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Plutonomy

Written By: - Date published: 2:29 pm, November 18th, 2009 - 45 comments
Categories: capitalism - Tags:

plutocracyIn Michael Moore’s Capitalism: A Love Story (which is excellent, btw) he refers to two 2005 Citigroup memos about ‘plutonomy’ economies and political structures designed with the primary purpose of further enriching the rich. They’re stunning, not only for their frank admission that capitalism favours a tiny portion of the population at the expense of the rest but the premise that this is fantastic and that anything that could change the situation, like democracy, is a ‘threat’. Here’s some quotes:

The earth is being held up by muscular arms of its entrepreneur-plutocrats [Jesus, a straight-faced reference to Ayn Rand’s Atlas Shrugged]

In a plutonomy, there is no such animal as the ‘average consumer’. There are rich consumers, few in number, but disproportionate in the gigantic slice of income and consumption they take. There are the rest, the ‘non-rich’, the multitudinous many, but only accounting for surprisingly small bites of the national pie.

The top 1% of households account for 33% of net worth, greater than the bottom 90% put together.

[During an economic boom] in a plutonomy, the rich drop their savings rate, consume a larger fraction of their bloated, very large share of the economy. This behaviour overshadows the decisions of everybody else. The behaviour of the exceptionally rich drives the national numbers the ‘appalling low’ overall savings rate, the ‘overextended consumer’, and the ‘unsustainable’ current accounts.

While damning ‘non-plutonomies’ the memos show that it is possible to be a wealthy country with a basically capitalist system without an ever higher share of wealth going to the ultra-rich:
plutonomy

Under a section dealing with ‘threats’ to plutonomy:

Whilst the rich are getting a greater share of the wealth and the poor a lesser share, political enfranchisement remains as it was one person, one vote. At some point it is likely that labour will fight against the rising profit share of the rich.

Corporate tax rates could rise, choking off returns to the private sector, and personal taxation rates could rise dividend, capital-gains, and inheritance tax rises would hurt the plutonomy.

slow down the rate of wealth accumulation by the rich generally thought a reduction in the profit share of GDP. This could occur through a change in rules that affect the balance of power between labour and capital.

One reason that societies allow plutonomy is because enough of the electorate believe they have a chance of becoming a Pluto-participant. Could plutonomies die because the dream is dead, because enough of society does not believe they can participate? The answer is of course yes. But we suspect this is a threat more clearly felt during recession and periods of falling wealth if voters fells they cannot participate they are more likely to divide up the wealth pie.

The rich know they’re on conflict with us and they’re outnumbered. Their best hope is that most of us keep our eyes closed and continue to buy the lie that we could be plutocrats too.

45 comments on “Plutonomy ”

  1. vto 1

    I think those memos refer to this idea being a ‘thesis’ not some previously unknown truth that the rich have suddenly and inadvertantly let out of the bag.

    • Daveo 1.1

      Read the document, it’s Citigroup’s analysis of how the economy works and their advice to the “mega-rich” on how to take advantage of it and prevent the masses from rising up and putting a stop to the whole crooked game.

      The document’s just stunning, they actually compare neoliberal economies to 16th century Spain.

      • vto 1.1.1

        It refers to plutonomy as a concept and as a thesis three times in the first two sentences.

        • Daveo 1.1.1.1

          Yeah, I don’t get what your point is though. It’s the way they believe the economy is working and they are advising their wealthy clients how to maintain this system. It’s a ‘thesis’ for these people in the same way that Marxism is a ‘thesis’ for the Communist Party.

        • snoozer 1.1.1.2

          so what vto? democracy is a concept, ‘efficient market hypothesis’ underlies neoliberal thought, evolution is a theory.

          All these words mean is that a model for conceiving of the real world is being explained, a model has validity inasmuch as it accurately describes what happens in the real world.

          I’m just not sure what you’re trying to get at vto. Are you saying that it’s not true that a small percentage of the population controls the bulk of wealth? Or are you denying the truth in front of your face that the rich are aware they are in conflict with the rest of us over wealth?

          • vto 1.1.1.2.1

            My point is that these memos are outlining just one, plutonomy, of many many ideas and theories that Citigrope research. That research is passed onto its clients.

            Plutonomy is not the sole, or even major, thesis that these rich pricks base their life practices on in order to maintain and expand their positions.

            Yet this post seems to take it as that. That plutonomy is “the way they believe the economy works” as daveo says.

            That is not what this memo is.

            I think this is what is called dog-whistling ya?

