For landlords. If your business is too highly geared it is your fault, not the customers. You are using your customers to buy the house for you. You wouldn't get loans for a normal business, if the outgoings were so close to the costs. It is only the banks expectations that you will, in fact, make a large profit in the end from capital gains, that they base their lending on.
That so many can borrow beyond the rentals earnings, as a going concern, is a consequence of steeply rising prices. Especially if they already have other houses as collateral. And a prime cause of the whole merry go round.
The same thing has happened with farms, where banks will lend on the land, at levels way in excess of any possible earnings from a going concern farm, in the expectations of the land making huge gains on sale.
No one who simply wants a home, or to farm can keep up.
Exactly. Landlords, whether one or multiple property owners, are hardly the entrepreneurial geniuses ‘housing the nation’ that their spokespeople try to portray.
If interest rates rise, Accomodation Supplements are canned or reduced, or a CGT instituted, it will be tears at bedtime and w-w-wailing for bailouts.
After so many years, untaxed or lightly taxed profits from property are a no-go area for the main Parliamentary parties apart from Māori and Greens perhaps.
But the answer is there–supply–start a Govt. Dept., fully publicly owned, to plonk modular houses and apartments from one end of the country to other until everyone is housed satisfactorily. And institute rent control right now to send “a signal” while plans are actioned.
"hardly the entrepreneurial geniuses housing the nation"……….lol. Couldn't of put it better. As I commented in my time being a landlord it was money for jam……..easiest "work" I have every done!
That's because as a person who has only 'worked' to earn a living you don't really grasp what it is to put a price on 'risk'. And the very basic bit of landlording you did didn't involve much risk and with maybe only a handful of tenants involved you never struck a bad one.
But ask yourself this – why do you think the banks won't lend to just anyone and everyone who wants a home? If they would do that then there would be no need for anyone to ever rent.
Red Logix. Often appreciate your point of view, so don't want to get into a battle with you. I am sorry if the new housing regulations are proving stressful for you, really I am.
I have run my own business since 2006. So I have an idea about risk. Before that I was a paid employee, and have done a wide range of jobs.
Most of us live very conservative, safe lives, we avoid real risk like the plague. We default to the idea of labour being the only 'real' measure of money (I still have this hard-wired into me) – but a few among us escape this trap.
One day I got a 40 min helicopter ride sitting next to Phillipe Pascal, the man who had raised U$7.5b for this project. This is real risk, and getting to success was incredibly hard work for everyone involved. I worked most of 2019 on this site, it was an amazing experience and I watched this with some pride.
It's transformed the economy of a whole country. Of course the anti-capitalists here will line up to take pot-shots, and to be fair as with anything human there are flaws and failings that can be rightly criticised. But how many among us here at The Standard – can say that we've achieved something like this?
Is that all that's important to you? Something to attack? It's odd how you've expressed no interest in how it's transformed the lives of the local communities. People getting out of poverty and all that.
But yes there was considerable labour conflict on site for a period. On my first rotation I arrived completely unaware of a major riot that had occurred in another location (it's a huge site, it takes an hour to drive from the coast where I was working to the mine entrance). There were multiple unions active on site, but one of them was determined to gain leverage and literally shut the place down for weeks. Gangs of men in trucks patrolled around the site, throwing rocks, confronting anyone they met, stopping supplies, cutting communications, wrecking offices and camps. It was really very violent and dangerous and I was totally cut off from the outside world along with a small team of Australians (just the six of us) in one of the smaller camps on the coast for four weeks.
In the end it was us, a couple of managers, some cooks and a dozen heavily armed security guards, hunkered down keeping a very low profile. We got through it OK, and we actually got a lot of work done without anyone else breathing down our neck. But it was more of an adventure than advertised.
The union did have something of a valid complaint in that while there were many thousands of skilled ex-pat workers onsite who were there legitimately and authorised by the govt labour dept, there was also a large Chinese labour contractor who was blatantly breaking the rules and undercutting the local labour. It's not necessarily and easy or quick thing to solve, sure you can ditch the problematic contractor, but that leaves you with a big gap in resource. Eventually the govt and First Quantum found a way around it all – but as with anything in Latin America it took way longer than you or I would think reasonable.
So there is something for you to be outraged over.
RL – I'm not sure that there has been a lot of risk in residential property investment over the last two decades? As you yourself said yesterday, "And the simple answer is that for several generations now the only reliable investment in this country has been property."
I absolutely don't blame people or think they are evil for acting in a financially rational manner – we all want our families to eat. I might however raise an eyebrow (Judith style) when people try to glamourise that rationality as some sort of virtue – such as providing homes for people, or wealth creation, or risk taking.
In terms of the linked video, although some business enterprises do involve remarkable people with vision and a bravery in the face of risk, it's not really the norm. Most businesses are risk averse. Innovation and new product development is hard – it is much easier to turn a profit by cutting labour costs, outsourcing to low-wage economies, monopoly/cartel behaviour, ticket-clipping, externalising costs (environmental, social) onto the taxpayer, etc..
Disclaimer: In an earlier life before the venture capitalists decided that two Indians and half a German could do my job for less money – I had the financial resources to invest in residential property. I decided not to – partly because although it was low-risk it was also a lot of hassle, plus I had vague thoughts that maybe it wasn't particularly socially responsible. I claim no virtue in this decision, it is just how things work out.
For most landlords with just the one unit (usually an ex-family home) – it's not very risky at all. But then the returns are pretty modest as well. It's only when you start leveraging up a stack of 10 or more that it becomes substantially more difficult. But relatively few get there, Pareto’s law applies to landlording too.
it is much easier to turn a profit by cutting labour costs, outsourcing to low-wage economies, monopoly/cartel behaviour, ticket-clipping, externalising costs (environmental, social) onto the taxpayer, etc..
Each one of those is worth several posts and many threads, but in general yes there are many commercial activities that fall somewhere on a very broad spectrum between pure labour and pure entrepreneur. And I agree that not all of them have equal social merit.
And yes there are plenty of unpleasant, ego-driven, status-seeking people in the business world doing things we find ethically deplorable. The transformation of the human heart lies in our future. But for the time being at least capitalism gives these people something to do other than actual war, rape and pillage.
Unlike the promoters of marxist utopia's, I don't defend capitalism because I think it's any kind of ideal. It's not even very ideological, it's really just a handful of economic tools and ideas that have evolved into something incredibly complex and pervasive. And as such I expect it will continue to evolve into new forms as our social horizons and moral vision expand.
Yeah, that would be something to see. We should have followed immediately after Australia removed them.
In Australia the percentage of IO loans for residential was quite high..from memory 30 or 40%. Not sure how many are IO in NZ but probably similar as it’s been encouraged.
Im stirring….I dont think they will (immediately) especially without waiting to see how the package plays out, but the option is there.
“Nearly 40% of bank lending to residential property investors is on interest-only arrangements – RBNZ tight-lipped on whether this is too high, but raises concerns over leverage”
Yeah, everybody else was prepared for the pandemic and could see it coming as soon as that bat fled that cave except for those who find themselves financially struggling. Clearly, they made bad personal choices and should suffer the consequences.
Is this comment too much ‘lefty resentment’ or too ‘RWNJ’? What do you think?
The already rich are on the line heading upwards – getting richer because of a range of Government policies aimed at responding to Covid-19. Meanwhile, renters, beneficiaries and the working poor are getting poorer because their rents are rising, their incomes are falling and they have received barely any more direct help than they got before the pandemic.
This isn’t a binary issue, and continuing to frame it as such is unhelpful. Personally I feel for anyone who is struggling to pay their bills regardless of what they are, one would argue these people are on the lower leg of the ‘K recovery’ like the working poor and renters etc.
We are all closer to becoming destitute than becoming a billionaire.
How many riding the 'up elevator' reallywant all elevators to go up?
It would be a great 'trick' to pull off – in the meantime we can beef up redistribution so that the 'down escalator' travels more slowly.
Really don't understand how a bit more redistribution could put everyone on the down escalator – can you talk me through it? Lets say the Government instituted a wealth tax or some other policy that resulted in the transfer of 2% of your wealth to those on the 'down escalator.' How might that transfer put you on the ‘down escalator‘?
I'm curious as to why you think the financial security of everyone on the up escalator is so marginal – seems to me that the opposite is true. I write as someone on the 'up escalator.' Sure, my position is towards the bottom of that escalator, but it feels secure to me – a 2% wealth tax would barely affect me.
In my view your answer [Redistribution] really amounts to taking everyone off the up and putting them on the down. Very marxist. – RL @11:02 am
RL, please can you talk/walk me through how ‘a bit more‘ redistribution could put everyone on the ‘down escalator‘? Note that I’m definitely not seeking some sort of Marxist utopia – that wouldn’t suit me at all. But a bit more redistribution sure could go a long way to slowing that ‘down escalator‘, and there but for the grace of God…
“I believe that with great wealth comes great responsibility, a responsibility to give back to society and a responsibility to see that those resources are put to work in the best possible way to help those most in need.” – Gates
And, while I've never met anyone who told me that they thought poverty was/is a good thing, I believe that some on the 'up escalator' have become overly reliant on relative poverty – for example, those that can't cope when the tap of cheap labour is turned off.
