web analytics

Who needs $4.8 billion anyway

Written By: - Date published: 7:15 am, November 21st, 2014 - 106 comments
Categories: national, superannuation - Tags: , , ,

Recently I wrote a post on the Nats’ economic “genius” in our property market. Yesterday a report from the NZ Super Fund (Cullen fund) provided further evidence of their incompetence. The highlights:

Fund size: NZ$27.11 billion
Fund return: 1.47% during October
Total return of 9.92% p.a. since inception (after costs, before NZ tax) compared to Reference Portfolio return of 8.75% p.a.
Total return of 14.78% over last twelve months, compared to Reference Portfolio return of 12.65%

This provoked some discussion on Twitter. If National hadn’t stopped our contributions to the fund it would now be worth $15.2b more than it is currently. There would have been extra costs for higher levels of borrowing, but even so NZ would be $4.8 billion net better off.

Cutting the contributions was stupid, short term thinking from National, and many people said so at the time. (Interesting to read an old Keith Ng post demolishing Farrar on this.) National’s supposed competence on economic matters is pure fantasy. We could have used the $4.8 billion that they just chucked away.

106 comments on “Who needs $4.8 billion anyway”

  1. les 1

    Yes they’ve managed to sell themselves as the ‘safe pair of hands’,and sound,prudent managers of the economy.Their central policy ,’borrow and hope’,reminds one of the Muldoon debacle in finance.He had cultivated a public reputation as a financial wizard too.

    • David H 1.1

      That’s not a safe pair of Hands. $4.8 billion is a little more than Ooppss Butter fingers. but then again Blinglish and co make blue and white collar crims seem positively honest.

  2. Lanthanide 3

    “This provoked some discussion on Twitter. If National hadn’t stopped our contributions to the fund it would now be worth $15.2b more than it is currently. There would have been extra costs for higher levels of borrowing, but even so NZ would be $4.8 billion net better off.”

    If you assume that despite the extra borrowing, everything else would have remained exactly the same.

    But actually there’s a reasonable chance that our sovereign credit rating would have been downgraded (even more than it already was under National) if we’d borrowed an extra $10B just to invest it offshore. This in turn would have pushed interest rates up and could easily have swallowed the $4.8B in net value that you’re calculating.

    • r0b 3.1

      But actually there’s a reasonable chance that our sovereign credit rating would have been downgraded

      Chance is a fine thing, but what we know for sure is that we’re billions worse off right now because of decisions that the Nats were warned at the time would be a costly mistake. And the cost of this mistake will compound over time…

      • Rob 3.1.1

        A very naive view, essentially the post is stating that there is no penalty in higher interest charges resulting from downgraded credit ratings.

        • Pascals bookie 3.1.1.1

          But the chance of a down grade based on that extra borrowing is pretty slim. The Ng post’s comments goes over this pretty thoroughly.

          While there’s an arg the rating might have been affected, maybe, if the agencies were scaredy pants, it’s pretty thin gruel.

          Fact is some people were right, and others turned out to be wrong.

          • Rob 3.1.1.1.1

            So at the peak of the GFC, when many 1st world economies were turning toxic, do you really believe there would have been no chance of NZ credit rating being lowered if they had followed this extra debt path?

            • Tracey 3.1.1.1.1.1

              more extra debt than the extra debt it was incurring you mean

            • Colonial Rawshark 3.1.1.1.1.2

              do you really believe there would have been no chance of NZ credit rating being lowered if they had followed this extra debt path?

              You mean the credit rating issued by corporate agencies such as S&P and Moody’s? These very same firms who were totally corrupt, and labelled toxic assets as AAA grade investments, facilitating the GFC?

            • Pascals bookie 3.1.1.1.1.3

              Given the low level of debt the govt was carrying, and the size of this ‘extra debt’, yep.

              Stopping these payments was only a small part of the govt’s debt reduction plan, nowhere near the bulk of it.

              Ng explains it well here:

              http://publicaddress.net/system/cafe/onpoint-the-super-fund-shell-game/?p=113747#post113747

              and it’s worth scrolling through to see the rest of the comments too.

            • locus 3.1.1.1.1.4

              Borrowings to finance sound investment do not equate with borrowings and increased debt to pay off tax gifts to the already wealthy

              Credit rating agencies are not stupid and factor in the debit ledger as well as the credit ledger – NZ’s credit rating would not have been downgraded

              Is this really the best excuse you can come up with to defend the nats truly amazing financial ineptitude and derogation of responsibility in changing the direction that Michael Cullen had mapped for NZ’s superannuation fund?

        • greywarshark 3.1.1.2

          If our credit rating was downgraded, then our popular currency might not be so much in demand for playmoney while the big machines wait for the next investment heist to come along and multiply their millions. If the b…rs weren’t so keen on our candy, its price wouldn’t fluctuate so much, therefore costing us at home, extra insurance in hedge funds that we buy from the people who are playing with our money. I think this is the very rational way it works. It is rational because it works for the makers of money rather than the makers of tradeable goods, the Good NZs.

          Please give me a thumbs up if I’m right.

          And superannuation fund having funds payments put in abeyance. I understand that to return the expected result, the income has to be paid in regularly. Then it will compound on the rising trend line, if the economic predictions are correct.
          Stopping payments for a while is a mistake, even if you have to borrow overseas to maintain them. The fund is to be capital accreted, and must be continuous to ensure the model works well. Extra interest would be a say ‘temporary non-repetitive additional cost’.

          Is this a reasonable explanation of what is meant above?

      • Lanthanide 3.1.2

        You’re making assumptions about *what might have been* and stating them as facts. Pure and simple.

        I could also make assumptions about what might have been and state them as facts, just as you have done: if Labour had won the 2011 election, NZ would now be bankrupt.

        Surely you would reject this statement of mine; you should similarly reject your own on the same basis.

        Now, if your argument had more meat to it than a simple calculation, for example you tried to take into account other possibilities (say, what would the situation look like if the interest we paid went up by 0.2%?), you might have a point. Or, alternatively if you hadn’t stated this as *a fact* that we are $4.8B worse-off, then I wouldn’t mind that either.

        • Pascals bookie 3.1.2.1

          Go read the Keith Ng link, and the comments. Loads of assumptions are factored in.

    • Nic the NZer 3.2

      “But actually there’s a reasonable chance that our sovereign credit rating would have been downgraded (even more than it already was under National) if we’d borrowed an extra $10B just to invest it offshore. This in turn would have pushed interest rates up and could easily have swallowed the $4.8B in net value that you’re calculating.”

      Baa, ha, ha, ha, ha. The central bank is in control of the interest rates, NZ’s credit rating is irrelevant. Evidence? Japan had its sovereign credit ratings down graded due to large government debt, and its interest rates on government debt have been near zero for several decades now! Sovereign credit ratings are pretty much irrelevant.

      • Lanthanide 3.2.1

        Cherry-picking data points that really aren’t comparable isn’t the basis for a strong argument.

        Japan’s economy is the 3rd largest in the world. Surely you have heard the saying “Owe $1M to the bank, the bank owns you. Owe $1B to the bank, you own the bank”.

        NZ’s sovereign crediting rating matters, because we borrow money internationally and promise to pay it back, with a certain interest rate on top. If that interest rate goes up, we have to pay more. The central bank’s interest rate controls how much we pay for domestic borrowing; it doesn’t (directly) affect foreigners choosing to lend us money.

        Certainly the situation of the PIIGs didn’t completely pass you by during the GFC?

        • Nic the NZer 3.2.1.1

          ‘Japan’s economy is the 3rd largest in the world. Surely you have heard the saying “Owe $1M to the bank, the bank owns you. Owe $1B to the bank, you own the bank”.’

          I guess we should be borrowing more so we can own our own bank? Oh hang on, we already do ‘own the bank’ its called the RBNZ, and it does what the government tells it (with some limited independence) as does the BOJ.

          ‘NZ’s sovereign crediting rating matters, because we borrow money internationally’, hang on the NZ governments borrowing is almost exclusively in NZ$, how does that work? Also as I said, the RBNZ is in control of interest rates, including interest rates on NZ government debt (because its denominated in NZ$). Here is an informative discussion of this fact,
          http://fixingtheeconomists.wordpress.com/2014/08/15/does-the-central-banks-control-long-term-interest-rates-a-glance-at-operation-twist/

          ‘The central bank’s interest rate controls how much we pay for domestic borrowing; it doesn’t (directly) affect foreigners choosing to lend us money.’

          Almost correct, its not who is lending the money, its the currency they are lending! As I said almost all NZ government debt is in NZ$.

          ‘Certainly the situation of the PIIGs didn’t completely pass you by during the GFC?’

          Yes, good of you to bring that up. I should have mentioned that countries using the Euro are not the same as NZ. This is because they don’t control their currency issuing central bank (the ECB), this brings us back to the charge of

          ‘Cherry-picking data points that really aren’t comparable’

          which you are guilty of. This is not to say that the ECB can’t do things that the RBNZ can, just the PIIGs don’t easily get such co-operation. Did you hear about the Greek government bond panic BTW, notice the ECB has brought down the price on Greek government bonds, by intervention.

          • Lanthanide 3.2.1.1.1

            Foreign person A wants to buy something that NZ produces, say milk. NZ farmers (ultimately) only accept $NZ for their milk, because the government forces them to pay tax and requires tax be paid in $NZ. So a foreign person has to obtain $NZ in order to buy milk. They do this by giving us their foreign money in exchange for $NZ. The rate at which this happens is the “exchange rate” between the two currencies.

            Similarly, the NZ government borrows $NZ. It does this by taking $NZ off depositors and promising to return it at a future date with interest on top.

            If a foreigner thinks “5% extra money in 10 years time is good value, and that’s what the NZ government is currently offering to pay”, then they will exchange their foreign money for $NZ and then give it to the government. The government has to set the interest rate on what they’re paying at a level that is attractive to investors.

            If the reserve bank were to start arbitrarily printing money, then foreigners would not want to trade foreign cash for $NZ, or they would demand a lot more $NZ in return for their foreign cash, because each $1 NZ is now worth less than it used to be.

            In turn this means the government may have to start offering much greater interest returns on their bonds, in order to encourage foreigners to take the risk to invest with them. The is measured by the sovereign credit rating.

            Hence how printing money is bad for a country (suddenly foreigners won’t give us any money any more, or they’ll give us much less than they used to, and it makes it hard to buy oil, computers and other nice things we import) and how the sovereign credit rating matters to a country – the government has to pay higher interest to realise the same net borrowing amount, and if they start printing money to try and offset the higher interest, they’ll get into a vicious spiral where no-one wants to trade with us.

            • Colonial Rawshark 3.2.1.1.1.1

              The NZ govt needs to be net printing money, now, billions of dollars of it a year, probably up to 2% to 3% of GDP and then spending it into the bottom half of the local economy.

