Tell the police, New Zealand has been robbed …

Written By: - Date published: 10:56 am, April 17th, 2014 - 72 comments
Categories: bill english, capitalism, john key, national, same old national - Tags: ,

John Key billboard selling New Zealand

Amongst all the noise created by the disintegration of Judith Collins’ political career there is a much more important story that has avoided the headlines yet presents a much more significant event.  The shareholding of Genesis Energy has been sold at a price that is a steal.

As I commented previously the Government made she sale of Genesis shares an unbelievably attractive offer by essentially decreasing the price to below the shares real value and thereby increasing the yield.  Bill English previously warned the public that only 60% of the shares on offer may be purchased but the political embarrassment this would have caused was averted by essentially giving the shares away.  Clearly this has occurred because the share offer has been heavily oversubscribed and purchases have been heavily scaled back.  The expected yield is 15% which for a utility share is astronomical.

Interestingly the way the Government’s offer was structured has resulted in overseas institutions purchasing one in four of the shares on offer.  You would have thought that local mum and dad investors should have been favoured.  The overseas institutions could have and should have been at the back of the cue and there was plenty of local demand to purchase all of the shares.

And you have to wonder about why the decision to sell was made.  The expected yield, before factoring in the effect of the loyalty bonus, is three times the interest rate that the Crown is charged.  We are losing heavily.  And four out of five of the institutions which valued the shares said they were worth more than what they have been sold for.

New Zealand you have been robbed.

72 comments on “Tell the police, New Zealand has been robbed … ”

  • Comments are now closed

  1. aerobubble 1
    17 April 2014 at 11:12 am

    The ad for the sale of shares was misleading, it gave the impression that the NZ public didn’t already own them (via the government trust) and that they could now buy a share. It wasn’t so much a sale, it was a forced de-sale of everyone else’s share.

  2. Enough is Enough 2
    17 April 2014 at 11:14 am

    Don’t worry – the theft will be temporary.

    Subject to all you true lefties giving your vote to a true left party (Greens or Mana), there will be legislation in the house before Christmas to renationalise these assets.

    • Tracey 2.1
      17 April 2014 at 11:45 am

      yup… its everyones money where your mouths are…

      and buying them back at sale price not the listing price on the day of the buy back.

      a decent focused set of comments by the left leaves the govt nowhere to go on this. if a client of john keys previous employer said should we sell this to offset borrowings he would have said

      ” at that price you are crazy, the numbers make no sense.”

      or

      “yes, sell” followedby phone calls through a well prepared veil to add them to his own portfolio, or that of a trust or company or other structure

      • Enough is Enough 2.1.1
        17 April 2014 at 11:59 am

        Yep – money where mouth is being the key phrase.

        For that reason the incoming government must consist of an influentia left voice. Greens rely on us getting them to 15% plus.

      • felix 2.1.2
        17 April 2014 at 12:29 pm

        “and buying them back at sale price not the listing price on the day of the buy back.
        “

        Whichever is lower.

        • Lanthanide 2.1.2.1
          17 April 2014 at 12:42 pm

          Saying that ensures that the list price will meet the sale price.

          Same things happens when there’s a takeover of shares, if it’s indicated to be 10% above the current share price, the share price “magically” becomes equal to the buyout price.

    • Stuart Munro 2.2
      17 April 2014 at 12:33 pm

      The renationalisation must take place at a discount. The public should not pay the thieves’ costs. 15-20% should cover it, and make the scum think long and hard before they steal any more.

    • TightyRighty 2.3
      17 April 2014 at 3:07 pm

      oh yeah? i haven’t seen any concrete evidence of that policy from either party? are they going to announce it pre election? or just foist on voters? should they get enough votes of course.

      • Stuart Munro 2.3.1
        18 April 2014 at 3:14 am

        This theft was enabled by the corruption of Banks, Dunne & the Maori party.

        The referendum is a clear mandate to reverse the thefts.

        Hanging the thieves would be popular too.

  3. Puckish Rogue 3
    17 April 2014 at 12:09 pm

    On the plus side I’m much better off thanks 🙂

    • Tracey 3.1
      17 April 2014 at 12:32 pm

      glad to see you agree they have been sold under value.