Historically the only place where poverty could operate as a virtue was within the very specific settings of some form of monastic lifestyle. In particular it only works where sex and having family is prohibited.
I'm curious as to why you think the financial security of everyone on the up escalator is so marginal – seems to me that the opposite is true. @11:43 am
RL, please can you talk/walk me through how ‘a bit more‘ redistribution could put everyone on the ‘down escalator‘? @12:08 pm
Probably my misinterpretation, in which case apologies.
RL, I've never met anyone who personally sought out poverty, which is a pity really because I'm sure their worldview would be interesting.
Well I have been in the fortunate position to have met some one like that. He sleeps "rough" here in Thames and I get to meet him on a regular basis. I've often discussed with him the possibility of moving in to better accommodation than behind his favourite building. But his chosen site is where he prefers. He is his own person and while he would like to have someplace he could have a shower on occasions and a place to heat up some food, the lifestyle he chooses is his own, and at the moment suits him. Although tangata whenua, he claims no river and no mountain, he claims no one. He is a very spiritual person, preferring his own company.
Of the 20 or so rough sleepers in our town I have written on their behalf to the 4 ministers and associate ministers responsible for housing and homeless persons, suggesting that they consider working with a local ngos towards the establishment of a Hub where these people could have shelter, a shower, meet, and share food. Funding would be directed to the employment of staff for the supervision of the centre. I have not received any response.
A decent answer is well beyond the scope of a short comment. But in brief the answer I would offer is that we already do a great deal of redistribution (especially around education, health and security) to ensure everyone gets a reasonable equal opportunity.
But it's much harder and far more problematic to ensure equal outcomes. Some element of competitive innovation or 'doing better' has to be built in otherwise most people simply stop bothering. The Soviet Union was the great example — "they pretend to pay us, we pretend to work".
Perhaps we could make more progress if we worried less about the material measures of wealth inequality, and started to ask more questions around what defines true wealth and what are the best uses it can be put to? And in this I keep coming back to the concept of a social and economic life based on ideas of duty and service.
Sorry – that does fall short of answering your question.
@Macro (1:52 pm) – thanks for that. Your vision of a 'homeless(ness) Hub' is very valuable and positive. I hope that you continue your lobbying and are (eventually) successful.
My brother lives in Thames now, and we know the place well. It's likely you'll bump into him one day.
Your rough sleeper is essentially what we used to call a 'hermit'. Single men who have stepped outside of society have always existed in our history. It's just that our climate and DoC don't really let them live on mountain tops these days.
And respect for you willingness to reach out to him and advocate for those in a similar position. It's not an easy task helping people and I sincerely look up to those who are good at it.
@RL (2:02 pm) – that's helpful. Tbh I reckon many of those on the 'down escalator' couldn't give a toss about ensuring "equal outcomes" – they just need a bit more help. As to how to fund it, well, there's no getting around the fact that NZ is (on the whole) a wealthy country.
And I think your observation that some seem overly concerned about material wealth is on the money – focusing on the inequality of material wealth is so punitive.
Wow my 'creaming it" comment has really struck a nerve. Maybe I should be more careful with my language.
The people I object to are the ones who own property, rent it out, will push the rents up no matter the impact on the tenants, because they have over leveraged and scream and howl that its not fair, not owning that most likely they are in a far better position than their tenants, the consequences for which could mean eviction, trying to find another place to live in an over priced under supplied market, may forgo back necessities to keep a roof over their head by paying the rent increase, have no hope of ever buying their own digs. Their situation is always in the fore front of my mind. As was young first home buyers being out bid by investors, some of who turn out to be unhappy because now they will have to hold on to the property longer and gradually no longer be able to claim interest as a tax deduction.
But yes I will be more careful with my language in future. I am not here to inflame things
Checked the Australian figure. Three years ago 25% of all residential property loans were interest only so not as bad as I thought. Still that's a huge number.
"Interest-only home loans used to rival their principal and interest (P&I) repayment counterparts, accounting for around 40% of all outstanding mortgage balances in the mid-2010s. But that was before regulatory bodies introduced measures to slow down this form of lending. The Australian Prudential Regulation Authority (APRA) imposed a 30% restriction on the number of home loans issued by banks that could be interest-only in 2017."
As a mortgage underwriter in Australia, we are seeing a rise of interest only owner occupied loan applications, scraping through in terms of serviceability. LVR's ranging wildly, but not exceeding 80%.
This is quite eye opening coming back to underwriting from my secondment with the COVID19 hardship response team, as there was a push for borrowers who reached maximum assistance (6-10 months moratorium) to go interest only. I wouldn't really like to consider what % our portfolio is on IO repayments, treading water.
Yup. We were never tempted to go interest only either. Only speculators or the very marginal go down that path. Long term investors want to get the mortgage paid off eventually and IO doesn't get you there.
For owner occupiers (not investors) is interest only still cheaper than rents? It gives people time to recover without losing a deposit or being subjected to the renting merry go around.
Yesterday I commented that landlords were creaming it and I got howls of protests about overgeneralizing and most landlords aren't like that and what do you think being a land lord is……a social service.
KJT you are spot on. If their business is too geared it is their fault/responsibility. They took a risk with an investment and it didn't work out…….maybe, they made a poor business decision.
The govt actually had to take very significant action on this. Just like they did with Covid.
I also commented that I was a landlord once when I had to move city and thought it possible I would move back home and wanted to hold onto my home. This was a few years back now. Being a landlord is money for jam. Its like a hobby really. You have a property manager, your accountant sets things up vey nicely for you. Occasionally you have to make decisions about ………actually I am struggling to think of what decisions I had to make. Oh thats right, if the tenants request things, which I was always happy to go along with as I had a small mortgage and I was happy to use the low rent I was charging to make improvements for them.
It would be interesting to know how many landlords are highly geared. If interest rates went back up to 5% or 6% if they could cope with that. Hopefully they have been smart enough to realise that the current interest rates are as low as they have ever been and at some point may increase and have budgeted for that. I do feel for any landlord that has recently purchased a rental and have only say 80% equity, as this will be a game changer for them now that the interest non deductibility is phased in. Like I say, the non deductibility is like them receiving an interest rate rise, so hopefully they have budgeted for the possible increase.
My guess is that many long-term 'buy and hold' landlords who have been in the business for more than say 15 yrs will have a total LVR under 60%. The reason why is that the price inflation we have been seeing means that any new property you purchase is going to be negative cash flow for many years, and there is a real limit to how often you can do that.
But what is also happening is that while interest rates are low for the moment, but at the same time other fixed costs like rates and insurance have increased dramatically. We have one unit where the latest insurance bill now consumes 22% of the rent.
Interestingly here in Australia one of the internal rules the banks are using to check the serviceability of new lending is to assess what would happen with an interest rate of 6.45%. So they understand that the current low rates are not likely to last forever. Indeed as the current generation of boomers retire over the next few years, and transition from the greatest investors of all time, to the greatest consumers of capital there is a real argument that rates could easily go over 10% again.
That 5-7% aligns with our experience here in Australia.
Where interest rates will go in future depends a lot on how long govts around the world can keep printing money to keep them where they are now. If they fail in this, then all bets are off, I don't think anyone knows how that will play out.
That so many can borrow beyond the rentals earnings, as a going concern, is a consequence of steeply rising prices.
80% of landlords never go beyond the one unit – because it's not as easy as you portray. If you're negatively geared (as we were for a long period – at 9% interest rates that was inevitable even when we never went over 60% LVR), the bank isn't going to lend more to you just because you queue up and smile sweetly.
Banks don't look at just the increased equity, they look at your serviceability and past a certain age your exit strategy as well. The idea that you can borrow without limit is just wrong. The relatively few people who do manage to get to more than 10 units have negotiated a tricky balance of cash flow, costs, lots of leg work – plus a bit of luck – to get there. Most people don't want to do that because the risk goes up substantially and it becomes close to a full time job to manage. No-one is portraying landlords as 'entrepreneurial geniuses' – in normal times it was always considered a relatively modest strategy that took decades to pay off. People don't want to play casino with their life savings.
Well as I've said elsewhere, established owners with little or no borrowing will be very happy – this govt has just eliminated virtually any new competition in the rental market.
"It is only the banks expectations that you will, in fact, make a large profit in the end from capital gains, that they base their lending on."
Isn't more the ease of claiming the security for the loan than the expected capital gain? That's of course buoyed by record capital gains that're occurring at the moment, but are banks really lending against what they think a future sale price might reach?
Its both…the banks want the income stream and are happy to extend the credit in a rising market because should you default they have an asset of increased value that they can dispose (or preferably releverage) with a reduced fear of loss…..and the fees theyll add.
That would appear a strange anomaly….and the fact his unit still has quake damage is appalling….though I wonder if the units are earmarked to be replaced so upgrades are avoided.