              Your concept of how the NZ Govt borrows is completely askew. Your concept of what makes the NZD valuable to foreign investors is also completely askew. We already offer higher sovereign interest rates than most other western powers on the planet, for low stable sovereign risk. It’s one reason why the NZD is in such high demand. We could do with dropping the value of the NZD another 10%.

              The commentator above who says that the NZ govt is completely in charge of interest rates through the RB is correct.

              Japan’s size as the 3rd biggest economy has nothing to do with them being able to print trillions of yen and monetizing debt. It has everything to do with their needs, however.

              • Lanthanide

                “Your concept of how the NZ Govt borrows is completely askew. Your concept of what makes the NZD valuable to foreign investors is also completely askew. ”

                Ok, sell me the ‘real version’ then. Then convey this in such a way that it’ll be acceptable to the voting public at large. Otherwise it’ll just be laughed at like the Green’s suggestion for filling up the EQC fund (effectively printing money today, but pretending it’s in the future via accounting tricks).

                • Colonial Rawshark

                  Lanth what are you afraid of? Are you surprised that ordinary voters (and ordinary MPs) have no concept of central banking monetary operations? These operations allow the Reserve Bank to set *whatever* interest rate it wants or needs on a day. 0%. 1%. 2%. 3%. 4%. 5%. 6%.

                  Currently the NZD is excessively valuable because it is a target for hoarding and financial speculation. Ideally the NZD would be valuable because of demand for NZ goods and services, instead of as an asset for financial speculation.

            • Nic the NZer 3.2.1.1.1.2

              Your thinking goes wrong here,

              ‘If a foreigner thinks “5% extra money in 10 years time is good value, and that’s what the NZ government is currently offering to pay”, then they will exchange their foreign money for $NZ and then give it to the government. The government has to set the interest rate on what they’re paying at a level that is attractive to investors.’

              If you are holding NZ$ which you don’t have anything more productive to do with them, you have two choices, lend them to the government at what ever is the going rate in a heavily central bank influenced market, or hold onto them (or trade them with somebody else who faces the same choice). So no the government doesn’t have to offer anything! The government has a captive market. I don’t think non-investment is likely here, but even if it happens so what?

              BTW, you seem to have confused exporters with importers, so I have assumed you are talking about importers to NZ who end up with an actual surplus of NZ$ to invest for the purposes of this discussion.

              To point out something quite similar to what you are describing you probably have a savings account and a current account at the bank. Its your choice to put the money in the savings account (and get higher interest) or leave it in the current account (probably paying nada). So the question is how successful are you at influencing the bank to pay more interest on your savings? Maybe you are using your ‘hard bargaining’ strategy of leaving all your savings in the current account! Hows that working out? Is the bank still telling you what the going rate is for savings!

              “suddenly foreigners won’t give us any money any more”, you realize that NZ$ come from NZ right? The NZ economy is self sufficient in NZ$.

              • Colonial Rawshark

                Lanth is afraid of a situation where the value of the NZ$ falls precipitously and we are unable to get our hands on the hard foreign currency required to import goods like pharmaceuticals, computers and other electronics/advanced materials.

                He hasn’t thought through why and how nations actually suffer currency collapses (almost always severe destruction of an economy’s ability to produce valuable goods and services is required eg from warfare).

                • Nic the NZer

                  Seems to have scared the bejesus out of him, he is no longer thinking straight.

                  As long as NZers still need to pay tax in NZ$ and NZ is still producing exports which people can’t easily get elsewhere there will always be a fairly large demand for NZ currency. Also the entire world is obsessed by export lead recovery ideas, most countries are desperate to sell us anything they can produce. NZ policy is making it as difficult as possible to take advantage of that.

                  Of course the exchange rate naturally tends to sort itself out, because if it falls it becomes cheaper for foreigners to buy from NZ and tends to reduce demand for imports (which become more expensive).

                  • Lanthanide

                    “and tends to reduce demand for imports (which become more expensive).”

                    Oh, is that all? Just reduced demand?

                    So, our quality of life wouldn’t be affected if petrol cost $3/litre? What about $4/litre? How productive would our economy be, and how many goods could we create to export, if farmers couldn’t buy the trucks and cars they needed, the IT sector had to pay 200%+ markups over previous prices for new hardware, pharmac had to make-do with 30% less drugs…?

                    Never mind, that’s just “reduced demand”.

                    • Nic the NZer

                      Remember that last time that the RBNZ intervened in the forex market. How did that work out, its suppose to be screwing up those exporters right? Note it did have a significant effect on petrol prices, it must stand out in your memory as a very significant and problematic event.

                      http://www.interest.co.nz/currencies/72207/finance-minister-welcomes-nz-fall-reducing-headwind-exporters-says-rbnz-will-be-hap

                      BTW, the RBNZ uses different transactions for forex, the deficit has much less of a direct or visible effect on the exchange rate. By and large the exchange rate will not be an issue, though the RBNZ might run higher interest rates to keep the currency value high. They appear to be doing that at present.

                    • Lanthanide

                      Weird. You’re comparing *selling* $521M of NZ$ in the normal forex economy, with *printing* $5B NZ$ outside the normal forex economy, as if the first has some sort of bearing on the latter?

                    • Nic the NZer

                      Where did the RBNZ get the 521M $NZ from, I wonder? As I said there is less impact on the forex markets from ‘printing’ anyway. You were worried about import prices in your comment, so I used an example where we can actually see the effects on import prices.

                    • Lanthanide

                      The Reserve Bank got the $521M from it’s currency reserves.

                      They have a whole section on their website about it: http://www.rbnz.govt.nz/markets_and_payment_operations/foreign_reserves/intervention/

                      4. Between 1988 and 1998, successive Ministers of Finance agreed that the Bank should hold a target intervention capacity of around NZD 4.5 billion. In 1998, it was agreed that the intervention capacity should be stated in foreign currency terms,…

                      5. The rationale for the shift to targeting the intervention capacity range in foreign currency terms was that any intervention in a crisis situation would involve the Bank acting as a supplier of foreign currency; hence it is the foreign currency amount that the Bank holds that is important. A crisis in this situation is one where there are no `market makers’ in the New Zealand dollar, and the Bank stands prepared to purchase New Zealand dollars using foreign currency reserves.

                      Note how it doesn’t say anything about printing money.

                    • Nic the NZer

                      Any intervention where the RBNZ has bought something (in this case foreign currency) its effectively printing. If it makes you feel any better we could ask if they can pull the deficit out of their foreign exchange reserves instead! Would that make any difference?

                      Its meaningless for the RBNZ to ‘hold’ NZ$ reserves as it operates the accounts in NZ$.

    • Saarbo 3.3

      @Lanthanide
      That’s rubbish, why wasn’t our credit rating affected by the $10b spent on unnecessary highways over the same period. $10b or 5% of gdp is relatively small.

      • Lanthanide 3.3.1

        @Saarbo – because the choice that National gave us is not between spend $10B on roads or spend $10B on borrowing for the superannuation fund.

        National was *always* going to spend $10B on roads. So the additional $10B borrowing for the superannuation fund would be on top.

        So we’re not talking $10B of ‘spending’, we’re talking $20B.

        Also, spending $10B on roads looks more fiscally responsible to foreigners than borrowing and investing $10B in offshore companies during the greatest recession since the 1930’s.

        • lprent 3.3.1.1

          But they didn’t borrow $10B did they? They borrowed $55B and still rising.

          So how does that look to overseas investors? Ummm funds flooding into the economy, an excessively high currency, and absolutely no problems turning over the extra borrowing.

          I would say that you were and are mistaken. Economics is a ‘relative’ artform rather than a absolutist one.

          • Lanthanide 3.3.1.1.1

            “I would say that you were and are mistaken. Economics is a ‘relative’ artform rather than a absolutist one.”

            Actually that’s the point I’m trying to make. Borrowing an extra $10B, to turn around an invest it at the height of a global financial retraction (which, at several points, was looking like a collapse) could easily have been the straw that broke the camels back re: our credit rating.

            But you are of course right, I should be comparing $65B of borrowing to $55B, not $10B to $20B.

            • locus 3.3.1.1.1.1

              maybe another point you’ve missed is that the projected borrowings for the Cullen fund were planned and transparent – the market already knew what was intended

              the surprise to the market was the way in which the nats decided to cut back on what was a successful and well accepted strategy to protect NZ from the inevitable future increases in superannuation

              • Lanthanide

                “the surprise to the market was the way in which the nats decided to cut back on what was a successful and well accepted strategy to protect NZ from the inevitable future increases in superannuation”

                The short-term money market couldn’t care less about NZ’s future superannuation situation. Especially during a global financial crisis. Similarly plans made for the future when everything was golden and rosey don’t count for much when everything’s falling down around you.

    • Tracey 3.4

      currency traders and brokers know that you have to consistently enter a market so your risk is spread across good bad and even times. tbe ONE thing our former banker brought to the job he ignored.

  3. les 4

    well $4.8 bil is about what the Natz realised from asset sales anyway.Doesn’t go far these days!

    • locus 4.1

      hmm 4.8 billion dollars doesn’t go far? do you understand compound interest?

      actually… do you understand the long term cost to the NZ taxpayer of selling off profitable national assets that have had far more than 4.8 billion invested in them over the years? Particularly when you consider that the money from NZ’s asset sales will not be invested wisely or used to pay down debt by the neolibs that are selling off our future

  4. Nic the NZer 5

    Sorry Rob, this is a absolute non-issue, the government gains no additional capacity to spend from an extra 4.8 billion in super investment profits. It also follows that it gains no additional capacity to spend from raising tax, it can always spend first and worry about tax later. Because the economy is largely demand constrained usually no higher tax rates are needed to compensate for additional spending. You should drop it, its a non-issue. This kind of thinking will lead you to pushing for the retirement age to be raised, which is both un-popular and a really destructive economic policy for all concerned.

    • r0b 5.1

      Sorry Rob, this is a absolute non-issue, the government gains no additional capacity to spend from an extra 4.8 billion in super investment profits.

      Not today’s government – that’s why the Nats don’t care. But future governments and citizens benefit, that’s the whole point of the fund. As I said – stupid short-term thinking. We need governments that are better than this.

      • Nic the NZer 5.1.1

        I believe I said, the government, its irrelevant who that is for the purpose of discussing this.

      • Lanthanide 5.1.2

        Nic seems to believe that all countries can print unlimited amounts of money at any moment they feel like and that doing this will have absolutely no negative repercussions at all. So his post at #5 is coming from this angle.

        • Nic the NZer 5.1.2.1

          Almost, it is likely to have some negative repercussions once the economy is running at or near full capacity (e.g with a very low unemployment rate, not seen for multiple decades). At that stage if the government wants to increase spending more (so as to create more public goods, rather than private goods) they should look at increasing taxes so as not to cause inflation, but until that point Lanthanide is basically correct in his characterization.

