Is the local MSM and opposition giving this subject the coverage it deserves?
The World Economic Forum has just named severe income inequality a top global risk.
A recent OECD report showed the gap between New Zealand’s rich and poor is growing faster than any other developed nation, yet many in this country fail to comprehend the severity of the problem.
There’s a widespread misconception that there has, and always will be, a divide between rich and poor, hence many believe there is no problem. Wrong.
It’s not that there has always been a gap, it’s the fact that the gap is growing to unsustainable levels.
This is having a dire effect on global economies.
Another misconception is that the poor aren’t that bad off in New Zealand.
However, it’s not the the poor aren’t that bad off, it’s the growing number of the working population lack the disposable income to sustain the demand local businesses require to survive.
Businesses depend on the demand of the average wage earner to sell their goods.
A lack of jobs and low wages equals low demand, which equals falling profits.
Over the years, credit has come to fill that void and help boost demand, but the growing debt is now becoming critical.
A recovery requires the benefits of new growth to be better shared, which will stimulate more growth and create a sustainable economy for all to prosper.
Balancing inequality is vital to our economic recovery, but voters and Government seem to be overlooking this fact.
It’s the media and oppositions job to inform the public and hold the Government to account.
Are the local MSM and opposition sufficiently highlighting and pushing the importance of this issue?
The cost of credit card credit is very expensive in terms of interest, as also is hire purchase; though of course many retailers are now offering “interest free” terms. But as the cost cost of providing credit must be built into the selling price somewhere this probably means that we are all paying for it, whether or not we actually take advantage of “easy credit ” terms.
Capitalist owners build up their own capital by paying workers substandard wages.
Capitalist owners can then take the capital they made from paying substandard wages, and loan that capital out as credit to workers who are on substandard wages.
Capitalist owners can then charge those workers interest and fees, clawing back additional money from workers’ substandard wages.
The unsustainable “middle classes” (top earning quartile of the population) appear quite happy with the way income inequality is going. While the bottom quartile have given up on voting in their own best interests.
I mean seriously, who does not vote for first $5K in income, tax free?
Even the wealthy end up worse off in an unequal and divided society
Bryan Gould sums it up nicely:
All too often, the market’s apparent recognition of merit simply reflects the dominant position of those who walk away with the spoils. The best-paid people set each other’s salaries and they are adept at ensuring that, while the global economy demands that working people’s wages are driven down to third-world levels, it requires that top people are paid the huge salaries that are now the norm in the international marketplace.
No one begrudges appropriate rewards for those whose efforts add to the general welfare. But many big earners do not create new wealth; they merely manipulate existing assets. Bankers, property speculators and even (dare one say) foreign exchange dealers cream their fortunes off the top of assets that others have created, thereby siphoning off wealth for themselves that might otherwise have been more fairly distributed.
Growing inequality of course means that the wealthy lead quite separate lives, buying themselves out of life as the rest of us live it. We gain little from them and they know even less of us. While few now give credence to the “trickle-down” theory, the flipside of the market as moral arbiter – invariably rewarding the deserving – is the belief that the poor have no one to blame but themselves.
Those who manipulate the market to their own advantage enjoy not only material rewards but a sense of moral superiority.
What the apologists for inequality do not grasp is that we are all, including the wealthy, made worse off, not only because we live in a more divided and less cohesive society, but also because – by diverting so much national wealth into so few pockets – we thereby undervalue and make poor use of the productive potential of the rest of us, so that we produce less as a country than we should.
It’s not that there has always been a gap, it’s the fact that the gap is growing to unsustainable levels.
The problem really is that there’s a gap – any gap is unsustainable). The poor are at subsistence level and can’t save (this isn’t the problem) while the better off can (which is). The problem that makes the gap unsustainable is the interest that’s paid on those savings which increases the gap by increasing the income of the better off and by decreasing the income of the poor.
A recovery requires the benefits of new growth to be better shared, which will stimulate more growth and create a sustainable economy for all to prosper.
The only problem with this is that we can’t afford any more growth. As Peak Oil progresses the economy will shrink. Growth requires resources and we just don’t have any more.
To reward the various different inputs the labour force produce, and to provide a fiscal incentive for one to exceed, a gap of sorts is required.
Interest on savings is largely offset by inflation and is taxed.
Inflation coupled with population growth necessitates the need for growth.
Limited resources is another challenge that the globe faces, but improved structures and new technologies will help.
Nevertheless, our resources are secure for some time yet – and New Zealand itself is rather well placed for this mad max scenario – as long as we ‘own our own future’.
and only produce what we need rather than, as now, produce far more than we need.
Speaking of the NZ economy, we need to build up the capability to produce virtually everything we will need in future. Many NZ factories were shut down in the 1980’s and 90’s – we now rely almost solely on foreign suppliers for some categories of goods.
Brian Gaynor: Shareholders must battle inequality (highlights)
Excessive executive remuneration and income inequality will continue to be major issues this year as they are at the heart of growing criticism of our capitalist system.
The OECD advocates economic policies that have a strong emphasis on reducing income inequality as well as achieving economic growth.
According to its chief economist “Rising inequality is one of the major risks to our future prosperity and security.
The main challenge facing governments is implementing reforms that get growth back on track, put people to work and reduce the widening income gap.”
Listed companies are major contributors to income inequality because there has been a significant transformation from owner capitalism to manager capitalism over the past few decades.
By this we mean that managers, rather than owners, are controlling major enterprises and these managers are granting themselves huge pay increases. These then flow on to other organisations, including the public sector.
The problem starts in the US, where income inequality is the greatest.
The share registries of most large companies are dominated by institutions, many of which are short-term holders. The talking heads on CNBC – who buy, sell, and short shares on a daily basis – generally have no interest in monitoring these companies from an ownership point of view.
