Why selling Auckland Airport shares is a silly thing to do

Written By: - Date published: 7:21 am, December 20th, 2022 - 34 comments
Categories: auckland supercity, local government, Privatisation, supercity - Tags:

As part of the cost cutting Mayoral budget proposal Mayor Brown is recommending that Auckland Council divests itself of its airport shares. Currently it owns 266,328,912 shares, about 18% of the total shareholding. At current prices the shareholding is worth about $2.16 billion although such a large share sale would dilute the market.

Thanks to Covid recent returns have not been good. In 2020/21 AIAL lost $39 million. For the latest financial year as things returned to normal the loss was reduced to $11.6 million. I expect that AIAL is now back into the black and anticipate that an interim dividend will be announced reasonably soon. Generally announcements are made at the end of February.

Airport activity is certainly returning to normal. For October 2022 passenger throughput was 72% of the equivalent pre covid figure. The rolling average over the past 12 months was 43%.

In 2019, the last normal trading year, total dividends of 22.25% were declared. Auckland Council’s payout by my calculations was in the vicinity of $59 million.

The mayor has presented the sale as a quick way to save $88 million but this depends on what dividends are announced this year. The share price has gone through something of a surge recently with prices up 14% in the past couple of months so I anticipate that the analysts think that the news will be good.

Short term a sale may present a temporary cash benefit but long term these sell downs normally end in tears. Remember the great MOM share sale the Government completed in 2013? My calculations were that the $4.7 billion that was raised by the asset sales has cost us $6.5 billion by 2019. At that stage we, as in New Zealand Inc, had lost $2.3 billion in dividend payments and the shares that were sold were then worth $4.2 billion more than when we sold them. No doubt the current figures would be even more depressing.

My very strong view is that long term it is better for Auckland Council to retain the airport shares. This is why the wealthiest amongst us take such a long term view about shareholding and why there is an obscene amount of disproportionately wealth in New Zealand. Why shouldn’t our public entities that provide public services share in this wealth accumulation?

Are there other reasons for Council to retain the shareholding?

I believe there are some significant strategic reasons.

Firstly AIAL owns $3 billion in property around the airport. Having some influence over how this land is developed is not the sort of thing a Council should give up easily.

Secondly it is a major transport hub. Ensuring that it is integrated properly into the city is extraordinarily important.

Thirdly Auckland Council’s shareholding prevents takeover of the company by one entity. Admittedly it is difficult to anticipate this happening but Council’s current shareholding will mean that it cannot occur.

I believe there are solid reasons to retain Council’s interest in the airport. And the temporary cash benefit will disappear and then long term we will be left with an extra hole in Council’s income.

And for the scaremongering about debt Council’s latest annual report indicated it has an asset base of $70.4 billion and total borrowings of $10.4 billion. Debt is not at a crisis level.

The scaremongering follows the tried and true methodology employed by the right over many years. First declare a crisis, then offer up the sale of publicly owned assets as the solution. But it does not work. All that happens is that public control is lessened and as the hit wears off another crisis occurs requiring more sell offs emerges.

Please Auckland Council don’t do it.

Consultation will be opened in the near future. Be sure to have your say.

Reprinted from gregpresland.com

34 comments on “Why selling Auckland Airport shares is a silly thing to do ”

  • Comments are now closed

  1. Shanreagh 1
    20 December 2022 at 7:50 am

    He literally wants to get a quick buck, or billion. He and his advisers are clearly not au fait with holding shares as a matter of strategic importance or of wealth building (the question of dividends you have mentioned)

    He is questioning AuckCC input into child care facilities but not golf courses?

  2. Sacha 2
    20 December 2022 at 8:00 am

    Firstly AIAL owns $3 billion in property around the airport. Having some influence over how this land is developed is not the sort of thing a Council should give up easily.

    Secondly it is a major transport hub. Ensuring that it is integrated properly into the city is extraordinarily important.

    I agree with the financial reasoning, but both of these are purely about planning and if anything are constrained by a conflicting minority stake in the organisation being regulated.

    • Sacha 2.1
      20 December 2022 at 8:02 am

      The energy companies on the other hand were a disaster to privatise when the regulations are so useless about long-term fitness for purpose – as the Greens pointed out at the time.

      • tc 2.1.1
        20 December 2022 at 9:41 am

        Or a really great investment given the dividends v profit we've seen.

        Disaster for consumers and energy supply planning etc which nact don't give a f about.

        • Sacha 2.1.1.1
          20 December 2022 at 1:05 pm

          The high dividends are purely because the companies have been turned into an investment class rewarding short-term payouts over long term purpose.

        • Incognito 2.1.1.2
          20 December 2022 at 1:37 pm

          Nope, Auckland Airport has been a slightly below average performer in the NZ market since the Auckland City amalgamation.

  3. tc 3
    20 December 2022 at 9:38 am

    Predictable that Wayne does what's he doing just before the break.

