The myth of “Retirement Savings”

Written By: - Date published: 10:18 am, June 9th, 2015 - 101 comments
Categories: cost of living, Economy, employment, equality, Financial markets, infrastructure, jobs, kiwisaver, monetary policy, Privatisation, superannuation, sustainability, tax, welfare - Tags:

Advocates of Kiwisaver and other funded “retirement savings” schemes perpetuate the fundamental misunderstanding that “conventional” in New Zealand’s case “neo-liberal” economists, speculators, finance companies, politicians and those with a lot of share holding wealth in non-productive enterprises like to perpetuate.

In other words all those who gain from wealth transfer from workers to non-productive wealthy parasites.

The myth is that, if we give our wealth to any of the above they will magically increase it due to the “miracle” of compounding interest from investment. Then give it back to us with extra when we retire.
US retirees are already finding out how that works.
The wealthy are keeping the retirement funds. Thanks very much!

“Saving” for retirement relies on three assumptions.

One. That an ever increasing amount of money equals a similar supply of real wealth and real capital.
Two. That an exponentially increasing wealth per person is possible in a finite world reaching resource limits.
Three. That putting money into increasing land prices and increasing derivative prices in the USA, a failing State, will somehow, “magically” mean more money (Healthcare, food, Housing etc) to support you or me in our retirement.

Retirement income, real income as opposed to monetary income, as does schooling healthcare, infrastructure supply and food, always comes from current production. If I do not eat my dinner today, it does not mean there is someone who can give me my dinner in my eighties.

If however, I ensure our young people have enough to eat, good health, training in skilled jobs, functioning and effective infrastructure and good jobs, or if these are not available, at least enough to live on, then New Zealand will be prosperous enough to support me in my old age.

The best investment for my old age then, is not giving my money away for financial wizards to lose, but to pay taxes to make sure that the next generation are happy, healthy, educated, employed and comfortable

101 comments on “The myth of “Retirement Savings” ”

  1. dukeofurl 1

    Have you not read Piketty ? Ok , even those who say they have, probably didnt get past the first 100 pages.

    To boil it down, the rate of return on capital is GREATER than the economic growth.

    • Draco T Bastard 1.1

      Do you actually understand what you wrote?

      • Colonial Rawshark 1.1.1

        I am guessing: nope.

        The reality that there are now far more financial claims on real world resources then there are actual real world resources to redeem those claims, seems to have missed the attention of quite a few people.

  2. Paul Campbell 2

    Having lived in the US for a while “retirement savings” there means lots of things:

    – social security (a compulsory tax on your first $80-90k of income) that pays out somewhat equivalently to the NZ pensions

    – an employer’s pension scheme – these are largely going away (replace by 401ks with an employer contribution) – these are the things from older companies that are being preyed on as mentioned above

    – 401Ks – these are work organised but independantly managed – they’re a bit like Kiwisaver – the main difference is that money put into them is pre-tax – that means that you still owe the govt tax on money in 401Ks (and any income) the idea is you put the money in when you’re earning at your highest tax rate, but take it out (and pay the income tax) when you’re retired and paying income tax at a lower rate. Kiwisaver is already taxed money and you pay taxes on increases in value of your funds

    I worked in Silicon valley for 20 years I’ve never worked for a company with a pension scheme (I don’t think I know anyone who ever did – these are mostly at older, maybe heavily unionised (or once unionised) companies – auto companies, IBM, those sorts of companies), all had 401K schemes and of course social security is mandatory.

    I’m generally in favour of Kiwisaver, and currently pay the max – the Aussie compulsory retirement scheme has pushed 10% of people’s income into investment in the Aussie economy for the past 40 years or so ….. it’s a large part of why so much of NZ is owned by Aussie companies – all those banks, all our big stores – and as a result we lose so much of our wealth across the ditch – if we don’t start investing in and buying back our own economy we wont get back our financial independance.

    I also think we should move our high marginal tax rate back to where it was – English’s promise that reducing it would be ‘neutral’ was obviously crap at the time and has now been proved to be such – it was a scam to benefit the National Party elites. The continual comparisons of NZ tax rates with Aussie federal tax rates, while ignoring Aussie state taxes (another 5-6% as a payroll tax) is a sham.

    • Draco T Bastard 2.1

      if we don’t start investing in and buying back our own economy we wont get back our financial independance.

      Which, of course, is the point of globalisation and FTAs.

      Really, the only way we’re going to get our independence back is to ban, outright, offshore ownership and investment. The reality is that we’ve never needed it and it’s always been bad for our society.

      • Paul Campbell 2.1.1

        I think that NZ has a particular problem – Australia and its compulsory retirement system have been buying us bit by bit for decades now – we don’t have a bunch of money in our economy seeking around for places to go in the way the Aussies do – it’s why many of our big box stores are really Aussie stores and send their profits off-shore (as do our banks).

        I see Kiwisaver as a long term play trying to right that – it will take us 30+ years though, it wont happen overnight

        • Draco T Bastard 2.1.1.1

          I don’t think that trying to buy our country back will work as it’s still playing within the neo-liberal rule set.

  3. vto 3

    hands up who believes that kiwisaver will not be grabbed by some future government under the pretext of some national emergency?

    • Charles 3.1

      That’s the problem alright, which is why the final sentence of the post is so important. Alternative options (to one summarised in final sentence/s) rely on a social attitude/order that is too unstable to offer/promise long-term security.

      • dukeofurl 3.1.1

        Based on what evidence ?

        The US has had its ‘Social Security’ system since the 1930s, payout is broadly based on what you pay in ( up to a max income)
        The UK has had its pension scheme based on variable payments when working. In fact if retire to NZ or move during your working life you have still get paid.

        In fact recent evidence, Greece, shows the reverse is true. Relying on the State funded pension from taxation ‘could’ mean your payments will be cut after you retire

        “The Greek pensions system faces two fundamental problems. First, it is dominated by the state system pillar, funded directly – and in present circumstances unsustainably – by the stricken public purse. Public sector pensioners are paid directly by the government. State pensions for employees in the private sector and the self-employed operate on a defined benefit (DB), pay as you go basis and consist of an earnings-related primary pension, an earnings-related supplementary pension and additional benefits.”
        http://www.europeanpensions.net/ep/A-Greek-tragedy.php

        An additional problem in Greece is the reliance of private pensions who invested heavily in Greek Government bonds.

        • KJT 3.1.1.1

          The fact, that Greece has had a high level of inequality for a long time, As one of the last countries in Europe to get out from under Fascist rule.
          And, the wealthy taking as much as possible, while avoiding taxes, was endemic.

          Has nothing do with Greece’s problems, of course?

        • Colonial Rawshark 3.1.1.2

          dukeofurl

          I do quite like you but at the same time some of your assumptions of stability and certainty give me the shits.

          The financial system is going away sometime in the next one or two decades. You’ll wake up one day and the US dollar assets that your retirement savings are denominated in won’t be worth toilet paper, or some other catastrophe shifting financial wealth from the workers to the financial parasitic class.

          When it comes to the future real value of retirement savings, if you are over 50 maybe you’ll get away with it. But any kid still in primary school is stuffed from the start.

    • tc 3.2

      Like it hasn’t already been undermined and made less attractive by Blinglish with a few slashes since 2008. It’s a fig leaf over an elephant of a problem anyway because we left it way too late.

      To quote a well respected financial services colleague ” why would I give money to the white shoe brigade so they can clip my ticket and eventually give me what everyone else gets, i want to be ahead of that…”

      Invest in your future by looking after your kids and grandkids, eliminate debt and get your monetary cost of living as low as possible is my advice.

      I trust the financial services industry as much as I trust Shonky Python and a recent chat with a major OZ broker reminded me why, it’s a rigged game.

      • dukeofurl 3.2.1

        If History is a guide:

        the Share market was a corrupt and rigged institution which crashed and ruined many peoples investments under Labour in the late 80s

        The finance companies were a nest of corruption and financial deceit which crashed and burned under Labour in the period of the GFC and ruined many peoples savings.
        For the last one I put a lot of the blame on Dalziel, who gets an F – ( continuing her poor stewardship in Christchurch City)

        Im not sure who to point the finger at for the 80s, as I wasnt around, but you cant go to far wrong with that pig farmer Roger Douglas

        • RedLogix 3.2.1.1

          That 4th Labour govt you’re referring to dofurl – being in fact the first and only ACT one.

        • KJT 3.2.1.2

          Yes. Shows the reason why less than 1% knowingly vote for ACT policies, nicely.

    • KJT 3.3

      As have State and civil servant pension schemes in the USA.

      • tc 3.3.1

        As George Carlin predicted

      • Colonial Rawshark 3.3.2

        and plenty of private sector pension schemes have been utterly and deliberately gutted via corporate reorganisations and bankruptcy. Those actions being organised by the banking class, of course.

      • David 3.3.3

        “As have State and civil servant pension schemes in the USA.”

        How’s that working out in Detroit?

    • Jones 3.4

      They might try but the safe will be empty… the banks and fund managers will already have looted it.

      • tc 3.4.1

        Yup just how accurate are those fund statements as to what’s behind it in terms of shares/property/cash, is it worth the paper it arrives on ?

        It’s an enormous house of cards all lined up back to back to back etc where once the bottom card goes it crashes in a heartbeat.

  4. Michael 4

    I think there is an important difference between investment and gambling. And investing can do good things..long-term people can make good returns and it is worthwhile.

    But I think that more can be done to offer a more secure option too. NZ should allow people to invest in NZ long term government bonds as that would allow a guaranteed annual return if people don’t want to take on any risk. Also perhaps a public option Kiwisaver fund to reduce fees. The US offers risk-free, inflation-protected guaranteed returns on government bonds. http://www.forbes.com/2010/01/15/i-bonds-risk-free-yield-personal-finance-bogleheads-view-lindauer.html

    Look at the NZ Cullen super fund. It’s been great and has built up a lot of extra money on top of surpluses invested.