Consequently, many US boards which have the same individuals as chairman and chief ex ecutive, overpay their chief ex ecutives and give them generous stock options.
Thus there has been a big switch from owner capitalism to manager capitalism, mainly because boards are dominated by an ex ecutive chairman, the non-ex ecutive directors are acquiescent, and institutions are disinterested.
The US sets a precedent for the rest of the world because boards of directors in other countries employ consultants to look at international salaries when assessing the remuneration of their senior ex ecutives.
So US senior ex ecutive pay levels quickly set a precedent for the rest of the world because consultants take these into account when advising non-US boards.
This process ratchets-up salaries in other countries, with Australia being a good example of this. As a result, income inequality across the Tasman, as defined by the OECD, has escalated dramatically over the past 30 years.
Australian directors argue that they have to pay international salaries to keep their top ex ecutives and this means they follow US trends. In addition, the share registries of nearly all the major Australian companies are dominated by institutions, rather than individuals. Many of these institutions are not long-term owners, as demonstrated by their aggressive selling of shares in Billabong, Kathmandu, and other companies when these ASX-listed entities announced recent profit downgrades.
New Zealand follows Australia and the remunerations of our senior ex ecutives are rapidly ascending as a result.
A number of countries are looking at higher income tax rates for top earners as a solution to growing inequality. Greater shareholder vigilance is a much better option than higher taxes.
It is extremely important that New Zealand shareholders, both individuals and institutions, exercise their full rights and wrestle control back from managers who have put themselves ahead of other stakeholders.
Shareholders have a powerful role to play in reducing income inequality. This power needs to be used more aggressively as it is highly unlikely the New Zealand government will introduce the same reforms as were proposed in London this week.
According to our free trade agreement with China, it appears the government could have faced an international lawsuit if it hadn’t proceeded with the sale of the Crafar farms to Pengxin.
“The Government could not treat applications from Chinese investors differently from similar applications from other countries’ investors under what was known as the “most-favoured nation” of MFN rule.”
The idea is that we don’t want any foreigners buying up this land. It doesn’t matter whether they’re Chinese or not.
The proposed law by Labour, that all sales over 5 hectares to foreigners would have a default position of “decline”, wouldn’t breach the free trade agreement with China because it would apply equally to all foreigners.
“I was in the cabinet that approved the signing of the agreement, the negotiations for which were led by Phil Goff,” David Parker said. “I was Minister of Land Information at the time and recall specifically checking at the Cabinet Policy Committee that New Zealand’s ability to control land sales was not overruled by the terms of the FTA.
The spin must be coming out of C/T as NAct realise just how much the people of NZ don’t want to sell our assets.
Sarkozy is planning to introduce a financial transactions tax – with or without other European support:
Nicolas Sarkozy has announced plans to impose a tax on financial transactions.
The French president said a new 0.1% tax would come into force in August regardless of whether or not the European Union agrees to impose a ‘Tobin tax’ across the EU.
If Sarkozy does impose a Financial Transaction tax as he proposes he will lose so many Billions to London and Frankfurt who will not bring such a tax.
Frankly France cannot afford it, irrespective of the idea.
The City of London is a casino for legalised theft, scammers and ponzi schemes. Its lax regulation meant that its not a coincidence that the epicentre of problems at AIG, MF Global, Lehman Brothers and others was in their London operations.
Spain has 25% unemployment and 50% for the 18- 25year olds. Spai Air has collapsed.The grim prospects must have a flow-on effect.
What effect would there be for a New Zealand tourist visiting Spain?
I heard those grim statistics this morning on the news. The report went on to tell of the enormous numbers of unemployed youth in Greece, Italy and France. May other European nations are struggling with this issue as well.
However, in many of these countries there exists a huge shadow economy whereby goods and services are supplied, but are not taxed or regulated. A Financial Times report on 08/06/2011 illustrates how pervasive it is. Spain’s grey market economy is estimated to be nearly 20% of the nation’s GDP.
It is this clandestine activity that helps to explain one of the more embarrassing economic mysteries of modern Spanish society: an extraordinarily high rate of official unemployment without much of the civil unrest and popular anger that such a problem would normally generate. If it were true that 4.9m people, or more than 21 per cent of the workforce, were jobless, Spain would not be as peaceful as, barring a few demonstrations, it has so far been, say economists and business leaders.
It is an open secret that the Spanish jobless rate – double the European average – is a fiction. Hundreds of thousands of people claim unemployment benefit when they actually have some kind of work; millions are not registered as working, which means that neither they nor their employers are paying social security contributions. One proof, say employers, is that when unemployment fell to 8.5 per cent at the height of the boom in 2006-07, they could find no workers to hire. Yet that figure, the recent Spanish minimum, is high enough that it would be associated with a deep economic recession in almost any other industrialised country.
Madrid would like to cut the jobless rate dramatically. But ministers are reluctant to do so by openly condemning Spaniards as cheats or dismissing their own statistics as unreliable, since that would undermine the country’s reputation further in the midst of an already damaging sovereign bond crisis. http://www.ft.com/cms/s/0/efc3510e-9214-11e0-9e00-00144feab49a.html#axzz1kydt5Sfs
I’d say that although the official figures are alarming (yikes! 1/2 of 16 to 24 year-olds are out of work), the reality is that as a New Zealand tourist you won’t be too inconvenienced.
That was great thanks happynz. And I suppose Tourism would be welcomed especially by the unregistered “unemployed.” And congratulations on your search skills.
Here is one trend to look out for: as the “official” economy disowns more and more of the population, more and more of the population is going to disown the official economy. People are going to go grey market and black market to survive.
Most would love to move on to a ‘brighter future’, but the Government seem unwilling to play their part.
For various reasons (that you should be aware of) the local private sector is unable to produce the national growth required.
