What happened to Hisco?

Written By: - Date published: 9:18 am, June 23rd, 2019 - 75 comments
Categories: capitalism, class war, Economy, equality, Financial markets, john key, Living Wage, wages, workers' rights - Tags: , ,

This week’s news about ANZ is beginning to resemble a Game of Thrones episode.  But with more blood.

The guy who used to be ANZ’s chief executive and the purchaser of John Key’s batch suddenly found the world around him changing dramatically.  One day he was chief executive on a salary of over $3 million and also with benefits like the supply of limousines and the safe storage of his wine collection and the next day he was outski.

And he had suddenly lost $6.4 million worth of share options.

But wait there’s more.

Late Friday there was this hit piece from Stuff:

The wife of former ANZ New Zealand boss David Hisco bought the couple’s Auckland family home from her husband’s employer for substantially less than its capital valuation in 2017.

Deborah Walsh paid $6.9 million in July of that year for the lavish St Heliers property, less than the $7.55m ANZ paid when it bought the house in early 2011.

The luxurious 700 square metre ocean-view home, reached by a private driveway that runs off the main St Heliers Bay road, includes a heated swimming pool, tennis court and six bedrooms.

Valuations service QV put the property’s 2017 capital value (including an estimated $7.2m land value for the 2454 sqm parcel) at $10.75m.

The revelation is likely to raise more questions about Hisco’s employment package with ANZ as disclosed by chairman Sir John Key.

Maybe the cheap price was part of the salary package?  But it appears not:

On Friday evening ANZ’s spokesman said the bank bought the house when Hisco arrived in New Zealand.

“The housing allowance that David received as part of his expat arrangements — which was disclosed annually — was offset by the market rent David was required to pay ANZ for the house.”

The house was eventually sold by the bank to his wife based on market valuations done at the time, he said.

So there was no sweetheart deal or a long term agreement for sale and purchase.  Whoever was ANZ’s valuer should check their professional indemnity insurance.

And fuck it but this affects ordinary kiwis.  Again from Stuff:

Sam Stubbs is breaking the silence of the KiwiSaver schemes over the ANZ expenses furore.

Stubbs, who has repeatedly called for a New Zealand Royal Commission on banking, has sent a “please explain” letter to ANZ chairman Sir John Key asking for details of the expenses claims of ANZ’s former chief executive David Hisco.

In Europe and the United States, activist investors, including pension funds, would have been seeking more information, Stubbs said.

But in New Zealand the pension fund market was dominated by KiwiSaver, and KiwiSaver was dominated by the big banks.

It will be interesting to see what response Stubbs gets from Key.

Stubbs’ letter to Sir John began: “We have become aware of the expenses incurred recently by the recently departed CEO, David Hisco, reported as an average of over $418,000 per annum, for the last eight years.”

It went on to request “as a shareholder” that Simplicity be provided with the following:

1) Detail of the expenses policy that allowed this spending to occur, and detail on how often this was reviewed by the Board.

2) Any documented policies and procedures describing the internal controls in place to ensure spending was within policy guidelines.

3) A line by line description of, and the amount of, each of Mr Hisco’s expenses paid for by the company, for every year Mr Hisco was CEO of ANZ New Zealand.

4) Any further explanations as to why you consider Mr Hisco’s expenses reasonable in the context of his role and responsibilities.

“We request answers to the above questions as a matter of urgency, and under no circumstances later than the 5th of July, 2019,” the letter concludes.

Key had the Wall Street nickname the smiling assassin.  Just think of his time as leader of National and wonder what happened to Richard Worth, Pansy Wong, Phil Heatley, Colin King, John Hayes, Mike Sabin, Claudette Haiti amongst others.  They all disappeared without a trace after getting into various sorts of trouble.

So this latest bit of bad news for Hisco may be the result of really good journalism or the result of a strategic leak.

We may never know.

I almost feel sorry for Hisco.  I am sure he never saw it coming.

75 comments on “What happened to Hisco? ”

  • Comments are now closed

  1. Stuff the Politicians 1
    23 June 2019 at 9:35 am

    Key was always a slippery, slimey prick.