I don't know the answer to this, but are you saying that banks are lending against a projected value of the asset, rather than its actual value at the time of the lending?
Taking out a mortgage only pushes up the prices of whatever product you are selling. The ideal situation is where an investor is sufficiently cashed up that he can invest without borrowing. Alternatively, he might be able to get an interest free loan. Long live Social Credit!
Someone dial 111, Judith Collins is involved in another train wreck on the radio.
From the thoroughly fake sounding surprise greeting (akin to real estate agent photos in the paper), to the assertions that rent controls never work anywhere, to the antagonistic tone taken when challenged on her assertions.
Can anyone be harmed by excessive schadenfreude? I may need medical attention.
“Behold,” he could have said, “the reality of global trade. Behold the tankers full of the oil that warms the climate and keeps the vile House of Saud in power. Behold the trillion tonnes of cheap consumer goods, from the factories of Asia to the landfills of Europe. Just look at it all. It cannot be sustainable. And how easily we could wean ourselves off it. Ladies and gentlemen, it is not too late.”
It's incredibly lazy for people like Bennett to write snarky pieces like this, in complete ignorance of how the world works. Virtually everything about his modern comfortable life has been enabled by just this 'global trade' that he sneers at. He just doesn't know it.
People like him would stand by cheering when the house burned down because they didn't like the decor in the upstairs bathroom.
Well I guess he got paid for churning out his silly bit of click-bait – which is about the sum total of it's merit.
I suspect Mr Bennet knows pretty well what provides for his lifestyle and I also suspect he isnt a big consumer of frippery…sadly nuance is becoming in increasingly short supply as is humour.
Well I'll give Bennett credit for having the curiosity and energy to ask the question and chase down some answers. How well he succeeded might be gauged by some of the review comments.
But the question is certainly worth asking – and the answer lies very much buried within CCP policy and their basic purpose for money. In the West we view money as a tool to enable economically worthwhile productivity, market pricing being a tool to manage this. The CCP uses money as a tool to maximise employment and maintain social stability, price being of relatively lesser importance – if any in the case of the underpants.
How is it that NZ prisoners are not allowed access to the internet while Putin's most feared opposition incarcerated in the most punishing gulag Russia has , can operate an Instagram account ?
People we manage in our prisons do not have access to computers with internet connection so cannot use email.
Navalny said in a post on Instagram that he had been given six reprimands over two weeks, and that two reprimands would be technically enough for a prison tribunal send a prisoner to a punishment cell.
Ask Kim Hill to ask that question next she does a piece on this, or any news/current events show on RNZ for that matter, I am sure they will be only too willing to shift from the established narrative.
When Peters couldn't answer a question or didn't want to answer a question, he would turn it into a he said/she said argument so that the question was never answered. Only he was better at doing it than Judith.
His statements seemed to me to be at least as general as were those of Judith Collins. However not a single one was questioned in any way and no evidence was requested for any of them. And people still think that Radio NZ is "impartial"?
The renter advocate's statements may have been general alwyn but they were much clearer and far less equivocal than Judith Collins. I almost had the feeling she was being deliberately ambiguous for the sake of it.
Having said that, I agree with you that some RNZ radio hosts are not always impartial. There are one or two of them who enjoy arguing for the sake of it which doesn't achieve much imo.
Please when you address a particular commenter put the name or pseudo. I want to know what about and to whom you are talking, Some people certainly cry out to be called w…s and I want to see if you have picked the right one in my opinion.
By no means – some people handle the powers of petty bureaucracy generously, others become martinets.
Freedom campers, once merely known as campers, are losing the local version of allemansrätten to a failure of local government imagination.
Not so keen on extending the generalization to teachers however – most do their best within the constraints of a system that gives them relatively little freedom of action.
Is it just me or do others feel like these calls for, in this case tech entrepreneurs, everyone to move to a new silicon valley (NZ) more than a bit arrogant and condescending? Have they not noticed that a lot of people live here already and that they may have a different view about others deciding to "invade" their country? Maybe we actually don't want them? It's not like Silicon Valley has made life wonderful for all the people who live or used to live in the area. Some studies have shown that incomers in places like Seattle and Portland have just pretty much displaced existing populations.
And aren’t a bunch of them just selfish opportunists leeching off the work of others?
Even worse are the US Republicans that go "I'll move to NZ" as if they have some absolute right to turn up here and enjoy living that results from policy that is pretty much everything that they have always worked against.
ACC is just plain wrong here. There's nothing in the Act that requires instruments to be used in order for an injury to be regarded as a treatment injury. It's ACC hunting for ways to shaft the claimant yet again.
Sepuloni is being weak here. As minister she has more power than what people are led to believe. In this case she just needs to tell ACC to pull its head in.
A major problem, amongst many, with ACC is that they're assumed to have more power than they in fact have. ACC has become so arrogant in its drive to find ways of refusing cover and kicking people off compensation that it now actively challenges cases in the courts where someone's appealed a decision based on legislation the government has introduced for a specific purpose. In other words, ACC sees no problem setting out to (mis)use the judicial process to thwart clear legislative intent.
Sepuloni needs to start looking at the real problems at ACC instead of believing what those nasty pricks at ACC head office so deceivingly tell her is the case. ACC operates in a very dark place. It's a great opportunity for Sepuloni to create a lasting legacy by successfully taking them on. The only problem is that I don't think she's got the guts or the smarts to do it. A pity.
NZ – one wonders just where our systems of control went – now it seems anything goes.
A woman was crashed into by a Lime Scooter in 2019. The Court has to decide whether it is a vehicle! You get injured first, and then that prompts someone who has authority to decide whether it is safe, should be used etc.
Christensen credited the two scarves she had been wearing to combat the cold with saving her life.
McIntyre has been on trial before Judge Christopher Field, who had to consider whether a Lime Scooter was a vehicle under the Land Transport Act. Because Christensen had one foot on the bus, he also had to consider whether she was a passenger or a pedestrian…
McIntyre was sentenced to pay $4000 reparations to her.
How long can the perp string the payments out and what happens if nothing is paid? Do our Courts serve the little person? Well as Flanders and Swann chirruped, it all makes work for the working man [Judge] to do; virtually making law on the hoof, said in the kindest way of course.
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Bryce Edwards writes- The ability of the private sector to quickly establish major new projects making use of the urban and natural environment is to be supercharged by the new National-led Government. Yesterday it introduced to Parliament one of its most significant reforms, the Fast Track Approvals Bill. ...
Michael Bassett writes – If you think there is a move afoot by the radical Maori fringe of New Zealand society to create a parallel system of government to the one that we elect at our triennial elections, you aren’t wrong. Over the last few days we have ...
Without a corresponding drop in interest rates, it’s doubtful any changes to the CCCFA will unleash a massive rush of home buyers. Photo: Lynn GrievesonTL;DR: The six things that stood out to me in Aotearoa’s political economy around housing, poverty and climate on Monday, April 22 included:The Government making a ...
Sunday was a lazy day. I started watching Jack Tame on Q&A, the interviews are usually good for something to write about. Saying the things that the politicians won’t, but are quite possibly thinking. Things that are true and need to be extracted from between the lines.As you might know ...
In our Weekly Roundup last week we covered news from Auckland Transport that the WX1 Western Express is going to get an upgrade next year with double decker electric buses. As part of the announcement, AT also said “Since we introduced the WX1 Western Express last November we have seen ...
TL;DR: The six key events to watch in Aotearoa-NZ’s political economy in the week to April 29 include:PM Christopher Luxon is scheduled to hold a post-Cabinet news conference at 4 pm today. Stats NZ releases its statutory report on Census 2023 tomorrow.Finance Minister Nicola Willis delivers a pre-Budget speech at ...
A listing of 29 news and opinion articles we found interesting and shared on social media during the past week: Sun, April 14, 2024 thru Sat, April 20, 2024. Story of the week Our story of the week hinges on these words from the abstract of a fresh academic ...
The ability of the private sector to quickly establish major new projects making use of the urban and natural environment is to be supercharged by the new National-led Government. Yesterday it introduced to Parliament one of its most significant reforms, the Fast Track Approvals Bill. The Government says this will ...
This is a column to say thank you. So many of have been in touch since Mum died to say so many kind and thoughtful things. You’re wonderful, all of you. You’ve asked how we’re doing, how Dad’s doing. A little more realisation each day, of the irretrievable finality of ...
Identifying the engine type in your car is crucial for various reasons, including maintenance, repairs, and performance upgrades. Knowing the specific engine model allows you to access detailed technical information, locate compatible parts, and make informed decisions about modifications. This comprehensive guide will provide you with a step-by-step approach to ...
Introduction: The allure of racing is undeniable. The thrill of speed, the roar of engines, and the exhilaration of competition all contribute to the allure of this adrenaline-driven sport. For those who yearn to experience the pinnacle of racing, becoming a race car driver is the ultimate dream. However, the ...