            • snoozer 1.1.1.2.1.1

              so, you’re saying that Citigroup doesn’t believe the stuff they release to clients?

              This is really head in the sand stuff champ

            • vto 1.1.1.2.1.2

              Sheesh snoozer I did not say that at all. I said it describes itself as a thesis. I imagine Citigroup would believe this thesis as much as say a university believes any thesis that sprouts from within its own confines.

              Do you believe every thesis snoozer?

              It really does nobody any good if something is held up as something it is not. Rather deceptive Mr Marty, stating this is “a frank admission” when it is nothing of the sort. Still, allows plenty of scope for the brainless lynch mobs to start braying, as per lprent’s lynch mob post a couple days ago.

            • felix 1.1.1.2.1.3

              So are you disputing anything at all about the thesis?

            • vto 1.1.1.2.1.4

              Well felix, from a quick glance mine own thoughts are that there appear to be some pretty damn good points in it.

              As I am sure there in other theories about capitalism and the position and manouevring of the ultra-rich within it.

            • snoozer 1.1.1.2.1.5

              vto. For godsake, Citigroup isn’t a university.

              At a university academics have academic freedom, which means they can come up with and print pretty much any thesis as long as it lives up to academic standards of research and argument. Their work is their’s not the university’s and they are not required to conform to an official univiersity position on issues.

              Citigroup is a business. Anything it produces is produced in the name of the organisation and employees do not have academic freedom or aynthing like it – they can’t just write whatever they want, it has to conform with the official company view. When Citigroup publishes a document, that is Citigroup’s official position. It puts out memos advising its clients on what shares to purchase and this is one of them wherein it advises its clients to purchase shares based on a frank analysis of the fact that the wealthy control the lion’s share of wealth – which citigroup refers to as (indeed praises as) plutonomy.

      • Bored 1.1.2

        Why not, its imperialism and exploitation still isnt it?

  2. Bored 2

    How can a blog be so accusing, so hard on the rich? Dont you know they have their just deserts through superior cleverness, harder work, any number of reasons that justify why they sit at the apex of the material mountain. How can you be so cruel to the wealthy? They deserve it, twisted versions of Darwin and the Bible confirm their right to be there. Not to mention St Ayns little missives.

    So leave the darlings alone, lets face it they never hurt anybody did they?

    • prism 2.1

      Yes Bored It pays to know that St Ayns ‘bibles; are well worth reading if one wants to understand the drive that these people on wealth steroids feel to magnify themselves. I particularly liked her Objective Ethics where she often fulminates of the ‘evil’ of altruism. Some objectivity.
      And she has also written the Virtue of Selfishness, she is just over the top and following her would turn our world into something like Bladerunner depicts.]
      I have got a lot of reading to do of her stuff before I can say I know it, I’ve got Atlas Shrugged which I need to set myself a few pages at least a day and seeing its a doorstop, it may take me six months. It is interesting to know about her as she stands out from the usual USA financial class.

      • Quoth the Raven 2.1.1

        Like rightwingers with Marx I think there is often a bit of hysteria around Rand, probably guilty of it myself.
        Here’s a couple of interesting bits:
        Ayn Rand’s Left-Libertarian Legacy.
        Ayn Rand and the Capitalist Class

        • prism 2.1.1.1

          Interesting site QTR – first thing I saw was – Andreas Katsulas, who played G’kar so unforgettably on Babylon 5, has died. Used to watch that religiously – great politics amongst other story lines.

        • Armchair Critic 2.1.1.2

          Thanks for the links QTR. I’m plugging through one of her novels now, and it has done a couple of things. One is that it has explained a lot about a couple of my friends. The other is it has consistently revolted me.
          The author of the links seems to have some sensible ideas on other topics, but when in comes to Rand he sounds like an apologist.

          • Quoth the Raven 2.1.1.2.1

            I don’t think he’s being an apologist, just showing another side of Rand – like young Marx and old Marx. If you want something negative about Rand this is a good read: The Sociology of the Ayn Rand Cult

            • Armchair Critic 2.1.1.2.1.1

              Thanks again QTR, I’ve done none of the things I planned to do this evening. LOL.
              I think Prof Rothbard is too kind, too, but that’s just me. The links from his page were good, too.

        • Daveo 2.1.1.3

          Rand is basically Nietzschian in outlook, she doesn’t even understand how capitalism works – that the dynamism is in the system, not in the god-like capitalists at the top.

