web analytics

Today’s Economic Roundup

Written By: - Date published: 10:16 am, March 10th, 2011 - 33 comments
Categories: business, economy, monetary policy - Tags:

The Reserve Bank has this morning slashed interest rates by 0.5%.

This is good news for mortgage-owners as the major banks have dropped their floating rates by the same amount.  It is less good news for drivers as this will continue the slide of the kiwi dollar, and the ever-rising oil prices will rise even faster in New Zealand dollar terms.  Expect to hit record petrol prices within a couple of weeks.

Bernard Hickey worries the cut will lock in inflation, with it already forecast to shortly rise over 5%.  Briscoes were already suggesting a lean year for importing retailers as people don’t buy and the rise in dollar cuts margins.

The Reserve Bank felt compelled to make the cut as the earthquake will mean that the likely 2 quarters of recession (last half of 2010, cause: National’s policies) will become a definite 3 quarters of recession as the earthquake wipes out any chance of improvement in the first part of this year.   And it’s also good news for our farmers with record commodity prices combining well with a weaker dollar meaning they get more NZ$ for their output.  Indeed a weaker dollar is generally better for the economy as it helps our exporters and discourages us from buying foreign goods – that’s why China keeps the yuan artificially low.

Away from that, with Auckland suffering a housing shortage, 15,000 families awaiting a Housing NZ home, and now 10,000 homes in Christchurch destroyed and needing replacing, Sovereign Homes has gone into liquidation due to a lack of new building.  Formerly employed skilled tradesmen are joining the exodus overseas.  Like a number of firms, Sovereign struggled through 2008 & 2009, only to be taken out by National’s double-dip recession.  Economists expect more firms to follow suit.

33 comments on “Today’s Economic Roundup”

  1. Sanctuary 1

    We’ve got an economy under the strain of surging inflation and a double dip recession. Bill English’s only “solution” seems to be the final solution.

    After three years of National we’ve got the most serious economic death spiral on our hands since the 1930’s. What is worse, Bill English and John Key are in total denial – they are actually claiming people are better off! Jesus wept.

    They have not got a single idea what to do next, beyond more from the Herbert Hoover playbook of economic disaster.

    • ZeeBop 1.1

      We have a housing shortage, a exodus of skills, a government that excels in adding extra uncertainty to the mix in their useless leadership of delusion and lies. Citizens make our economy and citizens are voting with their feet heading for the airport. National think nothing about raiding savings, pushing wages lower, pouring water on safety nets forcing employees to travel with a larger financial buffer and hold off buying a home. Oil prices are up again! National have done nothing for two years as everyone knew they would return! How can anyone still trust National?

  2. Colonial Viper 2

    Stagflation

    Strangely, many economists don’t think it can happen (according to their BS monetary theories), but those who do often see it as a result of a massive bubble bursting resulting in high unemployment yet increasing prices from the left over concentrated wealth of the bubble.

    http://en.wikipedia.org/wiki/Stagflation

    Bill and John won’t know how to cope with this situation. They have a couple of months tops to set things right or the next Labour Govt will have a shitload of firefighting work to do next year.

    • Rosy 2.1

      “Strangely, many economists don’t think it can happen”
      Weren’t they around in the 1970s?

      • Colonial Viper 2.1.1

        Yes you are quite correct. They didn’t think it could happen at that time, and then it did happen, (after which of course they had to concede it was a possibility) but their theories AFAIK are still extremely uncertain as to what caused it and whether it could happen again.

        The original idea was simple – in times of high unemployment, aggregate demand in the economy would fall, hence inflation would be low. That’s not the way it panned out in the 1970’s as you know. Rising fuel prices then (oil shocks) were a major contributor. And we may be facing oil shocks again in the next year.

        • Bored 2.1.1.1

          History never repeats….yeah right.

          The vast majority of economists follow the established orthodoxy, which I say cynically is very linked to their paymasters best interests. This gives a massive incentive to remain orthodox even when all evidence is to the contrary, selective vision being the symptom. Its been the same with tea leaf readers, chickens entrail examiners and other high priests since forever.

          One thing the economists are going to find very hard to get their thinking around is not only stagflation but also the end of “growth” as they currently measure it. Schumakers Small Is Beautiful is a good place for them to start.