Introduction Automobiles have become ubiquitous in modern society, serving as a primary mode of transportation and a symbol of economic growth and personal mobility. With countless vehicles traversing roads and highways worldwide, it begs the question: how many cars are there in the world? Determining the precise number is a ...
Maintaining a safe and reliable vehicle requires regular inspections. Whether it’s a routine maintenance checkup or a safety inspection, knowing how long the process will take can help you plan your day accordingly. This article delves into the factors that influence the duration of a car inspection and provides an ...
Mazda Motor Corporation, commonly known as Mazda, is a Japanese multinational automaker headquartered in Fuchu, Aki District, Hiroshima Prefecture, Japan. The company was founded in 1920 as the Toyo Cork Kogyo Co., Ltd., and began producing vehicles in 1931. Mazda is primarily known for its production of passenger cars, but ...
Your car battery is an essential component that provides power to start your engine, operate your electrical systems, and store energy. Over time, batteries can weaken and lose their ability to hold a charge, which can lead to starting problems, power failures, and other issues. Replacing your battery before it ...
In most states, you cannot register a car without a valid driver’s license. However, there are a few exceptions to this rule. Exceptions to the RuleIf you are under 18 years old: In some states, you can register a car in your name even if you do not ...
Mazda, a Japanese automotive manufacturer with a rich history of innovation and engineering excellence, has emerged as a formidable player in the global car market. Known for its reputation of producing high-quality, fuel-efficient, and driver-oriented vehicles, Mazda has consistently garnered praise from industry experts and consumers alike. In this article, ...
Struts are an essential part of a car’s suspension system. They are responsible for supporting the weight of the car and damping the oscillations of the springs. Struts are typically made of steel or aluminum and are filled with hydraulic fluid. How Do Struts Work? Struts work by transferring the ...
Car registration is a mandatory process that all vehicle owners must complete annually. This process involves registering your car with the Department of Motor Vehicles (DMV) and paying an associated fee. The registration process ensures that your vehicle is properly licensed and insured, and helps law enforcement and other authorities ...
Zoom is a video conferencing service that allows you to share your screen, webcam, and audio with other participants. In addition to sharing your own audio, you can also share the audio from your computer with other participants. This can be useful for playing music, sharing presentations with audio, or ...
Building your own computer can be a rewarding and cost-effective way to get a high-performance machine tailored to your specific needs. However, it also requires careful planning and execution, and one of the most important factors to consider is the time it will take. The exact time it takes to ...
Sleep mode is a power-saving state that allows your computer to quickly resume operation without having to boot up from scratch. This can be useful if you need to step away from your computer for a short period of time but don’t want to shut it down completely. There are ...
Introduction Computer-Assisted Translation (CAT) has revolutionized the field of translation by harnessing the power of technology to assist human translators in their work. This innovative approach combines specialized software with human expertise to improve the efficiency, accuracy, and consistency of translations. In this comprehensive article, we will delve into the ...
In today’s digital age, mobile devices have become an indispensable part of our daily lives. Among the vast array of portable computing options available, iPads and tablet computers stand out as two prominent contenders. While both offer similar functionalities, there are subtle yet significant differences between these two devices. This ...
A computer is an electronic device that can be programmed to carry out a set of instructions. The basic components of a computer are the processor, memory, storage, input devices, and output devices. The Processor The processor, also known as the central processing unit (CPU), is the brain of the ...
Voice Memos is a convenient app on your iPhone that allows you to quickly record and store audio snippets. These recordings can be useful for a variety of purposes, such as taking notes, capturing ideas, or recording interviews. While you can listen to your voice memos on your iPhone, you ...
Laptop screens are essential for interacting with our devices and accessing information. However, when lines appear on the screen, it can be frustrating and disrupt productivity. Understanding the underlying causes of these lines is crucial for finding effective solutions. Types of Screen Lines Horizontal lines: Also known as scan ...
Right-clicking is a common and essential computer operation that allows users to access additional options and settings. While most desktop computers have dedicated right-click buttons on their mice, laptops often do not have these buttons due to space limitations. This article will provide a comprehensive guide on how to right-click ...
Powering up and shutting down your ASUS laptop is an essential task for any laptop user. Locating the power button can sometimes be a hassle, especially if you’re new to ASUS laptops. This article will provide a comprehensive guide on where to find the power button on different ASUS laptop ...
Dell laptops are renowned for their reliability, performance, and versatility. Whether you’re a student, a professional, or just someone who needs a reliable computing device, a Dell laptop can meet your needs. However, if you’re new to Dell laptops, you may be wondering how to get started. In this comprehensive ...
Two-thirds of the country think that “New Zealand’s economy is rigged to advantage the rich and powerful”. They also believe that “New Zealand needs a strong leader to take the country back from the rich and powerful”. These are just two of a handful of stunning new survey results released ...
In today’s digital world, screenshots have become an indispensable tool for communication and documentation. Whether you need to capture an important email, preserve a website page, or share an error message, screenshots allow you to quickly and easily preserve digital information. If you’re an Asus laptop user, there are several ...
A factory reset restores your Gateway laptop to its original factory settings, erasing all data, apps, and personalizations. This can be necessary to resolve software issues, remove viruses, or prepare your laptop for sale or transfer. Here’s a step-by-step guide on how to factory reset your Gateway laptop: Method 1: ...
“You talking about me?”The neoliberal denigration of the past was nowhere more unrelenting than in its depiction of the public service. The Post Office and the Railways were held up as being both irremediably inefficient and scandalously over-manned. Playwright Roger Hall’s “Glide Time” caricatures were presented as accurate depictions of ...
Roger Partridge writes – When the Coalition Government took office last October, it inherited a country on a precipice. With persistent inflation, decades of insipid productivity growth and crises in healthcare, education, housing and law and order, it is no exaggeration to suggest New Zealand’s first-world status was ...
Rob MacCulloch writes – In 2022, the Curriculum Centre at the Ministry of Education employed 308 staff, according to an Official Information Request. Earlier this week it was announced 202 of those staff were being cut. When you look up “The New Zealand Curriculum” on the Ministry of ...
Chris Bishop’s bill has stirred up a hornets nest of opposition. Photo: Lynn Grieveson for The KākāTL;DR: The six things that stood out to me in Aotearoa’s political economy around housing, poverty and climate from the last day included:A crescendo of opposition to the Government’s Fast Track Approvals Bill is ...
Monday left me brokenTuesday, I was through with hopingWednesday, my empty arms were openThursday, waiting for love, waiting for loveThe end of another week that left many of us asking WTF? What on earth has NZ gotten itself into and how on earth could people have voluntarily signed up for ...
Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past week’s editions.State of humanity, 20242024, it feels, keeps presenting us with ever more challenges, ever more dismay.Do you give up yet? It seems to ask.No? How about this? Or this?How about this?Full story Share ...
Determining the hardest sport in the world is a subjective matter, as the difficulty level can vary depending on individual abilities, physical attributes, and experience. However, based on various factors including physical demands, technical skills, mental fortitude, and overall accomplishment, here is an exploration of some of the most challenging ...
The allure of sport transcends age, culture, and geographical boundaries. It captivates hearts, ignites passions, and provides unparalleled entertainment. Behind the spectacle, however, lies a fascinating world of financial investment and expenditure. Among the vast array of competitive pursuits, one question looms large: which sport carries the hefty title of ...
Introduction Pickleball, a rapidly growing paddle sport, has captured the hearts and imaginations of millions around the world. Its blend of tennis, badminton, and table tennis elements has made it a favorite among players of all ages and skill levels. As the sport’s popularity continues to surge, the question on ...
Abstract: Soccer, the global phenomenon captivating millions worldwide, has a rich history that spans centuries. Its origins trace back to ancient civilizations, but the modern version we know and love emerged through a complex interplay of cultural influences and innovations. This article delves into the fascinating journey of soccer’s evolution, ...
Tinting car windows offers numerous benefits, including enhanced privacy, reduced glare, UV protection, and a more stylish look for your vehicle. However, the cost of window tinting can vary significantly depending on several factors. This article provides a comprehensive guide to help you understand how much you can expect to ...
The pungent smell of gasoline in your car can be an alarming and potentially dangerous problem. Not only is the odor unpleasant, but it can also indicate a serious issue with your vehicle’s fuel system. In this article, we will explore the various reasons why your car may smell like ...
Tree sap can be a sticky, unsightly mess on your car’s exterior. It can be difficult to remove, but with the right techniques and products, you can restore your car to its former glory. Understanding Tree Sap Tree sap is a thick, viscous liquid produced by trees to seal wounds ...
The amount of paint needed to paint a car depends on a number of factors, including the size of the car, the number of coats you plan to apply, and the type of paint you are using. In general, you will need between 1 and 2 gallons of paint for ...
Jump-starting a car is a common task that can be performed even in adverse weather conditions like rain. However, safety precautions and proper techniques are crucial to avoid potential hazards. This comprehensive guide will provide detailed instructions on how to safely jump a car in the rain, ensuring both your ...
