web analytics

Slowing economy?

Written By: - Date published: 7:30 am, August 14th, 2019 - 39 comments
Categories: australian politics, capitalism, economy, Economy - Tags:

The Singapore Government have just cut their forecast economic growth rate to near 0 per cent. The impact of the U.S.-China trade war is really hitting, and it’s going to hit us harder too.

Australia – on whose economy we are very reliant – has had a massive stimulus passed in its last budget. Also, straight after their election the Australian Federal Reserve Bank cut interest rates to 1% .That’s the lowest level on record. The RBA Governor Glenn Stevens has said the probability of recession in Australia is 100%, “only the timing is uncertain”. Droll as usual. Australia hasn’t been in a recession for over 20 years.

As to New Zealand, in May our Treasury was projecting growth accelerating from 2.4% to 3% in 2019-20. Our Reserve Bank has reacted the same way as the RBA, and pessimistically cut to 1%. Both can’t be right.

There’s plenty of concern about Auckland property, but property values outside Auckland are at record highs. Unemployment is low, but it looks like it needs to go even lower to get real wages forced up. The government has plenty of borrowing headroom if it really needed to, which is excellent because business sentiment is really terrible and two of our biggest businesses in Fletcher Building and Fonterra are in recovery mode from a very, very low base.

There are no breakout companies on our sharemarket or taking over the world.

Singapore’s economic signal is important to watch, and while it doesn’t make recession here certain, it’s a signal that it’s more likely and soon.

39 comments on “Slowing economy?”

  1. Sanctuary 1

    The way right wing commentary was able to frame the RB interest rate cut as a negative was impressive, made more effective (yet again) by Grant Robertson's technocratic distain of political engagement and parallel invisibility in the media.

    • Nic the NZer 2.1

      Samubeel is right to say this. On the contrary Ad chooses to present it in missleading terms. "The government has plenty of borrowing headroom if it really needed to" this implies that the NZ govt has an external borrowing constraint, which is false. In reality the NZ government (as for any government which runs its own currency issuing central bank) can never run out of money. The government can (and to some extent does already) just mandate its central bank to carry out spending on its behalf. The actual reason the government borrows is not to acquire spending resources, it is to maintain higher borrowing costs at commerical banks in line with OCR policy. If the government doesn't do this then the 90 day bank bill rates and likely borrowing costs will fall away from and below the OCR. Always borrowing the deficit before spending is a policy choice of the government and Reserve bank.

      In short the deficit is not a constraint on government spending, ever. It is a policy choice to maintain as minimal a deficit as possible and politically up for grabs. The upshot of this choice is that it constrains NZers income and savings (as most government spending is on NZ businesses and individuals). 

      • Dukeofurl 2.1.1

        There is some suggestion that Australia who seem to have faced  headwinds a bit earlier than us are thinking  of the  'quantitative easing' rather than negative interest rates. That is of course the fancy way of creating money nowdays.

        https://www.afr.com/policy/economy/zero-rates-qe-possible-rba-s-lowe-20190809-p52fhw

        With the cash rate at a record low 1 per cent, Dr Lowe said that if the bank ever cut rates "very close" to zero, buying "risk-free" government bonds to drive down long-term yields would probably be the next option.

        • Nic the NZer 2.1.1.1

          Both QE and negative interest rates are monetary policy tools and therefore will be ineffective at boosting the OZ economy. The difference is that fiscal policy increases somebodies income directly, monetary policy just provides an opportunity to someone to earn more income with a lower interest rate.

          To give credit to the governor of the RBA he also said to treasury recently that its not his job to tell treasury what to do, but they could in his opinion do some fiscal policy.

          Describing QE as creating money is common but a bit nonsense too. Its an exchange of a long term asset like a bond for a short term asset like cash. This doesn't really change the total assets floating around the economy which is why it has so insignificant an effect. Yes, it is how central banks fund the government fairly directly via a kind of back door channel however.

