Rentiers on notice

Written By: - Date published: 9:06 am, April 20th, 2013 - 36 comments
Categories: capitalism, energy - Tags:

There are two basic ways to make money in this world – do something and get paid for what you do/produce is worth, or own something that produces wealth out of all proportion to the little or no work you put in. The latter is rentier behaviour – and it’s every capitalists’ dream. You do nothing, yet you get to enjoy a big slice of society’s output.

The electricity market has been a classic example. If you own one of the big hydrodams that produce two-thirds of our power, you have basically have a licence to print money. You didn’t pay to build the thing, you’ve got no capital cost associated with it, and it costs less than a cent per kilowatt hour to run and maintain but you’re sure to earn ten times that much when you sell the power at the cost of operating the few thermal plants that make up a quarter of our electricity production.

You’re not making this massive profit because you’re a clever little dicky who has worked out a more efficient way of doing things, cutting your costs – which is the theoretical justification marginal pricing is good in ordinary markets. You’re making massive profits because you inherited a cheap electricity generator and the market that National created sets the price that you get for that power at the cost of the most expensive plant that runs to match demand.

Rentier behaviour is actually really, really bad. It kills innovation in an economy and sucks up capital and household spending that could otherwise be spent on genuine wealth creation (property speculation is the other form of rentier behavior prevalent in the New Zealand economy – so, you see what I mean). Ironically, National’s mining and oil dream, if it ever came to fruition, could take us close to being a rentier state like the Middle Eastern petro-economies – fortunately, that’s going to remain a dream that Joyce sees after a night on the pipe, because we don’t have the cheaply accessible hydrocarbon reserves he thinks we do.

Neoliberalism has been all about rentier behaviour. It’s about taking public assets and converting them into massive profit streams to private owners who do next to nothing to earn them. Infratil, which is a major owner of Trustpower, has been a chief rentier – they aim for a 20% per annum return on investment for doing nothing but owning assets that used to be in public hands and extracting a rent.

Now, Infratil, Trustpower, and Contact Energy’s share prices are plummeting after the Green/Labour announcement that the rentier behaviour in the electricity market is going to come to an end when they enter government. The fact that the prices of these companies has fallen so much just on the announcement of this policy shows that the market knows NZ Power would do its job of taking away their rentier profits and giving them back to families and businesses. It also shows that the market thinks the Greens and Labour are serious and are likely to govern soon.

You’ll notice that National has made no real effort to claim that NZ Power won’t work, because they know it will. Instead, Joyce has run around like a chicken with his head cut off (or a fatcat with his rentier income stream cut off) crying about the loss of shareholders’ paper wealth – because people struggling to pay their power bills this winter will have so much sympathy for a shareholder in Contact who is losing money on the prospect of lower power prices.

So, how much of a hit to profits is the market factoring in? Well, share price is the net present value of future dividends (in theory). From the peak just as Shearer, Norman, and Parker made the announcement to the trough yesterday, Contact fell 56 cents, or 10%. Factor in what the market sees as the odds of Labour/Greens governing (let’s say 50%) and the odds of the policy being implemented if they do (let’s say the market prices that at 80%), then a typical discount rate of 8% (a dollar today is 8% more worth having than waiting a year to get that dollar)… my maths shows that , with those assumptions, the drop we’ve seen in Contact’s share price amounts to a 33% drop in profits after NZ Power kicks in.

That equates to the market estimating that NZ Power means hundreds of millions of dollars a year less on our power bills. The bad news for electricity company owners, and the great news for everyone else who has been paying them too much for power, is that the hit’s probably going to be more like 66% of profits.

36 comments on “Rentiers on notice ”

  • Comments are now closed

  1. geoff 1
    20 April 2013 at 9:53 am

    Nice reminder of what NZ’s biggest problem is.

    • Colonial Viper 1.1
      20 April 2013 at 10:16 am

      That and the politicians who support them. Labour’s attempt to bring property investor rentiers to heel was weak and washed out (and didn’t touch the banks who are a major factor behind sky high house prices).

      But Labour has pretty much hit a home run with NZ Power.

      The banks are an absolute must to address next. They are extracting an excess $500M-$1000M a year out of the NZ economy, from NZ businesses, workers, mortgage holders, than can be justified in the bankers wildest dreams.