Graham Adams writes about the $55m media fund — When Patrick Gower was asked by Mike Hosking last week what he would say to the many Newstalk ZB callers who allege the Labour government bribed media with $55 million of taxpayers’ money via the Public Interest Journalism Fund — and ...
Note: this blog post has been put together over the course of the week I followed the happenings at the conference virtually. Should recordings of the Great Debates and possibly Union Symposia mentioned below, be released sometime after the conference ends, I'll include links to the ones I participated in. ...
The following was my submission made on the “Fast Track Approvals Bill”. This potential law will give three Ministers unchecked powers, un-paralled since the days of Robert Muldoon’s “Think Big” projects.The submission is written a bit tongue-in-cheek. But it’s irreverent because the FTAB is in itself not worthy of respect. ...
One Could Reduce Child Poverty At No Fiscal CostFollowing the Richardson/Shipley 1990 ‘redesign of the welfare state’ – which eliminated the universal Family Benefit and doubled the rate of child poverty – various income supplements for families have been added, the best known being ‘Working for Families’, introduced in 2005. ...
Buzz from the Beehive A few days ago, Point of Order suggested the media must be musing “on why Melissa is mute”. Our article reported that people working in the beleaguered media industry have cause to yearn for a minister as busy as Melissa Lee’s ministerial colleagues and we drew ...
1. What was The Curse of Jim Bolger?a. Winston Peters b. Soon after shaking his hand, world leaders would mysteriously lose office or shuffle off this mortal coilc. Could never shake off the Mother of All Budgetsd. Dandruff2. True or false? The Chairman of a Kiwi export business has asked the ...
Jack Vowles writes – New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’. ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
The Government’s newly announced review of methane emissions reduction targets hints at its desire to delay Aotearoa New Zealand’s urgent transition to a climate safe future, the Green Party said. ...
The Government must commit to the Maitai School building project for students with high and complex needs, to ensure disabled students from the top of the South Island have somewhere to learn. ...
Mental Health Minister Matt Doocey and his Government colleagues have made a meal of their mental health commitments, showing how flimsy their efforts to champion the issue truly are, says Labour Mental Health spokesperson Ingrid Leary. ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...
A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector. "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong. Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
Prime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong. During today’s meeting, Prime Minister Luxon ...
Source: The Conversation (Au and NZ) – By Giovanni E Ferreira, NHMRC Emerging Leader Research Fellow, Institute of Musculoskeletal Health, University of Sydney Last week in a post on X, owner of the platform Elon Musk recommended people look into disc replacement if they’re experiencing severe neck or back pain. ...
Source: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University anek.soowannaphoom/Shutterstock NSW Treasurer Daniel Mookhey caught the headlines yesterday, courtesy of a blistering speech condemning the latest GST carve-up. New South Wales, he claimed, would be A$11.9 billion worse off over the ...
While police are "broadly in favour", the government's proposed anti-gang laws are facing pushback from lawyers, rights groups and former gang members. ...
By Miriam Zarriga in Port Moresby Australian Prime Minister Anthony Albanese has arrived at Kokoda Station, Northern province, at the start of his state visit to Papua New Guinea. Both Albanese and Prime Minister James Marape will meet with the locals and the Northern Provincial government before they begin their ...
Source: The Conversation (Au and NZ) – By Chris Wallace, Professor, School of Politics Economics & Society, Faculty of Business Government & Law, University of Canberra Shutterstock An important principle was invoked by Prime Minister Anthony Albanese last week in defence of the government’s Future Made in Australia industry ...
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk Security forces reinforcements were sent from France ahead of two rival marches in the capital Nouméa today, at the same time and only two streets away one from the other. One march, called by Union Calédonienne party (a component of the ...
A poll last August found that just 16% of New Zealanders oppose bringing back the ‘Three Strikes’ law. The nationwide poll of 1,000 New Zealanders was commissioned by Family First NZ and carried out by Curia Market Research. ...
The solo show from Ana Scotney is both sprawling and intimate, and a must-see, writes Mad Chapman. In the opening moments of Scattergun: After the Death of Rūaumoko, writer and performer Ana Scotney lays out the groundwork, literally. Silently moving around the square stage, Scotney is not so much dancing ...
Source: The Conversation (Au and NZ) – By Kate Burridge, Professor of Linguistics, Monash University Who makes the words? Why are trees called trees and why are shoes called shoes and who makes the names? – Elliot, age 5, Eltham, Victoria Good question Elliot! Let’s start with ...
Source: The Conversation (Au and NZ) – By Stephen Duckett, Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, The University of Melbourne at amRawpixel.com/Shutterstock Roles of health professionals are still unfortunately often stuck in the past. That is, before the ...
COMMENTARY:By Malcolm Evans Last week’s leaked New York Times staff directive, as to what words can and cannot be used to describe the carnage Israel is raining on Palestinians, is proof positive, since those reports are published verbatim here in New Zealand, that our understanding of the conflict is ...
In the case of New Zealand, the results confirm that there is no popular support for the vicious austerity program being imposed by the National Party-led government, which is backed in all fundamental respects by the opposition Labour Party. ...
The ‘Vampire’ singer has never visited our part of the world, but that might all be about to change. We assess the evidence.Olivia Rodrigo’s Guts World Tour is pulling in massive crowds as it whips around the US and Europe, even helping to catapult regular supporting act Chappell Roan ...
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For landlords. If your business is too highly geared it is your fault, not the customers. You are using your customers to buy the house for you. You wouldn't get loans for a normal business, if the outgoings were so close to the costs. It is only the banks expectations that you will, in fact, make a large profit in the end from capital gains, that they base their lending on.
That so many can borrow beyond the rentals earnings, as a going concern, is a consequence of steeply rising prices. Especially if they already have other houses as collateral. And a prime cause of the whole merry go round.
The same thing has happened with farms, where banks will lend on the land, at levels way in excess of any possible earnings from a going concern farm, in the expectations of the land making huge gains on sale.
No one who simply wants a home, or to farm can keep up.
Exactly. Landlords, whether one or multiple property owners, are hardly the entrepreneurial geniuses ‘housing the nation’ that their spokespeople try to portray.
If interest rates rise, Accomodation Supplements are canned or reduced, or a CGT instituted, it will be tears at bedtime and w-w-wailing for bailouts.
After so many years, untaxed or lightly taxed profits from property are a no-go area for the main Parliamentary parties apart from Māori and Greens perhaps.
But the answer is there–supply–start a Govt. Dept., fully publicly owned, to plonk modular houses and apartments from one end of the country to other until everyone is housed satisfactorily. And institute rent control right now to send “a signal” while plans are actioned.
"hardly the entrepreneurial geniuses housing the nation"……….lol. Couldn't of put it better. As I commented in my time being a landlord it was money for jam……..easiest "work" I have every done!
easiest "work" I have every done!
That's because as a person who has only 'worked' to earn a living you don't really grasp what it is to put a price on 'risk'. And the very basic bit of landlording you did didn't involve much risk and with maybe only a handful of tenants involved you never struck a bad one.
But ask yourself this – why do you think the banks won't lend to just anyone and everyone who wants a home? If they would do that then there would be no need for anyone to ever rent.
Red Logix. Often appreciate your point of view, so don't want to get into a battle with you. I am sorry if the new housing regulations are proving stressful for you, really I am.
I have run my own business since 2006. So I have an idea about risk. Before that I was a paid employee, and have done a wide range of jobs.
Most of us live very conservative, safe lives, we avoid real risk like the plague. We default to the idea of labour being the only 'real' measure of money (I still have this hard-wired into me) – but a few among us escape this trap.
One day I got a 40 min helicopter ride sitting next to Phillipe Pascal, the man who had raised U$7.5b for this project. This is real risk, and getting to success was incredibly hard work for everyone involved. I worked most of 2019 on this site, it was an amazing experience and I watched this with some pride.
It's transformed the economy of a whole country. Of course the anti-capitalists here will line up to take pot-shots, and to be fair as with anything human there are flaws and failings that can be rightly criticised. But how many among us here at The Standard – can say that we've achieved something like this?
https://www.youtube.com/watch?v=RrCOR0QAdv0
Well what were the flaws and failings that can be rightly criticised for this project?
Is that all that's important to you? Something to attack? It's odd how you've expressed no interest in how it's transformed the lives of the local communities. People getting out of poverty and all that.
But yes there was considerable labour conflict on site for a period. On my first rotation I arrived completely unaware of a major riot that had occurred in another location (it's a huge site, it takes an hour to drive from the coast where I was working to the mine entrance). There were multiple unions active on site, but one of them was determined to gain leverage and literally shut the place down for weeks. Gangs of men in trucks patrolled around the site, throwing rocks, confronting anyone they met, stopping supplies, cutting communications, wrecking offices and camps. It was really very violent and dangerous and I was totally cut off from the outside world along with a small team of Australians (just the six of us) in one of the smaller camps on the coast for four weeks.