The high number of unemployed is just one example of the private sector (and this current Government’s) failure.
The ‘Cycle Track’ was a feeble attempt that failed to cut it.
We require Government to play a far larger role in commerce, increasing our offshore return. This will help fill the current market void and help stimulate the economy.
The new wealth generated (being generated offshore and attained through Government) can be far better distributed to the local workforce and contractors employed.
Sir Peter Gluckman: Science key to a richer country (highlights below)
The government, while critical, cannot do it all: local government must take a major role.
There is a need to promote, plan and incentivise an “innovation city”.
It needs the development of technology parks, clustering academia, entrepreneurs and support services.
It needs the hospitals, universities, technical institutes and crown research institutes to co-operate rather than compete.
It seems every few days we hear about more instances of flooding. South East Asia, Southern Pakistan, Northwestern Australia and Southern Brazil all experienced severe flooding in January this year alone… with the cost for such events often massive.
We’re far from done on that score this summer with the pattern pushing the wet systems up against others acting like a giant sponge over us.
Golbal warming can’t be denied, debating why is neither here nor there, moisture goes up in ever larger volumes and comes down so you hardly need a Phd to figure out the impact on land and life.
Probably about time to remove the electoral authorisation, Lynn?
Only for the purposes of Electoral Act 1993, the Electoral Referendum Act 2010 and the Broadcasting Act 1989 everything on this page is:-
Authorised by Lynn Prentice, 3/10 Rose Road, Grey Lynn, Auckland, New Zealand.
Translation: If you want to whine about the site during this election campaign, then please contact me. As a blog site we don’t need this authorization. However I rather enjoy the notion of either verbally or in writing telling idiotic critics why, in my opinion, that they are such pathetic wee morons. In particular why their interpretation of the legalities governing blogsites is symptomatic of their general lack of intelligence and perseverance in reading the acts. I will also take a great deal of pleasure in publishing all correspondence received on the subject complete with my descriptions of the complainants failings in the fields of personality and politics.
Remember too, that this was the single question that Key said was worth bothering to reply to. He hand-picked it and then made a promise to speak to someone about it.
Given the context and the way he framed it, I don’t believe that “anyone listening to the programme would have realised his comments were “light-hearted banter”.”.
The fight to stop the privatisation of the Port of Auckland just ratcheted up a notch. MUNZ will be taking limited strike action for a week, starting in the middle of February. They will be targeting the already casualised Conlinxx container delivery service.
From the press release:
Mr Parsloe says this is legal and protective action to protect jobs and family livelihoods from outsourcing and casualization.
He says the industrial action was taken with reluctance, but was necessary as port management refused to negotiate.
“It is aimed at getting management to negotiate rather than dictate. The Union is prepared to work through productivity and other issues but not under the type of threats the management are holding over its employees.”
I’m a bit surprised, too, that the Prime Minister was – in a lighthearted, banterish sort of way – making a play for a demographic that he apparently believed to be, at least in part, “dying off”.
Costs in running the business will be split between LandCorp and Pengxin. Presumably this would include startup capital such as diary herds. I believe that the farms are currently being operated as a going concern and will therefore likely come with some cows already.
LandCorp is an SOE of the crown and the core part of the act is that SOEs must act as if they are purely commercial operations. The crown/taxpayers paying for cows for LandCorp would be no different than the bailout of any other privately-owned company, something that generally the government avoids doing at all costs.
As far as I know, LandCorp runs at a profit. If you would like to provide information and sources that contradicts that, then please, go ahead.
I’ll be talking about the tension around Iran and the possibility of engineered false flag attacks in the strait of Hormus to trigger an all out war with Iran on the Vinny Eastwood show at 1 PM for those open to some much needed education on what is really going on in he middle East!
Maori Party could quit its support of Govt
By: Lesley Deverall | Latest News | Tuesday January 31 2012 12:52
The Maori Party says it may quit its support of John Key’s government over its asset sale plan.
Tariana Turia and Pita Sharples say plans by the government to have no treaty clause in the SOE sale legislation is a deal breaker.
The pair say maori are already contemplating a hikoi over the issue – and Mrs Turia has raised concerns that the issue may flare up at Waitangi celebrations this weekend.
Who really cares what the current Maori Party publically think. They are extinguishing themselves.
They are ceasing to be relevant as a real Party, and by next election, when the two leaders retire, Hone will pick up their votes.
SCOTUS declared companies were people with political rights.
Well guess Campbell Live will be interviewing the civic grass for a comment on its victory for grass free expression.
Public Grass Lawns has political rights too damn it.
For years now, the legacy entertainment industry has been predicting its own demise, claiming that the rise of technology, by enabling easy duplication and sharing — and thus copyright infringement — is destroying their bottom line. If left unchecked, they say, it is not only they that will suffer, but also the content creators, who will be deprived of a means to make a living.
What we found is that not only is the sky not falling, as some would have us believe, but it appears that we’re living through an incredible period of abundance and opportunity, with more people producing more content and more money being made than ever before. As it turns out… The Sky Is Rising!
So, can we now tell the fuckwits who want to make it even harder to produce content to fuckoff?
Well, well, flogging our future to Johnny Foreigner isn’t popular over the Tasman either. Dick Smith is rather pissed off at having an iconic Aussie brand sold to overseas owners.
Does anyone happen to know any of the background that leads Clare Curran to email Red Alert commenters asking them to verify their identity if they want to comment on Red Alert in future?
I do that on the odd occasion when people are claiming to be specific people or have specific knowledge. Most recently when the lead communications person from the Ports of Auckland left comments. There are usually one or two a month where I check likelihoods using track backs and other technical means, and email checks maybe once every few months. That is mainly to allay flamewars about people’s identities.