      • tc 1.1.1
        20 April 2013 at 12:33 pm

        ‘The banks are an absolute must to address next.’ +1

        All those profits they extract that could be reinvested in NZ, they are also stifling growth with their aggresive policies on business/personal running a zero risk winner takes all game.

        I’ve know of someone about to made bankrupt by Wpac over his house payments , he’s had 3 willing buyers over 18 months, all on solid incomes and all turned down by the banks as not meeting criteria.

        • geoff 1.1.1.1
          20 April 2013 at 2:11 pm

          If a political party had the stones to show how all of this rent-seeking behaviour is connected and to present that in a coherent vision to the mainstream then they would romp to victory.

          The Green’s are closest to doing this but they haven’t pulled it together into a consistent over-arching narrative. Mana also has a lot of good points but unfortunately they have not reached critical mass and are still too easily pigeon-holed as extremists by the mainstream. Some of Hone’s stunts haven’t helped in that regard either.

          The frustrating thing is that creating the content for media that would achieve those goals would be so easy (and fun) to make. Labour’s talking head vid during the last election was in the right direction but didn’t go far enough and didn’t have any humour (that I can recall) which would be essential to make it ‘go viral’.

        • Hilary 1.1.1.2
          20 April 2013 at 8:00 pm

          Anyone noticed the TSB TV ad? Nice little bit of political history about how they resisted the merger with Westpac despite much political pressure and the rest of Trustbank joining up, and then the whole lot was sold to Australia. Leaving TSB still a community and NZ owned bank.

    • Draco T Bastard 1.2
      20 April 2013 at 2:32 pm

      Yep, the rich and their demand for ever higher profits.

  2. johnm 2
    20 April 2013 at 10:11 am

    100% True 🙂

    Rentier Behavior (RH) is the major cause of inequality. Buying a house is almost impossible for our young people now but if you removed all the capital gains sharks out of the market, fuelled by Australian Bank money and by a self reinforcing bidding upwards mechanism, with a 80% Capital gains tax backdated 15 years the housing market would quickly return to a sane level of value and young kiwis could then have a stake in their own land whereas now they might as well just go to Australia.

    Neoliberal regimes have always lusted after Public Assets as these must continue for the public good but now the profit vultures and shareholders want the action. The rest of the investment NL edifice has collapsed under the weight of its own greed, so let’s get those Public assets hang the common good.

    Another evil of RB in stealing our assets is that the income stream is lost forever to the public purse. Next thing the complicit NL government screams: “We don’t have money for public services,we have to cut and cut them do austerity” other than to go into debt and become debt slaves to foreign bankers.

    Those who buy say Power Companies will have borrowed the money on the international market. So: the hapless kiwi consumer is paying:
    1. Foreign debt loaded with interest
    2. Shareholders piece of the pie
    3. CEO excessive salary packages
    4. Profit
    Look at the U$K since privatising their Power prices have become unaffordable for ordinary Brits.
    Poverty stalks that unhappy land ravaged by RH NeoLiberal profit taking and privatisation.

    When I and my wife first bought a house in NZ in 1981 it gave us both a feeling of belonging, a stake, something to work for a vital connection to NZ society. But today it’s be almost impossible without 30 years of debt, if you have to rent all your life well, you might as well go to Australia, renting is a serf’s existence.

    • Colonial Viper 2.1
      20 April 2013 at 10:20 am

      You got it. NZ’s massive house value increase has been fed by hot banking money. The bigger the easy mortgages which are available, the more house prices increase. Which further justifies even bigger mortgage debt being approved for hapless drowning workers.

      • Descendant Of Sssmith 2.1.1
        20 April 2013 at 10:50 am

        It’s also fed by low wages and high profits.

        Company lowers wages to make more profit they then have to do something with that money.

        I know lets buy property so I can get the wages back that I’ve already cut.

        Still not enough – my workers can’t afford to buy stuff now cause their wages are low and I’ve upped their rent.

        I’ll just have to lend them money to pay for the things they can no longer afford.

        The low wage high profit model only ever leads to people working for nothing. Trickle up theory except it’s not a trickle.

