web analytics

Time for Nats to front up over lost dividends

Written By: - Date published: 9:58 am, November 5th, 2011 - 69 comments
Categories: privatisation - Tags:

Labour’s fiscal strategy takes National’s projections and adds or subtracts money for its policies. The clever thing is they alter the Nats’ projections to remove all the dividend revenue from assets they want to sell. How much is taken off National doesn’t affect if Labour gets back to surplus in 2014 – but it makes National’s projections more accurate. The Nats are complaining.

It’s totally dishonest of the Nats to have booked the revenue from asset sales (which, by the way, they don’t have a mandate for) but not the lost dividends. By Labour’s sums, $800 million of returns would be lost in the first four years and $11 billion by 2026.

English is complaining it’s too much. He reckons it’s $400 million in the first four years.

Well, let him produce the real numbers. Because, so far, he has resolutely refused to be up front with Kiwis about the cost of selling our assets.

It’s interesting that the Nats are only disputing $400m out of four years worth of budgets that total $300 billion. And not disputing Labour’s own numbers but how much Labour has pinged National for over the loss of dividends.

Labour has fronted up and said ‘National would avoid $3.6 billion of borrowing over the next four years for capital investment by selling assets, but we’re not going to sell those assets – so, yup, we’ll have to borrow $3.6 billion more than them to pay for those schools and hospitals but we’ll keep our assets and, in the long run, we’ll be a lot better off as a result.’ All National is arguing that Labour would have to borrow $4 billion more, not $3.6 billion.

That’s a pretty far cry from the $17 billion (or was it $14 billion, or $18 billion, or $11 billion) that John Key was saying during the week.

National has conceded that Labour’s numbers and Labour’s path to surplus are solid. All the Nats are whining about is being called out on how dishonest they have been with New Zealanders about the cost of their own asset sale plans.

Labour has put up an impressive set of numbers. National’s one angle of attack is now blocked and their momentum is stopped.

Now, let’s see Labour go after National over exactly how much we stand to lose in dividends if National sells our assets.

69 comments on “Time for Nats to front up over lost dividends ”

  1. Lanthanide 1

    I’d also like National to explain why, if the average dividend from the power companies is $300m, how they will manage to sell them for $5-7b. This would work out to a dividend of ~$150m on a sale price of $5-7b, or 3% to 2.1% return.

    Why would anyone pay such a large amount of money for such a low rate of return – I can get a 3.4% interest rate at Rabo right now.

    Either their sale price is highly inflated, or their reported dividend of $300m is low-balling the real dividends. Or both.

    • The dividend the companies pay is different to their earnings.
       
      The power companies have been reinvesting heavily and their worth has been going up considerably.  A considerable part of the earnings is retained rather than paid out.
       
      National’s analysis ignores this and tries to paint them as having a low return so that the loss is minimised.
       
      You are right Lanth, they are trying to low ball the real dividends because the decision does not look as stupid as it otherwise would.

      • Hami Shearlie 1.1.1

        By the time the kiwis wake up, our assets will be owned by overseas interests, and John Mon-Key will be sunbathing in Hawaii! Loyalty to country is not a trait I would bet on with the smiling simian!

    • Tom Gould 1.2

      This question has been asked before, a number of times, along with the one about booking the sale money and the post-sale dividends. Seem the Tory claim over the past few days is that the ‘hole’ in Labour’s numbers is $14b, and $11b, and $6b, and $1,6b. All claims are correct, simulaneously, it seems. Similar to their asset sale scam, which switched overnight from paying debt to funding election bribes. But there is not a single journalist, financial or political, who is allowed to touch it. The instruction is to re-elect Key. And that is what they will do. Outside the MSM, however, there is hope.

    • Draco T Bastard 1.3

      It’ll be both. Inflate the sell figure for the masses to make it look like we get a lot of money if we sell and deflate the income both to make it look like we’re not really losing a lot and to also push down the sale price. When we don’t get as much as expected they’ll just say it was the market that no one would pay so much for so little return.

    • TighyRighty 1.4

      Errr, wouldn’t that just be the return on the ~50% of the powere companies they are planning to sell instead of th whole lot?

  2. Jester 2

    Quick question. The Labour projected initial dividend of $800m. Will this be used to reduce debt or allocated for future policy? Not sure from the fiscal release the other day?

    • One Anonymous Bloke 2.1

      What a silly question. The fiscal release shows how a Labour-led government will pay down debt, year by year. Black numbers indicate pluses, red numbers denote minuses.
      Clear now?

      • Jester 2.1.1

        Its not as silly as you would presume.