    I don’t think you can just point at Kiwisaver and say “bad”. Generally saving and investing is a good thing, it just needs to be made more secure and fair.

    One can get a healthy return of 5-7% per annum over a term of 30-40 years with very mild risk.

    I do also agree that more can be invested in public pensions…but why not have both better state pensions and better individual savings?

    • Draco T Bastard 4.1

      NZ should allow people to invest in NZ long term government bonds as that would allow a guaranteed annual return if people don’t want to take on any risk.

      Nope, for two reasons:

      1. The government should never borrow. If it needs more money it should either create it or tax it.
      2. Such a guaranteed safe ‘investment’ should have negative returns.

      Generally saving and investing is a good thing

      Another fallacy of modern economics. Basically, just because you save money doesn’t mean that there will be enough capacity in the economy to spend it later. In fact, it’s almost guaranteed that there won’t be because the system is designed to produce shortages.

      One can get a healthy return of 5-7% per annum over a term of 30-40 years with very mild risk.

      Nope, that’s just BS. See above.

      I do also agree that more can be invested in public pensions…

      Why have pensions at all when we could just go for a much simpler and more efficient UBI?

      • Michael Calderwood 4.1.1

        Why not have both a UBI and pensions on top of it?

        • Draco T Bastard 4.1.1.1

          Why have pensions on top of the UBI when the UBI will be set at or greater than present pensions?

    • Colonial Rawshark 4.2

      I think there is an important difference between investment and gambling. And investing can do good things..long-term people can make good returns and it is worthwhile.

      Yes why don’t you “invest” your savings in something worthwhile and substantial that Standard and Poors says is “Triple A rated” BWAHAHAHAHAHA

  5. Richard 5

    Or you can pay high taxes and get absolutely nothing of value in return, as we did 1999-2008. Personally, I’ll invest or spend my own earnings, thanks.

    • b waghorn 5.1

      I’m assuming you’re a high earner so got quite a increase with the nats tax cuts in 08 I’ve had a theory that a lot of those tax cuts have gone to fueling the housing problems in Auckland and would be interested to know you’re take on it. ?

      • dv 5.1.1

        Richard obviously missed the 60% tax rate in the 70s then.

      • mickysavage 5.1.2

        Real estate speculation, overseas luxury items and trips, all those things that are really good for the local economy /sarc

        • Richard 5.1.2.1

          None of the above actually. I did pay the 60% rate, and subsidised the local car “manufacturers”, the inept Post Office and Railways, the various Govt Stores depts set up for the unemployable, and the triennial spend up by whoever was in Govt to try to buy re-election. I don’t live in Auckland and have no desire to. I got a little back in the 2008 tax readjustment, but not much. It was nice to finally be treated as something more than a cash cow for the Govt. No overseas trips (too busy working), no speculation. Just saving for retirement, although I fully expect some or all of that to be redistributed by a future Govt to those they believe are more deserving of my earnings. But paint me in whatever hue you desire, I am certainly an ex-Labour voter.

          • One Anonymous Bloke 5.1.2.1.1

            Once, just once, it would be nice to hear an argument from the centre-right that didn’t amount to petulant cry-baby whining and a massive sense of entitlement.

            • Nessalt 5.1.2.1.1.1

              As opposed to the constant whine from the far left that the system doesn’t work because a) they can’t succeed under it and b) they’ve dreamed up something better where they don’t have to work to succeed.

              When the left gets it act together and decides on it’s common goals without the arguments that amount to literally hair splitting over the right ideaology to subscribe too, we’d have a chance to roll the nats. it would certainly be better to have a coherent and thought through plan than viciously attacking anyone who doesn’t believe whatever narrow faction you belong to believes.

              • One Anonymous Bloke

                What a load of rubbish – show me someone from the Left who says any such thing.

                Do you honestly think making up lies about people is the same as thinking for yourself? Pathetic.

                Edit: seriously – the furthest Left you can go is Marxism – “the means of production lie in the hands of the…” fill in the blank and then reflect that you’re blithering about the labour movement.

              • Draco T Bastard

                As opposed to the constant whine from the far left that the system doesn’t work because a) they can’t succeed under it and b) they’ve dreamed up something better where they don’t have to work to succeed.

                Interestingly enough, nobody on the Left has ever done either of those two things. The RWNJs, on the other hand, always seem to be looking for ways of not working while getting larger and larger incomes. In fact, such a system even has a name – it’s called capitalism which should tell you why it doesn’t work.

            • Jones 5.1.2.1.1.2

              We have… but they’ve all been discredited…

          • Draco T Bastard 5.1.2.1.2

            I am certainly an ex-Labour voter.

            And, considering that you actually believe the BS that you just wrote, a complete idiot with about as much understanding of the world as a bug.

          • KJT 5.1.2.1.3

            Subsidised your schooling, health care, housing, roads, and everything else you used. But you got nothing for your taxes?

          • sabine 5.1.2.1.4

            oh you must be talking about Mrs. Bennett, National MP. I think she would have bennefitted muchly from the amount of tax you paid.; 🙂

    • dukeofurl 5.2

      Nothing in return ?

      Tax cuts during those years would have been highly inflationary as the economy was at full capacity – and nationwide, not like the bubbles in Auckland/Christchurch and flat mostly elsewhere.
      Cullen knew that the boom wouldnt last and looked to the future and paid down debt.
      Thats made it easier for English to borrow more than all previous finance ministers combined, and he will borrow $6 bill this year and $7 bill next year and so on.

      English promised tax cuts when he came into office but that was just a swap for Cullens tax cuts ( to counter the effects of GFC)

    • vto 5.3

      “Personally, I’ll invest or spend my own earnings, thanks”

      Except the fruits of these lands are not your own earnings are they Richard, they are the earnings of a multitude of inputs, only one of which is yours..

      capiche?

      • One Anonymous Bloke 5.3.1

        Considering the private sector always does better under Labour-led governments, I suspect the reason Richard found 1999-2008 so disappointing is that he’s a little bit shit at being a master of the universe.

        I certainly did ok.

      • Richard 5.3.2

        Sorry no I don’t. The wage packet has my name on it.

        • One Anonymous Bloke 5.3.2.1

          And you’d have no wages at all if it weren’t for the society you take for granted, the taxes you no doubt begrudge paying.

          Like an infant, you have no concept of that which sustains you. Tragic.

          • Richard 5.3.2.1.1

            Nice. Thanks for the debate.

            • One Anonymous Bloke 5.3.2.1.1.1

              Am I wrong? You describe your chagrin at Lab5 doing nothing for you, then laud National’s tax cuts. It is hard to escape the conclusion that you are ignorant of the benefits of the progressive society that nurtured you.

              I look around, and I see the infrastructure and social goods our taxes provide and I feel proud – “look what we made!”

              Tell me how the policies you support differ from negligent penny-pinching.

              • Richard

                Actually you are wrong about that. I am not complaining that Labour did nothing for me. My complaint is Labour seemed to think an increase in spend over their portfolios was the goal. I’m all for increased taxes so long as the money goes to better social results. It seems to me (and most NZ’ers based on poll and election results) that National achieve more with less. Now I’m sure you will fly into a rage and hurl more insults, but that is the perception.

                • Draco T Bastard

                  It seems to me (and most NZ’ers based on poll and election results) that National achieve more with less.

                  Except that they don’t. When you put in less you always end up with less. Simple physics really.

                  • Richard

                    Not so. If you throw money around with no perceptible goal or measurement you will get less that if you managed your resources carefully. Simple logic actually.

                    • Draco T Bastard

                      Two points:

                      1. National is throwing money around with no perceptible goals and
                      2. They’re also decreasing the amount of money going to places and getting less for it

        • RedLogix 5.3.2.2

          Which is true at one level, but an illusion at another. Take away the functioning community around you – and that pay packet would vanish.

    • Macro 5.4

      Richard – you are obviously too young to know – but the real jump in wealth transfer from the poor to the rich in NZ didn’t happen in 2008 (although there has been a significant wealth transfer from that point). No the real jump in inequality began in 1991 with Richardson’s “mother of all budgets”. That was when the upper tax rates were slashed dramatically and to pay for it benefits were cut to below poverty level. Subsequent governments have tinkered with this but our society was dramatically altered at that time and has suffered since.
      http://en.wikipedia.org/wiki/Ruthanasia

      • One Anonymous Bloke 5.4.1

        Ask not what your country can do for you, ask it what it’s ever done for Richard, and don’t forget to call him “Sir”.

      • Richard 5.4.2

        I think you’ll find the upper tax rates were slashed in the late 1980’s under the Labour Finance Minister whose name I dare not breathe in this forum. I certainly remember that.

        • One Anonymous Bloke 5.4.2.1

          How were profits back in the evil days of high taxation?

          How would you even know – you’re on a wage. 😆

          • Richard 5.4.2.1.1

            Profits were good, so long as you were on the good side of the Govt when it came to allocating import licenses.

      • Mike S 5.4.3

        I’d suggest the massive wealth transfer started earlier than that, in the late 80’s with deregulation, privatization, etc, etc. The traitor Roger Douglas sold our country out from under us.

        • Macro 5.4.3.1

          Actually if you were to investigate – as I have – the rise in disposable income across percentiles within NZ, you would find that the rot started in 1991 (there is a clear upward trend starting in 1991 of wealth accumulating in the top 10%ile while the rest of NZ goes downhill – and has so continued – with slight bumps – to this day). Sure Douglas and Prebble in the first ACT govt, set the thing in motion. They were held in check to some extent by Lange who had actually entered Parliament with some form of social conscience – but it left the door wide open for the Nats (Ruth and Jen in particular – evil women) to finish off the destruction of society as we knew it.