        The same people that own the companies, own the rental properties and own the banks. Individual share ownership has largely been replaced with unit trust and fund manager type ownership arrangements where your money is used but the voting rights belong to the trust managers.

        The theft of people’s labour through low wages just gets compounded in a viscous circle.

        Even a return to 50% of GDP being paid out in wages through both more jobs and higher pay would provide an enormous boost to the economy. If the distribution has to be through the tax system and jobs via the public sector so be it.

        That in itself if done with a social conscience in mind could significantly increase opportunities for those with disabilities and youth.

        Let’s not pretend that the private sector will ever create enough jobs for those two groups in particular. They never have in New Zealand and when left to their own accord things only get worse for those groups.

      • tc 2.1.2
        20 April 2013 at 12:42 pm

        It’s also fuelled by no CGT as any rise in value is tax free for speculators.

        Asked an english couple the other day where they see the biggest investment opportunity and they replied any dwelling within 10k of akl CBD, who cares what you pay with no public transport/CGT/standards enforced on rentals, so we coiuld rent it without touching it, it’s a no brainer.

        • Colonial Viper 2.1.2.1
          20 April 2013 at 1:00 pm

          A serious CGT would apply to all houses even the family home, with monies going directly into social housing.

          There is a simple objective to make people understand: a home is a retirement investment, but don’t expect to make speculative tax free gains out of it.

          • weka 2.1.2.1.1
            20 April 2013 at 3:59 pm

            For some people a home is just home. Defining a home as primarily/solely a financial investment is anti-community.

          • RedLogix 2.1.2.1.2
            20 April 2013 at 4:06 pm

            There is a simple objective to make people understand: a home is a retirement investment, but don’t expect to make speculative tax free gains out of it.

            Absolutely agree. While I’ve made no secret of the fact that I have substantially invested in rental property (actually building rather than just buying) … I have zero intention of selling in the foreseeable future. Therefore capital gain is of zero interest to us.

            We’ve done our long-term projections based on exactly what property always has done over the long-term … a very boring inflation plus 2%.

  3. weka 3
    20 April 2013 at 10:48 am

    “the market that National created sets the price that you get for that power at the cost of the most expensive plant that runs to match demand.”

    How and why did that come about?

    • Colonial Viper 3.1
      20 April 2013 at 11:02 am

      I presume its the usual story of “free marketeers” setting the market rules in order to extract the most rent possible from hapless NZers.

    • Draco T Bastard 3.2
      20 April 2013 at 3:52 pm

      It’s the theory of free-market economics.

      The price of something on the market is, supposedly, the cheapest that the most expensive can sell it for. Everyone else, who can produce it cheaper, thus makes higher profits which is supposed to push investment towards the cheaper means of production which will, eventually, take the most expensive out of the market with the result that prices become ever cheaper.

      It’s a nice, simple hypothesis. Doesn’t work though as the ever increasing price of power shows.

  4. kiwicommie 4
    20 April 2013 at 1:24 pm

    “Joyce cries for the declining value of their shares but that fall tells us that the market thinks Labour and the Greens will govern.” I thought that too, can’t wait till they get the boot (even if it is ages away in 2014).

  5. millsy 5
    20 April 2013 at 8:22 pm

    Brian “Listing everything on the NZX will solve all of all our problems” Gaynor and Francesca “I for one welcome our Middle Kingdom overlords” O’Sullivan, are going on about how the NZ Power plan will wipe out the wealth of shareholders.

    I say, tough titty.

    People who use their savings to play on the stock exchange are well aware that these things can happen. You can be a millionaire one day, and a pauper the next. Thats how it happens. You want somewhere to put your money, put it in a bank. Don’t use it to screw what money they can get out of the single mothers in Otara and the pensioners in Westport. That is just un-kiwi.

    • Colonial Viper 5.1
      20 April 2013 at 9:39 pm

      Labour has given Fran O’Sullivan plenty of fair warning.

      Fran, if you were a prudent investor, rotate your monies out of electricity stocks. It’s quite easy if you think its a sinking ship, there’s no need to follow the ship down.

      HOWEVER NZ Power as a single buyer is likely to be able to offer power firms far more market stability, ability to forward plan and consistency in profits.

