was supposed to be security in uncertain times. What did middle New Zealand do? Went out and bought investment properties, fucking muppets.
Yes indeed, and various jackals are now gleefully buying property at lower prices. We sold six months back to move, in no rush, and the agent was really offended we held out for a less speculative buyer.
Unemployment will save us says the RB–yet–employers demand urgent imports of migrant labour. Which is really a call for low wages.
https://www.nzherald.co.nz/nz/sandringham-homicide-the-worst-has-happened-manhunt-under-way-as-community-left-shocked/DMOJJJWROZA3PA7RTK4SLNVHXU/
heartbreaking. Young guy in his 20s – 30s recently married. Stabbed while at work.
An absolute tragedy. My condolences to friends and family in this community, including the owners who were away on holiday.
It's sad to see crime appearing to be on the increase – violent crime especially.
I did a training session at work recently about safety awareness. One of the questions the speaker asked was would you feel safer working in a bank or a dairy (in relation to the threat of robbery and/or the potential for violence)?
Everyone said dairy
They said safer in a dairy?
Don't they read the new? Did the session allow for determining why they felt that way?
Sorry – meant that they felt less safe in the dairy. My typing error
A sad state of affairs. Being a dairy owner is a dangerous profession these days
All good.
That makes more sense.
That is because there has been a lot of target hardening in other places. Service stations used to be easy targets, – not any more. Dairies – with their windows covered in advertising and run by family members, are the softest target around at the moment.
This is a good point. As other retail businesses improve their security and minimise risk, criminals will look for easier targets.
When you get burgled the police come around and talk about steps you can take to make your house/car a less attractive target.
I have noticed some diaries starting to increase their security but I think there needs to be some consistency. I can't remember which of the big players owns 4 Square but they should be rolling out something to all their stores (though from what I know they are franchises)
They are part of the Foodstuffs Cooperative along with Pak 'n' Save and New World – technically not a franchise, but certainly looks and acts like one most of the time.
I think you meant occupation.
Well, whatever – you know what I meant
Yeah, you mean you are sloppy with words & meanings.
No – I just wasn't really thinking about it too deeply
Yes, that was obvious, as was your annoying typo earlier on 🙁
I'm sorry – is there some kind of problem?
Yes, there is, a major one in fact.
I’m more than happy to share it with you. Don’t you want to hear it? Don’t be shy, you normally aren’t, just say the word 😉
Oh right I get it.
Ban me then if its a problem for you.
no, there is no problem. My suggestion is walk away from this convo and just focus on other ones that appeal 👍
I’m afraid that won’t work, this time.
I have no idea what you are doing, but if it's a moderation issue, then moderate. If it's not, then hassling someone new like this is both rude and not great for the site. It also reflects badly on moderation.
No no, Incognito has obviously looked at my email address, matched with a previous account then is using it to needle me. I had no intention of trolling or the like – just wanted to get into some conversation again but, well, I think s/he has made themselves clear.
if it’s a moderation issue, then it needs to be dealt with as moderation not trolling someone.
I’ve had a look at your email and IP address. Email address is fine. IP address is shared with someone else who is currently active on TS. If that’s you using two names, then you cannot do that. Some mods will allow a name change for a good reason, others taking a harder line, but either way you cannot run two names here at the same time.
If there is a different explanation for the same IP address, then please explain. Otherwise, please drop pick one name and stick to it.
Making a note in the back end.
The IP address matches someone else's? That's weird.
Without betraying confidence/someone elses details is the person I share an email address with a long time user here? Because it isn't me – I only have one account but am on a large network.
Unfortunately for you, I’ve now looked more closely at the email address and see it’s similar to someone who’s on a permanent ban because of a long history of trolling and causing problems for moderators by trying to skirt bans. I’m putting you on the ban list again. If you think this is a mistake, then reply and your comment will end up in the back end where I will see it.
At some point lprent will do an amnesty on the permanent bans. At which point I suggest that if you want to comment here you pick one name, stick to it, and keep your head down.
Oh right – sorry it's been so long I had forgotten I was banned. I knew my email would be picked up but hadn't remembered the ban.
That's OK, no amnesty required nor asked for. I'll just do something else with my time.
Enjoy yourself 🙂
Have to wonder what sort of training this guy had to deal with such a dangerous situation.
I am not sure what sort of training such businesses offer.
they are usually family run and they work 24/7. My family owned such a business when I was growing up. The work is endless.
your comment does hint at a blame the victim approach. Was that what you were meaning or have I misinterpreted you? My apologies if I have. The blame lies with the a…hole who stabbed the worker to death.
No doubt about where the blame lies but, family owned business or not, employers must provide proper training for staff.
Not saying they didn't but these incidents are more likely not to end in tragedy if the retail worker doesn't resist.
