The Genesis share float has problems
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8:21 am, February 27th, 2014 - 17 comments
Categories: assets, bill english, david cunliffe, john key, labour, national, privatisation, same old national -
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Bill English yesterday announced that the sale of up to 49% of Genesis Energy’s shares will start from next month. But this time things will be different from the other sales. It appears that the Government is preparing itself for the likelihood that demand for the shares will be limited.
Mr English announced up to 49 percent of shares will be available from next month, with the company expected to be listed on the NZX in mid-April.
The shares will be priced at the beginning of the offer period, as opposed to the end as with previous sales. And unlike previous sales, US institutions will be blocked from owning Genesis shares.
…
The Government aims to float at least 30 percent of the company’s shares, but Mr English says the true number has not yet been decided.
“Our initial advice is that a smaller Genesis offer could increase price tension in the front-end book build by offering fewer shares to more bidders,” he says.
“We will not know that until we further test demand in the market, where investors now have a wider choice of several energy companies.”
This is basically an admission that the share sale process is flawed. Treasury had advised the Government to release no more than $1 billion worth of shares in a 12 month period so that the shares could be absorbed by the market. The Government has released $4 billion worth of shares in the past 12 months.
Genesis was estimated as being worth $1.8 billion in November last year. If only 30% of the shares are sold then $540 million can be expected before realisation costs are taken out. But the figures are likely to be a lot worse.
The Government is considering setting the price so that there is an expected dividend yield of 9% return on investment for the shares. The last financial year’s dividend payment was $114 million. If you extrapolate this figure on the basis that the return on investment is 9% then the company is worth $1.26 billion, which suggests that the sale of 30% of the company will yield only $380 million before sale costs. When you think about the cost of sale and the proposed loyalty bonus National is getting to the stage where it is giving our shares away.
If this amount only is achieved then the Government will fall short of its minimum expectation of $4.4 billion being raised by asset sales.
David Cunliffe has said:
John Key has given up on the Genesis sale before it has even begun by saying he may only be able to sell just 30 per cent of the state asset, Labour Leader David Cunliffe says.
“Everyone knows the Genesis sale is going to be a failure, from the public to investors to Treasury. Now it turns out even John Key knows it.
Not only is it a bad idea to sell off assets in the first place, it’s economic idiocy to sell three in the space of a year. The sharemarket just isn’t that interested. That’s why John Key has admitted he may not be able to sell the full 49 per cent.
…
Nothing shows this Government has run out of ideas more than the return of the ‘buy-one-get-one-free’ scheme of Mighty River Power. Since then they’ve tried ‘buy-now-pay-later’ with Meridian and ‘Grab-a-Share’ with Air New Zealand but with little success.
John Key has already effective admitted that the asset sales programme has failed. It’s been so unpopular and so unsuccessful that he’s had to say ‘no more sales’ after the election.
He should listen to the people and stop the sales right now. The Genesis sale is the last cab off the rank. The Government should leave it there.”
You have to wonder why the Government is continuing with the share float. It does not make financial sense and it is terribly unpopular. There is a sense that a combination of ideological belief that the state should not own anything combined with a politically belligerent refusal to back down are the reasons the Government will continue with the float.
