web analytics

The reverse Midas touch: exchange rates

Written By: - Date published: 9:10 am, April 23rd, 2012 - 57 comments
Categories: exports, Minister for Overseas Holidays - Tags:

John Key likes to trade on his experience as a, well, trader. You know, he’s the deal maker. The one to steer us through tough economic times, to get our exports growing. He understands the markets and that knowledge will benefit New Zealand. But, how well has he really done? Let’s start this series close to home for Key: the exchange rate.

So, exchange rates have risen 30% under Key. With half of Kiwi exporters saying that the exchange rate is hurting them, that’s not good news. You might have thought our currency trader PM would have done something about that. It’s not like there aren’t options.

57 comments on “The reverse Midas touch: exchange rates ”

  1. Bob 1

    Do you mean this bit from Labours site?

    ‘Monetary Policy. Labour has already announced that we need to change monetary policy to address the structural issues in the economy, including the volatility of the dollar that makes life difficult for exporters and high interest rates that discourage investment in productive parts of the economy. While curbing inflation remains important, having that as the single focus is not working for us. Our policy is to broaden the objectives of the Reserve Bank beyond just controlling inflation to look other issues, such as employment and to support more aggressive interventions to deal with currency speculation.’

    What is it that they would do?

    • McFlock 1.1

      I’d guess (ain’t in Labour) an FTT as a “more aggressive intervention”, also I take it a CGT would hit currency trades?
           
      But the use of interest rates would be the primary tool they’d be thinking of to tweak employment etc – every time they raise them to “slow down the economy and keep inflation in check” (okay, they haven’t had to do that in a few years) it kept unemployment up. By including unemployemnt in their target criteria, they’d find the balance between inflation and people having jobs.

    • mike e 1.2

      Not reveal all their policy well before the election because National and ConMankey would steal their policies as National have none.except smile and wave from pokifaced ConMankey.

  2. Enough is Enough 2

    Be careful what you wish for.

    The high dollar is protecting us to a degree from even higher oil prices.

    I will leave it to the economists to tell us what would happen to the pump price of 91 if our dollar lost 10% of its value.

    It would strangle this flatline recovery we are currenlty experiencing.

    • aj 2.1

      Yes there are pros and cons but the pro would be an incr in gdp? the con would be some inflation. It would not ‘strangle the recovery’ but it might strangle long distance commuters…

    • Lanthanide 2.2

      “The high dollar is protecting us to a degree from even higher oil prices.”

      Yep. We had a low dollar combined with high oil prices back in 2004, lots of news stories about people driving off the forecourt etc.

      Beyond the obvious that the oil price goes up in the US$ terms when the US$ sinks, I think there’s also a degree of insulation in the exchange rate. If the exchange rate were lower, that would increase petrol prices, forcing the exchange rate further lower as the economy struggled with the high prices, basically a negative spiral. But on the flip-side I think the reverse is happening: the high dollar is keeping petrol cheaper than it might be (and perhaps could be in other economies), helping businesses to be more competitive leading to a higher exchange rate.

      • Colonial Viper 2.2.1

        helping businesses to be more competitive leading to a higher exchange rate.

        The strength of the NZD has very little to do with the strength of our business sector.

        The vast majority of forex trading in NZD is not related to direct trade, it is related to market speculation.

        • Lanthanide 2.2.1.1

          I’d say it’s based on the interest rates the government and therefore banks are offering. Which in turn is based on the reserve bank setting interest rates based on the general business climate in NZ.

          If things hit the wall, the interest rate would go down, the banks would pay less and the exchange rate would drop.

          That is Labour’s whole point on this, after all, that the reserve bank should take into account the exchange rate when it sets interest rates. At the moment it only considers inflation.

          • ianmac 2.2.1.1.1

            Wasn’t this another issue that Winston has long advocated? That is to modify the Reserve Bank Policy beyond just concern around inflation.

    • Colonial Viper 2.3

      You can’t mask fossil fuel energy depletion for long. By letting the dollar appreciate (i.e. let our economy lose out in the currency wars occurring all around us) our economy does not get the price signals needed to drive a restructuring away from a dependence on personal cars on roads and trucking.

      It would strangle this flatline recovery we are currenlty experiencing.

      There’s not going to be a recovery. We’ve hit the downslope of energy availability/price chart. Economic growth per capita is now over for the developed western countries.