      • Puckish Rogue 3.1.1
        17 April 2014 at 12:35 pm

        and if they’d been over priced you lefties’d be crowing about that as well

        • Lanthanide 3.1.1.1
          17 April 2014 at 12:43 pm

          Exactly. This was a lose-lose policy for the government, either taxpayers get shafted, or “the public” that buy the shares gets shafted.

          Who gets shafted has see-sawed back and forth through these sales, but this final sale has well an truly screwed the taxpayer.

      • Markymark 3.1.2
        17 April 2014 at 1:17 pm

        They were undervalued because the economic illiterates in the Labour and Green parties came out with a horrendous idea to de-facto nationalise the electricity industry – ala Rob Muldoon populism style.

        The policy had no economic nor public policy merit, rather it was just designed to create large risk in the marketplace thereby tanking the government’s various IPO’s. The end result of this economic sabotage has been that hundreds of millions of $ have been wiped off the value of those SOE’s. That is real wealth that belonged to both the NZ govt and middle class Kiwi’s who’s KiwiSaver funds are heavily invested in the stock market.

        Funnily enough, Gareth Hughes didn’t even deny such nefarious motives when asked on camera by TV3.

        The NZ Power policy has not a single academic or economist backing it – bar the guy who actually wrote the policy (Ganesh Nana at BERL). That’s a fact. Not a single independent intellectual will sign their name to it. The expert that was alleged to have been backing the policy (Frank Wollak) has completely rubbished it. It is wholly lacking in credibility

        I’d love to hear what the intelligent and rational left wingers on this site have to say about the influence of such a half baked policy on the SOE floats, before they begin bleating about the price Genesis floated at.

        • Draco T Bastard 3.1.2.1
          17 April 2014 at 1:30 pm

          The real wealth is the actual generators and they have been stolen from the owners – the people of New Zealand.

        • Tracey 3.1.2.2
          17 April 2014 at 1:32 pm

          Why wait for the left wingers here to comment, why not read the experts?

          Non expert (markymark) says

          “They were undervalued because the economic illiterates in the Labour and Green parties came out with a horrendous idea to de-facto nationalise the electricity industry – ala Rob Muldoon populism style.”

          Five independent reports (Edison, Woodward Partners, Craigs, Morningstar and fat prophets) on Genesis Energy say

          “All the research reports regard the main risks to Genesis as being its exposure to onerous take-or-pay contracts for natural gas from the Kupe oil and gas field, in which it owns a 31 percent stake, and the fact that Kupe’s earnings will cease in the late 2020s, when its reserves are exhausted.

          The other major risk identified, but discounted as unlikely by some of the research, is the Labour and Green parties’ proposals to drop power prices by dismantling current wholesale electricity market arrangements and imposing a central buyer model.”

          …

          “Craigs puts a value range on Genesis shares of between $1.52 – the only valuation among those published today that is below the $1.55 IPO price – in the event of a Labour-Greens win, but says that could rise as high as $1.97 if a National-led government is reinstalled.”

          So, all the experts factored in the Labour/Greens powerNZ proposal, and the worst analysis for the true value of the shares was $1.52 ($.03 below the listing price) and the highest was over $1.90.

          I’ll leave it those reading your post and mind to determine which of us appears the intelligent and rational one on this topic.

          • Molly 3.1.2.2.1
            19 April 2014 at 10:08 am

            I’ve thought for a while that the Standard needs an emoticon that looks left and right, to indicate the phrase “Where did they go?”.

            Would come in particularly useful for those such as MarkyMark who leave abruptly when they run out of rhetoric, or have been overwhemingly debunked, by replies such as yours.

  4. Draco T Bastard 4
    17 April 2014 at 12:09 pm

    The sale has achieved it’s purpose – the forced transfer of public wealth to the private sector. Essential if you want to bring back feudalism as National does.

    • Enough is Enough 4.1
      17 April 2014 at 12:15 pm

      Draco they have succeeded. What we now have is modern version of feudalism.

      People who say this government has been a failure, dont know what they are talking about. This government has done exactly what it set out to do. They have been remarkable in their abilty to push through a hard right agenda, keep the media on-side and essentially screw the majority of New Zealand workers.

      • Draco T Bastard 4.1.1
        17 April 2014 at 12:22 pm

        Agreed but it is not just screwing the workers, it’s screwing everyone except the 1%.

