web analytics

Restarting Cullen Fund contributions

Written By: - Date published: 10:59 am, October 9th, 2013 - 56 comments
Categories: Economy, superannuation - Tags:

Stopping contributions to the Cullen Fund was always going to stand out as one of John Key and Bill English’s most economically inept decisions. They chose to stop the Fund buying assets just when they were at decades low prices, Crown borrowing was cheap, and markets were already recovering. The cost in just four years: $2.5 billion. And rising.

Even with Key’s record borrowing binge now coming to an end, the Nats still don’t want to resume salting away money for the superannuation cost explosion. They want to wait until 2020/21. That happens to also be the date they say they will start building the City Rail Link – a date chosen in both instances because they know they won’t be in government when it arrives.

My quick calculations from Cullen Fund returns data show that if National had kept contributing $2 billion a year to the Super Fund, then the Fund would now have $11.1 billion more in it – $3.1 billion of that from returns – against an added borrowing cost to the Crown of $0.6 billion. In other words, by cancelling the Cullen Fund payments, Key and English cost us a net $2.5 billion so far.

And, because the Fund’s so much smaller now than it should be, the cost will just grow exponentially over time, something made worse by the fact that contributions still won’t resume for another 8 years if National have their way. Oh, and because the Fund is smaller than it should be, when the contributions resume they will legally have to be bigger in a desperate attempt to fill it up to size.

Just assuming that the Cullen Fund makes its target return of 2.5% above the Crown’s cost of borrowing, delaying contributions until 2021 will cost a net $6.5 billion by 2021. On its track record to date of beating the Crown’s cost of borrowing by 4%, it’ll cost us $9.2 billion by 2021.

By the time we reach the point of starting to use the Fund to pay for superannuation in about 2030, there will be tens of billions of dollars less in it than there should be – and the gap will have to be made up by taxpayers.

Even the Herald is now realising what a huge mistake National has made. Even the fucken Herald says Key and English are financially incompetent and should be resuming Cullen Fund payments.

The fact is, we can’t afford not to.

56 comments on “Restarting Cullen Fund contributions”

  1. northshoredoc 1

    Apparently Bill English wants to reach surplus, and then quickly get government debt to 20% of GDP, which he considers prudent. The IMF say 60% is prudent. Countries like America and Greece are near 100%.

    I think hes being overly prudent, and should ensure a balance between debt repayment and expanded services or resumption of the Cullen fund. I think his surplus plan has been good, but the risk is he seriously starves basic services and becomes driven purely by his ideological leanings.

    • Molly 1.1

      Gandalf??

    • Puckish Rogue 1.2

      Better to be overly prudent then end up like well pick a country in Europe, Africa or the Americas

      • Tracey 1.2.1

        Germany

        • Puckish Rogue 1.2.1.1

          I’ll see you Germany and raise you a Greece or a Spain

          • Pascal's bookie 1.2.1.1.1

            pop quiz pucko:

            What party and or politician in NZ said, prior to the meltdowns of various euro nations, that we should be ‘more like Ireland’?

            • Tracey 1.2.1.1.1.1

              he was still saying it in 2008, 2009 2010, 2011… took him ages to realise Ireland’s experiment hadn’t worked.

              “The financial services hub proposal emerged after banker Craig Stobo told the Government’s 2009 Jobs Summit an economic boost would result if the Government created a zero tax rating for foreign investors who invested in international funds based here.

              In March 2010, Stobo was appointed chairman of an advisory group whose tasks specifically included determining what incentives were required by financial firms to implement the financial hub proposal by then Economic Development Minister Gerry Brownlee.

              Cabinet papers from the time note $500,000 was allocated to fund Stobo’s group. Brownlee awarded group members fees he characterised as “top of the range” of up to $655 a day. ”

              “Key’s frustration with officials who recommended the proposal be canned boiled over the following month when he reportedly told the audience at the International Business Forum that official advice criticising the hub was “absolute rubbish”. ”

              “CANCELLED: John Key was to meet Goldman Sachs CEO Lloyd Blankfein in New York. ”

              oh dear…

              but cant buy shares for Cullen fund when the prices are low, oh no sirreeeeee

            • Puckish Rogue 1.2.1.1.1.2

              So why is NZ doing so well in comparison towards the rest of the world? Must be because of Labours stirling work in government…no wait its because of the policies (still not right enough for me but you can’t please everyone) of National

              • Colonial Viper

                Easy. Because we are more left wing and less financialised than most of those other countries, plus we have the massive advantage of currency sovereignty.

