web analytics

SSTimes finds more $ in the pocket

Written By: - Date published: 9:15 am, November 2nd, 2008 - 22 comments
Categories: economy, election 2008 - Tags:

From this mornings SSTimes:

New research has revealed a dramatic reversal in financial fortunes for the average Kiwi family, which is now $60 better off each week than it was six months ago. Falling mortgage costs teamed with the government’s October 1 tax cuts and a beefed up Working for Families package are the main reasons for the windfall, with a slight drop in petrol prices also helping.

Pundits are divided on whether the reversal will boost Labour’s chances when voters go to the polls on Saturday, but say it will help our recovery from the global financial crisis.

So do we think it is going to make a difference to Saturday’s vote? We’ve moved on quite a long way since backpocket issues took on such prominance. Having a bit more money might not be at the forefront of people’s minds as a positive, but nor is the lack of it the irritant it once was.

22 comments on “SSTimes finds more $ in the pocket”

  1. burt 1

    Hands up how many people feel $60/Week better off?

    CAPTCHA: Dunne schoolroom

  2. Burt – I feel well off. Maybe you should take some personal responsibility and work harder if you’re feeling a bit poor…

  3. milo 3

    burt: it’s nonetheless very good news, even if it is largely due to petrol and interest rates. It does also show that tax cuts and self-correcting markets help out in the long term. 🙂

    Of course, much of it also is due to Working for Families, which I still object to due the inefficiency of delivery. Have a universal family benefit instead, paid for by reduced tax cuts at the upper end and administrative savings from the more efficient distributive system, I say.

  4. randal 4

    and did you read mathew hootons bitter rancid little diatribe too?

  5. Ari 5

    It does also show that tax cuts and self-correcting markets help out in the long term.

    The markets haven’t had time for self-corrective measures, especially seeing the necessary business bankruptcies are being prevented. Petrol is going down because investment (and thus oil speculation) is going down because the market is shivering in its little boots, and is only just considering whether it might like to go outside again and face the real world.

    Food prices are following petrol.

    If you can’t even understand capitalism, you have no right to be advocating it above some other alternative. (Not that we have any anti-capitalist parties in parliament anyway)

  6. Chris G 6

    “self-correcting markets help out in the long term”

    Where was the self correcting mechanism evident here? I saw things like OCR being cut… thats intervention, keynesian stuff, not self correcting stuff.

    The only evidence is of the market burning itself out.

  7. max@gmail.com 7

    Godamn it Burt – you ARE $60 a week better off OK.

    The gummint statistics told you so, just before the election. It must be true.

  8. maxq 8

    Godamn it Burt – you ARE $60 a week better off OK.

    The gummint statistics told you so, just before the election. It must be true.

  9. dave 9

    the average family is still worse off than at the same time last year before all the prices went up – even with tax cuts – due to increased power bills and food prices.

  10. Chris G 10

    Inflation is its name I think, dave.

    The Nats gonna make it/would have made it better though aye dave?

    Get real.

  11. milo 11

    Ari, Chris G – markets are volatile and follow cycles. That’s exactly what we are seeing. The Libor spiked and is now coming down. The Carry trade market peaked and is now unwinding. Confidence in oil price increases overshot and is now unwinding.

    “Markets clean up their own messes”. And they are. Markets are never “perfect”, but they still work.

  12. Ari 12

    Ari, Chris G – markets are volatile and follow cycles. That’s exactly what we are seeing. The Libor spiked and is now coming down. The Carry trade market peaked and is now unwinding. Confidence in oil price increases overshot and is now unwinding.

    Indeed they do. You seem to be under the illusion, however, that these cycles resolve quickly and can be talked about in terms of days or even weeks. That is not the case.

    “Markets clean up their own messes’. And they are. Markets are never “perfect’, but they still work.

    No, the governments of the world are underwriting and bailing out as fast as they can. Government assistance is external to the market as you well know. Unless you’re going to take the ridiculous line that our interventionism is having no effect, (and any economist with half a brain will clobber you for trying THAT) you need to acknowledge that the turn around is artificial to the market system.

    A market that worked would not need government interference to stop it from crashing. It would have low points, that we accept, and governments would often try to interfere in those, (as they should) but that is fundamentally different to the massive confidence crisis we are seeing here. Why are we seeing it? Because the USA encouraged bad credit and didn’t regulate lending sufficiently. Which means what? That the market failed to fix its own mess satisfactorily.

