We Need to Talk About Blackrock

Written By: - Date published: 9:08 am, August 9th, 2023 - 29 comments
Categories: climate change, Economy, energy, Environment - Tags:

It will take a whole lot of money to get to 100% renewable energy in New Zealand, but is Blackrock the right way to get there?

On the one hand …

Ernest Rutherford almost said “We haven’t got the money, so we’ll have to think.” He didn’t say “…so we’ll have to hire Blackrock.” But that was when we thought independently. We appear to have cut out the thinking part and actually for a country not endowed with thinkers or intellectual contest that’s quite lovely. Relax, everything is done for you: here’s the announcement. Be honest it’s just easier to just have all the hard work of thinking taken over by someone else.

Our big Gentailers are already investing massively in wind energy. Our public sector fund managers in NZSuperFund are already partnering with European expert energy fund managers on massive offshore wind.  Smaller local entities like Nova are really getting into solar investment. Isn’t the market doing a reasonable job already? Nothing wrong with a bit more market if that’s the case.

The larger point is to quote Richard III, ‘we are so far in that sin must pluck on sin’, meaning: private capital has been by necessity propping us up for a while so we had better get used to it. The classic cases being the two big PPP highways of Transmission Gully and Puhoi-Wellsford which have a mix of local and international funders, and local and international constructors, to take the debt servicing load.

We have been since National part-privatised our electricity companies already deploying private capital to make huge wind farms and geothermal plants and solar arrays, often in partnership with local iwi entities or companies. You’re soaking in it.

Maybe our ambition towards the next step in necessary infrastructure in energy means facing that we can’t afford it. If we really are going to shift to 100% Zero Combustion engine and 100% renewable generation, we just don’t have th money here to pay for it, let alone much incentive. Small relatively weak states with weak savings are simply like the Bennets sisters of Jane Austen and frankly have to marry up, or be more and more reliant on charity to exist. Jane Austen died young and pretty much broke and lonely.

On the other hand…

We should prefer local capital over international capital because then wealth gained gets to circulate here not back to foreign hands. Does government actively weight its investment decisions to secure local funders first over international ones? It certainly does require locals in all sorts of other projects and services. Just check out Amotai.

Was it really necessary, when it’s only $2 billion, to pull in Blackrock? Sure everyone’s got to make money, but did we really have to choose one of the largest and most rapacious fund managers in existence?

Proposing to bring in external funders did not work well for Labour in 2018 for light rail. It was in fact a complete disaster. Can we show we’ve learned?

How come New Zealand got to build an entire electricity generating system that lasted for 70 years without much private capital from one massive dam to geothermal and all those pylons and substations and network systems without Blackrock? Is this moment so special that the private sector is inherently superior to the public sector funders and implementers?

Also, the government would be able to afford to do more of its own investment rather than pull in private capital if it actually taxed capital. Government showed through the unplanned COVID response that it was quite happy to go large on public debt funded by future taxes. So go tax more. A political choice to consistently prefer external private funders and hence part owners over changing or increasing the tax base is a political choice that ought to be put to us as a public. Like in an election.

We ought to be allowed the debate at least, before the rest of what we have is privatised.

29 comments on “We Need to Talk About Blackrock ”

  • Comments are now closed

  1. roy cartland 1
    9 August 2023 at 9:42 am

    A pathetic $2B for the climate and we can't afford it… $40B for roads – totally! This country is fucked.

    • Phillip ure 1.1
      9 August 2023 at 11:46 am

      The 40 bill isn't for the nation's roads ..

      It is all to service a largely very wealthy area of auckland…

      An area that already has buses/ferries/bridge/road to service it's needs..

      The more you think about it..the more wacka-doodle it is…

      • roy cartland 1.1.1
        9 August 2023 at 1:42 pm

        Thanks Phil – I had not thought of it that way, it's even worse isn't it.

        • Dennis Frank 1.1.1.1
          9 August 2023 at 2:27 pm

          I'm reading it as Labour's vote of no confidence in it's own ability to manage big projects, but it could also be a neutral stance to make progress on a bipartisan basis given the odds-on likelihood that voters will hang parliament.