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- Release: National won’t commit to full Nelson Hospital upgradeThe Government needs to be clear with the people of the Nelson Marlborough region about the changes it is considering for the Nelson Hospital rebuild, Labour health spokesperson Ayesha Verrall said. ...1 week ago
- Release: Labour calls for fast track list to be releasedMinisters must front up about which projects it will push through under its Fast Track Approvals legislation, Labour environment spokesperson Rachel Brooking said today. ...1 week ago
- Release: National gaslights women fighting for equal payNational has scrapped the pay equity taskforce that fights for equal pay for women and looks at ethnic pay gaps. ...2 weeks ago
- Release: More job cuts, fewer houses under NationalThe Government is again adding to New Zealand’s growing unemployment, this time cutting jobs at the agencies responsible for urban development and growing much needed housing stock. ...2 weeks ago
- Release: Children fall deeper through the cracks in Govt cutsWith Minister Karen Chhour indicating in the House today that she either doesn’t know or care about the frontline cuts she’s making to Oranga Tamariki, we risk seeing more and more of our children falling through the cracks. ...2 weeks ago
- Release: Labour honours memory of Sir Robert MartinThe Labour Party is saddened to learn of the death of Sir Robert Martin, a globally renowned disability advocate who led the way for disability rights both in New Zealand and internationally. ...2 weeks ago
- Release: 130,000 cattle saved from live exportLabour is calling for the Government to urgently rethink its coalition commitment to restart live animal exports, Labour animal welfare spokesperson Rachel Boyack said. ...2 weeks ago
- Central Bank makes clear Government is pouring fuel on housing crisis fireToday’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choosing to make them worse. ...2 weeks ago
- New unemployment figures paint bleak pictureThe Green Party is calling on the Government to do more for our households in most need as unemployment rises and the cost of living crisis endures. ...2 weeks ago
- Release: National’s job cuts already starting to bite as unemployment risesUnemployment is on the rise and it’s only going to get worse under this Government, Labour finance spokesperson Barbara Edmonds said. Stats NZ figures show the unemployment rate grew to 4.3 percent in the March quarter from 4 percent in the December quarter. “This is the second rise in unemployment ...2 weeks ago
- Release: National hiking transport costs for families and young New ZealandersWeekly expenses will grow for more than 1.6 million New Zealanders as the Government ends free and half price public transport fares tomorrow. ...2 weeks ago
- Release: Labour welcomes EU free trade agreementThe New Zealand Labour Party welcomes the entering into force of the European Union and New Zealand free trade agreement. This agreement opens the door for a huge increase in trade opportunities with a market of 450 million people who are high value discerning consumers of New Zealand goods and ...2 weeks ago
- Surprise: Landlord tax cuts don’t trickle downThe Green Party is renewing its call for rent controls following reports of rental prices hitting an all-time high. ...2 weeks ago
- Release: $1.7b for no increase in access to medicineThe National-led Government continues its fiscal jiggery pokery with its Pharmac announcement today, Labour Health spokesperson Ayesha Verrall says. “The government has increased Pharmac funding but conceded it will only make minimal increases in access to medicine”, said Ayesha Verrall “This is far from the bold promises made to fund ...2 weeks ago
- Release: National should heed Tribunal warning and scrap coalition commitment with ACTThis afternoon’s interim Waitangi Tribunal report must be taken seriously as it affects our most vulnerable children, Labour children’s spokesperson Willow-Jean Prime. ...2 weeks ago
- Release: More accountability for preventable workplace deaths this Workers’ Memorial DayLabour is calling for more accountability for preventable workplace deaths because everybody who goes to work deserves to come home safely. ...2 weeks ago
- Gaza: Aotearoa Must Support Independent Investigation into Mass GravesTe Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...3 weeks ago
- Joint statement of Christopher Luxon and Emmanuel Macron: Launch of the Christchurch Call Foundation