    Continues hide and keys work in trying to sell akls assets. Watch the media pile on over the break it'll be entertaining.

  4. Ad 4
    20 December 2022 at 10:08 am

    AIAL are their own Requiring Authority so there is no regulator-owner conflict.

    AIAL are back in growth cycle so selling is utterly stupid re future dividends.

    AIAL is NZ largest single carbon emitting business outside Fonterra and this shareholding is the only public lever.

    AIAL is a very poweful transport planner and operator, quite outside AT control. The shareholding is the biggest lever.

    AIAIL used to be 100% in public control, and sale of airport and seaport cuts off the remaining public lever over two critical businesses.

    Where is Labour Government in this?

    Another Marden Point strategic loss without a fight?

  5. Thinker 5
    20 December 2022 at 11:05 am

    And if you can fool the people into thinking the airport shares are worth selling, you are on the continuum to promote the privatisation of Port of Auckland.

  6. Thinker 6
    20 December 2022 at 11:18 am

    … Then outsource staff functions from inside the council.

    Despite neoliberalism being proved to be a bad thing for the bottom 90 % there are still people who can profit from it.

    Think about that when you think about whether to have a say about the budget.

  7. tinderdry6 7
    20 December 2022 at 12:02 pm

    Some very good arguments for retention of the shareholding, even though I still support the shares being sold.

    "And the temporary cash benefit will disappear and then long term we will be left with an extra hole in Council’s income."

    The cash benefit that will not disappear is the savings in debt servicing costs. With interest rates rising for the foreseeable future, this saving will be significant.

    "And for the scaremongering about debt Council’s latest annual report indicated it has an asset base of $70.4 billion and total borrowings of $10.4 billion. Debt is not at a crisis level."

    This is a council, not a commercial enterprise. That asset base is made up of parks and reserves, the port, shares in the airport and so on. The majority of Auckland Council's assets are not revenue earning, and so using this asset base to somehow suggest the level of debt is not 'at a crisis level' is not correct. My view is the level of debt is holding up rates at a level that for many Aucklanders is a crisis.

    • mickysavage 7.1
      20 December 2022 at 8:20 pm

      Family homes do not produce any income but contribute greatly to family security. The difference is?

      • tinderdry6 7.1.1
        21 December 2022 at 8:45 am

        But family homes CAN produce an income. If I'm in debt and interest rates are rising, I can rent out a room for extra income. I guess the council could start charging for access to parks, beaches etc (as they do in places overseas) but I'd prefer they sell AIA shares.

    • joe90 7.2
      20 December 2022 at 9:12 pm

      the savings in debt servicing costs.

      Savings for who?

      Expecting contemporary users to bequeath debt free assets to future users is a fucking have. Final debt payments should coincide with the end of an asset's useful life. Replacement assets should be paid for by contemporary users.

      Conversely, future users shouldn't be deprived of returns from dividend generating assets just because you want rates relief.

      • tinderdry6 7.2.1
        21 December 2022 at 8:50 am

        "Savings for who?"

        For Council, and ultimately ratepayers.

        "Expecting contemporary users to bequeath debt free assets to future users is a fucking have. "

        If those assets are earning revenue to fund debt servicing and repayments, that's fine. But the idea that parks etc should be subject to debt is nonsense.

        "Final debt payments should coincide with the end of an asset's useful life."

        What is the 'end of the useful life' of a beach? A park?

        "Conversely, future users shouldn't be deprived of returns from dividend generating assets just because you want rates relief."

        If the dividend generating assets are loaded with debt, if the debt servicing costs are more than the income stream, if Council has no effective control over the asset, then sell.

        • joe90 7.2.1.1
          21 December 2022 at 9:23 am

          For Council, and ultimately ratepayers.

          So, rate's relief.

          But the idea that parks etc should be subject to debt is nonsense.

          I made no mention of parks etc being subject to debt, you did.

          What is the 'end of the useful life' of a beach? A park?

          A park or a beach is an inter-generational amenity, not a tradable asset.

          then sell.

          Greedy boomers too fucking cheap to pay their own way can't keep their stickies off the kid's piggy bank.

          Righto /

          • tinderdry6 7.2.1.1.1
            21 December 2022 at 9:43 am

            "So, rate's relief."

            Yes.

            "I made no mention of parks etc being subject to debt, you did."

            "A park or a beach is an inter-generational amenity, not a tradable asset."

            Exactly! Yet above you argued "Expecting contemporary users to bequeath debt free assets to future users is a fucking have", and "Final debt payments should coincide with the end of an asset's useful life." Parks don't have a useful life. beaches don't have a useful life. And yet it is these assets (and others) that the author of the post argued justify the current level of council debt.

            "Greedy boomers too fucking cheap to pay their own way can't keep their stickies off the kid's piggy bank."