        Im just looking at three seperate media releases stating that Labour “expect” to use in totality the retained dividends for 1) Investment back into SOE regeneration. 2) Future policy initiatives. 3) Debt reduction.

        Im not interested in the muddy waters of spreadsheets, but confused when 3 seperate ministers are trying to get electoral traction from the same block of capital.

        As a voter I think I should be informed on what is more important to labour when they make the decision to retain assets. Reinvestment(Goff)? Policy(Chauvel)? or Debt (Cunliffe)?

        • One Anonymous Bloke 2.1.1.1

          Well you answered your own question – three of their priorities are: 1) Investment back into SOE regeneration. 2) Future policy initiatives. 3) Debt reduction.
          What “muddy waters”? If you’re on Windows, go to Labour’s spreadsheet, then click “start (the start menu usually at the bottom left of your screen) -> all programs -> accessories -> Calculator”. That will bring up a calculator, and you can use that to check Labour’s sums. If you’re a little bit more internet and technically savvy, find a copy of “open office” and use it to recreate the spreadsheet yourself. It’s not difficult, it’s just time consuming.
          While you’re doing that, you will notice that Labour’s policies are costed line by line. So please, stop being so lazy and do some reading.

        • Draco T Bastard 2.1.1.2

          Im not interested in the muddy waters of spreadsheets, but confused when 3 seperate ministers are trying to get electoral traction from the same block of capital.

          That “block of capital” is measured in hundreds of millions of dollars per year which means that it’s possible to do all three with them.

          • Jester 2.1.1.2.1

            Thanks for that. It clear to me now that with all reputable commentators suggesting that the global economy is a long way from recovery a future labour govt has based part of its fiscal package on:

            A divend projection that is akshully three times more than treasurey projects.

            A 2.5% return when over fund lifespan is only returning 0.5% against cost of borrowing and YTD is akshully -11.75% the cost of borrowing.

            That bit seems abit reckless to me. But i do like the idea of keeping SOEs NZ owned. I do think its odd that we borrow offshore so we can retain SOE ownership then use the dividends to bolster a risk based investment fund that only invests 17% in New Zealand and 87% offshore for so little return or in this years case for a 11.75% loss. But i guess it will all come out in the wash.

            Clear as mud now. Cheers

            • Puddleglum 2.1.1.2.1.1

              So, your “quick question” at 2, phrased so innocently, was a set-up? You already knew your line of attack.

              As for NZSF performance, as you point out, in the middle of a prolonged recession the fund is still at 0.5% over the risk free rate of return, which is impressive.

              Your 11.75% ‘loss’ is also misleading. It’s for the July, August, September months in the 2011/2012 (June to June) year to date. The return for the full 2010/2011 year was +22.16%.

              Also, your figures of 17% investment in NZ and 87% invested offshore makes a remarkable 104% being invested. Truly impressive. In fact, as at end September 2011 the fund had 21% invested in NZ. (Not sure where you got the 17% figure?).

              As for the decision not to include the NZSF super fund in the net debt calculation for budget 2008, that was because the fund was being ‘set aside’ for pre-funding superannuation.

              As John Key has noted, we live in extraordinarily volatile times and it therefore makes sense to now see the fund as potentially accessible, given the extraordinary economic environment (you know, the worst global economic conditions in 80 years that Key keeps reminding us as justification for his government’s poor performance?).

              I’m surprised you don’t agree that the NZSF should, now (in these present dire, unprecendented circumstances), be included as part of the net debt calculation. Or are the circumstances not that dire and John Key is misleading us? 

        • Puddleglum 2.1.1.3

           when 3 seperate ministers

          Have you had a premonition, Jester? 

  3. freelunch 3

    James the $400 million is the first of some dodgy assumptions underpinning Labour’s package – and btw since the dividend losses are greater outside the first four years they have overestimated revenue by more from 2015/16 onwards. That said, the foregone revenue from mixed ownership is less than projected so they are either knowingly misleading the public or simply inept.

    They have also changed their accounting treatment of the Superfund from how they did when last in Government. They now include it within the net debt calculation when they didn’t before – why is that?

    The claim that the Fund will earn 2.5% above the cost of government borrowing is sham. Over the life of the fund it has only returned 0.5% over the cost of government borrowing. The 2.5% is its performance target over a time weighted 20 year period. Eight years in its nowhere near achieving that. Its performance YTD in 2011 is significantly worse than the cost of government borrowing. In fact YTD it’s -11.75% against the cost of government borrowing.

    http://www.nzsuperfund.co.nz/files/Fund_performance_to_30_September_2011.pdf

    I’m also curious as to people’s opinions about Labour maintaining National’s public service expenditure control and implications for jobs and maintaining the tight control on core health/education/justice expenditure which Labour etc has been saying leads to public service cuts. Why are Labour enacting tax cuts, the biggest part of their package, when allowing the above to occur?

