The great Chinese sharemarket selldown

Written By: - Date published: 11:48 am, July 28th, 2015 - 70 comments
Categories: capitalism, China, Economy, International - Tags:

China share market crash

The Chinese share market has recently shown strong signs of being a bubble.  Following a sustained increase in share prices until July this year the market then hit severe turbulence, and previous gains have been well and truly wiped out.

Emergency measures were taken by the Chinese Government to slow down the sell off and showed how different the Chinese economy is to the US economy.  Steps included the suspension of the sale of shares once their value dropped by 10%, the suspension of new IPOs, new cheap credit, Government agencies actively buying shares and a ban of share sales by major shareholders.  A sign of how desperate the measures are that over half of all listed companies have the sale of their shares suspended.

Last night’s news of a further dramatic drop suggest that the measures are not enough.  From the Guardian:

Following three weeks of relative calm, the Shanghai Composite Index plummeted on Monday, ending down 8.5% at 3725.56 – its worst fall since February 2007. Meanwhile the Shenzhen index dropped nearly 7.6% to close at 12493.05 points. Analysts predict more misery ahead for investors in the world’s second largest economy.

Xinhua, China’s official news agency, commemorated the latest crash in a tweet that read: “The return of the debacle!” Two-thirds of all companies listed on the Chinese mainland, or about 1,800 stocks, lost 10% of their value – the maximum daily limit – and were suspended.

Rajiv Biswas, chief Asia economist for analysis firm IHS Global Insight is quoted in the article as saying this:

The government has been trying to hold back the tide like King Canute. This is now a stock market crisis and you can see from the responses that they have been making that they are not really sure how to address it. Today’s developments are just going to put this even more at the centre of their economic problems.”

The basic problem is that the splurge on shares was caused by the stoking of greed and fuelled by cheap credit.  Now many Chinese citizens will have worthless shares and debt to repay.  And the purchase was dependent on never ending growth.

And the implications for New Zealand?  Reduced consumer confidence and discretionary spending power are bound to hurt sales of milk, wine, and other items that we export not to mention a reduction in inbound tourism.  This could be grim.

70 comments on “The great Chinese sharemarket selldown ”

  1. ianmac 1

    When China sneezes NZers become cot cases.

  2. Sabine 2

    and maybe it needs to crash. there is no denying that the current system is simply not sustainable.
    so let them crash, let some of the rich guys eat crow for a while.

    • maui 2.1

      +1, it’s going to get ugly sooner or later.

    • Draco T Bastard 2.2

      +111

      Very definitely need to let the system crash. That would allow us to start putting in place better policies and a better system.

    • Colonial Viper 2.3

      The elite 0.01% have been exiting the Chinese market for months. It’s the “Mum and Dad” investors who get screwed with these crashes. In other words, it is a massive transfer of wealth upwards to the 0.01%.

      • Ad 2.3.1

        Exactly.
        Leftie schadenfreude is just a sad dream.

      • G C 2.3.2

        It happened to Chinese “Mum and Dad” property investors between 2005 – 2011. I think there are insightful parallels which could be shown more by the media.

        Unfortunately many of the investors burned by the Chinese Property bubble are probably now being stung by the Stock Market Bubble.

    • Ad 2.4

      It’s not the rich who suffer in a crisis.

      Economic recession is not political revolution.

      It’s the poor who suffer more in a recession.

      If there’s another recession coming, our current trends of poverty, homelessness, decreasing home ownership, greater wealth disparity, more of the precariat going under will be the trends that increase.

      • Sabine 2.4.1

        well, considering that the poor have been suffering for a while, i think the rich will find a crash a bit harder. For the poor it will be business as usual.

        • Ad 2.4.1.1

          Nope, the poor will find it infinitely worse. The 1% will find it inconvenient.

          Check out who is really suffering in Greece.

  3. linda 3

    Its not just china the stock values are fantasy. You. Only hid the truth for: so long.
    It doesn’t look good. For new Zealand rock star economy. Key will resign before the implosion as all bad managers do ,it was all right when. I was pm.

  4. Weepus beard 4

    Good!

  5. Ad 5

    Australasia does not need another economic crisis.

    The NZ hit of exposure to dairy, East Asian service economy demand, Chinese anti-corruption drives decreasing luxury goods demand, and risk to Auckland’s housing bubble, leaves NZ intensely vulnerable on nearly every important front. The Opposition should not go down the path of crying crisis. This will go so deep into NZ that they should think about how they can deepen points of common interest with the Chinese government, with key exporters, and with the NZ Chinese resident and citizen populations.

    Time to look like you can help, not cry doom.

    • Sabine 5.1

      yes, sure lets help the rich people all over the world to keep their inflated assetts inflated…cause the wealth will trickle down.

      And again, it has got nothing to do with ‘the Chinese” is has all got to do with a subset of a small handful or two of man and women that hold these inflated assets and that will rather you starve before their virtual bank accounts loose a zero.

      Explain to me why my milkprices here in NZ have gone up three times this year, when the global market is down grading the price of Milk solids.

      Care to explain, other then I little Nz’ler has to support someones inflated virtual account.

    • Draco T Bastard 5.2

      The Left can if they do this. If they try to keep the failed neo-liberal system then it’s just gonna get worse.

      • Ad 5.2.1

        No government in the EU or OECD is proposing that.

        Sorry to go all Keynsian on you, but what better protects us from the great capitalist waves breaking, is a large and healthy public service doing public service and public works.

        It’s the only thing that’s got us out of a Depression in a century.

        • Draco T Bastard 5.2.1.1

          No government in the EU or OECD is proposing that.

          The idea is to do something different rather than doubling down of the failed system we have now as the EU are doing.

          And you’ll note that what I propose has Keynesian overtones but it’s not there to protect capitalism as Keynes was trying to do.

          • Ad 5.2.1.1.1

            Go for your life.

            What you propose will never happen in New Zealand under any foreseeable political mix.

            • Draco T Bastard 5.2.1.1.1.1

              Well it certainly won’t if it’s not suggested and I think that we have no choice about to be honest. All other forms of financialisation have failed miserably.

    • maui 5.3

      I went to a talk by Dr Mike Joy the other day, and interestingly he was saying along the lines of we have threatened/endangered most of our native freshwater fish species, practically all of New Zealand’s lowland rivers are completely unswimmable (over 90%) due to dairy and beef. That is some of the domestic environmental cost of export dairy.

      Internationally, we’ve completely destroyed the island of Nauru by opencast mining it for phosphate and spreading it on our farms as fertiliser. Since that phosphate is super rich in cadmium, we now have high levels of toxic cadmium rich soil in productive land all over NZ from spreading it around for decades (much higher than other countries). Our cattle are so full of cadmium that their internal organs are not fit for sale.

      We export most of dairy products as milk powder to China where workers have to work in slave like conditions to get it ready for sale. We’re also a massive importer of palm kernel, meaning we are supporting the destruction of rainforests that have to be removed for palm plantations in places like Indonesia, and the predictable slave labour that occurs for us to get our hands on this product cheaply.

      ^A few reasons why this shouldn’t go on any longer.

      • Molly 5.3.1

        Thanks maui. I agree with what you say here.

        The externalities of some of our big earners, are ongoing costs for NZers.

