Selling asset sales to [insert region here]

Written By: - Date published: 11:09 am, February 13th, 2012 - 19 comments
Categories: national, privatisation, spin - Tags:

Not everyone in the Beehive is thrilled that National is throwing away its chance at a third term for the sake of asset sales which make no sense, economically or politically. The Standard has obtained a copy of the generic column that National MPs are meant to add some ‘local flavour’ to and have published in their regional papers. It shows how cynical and shallow their position really is.

Here’s the column:

 


[ the date says 2011 but it’s a typo. It was sent out last week]

Should I bother rebutting the points? We’ve done this all before and they seem to have no new lines … OK, what the hell.

‘National is working hard at lifting national savings’

Actually, ‘national savings’ as measured by the country’s net international investment position is projected to worsen from $137b to $197b between 2011 and 2016. Selling the profit streams of highly profitable companies offshore will only worsen this trend.

We’re extending the mixed ownership model – under which Air New Zealand currently operates …

Air New Zealand had to be majority purchased by the government to save it from collapse, which would have led to the loss of regional flights in New Zealand. That was the government buying into a failing privatised company, which is far different from the government selling shares in highly successful publicly-owned companies.

Mixed ownership is a win-win for New Zealand

It’s easy to create ‘win-wins’ if you only count one side of the equation. Real life is more complicated. You’ll note there is no mention of the lost returns, which far exceed the government’s cost of borrowing.

New Zealanders will get to invest in big Kiwi companies

We already own these companies via our government. And why can’t the vaunted private sector provide these big companies to invest in? Why are the big companies on the stock exchange either ex-state assets or companies that got big thanks to sweetheart arrangements with the government (like Fletchers, which built the first state houses).

We would rather pay dividends to mum and dad investors than interest on higher debt to foreigners.

Whoa, a xenophobic argument for asset sales – someone call Fran O’Sullivan!

First off, the Nats’ own estimate is that 10-15% of the companies, 20-30% of what is sold, will end up in foreign hands and there’s nothing to stop that number being higher. Most of the shares bought domestically will be grabbed by institutional investors. Second, mum and dad already own these companies and most can’t afford $4000 per household to pay again for what we already own – and if we all do buy our shares in our companies, isn’t that just a poll tax? Third, it makes sense to take on a little extra debt when the alternative is selling assets that have a higher rate of return than the cost of capital, especially when we’re talking $6 billion and the government had already borrowed $50 billion- it’s drop in the ocean stuff. Anyway,we end up with higher debt when we sell high returning assets offshore and have to borrow to fill the hole caused by the foregone dividends.

The government gets to free up $5-$7 billion

Actually the net revenue could be a lot less. Key himself reckons some of the valuations are too high. Take away bankers’ fees and incentives for ‘mum and dad’ to invest and you see why Treasury has booked only $3.86 billion. NSW sold part of its electricity assets recently (and is about to sell the rest) and there’s questions over whether it pocketed any net revenue.

… to buy new assets such as schools and hospitals

Actually, the revenue is booked to fund the normal new capital spending allocation, which National has cut in half and renamed the Future Investment Fund. It won’t buy new schools the billion over five years for education is just $250 per year per school kid.

There’s no doubt about these companies remaining overwhelmingly in New Zealand control.

Minority shareholders have rights, including the right to sure if the company doesn’t act in their interests, ie to maximise profits. Currently, SOEs have to consider the impact on the community of their actions, after privatisation they won’t.

New Zealanders … will be at the front of the queue

National still had no policy to achieve this and any such policy would be a costly subsidy for the few ‘mum and dad’s who can afford the shares from the rest of us.

… Have a strong appetite for shares. Kiwi investors have about $100 billion during in term deposits.

Um. That shows we don’t have a strong appetite for shares. In fact, the business community is always complaining that we don’t invest enough in shares to make them big profits playing the stockmarket.

Strengthen the New Zealand economy.

Treasury says productivity gains will be marginal at best. And we acutely end up poorer because our profits flow offshore and we have to borrow to fill the gap.

Either National needs to magic up some stronger arguments, or it needs to listen to its staffers and drop this policy before it gets them slaughtered in 2014.

19 comments on “Selling asset sales to [insert region here] ”

  • Comments are now closed

  1. Karl Sinclair 1
    13 February 2012 at 11:43 am

    Could this historic document highlight the root cause of what is happening in NZ today…

    At least this guy was ‘honest’

    So long, suckers. Millionaire hedge fund boss thanks ‘idiot’ traders and retires at 37:

    http://www.guardian.co.uk/business/2008/oct/18/banking-useconomy

    The boss of a successful US hedge fund has quit the industry with an extraordinary farewell letter dismissing his rivals as over-privileged “idiots” and thanking “stupid” traders for making him rich.

    Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say good- bye.
    Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, “What I have learned about the hedge fund business is that I hate it.” I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.
    There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list of those deserving thanks know who they are.
    I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such as ma l l war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point? They will all be forgotten in fifty years anyway. Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life.
    So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don’t worry about my employees, they were always employed by Mr. Springer’s company and only one (who has been well-rewarded) will lose his job.
    I haveno interest in any deals in which anyone would like me to participate. I truly do not have a
    strong opinion about any market right now, other than to say that things will continue to get worse for
    some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and
    waiting is how we made money from the subprime debacle. I now have time to repair my health,
    which was destroyed by the stress I layered onto myself over the past two years, as well as my
    entire life – where I had to compete for spaces in universities and graduate schools, jobs and
    assets under management – with those who had all the advantages (rich parents) that I did not. May
    meritocracy be part of a new form of government, which needs to be established.
    On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man’s interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft’s near monopoly. I believe there is an answer, but for now the system is clearly broken.

    • Bored 1.1
      13 February 2012 at 2:33 pm

      Truly beautiful. hope he sent a copy to Max Keiser and agrees to be interviewed. Just love that Russian TV allows Max to blow the cover of the Wall St banksters (not to mention how their world news is at total variance to CNN).

    • muzza 1.2
      13 February 2012 at 3:33 pm

      Classic for sure…not sure about the reference to Soros though

      “George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man’s interest, ”

      I guess he is not clear on where Soros fits into the scheme of things….

      An entertaining read, even if it meant the writer made a fortune at others expense!

  2. johnm 2
    13 February 2012 at 11:46 am

    despite National’s rubbish agenda the self interested sheople who believe the likes of Shonkey look after their interests will vote him in again. young people should leave for Australia.

    All the logic and reasoning refuting National just doesn’t influence their supporters who vote automatically for their class interest not for the greater good of the commonality of all New Zealanders.

    We are a divided society between those comfortable well orf and/or rich and poorer NZ on low wages and benefits slaves to the landlord accommodation economy and not least 250.000 children living in Poverty.

    This latter underclass don’t exist to the well orf!

    we came here to not be Prisoners of the Motherland POMS. But we have now recreated here the conditions of that wretched land, our early reformers and social leaders would be turning over in their graves at what is happening here now with our Playboy, I like being liked, PM. When is his next Hawaiin holiday due?

    • Blighty 2.1
      13 February 2012 at 12:02 pm

      “When is his next Hawaiin holiday due?”

      He’s looking like he wished he’d never come back.

  3. vto 3
    13 February 2012 at 12:06 pm

    I suspect the sale of assets has now become about saving face for these fools.

    • tc 3.1
      13 February 2012 at 12:41 pm

      Yup vto.
      Alot like many business who pick the wrong system, throw millions at it, doesn’t cut it everyone hates it yet the ego’s behind the decision can’t make the tough call as that would be admitting they got it wrong so they plough on saddling the business with a poorly implemented costly ‘not fit for purpose’ system.

      Reminds me of that line Tua’s opponent had years back….’you gotta have alot more than one punch and a bad haircut…..’ replace bad haircut with smile and wave and here we are.

  4. Bored 4
    13 February 2012 at 2:35 pm

    Key is just doing as he is told by the international banksters. To stay in power he needs to bribe the electorate (tax cuts etc), to get the money to deliver he has to talk to the banksters….

  5. muzza 5
    13 February 2012 at 3:20 pm

    Eddie that document is a re-send of one they did last year for sure….

    Nikki Kaye used much of it in a cut an paste email response!

    Many simple people will fall for the shit in the document, there are so many flaws in
    there it is beyond rediculous.

    .

    • muzza 5.2
      13 February 2012 at 3:50 pm

      Below is an extract of Nikki Kayes response to my email which posed many parts, one about asset sales. Note the cut an paste from Nikki, the tell tale symbols, are as they were in her reponse, I had to laugh at the effort! The reply was back end of last year…compare!

      Thank you for your email. I appreciate you taking the time to update me with your concerns.

      Â

      Economic management

      Â

      The last three years have been tough for New Zealand with the global financial crisis, the Canterbury earthquakes, Pike River and Rena. I take on board your comments, however I believe that National is working hard to build a more competitive economy based on exports and higher savings, helping create sustainable, higher-paying jobs.

      Â

      We’ve already taken a number of steps – including getting on top of debt and returning to surplus faster. We’ve undertaken the largest tax reform in 25 years, invested heavily in productive infrastructure, been responsible economic managers, and made the public sector more efficient.

      Â

      For the latest information about Treasury’s Pre-election Economic and Fiscal Update for 2011 please visit http://www.beehive.govt.nz/release/government-track-201415-surplus and http://www.treasury.govt.nz/budget/forecasts/prefu2011.

      Â

      Mixed ownership model

      Â

      If re-elected in November, we plan to extend the mixed-ownership model to four energy state-owned enterprises and reduce the Government’s shareholding in Air New Zealand, while keeping a majority stake in all of those companies.Â

      Â

      The mixed-ownership model is another step in building a faster-growing economy and reducing our heavy reliance on debt borrowed from foreigners.