    Teachers and nurses can’t be happy.

    [I’m not sure how much more clearly I can say this: the dividends don’t affect Labour’s fiscals, they affect National’s. And on the Superfund, Labour always used net debt including the NZSF. James]

    • freelunch 3.1

      Sorry James but Labour didn’t include the NZ Superfund when last in government as evidenced in the following quote from Budget 2008…

      “Financial assets of the NZS Fund are excluded from the calculation of net debt as they are set aside to partially pre-fund the future cost of New Zealand Superannuation.” Budget 2008

      http://www.treasury.govt.nz/budget/forecasts/befu2008/befu08-pt4of9.pdf

      And sorry the assumption about foregone dividends do effect Labour’s financials. Treasury’s estimate is $300 million foregone to the government at total implementation of mixed ownership. Not the $900 million that Labour is suggesting.

      http://www.treasury.govt.nz/budget/2011/supp2010is/b11-supp2010is.pdf

      Treasury goes on to state:

      …no significant ongoing impacts are expected on the operating balance from extending mixed ownership, with the impact of foregone dividends and retained profits being offset by lower interest expenses from reduced Crown borrowing. P. 25

      • mik e 3.1.1

        Thats the same argument nick smith used on the ACC fund as well the market will recover long term investment is not for the faint hearted
        WE know how accurate treasury is being the round tables publicly funded mouth piece
        The whole time National have been in power the Treasury have over estimated all figures related to Nationals policy and this is no different Underestimated Labours figures FACT
        Energy is the new Gold
        Renewable energy is the new diamond investment returns on the energy companies have been going up for ever since I can remember.
        Freelunch for Nationals corporate mates coming their way after the election
        Corporate Cronieism[welfare]

      • KJT 3.1.2

        National/Treasury forgot/lied about the re-invested dividends that will now go to private shareholders.

        The costs of readying assets for sale. Like NZRC. $300 million spent on it before being sold for 300 million. 300 million profit made by new owners after sale.

        And the cost of restoring asset stripped SOE’s to public ownership and functioning levels, after National say, “we are too far in debt, have to sell them totally”.

        14 billion a year. Plus the costs of restoring Air NZ and Rail.

      • In Vino Veritas 3.1.3

        freelunch 1, James 0. Nice work freelunch. Have a look at the late Roger Kerrs blog and his series on privatisation and loss of dividends. It pretty much demolishes Labours current arguments around asset sales and makes this thread moot.

        • Colonial Viper 3.1.3.1

          Kerr and his types made lots of profits from privatisation of state assets.

          And the loss of dividends to the tax payer occured because the dividends went straight into the pockets of private investors, like himself.

          No wonder he liked privatisation and the loss of state dividends.

          He made himself richer with them.

          • In Vino Veritas 3.1.3.1.1

            Colonial, I know our beliefs are different, but couldnt you just read Kerr’s series? You may be enlightened.

    • Draco T Bastard 3.2

      Ah, look at that, another RWNJ parroting C/T lines with absolutely no understanding of what he’s saying.

  4. Salsy 4

    I like Phil’s Merril Lynch calculator retort. I can just imagine it – It takes pension funds, taxes, govt savings, state assets, working peoples homes and investments and magically passes them on to the rich.. The Greek calculator might just do some wonky maths, but wonky and purposely decietful are worlds apart.

  5. Rijab 5

    National are holding the narrative on this issue, whether Labour’s figures are correct or not. Labour must find a way to retake the narrative of the election and get the focus back on who has better policies for our future; there is simply no point in continuing to throw mud over figures with the NATs. Each day that this argument continues is another day National retains 50% + in polling, people simply don’t and won’t believe Goff and Cunliffe over Key.

    …this is exactly what Lord Ashcroft was here for, and to be honest right now Key is pulling things off quite well with his stupid ‘witticisms’ that the media are crediting him for.

    • Tigger 5.1

      Hard to change a narrative that the MSM are driving. They’ve already declared National the victor. And they should be ashamed for their part in such an undemocratic display.

      They like to crow that they are free and fair but they’re not, they’re slaves to their corporate masters.

      • handle 5.1.1

        Labour won the first few days in most media coverage. Then they decided they could afford to stuff around over the figures when it was obvious the Nats were preparing to attacking those. Foot meet gun.

    • Draco T Bastard 5.2

      Labour must find a way to retake the narrative of the election…

      That’s a little difficult when the MSM don’t want that to happen and so ensure that it won’t.

