Posts Tagged ‘economy’

GDP up; parents’ time with kids plummets

Written By: - Date published: 12:13 pm, March 20th, 2008 - 19 comments

One of the most interesting questions from the audience at the Stiglitz interview in Wellington last week was whether he thought we were focusing unduly on “economic growth” as the sole indicator of societal wellbeing. The point being that, as in the headline, it’s easy to imagine situations in which GDP’s rising but quality of […]

Is it a recession Mr Key?

Written By: - Date published: 4:03 pm, March 19th, 2008 - 27 comments

I am intrigued by the recent coverage of the state of the economy. We have reports that things will get bumpy from some economists, with others saying dire predictions are “premature grandstanding”. Cullen doesn’t appear too worried, saying the economy’s in better shape than most to weather the storm. It was nice to hear this […]

What the hell is the sub-prime crisis?

Written By: - Date published: 10:46 am, March 19th, 2008 - 49 comments

The sub-prime crisis is at the heart of the world’s current economic problems. It all boils down to financiers playing fast and loose with the rules of how money works, and the US government not keeping an eye on them. Essentially, they created a whole new class of interest-bearing pieces of paper that were supposedly […]

Guest post: Simon Tegg on Peak Oil

Written By: - Date published: 1:57 pm, March 18th, 2008 - 16 comments

Meet Guest post. Guest post is 32 years old, he likes long walks on the beach and lively political debate. He is our new vehicle for experts on interesting and relevant topics to contribute posts to The Standard. Our first guest is Simon Tegg, who has done research on peak oil. It says something about […]

Counting our collective coin

Written By: - Date published: 1:44 pm, March 18th, 2008 - 9 comments

Check out this groovy little gadget. You put your money in the slot and it gets counted, with the power of ‘digital’! Maybe we could all chip in and get one for the IRD. Seriously though, quite a cock-up on the IRD’s behalf, using the wrong figures so tax revenue was undercounted by $600 million […]

Good for the ears

Written By: - Date published: 3:23 pm, March 15th, 2008 - 3 comments

For those of you who haven’t already found it, Left Business Observer editor Doug Henwood has a bloody good economics-based radio show that goes up on the web. I’ve rediscovered it after being an avid listener some years ago and can throughly recommend it. His latest interview is with Nobel laureate Joesph Stiglitz (who incidentally […]

Adapting to the oil endgame

Written By: - Date published: 10:53 am, March 14th, 2008 - 52 comments

Today oil broke US$111 a barrel. Two weeks ago the record price was $101. Just six months ago the price broke $80 for the first time. Oil prices are rising at an accelerating pace. That flows into New Zealand fuel prices, predicted to top $2 a litre this year. What can the Government do to […]

Reactions to New Zealand Fast Forward

Written By: - Date published: 10:32 am, March 12th, 2008 - 1 comment

Groups that issued press releases welcoming the Government announcement of the $700 million research and development fund for argiculture (press releases on Scoop): NZ Veterinary Association – Science funding just in the nick of time Science New Zealand – Science New Zealand welcomes science fund announcement Export New Zealand – Export NZ welcomes innovative funding […]

Dolla Dolla Bill, Y’all

Written By: - Date published: 5:17 pm, March 11th, 2008 - 14 comments

Days after saying ‘we’ve always said, we aren’t that worried about, um, whether the Crown needs to borrow a bit of money [for a] programme of tax cuts’ Bill English has accused Michael Cullen of ‘um, ah, borrowing for tax cuts’. What English’s researchers have discovered is that the amount of Government Bonds on issue […]

$700m for R&D

Written By: - Date published: 1:48 pm, March 11th, 2008 - 11 comments

The Dom reports that “Prime Minister Helen Clark unveiled the $700 million funding boost for research, development and innovation projects today and said the fund would grow to around $1 billion as it earned interest over the next 10 to 15 years. Industries would be expected to match the government’s commitment, causing the fund to […]

Stepping in

Written By: - Date published: 1:45 pm, March 11th, 2008 - 8 comments

No Right Turn makes a good point about the government’s $700 million innovation fund for the agricultural and food sector: I’m a little surprised that its the government doing this. We have a number of large companies involved in these sectors, and under competent managers, they’d already be making these investments themselves. Unfortunately, corporate management […]

Ralston’s hyprocrisy hyperbole

Written By: - Date published: 2:54 pm, March 10th, 2008 - 45 comments

In an article on the economy that would have had my high-school economics teacher in fits, Bill Ralston says that it is hypocritical of the Government to block the sale of Auckland Airport because it is a strategic asset while the Government-owned New Zealand Superannuation Fund (the Cullen Fund, as National dubbed it, I guess […]

Stripped

Written By: - Date published: 11:08 am, March 7th, 2008 - 21 comments

The two major dailies have been running bizarre editorial lines against the government’s intervention to block the sale of Auckland Airport, even as their letters columns fill up with people supporting the move. The Herald called it ‘xenophobia’. Of course, the Herald would know a bit about xenophobia having enthusiastically supported the anti-Asian campaigns by […]