        • The Economic Illiteracy Support Group 2.1.1.2

          In this case the cause of stagflation is easy to spot – there are hard limits being reached on essential economic inputs such as oil and metals, which is driving up import prices. This is effectively “imported inflation” which is 100% resistant to any Reserve Bank policies; the inflation due to demand outrunning supply in the world markets will occur no matter what the interest rates are in NZ.

          So we are stuck in a strange hybrid world – the external economy is inflating as demand outruns supply, but the internally traded NZ economy is heavily deflationary as local growth contracts; hence stagflation. The effect can be seen in your weekly grocery bill (or petrol tank fill) where anything that is traded internationally as a commodity (petrol, milk, wheat) or which depends on one of those commodities as an input is rapidly increasing in price. On the other side of the equation, the value of locally produced goods and services that are not critically dependent on commodities (say, a haircut) are decreasing in value as too much supply chases too little demand. This will continue until demand destruction due to high prices in the commodity markets occurs, and prices fall internationally, eventually flowing through to the local NZ economy.

          Thankfully Alan Bollard is not the extremist ideologue that Don Brash was, and seems to recognise that the internal deflationary challenges are where he should be focusing his attention, rather than trying to choke off imported inflation by increasing interest rates (which is an insane policy almost by definition).

          And just as an aside, the country’s experience over the last 12 months indicates that strongly rising prices for our international commodities (i.e. dairy) completely fail to flow through to the wider economy. The benefits of high dairy prices are felt amongst Fonterra’s 11,000 shareholders and their direct suppliers, but not much wider than that If commodity prices were a magic bullet, the country would not have gone into recession in the fourth quarter of last year.

          • Colonial Viper 2.1.1.2.1

            This will continue until demand destruction due to high prices in the commodity markets occurs, and prices fall internationally, eventually flowing through to the local NZ economy.

            Unfortunately when we talk about “demand destruction” surrounding dairy, hort and ag products we’re basically talking about starvation in many quarters of the developing world, combined with food poverty in the developed world. Yeah that should be an oxymoron I know.

            • The Economic Illiteracy Support Group 2.1.1.2.1.1

              Given that the current neoliberal orthodoxy only allows one kind of rationing – price – I think you’re entirely right. I do wonder what people in a few hundred years time will think of that kind of moral bankruptcy.

    • Draco T Bastard 2.2

      From what I can make out, stagflation is a result of the fact that fixed costs cannot be removed. This means that every business needs a minimum income to cover those costs but, with rising unemployment, more and more people spend less reducing turnover which means that profit on each individual item needs to be higher to get the same total return.

      Businesses are putting up prices to cover their fixed costs (which are also rising) as turnover reduces due to unemployment and laying off people to minimise their variable costs which reduces turnover.

      • Herodotus 2.2.1

        DTB not just fixed costs – So not only are nontradables going up e.g. power, rates. But also what our economy is based on oil, but this is compounded by the commencement of a devaluing currancy, which then negates what has previously kept inflation low – Imported consumables.
        In your “with rising unemployment, more and more people spend less reducing turnover which means that profit on each individual item needs to be higher to get the same total return.” there are only a very few industries that are able to do this – primarily The Banks, Power coys, potentially supermarkets . Around either 7:15 or just after 8:00 on ZB there was a spokesperson for NZIER and Bank economist talking about chances of OCR cut. The NZIER even commented regarding the banks ongoing profitable levels being maintained.

        • Colonial Viper 2.2.1.1

          Banks have become a parasitic leach on the economy.

          Even as the host turns anaemic and pale they keep sucking at the same rate.

  3. Pascal's bookie 3

    P1)We have an independent reserve bank tasked soley with monetary stability.

    P2)We have inflation running at around 4-5%

    P3)The official base rate was just cut to 2.5%, or about half the current inflation rate.

    ergo

    C) Is that the time? Goodness me.

  4. Bored 4

    For all you watchers of trends….the DOW Jones average which was at 14000 in October 2008, crashed to around 7000 in March 2009. With the bailout it has run back up to 12000 today.

    Oil in September 2008 spiked to US$120 per barrel…it has increased in the last month by 20% to US$105, with Brent Crude reaching US$118. Concurrently corn has increased in price during the last year by 93%.