  2. lprent 3

    I'm with the Reserve Bank on this, but both forecasts are probably correct. The Treasury forecasts are largely measure the immediate forthcoming growth in the internal economy. But the longer term inputs that drive the profitability of our economy come from the external trade economy

    The global economy is in a strange space at present, one that would have been more familiar to my parents and grandparents than to me. I was born in 1959. So in my lifetime, international trade has always moved towards having less national restrictions rather than more. Our income as a country has become dependent upon that.

    But with an optimistic fool in the White House attempting to bankrupt his farming community with a trade war, it just encourages the kind of idiotic behaviour that made the depression in the 1930s such a long drawn out mess of misery.

    Sure we haven't had any particular internal economic issues for the moment apart from the ones mentioned in the post. High employment and low wages which has been common across all developed economies in this economic cycle, undercapitalisation across all businesses apart from banking, and its congruent speculative over-priced housing and land market.

    But we clearly have an under-developed internal economy with insufficient capital going into the infrastructure required for our increased population and the productivity improvements to make better use of employees. We effectively have had a 1-2% growth per annum in population (and more like 2-3% in Auckland) for the last 30 years without the required levels of infrastructure being put in. This means that we're now hitting our limits to growth in housing, companies, and business.

    The RB decision, along with considerable work being done in diminishing speculative activity, are clear signals about where investment needs to go. Not into the hands of the internal rentier economy, who are largely the people fueling the business confidence levels, but into productivity.

    Frankly I don't have that much sympathy for the whiners in the real estate, banking, and importer/retailer sectors who make up the majority of participants in business confidence surveys. They have had their decade from National of creaming off the easy money.

    But I'm pretty sure that even they must realise that the bill for the lack of investment in our productive economy has to come sooner or later – and it only gets worse later. We haven't been building the nascent export businesses and productive people who don't have to spend large portions of their life sitting in cars on motorways and pay most of their wages to get a roof.

    With the uncertain Trumpian future in the far more competitive external economy where I work, it is pretty clear that the flow of trade to the country isn't going to allow their  kind of National party easy living to continue. We need to start doing some better decisions and more investment for our and our kids futures.

    • Nic the NZer 3.1

      You used the word measure to describe a forecast. Its worth acknowledging that no forecast no matter how accurate ever is a measure (or actual). Treasury forecasts are also just not that accurate.

      • lprent 3.1.1

        Agreed. However they're usually within about 10-25%, usually on the optimistic side;  as long as there isn't an external shock that really screws them.

        The reason for that relative accuracy (compared to business who are usually crazy bad on their budgeting) is the combination of provisional tax estimates by companies, the gst receipts and the stats filled out by businesses.

        • Nic the NZer 3.1.1.1

          Its my own belief that they are "within about 10-25% usually on the optimistic side" because they are incoherent models of the economy. The DSGE variety assume that there is an economic equilibrum to which the economy is attracted in the long run (if nothing were to change, which never happens). This model is so poor in the short run that it is modified with ad-hoc concepts like 'frictions' and these parameters tuned so sometimes the model is close in the short run, and sometime still quite wrong.

          The problems with this are that the long run model is completely shielded from scientific inquiry as there is no time period matching the long run, its a forecast of what is supposedly going to happen far into the future if nothing changes to interfere with the equilibrium annealing process (eg its a forecast of something which never happens).

          The short run is a modification of this underlying long run. The problem here is the frictions introduced  are not coherent concepts which could be externally to the model measured and inserted, they are instead concepts which only make sense in the model.

          For anybody unfamiliar, you can take many such functions of enough parameters and typically fit them to data to estimate the parameters and so generate an estimate of further values. This may produce a better or worse fit but that function doesn't have to be a sensible model of the data being forecast, or the names of the parameter values don't have to hold any meaning for this to work.

          At a high level the problems are that

          * this macroeconomic process is not up for scientific inquiry or challenge, it functions disconnected from reality.

          * sometimes policy decisions are made based on these models internals. This is true most specifically describing a parameter called the NAIRU which is certainly not describing anything you could measure.

          * being systematically optimistic produces systematically pesimistic outcomes. If it wasn't systematic this might not be a problem, but it clearly is and leads to systematic underspending on the public ledger again and again.