      So what do you want eh? Some capitalist type trade-offs your clan are supposedly expert at, to be had there methinks.

    • felix 5.2
      20 April 2013 at 9:54 pm

      Tough titty indeed.

      If your “wealth” can be wiped out by an effort to allow old people to be able to afford to heat their homes, then it was never really yours.

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    Point of OrderBy poonzteam5443
    2 days ago

  • Matt Doocey doubles down on trans “healthcare”
    Citizen Science writes –  Last week saw two significant developments in the debate over the treatment of trans-identifying children and young people – the release in Britain of the final report of Dr Hilary Cass’s review into gender healthcare, and here in New Zealand, the news that the ...
    Point of OrderBy poonzteam5443
    2 days ago

  • A TikTok Prime Minister.
    One night while sleeping in my bed I had a beautiful dreamThat all the people of the world got together on the same wavelengthAnd began helping one anotherNow in this dream, universal love was the theme of the dayPeace and understanding and it happened this wayAfter such an eventful day ...
    Nick’s KōreroBy Nick Rockel
    2 days ago

  • Texas Lessons
    This is a guest post by Oscar Simms who is a housing activist, volunteer for the Coalition for More Homes, and was the Labour Party candidate for Auckland Central at the last election. ...
    Greater AucklandBy Guest Post
    2 days ago

  • Bernard's pick 'n' mix of the news links at 6:06 am
    The top six news links I’ve seen elsewhere in the last 24 hours as of 6:06 am on Wednesday, April 17 are:Must read: Secrecy shrouds which projects might be fast-tracked RNZ Farah HancockScoop: Revealed: Luxon has seven staffers working on social media content - partly paid for by taxpayer Newshub ...
    The KakaBy Bernard Hickey
    2 days ago

  • Fighting poverty on the holiday highway
    Turning what Labour called the “holiday highway” into a four-lane expressway from Auckland to Whangarei could bring at least an economic benefit of nearly two billion a year for Northland each year. And it could help bring an end to poverty in one of New Zealand’s most deprived regions. The ...
    PolitikBy Richard Harman
    2 days ago

  • Bernard's six-stack of substacks at 6:26 pm
    Tonight’s six-stack includes: launching his substack with a bunch of his previous documentaries, including this 1992 interview with Dame Whina Cooper. and here crew give climate activists plenty to do, including this call to submit against the Fast Track Approvals bill. writes brilliantly here on his substack ...
    The KakaBy Bernard Hickey
    3 days ago

  • At a glance – Is the science settled?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    Skeptical Science
    3 days ago

  • Apposite Quotations.
    How Long Is Long Enough? Gaza under Israeli bombardment, July 2014. This posting is exclusive to Bowalley Road. ...
    Bowalley Road
    3 days ago

  • What’s a life worth now?
    You're in the mall when you hear it: some kind of popping sound in the distance, kids with fireworks, maybe. But then a moment of eerie stillness is followed by more of the fireworks sound and there’s also screaming and shrieking and now here come people running for their lives.Does ...
    More Than A FeildingBy David Slack
    3 days ago

  • Howling at the Moon
    Karl du Fresne writes –  There’s a crisis in the news media and the media are blaming it on everyone except themselves. Culpability is being deflected elsewhere – mainly to the hapless Minister of Communications, Melissa Lee, and the big social media platforms that are accused of hoovering ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Newshub is Dead.
    I don’t normally send out two newsletters in a day but I figured I’d say something about… the news. If two newsletters is a bit much then maybe just skip one, I don’t want to overload people. Alternatively if you’d be interested in sometimes receiving multiple, smaller updates from me, ...
    Nick’s KōreroBy Nick Rockel
    3 days ago

  • Seymour is chuffed about cutting early-learning red tape – but we hear, too, that Jones has loose...
    Buzz from the Beehive David Seymour and Winston Peters today signalled that at least two ministers of the Crown might be in Wellington today. Seymour (as Associate Minister of Education) announced the removal of more red tape, this time to make it easier for new early learning services to be ...
    Point of OrderBy Bob Edlin
    3 days ago

  • Bryce Edwards: Will politicians let democracy die in the darkness?
    Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. Our political system is suffering from the ...
    Democracy ProjectBy bryce.edwards
    3 days ago