    We in NZ are at the periphery of the empire. They sneeze, we catch colds. Draw your own conclusions.

  5. Salsy 5

    The company i work for just announced we are going to be forced to do a 4 day week. It feels like the beginning of the end – theyve been losing money for a while now. My partner works so if i lose my job we still survive plus I can freelance. What worries me the most, is all the people who have families and mortgages depending on that income, really sad…

    • Colonial Viper 5.1

      Can the company do better than it is at the moment?

      Could the employees buy it out for nothing and turn it into a worker owned co-op?

      • neoleftie 5.1.1

        ohhh that is interesting..actaully if the govt can loan money to the mediacorp then why not set up a fund at no or small interest and loan it for start-up worker Co-ops.
        Will look for productivity figures based on Co-ops vs traditional ownership models

  6. neoleftie 6

    well the oucome is looking increasingly dark – did you notice the bodylanguage and language of bollard – “Uncertainity”, “I hope” and “unknown” were some of the words used to discribe the current economic situation. Cutting the ORC is all well and good but wage rise pressure ( RAISED MIN WAGE ) and increased import prices are all causing inflationary effects.
    The system is very very unbalanced and spiraling downwards.
    Interest rate have fallen already in response to the fall in the ORC but this just wont stimulate internal business investment to the levels needed to stabilise the job market, decrease unemployment and in turn increase private spending. Businesses are struggling now, profits down,..spiraling out control..

    Tories are in a massive bind now..
    1) can they reprioritise spending without casuing unemplyment to rise? ( peter to paul )
    2) can they borrow more to prop up the economy? prudent advice suggests no.
    3) they cant cut the tax rake as there is a projected short-fall over the next 3 years.
    4) the cant print more – too many inflationary influencers now.

    options anyone???
    Look to cunliffe to expand the tax rake
    – tax short-term monetary flows.

    • Zaphod Beeblebrox 6.1

      If you adopt 4) you don’t need to worry about 2). The increased tax take due to improved spending will mean you don’t need to worry about 1) or 3) either.

      What about inflation you say? Well things like oil prices, food prices and insurance aren’t affected by anything they do- so whats the harm, its not like NZ businesses or strapped for work and customers at the moment.

    • Colonial Viper 6.2

      The Tories actually have some options, but they will not consider them seriously because they are ideologically incongruent with what National has already planned out.

      As someone else mentioned today, large portions of the inflation NZ is experiencing is imported inflation. Nothing we do onshore is going to affect that. Food prices are high because we are being forced to pay global rates, not because we are willing and able to pay more for milk. Changes in the OCR or printing money won’t change that. Petrol is high because we are being forced to pay global rates, not because we are able and willing to pay more for premium. Changes in the OCR or printing money won’t change that.

      Further, why should annual inflation of 5% or 6% be considered a problem, when unemployment at close to 7% is no big deal?

      What I would suggest –

      1) Tax and spend. Create direct employment, bump up benefits, expand services and facilities for citizens, lower the low band income tax rate. This will push money into the economy.

      2) Destroy debt. Print every adult NZ citizen a cheque for $1000 which can be used only to pay down bank and utilities debt incurred before 2011. (A slightly higher level of inflation destroys debt faster as well).

      3) Low interest, low fee loans to productive enterprises for capital equipment. (e.g. through KiwiBank)

      If it becomes necessary to control inflation.
      – Jack up the income tax rate on higher earners and middle income
      – Raise bank CFR
      – Increase compulsory element of KiwiSaver.
      – Make it harder to qualify for personal loans and loans for 2nd and 3rd properties.

      In general we also have to reduce our use of oil because oil is gonna be very expensive.

      edit – I see Zaphod you made some similar points

      • neoleftie 6.2.1

        Yes CV but tax who and at what rate? realistically.
        We cant print money as this is hugely inflationary, obviously we face enough inflationary measure offshore that is impacting on consumable prices lessening spending.
        This is hunker down / batten the hatches time for the private sector facing huge uncertainity.
        The state must step up expenditure but how?
        See we are in a bind even with the ten billion of offshore insuance money that is going to flood into the economy in about 6 – 18 months

        • Rosy 6.2.1.1

          A robin hood tax I’m still trying to see the downside on this. The financiers that caused the problem shoulder some of the burden.