        I was speaking with someone about the cadmium issue just a couple of weeks ago. She is involved with water testing for nitrates etc for a community group, and mentioned the high cadmium levels. Another unconsidered consequence of trying to change a balanced ecosystem to deliver only one outcome.

      • Macro 5.3.2

        The size of NZ’s dairy herd is around 6.1 million cows at present. With the down turn of milk powder prices it is estimated that the size will reduce by around 1 million for the next milk season. That’s 1 million cows slaughtered just like that. We are such a caring species.
        I don’t drink Fontarra milk for much the same reasons as you outline above, and because of the way our dairy herd is treated. The natural life of a dairy cow is around 20 years, but the life of a cow in a “conventionally farmed” dairy herd in NZ is around 5 years. Fed crap, continually impregnated from a young age, and exploited over their short life time, these animals die prematurely.

        • maui 5.3.2.1

          Another interesting point he made is those 6 million cows each produce as much urine waste as 14 people, so that is the equivalent of about 90 million humans living in rural areas pissing all over our countryside. No wonder our rivers are in such a state.

          I haven’t made the jump to change my consumer habits of a lifetime, I still have mass produced milk and I eat red meat. But when you lay out all the destructive things in the industry it does make you think – should I be supporting this?

  6. esoteric pineapples 6

    “This could be grim.”

    Or not – sometimes when bubbles burst it means ugly developments of one kind and another can’t go ahead. The more milk prices drop the more chance my favourite river won’t be dammed and all the rivers in my region become unswimmable.

    • Chooky 6.1

      urmmm…but they may be full of foreign swimmers…you know the foreign ones who have bought up all the bankrupt New Zealand farmland

      • esoteric pineapples 6.1.1

        I’m happy to share if the water is clean.

        • Chooky 6.1.1.1

          like the Yangtze or Ganges…unfortunately over- population is not good for clean rivers…or rivers full stop.

    • Colonial Viper 6.2

      The more milk prices drop the more chance my favourite river won’t be dammed and all the rivers in my region become unswimmable.

      Works both ways. Farmers might decide to try and maxmise their output to make up for the shortfall in per kg pricing, for instance.

      • esoteric pineapples 6.2.1

        That’s possibly true. But while milk prices remain especially low, no increase in production will make investing in a dam profitable for farmers. I think the dam thing is a bit of a ponzi scheme anyway.

        The government puts money up front, the constructors take a cut, farmers who have sheep & beef properties sell their land at an inflated price to a dairy investor, banks make money lending to the purchaser, agricultural companies make money out of supplying irrigators etc, the irrigation scheme becomes unprofitable, and the whole thing deflates leaving the tax payer and rater payer to pay for someone else’s profits at the same time as not having a clean river to swim in any more.

  7. Draco T Bastard 7

    Analysts predict more misery ahead for investors in the world’s second largest economy.

    Actually, indications are that China is the worlds largest economy.

    Now many Chinese citizens will have worthless shares and debt to repay.

    That would be the same as what happened to many people in The Great Depression.

    And the implications for New Zealand? Reduced consumer confidence and discretionary spending power are bound to hurt sales of milk, wine, and other items that we export not to mention a reduction in inbound tourism.

    The silver lining being that the house prices in Auckland may hold steady for awhile if not actually drop.

    The lesson to be taken home from all of this is, simply, that the market system doesn’t work, that that failure to work is exacerbated by the existence of rich people and that we need to be looking for a replacement system and getting rid of rich people.

    • Chooky 7.1

      @ DTB…re – “The silver lining being that the house prices in Auckland may hold steady for awhile if not actually drop”

      Ummm….I wouldnt count on house prices to fall

      ….not with the huge population and pressure coming out of China…I.3 billion people…excess of 55 million males to females by 2020 (could swamp NZ many times over…NZ is paradise)
      ….the demand to get out of and take money out of grossly overpopulated, human rights violations, environmentally trashed China with its share market plummeting is HUGE

      http://www.smh.com.au/business/comment-and-analysis/wall-of-chinese-capital-buying-up-australian-properties-20150628-ghztdf.html#ixzz3gVPV2Oew

      • Draco T Bastard 7.1.1

        Well, I did say ‘may’ help but considering the draconian (I really love that word 😈 ) actions that the Chinese government have already taken regarding their stock market crash they may just decide to stop all funds leaving the country. It’s certainly something that I’d look at doing in their position.

        • Chooky 7.1.1.1

          possibly… but I dont think so unfortunately …they want to extend their influence and spread their risks….aren’t many of the loans made for foreign investment made from the Chinese Banks

    • Phil 7.2

      indications are that China is the worlds largest economy.

      Pedantry:

      1) The quality of China’s official statistics leaves a lot to be desired, and certainly cannot be relied upon for as accurate a measurement as most of the western economies that have much more transparent and audited processes for measuring GDP. That the World Bank has had a crack at doing this comparison is admirable, but I think even they would admit there is a lot of uncertainty in Chinese data.

      2) ‘Largest’ can mean a lot of different things. GDP is a measure of income only , so even if Chinese GDP is now larger than the US, it’s unlikely to top the total assets or average per-capita income of the US economy for quite some time yet.

      What I mean is; for many years you’re earning $1.00 a day and your neighbor has been earning $0.50c. Suddenly your neighbor’s income goes up to $1.01. Is s/he now “richer” than you? Probably not, because you’ve got many years of accumulated assets and resources behind you that they have not.

      • Colonial Viper 7.2.1

        congrats, you just successfully defined “pedantry.”

      • Draco T Bastard 7.2.2

        Even the article I linked to said it was contentious but it is something that will happen sooner or later (and probably sooner) even if it hasn’t happened yet.

  8. Ovid 8

    The Economist foresaw this back in April:

    For those with a cautious bent, there is no shortage of warning signs. Three are especially noteworthy. First, valuations are beginning to look stretched and, in some cases, plainly absurd. ChiNext, China’s small-cap board, has a trailing price-earnings (PE) ratio of 90, more than double that of internet stocks at the peak of America’s dotcom bubble in 2000. Second, leverage has soared over the course of the rally. Outstanding loans to stock investors reached a record 1.67 trillion yuan ($269 billion) as of April 13th, up some 300% from a year earlier. Finally, many of those rushing to snap up stocks are small-time day traders with little understanding of what they are buying. Chinese investors opened nearly 5m trading accounts in March, a stampede that has continued into April. A survey by China’s Southwestern University of Finance and Economics found that two-thirds of new investors last year did not complete high school.

    • Ad 8.1

      Just step back a bit a consider why this is less likely to be the crisis the left wants it to be:

      Less than 15% of China’s household financial assets are involved in the sharemarket. This is why soaring shares did little to boost consumption and crashing share prices won’t hurt it much. While many stocks were bought on debt, that represents just 1.5% of total assets in the Chinese banking system.

      Happy to be analysed otherwise, but there are better reasons to forecast doom for China than its sharemarket.

  9. Kevin 9

    A few things to consider:

    China’s economy is predicated on a massive working-age peasant population. As the population gets older this work force will naturally start shrinking and with it the economy.

    China’s workforce is mostly unskilled and inefficient. Something like one American worker is worth 100 chinese workers.