New Zealand Prime Minister Christopher Luxon and President Emmanuel Macron of France today announced a new non-governmental organisation, the Christchurch Call Foundation, to coordinate the Christchurch Call’s work to eliminate terrorist and violent extremist content online. This change gives effect to the outcomes of the November 2023 Call Leaders’ Summit, ...17 hours ago - Panel announced for review into disability servicesDistinguished public servant and former diplomat Sir Maarten Wevers will lead the independent review into the disability support services administered by the Ministry of Disabled People – Whaikaha. The review was announced by Disability Issues Minister Louise Upston a fortnight ago to examine what could be done to strengthen the ...18 hours ago
- Minister welcomes Police gang unitToday’s announcement by Police Commissioner Andrew Coster of a National Gang Unit and district Gang Disruption Units will help deliver on the coalition Government’s pledge to restore law and order and crack down on criminal gangs, Police Minister Mark Mitchell says. “The National Gang Unit and Gang Disruption Units will ...18 hours ago
- New Zealand expresses regret at North Korea’s aggressive rhetoricForeign Minister Winston Peters has today expressed regret at North Korea’s aggressive rhetoric towards New Zealand and its international partners. “New Zealand proudly stands with the international community in upholding the rules-based order through its monitoring and surveillance deployments, which it has been regularly doing alongside partners since 2018,” Mr ...18 hours ago
- New Chief of Defence Force appointedAir Vice-Marshal Tony Davies MNZM is the new Chief of Defence Force, Defence Minister Judith Collins announced today. The Chief of Defence Force commands the Navy, Army and Air Force and is the principal military advisor to the Defence Minister and other Ministers with relevant portfolio responsibilities in the defence ...19 hours ago
- Government puts children first by repealing 7AALegislation to repeal section 7AA of the Oranga Tamariki Act has been introduced to Parliament. The Bill’s introduction reaffirms the Coalition Government’s commitment to the safety of children in care, says Minister for Children, Karen Chhour. “While section 7AA was introduced with good intentions, it creates a conflict for Oranga ...20 hours ago
- Defence Minister to meet counterparts in UK, ItalyDefence Minister Judith Collins will this week travel to the UK and Italy to meet with her defence counterparts, and to attend Battles of Cassino commemorations. “I am humbled to be able to represent the New Zealand Government in Italy at the commemorations for the 80th anniversary of what was ...20 hours ago
- Charter schools to lift educational outcomesThe upcoming Budget will include funding for up to 50 charter schools to help lift declining educational performance, Associate Education Minister David Seymour announced today. $153 million in new funding will be provided over four years to establish and operate up to 15 new charter schools and convert 35 state ...21 hours ago
- COVID-19 Inquiry terms of reference consultation results received“The results of the public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has now been received, with results indicating over 13,000 submissions were made from members of the public,” Internal Affairs Minister Brooke van Velden says. “We heard feedback about the extended lockdowns in ...1 day ago
- The Pacific family of nations – the changing security outlookForeign Minister, Defence Minister, other Members of Parliament Acting Chief of Defence Force, Secretary of Defence Distinguished Guests Defence and Diplomatic Colleagues Ladies and Gentlemen, Good afternoon, tēna koutou, apinun tru It’s a pleasure to be back in Port Moresby today, and to speak here at the Kumul Leadership ...1 day ago
- NZ and Papua New Guinea to work more closely togetherHealth, infrastructure, renewable energy, and stability are among the themes of the current visit to Papua New Guinea by a New Zealand political delegation, Foreign Minister Winston Peters says. “Papua New Guinea carries serious weight in the Pacific, and New Zealand deeply values our relationship with it,” Mr Peters ...2 days ago
- Driving ahead with Roads of Regional SignificanceThe coalition Government is launching Roads of Regional Significance to sit alongside Roads of National Significance as part of its plan to deliver priority roading projects across the country, Transport Minister Simeon Brown says. “The Roads of National Significance (RoNS) built by the previous National Government are some of New Zealand’s ...2 days ago
- New Zealand congratulates new Solomon Islands governmentA high-level New Zealand political delegation in Honiara today congratulated the new Government of Solomon Islands, led by Jeremiah Manele, on taking office. “We are privileged to meet the new Prime Minister and members of his Cabinet during his government’s first ten days in office,” Deputy Prime Minister and ...2 days ago