              • GregJ

                Must be because of Labours stirling work in government

                Actually you are right – the reason New Zealand initially weathered the worst of the Global Depression was because of the relatively sound economic footing left by Labour. However after nearly 5 years of the National Governments generally laissez-faire economic management (laissez-faire except of course when it actively intervenes to advantage its corporate cronies, farming interests or the wealthy) we have low & stagnating growth, increased government debt (to pay for unecessary tax cuts which actually sucked money out of the economy), and flat unemployment figures stuck around 6.5% (which only look that “good” because of the non-reporting of significant underemployment and those who have given up on finding any employment).

          • Tracey 1.2.1.1.2

            changing the goal pots Puck, re-read your comment to which I replied. perhaps you need to be less broadbrush with your comments.

            • miravox 1.2.1.1.2.1

              “perhaps you need to be less broadbrush with your comments.”

              True. Perhaps defining “doing so well” and “rest of the world” would be a start.

  2. Richard Christie 2

    Sorry, I don’t read NZ Herald editorials.
    Won’t start now.

  3. Saarbo 3

    Too right JH, I would be surprised if there was an investment expert’s around that would have advised the government to stop contributions to the Cullen Fund. Dollar Cost Averaging http://en.wikipedia.org/wiki/Dollar_cost_averaging was always going to mean that just after the GFC was the worst time to stop contributing to the Cullen Fund. So NZ is a net $2.5billion worse off…nice one John and Bill….useless!

  4. Tracey 4

    This decision was contrary to everything people in keys former career know.

    You buy regularly so you catch lows and highs to even out your returns.

    he stopped in part to give tax cuts to a non stimulating part of the econony

    • SpaceMonkey 4.1

      It’s worse than that. By denying the fund money, National have denied the Cullen Fund the opportunity to maximise returns in the sharemarket at a time when the market is humming, albeit artificially. It is where most of the central bank-printed money is going around the world. At some stage it will collapse but not until the quantitative easing ends… and the markers to date indicate that will continue indefinitely.

  5. And there we go with the “inept” again. No it wasn’t. They did not want the NZ Pensionfund to purchase assets. John Key and his masters want it bankrupt as is happening around the globe. We are in hock for at least $112 billion in derivatives which are on the verge of going belly up and the Cullen fund is riddled with the same shitty crap.

    • felix 5.1

      Exactly. Key and English want asset and wealth ownership transferred into private and corporate hands.

      There’s nothing inept about it.

    • SpaceMonkey 5.2

      That’s it in a nutshell. Nothing inept about it, it’s completely deliberate. Max Keiser and many of his guests have frequently highlighted how the traders ensure pension funds and like are ripped off over time. It’s a long play contributing towards collpase and another way in which the banks socialise their losses.

      Additionally, the estimated $11 billion in stopped contributions to the Cullen Fund has meant that is $11 billion less competing with the hedge funds for assets. It’s a win on both fronts for the bankers.

  6. infused 6

    And if it had lost $11b you’d be crying saying why did you put money in it when we were borring so much.

    gg.

    • felix 6.1

      And if my aunt had bollocks…

      • infused 6.1.1

        I find it pretty telling that you lot are pushing this. It pretty much says you will complain about everything.

        This could have easily gone the wrong way, yet you lot don’t seem to care.

        • felix 6.1.1.1

          More telling that you support selling assets at the bottom of the market but not buying them.

        • Tracey 6.1.1.2

          the evidence is it would have gone the right way. Warren Buffett bought at the bottom.

          • infused 6.1.1.2.1

            He wasn’t in debt.

            • felix 6.1.1.2.1.1

              lolz

              • Tracey

                I know felix… It’s like the 76 billion debt expected to have been run up by this government by 2015 has completely missed infused…

                It rather begs the question, infused with what?

            • Tracey 6.1.1.2.1.2

              we weren’t until the national government began borrowing to fund things like it’s tax cuts. I’m sorry you don’t understand the concept of the Cullen Fund and investment generally. I’m also sorry that you don’t understand that Key knew the prudent thing to do was to keep funding the Cullen Fund when the markets were low because he knew that history told us after every collapse came the rebound for those who stayed through the downtimes.

    • Tracey 6.2

      BUT it wouldn’t have lost $11bn… and the borrowing, glad you remember the borrowing, usually the Pm’s supporters erase the borrowing from their minds… and focus on the tiny surplus in 2015.

    • Lanthanide 6.3

      That’s my feeling too, infused.

      • Tracey 6.3.1

        it’s a strategy that has worked historically post crash for all those who had money to take advantage. This government has borrowed billions but not for the Cullen fund… speaks volumes.

    • risildowgtn 6.4

      Thing is idiot it didnt so your argument as usual is full of shit

  7. Rogue Trooper 7

    The Longevity Sandals and Socks of NZ Super
    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11137274

    (got that surplus 200-400K to maintain living in the style you’ve grown accustomed to in retirement?)-RNZ

  8. King Kong 8

    If any of you are worried about the super fund being light when it comes time for you to retire you could always personally borrow money to invest for your retirement. It is a genius move after all.