          Shaw said while BlackRock had a few questions to answer regarding where it was investing, he believed the fund would lead to less investment in fossil fuel and more in renewables.

          https://www.rnz.co.nz/news/national/495424/climate-policy-expert-cautiously-optimistic-over-blackrock-deal

          Good point there from James: now the USA is finally doing it's Green pivot properly, BlackRock could simply be following their govt lead to do an investing pivot accordingly…

          https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/19/fact-sheet-biden-harris-administration-makes-historic-investments-to-build-community-climate-resilience/

          • The Chairman 1.1.1.1.1
            10 August 2023 at 10:10 am

            Interesting Shaw didn't share the concerns of Greenpeace in that article.

            Makes one wonder if further pricing people out of being able to afford power is part of their (the Greens) plan to get us to reduce our power use?

            Can't have a warm, dry home if you can't afford the power bill.

            https://www.stuff.co.nz/business/131559436/kiwis-concerned-electricity-will-become-unaffordable-as-some-borrow-to-pay-bills

            • arkie 1.1.1.1.1.1
              10 August 2023 at 10:19 am
              • Scale up support for community energy solutions, including community and marae based clean-energy hubs, with solar and wind generation, local markets, battery storage solutions and peer-to-peer retail trading.
              • Fundamentally reform the electricity market structure to make it easier for renewable energy suppliers and distributed generation to be set up and operate with certainty, remove market structure incentives for fossil fuel use in generation, and require transparent wholesale pricing systems.
              • Ensure government dividends from energy companies are reinvested into clean energy generation including for community level systems (such as rooftop solar and shared battery storage).
              • Support households to improve energy efficiency and rapidly transition away from gaspowered heating and cooking.

              https://www.greens.org.nz/energy_2023

              • The Chairman …
                10 August 2023 at 11:21 am

                How will scaling up support for community energy solutions distinguish between who can and can't afford to pay the full price. Moreover how will it help those that can't?

                The deal with BlackRock is reform of the electricity market, getting more renewables in place. Yet, it is expected to add to the cost of renewable energy while sending more revenue (in the form of profits) offshore. Therefore, how will this help in ensuring a just transition?

                How will transitioning away from gas powered heating and cooking (which is generally cheaper) going to help those struggling with costs?

                When will supporting households to improve energy efficiency extend to cheap or free double glazing? And full home (in walls) insulation?

        • Phillip ure 1.1.1.2
          9 August 2023 at 3:48 pm

          @ r.c..

          Yep..!..a total nadir for labour..

  2. Mike the Lefty 2
    9 August 2023 at 10:09 am

    With its emphasis on private capital I am surprised that National, as a half-hearted sop to climate change voters, didn't think of it first. But then they are probably still basking in the road building sunshine-out-of-your-arse glory and planning how to take cellphones away from kids.

  3. AB 3
    9 August 2023 at 10:27 am

    How is it that Blackrock has all this investment capital sloshing round looking for a home – where has it come from? The most likely explanation is the 40-odd years of governments globally failing to tax large corporations and the wealthy at the level needed to create well-functioning societies. Instead this money accumulates at the top – and naturally it goes seeking a return in things like asset speculation and juicing the sharemarket, while a lot ends up in the hands of financial institutions and private equity firms where Governments end up borrowing it. In short: Governments have gone from taxing large corporations and the wealthy to borrowing from them – and paying them interest for the privilege. You could scarcely devise a more powerful engine of inequality other than re-legalising chattel slavery. But in 2023 governments have to work with the world as it is – especially weak, liberal-centrist governments in tiny countries that are disobedient at their peril.

    • Simbit 3.1
      9 August 2023 at 12:16 pm

      They get $1,200 a fortnight from me, have done for 6 years. Canadian pension, returns down to 3.9%.

    • Blazer 3.2
      9 August 2023 at 8:36 pm

      If you drill down…you will find Blackrock are major shareholders in big banks,including the Australian big 4.

      What they,Vanguard,State Street,BNP Paribas,HSBC,JP Morgan,Citigroup,have in multinational, large shareholdings will blow your …mind.

      They can tap ..trillions.

  4. Patricia Bremner 4
    9 August 2023 at 10:43 am

    Those assets you talk of Ad, were built by men living for years in camps and villages that took two hours or more to get to their nearest Doctor store or other family. I had many relatives work on various dams, of course no-one acknowledged Maori and land could be requisitioned for 'official use'. Different times different morals.