            I don't know about 'greedy boomers'. What I do know is that Auckland Council is in a precarious financial position, because the city is billions of dollars in debt. and is living beyond its means. The airport is a non-core asset, costing ratepayers around $88m per year in debt servicing, with no foreseeable dividend stream and the likelihood of even more capital input required. As Mayor brown has said "There are better uses for ratepayer capital".

    • Thinker 7.3
      21 December 2022 at 12:28 pm

      … But the Airport Shares are one asset that the council owns that IS revenue earning.

      So, why sell them and be left to finance future generations of Auckland citizens through rates alone?

      Hoist by your own petard.

      • Tinderdry6 7.3.1
        21 December 2022 at 12:58 pm

        The AIA shares currently generate no income, and there is no foreseeable change to that. But they cost ratepayers $88m per annum in debt servicing. It’s a no brainer.

        • Thinker 7.3.1.1
          21 December 2022 at 1:10 pm

          If there's no income for the foreseeable future, why would anyone want to buy the shares from the council?

          They’ve been down to around $7.60ish and now around $8. There must be some really stupid investors out there, me included.

          • tinderdry6 7.3.1.1.1
            21 December 2022 at 2:42 pm

            "If there's no income for the foreseeable future, why would anyone want to buy the shares from the council?"

            People buying without financing the purchase via debt and relying on the share price uplift meeting or bettering alternative investments. There are plenty of cashed up investors who just like a punt.

    • Thinker 7.4
      21 December 2022 at 12:55 pm

      Tinderdry,

      Your response actually incorporated another solution to the supposed cash crisis.

      Thinking about comparing the council with the typical household, if the family had a debt crisis and owned lots of non-revenue-earning assets and some revenue-earning assets, wouldn't they divest the high-value non-performing assets first?

      In my response to the consultation I'm going to suggest selling off some of the high value neighbourhood parks in the Eastern isthmus. Not only would that generate cash to pay down debt but it would also reduce the annual cost of running Auckland Inc. Meanwhile the airport shares will soon be contributing to the coffers again.

      I might also suggest comparing the trend in business rates vs residential rates to check that everyone has been contributing equally since the start of the super city.

  8. Tony Veitch 8
    20 December 2022 at 3:03 pm

    Of course selling the Auckland Airport shares is a silly thing to do!

    That's why the right (great economic managers, a la Key) will go ahead and sell them!

  9. tsmithfield 9
    20 December 2022 at 3:12 pm

    From a straight economic perspective selling shares can be beneficial depending on the level and cost of debt.

    This calculation would also need to include an expectation of earnings from the shares going forward.

    So, say the expected yield on the shares is 5%, and the cost of debt servicing is say 8%, then it can make sense to sell the shares. Though, if the yield is low, the price to be received back from a share sale is also likely to be low. And also a reason why share prices tend to decline as interest rates go up.

    Another way to look at it is whether the invested funds can be put to better use. So, lets say the counsel is spending $100m pa on fixing leaks in pipes, and a sale of shares allows those leaking pipes to be replaced, then the savings on maintenace costs might be better than the return on share dividends.

    But it is all contingent on the circumstances, and I don't think counsels should be ideologically wedded to a philosophy of holding shares in entities just because they can.

    Based on the dividend quoted in the article, holding the shares looks to be a good bet unless there is a compelling reason not to. Having said that, as the value of the shares increase, the percentage return on those shares will decrease, all things being equal.

  10. millsy 10
    20 December 2022 at 5:25 pm

    Auckland Council (AC) owns 18% of the shares in AIAL. It is the biggest shareholding, according to the companies register.

    There is a little point in the AC owning the shares, as it has little control over company affairs, as it has to take into account the interests of the 82% of the private shareholders that do own it.

    This is indeed one of the rare occasions where I do actually think that it isnt such a big deal of the shares are sold. That horse bolted in the 1990's when the Shipley government sold its shares in the airport, with "Banksie" selling off Auckland's shares not too long after.

    • tsmithfield 10.1
      21 December 2022 at 10:44 am

      One of the things about the AIAL is that it is probably a very good "buy and hold" from an investment perspective.

      The airport isn't going anywhere, (unless a volcano opens up under it which is always a possibility in Auckland!). And people will be flying for the forseeable future. So, it is very low risk from an investment perspective.

      I haven't got a horse in this race, not being from Auckland. But, the council probably missed a trick if they didn't buy shares when the share prices were low due to the airport being virtually closed down during Covid. That was because Covid was going to end sooner or later, and the share price was bound to bounce back.

      They probably could have made a tidy profit for ratepayers by buying when the price was low and then selling again when the price recovered.

  11. Mike the Lefty 11
    21 December 2022 at 12:47 pm

    Wayne Brown demonstrates clearly the ideology of the political right – they always choose short term gain at the price of long term loss because it wins more votes and by the time the long term loss occurs they can blame it on the left.

  12. tsmithfield 12
    21 December 2022 at 2:51 pm

    The other thing is that companies don't have to pay dividends. After the Covid disruptions the AIAL may prefer to build up cash again to replenish reserves rather than pay dividend.

