The next oil spike(s)

Written By: - Date published: 4:01 pm, April 13th, 2009 - 13 comments
Categories: economy, transport - Tags: ,

Remember the oil spike? Over the course of the last 4-5 years, oil kept on breaking records, culminating in a massive spike to reach $150 last June. Why did that happen? Some people want to dismiss it as just a speculative bubble but they forget that speculators come to a market that has a fundamental driver of price change. They magnify that price change (and speculation cuts both ways, right now, there’s negative speculation in oil through short-selling) but there’s a real reason for the price change.

That reason ought to be very worrying – our capacity to produce oil was not increasing as fast as our demand for the stuff. The consequence was that the spare capacity buffer evaporated, and that, in turn, prompted the price spike.

oil-capacity-crunch

Well, so what, some might argue. The price went up, it destroyed demand and prompted more investment in capacity. The buffer was restored. The price fell. That’s how markets are meant to work. Crisis over.

Not quite. Demand destruction came at a terrible price, a global recession and the capacity issue is not solved, indeed the economic situation has set us up for another capacity crunch in the near future.

Don’t believe me, look at what the International Energy Agency is saying. The collapse of the oil price and the drying up of credit worldwide have been a double punch on investment in oil production capacity. $100 billion in new oil projects has been cancelled because funding for them has gone and there are many other potential projects that can’t get off the ground when there is no credit and the extraction costs are too high to guarantee a profit based on current prices.

Oil projects take 5-10 years from initial exploration to commercial production, and existing fields’ production declines at predictable rates. That means we have a very clear idea now of what capacity will be like in coming years. Right now, we are not investing enough. The IEA has warned that because of this, there will not be enough capacity to meet demand as the world comes out of recession. They predict that the end of the recession will see demand recover particular from India and China, and that will see the capacity cushion disappear once more sparking another super-spike.

The oil market appears to agree. A barrel of oil for delivery in June 2010 is currently going for $129, compared to $50 a barrel for delivery in May 2009. Another oil spike is coming as soon as the economy starts to recover and it will slam the still delicate world economy back into recession.

Economics turns a single geologic peak into a prolonged series of alternating price super-spikes and deep recessions.

multi-spike

Every time the global economy gets back on its feet, the demand for oil climbs and approaches the stalling or falling capacity to produce oil, sending the price sky-high until the global economy cannot bear it any longer. The nature of private investment may only serve to worsen this trend. During the spikes, it will be all aboard for speculators drving the price higher and there’s investment in both oil capacity and oil alternatives. But come the economic crash the money dries up, the oil and oil alternative investment gets canned because the short-term profit has gone, so that the world stays oil dependent and short on oil production, ingredients for the next spike.

If this is how peak oil will manifest, it’s going to be a long and bumpy ride down for economies addicted to oil. Getting off as soon as possible would be wise.

Clinton Smith (PS in the past I posited that the oil spike caused the global recession by crippling the housing market. Others (eg these jokers) are arguing this in more detail. I’ll write a synopsis for The Standard some time)

[update: jarbury has a post on the same issues. He adds some important quotes from The Last Oil Shock

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13 comments on “The next oil spike(s) ”

  1. Stephen 1

    Are you personally going to go long on oil then? Sounds profitable.

  2. Very interesting post. I agree the the world seems likely to end up stuck in an oil-spike, recession, oil-spike, recession, cycle unless we somehow wean ourselves from relying on oil so much.

    New Zealand’s greatest reliance on oil is for transportation, and in particular due to our automobile dependent cities. Even more reason to promote public transport.

    I have blogged on this exact issue in the last couple of days. People might find it interesting reading: http://www.jarbury.net/index.blog/1364571/peak-oil-transport-the-economy-etc/

  3. chris 3

    I’m looking into going long on oil after this, should cover the increse in petrol costs

  4. It all comes down to when the world’s economy comes out of recession, and how long it is before the next oil spike whacks it back into recession.

    If it takes longer than expected, then oil prices will still be low. Alternatively, if the economy recovers really quick and oil demand rebounds you will end up with a big spike, knocking the world back into recession and causing oil prices to plummet again.

  5. Good post and succinctly put. I have read a few people suggest that this is our future. It seems abundantly clear to me that peak oil has arrived.

    If I can simplify what will happen the earth’s economy will stagger onto its feet again, fuel consumption will rise, the price will spike, economic dislocation will ensue and we will be plunged into another recession. This process will continue to repeat.