    China is a third-world Muldoonist economy. There is nothing innovative about it. Their whole economy is based around creating consumer goods for western companies cheaply.

    Corruption is rampant and the Chinese government has their fingers in every pie. That means businesses that should have gone bust are allowed to stay in business through subsidies because some bureaucrat has a self-interest in the business. For now China can afford to do this but once the number of inefficient businesses outnumbers the ones that are actually making money then the cash will soon run out.

    Because of China’s disastrous one-child policy one working chinese will be having to support 12 or 15 retired chinese. When I put this to a chinese woman she replied that the retired chinese could support themselves. I guess she didn’t get that most working chinese work for sustenance wages and are unlikely to be able to save much money for their retirement.

    It is is sheer lunacy for our government to put all our eggs in China. What we need to do, if we’re not doing it already, is diversify as much as possible and look for new emerging markets, especially those markets likely to take China’s place.

    • vaughan little 9.1

      there’s quite a bit of innovation in tech/e commerce.

    • Sable 9.2

      China has recently amended its one child policy. I agree it was never a good idea to start with but the problems they have with population control are very difficult to manage.

      Corruption is indeed also a very big issue that has only been partly addressed so spot on there too. That said the same could be said of the USA, UK, EU and Australia/NZ.

      Where I don’t agree is the comment regarding US workers. In my experience a good portion of the US workforce is either ill educated or illiterate on one level or another. By contrast the standard of education in China is high with savage competition to get into the top three tiers of schooling which lead to the best universities. All in all China’s knowledge base is probably stronger than the US. On that basis alone I would have more faith in China’s longevity than the USA.

      By the way which emerging markets are you referring to? Other BRICS nations? Just curious…..

      • Kevin 9.2.1

        “By the way which emerging markets are you referring to? Other BRICS nations? Just curious…..”

        Just guessing but India could possibly be one, and possibly Malaysia.

    • Draco T Bastard 9.3

      Wow, you really sound like someone who thinks that nothing changes.

      China’s workforce is mostly unskilled and inefficient. Something like one American worker is worth 100 chinese workers.

      That may be true today but it won’t be true tomorrow. China are building up better factories all the time – usually by having corporations like Apple building them and then reverse engineering them.

      It is is sheer lunacy for our government to put all our eggs in China. What we need to do, if we’re not doing it already, is diversify as much as possible and look for new emerging markets, especially those markets likely to take China’s place.

      That bit I’d agree with except the delusion about emerging markets – they to are developing and will be able to supply themselves with everything that they need hence trade in the long term is dead. You can only get trade between specialists and countries, if they want to develop, don’t specialise.

      • Kevin 9.3.1

        “That may be true today but it won’t be true tomorrow. China are building up better factories all the time – usually by having corporations like Apple building them and then reverse engineering them.”

        That’s basically what Japan did – took western technology, reverse engineered, and then innovated.

        The problem is with China I can’t think of one example where they’ve actually done that.

        • Liberal Realist 9.3.1.2

          If China and it’s partners are successful with their macro-economic long term strategy, China will become the new global powerhouse.

          Below is an example, 21st century silk road.

          https://tinyurl.com/pxk9dsr

        • Colonial Viper 9.3.1.3

          That’s basically what Japan did – took western technology, reverse engineered, and then innovated.

          The problem is with China I can’t think of one example where they’ve actually done that.

          How about this article:

          But, many executives at Chinese and Western companies contend, China’s technology sector is reaching a critical mass of expertise, talent and financial firepower that could realign the power structure of the global technology industry in the years ahead.

          “Traditionally Chinese companies were fast followers, but we are starting to see true innovation,” said Colin Light, partner at PricewaterhouseCoopers…

          But in the past decade, Huawei overtook Western rivals such as Nokia Corp. and Alcatel-Lucent SA in the telecom-gear market. Part of its success stemmed from Huawei engineers’ creative ways to upgrade wireless networks using software instead of a costly method of replacing all hardware components, according to Mr. Zhou.

          Huawei now has an R&D center in Shanghai that employs more than 10,000 engineers, many of whom have computer-science degrees. As the mobile industry deploys faster fourth-generation networks, Huawei is already working on the technology for fifth-generation networks, which could be ready around 2020.

          Huawei’s global expansion has met some skepticism. Last year, some European Union officials alleged that unfair subsidies from the Chinese government allowed Huawei to sell its gear at lower prices in Europe. Huawei denied those allegations.

          In October, when Danish telecom carrier TDC A/S announced a $700-million deal to replace its existing Ericsson equipment with Huawei’s gear, TDC Chief Executive Carsten Dilling said that he chose Huawei for its technical expertise, not its prices—adding that Huawei was “actually quite expensive.”

          http://www.wsj.com/articles/SB10001424052702303819704579320544231396168

    • DoublePlusGood 9.4

      Given that their one-child policy stopped their population hitting 2 billion I’d say that isn’t a disaster by any means, given their already dire level of overpopulation.

      • Kevin 9.4.1

        When combined with a economy that’s based on a massive working age workforce it is a disaster.

        • DoublePlusGood 9.4.1.1

          Oh, the economy might tank. But what good is an economy if you trash the ability of the land to support people due to overpopulation?

    • Ad 9.5

      China’s population is only getting older very slowly. The far more direct economic driver remains the shift from rural villages to the cities.

      Calling China a “third-world Muldoonist economy” kind of undercooks the extent and limits of the Chinese Communist Party’s command of economic and social levers. Far be it for me to critique lefties for wanting a strong hand in the economy.

      As for “fingers in every pie”, what is wrong with that? Why is inefficiency bad again?

      On the one-child policy, the real shift is towards a consumption-led economy, and less so a manufacturing one. There’s now a far stronger safety net than previous decades, with health insurance, old-age benefits, and free schooling. What is being blunted is the remarkable Chinese propensity to save. At 40% of income, the household rate of saving has stopped rising.

      • nadis 9.5.1

        Ad – I think your view of chinese demographics is a few decades out of date. China actually has a terrible demographic problem – one of the worst outlooks in the world. Check out this graph for instance:

        http://static.businessinsider.com/image/528612e06bb3f7e8251e069e/image.jpg

        China faces a double whammy – declining overall population and increasing dependency ratio.

        And a reason why it isn’t a good idea to long run bet against the US, certainly relative to China is the same demographics in US- it has the healthiest outlook of any major country.

        https://www.flickr.com/photos/rfmcdonald/7770821930/

        The US has the opposite outlook – a growing population and a declining dependency ratio. In the long run, demographics are one of the key drivers of long term growth.

        And re the chinese sharemarket, the shanghai composite index is back to the level it was in late March. Not much of a crash (so far).

        • Colonial Viper 9.5.1.1

          The US has the opposite outlook – a growing population and a declining dependency ratio. In the long run, demographics are one of the key drivers of long term growth.

          That’s true in the most generic terms.

          But no corporation is treating the USA as a growth market. They do however view China as a market with a rapidly growing middle class wanting to consume modern western goods.

          US consumers are tapped out on debt, only the top 10% have benefitted economically over the last 30 years, and the evisceration of their welfare state means that the entire bottom half of Americans have next to no discretionary income to spend. Workforce participation is hovering around multi-decade lows.

          The American consumer, which comprises 71% of the US economy, is knocked out on their feet.