          There’s a lot of talk about ‘freedom’ and ‘liberty’ but if you read Atlas Shrugged with some basic understanding of politics and philosophy she’s essentially a proto-fascist who believes in rule by a property-owning elite. Her contempt for democracy is explicit, and she repeatedly refers to ordinary people as “moochers” etc. That scene where she celebrates the death of people who believe in the tenets of collectivism is bordering on genocidal. And that rape scene in The Fountainhead? Jesus.

          It’s worth reading, just to get an understanding of how a lot of the more rabid right-wingers think, but there’s nothing there for the left.

      • Bored 2.1.2

        From what you have told me of your reading of Ayn you share my sympathies. I would have to suggest that I found Ayn a bit like eating something that repulsed every sense in your taste buds at a dinner party, then being asked for the sake of politeness to take a second helping. May I suggest you read something else for dessert, you have done your duty.

  3. tc 3

    With some religions it’s ‘God is great, god is good…..” in the world of high finance/corpoate finance it’s ‘Greed is great, Greed is good….” and with similar fanatacism heaven forbid anyone who disagrees with the might of the rich and powerful ruling class.
    On that subject isn’t it nice to see Mark and Eric’s hangover escape any meaningful scrutiny by the powers that be…..Gaynor had a go but felt the weight of their mates whilst a compliant finance media sat idly by simply too weak/inexperienced to ask some serious questions……a sham arrangement designed to keep them from following Bridgecorp/Bluechip into the courts.
    I note their chairman Yes Man (Greg Muir) who fronted the ‘arrangements’ is no longer around…..rats and ships eh.

    • Bored 3.1

      Theres a wonderful Biblical line (dont know where from) that goes “to those that have will be given”…..

  4. Quoth the Raven 4

    Lo and behold what came to rescue citigroup from the market? The state with billions of dollars worth of bailouts.

  5. Clarke 5

    I’ve posted both these quotes before, but they probably bear repeating in this context:

    “Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature — a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live.”

    – James K. Galbraith

    And this:

    “Western democratic capitalism … never foresaw that in a society governed passively by free markets and free elections, organised greed always defeats disorganised democracy.”

    – Matt Taibbi

  6. Bored 6

    Jeez, I just read the article and part 2, it really is the sickest little f**k you text to those who are not plutocrats. Veblen would have had a field day with this, the Jacobins would have said “QED, convicted, guillotine, next”.

  7. fizzleplug 7

    Just as a suggestion, when linking pictures instead of inserting, could the linked image be larger please? (probably not technically linked, but clicking on it led to a new page, so the terminology is close enough for me).

    I don’t like straining my eyes if I don’t have to.

  8. Rich 8

    What the Citigroup memo proposes is exactly the Marxist idea of false consciousness. The writers believe, as did Marx, that the “proletariat” (nowadays, the non-plutocrats) are misled as to their chances of material progress.

    It’s interesting that they feel able to advance this thesis, when use of the term “false consciousness” amongst any group to the right of the SWP nowadays gets you called patronising, a Stalinist, or worse.

    • marco 8.1

      All hail Lotto…placating the masses since who knows when.

      • prism 8.1.1

        marco – Lotto isn’t too bad. Many of us like a flutter, take a little risk, unlike those betting on financial houses being viable.

        Did you hear on Nat radio recently about the woman who lost everything to bingo? Went into a trance and drew money from her account and couldn’t remember doing it – finished up losing her house etc. Even had a miscarriage while at the pokies but just cleaned up and went back, completely besotted with it.

        We didn’t use to have pokies in NZ till those 1984 righties introduced them, may have been under Labour’s watch. Why, a business opportunity was being lost! Sophisticated gambling casinos, friendly neighbourhood gambling parlours – just what we need they decided. It is a nice package for businessmen to seduce the vulnerable and addict them, then you have their money, their allegiance, and you can feel superior and kick them when they are down.

  9. So,….the “American Dream” is a euphemism for the carrot the plutocrats dangle in front of the rabbits to keep them hopping along.

    • burt 9.1

      And the Aussie dream and the Kiwi dream. Borrow big and live the lifestyle today… grease the wheels of the money machine. Now some crazy bare foot fellow use to talk about not being a lender or a borrower. Wonder what he thought of capitalism.

  10. RedLogix 10

    The best cure for greed is to make it an embarrassing social disorder. (I’m being serious.)

    • Galeandra 10.1

      Right on, RL
      Too often we’re polite about wealth, when in fact it is a symptom of greed. Especially today when we can know there’s a huge environmental backstory behind the successes like “Joe, my ex-neighbour from down the road, real hard worker, nice bloke, he’s got four farms down South,now.” (overheard on a plane recently)

      Should people feel a bit ashamed of the implications behind us all ‘growing NZ’ s share of the pie’, and of their growing their share of the NZ pie?