  3. Pat 4

    "Borrowing the phrase of former US Treasury Secretary Hank Paulson, the central bank needs a “bazooka” at the zero bound that makes credible its commitment to achieving its policy rule. Negative interest rate policy is precisely the requisite intrument, and this can be achieved by making the legal, tax and regulatory changes needed to use unconstrained negative interest rate policy effectively in fighting a deep recession. Most of the necessary adaptations of the financial plumbing needed to make negative interest rate policy effective – potentially as effective as interest rate policy in positive territory are straightforward. The most vexing issue is preventing large-scale cash hoarding by pension funds, insurance companies and financial institutions (small depositors can easily be exempted). If hoarding is decisively dealt with (one way being to allow the trade-in value of paper currency at the central bank to depreciate over time during negative interest rate episodes a la Eisler 1933), it should solve the problem of bank profitability (to the extent there is one) by making it straightforward to pass on negative interest 35 rates on to large-scale depositors. This will ensure that the normal stimulus effects of lower interest rates on consumption and investment will transmit to the real economy. Of course, as is usually the case, lower interest rates will likely also push up the prices of housing, equities and other assets, while at the same time pushing up nominal interest rates on longer-term bonds due to higher long term expected inflation as well stronger medium term growth."

    https://www.hoover.org/sites/default/files/lilley_rogoff_hoover_monetary_conference.pdf

    NZ being a tiny economy has little choice but to play the game the way those making the rules have determined

  4. esoteric pineapples 5

    Three words: Negative Bond Yields

    "A quarter of the bonds issued by governments and companies worldwide are currently trading atnegative yields — which means that $14tn of outstanding debt is being paid for by creditors in a bizarre reversal of normal practice."

    https://www.ft.com/content/e27c430f-30bc-3cf6-9917-962ca2eee807

    "The U.S. Treasury yield curve — a barometer for market confidence — normally slopes upwards because investors demand higher yields for bonds with longer maturities. But this March, it inverted for the first time since 2007, signaling that investors are so worried that things are going to get worse that they’d rather lock in lower rates for the future today than risk long-term rates going even lower. The curve has inverted before each and every recession in the past half century — with only one false signal."

    View at Medium.com

  5. Muttonbird 6

    Have you considered one was to achieve the other?

  6. SHG 7

    Treasury is no longer an employer of choice for the best economists in the country and it doesn't have the brainpower it once did.

    • Dukeofurl 7.1

      Agree with you on that… their forecasts are unreliable, their oversight its amateur hour.

  7. You comment included a couple of factoids/comments that need fact checking.

    Firstly: "Unemployment is low, but it looks like it needs to go even lower to get real wages forced up." 

    Fact: Last week Stats NZ released the latest jobs and wages data which showed average hourly earnings increased 4 per cent over the past year to $32.37 an hour. That is the largest year-on-year percentage increase since June 2009. With annual inflation at 1.5% and falling, a 2.5% annual increase in 'real' wages is pretty darned good in most people's books. 

    Second:  "There are no breakout companies on our sharemarket or taking over the world."

    Fact: A2 dairy company has seen it's market capitalisation rise to around $12 billion (actually it has slipped down from $14b last month) and is now more than double the cap of Fonterra. A2 is tipped to announce another fabulous result that is likely to see its share price continue its journey north. 

    Fact: Xero's share price is now around $64 – 4x its price of two years ago. It is now capitalised at ~$9 billion, more than 2x that of Fletcher Building. 

    These are companies that are taking on the world and winning.

    • Stuart Munro. 8.1

      You want to be a little careful of average wages – a couple of clowns on $8 mill like Theo Sperlings tend to throw them out. Median wage growth was a more moderate 3%, probably below rent and utilities increases.

      • greywarshark 8.1.1

        Thanks SM we need to keep up the game of tennis or squash? and bat back the inadequate statistics we live by – fast food is unhealthy, fast stats can kill ya.

    • Dukeofurl 8.2

      "is now more than double the cap of Fonterra. "

      Thats a fallacy as Fonterra is mostly a Coop  whos value is not in the 'farmers shares' side of the business.