          • nadis 9.5.1.1.1

            The American consumer, which comprises 71% of the US economy

            That’s one of the most misunderstood economic “statistics” of all time. It’s an outcome of the structure of the US economy rather than any insight into what drives the American economy.

            C + G + I + X – M

            Guess what makes up C? (Clue, its not just retail sales – they are 27% of GDP)

            The C in the GDP formula doesn’t stand for Consumer, it stands for Consumption — 2 very different things,

        • Ad 9.5.1.2

          Declining working population ratio on one graph and an overanxious academic? Please.
          Plus, I was commenting on its relative important as a driver of economic growth.

          I didn’t comment on its relativity to US so no idea where that came from.

          You’re simply agreeing with me on the Chinese share market.

          Would be far more interesting if people tied commenting on some more present risks to the Chinese economy. Such as:

          – Residential property overvaluations
          – Oil commodity exposure (irrespective of barrel price)
          – The limits of strong state economic intervention and the slow eclipse of the Chinese Communist Party
          – The political and trade impact of its isolation from TPP
          – etc

          People, the share market is a distraction.

    • Save NZ 9.6

      +1 Kevin

      It is is sheer lunacy for our government to put all our eggs in China. What we need to do, if we’re not doing it already, is diversify as much as possible and look for new emerging markets, especially those markets likely to take China’s place.

      I have an even more radical thought, maybe instead of exporting our raw materials, we use our food to feed our own country, and create jobs by processing items here.

      Instead of subsidising Serco and charter schools we use that money to set up (for example) plants to process wood, plants to process fish, plants to process wool into other products. Schemes for apprenticeships, schemes for builders to build cheap state houses etc Schemes to help IT and innovation locally.

      We try to lift wages and improve productivity.

      We actually charge the US to spy here, by an agreement for example to buy x amount of produce or pump x dollars into our economy. And they can’t spy or have others spy on Kiwis or do any mass surveillance. Purely for defence purposes, not economic or political spying.

      Less food/produce miles and a more guaranteed market. We use subsidies to create jobs.

      Soon however, we won’t own the land to farm here. Quality food and raw materials will go up as our food and materials is exported and the supply chain excludes NZ and goes directly offshore.

      • Colonial Rawshark 9.6.1

        this is the kind of out-of-the-box thinking NZ desperately needs. At the moment we are too focussed on how to best manage the mess of a system as it exists today. We need to change the game.

  10. vaughan little 10

    the jury’s out on how consumption will be impacted.

    investors numbered only “roughly” a hundred million, so arguably it won’t have a big effect on the wider economy.

    michael pettis suggests that the biggest effect might be from the hit to the government’s reputation. if people stop trusting that the state has a firm grip on the economy, that might have quite a consequential effect on confidence. link here:

    http://blog.mpettis.com/2015/07/interpreting-information-in-chinas-stock-markets/

  11. vto 11

    stampeding out of there and into Auckland before stampeding off somewhere else sometime later …..

  12. vaughan little 12

    From Ambrose Evans Pritchard over at the telegraph:

    “Western banks say they are coming under heavy pressure from Chinese officials to refrain from negative comments. They are effectively gagged if they wish to do business in China.”

  13. Clean_power 13

    Do not despair. Timing and patience are characteristics of any GOOD investor. So, sit tight until the moment comes to buy again.

    • McFlock 13.1

      The only people despairing are those who had money spare to gamble on the stockmarket. The establishment always has the odds stacked in its favour.

  14. Rolf 14

    If you like me live in China and work as a foreign correspondent, it looks different from inside. It is absolutely a non issue. OK, people speculated, the share market went up like a balloon, popped, and came down as a stone. Did anyone expect anything else? The Chinese say, you throw a stone in the air, at some point it returns to earth, while stupid foreigners stand there gawking and think it is strange. What did they expect, that it continue forever up? Share market and all speculation is a jojo business, it goes up, and come down. Some gamblers got burned, fine, hope they learn a lesson. Earlier people speculated in the residential home market, but the government put a firm end to that. So what about the residential speculation in New Zeeland, they have done nothing. Could that be because of the famous New Zeeland corruption, that the decision makers in parliament are just those who have most to gain from speculation? Just wonder how much John Key has made on his personal residential investment.