In the end it was us, a couple of managers, some cooks and a dozen heavily armed security guards, hunkered down keeping a very low profile. We got through it OK, and we actually got a lot of work done without anyone else breathing down our neck. But it was more of an adventure than advertised.
The union did have something of a valid complaint in that while there were many thousands of skilled ex-pat workers onsite who were there legitimately and authorised by the govt labour dept, there was also a large Chinese labour contractor who was blatantly breaking the rules and undercutting the local labour. It's not necessarily and easy or quick thing to solve, sure you can ditch the problematic contractor, but that leaves you with a big gap in resource. Eventually the govt and First Quantum found a way around it all – but as with anything in Latin America it took way longer than you or I would think reasonable.
So there is something for you to be outraged over.
'Something of a valid complaint' sounds a tad grudging.
It is you, it seems, who is outraged that I should ask for an explanation of something you outlined.
But thanks anyway.
Interesting
RL – I'm not sure that there has been a lot of risk in residential property investment over the last two decades? As you yourself said yesterday, "And the simple answer is that for several generations now the only reliable investment in this country has been property."
I absolutely don't blame people or think they are evil for acting in a financially rational manner – we all want our families to eat. I might however raise an eyebrow (Judith style) when people try to glamourise that rationality as some sort of virtue – such as providing homes for people, or wealth creation, or risk taking.
In terms of the linked video, although some business enterprises do involve remarkable people with vision and a bravery in the face of risk, it's not really the norm. Most businesses are risk averse. Innovation and new product development is hard – it is much easier to turn a profit by cutting labour costs, outsourcing to low-wage economies, monopoly/cartel behaviour, ticket-clipping, externalising costs (environmental, social) onto the taxpayer, etc..
Disclaimer: In an earlier life before the venture capitalists decided that two Indians and half a German could do my job for less money – I had the financial resources to invest in residential property. I decided not to – partly because although it was low-risk it was also a lot of hassle, plus I had vague thoughts that maybe it wasn't particularly socially responsible. I claim no virtue in this decision, it is just how things work out.
For most landlords with just the one unit (usually an ex-family home) – it's not very risky at all. But then the returns are pretty modest as well. It's only when you start leveraging up a stack of 10 or more that it becomes substantially more difficult. But relatively few get there, Pareto’s law applies to landlording too.
it is much easier to turn a profit by cutting labour costs, outsourcing to low-wage economies, monopoly/cartel behaviour, ticket-clipping, externalising costs (environmental, social) onto the taxpayer, etc..
Each one of those is worth several posts and many threads, but in general yes there are many commercial activities that fall somewhere on a very broad spectrum between pure labour and pure entrepreneur. And I agree that not all of them have equal social merit.
And yes there are plenty of unpleasant, ego-driven, status-seeking people in the business world doing things we find ethically deplorable. The transformation of the human heart lies in our future. But for the time being at least capitalism gives these people something to do other than actual war, rape and pillage.
Unlike the promoters of marxist utopia's, I don't defend capitalism because I think it's any kind of ideal. It's not even very ideological, it's really just a handful of economic tools and ideas that have evolved into something incredibly complex and pervasive. And as such I expect it will continue to evolve into new forms as our social horizons and moral vision expand.
Tiger Mountain gave the bit of that statement "housing the nation" as a direct quote coming from landlord's spokespeople.
Who are these spokespeople? Where and when did they say it?
Consider the howls if the RBNZ takes ‘interest only ‘ finance off the table….
Yeah, that would be something to see. We should have followed immediately after Australia removed them.
In Australia the percentage of IO loans for residential was quite high..from memory 30 or 40%. Not sure how many are IO in NZ but probably similar as it’s been encouraged.
Im stirring….I dont think they will (immediately) especially without waiting to see how the package plays out, but the option is there.
“Nearly 40% of bank lending to residential property investors is on interest-only arrangements – RBNZ tight-lipped on whether this is too high, but raises concerns over leverage”
https://www.interest.co.nz/news/109356/nearly-40-bank-lending-residential-property-investors-are-interest-only-arrangements
Who cares about people struggling to pay the mortgage; they’re ‘creaming it’ \sarc
https://www.stuff.co.nz/business/124699937/covid19-mortgage-holiday-scheme-ends-with-3700-mortgages-still-in-repayment-deferral
Just goes to show how flawed the whole model is eh?
Yeah, everybody else was prepared for the pandemic and could see it coming as soon as that bat fled that cave except for those who find themselves financially struggling. Clearly, they made bad personal choices and should suffer the consequences.
Is this comment too much ‘lefty resentment’ or too ‘RWNJ’? What do you think?
I think that covid has simply highlighted that which was already there….and that is neither left nor right wing.
https://www.newsroom.co.nz/nzs-k-shaped-covid-19-recovery
https://thespinoff.co.nz/society/the-side-eye/25-03-2021/the-side-eyes-two-new-zealands-the-k-shape/
This isn’t a binary issue, and continuing to frame it as such is unhelpful. Personally I feel for anyone who is struggling to pay their bills regardless of what they are, one would argue these people are on the lower leg of the ‘K recovery’ like the working poor and renters etc.
We are all closer to becoming destitute than becoming a billionaire.
Yup – now ask yourself, how do we want to fix this?
With more people riding the up elevator or more on the down one?
Redistribution.
I am sure redistribution in the form of Accomodation Supplement is OK.
Just as we can only tolerate a certain amount of inequality, there is also probably a limit on how much redistribution is tolerable as well.
In my view your answer really amounts to taking everyone off the up and putting them on the down. Very marxist.
A much better trick would be to find a way to make all elevators go up.
In my view your answer really amounts to taking everyone off the up and putting them on the down. Very marxist.
You have constantly demonstrated you don't understand Marxism so your opinion on the ideology that motivated what I said is not appreciated.
A much better trick would be to find a way to make all elevators go up.
Ah yes, I too try to imagine as many as six impossible things before breakfast.
Apologies to Alice.
How many riding the 'up elevator' really want all elevators to go up?
It would be a great 'trick' to pull off – in the meantime we can beef up redistribution so that the 'down escalator' travels more slowly.
Really don't understand how a bit more redistribution could put everyone on the down escalator – can you talk me through it? Lets say the Government instituted a wealth tax or some other policy that resulted in the transfer of 2% of your wealth to those on the 'down escalator.' How might that transfer put you on the ‘down escalator‘?
I'm curious as to why you think the financial security of everyone on the up escalator is so marginal – seems to me that the opposite is true. I write as someone on the 'up escalator.' Sure, my position is towards the bottom of that escalator, but it feels secure to me – a 2% wealth tax would barely affect me.
How many riding the 'up elevator' really want all elevators to go up?
Have you ever met anyone who thought poverty was a good thing?
People vary a lot in what they think the causes of it are, and what the best solutions may be – but hardly anyone is for poverty.
RL, please can you talk/walk me through how ‘a bit more‘ redistribution could put everyone on the ‘down escalator‘? Note that I’m definitely not seeking some sort of Marxist utopia – that wouldn’t suit me at all. But a bit more redistribution sure could go a long way to slowing that ‘down escalator‘, and there but for the grace of God…
RL, I've never met anyone who personally sought out poverty, which is a pity really because I'm sure their worldview would be interesting.
And, while I've never met anyone who told me that they thought poverty was/is a good thing, I believe that some on the 'up escalator' have become overly reliant on relative poverty – for example, those that can't cope when the tap of cheap labour is turned off.
Historically the only place where poverty could operate as a virtue was within the very specific settings of some form of monastic lifestyle. In particular it only works where sex and having family is prohibited.
Makes historical sense.
Probably my misinterpretation, in which case apologies.
Well I have been in the fortunate position to have met some one like that. He sleeps "rough" here in Thames and I get to meet him on a regular basis. I've often discussed with him the possibility of moving in to better accommodation than behind his favourite building. But his chosen site is where he prefers. He is his own person and while he would like to have someplace he could have a shower on occasions and a place to heat up some food, the lifestyle he chooses is his own, and at the moment suits him. Although tangata whenua, he claims no river and no mountain, he claims no one. He is a very spiritual person, preferring his own company.
Of the 20 or so rough sleepers in our town I have written on their behalf to the 4 ministers and associate ministers responsible for housing and homeless persons, suggesting that they consider working with a local ngos towards the establishment of a Hub where these people could have shelter, a shower, meet, and share food. Funding would be directed to the employment of staff for the supervision of the centre. I have not received any response.
A decent answer is well beyond the scope of a short comment. But in brief the answer I would offer is that we already do a great deal of redistribution (especially around education, health and security) to ensure everyone gets a reasonable equal opportunity.
But it's much harder and far more problematic to ensure equal outcomes. Some element of competitive innovation or 'doing better' has to be built in otherwise most people simply stop bothering. The Soviet Union was the great example — "they pretend to pay us, we pretend to work".
Perhaps we could make more progress if we worried less about the material measures of wealth inequality, and started to ask more questions around what defines true wealth and what are the best uses it can be put to? And in this I keep coming back to the concept of a social and economic life based on ideas of duty and service.