          • neoleftie 6.2.1.1.1

            that Rosy is something that all those of the wide left totally agree about…ping the hotmoney men, the speculators who just take take take and do nothing for the common person apart from massive contributions in private spending.

            • Rosy 6.2.1.1.1.1

              Meanwhile we sit on our hands waiting for Labour to provide more background on their economic policy.

              • Herodotus

                A robin hood tax I’m still trying to see the downside on this. Whilst we have a base current aqcount deficit – Sure since Nat got in this has reduced from 8% to about 2%. Much of this is attributable to that NZ took heed of our debt problem, many individuals/families cut expenditure and reduced debt due to the foreseable looming issue that is here. Uncertainity of jobs.
                The issue is globalisation – NZ legistales for this tax – Multi nats look else where where their money earns greater returns for marginal risk (remember that as our debt levels increase and there are only a few industries that ean there way here) our risk profile increases and we pay premiums for offshore money. So there is potential exit offshore NZ then goes back to the late 70’s when govt had to control money flows. Farmers had to have offshore $ to buy cars machinery etc. How else could this effect us – lack of immigrants wanting to enter, lack of repatriation, reduced offshore technol;ogy e.g. up to date medical facilities. And unlike your link NZ is not a financial hub yet ( it will come JK has this as an aim ) with institutionalised banking system as London is.
                then there are multi nat who just float around the world utilising arbitage leverage to pick and choose what is best for them. e.g.
                http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html
                defination of Arbitage Leverage for assistance
                http://en.wikipedia.org/wiki/Arbitrage
                Unfortunately we are price takers, having to accept whatever the world will offer to us, not price setters.
                And printing more $$ does not contribute much to the money supply. Think of all the kiwi$ that have been created out of nowhere bythe banks
                http://www.economicshelp.org/blog/inflation/money-supply-inflation/
                http://en.wikipedia.org/wiki/Money_supply
                Must be getting late and I am being lazy 2 wiki links in one post !!!

                • Rosy

                  These links make me even keener on a transaction tax limited to speculative financial transactions.
                  “The German and French governments are both pushing this; Austria and Spain are in support and today the European parliament threw its weight behind a tiny tax on financial transactions that could help us fulfil our commitments to tackling poverty and climate change, and help prevent such huge cuts in public spending…The European politicians voted on resolutions that concluded that if imposing the financial transaction tax worldwide was too difficult, then the EU should press ahead and impose it at a European level.”

                  Even the IMF believe financial institutions should be subject to new taxes, although it favours a bank levy and a financial activities tax on the sector’s profits and pay . Although as you point out banks can avoid profit-based taxes as Barclays has shown. A tax on speculative transactions would be far harder to avoid.

        • Zaphod Beeblebrox 6.2.1.2

          Govt bonds, low interest rates or printing money. What’s the diff?

          • neoleftie 6.2.1.2.1

            depends on the mix and inflationary affect

            • Zaphod Beeblebrox 6.2.1.2.1.1

              With low interest rates the money is borrowed from off-shore with the others you don’t have to borrow a cent. If you have excess human and economic capacity I really don’t see whats the problem with creating more of your currency.

              The US Fed did it and are they are hardly having horrendous inflationary problems.

              Japan responded to their economic slowdown in the 1990s by choking off government spending and they ended up with zero interest rates and virtual deflation- didn’t work out well for them.

        • Colonial Viper 6.2.1.3

          In an industrialised productive economy with high unemployment printing money is not inflationary.

          If that money is used to destroy debt for instance, and not put into general spending, it definitely is not inflationary.

          If that money is put into productive equipment, it definitely is not inflationary.

          You asked who we should tax. I would say that is the wrong question. The correct question is what should we tax. And the answer is – assets and land/property. Possibly also financial transactions.

          The state must step up expenditure but how?

          I already told you in this posts and above. Start cutting cheques for people to use. Start employing people directly. Get projects on the boil.