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    TL;DR: Responding to the grounding of the Aratere over the weekend, the Government has signalled it will buy new replacement ferries, but only enough to replace existing freight capacity.That would effectively limit Aotearoa-NZ’s ability to handle any growth in population or the need to reduce emissions by shifting freight from ...
    The KakaBy Bernard Hickey
    23 hours ago
  • Greater Auckland 2.0 – we need your help!
    Hi, we’re Greater Auckland. We’ve been a part of the landscape for over 15 years now. Over that time, we’ve provided informed commentary, evidence-based analysis, and inspiring visions for the future of Tāmaki Makaurau. You might know us from such hits as: The Congestion-Free Network 2013 (and its 2017 ...
    Greater AucklandBy Greater Auckland
    24 hours ago
  • Distractions and Inaction.
    Fancy, a fast carA bag full of lootI can nearly guaranteeYou'll end up with the bootThe Prime Minister arrived home, perhaps a bit surprised, maybe even secretly a little pleased at the diversion, to find the country falling apart. Things going more badly that even his c-list, self back-slapping, trip ...
    Nick’s KōreroBy Nick Rockel
    24 hours ago
  • KiwiRail aground while Government obfuscates
    The problems at KiwiRail go further and deeper than the maintenance issue, which caused the inter-island ferry Aratere to run aground on Saturday. The company is also the subject of a damning report published last week about the way it runs its rail operations from the Transport Accident Investigation Commission. ...
    PolitikBy Richard Harman
    1 day ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #25
    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 16, 2024 thru Sat, June 22, 2024. Stories we promoted this week, by publication date: Before June 16 ‘Unprecedented mass coral bleaching’ expected in 2024, says expert, ...
    1 day ago
  • The Realm Of The Possible.
    The People’s House: What would it be like to live in a country where a single sermon could prick the conscience of the comfortable? Where a journalist could rouse a whole city to action? Where the government could be made to respond to the people’s concerns? Where real change was possible? And ...
    2 days ago
  • Public Service Day
    Good morn or evening friendsHere's your friendly announcerI have serious news to pass on to everybodyWhat I'm about to sayCould mean the world's disasterCould change your joy and laughter to tears and painIt's thatLove's in need of love todayDon't delaySend yours in right awayHate's goin' 'roundBreaking many heartsStop it pleaseBefore ...
    Nick’s KōreroBy Nick Rockel
    2 days ago
  • When is a road of National significance not a road of National significance?
    I loved everything about my first Cook Strait ferry crossing: a day parked in the car in howling Wellington wind and driving Wellington rain, waiting to hear if they were going to sail or not; watching the huge black ministerial limousines come and go; listening to the adventures of Chicken ...
    More Than A FeildingBy David Slack
    2 days ago
  • Fact Brief – Was the Medieval Warm Period a global event?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by John Mason in collaboration with members from the Gigafact team. You can submit claims you think need checking via the tipline. Was the Medieval Warm Period a global ...
    3 days ago
  • Aotearoa Runs Aground
    Your face has fallen sad nowFor you know the time is nighWhen I must remove your wingsAnd you, you must try to flyCome sail your ships around meAnd burn your bridges downWe make a little history, babyEvery time you come aroundWhen I went to bed last night I thought the ...
    Nick’s KōreroBy Nick Rockel
    3 days ago
  • Wagon keeps movin'
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past somewhat interrupted week. Still on the move!Share Read more ...
    More Than A FeildingBy David Slack
    3 days ago
  • Mainstreaming Māori
    Mainstreaming need not be inherently anti-Māori. It will be if it is done badly because it will be anti-those-in need, and proportionally more of them are Māori.That the Coalition Government says it will deliver public services on the basis of need rather than, say, race deserves consideration, even though many ...
    PunditBy Brian Easton
    3 days ago
  • National says “fuck you”
    The Justice Committee has reported back on the government's racist bill to eliminate Māori representation in local government. The report duly notes the Waitangi Tribunal's finding that the bill breaches te Tiriti, and the bill's inconsistency with our international human rights obligations - and then proceeds to ignore both. Instead, ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Christopher Luxon is – Big in Japan
    This week our Prime Minister Christopher Luxon… mmm, let’s take a moment to consider just how good that sounds. Hope you weren’t eating.Anyway that guy. Better? That bloke from the telly, he said - what I would say to you is… I’m big in Japan. My kind of people, hard ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Weekly Roundup 21-June-2024
    Tis the winter solstice! The shortest day and longest night of the year. The good news: we’re on our way back to summertime. Here’s another roundup of stories to brighten up your Friday. Our header image is from CRL and shows Waihorotiu Station lit up for Matariki 2024 The ...
    Greater AucklandBy Greater Auckland
    4 days ago
  • Bernard’s mid-winter pick ‘n’ mix for Friday, June 21
    Our economic momentum remains anaemic, and it’s possible the tiny increase in GDP was a ‘dead cat bounce’. Photo: Lynn Grieveson / The KākāTL;DR: Per-capita GDP has fallen 4.3% from its peak over the last 21 months, which is more than it it fell in the Global Financial Crisis recession ...
    The KakaBy Bernard Hickey
    4 days ago
  • The Futility of Punishment
    Hi,I was in Texas recently and couldn’t stop thinking about how in some parts of America they really like to kill their prisoners. As a society we tend to agree murder is wrong, but somewhere along the way Texas figured it’s fine if it’s after 6pm and the killing is ...
    David FarrierBy David Farrier
    4 days ago
  • The new Beehive approach to the environment
    A persistent theme has been weaving between the Committee rooms at Parliament all this so-called “Scrutiny” week as MPs have probed Ministers and agencies about their work and plans. The question has been simply what the environmental price might be if the country begins to accelerate its infrastructure building to ...
    PolitikBy Richard Harman
    4 days ago
  • Skeptical Science New Research for Week #25 2024
    Open access notables Climate Change Is Leading to a Convergence of Global Climate Distribution, Li et al., Geophysical Research Letters: The impact of changes in global temperatures and precipitation on climate distribution remains unclear. Taking the annual global average temperatures and precipitation as the origin, this study determined the climate distribution with the ...
    4 days ago
  • You take nicer pictures when you’re not drunk
    Readers keeping count will know it's more than five years since I gave up booze. Some of you get worried on my behalf when I recount a possibly testing moment. Anxious readers: today I got well tested.All the way across France I've been enquiring in my very polite and well-meaning but ...
    More Than A FeildingBy David Slack
    5 days ago
  • Cancer
    Turn awayIf you could, get me a drinkOf water 'cause my lips are chapped and fadedCall my Aunt MarieHelp her gather all my thingsAnd bury me in all my favourite coloursMy sisters and my brothers, stillI will not kiss you'Cause the hardest part of this is leaving youI remember the ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Gordon Campbell on why we shouldn’t buy new planes for the PM
    Its not often that one has to agree with Judith Collins, but yes, it would indeed cost “hundreds of millions of dollars” (at least) to buy replacement aircraft to fly the Prime Minister on his overseas missions of diplomacy and trade. And yes, the public might well regard that spending ...
    WerewolfBy lyndon
    5 days ago
  • The Stadium Debate – What About the Transport Options?
    A few weeks ago, Auckland Council took another step in the long-running stadium saga, narrowing its shortlist down to two options for which they will now seek feasibility studies. The recommendation to move forward with a feasibility study was carried twenty to one by the council’s Governing Body for the ...
    5 days ago
  • Bernard’s mid-winter pick ‘n’ mix for Thursday, June 20