          I’m sorry I can’t link to this work (I haven’t published it). But you can get all the information to do the work for yourselves from the Statistics website.

          However Atkinson and Leigh published a very good analysis of the top incomes in 2005 which has some useful data here:
          http://www.nuff.ox.ac.uk/users/atkinson/AtkinsonLEIGH_NewZealand08.pdf

          • Richard 5.4.3.1.1

            Maybe, but it wasn’t Richardson who slashed the upper tax rate. That was Lange/Douglas.

            • Macro 5.4.3.1.1.1

              true – but Lange ensured that the lower income percentiles were compensated to some extent and that there was a more equitable distribution of income by maintaining collective bargaining. It was after 1991 that the rot set in.

              Ken Douglas, then president of the New Zealand Council of Trade Unions, said:

              Ruth Richardson was very clear, very blunt, very honest about (the ECA’s) purpose. It was to achieve the dramatic lowering of wages, very quickly, by allowing the high levels of unemployment to pull the cost of labour down; that the market would determine and an oversupplied market would reduce the price. The other reason, of course, was to de-unionise and that’s why the government is in trouble with the International Labour Organization because the ECA doesn’t enhance or promote collective bargaining.

              from the link above.
              This shift had the effect of lowering disposable income to the majority of NZers while those in the top income brackets continued to enjoy a transfer of wealth from the poor to the rich.

    • One Anonymous Bloke 5.5

      What have the Romans ever done for us, anyway?

    • Stuart Munro 5.6

      You’re paying half what your parents did – don’t expect the same level of service.

    • Anno1701 5.7

      2 words for you Richard

      Galts Gulch

      Jog on son…….

  6. Philip Ferguson 6

    Interesting how, despite all the technological developments that should make human life easier, *capitalism* is chewing up more of our day with work and now more of our years alive with work.

    On making us work more years:
    https://rdln.wordpress.com/2012/06/29/pensions-and-the-retirement-age-the-problem-is-capitalism-not-an-aging-population/

    On whatever happened to the promise of a leisure society?
    https://rdln.wordpress.com/2012/04/03/whatever-happened-to-the-leisure-society/

    And on the tyranny of time in this form of society: https://rdln.wordpress.com/2014/10/03/capitalism-and-the-tyranny-of-time/

    • maui 6.1

      The leisure society post is interesting. Are you able to give a real world scenario where a Keynes 15 hour work week is possible? Say with travel agents, because of computers they might be able to organise travel twice as fast as they used to pre-computers. Is the real problem then that they’re not getting the same relative profit as they used to per booking made. If they were then they would be able to work part-time?

      • Draco T Bastard 6.1.1

        Are you able to give a real world scenario where a Keynes 15 hour work week is possible?

        Humans need not apply
        Will Automation Take Our Jobs? estimates that “Advances in data mining, machine vision, artificial intelligence and other technologies could, they argued, put 47 percent of American jobs at high risk of being automated in the years ahead.” And that’s the US which does have a more developed economy than ours.
        ZeitGeist: MOVING FORWARD (2011) estimates 75% of work today could be done by technology available today.

        So, the research does seem to indicate that our work week should be well down on what it is. The real problem is that all the benefits of improved automation and increased productivity are going to the richest who don’t do any work.

      • Descendant Of Sssmith 6.1.2

        A real world scenario is what used to exist prior to 85. Time and a half for extra hours worked.

        That meant my employer had to weigh up giving me more work and meeting that additional cost versus employing someone else.

        In most cases, unless it was a sudden unplanned for profitable job, he employed more people.

        So I had more leisure time and less work time.

        Of course I was also paid a more meaningful minimum wage than today.

        Quite simple really.

        Draw a line in the sand at the point employer costs increase for hours worked.

        Other real world scenarios – become an executive sitting on a board, a superannuation who has cut down their hours to live off NZS and part-time job, a provider of services via the internet – I know several who work only two hours per week as they are simply middlemen with a website or are providing a digital product.

  7. Tracey 7

    the problem with kiwisaver is that those on median income or below will accumulate bugger all if they pay in…

    nice post kjt.

    • RRM 7.1

      Really?

      I joined kiwisaver right at the beginning, I was putting 4% into Kiwisaver and by doing that I was able to get the deposit for our first house together in about 4 years without really trying.

      I was earning about equivalent to the average wage throughout this period.

      The returns from almost any Kiwisaver scheme are significantly better than putting the money into retail bank products (like a cash account or even a term deposit.)

      If you don’t have a coherent savings and investment plan already, that you believe will out perform a kiwisaver growth fund, you should get into kiwisaver right now.

      • Paul Campbell 7.1.1

        remember that there are different sorts of Kiwisavers – you get to trade risk for return – essentially most schemes have 3 points you can choose – the mostly-stocks higher risk choices are exactly that.

        In general if you’re investing for retirement you should pick a fund that matches your stage in life, are you 20-40? then you probably have a higher risk ‘growth’ fund – the stock market will likely crash at least once before you retire even includding but theincome from a ‘growth’ fund will likely long term be a plus (mine has, including the GFC crash). as you approach retirement (I’m in my 50s) you should be moving to a more balanced sort fund, reducing your risk, as you retire and start to depend on this money for living off you should be moving your investments into the safest (but lower income) funds.

        Yes there’s risk in investing, the trick is to think long term (it is for retirement) and manage it carefully in respect to your time of life.

        RRM has been lucky – you’ve essentially been investing short term, another GFC at the wrong time (or maybe the collapse of the Auckland bubble) would have crapped on your plans. This is not to say you shouldn’t put your money into Kiwisaver, just think (very) long term and invest appropriately.

      • Draco T Bastard 7.1.2

        I was earning about equivalent to the average wage throughout this period.

        So, greater than ~75% of the working population and about double the median income.

        You really shouldn’t by into the Nats spin that everyone gets the average income.

    • Nessalt 7.2

      Milford active growth fund returned 15% in the last 12 months. something like 2.5% higher than benchmark nzx50 portfolio fund

      • One Anonymous Bloke 7.2.1

        What did “owning the means of production” return, lazy Nessalt?

        • Nessalt 7.2.1.1

          either rent, wages or interest on capital bitter one

          • One Anonymous Bloke 7.2.1.1.1

            The means of production, deluded one, are the hands of the workers.

            Unless there’s a reasonable return for their time, our investments are useless. Please try and get a grip on that basic fact.

  8. Mr and Mrs Brillo 8

    Because we are retired, we can speak with certainty about what happened to our attempts to save for retirement. We decided to put our money into personal infrastructure.

    We were never eligible for any work-related superannuation schemes, and they were gradually abandoned after the 1980s anyway, so we always knew we could not rely solely on government super and would have to do our own saving. We set about becoming financially literate. Went to adult education courses in it, now of course adult education has had its funding cut off by the National government.

    From a ramshackle but affordable cottage in an old area full of dungers, we traded up twice to a big house in a gentrifying suburb. Never got ambitious and bit off more mortgage than we could chew. We made sure we were very cautious with our outgoings till our house was freehold, then put the equivalent mortgage payments each month into insurance, bank investment funds, bonds and shares, all but one ethically chosen (the one whose ethics we decided to get shot of eventually was Sky City).

    The insurance, calculated to mature and fetch $88,000 when I turned 50, in actuality returned $27,000. A big disappointment. The banks also made more than we did on the investment funds available in the 1980s and 90s, so we renewed none of them. We did fine on the shares, though, having decided there was a crash coming and selling out in 1988.

    We put the released money into a second property, but found we did not like being long-distance landlords, so eventually we stopped that too – making a surprising lot of money from its resale, because of a suddenly rising property market in a boom area. We then re-entered the share market and shopped round the banks to find one which gave a better rate of interest for a long term, large deposit investment. (They don’t do that now, apparently, but if you shop round you can still find a better bank interest rate even on lower amounts. Make the b—–s compete for your custom. And always read the T&Cs.)

    Then we retired, sold the big house and traded down, releasing more money for investment. We are trying out bonds and shares again, along with term deposits, but will not re-enter the property market. (Just personal taste, because it still makes financial sense.) If the bottom falls out of everything, we still have Mrs Brillo’s jewellery to sew into the hem of her garments when we are forced to flee!

    Our present fairly comfortable position was achieved by living on one wage, and saving what there was of the other’s income (if they were in work). We had only average incomes, and no inheritances, and only one redundancy payout ($12,000) despite four redundancies for Mr Brillo in the turbulent 80s and 90s. All taxes fully paid. One small windfall, which we largely spent on a trip to visit family overseas. A great deal of illness, and no children, but responsibility for several sick elderly relatives. Noone said it was meant to be easy. Having no children has plusses and minuses, as we have had no outgoings on them but also have to provide for own care in very old age.

    We still drive an old car as a matter of choice, and do not have the latest in gadgets. At our age, few people are impressed by gimcrackery anyway! We can switch the heater on whenever we like, we can eat out at cafes if we wish, and can buy luxuries like books and magazine subscriptions and medication.

    My point is that slow and modest can win out in the end for the DIY retirement saver on even a modest or average income, and that the investments which did best for us were the ones we chose ourselves. I am sorry to say that renovating and turning over property worked best for us in terms of return.

    If Kiwisaver had existed when we were younger, we would have been all over it like a rash. But we would still have done extra saving in investments of our own devising, just to be on the safe side. Baskets may now be plentiful, but eggs are still hard to come by!

    • RedLogix 8.1

      And interesting comment Mr Brillo. Like many, many working middle class people that is pretty much the same story I could tell as well. Except at one point about 15 yrs ago I could load my entire assets into the back of the company wagon – and I had to start from zero again. But otherwise yes – I too was forced into exactly the same position of using property as the only investment vehicle that I could trust.