    • SpaceMonkey 8.1

      Except the near-0% loans from the central-banks are not available to the ordinary individual… otherwise I would be in there, along with everyone else. Can’t have that… it would create too much competition for the hedge funds and competition is bad for business.

      • King Kong 8.1.1

        Would be interested to hear about these 0% loans the Goverment can get its hands on.

        • Tracey 8.1.1.1

          Dirk van Dijk, writing for the investor website Zacks.com, explains what a good deal this is for the banks:

          “Keeping short-term rates low . . . is particularly helpful to the big banks like Bank of America (BAC) and JPMorgan (JPM). Their raw material is short-term money, which is effectively free right now. They can borrow at 0.25% or less, and then turn around and invest those funds in, say, a 5-year T-note at 2.50%, locking in an almost risk-free profit of 2.25%. On big enough sums of money, this can be very profitable, and will help to recapitalize the banking system (provided they don’t drain capital by paying it out in dividends or frittering it away in outrageous bonuses to their top executives).”

          • King Kong 8.1.1.1.1

            In this US example the Government borrowing side of things is the T-note which has an interest bill of 2.5%. Hardly 0% is it.

            • Colonial Viper 8.1.1.1.1.1

              Are you being an idiot on purpose? It’s a good deal for the Primary Dealers who get their money for near free from the privately owned Federal Reserve system under ZIRP, and who then proceed to rip the US gov off and the US tax payers off to the tune of 2.5% pa by buying T-bills and T-bonds.

        • Lightly 8.1.1.2

          The personal loan rate in NZ is what – 8-10%? The Govt has been borrowing at under 3%.

    • Tracey 8.2

      isn’t that what your government is really doing? $76bn by 2015.

  9. newsense 9

    We should introduce a tax on those who voted National in 2008/2011 to pay for the lost Super fund money..or simply not pay it out to those who did until the ledger is square.

  10. Treetop 10

    Just read on Stuff that Aussie has over 1 million millionaires. Population about 23 million. Aussie has the highest median wealth of adults in the world.

    • Colonial Viper 10.1

      So how many of these “millionaires” can buy a house in Sydney nowadays?

      Let’s be realistic, having a million bucks in the 80’s meant something. Nowadays it means having a small pad in Takapuna and a bit of a Kiwisaver fund. Meh, that’s “progress” I suppose.

      • Treetop 10.1.1

        Imagine what they could buy in NZ.

        I have not checked out the Sydney real estate market recently.

        Is it worse than Auckland central city when you compare it to the difference in wages?

      • MrSmith 10.1.2

        No that’s inflation Cv, how a large proportion of us make our money.

  11. Ad 11

    Completely agree with this post. Hopefully Parker will grow some nads and follow your advice.

  12. tricldrown 12

    Klueless klutz.
    T bills .51% is the current rate.
    Some longerterm bills have a negative rate.