    • Gerald Freeman 4.1
      9 August 2023 at 12:08 pm

      Yes different times, the Ministry of Works built the Upper Waitki scheme and provided a town, Twizel, on-site complete with schools, hospital, shops and all the other services. Otermatata also had these services for the Benmore project. Both of these projects were on time and budget. Then came Muldoon's government and the breaking up of MOW and the inefficiencies of the Clyde Dam project. The requisition of land is another matter.

    • bwaghorn 4.2
      9 August 2023 at 2:39 pm

      My old grand pappy who I never met, dead at 67 with lungs shot from tunneling, tuai lakes and Shannon, plus gun emplacement in Auckland.

      One of the reasons I'm against privatization of our ancestors blood sweat and deaths.

  5. Phillip ure 5
    9 August 2023 at 11:37 am

    Why bother with upgrading our military…?

    Why not just call in the waegner group..?

    So ..we have yet another ill-thought out/barking fucken mad idea from labour..that they have signed us up for…

    (Is hipkins trying to outflank seymour on the right..?..)

    (They have so many of these brain-farts on days that end in 'y'..eh..?)

    But seriously..!…waegner..?..blackrock..?.. different facets of the same coin-side..?

    D'yareckon..?..

    And they have sold/privatised our national energy control for a measly 2 bil..?

  6. bwaghorn 6
    9 August 2023 at 12:14 pm

    If only there was a way of taxing polluters ,we could take that money to invest in renewable energy!!

    Instead of dancing with the devil who no doubt will be better negotiators than anyone in nz ,so we'll be getting shafted.

  7. Blazer 7
    9 August 2023 at 2:22 pm

    Blackrock one of the big 3 (State St,Vanguard),trillion dollar, Vampire companies that suck the profits out of their …hosts.

    Under a PPP, a private company takes responsibility for financing, building, and maintaining a major piece of infrastructure. The Government pays the company a fixed rate over a set number of years.

    Transmission Gully tale…' Costs officially blow out to more than $1b after Waka Kotahi agrees to pay another $191m to Wellington Gateway Partnership due to the delays.

    'August 2020: After months of negotiations, Waka Kotahi agrees to pay WGP an extra $208 million. It brings the total cost to $1.25b – $400m more than originally agreed. The opening date is moved to September 27, 2021.

    PArivate equity govt partnerships operate on the heads we win,tails you lose principle.

    ref-'Transmission Gully: Unfinished billion-dollar highway's bumpy road | Stuff.co.nz

  8. bwaghorn 8
    9 August 2023 at 4:52 pm

    https://www.rnz.co.nz/news/business/495431/kiwisaver-assets-continue-their-rebound

    $98 billion in kiwisaver , if only it was investment money,!!

  9. James 9
    9 August 2023 at 7:11 pm

    Some of the key assumptions in this post are wrong. Even when the entire electricity system was “owned” by the government a material portion of the funding costs were sourced from offshore. NZs infrastructure development has been supported by foreign capital from the start and will continue to do so as long as we run current account deficits. Capital thought funds like Blackrock is arguably better than foreign borrowing as there is no guaranteed return

    • Ad 9.1
      9 August 2023 at 8:39 pm

      Show me the foreign funder equity stakes prior to John Key.

      • left for dead 9.1.1
        10 August 2023 at 9:05 am

        Nice to have popped back and find this Post,good stuff Ad.

        Micky Savage,maybe Ardern was reporting too her masters,?

  10. James 10
    10 August 2023 at 9:38 am

    I am not arguing that they had equity stakes. The government borrowed money, a material percentage of which came from offshore sources. As it was debt funding the government was obliged to proved an agreed return. Under the Blackrock arrangement the government would not be exposed to the same risk. Either way the government has only announced that Blackrock will set up a relatively small investment fund with a view to invest in renewable electricity generation projects in NZ. This does really change anything in the way the market operates, or the approach to funding new infrastructure.

    • Ad 10.1
      10 August 2023 at 10:20 am

      I can just recall the trouble Prime Minister Muldoon got into with the Aramoana Smelter financing in 1982-4. Also the letter that the IMF sent him.

      I don't agree that there has been no change to the way projects are financed by government, but I'm interested in the historic public projects funded by private debt you are aware of.