      Â

      It’s a win-win because it gives New Zealanders more investment opportunities, and helps to grow our assets. New Zealanders get to invest in good Kiwi companies and the Government gets to free up $5 billion to $7 billion – about 3 per cent of its assets – over three to five years to buy new assets such as schools, hospitals, and ultra-fast broadband, without having to borrow from overseas lenders. We would rather pay dividends to New Zealanders than interest on higher debt to foreigners.

      Importantly, the Government will keep at least 51 per cent control of these five state-owned companies – the same model used successfully for Air New Zealand and the Port of Tauranga for many years.

      The Government will use the proceeds from the mixed-ownership model to set up a Future Investment Fund of up to $7 billion to pay for new infrastructure without extra borrowing. Through the Fund the public can be assured the proceeds of mixed ownership are not being lost. They will be used to buy new assets for New Zealanders, and to upgrade and modernise our existing assets.

      To ensure the widest possible spread of shareholders, we intend setting a maximum shareholding cap – likely to be 10 per cent.

      There is no doubt about these companies will remain overwhelmingly in New Zealand control. We expect that New Zealanders will own at least 85 to 90 per cent of these companies. The Government will keep at least 51 per cent control on behalf of all New Zealanders and then other New Zealanders will be at the front of the queue for shares.. Kiwi investors have about $100 billion sitting on the sidelines in term deposits. And there are tens of billions of dollars invested by other New Zealand investors from KiwiSaver providers to the NZ Super Fund, ACC, Government Superannuation Fund, and iwi.

      Â

      National’s mixed-ownership model gives Kiwis a fantastic opportunity to invest in this country’s future, particularly with the shine having come off investment housing and finance companies.

      Â

      It’s a smart policy that will strengthen the New Zealand economy. A stronger economy is the only way we will create jobs, boost incomes, and provide the high-quality public services you and your family need.

      Â

      How will we ensure fair value is achieved?

      The first thing to remember is that the Government is under no pressure to sell minority stakes in these companies by a certain deadline. In addition, it is not compelled to sell all 49 per cent of each company in one tranche. If re-elected, the Government will take market conditions and other factors into account – including the results of independent scoping studies of each company – before proceeding, to ensure that New Zealand taxpayers receive fair value.

      These companies have already been under a fair bit of market scrutiny and analysis, including published analyst reports – http://www.comu.govt.nz/publications/information-releases/valuation-reports/2010/ –  so both Government and the market already have well-formed ideas about value.

      Â

      Maintaining reasonable electricity prices

      Demand is growing steadily, and the available sources of new supply (essentially wind and geothermal generation) are inevitably more expensive than the largely hydro system we have at present. The current system is about ensuring that this new supply gets taken up with a timing and composition which balances what New Zealand can physically produce with current demand. We do believe that competition between both generators and retailers is helpful in ensuring this.

      Also, National implemented electricity sector reforms which have constrained price increases to 13 per cent in the past three years compared to 72 per cent price hike under the previous government.

  6. DH 6
    13 February 2012 at 4:31 pm

    The Air NZ claim really infuriates me, it’s such a brazen lie. The taxpayer bailed out a failed private company, it’s the complete opposite of these privatisations, and they think we’re all so stupid we can’t see that. It’s bad enough we had to bail out Air NZ, now they twist it into a justification for thieving our assets!

    The other big lie is that the SOEs will have access to more capital. If they did raise any capital the Govt would have to pony up 51% of it and I’d love to see them try & explain their way out of that one. What they really mean, but refuse to say out loud, is an increased share price will permit the SOEs to borrow more which isn’t raising capital at all. They’ll load them up with debt so they can pay out higher dividends and/or buy in to overseas ventures which will inevitably go titsup. Guess who will end up footing the bill for it.

    • tc 6.1
      13 February 2012 at 4:53 pm

      Also AirNZ is in a competitive environment whereas power generators are natural monopolies.

      So air NZ needs a commercial/private edge to keep it real whereas a bunch of strategically shaved chimps could manage a power generator as the engineers and maintenance crews keep the power ticking over, management just need to let them do their jobs by enabling them and not getting in the way.

      • DH 6.1.1
        13 February 2012 at 5:40 pm

        It’s the way they invert the truth that pisses me off. Air NZ can (possibly) be used as an example to show that public investment in a private company can be beneficial to the business. It does not, in any shape or form, show that private investment in a public company can be beneficial.

  8. Alma Rae 8
    13 February 2012 at 10:17 pm

    Love it. May you regain your health. No-one ever went broke overestimating the greed and stupidity of others – but I’m glad you stopped when you did. Please contact Max Keiser!