- New Zealand supports UN Palestine resolutionNew Zealand voted in favour of a resolution broadening Palestine’s participation at the United Nations General Assembly overnight, Foreign Minister Winston Peters says. “The resolution enhances the rights of Palestine to participate in the work of the UN General Assembly while stopping short of admitting Palestine as a full ...4 days ago
- Speech to the 2024 Infrastructure SymposiumIntroduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...5 days ago
- $571 million for Defence pay and projectsDefence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...5 days ago
- Climate change – mitigating the risks and costsNew Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...5 days ago
- Getting new job seekers on the pathway to workJobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...6 days ago
- Accelerating Social InvestmentA new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says. “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...6 days ago
- Getting Back on TrackCheck against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with your Board and team, for hosting me. I’d like to acknowledge His Worship ...6 days ago
- NZ – European Union ties more critical than everYour Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...6 days ago
- Therapeutic Products Act to be repealedThe Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...7 days ago
- Decisions on Wellington City Council’s District PlanThe Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...7 days ago
- Rape Awareness Week: Government committed to action on sexual violenceRape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...7 days ago
- Smarter lunch programme feeds more, costs lessAssociate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...7 days ago
- Report provides insights into marine recoveryNew research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...7 days ago
- NZ to send political delegation to the PacificDeputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...7 days ago
- Low gas production threatens energy securityThere has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...1 week ago
- Defence industry talent, commitment recognisedDefence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...1 week ago
- Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...1 week ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...1 week ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...1 week ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...1 week ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...1 week ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...1 week ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...1 week ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...1 week ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...1 week ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...1 week ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...1 week ago
- British High Commissioner Speech To The NZIIA: In An Unstable World, Standing With Our Friends Is Ne...
This decade is becoming increasingly characterised by accelerating instability and standing with our friends is needed now more than ever. ...27 mins ago - The Reserve Bank’s double-pronged cash plan
What happens when cash is king – and then your bank leaves. A businessman in a town that hasn’t had a bank for three years says the Reserve Bank’s plans to put more cash in the hands of its people and introduce digital cash could save hours of time. John ...46 mins ago - Daily crossword, Wednesday 15 MayThe post Daily crossword, Wednesday 15 May appeared first on Newsroom. ...46 mins ago
- Taskforce disestablishment a setback for pay equity claims – employersEmployers in the funded NGO sector say the goal of reaching pay parity with the public service is now further away The post Taskforce disestablishment a setback for pay equity claims – employers appeared first on Newsroom. ...46 mins ago
- Ockhams: Catton wins People’s ChoiceThe people have spoken, in their hundreds. Birnam Wood by Eleanor Catton has been overwhelmingly voted the favourite New Zealand book of 2023 as nominated by ReadingRoom readers. The vote can informally be regarded as the People’s Choice award – ahead of tonight’s Ockham book awards, where Catton’s novel is competing ...46 mins ago
- Resolving funding block only way forward for infrastructureOpinion: The pressure of funding the infrastructure deficit must be reduced or at least shared by central government The post Resolving funding block only way forward for infrastructure appeared first on Newsroom. ...46 mins ago