But that sounds like Red Alert should look at shifting to the login model with verified email addresses – like kiwiblog. That is automatic and tells you at least two things – that you have a valid email address, which means that you can track people back if you have to, and a login that you can disable requiring effort to get another. Alternatively to use one of the 3rd party verifications like Google or WordPress.
I look at those periodically for here, but decide that it isn’t worth the effort. A robust immoderation policy tends to deter the really irritating people who can’t argue with their peers without a phrase book of keywords that they think are shared values. I find that giving them my personal attention amuses me and deters similar abuses of the concept of argument. And when I don’t have time (like now) there are other moderators, and helpful highlights by experienced commentators.
But MP’s can’t do that. They really need to get a volunteer to moderate their blog or put in a gatekeeper of logins. The halfway house they are doing at present just provides munitions for idiots like Cameron.
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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 ...
Te Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...
Our two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...
Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...
Tonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...
It appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...
The Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...
Labour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...
The Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...
Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...
The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...
The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
Te Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
Te Pāti Māori co-leader Rawiri Waititi, and Mema Paremata mō Tāmaki-Makaurau, Takutai Tarsh Kemp, will travel to the Gold Coast to strengthen ties with Māori in Australia next week (15-21 April). The visit, in the lead-up to the 9th Australian National Kapa haka Festival, will be an opportunity for both ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
Hundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...
Regional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...
Foreign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...
Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
Distinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...
Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...
A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
Analysis by Dr Bryce Edwards, Democracy Project (https://democracyproject.nz)New Zealand Government’s Fast Track legislation. Many criticisms are being made of the Government’s Fast Track Approvals Bill, including by this writer. But as with everything in politics, every story has two sides, and both deserve attention. It’s important to understand what the Government ...
Tara Ward talks to presenter Naomi Toilalo about the new TV show that turns food waste into a three course feast. Naomi Toilalo is standing in the warehouse at Good Neighbour Tauranga, helping unpack the two-and-a-half tonnes of rejected food that will arrive at the community support hub that day. ...
Scout is our latest Dog of the Month. This feature was offered as a reward during our What’s Eating Aotearoa PledgeMe campaign. Thank you to Scout’s human, Avril, for her support. Dog name: Scout (named after the little girl in To Kill a Mockingbird – she inherited the independent spirit ...
Megan Alatini takes us through her life in TV, including ‘terrible’ daytime TV, the class of Carol Hirschfeld and her most embarrassing TrueBliss moment. When she responded to a vague newspaper ad asking “do you have what it takes to be a popstar?” 25 years ago, Megan Alatini never guessed ...
A new exhibition in Wellington showcases the faces behind your local goods and services. Back in 1977, when I was a fine arts student at the University of Canterbury, I took a series of photographs of Christchurch shopkeepers. The photos were for a calendar – a project for my end ...
Toomaj and his resistance to tyranny through his songs have become an icon for the youth of Iran, so his sentence has hit the nation hard. Toomaj Salehi is not the first artist to pay the price for standing with the people. ...
My cousin Dylan and I spotted these big eels under the bridge that summer. We watched them lounging under the dark weed, facing into the flow of water, their mouths frozen open. Dylan and I couldn’t stop thinking about those eels. The night we went down to the creek, we ...
Newsroom, home of satire. My long-running weekly satirical series The Secret Diary has moved to Newsroom and will appear every Saturday, with Victor Billot’s wildly popular satirical Odes continuing to appear every Sunday. Diaries, Odes – while serious political columnists toil at meaningful opinions and stroke their chins to an ...
Tara Ward unravels the many nuanced layers of a cartoon about talking dogs.This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. It’s not often an episode of a children’s cartoon has adults sobbing into their sleeves, but that’s exactly what happened this week when ...
Working as a doctor in developing countries to help communities achieve better health outcomes is nothing short of a life goal for Jessica Tater. The University of Otago medical student has her sights firmly set on joining the international humanitarian organisation Doctors Without Borders/Médecins Sans Frontières (MSF) when she qualifies ...
There’s an island in the far reaches of Auckland’s territory, sitting off the tip of the Coromandel Peninsula, 30 minutes by air from the city or four hours on the slow boat. Aotea Great Barrier is off-grid, it has a population of fewer than a thousand people … and most ...
Asia Pacific Report An Australian author and advocate, Jim Aubrey, today led a national symbolic one minute’s silence to mark the “blood debt” owed to Papuan allies during the Second World War indigenous resistance against the invading Japanese forces. “A promise to most people is a promise,” Aubrey said in ...
Asia Pacific Report The Freedom Flotilla is ready to sail to Gaza, reports Kia Ora Gaza. All the required paperwork has been submitted to the port authority, and the cargo has been loaded and prepared for the humanitarian trip to the besieged enclave. However, organisers received word of an “administrative ...
Pacific Media Watch Palestine solidarity protesters today demonstrated at the Auckland headquarters of Television New Zealand, accusing the country’s major TV network of broadcasting “propaganda” backing Israel’s genocidal war on Gaza. About 50 protesters targeted the main entrance to the TVNZ building near Sky Tower and also picketed a side ...
Opinion by Lynley Hood. Forty years on from my 1985 Fulbright Grant, my disquiet over the war in Gaza evoked some troubling questions. The answer to my first question – What is the primary purpose of the Fulbright Programme? – was on the Fulbright NZ website. It says: US Senator, ...
The ministers responsible for green-lighting major projects need to be open about potential conflicts of interest, says Transparency International. ...
Source: The Conversation (Au and NZ) – By Anastasia Powell, Professor, Family and Sexual Violence, RMIT University It has been a particularly distressing start to the year. There is little that can ease the current grief of individuals, families and communities who have needlessly lost a loved one to men’s ...
Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Ecosystem and Forest Sciences, The University of Melbourne Lichen, the first described example of symbiosis.AdeJ Artventure/Shutterstock Once known only to those studying biology, the word symbiosis is now widely used. Symbiosis is the intimate ...