      It's why I wrote the post as a series of "one the one hand"…

  11. James 11
    10 August 2023 at 9:03 pm

    NZ has been relatively capital poor since its formation. We have funded a large portion of both private and public investment via offshore debt and equity financing (debt for public). When I say that things haven’t materially changed I am referring to the current situation with the Blackrock deal. We already have offshore equity investment into the power companies. This is just another vehicle.

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    5 days ago

  • Calvin Reviews Lord of The Rings
    Hi,If you’ve been digging through the newly launched Webworm store (orders are being dispatched worldwide as I type!) you’ll have noticed the best model we had was Calvin.This is Calvin.Calvin.Calvin is 7, and is the son of my producer over on Flightless Bird, Rob — aka “Wobby Wob”. Rob also ...
    David FarrierBy David Farrier
    5 days ago

  • Climate Adam: How to visualise Climate Change (ft. Katharine Hayhoe)
    This video includes conclusions of the creator climate scientist Dr. Adam Levy. It is presented to our readers as an informed perspective. Please see video description for references (if any). Climate change is everywhere. And when something's everywhere it can feel like it's nowhere. So how do we get our heads ...
    Skeptical Science
    5 days ago

  • The wrong direction
    Some good news on climate change today: the energy transition away from fossil fuels is picking up speed, and renewables now make up 30% of global electricity supply. Meanwhile, in Aotearoa, we're moving in the opposite direction, with Genesis Energy announcing that it will resume importing Indonesian coal. Their official ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • National hates democracy
    Its a law like gravity: whenever a right-wing government is elected, they start attacking democracy. And now, after talking to their Republican and Tory and Fidesz chums at the International Democracy Union forum in Wellington, National is doing it here, announcing plans to remove election-day enrolment. Or, to put it ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • No Tikanga Please, We're Lawyers.
    Yesterday Winston Peters focussed his attention on the important matter at hand. Tweeting. Like the former, and quite possibly next, orange POTUS, from whom he takes much of his political strategy, Winston is an avid X’er.His message didn’t resemble an historic address this time. In fact it was more reminiscent ...
    Nick’s KōreroBy Nick Rockel
    5 days ago

  • Member’s Day
    Today is a Member's Day, and it seems we've entered the slowdown as things emerge from select committee. First up is the committee stage of Greg O'Connor's Child Protection (Child Sex Offender Government Agency Registration) (Overseas Travel Reporting) Amendment Bill, which will be followed by the second readings of Stuart ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • Hurrah for coal – Shane Jones welcomes Genesis Energy’s import plans as natural gas production s...
    Buzz from the Beehive A significant decline in natural gas production has given Resources Minister Shane Jones an opportunity to reiterate his enthusiasm for the mining and burning of coal. For good measure, he has praised an announcement from Genesis Energy that it will resume importing coal. He and Energy ...
    Point of OrderBy Bob Edlin
    5 days ago

  • Bryce Edwards: Following the political money
    “Follow the money” is the classic directive to journalists trying to understand where power and influence lie in society. In terms of uncovering who influences various New Zealand political parties and governments, it therefore pays to look at who is funding them. The political parties are legally obliged to make ...
    Democracy ProjectBy bryce.edwards
    5 days ago

  • A Left-Right ranking of universities in NZ: a practical guide for students and parents
    Rob MacCullough writes – Here is my subjective ranking on a “most-left” to “most-right” scale of most of our major NZ Universities, with some anecdotal (and at times amusing) evidence to back up the claim. Extreme Left   Auckland University of Technology Evidence The ...
    Point of OrderBy poonzteam5443
    5 days ago

  •  Inflation and GST thresholds
    Eric Crampton writes –  I hadn’t thought about this one until a helpful email showed up in my inbox.It’s pretty obvious that income tax thresholds should automatically index with inflation – whether to anchor the thresholds in percentiles of the income distribution, or to anchor against a real ...
    Point of OrderBy poonzteam5443
    5 days ago

  • Green Party grapples with persistent scandals
    Jacqui Van Der Kaay writes –  Parliament’s speaker had no option but to refer Green MP Julie Anne Genter to the Privileges Committee for her behaviour in the House last Wednesday evening. The incident, in which she crossed the floor to wave a book and yell at National ...
    Point of OrderBy poonzteam5443
    5 days ago