  9. s y d 9
    21 February 2012 at 12:37 pm

    These guys are so lazy…..but then the sun paper is a relentless cheerleader for Bridges and our long lost friend Bib Clarkson..so printed without question

    http://sunlive.co.nz/blogs/2574-back-to-beehive.html

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    Given the crackdown on wasteful government spending, it behooves me to point to a high profile example of spending by the Luxon government that looks like a big, fat waste of time and money. I’m talking about the deployment of NZDF personnel to support the US-led coalition in the Red ...
    WerewolfBy lyndon
    3 days ago
  • The Kākā’s Pick 'n' Mix for Wednesday, July 24

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:40 am on Wednesday, July 24 are:Deep Dive: Chipping away at the housing crisis, including my comments RNZ/Newsroom’s The DetailNews: Government softens on asset sales, ...
    The KakaBy Bernard Hickey
    3 days ago
  • LXR Takaanini

    As I reported about the city centre, Auckland’s rail network is also going through a difficult and disruptive period which is rapidly approaching a culmination, this will result in a significant upgrade to the whole network. Hallelujah. Also like the city centre this is an upgrade predicated on the City ...
    Greater AucklandBy Patrick Reynolds
    3 days ago
  • Four kilograms of pain

    Today, a 4 kilogram report will be delivered to Parliament. We know this is what the report of the Royal Commission of Inquiry into Abuse in State and Faith-based Care weighs, because our Prime Minister told us so.Some reporter had blindsided him by asking a question about something done by ...
    More Than A FeildingBy David Slack
    3 days ago
  • The Kākā’s Journal of Record for Wednesday, July 24

    TL;DR: As of 7:00 am on Wednesday, July 24, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:Beehive: Transport Minister Simeon Brown announced plans to use PPPs to fund, build and run a four-lane expressway between Auckland ...
    The KakaBy Bernard Hickey
    3 days ago
  • Luxon gets caught out

    NewstalkZB host Mike Hosking, who can usually be relied on to give Prime Minister Christopher Luxon an easy run, did not do so yesterday when he interviewed him about the HealthNZ deficit. Luxon is trying to use a deficit reported last year by HealthNZ as yet another example of the ...
    PolitikBy Richard Harman
    3 days ago
  • A worrying sign

    Back in January a StatsNZ employee gave a speech at Rātana on behalf of tangata whenua in which he insulted and criticised the government. The speech clearly violated the principle of a neutral public service, and StatsNZ started an investigation. Part of that was getting an external consultant to examine ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Are we fine with 47.9% home-ownership by 2048?

    Renting for life: Shared ownership initiatives are unlikely to slow the slide in home ownership by much. Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy today are:A Deloitte report for Westpac has projected Aotearoa’s home-ownership rate will ...
    The KakaBy Bernard Hickey
    4 days ago
  • Let's Win This

    You're broken down and tiredOf living life on a merry go roundAnd you can't find the fighterBut I see it in you so we gonna walk it outAnd move mountainsWe gonna walk it outAnd move mountainsAnd I'll rise upI'll rise like the dayI'll rise upI'll rise unafraidI'll rise upAnd I'll ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Waimahara: The Singing Spirit of Water

    There’s been a change in Myers Park. Down the steps from St. Kevin’s Arcade, past the grassy slopes, the children’s playground, the benches and that goat statue, there has been a transformation. The underpass for Mayoral Drive has gone from a barren, grey, concrete tunnel, to a place that thrums ...
    Greater AucklandBy Connor Sharp
    4 days ago
  • A major milestone: Global climate pollution may have just peaked

    This is a re-post from Yale Climate Connections Global society may have finally slammed on the brakes for climate-warming pollution released by human fossil fuel combustion. According to the Carbon Monitor Project, the total global climate pollution released between February and May 2024 declined slightly from the amount released during the same ...
    Skeptical Science
    4 days ago
  • The Kākā’s Pick 'n' Mix for Tuesday, July 23

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Tuesday, July 23 are:Deep Dive: Penlink: where tolling rhetoric meets reality BusinessDesk-$$$’s Oliver LewisScoop: Te Pūkenga plans for regional polytechs leak out ...
    The KakaBy Bernard Hickey
    4 days ago
  • The Kākā’s Journal of Record for Tuesday, July 23

    TL;DR: As of 6:00 am on Tuesday, July 23, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:Health: Shane Reti announced the Board of Te Whatu Ora- Health New Zealand was being replaced with Commissioner Lester Levy ...
    The KakaBy Bernard Hickey
    4 days ago
  • HealthNZ and Luxon at cross purposes over budget blowout

    Health NZ warned the Government at the end of March that it was running over Budget. But the reasons it gave were very different to those offered by the Prime Minister yesterday. Prime Minister Christopher Luxon blamed the “botched merger” of the 20 District Health Boards (DHBs) to create Health ...
    PolitikBy Richard Harman
    4 days ago
  • 2500-3000 more healthcare staff expected to be fired, as Shane Reti blames Labour for a budget defic...

    Long ReadKey Summary: Although National increased the health budget by $1.4 billion in May, they used an old funding model to project health system costs, and never bothered to update their pre-election numbers. They were told during the Health Select Committees earlier in the year their budget amount was deficient, ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • Might Kamala Harris be about to get a 'stardust' moment like Jacinda Ardern?