Source: The Conversation (Au and NZ) – By Kim Hemsley, Head, Childhood Dementia Research Group, Flinders Health and Medical Research Institute, College of Medicine and Public Health, Flinders University Olena Ivanova/Shutterstock “Childhood” and “dementia” are two words we wish we didn’t have to use together. But sadly, around 1,400 ...
Source: The Conversation (Au and NZ) – By Peter Whiteford, Professor, Crawford School of Public Policy, Australian National University The government’s Economic Inclusion Advisory Committee has just published its second report. It was set up by Treasurer Jim Chalmers and Minister for Social Services Amanda Rishworth in 2022 to provide: ...
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The Queensland state election will be held in October. A YouGov poll for The Courier Mail, conducted April 9–17 from a sample ...
Source: The Conversation (Au and NZ) – By Amin Naeni, PhD candidate at Alfred Deakin Institute for Citizenship and Globalisation, Deakin University There’s been much talk in recent months about what a possible second Donald Trump presidency in the United States could mean for Europe, Russia’s war in Ukraine, the ...
A brief round-up of submissions on the controversial proposed law. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Last week, submissions on the controversial Fast-track Approvals Bill closed just hours after the government released a list of stakeholder organisations who were sent letters advising how they could ...
A poem from Robin Peace’s new collection Detritus of Empire: feather / grass / rock. Cereal giving I see a woman’s hands, see her curious hands break a stalk as she walks through the tall prairie, the savannah, the steppe, wherever it was. See her idly bite the grass that ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 Hemingway’s Goblet by Dermot Ross (Mary Egan Publishing, $38)A handsomely produced (debossed cover, lovely ...
The Commissioner's decision validates the longstanding efforts of the local community and ensures that Awataha Marae will be managed to serve the needs of the local community, particularly for hosting tangihanga. ...
Source: The Conversation (Au and NZ) – By Tristan Salles, Associate professor, University of Sydney Examples of Australian landscapes.Unsplash Seventy thousand years ago, the sea level was much lower than today. Australia, along with New Guinea and Tasmania, formed a connected landmass known as Sahul. Around this time – ...
Source: The Conversation (Au and NZ) – By Felicity Castagna, Lecturer, Creative Writing, Western Sydney University Day Day Market, ParramattaPhoto: Garry Trinh I live on the edge of Parramatta, Australia’s fastest-growing city, on the kind of old-fashioned suburban street that has 1950s fibros constructed in the post-war housing boom, ...
Source: The Conversation (Au and NZ) – By Michael Ryan, Teaching Fellow in Economics, University of Waikato GettyImagesfatido/Getty Images There is an ongoing global debate over whether the high inflation seen in the aftermath of the COVID-19 pandemic can be lowered without a recession. New Zealand is not ...
The ‘Wicked Game’ heartthrob is in his late 60s now. That didn’t stop him putting on a lively, goofy and very sparkly show. Apart from ‘Wicked Game’, which graces a sultry playlist of mine simply called 💋, my last sustained Chris Isaak listening session took place when I was about ...
Analysis - Two ministers were stripped of portfolios in a warning to Cabinet, drama broke out at the Waitangi Tribunal, and the gang patch ban bill ran into opposition. ...
Tara Ward makes an impassioned plea for some vital pop culture merch. In April 1999, I became obsessed with a new reality television show called Popstars. Every Tuesday night, five strangers transformed into music royalty before my very eyes as Joe, Keri, Carly, Erika and Megan were chosen to form ...
PNG Post-Courier In the early hours of ANZAC Day, aerial photographs captured an impressive gathering of Australians and Papua New Guineans at Isurava in the Northern (Oro) Province. The solemn dawn service yesterday was held at a site steeped in history, where some of the fiercest battles of World War ...
The PSA is shocked that Oranga Tamariki has used the cost cutting drive to downgrade its commitment to Te Ao Māori and remove many specialist Māori roles. ...
Source: The Conversation (Au and NZ) – By Ian Kemish, Adjunct Professor, School of Historical and Philosophical Inquiry, The University of Queensland There can be no more powerful symbol of the relationship between Australia and Papua New Guinea than the prime ministers of these neighbouring countries walking together on the ...
Source: The Conversation (Au and NZ) – By Sharon Robinson, Distinguished Professor and Deputy Director of ARC Securing Antarctica’s Environmental Future (SAEF), University of Wollongong, University of Wollongong Andrew Netherwood Over the last 25 years, the ozone hole which forming over Antarctica each spring has started to shrink. ...
Source: The Conversation (Au and NZ) – By Viktoria Kahui, Senior Lecturer in Environmental Economics, University of Otago Getty Images/Amy Toensing Biodiversity is declining at rates unprecedented in human history. This suggests the ways we currently use to manage our natural environment are failing. One emerging concept focuses on ...
Source: The Conversation (Au and NZ) – By Timothy Colin Bednall, Associate Professor in Management, Swinburne University of Technology marvent/Shutterstock Finding the best person to fill a position can be tough, from drafting a job ad to producing a shortlist of top interview candidates. Employers typically consider information from ...
Wondering where to host your next BYO? Whether its a small gathering or a massive party, we’ve got some recommendations. I was first introduced to the concept of BYOs at Dunedin’s India Gardens, a legendary but sadly defunct establishment, which purveyed enormous quantities of mango chicken to Aotearoa’s drunkest future ...
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Is the local MSM and opposition giving this subject the coverage it deserves?
The World Economic Forum has just named severe income inequality a top global risk.
A recent OECD report showed the gap between New Zealand’s rich and poor is growing faster than any other developed nation, yet many in this country fail to comprehend the severity of the problem.
There’s a widespread misconception that there has, and always will be, a divide between rich and poor, hence many believe there is no problem. Wrong.