          • Lanthanide 5.1.2.1.1

            And yet funnily enough, printing money has never been nirvana for any country that has tried it (outside of the behemoth economies).

            • Colonial Rawshark 5.1.2.1.1.1

              Lanth, NZ needs to worry about its real physical economy: the real condition and status of its adults and its children, the creativity and innovation within its society, and the productivity and quality of its real productive infrastructure.

              But instead of these things you seem stuck in some BS paper accounting world where you are hoping to cleverly balance this against that, this against that via hopelessly hypothetical macro-economic models.

              Printing money is not supposed to be a “nirvana” but it will allow you to put into action heavily under-utilised resources and capabilities. Like 1/4 million unemployed and under-employed NZers.

              There is minimal difference between the NZ Govt borrowing $100 from China and then spending it into the NZ economy, and the NZ Govt issuing that $100 and then spending it into the NZ economy.

              • Lanthanide

                Wanting to be able to import oil, computers and other items we don’t make ourselves is being “stuck in some BS paper accounting world”? Curious.

                “There is minimal difference between the NZ Govt borrowing $100 from China and then spending it into the NZ economy, and the NZ Govt issuing that $100 and then spending it into the NZ economy.”

                Correct. There’s also minimal value to spending $100 into the economy.

                Now, if you’re talking about borrowing $5B from China, or printing $5B and spending it into the economy, then you’ll be materially affecting the exchange rate.

                • Colonial Rawshark

                  What’s your fear Lanth? Even if issuing $5B in new high quality spending over 1 year (approx 4% of GDP) were to affect our exchange rate, so what? You know the NZ dollar could go 10% lower and it would be a great boon to both our added value manufacturers as well as our commodity ag-hort sector.

                  The one thing that you do point to is that NZ must end its clean float forex regime and go to a managed float.

                  • Lanthanide

                    You’re assuming that if we printed $5B of money our exchange rate would drop by 10%.

                    It could drop by 50%, or more.

                    You’re assuming that the idea to print money is a good one, based on the assumption that only good things will happen if you do it. That’s a circular argument.

                    • Colonial Rawshark

                      You’re assuming that if we printed $5B of money our exchange rate would drop by 10%.

                      It could drop by 50%, or more.

                      Hey mate, I think your fears of a 50% drop are incredibly overblown, but am happy to do the issue of $5,000M in 20 separate lots of $250M in order to manage the risk of unintended forex fluctuations.

                    • Lanthanide

                      Even announcing the plan would cause our dollar to drop – wouldn’t even have to follow through on it.

                      Also I don’t think printing $5B would result in a 50% drop in the currency, but the point is, it could. These financial markets are driven by fear, as well as control. Large economies can get away with doing ‘naughty’ things because no-one can stop them. But that’s not the same for a small trading economy on the arse-end of the world.

                      It may not be the $5B in printing itself that drives the dollar down, but the expectation that if the government is going to throw out the prevailing models of economics and print such a large amount of money, that they can’t be trusted for what they’ll do next – it could be $25B next week, or nationalisation of all foreign land and companies, etc. It’s these fears that could drop the currency by 50%.

                • Draco T Bastard

                  Wanting to be able to import oil, computers and other items we don’t make ourselves is being “stuck in some BS paper accounting world”?

                  Having the government creating money won’t stop us from doing that. It would also mean that we wouldn’t have to import at all as we’d just use our resources here instead of selling them overseas at atrocious exchange rates (lots of our resources for minimal of theirs).

                  Now, if you’re talking about borrowing $5B from China, or printing $5B and spending it into the economy, then you’ll be materially affecting the exchange rate.

                  And?

                  • Lanthanide

                    NZ doesn’t produce enough oil domestically for it’s own use.

                    NZ doesn’t produce any x86 CPUs.

                    There are lots of things NZ doesn’t produce, and it will take years or decades to be able to do so, to the point that it doesn’t make sense when we can focus on the things that we do well and trade for those goods instead.

                    • Draco T Bastard

                      NZ doesn’t produce enough oil domestically for it’s own use.

                      Then I suggest we stop using oil.

                      NZ doesn’t produce any x86 CPUs.

                      Then we need to start producing them.

                      There are lots of things NZ doesn’t produce, and it will take years or decades to be able to do so, to the point that it doesn’t make sense when we can focus on the things that we do well and trade for those goods instead.

                      And that is a load of bollocks. People specialise, societies don’t. There are people in NZ quite capable of producing x86 CPUs. Specialisation of a society actually brings about the poor use of it’s human resources. In fact, those people capable of producing x86 CPUs would leave a society that specialises in producing farms.

                      We have the resources to produce everything we use here in NZ and doing so is cheaper, in real terms, than importing them. It’s cheaper because it uses less resources in the first place and we don’t get that massive loss through the rather nasty exchange rate that I mentioned above where we sell tonnes of our resources to get a few kilos of resources back.

                      Our monetary system produces uneconomic results.

                    • Lanthanide

                      “And that is a load of bollocks. People specialise, societies don’t. There are people in NZ quite capable of producing x86 CPUs.”

                      Name 10. Or, name a company in NZ that owns a $2B fab, employs the 2,000 or so (guessing) employees needed to run it?

                      Oh, and has a license that gives them access to the technical specifications for x86 chips. Note: only 3 of these licenses exist in the world.

                      Or, if that’s too far up the food chain for you, please tell me which company it is in NZ that manufactures silicon ingots. They’re worth about $1M each and would surely show up in our countries exports if we made even a handful of them each year (since we have no domestic electronics industry that would consume them).

                    • Draco T Bastard

                      Name 10. Or, name a company in NZ that owns a $2B fab, employs the 2,000 or so (guessing) employees needed to run it?

                      I said capable of doing it, not that they’re doing it. Please learn to fucken read.

                      That said:
                      http://www.rakon.com/corporate/about
                      http://www.elex.co.nz/
                      http://www.kamahi.com/about.php

                      Just because we’re not doing it doesn’t mean that we can’t. In fact, I’d say the fact that we aren’t is a failure of our economic system.

                      They’re worth about $1M each

                      IC Grade Monocrystalline Silicon Ingot:

                      FOB Price:
                      US $1 – 99 / Kilogram

                      They’re quite large but I doubt if they mass a 1000kg each never mind 10000 to a million kilos.

                    • Lanthanide

                      Good references, Draco.

                      Now one of those companies probably could design an x86 processor, but I doubt they’d be able to get the manufacturing volume (again, $2B for a state-of-the-art fab), or access to the patented technologies and personnel to make them anywhere near competitive with the CPUs made by Intel. When it comes to CPUs, there’s really 3 important factors: correctness, power usage and price. If your CPUs are the same price but half the speed of the competition, it means you’ll need twice as many (hence twice the price) to achieve the same performance, and thats before you factor in the rest of the computer system that must also be duplicated to house your additional CPUs.

                      So, maybe we could produce x86 CPUs, but it’s pretty much impossible that they’d ever be better than the competition, which means more expensive and less effective. Better to milk some cows efficiently and trade for some efficient CPUs.

                      As for the ingot price, it does look like you’re correct; the price I had for $1M was me extrapolating a comment on the price of a processed silicon wafer. Once a wafer has been processed it’s obviously worth more than a raw ingot.

                    • Colonial Rawshark

                      Forget about the x86 bullshit, just go straight to ARM.

                    • Draco T Bastard

                      So, maybe we could produce x86 CPUs, but it’s pretty much impossible that they’d ever be better than the competition, which means more expensive and less effective.

                      Good job AMD didn’t have you as an advisor because if they had they would never even have tried making a 486 compatible CPU and wouldn’t now be a multi-billion dollar global company despite their initial CPUs not being quite as good as Intel’s.

                    • Lanthanide

                      Thanks for making my point. AMD have been in this business for decades and they are still losing money hand-over-fist and their products still aren’t as good as intels. We’d be lucky to have anything that could compete with AMD CPUs inside a decade.

                    • Draco T Bastard

                      Looks like a profit to me. And considering the games that companies use so as to avoid paying tax I’d take the reports of a loss with a few grains of salt as well. They certainly wouldn’t still be around if they kept losing money.

                      And AMD’s CPUs are as good as Intel’s. In fact, I’m now regretting getting a Core i7 as AMD’s 8 core was better for what I’m using it for.

                      And, finally, it won’t take decades to start NZ doing it. All it took for the US to start was the US federal government to make the first fabrication plant in Silicon Valley. Same thing happened in Taiwan. Basically, if we want a successful economy then the government has to start leading rather than waiting around for private enterprise who are really only looking to clip the ticket.

                    • Lanthanide

                      You need to be more careful when reading reports like those.

                      So far this calendar year they’ve made a loss of $39M. If you include the 4th quarter profit from 2013 then they’ve made a profit of $50M, however that included $48M in one-off revenue from legal settlements, so really it’s only a $2M operating profit over that time period (on a total revenue of $5.86B, or a 0.3% profit margin.

                      Calendar year 2013 they made a loss of $83M.

                      At $39M in the red already so far this year, it seems unlikely they’ll be making a large profit.

                      “And, finally, it won’t take decades to start NZ doing it. All it took for the US to start was the US federal government to make the first fabrication plant in Silicon Valley. Same thing happened in Taiwan. ”

                      And what year what that fabrication plant set up in Silicon Valley? How much did it cost? What was the state of the art then? We’ve come a long way from there, CPUs are a lot more complicated now, and they have arrived where they are because of decades of research and development, which of course is proprietary and/or patented.

                      Surely if it was so easy to set up a CPU fab that could rival Intel and AMD, the Chinese government would have done it, or would be doing it? They easily have the resources, manpower and cash to do it if they chose, and clearly its in their long-term best interests not to rely on US companies for their processors.

                    • Draco T Bastard

                      Surely if it was so easy to set up a CPU fab that could rival Intel and AMD, the Chinese government would have done it, or would be doing it?

                      What makes you think they haven’t? In fact, I’m pretty sure that a lot of Intel CPUs say Made in Taiwan on them. Same with AMD.

                      We’ve come a long way from there, CPUs are a lot more complicated now, and they have arrived where they are because of decades of research and development, which of course is proprietary and/or patented.

                      And a lot of which is publicly available because it was funded by government. Hell, Photolithography, has been around for almost 200 years. I don’t think any patents apply any more. The basics of semiconductors has been publicly available since the 1960s as part of the conditions for public funding in the US.

                      There is nothing stopping us from producing a fab plant in NZ or doing our own research except some fucking idiots determined to believe that we can’t actually do anything.

                • Nic the NZer

                  “Correct. There’s also minimal value to spending $100 into the economy.

                  Now, if you’re talking about borrowing $5B from China, or printing $5B and spending it into the economy, then you’ll be materially affecting the exchange rate.”