      • Rijab 5.2.1

        so true …

      • TighyRighty 5.2.2

        Maybe if labour had something interesting to say, the media would publish it. Oh wait, the media do publish the interesting things labour says, it’s just that labour then goes and fucks it up. Every time. Without fail. So the media reports that too. It humours me no end that you see a media conspiracy when the media call it how they see it when labour don’t get it right and then the media magically become fair and balanced when it’s positive for labour, and the media are still just calling it as they see it.

        • RedLogix 5.2.2.1

          Labour has had all the interesting things to say. At least a dozen significant policy releases, from the introduction of a CGT, to raising the retirement age, to improved employment law, to the ChCh insurance and rebuild situation .. specific details on tax reform, elimination of GST on fruit and vege, no asset sales… right down to doubling funding for DOC (one that’s definitely got my vote.)

          Yet the well-paid hacks in the media have done nothing but sneer at any Labour does, while ignoring the fact that National has done almost nothing except give them nice fat tax cuts. Oh wait…

          • TighyRighty 5.2.2.1.1

            Really? I remember positive sentiment from the “well paid hacks” at the general thrust of most labours policies. It’s when the details get examined that the “sneering” as you eloquently put it starts. So going back to my earlier line of reasoning, labour fucks it up.

            You can’t get angry at the media when all they are doing is reporting what labour are doing and if neccessary pointing out why labour are getting it wrong.

            Have you read Lew’s post yet?

            • Colonial Viper 5.2.2.1.1.1

              Meh. Political parties make mistakes, National AND Labour.

              The MSM gloss over National’s, and focus on bs trivia around Labour’s.

              • TighyRighty

                Pardon? Phil Heatly vs Chris Carter. One resigned his cabinet position and did a mea culpa to the public in th media, one whined and told the media to piss off, which by extension is the voting public of new Zealand, and stop picking on him just because he’s gay.

                Maybe the media are going to be a bit more favourable to people who don’t view them as the enemy. Berating the media for reporting your fuck ups and general poor performance as it happens isn’t going to win you any friends.

        • Colonial Viper 5.2.2.2

          Yeah if your theory was right, when Key fucks up he too would get a hammering. But no, when he changes his numbers on Labour’s funding shortfalls from $17B to $16B to $14B back to $15B he gets a frakin pass, just another billion dollars up and down as he pleases.

          • mik e 5.2.2.2.1

            CV just Google merrill lynch toxic derivatives

          • TighyRighty 5.2.2.2.2

            You think that’s a fuck up the media should publish and comment on? Take your hand of it and try getting out in the real world.

            • Colonial Viper 5.2.2.2.2.1

              Oh a billion dollars up and down from day to day is no problem now? Just small cheese?

              You sound like one of the global bankster occupiers, just like John Key is.

              • TighyRighty

                Spare me from your stupidity. I’ll tell you why John Key didn’t fuck up with changing the amount he believed labours policies would cost th country. They aren’t national party policies.

                • KJT

                  That “show me the money” comment was in itself a lie. Key knew that Labour policies were costed within an inch. Unlike his borrow and hope.

                  • TighyRighty

                    An inch? If they were that finely costed, why did phil founder completely? How come he had nothing at all, not even approximate numbers? He didnt need I be spot on as it was a debate, but he needed something. you’d think that if they had costings that were within an inch he would have had some idea. But he didn’t, so they arent.

                    • Colonial Viper

                      It was work in progress and Phil doesn’t like to make shit up on the spot like Key does.

                    • TighyRighty

                      No, Phil just wants to whack it on the bill like in 2009. He’s had three years to get it right. Three weeks foot from a collection and phil can’t bring up any of the details on any of his costs in a debate? If you think that’s a good sign, nope, no need to say it. We already know how much of an idiot you are.

                • Colonial Viper

                  Key shifted his numbers back and forth like a yoyo. The MSM did not pull him up on it, the good ol lap dogs that they are.

                  They should have questioned him at length where his numbers were from and why he was shifting them at will.

                  A billion dollars up one day, a billion dollars down the next. Not a trivial matter, when it comes from the mouth of the NZ PM.

                  • TighyRighty

                    These aren’t the numbers for nationals policy, they are for labours policy. so why should John Key have to know more about labours policy costings than labour itself does? The media might question why John Key was a billion up or a billion down on alternate days about his own policies, but not the oppositions.

                    Idiot.

                    • Colonial Viper

                      So you’re saying that the National PM is enabled by the MSM to make billion dollar numbers up and not be held to account for what comes out of his mouth?

                      And that it is OK that he makes those numbers up even though he doesn’t know the details of Labour Party policy?