      The only thing that kept me going was good health and employable skills. And yet even within my own family there are members who will never enjoy that privilege through absolutely no fault of their own. They will never have ‘retirement savings’ to look forward to – so in the end it’s fallen to me as their ultimate backup.

      Personally I tend to agree with KJT – the only thing of any real future value is a safe, productive and functioning community around you. And for thirty years we’ve been discounting that future for a selfish present.

      Steven Keen once said to me that ordinary people should never have to be in a position to ‘invest’ their retirement savings. The only acceptable risk for your retirement years is zero – and ordinary people are just not in a position to manage that risk.

      My preferred solution is the UBI. A sufficiently generous income that enables anyone at any age to live securely and above the poverty line. It is the most flexible and equitable solution of the lot.

      • tc 8.1.1

        Agreed, it’s all about community/family and being able to have food/shelter/clothing which is very difficult in a bustling and growing city environment.

        You can’t eat a share certificate and how much will you need to cope with demand driven price rises as your fellow well heeled retirees can equally flash the cash.

        • Mrs Brillo 8.1.1.1

          Yes, tc, it is a worry trying to calculate how much you are going to need in future for unforseeable price rises. Mr Brillo and I are probably too risk averse, but life teaches you caution. Eventually.

          Everybody’s story is different, and one can only play the cards one is dealt. In our case those cards included no kids, repeated cancer and a couple of years (in total) with no income, living off savings. So we had to provide our own rainy day money, as you don’t get ACC for cancer and in those days there was no income protection insurance. I’d certainly buy IP insurance if I were working now, despite my feelings about the insurance industry! Also, at that time if the wife was sick and the husband was working, no state assistance was available, so living on one income became a skill one had to learn – cutting one’s coat to suit one’s cloth. We became experts on cut lunches and mended clothes, and every other cheeseparing saving we could make, to get by. We switched to stringency mode. We always assumed our broke state was only a period of restricted budgeting till we could start earning again, and meanwhile paying off the house took precedence over other expenditures.

          Don’t assume all retirees are rolling in it. Some of our retired friends and acquaintances are well heeled, some are average, and others lost their savings by investing in the likes of Hanover Finance and are living solely on govt super. Yet others were abandoned by husbands disappearing to Oz leaving them to find the money to raise their children, and never had the income to buy a house. They are as well off or badly off in old age as they ever were. Others have found their adult kids are still relying on them for handouts of one kind or another. Some are raising their grandkids for whatever reason.

          As I said, it’s different for everyone and I would never say that what we did was the only way or the recommended way, it’s just what we did, and not all of it worked.

  9. b waghorn 9

    I have to say I’m loving kiwi saver as someone who is unlikely to earn the average wage at any point in life and am uninterested in money in general its probably my only hope of a semi comfortable retirement once they put me out to pasture.
    In saying that I’m open to ideas so what would the anti kiwisaver types suggest is another option ?

    • Colonial Rawshark 9.1

      In saying that I’m open to ideas so what would the anti kiwisaver types suggest is another option ?

      A minor improvement step would be publicly owned and guaranteed Kiwisaver option, ethical investing only, with next to no fees.

      • b waghorn 9.1.1

        Yes those are good ideas I also think that they should make it tax free especially when they cut the tax credits which I’m sure will happen at some point in the nearish future.

  10. SMILIN 10

    Before the age of Key or keyage or just plain old Leverage
    We had moderately wealthy people as politicians or broke ones regaining the lost revenues Bolger Shipley and Douglas
    Now we have the people of the Keyage who are mostly so wealthy that as Geo Bush said to the 1% “you are my base”Which is something obviously rings loudly with Key
    The truth is obvious, the Welfare State of NZ is being chopped thru the National party govt continuing to remove funds and replacing retirement funding with the signing off their responsibility to allow the insurance companies to pick up the tab ( life ins)
    This govt in principle does not want to fund Super and the longer they stay in govt the less chance there will be for under 40s to have
    assurity that there will be superannuation
    You ask anyone between 15 and 40 if they know what a retirement package from the govt is, for them it has very little meaning because it is so far away and most people on it die, thats about all it means now to them because the govt doesnt want to promote it as being an economic option
    Bill English talkin about more money being around at present to up the tax take, him sounding like a drug dealer eyeing up the revenue on the street rather than the huge amount the multinationals owe that is sending us broke
    This insane position this govt takes up on where the govt debt lyes always focusing on the potential areas of left wing influence to highlight in their reporting so that we end up with a biased pack of lies constant burying reality or the past Labour govts excellent record which has be gradually eroded by his Arrogance JK and his party of office thugs
    Why should we let that tired shyte waste our time and energy he hasnt done a damn thing for this country since hes been in office except create more debt

  11. Colonial Rawshark 11

    103 year old cartoon explains current financial system

    Put this up on OM yesterday, but it is utterly relevant to KJT’s post today.

    http://www.zerohedge.com/news/2015-06-07/thats-uncanny-102-years-later-wall-street-turned-out-just-man-predicted

  12. keith ross 12

    M and M Brillo it is good to hear a success story from people of modest means but I think that you are making a mistake that a lot of older people make in that the cost of living now hardly allows for a family to live on one average income and I know that you say that you have no kids well that is not the way that the majority of people live their lives. For some of us the few joys that we get is to love our kids. It would be great if we had near full employment like in the 70s and early eighty’s. I was earning nearly 20 $ an hour in the 80s but in the last decade I was only earning 19 $ an hour, and that was in a position of charge of a busy kitchen for a business that was making a fortune. The same thing has happened in the states the productivity has more than doubled but the share that goes to the people producing the productivity has not increased while the share that goes to the shareholders and tree rich has more than doubled or tripled. I am not sure but isn’t it nearly 20 people in Fonterra earn over one million dollars per year? their pay had gone up massively but not the average worker. how many people earned over a million a year in the eighties?Bottom line is it is a lot harder to do what you have done starting out now than it was several decades ago.The high taxes we used to pay actually helped the modest income people acquire wealth with help into houses and work work work or a welfare system that didn’t threaten the populace helping to keep wages up. Nowadays an employer knows that you take it or you are fu…d for the lower educated people

    • RedLogix 12.1

      I was earning nearly 20 $ an hour in the 80s but in the last decade I was only earning 19 $ an hour, and that was in a position of charge of a busy kitchen for a business that was making a fortune.

      That is so wrong on so many levels. The fucking bank was probably making way more on the company overdraft for shuffling ones and zeros in a computer.

      And I know how hard busy chefs work. That’s a tough gig.

    • john 12.2

      I was working in the early 80s and earning $20 a day – not $20 and hour.

      And it cost a days wages to put petrol in the motorbike, or over two days wages to fill the car – if it wasn’t a carless day which meant you couldn’t use it.

      Ah – those were the days of milk and honey.

      • RedLogix 12.2.1

        Yeah and my very first job as a bottle cleaner at the local chemist paid 50c per hour.

        But by the 80’s I was working in the paper mills on a salary of about $60k pa, that adjusted for inflation would be about $170k pa in todays terms. Or about $650 per day.

        I’m a skilled technical person and in my working lifetime I’ve seen my productivity, skills and responsibilities dramatically increase – while my real income stagnated or even went backwards. My one income happily supported family and mortgage with some left over, but as the years went by it was no longer enough.

        The data from all over the world shows the same story in the last 40 years , working incomes barely keeping up with inflation – or at the bottom end going backwards – while the very top 0.1% of incomes have multiplied beyond all fucking belief.

        To the point now where a mere 85 people control more wealth than the bottom 50% of all humanity.

        • john 12.2.1.1

          I was on $7014 in the early 80s – so no wonder you were doing quite well – you were getting 850% more money.

          And no wonder being on such a ridiculously high wage, that it wasn’t sustainable over the years.

          Luckily for the majority of the workforce in NZ, spending power of the median wage has continued to get better and better,

          Decade after decade, wages have been going up more than inflation

          As for the bottom end going backwards – that’s total nonsense.

          The minimum wage has gone up 100% over the last decade, while inflation is only 30%.

          • RedLogix 12.2.1.1.1

            Nah … early 80’s I was on about $13k as a research tech for U of Auck and I recall that was at the bottom end of the market. I don’t know what you were doing to be paid only $7k.

            Over 40 years of working career I’m now at least 10 times more productive and responsible than I was back when I started in the 70’s – yet my real income has never reflected this.

            Of course the point is – how come my ‘ridiculously high wage’ was not sustainable – when the hyper-wealthy have seen their income increase by orders of magnitude over the same period?

            • john 12.2.1.1.1.1

              At such a high wage in the 80s, you WERE one of the super rich you’re now complaining about.

              Everybody’s productivity has increased. That’s why it now takes 30 man hours to build a car when it used to take 350.

              It’s also why you can buy a brand new car today for $25,000 , and it’s miles better than the one you’d pay $25,000 for in the 80s (which is probably more like $60,000 in todays money).

              We are far more productive, which has reduced the price of everything.

              • Colonial Rawshark

                It’s only “reduced the price of everything” by hiding all the costs in plain sight. Devastated towns, broken families, stagnating wages, off shored pollution, and more.

                And it is the 1% – and especially the 0.1% – which has taken the bulk of the income generated by workers much improved productivity.

                Answer the question – what were you doing in the early 80’s where you were only paid $7K pa.

          • Grant 12.2.1.1.2

            John. In 1981 I was earning 17k as a first year primary teacher. Six years earlier, as a school leaver at the end of 1975, I spent my summer holidays driving a road roller for $100 per week, which is about the $20 per day you say you were earning in 1981. All I can say is that you were either in a very low paying industry or on an apprentice wage.

