web analytics

Will Bill English heed his own warning?

Written By: - Date published: 11:43 am, October 5th, 2011 - 18 comments
Categories: bill english, debt / deficit, economy, national - Tags: ,

Will double dipping double downgrade Bill English have the guts to heed his own warning?

Finance Minister Bill English has conceded stronger economic growth might make New Zealand’s current account deficit worse as company profits go overseas.

Mr English says the extent of foreign ownership of New Zealand companies means that when profits rise that has a negative impact on the deficit.

Under such circumstances surely only an idiot would make matters worse by selling more of our assets overseas, right?

18 comments on “Will Bill English heed his own warning? ”

  1. Lanthanide 1

    Seems like a nice set up for a question in parliament.

    Does the minister of finance stand by his statement that foreign ownership of New Zealand companies has a negative impact on the deficit? Does the minister of finance stand by the estimate that, should National return to government after the next election, 30% of the assets up for sale will be sold to foreign companies?

    • Blighty 1.1

      6. Hon CLAYTON COSGROVE to the Minister of Finance: In light of his statement yesterday regarding foreign-owned assets that “we need to generate the kind of savings that will help New Zealand buy back those assets”, is it still the Government’s policy to sell State assets if it is re-elected, given that up to 30 percent of the shares he proposes selling could go to overseas buyers?

  2. queenstfarmer 2

    Under such circumstances surely only an idiot would make matters worse by selling more of our assets overseas, right?

    An idiot might, but an intelligent person could find that it doesn’t “make matters worse”.

    • Draco T Bastard 2.1

      Selling our assets and businesses overseas does actually make us worse off. The economists even know this as it’s what I was shown by a professor of economics in a university economics class.

      • queenstfarmer 2.1.1

        It always depends on the circumstances.

        And remember, as 10 economists the same question and you’ll get 20 different answers.

        • Draco T Bastard 2.1.1.1

          Generally speaking, I don’t ask economists anything as they’re all dishonest. If they were being honest they’d tell everyone that their favoured hypothesis doesn’t work as all the empirical evidence shows.

        • Irascible 2.1.1.2

          Good morning John Key. Do you have anything intelligent to add to the debate or is this another HardTalk debut where you display your inadequacies to the world?

        • Vicky32 2.1.1.3

          It always depends on the circumstances.

          What circumstances, do you think, could possibly make selling assets overseas a good idea?

          • DS 2.1.1.3.1

            How about when you’re the overseas investor that wants to make a stack of money? It’s a very good idea then.

        • mik e 2.1.1.4

          QSF researched based economics works chicago school is dogma . Chicago school is pushed down our throats by right wingers when the research shows better ways of doing things Rod Oram for finance minister for me of all the reading I’ve done Rod Oram has all the right answers. Trouble is is that National are doing very little let alone the right Thing when it comes to Govt leadership.Muddling Through. Is Not a Plan.David Carter admitted as much today QSF that they’ve done nothing .

    • Lanthanide 2.2

      “An idiot might, but an intelligent person could find that it doesn’t “make matters worse”.”

      No, but it doesn’t improve the situation, either.

      • queenstfarmer 2.2.1

        But it might, in the circumstances. That is the point that ideologues wilfully reject.

    • Colonial Viper 2.3

      An idiot might, but an intelligent person could find that it doesn’t “make matters worse”.

      As more foreigners own more assets in this country, any increases in our GDP will lead to more money being siphoned off overseas by foreign shareholders as profits.

      Its not brain science QSTF.

      • queenstfarmer 2.3.1

        In terms of those actual profits, of course. However, the assessment that ideologues never want to take place is far broader than that.

        • Colonial Viper 2.3.1.1

          Nothing matters apart from the profits.

          You forget that the neolibs are the biggest idealogues of them all .

  3. Draco T Bastard 3

    Under such circumstances surely only an idiot would make matters worse by selling more of our assets overseas, right?

    Or someone hired to sell our assets overseas.