- Libraries covering a third of NZ to migrate data to AustraliaWhy your library might be shifting its information to Australian data centres, and whether experts think that’s a problem The post Libraries covering a third of NZ to migrate data to Australia appeared first on Newsroom. ...46 mins ago
- Transpower takes blame for Simeon Brown’s ‘misleading’ chartThe energy minister said there were no low power supply notices issued before 2019, but that’s because the system was only introduced that year The post Transpower takes blame for Simeon Brown’s ‘misleading’ chart appeared first on Newsroom. ...46 mins ago
- Govt reviewing ‘counterintuitive’ fishing permits for biosecurity zoneDespite the $11m invested in eradication of exotic caulerpa, commercial crayfish permits were issued for an impacted area The post Govt reviewing ‘counterintuitive’ fishing permits for biosecurity zone appeared first on Newsroom. ...46 mins ago
- Newsroom daily quiz, Wednesday 15 MayLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Wednesday 15 May appeared first on Newsroom. ...46 mins ago
- Former Kiwi MPs’ names aired in Hong Kong security trialThe controversial national security trial of a Hong Kong newspaper founder has touched on the work of former Kiwi MPs The post Former Kiwi MPs’ names aired in Hong Kong security trial appeared first on Newsroom. ...46 mins ago
- Doubts about value, results from charter schools – education figures
Reintroduced charter schools will be tightly monitored, but a lack of transparency in reporting was a key criticism they faced last time around. ...7 hours ago - At a glance: the 2024 federal budget split four ways
Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer The government has handed down its budget for 2024–25. It’s delivered a $9.3 billion surplus for the financial year just about to finish but is forecasting a $28.3 billion deficit for next year. Here’s the key points: ...7 hours ago - View from The Hill: What the Reserve Bank thinks of Chalmers’ budget will be nearly as important a...Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Jim Chalmers has produced a benign third budget aimed at soothing hard-pressed voters agitated about their high cost of living and punishing interest rates. At the same time he has walked a tightrope, trying ...7 hours ago
- Relief on energy bills for all in a federal budget that bets on lower inflationSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Wes Mountain/The Conversation, CC BY-ND A $300 energy rebate for all households from July 1 and a 10% increase in Commonwealth Rent Assistance are key measures in a budget targeting cost-of-living relief that put ...7 hours ago
- Budget 2024: Chalmers fights inflation, will it be enough for a rate cut?Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra Treasurer Jim Chalmers promised an “inflation-fighting and future-making budget” and he has delivered by introducing measures aimed at directly bringing down inflation. Combined, his A$300-per-household energy rebate and ...7 hours ago
- Budget 2024: As Chalmers fights inflation, will it be enough for a rate cut?Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra Treasurer Jim Chalmers promised an “inflation-fighting and future-making budget” and he has delivered by introducing measures aimed at directly bringing down inflation. Combined, his A$300-per-household energy rebate and ...8 hours ago
- Chalmers is bitten by the giveaway bug in a budget that contains good news for almost everyoneSource: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra Treasurer Jim Chalmers has been bitten by the giveaway bug. This budget contains not only the well-foreshadowed tax cuts for all taxpayers, but a range of new spending measures in health, education, infrastructure, aged ...8 hours ago
- Curfew in New Caledonia after Kanak riots over French voting change planBy Stephen Wright and Stefan Armbruster of BenarNews French authorities have imposed a curfew on New Caledonia’s capital Nouméa and banned public gatherings after supporters of the Pacific territory’s independence movement blocked roads, set fire to buildings and clashed with security forces. Tensions in New Caledonia have been inflamed by ...8 hours ago
- Gang unit will disproportionately affect Māori and Pasifika, Te Pāti Māori sayAmid criticism from opposition parties, a gang expert says it focuses on an area of political and public worry. ...9 hours ago
- Sir Maarten Wevers to lead Ministry for Disabled People reviewThe review will investigate how to keep disability support services funded by the ministry going in the long-term. ...9 hours ago
