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

  • New Zealand expresses condolences on passing of Vanuatu High Commissioner
    Foreign Affairs Minister Winston Peters today extended New Zealand’s condolences following the death of Vanuatu’s High Commissioner to New Zealand, Johnson Naviti, who passed away yesterday afternoon in Wellington. “Our thoughts are with the High Commissioner’s family and colleagues during this difficult time. This is a terrible loss both to ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Government announces allocation of three waters funds for councils
    The Government has today set out the regional allocations of the $761 million Three Waters stimulus and reform funding for councils announced by Prime Minister Hon Jacinda Ardern this month.  "I want to thank Councils around the country for engaging with the Central Local Government Steering Group who have been ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Funding boost for students with highest learning support needs
    Students with high and complex learning needs, as well as their teachers and parents, will benefit from a substantial increase to Ongoing Resourcing Scheme (ORS) funding, Associate Education Minister Martin announced today. “Nearly $160 million will go towards helping these students by lifting their base support over the next four ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Govt connecting kiwis to affordable, healthy food
    Funding for innovative projects to connect Kiwis with affordable, safe and wholesome food, reduce food waste, and help our food producers recover from COVID-19 has been announced today by Agriculture Minister Damien O’Connor. “COVID-19 has seen an increasing number of families facing unprecedented financial pressure. Foodbanks and community food service ...
    BeehiveBy beehive.govt.nz
    9 hours ago
  • Getting infrastructure for housing underway
    Eight shovel-ready projects within Kāinga Ora large-scale developments, and the Unitec residential development in Auckland have been given the go-ahead, Minister for Housing Dr Megan Woods announced today. Megan Woods says these significant infrastructure upgrades will ensure that the provision of homes in Auckland can continue apace. “The funding announced ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Napier walk and cycleway to improve safety
    The Government is funding a new separated walking and cycleway path along Napier’s Chambers and Ellison streets to provide safer access for local students and residents across Marine Parade and State Highway 51, Transport Minister Phil Twyford and Police Minister Stuart Nash announced today. Funding of $2.7 million has been ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • PGF creates more than 10k jobs, success stories across NZ
    More than 13,000 people have been employed so far thanks to the Coalition Government’s Provincial Growth Fund, Regional Economic Development Minister Shane Jones has today announced. The number of jobs created by Provincial Growth Fund (PGF) investments has outstripped the 10,000 jobs target that the Government and Provincial Development Unit ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Inaugural seafood awards honour sustainability
    Scientists and innovative fishing operators from Stewart Island and Fiordland to Nelson, Marlborough and Wellington have been honoured in the first ever Seafood Sustainability Awards. Fisheries Minister Stuart Nash has congratulated the winners of the inaugural Seafood Sustainability Awards held at Parliament. “The awards night honours six winners, from a wide ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Climate resilience packages for regions
    The Government is providing an investment totalling more than $100 million for regions to protect against and mitigate the effects of climate change, Deputy Prime Minister Winston Peters and Infrastructure Minister Shane Jones have announced. Six regions will receive funding from the $3 billion allocated to infrastructure projects from the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Southern Waikato shovel ready projects get the green light
    Three major local projects at Te Kuiti and Otorohanga have been given the money to get moving after the impact of Covid 19, says the Minister of Māori Development Hon Nanaia Mahuta.  The projects range from a Sports Centre for Te Kuiti, a redevelopment of the Otorohanga  Kiwi House and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New Zealand extends Middle East and Africa peace support deployments
    The Coalition Government has extended three New Zealand Defence Force deployments to the Middle East and Africa by two years, Foreign Affairs Minister Winston Peters and Defence Minister Ron Mark announced today.  “These deployments promote peace in the Middle East and Africa by protecting civilians and countering the spread of ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Govt progress on climate change essential, risk assessment shows
    The release of the National Climate Change Risk Assessment shows that the progress this Government has made to solve the climate crisis is essential to creating cleaner and safer communities across New Zealand. “Because of this report, we can see clearer than ever that the action our Government is taking ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • $10m sport recovery fund open for applications
    The second round of the Community Resilience Fund is now open for applications for sport and recreation organisations experiencing financial hardship between 1 July and 30 September 2020. “The fund opens today for five weeks – closing on September 6. The amount awarded will be decided on a case-by-case basis ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Rakitū Island declared latest predator free island
