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 ”

  • Comments are now closed

  1. northshoredoc 1
    9 October 2013 at 11:12 am

    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
      9 October 2013 at 12:08 pm

      Gandalf??

    • Puckish Rogue 1.2
      9 October 2013 at 12:12 pm

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

      • Tracey 1.2.1
        9 October 2013 at 12:39 pm

        Germany

        • Puckish Rogue 1.2.1.1
          9 October 2013 at 2:26 pm

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

          • Pascal's bookie 1.2.1.1.1
            9 October 2013 at 2:52 pm

            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
              9 October 2013 at 3:03 pm

              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
              9 October 2013 at 4:02 pm

              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 …
                9 October 2013 at 7:37 pm

                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 …
                9 October 2013 at 8:17 pm

                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
            9 October 2013 at 2:59 pm

            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
              9 October 2013 at 7:29 pm

              “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
    9 October 2013 at 11:28 am

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

  3. Saarbo 3
    9 October 2013 at 11:31 am

    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
    9 October 2013 at 11:46 am

    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
      9 October 2013 at 12:26 pm

      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. travellerev 5
    9 October 2013 at 11:52 am

    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
      9 October 2013 at 12:15 pm

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

      There’s nothing inept about it.

    • SpaceMonkey 5.2
      9 October 2013 at 12:22 pm

      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
    9 October 2013 at 12:11 pm

    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
      9 October 2013 at 12:24 pm

      And if my aunt had bollocks…

      • infused 6.1.1
        9 October 2013 at 12:26 pm

        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
          9 October 2013 at 12:35 pm

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

        • Tracey 6.1.1.2
          9 October 2013 at 12:44 pm

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

          • infused 6.1.1.2.1
            9 October 2013 at 2:46 pm

            He wasn’t in debt.

            • felix 6.1.1.2.1.1
              9 October 2013 at 3:12 pm

              lolz

              • Tracey …
                9 October 2013 at 3:15 pm

                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
              9 October 2013 at 3:13 pm

              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
      9 October 2013 at 12:42 pm

      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
      9 October 2013 at 12:47 pm

      That’s my feeling too, infused.

      • Tracey 6.3.1
        9 October 2013 at 12:49 pm

        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
      9 October 2013 at 1:46 pm

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

  7. Rogue Trooper 7
    9 October 2013 at 12:19 pm

    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
    9 October 2013 at 12:28 pm

    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
      9 October 2013 at 12:37 pm

      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
        9 October 2013 at 12:58 pm

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

        • Tracey 8.1.1.1
          9 October 2013 at 1:07 pm

          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
            9 October 2013 at 1:30 pm

            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
              10 October 2013 at 2:03 pm

              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
          9 October 2013 at 1:28 pm

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

    • Tracey 8.2
      9 October 2013 at 12:45 pm

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

  9. newsense 9
    9 October 2013 at 4:29 pm

    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
    9 October 2013 at 6:00 pm

    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
      9 October 2013 at 6:03 pm

      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
        9 October 2013 at 6:09 pm

        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
        9 October 2013 at 7:23 pm

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

  11. Ad 11
    9 October 2013 at 7:14 pm

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

  12. tricldrown 12
    10 October 2013 at 9:22 am

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

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    Policymakers rarely wish to make plain or visible their desire to dismantle environmental policy, least of all to the young. Photo: Lynn GrievesonTL;DR: Here’s the top five news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent ...
    The KakaBy Bernard Hickey
    1 day ago

  • Nicola's Salad Days.
    I like to keep an eye on what’s happening in places like the UK, the US, and over the ditch with our good mates the Aussies. Let’s call them AUKUS, for want of a better collective term. More on that in a bit.It used to be, not long ago, that ...
    Nick’s KōreroBy Nick Rockel
    1 day ago

  • Study sees climate change baking in 19% lower global income by 2050
    TL;DR: The global economy will be one fifth smaller than it would have otherwise been in 2050 as a result of climate damage, according to a new study by the Potsdam Institute for Climate Impact Research (PIK) and published in the journal Nature. (See more detail and analysis below, and ...
    The KakaBy Bernard Hickey
    1 day ago

  • Weekly Roundup 19-April-2024
    It’s Friday again. Here’s some of the things that caught our attention this week. This Week on Greater Auckland On Tuesday Matt covered at the government looking into a long tunnel for Wellington. On Wednesday we ran a post from Oscar Simms on some lessons from Texas. AT’s ...
    Greater AucklandBy Matt L
    1 day ago

  • Jack Vowles: Stop the panic – we’ve been here before
    New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’.  The data is from February this ...
    Democracy ProjectBy bryce.edwards
    2 days ago