  3. Pete 3

    I’m not really prepared to blame the government for this one. The US, UK and the Eurozone have all engaged in several rounds of quantitative easing over the past half decade – dropping the value of their currencies for the exact same reason we want our currency to drop: to make exports more profitable and to stem cheap imports from China to encourage domestic industry.

    There was one instance in mid 2007 where the RBNZ spent $2.7 billion trying to stem the rise of the $NZ., clearly that was a failure. Given that our manufacturing industry is so small and so many of the things we need are bought from overseas, I’m not so sure that a currency intervention would be beneficial. Especially since commodity producers have been enjoying record prices lately.

    • bad12 3.1

      Governments tho would seem to have as their main responsibility the creation of economic conditions,(where possible),that provide the best framework for the New Zealand economy to operate within,

      Watching the Reserve Bank squander a couple of billion dollars attempting to change the international price of the New Zealand dollar was both tragic and comic,(up in smoke went enough monies to have paid for many years of extra Paid Parental Leave or decades of extending the Working for Families tax credit to the children of benefit dependent families,

      Using the present economic paradigm of neo-liberal right wing economics I can see there is no need for the use of either the useless squandering of monies or the heavy blunt instrument of Legislation to effect a downward trend in the international price of the New Zealand dollar,

      For instance,Government need only print into the economy a sufficient amount of capital to dilute the price of the NZ dollar in international markets,

      An excellent ‘end-use of such money production would be to simply build 20,000 State Houses over a contracted four year period,thus producing a standing asset that in turn justifies having ‘printed’ the money in the first place,

      In a flat-lining economy such as what New Zealand has had since 2008 there is little inflation,but even so,in terms of the neo-liberal ‘inflation target’ it is a simple matter of numeracy to know what X figure of new spending into the New Zealand economy will result in which Y of inflation as %,

      Given those known x and y’s makes the 3-4% annual inflation target an easy band to operate such a fiscal policy from within, while also diluting the international price of the New Zealand dollar by producing more of them in the economy,and at the same time building a much needed piece of social infrastructure…

      • Gosman 3.1.1

        I’m constantly amazed how popular Social credit policies are still in NZ when countries that have followed similar policies have tended to end up in a mess economically.

        • McFlock 3.1.1.1

          You’d also be amazed that countries that followed the opposite policies ended up in the shit, too.
             
          You must look like someone constantly tripping on mushrooms. 

          • Gosman 3.1.1.1.1

            You mean countries who practice restrained fiscal and monetary policies, allow their countries to be open to foreign trade and investment, and don’t pander to sectorial groups in policy settings do no better than countries who print money for supposed productive investment? I find that hard to believe. Care to show me some examples of this?

        • bad12 3.1.1.2

          Deep within the mind of the neo-liberal apologist of free market economics lives the ‘profit driven fruitcake’ surfacing occasionally to spit the odd piece of low level insipid abuse at anything that could threaten the constant fantasy of growth,profit,and,wealth,

          My example above,’print’ the money required to build ‘in particular’ State Houses while all the time spending that money as the State House build into the economy so as not to upset the neo-liberal constraint of 3-4% inflation over any financial year,in fact produces its own growth,profit,and,wealth,

          The value of the houses so built obviously equals the market value of their building,IE,the cost of producing a functional house and the functional suburb it would sit in from scratch is around $400,000,so in terms of current House prices the building of the suburb and the Houses therein equals in terms of dollars the current value and cost of production thus producing an item(s)of the same value as the money that was produced by printing in order to build that item(s)…

        • mike e 3.1.1.3

          goose name the countries

    • prism 3.2

      You miss the point completely Pete.

      Given that our manufacturing industry is so small and so many of the things we need are bought from overseas, I’m not so sure that a currency intervention would be beneficial. Especially since commodity producers have been enjoying record prices lately.

      The government has traded our productive economy away to get more dairy etc commodity business. We are far too over-committed in the dairying area, unhealthily unbalanced, and would be wiped out if there was some disease setback. Example the kiwifruit industry and golden kiwifruit fungus. It is important that we fight to retain and improve our productive economy to a healthier state. Our currency shouldn’t be a number on the world currency casino. It has a serious repressive effect on our health and wealth.

      • Pete 3.2.1

        I agree, much broader structural change is needed in our economy – to get us making stuff, adding value to our primary production and creating new intellectual property. But that goes far beyond any calls for the RBNZ to attempt to moderate the exchange rate.

        Edit: restoring the R&D tax credit would be a start. Maybe even providing low interest government loans to new, locally owned businesses.