    • Draco T Bastard 10.2

      It is a social disorder but mental illness shouldn’t be seen as embarrassing. These people need help and if they’re embarrassed they probably won’t seek that help.

    • RL

      I so agree with you on this one. LOL. (I’m bloody serious about it too.)

      DtB

      I reckon greed is one of the many forms their disease can take and as such one of the diagnostic tools but you’ll find more often than not that the underlying disorder is that of Malicious Narcissism or Sociopathy. These people are notoriously difficult to treat and they will never ever think of themselves as someone who needs help.

  11. Quoth the Raven 11

    Here’s an interesting video:Crashing Michael Moore

    • Daveo 11.1

      It’s a complete misunderstanding of political economy to think that capitalist power relationships could exist without the force of an interventionist state. What those chumps are describing isn’t capitalism, it’s a schoolboy fantasy.

      • Quoth the Raven 11.1.1

        Captialism involves the interventionist state if we talk about actually existing capitalism. That’s why I think it’s wrong to talk about the free market as capitalist. I agree with you that captialist power relations couldn’t exist without the state. It’s like pro-capitalist anti-free market economist Martin Whitman said:

        “I am one with Professor Friedman that, other things being equal, it is far preferable to conduct economic activities through voluntary exchange relying on free markets rather than through coercion. But Corporate America would not work at all unless many activities continued to be coercive.”

        • Daveo 11.1.1.1

          This would be the Friedman who met with and later had his ideas implemented by Chilean dictator Augusto Pinochet?

          Friedman also met with the military dictator, President Augusto Pinochet during his visit. He did not serve officially as an advisor to the Chilean government, but did write a letter providing Pinochet with a “shock” program to end hyperinflation and promote a market economy[39]. Later, Friedman said he believed that market reforms would undermine Pinochet.[40] Chilean graduates of the Chicago School of Economics and its new local chapters had been appointed to important positions in the new government soon after the Coup, which allowed them to advise Pinochet on economic policies in accord with the School’s economic doctrine.

          According to his critics, Friedman did not criticize Pinochet’s dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well-known by then…

          http://en.wikipedia.org/wiki/Milton_Friedman

          • Quoth the Raven 11.1.1.1.1

            Either that Freidman or David Friedman. But through Pinochet once again we see the evils of state capitalism. From the wiki page on Milton Friedman:

            Chile is not a politically free system and I do not condone the political system … the conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system.” Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of Pinochet’s rule and to the eventual transition to a democratic government during 1990. That idea is included in from Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states.[43] During the 2000 PBS documentary The Commanding Heights, Friedman continued to argue that criticism over his role in Chile missed his main contention that freer markets resulted in freer people, and that Chile’s unfree economy had caused the military government. Friedman suggested that the economic liberalization he advocated caused the end of military rule and a free Chile.

          • Quoth the Raven 11.1.1.1.2

            Nice ad hom by the way.