    The only way out is to break our (the World’s) dependence on oil. This will have the associated benefits for New Zealand of reducing our carbon footprint and also reducing our balance of payments problems. Obama gets it. Key does not.

    So we need to build compact cities, boost up and electrify rail and stop building motorways.

    Why did I feel this surge of depression when I typed the last sentence?

    • jarbury 5.1

      I suppose that in NZ we’re somewhat lucky in that most of our oil is just for transportation, rather than for heating and power supply. This is why we really need to focus on revolutionising our transport system towards a future that is not based on oil-dependence. Labour had the right idea with electric cars, but they’re not really either a short-term (too expensive) or long-term (scarcity of resources to make the batteries) solution.

      Auckland is one of the, if not THE, most car dependent cities in the world. That needs to change, and it certainly won’t change with Steven Joyce stealing money from public transport to build super-highways.

  6. Rich 6

    The article on house prices vs oil is interesting, but I’m not sure on the directions of causation.

    I think that people’s willingness to live in exurbs has increased as a result of inflated house prices in central districts, coupled with the general fetishisation of home ownership. That asset bubble also caused people to demand to take on unrealistic debts, which the banking system facilitated (in NZ through fringe finance companies, elsewhere through complex financial products). The root cause of this was government’s refusal to constrain the asset price bubble, rather than the criminality of individuals in the banking industry, which appears to be the consensus promoted by left- and right- at the moment.

    In terms of policy measures that could help us with this, I’d consider that suppressing house price inflation and preventing development outside existing core metropolitan areas would be sensible. Also, as I suggested here a two-tier petrol pricing scheme would help limit the impact of oil schocks while reducing discretionary consumption.

    • Draco T Bastard 6.1

      he root cause of this was government’s refusal to constrain the asset price bubble,

      Which came about due to the rather stupid belief that the free-market would regulate itself. Such deregulation would be possible if people had full knowledge of the market and the banking cartel (and others) have made sure that that is impossible to get. Probably so that their criminal actions aren’t known.

  7. Rich 7

    It’s easy to come up with a conspiracy theory about groups of criminal bankers. Not dissimilar to what the ruling classes did in another time and country – throw some scapegoats to the wolves in the hope that they could carry on regardless.

    People are easily convinced (not least when the television has house pr0n for two hours a night) that everyone will benefit from the wonders of property “appreciation”. It was obvious to me that this was a bubble – you can’t have a stable society where a rentier class lives well off assets and the rest struggle to pay for somewhere to live.

    When an average house costs 4-5 times average earnings, the only way people can afford to buy will be by taking an imprudent loan. Banks and finance companies, trying to make profits, found a way to make those loans. The government could have stopped them, but didn’t because it was scared to kill the fiction that everyone had a chance of becoming a wealthy asset owner.

  8. “Obama gets it. Key does not.

    So we need to build compact cities, boost up and electrify rail and stop building motorways.

    Why did I feel this surge of depression when I typed the last sentence?”

    Probably because you know deep in your heart that Obama’s most important action so far has been to ensure the automaker bailouts are conditional on delivering the technology that the USA needs to break it’s oil dependency and the other options are either too slow, preposterously expensive or short sighted budget sacrifice.

    • Actually my depression is caused by our local leaders rather than by Obama.

      I agree with your comment about Obama’s plan. He has been as astute as his pre-election campaign suggested that he would be. At a superficial level I wanted him to go really hard and the (w)bankers and easy on the car manufacturers. I wanted him to hang bankers and preserve the jobs of auto workers.

      He has done the opposite.

      He has insisted on the preservation of the new technology. The possibility is that GM will go to the wall but a new company will emerge with the right to produce the electric volt. No more 4wds, electric cars only. This could have a significant effect on US fleet efficiency.

      As for my leaders, well, what can I say? They sabotaged the standards for lightbulbs on the basis of “freedom”. When William Wallace uttered that word I do not think that he meant the preservation of the ability to pollute the world.

  9. Snook 9

    Peak Oil has arrived – future growth is not possible. As Richard Heinberg has said in many interviews the world will suffer a series of depressions and each one will be progressively worse. Mankind has squandered this precious one-time gift of nature so we can feel pumped about how clever, important and wasteful we are.

    John Key needs to take the Steady State Economy 101 course and cancel all new motorway/highway construction – Transmission Gully would be our greatest folly riddled with fault lines as it is. Rail electrification, new rail feeder services and subsidised transport need to be implemented immediately so that people will think themselves crazy to even think of owning a car.