  • Was Hawkesby entirely wrong?
    David Farrar  writes –  The Broadcasting Standards Authority ruled: Comments by radio host Kate Hawkesby suggesting Māori and Pacific patients were being prioritised for surgery due to their ethnicity were misleading and discriminatory, the Broadcasting Standards Authority has found. It is a fact such patients are prioritised. ...
    Point of OrderBy poonzteam5443
    3 days ago

  • PRC shadow looms as the Solomons head for election
    PRC and its proxies in Solomons have been preparing for these elections for a long time. A lot of money, effort and intelligence have gone into ensuring an outcome that won’t compromise Beijing’s plans. Cleo Paskall writes – On April 17th the Solomon Islands, a country of ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Climate Change: Criminal ecocide
    We are in the middle of a climate crisis. Last year was (again) the hottest year on record. NOAA has just announced another global coral bleaching event. Floods are threatening UK food security. So naturally, Shane Jones wants to make it easier to mine coal: Resources Minister Shane Jones ...
    No Right TurnBy Idiot/Savant
    3 days ago

  • Is saving one minute of a politician's time worth nearly $1 billion?
    Is speeding up the trip to and from Wellington airport by 12 minutes worth spending up more than $10 billion? Photo: Lynn Grieveson / The KākāTL;DR: The six news items that stood out to me in the last day to 8:26 am today are:The Lead: Transport Minister Simeon Brown announced ...
    The KakaBy Bernard Hickey
    3 days ago

  • Long Tunnel or Long Con?
    Yesterday it was revealed that Transport Minister had asked Waka Kotahi to look at the options for a long tunnel through Wellington. State Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the ...
    Greater AucklandBy Matt L
    3 days ago

  • Smoke And Mirrors.
    You're a fraud, and you know itBut it's too good to throw it all awayAnyone would do the sameYou've got 'em goingAnd you're careful not to show itSometimes you even fool yourself a bitIt's like magicBut it's always been a smoke and mirrors gameAnyone would do the sameForty six billion ...
    Nick’s KōreroBy Nick Rockel
    3 days ago

  • What is Mexico doing about climate change?
    This is a re-post from Yale Climate Connections The June general election in Mexico could mark a turning point in ensuring that the country’s climate policies better reflect the desire of its citizens to address the climate crisis, with both leading presidential candidates expressing support for renewable energy. Mexico is the ...
    Skeptical Science
    3 days ago

  • State of humanity, 2024
    2024, it feels, keeps presenting us with ever more challenges, ever more dismay.Do you give up yet? It seems to ask.No? How about this? Or this?How about this?When I say 2024 I really mean the state of humanity in 2024.Saturday night, we watched Civil War because that is one terrifying cliff we've ...
    More Than A FeildingBy David Slack
    4 days ago

  • Govt’s Wellington tunnel vision aims to ease the way to the airport (but zealous promoters of cycl...
    Buzz from the Beehive A pet project and governmental tunnel vision jump out from the latest batch of ministerial announcements. The government is keen to assure us of its concern for the wellbeing of our pets. It will be introducing pet bonds in a change to the Residential Tenancies Act ...
    Point of OrderBy Bob Edlin
    4 days ago

  • The case for cultural connectedness
    A recent report generated from a Growing Up in New Zealand (GUiNZ) survey of 1,224 rangatahi Māori aged 11-12 found: Cultural connectedness was associated with fewer depression symptoms, anxiety symptoms and better quality of life. That sounds cut and dry. But further into the report the following appears: Cultural connectedness is ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Useful context on public sector job cuts
    David Farrar writes –    The Herald reports: From the gory details of job-cuts news, you’d think the public service was being eviscerated.   While the media’s view of the cuts is incomplete, it’s also true that departments have been leaking the particulars faster than a Wellington ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Gordon Campbell On When Racism Comes Disguised As Anti-racism
    Remember the good old days, back when New Zealand had a PM who could think and speak calmly and intelligently in whole sentences without blustering? Even while Iran’s drones and missiles were still being launched, Helen Clark was live on TVNZ expertly summing up the latest crisis in the Middle ...
    Gordon CampbellBy lyndon
    4 days ago