                  Actually, what the Colonel was alluding to was, there is minimal difference between the NZ Govt borrowing $5B from China, or printing $5B and spending it into the economy. If the RBNZ is going to keep the OCR above zero, there is basically no difference in terms of how the accounting ends up. This is because the RBNZ must soak up excess reserves resulting from spending to stop the 90-day bill rate from falling, with deficit spending the treasury (DMO) does this before spending, with printing it would need to happen after by DMO or RBNZ. The accounts end up the same however via different order of steps.

                  So the question to you Mr Lanthanide is, show me the collapsing exchange rate to validate your BS theory that the exchange rate collapses when the government prints money!

  5. felix 6

    So in other words we could have kept control of our energy infrastructure and been no worse off.

    Key chose to lose returns by flogging productive strategic assets for a one-off cash injection rather than invest for ongoing returns.

    How did National get a rep for being good with money?

    • Draco T Bastard 6.1

      As far as I can make out, because they’ve been lying about being better at the economy for decades and people now believe the lie despite all the evidence proving that they are actually the worst economic managers.

      • Tracey 6.1.1

        and they lied and fiddled the books to pretend there will be a surplus. post election english is changing public tune. but no one cares…

        • RedLogix 6.1.1.1

          Oh they care alright Tracey. People quite like being lied to when it confirms their preconceived biases.

  6. Poission 7

    The NZ super fund, has paid 4.36 billion in tax receipts since inception,and in it last financial period paid 10% of the total company tax so it is self funding in some respects due to the positive feedback on its investment strategy.

    This is one of the peculiar outcomes of the SOE regime,where a number of organizations with natural monopolies spend a disproportionate amount of time trying to reduce their tax liability eg Transpower,rather then enhancing efficiencies in their business.

    https://www.nzsuperfund.co.nz/news-media/nz-super-fund-releases-its-201314-annual-report-cautions-stakeholders-expect-more-normal

  7. greywarshark 8

    Well it’s obvious how NACTs got the rep for being good with money. They know how to tap into it and drip it round for the benefit of their friends. That’s what money is for in their world.

  8. Not a PS Shark Sashimi 9

    Michael Cullen would be referred to Rome for Beatification and Canonisation….but for his one big sin:
    —————————————————————————————————————

    he accepted a Knighthood!

  9. paddy 10

    A whole lots of what ifs and maybes does not constitute a waste of money. As several have pointed out the cost of using the money in the Cullen fund could well have cost us billions. Higher interest rates would have hurt not just the government who needed to borrow but also every business and every mortgage owner. The post is too simplistic and reeks of National Always Bad. We can do better.

    • Nic the NZer 10.1

      Paddy, the RBNZ controls interest rates in NZ. They brought down mortgage and other borrowing rates after the GFC, as you may remember. They can also control rates on government debt, when they want to (as long as its denominated in NZ$). Its kind of what they do!

    • Lanthanide 10.2

      “The post is too simplistic and reeks of National Always Bad. We can do better.”

      Agreed.

  10. Ross 11

    These are both “aunty” arguments. As my dear old departed dad used to say, “If my aunty had balls she’d be my uncle”.

  11. paddy 12

    God I wish this post had never been put up. It’s an embarrassment to the Left.

    [lprent: You’d better explain why you think that. Otherwise I’m liable to think that

    1. you are a right wing concern troll (it is one of their favourite lines)
    2. You are attacking a author personally.

    The latter is a self-martyrdom offence. So I’m choosing to think that is what you wanted when you wrote the comment. You are auto-spammed until you provide an explanation to me. If you provide a good clear explanation I’ll limit your ban to two weeks. ]

  12. Mike 13

    What a fucking moron.

    I guess that’s why you are broke and crying like a little bitch when you think you can talk about investment funds movements with the benefit of hindsight.

    • Colonial Rawshark 13.1

      LOL. Now if you cast your small brain back in time just a couple of years, people did say very clearly at the time that it was short sighted and bad financial management to starve the Cullen Fund. And they were right.

      So own up and take responsibility dude. I thought your type was keen on being “accountable” for bad decisions.

      Well, here’s your chance.

    • Tracey 13.2

      How could anyone dispute your calm and logical refutation. Impeccable.

    • lprent 13.3

      Damn near everyone here at the time apart from some shortsighted dickheads who resemble you, pointed out that with the interest rates as they were it was cheaper to borrow to maintain the fund than it was to not. You will find posts full of that foresight.

      For that matter there are posts here from 2008 and 2009 pointing out that it was the height of fiscal irresponsibility for the National government to change the planned tax changes to favour the rich. Rather than circulate or invested in the economy it’d be sucked up in paying down debt.

      Of course that stupid fiscal hole that National voting shortsighted fuckwits like you created is just about to cause the 7th fiscal deficit by your startlingly incompetent government. I guess that accurately reflect you…. But that does take a special kind of stupidity.

      I guess you have the usual ‘right’ foresight of about 3.5 inches. And the syphilitic memory that goes with it.

  13. Colonial Rawshark 14

    The NZ Govt borrows billions every quarter and spends it into local circulation. We’d be better off simply to issue the money and spend it into circulation ourselves (particularly to build productive and socially important infrastructure) rather than running up mounds of accounting debt.

    • Draco T Bastard 14.1

      Agreed.

      The reason why that doesn’t happen though is because it would make the large amounts of cash built up by the rich worthless as they’d no longer be able to charge the government interest to loan it to them.

    • Lanthanide 14.2

      “We’d be better off simply to issue the money and spend it into circulation ourselves (particularly to build productive and socially important infrastructure) rather than running up mounds of accounting debt.”

      Sure, if it there were no consequences to do so.

      I would rather think that there would be some consequences of some kind. Do those consequences outweigh the benefits? That is unclear.

      • Draco T Bastard 14.2.1

        Sure, if it there were no consequences to do so.

        Well, there doesn’t appear to be any consequences of the banks creating money – except the over-excessive inflation in house prices.

        I would rather think that there would be some consequences of some kind.

        Not really. The government wouldn’t be buying houses but building them using newly resourced materials. They’d source the new materials buy printing money as well but that would be offset by the fact that the materials would be sold. And then the houses would be sold or, even better, rented out. Both the selling of the materials and the renting/selling of the houses would then decrease the money supply decreasing any possible inflation.

        Do those consequences outweigh the benefits? That is unclear.

        The benefits would far outweigh the consequences. We'd have good housing for everyone, jobs for everyone, infrastructure would be built and well maintained, etc, etc. The consequences would be, compared to now, probably less inflation in house prices and a great, dynamic society.

  14. greywarshark 15

    Bill English always manages to sound so positive. He must have been a trial to his parents, trying to find out what was going on.

    The economy is fine.
    “Businesses and consumers are confident about the future, there’s a lot of activity in the manufacturing and service sectors, and companies are employing more people and paying higher wages,” he said in a speech to an ASB business breakfast in Auckland today.
    http://www.scoop.co.nz/stories/PA1411/S00246/nz-performing-well-return-to-surplus-a-challenge.htm

  15. greywarshark 16

    Lanthanide
    I have been reading your refutation of the arguments put to you down the thread. And I think that you aren’t going to know any more at the end of it than at the beginning.

    Colonial Rawshark or Nic NZ could you comment on a concrete real matter. The Conservation Department can’t get enough staff to do its tasks in NZ. We have a lot of unemployed and hardly-employed here. If we asked the unemployed to apply for training, as a foot soldier for DOC doing un to semi-skilled work, to a good standard and with commitment, and looked at their work background, and then trained them, could we pay for it by just raising a debit on the government budget? Then there would be deployment and accommodation around the country of graduates of that training,

    Would it result in a rise in inflation? Would it affect the NZ$ overseas, or anywhere? And presumably the cost of wages would be partly balanced by the drop in benefits, which would be lower than the net wages paid out.

    • NicTheNZer 16.1

      Could the government do it? Yes. Let’s assume that the government does it the conventional way and increases the budget deficit to pay for it. I pointed out in my reply to 5.1.2.1.1.1 that this is basically the same as printing if the reserve bank wants to maintain the OCR above zero.

      Would a large budget deficit cause inflation to rise? Well has it, the budget deficit has been quite high for several years in many countries with out inflation resulting. What about foreign exchange rates, nope no foreign exchange collapses in those either to observe. Yes the raise in tax receipts and fall in out benefit payments might reduce the deficit a bit but as I highlighted it’s not very important what is happening there anyway.

      So why would people think it does? Well the link is based on something called the quantity theory of money. It’s a long run theory which means it can’t be observed so it’s purely theoretical. And basically it turns out it’s not true, markets don’t automatically adjust so inflation tracks the quantity of money. (If anything the quantity of money probably tracks inflation).

      We might start to see inflationary effects when the government starts competing with the private sector for resources (including workers) but obviously in your scenario this is not happening as the workers are unemployed and the private sector doesn’t want them right now. This is because most inflation is cost push (business passing on their costs) and the economy is usually running below full capacity most sectors most of the time.

    • NicTheNZer 16.2

      Actually your proposal is similar to a policy Labour should adopt. The policy is usually called a job guarantee.

      The outline is,
      jobs in the job guarantee program are at the current minimum wage.
      Non profit and charity sectors may apply to the program for help, this is the main way of creating jobs.
      Government will hire anybody who applies for a job (picking a suitable job from above) and pay their salary.
      The system is administered by work and income but does not replace benefits such as disability at all.

      This would not be inflationary either because the people applying are not currently wanted by the private sector. Though having said this things like zero hour contracts may vanish as a result and some businesses which use these kinds of cost saving arrangements may face cost increases (there might be a one off price adjustment by some businesses here but many will have healthy profit margins which could also be reduced). The importance of the job part of job guarantee is that it solves a problem the unemployed face, employers prefer to hire the currently employed ahead of the unemployed.

      Unfortunately the job guarantee must not pay more than the minimum wage as this is likely to become the basic remuneration level for the economy. This kind of policy has been adopted in Argentina and India with success as well.

      • greywarshark 16.2.1

        NictheNZ
        Mmmm. Could be something in that!! What a genius you are. Why can’t the overpaid gigolos and gussies in Gummint think of that? I’m sick of the plain fashion that Bill English wears when he makes his economic rahrah pronouncements. He’s all noise and no substance. He should be wearing cheerleading gear, a tutu, or would that be tootoo much?

        • NicTheNZer 16.2.1.1

          Thanks but genius I am not. I am basically outlining economic theory according to post Keynesian economics and modern monetary theory. The reason to do that is so more people understand the financial system and then are able to push for it to be used for the advantage of the whole country.

          It’s not so hard to see that our finance minister is pretty clueless however. He frequently likes to explain how the government keeping the deficit down is purportedly keeping pressure off mortgage interest rates (whatever that means, the reserve bank is in control of these). OK that’s the kind of foolish thing Paul Krugman has said before, he could be in worse company. But he also said our banking system is insured by Australia as NZ mostly operates Australian subsidiaries, so his conception is that you will take Australian dollars if there is a problem. He is clearly getting bad advice.