  • Clearing up confusion (or trying to)
    Foreign Minister Winston Peters is understood to be planning a major speech within the next fortnight to clear up the confusion over whether or not New Zealand might join the AUKUS submarine project. So far, there have been conflicting signals from the Government. RNZ reported the Prime Minister yesterday in ...
    PolitikBy Richard Harman
    2 days ago

  • How to Retrieve Deleted Call Log iPhone Without Computer
    How to Retrieve Deleted Call Log on iPhone Without a Computer: A Step–by–Step Guide Losing your iPhone call history can be frustrating, especially when you need to find a specific number or recall an important conversation. But before you panic, know that there are ways to retrieve deleted call logs on your iPhone, even without a computer. This guide will explore various methods, ranging from simple checks to utilizing iCloud backups and third–party applications. So, let‘s dive in and recover those lost calls! 1. Check Recently Deleted Folder: Apple understands that accidental deletions happen. That‘s why they introduced the “Recently Deleted“ folder for various apps, including the Phone app. This folder acts as a safety net, storing deleted call logs for up to 30 days before permanently erasing them. Here‘s how to check it: Open the Phone app on your iPhone. Tap on the “Recents“ tab at the bottom. Scroll to the top and tap on “Edit“. Select “Show Recently Deleted“. Browse the list to find the call logs you want to recover. Tap on the desired call log and choose “Recover“ to restore it to your call history. 2. Restore from iCloud Backup: If you regularly back up your iPhone to iCloud, you might be able to retrieve your deleted call log from a previous backup. However, keep in mind that this process will restore your entire phone to the state it was in at the time of the backup, potentially erasing any data added since then. Here‘s how to restore from an iCloud backup: Go to Settings > General > Reset. Choose “Erase All Content and Settings“. Follow the on–screen instructions. Your iPhone will restart and show the initial setup screen. Choose “Restore from iCloud Backup“ during the setup process. Select the relevant backup that contains your deleted call log. Wait for the restoration process to complete. 3. Explore Third–Party Apps (with Caution): ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Factory Reset iPhone without Computer: A Comprehensive Guide to Restoring your Device
    Life throws curveballs, and sometimes, those curveballs necessitate wiping your iPhone clean and starting anew. Whether you’re facing persistent software glitches, preparing to sell your device, or simply wanting a fresh start, knowing how to factory reset iPhone without a computer is a valuable skill. While using a computer with ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Call Someone on a Computer: A Guide to Voice and Video Communication in the Digital Age
    Gone are the days when communication was limited to landline phones and physical proximity. Today, computers have become powerful tools for connecting with people across the globe through voice and video calls. But with a plethora of applications and methods available, how to call someone on a computer might seem ...
    Gareth’s WorldBy admin
    2 days ago

  • Skeptical Science New Research for Week #16 2024
    Open access notables Glacial isostatic adjustment reduces past and future Arctic subsea permafrost, Creel et al., Nature Communications: Sea-level rise submerges terrestrial permafrost in the Arctic, turning it into subsea permafrost. Subsea permafrost underlies ~ 1.8 million km2 of Arctic continental shelf, with thicknesses in places exceeding 700 m. Sea-level variations over glacial-interglacial cycles control ...
    Skeptical Science
    2 days ago

  • Where on a Computer is the Operating System Generally Stored? Delving into the Digital Home of your ...
    The operating system (OS) is the heart and soul of a computer, orchestrating every action and interaction between hardware and software. But have you ever wondered where on a computer is the operating system generally stored? The answer lies in the intricate dance between hardware and software components, particularly within ...
    Gareth’s WorldBy admin
    2 days ago

  • How Many Watts Does a Laptop Use? Understanding Power Consumption and Efficiency
    Laptops have become essential tools for work, entertainment, and communication, offering portability and functionality. However, with rising energy costs and growing environmental concerns, understanding a laptop’s power consumption is more important than ever. So, how many watts does a laptop use? The answer, unfortunately, isn’t straightforward. It depends on several ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Screen Record on a Dell Laptop A Guide to Capturing Your Screen with Ease
    Screen recording has become an essential tool for various purposes, such as creating tutorials, capturing gameplay footage, recording online meetings, or sharing information with others. Fortunately, Dell laptops offer several built-in and external options for screen recording, catering to different needs and preferences. This guide will explore various methods on ...
    Gareth’s WorldBy admin
    2 days ago

  • How Much Does it Cost to Fix a Laptop Screen? Navigating Repair Options and Costs
    A cracked or damaged laptop screen can be a frustrating experience, impacting productivity and enjoyment. Fortunately, laptop screen repair is a common service offered by various repair shops and technicians. However, the cost of fixing a laptop screen can vary significantly depending on several factors. This article delves into the ...
    Gareth’s WorldBy admin
    2 days ago