    What he gets away with is beyond belief.

    • peterlepaysan 1.1
      24 June 2019 at 8:40 pm

      Very early on he was known as "slippery john". The Labour party pollies decided to stop using the term, to my surprise.

  2. ankerawshark 2
    23 June 2019 at 9:39 am

    Nope don't feel sorry for Hisco at all Mickey. You must be a very compassionate person.

    I struggle to understand how another human being can feel such a sense of entitlement.

  3. JustMe 3
    23 June 2019 at 11:43 am

    I doubt Sam Stubbs will get a proper or rather direct reply from John Key.

    Looking at Key's cavalier attitude and the cavalier attitude of his parliamentary staff whilst he was prime minister of New Zilland(as he called the country)when it came to OIA requests I doubt Stubbs will get a proper response.

    And if he does it will most likely be a from junior staffer. Just lets hope that junior staff isn't of the emotional type. And at the first instance of a mistake Key will beato the usual "blame everyone else but himself" mantra.

    I was of the opinion that until recently Key and Hisco were bosum buddies but had a major fall out. And Key resorted to what he gets away with time and again and gets anyone he doesn't like removed.

    He(Key) probably told Hisco at morning tea that his job is safe but by lunch-time Hisco was tossed out.

    It's amazing what Key seems to get away with. It's like he deems himself as a Godlike figure and he can say and do and get away with anything and everything.

    I am so hoping Karmic Payback hits Key very soon because he is as slippery as an eel.

    • Wensleydale 3.1
      24 June 2019 at 12:21 pm

      He'll get the 'John Key Special' – "Actually, I think you'll find most New Zealanders aren't terribly interested in the tedious workings of the finance sector. They'd rather have a beer and a sausage and watch the rugby. And who can blame them? Go the All Blacks!"

      And then we'll all go back to pretending nothing untoward happened.

  4. patricia bremner 4
    23 June 2019 at 11:48 am

    Ankerwarshark, Bankers reward themselves for finding ways to gain money at the public's expense.

    Bit by bit they reinforce that entitled belief through share packages and parachute clauses.

    Swimming with sharks, or in this case running with wolves is always dangerous.

    The most memorable cartoon was JK dressed as a lamb, but clearly a wolf.

  5. Blazer 5
    23 June 2019 at 12:29 pm

    How the hell Hisco could spend $8000 a week ..on expenses for years unchallenged is remarkable.

    Those junior staffers have a lot to answer for.

    • dv 5.1
      23 June 2019 at 12:32 pm

      My reaction is How the hell Hisco could spend $8000 a week ..on expenses !!!!

    • Pat 5.2
      23 June 2019 at 12:32 pm

      wheres the 8K p/w figure come from?

    • Graeme 5.3
      23 June 2019 at 3:46 pm

      Every board chair worth their salt cultivates the ability to terminate their CEO forthwith, and without recourse, should the need ever arise….

      • RedLogix 5.3.1
        24 June 2019 at 9:16 am

        And that's the truth. My reading is that for some reason we will never find out, Hisco's face suddenly didn't fit, and the assassin did his thing.

        He's older than Key, it's my speculation he knows something from the 80's.

        • Phil 5.3.1.1
          24 June 2019 at 9:57 am

          Hisco graduated from university in '94 (see his LinkedIn page) so it's highly improbable he was pal-ing around Wall Street in the 80's.

          • RedLogix 5.3.1.1.1
            24 June 2019 at 10:07 am

            Well my bad. From the pics I assumed he was well into his 60's.

          • Andre 5.3.1.1.2
            24 June 2019 at 10:19 am

            Bloomberg says he's 54 and joined ANZ in July 1980. That suggests he finished high school awfully early.

            • Phil 5.3.1.1.2.1
              24 June 2019 at 10:44 am

              That would mean he left school at 16? Not 'awfully early' by the standards of 1980 at all.

              I recall some media articles talking about Hisco coming up through the company from the bottom rung. Starting out as a bank teller in 1980 then going back to Uni later, to get a foot in the door of management promotions, some years later is a not uncommon story.