    As a momentous, historic weekend in US politics unfolded, analysts and commentators grasped for precedents and comparisons to help explain the significance and power of the choice Joe Biden had made. The 46th president had swept the Democratic party’s primaries but just over 100 days from the election had chosen ...
    PunditBy Tim Watkin
    5 days ago
  • Solutions Interview: Steven Hail on MMT & ecological economics

    TL;DR: I’m casting around for new ideas and ways of thinking about Aotearoa’s political economy to find a few solutions to our cascading and self-reinforcing housing, poverty and climate crises.Associate Professor runs an online masters degree in the economics of sustainability at Torrens University in Australia and is organising ...
    The KakaBy Steven Hail
    5 days ago
  • Reported back

    The Finance and Expenditure Committee has reported back on National's Local Government (Water Services Preliminary Arrangements) Bill. The bill sets up water for privatisation, and was introduced under urgency, then rammed through select committee with no time even for local councils to make a proper submission. Naturally, national's select committee ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Vandrad the Viking, Christopher Coombes, and Literary Archaeology

    Some years ago, I bought a book at Dunedin’s Regent Booksale for $1.50. As one does. Vandrad the Viking (1898), by J. Storer Clouston, is an obscure book these days – I cannot find a proper online review – but soon it was sitting on my shelf, gathering dust alongside ...
    A Phuulish FellowBy strda221
    5 days ago
  • Gordon Campbell On The Biden Withdrawal

    History is not on the side of the centre-left, when Democratic presidents fall behind in the polls and choose not to run for re-election. On both previous occasions in the past 75 years (Harry Truman in 1952, Lyndon Johnson in 1968) the Democrats proceeded to then lose the White House ...
    WerewolfBy lyndon
    5 days ago
  • Joe Biden's withdrawal puts the spotlight back on Kamala and the USA's complicated relatio...

    This is a free articleCoverageThis morning, US President Joe Biden announced his withdrawal from the Presidential race. And that is genuinely newsworthy. Thanks for your service, President Biden, and all the best to you and yours.However, the media in New Zealand, particularly the 1News nightly bulletin, has been breathlessly covering ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Why we have to challenge our national fiscal assumptions

    A homeless person’s camp beside a blocked-off slipped damage walkway in Freeman’s Bay: we are chasing our tail on our worsening and inter-related housing, poverty and climate crises. Photo: Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy ...
    The KakaBy Bernard Hickey
    5 days ago
  • Existential Crisis and Damaged Brains

    What has happened to it all?Crazy, some'd sayWhere is the life that I recognise?(Gone away)But I won't cry for yesterdayThere's an ordinary worldSomehow I have to findAnd as I try to make my wayTo the ordinary worldYesterday morning began as many others - what to write about today? I began ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • A speed limit is not a target, and yet…

    This is a guest post from longtime supporter Mr Plod, whose previous contributions include a proposal that Hamilton become New Zealand’s capital city, and that we should switch which side of the road we drive on. A recent Newsroom article, “Back to school for the Govt’s new speed limit policy“, ...
    Greater AucklandBy Guest Post
    5 days ago
  • The Kākā’s Pick 'n' Mix for Monday, July 22

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Monday, July 22 are:Today’s Must Read: Father and son live in a tent, and have done for four years, in a million ...
    The KakaBy Bernard Hickey
    5 days ago
  • The Kākā’s Journal of Record for Monday, July 22

    TL;DR: As of 7:00 am on Monday, July 22, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:US President Joe Biden announced via X this morning he would not stand for a second term.Multinational professional services firm ...
    The KakaBy Bernard Hickey
    5 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #29

    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, July 14, 2024 thru Sat, July 20, 2024. Story of the week As reflected by preponderance of coverage, our Story of the Week is Project 2025. Until now traveling ...
    Skeptical Science
    6 days ago
  • I'd like to share what I did this weekend

    This weekend, a friend pointed out someone who said they’d like to read my posts, but didn’t want to pay. And my first reaction was sympathy.I’ve already told folks that if they can’t comfortably subscribe, and would like to read, I’d be happy to offer free subscriptions. I don’t want ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • For the children – Why mere sentiment can be a misleading force in our lives, and lead to unex...

    National: The Party of ‘Law and Order’ IntroductionThis weekend, the Government formally kicked off one of their flagship policy programs: a military style boot camp that New Zealand has experimented with over the past 50 years. Cartoon credit: Guy BodyIt’s very popular with the National Party’s Law and Order image, ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • A friend in uncertain times

    Day one of the solo leg of my long journey home begins with my favourite sound: footfalls in an empty street. 5.00 am and it’s already light and already too warm, almost.If I can make the train that leaves Budapest later this hour I could be in Belgrade by nightfall; ...
    More Than A FeildingBy David Slack
    6 days ago
  • The Chaotic World of Male Diet Influencers

    Hi,We’ll get to the horrific world of male diet influencers (AKA Beefy Boys) shortly, but first you will be glad to know that since I sent out the Webworm explaining why the assassination attempt on Donald Trump was not a false flag operation, I’ve heard from a load of people ...
    David FarrierBy David Farrier
    6 days ago
  • It's Starting To Look A Lot Like… Y2K

    Do you remember Y2K, the threat that hung over humanity in the closing days of the twentieth century? Horror scenarios of planes falling from the sky, electronic payments failing and ATMs refusing to dispense cash. As for your VCR following instructions and recording your favourite show - forget about it.All ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Saturday Soliloquy for the week to July 20

    Climate Change Minister Simon Watts being questioned by The Kākā’s Bernard Hickey.TL;DR: My top six things to note around housing, climate and poverty in Aotearoa’s political economy in the week to July 20 were:1. A strategy that fails Zero Carbon Act & Paris targetsThe National-ACT-NZ First Coalition Government finally unveiled ...
    The KakaBy Bernard Hickey
    1 week ago
  • Pharmac Director, Climate Change Commissioner, Health NZ Directors – The latest to quit this m...