  • How Long Do Gaming Laptops Last? Demystifying Lifespan and Maximizing Longevity
    Gaming laptops represent a significant investment for passionate gamers, offering portability and powerful performance for immersive gaming experiences. However, a common concern among potential buyers is their lifespan. Unlike desktop PCs, which allow for easier component upgrades, gaming laptops have inherent limitations due to their compact and integrated design. This ...
    Gareth’s WorldBy admin
    2 days ago

  • Climate Change: Turning the tide
    The annual inventory report of New Zealand's greenhouse gas emissions has been released, showing that gross emissions have dropped for the third year in a row, to 78.4 million tons: All-told gross emissions have decreased by over 6 million tons since the Zero Carbon Act was passed in 2019. ...
    No Right TurnBy Idiot/Savant
    2 days ago

  • How to Unlock Your Computer A Comprehensive Guide to Regaining Access
    Experiencing a locked computer can be frustrating, especially when you need access to your files and applications urgently. The methods to unlock your computer will vary depending on the specific situation and the type of lock you encounter. This guide will explore various scenarios and provide step-by-step instructions on how ...
    Gareth’s WorldBy admin
    2 days ago

  • Faxing from Your Computer A Modern Guide to Sending Documents Digitally
    While the world has largely transitioned to digital communication, faxing still holds relevance in certain industries and situations. Fortunately, gone are the days of bulky fax machines and dedicated phone lines. Today, you can easily send and receive faxes directly from your computer, offering a convenient and efficient way to ...
    Gareth’s WorldBy admin
    2 days ago

  • Protecting Your Home Computer A Guide to Cyber Awareness
    In our increasingly digital world, home computers have become essential tools for work, communication, entertainment, and more. However, this increased reliance on technology also exposes us to various cyber threats. Understanding these threats and taking proactive steps to protect your home computer is crucial for safeguarding your personal information, finances, ...
    Gareth’s WorldBy admin
    2 days ago

  • Server-Based Computing Powering the Modern Digital Landscape
    In the ever-evolving world of technology, server-based computing has emerged as a cornerstone of modern digital infrastructure. This article delves into the concept of server-based computing, exploring its various forms, benefits, challenges, and its impact on the way we work and interact with technology. Understanding Server-Based Computing: At its core, ...
    Gareth’s WorldBy admin
    2 days ago

  • Vroom vroom go the big red trucks
    The absolute brass neck of this guy.We want more medical doctors, not more spin doctors, Luxon was saying a couple of weeks ago, and now we’re told the guy has seven salaried adults on TikTok duty. Sorry, doing social media. The absolute brass neck of it. The irony that the ...
    More Than A FeildingBy David Slack
    2 days ago

  • Jones finds $410,000 to help the government muscle in on a spat project
    Buzz from the Beehive Oceans and Fisheries Minister Shane Jones relishes spatting and eagerly takes issue with environmentalists who criticise his enthusiasm for resource development. He relishes helping the fishing industry too. And so today, while the media are making much of the latest culling in the public service to ...
    Point of OrderBy Bob Edlin
    2 days ago

  • Again, hate crimes are not necessarily terrorism.
    Having written, taught and worked for the US government on issues involving unconventional warfare and terrorism for 30-odd years, two things irritate me the most when the subject is discussed in public. The first is the Johnny-come-lately academics-turned-media commentators who … Continue reading → ...
    KiwipoliticoBy Pablo
    2 days ago

  • Despair – construction consenting edition
    Eric Crampton writes – Kainga Ora is the government’s house building agency. It’s been building a lot of social housing. Kainga Ora has its own (but independent) consenting authority, Consentium. It’s a neat idea. Rather than have to deal with building consents across each different territorial authority, Kainga Ora ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Coalition promises – will the Govt keep the commitment to keep Kiwis equal before the law?
    Muriel Newman writes – The Coalition Government says it is moving with speed to deliver campaign promises and reverse the damage done by Labour. One of their key commitments is to “defend the principle that New Zealanders are equal before the law.” To achieve this, they have pledged they “will not advance ...
    Point of OrderBy poonzteam5443
    2 days ago

  • An impermanent public service is a guarantee of very little else but failure
    Chris Trotter writes –  The absence of anything resembling a fightback from the public servants currently losing their jobs is interesting. State-sector workers’ collective fatalism in the face of Coalition cutbacks indicates a surprisingly broad acceptance of impermanence in the workplace. Fifty years ago, lay-offs in the thousands ...
    Point of OrderBy poonzteam5443
    2 days ago