            • Psycho Milt 5.3.1.1.2.2
              24 June 2019 at 1:12 pm

              54? Seriously, that dude is younger than me?! He must have led one motherfucker of a dissolute lifestyle.

        • Gabby 5.3.1.2
          24 June 2019 at 10:00 am

          Or he didn't look the other way the one time the boss really wanted him to.

      • Blazer 5.3.2
        24 June 2019 at 9:19 am

        Would love to see a list of those 'worth their salt'!

        I look at all these Chairpersons like Key,and Sir Ralph Norris is another that preside over all sorts of chicanery and excess and waste.

    • Herodotus 5.4
      23 June 2019 at 8:50 pm

      For a CEO/GM his expenses would have been signed off by either for under a certain limit perhaps the CFO but normally by the board/Chairman/Audit Committee designate.

      In many cases I have been involved in – once an expense has been signed off (e.g. housing allowance) then it is "accepted" that the same claimed $ is signed off monthly, BUT there would be authorisation from the top for the initial claim.

      The more that is released from this story the less that "Makes Sense"

      I am reminded by this "If a man is sufficiently unimaginative to produce evidence in support of a lie, he might just as well speak the truth at once." — Oscar Wilde

    • Naki man 5.5
      23 June 2019 at 10:19 pm

      It was in his salary package, so he was entitled to.

      These guys don't travel cattle class and rent on a multi million dollar mansion isn't cheap.

      You do get that he is an expat and was shoulder tapped to work/live in another country.

      That might start to explain his very generous salary package.

      If you guys bothered to read the articles you would know all this.

      • Blazer 5.5.1
        24 June 2019 at 8:59 am

        Must read the details of his salary package.Where did you find it?

      • Herodotus 5.5.2
        24 June 2019 at 9:24 am

        The senior management team (CEO,CFO etc) travel, hotels etc will be paid for by the company direct e.g. Air NZ account , there are very few occasions whereby such costs are picked up by the manager. All coys I have worked for will have a policy regarding category of travel based on position, flight times etc, and should the individual wish to upgrade they would use their air points earned (On coy travel) for the upgrades.

        Relocation allowances will have a time period that they are applicable, after 2-3 years the short term nature of the appointment will be formalised and the employee will be considered a local, but this time duration would have be specified in his employment agreement.

      • Gabby 5.5.3
        24 June 2019 at 9:58 am

        He wasn't worth it was he Nastiman.

  6. ianmac 6
    23 June 2019 at 12:40 pm

    I bet Key will just ignore Stubbs. Sadly.

    • Stuff the Politicians 6.1
      23 June 2019 at 12:56 pm

      I doubt that Key will be able to get away without a satisfactory answer to Mr Stubbs.

      There is much at stake here and it seems that Stubbs is not about to let it go.

      Key is under a lot of pressure on this, hence he bought up the hory old flag again to divert attention.

      • Rapunzel 6.1.1
        23 June 2019 at 1:08 pm

        Has anyone yet questioned as to how much the NZ tax payer contributed to the reduced sale price for a house modified under the Hisco's control? How? By calculating the amount that Arawata Assets would have claimed in GST when they bought with no payment required from the then seller if the house was not registered for GST? Yes they should be passing on 15% of the amount of the sale to Hisco's wife but will have paid for the renovations, roofs for one don't come cheap and neither do high spec bathrooms the cost of which would have also been under GST claim by Arawata. Then there's the "loss" component that could be accounted for.

        So how much did the NZ tax payer via these various transactions with IRD contribute to the price paid by Hisco's spouse?

        • Craig H 6.1.1.1
          23 June 2019 at 3:42 pm

          Normally residential housing is exempt from GST which means not being able to claim GST from expenses, so hopefully nothing was claimed.

          • Rapunzel 6.1.1.1.1
            23 June 2019 at 4:04 pm

            They are but if they are bought by a registered company they can claim the GST, if they sell it they then pay GST but if it is divided and developed the GST goes on each of those sales but they would have claimed GST on the "improvements" that took place as mentioned in the link.