            Here is a quote from the 1985 NZ year book referring to incomes for 1981:

            “Over half (52 percent) of the male full-time labour force had incomes between $8,000 and $15,999, while only 41.2 percent of the female labour force had incomes in this range. The median income for males in the labour force was $11,816 and for females $7,693.”

            http://www3.stats.govt.nz/New_Zealand_Official_Yearbooks/1985/NZOYB_1985.html#idchapter_1_231120

            Please note that the median income for males is nearly twice what you have claimed as your income.

            Also, I don’t know what the heck type of motorbike you were riding, but I rode bikes of increasing engine capacities from 1974 to 1981 (my “yoof”) and never had to put a days wages into one even when I was on a day long road trip.

            • keith ross 12.2.1.1.2.1

              For anyone who is interested I was a slaughter-man in the eighties and depending on the “tally”we would earn between 18 -20$ an hour and this was a high wage for then but not outrageous such as the average ceo gets today. I was running the kitchen for Speights in Wanaka till I broke my back,(badly ruptured disk) from overwork (55-65hr per wk). I am now on the last 2 papers to finishing off a degree in I.T. (B.I.T. Otago Polytechnic)which has taken me several more years than the normal 3 as I have chronic back pain. I do not think that I qualify as the “super rich” because I earned 20 $ an hour but I would be pretty well off if I earned 500 $ per hour (1000000/50wks @ 40hrper wk)now my 20 an hour adjusted for inflation does not put me anywhere near that hourly rate.(just guessing on this one )maybe some one could tell me what the rate would be adjusted for inflation? PS I have a brother who is still doing the same job in Ashburton (Y cutter) now and his hourly rate is about the same 20$now as it has always been.

            • Paul Campbell 12.2.1.1.2.2

              you have to remember that those were the days of hyper-inflation, Muldoon had his finger on the scales through much of that time until it all blew up in his face.

              As an example I started as a programmer in 1978 at $7,777pa, 6 years later when I left NZ I was earning $18k pa – within a year my replacement was earning $23k pa (I moved to the US where I started on ~NZ$ 76k pa – after the NZ$ had crashed due to Muldoon’s incompetence)

              • Grant

                Sorry Paul, was your reply to me? I’m just unsure which part of my comment you’re responding to.

              • KJT

                Just for information, New Zealand did not crash until 1987. After 3 years of the first ACT Government.

                And stagnated until Langes “Tea break”.

                Some people have short memories.

                The same idiots who are happy with National increasing borrowings to a level greater than Muldoon and with less to show for it, apart from tax cuts for the wealthy and cheaper Hawaii holidays for John Key.

    • Mrs Brillo 12.3

      I can see what you are trying to say and I do sympathise. Conventional paid employment is changing in nature, and harder to find than it was 40 years ago.

      When I was unemployed in the 1980s, I started my own business, which went exceedingly well until the Internet came along, for reasons which are too complex to go into here. But the Internet also offers opportunities which were not there before it existed, even if it is only buying and selling. Plenty of lower educated people, as you put it, are using TradeMe and the like as their source of income or as a component of their business.

      I do think the difficulty of living on one income is about the same as it always was, although luxuries will be off the menu (as they always were). Perhaps there is a generational difference in what we define as luxuries.The property market is harder to enter for young working people, and government intervention is much needed but I won’t hold my breath.

      As for the obscenity that is company directors paying themselves more and more, that has to be tackled politically. This government does not have the political will to do it. Nor the will to tackle that other obscenity, student debt. I think it is highly immoral of us to make our children pay for their own education, and to make females pay the same as males even though they will earn much less when they enter the work force. No wonder these kids are still mooching on their parents years later – a lose-lose situation for everybody. You would think the country would want to have its future work force as well educated as they could possibly be, but this government seems inclined to put up barriers and restrict that education to those who can afford it. Guess their planning really depends on having a coolie class.

      PS This was in reply to Keith Ross but for some reason it has gone in the wrong place!

  13. Sable 13

    I suspect a large number of people won’t be retiring at all and those that do, if they have the cash, will probably elect to retire off shore if they are smart.