  13. Chris G 13

    “markets are volatile and follow cycles. That’s exactly what we are seeing”

    Where are you looking? Your eyes must be looking a different way to mine. Government intervention happening the world over to choke inflation and sort shit out, eg. OCR being cut 2 or 3 times in last few months.

    reality check: The market and its cycles are detrimental to everyone and your a mad man for thinking otherwise and just accepting it in your ‘matter of fact’ style.

    ” It does also show that tax cuts and self-correcting markets help out in the long term”

    Of course self-correction is a mechanism in the market, but it is very rarely left to its own accord nowadays for self-correction to occur. Government intervention and Keynesian economics post-depression are all evidence of that. To suggest that they ‘help out’ in the long term. Your ignoring that they also ‘screw shit up’ in the long and short term.

  14. dave 14

    The Nats gonna make it/would have made it better though aye dave?

    No. And I’m well aware of how inflation works, thanks.

  15. Chris G 15

    Sure, just checking.

    captcha: $3,299,544,601 Fark!!! maybe it knew you said inflation

  16. Felix 16

    I think milo might be taking the piss a little to spark an argument. No-one is really that naive. (burt probably bought it but no-one else would.)

    As for who feels rich? I feel like I’m quite well off even though I don’t have much money. I don’t seem to need much these days.

    Does anyone feel like they’re doing it really hard?

  17. Chris G 17

    I feel fine, and I’m meant to be a poor student.

    Loved it on FOX the other week and some dimwit said: “How does Obama honestly think that a family on $250K income (!!!!) aren’t feeling it right now” re: No tax cut for those on that ridiculous amount of money.

    Well f**k me! if they are feeling the pinch, their either buying one too many chandeliers… or if its genuine: The other 95% of us are Dead!

    Maybe thats why Johnny Friendly is giving them a bigger tax cut than Labour and giving less to middle-low income earners? wait… that isnt starting to make sense.

  18. I reckon we have been more prosperous under Labour in terms of our kids finding jobs, having decent food on the table, petrol in the tank, regular outings, holidays each year and opportunities to make a bit of extra, than most NZers have experienced for many decades.

    It seems to me that either most people were asleep for 20 years up ’til 1999 or they suffer from amnesia.

    I had 3 sons unemployed in the 1990s. Within two years of Labour coming to power all 3 were working and not just work but work with a future. All have got good jobs now thanks to apprenticeships bought in by Labour and the mentoring of small business schemes.

    You can say what you like but I am bloody grateful to Clark and co.

  19. Rex Widerstrom 19

    We’ve moved on quite a long way since backpocket issues took on such prominance.

    I disagree. Where once we could creditably look to our political leaders for… well, leadership; and inspiration and a sense of our place in the world and a lot of other attributes which would influence our choices, their collective behaviour over the last few decades means there’s only one meaure left on which we can creditably rate them — whether they’ve left us personally better off than we were before.

    I don’t see the same sense of avarice amongst NZers as I do amongst many Australians, where they’d consciously exclude other factors and vote for any party that offered them more money. I just think NZers are left with no faith or trust in their politicians and have to resort to empirical measures to differentiate. Their personal economic wellbeing is an easily grasped empirical measure.

    So I think Labour can probably take some considerable comfort from this news as it relates to their chances at the polls.

  20. burt 20

    Rex

    Labour finally shows signs of agreeing with the two most significant items National campaign on – taxes are too high and interest rates are also too high.

    I think a dose of National party policy from Labour just in time for the election is going to remind voters why they want a change of govt.

  21. Rex Widerstrom 21

    You may be right, burt. But I’ve been talking on the phone to a lot of people back in NZ today.

    The majority have had a gutsful of this government but aren’t especially enamoured of the alternatives. More people than I’ve ever encountered are wondering whether they’ll even bother to vote (not something I’ve encouraged, in fact I’ve done what I can to suggest they ought to bite the bullet).

    In contrast, the left know they’re in serious jeopardy and none will stay home.

    I’ll be particularly interested to see the number for those who don’t cast a vote this election. I hope it will be small, but I suspect it may not. And I also suspect those who don’t vote will be those who, if they had, would have voted for an option other than Labour.

  22. “burt
    Hands up how many people feel $60/Week better off? ”

    This is kind of the point of what a lot of people have been trying to say. How you “feel” is actually a pretty crap measure of anything. All its really used for is deciding who to vote for (though for some, I’d argue that how they feel is effected by who they vote for, always looking for the worst in National or Labour for example).

    People take what is going on in their immediate surroundings, the major events in their friends and families immediate surroundings, and what they see, read and hear in the media, then go and try and make a generalization about the whole country from it.