        • Draco T Bastard 3.2.1.1

          Maybe even providing low interest government loans to new, locally owned businesses.

          Not low interest, zero interest. Available to all businesses and households to either a) replace existing debt or b) expand the business buy a new house. Watch as the NZ$ falls on the FX. Becomes to expensive to import? Not a problem, just means we have to make it here and that means investment into R&D and manufacturing.

          The only problem really is that, under current socio-economic circumstances, the capitalists would take all the benefits.

        • prism 3.2.1.2

          @Pete R&D encouragement yes, low interest government loans and small grants to new locally owned and strategic innovative businesses yes. Also encouragement to the public to invest in a Risk Innovation NZ National Fund. There would be a number of businesses and projects in different sectors in each offer. People are willing to take on risky investments with the possibility of good returns and some of their investment portfolio could be allocated to this area. Get people used to investing in real ground-breaking projects that didn’t involve trading in land!

          Better science funding without so much wasted time in applying for short term funding, yes. Moving out from under the land speculation, mining, primary industry shed, to more of the complex science and knowledge in that area, and in ground-breaking stuff we already know we can do, and have to make space and funds so we can do more, yes.

          Example of lack of essential scientific funding in NZ. – Bovine tuberculosis comes to mind here. I was amazed that we haven’t found out what indicators can be used to test a herd when tuberculosis is found. The animals on a farm recently had to be all slaughtered so they could be checked. Or that’s what I was told. A hell of a loss. That sort of scientific research would be so worthwhile when there was successful breakthrough.

          Also foot and mouth disease I understand, can be vaccinated against. The outbreaks of this disease are so devastating, and the loss of heritage animal strains in forced culling as in Britain was a sorry sight in the last big outbreak. The waste and disruption caused by fighting this disease should be matched by reasoned attempts to prevent it. We can organise a group looking into emissions from animals, why not precationary measures like this?

  4. prism 4

    When listening to specialist financial commentators on radio they seem unable to cope with anything that changes the regular pattern of rise and fall they are used to.

    To change anything would mean to add a variable that is new to them and will affect the investments they advise on or manipulate, perhaps detrimentally. Key is no different, he made his money within the system so would think “If it isn’t broke (for me and my mates) why try to fix it’?

    • Colonial Viper 4.1

      The orthodox neoliberal economic models they have all been using cannot deal with or explain a prolonged and severe economic downturn. This is why they are all struggling to say something cohesive. In their minds “market equilibrium” must return, probably sooner rather than later, and they are really confused as to why it has not yet.

      Blame has gone on a slow Christchurch rebuild, weaker dairy prices this year, etc. but they still do not see the bigger picture.

      • bad12 4.1.1

        Explaining the current ‘decline’ should be simple even for the ‘neo-liberals’,

        Such people only need to revisit the main tenet upon which the ‘ism’ sold itself to the world,

        ”The international free market played out upon the level playing field”

        Lets have a brief look at that foundation of the ‘ism’ and its fundamental ‘flaw’,it simply wasn’t,played upon a level playing field that is,

        The international ‘level’ playing field could only ever have been described as such if 2 factors of economy were to be a standardized constant,

        (1),All the economies involved would have had to have as a basic given a ”minimum wage” of equality,

        And (2),All economies involved would have to have as a basic an equality of the means of exchange,to stop being a wanker and putting it in words we all understand, for there to be any such thing as an ”international free market played out upon a level playing field” all the countries involved would have to have MONEY of an equal value between all those countries,

        Therein lies the current decline of all those economies supposedly involved in this supposed interantional free market…

        • Gosman 4.1.1.1

          Current decline? Much of the Western world has been treading water over the past few years or even slowly increasing their GDP. It is only countries where the Government spending was shown to be unsustainable that have suffered massive declines. On top of this is the fact that a huge number of countries are now increasing their wealth massively at the moment (mainly based on free market policies).

          • bad12 4.1.1.1.1

            Treading water,increasing their wealth ???really???is that what you call the ‘printing’ of US$ Trillions of dollars of bail-outs,

            The only thing that has occurred in the Western world economies under the ‘free market model’ is the ongoing over inflation of the illusion which has simply allowed the populace to retreat further into the delusion…

          • bad12 4.1.1.1.2

            PS,such ‘increases’ in wealth and GDP in all those Western economies have been accompanied by s corresponding increase in the numbers of people within those economies being judged to be living at or below the judged ‘poverty line’…

            • Gosman 4.1.1.1.2.1

              Which is normally set at a percentage of some sort of income level in the country they live. In my mind this is almost meaningless. The ‘average’ person in poverty in the Western world today would be regarded as having a level of wealth that even upper middle income people 200 years ago could only dream about.