Recent Comments

Recent Posts

  • A crucial week starts as early voting opens in the NZ Elections … it’s been a ride so far. Are y...
    Chris Hipkins down with Covid, at least for 5 days isolation, National continue to obfuscate, ACT continues to double-down on the poor and Winston… well, he’s being Winston really. Voters beware: this week could be even more infuriating than the last. No Party is what they used to be ...
    exhALANtBy exhalantblog
    8 hours ago
  • 2023 SkS Weekly Climate Change & Global Warming News Roundup #39
    A chronological listing of news and opinion articles posted on the Skeptical Science Facebook Page during the past week: Sun, Sep 24, 2023 thru Sat, Sep 30, 2023. Story of the Week We’re not doomed yet’: climate scientist Michael Mann on our last chance to save human civilisation The renowned US ...
    17 hours ago
  • Clusterf**ck of Chaos.
    On the 11th of April 1945 advancing US forces liberated the Nazi concentration camp of Buchenwald near Weimar in Germany. In the coming days, under the order of General Patton, a thousand nearby residents were forced to march to the camp to see the atrocities that had been committed in ...
    Nick’s KōreroBy Nick Rockel
    22 hours ago
  • The party of business deals with the future by pretending it isn’t coming
    Years and years ago, when Helen Clark was Prime Minister and John Key was gunning for her job, I had a conversation with a mate, a trader who knew John Key well enough to paint a helpful picture.It was many drinks ago so it’s not a complete one. But there’s ...
    More Than A FeildingBy David Slack
    23 hours ago
  • 2023 More Reading: September (+ Old Phuul update)
    Completed reads for September: The Lost Continent, by C.J. Cutcliffe Hyne Flatland, by Edwin Abbott All Quiet on the Western Front, by Erich Maria Remarque The Country of the Blind, by H.G. Wells The Day of the Triffids, by John Wyndham A Tale of Two Cities, by Charles ...
    2 days ago
  • Losing The Left.
    Descending Into The Dark: The ideological cadres currently controlling both Labour and the Greens are forcing “justice”, “participation” and “democracy” to make way for what is “appropriate” and “responsible”. But, where does that leave the people who, for most of their adult lives, have voted for left-wing parties, precisely to ...
    2 days ago
  • The New “Emperor’s New Clothes”.
    “‘BUT HE HASN’T GOT ANYTHING ON,’ a little boy said ….. ‘But he hasn’t got anything on!’ the whole town cried out at last.”On this optimistic note, Hans Christian Andersen brings his cautionary tale of “The Emperor’s New Clothes” to an end.Andersen’s children’s story was written nearly two centuries ago, ...
    2 days ago
  • BRYCE EDWARDS: The vested interests shaping National Party policies
      Bryce Edwards writes – As the National Party gets closer to government, lobbyists and business interests will be lining up for influence and to get policies adopted. It’s therefore in the public interest to have much more scrutiny and transparency about potential conflicts of interests that ...
    Point of OrderBy poonzteam5443
    2 days ago
  • LINDSAY MITCHELL: A conundrum for those pushing racist dogma
    Lindsay Mitchell writes – The heavily promoted narrative, which has ramped up over the last six years, is that Maori somehow have special vulnerabilities which arise from outside forces they cannot control; that contemporary society fails to meet their needs. They are not receptive to messages and ...
    Point of OrderBy poonzteam5443
    2 days ago
  • CHRIS TROTTER:  The greater of two evils
    Not Labour: If you’re out to punish the government you once loved, then the last thing you need is to be shown evidence that the opposition parties are much, much worse.   Chris Trotter writes – THE GREATEST VIRTUE of being the Opposition is not being the Government. Only very ...
    Point of OrderBy poonzteam5443
    2 days ago
  • The Hoon around the week to Sept 30
    Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the last week included:Labour presented a climate manifesto that aimed to claim the high ground on climate action vs National, ...
    The KakaBy Bernard Hickey
    2 days ago
  • Litanies, articles of faith, and being a beneficiary
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past two weeks.Friday 29Play it, ElvisElection Hell special!! This week’s quiz is a bumper edition featuring a few of the more popular questions from last weekend’s show, as well as a few we didn’t ...
    More than a fieldingBy David Slack
    2 days ago
  • Litanies, articles of faith, and being a beneficiary
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past two weeks.Friday 29Play it, ElvisElection Hell special!! This week’s quiz is a bumper edition featuring a few of the more popular questions from last weekend’s show, as well as a few we didn’t ...
    More Than A FeildingBy David Slack
    2 days ago
  • The ‘Recession’ Has Been Called Off, But Some Households Are Still Struggling
    While the economy is not doing too badly in output terms, external circumstances are not favourable, and there is probably a sizeable group of households struggling because of rising interest rates.Last week’s announcement of a 0.9 percent increase in volume GDP for the June quarter had the commentariat backing down ...
    PunditBy Brian Easton
    3 days ago
  • Climate Change: The wrong direction
    This week the International Energy Association released its Net Zero Roadmap, intended to guide us towards a liveable climate. The report demanded huge increases in renewable generation, no new gas or oil, and massive cuts to methane emissions. It was positive about our current path, but recommended that countries with ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • “Racism” becomes a buzz word on the campaign trail – but our media watchdogs stay muzzled when...
    Buzz from the Beehive  Oh, dear.  We have nothing to report from the Beehive. At least, we have nothing to report from the government’s official website. But the drones have not gone silent.  They are out on the election campaign trail, busy buzzing about this and that in the hope ...
    Point of OrderBy Bob Edlin
    3 days ago
  • Play it, Elvis
    Election Hell special!! This week’s quiz is a bumper edition featuring a few of the more popular questions from last weekend’s show, as well as a few we didn’t have time for. You’re welcome, etc. Let us press on, etc. 1.  What did Christopher Luxon use to his advantage in ...
    More Than A FeildingBy David Slack
    3 days ago
  • Pure class warfare
    National unveiled its fiscal policy today, announcing all the usual things which business cares about and I don't. But it did finally tell us how National plans to pay for its handouts to landlords: by effectively cutting benefits: The biggest saving announced on Friday was $2b cut from the ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • Ask Me Anything about the week to Sept 29
    Photo by Anna Ogiienko on UnsplashIt’s that time of the week for an ‘Ask Me Anything’ session for paying subscribers about the week that was for an hour, including:duelling fiscal plans from National and Labour;Labour cutting cycling spending while accusing National of being weak on climate;Research showing the need for ...
    The KakaBy Bernard Hickey
    3 days ago
  • Weekly Roundup 29-September-2023
    Welcome to Friday and the last one for September. This week in Greater Auckland On Monday, Matt highlighted at the latest with the City Rail Link. On Tuesday, Matt covered the interesting items from Auckland Transport’s latest board meeting agendas. On Thursday, a guest post from Darren Davis ...
    Greater AucklandBy Greater Auckland
    3 days ago
  • Protest at Parliament: The Reunion.
    Brian’s god spoke to him. He, for of course the Lord in Tamaki’s mind was a male god, with a mighty rod, and probably some black leathers. He, told Brian - “you must put a stop to all this love, hope, and kindness”. And it did please the Brian.He said ...
    Nick’s KōreroBy Nick Rockel
    3 days ago
  • Labour cuts $50m from cycleway spending
    Labour is cutting spending on cycling infrastructure while still trying to claim the higher ground on climate. Photo: Lynn Grieveson / The KākāTL;DR: The Labour Government released a climate manifesto this week to try to claim the high ground against National, despite having ignored the Climate Commission’s advice to toughen ...
    The KakaBy Bernard Hickey
    3 days ago
  • The Greater Of Two Evils.
    Not Labour: If you’re out to punish the government you once loved, then the last thing you need is to be shown evidence that the opposition parties are much, much worse.THE GREATEST VIRTUE of being the Opposition is not being the Government. Only very rarely is an opposition party elected ...
    3 days ago
  • Skeptical Science New Research for Week #39 2023
    Open access notables "Net zero is only a distraction— we just have to end fossil fuel emissions." The latter is true but the former isn't, or  not in the real world as it's likely to be in the immediate future. And "just" just doesn't enter into it; we don't have ...
    3 days ago
  • Chris Trotter: Losing the Left
    IN THE CURRENT MIX of electoral alternatives, there is no longer a credible left-wing party. Not when “a credible left-wing party” is defined as: a class-oriented, mass-based, democratically-structured political organisation; dedicated to promoting ideas sharply critical of laissez-faire capitalism; and committed to advancing democratic, egalitarian and emancipatory ideals across the ...
    Democracy ProjectBy bryce.edwards
    3 days ago
  • Road rage at Kia Kaha Primary School
    It is not the school holidays yet at Kia Kaha Primary School!It can be any time when you are telling a story.Telling stories about things that happened in the past is how we learn from our mistakes.If we want to.Anyway, it is not the school holidays yet at Kia Kaha ...
    More Than A FeildingBy David Slack
    4 days ago
  • Road rage at Kia Kaha Primary School
    It is not the school holidays yet at Kia Kaha Primary School!It can be any time when you are telling a story.Telling stories about things that happened in the past is how we learn from our mistakes.If we want to.Anyway, it is not the school holidays yet at Kia Kaha ...
    More Than A FeildingBy David Slack
    4 days ago
  • Road rage at Kia Kaha Primary School
    It is not the school holidays yet at Kia Kaha Primary School!It can be any time when you are telling a story.Telling stories about things that happened in the past is how we learn from our mistakes.If we want to.Anyway, it is not the school holidays yet at Kia Kaha ...
    More than a fieldingBy David Slack
    4 days ago
  • Hipkins fires up in leaders’ debate, but has the curtain already fallen on the Labour-led coalitio...
    Labour’s  Chris Hipkins came out firing, in the  leaders’ debate  on Newshub’s evening programme, and most of  the pundits  rated  him the winner against National’s  Christopher Luxon. But will this make any difference when New  Zealanders  start casting their ballots? The problem  for  Hipkins is  that  voters are  all too ...
    Point of OrderBy tutere44
    4 days ago
  • Govt is energising housing projects with solar power – and fuelling the public’s concept of a di...
    Buzz from the Beehive  Not long after Point of Order published data which show the substantial number of New Zealanders (77%) who believe NZ is becoming more divided, government ministers were braying about a programme which distributes some money to “the public” and some to “Maori”. The ministers were dishing ...
    Point of OrderBy Bob Edlin
    4 days ago
  • MIKE GRIMSHAW: Election 2023 – a totemic & charisma failure?
    The D&W analysis Michael Grimshaw writes –  Given the apathy, disengagement, disillusionment, and all-round ennui of this year’s general election, it was considered time to bring in those noted political operatives and spin doctors D&W, the long-established consultancy firm run by Emile Durkheim and Max Weber. Known for ...
    Point of OrderBy poonzteam5443
    4 days ago
  • FROM BFD: Will Winston be the spectre we think?
    Kissy kissy. Cartoon credit BoomSlang. The BFD. JC writes-  Allow me to preface this contribution with the following statement: If I were asked to express a preference between a National/ACT coalition or a National/ACT/NZF coalition then it would be the former. This week Luxon declared his position, ...
    Point of OrderBy poonzteam5443
    4 days ago
  • California’s climate disclosure bill could have a huge impact across the U.S.
    This re-post from Yale Climate Connections by Andy Furillo was originally published by Capital & Main and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. The California Legislature took a step last week that has the potential to accelerate the fight against climate ...
    4 days ago
  • Untangling South East Queensland’s Public Transport
    This is a cross post Adventures in Transitland by Darren Davis. I recently visited Brisbane and South East Queensland and came away both impressed while also pondering some key changes to make public transport even better in the region. Here goes with my take on things. A bit of ...
    Greater AucklandBy Guest Post
    4 days ago
  • Try A Little Kindness.
    My daughter arrived home from the supermarket yesterday and she seemed a bit worried about something. It turned out she wanted to know if someone could get her bank number from a receipt.We wound the story back.She was in the store and there was a man there who was distressed, ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • What makes NZFirst tick
    New Zealand’s longest-running political roadshow rolled into Opotiki yesterday, with New Zealand First leader Winston Peters knowing another poll last night showed he would make it back to Parliament and National would need him and his party if they wanted to form a government. The Newshub Reid Research poll ...
    PolitikBy Richard Harman
    4 days ago
  • September AMA
    Hi,As September draws to a close — I feel it’s probably time to do an Ask Me Anything. You know how it goes: If you have any burning questions, fire away in the comments and I will do my best to answer. You might have questions about Webworm, or podcast ...
    David FarrierBy David Farrier
    4 days ago
  • Bludgers lying in the scratcher making fools of us all
    The mediocrity who stands to be a Prime Minister has a litany.He uses it a bit like a Koru Lounge card. He will brandish it to say: these people are eligible. And more than that, too: These people are deserving. They have earned this policy.They have a right to this policy. What ...