  • Govt ignored economic analysis of smokefree reversal
    Costello did not pass on analysis of the benefits of the smokefree reforms to Cabinet, emphasising instead the extra tax revenues of repealing them. Photo: Hagen Hopkins, Getty Images TL;DR: The six news items that stood out to me at 7:26 am today are:The Lead: Casey Costello never passed on ...
    The KakaBy Bernard Hickey
    4 days ago

  • True Blue.
    True loveYou're the one I'm dreaming ofYour heart fits me like a gloveAnd I'm gonna be true blueBaby, I love youI’ve written about the job cuts in our news media last week. The impact on individuals, and the loss to Aotearoa of voices covering our news from different angles.That by ...
    Nick’s KōreroBy Nick Rockel
    4 days ago

  • Who is running New Zealand’s foreign policy?
    While commentators, including former Prime Minister Helen Clark, are noting a subtle shift in New Zealand’s foreign policy, which now places more emphasis on the United States, many have missed a key element of the shift. What National said before the election is not what the government is doing now. ...
    PolitikBy Richard Harman
    4 days ago

  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #15
    A listing of 31 news and opinion articles we found interesting and shared on social media during the past week: Sun, April 7, 2024 thru Sat, April 13, 2024. Story of the week Our story of the week is about adults in the room setting terms and conditions of ...
    Skeptical Science
    5 days ago

  • Feline Friends and Fragile Fauna The Complexities of Cats in New Zealand’s Conservation Efforts

    Cats, with their independent spirit and beguiling purrs, have captured the hearts of humans for millennia. In New Zealand, felines are no exception, boasting the highest national cat ownership rate globally [definition cat nz cat foundation]. An estimated 1.134 million pet cats grace Kiwi households, compared to 683,000 dogs ...

    Gareth’s WorldBy admin
    5 days ago

  • Or is that just they want us to think?
    Nice guy, that Peter Williams. Amiable, a calm air of no-nonsense capability, a winning smile. Everything you look for in a TV presenter and newsreader.I used to see him sometimes when I went to TVNZ to be a talking head or a panellist and we would yarn. Nice guy, that ...
    More Than A FeildingBy David Slack
    5 days ago

  • Fact Brief – Did global warming stop in 1998?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by Sue Bin Park in collaboration with members from our Skeptical Science team. You can submit claims you think need checking via the tipline. Did global warming stop in ...
    Skeptical Science
    6 days ago

  • Arguing over a moot point.
    I have been following recent debates in the corporate and social media about whether it is a good idea for NZ to join what is known as “AUKUS Pillar Two.” AUKUS is the Australian-UK-US nuclear submarine building agreement in which … Continue reading → ...
    KiwipoliticoBy Pablo
    6 days ago

  • No Longer Trusted: Ageing Boomers, Laurie & Les, Talk Politics.
    Turning Point: “What has turned me away from the mainstream news media is the very strong message that its been sending out for the last few years.” “And what message might that be?” “That the people who own it, the people who run it, and the people who provide its content, really don’t ...
    Bowalley Road
    6 days ago

  • Mortgage rates at 10% anyone?
    No – nothing about that in PM Luxon’s nine-point plan to improve the lives of New Zealanders. But beyond our shores Jamie Dimon, the long-serving head of global bank J.P. Morgan Chase, reckons that the chances of a goldilocks soft landing for the economy are “a lot lower” than the ...
    Point of OrderBy xtrdnry
    6 days ago

  • Sad tales from the left
    Michael Bassett writes –  Have you noticed the odd way in which the media are handling the government’s crackdown on surplus employees in the Public Service? Very few reporters mention the crazy way in which State Service numbers rocketed ahead by more than 16,000 during Labour’s six years, ...
    Point of OrderBy poonzteam5443
    6 days ago

  • In Whose Best Interests?
    On The Spot: The question Q+A host, Jack Tame, put to the Workplace & Safety Minister, Act’s Brooke van Velden, was disarmingly simple: “Are income tax cuts right now in the best interests of lowering inflation?”JACK TAME has tested another MP on his Sunday morning current affairs show, Q+A. Minister for Workplace ...
    Bowalley Road
    6 days ago