    Our petrol consumption needs to be rationed and everything to do with energy put on a wartime footing. As the investment banker Matt Simmons, author of Twilight in the Desert says, employers need to liberate their workers who can work at home and pay on productivity. This man has researched the Saudia Arabia reserves situation and believes the Saudis are sugar coating how vast their reserves are. Matt also says that most of the drilling rigs are knackered and at least 25 years old and are not being replaced.

    As for GM and Chrysler, they’re toast and should not be saved. These companies couldn’t make a fuel efficient car if they tried such is their Freudian preoccupation with size. Time for the auto workers and those in associated industries to retrain for rail careers and working on the land because fossil fuel based machinery will become an expensive white elephant with price spikes and possible disruptions to supply. The price of oil based fertilisers and insecticides have increased massively also so expect the price of food to skyrocket.

    There won’t be too much affordable fuel in the next few years when oil well declines such as these are considered. Ghawar is the largest oil well in the world and the amount of salt water injection required to keep up the well pressure for pumping has increased significantly.

    Fieldname, country (peak year) peak/present rates, decline %:

    Ghawar, Saudi Arabia (1980) 5588/5100, -8.73%
    Cantarell, Mexico (2003) 2054/1675, -18.45%
    Safaniyah, Saudi Arabia (1998) 2128/1408, -33.83%
    Rumaila N&S, Iraq (1979) 1493/1250, -16.28%
    Greater Burgan, Kuwait (1972) 2415/1170, -51.55%
    Samotlor, Russia (1980) 3435/903, -73.71%
    Ahwaz, Iran (1977) 1082/770, -28.84%
    Zakum Abu Dhabi, UAE (1998) 795/674, -15.22%

    If you don’t have a bike get one now, start walking and be prepared that your current job may not exist in a few years. A lot of people will return to working on the land and probably for a lot less money.

    Serfs up!

    • Snook, I presume you live in Auckland or Wellington. Only that half of the population instictively think “Rail electrification, new rail feeder services and subsidised transport”. Have a look at the MoT’s ongoing household travel survey. It reveals that the regions with the lowest use of cars for commuting are rural, and that’s without taking into account those who work at home, which is very common in rural areas. Basicly those who live in small towns live cloe enough to where they work so that they can and do walk or cycle to work, just like Copenhagen and Amsterdam.

      We don’t have to worry about city trucks and buses, they can easily swap their diesel engines with electric motors and lead/carbon batteries. Intercity trucks can be replaced by coastal shipping since there will be plenty of international ships lying idle. The railways won’t be able to quintuple it’s rolling stock fast enough to be of any immediate use.

      Half of our car travel, measured in km rather than time or number of trips, is for leisure purposes so it can be sacrificed for no financial cost. Unfortunately it will crash GDP, which pretty much confirms that GDP is a nonsense measure.

      Your last paragraph is absolutely spot on and the main reason why rail electrification, new rail feeder services and subsidised transport will be a folly of the same magnitude as Transmission Gully.