      Fonterra is a $20 bill a year revenue company, with massive cash flows- most of which goes to its farmer- owners outside the 'share dividends'

      A2 is probably the size of a medium sized Fonterra plant, one of dozens.

       

      Xero and A2 are what they call bubble companies which share values not matched by  any sort of  decent cash flow. Bubbles like that will burst in an overheated economy where interest rates are low – which means share prices are high

      • tc 8.2.1

        Xero's a classic bubble entity that shows the feelgood factor of share prices and a growth yarn rather than one based on a hard nose look at it's financials.

        Fletchers is a bricks and mortar company that’s been run badly with more financial pain to come. Sky City convention centre etc. the market knows this.

        Comparing the 2 is nonsense.

        • Dukeofurl 8.2.1.1

          essentially  yes.

          But Fonterra and Fletchers share one thing in common  having a so called hot shot CEO from outside who  is given a  mandate from the board to buy up  overseas businesses to 'grow the business' or what other bumpf they can come up .

          As they buy up  they both have  to write off the investment ( mostly bought with borrowed money which they are still on the  hook for) or sell at less than optimum prices.

          Its too stupid for words, and hardly  ever works.  Grand procession of NZ companies who  follow that well trodden path.

        • greywarshark 8.2.1.2

          Xero and A2 probably represent the desire from investors for NZ to actually get on and do business instead of wading round with mud to the ankles.    We develop stuff and then sell them on instead of grimly getting on with keeping and running the company for a NZ reward.   That is partly feelgood reaction by shareholders and partly a desire to support a NZ enterprise to be a winner.

      • Blazer 8.2.2

        ATM is an IPO Coy.It pays farmers more for their milk(mainly Jersey cow)and contracts processing  in NZ to Synlait.

        It has more than 10% of the market in Australia and international patents for A2 MILK,which is meant to have health benefits, that A1 protein milk does not have.(unproven).

        Its big growth is in China..Platinum A2 infant formula and is   increasing sales in impressive fashion.

        Nestle and Fonterra have become interested in the product too.

    • Tricledrown 8.3

      Xero hasn't made a profit yet. If the share market crashes it will go down quickly. A2 is riding on flimsy science, poor examples. 

  8. infused 9

    Just from the customers, I deal with, it's easy to see a slowdown. In particular, manufacturing which is coming off the steam, or has been for a few months now. All the stats you read are lagging.

    Lucky with those manufactures, most export. all have said the NZ market is pretty dead. Mainly because the big govt projects have slowed/stopped/ended.

    Consumers still seem to be spending like mad though.

  9. greywarshark 10

    I have to pay $40 GST on insuring my household contents.   My repair bill for my car shows about $60 GST.     So $100 tax on a low income person to keep things going, try to maintain my household and services.   This is a grossly unfair tax on a country of mostly low to medium income earners.   I say again, though I am sure that august group working on tax would never hear it, that GST should be lower and I think it should be 8 percent with 4% going to the consolidated fund? and 4% being returned to the locality, region it came from  and divided up between the councils and hospital boards, mostly going to the people's councils and a quarter to regional, and quarter to DHBs.

    That way it would spread out and have a multiplier effect beyond the basic, and a better distribution and sharing in returns from whatever enterprise survives in this country (besides road building, house buying and continuing repairs of houses and structure – talk about makework!).

    • Dukeofurl 10.1

      Unfortunately that benefits  higher income people too.

      Councils and DHBs arent necessarily wise spenders of money. Half the DHB spend isnt on Hospital side of things.

      • greywarshark 10.1.1

        Are you critic and arbiter of anything financial from The Treasury Dukeof Url?  'Councils and DHBs arent necessarily wise spenders of money. Half the DHB spend isnt on Hospital side of things.'   All entities don't spend money wisely all the time.    And people on higher incomes can benefit from changes.   The intention with change is to have them pay a fairer amount of tax for the good running of the state for all people.