  • Don’t Question, Don’t Complain.
    It has to start somewhereIt has to start sometimeWhat better place than here?What better time than now?So it turns out that I owe you all an apology.It seems that all of the terrible things this government is doing, impacting the lives of many, aren’t necessarily ‘bad’ per se. Those things ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • Minister to Europe for OECD meeting, Anzac Day
    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 ...
    BeehiveBy beehive.govt.nz
    51 mins ago

  • Comprehensive Partnership the goal for NZ and the Philippines
    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 ...
    BeehiveBy beehive.govt.nz
    12 hours ago

  • Government commits $20m to Westport flood protection
    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 ...
    BeehiveBy beehive.govt.nz
    18 hours ago

  • Taupō takes pole position
    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 ...
    BeehiveBy beehive.govt.nz
    19 hours ago

  • Cost of living support for low-income homeowners
    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 ...
    BeehiveBy beehive.govt.nz
    21 hours ago

  • Government backing mussel spat project
    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 - ...
    BeehiveBy beehive.govt.nz
    22 hours ago

  • Government focused on getting people into work
    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 ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Clean energy key driver to reducing emissions
    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 ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Earthquake-prone buildings review brought forward
    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 ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Thailand and NZ to agree to Strategic Partnership
    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 ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government consults on extending coastal permits for ports
    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 ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Inflation coming down, but more work to do
    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 ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • School attendance restored as a priority in health advice
    Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Unnecessary bureaucracy cut in oceans sector
    Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Patterson promoting NZ’s wool sector at International Congress
    Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector.    "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Removing red tape to help early learners thrive
    The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • RMA changes to cut coal mining consent red tape
    Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • McClay reaffirms strong NZ-China trade relationship
    Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Prime Minister Luxon acknowledges legacy of Singapore Prime Minister Lee
    Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong.   Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • PMs Luxon and Lee deepen Singapore-NZ ties
    Prime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong.  During today’s meeting, Prime Minister Luxon ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Antarctica New Zealand Board appointments
    Foreign Minister Winston Peters has made further appointments to the Board of Antarctica New Zealand as part of a continued effort to ensure the Scott Base Redevelopment project is delivered in a cost-effective and efficient manner.  The Minister has appointed Neville Harris as a new member of the Board. Mr ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Finance Minister travels to Washington DC
    Finance Minister Nicola Willis will travel to the United States on Tuesday to attend a meeting of the Five Finance Ministers group, with counterparts from Australia, the United States, Canada, and the United Kingdom.  “I am looking forward to meeting with our Five Finance partners on how we can work ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Pet bonds a win/win for renters and landlords
    The coalition Government has today announced purrfect and pawsitive changes to the Residential Tenancies Act to give tenants with pets greater choice when looking for a rental property, says Housing Minister Chris Bishop. “Pets are important members of many Kiwi families. It’s estimated that around 64 per cent of New ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Long Tunnel for SH1 Wellington being considered
    State Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the Government has also asked NZ Transport Agency (NZTA) to consider and provide advice on a Long Tunnel option, Transport Minister Simeon Brown ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • New Zealand condemns Iranian strikes
    Prime Minister Christopher Luxon and Foreign Minister Winston Peters have condemned Iran’s shocking and illegal strikes against Israel.    “These attacks are a major challenge to peace and stability in a region already under enormous pressure," Mr Luxon says.    "We are deeply concerned that miscalculation on any side could ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Huge interest in Government’s infrastructure plans
    Hundreds of people in little over a week have turned out in Northland to hear Regional Development Minister Shane Jones speak about plans for boosting the regional economy through infrastructure. About 200 people from the infrastructure and associated sectors attended an event headlined by Mr Jones in Whangarei today. Last ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Health Minister thanks outgoing Health New Zealand Chair