First planes, now trains

Written By: - Date published: 2:09 pm, March 6th, 2008 - 43 comments

It is looking more likely that the Government will buy back New Zealand’s rolling rail stock from Australian-based Toll. Toll has been a classic asset-stripper: buy a key piece of infrastructure that should never have been sold, take as much profit as possible with minimal investment, and force the Government to buy the infrastructure back […]

Key caught out

Written By: - Date published: 10:22 am, March 5th, 2008 - 22 comments

The government’s move to strengthen the Overseas Investment Act on Monday was met with predictable criticism from the ‘markets first, people second’ brigade. National Deputy Leader Bill ‘Privatise ‘em all’ English came out quickly on the side of big foreign money against New Zealand control of vital assets. But Bill’s supposed leader, John Key, didn’t […]

Foreigners think NZ is great, why doesn’t National?

Written By: - Date published: 2:45 pm, March 4th, 2008 - 38 comments

One of National’s strategies is to constantly talk down New Zealand, arguing that other countries have it better, that to catch up we have to sell off our assets, cut our social services, cut wages, and work harder. The line is repeated in the media, most often in comparison with Australia. The thing is if […]

Protecting New Zealand’s assets

Written By: - Date published: 11:10 am, March 4th, 2008 - 90 comments

The government has made a series of moves to prevent strategic New Zealand assets being exploited by foreign companies. Last week tax law was changed to prevent the Canadian Pension Fund avoiding tax in its bid for Auckland Airport. Yesterday, the government changed the Overseas Investment Act to give Ministers veto power when strategic land […]

Key: pay cuts for you, backhanders for my mates

Written By: - Date published: 11:47 am, February 21st, 2008 - 32 comments

Even as he flounders from one excuse to the next over his ‘we would love to see wages drop’ statement, it has emerged that John Key is offering hundreds of millions of taxpayer dollars to his big business mates. Key promised a $200 million suspensory loan to a new merger of Southland meat exporters. Not […]

Keeping it Kiwi

Written By: - Date published: 4:26 pm, February 18th, 2008 - 19 comments

Dairy farmers have rejected the Fonterra Board’s short-sighted plan to sell 20% of the company. Fonterra wanted to raise cash with a stock-market float to fund expanding its dairying operations in other countries but in the long-run Fonterra would have paid out far more in dividends to (offshore) stockholders. The dairy farmers would end up […]

Swan to build surplus as economic stabiliser

Written By: - Date published: 3:44 pm, February 12th, 2008 - 2 comments

Australian Treasurer Wayne Swan has announced that he intends to lift the target for the budget surplus, so that fiscal policy can help ease upward pressure on interest rates. He will proceed with tax cuts announced in the election campaign, but according to The Australian newspaper his comments signal that there is unlikely to be […]

Say chee$e

Written By: - Date published: 5:46 pm, February 10th, 2008 - 35 comments

At the supermarket earlier this week I was browsing the aisles and noticed the price of cheese. It seems now that for a kilo of this yellow gold (hold on isn’t gold kinda yellow anyway?) you’ll be paying $16. Now that’s a lot of money for what is pretty much a Kiwi staple but it’s […]

Solution to wage-gap in hands of business

Written By: - Date published: 10:48 am, February 8th, 2008 - 61 comments

Larger (but still small) numbers of kiwis are leaving for Australia and higher incomes are part of the attraction.  At the same time unemployment here is at a record low, which is good but employers are complaining about a lack of workers.  To keep skilled workers in New Zealand higher wages are needed. The government […]

Unemployment at record low (again)

Written By: - Date published: 1:14 pm, February 7th, 2008 - 18 comments

From Stuff: Growing numbers of women in the workforce pushed New Zealand’s unemployment rate down to a new record of 3.4 per cent in the December quarter. The rate dropped 0.1 of a percentage point from the September quarter, which itself had been the lowest unemployment rate recorded since the Household Labour Force Survey started […]

National’s hoax on unemployed workers

Written By: - Date published: 11:32 am, November 12th, 2007 - 41 comments

Last week Stats NZ announced unemployment had dropped to a record low of just 3.5%, after reaching double-digit figures under National in the 90s. That reminded me of an old press release from Bill English just before the 1999 election where he called unemployment in the range of 3% “a hoax” and suggested 6% might […]

National: it’s not worth the pay cut

Written By: - Date published: 1:46 pm, October 19th, 2007 - 58 comments

The National Party are clearly worried. They’ve done pretty well so far with the populist rallying cry of tax cuts, but they always knew their record on wages would come up at some point. Because as National themselves are fully aware, while tax cuts might on the face of it put more money into workers’ […]

Overtaxed?

Written By: - Date published: 9:57 am, October 12th, 2007 - 18 comments

There’s a lot of talk on the right about the surplus being evidence of ‘overtaxation’. But where exactly is the Government’s huge tax grab? According to Treasury, tax as a percentage of GDP has barely moved since 1998 – when we had no Working for Families, no Cullen Fund, no Kiwisaver, virtually no investment in […]

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