    Social Development Minister Louise Upston has defended the Government’s decision to save money by dumping a programme which tops up the pay of disabled workers. Photo: Lynn GrievesonTL;DR: It has emerged the National-ACT-NZ First Government decided to cut wages for disabled workers from the minimum wage to $2 an hour ...
    The KakaBy Bernard Hickey
    5 days ago
  • Where the power really resides in Wellington
    The new Chief Executive of the Department of Prime Minister and Cabinet (DPMC) yesterday gave a Select Committee a brutally frank outline of the department’s role as the agency right at the centre of power in Wellington. Ben King, formerly a deputy Chief Executive at the Ministry of Foreign Affairs ...
    PolitikBy Richard Harman
    5 days ago
  • Climate Adam: Why we're still losing the fight against Methane
    This video includes conclusions of the creator climate scientist Dr. Adam Levy. It is presented to our readers as an informed perspective. Please see video description for references (if any). Carbon dioxide is the main culprit behind climate change. But in second place is methane: a greenhouse gas stronger than CO2, ...
    6 days ago
  • Climate Change: More ETS failure
    A few weeks ago, I blogged about the (then) upcoming ETS auction, raising the prospect of it failing, leaving the government with a messy budget hole. The auction was today, and indeed, it failed. In fact, it was such a failure that no-one even bothered to bid. Its easy to ...
    No Right TurnBy Idiot/Savant
    6 days ago
  • The Return of Jacinda.
    Oh, take me, take me, take meTo the dreamer's ballI'll be right on time and I'll dress so fineYou're gonna love me when you see meI won't have to worryTake me, take mePromise not to wake me'Til it's morningIt's all been trueEarly morning yesterday, well before dawn, doom-scrolling.Not intentionally, that’s ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • How good is the interim NW busway?
    This is a guest post by Pshem Kowalczyk, a long-time follower of the blog. With great fanfare, just over six months ago (on 12 November 2023), AT launched its interim busway for the NorthWest region, with the new WX express service at the heart of the changes. I live ...
    Greater AucklandBy Guest Post
    6 days ago
  • Consumer confidence collapses after Budget, in contrast with rest of world
    The first widespread survey of consumers and voters since the Budget on May 30 shows a collapse in confidence. Photo: Lynn Grieveson / The KākāTL;DR: The belt-tightening and tax-cutting Budget delivered on May 30 has not delivered the boost to confidence in the economy the National-ACT-NZ First Government might have ...
    The KakaBy Bernard Hickey
    6 days ago
  • The end for the Air Force 757s
    The Air Force 757 that broke down with the Prime Minister on board in Port Moresby on Sunday is considered so unreliable that it carries a substantial stock of spare parts when it travels overseas. And the plane also carries an Air Force maintenance team on board ready to make ...
    PolitikBy Richard Harman
    6 days ago
  • At a glance – Was 1934 the hottest year on record?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    7 days ago
  • It's not New Zealand they've never heard of, it's him
    Sometimes you’ll just be so dog-tired, you can only keep yourself awake with a short stab of self-inflicted pain.A quick bite of the lip, for instance.Maybe a slight bite on the tongue or a dig of the nails.But what if you’re needing something a bit more painful?The solution is as ...
    More Than A FeildingBy David Slack
    7 days ago
  • Some “scrutiny” II
    Last month I blogged about the Ministry of Justice's Open Government Partnership commitment to strengthen scrutiny of Official Information Act exemption clauses in legislation", and how their existing efforts did not give much reason for confidence. As part of that, I mentioned that I had asked the Ministry for its ...
    No Right TurnBy Idiot/Savant
    7 days ago
  • Gordon Campbell on why the Biden “peace plan” for Gaza is doomed
    After months and months of blocking every attempt by the UN and everyone else to achieve a Gaza ceasefire, US President Joe Biden is now marketing his own three-stage “peace plan” to end the conflict. Like every other contribution by the US since October 7, the Biden initiative is hobbled ...
    WerewolfBy lyndon
    7 days ago
  • Raised crossings: hearing the voice of vulnerable pedestrians
    This is a guest post by Vivian Naylor, who is the Barrier Free Advisor and Educator at CCS Disability Action, Northern Region, the largest disability support and advocacy organisation in Aotearoa New Zealand. She also advises on AT’s Public Transport and Capital Projects Accessibility Groups. Vivian has been advocating and ...
    Greater AucklandBy Guest Post
    7 days ago
  • Leaving on a Jet Plane
    So kiss me and smile for meTell me that you'll wait for meHold me like you'll never let me go'Cause I'm leavin' on a jet planeDon't know when I'll be back againOh babe, I hate to go“The true measure of any society can be found in how it treats its ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard's mid-winter pick 'n' mix for Tuesday, June 18
    The election promises of ‘better economic management’ are now ringing hollow, as NZ appears to be falling into a deeper recession, while other economies are turning the corner. Photo: Lynn Grieveson / The KākāTL;DR: The economy and the housing market are slumping back into a deep recession this winter, contrasting ...
    The KakaBy Bernard Hickey
    1 week ago
  • Scrutiny week off to rocky start
    Parliament’s new “Scrutiny” process, which is supposed to allow Select Committees to interrogate Ministers and officials in much more depth, has got off to a rocky start. Yesterday was the first day of “Scrutiny Week” which is supposed to see the Government grilled on how it spends taxpayers’ money and ...
    PolitikBy Richard Harman
    1 week ago
  • The choice could not be more stark’: How Trump and Biden compare on climate change
    This is a re-post from Yale Climate Connections by Barbara Grady Illustration by Samantha Harrington. Photo credits: Justin Lane-Pool/Getty Images, Win McNamee/Getty Images, European Space Agency. In an empty wind-swept field in Richmond, California, next to the county landfill, a company called RavenSr has plotted out land and won ...
    1 week ago
  • Differentiating between democracy and republic
    Although NZ readers may not be that interested in the subject and in lieu of US Fathers Day missives (not celebrated in NZ), I thought I would lay out some brief thoughts on a political subject being debated in the … Continue reading ...
    KiwipoliticoBy Pablo
    1 week ago
  • Bernard's mid-winter pick 'n' mix for Monday, June 17
    TL;DR: Chris Bishop talks up the use of value capture, congestion charging, PPPs, water meters, tolling and rebating GST on building materials to councils to ramp up infrastructure investment in the absence of the Government simply borrowing more to provide the capital.Meanwhile, Christopher Luxon wants to double the number of ...
    The KakaBy Bernard Hickey
    1 week ago
  • You do have the power to change things
    When I was invited to come aboard and help with Greater Auckland a few months ago (thanks to Patrick!), it was suggested it might be a good idea to write some sort of autobiographical post by way of an introduction. This post isn’t quite that – although I’m sure I’lll ...
    Greater AucklandBy Connor Sharp
    1 week ago
  • Turning Away – Who Cares If We Don't?
    On the turning awayFrom the pale and downtroddenAnd the words they say which we won't understandDon't accept that, what's happeningIs just a case of other's sufferingOr you'll find that you're joining inThe turning awayToday’s guest kōrero is from Author Catherine Lea. So without further ado, over to Catherine…I’m so honoured ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Dissecting Tickled
    Hi,Tickled was one of the craziest things that ever happened to me (and I feel like a lot of crazy things have happened to me).So ahead of the Webworm popup and Tickled screening in New Zealand on July 13, I thought I’d write about how we made that film and ...
    David FarrierBy David Farrier
    1 week ago
  • New Zealand Webworm Popup + Tickled!
    Hi,I’m doing a Webworm merch popup followed by a Tickled screening in Auckland, New Zealand on July 13th — and I’d love you to come. I got the urge to do this while writing this Webworm piece breaking down how we made Tickled, and talking to all the people who ...
    David FarrierBy David Farrier
    1 week ago
  • What China wants from NZ business