It’s not that there has always been a gap, it’s the fact that the gap is growing to unsustainable levels.
This is having a dire effect on global economies.
Another misconception is that the poor aren’t that bad off in New Zealand.
However, it’s not the the poor aren’t that bad off, it’s the growing number of the working population lack the disposable income to sustain the demand local businesses require to survive.
Businesses depend on the demand of the average wage earner to sell their goods.
A lack of jobs and low wages equals low demand, which equals falling profits.
Over the years, credit has come to fill that void and help boost demand, but the growing debt is now becoming critical.
A recovery requires the benefits of new growth to be better shared, which will stimulate more growth and create a sustainable economy for all to prosper.
Balancing inequality is vital to our economic recovery, but voters and Government seem to be overlooking this fact.
It’s the media and oppositions job to inform the public and hold the Government to account.
Are the local MSM and opposition sufficiently highlighting and pushing the importance of this issue?
The cost of credit card credit is very expensive in terms of interest, as also is hire purchase; though of course many retailers are now offering “interest free” terms. But as the cost cost of providing credit must be built into the selling price somewhere this probably means that we are all paying for it, whether or not we actually take advantage of “easy credit ” terms.
Indeed .
And easy credit is not the way to a ‘brighter future’, but will we ever learn?
Credit demand spikes:
http://www.stuff.co.nz/business/money/6318995/Credit-demand-spikes-among-young-and-old
Capitalist owners build up their own capital by paying workers substandard wages.
Capitalist owners can then take the capital they made from paying substandard wages, and loan that capital out as credit to workers who are on substandard wages.
Capitalist owners can then charge those workers interest and fees, clawing back additional money from workers’ substandard wages.
Brilliant system.
The unsustainable “middle classes” (top earning quartile of the population) appear quite happy with the way income inequality is going. While the bottom quartile have given up on voting in their own best interests.
I mean seriously, who does not vote for first $5K in income, tax free?
Even the wealthy end up worse off in an unequal and divided society
Bryan Gould sums it up nicely:
All too often, the market’s apparent recognition of merit simply reflects the dominant position of those who walk away with the spoils. The best-paid people set each other’s salaries and they are adept at ensuring that, while the global economy demands that working people’s wages are driven down to third-world levels, it requires that top people are paid the huge salaries that are now the norm in the international marketplace.
No one begrudges appropriate rewards for those whose efforts add to the general welfare. But many big earners do not create new wealth; they merely manipulate existing assets. Bankers, property speculators and even (dare one say) foreign exchange dealers cream their fortunes off the top of assets that others have created, thereby siphoning off wealth for themselves that might otherwise have been more fairly distributed.
Growing inequality of course means that the wealthy lead quite separate lives, buying themselves out of life as the rest of us live it. We gain little from them and they know even less of us. While few now give credence to the “trickle-down” theory, the flipside of the market as moral arbiter – invariably rewarding the deserving – is the belief that the poor have no one to blame but themselves.
Those who manipulate the market to their own advantage enjoy not only material rewards but a sense of moral superiority.
What the apologists for inequality do not grasp is that we are all, including the wealthy, made worse off, not only because we live in a more divided and less cohesive society, but also because – by diverting so much national wealth into so few pockets – we thereby undervalue and make poor use of the productive potential of the rest of us, so that we produce less as a country than we should.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10778102
The problem really is that there’s a gap – any gap is unsustainable). The poor are at subsistence level and can’t save (this isn’t the problem) while the better off can (which is). The problem that makes the gap unsustainable is the interest that’s paid on those savings which increases the gap by increasing the income of the better off and by decreasing the income of the poor.
The only problem with this is that we can’t afford any more growth. As Peak Oil progresses the economy will shrink. Growth requires resources and we just don’t have any more.
To reward the various different inputs the labour force produce, and to provide a fiscal incentive for one to exceed, a gap of sorts is required.
Interest on savings is largely offset by inflation and is taxed.
Inflation coupled with population growth necessitates the need for growth.
Limited resources is another challenge that the globe faces, but improved structures and new technologies will help.
Nevertheless, our resources are secure for some time yet – and New Zealand itself is rather well placed for this mad max scenario – as long as we ‘own our own future’.
Money doesn’t motivate us to exceed – purpose does.
Cancel interest, cancel inflation, keep the value of money static – no growth required.
Population growth also needs to be cancelled.
No amount of “improved structures and new technologies” will offset declining resources if population continues to grow.
We’re quite well off if we rationalise our economy and only produce what we need rather than, as now, produce far more than we need.
Speaking of the NZ economy, we need to build up the capability to produce virtually everything we will need in future. Many NZ factories were shut down in the 1980’s and 90’s – we now rely almost solely on foreign suppliers for some categories of goods.
And the really stupid thing about that is that we export the raw resources to make the items which we then import.
While Fran was busy gloating, Brian gets into it.
Brian Gaynor: Shareholders must battle inequality (highlights)
Excessive executive remuneration and income inequality will continue to be major issues this year as they are at the heart of growing criticism of our capitalist system.
The OECD advocates economic policies that have a strong emphasis on reducing income inequality as well as achieving economic growth.
According to its chief economist “Rising inequality is one of the major risks to our future prosperity and security.
The main challenge facing governments is implementing reforms that get growth back on track, put people to work and reduce the widening income gap.”
Listed companies are major contributors to income inequality because there has been a significant transformation from owner capitalism to manager capitalism over the past few decades.
By this we mean that managers, rather than owners, are controlling major enterprises and these managers are granting themselves huge pay increases. These then flow on to other organisations, including the public sector.
The problem starts in the US, where income inequality is the greatest.
The share registries of most large companies are dominated by institutions, many of which are short-term holders. The talking heads on CNBC – who buy, sell, and short shares on a daily basis – generally have no interest in monitoring these companies from an ownership point of view.