              • Colonial Viper

                Yes Gosman, thanks for using pre industrial revolution times as the baseline.

                Doesn’t really change the fact that the top 1% have hoarded excesses of wealth and power, while others living just down the street and around the corner are going hungry and cold.

                • Gosman

                  You mean usinf the condition that the vast majority of the population of the planet lived in for the vast majority of the time until free market capitalist ideas allowed people to escape this condition? I make no apologies for using this as a baseline. However I will grant you that absolute poverty is an issue that should be tackled. This is as opposed to comparative levels of poverty whereby someone is poor simply because they earn a fraction of what a wealthy person does.

                  • bad12

                    No what we mean is that vast numbers of people lived in poverty even while working for the Capitalist Masters sometimes for hours far above the standard 40 and at ages as young as 9 until such time as unions of workers formed in an effort to banish such practice to the dark ages where they belonged…

                  • McFlock

                    […] until free market capitalist ideas allowed people to escape this condition? 
                        
                    Your faith in capitalism has gone into cult status, like the soviets in the 1940s who were taught that comrade Stalin invented penicillin, designed the Moscow Underground network, single-handedly developed the T34 tank, and had a 15-inch penis.
                       
                    Maybe you should pick up a history book. 

                  • Colonial Viper

                    This is as opposed to comparative levels of poverty whereby someone is poor simply because they earn a fraction of what a wealthy person does.

                    Fuck that

                    The problem of this economy is not just the unemployed, but that of the working poor. You work a full time job but there is no way that you can raise a family on it.

                    While say, Talley’s, rip away the economic value added that your labour provides, to put into their own already overflowing pockets.

                    91% income tax on income over 20x the median wage would be a good start.

              • joe90

                Yeah, and flushing shitters would be regarded as having a level of wealth hygiene that even upper middle income people 200 years ago could only dream about.

                http://www.theatlantic.com/technology/archive/2012/04/the-100-year-march-of-technology-in-1-graph/255573/

              • bad12

                Meaningless???the basic level of ‘dole’ payment including accommodation subsidy in New Zealand in no way meets the monetary requirement of any individual to house,feed,and, clothe that individual,

                Comparison with the unemployed person of 200 years ago is to deny both human and societal evolution,as pointless as a comparison of poverty in developed and under-developed economies,

                To use either,the anecdotal 200 years ago or the poverty of the under-developed as a comparison with the socially evolved modern Western economy is the ultimate escapism of those who cannot face the responsibility that in the creation of what they see as ‘wealth’ they are creating a corresponding number of impoverished individuals…

                • felix

                  “Meaningless” to Gosman means “does not immediately impact on my own personal comfort”.

                • Gosman

                  No, it is the definitished of impoverished that is at issue here. Compared to Bill Gates I’m seriously impoverished. However I’m much better than say someone living in an African Squatter shanty town.

                  • felix

                    Your last sentence is very revealing.

                  • bad12

                    I am not interested in comparisons with Bill Gates,just as we are not interested in a comparison with a tribal member currently residing in a South African shanty town,

                    The measurement of poverty in New Zealand is best deduced from within the equation of does the payment to an adult which is the least amount of income possible for that individual,(the dole),in any way match the basic needs of every day life for that individual,IE,rent,food,and,clothing,

                    They don’t!!!affordability of survivability for those receiving that minium of income,(the dole), for any period of length past a month is reliant upon either further subsidization from the State and/or further subsidization of the individual by family or private charity,

                    Marketization of labour simply leads to those able to be employed but less likely to be employed,(for what-ever reason),to remain for longer periods receiving that least amount of income in which case such impoverishment becomes entrenched…

                    • Gosman

                      The dole is not meant to be a long term living wage. It is meant to enable someone to tide themselves over for a short to medium period of time.

                    • felix

                      It is meant to enable 150,000 people to tide themselves over for as long as it takes for the jobs to arrive.