          I think a job guarantee was part of IMP platform actually.

  16. greywarshark 17

    Economic Primer No.1
    See under Who Needs $4.8 billion anyway. Nov. 2014.

  17. We should all remember that if the so called financial genious Muldoon had not destroyed the Kirk Labour Super Fund we now would all be very well off,
    Labour builds Tories destroy the world over.

Recent Comments

Recent Posts

  • Massey University’s free speech policy double-plus-good
    The Committee of Disobedient Women has intercepted an email from Dr Emma Eejut, Senior Lecturer in Sociology, Massey University to the university’s Vice-Chancellor, Jan Thomas. Dear Jan, Thank you for your courageous move.  I think 10 pages of blether** should tie any of the students game enough to try holding ...
    RedlineBy Admin
    4 hours ago
  • Unacceptable
    That's the only response to the findings of the Ombudsman's investigation into LGOIMA practices at the Christchurch City Council:My investigation identified serious concerns about the Council’s leadership and culture, and its commitment to openness and transparency. In particular, Council staff raised concerns with me about various methods employed by some ...
    No Right TurnBy Idiot/Savant
    8 hours ago
  • There is what corruption looks like
    NZ First seems to be nakedly trying to enrich itself from public office:A powerful New Zealand First figure helped establish a forestry company that then pushed for money from two key funding streams controlled by a New Zealand First Minister. An RNZ investigation has found Brian Henry, lawyer for Winston ...
    No Right TurnBy Idiot/Savant
    10 hours ago
  • Escape from Manus Island
    Behrouz Boochani is an award winning author and journalist. He is also a refugee, who for the past six years has been detained in Australia's offshore gulag on Manus Island, and in Papua New Guinea. But last night, with the cooperation of the WORD Christchurch festival and Amnesty International, he ...
    No Right TurnBy Idiot/Savant
    10 hours ago
  • When World’s Collide.
    Different Strokes: If a multicultural immigration policy imposes no obligation on immigrant communities to acknowledge and ultimately embrace their host nation’s most cherished traditions and values, then how is that nation to prevent itself from being reduced to a collection of inward-looking and self-replicating ethnic and cultural enclaves?THE COALITION GOVERNMENT’S ...
    12 hours ago
  • Could There Be Method In Massey University’s Madness?
    Protective Zone: Reading the rules and guidelines released by Massey University, it is impossible to avoid the conclusion that its governing body considers the whole concept of free speech a disruptive threat to the orderly imparting of orthodox academic knowledge.IN TRUE ORWELLIAN fashion, Massey University has announced its commitment to ...
    15 hours ago
  • Climate Change: We need more trees, not less
    Farmers held a hate-march on Parliament today, complete with MAGA hats, gun-nut signs, and gendered insults. While supposedly about a grab-bag of issues - including, weirdly, mental health - it was clear that the protest was about one thing, and one thing only: climate change. And specifically, forestry "destroying" rural ...
    No Right TurnBy Idiot/Savant
    1 day ago
  • The IGIS annual report: Dead letters and secret law
    The Inspector-General of Intelligence and Security released their annual report today, and I've been busy reading through it. In amongst the usual review of what they've been doing all year, there's a few interesting bits. For example, a discussion on "agency retention and disposal of information", which points out that ...
    No Right TurnBy Idiot/Savant
    1 day ago
  • A referendum on bigotry
    The End of Life Choice Bill passed its third reading last night, 69 - 51. Thanks to a compromise with NZ First - which looks to have been necessary on the final numbers - the commencement of the bill will be subject to a referendum. Given the ugliness of the ...
    No Right TurnBy Idiot/Savant
    1 day ago
  • Political parties and GMOs: we all need to move on
    Recently more than 150 post-graduate students and young scientists presented an open letter to the Green Party via The Spinoff, encouraging them to reconsider their position on genetic modification. Their target is tackling climate change issues.[1] Can any party continue to be dismissive about genetic modification (GM) contributing to ...
    SciBlogsBy Grant Jacobs
    2 days ago
  • Class, Identity Politics and Transgender Ideology
    by Deirdre O’Neill Under Thatcher and then Blair and continuing up until our contemporary moment, the working class has seen its culture slowly and progressively destroyed. The change from an industrial society to a service society produced a marked shift in focus from the working class as the backbone of ...
    RedlineBy Admin
    2 days ago
  • Irony
    Since 2013, the Australian government has detained refugees without trial in Pacific gulags, where they are abused, tortured, and driven to suicide. The policy is not just an abuse of human rights and possible crime against humanity; it has also had a corrosive effect on the states Australia uses as ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • An age of protest.
    It seems fair to say that we currently live in a problematic political moment in world history. Democracies are in decline and dictatorships are on the rise. Primordial, sectarian and post-modern divisions have re-emerged, are on the rise or have been accentuated by political evolutions of the moment such as ...
    KiwipoliticoBy Pablo
    2 days ago
  • Another captured agency
    Last month, Greenpeace head Russel Norman surrendered his speaking slot at an EPA conference to student climate activist Sorcha Carr, who told the EPA exactly what she thought of them. It was a bold move, which confronted both regulators and polluters (or, as the EPA calls them, "stakeholders") with the ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • NZ First’s dodgy loans
    The core principle supposedly underlying New Zealand's electoral finance regime is transparency: parties can accept large donations from rich people wanting to buy policy, but only if they tell the public they've been bought. Most parties abide by this, so we know that TOP was wholly-owned by Gareth Morgan, and ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • Member’s Day: The choice on End of Life Choice
    Today is a Member's Day, probably the second-to-last one of the year, and its a big one, with the Third Reading of David Seymour's End of Life Choice Bill. last Member's Day it was reported back from committee, after MPs voted narrowly to make it subject to a (rules TBA) ...
    No Right TurnBy Idiot/Savant
    2 days ago
  • How growth in population and consumption drives planetary change
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz The growth of the human population over the last 70 ...
    SciBlogsBy Guest Author
    2 days ago
  • The disappearing Women …
    by The Council of Disobedient Women In her excellent oral submission to the Abortion reform select committee on 31st October on behalf of Otago University’s Department of Public Health, historian and public health researcher Hera Cook stated: “We would ask that the committee not use the term ‘pregnant persons’ and ...
    RedlineBy Daphna
    3 days ago
  • “A Passage to India”: enduring art in changing times
    by Don Franks In 1957, E M Forster wrote, of his greatest work: “The India described in ‘A Passage to India’ no longer exists either politically or socially. Change had begun even at the time the book was published ( 1924) and during the following quarter of a century it ...
    RedlineBy Daphna
    3 days ago
  • Contemptuous
    The Referendums Framework Bill was due back from select committee today. But there's no report on it. Instead, the bill has been bounced back to the House under Standing order 29593) because the Committee didn't bother to produce one. They probably tried. But given the membership of the committee (which ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • Zero Carbon: It’s not just a good idea, it’s the law
    Two years into New Zealand’s Labour-led government, the long-delayed Zero Carbon Bill became law on 7 November. Passed essentially unanimously, the lengthy public debates and political manoeuvring faded away until the final passage was even anticlimactic: Flipping through the @nzstuff @DomPost I was starting to wonder if I’d dreamt ...
    SciBlogsBy Robert McLachlan
    3 days ago
  • Climate Change: What happens next?
    Now the Zero Carbon Bill is law, what's next? Obviously, the ETS changes currently before select committee are going to be the next battleground. But we're also going to get a good idea of where we're going, and if the progress the Zero Carbon Act promises is good enough, during ...
    No Right TurnBy Idiot/Savant
    3 days ago
  • Climate change will fuel bush fires
    Grant Pearce The effects of the current Australian bushfires in New South Wales and Queensland (and also again in California) are devastating and far-reaching. To date, the fires have resulted in several lives being lost and many homes and properties destroyed. Here in New Zealand, the impacts have been only ...
    SciBlogsBy Guest Author
    3 days ago
  • Participation rates
    A passing comment in a post the other day about the labour force participation rates of older people prompted me to pull down the fuller data and see what we could see about various participation rates over the decades since the HLFS began in 1986.   As it happens, the ...
    SciBlogsBy Michael Reddell
    3 days ago
  • Not So Much “OK Boomer” As “OK Ruling Class”.
    Distract And Divert: The rise of what we have come to call “Identity Politics” represents the ideological manifestation of the ruling class’s objective need to destroy class politics, and of the middle-class’s subjective need to justify their participation in the process.THE RELIEF of the ruling class can only be imagined. ...
    4 days ago
  • Asking for it …
    "I saw a newspaper picture,From the political campaignA woman was kissing a child,Who was obviously in pain.She spills with compassion,As that young child'sFace in her hands she gripsCan you imagine all that greed and avariceComing down on that child's lips?" ...
    4 days ago
  • New Zealand’s Poor Pandemic Preparedness According to the Global Health Security Index
    Dr Matt Boyd, Prof Michael Baker, Prof Nick Wilson The Global Health Security Index which considers pandemic threats has just been published. Unfortunately, NZ scores approximately half marks (54/100), coming in 35th in the world rankings – far behind Australia. This poor result suggests that the NZ Government needs to ...
    SciBlogsBy Public Health Expert
    4 days ago
  • Climate Change: Thank Winston
    The Zero Carbon Act is inadequate, with a weak methane target designed to give farmers a free ride. But it turns out it could have been worse: Climate Change Minister James Shaw was so desperate to get National on board, he wanted to gut that target, and leave it in ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Illicit markets and Bali Booze
    The Herald reprints an Australian story on a couple of tragic deaths in Bali from drinking cocktails that had methanol in them.  The story argues that methanol is likely the result of home distillation. But what the young tourists were experiencing was far from a hangover. They’d consumed a toxic cocktail ...
    SciBlogsBy Eric Crampton
    4 days ago
  • This is not what armed police are for
    Last month, the police announced a trial of specialist roaming armed units, which would drive round (poor, brown) areas in armoured SUVs, armed to the teeth. When they announced the trial, they told us it was about having armed police "ready to attend major incidents at any time if needed". ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Spain’s failed electoral gamble
    Spain went to the polls today in the second elections this year, after the Socialists (who had come to power in a confidence vote, then gone to the polls in April) rejected the offer of a coalition with the left-wing PoDemos, and instead decided to gamble n a better outcome ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • The astroturf party
    National has finally rolled out its "BlueGreen" astroturf party, fronted by an array of former nats and people who were dumped by the Greens for not being Green enough. Its initial pitch is described by Stuff as "very business-friendly", and its priorities are what you'd expect: conservation, predator-free funding, a ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • How to cheat at university
    A couple of days ago I attended (and spoke at) the University of Waikato’s “LearnFest” event. There were lots of talks and sessions on very diverse aspects of teaching, mostly at tertiary level. One was by Myra Williamson from Te Piringa Faculty of Law here at Waikato, on Contract Cheating ...
    SciBlogsBy Marcus Wilson
    4 days ago
  • How NZ was put on world maps using a transit of Mercury
    There will be a transit of Mercury – the planet Mercury will pass across the face of the Sun – taking place at sunrise in New Zealand on Tuesday, 12th November. It was by observing such an event 250 years ago that James Cook and his scientist colleagues were able ...
    SciBlogsBy Duncan Steel
    5 days ago
  • Georgina Beyer: We need to be able to talk without being offended
    Since becoming the world’s first openly transexual mayor and member of parliament, Georgina Beyer has been recognised as a trailblazer for trans rights. Daphna Whitmore talks with her about where she sees the current trans movement We start out talking about legislation the government put on hold that would have ...
    RedlineBy Daphna
    5 days ago
  • The anti-fluoride brigade won’t be erecting billboards about this study
    If FFNZ really put their faith in “Top Medical Journals” they would now be amending their billboards to recognise new research results. Image from FFNZ but updated to agree with the latest research. ...
    5 days ago
  • Chosen To Rule? What Sort Of Christian Is Chris Luxon?