    Health Minister Dr Shane Reti has today thanked outgoing Health New Zealand – Te Whatu Ora Chair Dame Karen Poutasi for her service on the Board.   “Dame Karen tendered her resignation as Chair and as a member of the Board today,” says Dr Reti.  “I have asked her to ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Roads of National Significance planning underway
    The NZ Transport Agency (NZTA) has signalled their proposed delivery approach for the Government’s 15 Roads of National Significance (RoNS), with the release of the State Highway Investment Proposal (SHIP) today, Transport Minister Simeon Brown says.  “Boosting economic growth and productivity is a key part of the Government’s plan to ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Navigating an unstable global environment
    New Zealand is renewing its connections with a world facing urgent challenges by pursuing an active, energetic foreign policy, Foreign Minister Winston Peters says.   “Our country faces the most unstable global environment in decades,” Mr Peters says at the conclusion of two weeks of engagements in Egypt, Europe and the United States.    “We cannot afford to sit back in splendid ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • NZ welcomes Australian Governor-General
    Prime Minister Christopher Luxon has announced the Australian Governor-General, His Excellency General The Honourable David Hurley and his wife Her Excellency Mrs Linda Hurley, will make a State visit to New Zealand from Tuesday 16 April to Thursday 18 April. The visit reciprocates the State visit of former Governor-General Dame Patsy Reddy ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Pseudoephedrine back on shelves for Winter
    Associate Health Minister David Seymour has announced that Medsafe has approved 11 cold and flu medicines containing pseudoephedrine. Pharmaceutical suppliers have indicated they may be able to supply the first products in June. “This is much earlier than the original expectation of medicines being available by 2025. The Government recognised ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ and the US: an ever closer partnership
    New Zealand and the United States have recommitted to their strategic partnership in Washington DC today, pledging to work ever more closely together in support of shared values and interests, Foreign Minister Winston Peters says.    “The strategic environment that New Zealand and the United States face is considerably more ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Joint US and NZ declaration
    April 11, 2024 Joint Declaration by United States Secretary of State the Honorable Antony J. Blinken and New Zealand Minister of Foreign Affairs the Right Honourable Winston Peters We met today in Washington, D.C. to recommit to the historic partnership between our two countries and the principles that underpin it—rule ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ and US to undertake further practical Pacific cooperation
    Foreign Minister Winston Peters has announced further New Zealand cooperation with the United States in the Pacific Islands region through $16.4 million in funding for initiatives in digital connectivity and oceans and fisheries research.   “New Zealand can achieve more in the Pacific if we work together more urgently and ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Government redress for Te Korowai o Wainuiārua
    The Government is continuing the bipartisan effort to restore its relationship with iwi as the Te Korowai o Wainuiārua Claims Settlement Bill passed its first reading in Parliament today, says Treaty Negotiations Minister Paul Goldsmith. “Historical grievances of Te Korowai o Wainuiārua relate to 19th century warfare, land purchased or taken ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Focus on outstanding minerals permit applications
    New Zealand Petroleum and Minerals is working to resolve almost 150 outstanding minerals permit applications by the end of the financial year, enabling valuable mining activity and signalling to the sector that New Zealand is open for business, Resources Minister Shane Jones says.  “While there are no set timeframes for ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Applications open for NZ-Ireland Research Call
    The New Zealand and Irish governments have today announced that applications for the 2024 New Zealand-Ireland Joint Research Call on Agriculture and Climate Change are now open. This is the third research call in the three-year Joint Research Initiative pilot launched in 2022 by the Ministry for Primary Industries and Ireland’s ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Tenancy rules changes to improve rental market
    The coalition Government has today announced changes to the Residential Tenancies Act to encourage landlords back to the rental property market, says Housing Minister Chris Bishop. “The previous Government waged a war on landlords. Many landlords told us this caused them to exit the rental market altogether. It caused worse ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Boosting NZ’s trade and agricultural relationship with China
    Trade and Agriculture Minister Todd McClay will visit China next week, to strengthen relationships, support Kiwi exporters and promote New Zealand businesses on the world stage. “China is one of New Zealand’s most significant trade and economic relationships and remains an important destination for New Zealand’s products, accounting for nearly 22 per cent of our good and ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Freshwater farm plan systems to be improved
    The coalition Government intends to improve freshwater farm plans so that they are more cost-effective and practical for farmers, Associate Environment Minister Andrew Hoggard and Agriculture Minister Todd McClay have announced. “A fit-for-purpose freshwater farm plan system will enable farmers and growers to find the right solutions for their farm ...
    BeehiveBy beehive.govt.nz
    1 week ago

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