Recent Comments

Recent Posts

  • Benefit settings rise in line with wages as of 1 April
    Benefit settings rise in line with wages as of 1 April   Main benefits will increase by over 3 percent, instead of 1.66 percent, on 1 April with the Government’s decision to annually adjust benefit rates to increases in the average wage. The Minister for Social Development, Carmel Sepuloni, said ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Foreign and Trade Ministers to lead business delegation to India
    Strengthening New Zealand’s political and business ties with India will be the focus of Foreign Affairs Minister Winston Peters’ and Trade and Export Growth Minister David Parker’s visit to India this week. The Ministers are co-leading a high level business delegation to India to support increased people and economic engagement ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Minister champions more Pacific in STEM – Toloa Awards
    The Minister for Pacific Peoples, Aupito William Sio continues to champion for greater Pacific participation in STEM (Science, Technology, Engineering and Mathematics) careers with the announcement of the Toloa Awards, with 8 recipients of the Toloa Community Fund and 13 Toloa Tertiary Scholarships. “The Toloa Programme encourages more Pacific peoples ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Submission period for whitebait consultation extended
    Conservation Minister Eugenie Sage has extended the date for people to have their say on proposed changes to improve management of whitebait across New Zealand.   Submissions were due to close on 2 March 2020 but will now remain open until 9am on Monday 16 March 2020.   “I have ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New international protection for frequent fliers
    The endangered toroa/Antipodean albatross has new international protection for its 100,000km annual migration, thanks to collaborative efforts led by New Zealand, Australia and Chile.   Today, 130 countries agreed to strictly protect Antipodean albatross at the Conference of Parties on the Convention on the Conservation of Migratory Species of Wild ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government to regulate vaping
      No sales to under-18-year-olds No advertising and sponsorship of vaping products and e-cigarettes No vaping or smokeless tobacco in smokefree areas Regulates vaping product safety comprehensively, - including devices, flavours and ingredients Ensure vaping products are available for those who want to quit smoking   Vaping regulation that balances ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Justice Minister represents New Zealand at Berlin nuclear disarmament summit
    Justice Minister Andrew Little will travel to Berlin tomorrow to represent New Zealand at a high-level summit on nuclear disarmament. This year, the Nuclear Non-Proliferation Treaty (NPT) celebrates 50 years since it entered into force. “New Zealand’s proud record and leadership on nuclear disarmament is unwavering, so it’s important we are present ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Prime Minister to visit Fiji and Australia
    Prime Minister Jacinda Ardern will visit two of New Zealand’s most important Pacific partners, Fiji and Australia, next week. The visit to Fiji will be the first by a New Zealand Prime Minister in four years and comes during the 50th anniversary of Fijian independence and diplomatic relations between our ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Next steps in Criminal Cases Review Commission announced
    Justice Minister Andrew Little and New Zealand First MP Darroch Ball, have today announced the appointment of the Chief Commissioner of the Criminal Cases Review Commission (CCRC), the location, and the membership of the Establishment Advisory Group. Colin Carruthers QC has been appointed Chief Commissioner of the CCRC for an ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Horticultural Ahuwhenua Trophy finalists announced
    Māori Development Minister Hon Nanaia Mahuta and Agriculture Minister Hon Damien O’Connor co-announced the first horticultural finalists for the Ahuwhenua Trophy celebrating excellence in the Māori agricultural sector.  The three finalists are Ngai Tukairangi Trust from Mt Maunganui, Otama Marere Trust from Tauranga, and Hineora Orchard Te Kaha 15B Ahuwhenua ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New support for students with dyslexia
    A new kete of resources to strengthen support for students with dyslexia will provide extra tools for the new Learning Support Coordinators (LSCs) as they start in schools, Associate Education Minister Tracey Martin announced today. The Minister launched the kete in Wellington this morning, at the first of three induction ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Rental reforms progress to select committee stage
    The Government continues to make progress on a fairer and more secure rental market for renters and landlords with the First Reading of the Residential Tenancies Amendment Bill and its referral to the Social Services and Community Select Committee.  “Now is the opportunity for landlords, tenants and others who want ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Papua New Guinea Prime Minister to visit New Zealand
    Papua New Guinea’s Prime Minister Hon James Marape will visit New Zealand from 21-25 February, Prime Minister Jacinda Ardern announced today. “New Zealand and Papua New Guinea have a warm and friendly relationship. I look forward to welcoming Prime Minister Marape here and strengthening the relationship between our two countries,” ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Free school lunches served up to thousands