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    Highlighted article: Carbon pricing and planetary boundaries  Engström et al take what might be called a systems approach to evaluating carbon pricing, taking into a account various economic sectors affected by and affecting paying for emissions. The conclusions are overall a rare pleasant surprise— a feature predicated on cooperation.  Abstract: ...
    5 days ago
  • Humans ignite almost every wildfire that threatens homes
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    SciBlogsBy Guest Author
    5 days ago
  • Climate Change: China steps up
    China has increased its climate change ambition, and set a target to be carbon-neutral by 2060: China will reach carbon neutrality before 2060 and ensure its greenhouse gas emissions peak in the next decade, Xi Jinping has told the UN general assembly. “China will scale up its intended nationally ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Humans have dealt with plenty of climate variability
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz How much climate variability have humans dealt with since we ...
    SciBlogsBy Guest Author
    5 days ago
  • Indigenous perspectives on unrestricted access to genomic data
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    SciBlogsBy Genomics Aotearoa
    5 days ago
  • Terrible luck: lockdowns on learning and youth job prospects
    What is bad luck? Bad luck is spilling spaghetti sauce down your shirt right before an important meeting. When the person in front of you gets the last seat on the bus, that’s bad luck. Bad luck is when it’s sunny outside, so you leave the house without a coat, ...
    SciBlogsBy Guest Author
    5 days ago
  • Ian Powell: Does private healthcare threaten public healthcare in New Zealand?
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    Democracy ProjectBy bryce.edwards
    5 days ago
  • A rabbit-hole election debate: So do you want more avocado orchards?
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    PunditBy Tim Watkin
    6 days ago
  • LIVE: Jacinda Ardern vs. Judith Collins, First Debate
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    6 days ago
  • Hundreds of Aucklanders arrested after illegal mass gathering on Harbour Bridge
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    The CivilianBy admin
    6 days ago
  • The Looming Fight.
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    6 days ago
  • Climate Change: Moving faster
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    No Right TurnBy Idiot/Savant
    6 days ago
  • The Australian courts have had enough of refugee detention
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    No Right TurnBy Idiot/Savant
    6 days ago
  • Friction and the Anti-lock Braking System
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    SciBlogsBy Marcus Wilson
    6 days ago
  • The Inside Word: New Zealand Quarantine
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    6 days ago
  • Hard News: ASA: Let’s not talk about this
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    6 days ago
  • This is not kind
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    No Right TurnBy Idiot/Savant
    6 days ago
  • Wokies are the establishment
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    RedlineBy Daphna
    7 days ago
  • How to strengthen the post-isolation Covid rules
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    SciBlogsBy Siouxsie Wiles
    1 week ago
  • Neuralink and You: A Human-AI Symbiosis
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    SciBlogsBy Guest Author
    1 week ago
  • Liam Hehir: Our obsession with American politics
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    Democracy ProjectBy bryce.edwards
    1 week ago
  • COVID: Back to Level 1
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    1 week ago
  • Climate Change: Climate injustice
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Good riddance
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    No Right TurnBy Idiot/Savant
    1 week ago
  • 2020 SkS Weekly Climate Change & Global Warming Digest #38
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    1 week ago
  • Anyone for Collins?
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    Bryan GouldBy Bryan Gould
    1 week ago
  • Crusher’s fiscal malfunction
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    1 week ago
  • Much of the commentariat’s reporting of the most recent GDP figure was misleading and unhelpful. The prize for the stupidest remark about the GDP figure for second quarter 2020 (2020Q2) released on Thursday (17 Sept) goes to Judith Collins, whose response to Grant Robertson’s comments indicated she did not ...
    PunditBy Brian Easton
    1 week ago
  • Love and Hate as Complementary Revolutionary Acts
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    1 week ago
  • 2020 SkS Weekly Climate Change & Global Warming News Roundup #38
    A chronological listing of news articles linked to on the Skeptical Science Facebook Page during the past week: Sun, Sep 13, 2020 through Sat, Sep 19, 2020 Editor's Choice Get to Net-Zero by Mid-Century? Even Some Global Oil and Gas Giants Think it Can Be Done A report by a ...
    1 week ago
  • Tax cuts for all!!! (except you, you, and you)
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    My ThinksBy boonman
    1 week ago
  • Great Waves Washing Over New Zealand
    Always to islanders danger Is what comes over the seas ‘Landfall in Unknown Seas’ (Allen Curnow)Six economic issues external to New Zealand, which will greatly impact upon us. 1.         The Diminishing Global Dominance of the US. Since 1941 America has dominated the world economically and politically. Probably it could ...
    PunditBy Brian Easton
    1 week ago
  • New Zealand has role to play in resolving crisis on ‘geopolitical fault line’, Helen Clark says
    By Geoffrey Miller New Zealand should continue to champion human rights in Belarus amidst an ongoing crackdown on protests by the country’s regime, former Prime Minister Helen Clark says. Protests in the country often referred to as ‘Europe’s last dictatorship’ erupted after the country’s disputed presidential elections on August 9 ...
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    1 week ago
  • Euthanasia referendum: How to cut through the emotions
    Jacqui Maguire, registered clinical psychologist This podcast episode highlights how difficult it is to have effective conversations about euthanasia due to how polarised people’s views are. I’m a clinical psychologist, with a passion for science communication. In early 2020 I founded the podcast Mind Brew, with an aim to make psychological ...
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    1 week ago
  • Why we need cameras on boats
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Graham Adams: The religious right’s campaign to spike the euthanasia referendum
    In the leadup to the euthanasia referendum, an array of conservative Christian political organisations is running an expensive campaign to sow doubt about the safety of assisted dying. Graham Adams argues that these religious forces know that Christian arguments aren’t convincing the public, but that it is in the public ...
    Democracy ProjectBy bryce.edwards
    1 week ago
  • Opportunistic looting
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Uncomfortable Choices.
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  • Tony Burton: Covid and benefit payments
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    Democracy ProjectBy bryce.edwards
    1 week ago
  • Talking tax: How to win support for taxing wealth
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    Closing the GapBy Tracey Sharp
    1 week ago
  • Getting Tough.
    Not Mucking Around: With upwards of 800 dead from the virus’s resurgence in the Australian state of Victoria, leniency is not on Premier Daniel Andrews’ agenda. The Victorian Police are cracking down hard on the protesters the Australian press has labelled "Covidiots".IMAGES OF POLICE, some in riot gear, others on ...
    1 week ago
  • Media Link: Nuclear strategy, then and now.
    Although I had the fortune of being a graduate student of some of the foremost US nuclear strategists of the day (1970s) and later rubbed shoulders with Air Force and Naval officers who were entrusted with parts of the US nuclear arsenal, I seldom get to write or speak about ...
    KiwipoliticoBy Pablo
    2 weeks ago