            This fact as we sold a property to a developer that had been re-zoned – the solicitor was at pains to be sure we had not claimed GST on anything while we had it (we stored machinery so they had to be certain) if so we would have had to then pay the GST portion of the agreed price but have no doubt the developer was going to claim GST which meant a bit of haggling on price as we knew that, to him the sale price was reduced by about 122k.

            • Dukeofurl 6.1.1.1.1.1
              24 June 2019 at 11:55 am

              The situation you are talking about the developer and GST only applies for residential subdivisions.

              So your suppositions are incorrect, hes not 'having the price reduced'

              Once the land is subdivided ,or even boundary adjustment, thats when GST kicks in . Not before

              • Rapunzel …
                24 June 2019 at 12:22 pm

                You are wrong we sold a property that was re-zoned the purchaser claimed the GST portion on it as part of his GST business dealings, we as private owners did not pay GST had we operated the property in anyway incl as a rental if that was our business and had income over $80k or had claimed GST on any of the dealings for the property and for some reason had registered for GST we would have had to pass of 15% of the price we got for it.

                The solicitor was at pains to ensure we were not liable for GST on the sale because it was not a straight forward sale of a personal home it had been used for storage but we were aware enough to only operate without claiming GST on any dealings, repairs etc.

                It is not just subdivisions it if for any GST registered business activity.

                This can arise similarly when someone purchses a rural type lifesytle block and whether it previously earned income either from grazing, growing or any for any purpose and was GST registered as a business entity the selling price incl GST and that portion has to go to IRD. If the individual buying is not GST registered to carry on generating an income they operate as a private individual if they are going to carry on as a GST registered business they can claim the GST but when they sell they will have to pay the portion of the sale price of GST (15%) to IRD.

                • Dukeofurl …
                  24 June 2019 at 2:29 pm

                  he may have had business dealings as a developer, but as it was a residential house with no strings attached there was no claim on GST when he bought it.

                  New houses pay GST , used houses like other used goods like cars dont pay GST or can claim it.

                  The solicitor could fluff over it all he likes, hes being careful, but there is no GST

                  https://auditnz.govt.nz/publications-resources/tax/land-sales-and-purchases

                  You used for a zero rated purpose, residential . he bought for residential purposes , again zero rated.

                  Subdivision is a business purpose, only then the GST is due.

                  • Rapunzel …
                    24 June 2019 at 4:06 pm

                    I repeat yes there was he bought as a development company and not an individual and the development company claimed GST. Had we made claims on the property we would have had to pay that portion on but we had elected to and were not obligated as it earned less than $60k.

                    FYI if a company purchases a vehicle from a private individual it can claim 15% of the purchase price in GST – the private individual selling privately ie not a business vehicle for example does not then have to pay the GST component to IRD.

                    You can check it out – in that instance as with aspects likely in the Hisco improvements and the sale the NZ tax payer comes up short with a claim being made but the only GST received is via invoices for treades and materials and the price at the last sale that ANZ received. Accounting practices cover a lot but not all things and Arawata Assets would have claimed GST in 2011 when they purchased it and paid some on the sale price that was about $3m below valuation and less than the purchase price so a loss that would also be accounted for.

  7. Muttonbird 7
    23 June 2019 at 6:23 pm

    After this puff piece by team Key/O'Sullivan comes this puff piece by team Key/O'Sullivan.

    I can't/won't read either but the first is a clear attempt to frame Key as the tough force for anti-corruption we know he is not. And the second seems a sickly-sweet sympathy piece which allows Key to set the tone for his own screw up.

    And as for, "one hundred percent own(ing) that problem", what is the penalty for Key?

    A censure from the RBNZ? Big deal!

    The Herald and O’Sullivan appear to have been seconded by brand Key and what a fine job they are doing for him!

    • Naki man 7.1
      23 June 2019 at 9:54 pm

      Mutton you need to read these articles before you make incorrect assumptions.

      I have read both of them and you are talking through a hole in your arse.

      There was no "sickly-sweet sympathy piece" or Key screw up.

      • Nic the NZer 7.1.1
        24 June 2019 at 8:25 am

        Title of second literally says board of directors screwed up. That includes the chair.

        • Naki man 7.1.1.1
          24 June 2019 at 7:09 pm

          Someone changed the risk model in 2014 without authority from RBNZ.