    Summary:As New Zealand loses at least 12 leaders in the public service space of health, climate, and pharmaceuticals, this month alone, directly in response to the Government’s policies and budget choices, what lies ahead may be darker than it appears. Tui examines some of those departures and draws a long ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Flooding Housing Policy

    The Minister of Housing’s ambition is to reduce markedly the ratio of house prices to household incomes. If his strategy works it would transform the housing market, dramatically changing the prospects of housing as an investment.Leaving aside the Minister’s metaphor of ‘flooding the market’ I do not see how the ...
    PunditBy Brian Easton
    1 week ago
  • A Voyage Among the Vandals: Accepted (Again!)

    As previously noted, my historical fantasy piece, set in the fifth-century Mediterranean, was accepted for a Pirate Horror anthology, only for the anthology to later fall through. But in a good bit of news, it turned out that the story could indeed be re-marketed as sword and sorcery. As of ...
    A Phuulish FellowBy strda221
    1 week ago
  • The Kākā's Chorus for Friday, July 19

    An employee of tobacco company Philip Morris International demonstrates a heated tobacco device. Photo: Getty ImagesTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy on Friday, July 19 are:At a time when the Coalition Government is cutting spending on health, infrastructure, education, housing ...
    The KakaBy Bernard Hickey
    1 week ago
  • The Kākā’s Pick 'n' Mix for Friday, July 19

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 8:30 am on Friday, July 19 are:Scoop: NZ First Minister Casey Costello orders 50% cut to excise tax on heated tobacco products. The minister has ...
    The KakaBy Bernard Hickey
    1 week ago
  • Weekly Roundup 19-July-2024

    Kia ora, it’s time for another Friday roundup, in which we pull together some of the links and stories that caught our eye this week. Feel free to add more in the comments! Our header image this week shows a foggy day in Auckland town, captured by Patrick Reynolds. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • Weekly Climate Wrap: A market-led plan for failure

    TL;DR : Here’s the top six items climate news for Aotearoa this week, as selected by Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer. A discussion recorded yesterday is in the video above and the audio of that sent onto the podcast feed.The Government released its draft Emissions Reduction ...
    The KakaBy Bernard Hickey
    1 week ago
  • Tobacco First

    Save some money, get rich and old, bring it back to Tobacco Road.Bring that dynamite and a crane, blow it up, start all over again.Roll up. Roll up. Or tailor made, if you prefer...Whether you’re selling ciggies, digging for gold, catching dolphins in your nets, or encouraging folks to flutter ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Trump’s Adopted Son.

    Waiting In The Wings: For truly, if Trump is America’s un-assassinated Caesar, then J.D. Vance is America’s Octavian, the Republic’s youthful undertaker – and its first Emperor.DONALD TRUMP’S SELECTION of James D. Vance as his running-mate bodes ill for the American republic. A fervent supporter of Viktor Orban, the “illiberal” prime ...
    Bowalley Road
    1 week ago
  • The Kākā’s Journal of Record for Friday, July 19

    TL;DR: As of 6:00 am on Friday, July 19, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:The PSA announced the Employment Relations Authority (ERA) had ruled in the PSA’s favour in its case against the Ministry ...
    The KakaBy Bernard Hickey
    1 week ago
  • The Hoon around the week to July 19

    TL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers last night features co-hosts and talking with:The Kākā’s climate correspondent talking about the National-ACT-NZ First Government’s release of its first Emissions Reduction Plan;University of Otago Foreign Relations Professor and special guest Dr Karin von ...
    The KakaBy Bernard Hickey
    1 week ago
  • Skeptical Science New Research for Week #29 2024

    Open access notables Improving global temperature datasets to better account for non-uniform warming, Calvert, Quarterly Journal of the Royal Meteorological Society: To better account for spatial non-uniform trends in warming, a new GITD [global instrumental temperature dataset] was created that used maximum likelihood estimation (MLE) to combine the land surface ...
    Skeptical Science
    1 week ago

  • Joint statement from the Prime Ministers of Canada, Australia and New Zealand

    Australia, Canada and New Zealand today issued the following statement on the need for an urgent ceasefire in Gaza and the risk of expanded conflict between Hizballah and Israel. The situation in Gaza is catastrophic. The human suffering is unacceptable. It cannot continue.  We remain unequivocal in our condemnation of ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • AG reminds institutions of legal obligations