- David McBride goes to prison – and Australian democracy takes a hitSource: The Conversation (Au and NZ) – By Peter Greste, Professor of Journalism and Communications, Macquarie University Governments and their agencies wield awesome power. At times, it is quite literally the power over life and death. That is why in any functioning democracy, we have robust checks and balances designed ...9 hours ago
- Longer appointments are just the start of tackling the gender pain gap. Here are 4 more things we ca...Source: The Conversation (Au and NZ) – By Michelle O’Shea, Senior Lecturer, School of Business, Western Sydney University PeopleImages.com – Yuri A/Shutterstock Ahead of today’s federal budget, health minister Mark Butler last week announced an investment of A$49.1 million to help women with endometriosis and complex gynaecological conditions such ...10 hours ago
- 71st Everest Day: A Celebration Of New Zealand-Nepal Relationship And The Quest To Preserve The Ever...As the world commemorates the 71st Everest Day, it's not just a celebration of human achievement but also a reflection of the enduring bond between New Zealand and Nepal. This day marks the historic feat of Sir Edmund Hillary and Tenzing Norgay Sherpa ...11 hours ago
- Activists Seek To Shut Down Gender-critical Event: Tākina Events Must Uphold Speech RightsIndividuals in Wellington, led by City Councillor Nīkau Wi Neera, are working to use the ‘hecklers veto’ to shut down Inflection Point , a gender-critical event to be held at a Te Papa venue this weekend featuring speakers such as Bob McCoskrie ...12 hours ago
- Trans Community To Rally Against HateThe transgender community, whānau & allies will rally outside Tākina/Wellington Convention Centre against anti-trans confederation “Inflection Point NZ,” who are hosting a conference to encourage parliamentarians to restrict trans people’s ...12 hours ago
- Net Migration Loss Of New Zealand Citizens Exceeds 50,000Before the current high levels, the record annual net migration loss of New Zealand citizens was 44,400 in the February 2012 year. ...12 hours ago
- Charter schools: What are they, how are they different, and are they better than public schools?What exactly are charter schools and what makes them different to regular public schools? Here's what you need to know. ...13 hours ago
- End is nigh for public ownership of Auckland Airport sharesA strategic asset for Auckland that has been fought over for years as either sacrosanct or a sacred cow looks certain to be sold and the proceeds of around $1.3 billion put in a new investment fund. A year after bitter political struggle ended in a compromise in which Auckland ...13 hours ago
- Bryce Edwards’ Analysis – The Govt’s Fast-Track being demolished by submissions to ParliamentAnalysis by Dr Bryce Edwards – the Democracy Project (https://democracyproject.nz) Political scientist, Dr Bryce Edwards. The number of voices raising concerns about the Government’s Fast-Track Approvals Bill is rapidly growing. This is especially apparent now that Parliament’s select committee is listening to submissions from the public to evaluate the ...13 hours ago
- ‘A lot of fire, violence’: Nouméa erupts as protests halt New CaledoniaRNZ Pacific New Caledonians lined up in long queues outside shopping centres to buy supplies in the capital Nouméa today amid political unrest in the French territory Demonstrations, marches and clashes with security forces erupted yesterday and French High Commissioner Louis Le Franc told the public broadcaster he had called ...13 hours ago
- Christchurch Call to continue as charityThe initiative, established by former prime minister Dame Jacinda Ardern, aims to stop violent extremism online. ...14 hours ago
- An NRL player died at training due to exertional heat stroke. What is it and what should coaches and...Source: The Conversation (Au and NZ) – By Samuel Chalmers, Senior Lecturer in Human Movement, University of South Australia The tragic death of Manly rugby league player Keith Titmuss in 2020 due to exertional heat stroke is a reminder of the life-threatening nature of the condition. Titmuss died after ...15 hours ago
- Luxon Must Rule Out Taxpayer Funding For “fatally Compromised” Christchurch CallInternet Governance Project founder Milton Mueller asked “is the Christchurch Call accomplishing anything?” Increasingly it seems the only thing it hopes to achieve is killing off free expression. ...15 hours ago
- NZ foreign minister Peters cancels New Caledonia visit as unrest eruptsNew Zealand Foreign Affairs Minister Winston Peters has cancelled his visit to New Caledonia due to pro-independence unrest throughout the French Pacific territory. Peters and a delegation of other ministers was due to visit the capital Nouméa later this week. Nouméa’s La Tontouta International Airport is expected to remain closed ...15 hours ago