                    • TighyRighty

                      The prime minister spoke at the same debate as phil goff and had a better grasp of labours figures than phil goff did. You can call that enabling i guess. Phil was also enabled by the msm to show he did had the costings, but instead the public was enabled by the media to see that phil goff didn’t know shit about how much his policies would cost.

                      Seeing as labour managed to make most of their numbers about their own policies up, I’d say yes, it’s fine for John Key to have a guesstimate about how much labour party policies would cost the country. We should borrow trillions to invest in the super fund if you follow labours logic.

                • One Anonymous Bloke

                  Typical moronic right-wing bullshit.
                  Key was claiming there was a problem with Labour’s costings. It is up to him to make his case, but when he started lying about the figures, it was obvious he didn’t have one. That being the case, the “news” was in fact: “New Zealand Prime Minister caught in a lie.”

                  • TighyRighty

                    He didn’t have a case? Yes he did, labour are going top borrow more than national over the next three years. There is no lie there, labour themselves admitted it. The question is by how much, John Key shouldn’t have to know more about labours policies than phil goff, but he does.

                    • Colonial Viper

                      John Key needs to be held to account for making up numbers that he didnt actually know.

                      Most honest people, when they don’t know shit, keep their mouth shut.

                      The MSM needs to pay attention and question Key on the billion dollar numbers he keeps uttering.

                    • TighyRighty

                      Phil Goff needs to be accountable for the fact that John Key knows more than phil goff about the costs of labours policies.

                    • Colonial Viper

                      John “Billion Dollars Up One Day, Billion Dollars Down the Next” Key

                      Boy our PM is a real financial speculator

                    • TighyRighty

                      What’s a billion when labours got the cheque book? Only an extra billion in debt would almost be a relief if labours in power.

    • marsman 5.3

      Key has turned the election campaign into a circus so he won’t have to front up to the real issues. If in doubt act the clown. He needs to be stopped in his tracks, wherever he goes people should chant ‘show me the jobs son, show me the jobs’ and ‘ stop lying to us’.

    • Hami Shearlie 5.4

      Maybe Labour should be publicly asking questions about National’s involvement with “Lord”(grubby bought-and-paid-for title ) Ashcroft. He’s decidedly dodgy, seemingly avoiding paying his tax by living anywhere else. The Tories in the uk are rapidly distancing themselves from him! Even the business people in the uk are apparently aghast at his business practices! Mon-Key sure looks shifty when you bring up the name of Ashcroft, noticed that?

  6. One Anonymous Bloke 6

    Akshully I think this strategy might akshully rebound on Brand Key. Labour’s figures are solid. The area in which Brand Key’s figures are dodgy is the most unpopular of their policies – asset sales – if the narrative focuses on the dishonesty implicit in their numbers, on top of the bankruptcy of their ideas, this will be a plus for Labour.

  7. Hilary 7

    Economist on RNZ this morning predicting the collapse of global capitalism by 2014 – ie during next parliamentary term. Commentators should be asking parties about their policies for this.
    I would be prepared to bet that if things get really tough and messy that Key won’t stick around.

  8. mik e 8

    He’ll get his old job back
    Toxic derivatives salesman @ Merrill Lynch
    Merrill Lynch’s $74 trillions in US dollars of Toxic Derivatives ,Now the BOA’s Toxic Derivatives could cause this Melt down because their ashcually worth Zilch.
    Bank of America are trying to foist them onto the US taxpayer either way this ponzi scheme Which Jinxed Key hand in as the Currency trading arm of ML was deeply involved in this Ponzi SchemeThis $74 trillion US will be the biggest loss in financial history We johnny Will have to take a $5 million dollar hair cut while the rest of us take a hair cut with him.

    • Colonial Viper 8.1

      ML is holding $74T of potential derivative liabilities? Where did you get that figure?

      It seems large – I might have accepted a figure 1/4 that…

  9. Hami Shearlie 9

    If he stays in Govt he’ll be scalped by the public, so no haircut needed- savings: $5 million! The blind trust will be ecstatic!

  10. One Anonymous Bloke 10

    National’s Johnkey figures are a good attack line for Labour, but a better one is “show me the jobs”. By all means run both of them, but until the meeja hire someone who can do sums, they’re just going to run he said she said stories on the costings.

    It’s high time we had genuinely independent media on the BBC model (and I bet we can improve on that), especially since it returns a profit to the taxpayer.

    • Hami Shearlie 10.1

      And, what constitutes a “job” according to National – how many hours a week? I heard Paula Bennett say recently that there will be jobs available doing housework etc – to help old people to stay in their homes – but National has savagely cut the hours for home help for the elderly? Mary Wilson really got Paula on the ropes on Checkpoint the other night – that needs to happen more often to National MPs, notice many of them turning up to public meetings to debate? Very, very few! Especially not Paula!