    National Messiah? Chris Luxon identifies himself as an evangelical Christian. If he is genuine in this self-characterisation, then he will take every opportunity his public office provides to proselytise on behalf of his faith. He will also feel obliged to bear witness against beliefs and practices he believes to be ...
    6 days ago
  • War of the worms
    I'm going to make a Reckless Prediction™ that the Tories have 'topped out' in the 'poll of polls' / Britain Elects multipoll tracker at about 38%, and in the next week we will start to see Labour creep up on them.In fact, we might just be seeing the start of ...
    6 days ago
  • Marvelly shows us how to be a feminist without feminism
    by The Council of Disobedient Women Lizzie Marvelly: “I may have missed this… has @afterellen gone all terf-y? Or am I reading something incorrectly? “ https://twitter.com/LizzieMarvelly/status/1191840059105742849 After Ellen is a lesbian website that is unashamedly pro-lesbian, as you’d expect. So why is Ms Marvelly so bothered about lesbians having their ...
    RedlineBy Daphna
    6 days ago
  • Out of the past – Tories to revive racist laws from the 16th century
    Did you know there once was a time when it was illegal to be a gypsy (aka Romani) in Britain?That was between 1530, when the Egyptians Act was passed, and 1856, when it was repealed.Amongst other things, the act forbade the entry of 'Egyptians' into England, ordered those already there ...
    7 days ago
  • 1000 of these now
    Some days I sit and think, “what will I write…?” What do you say when you get to 1000 posts? Maybe you just start where you are, diverge to where this all began, then offer a collection of reader’s favourite posts, and a few of your own? (And throw in ...
    SciBlogsBy Grant Jacobs
    7 days ago
  • Has Shane Jones Just Saved NZ First?
    Counter-Puncher: The “activists” and “radicals” (his own words) from the Indian community who took such strong exception to Shane Jones’ remarks about Immigration NZ’s treatment of arranged marriages, may end up bitterly regretting their intervention. Jones is not the sort of person who turns the other cheek to his critics.SHANE ...
    7 days ago
  • Climate Change: As predicted
    Yesterday, when National voted for the Zero Carbon Bill, I predicted they'd gut it the moment they regained power, just as they had done to the ETS. And indeed, they have explicitly promised to do exactly that within their first hundred days in office. What would their amendments do? Abandon ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Let this never be forgot
    In the spirit of Remember, remember the fifth of November, let's keep this in mind FOREVER.
    Oh dear. Extraordinary interview on PM with Andrew Bridgen and @EvanHD just now. Bridgen was defending Jacob Rees Mogg’s Grenfell comments. Evan asked him if JRM had meant to say he would have left ...
    1 week ago
  • Too Late To Change Capitalism’s Flightpath?
    Collision Course? In conditions of ideological white-out, the international bankers’ “Woop-Woop! Pull Up!” warning may have come too late to save global capitalism.WHAT DOES IT MEAN when international bankers are more willing to embrace radical solutions than our politicians and their electors? At both the International Monetary Fund and the ...
    1 week ago
  • Whooping cough vaccine works well despite its imperfections
    Pertussis (whooping cough) is a conundrum. It is a disease that was described hundreds of years ago and the bacteria that causes it (Bordetella pertussis) isolated in 1906. We have had vaccines for about 80 years but this disease is defiant in the face of human immunity. I wanted to ...
    SciBlogsBy Helen Petousis Harris
    1 week ago
  • Climate Change: Passed
    The Zero Carbon Bill has just passed its third reading, uanimously. In the end, National supported it - but we all know they'll turn around and gut it the moment they regain power. Meanwhile, I guess ACT's David Seymour didn't even bother to show up. I am on record as ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Retailing of vaping products – New NZ Research
    Dr Lindsay Robertson, Dr Jerram Bateman, Professor Janet Hoek Members of the public health community hold divergent views on how access to vaping products or electronic nicotine delivery systems (ENDS) products should be arranged. Some believe ENDS should be as widely available as smoked tobacco and argue for liberal ...
    SciBlogsBy Public Health Expert
    1 week ago
  • Justice for Bomber
    When the Police were trying to cover up for the National Party over Dirty Politics, they went all-in with their abuses of power. They illegally search Nicky Hager's house, violating his journalistic privilege and invading his privacy. They unlawfully acquired Hager's bank records. They did the same to left-wing blogger ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Britain’s climate tyranny was unlawful
    Last month, in response to a wave of protests by Extinction Rebellion, the British government purported to ban their protests from the whole of London. It was a significant interference with the freedoms of expression and assembly, and another sign of the country's decline into tyranny. But now, a court ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • More crime from the spies
    Last year, the Inspector-General of Intelligence and Security reported on significant problems with the intelligence warrant system. While they were unwilling to declare any warrant "irregular" (meaning unlawful) due to the recent law change, they were also not willing to give the system a clean bill of health. Now, they've ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Vaccination, compulsion, and paternalism for the lower orders
    The National Party has come out in support of encouraging greater vaccination uptake. But it sure isn’t the way I’d do it. National’s suggested docking the benefits of those on benefit whose kids aren’t keeping up with their vaccinations. Some in National have suggested extending that to payments under Working ...
    SciBlogsBy Eric Crampton
    1 week ago
  • Global Protests Rage On: But Slogans Are Not Plans.
    Feeding The Flames: It is simply not enough to demand an end to “corruption”, or “inequality”, or the overbearing influence of the authorities in Beijing. These are just “lowest common denominator” demands: the sort of slogans that pull people onto the streets. They are not a plan.WHERE’S THE PLAN? Across ...
    1 week ago
  • 11,000 employed under Labour
    The labour market statistics have been released, and unemployment has risen to 4.2%. There are 115,000 unemployed - 11,000 fewer than when Labour took office. In that time the minimum wage has gone up by $2 an hour, which shows that the right's fears about increases causing unemployment are simply ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Boycott this democratic fraud
    The Foreign Affairs, Defence and Trade Committee has called for submissions on Andrew Little's tyrannical Terrorism Suppression (Control Orders) Bill. Normally I encourage participation in the democratic process. I am not doing so in this case. Instead, I encourage all of you to boycott this submissions process, and to post ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Why Mars is cold despite an atmosphere of mostly carbon dioxide
    Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. If you have a question you’d like an expert to answer, please send it to climate.change@stuff.co.nz If tiny concentrations of carbon dioxide can hold enough heat ...
    SciBlogsBy Guest Author
    1 week ago
  • Climate Change: Ban private jets
    Aviation is one of the fastest growing sources of greenhouse gas emissions, and within it, one of the fastest sources is elite travel: billionaires flitting around the world in their private jets, spewing excessive pollution into the atmosphere just so they can avoid mixing with us dirty peasants. But in ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Climate Change: Untold Suffering
    That's what we face if we don't stop climate change, according to a warning from 11,000 scientists:The world’s people face “untold suffering due to the climate crisis” unless there are major transformations to global society, according to a stark warning from more than 11,000 scientists. “We declare clearly and unequivocally ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The left and violent misogyny
    by Phil Duncan Here’s just a few of the kind of threats issued day in and day out against gender-critical women – feminists, marxists, etc – overwhelmingly by MEN (albeit men identifying as women). “Kill all Terfs”. “Shoot a Terf today”. “All terfs deserve to be shot in the head”. ...
    RedlineBy Admin
    1 week ago
  • Imperialism and the iPhone
    This is the third of the synopses of parts of the opening chapter of John Smith’s Imperialism in the 21st Century (New York, Monthly Review Press, 2016). The synopsis and commentary below is written by Phil Duncan. Unlike the humble cup of coffee and t-shirt that we looked at in ...
    RedlineBy Admin
    1 week ago
  • The freshwater mussel housing crisis: eviction by invasive weeds?
    Tom Moore Traditionally a food source and cutting tool, freshwater mussels/kākahi are now widely valued as water filters that help clean our waterbodies and maintain ecosystem health throughout Aotearoa. The improvement they provide in water quality can make it easier for other animals to live in streams and rivers, as ...
    SciBlogsBy Guest Author
    1 week ago
  • Back it up Luxon: endorsing the destructive past is not actually the way forward
    And to think he gave all the potential goodwill away with that moronic, cult-like statement (repeated ad nauseam by many National hardliners) that Key is quite simply “the greatest PM we ever had”… Installation complete: this was nothing ...
    exhALANtBy exhalantblog
    1 week ago
  • Good riddance
    National MP and former Conservation Minister Maggie Barry will not seek re-election next year. Good riddance. Because in case anyone has forgotten, barry is a bullying thug who terrorised both public servants and fellow MPs. She is one of the people who makes Parliament a toxic workplace, and our country ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Climate Change: D-Day
    The Zero Carbon Bill is back in the House today for its second reading. While this isn't the final stage, its still effectively D-Day for the bill. Because today, at around 5pm, is when we're going to find out if it has a majority, whether National will support it or ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Winston is right
    Winston Peters is in court today, suing a bunch of former Minister and civil servants over their pre-election leak of his superannuation repayment. He's characterised the leak as malicious, and said that it is repugnant that his information was passed on to Ministers to use for political advantage. And he's ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Media impartiality
    Sky's economics editor, Ed Conway has posted a Twitter thread responding to a claim that - as far as I can see - Labour never made:
    Are NHS operation cancellations at an all-time high? That's the impression you might have been left with if you read this story from the ...
    2 weeks ago
  • Finish what’s on your plate
    Murray Cox Do I have to finish my favourite genome? That’s an often-asked question. Geneticists generally strive to produce high-quality genomes that sequence every last gene, making full use of the state-of-the-art technologies coming on stream. Sequencing DNA means determining the order of the four chemical building blocks – called ...
    SciBlogsBy Genomics Aotearoa
    2 weeks ago
  • Gainful Employment: A Cautionary Tale.
    Transformative Politics: The idea is to turn each recipient into an unwitting accomplice in their own transformation. From interested observer to hyped-up activist, sharing our messages promiscuously with ‘friends’. You’ll be part of an ever-expanding circulatory system, Jennifer, for the ideas that will win us the election.”JENNIFER SKITTERED her chair ...
    2 weeks ago
  • New Zealand should not fund bigotry
    Two years ago, the Cook Islands government announced that it was planning to join the civilised world and decriminalise consensual homosexual sex between men. Now, they've reversed their position, and decided to criminalise lesbians into the bargain:Two years ago, in a step welcomed by many people including the gay and ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • New Fisk
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • More tyranny in Australia
    The boycott is a fundamental tool of protest. By choosing who we buy from, we can send a message, and hopefully change corporate behaviour. Historically, boycotts have been effective, for example over apartheid in South Africa and Israel, in forcing divestment from Myanmar, and in ending bus segregation in the ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Submission for rationality and science against the assaults of pre-modernism and post-modernism
    Jan Rivers spoke at the Abortion Legislation Select Committee in favour of the bill, but in opposition to calls from other submitters to exchange the word ‘woman’ for ‘person’ throughout the bill. Jan is a supporter of the feminist group Speak Up For Women and has recently written an excellent ...
    RedlineBy Daphna
    2 weeks ago
  • My loyal readership of … Cam girls and Pornbots?
    I checked my traffic stats:I was intrigued by 'monica29' - who was this very dedicated individual?  I clicked on the link, to be greeted with ...Ho, hum.Spreadin' the word, spreadin' the word.  Doesn't matter who hears it, as long as it gets out there. ...
    2 weeks ago
  • Worth repeating forever
    There have been three polls since the election was announced, and I will shamelessly steal YouGov / UK Polling Report's Anthony Wells' summary of them:Survation – CON 34%, LAB 26%, LDEM 19%, BREX 12%, GRN 1% Ipsos MORI – CON 41%, LAB 24%, LDEM 20%, BREX 7%, GRN 3% YouGov ...
    2 weeks ago
  • Lutte Ouvriere on the explosion in Chile
    The following article is translated from Lutte Ouvrière, the weekly newspaper of the organisation usually known by the same name in France. When, for the second time this year, Chilean President Piñera announced an increase in the price of Metro tickets from 800 to 830 pesos, students in the high ...
    RedlineBy Admin
    2 weeks ago