    Attorney-General Judith Collins today reminded all State and faith-based institutions of their legal obligation to preserve records relevant to the safety and wellbeing of those in its care. “The Abuse in Care Inquiry’s report has found cases where records of the most vulnerable people in State and faith‑based institutions were ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • More young people learning about digital safety

    Minister of Internal Affairs Brooke van Velden says the Government’s online safety website for children and young people has reached one million page views.  “It is great to see so many young people and their families accessing the site Keep It Real Online to learn how to stay safe online, and manage ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Speech to the Conference for General Practice 2024

    Tēnā tātou katoa,  Ngā mihi te rangi, ngā mihi te whenua, ngā mihi ki a koutou, kia ora mai koutou. Thank you for the opportunity to be here and the invitation to speak at this 50th anniversary conference. I acknowledge all those who have gone before us and paved the ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Employers and payroll providers ready for tax changes

    New Zealand’s payroll providers have successfully prepared to ensure 3.5 million individuals will, from Wednesday next week, be able to keep more of what they earn each pay, says Finance Minister Nicola Willis and Revenue Minister Simon Watts.  “The Government's tax policy changes are legally effective from Wednesday. Delivering this tax ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Experimental vineyard futureproofs wine industry

    An experimental vineyard which will help futureproof the wine sector has been opened in Blenheim by Associate Regional Development Minister Mark Patterson. The covered vineyard, based at the New Zealand Wine Centre – Te Pokapū Wāina o Aotearoa, enables controlled environmental conditions. “The research that will be produced at the Experimental ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Funding confirmed for regions affected by North Island Weather Events

    The Coalition Government has confirmed the indicative regional breakdown of North Island Weather Event (NIWE) funding for state highway recovery projects funded through Budget 2024, Transport Minister Simeon Brown says. “Regions in the North Island suffered extensive and devastating damage from Cyclone Gabrielle and the 2023 Auckland Anniversary Floods, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Indonesian Foreign Minister to visit

    Indonesia’s Foreign Minister, Retno Marsudi, will visit New Zealand next week, Foreign Minister Winston Peters has announced.   “Indonesia is important to New Zealand’s security and economic interests and is our closest South East Asian neighbour,” says Mr Peters, who is currently in Laos to engage with South East Asian partners. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Strengthening partnership with Ngāti Maniapoto

    He aha te kai a te rangatira? He kōrero, he kōrero, he kōrero. The government has reaffirmed its commitment to supporting the aspirations of Ngāti Maniapoto, Minister for Māori Development Tama Potaka says. “My thanks to Te Nehenehenui Trust – Ngāti Maniapoto for bringing their important kōrero to a ministerial ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Transport Minister thanks outgoing CAA Chair

    Transport Minister Simeon Brown has thanked outgoing Chair of the Civil Aviation Authority, Janice Fredric, for her service to the board.“I have received Ms Fredric’s resignation from the role of Chair of the Civil Aviation Authority,” Mr Brown says.“On behalf of the Government, I want to thank Ms Fredric for ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Test for Customary Marine Title being restored

    The Government is proposing legislation to overturn a Court of Appeal decision and amend the Marine and Coastal Area Act in order to restore Parliament’s test for Customary Marine Title, Treaty Negotiations Minister Paul Goldsmith says.  “Section 58 required an applicant group to prove they have exclusively used and occupied ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Opposition united in bad faith over ECE sector review

    Regulation Minister David Seymour says that opposition parties have united in bad faith, opposing what they claim are ‘dangerous changes’ to the Early Childhood Education sector, despite no changes even being proposed yet.  “Issues with affordability and availability of early childhood education, and the complexity of its regulation, has led ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Kiwis having their say on first regulatory review

    After receiving more than 740 submissions in the first 20 days, Regulation Minister David Seymour is asking the Ministry for Regulation to extend engagement on the early childhood education regulation review by an extra two weeks.  “The level of interest has been very high, and from the conversations I’ve been ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government upgrading Lower North Island commuter rail

    The Coalition Government is investing $802.9 million into the Wairarapa and Manawatū rail lines as part of a funding agreement with the NZ Transport Agency (NZTA), KiwiRail, and the Greater Wellington and Horizons Regional Councils to deliver more reliable services for commuters in the lower North Island, Transport Minister Simeon ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government moves to ensure flood protection for Wairoa

    Local Government Minister Simeon Brown has announced his intention to appoint a Crown Manager to both Hawke’s Bay Regional and Wairoa District Councils to speed up the delivery of flood protection work in Wairoa."Recent severe weather events in Wairoa this year, combined with damage from Cyclone Gabrielle in 2023 have ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PM speech to Parliament – Royal Commission of Inquiry’s Report into Abuse in Care

    Mr Speaker, this is a day that many New Zealanders who were abused in State care never thought would come. It’s the day that this Parliament accepts, with deep sorrow and regret, the Report of the Royal Commission of Inquiry into Abuse in Care.  At the heart of this report are the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges torture at Lake Alice