Also could be that he didn't resist and the perpetrator attacked him anyway.
Right, and who do you think should provide the training to the bosses? The police? The military?
Who do you think is equipped in NZ currently to ward off some shitheel with a knife? Would you be trained enough?
The last knife attacker is now in a female prison for attacking three people, inclusive his/their ex girlfriend who will have lasting scars in her face. And these victims simply had the audacity to go to a restaurant for a dinner and thought that was safe in NZ.
My shop girls training is simply.
If you think dudes/ettes outside are shifty, close the door – which we do a lot now a days.
They will have to break the door, and by that time she should be able to get out the back door.
No heroics, no nothing. Just try to get out and not worry about a single thing or a single cent. Money is replacable, a cut up face is for live. IF you can't get away, give them the contents of the till, if they want a coffee to go with that , make that coffee, pack the box of chocolates and wish them a good day. Anything to stay unharmed and alive.
But in fact there is no training that can help you to get a way from someone who just simply has no respect for others, for society or their communities.
What will happen now is that Dairys will arm themselves, will hopefully always have a two people policies – if they don't have for the most part even more CCTV that they already have and if all falters, just shut. Because clearly it onus is on us to keep us alive, the police will come to mop up what is left over if the robbery/raid goes wrong, and of course lay a charge for murder or assault.
If the government is serious about winning the next election, and helping those at risk of being impacted by rising mortgage rates, then the government should change the target inflation range temporarilly to reflect the reality of the economic situation.
Those at risk don't only include mortgage holders. But also likely tenants who may face rent increases to cover increasing mortgage costs incurred by landlords.
If a lot of the inflation is imported, then, that component of inflation will not be affected. So, the only way to bring inflation back within the target band is to basically force NZ into a full-blown recession.
I think the target rate for the next three years should be say 3-5%, which would be much more achievable with a lot less pain.
I was trying to find some data to refute your claim,
which I just don't think is true, at least not to the same scale of increase or remotely close to it. I do note you have couched your claim using the words, "likely", and "may".
There's this GA article from 2014. Best line is first in the comments section,
It is true to the extent that landlords will try to pass on their costs to tenants if they are able to. Of course, market conditions may not allow that. For instance, if there is a glut of houses on the market. So, it isn't given.
Lovely thought, but please explain how you’d ensure employment and price stability at those inflated rates.
Firstly, within a historical context, the inflation rate has been much higher in the past reaching an eye-watering 17% in 1987. So, I am not sure that 3-5% inflation is intolerable for several years, given the extra-ordinary times we have been through, and that the RB did cock things up a bit.
Secondly, adjusting the inflation target range is not without historical precedent. For instance, in 1996 the target range moved from 0-2% to 0-3%.
If we do have a recession, there is no guarantee it will be shallow, and it may cost a lot of jobs. But applying the handbrake a bit slower may allow a lot of jobs to be saved.
You didn’t answer the question, just beating around the bush.
Even if the RB crashes the economy, there still won't be price stability. For instance, we import a lot of stuff as part of my company. Prices have gone up at least 30% from most suppliers over the last several years. There is no sign that imported inflation is going to end any time soon.
What will happen though, in a recession, is a lot of people will lose their jobs, and there will be a lot of hardship that could be avoided by taking a more measured approach to bringing down inflation. It is not the fault of voters that the RB way over-stimulated the economy. Yet they are being expected to take the medicine to fix it.
Someone pays one way or another whether target inflation range stays the same or is increased temporarilly to a more realistic level. That is through either slightly higher prices, but lower interest rates. Or higher interest rates, and slightly lower prices.
One of the understood effects of the OCR tightening is the currency appreciation.There are 2 parts here the appreciation of the US$ as a reserve currency with large reservoirs for liquid assets such as cash,and the differential in the interest rates (with forex risk)
Here with the OCR being largely forecast there has been an appreciation of 10% since the start of oct,against the US$.This in turn reduces the cost of imports along with reducing the freight and insurance component ( freight rates now back to around pre covid)
The question you need to ask your supplier is why the price has not adjusted.
"Increasingly National’s election pitch is simply that they are “not Labour”. But is that really enough during an economic recession? Does National have any policies of substance that might help navigate the current economic crisis? Even if voters punish Labour for mismanaging the economy, there are no signs that they should have confidence that National would do any better."
https://democracyproject.nz/2022/11/24/bryce-edwards-politicians-and-the-reserve-bank-are-being-blamed-for-an-escalating-economic-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=bryce-edwards-politicians-and-the-reserve-bank-are-being-blamed-for-an-escalating-economic-crisis
History would suggest not being the incumbent will be sufficient
When a Government takes from more people than it gives too or does not give enough to those who believe they deserve more then a majority is formed for its demise. The major problem is inflation which takes from many and gives to few – so once the incumbent Government is blamed for "letting inflation get out of control" it is on the way to being toast.