    Minister of Conservation Eugenie Sage today declared Rakitū Island, off the coast of Aotea/Great Barrier Island, predator free. “I’m delighted to announce that with rats now gone, Rakitū is officially predator free. This is a major milestone because Rakitū is the last DOC administered island in the Hauraki Gulf Marine ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Funding to restore significant Māori sites in the Far North
    The Provincial Growth Fund is investing $8.75 million to restore significant historic sites at Ōhaeawai in the Far North, upgrade marae and fund fencing and riparian planting. Regional Economic Development Minister Shane Jones made the announcements following a service at the historic St Michael’s Anglican Church at Ōhaeawai today.  Just ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Big boost for Chatham Islands’ economy
    The Chatham Islands will receive close to $40 million for projects that will improve its infrastructure, add to its attraction as a visitor destination, and create jobs through a planned aquaculture venture, Infrastructure Minister Shane Jones has announced. “The COVID-19 pandemic has had a devastating impact on the islands, first ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • More initiatives to reduce energy hardship
    The Government is delivering more initiatives to reduce energy hardship and to give small electricity consumers a voice, Energy and Resources Minister Megan Woods said today. “In addition to the initiatives we have already delivered to support New Zealand families, we are responding to the Electricity Price Review with further ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Turning the tide for hoiho/yellow-eyed penguin
    Government, iwi, NGOs and rehabilitation groups are working together to turn around the fortunes of the nationally endangered hoiho/yellow-eyed penguin following a series of terrible breeding seasons.  The Minister of Conservation Eugenie Sage helped launch the Five Year Action Plan at the annual Yellow-Eyed Penguin symposium in Dunedin today. “I ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Taskforce ready to tackle tourism challenges
    The membership of the Tourism Futures Taskforce has now been confirmed, Tourism Minister Kelvin Davis announced at an event at Whakarewarewa in Rotorua today. “The main purpose of the independent Tourism Futures Taskforce is to lead the thinking on the future of tourism in New Zealand,” Kelvin Davis said. Joining ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Investing in the tourism sector’s recovery
    More than $300 million in funding has been approved to protect strategic tourism businesses, drive domestic tourism through regional events and lift digital capability in the tourism industry, Tourism Minister Kelvin Davis announced today. A $400 million Tourism Recovery Package was announced at Budget 2020, and with today’s announcements is ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Permits to be required for exporting hard-to-recycle plastic waste
    From 2021 permits will be required for New Zealanders wanting to export hard-to-recycle plastic waste. The Associate Minister for the Environment, Eugenie Sage, today announced the requirements as part of New Zealand’s commitments to the Basel Convention, an international agreement of more than 180 countries which was amended in May ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Growth in new building consents shows demand is still high
    The building and construction sector is still showing strong growth, with the number of new dwellings consented up more than 8 per cent compared to last year, reflecting a welcome confidence in the Government’s COVID-19 response package, Minister for Building and Construction Jenny Salesa says. “While it is still too ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $23 million for Bay of Plenty flood protection
    Government investment of $23 million for Bay of Plenty flood protection will allow local communities to address long-standing flood risks and provide jobs, Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau announced in Rotorua today. These projects are being funded by the Infrastructure Reference Group’s (IRG) shovel ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Rotorua benefits from over $62 million boost
    Investment for projects that will create hundreds of jobs in Rotorua were announced today by Deputy Prime Minister Winston Peters and Under-Secretary for Regional Economic Development Fletcher Tabuteau. These projects will provide opportunities for economic development in a region that has been hard hit by COVID-19,” Winston Peters said. Fletcher ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Increased counselling support for all students
    For the first time, primary schools will have access to funding for counsellors for their students, Associate Education Minister Tracey Martin announced today. “A major investment of $75.8 million will provide greater access to guidance counsellors to help primary and secondary school students deal with mental health and wellbeing issues,” ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Report of the Government Inquiry into Operation Burnham released
    Defence Minister Ron Mark today welcomed the release of the Report of the Government Inquiry into Operation Burnham and related matters, and the Government response.  “I thank the Inquiry for their thorough and detailed report, on a highly complex issue. I accept the recommendations of the report, and fully support ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • 1BT funds create jobs and lasting benefits