    One simple statistic said it all: China Premier Li Qiang asked Fonterra CEO Miles Hurrell what percentage of the company’s overall sales were made in China. “Thirty per cent,” said Hurrell. In other words, New Zealand’s largest company is more or less dependent on the Chinese market. But Hurrell is ...
    PolitikBy Richard Harman
    1 week ago
  • Review: The Worm Ouroboros, by E.R. Eddison (1922)
    One occasionally runs into the question of what J.R.R. Tolkien would have thought of George R.R. Martin. For years, I had a go-to online answer: we could use a stand-in. Tolkien’s thoughts on E.R. Eddison – that he appreciated the invented world, but thought the invented names were silly, and ...
    1 week ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #24
    A listing of 35 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 9, 2024 thru Sat, June 15, 2024. Story of the week A glance at this week's inventory of what experts tell us is extreme weather mayhem juiced by ...
    1 week ago
  • Sunday Morning Chat
    After a busy week it’s a good day to relax. Clear blues skies here in Tamaki Makaurau, very peaceful but for my dogs sleeping heavily. In the absence of a full newsletter I thought I’d send out a brief update and share a couple of posts that popped up in ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • The Book of Henry
    Now in the land of Angus beef and the mighty ABsWhere the steaks were juicy and the rivers did run foulIt would often be said,This meal is terrible,andNo, for real this is legit the worst thing I've ever eatenBut this was an thing said only to others at the table,not ...
    More Than A FeildingBy David Slack
    1 week ago
  • Fact Brief – Is ocean acidification from human activities enough to impact marine ecosystems?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by Sue Bin Park in collaboration with members from the Skeptical Science team. You can submit claims you think need checking via the tipline. Is ocean acidification from human ...
    1 week ago
  • Happiness is a Warm Gun
    She's not a girl who misses muchDo do do do do do, oh yeahShe's well-acquainted with the touch of the velvet handLike a lizard on a window paneI wouldn’t associate ACT with warmth, other than a certain fabled, notoriously hot, destination where surely they’re heading and many would like them ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Still doing a good 20
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past somewhat interrupted week. Still on the move!Share Read more ...
    More Than A FeildingBy David Slack
    1 week ago
  • Coalition of the Unwilling?
    What does Budget 2024 tell us about the current government? Muddle on?Coalition governments are not new. About 50 percent of the time since the first MMP election, there has been a minority government, usually with allied parties holding ministerial portfolios outside cabinets. For 10 percent of the time there was ...
    PunditBy Brian Easton
    2 weeks ago
  • Of red flags and warning signs in comments on social media
    Somewhat surprisingly for what is regarded as a network of professionals, climate science misinformation is getting shared on LinkedIn, joining other channels where this is happening. Several of our recent posts published on LinkedIn have attracted the ire of various commenters who apparently are in denial about human-caused climate change. Based ...
    2 weeks ago
  • All good, still
    1. On what subject is Paul Henry even remotely worth giving the time of day?a. The state of our nationb. The state of the ACT partyc. How to freak out potential buyers of your gin palace by baking the remains of your deceased parent into its fittings2. Now that New ...
    More Than A FeildingBy David Slack
    2 weeks ago
  • The looting is the point
    Last time National was in power, they looted the state, privatising public assets and signing hugely wasteful public-private partnership (PPP) contracts which saw foreign consortiums provide substandard infrastructure while gouging us for profits. You only have to look at the ongoing fiasco of Transmission Gully to see how it was ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • The Illusion of Power: How Local Government Bureaucrats Overawe Democratically-Elected Councillors..
    The Democratic Façade Of Local Government: Our district and city councillors are democratically elected to govern their communities on one very strict condition – that they never, ever, under any circumstances, attempt to do so.A DISINTEGRATION OF LOYALTIES on the Wellington City Council has left Mayor Tory Whanau without a ...
    2 weeks ago
  • Lowlights & Bright Spots
    I can feel the lowlights coming over meI can feel the lowlights, from the state I’m inI can see the light now even thought it’s dimA little glow on the horizonAnother week of lowlights from our government, with the odd bright spot and a glow on the horizon. The light ...
    Nick’s KōreroBy Nick Rockel
    2 weeks ago
  • Weekly Roundup 14-June-2024
    Another week, another roundup of things that caught our eye on our favourite topics of transport, housing and how to make cities a little bit greater. This Week in Greater Auckland On Monday, Connor wrote about Kāinga Ora’s role as an urban development agency Tuesday’s guest post by ...
    Greater AucklandBy Greater Auckland
    2 weeks ago
  • The Hoon around the week to June 14
    Photo: Lynn Grieveson / The KākāTL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features co-hosts and talking with:The Kākā’s climate correspondent about the National-ACT-NZ First Government’s moves this week to take farming out of the ETS and encourage more mining and oil and ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Climate policy axed in broad daylight, while taxpayer liabilities grow in the dark
    In 2019, Shane Jones addressed the “50 Shades of Green” protest at Parliament: Now he is part of a government giving those farmers a pass on becoming part of the ETS, as well as threatening to lock in offshore oil exploration and mining for decades. Photo: Lynn GrievesonTL;DR: Here’s the ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Rage Bait!
    Hi,Today’s newsletter is all about how easy it is to get sucked into “rage bait” online, and how easy it is to get played.But first I wanted to share something that elicited the exact opposite of rage in me — something that made me feel incredibly proud, whilst also making ...
    David FarrierBy David Farrier
    2 weeks ago
  • Bernard's Dawn Chorus and pick 'n' mix for Friday, June 14
    Seymour said lower speed limits “drained the joy from life as people were forced to follow rules they knew made no sense.” File Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Friday, June 14 were:The National/ACT/NZ First ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Friendly but frank talks with China Premier
    It sounded like the best word to describe yesterday’s talks between Chinese Premier Li Qiang and his heavyweight delegation of Ministers and officials and Prime Minister Christopher Luxon and New Zealand Ministers and officials was “frank.” But it was the kind of frankness that friends can indulge in. It ...
    PolitikBy Richard Harman
    2 weeks ago
  • Skeptical Science New Research for Week #24 2024
    Open access notables Wildfire smoke impacts lake ecosystems, Farruggia et al., Global Change Biology: We introduce the concept of the lake smoke-day, or the number of days any given lake is exposed to smoke in any given fire season, and quantify the total lake smoke-day exposure in North America from 2019 ...
    2 weeks ago
  • Join us for the weekly Hoon on YouTube Live
    Photo by Mathias Elle on UnsplashIt’s that new day of the week (Thursday rather than Friday) when we have our ‘hoon’ webinar with paying subscribers to The Kākā for an hour at 5 pm.Jump on this link on YouTube Livestream for our chat about the week’s news with special guests:5.00 ...
    The KakaBy Bernard Hickey
    2 weeks ago
  • Geoffrey Miller: China’s message to New Zealand – don’t put it all at risk
    Don’t put it all at risk. That’s likely to be the take-home message for New Zealand Prime Minister Christopher Luxon in his meetings with Li Qiang, the Chinese Premier. Li’s visit to Wellington this week is the highest-ranking visit by a Chinese official since 2017. The trip down under – ...
    Democracy ProjectBy Geoffrey Miller
    2 weeks ago
  • The Real Thing
    I know the feelingIt is the real thingThe essence of the soulThe perfect momentThat golden momentI know you feel it tooI know the feelingIt is the real thingYou can't refuse the embraceNo?Sometimes we face the things we most dislike. A phobia or fear that must be confronted so it doesn’t ...
    Nick’s KōreroBy Nick Rockel
    2 weeks ago