  • What happens after the war – Mariupol
    Mariupol, on the Azov Sea coast, was one of the first cities to suffer almost complete destruction after the start of the Ukraine War started in late February 2022. We remember the scenes of absolute destruction of the houses and city structures. The deaths of innocent civilians – many of ...
    Open ParachuteBy Ken
    2 days ago

  • Babies and benefits – no good news
    Lindsay Mitchell writes – Ten years ago, I wrote the following in a Listener column: Every year around one in five new-born babies will be reliant on their caregivers benefit by Christmas. This pattern has persisted from at least 1993. For Maori the number jumps to over one in three.  ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Should the RBNZ be looking through climate inflation?
    Climate change is expected to generate more and more extreme events, delivering a sort of structural shock to inflation that central banks will have to react to as if they were short-term cyclical issues. Photo: Lynn Grieveson / The KākāMy pick of the six newsey things to know from Aotearoa’s ...
    The KakaBy Bernard Hickey
    2 days ago

  • Bernard's pick 'n' mix of the news links
    The top six news links I’ve seen elsewhere in the last 24 hours, as of 9:16 am on Thursday, April 18 are:Housing: Tauranga residents living in boats, vans RNZ Checkpoint Louise TernouthHousing: Waikato councillor says wastewater plant issues could hold up Sleepyhead building a massive company town Waikato Times Stephen ...
    The KakaBy Bernard Hickey
    2 days ago

  • Gordon Campbell on the public sector carnage, and misogyny as terrorism
    It’s a simple deal. We pay taxes in order to finance the social services we want and need. The carnage now occurring across the public sector though, is breaking that contract. Over 3,000 jobs have been lost so far. Many are in crucial areas like Education where the impact of ...
    Gordon CampbellBy lyndon
    2 days ago

  • Meeting the Master Baiters
    Hi,A friend had their 40th over the weekend and decided to theme it after Curb Your Enthusiasm fashion icon Susie Greene. Captured in my tiny kitchen before I left the house, I ending up evoking a mix of old lesbian and Hillary Clinton — both unintentional.Me vs Hillary ClintonIf you’re ...
    David FarrierBy David Farrier
    3 days ago

  • How extreme was the Earth's temperature in 2023
    This is a re-post from Andrew Dessler at the Climate Brink blog In 2023, the Earth reached temperature levels unprecedented in modern times. Given that, it’s reasonable to ask: What’s going on? There’s been lots of discussions by scientists about whether this is just the normal progression of global warming or if something ...
    Skeptical Science
    3 days ago

  • Backbone, revisited
    The schools are on holiday and the sun is shining in the seaside village and all day long I have been seeing bunches of bikes; Mums, Dads, teens and toddlers chattering, laughing, happy, having a bloody great time together. Cheers, AT, for the bits of lane you’ve added lately around the ...
    More Than A FeildingBy David Slack
    3 days ago

  • Ministers are not above the law
    Today in our National-led authoritarian nightmare: Shane Jones thinks Ministers should be above the law: New Zealand First MP Shane Jones is accusing the Waitangi Tribunal of over-stepping its mandate by subpoenaing a minister for its urgent hearing on the Oranga Tamariki claim. The tribunal is looking into the ...
    No Right TurnBy Idiot/Savant
    3 days ago

  • What’s the outfit you can hear going down the gurgler? Probably it’s David Parker’s Oceans Sec...
    Buzz from the Beehive Point  of Order first heard of the Oceans Secretariat in June 2021, when David Parker (remember him?) announced a multi-agency approach to protecting New Zealand’s marine ecosystems and fisheries. Parker (holding the Environment, and Oceans and Fisheries portfolios) broke the news at the annual Forest & ...
    Point of OrderBy Bob Edlin
    3 days ago

  • PM’s South East Asia mission does the business
    Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
    BeehiveBy beehive.govt.nz
    10 hours ago

  • $41m to support clean energy in South East Asia
    New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Minister releases Fast-track stakeholder list
    The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Judicial appointments announced
    Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Education Minister heads to major teaching summit in Singapore
    Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa.  The summit is co-hosted ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Value of stopbank project proven during cyclone
    A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Anzac commemorations, Türkiye relationship focus of visit
    Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul.    “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
    BeehiveBy beehive.govt.nz
    1 day 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
    1 day 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
    2 days 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
    2 days 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
    2 days 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
    2 days 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
    2 days 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
    2 days 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
    2 days 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
    3 days 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
    3 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
    3 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
    3 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
    3 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
    3 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
    4 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
    4 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
    4 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
    5 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
    5 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
    5 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
    5 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
    5 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
    5 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
    5 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
    6 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
    1 week 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
    1 week 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
    1 week 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
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  • NZ welcomes Australian Governor-General
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