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    1 week ago
  • Fission by the river
    This is where we ate our lunch last Wednesday. Never mind your châteaux and castles and whatnot, we like to enjoy a baguette in the shadow of a nuclear power plant; a station that puts out more than twice as much as Manapouri using nothing more than tiny atoms to bring ...
    More Than A FeildingBy David Slack
    1 week ago
  • Fact Brief – Is the ocean acidifying?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by John Mason in collaboration with members from the Gigafact team. You can submit claims you think need checking via the tipline. Is the ocean acidifying? Acidification of oceans ...
    1 week ago
  • 20,000+ on Queen St.
    The largest protest I ever went on was in the mid 90s. There were 10,000 people there that day, and I’ve never forgotten it. An enormous mass of people, chanting together. Stretching block after block, bringing traffic to a halt.But I can’t say that’s the biggest protest I’ve ever been ...
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    1 week ago
  • Josh Drummond's Columns
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    David FarrierBy David Farrier
    1 week ago
  • Bernard’s Saturday soliloquy and weekend Pick ‘n’ Mix for June 8/9
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    The KakaBy Bernard Hickey
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  • The no-vision thing
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    More Than A FeildingBy David Slack
    1 week ago
  • When Journalists are Disingenuous
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    David FarrierBy David Farrier
    1 week ago
  • Me, elsewhere: Just say you’ll do the thing
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    Boots TheoryBy Stephanie Rodgers
    1 week ago
  • A Voyage Among the Vandals: Accepted
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    1 week ago
  • Ministerial conflicts of interest
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    No Right TurnBy Idiot/Savant
    1 week ago
  • The 2024 Budget Forecasts Are Gloomy Prognosis About The Next Three Years.
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    PunditBy Brian Easton
    1 week ago
  • A government that can't see twenty feet ahead
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    More Than A FeildingBy David Slack
    1 week ago
  • A post I hope is incorrect
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Māori Cannot Re-Write New Zealand’s Constitution By Stealth.
    The Kotahitanga Parliament 1897: A Māori Parliament – at least in the guise of a large and representative body dedicated to describing the shape of New Zealand’s future from a Māori perspective – would be a very good idea.THE DEMAND for a “Māori Parliament” needs to be carefully unpicked. Some Pakeha, ...
    1 week ago
  • Cowpats and Colonials.
    Dumbtown, is how my friend Gerard refers to people like ZB listeners - he’s not wrong.Normally on a Friday I start by looking at Mike Hosking’s moronic reckons of the week which he vomits down the throats of his audience like helpless baby birds in a nest, grateful for the ...
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    1 week ago
  • Gordon Campbell on cutting the sick leave of vulnerable workers
    Should sick leave be part and parcel of the working conditions from Day One on the job, just like every other health and safety provision? Or should access to sick leave be something that only gradually accumulates, depending on how long a worker has been on the payroll? If enacted ...
    WerewolfBy lyndon
    1 week ago
  • Nobody Move: Ageing Boomers, Laurie & Les, Talk Politics.
    So long as we live in a democracy, economic policy can never be anything other than social-democratic.“HEH!”, snorted Laurie, as he waved his debit card over the EFTPOS machine. “Same price as last week. I guess budgets aren’t what they used to be.”“I wouldn’t know,” replied the young barman, wearily, ...
    1 week ago
  • In Search Of Unity.
    Kotahitanga: New Zealand’s future belongs to those who do not fear a nation carved out of unity and solidarity, and are willing to trust the carvers. Some New Zealanders will be required to step up, and others, perhaps for the first time in their lives, will be expected to step ...
    1 week ago
  • Weekly Roundup 7-June-2024
    Welcome to another Friday roundup! Here are some recent links and stories that caught our eye, perfectly timed for your watercooler discussions and weekend reading. As always feel free to share more in the comments. Our header image this week is by Patrick Reynolds, and shows Te Komititanga from above. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • The Hoon around the week to June 7
    As Workplace Relations and Safety Minister, ACT’s Brooke van Velden is fronting proposed changes to sick pay regulations and The Holiday Act. Photo: Lynn Grieveson / The KākāTL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features talking with:The Kākā’s climate correspondent talking about the ...
    The KakaBy Bernard Hickey
    1 week ago
  • Did we boil the oceans by cutting pollution?
    Lowering aerosol emissions from shipping has altered clouds, with potentially drastic effects. Photo: Getty ImagesTL;DR: Here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer:New evidence is increasingly pointing at efforts ...
    The KakaBy Bernard Hickey
    1 week ago
  • Skeptical Science New Research for Week #23 2024
    Open access notables Abrupt reduction in shipping emission as an inadvertent geoengineering termination shock produces substantial radiative warming, Yuan et al., Communications Earth & Environment: Human activities affect the Earth’s climate through modifying the composition of the atmosphere, which then creates radiative forcing that drives climate change. The warming effect ...
    1 week ago
  • Fragments
    The best observation I’ve read this week about the deep, profound harm Trump is doingTrump has hurled threats and smears at witnesses, jurors and the judge (including his family)... [he] has tried to intimidate witnesses and delegitimize the New York courts as corrupt. In continuing to incite his mob (that ...
    More Than A FeildingBy David Slack
    1 week ago
  • March for Nature
    Do do do do do do do doDo do do do do doDi di di di di di di di di di diNature enter me…In 2018 the Labour lead government banned new oil and gas exploration in Aotearoa. A change welcomed by those who care deeply for our environment and ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Dawn Chorus and pick ‘n’ mix for Thursday, June 6
    The Transport Minister is trying to push through urgent legislation that would allow him to change emissions standards for car imports without approval from Parliament, after only consulting car importers. Photo: Lynn GrievesonTL;DR: Just as two major reports showed fossil fuel burning was warming the planet to dangerous levels and ...
    The KakaBy Bernard Hickey
    1 week ago