        A lot of the money that is wasted is spent on overhyped IT systems.  And on CEO and top managers salaries.  I suggest a tender system for the executives.   At present the salary at the top is applied in almost exactly the same way that wages went up for workers – automatically keeping pace with inflation.  They have had the wind taken from their sails, but the executives are riding on that uplift to the stratosphere with their dosh.

    • infused 10.2

      Well, if you really are that low income, you're likely getting topped up. So in real times, likely paying no tax.

      • Dukeofurl 10.2.1

        That was the intention of  GST to remove   a lot of  income tax payments for the first $40 k.

        Its called shifting tax from income to expenditure , its still there for higher incomes as they have more income left over after meeting living costs and  can move money into ' investing'  where taxing is light

        Labour already has moved  more money into  beneficiaries by the 'winter energy' flat rate payment . It took some doing as the payment system wasnt set up for it.

        Make it all year round!

        • Infused 10.2.1.1

          I've always supported a higher tax free threshold. The tax brackets need moving and a 4th bracket introduced

  10. Craig H 11

    The amount of private debt in NZ is large, so lower interest rates are good for the economy if the decrease is passed on in some manner. It might be a year or two for that to happen because most of the debt is fixed term mortgages.

    • Poission 11.1

      Households fund most of the private debt.

      june 2017 160 b

      june 2018 171 b

      june 2019 180 b

      Business (non financial) seem to have run out of ideas as their bank deposits have increased.

      june 17 76b.

      june 18 80b

      june 19 86b.

  11. tc 12

    Gdp is diminishing across the board as the global economy is plugged into fossil fuels.

    Peak oil was a tipping point. Until we retool our economy for sharing and sustainable practices it's all downhill IMO.

  12. Ad 13

    Fairly sharp decline in dollar and sharemarket here.