Recent Comments

Recent Posts

  • Creating jobs and cleaning up our rivers
    New Zealanders deserve healthy rivers and lakes that are safe to swim in - but they have been getting worse for decades. That's why, with our latest announcement, we're investing in projects that will help clean up our rivers and lakes and restore them to health, within a generation. ...
    4 hours ago
  • Jacinda Ardern: 2020 Labour Congress Speech
    Jacinda Ardern's speech to the 2020 Labour Party Congress. ...
    5 hours ago
  • Kelvin Davis: 2020 Labour Congress Speech
    Kelvin Davis' speech to the 2020 Labour Party Congress. ...
    5 hours ago
  • Week That Was: Another week of major progress
    This week we moved into the second half of 2020 - and our Government delivered another week of big changes and major progress for New Zealanders. Read below for a wrap of the key things moments from the week - from extending paid parental leave, to making major investments in ...
    2 days ago
  • Green Party opposes RMA fast-track bill that cut corners on environmental safeguards and public cons...
    The Green Party has opposed the COVID-19 Recovery Fast-track Consenting Bill which shortcuts normal consenting processes under the Resource Management Act (RMA), reduces public participation and narrows environmental considerations. ...
    3 days ago
  • Site of new freight hub revealed
    Hon Shane Jones, Minister of Regional Economic Development A regional freight hub for the lower North Island will be built just northeast of Palmerston North, Regional Development Minister Shane Jones has announced. The Government is investing $40 million through the Provincial Growth Fund to designate and buy land and design ...
    3 days ago
  • Greens call for Guaranteed Minimum Income to alleviate skyrocketing debt with MSD
    Green Party Co-leader Marama Davidson is calling for the introduction of a Guaranteed Minimum Income to lift hundreds of thousands of people out of poverty and prevent more families entering into further debt with the Ministry of Social Development.  ...
    3 days ago
  • Winston Peters: Facts matter when taxpayer money is on the line
    There has been renewed focus on New Zealand First acting as a handbrake on the Government after our decision to not support Auckland light rail. We are a handbrake for bad ideas, that is true, but our track record since 2017 has seen New Zealand First constructively also serve as an ...
    3 days ago
  • Bill raising minimum residency requirement for NZ Super passes first reading
    Mark Patterson MP, New Zealand First List MP New Zealand First’s Fair Residency for Superannuation Bill passed its First Reading in Parliament today. The Bill makes a significant change to NZ Super by raising the minimum residency requirement from 10 to 20 years, after age 20. “Currently, a migrant of ...
    3 days ago
  • Harsher penalties for assaults on first responders one step closer
    Darroch Ball MP, Spokesperson for Law and Order A New Zealand First member’s bill in the name of Darroch Ball introducing a six-month minimum prison sentence for assaults on first responders has passed its second reading in Parliament. The new offence of "injuring a first responder or corrections officer with ...
    4 days ago
  • Criminal Cases Review Commission delivers Coalition promise
    Fletcher Tabuteau MP, Deputy Leader of New Zealand First New Zealand First welcomes the launch of the new Criminal Cases Review Commission, gifted with the name from Waikato-Tainui - Te Kāhui Tātari Ture, announced in Hamilton today by Justice Minister Andrew Little. “New Zealand First has long believed in and ...
    4 days ago
  • Greens welcome huge new investment in sustainable projects
    The Green Party is celebrating over $800m in new funding for green projects, which will get people into jobs while solving New Zealand’s long-term challenges. ...
    4 days ago
  • New Zealand First demands answers from Meridian Energy
    Mark Patterson MP, Spokesperson for Primary Industries New Zealand First is appalled that Meridian seems to have been unnecessarily spilling water from its dams to drive up its profits."While New Zealanders have been coming together in some of our darkest hours, we don’t expect power gentailers to waste water and ...
    5 days ago
  • Getting New Zealand moving again: June 2020
    We wrapped up the first half of 2020 with a busy month, taking additional steps to support New Zealanders as we continue with our economic recovery. We rolled out targeted packages to support key industries like tourism and construction, helped create jobs in the environmental and agriculture sectors, and set ...
    5 days ago
  • Māori union leader appointed to Infrastructure Commission board