  • High Court Judge appointed
    Attorney-General Judith Collins today announced the appointment of Auckland King’s Counsel Gregory Peter Blanchard as a High Court Judge. Justice Blanchard attended the University of Auckland from 1991 to 1995, graduating with an LLB (Honours) and Bachelor of Arts (English). He was a solicitor with the firm that is now Dentons ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Health workforce numbers rise
    Health Minister Dr Shane Reti says new data released today shows encouraging growth in the health workforce, with a continued increase in the numbers of doctors, nurses and midwives joining Health New Zealand. “Frontline healthcare workers are the beating heart of the healthcare system. Increasing and retaining our health workforce ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government to overhaul firearms laws
    Associate Justice Minister Nicole McKee has today announced a comprehensive programme to reform New Zealand's outdated and complicated firearms laws. “The Arms Act has been in place for over 40 years. It has been amended several times – in a piecemeal, and sometimes rushed way. This has resulted in outdated ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
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    2 days ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
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    3 days ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Prime Minister Luxon meets with Premier Li
    Prime Minister Christopher Luxon met with Chinese Premier Li Qiang at Government House in Wellington today.  “I was pleased to welcome Premier Li to Wellington for his first official visit, which marks 10 years since New Zealand and China established a Comprehensive Strategic Partnership,” Mr Luxon says. “The Premier and ...
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    3 days ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding Boost for Rural Support Trusts
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    BeehiveBy beehive.govt.nz
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  • Latest data shows size of public service decreasing
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    3 days ago
  • Speech to the Law Association
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    BeehiveBy beehive.govt.nz
    3 days ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Inquiry requested into rural banking
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    BeehiveBy beehive.govt.nz
    3 days ago
  • Ministry for Regulation targets red tape to keep farmers and growers competitive
    Regulation Minister David Seymour, Environment Minister Penny Simmonds, and Food Safety Minister Andrew Hoggard have today announced a regulatory sector review on the approval process for new agricultural and horticultural products.    “Red tape stops farmers and growers from getting access to products that have been approved by other OECD countries. ...
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    3 days ago
  • Government to reverse blanket speed limit reductions
    The Coalition Government will reverse Labour’s blanket speed limit reductions by 1 July 2025 through a new Land Transport Rule released for public consultation today, Transport Minister Simeon Brown says.  The draft speed limit rule will deliver on the National-ACT coalition commitment to reverse the previous government’s blanket speed limit ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Chair appointments for NZSO, CNZ and NZ On Air
    Minister Paul Goldsmith is making major leadership changes within both his Arts and Media portfolios. “I am delighted to announce Carmel Walsh will be officially stepping into the role of Chair of the New Zealand Symphony Orchestra, having been acting Chair since April,” Arts Minister Paul Goldsmith says.  “Carmel is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government focus on long-term food, fibre growth
    Food and fibre export revenue is tipped to reach $54.6 billion this year and hit a record $66.6b in 2028 as the Government focuses on getting better access to markets and cutting red tape, Agriculture Minister Todd McClay and Oceans and Fisheries Minister Shane Jones say. “This achievement is testament ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Govt consulting on cutting red tape for exporters
    A new export exemption proposal for food businesses demonstrates the coalition Government’s commitment to reducing regulatory barriers for industry and increasing the value of New Zealand exports, which gets safe New Zealand food to more markets, says Food Safety Minister Andrew Hoggard.  “The coalition Government has listened to the concerns ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand and Philippines elevating relationship
    New Zealand and Philippines are continuing to elevate our relationship, Foreign Minister Winston Peters says.   “The leaders of New Zealand and Philippines agreed in April 2024 to lift our relationship to a Comprehensive Partnership by 2026,” Mr Peters says. “Our visit to Manila this week has been an excellent ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Paid Parental Leave increase to help families
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    BeehiveBy beehive.govt.nz
    5 days ago
  • Defence increases UN Command commitment
    The number of New Zealand Defence Force (NZDF) personnel deployed to the Republic of Korea is increasing, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today.  NZDF will deploy up to 41 additional personnel to the Republic of Korea, increasing the size of its contribution to the United ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Zealand to attend 'Summit on Peace in Ukraine' in Switzerland