  4. Ed 4

    I only partly heard Bill English on radio today lauding the purchase of Z as a welcome move for New Zealand to buy back some of the companies operating in New Zealand that are overseas owned. Perhaps I misheard him, but it did seem to make sense – provided that they are not all purchased by the NZ Superannuation Fund . . .
     
    It is certainly a contrast to what is an increasingly looking to be an ideological wish to sell sell sell other state owned assets – perhaps John Key will tell us their only election policy is all a mistake.
     
     

    • mik e 4.1

      Why would you sell off a renewable resource to buy some fuel delivery company that its product is running out ,political interference in our super by National government. Z is making way less money than the energy companies this is why we need to get rid of this govt. Treasury is getting put on the spot by the audit office when it should be John Key for not listening to Treasuries advice about SCFs not meeting the covenants on conditions of the $1.6 billion govt guarantee fiasco.

Recent Comments

Recent Posts

  • NZ announces a third P-3 deployment in support of UN sanctions
    The Government has deployed a Royal New Zealand Air Force P-3K2 Orion (P-3) maritime patrol aircraft to support the implementation of United Nations Security Council (UNSC) resolutions imposing sanctions against North Korea, announced Minister of Foreign Affairs Winston Peters and Minister of Defence Ron Mark. “New Zealand has long supported ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Pacific trade and development agreement a reality
    Pacific regional trade and development agreement PACER Plus will enter into force in 60 days now that the required eight countries have ratified it. Trade and Export Growth Minister David Parker welcomed the announcement that the Cook Islands is the eighth nation to ratify this landmark agreement. “The agreement represents ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Securing a pipeline of teachers
    The Government is changing its approach to teacher recruitment as COVID-19 travel restrictions continue, by boosting a range of initiatives to get more Kiwis into teaching. “When we came into Government, we were faced with a teacher supply crisis,” Education Minister Chris Hipkins said. “Over the past three years, we ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Border exceptions for a small number of international students with visas
    The Government has established a new category that will allow 250 international PhD and postgraduate students to enter New Zealand and continue their studies, in the latest set of border exceptions. “The health, safety and wellbeing of people in New Zealand remains the Government’s top priority. Tight border restrictions remain ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • First COVID-19 vaccine purchase agreement signed
    The Government has signed an agreement to purchase 1.5 million COVID-19 vaccines – enough for 750,000 people – from Pfizer and BioNTech, subject to the vaccine successfully completing all clinical trials and passing regulatory approvals in New Zealand, say Research, Science and Innovation Minister Megan Woods and Health Minister Chris Hipkins. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • International statement – End-to-end encryption and public safety
    We, the undersigned, support strong encryption, which plays a crucial role in protecting personal data, privacy, intellectual property, trade secrets and cyber security.  It also serves a vital purpose in repressive states to protect journalists, human rights defenders and other vulnerable people, as stated in the 2017 resolution of the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Ministry of Defence Biodefence Assessment released
    The Ministry of Defence has today released a Defence Assessment examining Defence’s role across the spectrum of biological hazards and threats facing New Zealand. Biodefence: Preparing for a New Era of Biological Hazards and Threats looks at how the NZDF supports other agencies’ biodefence activities, and considers the context of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Approaches to Economic Challenges: Confronting Planetary Emergencies: OECD 9 October 2020
    New Approaches to Economic Challenges: Confronting Planetary Emergencies: OECD 9 October 2020 Hon David Parker’s response following Thomas Piketty and Esther Duflo. Good morning, good afternoon, and good evening, wherever in the world you might be. I first acknowledge the excellent thought provoking speeches of Thomas Piketty and Esther ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Kaipara Moana restoration takes next step
    A Memorandum of Understanding has been signed today at Waihāua Marae between the Crown, local iwi and councils to protect, restore and enhance the mauri of Kaipara Moana in Northland. Environment Minister David Parker signed the document on behalf of the Crown along with representatives from Ngā Maunga Whakahī, Ngāti ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New Zealand and Uruguay unite on reducing livestock production emissions