- ‘I thought we could wear Zoolander outfits’: Pip Adam and Emily Perkins on the Ockhams
Audition by Pip Adam and Lioness by Emily Perkins are both shortlisted for the fiction award at the 2024 Ockham New Zealand Book Awards. Here the authors discuss awards, writing, Selling Sunset, review culture, Zoolander and more. Pip Adam: Whenever I think about writers and our ambitions, I can’t help ...16 hours ago - Influence, authority and power: how elite women played a crucial role in the Italian Wars of the 16t...Source: The Conversation (Au and NZ) – By Susan Broomhall, Director, Gender and Women’s History Research Centre, Australian Catholic University Andrea Mantegna, Minerva (Athena) expelling Vices from the Garden of Virtue, from the Studiolo of Isabella d’Este, Palazzo Ducale, Mantua (c. 1499–1502). Louvre Museum/Wikimedia Commons Wartime has often presented opportunities ...16 hours ago
- Some say the Treaty of Waitangi divides NZ – a new survey suggests the opposite is trueSource: The Conversation (Au and NZ) – By Olli Hellmann, Associate Professor of Political Science, University of Waikato Getty Images The stories Aotearoa New Zealand tells itself about the history of Te Tiriti o Waitangi/the Treaty of Waitangi have evolved considerably over time. For many decades, starting with the ...16 hours ago
- Police to establish national gang unitPolice are setting up frontline teams to tackle crime and intimidation by gangs, Andrew Coster has announced. ...17 hours ago
- Why are auroras so hard to predict? And when can we expect more?Source: The Conversation (Au and NZ) – By Brett Carter, Associate Professor, RMIT University Aurora visible from Cope Cope, Victoria on May 11 2024. cafuego/Flickr, CC BY-SA On Saturday evening before Mother’s Day, Australians witnessed a rare celestial spectacle: a breathtaking display of aurora australis, also known as the southern ...17 hours ago
- Watch: Police Commissioner Andrew Coster announces new 'National Gang Unit'Police are setting up frontline teams to tackle crime and intimidation by gangs, Andrew Coster has announced. ...18 hours ago
- Watch live: Police Commissioner Andrew Coster announces new 'National Gang Unit'Andrew Coster has revealed new dedicated police teams will tackle organised crime. ...18 hours ago
- ‘As much as we built it, it built us’: How Sunday said goodbyeTara Ward watches as TVNZ’s long-running current affairs show bows out with humility and grace. We have just 12 days left to view the final episode of Sunday on TVNZ+. In just over a week, there will be no more evidence of the award-winning current affairs show on the digital ...18 hours ago
- Botched prison mutiny, protests ahead of New Caledonia constitution voteBy Patrick Decloitre, RNZ Pacific correspondent French Pacific desk New Caledonia has gone through yet another day of tense political protests and a failed prison mutiny — a few hours ahead of a vote in Paris’s National Assembly on a government-tabled Constitutional amendment. This amendment would “unfreeze” the list of ...18 hours ago
- Winston Peters cancels New Caledonia visit amid violent unrestThe Foreign Affairs Minister was due to visit the capital Nouméa this week. ...19 hours ago
- One woman’s ranking of her 20 favourite local band shirtsTo celebrate New Zealand Music Month, Sophie Ricketts wears a different band T-shirt every day. Here she picks her top 20. I love music. I love listening to it, I love seeing it live, and I love buying a T-shirt from the band or artist I’ve enjoyed. Every year, during ...19 hours ago
- Behind the roller door: How people are using their garages for much more than storageResearch from AA Insurance reveals more and more people are taking pride in their garage. Meet three New Zealanders using their space in creative ways. If you think of a garage, you might picture a dark room with a parked car. There might be some tools on the wall, or ...19 hours ago
- Critical Forestry Research Under Threat As Attack On Science Ramps UpGovernment spending cuts have forced Scion, the dedicated Crown research institute charged with growing forestry exports, to propose shedding a significant number of scientists. ...20 hours ago
- About 30 jobs to go at Crown forestry institute ScionAbout 30 jobs are being cut at the Crown forestry institute, the PSA says. ...20 hours ago
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What about the unannounced, unmandated privatisation of health and education? Is that going to stop too? Doubt it.
Houston we have a problem!
Or in the eyes of the public, Dipton you have a problem!