  • Kiwis to have their say on End of Life Choice
    Jenny Marcroft MP, Spokesperson for Health New Zealand First backs the public to decide on the End of Life Choice Bill via a referendum at the 2020 General Election. The Bill, with New Zealand First’s referendum provision incorporated, passed its final reading in Parliament this evening. New Zealand First Spokesperson for ...
    2 days ago
  • Addressing miscarriages of justice
    Darroch Ball, Spokesperson for Justice New Zealand First is proud that a key Coalition Agreement commitment which will provide for a more transparent and effective criminal justice system has been realised. Legislation to establish the Criminal Cases Review Commission, an independent body focused on identifying and responding to possible miscarriages of ...
    3 days ago
  • Week That Was: Historic action on climate change
    "Today we have made a choice that will leave a legacy... I hope that means that future generations will see that we, in New Zealand, were on the right side of history." - Jacinda Ardern, Third Reading of the Zero Carbon Bill ...
    1 week ago
  • Tax-free deployments for Kiwi troops
    Darroch Ball, New Zealand First List MP A Member’s bill has been proposed that would provide income tax exemptions for all New Zealand Defence Force (NZDF) personnel while on operational deployment overseas. The Income Tax (Exemption for Salary or Wages of NZDF Members on Active Deployment) Amendment Bill proposed by New Zealand First ...
    1 week ago
  • A balanced Zero Carbon Bill passed
    Rt Hon Winston Peters, New Zealand First Leader New Zealand First is proud to have brought common sense to the Climate Change Response (Zero Carbon) Amendment Bill, which passed its final reading in Parliament today. Party Leader Rt Hon Winston Peters says months of hard work went into negotiating a balanced ...
    1 week ago
  • Paramedics’ status to be recognised
    Jenny Marcroft MP, Spokesperson for Health New Zealand First has listened to calls to recognise paramedics as registered health professionals under the Health Practitioners’ Competence Assurance Act (the Act). Today, the Coalition Government announced plans for paramedics to be registered as health practitioners under the Act, and the establishment of a ...
    2 weeks ago
  • Week That Was: 2,000 teachers in two years
    We began the week by commemorating the New Zealand Wars and celebrating a major increase in the number of teachers. Then, we were busy supporting offenders into work and getting our rail back on track after years of underinvestment. And that's just the start! ...
    2 weeks ago
  • Winning an election one conversation at a time
    In October I was sworn in as the Mayor of Lower Hutt. It’s the privilege of my life to serve Hutt people as their Mayor. There is something really special to be able to serve the community where I was raised, and where I live.   ...
    2 weeks ago
  • Closer cooperation with Korean horse racing industry
    Rt Hon Winston Peters, Deputy Prime Minister, Minister for Racing Racing Minister Winston Peters met with Korea Racing Authority Chairperson Nak Soon Kim in Seoul today to discuss closer cooperation between the New Zealand and Korean horse racing industries. As part of the visit to the Seoul Racecourse, Mr Peters witnessed ...
    2 weeks ago
  • Otago to lead digital creativity
    Hon Shane Jones, Minister for Regional Economic Development The Provincial Growth Fund (PGF) is investing $10 million to establish Otago as the centre of New Zealand’s creative digital industry over the next ten years, Regional Development Minister Shane Jones announced today. “The initiative will bring us closer to the vision of ...
    2 weeks ago
  • Young Otago students encouraged to take on forestry careers
    Hon Shane Jones, Minister for Regional Economic Development The Provincial Growth Fund (PGF)’s skills and employment programme will help young Otago people into long-term forestry careers, Regional Economic Development Minister Shane Jones announced today. Te Ara Mahi will invest $63,000 in the 2020 school year to support eight 17 and 18 ...
    2 weeks ago
  • PGF backing Dunedin’s waterfront ambitions
    Hon Shane Jones, Minister for Regional Economic Development The Provincial Growth Fund (PGF) will support local plans to revitalise and stimulate economic development opportunities in Otago, Regional Economic Development Minister Shane Jones has announced. The four Regional Economic Development Ministers have approved an in-principle investment of $19.9 million towards the region’s ...
    2 weeks ago
  • M. Bovis eradication progress welcomed
    Mark Patterson, Spokesperson for Primary Industries New Zealand First is pleased to have received the Technical Advisory Group (TAG) report on the Coalition Government’s Mycoplasma bovis eradication efforts, which shows significant progress in the fight against the disease. New Zealand First Spokesperson for Primary Industries, Mark Patterson, says the report’s findings ...
    2 weeks ago
  • PGF boosts Otago’s engineering and manufacturing sector
    Hon Shane Jones, Minister for Regional Economic Development Hon David Parker, Minister for Trade and Export Growth The Provincial Growth Fund (PGF) is investing to support economic growth opportunities for Otago’s engineering and manufacturing sectors, Regional Development Minister Shane Jones and Trade and Export Minister David Parker announced today. Almost $20 million ...
    2 weeks ago
  • Minister Peters discusses Pacific challenges and denuclearisation in Seoul
    Rt Hon Winston Peters, Deputy Prime Minister, Minister of Foreign Affairs Foreign Minister Winston Peters and his South Korean counterpart, Kang Kyung-wha, discussed in Seoul today opportunities to work more closely in the Pacific and the situation on the Korean Peninsula. Mr Peters and Minister Kang confirmed New Zealand and the ...
    2 weeks ago
  • PGF supports high speed broadband for marae at Parihaka Pa
    Hon Shane Jones, Minister for Regional Economic Development  Hon Nanaia Mahuta, Minister for Māori Development The three marae in the historic Parihaka Pa complex in Taranaki have been upgraded to high speed broadband with the support of the Provincial Growth Fund (PGF), Regional Economic Development Minister Shane Jones announced today. “Connecting the ...
    2 weeks ago
  • Advancing Pacific Partnerships 2019 launched
    Hon Ron Mark, Minister of Defence Minister of Defence Ron Mark will today launch the Advancing Pacific Partnerships 2019 Defence Assessment  during a speech at Te Papa.  The Assessment outlines how Defence will partner with our Pacific Island neighbours and invest in Pacific regional security architecture. The Plan aligns with the Coalition ...
    2 weeks ago
  • PGF funding could transform Gisborne company into “beacon of employment” in two years
    A new Provincial Growth Fund investment could create about 80 new jobs in Gisborne over the next two years, turning a local small business into a “beacon of employment” in the process. Regional Economic Development Parliamentary Under-Secretary Fletcher Tabuteau said the PGF’s Te Ara Mahi funding stream would provide $1.6m ...
    3 weeks ago