                      FIFY

                    • bad12

                      So you again fail deliberately to have any understanding of ‘labour as a market’,such a failure on your part is a simple pointer to why the neo-liberal economic ISM is in fact doomed to indulge in what Trotsky once described as an ongoing series of failures each of an increasingly severe nature,

                      In a labour market those with the most marketable skills at any given time,(and at any given time is the imperative within this narrative),will always be employed first,

                      There are those tho,who by age,looks,skills set,or in fact WHATEVER will always be shuffled to the back of the queue of employment, depending upon who is in control of the neo-liberal ISM at any given time ie,with the imperative to either reduce inflation to protect their ‘wealth’ or their ‘amount of interest paid on the mortgage the number of those in this ”unlikely to be employed” category as a percentage fluctuates between 10 and 20% of those unemployed,

                      Any given time???,Ok take the boner at the meat-works who having sold His/her labour for 20 years to the company is now made redundant through the dairy conversions having reduced stock numbers to a level where His/Her employment is now no longer needed,

                      At 50 years of age our meat-works boner is now to all extents and purposes of no ‘use’ to the labour market BUT is still a number,(25% of)on the roll of the unemployment benefit….

                    • bad12

                      ‘The Dole’,or to be more precise the number of those collecting the dole is simply the measurement of the success or failure of ANY Governments economic policy,

                      If we were to pay the minimum wage to all those who currently receive the dole we would in effect destroy the incentive for the numbers on the dole being used to protect the ‘wealth’ of the ‘Haves’ off of the backs of the ‘Have Not’s’,

                      Tax the profits of capitalism to pay the minimum wage to the unemployed and such a rising tax at times of rising unemployment would simply incentivize the capitalists to keep the number of unemployed to a bare minimum…

          • mike e 4.1.1.1.3

            GOOSEMAN care to name these countries
            China totalitarian Dictatorship
            Singapore likewise
            Germany taxing and spending Europe out of recession
            Goose your a pathological LIAR
            You have never been able to name a country not one since I,ve been reading your pathetic propaganda

            • Matt 4.1.1.1.3.1

              “Goose your a pathological LIAR”

              Come on, that’s unwarranted. He’d first have to know something in order to misrepresent it.

      • prism 4.1.2

        CV I thought that market equilibrium was a theoretical feature used in modelling and unlikely to be ever achieved unless there was a recession and stasis?

    • bad12 4.2

      Unfortunately you are correct, those who stand to ‘gain’ the most from within the present money system will be the most loath to make even neccessary changes to that money system,

      Such a money system is basically corrupted as money is at its most basic simply the means by which we exchange our labour between each other to allow our daily living,

      Where this corruption has occurred is in allowing money as a mass to be in effect hoarded as what is termed wealth,

      As there is only X amount of production that can occur in any economy at any given time based upon the amount of money in that economy allowing individuals to ‘hoard’ masses of this money as ‘wealth’ simply reduces the ability of those without the means to ‘hoard’ such masses of money in their efforts to exchange their labour as the means of obtaining their daily living,

      Allowing such ongoing hoarding of masses of money over longer periods simply means that an economy will always be struggling to avoid decline as the amounts hoarded will not produce an equal amount of ‘production’ requiring the exchange of labour as those amounts would had they remained in the economy as their basic means of exchanging labour for daily living,

      PS,the abbreviation of all of the above is that old adage,”Money is made round to go round”, with the added codicil that stopping any of it going round is done at ones economic peril…

  5. Gosman 5

    ‘With half of Kiwi exporters saying that the exchange rate is hurting them, that’s not good news.You might have thought our currency trader PM would have done something about that.’

    NZ exporters might have a problem but NZ importers (and by extension many NZ consumers) are probably quite pleased.

    If anything the PM experience would have realised the futility of trying to manage FX rates.

    http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm

    • Colonial Viper 5.2

      NZ exporters might have a problem but NZ importers (and by extension many NZ consumers) are probably quite pleased.

      Yeah too bad both those groups of people dangerously worsen our balance of payments and trade deficit figures.

      Essentially our exchange rate is hurting productive, innovative NZers trying to do real work in NZ – design and make things for sale overseas.

      Seems like you are OK with that as long as you can get a cheaper overseas holiday out of it.

    • mike e 5.3

      Goose lying again The US China UK Europe have had no problem devaluing their currency john no balls keywe has the problem, like everything else he can do to grow the economy he,s done nothing nothing except cut funding especially on R&D which is criminal in my opinion

  6. DH 6

    The easiest way to get the $NZD down is to address the demand for it. Stop foreign buyups of NZ land & buildings and the $NZD would fall by itself, the current account deficit is largely due to foreign investors buying the $NZ to invest here. Also cut the offshore borrowing by the big banks which puts more pressure on the $NZD

    Higher fuel cost isn’t a valid argument for keeping the dollar high, Govt can manage that via excise reductions. They’d get the cash back through economic growth.