  • A law school to be avoided – Auckland University of Technology
    Gary Judd writes – The Dean of the law school at the Auckland University of Technology is someone called Khylee Quince. I have been sent her social media posting in which she has, over the LawNews headline “Senior King’s Counsel files complaint about compulsory tikanga Maori studies for ...
    Point of OrderBy poonzteam5443
    5 days ago

  • 17 people in Malaita stand in way of China’s takeover of the Solomons
    Cleo Paskal writes – WASHINGTON, D.C.: ‘Many of us have received phone calls from [the opposing camp] telling them if they join the camp they will be given projects for their wards and $300,000 [around US$35,000] each’, says former Malaita Premier Daniel Suidani. The elections in Solomon Islands aren’t ...
    Point of OrderBy Bob Edlin
    5 days ago

  • Gordon Campbell on the Hamas Ceasefire Offer, and Mark Mitchell’s Incompetence
    With hindsight, it was inevitable that (a) Hamas would agree to the ceasefire deal brokered by Egypt and Qatar and that ( b) Israel would then immediately launch attacks on Rafah, regardless. We might have hoped the concessions made by Hamas would cause Israel to desist from slaughtering thousands more ...
    Gordon CampbellBy lyndon
    6 days ago

  • Bernard’ s Dawn Chorus & Pick ‘n’ Mix for Wednesday May 8
    Placards and mourners outside the Kilbirnie Mosque following the Christchurch terror attack: MSD has terminated the Kaiwhakaoranga service, which has been used by 415 families since the attacks. Photo: Lynn GrievesonTL;DR: The Government’s pledge to only cut ‘back office’ staff rather than ‘frontline’ services is on increasingly shaky ground, with ...
    The KakaBy Bernard Hickey
    6 days ago

  • A few PT announcements
    There’s been a few smaller public transport announcements over the last week or so that I thought I’d cover in a single post. Fareshare I’ve long called for Auckland Transport to offer a way to enable employer-subsidised public transport options. The need for this took on even more importance ...
    Greater AucklandBy Matt L
    6 days ago

  • Jacqui Van Der Kaay: Green Party grapples with persistent scandals
    Parliament’s speaker had no option but to refer Green MP Julie Anne Genter to the Privileges Committee for her behaviour in the House last Wednesday evening. The incident, in which she crossed the floor to wave a book and yell at National Minister Matt Doocey, reflects poorly on Genter and ...
    Democracy ProjectBy bryce.edwards
    6 days ago

  • At a glance – Tree ring proxies and the divergence problem
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    Skeptical Science
    6 days ago

  • Nothing to sneer at
    Who likes being sneered at? Nobody. Worse yet, when the sneerer has their facts all wrong, and might well be an idiot.The sneer in question is The adults are in charge now, and it is a sneer offered in retort to criticism of this new Government, no matter how well ...
    More Than A FeildingBy David Slack
    6 days ago

  • Still on their bullshit
    When in government, Labour pushed to extend the Parliamentary term to four years, to reduce accountability and our ability to vote out a bad government. And now, they're trying to do it through the member's ballot, with a Four-Year Parliamentary Term Legislation Bill. The bill at least requires a referendum ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • Drawn
    A ballot for a single Member's Bill was held today, and the following bill was drawn: Public Works (Prohibition of Compulsory Acquisition of Māori Land) Amendment Bill (Hūhana Lyndon) The bill would prevent the government from stealing Māori land in breach of Te Tiriti o Waitangi. It ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • A nod and a wink that will unnecessarily cost Aucklanders tens of millions per year
    Simeon Brown, alongside Wayne Brown, is favouring a political figleaf now in exchange for loading up tens of millions in extra interest costs on Auckland ratepayers. Photo: Lynn GrievesonTL;DR: Ratings agency Standard & Poor’s is pushing back hard at suggestions from Local Government Minister Simeon Brown and Mayor Wayne Brown ...
    The KakaBy Bernard Hickey
    6 days ago

  • Correcting the Corrections announcement – a fiscal farce that should bother the OECD
     Buzz from the Beehive One headline-grabber from the Beehive yesterday was the OECD’s advice that the government must bring the Budget deficit under control or face higher interest rates. Another was the announcement of a $1.9 billion “investment” in Corrections over the next four years. In the best interests of ...
    Point of OrderBy Bob Edlin
    6 days ago