    Thousands of children have begun receiving a free lunch on every day of the school week, Prime Minister Jacinda Ardern said. The Government’s free and healthy school lunch programme is under way for 7,000 students at 31 schools in Hawke’s Bay / Tairāwhiti and Bay of Plenty / Waiariki, extending ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Social Wellbeing Agency replaces Social Investment Agency with new approach
    The Minister for Social Development Carmel Sepuloni today announced a new approach that continues to broaden the Government’s social sector focus from a narrow, investment approach to one centred on people and wellbeing. Minister Sepuloni said redefining the previous approach to social investment by combining science, data and lived experience ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government to strengthen protections for whistleblowers
    The Government is strengthening the Protected Disclosures Act to provide better protection for whistle blowers, Minister of State Services Chris Hipkins said today. “The Protected Disclosures Act is meant to encourage people to speak up about serious wrongdoing in the workplace and protect them from losing their jobs or being ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • PM speech at Parliamentary Chinese New Year celebration 2020
    Nǐn hǎo (Hello in Mandarin). Xīn Nián Kuài Lè (Happy New Year in Mandarin) Néi Hóu (Hello in Cantonese). Sun Nin Fai Lok (Happy New Year in Cantonese) Tēnā koutou, tēnā koutou, tēnā koutou katoa. Thank you for your invitation to attend this celebration today. I would like to acknowledge ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • IPANZ Annual Address
    Kia ora. Ngā mihi nui ki a koutou katoa. Nau mai haere mai ki te Whare Pāremata. E ngā mana whenua ki tēnei rohe Taranaki Whānui, Te Upoko o Te Ika, Ngāti Toa Rangatira, Ngāti Raukawa – kei te mihi, kei te mihi, kei te mihi. E ngā mana, e ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • 2020 IPANZ Annual Address
    Kia ora. Ngā mihi nui ki a koutou katoa. Nau mai haere mai ki te Whare Pāremata. E ngā mana whenua ki tēnei rohe Taranaki Whānui, Te Upoko o Te Ika, Ngāti Toa Rangatira, Ngāti Raukawa – kei te mihi, kei te mihi, kei te mihi. E ngā mana, e ngā ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Tougher penalties for gun crime a step closer
    Tougher penalties for gun crime are a step closer with the passage of firearms reform legislation through another stage in Parliament. The Arms Legislation Bill has tonight passed its Second Reading. “The changes have one objective - to prevent firearms falling into the wrong hands,” said Police Minister Stuart Nash. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Arms Legislation Bill: Second Reading
    Introduction Mr Speaker We all know why we are here today. It has been a long journey. The journey did not actually begin on 15 March 2019. It began on 30 June 1997. Almost 23 years ago, Justice Sir Thomas Thorp told us what was wrong with our firearms legislation. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New era for vocational education
    The Government’s work to put trades and vocational education back on the agenda took another major step forward today with the passing of the Education (Vocational Education and Training Reform) Amendment Bill, Education Minister Chris Hipkins said. “This is a watershed day for trades and vocational education. These law changes formalise ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Bill to Amend the Greater Christchurch Regeneration Act
    Speeding up the return of Christchurch regeneration activities to local leadership is behind the Greater Christchurch Regeneration Amendment Bill introduced to Parliament today by Minister Megan Woods. “As we approach nine years since the February 2011 earthquake in Canterbury, and with the transition to local leadership well underway, the time ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Milford Track to partly reopen after storm damage
    Hundreds of New Zealanders and international visitors will be able to get back out into nature with the Milford Track partially reopening next week, after extensive assessments and repairs, the Minister of Conservation Eugenie Sage announced today. The popular Great Walk has been closed since 3 February after an extreme ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government drives low-emissions transport momentum
    Up to 110 new EV chargers nationwide in cities and regions 50 electric vehicles for ride-sharing The Government is helping deliver more infrastructure and options for low emissions transport through new projects, Energy and Resources Minister Dr Megan Woods says. Tauranga, Nelson, Levin, New Plymouth and Oamaru are just some ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Kiwis better off under Coalition Government
    New Zealanders are increasingly better off under this Government as wages rise and families have more disposable income, Finance Minister Grant Robertson says. Stats NZ reported today that average household disposable incomes after housing costs rose 4.9% in 2019. This was the highest rise in four years and came as ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Another step towards restoring rights for screen production workers
    All New Zealanders need to have their voices heard at work to ensure we have an inclusive and productive economy. Today we introduce a Bill to do this for workers in the New Zealand screen industry, Workplace Relations and Safety Minister Iain Lees-Galloway says. “The Screen Industry Workers Bill will ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Enhanced Taskforce Green for Southland and South Otago