          The board have been acting on incorrect written advice about the new risk model.

          If there was a screw up it was in 2014. Long before Key was on the board.

          • Blazer 7.1.1.1.1
            24 June 2019 at 7:14 pm

            'Someone'..yeah right..the invisible man!

            and..'Must read the details of his salary package.Where did you find it?

            well answer it.

          • Nic the NZer 7.1.1.1.2
            26 June 2019 at 8:09 am

            If the board doesn't know when the risk model changes or if the present one is inappropriate that is the responsibility of the board. That is why Key says this was his responsibility and he owned it in that article.

    • Nic the NZer 7.2
      24 June 2019 at 8:37 am

      I actually think that the ANZ board are in the right here. As an outcome of an *internal* expenses audit it was discovered on of the officers was submitting missleading expense claims. He was told to go despite being the CEO. ANZ don't think there is evidence to indicate this was fraudlent and signed them off however so that is where it ends (violation of internal policy).

      This kind of thing may be happening at other banks, however in this case ANZ is ahead of the reform process which might discover this.

      I don't really know why mickey is putting such negative implications on keys role in this or making out Hisco to be a victim of a power struggle. Yes the sums invoved are obscene.

      • Muttonbird 7.2.1
        24 June 2019 at 8:46 am

        I think a lot of connections need to be investigated if only to make the public aware of what the obscene profits the banks strip from ordinary Kiwis is spent on.

        I'd also like explained the remarkable coincidence between the Hiscos buying the house ridiculously cheap and them then buying Key's beach mansion six moths later.

        It's basically dirty money in my view.

        I think ANZ staff and customer and the public want to know more. Particularly the public who can then make decisions who they bank with.

        Unless I’m mistaken, that’s why Mickey is interested.

        • Nic the NZer 7.2.1.1
          24 June 2019 at 12:34 pm

          I think it should be considered that, a big media expose targeting people who acted correctly is more likely to cause ANZ to surpress the results of their own investigations in future. An external investigation would probably not surpress the outcome but i also understand the present government said no to such an investigation.

        • Phil 7.2.1.2
          24 June 2019 at 1:05 pm

          I'd also like explained the remarkable coincidence between the Hiscos buying the house ridiculously cheap and them then buying Key's beach mansion six moths later.

          "Wealthy banker buys holiday home from wealthy mate" is hardly the stuff of Woodward and Bernstein.

  8. patricia bremner 8
    23 June 2019 at 8:42 pm

    Don't ever forget the money put into banks to assist during the crisis of the GFC .

    Followed by the huge bonus payments they then immediately made from that to the top bank personnel.

    It shocked the world and made protest headlines but mainly continued…. and continues

    Entitled indeed!! The true meaning of Ivory Tower.

  9. Ad 9
    24 June 2019 at 9:00 am

    If Bruce Jesson were still around we would be able to draw a web-diagram of how the top 50 families in New Zealand, Sydney and Melbourne form a network of directorships that enforce who is in for how long and who is out.

    Since our government seems shy of regulating any industry – let alone banking – this tight web of directorships and enforcement mechanisms can simply wait this lot out until the family reps within National can run the country again.

  10. Sacha 10
    24 June 2019 at 10:26 am

    Top ANZ managers were in on Hisco’s perks and house deal
    (though the writer can't count – it's closer to a $4m than 3 discount): https://www.stuff.co.nz/business/opinion-analysis/113712883/how-did-anz-lose-money-on-a-house-in-the-hottest-housing-market-in-memory

    Neither [Antonia] Watson nor Key mentioned the “housing allowance” Hisco enjoyed for years after he’d bought a $1.7 million dollar apartment in the plush suburb of Kohimarama, within easy reach of his Albert St office in downtown Auckland.

    If they didn’t know about it, others certainly did. Craig Mulholland, ANZ NZ’s general counsel at the time of the 2014 purchase was on the title (it was sold in 2016).

    Mulholland is also listed alongside Hisco and Walsh on the title of an Omaha beach house they bought from Key in 2018 for an estimated $3.8m.