    I see some comments above about AIAL not being in a position to pay out dividends for some time yet. If that is the case, then selling the shares might be the right thing to do.

    It is hard to know, without full knowledge of the facts.

    If Aucklanders will be funding the shares for a reasonable period of time ahead without any return, they may well prefer the shares to be sold to reduce the interest burden they need to fund in the meantime.

  13. Thinker 13
    21 December 2022 at 5:19 pm

    My last effort on this post:

    1. (Tinderdry) – few people would buy shares in companies that aren't likely to pay their way, simply on the basis that other people will outbid you, but it does happen. It's called the "Greater Fool Theory" and it's highly unlikely that Auckland Council could sell 18% of the entire shareholding of the airport on this basis.

    2. There are some shares that don't pay dividends. As their assets grow, the value per share goes up and investors get an untaxed capital gain rather than a taxed annual income. But they don't invest unless they expect to get a return of some kind. Auckland Airport's had a bad couple of years because of covid but it isn't an airline, it's a port. Much of its income comes from land holdings – developed and developing. An extra runway will boost the utility of the airport and the demand for/value of the income-producing land.

    3. Councils aren't like households, although wily politicians like to make the comparison. They always need to borrow because they need to build the infrastructure for new developments before those developments happen, then they get rates and other income from those developments.

    4. Most of the responses to this post take the assumption that Wayne Brown will sell the shares and use the proceeds to pay down debt. Watch carefully for the proposed rates increase for 2023. If the proposed increase is less than inflation, then by default Brown is net-subsidising part of what the rates increase should be by selling assets. Getting political points by appearing to do something that most people wouldn't do in their own lives.

    5. Loop back to 4…

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    4 days ago

  • Dreams of eternal sunshine at a spotless COP28
    Mary Robinson asked Al Jaber a series of very simple, direct and highly pertinent questions and he responded with a high-octane public meltdown. Photos: Getty Images / montage: Lynn GrievesonTL;DR The hygiene effects of direct sunshine are making some inroads, perhaps for the very first time, on the normalised ‘deficit ...
    The KakaBy Bernard Hickey
    4 days ago

  • LINDSAY MITCHELL: Oh, the irony
    Lindsay Mitchell writes – Appointed by new Labour PM Jacinda Ardern in 2018, Cindy Kiro headed the Welfare Expert Advisory Group (WEAG) tasked with reviewing and recommending reforms to the welfare system. Kiro had been Children’s Commissioner during Helen Clark’s Labour government but returned to academia subsequently. ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Transport Agencies don’t want Harbour Tunnels
    It seems even our transport agencies don’t want Labour’s harbour crossing plans. In August the previous government and Waka Kotahi announced their absurd preferred option the new harbour crossing that at the time was estimated to cost $35-45 billion. It included both road tunnels and a wiggly light rail tunnel ...
    Greater AucklandBy Matt L
    4 days ago

  • Webworm Presents: Jurassic Park on 35mm
    Hi,Paying Webworm members such as yourself keep this thing running, so as 2023 draws to close, I wanted to do two things to say a giant, loud “THANKS”. Firstly — I’m giving away 10 Mister Organ blu-rays in New Zealand, and another 10 in America. More details down below.Secondly — ...
    David FarrierBy David Farrier
    4 days ago

  • The Prime Minister's Dream.
    Yesterday saw the State Opening of Parliament, the Speech from the Throne, and then Prime Minister Christopher Luxon’s dream for Aotearoa in his first address. But first the pomp and ceremony, the arrival of the Governor General.Dame Cindy Kiro arrived on the forecourt outside of parliament to a Māori welcome. ...
    Nick’s KōreroBy Nick Rockel
    4 days ago

  • National’s new MP; the proud part-Maori boy raised in a state house
    Probably not since 1975 have we seen a government take office up against such a wall of protest and complaint. That was highlighted yesterday, the day that the new Parliament was sworn in, with news that King Tuheitia has called a national hui for late January to develop a ...
    PolitikBy Richard Harman
    4 days ago

  • Climate Adam: Battlefield Earth – How War Fuels Climate Catastrophe
    This video includes conclusions of the creator climate scientist Dr. Adam Levy. It is presented to our readers as an informed perspective. Please see video description for references (if any). War, conflict and climate change are tearing apart lives across the world. But these aren't separate harms - they're intricately connected. ...
    Skeptical Science
    5 days ago

  • They do not speak for us, and they do not speak for the future
    These dire woeful and intolerant people have been so determinedly going about their small and petulant business, it’s hard to keep up. At the end of the new government’s first woeful week, Audrey Young took the time to count off its various acts of denigration of Te Ao Māori:Review the ...
    More Than A FeildingBy David Slack
    5 days ago