  5. johnm 5
    17 April 2014 at 12:13 pm

    Daylight Robbery! 🙁
    Thought for the day. We are not a democracy run by the people for the people, we are now an oligarchy a state run for the benefit of privatised interests with some residual democratic trappings. That’s why people like me who have protested against these robberies feel like they’re beating their heads against a fluffy pillow and are simply ignored though citizens of this land. Labour has not said it would renationalise these stolen assets why?

    • Puckish Rogue 5.1
      17 April 2014 at 12:16 pm

      “That’s why people like me who have protested against these robberies feel like they’re beating their heads against a fluffy pillow and are simply ignored though citizens of this land.”

      John Key said this would happen before the last election so everyone knew it was going to happen and John Key was returned to power

      “Labour has not said it would renationalise these stolen assets why?”

      Not even most of Labour are that stupid (the rest of the left however…)

      • Draco T Bastard 5.1.1
        17 April 2014 at 12:24 pm

        And National did it with only 35% of the possible vote.

        • Puckish Rogue 5.1.1.1
          17 April 2014 at 12:29 pm

          If the people didn’t want what National was saying they could have voted elsewhere but fortunately National has Labour running against it as its main opponent so thats not likely to happen

      • Tracey 5.1.2
        17 April 2014 at 12:33 pm

        Can you post links to where Mr key said prior to the election that he might sell them under their true value?

        • Puckish Rogue 5.1.2.1
          17 April 2014 at 12:47 pm

          Why should I? Key said there’d be a partial sell off and was returned to power, hes also said its the last so its over…just in time for the election as well 🙂

          • felix 5.1.2.1.1
            17 April 2014 at 12:53 pm

            Bit lazy mate. Key is on record saying there was no bottom price too low to sell the power companies because selling them was the right thing to do.

            He said it in the house, so the transcripts and videos are easy to find.

            Lazy.

          • Tracey 5.1.2.1.2
            17 April 2014 at 12:56 pm

            because you wrote

            “John Key said this would happen before the last election so everyone knew it was going to happen and John Key was returned to power”

            this suggests you know where key said he would sell them below value. So, front up. Even felix is trying to help you.

      • One Anonymous Bloke 5.1.3
        17 April 2014 at 1:09 pm

        Labour has said it will renationalise these stolen assets on Labour’s terms, not whatever false premises the Corruption-in-Chief lies about.

    • johnm 5.2
      18 April 2014 at 11:08 am

      The same process happening in the U$K Neo Feudalism, democracy just a feel good word now:
      What the people want is irrelevant:

  6. Draco T Bastard 6
    17 April 2014 at 12:14 pm

    Yes PR, that’s generally what happens when a robbery is committed. A few people are better off and everyone else is worse off.

    • Puckish Rogue 6.1
      17 April 2014 at 12:18 pm

      Quite yer crocodile tears you whining lefties, NZ still have the majority control so its not like National are even remotely close to emulating Labour in this aspect

      • Draco T Bastard 6.1.1
        17 April 2014 at 12:28 pm

        Majority ownership, not control. The law prohibits the majority owner from doing anything that interferes with the minority owners maximised profit. Thus the companies can no longer do things that benefit society.

        • Puckish Rogue 6.1.1.1
          17 April 2014 at 12:31 pm

          Try getting Cunliffe to explain that to the public and see how well it goes vs John Key explaining and we’ll see how the public takes it

          • felix 6.1.1.1.1
            17 April 2014 at 12:43 pm

            I note that you did not dispute the facts as Draco stated them.

            • Puckish Rogue 6.1.1.1.1.1
              17 April 2014 at 12:55 pm

              The facts as you see them don’t matter, the facts as I see them don’t matter what matters is what message the voting public will buy and that depends on the salesperson doing the selling

              Haven’t you on the left worked it out yet?

              • Tracey …
                17 April 2014 at 1:00 pm

                minority shareholder rights are not “facts as you see them”. They are simply facts.

                Yes, some of us have long known that politics is being played by some as a game to which the best liar gets the power and spoils. That you glibly praise and personally benefit from it makes you a rather sad and unlikeable man/woman.

                • felix …
                  17 April 2014 at 1:03 pm

                  Boasting about being dishonest.

                  Boasting about ignoring facts.

                  Ladies and Gents, the Right Wing.

                • Puckish Rogue …
                  17 April 2014 at 2:06 pm

                  Ok well tell you what after the next election you can sit there smugly feel superior while the right get on and run the country, sound good?