Consequently, many US boards which have the same individuals as chairman and chief ex ecutive, overpay their chief ex ecutives and give them generous stock options.
Thus there has been a big switch from owner capitalism to manager capitalism, mainly because boards are dominated by an ex ecutive chairman, the non-ex ecutive directors are acquiescent, and institutions are disinterested.
The US sets a precedent for the rest of the world because boards of directors in other countries employ consultants to look at international salaries when assessing the remuneration of their senior ex ecutives.
So US senior ex ecutive pay levels quickly set a precedent for the rest of the world because consultants take these into account when advising non-US boards.
This process ratchets-up salaries in other countries, with Australia being a good example of this. As a result, income inequality across the Tasman, as defined by the OECD, has escalated dramatically over the past 30 years.
Australian directors argue that they have to pay international salaries to keep their top ex ecutives and this means they follow US trends. In addition, the share registries of nearly all the major Australian companies are dominated by institutions, rather than individuals. Many of these institutions are not long-term owners, as demonstrated by their aggressive selling of shares in Billabong, Kathmandu, and other companies when these ASX-listed entities announced recent profit downgrades.
New Zealand follows Australia and the remunerations of our senior ex ecutives are rapidly ascending as a result.
A number of countries are looking at higher income tax rates for top earners as a solution to growing inequality. Greater shareholder vigilance is a much better option than higher taxes.
It is extremely important that New Zealand shareholders, both individuals and institutions, exercise their full rights and wrestle control back from managers who have put themselves ahead of other stakeholders.
Shareholders have a powerful role to play in reducing income inequality. This power needs to be used more aggressively as it is highly unlikely the New Zealand government will introduce the same reforms as were proposed in London this week.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10781666
According to our free trade agreement with China, it appears the government could have faced an international lawsuit if it hadn’t proceeded with the sale of the Crafar farms to Pengxin.
Now, which government signed that free trade agreement? And which party is now belly-aching about the outcome? Hmmmm.
“The Government could not treat applications from Chinese investors differently from similar applications from other countries’ investors under what was known as the “most-favoured nation” of MFN rule.”
The idea is that we don’t want any foreigners buying up this land. It doesn’t matter whether they’re Chinese or not.
The proposed law by Labour, that all sales over 5 hectares to foreigners would have a default position of “decline”, wouldn’t breach the free trade agreement with China because it would apply equally to all foreigners.
http://labour.org.nz/news/government-wrong-to-blame-fta-for-crafar-sales
The spin must be coming out of C/T as NAct realise just how much the people of NZ don’t want to sell our assets.
Great debate on BBC world the other night.
World Debate Reinventing Capitalism.
Bernard Hickey would have loved it and it’s the type of discussion this nation should be having.
http://www.bbc.co.uk/iplayer/episode/p00nb3cp/The_World_Debate_Reinventing_Capitalism#programme-info
Sarkozy is planning to introduce a financial transactions tax – with or without other European support:
When’s the presidential election?
If Sarkozy does impose a Financial Transaction tax as he proposes he will lose so many Billions to London and Frankfurt who will not bring such a tax.
Frankly France cannot afford it, irrespective of the idea.
Maybe. But then France seeks to have real industries, not just be a tax haven,
The City of London is a casino for legalised theft, scammers and ponzi schemes. Its lax regulation meant that its not a coincidence that the epicentre of problems at AIG, MF Global, Lehman Brothers and others was in their London operations.
Spain has 25% unemployment and 50% for the 18- 25year olds. Spai Air has collapsed.The grim prospects must have a flow-on effect.
What effect would there be for a New Zealand tourist visiting Spain?
I heard those grim statistics this morning on the news. The report went on to tell of the enormous numbers of unemployed youth in Greece, Italy and France. May other European nations are struggling with this issue as well.
However, in many of these countries there exists a huge shadow economy whereby goods and services are supplied, but are not taxed or regulated. A Financial Times report on 08/06/2011 illustrates how pervasive it is. Spain’s grey market economy is estimated to be nearly 20% of the nation’s GDP.
I’d say that although the official figures are alarming (yikes! 1/2 of 16 to 24 year-olds are out of work), the reality is that as a New Zealand tourist you won’t be too inconvenienced.
That was great thanks happynz. And I suppose Tourism would be welcomed especially by the unregistered “unemployed.” And congratulations on your search skills.
Here is one trend to look out for: as the “official” economy disowns more and more of the population, more and more of the population is going to disown the official economy. People are going to go grey market and black market to survive.
Its already happening in NZ.
Yep and youth unemployment in Greece is now over 45%.
Frakking dangerous territory this is. The stuff of facism and white spremacy movements.
Civic Square in Wellington is now the property of the 100% again. No trouble. No fuss. lets all move on to a brighter future.
Most would love to move on to a ‘brighter future’, but the Government seem unwilling to play their part.
For various reasons (that you should be aware of) the local private sector is unable to produce the national growth required.
The high number of unemployed is just one example of the private sector (and this current Government’s) failure.
The ‘Cycle Track’ was a feeble attempt that failed to cut it.
We require Government to play a far larger role in commerce, increasing our offshore return. This will help fill the current market void and help stimulate the economy.
The new wealth generated (being generated offshore and attained through Government) can be far better distributed to the local workforce and contractors employed.
Sir Peter Gluckman: Science key to a richer country (highlights below)
The government, while critical, cannot do it all: local government must take a major role.
There is a need to promote, plan and incentivise an “innovation city”.
It needs the development of technology parks, clustering academia, entrepreneurs and support services.
It needs the hospitals, universities, technical institutes and crown research institutes to co-operate rather than compete.
More here: http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=10779810
We’re trying to, unfortunately you RWNJs keep getting in the way and stealing all the wealth.