    Hon Shane Jones, Minister for Infrastructure Infrastructure Minister Shane Jones has welcomed the appointment of Maurice Davis and his deep infrastructure and construction experience to the board of the Infrastructure Commission. Mr Davis (Ngāti Maniapoto), is the seventh and final appointment to the board led by former Reserve Bank Governor ...
    5 days ago
  • Click-bait journalism at its worst
    Rt Hon Winston Peters, Leader of New Zealand First New Zealand’s click bait journalism is taking a turn for the worse, with yet another example of sensationalist, wilful-misrepresentation of the facts. “New Zealand First has worked constructively with its Coalition partner on hundreds of pieces of legislation and policy, and ...
    5 days ago
  • Green Party proposes transformational Poverty Action Plan
    The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity.     ...
    1 week ago
  • PGF accelerates Rotorua projects
    Rt Hon Winston Peters, Deputy Prime Minister Fletcher Tabuteau MP, Under-Secretary for Regional Economic Development The Rotorua Museum redevelopment and Whakarewarewa and Tokorangi Forest projects will be accelerated thanks to a $2.09 million Provincial Growth Fund (PGF) boost, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher ...
    1 week ago
  • Week That Was: Getting people into jobs
    This week, we rolled out the next steps of our recovery plan, with new infrastructure investment, extra support for tourism operators, and a new programme to get Kiwis into agriculture careers. The global economic consequences of COVID-19 will continue to be a challenge, but we have a detailed plan to ...
    1 week ago
  • Coalition commitment establishing Mental Health Commission delivered
    Jenny Marcroft MP, Spokesperson for Health New Zealand First welcomes the passage of the Mental Health and Wellbeing Commission Bill through its final reading in Parliament today fulfilling a coalition agreement commitment. “This is an important step in saving the lives of New Zealanders and delivers a key coalition commitment ...
    1 week ago
  • Whakatāne gets a $2.5m ‘turbo boost’
    Whakatāne has been given a $2.5 million boost to speed up previously funded projects and create more than 450 jobs in the next decade. Of those, the equivalent of 160 full-time jobs could be delivered in the next six weeks. Deputy Prime Minister Winston Peters is in town to make ...
    1 week ago
  • $2.5m PGF funding to speed up economic recovery in Whakatāne
    Rt Hon Winston Peters, Deputy Prime Minister Fletcher Tabuteau MP, Under-Secretary for Regional Economic Development The Provincial Growth Fund (PGF) is investing $2.5 million to accelerate three infrastructure projects in Whakatāne, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. “This package is about ...
    1 week ago
  • Shane Jones calls out those holding drought-stricken Auckland ‘to ransom’ over water
    Infrastructure Minister Shane Jones is throwing his weight behind a bid by the Auckland Council to fast-track the more than doubling of the city's water allowance from the Waikato River. And he's coming out strongly against anyone who plans on getting in the way of this campaign. "It is my ...
    1 week ago
  • Another Green win as climate change considerations inserted into the RMA
    The Green Party is thrilled to see changes to the Resource Management Act (RMA) that mean consents for large projects can be declined if they will have significant climate change implications that are inconsistent with the Zero Carbon Act and Aotearoa New Zealand’s Paris Agreement obligations.  ...
    1 week ago
  • New Navy vessel Aotearoa to arrive in New Zealand
    Hon Ron Mark, Minister of Defence The Royal New Zealand Navy’s new ship, Aotearoa, set sail for New Zealand on 10 June from the Republic of Korea, and is due to arrive in Auckland tomorrow, announced Minister of Defence Ron Mark. “Aotearoa is the Royal New Zealand Navy’s new fleet ...
    1 week ago
  • Racing Industry Bill passes third reading
    Rt Hon Winston Peters, Deputy Prime Minister, Minister for Racing Racing Minister Winston Peters has today welcomed the Racing Industry Bill passing its third reading, creating the legislative framework for revitalising the racing industry while limiting the need for future government intervention. “For too long our domestic racing industry has ...
    1 week ago
  • Green Party seek amendment to ensure all prisoners can vote
    The Green Party has today put forward an amendment to the Electoral (Registration of Sentenced Prisoners) Amendment Bill to ensure all people in prisons can vote in general elections. ...
    2 weeks ago
  • Green Party welcomes new approach to delivering light rail
    The Green Party welcomes the decision to not proceed with Public Public Investment (PPI) delivery of Auckland’s light rail project and to instead run the process through the public service. ...