Sorry – that does fall short of answering your question.
@Macro (1:52 pm) – thanks for that. Your vision of a 'homeless(ness) Hub' is very valuable and positive. I hope that you continue your lobbying and are (eventually) successful.
@Macro
My brother lives in Thames now, and we know the place well. It's likely you'll bump into him one day.
Your rough sleeper is essentially what we used to call a 'hermit'. Single men who have stepped outside of society have always existed in our history. It's just that our climate and DoC don't really let them live on mountain tops these days.
And respect for you willingness to reach out to him and advocate for those in a similar position. It's not an easy task helping people and I sincerely look up to those who are good at it.
@RL (2:02 pm) – that's helpful. Tbh I reckon many of those on the 'down escalator' couldn't give a toss about ensuring "equal outcomes" – they just need a bit more help. As to how to fund it, well, there's no getting around the fact that NZ is (on the whole) a wealthy country.
And I think your observation that some seem overly concerned about material wealth is on the money – focusing on the inequality of material wealth is so punitive.
Wow my 'creaming it" comment has really struck a nerve. Maybe I should be more careful with my language.
The people I object to are the ones who own property, rent it out, will push the rents up no matter the impact on the tenants, because they have over leveraged and scream and howl that its not fair, not owning that most likely they are in a far better position than their tenants, the consequences for which could mean eviction, trying to find another place to live in an over priced under supplied market, may forgo back necessities to keep a roof over their head by paying the rent increase, have no hope of ever buying their own digs. Their situation is always in the fore front of my mind. As was young first home buyers being out bid by investors, some of who turn out to be unhappy because now they will have to hold on to the property longer and gradually no longer be able to claim interest as a tax deduction.
But yes I will be more careful with my language in future. I am not here to inflame things
Checked the Australian figure. Three years ago 25% of all residential property loans were interest only so not as bad as I thought. Still that's a huge number.
Your 40% figure for Oz was correct.
"Interest-only home loans used to rival their principal and interest (P&I) repayment counterparts, accounting for around 40% of all outstanding mortgage balances in the mid-2010s. But that was before regulatory bodies introduced measures to slow down this form of lending. The Australian Prudential Regulation Authority (APRA) imposed a 30% restriction on the number of home loans issued by banks that could be interest-only in 2017."
https://www.savings.com.au/home-loans/interest-only-home-loans
As a mortgage underwriter in Australia, we are seeing a rise of interest only owner occupied loan applications, scraping through in terms of serviceability. LVR's ranging wildly, but not exceeding 80%.
This is quite eye opening coming back to underwriting from my secondment with the COVID19 hardship response team, as there was a push for borrowers who reached maximum assistance (6-10 months moratorium) to go interest only. I wouldn't really like to consider what % our portfolio is on IO repayments, treading water.
" I wouldn't really like to consider what % our portfolio is on IO repayments, treading water."
I wouldnt either….fortunately (or perhaps not) that sort of data is closely held.
Absolutely. Big non-believer in interest only repayments, would love to see their death.
Yup. We were never tempted to go interest only either. Only speculators or the very marginal go down that path. Long term investors want to get the mortgage paid off eventually and IO doesn't get you there.
For owner occupiers (not investors) is interest only still cheaper than rents? It gives people time to recover without losing a deposit or being subjected to the renting merry go around.
Yesterday I commented that landlords were creaming it and I got howls of protests about overgeneralizing and most landlords aren't like that and what do you think being a land lord is……a social service.
KJT you are spot on. If their business is too geared it is their fault/responsibility. They took a risk with an investment and it didn't work out…….maybe, they made a poor business decision.
The govt actually had to take very significant action on this. Just like they did with Covid.
I also commented that I was a landlord once when I had to move city and thought it possible I would move back home and wanted to hold onto my home. This was a few years back now. Being a landlord is money for jam. Its like a hobby really. You have a property manager, your accountant sets things up vey nicely for you. Occasionally you have to make decisions about ………actually I am struggling to think of what decisions I had to make. Oh thats right, if the tenants request things, which I was always happy to go along with as I had a small mortgage and I was happy to use the low rent I was charging to make improvements for them.
It would be interesting to know how many landlords are highly geared. If interest rates went back up to 5% or 6% if they could cope with that. Hopefully they have been smart enough to realise that the current interest rates are as low as they have ever been and at some point may increase and have budgeted for that. I do feel for any landlord that has recently purchased a rental and have only say 80% equity, as this will be a game changer for them now that the interest non deductibility is phased in. Like I say, the non deductibility is like them receiving an interest rate rise, so hopefully they have budgeted for the possible increase.
My guess is that many long-term 'buy and hold' landlords who have been in the business for more than say 15 yrs will have a total LVR under 60%. The reason why is that the price inflation we have been seeing means that any new property you purchase is going to be negative cash flow for many years, and there is a real limit to how often you can do that.
But what is also happening is that while interest rates are low for the moment, but at the same time other fixed costs like rates and insurance have increased dramatically. We have one unit where the latest insurance bill now consumes 22% of the rent.
Interestingly here in Australia one of the internal rules the banks are using to check the serviceability of new lending is to assess what would happen with an interest rate of 6.45%. So they understand that the current low rates are not likely to last forever. Indeed as the current generation of boomers retire over the next few years, and transition from the greatest investors of all time, to the greatest consumers of capital there is a real argument that rates could easily go over 10% again.
NZ banks vary as it is seen as a commercial decision around risk tolerance, but are usually in the range of 5-7%.
That 5-7% aligns with our experience here in Australia.
Where interest rates will go in future depends a lot on how long govts around the world can keep printing money to keep them where they are now. If they fail in this, then all bets are off, I don't think anyone knows how that will play out.
We have very little debt now. Our one property that still has a mortgage has that mortgage paid for by the rent. Doesn't cover anything else.
I know two larger professional landowners with LVR's hovering uncomfortably around 50%.
One is selling one property to bring that down.
The other is holding fire at the moment.
That so many can borrow beyond the rentals earnings, as a going concern, is a consequence of steeply rising prices.
80% of landlords never go beyond the one unit – because it's not as easy as you portray. If you're negatively geared (as we were for a long period – at 9% interest rates that was inevitable even when we never went over 60% LVR), the bank isn't going to lend more to you just because you queue up and smile sweetly.
Banks don't look at just the increased equity, they look at your serviceability and past a certain age your exit strategy as well. The idea that you can borrow without limit is just wrong. The relatively few people who do manage to get to more than 10 units have negotiated a tricky balance of cash flow, costs, lots of leg work – plus a bit of luck – to get there. Most people don't want to do that because the risk goes up substantially and it becomes close to a full time job to manage. No-one is portraying landlords as 'entrepreneurial geniuses' – in normal times it was always considered a relatively modest strategy that took decades to pay off. People don't want to play casino with their life savings.
Well as I've said elsewhere, established owners with little or no borrowing will be very happy – this govt has just eliminated virtually any new competition in the rental market.
One of the reasons banks can lend so much on houses is die to the rental market being propped by government subsidies,
"It is only the banks expectations that you will, in fact, make a large profit in the end from capital gains, that they base their lending on."
Isn't more the ease of claiming the security for the loan than the expected capital gain? That's of course buoyed by record capital gains that're occurring at the moment, but are banks really lending against what they think a future sale price might reach?
Its both…the banks want the income stream and are happy to extend the credit in a rising market because should you default they have an asset of increased value that they can dispose (or preferably releverage) with a reduced fear of loss…..and the fees theyll add.
I thought that this personal anecdote would fit into the housing discussion. He is the real person that all the commenters here have in their minds.
https://www.stuff.co.nz/national/300049683/new-zealands-twotiered-social-housing-system–a-massive-inequity
That would appear a strange anomaly….and the fact his unit still has quake damage is appalling….though I wonder if the units are earmarked to be replaced so upgrades are avoided.
I don't know the answer to this, but are you saying that banks are lending against a projected value of the asset, rather than its actual value at the time of the lending?
Im saying their desire to extend credit is enhanced in a rising market….and gave the reason why.
Taking out a mortgage only pushes up the prices of whatever product you are selling. The ideal situation is where an investor is sufficiently cashed up that he can invest without borrowing. Alternatively, he might be able to get an interest free loan. Long live Social Credit!
Someone dial 111, Judith Collins is involved in another train wreck on the radio.
From the thoroughly fake sounding surprise greeting (akin to real estate agent photos in the paper), to the assertions that rent controls never work anywhere, to the antagonistic tone taken when challenged on her assertions.
Can anyone be harmed by excessive schadenfreude? I may need medical attention.
Edit, A link should be up on RNZ site soon.
Here 'tis:
https://www.rnz.co.nz/national/programmes/morningreport/audio/2018789770/shane-reti-s-decision-not-to-get-vaccinated-with-government-his-to-explain-judith-collins
When it comes to Collins it can only be a wholesome schadenfreude.