  • Another attack on te reo
    The new white supremacist government made attacking te reo a key part of its platform, promising to rename government agencies and force them to "communicate primarily in English" (which they already do). But today they've gone further, by trying to cut the pay of public servants who speak te reo: ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • For the record, the Beehive buzz can now be regarded as “official”
    Buzz from the Beehive The biggest buzz we bring you from the Beehive today is that the government’s official website is up and going after being out of action for more than a week. The latest press statement came  from  Education Minister  Eric Stanford, who seized on the 2022 PISA ...
    Point of OrderBy Bob Edlin
    5 days ago

  • Climate Change: Failed again
    There was another ETS auction this morning. and like all the other ones this year, it failed to clear - meaning that 23 million tons of carbon (15 million ordinary units plus 8 million in the cost containment reserve) went up in smoke. Or rather, they didn't. Being unsold at ...
    No Right TurnBy Idiot/Savant
    5 days ago

  • Gordon Campbell On The Government’s Assault On Maori
    This isn’t news, but the National-led coalition is mounting a sustained assault on Treaty rights and obligations. Even so, Christopher Luxon has described yesterday’s nationwide protests by Maori as “pretty unfair.” Poor thing. In the NZ Herald, Audrey Young has compiled a useful list of the many, many ways that ...
    Gordon CampbellBy lyndon
    5 days ago

  • Rising costs hit farmers hard, but  there’s more  positive news  for  them this  week 
    New Zealand’s dairy industry, the mainstay of the country’s export trade, has  been under  pressure  from rising  costs. Down on the  farm, this  has  been  hitting  hard. But there  was more positive news this week,  first   from the latest Fonterra GDT auction where  prices  rose,  and  then from  a  report ...
    Point of OrderBy tutere44
    5 days ago

  • ROB MacCULLOCH:  Newshub and NZ Herald report misleading garbage about ACT’s van Veldon not follo...
    Rob MacCulloch writes –  In their rush to discredit the new government (which our MainStream Media regard as illegitimate and having no right to enact the democratic will of voters) the NZ Herald and Newshub are arguing ACT’s Deputy Leader Brooke van Veldon is not following Treasury advice ...
    Point of OrderBy poonzteam5443
    5 days ago

  • Top 10 for Wednesday, December 6
    Even many young people who smoke support smokefree policies, fitting in with previous research showing the large majority of people who smoke regret starting and most want to quit. Photo: Lynn GrievesonTL;DR: Here’s my pick of the top 10 news and analysis links elsewhere on the morning of Wednesday, December ...
    The KakaBy Bernard Hickey
    5 days ago

  • Eleven years of work.
    Well it didn’t take six months, but the leaks have begun. Yes the good ship Coalition has inadvertently released a confidential cabinet paper into the public domain, discussing their axing of Fair Pay Agreements (FPAs).Oops.Just when you were admiring how smoothly things were going for the new government, they’ve had ...
    Nick’s KōreroBy Nick Rockel
    5 days ago

  • Why we're missing out on sharply lower inflation
    A wave of new and higher fees, rates and charges will ripple out over the economy in the next 18 months as mayors, councillors, heads of department and price-setters for utilities such as gas, electricity, water and parking ramp up charges. Photo: Lynn Grieveson / The KākāTL;DR: Just when most ...
    The KakaBy Bernard Hickey
    5 days ago

  • How Did We Get Here?
    Hi,Kiwis — keep the evening of December 22nd free. I have a meetup planned, and will send out an invite over the next day or so. This sounds sort of crazy to write, but today will be Tony Stamp’s final Totally Normal column of 2023. Somehow we’ve made it to ...
    David FarrierBy David Farrier
    5 days ago

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

  • New Zealaders  have  high expectations of  new  government:  now let’s see if it can deliver?
    The electorate has high expectations of the  new  government.  The question is: can  it  deliver?    Some  might  say  the  signs are not  promising. Protestors   are  already marching in the streets. The  new  Prime Minister has had  little experience of managing  very diverse politicians  in coalition. The economy he  ...
    Point of OrderBy tutere44
    6 days ago

  • You won't believe some of the numbers you have to pull when you're a Finance Minister
    Nicola of Marsden:Yo, normies! We will fix your cost of living worries by giving you a tax cut of 150 dollars. 150! Cash money! Vote National.Various people who can read and count:Actually that's 150 over a fortnight. Not a week, which is how you usually express these things.And actually, it looks ...
    More Than A FeildingBy David Slack
    6 days ago

  • Pushback
    When this government came to power, it did so on an explicitly white supremacist platform. Undermining the Waitangi Tribunal, removing Māori representation in local government, over-riding the courts which had tried to make their foreshore and seabed legislation work, eradicating te reo from public life, and ultimately trying to repudiate ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • Defence ministerial meeting meant Collins missed the Maori Party’s mischief-making capers in Parli...
    Buzz from the Beehive Maybe this is not the best time for our Minister of Defence to have gone overseas. Not when the Maori Party is inviting (or should that be inciting?) its followers to join a revolution in a post which promoted its protest plans with a picture of ...
    Point of OrderBy Bob Edlin
    6 days ago