    Forestry Minister Shane Jones has announced $6 million of One Billion Trees funding for seven regional initiatives to create jobs and provide long-lasting environmental and economic benefits. The projects range from improving one of the poorest-quality water catchments in Otago to restoring 52km of waterways around Hokianga Harbour. Six of the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Kawerau projects to receive $5.5 million from Provincial Growth Fund
    Deputy Prime Minister Winston Peters today announced $5.5 million in funding from the Provincial Growth Fund (PGF) for two Kawerau projects and says this is a significant boost for the people of Kawerau. “These projects will bring much-needed investment and will create up to 60 jobs for locals,” Mr Peters ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $5 million for Kaingaroa Village Redevelopment
    Kaingaroa Village in the Bay of Plenty is to get $5 million to help fund a comprehensive upgrade of its infrastructure, facilities and housing, Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. Mr Tabuteau travelled to the remote village to make the announcement, telling Kaingaroa residents how the funding ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • $18 Million Funding Boost for Bay of Plenty Business Park
    The Rangiuru Business Park project near Te Puke is getting $18 million from the Provincial Growth Fund (PGF), Under-Secretary for Regional Economic Development Fletcher Tabuteau announced today. “This is all about unlocking the potential of this region. When it’s finished, the Rangiuru Business Park will be the Bay of Plenty’s ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Town revitalisation and aquaculture investments create jobs in Ōpōtiki
    Deputy Prime Minister Winston Peters has today announced that a $26 million investment in Ōpōtiki will see important public amenities upgraded and further progress made on new aquaculture opportunities. “The people of Ōpōtiki have been waiting decades for real investment in key infrastructure, and support for the incredible aquaculture opportunities ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister congratulates the Cook Islands community for its 9th year of Language Weeks
    The Minister for Pacific Peoples, Aupito William Sio wishes to congratulate the Cook Islands community throughout Aotearoa for the 9th year of Te ‘Epetoma o Te Reo Māori Kūki ‘Āirani, the Cook Islands Language Week.  “This is a proud milestone that reflects on the huge effort made by the Cook ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Construction underway on longest section of Glen Innes to Tāmaki Drive Shared Path
    Aucklanders in the Eastern Suburbs will soon have more ways to get around, with Transport Minister Phil Twyford and Associate Transport Minister Julie Anne Genter kicking off construction on Section 2 of Te Ara Ki Uta Ki Tai, the Glen Innes to Tāmaki Drive Shared Path today. The Glen Innes ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • 350,000 More Measles Vaccines for Massive Immunisation Campaign
    The Government is stepping up the fight against measles and protecting hundreds of thousands more young adults by investing up to $40 million for a year-long measles-catch-up campaign and $23 million to fully fund and develop the National Immunisation Solution, Associate Minister of Health Julie Anne Genter announced at Mangere ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Operation Burnham report released
    Attorney-General David Parker has today released the findings of the Government inquiry held into Operation Burnham and related events. The operation took place on 21-22 August 2010 in Tirgiran Valley, Afghanistan, and was carried out by NZSAS troops and other nations’ forces operating as part of the International Security Assistance ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Locally-led solutions at centre of new community resilience fund
    From tomorrow, community groups around New Zealand can apply to a $36 million fund established to encourage locally-led solutions as communities rebuild and recover from COVID-19, announced Minister for Social Development Carmel Sepuloni and Minister for Community and Voluntary Sector Poto Williams. “The Community Capability and Resilience Fund (CCRF) builds ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Securing healthy futures for all Māori
    The Government has committed to improving Māori health and wellbeing over the next five years. The Associate Minister of Health (Māori Health) today released Whakamaua: Māori Health Action Plan 2020-2025 which sets the pathway towards achieving healthy futures for all Māori. “As kaitiaki of the system, the Ministry of Health ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Porirua Development delivers more new public housing
    The first of nearly 70 new state homes have been opened in Cannons Creek, Porirua by the Associate Minister of Housing, Kris Faafoi, as part of an increase in public housing being delivered through the Porirua Development.  “Completion of the first 10 of 53 new two and five bedroom homes ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New standards for existing marine farms provide consistency
    New environmental standards will make the re-consenting of existing marine farms more consistent across the country.  The new regulations for the National Environmental Standards for Marine Aquaculture (NES-MA) will come into effect on 1 December, Environment Minister David Parker and Fisheries Minister Stuart Nash said.   “The NES-MA removes complexities and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government signs Accord reinvigorating commitment to Far North iwi
    Today marks a milestone as the Minister for Social Development Carmel Sepuloni and Minister for Māori Development Nanaia Mahuta co-sign an Addendum – with the Iwi Chairs of Te Rarawa, Ngāi Takoto and Te Aupōuri – to the Te Hiku o Te Ika Iwi-Crown Social Development and Wellbeing Accord (the ...
    BeehiveBy beehive.govt.nz
    5 days ago