  11. randal 11

    hey micky s. its typical national party behaviour to sell the states assets after the re-investment has gone in so the oiks wont have to pay for that . If there is any fat they will slice that off and keep it for themselves.

    • In Vino Veritas 11.1

      randal, you may recall that Phil Goff has sold over $9 billion of assets. Key has yet to sell any.

  12. Tombstone 12

    Tell me Key is not planning on selling Air New Zealand assets …. !

Recent Comments

Recent Posts

  • Australian Foreign Minister to visit Aotearoa New Zealand
    Foreign Minister Nanaia Mahuta announced today that Australian Foreign Minister Hon Marise Payne will visit Aotearoa New Zealand for the first face-to-face Foreign Ministers’ Consulations since the COVID-19 pandemic began. “Australia is New Zealand’s closest and most important international partner. I’m very pleased to be able to welcome Hon Marise ...
    BeehiveBy beehive.govt.nz
    1 hour ago
  • Border exceptions will see more families reunited
    Hundreds more families who were separated by the border closure will be reunited under new border exceptions announced today, Immigration Minister Kris Faafoi said. “The Government closed the border to everyone but New Zealand citizens and residents, in order to keep COVID-19 out, keep our economy open and keep New ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • “He Taniwha He Tipua, He Tipua He Taniwha – The Dragon and the Taniwha”
    Hon Nanaia Mahuta, Foreign Minister 8.30am, 19 April 2021 [CHECK AGAINST DELIVERY] Speech to the NZCC Korihi Pō, Korihi Ao E rongo e turia no Matahau Nō Tū te winiwini, Nō Tū te wanawana Tū Hikitia rā, Tū Hapainga mai Ki te Whai Ao, Ki te Ao Mārama Tihei Mauri ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Backing sustainable wool carpets to create a compelling yarn for New Zealand’s strong wool sector
    The Government is supporting a new project with all-wool New Zealand carpet company, Bremworth, which has its sights on developing more sustainable all-wool carpets and rugs, Agriculture Minister Damien O’Connor announced.  The Ministry for Primary Industries is contributing $1.9 million towards Bremworth’s $4.9 million sustainability project through its Sustainable Food ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • New Zealand provides support to Timor-Leste for flooding and COVID-19 surge
    New Zealand is providing further support to Timor-Leste following severe flooding and the recent surge in COVID-19 cases, Foreign Affairs Minister Nanaia Mahuta announced today. “Our thoughts are with the people of Timor-Leste who have been impacted by the severe flooding and landslides at a time when the country is ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • WHANAU OF MĀORI BATTALION SOLDIERS REUNITED WITH MEDALS
    A ceremony has been held today in Gisborne where the unclaimed medals of 28 (Māori) Battalion C Company soldiers were presented to their families.   After the Second World War, returning service personnel needed to apply for their medals and then they would be posted out to them.  While most medals ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • SolarWinds compromise attributed to Russian state actor
    New Zealand has today added its voice to the international condemnation of the malicious compromise and exploitation of the SolarWinds Orion platform. The Minister Responsible for the Government Communications Security Bureau, Andrew Little, says that New Zealand's international partners have analysed the compromise of the SolarWinds Orion platform and attributed ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Queenstown roading project given fast track approval
    An expert consenting panel has approved the Queenstown Arterials Project, which will significantly improve transport links and reduce congestion for locals and visitors in the tourism hotspot.   Environment Minister David Parker welcomed the approval for the project that will construct, operate and maintain a new urban road around Queenstown’s town ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Screen industry secures landmark project
    Economic and Regional Development Minister Stuart Nash says a landmark deal has been agreed with Amazon for The Lord of the Rings TV series, currently being filmed in New Zealand. Mr Nash says the Memorandum of Understanding (MoU) secures multi-year economic and tourism benefits to New Zealand, outside the screen ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Report into review of health response to lead contamination released
    The Government welcomes the findings from a rapid review into the health system response to lead contamination in Waikouaiti’s drinking water supply. Sample results from the town’s drinking-water supply showed intermittent spikes in lead levels above the maximum acceptable value. The source of the contamination is still under investigation by ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ Upgrade Programme revs up economic recovery
    Transport Minister Michael Wood today marked the start of construction on the New Zealand Upgrade Programme’s Papakura to Drury South project on Auckland’s Southern Motorway, which will create hundreds of jobs and support Auckland’s economic recovery. The SH1 Papakura to Drury South project will give more transport choices by providing ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech releasing the Digital Council's report 'Towards Trustworthy and Trusted Automated D...
    CHECK AGAINST DELIVERY  E ngā mana, e ngā reo, e ngā karanga maha o te wa, tēnā koutou, tēna koutou, tēna tātou katoa. Ki ngā mana whenua, ko Ngāi Tahu, ko Waitaha, ko Kāti Māmoe  anō nei aku mihi ki a koutou. Nōku te hōnore kia haere mai ki te ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Green light for 10 minute e-bus to Auckland Airport