    Agriculture Minister Damien O’Connor and Uruguayan Minister of Livestock, Agriculture and Fisheries Carlos María Uriarte have welcomed the launch of a three-year project that will underpin sustainable livestock production in Uruguay, Argentina, and Costa Rica.  The project called ‘Innovation for pasture management’ is led by Uruguay’s National Institute of Agricultural ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • 3100 jobs created through marae upgrades
    Hundreds of marae throughout the country will be upgraded through investments from the Provincial Growth Fund’s refocused post COVID-19 funding to create jobs and put money into the pockets of local tradespeople and businesses, Regional Economic Development Minister Shane Jones and Māori Development Minister Nanaia Mahuta have announced. “A total ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Health volunteers recognised in annual awards
    Health Minister Chris Hipkins has announced 9 teams and 14 individuals are the recipients of this year’s Minister of Health Volunteer Awards.  “The health volunteer awards celebrate and recognise the thousands of dedicated health sector volunteers who give many hours of their time to help other New Zealanders,” Mr Hipkins ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Community COVID-19 Fund supports Pacific recovery
    The Minister for Pacific Peoples, Aupito William Sio says a total of 264 groups and individuals have successfully applied for the Pacific Aotearoa Community COVID-19 Recovery Fund, that will support Pacific communities drive their own COVID-19 recovery strategies, initiatives, and actions. “I am keen to see this Fund support Pacific ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Community benefits from Māori apprenticeships
    Up to 50 Māori apprentices in Wellington will receive paid training to build houses for their local communities, thanks to a $2.75 million investment from the Māori Trades and Training Fund, announced Employment Minister Willie Jackson today. “This funding will enable Ngāti Toa Rangatira Incorporated to provide its Ngā Kaimahi ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Training fund supports Māori jobseekers
    Rapidly growing sectors will benefit from a $990,000 Māori Trades and Training Fund investment which will see Wellington jobseekers supported into work, announced Employment Minister Willie Jackson today. “This funding will enable Sapphire Consultants Ltd. to help up to 45 Māori jobseekers into paid training initiatives over two years through ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Ruakura Inland Port development vital infrastructure for Waikato
    The Government is investing $40 million to develop an inland port at Ruakura which will become a freight super-hub and a future business, research and residential development for the Waikato, Urban Development and Transport Minister Phil Twyford, and Māori Development Minister Nanaia Mahuta announced today. The funding has been has ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Appointments made to Defence Expert Review Group
    Defence Minister Ron Mark announced today the establishment of an Expert Review Group to review a number of aspects of the New Zealand Defence Force’s (NZDF) structure, information management and record-keeping processes.  The Expert Review Group’s work arises out of the first recommendation from the Report of the Government’s Inquiry ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • No active community cases of COVID-19
    There are no active community cases of COVID-19 remaining in the country after the last people from the recent outbreak have recovered from the virus, Health Minister Chris Hipkins said today. “This is a big milestone. New Zealanders have once again through their collective actions squashed the virus. The systems ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Clean energy upgrade for more public buildings
    More public buildings will be supported by the Government to upgrade to run on clean energy, the Minister for Climate Change James Shaw announced today. Minister Shaw announced that Lincoln and Auckland universities will receive support through the Clean-Powered Public Service Fund to replace fossil fuel boilers. Southern, Taranaki, and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Schools back donations scheme for the second year
    More schools have opted in to the donations scheme for 2021, compared to 2020 when the scheme was introduced. “The families of more than 447,000 students will be better off next year, with 94% of eligible schools and kura opting into the scheme,” Education Minister Chris Hipkins said. “This is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Ruapehu cycle trails gets PGF boost
    The spectacular Mountains to Sea cycle trail in Ruapehu District will receive $4.6 million in funding from the Provincial Growth Fund for two additional trails, Regional Economic Development Minister Shane Jones announced today. “This is an exciting development for the local community, and one that will provide significant economic opportunities ...
    BeehiveBy beehive.govt.nz
    3 weeks ago