    New Zealand will be represented at the Summit on Peace in Ukraine by Minister Mark Mitchell in Switzerland later this week.    “New Zealand strongly supports Ukraine’s efforts to build a comprehensive, just, and lasting peace,” Foreign Minister Winston Peters says.   “Minister Mitchell is a senior Cabinet Minister and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Big step forward for M.bovis programme
    Farmers’ hard work is paying off in the fight against Mycoplasma bovis (M. bovis) with the move to a national pest management plan marking strong progress in the eradication effort, says Biosecurity Minister Andrew Hoggard.  “The plan, approved by the Coalition Government, was proposed by the programme partners DairyNZ, Beef ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Build To Rent opening welcomed by Housing Minister
    Prime Minister Christopher Luxon and Housing Minister Chris Bishop formally opened a new Build to Rent development in Mt Wellington this morning. “The Prime Minister and I were honoured to cut the ribbon of Resido, New Zealand’s largest Build to Rent development to date.  “Build to Rent housing, like the ...
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    5 days ago
  • Agriculture to come out of the ETS
    The Government will deliver on its election commitment to take agriculture out of the New Zealand Emissions Trading Scheme (NZ ETS) and will establish a new Pastoral Sector Group to constructively tackle biogenic methane, Coalition Government Agriculture and Climate Change Ministers say. Agriculture Minister Todd McClay says New Zealand farmers ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Luxon Tokyo-bound for political and business visit
    Prime Minister Christopher Luxon will travel to Japan from 16-20 June, his first visit as Prime Minister.   “Japan is incredibly important to New Zealand's prosperity. It is the world’s fourth largest economy, and our fourth largest export destination.  “As you know, growing the economy is my number one priority. A strong economy means ...
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    6 days ago
  • Bayly travels to Singapore for scam prevention meetings
    Minister of Commerce and Consumer Affairs, Andrew Bayly, travels to Singapore today to attend scam and fraud prevention meetings. “Scams are a growing international problem, and we are not immune in New Zealand. Organised criminal networks operate across borders, and we need to work with our Asia-Pacific partners to tackle ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More help for homeowners impacted by severe weather
    People who were displaced by severe weather events in 2022 and 2023 will be supported by the extension of Temporary Accommodation Assistance through to 30 June 2025. Social Development and Employment Minister Louise Upston says the coalition Government is continuing to help to those who were forced out of their ...
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    1 week ago
  • Government to reverse oil and gas exploration ban
    Removing the ban on petroleum exploration beyond onshore Taranaki is part of a suite of proposed amendments to the Crown Minerals Act to deal with the energy security challenges posed by rapidly declining natural gas reserves, Resources Minister Shane Jones says. “Natural gas is critical to keeping our lights on ...
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    1 week ago
  • New Zealand and Malaysia to intensify connections
    New Zealand and Malaysia intend to intensify their long-standing, deep connections, Foreign Minister Winston Peters says.    “Malaysia is one of New Zealand’s oldest friends in South-East Asia – and both countries intend to get more out of the relationship," Mr Peters says.   "Our connections already run deep and ...
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    1 week ago
  • Ending contracted emergency housing motels in Rotorua
    The end of Contracted Emergency Housing (CEH) motels in Rotorua is nearing another milestone as the Ministry of Housing and Urban Development (HUD) announces it will not renew consents for six of the original 13 motels, Associate Housing Minister Tama Potaka says. The government is committed to stop using CEH ...
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    1 week ago
  • First Home Grant closure exemptions
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    1 week ago
  • Faster consenting for flood protection projects in Hawke's Bay
    Work to increase flood resilience in Hawke’s Bay can start sooner, thanks to a new fast consenting process, Minister for Emergency Management and Recovery Mark Mitchell and Environment Minister Penny Simmonds say.  “Faster consenting means work to build stop banks, spillways and other infrastructure can get underway sooner, increasing flood ...
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    1 week ago
  • Judge Craig Coxhead and Nathan Milner newest Māori Land Court appointments
    Tangata tū tangata ora, tangata noho tangata mate. Minister for Māori Development Tama Potaka today announced acting Deputy Chief Judge Craig Coxhead as the new Deputy Chief Judge, and Nathan Milner as Judge of the Māori Land Court. "I want to congratulate Judge Coxhead and Mr Milner on their appointments ...
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    1 week ago
  • Government signs Indo-Pacific Economic agreements to boost trade
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    1 week ago
  • Government signs Indo-Pacific Economic agreements to boost trade and cooperation
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    1 week ago

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