              • Draco T Bastard …
                17 April 2014 at 2:17 pm

                The facts may not matter on Planet Key but they certainly matter here in reality.

        • Tracey 6.1.1.2
          17 April 2014 at 12:34 pm

          an inconvenient truth for the right and their supporters like Puckish, preferring to mislead the public with “we have maintained majority control”. No, we have maintained majority shareholding. Quite a different thing.

          • Hayden 6.1.1.2.1
            17 April 2014 at 1:04 pm

            But it’s quite alright as long as the voters believe the soothing noises John Key makes at them.

            • Tracey 6.1.1.2.1.1
              17 April 2014 at 1:08 pm

              according to Puckish, it’s not just “alright” it’s personally financially enriching. Personal responsibility and accountability is only for the poor and low income Hayden.

              • Puckish Rogue …
                17 April 2014 at 1:27 pm

                Meh, plenty of people did well out of WFF but i didn’t so its swings and roundabouts

                • Tracey …
                  17 April 2014 at 2:21 pm

                  if what you post is a true reflection of your views i hope you have no sphere of influence.

                  • Puckish Rogue …
                    17 April 2014 at 2:31 pm

                    You do know whos in power at the moment don’t you which means more people are in agreement with me then you

                    • thatguynz …
                      17 April 2014 at 3:56 pm

                      Actually, you are incorrect. Of those that CHOSE TO VOTE, more favoured the cobbled together right wing rabble that we are currently saddled with….

                      …however overall, the vast majority don’t support your mates. Get your facts right.

        • Melb 6.1.1.3
          17 April 2014 at 2:33 pm

          “Thus the companies can no longer do things that benefit society.”

          What rot. Under the SOE model these companies were already required by law to maximise profit.

          • Draco T Bastard 6.1.1.3.1
            17 April 2014 at 2:51 pm

            The government, being the owner, could have told them not to do so. The government can no longer do that.

  7. srylands 7
    17 April 2014 at 1:12 pm

    You all need to get over it. Ultimately the remaining 51% of my these companies will be privatized. There is no alternative. The companies will continue to do things that benefit society. They will will provide electricity. Why the left is obsessed with tqhe partial ell down of some power cos I have no idea. Why do you want the government running companies? If it is good enough for electricity where does it END? Supermarkets? You should be concerned about electricity, not who owns the companies.

    Btw you criticize genesis for being under priced. I recall most commentators here criticizing map for being over priced. A useful target for a first day float price is a 10% spike. So that means about 1.65 to 1.70 for genesis.

    I sincerely hope the remaining 51% gets sold but it will probably need to wait 6 years.

    • One Anonymous Bloke 7.1
      17 April 2014 at 1:22 pm

      Poor dinosaur, left isolated by the IMF, watching helplessly as the World Bank tosses the TINA Bible on the bonfire, the realisation gradually dawning of an entire life’s work wasted chasing ephemera.

      Quick, intone the mantra again!

    • Tracey 7.2
      17 April 2014 at 1:22 pm

      You are one of the only people, along with John Key and Bill English (career bureaucrat) that consider it wise economic thinking to sell several assets in the same industry in such a short space of time, if the idea is to maximise return.

      • Disraeli Gladstone 7.2.1
        18 April 2014 at 10:41 pm

        Bingo.

        You can make your arguments that the SOEs should have been sold. There’s a rational argument (though I’m sure others will disagree) that government shouldn’t own electricity companies. There’s also a very rational argument that governments should own necessary utilities. Either way, there’s room to debate.

        What there’s not room to really debate on is how the sale was conducted. You don’t sell a host of similar companies in a short amount of time. You slacken demand for the later offerings and don’t make as much money as you would if the sale was conducted earlier.

        Ideologue about state owned assets aside, the asset sales of this government was financial incompetency.

    • Draco T Bastard 7.3
      17 April 2014 at 1:37 pm

      As I pointed out to you yesterday the government is better at running businesses than the private sector. And they can do it without the dead weight loss of profit.

      • Tracey 7.3.1
        17 April 2014 at 2:23 pm

        i think slylands is really jenny shipley. why?

        ” Ultimately the remaining 51% of my these companies will be privatized.