    More Than A FeildingBy David Slack
    5 days ago
  • More “partnerships” (by the look of it) and redress of over $30 million in Treaty settlement wit...
    Buzz from the Beehive Point of Order has waited until now – 3.45pm – for today’s officially posted government announcements.  There have been none. The only addition to the news on the Beehive’s website was posted later yesterday, after we had published our September 26 Buzz report. It came from ...
    Point of OrderBy Bob Edlin
    5 days ago
  • ALEX HOLLAND: Labour’s spending
    Alex Holland writes –  In 2017 when Labour came to power, crown spending was $76 billion per year. Now in 2023 it is $139 billion per year, which equates to a $63 billion annual increase (over $1 billion extra spend every week!) In 2017, New Zealand’s government debt ...
    Point of OrderBy poonzteam5443
    5 days ago
  • If not now, then when?
    Labour released its fiscal plan today, promising the same old, same old: "responsibility", balanced books, and of course no new taxes: "Labour will maintain income tax settings to provide consistency and certainty in these volatile times. Now is not the time for additional taxes or to promise billions of ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • THE FACTS:  77% of Kiwis believe NZ is becoming more divided
    The Facts has posted –        KEY INSIGHTSOf New Zealander’s polled: Social unity/division 77%believe NZ is becoming more divided (42% ‘much more’ + 35% ‘a little more’) 3%believe NZ is becoming less divided (1% ‘much less’ + 2% ‘a little less’) ...
    Point of OrderBy poonzteam5443
    5 days ago
  • Gordon Campbell on the cynical brutality of the centre-right’s welfare policies
    The centre-right’s enthusiasm for forcing people off the benefit and into paid work is matched only by the enthusiasm (shared by Treasury and the Reserve Bank) for throwing people out of paid work to curb inflation, and achieve the optimal balance of workers to job seekers deemed to be desirable ...
    5 days ago
  • Wednesday’s Chorus: Arthur Grimes on why building many, many more social houses is so critical
    New research shows that tenants in social housing - such as these Wellington apartments - are just as happy as home owners and much happier than private tenants. Photo: Lynn Grieveson / The KākāTL;DR: The election campaign took an ugly turn yesterday, and in completely the wrong direction. All three ...
    The KakaBy Bernard Hickey
    5 days ago
  • Old habits
    Media awareness about global warming and climate change has grown fairly steadily since 2004. My impression is that journalists today tend to possess a higher climate literacy than before. This increasing awareness and improved knowledge is encouraging, but there are also some common interpretations which could be more nuanced. ...
    Real ClimateBy rasmus
    5 days ago
  • Bennie Bashing.
    If there’s one thing the mob loves more than keeping Māori in their place, more than getting tough on the gangs, maybe even more than tax cuts. It’s a good old round of beneficiary bashing.Are those meanies in the ACT party stealing your votes because they think David Seymour is ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • The kindest cuts
    Labour kicks off the fiscal credibility battle today with the release of its fiscal plan. National is expected to follow, possibly as soon as Thursday, with its own plan, which may (or may not) address the large hole that the problems with its foreign buyers’ ban might open up. ...
    PolitikBy Richard Harman
    5 days ago
  • Green right turn in Britain? Well, a start
    While it may be unlikely to register in New Zealand’s general election, Britain’s PM Rishi Sunak has done something which might just be important in the long run. He’s announced a far-reaching change in his Conservative government’s approach to environmental, and particularly net zero, policy. The starting point – ...
    Point of OrderBy xtrdnry
    5 days ago
  • At a glance – How do human CO2 emissions compare to natural CO2 emissions?
    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 ...
    5 days ago
  • How could this happen?
    Canada is in uproar after the exposure that its parliament on September 22 provided a standing ovation to a Nazi veteran who had been invited into the chamber to participate in the parliamentary welcome to Ukrainian President Zelensky. Yaroslav Hunka, 98, a Ukrainian man who volunteered for service in ...
    5 days ago
  • Always Be Campaigning
    The big screen is a great place to lay out the ways of the salesman. He comes ready-made for Panto, ripe for lampooning.This is not to disparage that life. I have known many good people of that kind. But there is a type, brazen as all get out. The camera ...
    More Than A FeildingBy David Slack
    6 days ago
  • STEPHEN FRANKS: Press seek to publicly shame doctor – we must push back
    The following is a message sent yesterday from lawyer Stephen Franks on behalf of the Free Speech Union. I don’t like to interrupt first thing Monday morning, but we’ve just become aware of a case where we think immediate and overwhelming attention could help turn the tide. It involves someone ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Competing on cruelty
    The right-wing message calendar is clearly reading "cruelty" today, because both National and NZ First have released beneficiary-bashing policies. National is promising a "traffic light" system to police and kick beneficiaries, which will no doubt be accompanied by arbitrary internal targets to classify people as "orange" or "red" to keep ...
    No Right TurnBy Idiot/Savant
    6 days ago
  • Further funding for Pharmac (forgotten in the Budget?) looks like a $1bn appeal from a PM in need of...
    Buzz from the Beehive One Labour plan  – for 3000 more public homes by 2025 – is the most recent to be posted on the government’s official website. Another – a prime ministerial promise of more funding for Pharmac – has been released as a Labour Party press statement. Who ...
    Point of OrderBy Bob Edlin
    6 days ago
  • Bryce Edwards: The Vested interests shaping National Party policies
    As the National Party gets closer to government, lobbyists and business interests will be lining up for influence and to get policies adopted. It’s therefore in the public interest to have much more scrutiny and transparency about potential conflicts of interests that might arise. One of the key individuals of ...
    Democracy ProjectBy bryce.edwards
    6 days ago
  • Labour may be on way out of power and NZ First back in – but will Peters go into coalition with Na...
    Voters  are deserting Labour in droves, despite Chris  Hipkins’  valiant  rearguard  action.  So  where  are they  heading?  Clearly  not all of them are going to vote National, which concedes that  the  outcome  will be “close”. To the Right of National, the ACT party just a  few weeks  ago  was ...
    Point of OrderBy tutere44
    6 days ago
  • GRAHAM ADAMS: Will the racists please stand up?
    Accusations of racism by journalists and MPs are being called out. Graham Adams writes –    With the election less than three weeks away, what co-governance means in practice — including in water management, education, planning law and local government — remains largely obscure. Which is hardly ...
    Point of OrderBy poonzteam5443
    6 days ago
  • Gordon Campbell on whether Winston Peters can be a moderating influence
    As the centre-right has (finally!) been subjected to media interrogation, the polls are indicating that some voters may be starting to have second thoughts about the wisdom of giving National and ACT the power to govern alone. That’s why yesterday’s Newshub/Reid Research poll had the National/ACT combo dropping to 60 ...
    6 days ago
  • Tuesday’s Chorus: RBNZ set to rain on National's victory parade
    ANZ has increased its forecast for house inflation later this year on signs of growing momentum in the market ahead of the election. Photo: Lynn Grieveson / The KākāTL;DR: National has campaigned against the Labour Government’s record on inflation and mortgage rates, but there’s now a growing chance the Reserve ...
    The KakaBy Bernard Hickey
    6 days ago
  • After a Pittsburgh coal processing plant closed, ER visits plummeted
    This is a re-post from Yale Climate Connections by Katie Myers. This story was originally published by Grist and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. Pittsburgh, in its founding, was blessed and cursed with two abundant natural resources: free-flowing rivers and a nearby coal seam. ...
    6 days ago
  • September-23 AT Board Meeting
    Today the AT board meet again and once again I’ve taken a look at what’s on the agenda to find the most interesting items. Closed Agenda Interestingly when I first looked at the agendas this paper was there but at the time of writing this post it had been ...
    6 days ago
  • Electorate Watch: West Coast-Tasman
    Continuing my series on interesting electorates, today it’s West Coast-Tasman.A long thin electorate running down the northern half of the west coast of the South Island. Think sand flies, beautiful landscapes, lots of rain, Pike River, alternative lifestylers, whitebaiting, and the spiritual home of the Labour Party. A brief word ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Big money brings Winston back
    National leader Christopher Luxon yesterday morning conceded it and last night’s Newshub poll confirmed it; Winston Peters and NZ First are not only back but highly likely to be part of the next government. It is a remarkable comeback for a party that was tossed out of Parliament in ...
    PolitikBy Richard Harman
    6 days ago
  • 20 days until Election Day, 7 until early voting begins… but what changes will we really see here?
    As this blogger, alongside many others, has already posited in another forum: we all know the National Party’s “budget” (meaning this concept of even adding up numbers properly is doing a lot of heavy, heavy lifting right now) is utter and complete bunk (read hung, drawn and quartered and ...
    exhALANtBy exhalantblog
    6 days ago
  • A night out
    Everyone was asking, Are you nervous? and my response was various forms of God, yes.I've written more speeches than I can count; not much surprises me when the speaker gets to their feet and the room goes quiet.But a play? Never.YOU CAME! THANK YOU! Read more ...
    More Than A FeildingBy David Slack
    7 days ago
  • A pallid shade of Green III
    Clearly Labour's focus groups are telling it that it needs to pay more attention to climate change - because hot on the heels of their weaksauce energy efficiency pilot programme and not-great-but-better-than-nothing solar grants, they've released a full climate manifesto. Unfortunately, the core policies in it - a second Emissions ...
    No Right TurnBy Idiot/Savant
    7 days ago
  • A coalition of racism, cruelty, and chaos
    Today's big political news is that after months of wibbling, National's Chris Luxon has finally confirmed that he is willing to work with Winston Peters to become Prime Minister. Which is expected, but I guess it tells us something about which way the polls are going. Which raises the question: ...
    No Right TurnBy Idiot/Savant
    7 days ago
  • More migrant workers should help generate the tax income needed to provide benefits for job seekers
    Buzz from the Beehive Under something described as a “rebalance” of its immigration rules, the Government has adopted four of five recommendations made in an independent review released in July, The fifth, which called on the government to specify criteria for out-of-hours compliance visits similar to those used during ...
    Point of OrderBy Bob Edlin
    7 days ago
  • Letter To Luxon.
    Some of you might know Gerard Otto (G), and his G News platform. This morning he wrote a letter to Christopher Luxon which I particularly enjoyed, and with his agreement I’m sharing it with you in this guest newsletter.If you’d like to make a contribution to support Gerard’s work you ...
    Nick’s KōreroBy Nick Rockel
    7 days ago
  • LINDSAY MITCHELL: Alarming trend in benefit numbers
    Lindsay Mitchell writes –  While there will not be another quarterly release of benefit numbers prior to the election, limited weekly reporting continues and is showing an alarming trend. Because there is a seasonal component to benefit number fluctuations it is crucial to compare like with like. In ...
    Point of OrderBy poonzteam5443
    7 days ago
  • BRIAN EASTON: Has there been external structural change?
    A close analysis of the Treasury assessment of the Medium Term in its PREFU 2023 suggests the economy may be entering a new phase.   Brian Easton writes –  Last week I explained that the forecasts in the just published Treasury Pre-election Economic and Fiscal Update (PREFU 2023) was ...
    Point of OrderBy poonzteam5443
    7 days ago
  • CRL Progress – Sep-23
    It’s been a while since we looked at the latest with the City Rail Link and there’s been some fantastic milestones recently. To start with, and most recently, CRL have released an awesome video showing a full fly-through of one of the tunnels. Come fly with us! You asked for ...
    7 days ago
  • Monday’s Chorus: Not building nearly enough
    We are heading into another period of fast population growth without matching increased home building or infrastructure investment.Photo: Lynn Grieveson / The KākāTL;DR: Labour and National detailed their house building and migration approaches over the weekend, with both pledging fast population growth policies without enough house building or infrastructure investment ...
    The KakaBy Bernard Hickey
    7 days ago
  • Game on; Hipkins comes out punching
    Labour leader Chris Hipkins yesterday took the gloves off and laid into National and its leader Christopher Luxon. For many in Labour – and particularly for some at the top of the caucus and the party — it would not have been a moment too soon. POLITIK is aware ...
    PolitikBy Richard Harman
    1 week ago
  • Tax Cut Austerity Blues.
    The leaders have had their go, they’ve told us the “what?” and the “why?” of their promises. Now it’s the turn of the would be Finance Ministers to tell us the “how?”, the “how much?”, and the “when?”A chance for those competing for the second most powerful job in the ...
    Nick’s KōreroBy Nick Rockel
    1 week ago