  11. cleangreen 11
    24 June 2019 at 11:14 am

    Anything connected to John Key is a shonkey deal indeed, as we should know what key was up to during his time as a bankster and then a posterboy for the "panama papers event." and the dark corners it all involved as a 'tax shelter haven'.

  12. Ad 12
    24 June 2019 at 12:07 pm

    Stubbs is a good man who went to Kelston Boys High School way back in the 1980s. He's westie made good.

    Kerry McDonald's callout of Key to resign is however even more trenchant, since he is a true Wellington elite who has been around since Muldoon. Now old but his word carries a lot of weight in older Wellington institutional circles. Definitely a Lion in Winter, as the saying goes.

    But it would take a few more leaders to actually come out on this for real pressure to build.

    So it's really good to see the Reserve Bank stepping things up harder and harder, as of this morning.

    Last month the ANZ was censured by the Reserve Bank and ordered to put hundreds of millions more aside to ensure it could cover its risks. That means for years it had not been covered to the extent the regulators needed it to be.

    So as of this morning the Reserve Bank is seeking a report with clear assurances about that.

    The Reserve Bank has also announced this morning that it is seeing a report on whether the ANZ is being run to the rules by Directors and its senior staff.

    https://www.rnz.co.nz/news/business/392779/reserve-bank-requests-assurance-reports-from-anz

    This is pretty appropriate since it's now patently obvious that the RBNZ report into banking conduct that they completed last year was too narrow and its results were crap. Really bad catchup football.

    So it does totally amaze me that our own Minister of Finance hasn't caught on to this as a political gift by calling for the resignation of John Key. OR indeed calling for anything.

    At this point it would only take an “I no longer have confidence” statement from Minister Robertson and Key would be gone.

    If only.

    • Muttonbird 12.1
      24 June 2019 at 12:19 pm

      The Labour and Greens part of the government have done well to not over-reach by getting involved in opposition or private sector problems. To do so would invite a pile on from the usual RW suspects.

      Better to let the pressure build and as you say ensure this review is more thorough than the last.

      Key must have been tipped off that these second reviews were coming which is why he's attempted the clean out. Clearly he would have not moved on Hisco had he not felt Orr breathing down his neck.

    • Phil 12.2
      24 June 2019 at 1:24 pm

      Last month the ANZ was censured by the Reserve Bank … it's now patently obvious that the RBNZ report into banking conduct that they completed last year was too narrow and its results were crap.

      The ARC across the Tasman focused on bank conduct and culture related to *selling products to customers*. It didn't get anywhere near modelling for capital requirements.

      The NZ-equivalent that people were clamoring for would also have gotten nowhere near ANZ's operational risk capital models.

      • Sacha 12.2.1
        24 June 2019 at 1:56 pm

        Did the Australian review consider perks?

        • Phil 12.2.1.1
          24 June 2019 at 4:27 pm

          Depends on how you define a "perk" 🙂

          The ARC (and the review here) looked at sales performance incentives, e.g. a bonus for selling more than X number of products to a customer. And, more importantly, the reviews looked at how those bonuses might pervert the bank or staff member into acting in a way that is not in the best interest of the customer.

          As far as I'm aware, neither review looked at the kind of employment package benefits or house financing that seems to be the issue with Hisco. That's because these benefits wouldn't be linked to ANZ's sales or Hisco's performance in any directly meaningful way.

    • Blazer 12.3
      24 June 2019 at 6:43 pm

      I will give Stubbs the benefit of the doubt.

      He did work for 2 'favourites' i.e Eric Watson and Mark Hotchin at Handover Finance..but jumped ship before the 'the size and the strength to withstand ANY conditions' proved quite the opposite.(as usual)

  13. Infused 13
    24 June 2019 at 12:38 pm

    Key may have been appointed to get this guy out cleanly. Who knows.

    Your hate for key is showing though. How you could feel sorry for this guy.

    Keys just doing his job.

    • Muttonbird 13.1
      24 June 2019 at 1:01 pm

      Key sold Hisco his house you idiot. They are good mates.