  • Modern emergency care for Queenstown area
    ew, modern emergency department and outpatient facilities at Queenstown’s Lakes District Hospital mean better emergency care for the growing tourist mecca’s visitors and locals, says Health Minister David Clark. Today Dr Clark officially opened the hospital’s redeveloped Emergency Department and Outpatient facilities. The new facilities include: •    An extended Emergency Department ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Contraception important for New Zealanders
    Associate Health Minister Julie Anne Genter says today’s release of sexual and reproductive health data reinforces the significance of the Government’s commitment to providing free or very low-cost contraception. The Ministry of Health today published statistics from the Ministry of Health’s 2014/15 Health Survey. “It is important people can make ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • NZ medical staff and measles vaccines going to Samoa
    Foreign Minister Winston Peters has announced that at the request of the Samoan Government, New Zealand will be providing further support to Samoa as it faces a worsening measles outbreak. “In response to a request from the people of Samoa, New Zealand is providing 3000 measles, mumps and rubella (MMR) ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Disability Action Plan 2019 – 2023
    “The new Disability Action Plan 2019–2023 moves us towards the inclusive and accessible New Zealand that this government has committed to,” Minister for Disability Issues Carmel Sepuloni announced today.  “The Action Plan was designed by disabled people, their family and supporters, the disability sector and government agencies. It will ensure ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Joint Statement – Third Singapore-New Zealand Defence Ministers’ Meeting
    Third Singapore-New Zealand Defence Ministers’ Meeting 14 November 2019 Joint Statement 1. Defence Ministers Ron Mark and Dr Ng Eng Hen today conducted their third annual Singapore-New Zealand Defence Ministers’ Meeting in Singapore. 2. Building on the Enhanced Partnership signed between both countries in May this year, this annual meeting ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Sexual Violence Legislation Bill has its first reading
    A Bill to improve the court system’s response to sexual violence has passed its first reading in Parliament today. Justice Minister Andrew Little says the Sexual Violence Legislation Bill will reduce the trauma sexual violence complainants experience in court, while maintaining defendants’ fundamental rights and making sure the trial process ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Streamlined business invoicing a step closer
    Streamlined payment practices are a step closer for Kiwi businesses with the formal launch of New Zealand’s e-Invoicing framework. Small Business Minister Stuart Nash says the government has now established the structure to enable automated and direct data exchange between the accounting systems of buyers and sellers. “The move to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • More frontline biosecurity officers protecting NZ
    Another 51 quarantine officers and four new biosecurity detector dog teams will help protect New Zealand from invasive pests and diseases this summer, says Biosecurity Minister Damien O’Connor. “The Government is delivering on its commitment to strengthen New Zealand’s biosecurity system and support our valuable primary sector “New Zealand’s flora, fauna ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • NZ space economy worth $1.69 billion
    A new report has found New Zealand’s space sector contributed $1.69 billion to the economy in the last financial year and employs 12,000 people, Minister for Economic Development Phil Twyford announced today. The report by Deloitte was commissioned by the Ministry of Business, Innovation and Employment and shows New Zealand ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Chair for Royal Commission into Abuse
    Judge Coral Shaw has been appointed as the new Chair of the Royal Commission into Historical Abuse in State Care and in the Care of Faith-based Institutions, Internal Affairs Minister Tracey Martin announced today. "Judge Shaw, who is currently one of the inquiry commissioners, is extremely well qualified for the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Better mental health facilities for Palmerston North
    The Government has confirmed its third major mental health facility upgrade since the Budget, this time at Palmerston North Hospital. The Prime Minister and Health Minister today visited MidCentral DHB to announce that $30 million has been allocated to upgrade its acute mental health facility. It follows earlier announcements in ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Bowel Screening hits halfway point
    The roll out of the National Bowel Screening Programme has reached the halfway mark, with 10 out of 20 District Health Boards now part of the programme. MidCentral DHB, which covers Palmerston North, Manawatu and surrounding districts, this week became the latest to DHB to offer free bowel screening to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • More vaccines for meningococcal disease
    The Government welcomes PHARMAC’s decision to fund a vaccine to protect young people from meningococcal disease from 1 December this year. “Meningococcal disease is a serious threat which people at higher risk should be protected from,” says Associate Health Minister Julie Anne Genter. “The combined pharmaceutical budget was increased by ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Fisheries innovation projects supported
    Groups involved with innovative fisheries research projects are encouraged to apply for government support in the latest funding round from the Sustainable Food and Fibre Futures programme. Fisheries Minister Stuart Nash says the SFF Futures funding is designed to be flexible enough to support small or large projects across a ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government fixes culturally arranged marriage visa issue
    The Government has fixed an issue affecting how Immigration New Zealand has processed visa applications for culturally arranged marriages, which will now see a consistent process applied which ensures people with legitimate arranged marriages can visit New Zealand while also preventing any rorting of the system. Earlier this year Immigration ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Extension for Royal Commission into Mosque attacks
    The Royal Commission into the Attacks on Christchurch Mosques will report back on 30 April 2020 to give it more time to hear submissions and consider information, Internal Affairs Minister Tracey Martin announced today. The Royal Commission was originally scheduled to report back to Government by 10 December 2019. “There has ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Terrorism and Trade on agenda as Foreign Minister visits the United States
    Foreign Minister Winston Peters will travel to Washington DC today to attend a ministerial meeting focused on defeating ISIS, and to continue pursuing New Zealand’s trade opportunities. Mr Peters will participate in a meeting of Foreign and Defence Ministers from key countries contributing to the Global Coalition to Defeat ISIS. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Hoiho get extra support alongside 168 community conservation groups backing nature
    The recently crowned Bird of the Year, the hoiho/yellow eyed penguin, is getting a much needed helping hand alongside more than 168 other community conservation projects announced Minister for Conservation Eugenie Sage today. 168 community conservation projects throughout New Zealand are benefiting from $8 million in government grants, including $500,000 ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New safety measures for modified pistols
    Controls on assault rifles and semi-automatic firearms are to be broadened to include some types of pistols, under changes to a bill currently making its way through Parliament. Police Minister Stuart Nash has tabled a Supplementary Order Paper to the Arms Legislation Bill, which is currently before a Select Committee ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister of Defence to visit Singapore and Thailand
    Minister of Defence Ron Mark will travel to Singapore today to conduct a counterpart visit and to co-chair the third annual Singapore-New Zealand Defence Ministers’ Meeting with his counterpart, Minister for Defence Dr Ng Eng Hen. “Singapore is one of our most important defence partners in the region, and our ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Future secured for Salisbury School
    Nelson’s Salisbury School is to be rebuilt, creating a modern and suitable learning environment for students at the residential special school, Education Minister Chris Hipkins and Associate Education Minister Tracey Martin announced today. The school for girls aged 8-15, in Richmond, was earmarked for closure by National until the process ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Resource management reform options released
    The panel undertaking a comprehensive review of the Resource Management Act has identified the main issues to be addressed and options for reform and is calling for feedback to inform its final report.  In July the Government announced the comprehensive review of the resource management system, including the RMA - ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Criminal Cases Review Commission established
    An important safety valve has been added to New Zealand’s criminal justice system with the third reading of the Criminal Cases Review Commission Bill today. The Criminal Cases Review Commission (CCRC) will investigate claimed miscarriages of justice. “We’ve seen how our justice system can very occasionally get things spectacularly wrong, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Racing Industry destined to be on-track
    Racing Minister Winston Peters welcomes the tabling of the Racing Industry Transition Agency (RITA) 2019 Annual Report in Parliament today. He says the 2019 Annual Report marks the point when New Zealand’s racing industry’s decline was arrested and a turnaround started. RITA’s 2019 Annual Report recorded an industry net profit ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand firefighter support to Queensland
    The New Zealand Government is today sending 21 firefighters to help fight the ongoing catastrophic Australian bushfires. “The fires in Australia are in some of the toughest, most challenging conditions ever,” says Internal Affairs Minister Tracey Martin.  “As of yesterday morning, there were 100 active bushfire-related incidents across Queensland and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Supporting all schools to succeed
      More frontline support for schools through a new education agency, as part of a redesigned Ministry of Education More support for principals and school boards including through a new centre of leadership and local leadership advisor roles New independent disputes panels for parents and students Management of school property ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Reform to support better outcomes for Māori learners and whānau
    The Government’s reform of the Tomorrow’s Schools system is a watershed moment in education and an opportunity to create meaningful change for ākonga Māori and their whānau, Associate Education Minister Kelvin Davis said today. “Last year through Kōrero Mātauranga | Education Conversation, Māori teachers, parents, ākonga, whānau, hapū and iwi ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Infrastructure pipeline growing
    Infrastructure Minister is welcoming the first of many updated project pipelines from the newly established New Zealand Infrastructure Commission today. The New Zealand Infrastructure Commission, Te Waihanga, has released an expanded pipeline of major capital projects – another crucial step towards delivering better infrastructure outcomes. “The first iteration of the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Tighter firearms law to further improve safety
    Tougher gun laws designed to improve public safety through firearms prohibition orders are proposed in a new document released for public input. Police Minister Stuart Nash says firearms prohibition orders (FPOs) would give new powers to Police to ensure high-risk individuals come nowhere near firearms. “We have already prohibited the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New TVNZ chair & directors confirmed
    Andy Coupe has been confirmed as TVNZ’s new Board Chair. “Mr Coupe has strong commercial and capital markets experience and TVNZ has benefited from his technical knowledge of business and finance, as well as his extensive governance experience,” the Minister of Broadcasting, Communications and Digital Media Kris Faafoi said.  Andy ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Hutt Road cycle path officially opened
    Associate Minister of Transport Julie Anne Genter today officially opened a separated pathway, following the completion of the Kaiwharawhara Stream bridge, which will improve safety for cyclists and pedestrians along Hutt Road.  The $6.8m Hutt Road project provides a separated path for cycling and pedestrians, the replacement of informal parking ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Announcement of new Ambassador to Russia
    Foreign Affairs Minister Winston Peters today announced the appointment of career diplomat Si’alei van Toor as New Zealand’s next Ambassador to Russia. “I’m pleased to appoint Ms van Toor to this position. She brings a wealth of experience to the role having previously served as Senior Trade Adviser to the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Half Year Economic and Fiscal Update
    The Treasury’s 2019 Half Year Economic and Fiscal Update (HYEFU) will be released on Wednesday December 11, Finance Minister Grant Robertson says. The Coalition Government will publish the 2020 Budget Policy Statement at the same time, outlining the priorities for Budget 2020. Further details on arrangements for the release will ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Giving a Boost to Kiwi small businesses
    A new initiative to better support small businesses through hands-on mentoring and advice has been launched by the Minister for Small Business. The first event in the Kiwi Business Boost series of regional workshops and online tools has been launched in Wairoa by Stuart Nash. “The Business Boost initiative combines ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Nearly three quarters of Rolleston connected to UFB
    The latest Quarterly Connectivity Report shows that more and more New Zealanders are moving to Ultra-fast Broadband (UFB), with Rolleston having the highest uptake at 74 per cent, as at the end of September. “This means that nearly three quarters of Rolleston’s households and businesses have moved to ultra-fast services. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Historic day for landmark climate change legislation in New Zealand
    The passing of the Climate Change Response (Zero Carbon) Amendment Bill will help ensure a safe planet for our kids and grandkids, the Minister for Climate Change James Shaw said today. The landmark legislation which provides a framework to support New Zealanders to prepare for, and adapt to, the effects ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Release of Oranga Tamariki Practice Review
    The review of Oranga Tamariki practice around the planned uplift of a Hastings baby in May shows significant failings by the Ministry and that the planned and funded changes to shift from a child crisis service to a proper care and protection service need to be accelerated, Children’s Minister Tracey ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister wishes students success in exams
    Education Minister Chris Hipkins has wished students the best of luck for this year’s NCEA and New Zealand Scholarship exams which start tomorrow. Around 140,000 students will have participated in 119 NCEA and New Zealand Scholarship exams by the end of the exam period on 3 December. “I want to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New High Commissioner to the United Kingdom announced
    Foreign Affairs Minister Winston Peters today announced the appointment of Bede Corry as New Zealand’s next High Commissioner to the United Kingdom. “The appointment of a senior diplomat to this important role underlines the significance New Zealand places on our relationship with the United Kingdom,” said Mr Peters. “The United ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Police recruits making Auckland safer
    An innovative approach to boosting the number of frontline Police has seen 20 new officers graduate from one of the uncommon training wings in Auckland. Police Minister Stuart Nash says the graduation of 20 constables today means that 1,765 new Police officers have been deployed since the coalition government took ...
    BeehiveBy beehive.govt.nz
    1 week ago