I missed this Campbell Live account of the Occupy Wellington protest which aired last week. Unusually for mainstream media the reporter and cameraman both stayed overnight and tried to find out what it was all about. It is worth watching again in the light of the eviction this morning.
http://www.3news.co.nz/Occupy-Wellington—behind-the-scenes/tabid/367/articleID/240960/Default.aspx
Prepare for climate change
It seems every few days we hear about more instances of flooding. South East Asia, Southern Pakistan, Northwestern Australia and Southern Brazil all experienced severe flooding in January this year alone… with the cost for such events often massive.
We’re far from done on that score this summer with the pattern pushing the wet systems up against others acting like a giant sponge over us.
Golbal warming can’t be denied, debating why is neither here nor there, moisture goes up in ever larger volumes and comes down so you hardly need a Phd to figure out the impact on land and life.
Probably about time to remove the electoral authorisation, Lynn?
Also the edit function is broken.
It seems that the Prime Minister did not end up talking to “someone important” at TVNZ over the Coronation Street scheduling issue last year.
This is because, as his spokesperson clarifies:
“his comments were “light-hearted banter””
And
“It is not appropriate for the Prime Minister to intervene in TVNZ’s programming decisions.”
It’s presumably far more appropriate that his electorate chair make such interventions, via NZOA.
Remember too, that this was the single question that Key said was worth bothering to reply to. He hand-picked it and then made a promise to speak to someone about it.
Given the context and the way he framed it, I don’t believe that “anyone listening to the programme would have realised his comments were “light-hearted banter”.”.
The fight to stop the privatisation of the Port of Auckland just ratcheted up a notch. MUNZ will be taking limited strike action for a week, starting in the middle of February. They will be targeting the already casualised Conlinxx container delivery service.
From the press release:
Mr Parsloe says this is legal and protective action to protect jobs and family livelihoods from outsourcing and casualization.
He says the industrial action was taken with reluctance, but was necessary as port management refused to negotiate.
“It is aimed at getting management to negotiate rather than dictate. The Union is prepared to work through productivity and other issues but not under the type of threats the management are holding over its employees.”
I’m a bit surprised, too, that the Prime Minister was – in a lighthearted, banterish sort of way – making a play for a demographic that he apparently believed to be, at least in part, “dying off”.
Ooops! Was meant to be an addition to comment 11.
Who’s paying for the cows that Labour Corp will need to buy when new overseas owners take over? NZ Tax payer?
Costs in running the business will be split between LandCorp and Pengxin. Presumably this would include startup capital such as diary herds. I believe that the farms are currently being operated as a going concern and will therefore likely come with some cows already.
LandCorp is an SOE of the crown and the core part of the act is that SOEs must act as if they are purely commercial operations. The crown/taxpayers paying for cows for LandCorp would be no different than the bailout of any other privately-owned company, something that generally the government avoids doing at all costs.
As far as I know, LandCorp runs at a profit. If you would like to provide information and sources that contradicts that, then please, go ahead.
I’ll be talking about the tension around Iran and the possibility of engineered false flag attacks in the strait of Hormus to trigger an all out war with Iran on the Vinny Eastwood show at 1 PM for those open to some much needed education on what is really going on in he middle East!
Whoopsadoodle:
http://newstalkzb.co.nz/auckland/news/1151955745-Maori-Party-could-quit-its-support-of-Govt
Might pull support, might not. Will kick up shit however; which is all good.
Just heard that on the news too.
maori Party growing a spine. Oh dear.
Wonder what John Banks has to say about it.
Who really cares what the current Maori Party publically think. They are extinguishing themselves.
They are ceasing to be relevant as a real Party, and by next election, when the two leaders retire, Hone will pick up their votes.
Probably NAct as the Maori Party leaving the coalition opens the way to a snap election due to loss of confidence.
SCOTUS declared companies were people with political rights.
Well guess Campbell Live will be interviewing the civic grass for a comment on its victory for grass free expression.
Public Grass Lawns has political rights too damn it.
The Sky Is Rising!
So, can we now tell the fuckwits who want to make it even harder to produce content to fuckoff?
Edit not working:
Clare Curran has a post over on RA covering this as well.
Well, well, flogging our future to Johnny Foreigner isn’t popular over the Tasman either. Dick Smith is rather pissed off at having an iconic Aussie brand sold to overseas owners.
Does anyone happen to know any of the background that leads Clare Curran to email Red Alert commenters asking them to verify their identity if they want to comment on Red Alert in future?
I do that on the odd occasion when people are claiming to be specific people or have specific knowledge. Most recently when the lead communications person from the Ports of Auckland left comments. There are usually one or two a month where I check likelihoods using track backs and other technical means, and email checks maybe once every few months. That is mainly to allay flamewars about people’s identities.
But that sounds like Red Alert should look at shifting to the login model with verified email addresses – like kiwiblog. That is automatic and tells you at least two things – that you have a valid email address, which means that you can track people back if you have to, and a login that you can disable requiring effort to get another. Alternatively to use one of the 3rd party verifications like Google or WordPress.
I look at those periodically for here, but decide that it isn’t worth the effort. A robust immoderation policy tends to deter the really irritating people who can’t argue with their peers without a phrase book of keywords that they think are shared values. I find that giving them my personal attention amuses me and deters similar abuses of the concept of argument. And when I don’t have time (like now) there are other moderators, and helpful highlights by experienced commentators.
But MP’s can’t do that. They really need to get a volunteer to moderate their blog or put in a gatekeeper of logins. The halfway house they are doing at present just provides munitions for idiots like Cameron.
Ugly out of touch outdated unionists
http://www.nzherald.co.nz/lifestyle/news/image.cfm?c_id=6&gal_cid=6&gallery_id=123614#8552768
F.A.G is real!? Time to re-watch Team America methinks 🙂