English tho sees no problem, there is plenty of other assets that this Government can sell according to this ‘economic Neanderthal’ on RadioNZ National this morning,
Take Government owned property for instance said Bill, there’s thousands of State Houses out there that ‘We’ don’t need and selling them will cover any shortfall in the Asset Sales act of theft,(the latter 3 words of course being my interpretation,
Someone should ask English the little question of ”if ‘We’ not needing these State Houses pertains solely to those who would cast a vote for National then why the fuck would English be planning on selling off 20% of the States Housing stock to this ‘We’,
On a related peripheral issue, it appear to me that far from being a highly profitable partly privatized entity showing a near doubling of profitability, Might River Power would give every impression of being ‘Asset Stripped’, with the generators ability to perform in the future being deliberately kneecapped with the running down of maintenance costs on a permanent basis,
”One off gains of financial instruments” along with the permanent ‘savings’ being achieved by Mighty River Power are simple code for ”all the cash bearing assets have now been stripped from the company’s books”, and,”permanent savings in maintenance costs” bluntly tells us all that Mighty River Power is being treated in exactly the same manner as AirNZ and Kiwirail were in past decades by the privateers…
Which is exactly how we on the left said they would be treated. Give it a few years and we’ll be paying out billions to rebuild those assets and the private owners will get windfall profits from that rebuild – the same as Telecom/Spark is expecting windfall profits from the UFB roll-out.
Presumably National will be back in power at some time in the future and can flog the rest off, including the remaining 51% of the companies already sold. It’s a war of attrition.
+1
Government debt has reached $60 billion, having climbed $27 million a day since John Key became prime minister – and forecasts show it will rise for years to come.
Treasury figures show net Crown debt reached the highest yet at $60,015,000,000 at the end of September 2013.
It already equates to 28 per cent of New Zealand’s economic output, is more than $13,000 for every person in New Zealand and is forecast to climb by another $10b by 2017.
When National took control of the Beehive in 2008, debt was just over $10b.
So stupidly spending $ 500 million to stupidly sell the energy companies, this stupid government has got back less than 5 billion and has stupidly lost our publicly owned income generating valuable assets.
If elected back into power, the bastards will be eyeing by hook or by crook, the Kiwi Bank, the ACC, the state houses, the state schools, the state hospitals and anything else that the general public own. I simply don’t trust these right wing cunning selfish greedy rogues. Let us be vigilant and kick them out at this election.
“When National took control of the Beehive in 2008, debt was just over $10b.”
“Government debt has reached $60 billion, having climbed $27 million a day since John Key became prime minister – and forecasts show it will rise for years to come.”
Making voters aware of this HAS to be one of the main messages the opposition gets across leading up to the election. I believe there is a level of confusion out there between debt and the “getting back to surplus” mantra we keep hearing. People with only a mild level of interest in politics don’t really understand the difference and don’t realise how poorly National have managed the economy.
It’s not even a question of managing the economy, i.e., whether Labour would have done any better 2008-2014; the sheer number of people who (apparently) believe that National have been paying off a debt run up by Labour really does beggar belief.
We need to do more than just kick them out. We also need to make it so that our assets can’t be sold without our permission and that requires that a referendum needs to be passed first for each asset.
well the government has used the sharefloats as collateral for other borrowing and paying off their mates. You know like when Wellington sold off their pwer company to pay for a caketin so lumpens could run round showing off their big thighs.
Everything is back to front in New Zealand and nobody gives a shit as long as they have a car an a leaf blower an a horizontal grinder an a chainsaw an a hardly davison an a trip to peru (where the nuts come from) an a fishing boat an you name it.
No I don’t as I know why the government is selling our assets. It’s to turn us back into serfs for the enrichment of the new aristocrats.
+1
Renationalise.
No compensation.
Try Key and his cronies for treason.
Yes – it’s time for that bill they’ve been putting off: The State Asset Thief Summary Execution Act. It won’t even get proposed till Labour’s asset thieves are gone from cabinet.