Recent Comments

Recent Posts

  • Ginny Andersen appointed as Minister of Police
    Prime Minister Chris Hipkins has today appointed Ginny Andersen as Minister of Police. “Ginny Andersen has a strong and relevant background in this important portfolio,” Chris Hipkins said. “Ginny Andersen worked for the Police as a non-sworn staff member for around 10 years and has more recently been chair of ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Government confirms vital roading reconnections
    Six further bailey bridge sites confirmed Four additional bridge sites under consideration 91 per cent of damaged state highways reopened Recovery Dashboards for impacted regions released The Government has responded quickly to restore lifeline routes after Cyclone Gabrielle and can today confirm that an additional six bailey bridges will ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Foreign Minister Mahuta to meet with China’s new Foreign Minister
    Foreign Minister Nanaia Mahuta departs for China tomorrow, where she will meet with her counterpart, State Councillor and Foreign Minister Qin Gang, in Beijing. This will be the first visit by a New Zealand Minister to China since 2019, and follows the easing of COVID-19 travel restrictions between New Zealand and China. ...
    BeehiveBy beehive.govt.nz
    17 hours ago
  • Education Ministers from across the Pacific gather in Aotearoa
    Education Ministers from across the Pacific will gather in Tāmaki Makaurau this week to share their collective knowledge and strategic vision, for the benefit of ākonga across the region. New Zealand Education Minister Jan Tinetti will host the inaugural Conference of Pacific Education Ministers (CPEM) for three days from today, ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • State Highway 5 reopens between Napier and Taupō following Cyclone Gabrielle
    A vital transport link for communities and local businesses has been restored following Cyclone Gabrielle with the reopening of State Highway 5 (SH5) between Napier and Taupō, Associate Minister of Transport Kiri Allan says. SH5 reopened to all traffic between 7am and 7pm from today, with closure points at SH2 (Kaimata ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Special Lotto draw raises $11.7 million for Cyclone Gabrielle recovery
    Internal Affairs Minister Barbara Edmonds has thanked generous New Zealanders who took part in the special Lotto draw for communities affected by Cyclone Gabrielle. Held on Saturday night, the draw raised $11.7 million with half of all ticket sales going towards recovery efforts. “In a time of need, New Zealanders ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government delivers a $3 million funding boost for Building Financial Capability services
    The Government has announced funding of $3 million for providers to help people, and whānau access community-based Building Financial Capability services. “Demand for Financial Capability Services is growing as people face cost of living pressures. Those pressures are increasing further in areas affected by flooding and Cyclone Gabrielle,” Minister for ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Education New Zealand | Manapou ki te Ao – new Chair and member
    Minister of Education, Hon Jan Tinetti, has announced appointments to the Board of Education New Zealand | Manapou ki te Ao. Tracey Bridges is joining the Board as the new Chair and Dr Therese Arseneau will be a new member. Current members Dr Linda Sissons CNZM and Daniel Wilson have ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Scholarships honouring Ngarimu VC and the 28th (Māori) Battalion announced
    Fifteen ākonga Māori from across Aotearoa have been awarded the prestigious Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships and Awards for 2023, Associate Education Minister and Ngarimu Board Chair, Kelvin Davis announced today.  The recipients include doctoral, masters’ and undergraduate students. Three vocational training students and five wharekura students, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Appointment of Judge of the Court of Appeal and Judge of the High Court
    High Court Judge Jillian Maree Mallon has been appointed a Judge of the Court of Appeal, and District Court Judge Andrew John Becroft QSO has been appointed a Judge of the High Court, Attorney‑General David Parker announced today. Justice Mallon graduated from Otago University in 1988 with an LLB (Hons), and with ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ still well placed to meet global challenges
    The economy has continued to show its resilience despite today’s GDP figures showing a modest decline in the December quarter, leaving the Government well positioned to help New Zealanders face cost of living pressures in a challenging global environment. “The economy had grown strongly in the two quarters before this ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Western Ring Route Complete
    Aucklanders now have more ways to get around as Transport Minister Michael Wood opened the direct State Highway 1 (SH1) to State Highway 18 (SH18) underpass today, marking the completion of the 48-kilometre Western Ring Route (WRR). “The Government is upgrading New Zealand’s transport system to make it safer, more ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Briefings to Incoming Ministers
    This section contains briefings received by incoming ministers following changes to Cabinet in January. Some information may have been withheld in accordance with the Official Information Act 1982. Where information has been withheld that is indicated within the document. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Teaming up for a stronger, more resilient Fiji