    Its heart in mouth time for all on Kiwisavers 

Recent Comments

Recent Posts

  • New Zealand least corrupt country in the world
    New Zealand has regained its position as the least corrupt country in the world for the second time under this Coalition Government, says Justice Minister Andrew Little. “New Zealanders can be proud that our reputation as one of the least corrupt countries in the world has been restored,” says Andrew ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Boost for Rēkohu/Wharekauri/Chatham Islands Community Conservation
    Community conservation in Rēkohu/Wharekauri/the Chatham Islands is receiving a boost, with grants to support local projects announced today by Minister of Conservation Eugenie Sage. “Rēkohu/Wharekauri/ the Chatham Islands are home to 20 per cent of New Zealand’s threatened bird species and 11 per cent of New Zealand’s threatened plant species. ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Rātana Pā goes high-tech with UFB
    Iwi, hapu and visitors to Rātana Pā near Whanganui now have access to ultra-fast broadband following its connection, completed in time for annual Rātana celebrations, Regional Economic Development Minister Shane Jones says. The connection and associated hardware were funded from the Provincial Growth Fund’s $21 million Marae Digital Connectivity programme, ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Govt’s strong financial management acknowledged
    The Government’s strong financial management and plan to future proof the economy with new infrastructure investment has gained further recognition from an international ratings agency. Credit rating agency Fitch has upgraded one of its main metrics assessing the Government’s books, lifting its foreign currency AA rating outlook to ‘positive’ from ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Boost in Whānau Ora funding to keep changing lives
    Whānau throughout New Zealand are set to benefit from an extra three million dollars that will go directly to Whānau Ora Commissioning Agencies, the Minister for Whānau Ora Peeni Henare announced today.  Including previous funding boosts, the Agencies will now receive $87 million this year between them.  In Budget 2019 ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • More people getting into work
    The December quarter benefit numbers released today show the Government’s plan to get people off the benefit and into work is starting to pay off,” Social Development Minister Carmel Sepuloni said.   “Nearly 19,000 people cancelled their benefit and went into work in the last few months of the year – ...
    BeehiveBy beehive.govt.nz
    24 hours ago
  • Wairoa gets up to $6.1m to rebuild heart of CBD
    The Provincial Growth Fund (PGF) is investing up to $6.1 million to revitalise business and tourism opportunities in Wairoa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The PGF is funding: Up to $4.8 million for the Wairoa Integrated Business and Tourism Facility Up to $960,000 for the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Major Events support for creative and cultural events
    Creative and cultural events that highlight New Zealand’s diverse culture and build national pride are set to get a funding boost through the Major Events Fund, Economic Development Minister Phil Twyford said today. The new Creative and Cultural Events Incubator, which is funded through the Major Events Fund, will open ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Classroom internet in hundreds of schools to get a boost
    The Government has begun a massive IT upgrade to provide more seamless internet access to 200 schools around the country. Te Mana Tūhono – Technology in Schools work programme will launch with a pilot of 10 smaller state schools early this year. IT equipment that gives students access to the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Construction workforce, apprenticeships hit record highs
    Working with industry and committing to rebuild New Zealand’s infrastructure has produced a record high number of Kiwis working in the construction industry and learning trades, says Minister for Building and Construction Jenny Salesa. New figures available today from the Ministry of Business, Innovation and Employment and the Tertiary Education ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ concludes digital economy trade talks with Singapore and Chile
    A new trade agreement concluded today helps New Zealand exporters and consumers take advantage of opportunities from digital trade.    Minister for Trade and Export Growth David Parker together with Chile’s Vice Minister of Trade Rodrigo Yañez and Singapore’s Minister of Trade and Industry Chan Chun Sing, have announced conclusion of ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Provincial Growth Fund to fund Waipukurau cultural development and tourism
    The Ngā Ara Tipuna -  Waipukurau Pā Site Interpretation project will receive $2.798 million from the Provincial Growth Fund to create an authentic cultural tourism experience, Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today “The project will inform visitors about the history of six pā sites in Waipukurau with a combination ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • 21 new judges boost diversity, improve access to justice
    Twenty-one new District Court judges have been appointed in a move that will improve access to justice and boost diversity on the bench. The new judges include replacements for retirements and 10 new positions. Attorney-General David Parker today announced the 14 judges who can immediately be named, with the remainder ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Puhinui to Auckland Airport in 10 minutes
    Aucklanders are another step closer to getting rapid transit to the airport, with the start of construction to upgrade State Highway 20B to the airport, Transport Minister Phil Twyford announced today. SH20B will be upgraded with additional lanes in each direction, dedicated to bus and high-occupancy vehicles between Pukaki Creek ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Advancing New Zealand’s trade agenda focus of Europe meetings
    World Trade Organisation reform, agricultural trade and a free trade agreement with the United Kingdom will be the focus of Minister for Trade and Export Growth David Parker’s visit to Europe this week. David Parker leaves on Tuesday for a series of meetings in the UK and Switzerland that aim ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister of Defence to visit counterparts in US and Canada
    The Minister of Defence, Ron Mark, departed today for the United States and Canada where he will meet with his counterparts.  While in Canada Minister Mark will meet with his counterpart, Minister of National Defence Harjit Sajjan.  “New Zealand and Canada are close friends, and share an instinctive like-mindedness on ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government to deliver family carers $2000 pay rise, expand scheme to spouses this year