Links to post

Recent Comments

Recent Posts

  • New Zealand expresses condolences on passing of Vanuatu High Commissioner
    Foreign Affairs Minister Winston Peters today extended New Zealand’s condolences following the death of Vanuatu’s High Commissioner to New Zealand, Johnson Naviti, who passed away yesterday afternoon in Wellington. “Our thoughts are with the High Commissioner’s family and colleagues during this difficult time. This is a terrible loss both to ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Government announces allocation of three waters funds for councils
    The Government has today set out the regional allocations of the $761 million Three Waters stimulus and reform funding for councils announced by Prime Minister Hon Jacinda Ardern this month.  "I want to thank Councils around the country for engaging with the Central Local Government Steering Group who have been ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Funding boost for students with highest learning support needs
    Students with high and complex learning needs, as well as their teachers and parents, will benefit from a substantial increase to Ongoing Resourcing Scheme (ORS) funding, Associate Education Minister Martin announced today. “Nearly $160 million will go towards helping these students by lifting their base support over the next four ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Govt connecting kiwis to affordable, healthy food
    Funding for innovative projects to connect Kiwis with affordable, safe and wholesome food, reduce food waste, and help our food producers recover from COVID-19 has been announced today by Agriculture Minister Damien O’Connor. “COVID-19 has seen an increasing number of families facing unprecedented financial pressure. Foodbanks and community food service ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Getting infrastructure for housing underway
    Eight shovel-ready projects within Kāinga Ora large-scale developments, and the Unitec residential development in Auckland have been given the go-ahead, Minister for Housing Dr Megan Woods announced today. Megan Woods says these significant infrastructure upgrades will ensure that the provision of homes in Auckland can continue apace. “The funding announced ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Napier walk and cycleway to improve safety
    The Government is funding a new separated walking and cycleway path along Napier’s Chambers and Ellison streets to provide safer access for local students and residents across Marine Parade and State Highway 51, Transport Minister Phil Twyford and Police Minister Stuart Nash announced today. Funding of $2.7 million has been ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • PGF creates more than 10k jobs, success stories across NZ
    More than 13,000 people have been employed so far thanks to the Coalition Government’s Provincial Growth Fund, Regional Economic Development Minister Shane Jones has today announced. The number of jobs created by Provincial Growth Fund (PGF) investments has outstripped the 10,000 jobs target that the Government and Provincial Development Unit ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Inaugural seafood awards honour sustainability
    Scientists and innovative fishing operators from Stewart Island and Fiordland to Nelson, Marlborough and Wellington have been honoured in the first ever Seafood Sustainability Awards. Fisheries Minister Stuart Nash has congratulated the winners of the inaugural Seafood Sustainability Awards held at Parliament. “The awards night honours six winners, from a wide ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Climate resilience packages for regions
    The Government is providing an investment totalling more than $100 million for regions to protect against and mitigate the effects of climate change, Deputy Prime Minister Winston Peters and Infrastructure Minister Shane Jones have announced. Six regions will receive funding from the $3 billion allocated to infrastructure projects from the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Southern Waikato shovel ready projects get the green light
    Three major local projects at Te Kuiti and Otorohanga have been given the money to get moving after the impact of Covid 19, says the Minister of Māori Development Hon Nanaia Mahuta.  The projects range from a Sports Centre for Te Kuiti, a redevelopment of the Otorohanga  Kiwi House and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand extends Middle East and Africa peace support deployments
    The Coalition Government has extended three New Zealand Defence Force deployments to the Middle East and Africa by two years, Foreign Affairs Minister Winston Peters and Defence Minister Ron Mark announced today.  “These deployments promote peace in the Middle East and Africa by protecting civilians and countering the spread of ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Govt progress on climate change essential, risk assessment shows
    The release of the National Climate Change Risk Assessment shows that the progress this Government has made to solve the climate crisis is essential to creating cleaner and safer communities across New Zealand. “Because of this report, we can see clearer than ever that the action our Government is taking ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • $10m sport recovery fund open for applications
    The second round of the Community Resilience Fund is now open for applications for sport and recreation organisations experiencing financial hardship between 1 July and 30 September 2020. “The fund opens today for five weeks – closing on September 6. The amount awarded will be decided on a case-by-case basis ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Rakitū Island declared latest predator free island