  8. Tiger Mountain 8
    17 April 2014 at 1:37 pm

    The “invisible hand of the market” has left a lot of grubby fingerprints behind in this debacle.
    Re-nationalisation… going forward…

    • Draco T Bastard 8.1
      17 April 2014 at 3:03 pm

      Re-nationalisation is inevitable. Same as the revolutions against feudalism were inevitable and for the same reason.

  9. Tracey 9
    17 April 2014 at 2:25 pm

    as genesis shares moved toward $1.80, and accounting for broker fees, who just made a 20% profit on their shares…

    • Puckish Rogue 9.1
      17 April 2014 at 2:33 pm

      🙂

      But its not about the share price for me but the divedend

      • Tracey 9.1.1
        17 April 2014 at 2:40 pm

        which is the very reason they shouldnt have been sold.

        still, you were capped at $5000… must have been annoying after the pre election you would be at the front of the queue… unless you dont have children in which case key didnt mean you.

        • Puckish Rogue 9.1.1.1
          17 April 2014 at 2:47 pm

          Ah well thats life you know, I was too young to profit from what Labour did so heres my chance to improve my life a little

      • Draco T Bastard 9.1.2
        17 April 2014 at 3:08 pm

        Yes, well done, you’ve just become and even bigger bludger on the backs of the rest of NZ.

  10. Sacha 10
    17 April 2014 at 6:24 pm

    Renationalise and deduct the same $250m ‘fees’ as the pricks flogged in the other direction.

    • Murray Olsen 10.1
      17 April 2014 at 10:26 pm

      That’s a bit generous. I suggest their $250m fee and another $250m of our own.

  11. dave 11
    18 April 2014 at 4:10 pm

    i want buy them back to but i would want to smash the share price first with the NZ power policy then buy them back to half the value

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    Yesterday I happily quoted the Prime Minister without fact-checking him and sure enough, it turns out his numbers were all to hell. It’s not four kg of Royal Commission report, it’s fourteen.My friend and one-time colleague-in-comms Hazel Phillips gently alerted me to my error almost as soon as I’d hit ...
    More Than A FeildingBy David Slack
    2 days ago
  • The Kākā’s Journal of Record for Thursday, July 25

    TL;DR: As of 6:00 am on Thursday, July 25, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day were:The Abuse in Care Royal Commission of Inquiry published its final report yesterday.PM Christopher Luxon and The Minister responsible for ...
    The KakaBy Bernard Hickey
    2 days ago
  • A tougher line on “proactive release”?

    The Official Information Act has always been a battle between requesters seeking information, and governments seeking to control it. Information is power, so Ministers and government agencies want to manage what is released and when, for their own convenience, and legality and democracy be damned. Their most recent tactic for ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • 'Let's build a motorway costing $100 million per km, before emissions costs'

    TL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy today are:Transport and Energy Minister Simeon Brown is accelerating plans to spend at least $10 billion through Public Private Partnerships (PPPs) to extend State Highway One as a four-lane ‘Expressway’ from Warkworth to Whangarei ...
    The KakaBy Bernard Hickey
    3 days ago
  • Lester's Prescription – Positive Bleeding.

    I live my life (woo-ooh-ooh)With no control in my destinyYea-yeah, yea-yeah (woo-ooh-ooh)I can bleed when I want to bleedSo come on, come on (woo-ooh-ooh)You can bleed when you want to bleedYea-yeah, come on (woo-ooh-ooh)Everybody bleed when they want to bleedCome on and bleedGovernments face tough challenges. Selling unpopular decisions to ...
    Nick’s KōreroBy Nick Rockel
    3 days ago
  • Casey Costello gaslights Labour in the House

    Please note:To skip directly to the- parliamentary footage in the video, scroll to 1:21 To skip to audio please click on the headphone icon on the left hand side of the screenThis video / audio section is under development. ...
    Mountain TuiBy Mountain Tui
    3 days ago
  • Why is the Texas grid in such bad shape?

    This is a re-post from the Climate Brink by Andrew Dessler Headline from 2021 The Texas grid, run by ERCOT, has had a rough few years. In 2021, winter storm Uri blacked out much of the state for several days. About a week ago, Hurricane Beryl knocked out ...
    Skeptical Science
    3 days ago
  • Gordon Campbell on a textbook case of spending waste by the Luxon government

    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

  • 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
    18 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
    21 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
    21 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
    23 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
    1 day 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

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