Editors choice comments
A reasonable summary, although I don't imagine Britain suffering as much economically as many pundits believe. It is not in the Germans' interests in particular, to try and punish the Brits. Wolfgang Schauble, seemingly the most powerful person in Germany recently, has stated that even with a close remain vote, Europe needs to change.
George Osborne, the British Chancellor (or Minister of Finance) has made some ridiculous threats of action in the event of a Leave vote, but he is almost certainly the first main political casualty, and they will get someone sensible in instead. David Cameron...by: Stephen L
Great resource that map. No longer 'drip, drip, see no evil'. Here some of it is collected together, and that's just some of what's actually known. Some of our best enforcement agencies would love to be able to lift the lid and see what remains hidden if some of the world's worst criminal organisations and despots are using NZ's foreign trusts and opaque company registration regime as an invisibility cloak for their operations. But that opaque regime also operates as leash and muzzle for even our most powerful watchdogs.
Have read the report, which at least suggests someone (but not really Mr English or Bridges) is trying to address Auckland's transport issues. To summarise as best I can:
Growth in Auckland, especially since 2013, has got way ahead of the government's thinking (or lack of), and the report acknowledges that the current congestion is already a "failed" system. On top of that the government has been pushing new housing areas in distant suburbs that are generally not employment centres, so west to south transport, and everywhere to the centre transport, will just get worse until 2026 when for...by: Stephen L
Message to the Institute of Chartered Accountants of NZ and Aus. Does the mandatory ongoing ethical training prescribed to maintain membership look like a token gesture, box ticking exercise when your members are facilitating these trusts and turning a blind eye to the source of funds and activities of their clients?
Are these accountants undemining the integrity and professional reputation of it's members?
I say yes and your ethics training is a mockery.
As one who has actually participated in the development cycle at both ends (raw earthworks, and sealing/K&C) I can reassure common taters that there just isn't that much to it. Nowadays the scene is complicated by Elfin Safety, obscured by lotsa machines (mostly stopped or at idle), and so the woods/trees view gets lost.
But horizontal infrastructure is fundamentally simple:
Three waters: potable, grey plus black (shower/bath plus kitchen/laundry/loos). Pipes laid in a trench, tested for leaks, laid to fall if gravity has to be involved, backfilled and fill compacted. The odd thrust...by: waymad
Even by John Key's standards this idea is seriously bad.
We have had a UDA that not only didn't enable fast development but what it did do was terrible. The Canterbury Earthquake Recovery Authority mimicked the Roman Empire by tearing everything to the ground then declaring 'job done'. It will take decades to recover from the damage they caused. Not only were they out of their depth but, unlike Christchurch City Council, they had no commitment to see through what they started; they knew they were out of there within five years. And they knew there was no accountability.
The only way a private...by: Donald Ellis
And don't forget, that it can all be built with Chinese steel which will of course, have been 'independently' tested.
Expect to see concessions given to allow itinerant labourers in to speed up the building process.(In West Africa they used Chinese convicts.) It is probably happening already - at a recent new build in Mairangi bay the chippies - all Chinese - lived in the house once the first walls went up. On moving day there were about 5-6 decrepit mattresses spewn on the driveway plus half bags of rice and various cooking gear. They were doing their ablutions up against the fence until neighbors complained to the council and they would bang away till midnight until the council again started responding to...by: Smalltown
I say, why so sad faced? If Brexit does happen then surely lots of trade opportunities will open up for New Zealand as the UK seeks to slowly re-establish it's own free trade zone. They have the institutional strength and history to do so, most foreign exchange transactions go through London already. Just because the place was a basket case forced to bend the knee to the American dictate to join the EU, doesn't mean it will always be.
New Zealand's current prosperity is more than a little false, being based on massive inflows of foreign cash into real estate speculation. Record numbers of...
What an excellent article. ! "......The most important policy goal is higher living standards for New Zealand residents, with a reasonable distribution......." Who would have thought that given what emerges from government currently.
Not surprising. Baby boomers are increasingly selling up for retirement and anyone who's been trading up on the gravy train for the last 10 years is funding them driving up the average sale price. Still a bit of steam left in HMS Auckland to push forward yet, but the hull is breached and water is flooding in while folks are partying still up on deck. Captain Key is in denial.
Just remember this ratio is calculated over all households - roughly 1/3rd of which don't have a mortgage.