    Transport Minister Michael Wood today marked the completion of upgrades to State Highway 20B which will give Aucklanders quick electric bus trips to and from the airport. The State Highway 20B Early Improvements project has added new lanes in each direction between Pukaki Creek Bridge and SH20 for buses and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Review into greyhound racing announced
    The Government is putting in place a review of the work being done on animal welfare and safety in the greyhound racing industry, Grant Robertson announced today. “While Greyhound Racing NZ has reported some progress in implementing the recommendations of the Hansen Report, recent incidents show the industry still has ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Road safety boosted by increased penalty for mobile use while driving
    The infringement fee for using a mobile phone while driving will increase from $80 to $150 from 30 April 2021 to encourage safer driving, Transport Minister Michael Wood announced today. Michael Wood said too many people are still picking up the phone while driving. “Police issued over 40,000 infringement notices ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Pacific mental wellbeing supported across Auckland and Wellington
    Pacific people in New Zealand will be better supported with new mental health and addiction services rolling out across the Auckland and Wellington regions, says Aupito William Sio.  “One size does not fit all when it comes to supporting the mental wellbeing of our Pacific peoples. We need a by ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Fresh approach proposed to Smokefree 2025
    New measures are being proposed to accelerate progress towards becoming a smokefree nation by 2025, Associate Minister of Health Dr Ayesha Verrall announced. “Smoking or exposure to second-hand smoke kills around 12 people a day in New Zealand. Recent data tells us New Zealand’s smoking rates continue to decrease, but ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Govt expands Mana Ake to provide more school-based mental wellbeing support
    More children will be able to access mental wellbeing support with the Government expansion of Mana Ake services to five new District Health Board areas, Health Minister Andrew Little says. The Health Minister made the announcement while visiting Homai School in Counties Manukau alongside Prime Minister Jacinda Ardern and Associate ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Record Number of People Move Into Work
    The Government’s COVID-19 response has meant a record number of people moved off a Benefit and into employment in the March Quarter, with 32,880 moving into work in the first three months of 2021. “More people moved into work last quarter than any time since the Ministry of Social Development ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Significant global progress made under Christchurch Call
    A stocktake undertaken by France and New Zealand shows significant global progress under the Christchurch Call towards its goal to eliminate terrorist and violent extremist content online.  The findings of the report released today reinforce the importance of a multi-stakeholder approach, with countries, companies and civil society working together to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New chair of interim TAB NZ Board appointed
    Racing Minister Grant Robertson has announced he is appointing Elizabeth Dawson (Liz) as the Chair of the interim TAB NZ Board. Liz Dawson is an existing Board Director of the interim TAB NZ Board and Chair of the TAB NZ Board Selection Panel and will continue in her role as ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government to phase out live exports by sea
    The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high standards of animal welfare. We must stay ahead of the ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Workshop on Lethal Autonomous Weapons Systems – opening remarks
    WORKSHOP ON LETHAL AUTONOMOUS WEAPONS SYSTEMS Wednesday 14 April 2021 MINISTER FOR DISARMAMENT AND ARMS CONTROL OPENING REMARKS Good morning, I am so pleased to be able to join you for part of this workshop, which I’m confident will help us along the path to developing New Zealand’s national policy on ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Inter-prison kapa haka competition launched
    For the first time, all 18 prisons in New Zealand will be invited to participate in an inter-prison kapa haka competition, Corrections Minister Kelvin Davis announced today. The 2021 Hōkai Rangi Whakataetae Kapa Haka will see groups prepare and perform kapa haka for experienced judges who visit each prison and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government takes step forward on counter terrorism laws
    The Government has introduced the Counter-Terrorism Legislation Bill, designed to boost New Zealand's ability to respond to a wider range of terrorist activities. The Bill strengthens New Zealand’s counter-terrorism legislation and ensures that the right legislative tools are available to intervene early and prevent harm. “This is the Government’s first ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Carbon neutral government a step closer
    Coal boiler replacements at a further ten schools, saving an estimated 7,000 tonnes of carbon dioxide over the next ten years Fossil fuel boiler replacements at Southern Institute of Technology and Taranaki DHB, saving nearly 14,000 tonnes of carbon dioxide over the next ten years Projects to achieve a total ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Appointment of Chief Parliamentary Counsel