      • Wensleydale 13.1.1
        24 June 2019 at 1:18 pm

        No, no, Mutton. You're just being unnecessarily cruel to that poor Mr Key – an elder statesman of our fine nation and an icon of success and prosperity. There's not a venal bone in his body, and you do yourself a profound disservice by insinuating as much. He once lived in a state house, you know. (It’s perfectly fine to behave like an amoral pirate if you spent your formative years living in a skip and scrounging for crusts.) Rags to riches and all that. Aspiration! Building a brighter future! Shame on you, Mutton. Shame.

      • Infused 13.1.2
        24 June 2019 at 6:54 pm

        Hear that? That's logic going way over your head

  14. SHG 14
    24 June 2019 at 12:47 pm

    Reality check – the transgression for which Hisco was fired was breaking the first commandment. Thou shalt not embarrass JK. Thus has it ever been.

    • Pat 14.1
      24 June 2019 at 12:56 pm

      Lol…except the embarrassment to Key has been caused by (on the face of it) his own inept handling of the issue….new theory needed.

  15. WILD KATIPO 15
    24 June 2019 at 4:45 pm

    Senior board of the ANZ ,… spot Jonkey and Hisco there playin' along…

    Harry Nilsson – Coconut (1971)

    https://youtu.be/Tbgv8PkO9eo?t=166

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    BeehiveBy beehive.govt.nz
    24 hours ago

  • Community hui to talk about kina barrens
    People with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Kiwi exporters win as NZ-EU FTA enters into force
    Kiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...
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    1 day ago

  • Mining resurgence a welcome sign
    There are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...
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    1 day ago

  • Ō-Rākau Remembrance Bill passes first reading
    The return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government to boost public EV charging network
    Energy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure.  The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...
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    2 days ago

  • Residential Property Managers Bill to not progress
    The coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...
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    2 days ago

  • Independent review into disability support services
    The Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...
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    2 days ago

  • Justice Minister updates UN on law & order plan
    Justice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Ending emergency housing motels in Rotorua
    The Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Trade Minister travels to Riyadh, OECD, and Dubai
    Trade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Education priorities focused on lifting achievement
    Education Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...
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    3 days ago

  • NZTA App first step towards digital driver licence
    The new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say.  “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...
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    3 days ago

  • Supporting whānau out of emergency housing
    Whānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...
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    3 days ago

  • Tribute to Dave O'Sullivan
    Racing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...
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    3 days ago

  • Speech – Eid al-Fitr
    Assalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...
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    3 days ago

  • Government saves access to medicines
    Associate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff.    “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...
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    3 days ago

  • Pharmac Chair appointed
    Hon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...
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    4 days ago

  • Taking action on Fetal Alcohol Spectrum Disorder
    Hundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says.  “Every day, ...
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    5 days ago

  • New sports complex opens in Kaikohe
    Regional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...
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    5 days ago

  • Diplomacy needed more than ever
    Foreign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges.    “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...
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    5 days ago

  • Anzac Commemorative Address, Buttes New British Cemetery Belgium
    Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service.  It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Anzac Commemorative Address – NZ National Service, Chunuk Bair
    Distinguished guests -   It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders.   Our presence here and at the other special spaces of Gallipoli is made ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Anzac Commemorative Address – Dawn Service, Gallipoli, Türkiye
    Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia.   Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • PM announces changes to portfolios
    Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
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    1 week ago

  • New catch limits for unique fishery areas
    Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Minister welcomes hydrogen milestone
    Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
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    1 week ago

  • Urgent changes to system through first RMA Amendment Bill
    The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
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    1 week ago

  • Overseas decommissioning models considered
    Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
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    1 week ago

  • Release of North Island Severe Weather Event Inquiry
    Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
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    1 week ago

  • Justice Minister to attend Human Rights Council
    Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order.  “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Patterson reopens world’s largest wool scouring facility
    Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Speech to the Southland Otago Regional Engineering Collective Summit, 18 April 2024
    Hon Andrew Bayly, Minister for Small Business and Manufacturing  At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin    Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho    Good Afternoon and thank you for inviting me to open your summit today.    I am delighted ...
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    1 week ago

  • Government to introduce revised Three Strikes law
    The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
    BeehiveBy beehive.govt.nz
    1 week ago

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