    Aotearoa New Zealand Foreign Affairs Minister Nanaia Mahuta reaffirmed her commitment to working together with the new Government of Fiji on issues of shared importance, including on the prioritisation of climate change and sustainability, at a meeting today, in Nadi. Fiji and Aotearoa New Zealand’s close relationship is underpinned by the Duavata ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Investment in blue highway a lifeline for regional economies and cyclone recovery
    The Government is delivering a coastal shipping lifeline for businesses, residents and the primary sector in the cyclone-stricken regions of Hawkes Bay and Tairāwhiti, Regional Development Minister Kiri Allan announced today. The Rangitata vessel has been chartered for an emergency coastal shipping route between Gisborne and Napier, with potential for ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Next steps developing clean energy for NZ
    The Government will progress to the next stage of the NZ Battery Project, looking at the viability of pumped hydro as well as an alternative, multi-technology approach as part of the Government’s long term-plan to build a resilient, affordable, secure and decarbonised energy system in New Zealand, Energy and Resources ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Statement from the Prime Minister on Stuart Nash
    This morning I was made aware of a media interview in which Minister Stuart Nash criticised a decision of the Court and said he had contacted the Police Commissioner to suggest the Police appeal the decision. The phone call took place in 2021 when he was not the Police Minister. ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • CPTPP Trade Ministers coming to Auckland
    The Government’s sharp focus on trade continues with Aotearoa New Zealand set to host Trade Ministers and delegations from 10 Asia Pacific economies at a meeting of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission members in July, Minister for Trade and Export Growth Damien O’Connor announced today. “New Zealand ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt approves $25 million extension for cyclone-affected businesses
    $25 million boost to support more businesses with clean-up in cyclone affected regions, taking total business support to more than $50 million Demand for grants has been strong, with estimates showing applications will exceed the initial $25 million business support package Grants of up to a maximum of $40,000 per ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • More than 160,000 new Kiwis to call NZ home
    80 per cent of 2021 Resident Visas applications have been processed – three months ahead of schedule Residence granted to 160,000 people 84,000 of 85,000 applications have been approved Over 160,000 people have become New Zealand residents now that 80 per cent of 2021 Resident Visa (2021RV) applications have been ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • New Zealand to attend regional security meeting in Australia
    The Lead Coordination Minister for the Government’s Response to the Royal Commission’s Report into the Terrorist Attack on the Christchurch Mosques travels to Melbourne, Australia today to represent New Zealand at the fourth Sub-Regional Meeting on Counter-Terrorism and Transnational Security. “The Government is committed to reducing the threat of terrorism ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Health and safety action plan for ports
    The health and safety practices at our nation’s ports will be improved as part of a new industry-wide action plan, Workplace Relations and Safety, and Transport Minister Michael Wood has announced. “Following the tragic death of two port workers in Auckland and Lyttelton last year, I asked the Port Health ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Bikes and scooters to be exempt from FBT
    Bikes, electric bikes and scooters will be added to the types of transport exempted from fringe benefit tax under changes proposed today. Revenue Minister David Parker said the change would allow bicycles, electric bicycles, scooters, electric scooters, and micro-mobility share services to be exempt from fringe benefit tax where they ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Foreign Affairs Minister to reaffirm our close relationship with Fiji
    Foreign Affairs Minister Nanaia Mahuta will hold bilateral meetings with Fiji this week. The visit will be her first to the country since the election of the new coalition Government led by Prime Minister and Minister of Foreign Affairs Sitiveni Rabuka. The visit will be an opportunity to meet kanohi ki ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • New legislation to streamline Cyclone recovery
    The Government is introducing the Severe Weather Emergency Legislation Bill to ensure the recovery and rebuild from Cyclone Gabrielle is streamlined and efficient with unnecessary red tape removed. The legislation is similar to legislation passed following the Christchurch and Kaikōura earthquakes that modifies existing legislation in order to remove constraints ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Cost of living package: More bread and butter support for Kiwi families
    Approximately 1.4 million people will benefit from increases to rates and thresholds for social assistance to help with the cost of living Superannuation to increase by over $100 a pay for a couple Main benefits to increase by the rate of inflation, meaning a family on a benefit with children ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Freeing up more government bandwidth and money to focus on the cost of living
    $1 billion in savings which will be reallocated to support New Zealanders with the cost of living A range of transport programmes deferred so Waka Kotahi can focus on post Cyclone road recovery Speed limit reduction programme significantly narrowed to focus on the most dangerous one per cent of state ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • State of National Emergency to end for Tairāwhiti and Hawke’s Bay