  • Threats of war have been followed by an invitation to join the revolution – now let’s see how th...
     A Maori Party post on Instagram invited party followers to ….  Tangata Whenua, Tangata Tiriti, Join the REVOLUTION! & make a stand!  Nationwide Action Day, All details in tiles swipe to see locations.  • This is our 1st hit out and tomorrow Tuesday the 5th is the opening ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Top 10 for Tuesday, December 4
    The RBNZ governor is citing high net migration and profit-led inflation as factors in the bank’s hawkish stance. Photo: Lynn GrievesonTL;DR: Here’s my pick of the top 10 news and analysis links elsewhere on the morning of Tuesday, December 5, including:Reserve Bank Governor Adrian Orr says high net migration and ...
    The KakaBy Bernard Hickey
    6 days ago

  • Nicola Willis' 'show me the money' moment
    Willis has accused labour of “economic vandalism’, while Robertson described her comments as a “desperate diversion from somebody who can't make their tax package add up”. There will now be an intense focus on December 20 to see whether her hyperbole is backed up by true surprises. Photo montage: Lynn ...
    The KakaBy Bernard Hickey
    6 days ago

  • CRL costs money but also provides huge benefits
    The City Rail Link has been in the headlines a bit recently so I thought I’d look at some of them. First up, yesterday the NZ Herald ran this piece about the ongoing costs of the CRL. Auckland ratepayers will be saddled with an estimated bill of $220 million each ...
    Greater AucklandBy Matt L
    6 days ago

  • And I don't want the world to see us.
    Is this the most shambolic government in the history of New Zealand? Given that parliament hasn’t even opened they’ve managed quite a list of achievements to date.The Smokefree debacle trading lives for tax cuts, the Trumpian claims of bribery in the Media, an International award for indifference, and today the ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • Cooking the books
    Finance Minister Nicola Willis late yesterday stopped only slightly short of accusing her predecessor Grant Robertson of cooking the books. She complained that the Half Yearly Economic and Fiscal Update (HYEFU), due to be made public on December 20, would show “fiscal cliffs” that would amount to “billions of ...
    PolitikBy Richard Harman
    6 days ago

  • Most people don’t realize how much progress we’ve made on climate change
    This is a re-post from Yale Climate Connections The year was 2015. ‘Uptown Funk’ with Bruno Mars was at the top of the music charts. Jurassic World was the most popular new movie in theaters. And decades of futility in international climate negotiations was about to come to an end in ...
    Skeptical Science
    7 days ago

  • Of Parliamentary Oaths and Clive Boonham
    As a heads-up, I am not one of those people who stay awake at night thinking about weird Culture War nonsense. At least so far as the current Maori/Constitutional arrangements go. In fact, I actually consider it the least important issue facing the day to day lives of New ...
    A Phuulish FellowBy strda221
    7 days ago

  • Bearing True Allegiance?
    Strong Words: “We do not consent, we do not surrender, we do not cede, we do not submit; we, the indigenous, are rising. We do not buy into the colonial fictions this House is built upon. Te Pāti Māori pledges allegiance to our mokopuna, our whenua, and Te Tiriti o ...
    Bowalley Road
    7 days ago

  • You cannot be serious
    Some days it feels like the only thing to say is: Seriously? No, really. Seriously?OneSomeone has used their health department access to share data about vaccinations and patients, and inform the world that New Zealanders have been dying in their hundreds of thousands from the evil vaccine. This of course is pure ...
    More Than A FeildingBy David Slack
    7 days ago

  • A promise kept: govt pulls the plug on Lake Onslow scheme – but this saving of $16bn is denounced...
    Buzz from the Beehive After $21.8 million was spent on investigations, the plug has been pulled on the Lake Onslow pumped-hydro electricity scheme, The scheme –  that technically could have solved New Zealand’s looming energy shortage, according to its champions – was a key part of the defeated Labour government’s ...
    Point of OrderBy Bob Edlin
    7 days ago

  • CHRIS TROTTER: The Maori Party and Oath of Allegiance
    If those elected to the Māori Seats refuse to take them, then what possible reason could the country have for retaining them?   Chris Trotter writes – Christmas is fast approaching, which, as it does every year, means gearing up for an abstruse general knowledge question. “Who was ...
    Point of OrderBy Bob Edlin
    1 week ago

  • BRIAN EASTON:  Forward to 2017
    The coalition party agreements are mainly about returning to 2017 when National lost power. They show commonalities but also some serious divergencies. Brian Easton writes – The two coalition agreements – one National and ACT, the other National and New Zealand First – are more than policy documents. ...
    Point of OrderBy poonzteam5443
    1 week ago