  • Transformative investment in cancer treatments and more new medicines
    The coalition Government is delivering up to 26 cancer treatments as part of an overall package of up to 54 more new medicines, Health Minister Dr Shane Reti and Associate Health Minister David Seymour announced today. “Pharmac estimates that around 175,000 people will benefit from the additional treatments in just ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • More support for drought-affected communities
    The coalition Government is providing more financial support to drought-stricken farmers and growers in many parts of the country to help with essential living costs. “Rural Assistance Payments have been made available in 38 districts affected by dry conditions to help eligible farmers and growers whose income has taken a ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Job seekers to report on progress after six months from today
    A new requirement for people on Jobseeker Support benefits to meet with MSD after six months to assess how their job search is going gets underway today. About 20,000 Jobseeker beneficiaries with full-time work obligations are expected to attend MSD’s new ‘Work check-in’ seminars over the next 12 months, Social ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • New cops means more Police on the beat
    The decision to deploy more Police on the beat in Auckland CBD has been welcomed by Police Minister Mark Mitchell and Associate Police Minister Casey Costello. Starting from 1 July, an additional 21 police officers will be redeployed in Auckland City, bringing the total number of beat police in the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government takes action to address youth crime
    The Government is introducing a new declaration for young offenders to ensure they face tougher consequences and are better supported to turn their lives around, Children’s Minister Karen Chhour announced today. The establishment of a Young Serious Offender declaration delivers on a coalition Government commitment and supports the Government’s target ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Reserve Bank chair reappointed
    Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026.  “Professor Quigley has played a key role in establishing the new Board after the commencement of the new RBNZ Act on 1 July ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • School attendance increases
    School attendance data released today shows an increase in the number of students regularly attending school to 61.7 per cent in term one. This compares to 59.5 per cent in term one last year and 53.6 per cent in term four. “It is encouraging to see more children getting to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Record investment in public transport services
    The Government has announced a record 41 per cent increase in indicative funding for public transport services and operations, and confirmed the rollout of the National Ticketing Solution (NTS) that will enable contactless debit and credit card payments starting this year in Auckland, Transport Minister Simeon Brown says.“This Government is ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • GDP data shows need to strengthen and grow the economy
    GDP figures for the March quarter reinforce the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says.  Data released today by Stats NZ shows GDP has risen 0.2 per cent for the quarter to March.   “While today’s data is technically in ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Women continue to make up over 50 per cent on public sector boards
    Women’s representation on public sector boards and committees has reached 50 per cent or above for the fourth consecutive year, with women holding 53.9 per cent of public sector board roles, Acting Minister for Women Louise Upston says. “This is a fantastic achievement, but the work is not done. To ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government supporting Māori business success
    The Coalition Government is supporting Māori to boost development and the Māori economy through investment in projects that benefit the regions, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say. “As the Regional Development Minister, I am focused on supporting Māori to succeed. The Provincial Growth Fund ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Better solutions for earthquake-prone buildings
    Building and Construction Minister Chris Penk has announced that the review into better managing the risks of earthquake-prone buildings has commenced. “The terms of reference published today demonstrate the Government’s commitment to ensuring we get the balance right between public safety and costs to building owners,” Mr Penk says.  “The Government ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Prime Minister wraps up visit to Japan
    Prime Minister Christopher Luxon has just finished a successful three-day visit to Japan, where he strengthened political relationships and boosted business links. Mr Luxon’s visit culminated in a bilateral meeting with Japanese Prime Minister Kishida Fumio followed by a state dinner. “It was important for me to meet Prime Minister Kishida in person ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Major business deals signed on PM’s Japan trip
    Significant business deals have been closed during the visit of Prime Minister Christopher Luxon to Japan this week, including in the areas of space, renewable energy and investment.  “Commercial deals like this demonstrate that we don’t just export high-quality agricultural products to Japan, but also our world-class technology, expertise, and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Strategic Security speech, Tokyo
    Minasan, konnichiwa, kia ora and good afternoon everyone. Thank you for the invitation to speak to you today and thank you to our friends at the Institute for International Socio-Economic Studies and NEC for making this event possible today.  It gives me great pleasure to be here today, speaking with ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • National Infrastructure Pipeline worth over $120 billion
    The National Infrastructure Pipeline, which provides a national view of current or planned infrastructure projects, from roads, to water infrastructure, to schools, and more, has climbed above $120 billion, Infrastructure Minister Chris Bishop says. “Our Government is investing a record amount in modern infrastructure that Kiwis can rely on as ...
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    6 days ago
  • Making it easier to build infrastructure
    The Government is modernising the Public Works Act to make it easier to build infrastructure, Minister for Land Information Chris Penk announced today. An independent panel will undertake an eight-week review of the Act and advise on common sense changes to enable large scale public works to be built faster and ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • NZ enhances North Korea sanctions monitoring
    New Zealand will enhance its defence contributions to monitoring violations of sanctions against North Korea, Prime Minister Christopher Luxon announced today.  The enhancement will see the New Zealand Defence Force (NZDF) increase its contributions to North Korea sanctions monitoring, operating out of Japan. “This increase reflects the importance New Zealand ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Speech to Safeguard National Health and Safety Conference
    Good afternoon everyone. It’s great to be with you all today before we wrap up Day One of the annual Safeguard National Health and Safety Conference. Thank you to the organisers and sponsors of this conference, for the chance to talk to you about the upcoming health and safety consultation. ...
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    7 days ago
  • Ōtaki to north of Levin alliance agreements signed
    Transport Minister Simeon Brown has welcomed an important milestone for the Ōtaki to north of Levin Road of National Significance (RoNS), following the NZ Transport Agency (NZTA) signing interim alliance agreements with two design and construction teams who will develop and ultimately build the new expressway.“The Government’s priority for transport ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Improvements to stopping Digital Child Exploitation
    The Department of Internal Affairs [Department] is making a significant upgrade to their Digital Child Exploitation Filtering System, which blocks access to websites known to host child sexual abuse material, says Minister of Internal Affairs Brooke van Velden.  “The Department will incorporate the up-to-date lists of websites hosting child sexual ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • New vaccine research aims to combat prevalent bovine disease
    A vaccine to prevent an infectious disease that costs New Zealand cattle farmers more than $190 million each year could radically improve the health of our cows and boost on-farm productivity, Associate Agriculture Minister Andrew Hoggard says. The Ministry for Primary Industries is backing a project that aims to develop ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Making it easier to build granny flats
    The Government has today announced that it is making it easier for people to build granny flats, Acting Prime Minister Winston Peters and RMA Reform Minister Chris Bishop say. “Making it easier to build granny flats will make it more affordable for families to live the way that suits them ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • High Court Judge appointed
    Attorney-General Judith Collins today announced the appointment of Auckland King’s Counsel Gregory Peter Blanchard as a High Court Judge. Justice Blanchard attended the University of Auckland from 1991 to 1995, graduating with an LLB (Honours) and Bachelor of Arts (English). He was a solicitor with the firm that is now Dentons ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Health workforce numbers rise
    Health Minister Dr Shane Reti says new data released today shows encouraging growth in the health workforce, with a continued increase in the numbers of doctors, nurses and midwives joining Health New Zealand. “Frontline healthcare workers are the beating heart of the healthcare system. Increasing and retaining our health workforce ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government to overhaul firearms laws
    Associate Justice Minister Nicole McKee has today announced a comprehensive programme to reform New Zealand's outdated and complicated firearms laws. “The Arms Act has been in place for over 40 years. It has been amended several times – in a piecemeal, and sometimes rushed way. This has resulted in outdated ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prime Minister Luxon meets with Premier Li
    Prime Minister Christopher Luxon met with Chinese Premier Li Qiang at Government House in Wellington today.  “I was pleased to welcome Premier Li to Wellington for his first official visit, which marks 10 years since New Zealand and China established a Comprehensive Strategic Partnership,” Mr Luxon says. “The Premier and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Funding Boost for Rural Support Trusts
    The coalition Government is boosting funding for Rural Support Trusts to provide more help to farmers and growers under pressure, Rural Communities Minister Mark Patterson announced today. “A strong and thriving agricultural sector is crucial to the New Zealand economy and one of the ways to support it is to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Latest data shows size of public service decreasing
    Spending on contractors and consultants continues to fall and the size of the Public Service workforce has started to decrease after years of growth, according to the latest data released today by the Public Service Commission. Workforce data for the quarter from 31 December 23 to 31 March 24 shows ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Speech to the Law Association
    Thank you to the Law Association for inviting me to speak this morning. As a former president under its previous name — the Auckland District Law Society — I take particular satisfaction in seeing this organisation, and its members, in such good heart. As Attorney-General, I am grateful for these ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Inquiry requested into rural banking
    Promoting robust competition in the banking sector is vital to rebuilding the economy, Finance Minister Nicola Willis says.  “New Zealanders deserve a banking sector that is as competitive as possible. Banking services play an important role in our communities and in the economy. Kiwis rely on access to lending when ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

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