    For the first time, the Government is formally acknowledging some children and young people at Lake Alice Psychiatric Hospital experienced torture. The final report of the Royal Commission of Inquiry into Abuse in State and Faith-based Care “Whanaketia – through pain and trauma, from darkness to light,” was tabled in Parliament ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges courageous abuse survivors

    The Government has acknowledged the nearly 2,400 courageous survivors who shared their experiences during the Royal Commission of Inquiry into Historical Abuse in State and Faith-Based Care. The final report from the largest and most complex public inquiry ever held in New Zealand, the Royal Commission Inquiry “Whanaketia – through ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Half a million people use tax calculator

    With a week to go before hard-working New Zealanders see personal income tax relief for the first time in fourteen years, 513,000 people have used the Budget tax calculator to see how much they will benefit, says Finance Minister Nicola Willis.  “Tax relief is long overdue. From next Wednesday, personal income ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Paid Parental Leave improvements pass first reading

    Workplace Relations and Safety Minister Brooke van Velden says a bill that has passed its first reading will improve parental leave settings and give non-biological parents more flexibility as primary carer for their child. The Regulatory Systems Amendment Bill (No3), passed its first reading this morning. “It includes a change ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Rebuilding the economy through better regulation

    Two Bills designed to improve regulation and make it easier to do business have passed their first reading in Parliament, says Economic Development Minister Melissa Lee. The Regulatory Systems (Economic Development) Amendment Bill and Regulatory Systems (Immigration and Workforce) Amendment Bill make key changes to legislation administered by the Ministry ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • ‘Open banking’ and ‘open electricity’ on the way

    New legislation paves the way for greater competition in sectors such as banking and electricity, Commerce and Consumer Affairs Minister Andrew Bayly says. “Competitive markets boost productivity, create employment opportunities and lift living standards. To support competition, we need good quality regulation but, unfortunately, a recent OECD report ranked New ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Charity lotteries to be permitted to operate online

    Minister of Internal Affairs Brooke van Velden says lotteries for charitable purposes, such as those run by the Heart Foundation, Coastguard NZ, and local hospices, will soon be allowed to operate online permanently. “Under current laws, these fundraising lotteries are only allowed to operate online until October 2024, after which ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Accelerating Northland Expressway

    The Coalition Government is accelerating work on the new four-lane expressway between Auckland and Whangārei as part of its Roads of National Significance programme, with an accelerated delivery model to deliver this project faster and more efficiently, Transport Minister Simeon Brown says. “For too long, the lack of resilient transport connections ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Sir Don to travel to Viet Nam as special envoy

    Sir Don McKinnon will travel to Viet Nam this week as a Special Envoy of the Government, Foreign Minister Winston Peters has announced.    “It is important that the Government give due recognition to the significant contributions that General Secretary Nguyen Phu Trong made to New Zealand-Viet Nam relations,” Mr ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Grant Illingworth KC appointed as transitional Commissioner to Royal Commission

    Minister of Internal Affairs Brooke van Velden says newly appointed Commissioner, Grant Illingworth KC, will help deliver the report for the first phase of the Royal Commission of Inquiry into COVID-19 Lessons, due on 28 November 2024.  “I am pleased to announce that Mr Illingworth will commence his appointment as ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ to advance relationships with ASEAN partners

    Foreign Minister Winston Peters travels to Laos this week to participate in a series of Association of Southeast Asian Nations (ASEAN)-led Ministerial meetings in Vientiane.    “ASEAN plays an important role in supporting a peaceful, stable and prosperous Indo-Pacific,” Mr Peters says.   “This will be our third visit to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Backing mental health services on the West Coast

    Construction of a new mental health facility at Te Nikau Grey Hospital in Greymouth is today one step closer, Mental Health Minister Matt Doocey says. “This $27 million facility shows this Government is delivering on its promise to boost mental health care and improve front line services,” Mr Doocey says. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ support for sustainable Pacific fisheries

    New Zealand is committing nearly $50 million to a package supporting sustainable Pacific fisheries development over the next four years, Foreign Minister Winston Peters and Oceans and Fisheries Minister Shane Jones announced today. “This support consisting of a range of initiatives demonstrates New Zealand’s commitment to assisting our Pacific partners ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Students’ needs at centre of new charter school adjustments

    Associate Education Minister David Seymour says proposed changes to the Education and Training Amendment Bill will ensure charter schools have more flexibility to negotiate employment agreements and are equipped with the right teaching resources. “Cabinet has agreed to progress an amendment which means unions will not be able to initiate ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Commissioner replaces Health NZ Board

    In response to serious concerns around oversight, overspend and a significant deterioration in financial outlook, the Board of Health New Zealand will be replaced with a Commissioner, Health Minister Dr Shane Reti announced today.  “The previous government’s botched health reforms have created significant financial challenges at Health NZ that, without ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister to speak at Australian Space Forum

    Minister for Space and Science, Innovation and Technology Judith Collins will travel to Adelaide tomorrow for space and science engagements, including speaking at the Australian Space Forum.  While there she will also have meetings and visits with a focus on space, biotechnology and innovation.  “New Zealand has a thriving space ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Climate Change Minister to attend climate action meeting in China

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