  • Climate Change: Fossils
    When the new government promised to allow new offshore oil and gas exploration, they were warned that there would be international criticism and reputational damage. Naturally, they arrogantly denied any possibility that that would happen. And then they finally turned up at COP, to criticism from Palau, and a "fossil ...
    No Right TurnBy Idiot/Savant
    1 week ago

  • GEOFFREY MILLER:  NZ’s foreign policy resets on AUKUS, Gaza and Ukraine
    Geoffrey Miller writes – New Zealand’s international relations are under new management. And Winston Peters, the new foreign minister, is already setting a change agenda. As expected, this includes a more pro-US positioning when it comes to the Pacific – where Peters will be picking up where he ...
    Point of OrderBy poonzteam5443
    1 week ago

  • Gordon Campbell on the government’s smokefree laws debacle
    The most charitable explanation for National’s behaviour over the smokefree legislation is that they have dutifully fulfilled the wishes of the Big Tobacco lobby and then cast around – incompetently, as it turns out – for excuses that might sell this health policy U-turn to the public. The less charitable ...
    Gordon CampbellBy lyndon
    1 week ago

  • Top 10 links at 10 am for Monday, December 4
    As Deb Te Kawa writes in an op-ed, the new Government seems to have immediately bought itself fights with just about everyone. Photo: Lynn Grieveson / The KākāTL;DR: Here’s my pick of the top 10 news and analysis links elsewhere as of 10 am on Monday December 4, including:Palau’s President ...
    The KakaBy Bernard Hickey
    1 week ago

  • Be Honest.
    Let’s begin today by thinking about job interviews.During my career in Software Development I must have interviewed hundreds of people, hired at least a hundred, but few stick in the memory.I remember one guy who was so laid back he was practically horizontal, leaning back in his chair until his ...
    Nick’s KōreroBy Nick Rockel
    1 week ago

  • Geoffrey Miller: New Zealand’s foreign policy resets on AUKUS, Gaza and Ukraine
    New Zealand’s international relations are under new management. And Winston Peters, the new foreign minister, is already setting a change agenda. As expected, this includes a more pro-US positioning when it comes to the Pacific – where Peters will be picking up where he left off. Peters sought to align ...
    Democracy ProjectBy Geoffrey Miller
    1 week ago

  • Auckland rail tunnel the world’s most expensive
    Auckland’s city rail link is the most expensive rail project in the world per km, and the CRL boss has described the cost of infrastructure construction in Aotearoa as a crisis. Photo: Lynn Grieveson / The KākāTL;DR: The 3.5 km City Rail Link (CRL) tunnel under Auckland’s CBD has cost ...
    The KakaBy Bernard Hickey
    1 week ago

  • COP28 National Statement for New Zealand
    Tēnā koutou katoa Mr President, Excellencies, Delegates. An island nation at the bottom of the Pacific, New Zealand is unique.          Our geography, our mountains, lakes, winds and rainfall helps set us up for the future, allowing for nearly 90 per cent of our electricity to come from renewable sources. I’m ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Ministers visit Hawke’s Bay to grasp recovery needs
    Prime Minister Christopher Luxon joined Cyclone Recovery Minister Mark Mitchell and Transport and Local Government Minister Simeon Brown, to meet leaders of cyclone and flood-affected regions in the Hawke’s Bay. The visit reinforced the coalition Government’s commitment to support the region and better understand its ongoing requirements, Mr Mitchell says.  ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • New Zealand condemns malicious cyber activity
    New Zealand has joined the UK and other partners in condemning malicious cyber activity conducted by the Russian Government, Minister Responsible for the Government Communications Security Bureau Judith Collins says. The statement follows the UK’s attribution today of malicious cyber activity impacting its domestic democratic institutions and processes, as well ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Disestablishment of Te Pūkenga begins
    The Government has begun the process of disestablishing Te Pūkenga as part of its 100-day plan, Minister for Tertiary Education and Skills Penny Simmonds says.  “I have started putting that plan into action and have met with the chair and chief Executive of Te Pūkenga to advise them of my ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Climate Change Minister to attend COP28 in Dubai
    Climate Change Minister Simon Watts will be leaving for Dubai today to attend COP28, the 28th annual UN climate summit, this week. Simon Watts says he will push for accelerated action towards the goals of the Paris Agreement, deliver New Zealand’s national statement and connect with partner countries, private sector leaders ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • New Zealand to host 2024 Pacific defence meeting
    Defence Minister Judith Collins yesterday announced New Zealand will host next year’s South Pacific Defence Ministers’ Meeting (SPDMM). “Having just returned from this year’s meeting in Nouméa, I witnessed first-hand the value of meeting with my Pacific counterparts to discuss regional security and defence matters. I welcome the opportunity to ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Study shows need to remove distractions in class
    The Government is committed to lifting school achievement in the basics and that starts with removing distractions so young people can focus on their learning, Education Minister Erica Stanford says.   The 2022 PISA results released this week found that Kiwi kids ranked 5th in the world for being distracted ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Minister sets expectations of Commissioner
    Today I met with Police Commissioner Andrew Coster to set out my expectations, which he has agreed to, says Police Minister Mark Mitchell. Under section 16(1) of the Policing Act 2008, the Minister can expect the Police Commissioner to deliver on the Government’s direction and priorities, as now outlined in ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • New Zealand needs a strong and stable ETS
    New Zealand needs a strong and stable Emissions Trading Scheme (ETS) that is well placed for the future, after emission units failed to sell for the fourth and final auction of the year, Climate Change Minister Simon Watts says.  At today’s auction, 15 million New Zealand units (NZUs) – each ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • PISA results show urgent need to teach the basics
    With 2022 PISA results showing a decline in achievement, Education Minister Erica Stanford is confident that the Coalition Government’s 100-day plan for education will improve outcomes for Kiwi kids.  The 2022 PISA results show a significant decline in the performance of 15-year-old students in maths compared to 2018 and confirms ...
    BeehiveBy beehive.govt.nz
    6 days ago