  • 100 new public EV chargers to be added to national network
    The public EV charging network has received a significant boost with government co-funding announced today for over 100 EV chargers – with over 200 charging ports altogether – across New Zealand, and many planned to be up and running on key holiday routes by Christmas this year. Minister of Energy ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Safeguarding Tuvalu language and identity
    Tuvalu is in the spotlight this week as communities across New Zealand celebrate Vaiaso o te Gagana Tuvalu – Tuvalu Language Week. “The Government has a proven record of supporting Pacific communities and ensuring more of our languages are spoken, heard and celebrated,” Pacific Peoples Minister Barbara Edmonds said. “Many ...
    BeehiveBy beehive.govt.nz
    20 hours ago
  • New community-level energy projects to support more than 800 Māori households
    Seven more innovative community-scale energy projects will receive government funding through the Māori and Public Housing Renewable Energy Fund to bring more affordable, locally generated clean energy to more than 800 Māori households, Energy and Resources Minister Dr Megan Woods says. “We’ve already funded 42 small-scale clean energy projects that ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Huge boost to Te Tai Tokerau flood resilience
    The Government has approved new funding that will boost resilience and greatly reduce the risk of major flood damage across Te Tai Tokerau. Significant weather events this year caused severe flooding and damage across the region. The $8.9m will be used to provide some of the smaller communities and maraes ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Napier’s largest public housing development comes with solar
    The largest public housing development in Napier for many years has been recently completed and has the added benefit of innovative solar technology, thanks to Government programmes, says Housing Minister Dr Megan Woods. The 24 warm, dry homes are in Seddon Crescent, Marewa and Megan Woods says the whanau living ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Te Whānau a Apanui and the Crown initial Deed of Settlement I Kua waitohua e Te Whānau a Apanui me...
    Māori: Kua waitohua e Te Whānau a Apanui me te Karauna te Whakaaetanga Whakataunga Kua waitohua e Te Whānau a Apanui me te Karauna i tētahi Whakaaetanga Whakataunga hei whakamihi i ō rātou tāhuhu kerēme Tiriti o Waitangi. E tekau mā rua ngā hapū o roto mai o Te Whānau ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Plan for 3,000 more public homes by 2025 – regions set to benefit
    Regions around the country will get significant boosts of public housing in the next two years, as outlined in the latest public housing plan update, released by the Housing Minister, Dr Megan Woods. “We’re delivering the most public homes each year since the Nash government of the 1950s with one ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Immigration settings updates
    Judicial warrant process for out-of-hours compliance visits 2023/24 Recognised Seasonal Employer cap increased by 500 Additional roles for Construction and Infrastructure Sector Agreement More roles added to Green List Three-month extension for onshore Recovery Visa holders The Government has confirmed a number of updates to immigration settings as part of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Poroporoaki: Tā Patrick (Patu) Wahanga Hohepa
    Tangi ngunguru ana ngā tai ki te wahapū o Hokianga Whakapau Karakia. Tārehu ana ngā pae maunga ki Te Puna o te Ao Marama. Korihi tangi ana ngā manu, kua hinga he kauri nui ki te Wao Nui o Tāne. He Toa. He Pou. He Ahorangi. E papaki tū ana ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Renewable energy fund to support community resilience
    40 solar energy systems on community buildings in regions affected by Cyclone Gabrielle and other severe weather events Virtual capability-building hub to support community organisations get projects off the ground Boost for community-level renewable energy projects across the country At least 40 community buildings used to support the emergency response ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19 funding returned to Government
    The lifting of COVID-19 isolation and mask mandates in August has resulted in a return of almost $50m in savings and recovered contingencies, Minister of Health Dr Ayesha Verrall announced today. Following the revocation of mandates and isolation, specialised COVID-19 telehealth and alternative isolation accommodation are among the operational elements ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Appointment of District Court Judge
    Susie Houghton of Auckland has been appointed as a new District Court Judge, to serve on the Family Court, Attorney-General David Parker said today.  Judge Houghton has acted as a lawyer for child for more than 20 years. She has acted on matters relating to the Hague Convention, an international ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government invests further in Central Hawke’s Bay resilience
    The Government has today confirmed $2.5 million to fund a replace and upgrade a stopbank to protect the Waipawa Drinking Water Treatment Plant. “As a result of Cyclone Gabrielle, the original stopbank protecting the Waipawa Drinking Water Treatment Plant was destroyed. The plant was operational within 6 weeks of the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Govt boost for Hawke’s Bay cyclone waste clean-up
    Another $2.1 million to boost capacity to deal with waste left in Cyclone Gabrielle’s wake. Funds for Hastings District Council, Phoenix Contracting and Hog Fuel NZ to increase local waste-processing infrastructure. The Government is beefing up Hawke’s Bay’s Cyclone Gabrielle clean-up capacity with more support dealing with the massive amount ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Taupō Supercars revs up with Government support
    The future of Supercars events in New Zealand has been secured with new Government support. The Government is getting engines started through the Major Events Fund, a special fund to support high profile events in New Zealand that provide long-term economic, social and cultural benefits. “The Repco Supercars Championship is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • There is no recession in NZ, economy grows nearly 1 percent in June quarter
    The economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said. “The New Zealand economy is doing better than expected,” Grant Robertson said. “It’s continuing to grow, with the latest figures showing ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Highest legal protection for New Zealand’s largest freshwater springs
    The Government has accepted the Environment Court’s recommendation to give special legal protection to New Zealand’s largest freshwater springs, Te Waikoropupū Springs (also known as Pupū Springs), Environment Minister David Parker announced today.   “Te Waikoropupū Springs, near Takaka in Golden Bay, have the second clearest water in New Zealand after ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More support for victims of migrant exploitation
    Temporary package of funding for accommodation and essential living support for victims of migrant exploitation Exploited migrant workers able to apply for a further Migrant Exploitation Protection Visa (MEPV), giving people more time to find a job Free job search assistance to get people back into work Use of 90-day ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Strong export boost as NZ economy turns corner
    An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says. “The economy is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Funding approved for flood resilience work in Te Karaka
    The Government has approved $15 million to raise about 200 homes at risk of future flooding. More than half of this is expected to be spent in the Tairāwhiti settlement of Te Karaka, lifting about 100 homes there. “Te Karaka was badly hit during Cyclone Gabrielle when the Waipāoa River ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Further business support for cyclone-affected regions
    The Government is helping businesses recover from Cyclone Gabrielle and attract more people back into their regions. “Cyclone Gabrielle has caused considerable damage across North Island regions with impacts continuing to be felt by businesses and communities,” Economic Development Minister Barbara Edmonds said. “Building on our earlier business support, this ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New maintenance facility at Burnham Military Camp underway
    Defence Minister Andrew Little has turned the first sod to start construction of a new Maintenance Support Facility (MSF) at Burnham Military Camp today. “This new state-of-art facility replaces Second World War-era buildings and will enable our Defence Force to better maintain and repair equipment,” Andrew Little said. “This Government ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Foreign Minister to attend United Nations General Assembly
    Foreign Minister Nanaia Mahuta will represent New Zealand at the 78th Session of the United Nations General Assembly (UNGA) in New York this week, before visiting Washington DC for further Pacific focussed meetings. Nanaia Mahuta will be in New York from Wednesday 20 September, and will participate in UNGA leaders ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Midwives’ pay equity offer reached
    Around 1,700 Te Whatu Ora employed midwives and maternity care assistants will soon vote on a proposed pay equity settlement agreed by Te Whatu Ora, the Midwifery Employee Representation and Advisory Service (MERAS) and New Zealand Nurses Association (NZNO), Minister of Health Dr Ayesha Verrall announced today. “Addressing historical pay ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand provides support to Morocco
    Aotearoa New Zealand will provide humanitarian support to those affected by last week’s earthquake in Morocco, Foreign Minister Nanaia Mahuta announced today. “We are making a contribution of $1 million to the International Federation of Red Cross and Red Crescent Societies (IFRC) to help meet humanitarian needs,” Nanaia Mahuta said. ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Government invests in West Coast’s roading resilience
    The Government is investing over $22 million across 18 projects to improve the resilience of roads in the West Coast that have been affected by recent extreme weather, Prime Minister Chris Hipkins confirmed today.  A dedicated Transport Resilience Fund has been established for early preventative works to protect the state ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Government invests in Greymouth’s future
    The Government has today confirmed a $2 million grant towards the regeneration of Greymouth’s CBD with construction of a new two-level commercial and public facility. “It will include a visitor facility centred around a new library. Additionally, it will include retail outlets on the ground floor, and both outdoor and ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Nanaia Mahuta to attend PIF Foreign Ministers’ Meeting
    Foreign Minister Nanaia Mahuta will attend the Pacific Islands Forum (PIF) Foreign Ministers’ Meeting, in Suva, Fiji alongside New Zealand’s regional counterparts. “Aotearoa New Zealand is deeply committed to working with our pacific whanau to strengthen our cooperation, and share ways to combat the challenges facing the Blue Pacific Continent,” ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • PREFU shows no recession, growing economy, more jobs and wages ahead of inflation
    Economy to grow 2.6 percent on average over forecast period Treasury not forecasting a recession Inflation to return to the 1-3 percent target band next year Wages set to grow 4.8 percent a year over forecast period Unemployment to peak below the long-term average Fiscal Rules met - Net debt ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • New cancer centre opens in Christchurch
    Prime Minister Chris Hipkins and Minister of Health Dr Ayesha Verrall proudly opened the Canterbury Cancer Centre in Christchurch today. The new facility is the first of its kind and was built with $6.5 million of funding from the Government’s Infrastructure Reference Group scheme for shovel-ready projects allocated in 2020. ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

Page generated in The Standard by Wordpress at 2023-10-01T16:13:14+00:00