    Minister of Conservation Eugenie Sage today declared Rakitū Island, off the coast of Aotea/Great Barrier Island, predator free. “I’m delighted to announce that with rats now gone, Rakitū is officially predator free. This is a major milestone because Rakitū is the last DOC administered island in the Hauraki Gulf Marine ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Funding to restore significant Māori sites in the Far North
    The Provincial Growth Fund is investing $8.75 million to restore significant historic sites at Ōhaeawai in the Far North, upgrade marae and fund fencing and riparian planting. Regional Economic Development Minister Shane Jones made the announcements following a service at the historic St Michael’s Anglican Church at Ōhaeawai today.  Just ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Big boost for Chatham Islands’ economy
    The Chatham Islands will receive close to $40 million for projects that will improve its infrastructure, add to its attraction as a visitor destination, and create jobs through a planned aquaculture venture, Infrastructure Minister Shane Jones has announced. “The COVID-19 pandemic has had a devastating impact on the islands, first ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • More initiatives to reduce energy hardship
    The Government is delivering more initiatives to reduce energy hardship and to give small electricity consumers a voice, Energy and Resources Minister Megan Woods said today. “In addition to the initiatives we have already delivered to support New Zealand families, we are responding to the Electricity Price Review with further ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Turning the tide for hoiho/yellow-eyed penguin
    Government, iwi, NGOs and rehabilitation groups are working together to turn around the fortunes of the nationally endangered hoiho/yellow-eyed penguin following a series of terrible breeding seasons.  The Minister of Conservation Eugenie Sage helped launch the Five Year Action Plan at the annual Yellow-Eyed Penguin symposium in Dunedin today. “I ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Taskforce ready to tackle tourism challenges
    The membership of the Tourism Futures Taskforce has now been confirmed, Tourism Minister Kelvin Davis announced at an event at Whakarewarewa in Rotorua today. “The main purpose of the independent Tourism Futures Taskforce is to lead the thinking on the future of tourism in New Zealand,” Kelvin Davis said. Joining ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Investing in the tourism sector’s recovery
    More than $300 million in funding has been approved to protect strategic tourism businesses, drive domestic tourism through regional events and lift digital capability in the tourism industry, Tourism Minister Kelvin Davis announced today. A $400 million Tourism Recovery Package was announced at Budget 2020, and with today’s announcements is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Permits to be required for exporting hard-to-recycle plastic waste
    From 2021 permits will be required for New Zealanders wanting to export hard-to-recycle plastic waste. The Associate Minister for the Environment, Eugenie Sage, today announced the requirements as part of New Zealand’s commitments to the Basel Convention, an international agreement of more than 180 countries which was amended in May ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Growth in new building consents shows demand is still high
    The building and construction sector is still showing strong growth, with the number of new dwellings consented up more than 8 per cent compared to last year, reflecting a welcome confidence in the Government’s COVID-19 response package, Minister for Building and Construction Jenny Salesa says. “While it is still too ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $23 million for Bay of Plenty flood protection
    Government investment of $23 million for Bay of Plenty flood protection will allow local communities to address long-standing flood risks and provide jobs, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau announced in Rotorua today. These projects are being funded by the Infrastructure Reference Group’s (IRG) shovel ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Rotorua benefits from over $62 million boost
    Investment for projects that will create hundreds of jobs in Rotorua were announced today by Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau. These projects will provide opportunities for economic development in a region that has been hard hit by COVID-19,” Winston Peters said. Fletcher ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Increased counselling support for all students
    For the first time, primary schools will have access to funding for counsellors for their students, Associate Education Minister Tracey Martin announced today. “A major investment of $75.8 million will provide greater access to guidance counsellors to help primary and secondary school students deal with mental health and wellbeing issues,” ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Report of the Government Inquiry into Operation Burnham released
    Defence Minister Ron Mark today welcomed the release of the Report of the Government Inquiry into Operation Burnham and related matters, and the Government response.  “I thank the Inquiry for their thorough and detailed report, on a highly complex issue. I accept the recommendations of the report, and fully support ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • 1BT funds create jobs and lasting benefits