“Behold,” he could have said, “the reality of global trade. Behold the tankers full of the oil that warms the climate and keeps the vile House of Saud in power. Behold the trillion tonnes of cheap consumer goods, from the factories of Asia to the landfills of Europe. Just look at it all. It cannot be sustainable. And how easily we could wean ourselves off it. Ladies and gentlemen, it is not too late.”
https://www.stuff.co.nz/opinion/300265195/the-bloke-who-blocked-the-suez-canal
Gotta love Joe Bennet
It's incredibly lazy for people like Bennett to write snarky pieces like this, in complete ignorance of how the world works. Virtually everything about his modern comfortable life has been enabled by just this 'global trade' that he sneers at. He just doesn't know it.
People like him would stand by cheering when the house burned down because they didn't like the decor in the upstairs bathroom.
Well I guess he got paid for churning out his silly bit of click-bait – which is about the sum total of it's merit.
I guess you didnt 'like' it then.
I suspect Mr Bennet knows pretty well what provides for his lifestyle and I also suspect he isnt a big consumer of frippery…sadly nuance is becoming in increasingly short supply as is humour.
There seems to be a cold war-ish Manichaean worldview, and the arguments are a false dilemma. No nuance allowed.
Indeed….grey is not bleak
"..It's incredibly lazy for people like Bennett to write snarky pieces like this, in complete ignorance of how the world works."
I offer this as a defence of Bennett:
https://www.goodreads.com/book/show/3322867-where-underpants-come-from
Well I'll give Bennett credit for having the curiosity and energy to ask the question and chase down some answers. How well he succeeded might be gauged by some of the review comments.
But the question is certainly worth asking – and the answer lies very much buried within CCP policy and their basic purpose for money. In the West we view money as a tool to enable economically worthwhile productivity, market pricing being a tool to manage this. The CCP uses money as a tool to maximise employment and maintain social stability, price being of relatively lesser importance – if any in the case of the underpants.
That's a very negative spin you've put on it. Could you maybe be more constructive?
How is it that NZ prisoners are not allowed access to the internet while Putin's most feared opposition incarcerated in the most punishing gulag Russia has , can operate an Instagram account ?
https://www.corrections.govt.nz/working_with_offenders/prison_sentences/being_in_prison/internet_and_mail
Ask Kim Hill to ask that question next she does a piece on this, or any news/current events show on RNZ for that matter, I am sure they will be only too willing to shift from the established narrative.
In case you hadn't heard, shocking, I know, but inmates across the world find ways to do shit they're not allowed to do.
/
https://www.tvnz.co.nz/one-news/new-zealand/exclusive-secret-gang-fight-club-at-mt-eden-prison-revealed-q01845
Last time I looked one didn't need an internet connection to run a fight club.
Smuggling smart phones in and out of boob doesn't require an internet connection either, genius.
/
Apparently not possible for Julian Assange however
British prisons must be run more stringently than Russian ones
And I'm trying to remember when any NZ prisoner ran a social media account and posted regularly, as Navalny does
You're the expert here Joe, let us know
He's in separates so it's hardly surprising he's unable to.
https://www.theguardian.com/society/2018/jul/09/tweeting-jailbirds-social-media-use-by-prisoners-triples
With meth deals and gangsta beats from inside, why not?
Because Navalny's supporters would never post anything on behalf of Navalny, right.
/
Quite a good wee clip…
Defending Glenn Greenwald and Critiquing the Post-Left
https://www.youtube.com/watch?v=JQ-lxwBTXUw
Over 21 min long; that’s not a “wee clip”. Why is it “quite good”, in your opinion?
If you didn't hear Judith Collins on RNZ morning report this morning I suggest you do. It was a complete train wreck.
You should to it because it was the sort of interview that triggers leadership challenges.
Yes thanks Sanctuary and Gsays…….started to listen but found it too excruiating. Who will be up to taking the poison challice?
She was doing a Winston Peters.
When Peters couldn't answer a question or didn't want to answer a question, he would turn it into a he said/she said argument so that the question was never answered. Only he was better at doing it than Judith.
Try listening to the interview with a renter's advocate Ashok Jacob a little later in the program.
https://www.rnz.co.nz/national/programmes/morningreport/audio/2018789782/tenants-advocacy-group-backs-rent-caps
His statements seemed to me to be at least as general as were those of Judith Collins. However not a single one was questioned in any way and no evidence was requested for any of them. And people still think that Radio NZ is "impartial"?
The renter advocate's statements may have been general alwyn but they were much clearer and far less equivocal than Judith Collins. I almost had the feeling she was being deliberately ambiguous for the sake of it.
Having said that, I agree with you that some RNZ radio hosts are not always impartial. There are one or two of them who enjoy arguing for the sake of it which doesn't achieve much imo.
Was he also lying?
Councils and council staff remind me of teachers – a large number of them aren't the sharpest knives in the drawer.
https://www.stuff.co.nz/national/politics/local-democracy-reporting/300264251/caravanners-fear-regional-bylaw-the-end-of-freedom-camping-as-we-know-it
I don't usually descend to personal abuse.
You really are a wanker aren't you.
Stephen D and others
Please when you address a particular commenter put the name or pseudo. I want to know what about and to whom you are talking, Some people certainly cry out to be called w…s and I want to see if you have picked the right one in my opinion.
There is a certain mindset that turns ugly when embiggened by secondhand authority.
You mean mine Stuart? It probably does need a wipe with white vinegar (that is the recommended Green cleansing method).
By no means – some people handle the powers of petty bureaucracy generously, others become martinets.
Freedom campers, once merely known as campers, are losing the local version of allemansrätten to a failure of local government imagination.
Not so keen on extending the generalization to teachers however – most do their best within the constraints of a system that gives them relatively little freedom of action.
Is it just me or do others feel like these calls for, in this case tech entrepreneurs, everyone to move to a new silicon valley (NZ) more than a bit arrogant and condescending? Have they not noticed that a lot of people live here already and that they may have a different view about others deciding to "invade" their country? Maybe we actually don't want them? It's not like Silicon Valley has made life wonderful for all the people who live or used to live in the area. Some studies have shown that incomers in places like Seattle and Portland have just pretty much displaced existing populations.
And aren’t a bunch of them just selfish opportunists leeching off the work of others?
Even worse are the US Republicans that go "I'll move to NZ" as if they have some absolute right to turn up here and enjoy living that results from policy that is pretty much everything that they have always worked against.
https://www.stuff.co.nz/business/124699041/nasa-chief-scientist-says-nz-should-become-a-worldwide-silicon-valley
https://www.stuff.co.nz/national/health/300266100/women-struggle-for-treatment-as-acc-changes-policy-on-perineal-tears
ACC is just plain wrong here. There's nothing in the Act that requires instruments to be used in order for an injury to be regarded as a treatment injury. It's ACC hunting for ways to shaft the claimant yet again.
Sepuloni is being weak here. As minister she has more power than what people are led to believe. In this case she just needs to tell ACC to pull its head in.
A major problem, amongst many, with ACC is that they're assumed to have more power than they in fact have. ACC has become so arrogant in its drive to find ways of refusing cover and kicking people off compensation that it now actively challenges cases in the courts where someone's appealed a decision based on legislation the government has introduced for a specific purpose. In other words, ACC sees no problem setting out to (mis)use the judicial process to thwart clear legislative intent.
Sepuloni needs to start looking at the real problems at ACC instead of believing what those nasty pricks at ACC head office so deceivingly tell her is the case. ACC operates in a very dark place. It's a great opportunity for Sepuloni to create a lasting legacy by successfully taking them on. The only problem is that I don't think she's got the guts or the smarts to do it. A pity.
What power does Sepuloni have to change ACC operational policy?
In cases where ACC gets the law so blatantly wrong she can tell them to sort their shit out.
I have mercifully limited history with ACCand I sure ain't defending them, I just haven't seen a responsible Minister step in like that – or rarely.
NZ – one wonders just where our systems of control went – now it seems anything goes.
A woman was crashed into by a Lime Scooter in 2019. The Court has to decide whether it is a vehicle! You get injured first, and then that prompts someone who has authority to decide whether it is safe, should be used etc.
https://www.rnz.co.nz/news/national/439566/man-found-guilty-of-careless-use-of-lime-scooter
The 65-year-old woman, Debra Christensen, received a concussion, facial cuts and bruises as well as bruises to her hip, chest-wall, cheek, chin and hand.
She bit through her tongue and could have lasting nerve damage.
Christensen credited the two scarves she had been wearing to combat the cold with saving her life.
McIntyre has been on trial before Judge Christopher Field, who had to consider whether a Lime Scooter was a vehicle under the Land Transport Act.
Because Christensen had one foot on the bus, he also had to consider whether she was a passenger or a pedestrian…
McIntyre was sentenced to pay $4000 reparations to her.
How long can the perp string the payments out and what happens if nothing is paid? Do our Courts serve the little person? Well as Flanders and Swann chirruped, it all makes work for the working man [Judge] to do; virtually making law on the hoof, said in the kindest way of course.
In an ideal world, the lawyers for both parties would be paid either out of or after reparations are paid.