    2 weeks ago
  • New Zealand First welcomes PGF investment in Wairarapa Water
    Hon Ron Mark, New Zealand First List MP based in the Wairarapa New Zealand First List MP Hon Ron Mark welcomes the announcement of Provincial Growth Funding investment of $1.4 million to help secure the Wairarapa’s water supply. The funding boost will allow the Greater Wellington Regional Council (GWRC), and ...
    2 weeks ago
  • New Zealand First MP Mark Patterson selected as candidate for Taieri
    New Zealand First list MP Mark Patterson has been selected to represent the party in the newly formed Taieri electorate at the upcoming election. Mr Patterson, his wife Jude and two daughters farm sheep and beef at Lawrence and Waitahuna. He previously stood in the Clutha-Southland electorate however boundary changes ...
    2 weeks ago
  • Ground-breaking on NZ Post depot
    Hon Shane Jones, Associate Minister for State Owned Enterprises A new ‘super depot’ to be built for NZ Post in Wellington will create around 350 jobs during construction, Associate Minister for State Owned Enterprises Shane Jones says. Shane Jones today attended a ground-breaking and blessing ceremony for the parcel-processing depot ...
    2 weeks ago
  • Week That Was: Putting our economic plan into action
    Our strong economic management prior to COVID-19 - with surpluses, low debt and near-record-low unemployment - put us in a good position to weather the impact of the virus and start to rebuild our economy much earlier than many other countries. Now we're putting our plan to recover and rebuild ...
    2 weeks ago
  • Fleeing drivers hit new record-high yet again
    Darroch Ball MP, New Zealand First Spokesperson for Law and Order Recently released Police fleeing driver statistics have shown yet another increase in incidents with another record-high in the latest quarter. “This new quarterly record-high is the latest in a string of record-high numbers since 2014.  The data shows incidents ...
    2 weeks ago
  • Fletcher Tabuteau selected as candidate for Rotorua
    New Zealand First MP Fletcher Tabuteau is pleased to be confirmed today as the party’s candidate for the Rotorua electorate. Speaking at the Rotorua AGM for New Zealand First, Mr Tabuteau said this is an election that is incredibly important for the people of Rotorua. “The founding principles of New ...
    2 weeks ago
  • Greens call for Government office to address Rainbow issues following Human Rights Commission report
    The Human Rights Commission’s PRISM report on the issues impacting people based on their sexual orientation, gender identity and expression, and sex characteristics (SOGIESC) provides an excellent programme of work for future governments to follow, say the Greens. ...
    2 weeks ago
  • Winston Peters continues push for trans-Tasman travel as military take control of operations
    Foreign Affairs Minister Winston Peters said the trans-Tasman bubble had not been jeopardised after a border botch-up resulted in New Zealand having two active cases of COVID-19. On Friday, Mr Peters told RNZ's Morning Report he had heard from Australian Prime Minister Scott Morrison that borders for trans-Tasman travel would open by ...
    2 weeks ago
  • Winston Peters on the Government’s Covid-19 border blunder
    Deputy Prime Minister Winston Peters said today he was pleased the army was now running the quarantine and isolation process - up until now it has been the Ministry of Health. Peters told Newstalk ZB's Mike Hosking that the army knew how to introduce and follow protocols and instil discipline. ...
    2 weeks ago
  • New Zealand First’s Ron Mark confirms bid for the Wairarapa seat
    Hon Ron Mark, New Zealand First List MP based in the Wairarapa New Zealand First MP and Minister for Defence and Veteran’s Affairs Ron Mark has confirmed his bid for the Wairarapa seat.“The Coalition Government has done a lot of good work throughout the Wairarapa, but many constituents have told ...
    2 weeks ago
  • New Zealand First welcomes second tranche of candidates
    New Zealand First is pleased to release the names of its next tranche of candidates for the 2020 election. We’re proud to announce these hardworking New Zealanders that have put their hand up to fight for a commonsense and resilient future.Jamie Arbuckle – Kaikoura Mark Arneil – Christchurch Central Jackie ...
    2 weeks ago
  • Joint effort under way to repatriate stranded Vanuatu nationals
    Rt Hon Winston Peters, Deputy Prime Minister, Minister of Foreign Affairs Hon Ron Mark, Minister of Defence A massive joint effort between New Zealand Government agencies, employers, and the Vanuatu Government is underway to repatriate over 1000 Vanuatu nationals stranded in New Zealand, Foreign Affairs Minister Winston Peters and Defence Minister Ron ...
    2 weeks ago