    The Coalition Government is delivering this year the changes to Funded Family Care the disability sector has long-asked for, says Associate Minister of Health Jenny Salesa. “Today we are announcing the details of our big changes to Funded Family Care, including an annual average pay boost of $2,246.40 for funded ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Ko te reo kua mū: Piri Sciascia
    Minister for Māori Development Nanaia Mahuta joins te ao Māori in their sorrow as they learn of the loss of one of the great orators and spokespersons of a generation – Piri Sciascia.  “The son of Pōrangahau was a staunch advocate for Māori development and served his people for over ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Minister opens new ecosanctuary at Cape Farewell
    A new ecosanctuary with a predator proof fence on Golden Bay’s Cape Farewell, which will restore a safe home for sea birds, rare native plants, giant snails, and geckos, was officially opened today by the Minister of Conservation Eugenie Sage. “There has been a fantastic community effort supported by the ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Pacific partners work together to provide additional support to Australia
    The NZDF continues to support the Australian Defence Force (ADF) as it battles fires in Victoria and New South Wales, including by transporting Republic of Fiji Military engineers from Nadi to Australia, announced Defence Minister Ron Mark. On Saturday morning a NZDF Boeing 757 will depart New Zealand to uplift ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Kaikōura $10.88 million boost in tourism & business
    The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. As part of the Kaikōura Marina Development Programme, the following two projects will receive PGF funding: A $9.88 million investment to begin the ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Govt accounts in surplus, debt remains low
    The Government’s books are in good shape with the accounts in surplus and expenses close to forecast, Finance Minister Grant Robertson says. The Treasury today released the Crown accounts for the five months to November. The operating balance before gains and losses (OBEGAL) was above forecast by $0.7 billion resulting ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Auckland focus for first Police graduation of 2020
    The number of Police on the Auckland frontline is increasing with the graduation today of a special locally-trained wing of new constables. Police Minister Stuart Nash says the graduation of eighteen officers from Recruit Wing 333-5 means that more than 1900 new Police have been deployed since the Coalition Government ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Wairarapa gets $7.11m PGF water boost
    The Provincial Growth Fund is putting $7.11 million into creating a sustainable water supply for Wairarapa, Parliamentary Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. The following two projects will receive Provincial Growth Fund (PGF) funding: A $7 million investment in Wairarapa Water Limited for the pre-construction development of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Progress with new Police station in Mahia
    Community safety and crime prevention in the East Coast community of Mahia has moved forward with the opening of a new Police station to serve the growing coastal settlement. Police Minister Stuart Nash has officially opened the new station, which was relocated almost 20 kilometres along the coast from the nearby ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Plans to protect the future of whitebaiting announced
    With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. “The need for action for a healthy whitebait fishery has never been greater,” Eugenie Sage said.  “Four of the six whitebait species are ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New resource for schools to increase awareness and understanding of climate change
    A new Ministry of Education resource available for schools in 2020 will increase awareness and understanding of climate change, Education Minister Chris Hipkins said today. “The resource, Climate Change – prepare today, live well tomorrow, will help students understand the effects of climate change at a local, national and global ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Getting more out of our most productive firms
    Finance Minister Grant Robertson has approved the terms of reference for an Inquiry into the economic contribution of New Zealand's frontier firms. Frontier firms are the most productive firms in the domestic economy within their own industry. “These firms are important as they diffuse new technologies and business practices into ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • NZDF sends more support to Australia
    The New Zealand Defence Force (NZDF) is sending an Environmental Health Team, a Primary Health Care Team and a Chaplain to Australia, boosting New Zealand support for the Australian Defence Force (ADF) as it battles bush fires in Victoria and New South Wales, Defence Minister Ron Mark announced today. The ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand joins partners in calling for full investigation into air crash in Iran
    Acting Prime Minister and Minister of Foreign Affairs Rt Hon Winston Peters says that developments suggesting a surface-to-air missile is responsible for the downing of the Ukrainian International Airlines flight in Iran is disastrous news. “New Zealand offers its deepest sympathies to the families of the 176 victims. It is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Staying connected to Australian agriculture
    Agriculture Minister, Damien O’Connor, says the Ministry for Primary Industries is continuing to stay connected to federal authorities in Australia as devastating fires affect the country.  “The Ministry is using an existing trans-Tasman forum for discussions on the agricultural impact of the fires and the future recovery phase,” says Damien ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Investment in schools – a commitment to communities
    Thousands of school-age children, their teachers and wider communities are benefiting from the Government’s multi-million dollar investment upgrading and renewing schools, Education Minister Chris Hipkins said today. “We want New Zealand to be the best place to be a child and that means learning in warm, comfortable and modern classrooms,” ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand Defence Force sends support to Australia
    Minister of Defence Ron Mark today announced New Zealand is sending three Royal New Zealand Air Force NH90 helicopters and crew, and two NZ Army Combat Engineer Sections as well as a command element to support the Australian Defence Force efforts in tackling the Australian fires.  The New Zealand Defence Force ...
    BeehiveBy beehive.govt.nz
    3 weeks ago