    Forestry Minister Shane Jones has announced $6 million of One Billion Trees funding for seven regional initiatives to create jobs and provide long-lasting environmental and economic benefits. The projects range from improving one of the poorest-quality water catchments in Otago to restoring 52km of waterways around Hokianga Harbour. Six of the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Kawerau projects to receive $5.5 million from Provincial Growth Fund
    Deputy Prime Minister Winston Peters today announced $5.5 million in funding from the Provincial Growth Fund (PGF) for two Kawerau projects and says this is a significant boost for the people of Kawerau. “These projects will bring much-needed investment and will create up to 60 jobs for locals,” Mr Peters ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $5 million for Kaingaroa Village Redevelopment
    Kaingaroa Village in the Bay of Plenty is to get $5 million to help fund a comprehensive upgrade of its infrastructure, facilities and housing, Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. Mr Tabuteau travelled to the remote village to make the announcement, telling Kaingaroa residents how the funding ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $18 Million Funding Boost for Bay of Plenty Business Park
    The Rangiuru Business Park project near Te Puke is getting $18 million from the Provincial Growth Fund (PGF), Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. “This is all about unlocking the potential of this region. When it’s finished, the Rangiuru Business Park will be the Bay of Plenty’s ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Town revitalisation and aquaculture investments create jobs in Ōpōtiki
    Deputy Prime Minister Winston Peters has today announced that a $26 million investment in Ōpōtiki will see important public amenities upgraded and further progress made on new aquaculture opportunities. “The people of Ōpōtiki have been waiting decades for real investment in key infrastructure, and support for the incredible aquaculture opportunities ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister congratulates the Cook Islands community for its 9th year of Language Weeks
    The Minister for Pacific Peoples, Aupito William Sio wishes to congratulate the Cook Islands community throughout Aotearoa for the 9th year of Te ‘Epetoma o Te Reo Māori Kūki ‘Āirani, the Cook Islands Language Week.  “This is a proud milestone that reflects on the huge effort made by the Cook ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Construction underway on longest section of Glen Innes to Tāmaki Drive Shared Path
    Aucklanders in the Eastern Suburbs will soon have more ways to get around, with Transport Minister Phil Twyford and Associate Transport Minister Julie Anne Genter kicking off construction on Section 2 of Te Ara Ki Uta Ki Tai, the Glen Innes to Tāmaki Drive Shared Path today. The Glen Innes ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • 350,000 More Measles Vaccines for Massive Immunisation Campaign
    The Government is stepping up the fight against measles and protecting hundreds of thousands more young adults by investing up to $40 million for a year-long measles-catch-up campaign and $23 million to fully fund and develop the National Immunisation Solution, Associate Minister of Health Julie Anne Genter announced at Mangere ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Operation Burnham report released
    Attorney-General David Parker has today released the findings of the Government inquiry held into Operation Burnham and related events. The operation took place on 21-22 August 2010 in Tirgiran Valley, Afghanistan, and was carried out by NZSAS troops and other nations’ forces operating as part of the International Security Assistance ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Locally-led solutions at centre of new community resilience fund
    From tomorrow, community groups around New Zealand can apply to a $36 million fund established to encourage locally-led solutions as communities rebuild and recover from COVID-19, announced Minister for Social Development Carmel Sepuloni and Minister for Community and Voluntary Sector Poto Williams. “The Community Capability and Resilience Fund (CCRF) builds ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Securing healthy futures for all Māori
    The Government has committed to improving Māori health and wellbeing over the next five years. The Associate Minister of Health (Māori Health) today released Whakamaua: Māori Health Action Plan 2020-2025 which sets the pathway towards achieving healthy futures for all Māori. “As kaitiaki of the system, the Ministry of Health ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Porirua Development delivers more new public housing
    The first of nearly 70 new state homes have been opened in Cannons Creek, Porirua by the Associate Minister of Housing, Kris Faafoi, as part of an increase in public housing being delivered through the Porirua Development.  “Completion of the first 10 of 53 new two and five bedroom homes ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New standards for existing marine farms provide consistency
    New environmental standards will make the re-consenting of existing marine farms more consistent across the country.  The new regulations for the National Environmental Standards for Marine Aquaculture (NES-MA) will come into effect on 1 December, Environment Minister David Parker and Fisheries Minister Stuart Nash said.   “The NES-MA removes complexities and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government signs Accord reinvigorating commitment to Far North iwi
    Today marks a milestone as the Minister for Social Development Carmel Sepuloni and Minister for Māori Development Nanaia Mahuta co-sign an Addendum – with the Iwi Chairs of Te Rarawa, Ngāi Takoto and Te Aupōuri – to the Te Hiku o Te Ika Iwi-Crown Social Development and Wellbeing Accord (the ...
    BeehiveBy beehive.govt.nz
    5 days ago