  • Extended loan scheme keeps business afloat
    Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small Business Minister Stuart Nash says it will be ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • New investment creates over 2000 jobs to clean up waterways
    A package of 23 projects across the country will clean up waterways and deliver over 2000 jobs Prime Minister Jacinda Ardern and Environment Minister David Parker announced today. The $162 million dollar package will see 22 water clean-up projects put forward by local councils receiving $62 million and the Kaipara ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Speech to Labour Party Congress 2020
    Tena koutou katoa  Nga tangata whenua o tenei rohe o Pōneke, tena koutou Nau mai, haere mai ki te hui a tau mo te roopu reipa Ko tatou!  Ko to tatou mana!  Ko to tatou kaupapa kei te kokiri whakamua  Tena koutou, tena koutou, tena tatou katoa   Welcome. I ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Building a more sustainable construction sector
    A new programme, which sets a firm course for the Building and Construction sector to help reduce greenhouse gas emissions, has been announced by the Minister for Building and Construction Jenny Salesa. “A significant amount of New Zealand’s carbon emissions come from the building and construction sector.  If we’re serious ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • PGF funds tourism boost in Northland
    The Provincial Growth Fund is investing more than $7.5 million in Northland ventures to combat the economic impact of the COVID-19 virus, Deputy Prime Minister Winston Peters and Regional Economic Development Minister Shane Jones have announced. The Provincial Growth Fund (PGF) investment is going to the Northern Adventure Experience and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Four new projects announced as part of the biggest ever national school rebuild programme
    Prime Minister Jacinda Ardern and Education Minister Chris Hipkins today announced significant funding for Auckland’s Northcote College as part of the first wave of a new nationwide school redevelopment programme to upgrade schools over the next 10 years. The $48.5 million project brings the total investment in Northcote College to ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • COVID-19: Support to improve student attendance and wellbeing
    The Government has opened an urgent response fund to support schools and early learning services to get children and young people back on track after the Covid-19 lockdown. “While we are seeing improvements in attendance under Alert Level 1 Ministry of Education data shows that attendance rates in our schools ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Fast-track consenting law boosts jobs and economic recovery
    The law to boost the economic recovery from the impact of COVID-19 by speeding up resource consenting on selected projects has passed its second and third readings in the House today. “Accelerating nationwide projects and activities by government, iwi and the private sector will help deliver faster economic recovery and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Whanganui Port gets PGF boost
    Five port-related projects in Whanganui will receive a $26.75 million Provincial Growth Fund investment to support local economic recovery and create new opportunities for growth, Regional Economic Development Minister Shane Jones announced today. “This is a significant investment that will support the redevelopment of the Whanganui Port, a project governed ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • More support for Sarjeant Gallery
    Whanganui’s Sarjeant Gallery will receive an investment of up to $12 million administered by the Provincial Growth Fund to support its redevelopment, Regional Economic Development Minister Shane Jones announced today. The project is included in a $3 billion infrastructure pipeline announced by Finance Minister Grant Robertson and Shane Jones yesterday. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding for training and upskilling
    The Provincial Growth Fund is investing nearly $2.5 million into three Te Ara Mahi programmes to support Manawatū-Whanganui jobseekers and employees to quickly train and upskill, Regional Economic Development Minister Shane Jones announced today. “Up to 154 local people will be supported into employment within the first year by these ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Statement from the Minister of Health Dr David Clark
      This morning I have formally tendered my resignation as Minister of Health, which was accepted by the Prime Minister. Serving as Minister of Health has been an absolute privilege – particularly through these extraordinary last few months. It’s no secret that Health is a challenging portfolio. I have given ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Scholarship placements for agricultural emissions scientists doubles
    Scholarships for 57 early-career agricultural emissions scientists from 20 developing countries is another example of New Zealand’s international leadership in primary sector sustainability, says Agriculture Minister Damien O’Connor. Mr O’Connor, announcing the scholarships today, says hundreds of applications were received for this fourth round of the CLIFF-GRADS programme (Climate, Food ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding for Foxton regeneration
    A project to help rejuvenate the Horowhenua town of Foxton will receive a Provincial Growth Fund investment of $3.86 million, Regional Economic Development Minister Shane Jones announced today. “This funding for the Foxton Regeneration project will be used to make the well-known holiday town even more attractive for visitors and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Plan to improve protection of moa bones
    Moa bones and other sub-fossil remains of extinct species are set to have improved protection with proposals to prevent the trade in extinct species announced the Minister of Conservation Eugenie Sage today. “We have lost too many of our native species, but these lost species, such as moa, remain an ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Free lunches served up to thousands of school children in the South Island
    The Government’s free and healthy school lunches programme moves south for the first time creating jobs for around 30 people in Otago and Southland. “Eighteen schools with 3000 students are joining the programme – 11 have already begun serving lunches, and seven are preparing to start during Term 3. This is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Screen Sector recovery package protects jobs, boosts investment
    Thousands of Kiwi jobs and investment in New Zealand productions will be protected through a screen sector support package announced today by Associate Minister for Arts Culture and Heritage Carmel Sepuloni, Minister for Economic Development Phil Twyford and Minister for Broadcasting Kris Faafoi. The package also includes investment in broadcasting ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New fund to help save local events and jobs
    The Government has established a new $10 million fund for the domestic events sector to help save jobs and protect incomes as it recovers from the impacts of COVID-19, Minister of Economic Development Phil Twyford announced today. This funding from Budget 2020 follows talks with the event sector designed to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Bill to improve fuel market competition
    The Government has taken another step in its commitment to making sure New Zealanders get a fairer deal at the petrol pump with the introduction of legislation to improve competition in the retail fuel market, says Energy and Resources Minister Megan Woods. “The fuel market study that this Government ordered ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand joins global facility for pre-purchase of COVID-19 Vaccine