    The remaining state of national emergency over the Tairāwhiti and Hawke’s Bay regions will end on Tuesday 14 March, Minister for Emergency Management Kieran McAnulty announced today. Minister McAnulty gave notice of a national transition period over these regions, which will come into effect immediately following the end of the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government delivers on Dawn Raids commitment
    The Government is today delivering on one of its commitments as part of the New Zealand Government’s Dawn Raids apology, welcoming a cohort of emerging Pacific leaders to Aotearoa New Zealand participating in the He Manawa Tītī Scholarship Programme. This cohort will participate in a bespoke leadership training programme that ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New plan to increase productivity and high wage jobs across advanced manufacturing sector
    Industry Transformation Plan to transform advanced manufacturing through increased productivity and higher-skilled, higher-wage jobs into a globally-competitive low-emissions sector. Co-created and co-owned by business, unions and workers, government, Māori, Pacific peoples and wider stakeholders. A plan to accelerate the growth and transformation of New Zealand’s advanced manufacturing sector was launched ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Aotearoa New Zealand supports Pacific countries to combat animal disease 
    New Zealand will provide support for Pacific countries to prevent the spread of harmful animal diseases, Associate Minister of Agriculture Meka Whaitiri said. The Associate Minister is attending a meeting of Pacific Ministers during the Pacific Week of Agriculture and Forestry in Nadi, Fiji. “Highly contagious diseases such as African ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government delivers better public transport for Christchurch
    The Public Transport Futures project will deliver approximately: 100 more buses providing a greater number of seats to a greater number of locations at a higher frequency Over 470 more bus shelters to support a more enjoyable travel experience Almost 200 real time display units providing accurate information on bus ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Minister praises education heroes in cyclone damaged regions
    All but six schools and kura have reopened for onsite learning All students in the six closed schools or kura are being educated in other schools, online, or in alternative locations Over 4,300 education hardpacks distributed to support students Almost 38,000 community meals provided by suppliers of the Ka Ora ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government investments drive health and business outcomes in the Bay of Plenty
    A new health centre has opened with financial support from the Government and further investment has been committed to projects that will accelerate Māori economic opportunities, Regional Development Minister Kiri Allan says. Community health provider QE Health will continue its long history in Rotorua with the official opening of the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • UK NZ Working Holiday Scheme upgraded
    The new three year NZ UK Working Holiday Visas (WHV) will now be delivered earlier than expected, coming into force by July this year in time to support businesses through the global labour shortages Prime Minister Chris Hipkins says. The improved WHV, successfully negotiated alongside the NZ UK Free trade ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • 2023 Offshore Renewable Energy Forum, New Plymouth
    It seems like only yesterday that we launched the discussion document Enabling Investment in Offshore Renewable Energy, which is the key theme for this Forum. Everyone in this room understands the enormous potential of offshore wind in Aotearoa New Zealand – and particularly this region.  Establishing a regime to pave ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Milestone reached in crack down on gangs
    Police has reached a major milestone filing over 28,000 charges related to Operation Cobalt. “I’m extremely proud of the fantastic work that our Police has been doing to crack down on gangs, and keep our communities safe. The numbers speak for themselves – with over 28,000 charges, Police are getting ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New funding for Cyclone waste removal
    The Government will provide $15 million in the short term to local councils to remove rubbish, as a longer-term approach is developed, the Minister for Emergency Management Kieran McAnulty announced today. “Several regions are facing significant costs associated with residential waste removal, which has the potential to become a public ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government working faster and smarter to support response and recovery
    $15 million of immediate reimbursement for marae, iwi, recognised rural and community groups $2 million for community food providers $0.5 million for additional translation services Increasing the caps of the Community and Provider funds The Government has announced $17.5 million to further support communities and community providers impacted by Cyclone ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More Māori getting access to mental health and addiction services
    The Government’s approach of using frontline service providers to address inequities for Māori with mental health and addiction needs is making good progress in many communities, a new report says. An independent evaluation into the Māori Access and Choice programme, commissioned by Te Whatu Ora has highlighted the programme’s success ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

Page generated in The Standard by Wordpress at 2023-03-20T18:12:40+00:00