  •  Like it or not, the Kiwis are either going into ‘Pillar 2’ – or they are going to China
    Chris Trotter writes –  Had Zheng He’s fleet sailed east, not west, in the early Fifteenth Century, how different our world would be. There is little reason to suppose that the sea-going junks of the Ming Dynasty, among the largest and most sophisticated sailing vessels ever constructed, would have failed ...
    Point of OrderBy poonzteam5443
    6 days ago

  • A balanced and an unbalanced article
    David Farrar writes – Two articles give a useful contrast in balance. Both seek to be neutral explainer articles. This one in the Herald on Social Investment covers the pros and cons nicely. It links to critical pieces and talks about aspects that failed and aspects that are more ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Deeply unserious country
    Every bit of this seems insane. And people wonder why productivity is falling through the floor. Energy News reports that the Environment Court finally threw out Allan Crafar’s appeal against a solar farm. From the story: Consent was granted in 2022. Crafar appealed November 2022. On what grounds? That ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Senior King’s Counsel files complaint about compulsory tikanga Māori studies for law students
    The tikanga regulations will compel law students to be taught that a system which does not conform with the rule of law is nevertheless law which should be observed and applied…  Gary Judd KC writes –  I have made a complaint to Parliament’s Regulation ...
    Point of OrderBy poonzteam5443
    6 days ago

  • https://www.greaterauckland.org.nz/?p=77196
    The future of Te Huia, the train between Hamilton and Auckland, has been getting a lot of attention recently as current funding for it is only in place till the end of June. The government initially agreed to a five year trial, through to April 2026, but that was subject ...
    Greater AucklandBy Matt L
    7 days ago

  • Bernard’s pick 'n' mix for Tuesday, May 7
    TL;DR: Hamas has just agreed to Israel’s ceasefire plan. Nelson hospital’s rebuild has been cut back to save money. The OECD suggests New Zealand break up network monopolies, including in electricity. PM Christopher Luxon’s news conference on a prison expansion announcement last night was his messiest yet.Here’s my top six ...
    The KakaBy Bernard Hickey
    7 days ago

  • HM Prison Aotearoa.
    A homicide in Ponsonby, a manhunt with a killer on the run. The nation’s leader stands before a press conference reassuring a frightened nation that he’ll sort it out, he’ll keep them safe, he’ll build some new prison spaces.Sorry what? There’s a scary dude on the run with a gun ...
    Nick’s KōreroBy Nick Rockel
    7 days ago

  • Get Your Webworm Merch!
    Hi,I know it’s been awhile since there’s been any Webworm merch — and today that all changes!Over the last four months, I’ve been working with New Zealand artist Jess Johnson to create a series of t-shirts, caps and stickers that are infused with Webworm DNA — and as of right ...
    David FarrierBy David Farrier
    7 days ago

  • Top OECD economist puts Willis between a rock and a hard place
    The OECD’s chief economist yesterday laid it on the line for the new Government: bring the deficit under control or face higher Reserve Bank interest rates for longer. And to bring the deficit under control, she meant not borrowing for tax cuts. But there was more. Without policy changes—introducing a ...
    PolitikBy Richard Harman
    7 days ago

  • The Pacific family of nations – the changing security outlook
    Foreign Minister, Defence Minister, other Members of Parliament Acting Chief of Defence Force, Secretary of Defence Distinguished Guests  Defence and Diplomatic Colleagues  Ladies and Gentlemen,  Good afternoon, tēna koutou, apinun tru    It’s a pleasure to be back in Port Moresby today, and to speak here at the Kumul Leadership ...
    BeehiveBy beehive.govt.nz
    2 hours ago

  • NZ and Papua New Guinea to work more closely together
    Health, infrastructure, renewable energy, and stability are among the themes of the current visit to Papua New Guinea by a New Zealand political delegation, Foreign Minister Winston Peters says.   “Papua New Guinea carries serious weight in the Pacific, and New Zealand deeply values our relationship with it,” Mr Peters ...
    BeehiveBy beehive.govt.nz
    4 hours ago