    New Zealand has joined a global initiative that aims to enable all countries to access a safe and effective Covid-19 vaccine, Foreign Affairs Minister Winston Peters announced today. The COVAX Facility was recently launched by Gavi, the Vaccine Alliance. The Alliance includes the World Health Organization, UNICEF, the World Bank ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Right to legal representation in Family Court restored today
    From today new legislation takes effect to both restore the right to legal representation at the start of a Care of Children (CoCA) dispute in the Family Court, and allow parties to those proceedings to access legal aid where eligible. During a visit to the Family Court in Auckland today, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Transitioning to a fully-qualified home-based ECE workforce
    Home-based early childhood education (ECE) subsidised by the government will transition to a fully qualified workforce by 2025 to ensure better and more consistent quality, Education Minister Chris Hipkins announced today. “Quality early learning helps provide children with a strong foundation for their future,” Chris Hipkins said. From 1 January ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Criminal Cases Review Commission gets to work
    The new Criminal Cases Review Commission | Te Kāhui Tātari Ture (CCRC) has started work and can now independently investigate claimed miscarriages of justice. “Even though we have appeal rights and safeguards against unsafe convictions, from time to time our justice system does get things wrong. The design of the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech by the Minister of Defence to the New Zealand Institute of International Affairs
    E ngā mana, e ngā reo, e ngā karangatanga maha, tēnā koutou Ki a koutou Te Āti Awa, Taranaki Whānui, Ngāti Toa Rangatira, ngā mana whenua o te rohe nei, tēnā koutou Ko Te Whare Wānanga o Aotearoa ki ngā take o te Ao (NZIIA), Ko te Rōpū Tohu Tono ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Six months with baby and $20 more a week for new parents
    The Government’s increase to paid parental leave kicks in today with another 4 weeks taking New Zealand up to a full 6 months (26 weeks, up from 22 weeks) leave for new parents, and the maximum weekly payment will increase by $20pw, Workplace Relations and Safety Minister Iain Lees-Galloway says. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Infrastructure investment to create jobs, kick-start COVID rebuild
    A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister Shane Jones today outlined how the $3 billion infrastructure fund in the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Statement on passage of national security law for Hong Kong
    Foreign Affairs Minister Winston Peters today expressed the New Zealand Government’s deep disappointment at the passage by China’s National People’s Congress Standing Committee of a national security law for Hong Kong. “New Zealand has consistently emphasised its serious concern about the imposition of this legislation on Hong Kong without inclusive ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • July 1 marks progress for workers, families
    More jobs and more family time with newborns are the centrepiece of a suite of Government initiatives coming into effect today. July 1 is a milestone day for the Government as a host of key policies take effect, demonstrating the critical areas where progress has been made. “The Coalition Government ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Auckland water consent referred to Board of Inquiry
    Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses.  The call-in means the application has been referred ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Zealand to host virtual APEC in 2021
    Foreign Affairs Minister Winston Peters and Trade and Export Growth Minister David Parker announced today that New Zealand’s hosting of APEC in 2021 will go ahead using virtual digital platforms. Mr Peters said the global disruption caused by COVID-19, including resultant border restrictions, had been the major factor in the ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Matakana Link Road construction kicks off and drives jobs
    The start of construction on a new link road between Matakana Road and State Highway 1 will create jobs and support the significant population growth expected in the Warkworth area, Transport Minister Phil Twyford and Mayor Phil Goff announced today. Transport Minister Phil Twyford said construction of the Matakana Link ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • PPE supplies secured as COVID-19 response focuses on border
    The Government is prioritising its latest investment in PPE for frontline health workers, including staff at managed isolation and quarantine facilities, Health Minister David Clark says. “With no community transmission of COVID-19 our response now has a firm focus on keeping our border safe and secure. “We must ensure that ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • PGF funding for Parihaka settlement
    The Parihaka Papakāinga Trust in Taranaki will receive up to $14 million for a new visitor centre and other improvements at the historic settlement that will boost the local economy and provide much-needed jobs, Regional Economic Development Minister Shane Jones and Minister for Treaty of Waitangi Negotiations Andrew Little have ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Protections for workers in triangular employment
    Protections for workers who are employees of one employer but working under the direction of another business or organisation have come into force, closing a gap in legislation that  made the personal grievance process inaccessible for some workers, says Workplace Relations Minister Iain Lees-Galloway. “This Government is working hard to ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government strengthens managed isolation system
    A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify and understand current and emerging risks to ensure the end-to-end ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Whakatāne to go predator free with Government backing Ngāti Awa led efforts
    The important brown kiwi habitat around Whakatāne will receive added protection through an Iwi-led predator free project announced by Minister of Conservation Eugenie Sage and Under Secretary for Regional Economic Development Fletcher Tabuteau. “The Government is investing nearly $5 million into Te Rūnanga o Ngāti Awa’s environmental projects with $2.5 ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Growing Goodwood: Expanding wood waste recycling plant in Bay of Plenty, Waikato
    An extra 4,000 tonnes of offcuts and scraps of untreated wood per year will soon be able to be recycled into useful products such as horticultural and garden mulch, playground safety surfacing and animal bedding as a result of a $660,000 investment from the Waste Minimisation Fund, Associate Environment Minister ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Scott Watson’s convictions to be referred to Court of Appeal
    The Governor-General has referred Scott Watson’s convictions for murder back to the Court of Appeal, Justice Minister Andrew Little announced today. Mr Watson was convicted in 1999 of the murders of Ben Smart and Olivia Hope. His appeal to the Court of Appeal in 2000 was unsuccessful, as was his ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Protecting Kiwis with stronger financial supervision
    A new five-year funding agreement for the Reserve Bank will mean it can boost its work to protect New Zealanders’ finances, Finance Minister Grant Robertson says. “New Zealand has a strong and stable financial system. Financial stability is an area that we are not prepared to cut corners for, particularly ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Forgotten funds and missing money
    A law change has been introduced to make it easier for forgotten funds in institutional accounts to be returned more easily to their rightful owners. Revenue Minister Stuart Nash has introduced an amendment to the Unclaimed Money Act 1971. It will update the rules controlling forgotten sums of money held ...
    BeehiveBy beehive.govt.nz
    1 week ago