The current Gov may have a lot to answer for but in reality the current economic situation has been little influenced by them, this situation has been building since 2008 , and as is noted in the linked piece that will butter no parsnips for the electorate come next year.
Question: Why the first house price spike 2002-2008?
While looking for something else I saw again the there has been constant and severe house price inflation in NZ for 20 years now, briefly interrupted by the GFC. We know about 2010-2018 (Jong Khee), and 2020-2021 (Covid relief).
Why did the 2002-2008 spike occur? Accelerated immigration? Free trade deal with China? Is it just the cost of open tap neoliberal economics?
I suspect it is, which is why I applaud this government's commitment to managing immigration and foreign capital interference in the residential housing market.
it's also because the Retirement Commissioner spent years telling NZ to invest in property. That alongside the narrative that we couldn't afford superannuation any more and people needed to save for their own retirement. It was very anti-socialist/pro neolib.
Yes, i remember that. And the re-zoning of residential properties/zones to mixed which resulted in many nice villas being turned into offices, dental clinics and the likes. These lost residential houses were never replaced.
There was also the share market collapse in 1987 causing the losses of retirement savings of many, so for some, property probably would at least be worth something, unlike shares which can theoretically become worthless.
I also wonder how much impact Rich Dad, Poor Dad had – the book had more to it than "buy underpriced real estate using leverage", but that was probably the main message people took from it. It was published in 1997 and was a big seller, and I could see that message slowly percolating through to NZ after the 1997 Asian financial crisis as the economy first recovered in 1998-9 and then picked up steam under Labour.
Would you like to produce some evidence to support your last sentence?
I remember a real slump in house prices in 1991. I was overseas for most of 1990 and I remember when I came back giving some serious thought to buying an investment property in early 1991 as there was quite a glut on the market. I did decide not to – which was probably wise.
Can we please get rid of these repulsive commercial American holidays like black friday and thanksgiving? They are not New Zealand.
+1
wait, are people in NZ doing Thanksgiving? (who aren't American)
The big trashy retailers certainly are , and it's repulsive. Likewise Halloween has become a commercial spendfest.
I haven't seen any NZ retailers (not even Costco) advertising Thanksgiving.
OTOH – they're all going full out on Black Friday – and actually some (PB Tech) have been doing Black Friday sales for a month.
The only people in NZ I know who are doing Thanksgiving are transplanted Americans.
The funny thing is that Halloween derives from Hallowed Evening which presumably is the holy evening before All Saints Day on Nov 1st.
the great us-americanisation continues unabated……
Agree. What happened to Black Friday being any Friday that fell on the 13th of the month?
'
Engineering a Recession
Those that have shall be given more, and they will have an abundance. But those that do not have, even what they have, will be taken away from them.
Matthew 25:29
Banks made record profits, there was no pandemic for them. Rents, mortgages still had to be paid even under lock down.
To keep up with paying higher interest rates demanded by the banksters. Adrian Orr says the public will have to cut their spending,
Adrian Orr has also linked higher unemployment to job competition as the answer to 'wage inflation'.
Adrian Orr says unemployment must rise, before inflation, (particularly wage inflation) will be brought under control.
Bigger mortgage payments, less wages, more unemployment, more job competition, this is all sweet music to the banksters and bosses.
Listening to the car radio. Newstalk ZB, a representative of the banking community said; Can't meet your new mortgage interest rate. Talk to us. 'We can help. 'We don't want to see you out of your home.' 'We are here for the long haul'. (And so are you).
Bought at the high end of the housing market?
Feeling squeezed between inadequate wage increases and high interest rates?
Go to your local bank manager and beg for mercy like the desperate wretch you are, He will see what he can do for you. Agree to a mortgage holiday, or longer period of payment, he will let you stay in your home to work longer to pay off your mortgage.
The March of the Greedies;
Reserve Bank manager, Adrian Orr. also says government spending must be cut.
(Y'know, health care, education, welfare all that unnecessary stuff that gets in the way of maximising bankster profits).
No one should expect their investment to be underwritten by taxpayers. You are responsible for your own risk more than banks are.
Hindsight won't be kind to this government wasting billions on non-delivered services. Robertson may think the RB is overreacting, but honestly so did Robertson.
The fed minutes last night said they showed a greater then even chance (likely) of recession,.The IIF models forecast recession,so it is an expected outcome from high inflation and the necessary mechanism to curb animal spirits,through the forced extinction of Zombie companies,that take easy capital and transform it into empty pixels such as the removal in value of 2.2 trillion $ in crypto,or the deleveraging of property values.
https://twitter.com/RobinBrooksIIF/status/1595075683298025477?cxt=HHwWioC9zcC47KIsAAAA