  • Driving ahead with Roads of Regional Significance
    The coalition Government is launching Roads of Regional Significance to sit alongside Roads of National Significance as part of its plan to deliver priority roading projects across the country, Transport Minister Simeon Brown says.  “The Roads of National Significance (RoNS) built by the previous National Government are some of New Zealand’s ...
    BeehiveBy beehive.govt.nz
    10 hours ago

  • New Zealand congratulates new Solomon Islands government
    A high-level New Zealand political delegation in Honiara today congratulated the new Government of Solomon Islands, led by Jeremiah Manele, on taking office.    “We are privileged to meet the new Prime Minister and members of his Cabinet during his government’s first ten days in office,” Deputy Prime Minister and ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • New Zealand supports UN Palestine resolution
    New Zealand voted in favour of a resolution broadening Palestine’s participation at the United Nations General Assembly overnight, Foreign Minister Winston Peters says.    “The resolution enhances the rights of Palestine to participate in the work of the UN General Assembly while stopping short of admitting Palestine as a full ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Speech to the 2024 Infrastructure Symposium
    Introduction Good morning. It’s a great privilege to be here at the 2024 Infrastructure Symposium. I was extremely happy when the Prime Minister asked me to be his Minister for Infrastructure. It is one of the great barriers holding the New Zealand economy back from achieving its potential. Building high ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • $571 million for Defence pay and projects
    Defence Minister Judith Collins today announced the upcoming Budget will include new funding of $571 million for Defence Force pay and projects. “Our servicemen and women do New Zealand proud throughout the world and this funding will help ensure we retain their services and expertise as we navigate an increasingly ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Climate change – mitigating the risks and costs
    New Zealand’s ability to cope with climate change will be strengthened as part of the Government’s focus to build resilience as we rebuild the economy, Climate Change Minister Simon Watts says. “An enduring and long-term approach is needed to provide New Zealanders and the economy with certainty as the climate ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Getting new job seekers on the pathway to work
    Jobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards finding a job, Social Development and Employment Minister Louise Upston says. “A key part of the coalition Government’s plan to have 50,000 fewer people on Jobseeker ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Accelerating Social Investment
    A new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says.  “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Getting Back on Track
    Check against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with  your Board and team, for hosting me.   I’d like to acknowledge His Worship ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • NZ – European Union ties more critical than ever
    Your Excellency Ambassador Meredith,   Members of the Diplomatic Corps and Ambassadors from European Union Member States,   Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us.   Ladies and gentlemen -    In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations.   ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Therapeutic Products Act to be repealed
    The Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Decisions on Wellington City Council’s District Plan
    The Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Rape Awareness Week: Government committed to action on sexual violence
    Rape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston.  “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Smarter lunch programme feeds more, costs less
    Associate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Report provides insights into marine recovery
    New research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • NZ to send political delegation to the Pacific
    Deputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region.   The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu.    “New Zealand has deep and ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Low gas production threatens energy security
    There has been a material decline in gas production according to figures released today by the Gas Industry Co.  Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Defence industry talent, commitment recognised
    Defence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Speech to the Minister of Defence Awards of Excellence for Industry
    Welcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Speech to the Sixth Annual New Zealand Government Data Summit
    It is a pleasure to be speaking to you as the Minister for Digitising Government.  I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Ceasefire agreement needed now: Peters
    New Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says.   “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Daily school attendance data now available
    A new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour.  The interactive dashboard will be updated once a week to show a national average of how ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Ambassador to United States appointed
    Foreign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America.    “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says.    “New Zealand and the United States have a ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • New permit proposed for recreational gold mining
    The Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • NZ and the UAE launch FTA negotiations
    Minister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • New Zealand Sign Language Week an opportunity for anyone to sign
    New Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Next stop NASA for New Zealand students
    Six tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • $1.9 billion investment to keep NZ safe from crime
    New Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • OECD reinforces need to control spending
    The OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli.   ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Agreement delivers Local Water Done Well for Auckland
    The Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Gaza and the Pacific on the agenda with Germany
    Foreign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today.    "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Decision allows for housing growth in Western Bay of Plenty
    The Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Speech to New Zealand China Council
    Thank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today.    Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Modern insurance law will protect Kiwi households
    The Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Government recommits to equal pay
    The coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says.  “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Transforming how our children learn to read
    Structured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says.  “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • NZ not backing down in Canada dairy dispute
    Trade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Stronger oversight for our most vulnerable children
    The rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

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