    The Government has announced further help for the Southland and Otago regions to speed up recovery efforts from the floods.  “I’ve approved Enhanced Taskforce Green (ETFG), making $500,000 available to help with the clean-up in Fiordland, Southland, and the Clutha district in Otago,” Minister for Social Development Carmel Sepuloni said.  ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Employers and Industry take the lead to connect students to vocational education
    Following the announcement that more than 340 schools will be funded to run events promoting vocational education, the Government has announced it will fund a further 257 events to be run by employers and industry. “These industry-run events will allow more than 30,000 students to connect with more than 2,000 ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Rental reforms a step closer with the introduction of the Residential Tenancies Amendment Bill
    Today the Government is making progress on a fairer and more secure rental market for renters and landlords with the introduction of the Residential Tenancies Amendment Bill in Parliament.  “This Bill includes a series of reforms to improve the wellbeing of the 609,700 households that live in rented homes, and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Biosecurity Minister announces world first eradication of pea weevil
    A Government programme to wipe out pea weevil has achieved a world first, with Biosecurity Minister Damien O’Connor today announcing the successful eradication of the noxious pest from Wairarapa. This means the nearly four-year ban on pea plants and pea straw was lifted today. Commercial and home gardeners can again grow ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Temporary Accommodation Service activated for Southland flooding
    Southland residents hit by flooding caused by heavy rainfall can now access help finding temporary accommodation with the Government activating the Temporary Accommodation Service, Minister of Civil Defence Peeni Henare announced today. “The Temporary Accommodation Service (TAS) has been activated by the Ministry of Business, Innovation and Employment to help ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Bridges: Over-hyped and under-delivered
    “Is that it?” That’s Finance Minister Grant Robertson’s response to Simon Bridges’ much-hyped economic speech today. “Simon Bridges just gave the most over-hyped and under-delivered speech that I can remember during my time in politics,” Grant Robertson said. “It’s not surprising. Simon Bridges literally said on the radio this morning ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Police to trial eye in the sky in Christchurch
    A trial deployment of the Police Eagle helicopter in Christchurch will test whether the aircraft would make a significant difference to crime prevention and community safety. “The Bell 429 helicopter will be based in Christchurch for five weeks, from 17 February to 20 March,” said Police Minister Stuart Nash. “The ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Momentum of trade talks continues with visits to promote Pacific and Middle East links
    The Government has kept up the pace of its work to promote New Zealand’s trade interests and diversify our export markets, with visits to Fiji and the United Arab Emirates (UAE) by Trade and Export Growth Minister David Parker. Building momentum to bring the PACER Plus trade and development agreement ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Coalition Govt’s investment in Customs nets record drugs haul: 3 tonnes stopped at borders in 2019
    The Coalition Government’s investment in a strong border and disrupting transnational organised crime produced record results for stopping drugs in 2019, says Minister of Customs Jenny Salesa. The illegal drugs were seized at the New Zealand border by Customs, and overseas by Customs’ international border partners before the drugs could ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Separated scenic cycleway starts
    Transport Minister Phil Twyford today kicked off construction of a separated cycleway alongside Tamaki Drive. A two-way separated cycleway will be built along the northern side of Tamaki Drive, between the Quay Street Cycleway extension and Ngapipi Road. There will be a separate walking path alongside. Phil Twyford said giving ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Earthquake-Prone Building loan scheme: eligibility criteria announced
    Owner-occupiers of unit and apartments living in earthquake-prone buildings will have certainty about the financial support they’ll be eligible for with the release of criteria for an upcoming assistance scheme, Minister for Building and Construction Jenny Salesa says. The Residential Earthquake-Prone Building Financial Assistance Scheme will help unit owners facing ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Travel restrictions to remain in place as coronavirus precaution
    Temporary restrictions on travel from China will remain in place as a precautionary measure to protect against the spread of the COVID-19 coronavirus. The restrictions which prevent foreign nationals travelling from, or transiting through, mainland China from entering New Zealand have been extended for a further 8 days. This position ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Over $1 million to help Tairāwhiti youth into employment
    Employment Minister Willie Jackson announced today that Tairāwhiti rangatahi will benefit from an investment made by the Government’s He Poutama Rangatahi (HPR) scheme. The funding will go to the Tautua Village, Kauneke programme and the Matapuna Supported Employment Programme which will fund 120 rangatahi over two years. “Both programmes work ...
    BeehiveBy beehive.govt.nz
    2 weeks ago