  • Job numbers up in August
    New data from Stats NZ today shows a rise of more than 9,000 filled jobs from July – driven mostly by the education and training sector, Grant Robertson says. Filled jobs were up 9,147 to 2.2 million in August 2020 compared with July – with 7,409 of those in education ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Māori development receives funding
    Māori development projects across the country will receive a total of $18.8 million from the Provincial Growth Fund that will create infrastructure and permanent jobs, Regional Economic Development Minister Shane Jones announced today. “These projects will support economic development in Northland, Bay of Plenty, Tairawhiti, Manawatū-Whanganui, Waikato and Southland to ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Hand-up for owners of earthquake-prone units
    From today, owner-occupiers of unit and apartments living in earthquake-prone buildings can apply for financial support to fix their homes, Minister for Building and Construction Jenny Salesa says. The Residential Earthquake-Prone Building Financial Assistance Scheme will help unit owners facing financial hardship over earthquake strengthening costs. “We understand how complicated ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • PGF backing successful Māori enterprise
    Whanganui will benefit from a Provincial Growth Fund investment in a local food-processing company which will help the company increase production and create jobs, Regional Economic Development Minister Shane Jones says. Kii Tahi Ltd, which is owned by South Taranaki iwi Ngaa Rauru Kiitahi, will receive a Provincial Growth Fund ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Hokitika Landmark earmarked for $22m restoration
    Seddon House in Hokitika, once a hub for government on the West Coast, has been earmarked for government use once again. “Today we’re announcing a $22 million investment from the Government’s $3 billion infrastructure fund for shovel ready projects for the purchase and restoration of Seddon House in the heart of ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Town halls and war memorials in PGF renovation programme
    Town halls, war memorials and other community landmarks across the country will be renovated thanks to grants totalling just under $12.4 million from the Provincial Growth Fund. Regional Economic Development Minister Shane Jones says more than 1000 jobs are expected to be created during the renovation programme. “Town halls, other ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Minister of Foreign Affairs makes two diplomatic appointments
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    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ’s most prestigious conservation award – Loder Cup presented to Graeme Atkins
    The Minister of Conservation Minister, Eugenie Sage, today presented Aotearoa New Zealand’s most prestigious conservation award, the Loder Cup, to the 2020 winner Graeme Atkins while in Gisborne/Tūranga-nui-a-Kiwa. “Graeme Atkins of Ngāti Porou is a Department of Conservation ranger whose contribution to conservation goes well above and beyond his employment,” ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Early help for whānau who need extra support
    The Government is investing in a new, whānau-centred early intervention prototype designed to strengthen families and improve the safety and wellbeing of children. The new programme, Ngā Tini Whetū, is a collaboration between Oranga Tamariki, Te Puni Kōkiri, ACC and the Whānau Ora Commissioning Agency (WOCA) and was announced today ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Parliament to install solar and cut carbon
    Parliament is leading by example by taking action to cut its carbon footprint by installing solar and improving energy efficiency, the Minister for Climate Change, James Shaw said today. The Minister confirmed that Parliamentary Services will receive support through the Clean-Powered Public Service Fund to install solar PV and LED ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Tuvalu Language Week theme promotes community resilience in the face of COVID-19
    The Minister for Pacific Peoples, Aupito William Sio says the 2020 Tuvalu Language Week theme of “Fakatili Te Kiloga Fou” which means “Navigating the changing environment” is a call on all Pacific peoples to be strong and resilient in the face of COVID-19. “This theme is a reminder to us ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • International sport back up and running in New Zealand
    The Government is welcoming today’s announcement that the West Indies and Pakistan cricket teams will tour New Zealand this summer.  “A lot of hard work has been undertaken by sports officials including New Zealand Cricket, Netball New Zealand and government officials to ensure that international sport can return safely to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • 1BT funds for Northland forest taonga
    Northland’s indigenous tree canopy is set to grow for the benefit of mana whenua and the wider community thanks to nearly $2 million in One Billion Trees funding, Forestry Minister Shane Jones announced today. Te Komanga Marae Trust has received more than $1.54 million to restore and enhance the native ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Better health care for West Coasters as Te Nikau Hospital officially opened