  • Collins leaves for Pacific defence meeting
    Defence Minister Judith Collins today departed for New Caledonia to attend the 8th annual South Pacific Defence Ministers’ meeting (SPDMM). “This meeting is an excellent opportunity to meet face-to-face with my Pacific counterparts to discuss regional security matters and to demonstrate our ongoing commitment to the Pacific,” Judith Collins says. ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Working for Families gets cost of living boost
    Putting more money in the pockets of hard-working families is a priority of this Coalition Government, starting with an increase to Working for Families, Prime Minister Christopher Luxon says. “We are starting our 100-day plan with a laser focus on bringing down the cost of living, because that is what ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • Post-Cabinet press conference
    Most weeks, following Cabinet, the Prime Minister holds a press conference for members of the Parliamentary Press Gallery. This page contains the transcripts from those press conferences, which are supplied by Hansard to the Office of the Prime Minister. It is important to note that the transcripts have not been edited ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Lake Onslow pumped hydro scheme scrapped
    The Government has axed the $16 billion Lake Onslow pumped hydro scheme championed by the previous government, Energy Minister Simeon Brown says. “This hugely wasteful project was pouring money down the drain at a time when we need to be reining in spending and focussing on rebuilding the economy and ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • NZ welcomes further pause in fighting in Gaza
    New Zealand welcomes the further one-day extension of the pause in fighting, which will allow the delivery of more urgently-needed humanitarian aid into Gaza and the release of more hostages, Foreign Minister Winston Peters said. “The human cost of the conflict is horrific, and New Zealand wants to see the violence ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Condolences on passing of Henry Kissinger
    Foreign Minister Winston Peters today expressed on behalf of the New Zealand Government his condolences to the family of former US Secretary of State Henry Kissinger, who has passed away at the age of 100 at his home in Connecticut. “While opinions on his legacy are varied, Secretary Kissinger was ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Backing our kids to learn the basics
    Every child deserves a world-leading education, and the Coalition Government is making that a priority as part of its 100-day plan. Education Minister Erica Stanford says that will start with banning cellphone use at school and ensuring all primary students spend one hour on reading, writing, and maths each day. ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • US Business Summit Speech – Regional stability through trade
    I would like to begin by echoing the Prime Minister’s thanks to the organisers of this Summit, Fran O’Sullivan and the Auckland Business Chamber.  I want to also acknowledge the many leading exporters, sector representatives, diplomats, and other leaders we have joining us in the room. In particular, I would like ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Keynote Address to the United States Business Summit, Auckland
    Good morning. Thank you, Rosemary, for your warm introduction, and to Fran and Simon for this opportunity to make some brief comments about New Zealand’s relationship with the United States.  This is also a chance to acknowledge my colleague, Minister for Trade Todd McClay, Ambassador Tom Udall, Secretary of Foreign ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • India New Zealand Business Council Speech, India as a Strategic Priority
    Good morning, tēnā koutou and namaskar. Many thanks, Michael, for your warm welcome. I would like to acknowledge the work of the India New Zealand Business Council in facilitating today’s event and for the Council’s broader work in supporting a coordinated approach for lifting New Zealand-India relations. I want to also ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • Coalition Government unveils 100-day plan
    Prime Minister Christopher Luxon has laid out the Coalition Government’s plan for its first 100 days from today. “The last few years have been incredibly tough for so many New Zealanders. People have put their trust in National, ACT and NZ First to steer them towards a better, more prosperous ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

  • New Zealand welcomes European Parliament vote on the NZ-EU Free Trade Agreement
    A significant milestone in ratifying the NZ-EU Free Trade Agreement (FTA) was reached last night, with 524 of the 705 member European Parliament voting in favour to approve the agreement. “I’m delighted to hear of the successful vote to approve the NZ-EU FTA in the European Parliament overnight. This is ...
    BeehiveBy beehive.govt.nz
    3 weeks ago

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