So ratio for those with a mortgage is 50% higher !
Easy to say the basis is internationally comparable but this is a classic lack of segmentation exercise.
In any shakeout - those without a mortgage are unaffected assuming they get to keep their job.
Anyway you cut it - these ratios are in the extreme sector and deteriorating.
Extremely high levels of debt growth from what are already high levels of debt - however measured - has in the past always ended in sadness. This time is...by: JB
Yeah BigDaddy - imagine if your generation had to borrow 10x your household income (at the risk of record low interest rates increasing) to put a roof over your head - you would have screamed the house down....(Boomers pretty much borrowed the county into oblivion propping up your standard of living..All that free health care, total employment, free university.. it must have been hell - where do I donate?)
I didn't realise AKL was the most expensive property market in the world relative to income when you were
building your portfolio?
No one expects anything for free but to expect a playing...by: mvgsmf
I think you nailed it.
If the Government polled people renting in Auckland what they pay, and if they would prefer to own, they would find out the truth:
The truth is, couples thinking of starting a family, would prefer to be in their own warm, dry, home, and be in a financially stable position first.
The truth is, a lot of people are struggling to afford to rent a house that doesn't feel like a home, unsure whether they will be able to stay there year to year, unable to change anything including even putting a family photo on the wall, or own a pet, and have to tolerate a grumpy over worked...by: hobo
JK has totaly lost. To prove their point as do not want to take any measures to curb speculation comes out with insensitive arrogent remark. It goes on to show that PM has lost touch with the people of NZ otherwise how could he say that people of newzealand prefers to rent instead of buying house.
See the hidden interest let the overseas people buy NZ property and we Kiwi can rent from them.
Now it is clear why government is so determine to not do anything and let the bubble continue.
Rest assure that this givt will not do anything infact may take measures to help speculators that too...by: tomalteruk
Gee Whizz , $29,000 for a Hospitality Diploma , a years after-tax wages for a cleaner in Auckland and 3 years wages for an office worker in India .
What is very disconcerting are the "pop-up" colleges and schools all over downtown Auckland , who provide questionable courses at exorbitant costs.
It appears totally unregulated .
Uncle John is absolutely correct. I love living in a place where:
- I can be kicked out in 42 days
- I can't have a pet
- I can't get UFB installed because three property managers have to agree to get the driveway trenched
- I must buy expensive plastic hooks that tend to fall off the wall then remove them when I leave
- I can't install a second heat pump or a ventilation system so my bedroom is damp despite leaving windows open 8 hours a day
- The owner has a Chinese surname
This guy deserves to be hanged from the nearest lamp post for treason.
gee you think, it should have been ten years as suggested by IRD but no I JK know best, seriously this guy has lost touch with the real NZ
Key said the two year bright line test brought in last October may not be deterring some speculators, but they should be aware that the tax applies beyond two years IF the IRD can prove intent to trade rather than hold.
Seriously though, I couldn't quite make out if some of those here are core or peripheral players, and at least in part being duped themselves, perhaps near the outer part of the onion where the credulous and gullible reside, providing more layers of human fodder hiding those really pulling the strings. Seemingly, however, a little deeper in than the young burger flipper duped into providing her name on the company registration forms for the 35 tonne arms shipment from North Korea to Iran.
And here the chap's mother's house was used to meet NZ's loose residency requirements, combined with...
The Minister of Finance is right that blanket exemptions or forcing banks to retain remitters is not the answer, and the FATF rules appear restrictive in some ways. But these so-called unintended consequences have been known about a long time, a significant body of work is growing in this area, and there are a range of ways in which a smart regulatory system can amelirorate them.
One of the issues I'm seeing in my research is that a focus on outputs rather than the ultimate regulatory outcomes sought is creating a 'compliance' culture in which banks and regulators look at whether the AML...
Oh my days... "yo! Investors! Start panic buying rentals immediately, before I impose new restrictions LOL!" Graeme Wheeler.
by: Sheep Shagger
A big "thank you" to Gareth and the team for having me in.
After doing the interview I was told about William Nordhaus' "climate club" concept. The basic idea is to make market access conditional on meeting emission targets. Given Europe's appetite for action on the issue, perhaps Todd McClay should be sent to pursue this kind of deal with the EU. As a former EU diplomat he'd be just the man for the job.
Read more about climate clubs here:
Cut emissions. Get paid. This...by: Ryan G-M