    The Government has delivered a new hospital for Greymouth and is starting work on a much needed new health centre in Westport, ensuring local communities will benefit from better access to high quality integrated health services. Today, Prime Minister Jacinda Ardern and Associate Health Minister Peeni Henare officially open Te ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government backing local with PGF loan
    A West Coast distillery will benefit from a Provincial Growth Fund investment that will enable it to expand its operations and create jobs in the town of Reefton, Rural Communities Minister Damien O’Connor and Regional Economic Development Minister Shane Jones have announced. The Reefton Distilling Co will receive a $928,000 ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Primary sector exports and jobs up again
    Primary sector exports and jobs are up again, demonstrating the sector’s underlying strength amid the COVID-19 global pandemic and US-China trade war, and supporting New Zealand’s economic recovery. Stats NZ today reported New Zealand’s merchandise exports in August were up 8.6% on a year ago, driven by an increase in ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Clean energy future for more schools
    Schools across Aotearoa New Zealand will be supported by the Government to upgrade to run on clean energy, the Minister for Climate Change James Shaw announced today. The Minister has allocated $50 million from the Clean Powered Public Service Fund to replace, or convert, coal boilers in schools with clean ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New pest lures to protect nature
    The Department of Conservation (DOC) is investing $1.4 million to develop new predator lures that would be game-changers for trapping and surveillance towards a predator-free Aotearoa, the Minister of Conservation Eugenie Sage, announced in Christchurch today. The proposal is to develop long-life lures attractive to a range of predators—rats, mustelids ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Building business strength with digital tools
    New training and tools for digital commerce will give small businesses, especially in the tourism sector, the support they need to adapt and innovate in a COVID world. Tourism Minister Kelvin Davis and Small Business Minister Stuart Nash have announced details of how $20 million digital capability funding set aside ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Support for innovative Pacific education responses to COVID-19 needs
    Supporting new and creative Pacific education practices as part of our COVID-19 response and recovery is the focus of a new $28.5 million Pacific Education Innovation Fund announced today by Associate Minister of Education Jenny Salesa.  “There is already an incredible amount of innovative and creative work going on in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Eligibility expanded for COVID-19 leave support
    The expanded scheme will cover: People who have COVID-19 like symptoms and meet the Ministry of Health’s criteria, and need to self-isolate while awaiting the results of a COVID-19 test. People who are directed to self-isolate by a Medical Officer of Health or their delegate or on advice of their ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Seasonal work visa available to more people
    The Government is putting in place a range of immigration policy changes to help fill labour shortages in key industries while ensuring New Zealanders, who have lost jobs due to COVID-19, have the chance to find new employment. “Two key sectors we are moving to help are horticulture and wine ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More border exceptions for critical roles
    The Government has established class exceptions for border entry for a limited number of veterinarians, deep sea fishing crew, as well as agricultural and horticultural machinery operators. “Tight border restrictions remain the backbone of the Government’s border strategy to protect New Zealand against COVID-19 and ensure New Zealand citizens and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Crown will not appeal Dodds v Southern Response decision
    The Crown will not appeal the Court of Appeal decision in the Dodds v Southern Response case, Grant Robertson announced today. “Southern Response will be paying the damages awarded by the Court to Mr and Mrs Dodds shortly. The Crown was already meeting their legal costs for this appeal. “The ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Crucial PGF investments for Northland
    The Provincial Growth Fund is investing nearly $30 million in a diverse range of projects that will create immediate and long-term jobs and lift economic and social outcomes for Northland and its people. Deputy Prime Minister Winston Peters and Regional Economic Development Minister Shane Jones made the announcement today in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • $27million investment in global vaccine facility
    The Coalition Government has committed to invest $27 million in COVID-19 vaccine development through the global COVAX Facility, Foreign Minister Winston Peters announced today. “The COVAX Facility is a key part of our COVID-19 Vaccine Strategy to obtain safe and effective vaccines. It allows us to invest in a high-quality, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government backing Māori landowners
    The Government will provide up to $1.69 million through the One Billion Trees programme to Māori landowners to make their whenua more productive through the planting of forests, both native and exotic, and improve economic and environmental outcomes, Forestry Minister Shane Jones has announced. “Around 1.5 million ha of land ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New tools to make nature more accessible