    Attorney-General David Parker today announced the appointment of Cassie Nicholson as Chief Parliamentary Counsel for a term of five years. The Chief Parliamentary Counsel is the principal advisor and Chief Executive of the Parliamentary Counsel Office (PCO).  She is responsible for ensuring PCO, which drafts most of New Zealand’s legislation, provides ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Emissions report shows urgent action needed
    Every part of Government will need to take urgent action to bring down emissions, the Minister for Climate Change, James Shaw said today in response to the recent rise in New Zealand’s greenhouse emissions. The latest annual inventory of New Zealand’s greenhouse gas emissions shows that both gross and net ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • NZ becomes first in world for climate reporting
    Commerce and Consumer Affairs Minister David Clark says Aotearoa New Zealand has become the first country in the world to introduce a law that requires the financial sector to disclose the impacts of climate change on their business and explain how they will manage climate-related risks and opportunities. The Financial ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Awards celebrate the food and fibre sector employer excellence
    Exceptional employment practices in the primary industries have been celebrated at the Good Employer Awards, held this evening at Parliament. “Tonight’s awards provided the opportunity to celebrate and thank those employers in the food and fibres sector who have gone beyond business-as-usual in creating productive, safe, supportive, and healthy work ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Tourism Infrastructure Fund now open
    Applications are now invited from all councils for a slice of government funding aimed at improving tourism infrastructure, especially in areas under pressure given the size of their rating bases. Tourism Minister Stuart Nash has already signalled that five South Island regions will be given priority to reflect that jobs ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Electricity Networks Association (ENA) Annual Cocktail Speech 2021
    Tēnā koutou e ngā maata waka Tenā koutou te hau kāinga ngā iwi o Te Whanganui ā TaraTēnā koutou i runga i te kaupapa o te Rā. No reira, tēnā koutou, tēnā koutou, tēnā tatou katoa.  It is a pleasure to be here tonight.  Thank you Graeme (Peters, ENA Chief ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Construction Skills Action Plan delivering early on targets
    The Construction Skills Action Plan has delivered early on its overall target of supporting an additional 4,000 people into construction-related education and employment, says Minister for Building and Construction Poto Williams. Since the Plan was launched in 2018, more than 9,300 people have taken up education or employment opportunities in ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Youth Justice residence offers new pathway
    An innovative new Youth Justice residence designed in partnership with Māori will provide prevention, healing, and rehabilitation services for both young people and their whānau, Children’s Minister Kelvin Davis announced today.  Whakatakapokai is located in South Auckland and will provide care and support for up to 15 rangatahi remanded or ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • The Duke of Edinburgh
    Prime Minister Jacinda Ardern today expressed New Zealand’s sorrow at the death of His Royal Highness The Prince Philip, Duke of Edinburgh. “Our thoughts are with Her Majesty The Queen at this profoundly sad time.  On behalf of the New Zealand people and the Government, I would like to express ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Five Country Ministerial Communiqué
    We, the Home Affairs, Interior, Security and Immigration Ministers of Australia, Canada, New Zealand, the United Kingdom and the United States of America (the ‘Five Countries’) met via video conference on 7/8 April 2021, just over a year after the outbreak of the COVID-19 global pandemic. Guided by our shared ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Inspiring creativity through cultural installations and events
    Arts, Culture and Heritage Minister Carmel Sepuloni has today announced the opening of the first round of Ngā Puninga Toi ā-Ahurea me ngā Kaupapa Cultural Installations and Events. “Creating jobs and helping the arts sector rebuild and recover continues to be a key part of the Government’s COVID-19 response,” Carmel ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Drug-testing law to be made permanent
    Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. Research by Victoria University, on behalf of the Ministry of Health, shows that the Government’s decision in December to make it legal for drug-checking services to operate at festivals ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Better rules proposed for freedom camping
    Public consultation launched on ways to improve behaviour and reduce damage Tighter rules proposed for either camping vehicles or camping locations Increased penalties proposed, such as $1,000 fines or vehicle confiscation Rental companies may be required to collect fines from campers who hire vehicles Public feedback is sought on proposals ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government backs Air New Zealand as Trans-Tasman bubble opens
    The Government is continuing to support Air New Zealand while aviation markets stabilise and the world moves towards more normal border operations. The Crown loan facility made available to Air New Zealand in March 2020 has been extended to a debt facility of up to $1.5 billion (an additional $600 ...
    BeehiveBy beehive.govt.nz
    1 week ago