    People planning to head outdoors now have a resource that lets them know how accessible an area is for people with varying levels of mobility, Minister of Conservation Eugenie Sage announced today. The Halberg Foundation, Sensibel, and the Department of Conservation (DOC) have launched Accessibel, a new tool which helps ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • PGF makes Māori history more accessible
    One of the most significant battle sites of the 1860s Land Wars will receive $2.96 million from the Provincial Growth Fund to improve the site and help tell the New Zealand story to visitors, Māori Development Minister Nanaia Mahuta and Regional Economic Development Minister Shane Jones have announced. Nanaia Mahuta ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Making it official: The journey of te reo Māori | Kia whakapūmautia: Ngā piki me ngā heke o te r...
    The journey towards recognising Māori as an official language and taonga has been captured as a web series and launched today during Te Wiki o te Reo Māori, announced Associate Arts, Culture and Heritage Minister Carmel Sepuloni. “Te reo Māori is a living language, and understanding its significance, and pathways to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Better-than-forecast GDP reflects decision to protect New Zealand
    Today’s better-than-forecast GDP figures show the expected impact of the decision to act quickly to protect New Zealanders from the global COVID-19 pandemic. GDP fell 12.2% in the June quarter from March, reflecting decisions to close New Zealand’s borders and enter Alert Level 4. “This result was better than the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Boost for COVID-19 related Pacific education needs
    The Government is investing $39.7 Million over four years to support the educational needs of Pacific learners and families in the regions hardest hit by COVID-19, with Auckland getting an immediate boost, Associate Minister of Education Jenny Salesa says.   “Like all New Zealanders Pacific families want learners to do well ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More resources for kiwi conservation
    New Zealand’s goal of 100,000 kiwi by 2030 is being helped by an extra $19.7 million in funding to accelerate iwi and community efforts to protect kiwi, Minister of Conservation Eugenie Sage announced. “$19.7 million of Jobs for Nature funding is being invested in kiwi conservation activities including increased predator ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Improving access to affordable electricity
    Ensuring New Zealanders can get the best deal on their electricity takes a step in the right direction today with the South Island launch of the EnergyMate pilot run by the Electricity Retailers’ Association, says Minister of Energy and Resources, Dr Megan Woods. EnergyMate is an industry-led programme providing coaching ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government achieves 50 percent women on state boards
    Minister for Women Julie Anne Genter announced today that the Government has reached its target of 50 percent on women on state sector board and committees – setting a new record level of women on state sector boards. “This Government is committed to having more women in leadership roles - ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Record transport investment to help economic recovery and save lives
    Transport Minister Phil Twyford released today the final Government Policy Statement on land transport (GPS) 2021 which outlines the planned $48 billion investment in services and infrastructure over the next decade. “The final GPS supports our Government’s five-point plan for economic recovery by confirming our record investments in transport infrastructure ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Advancing clean energy technology
    Three ambitious and cutting-edge research programmes that will lift New Zealand’s advanced energy technology research capability over seven years, have been supported by Government today, says Research, Science and Innovation Minister Megan Woods. The projects will each receive a share of $40.7 million investment from the Strategic Science Investment Fund. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Major milestone reached in Pike River Re-entry
    The critical area for forensic examination known as Pit Bottom in Stone has been reached in what is a major milestone for the Pike River re-entry project, Minister Responsible for Pike River Re-entry Andrew Little announced. “The infrastructure located in Pit Bottom in Stone is of very significant interest in ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Economic recovery guides Govt response to retirement income policy review
    The Government is working on how New Zealand’s retirement income policies and settings can best support Kiwis in light of the COVID-19 economic recovery, with the help of the Retirement Commissioner’s latest review, Commerce and Consumer Affairs Minister Kris Faafoi said. “The Retirement Commissioner’s three-yearly review into New Zealand’s retirement ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Iwi community hub opens in Murupara
    A new digital hub and development centre in Murupara will be instrumental in growing the region’s productivity, said Under-Secretary for Regional Economic Development Fletcher Tabuteau at the official opening of two community initiatives today. “I’m pleased to be here celebrating a significant milestone for two projects set to make a ...
    BeehiveBy beehive.govt.nz
    2 weeks ago