Here's our summary of key economic events overnight that affect New Zealand, with news the endless talk of a looming global recession seems to be just that, talk.
Retail sales in the US on a same-store basis were surprisingly firm last week, up more than +10% from year-ago levels. And while much of this will be inflation's effect, clearly not all, and there is real volume growth in these numbers. Wall Street is sanguine about the prospects of many big retailers too. There is a clear push to reduce inventories, which will help investor sentiment in this sector.
However, the latest consumer sentiment survey, this one from the Conference Board, sees levels slipping, and while they moving away from robust levels, they are now falling but these are just off mid-year highs. Prices are driving the sentiment and while there is an expectation a recession is ahead, they are clearly not there yet.
The Dallas Fed services index is still positive, but is is less so in November than October.
The Canadian economy expanded +0.7% in Q3 2022 from the previous quarter, a fifth consecutive quarter of growth, and taking the year-on-year expansion to +3.9% real which is reasonably impressive. Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending. Exports increased +2.1%. This overall faster growth probably raises the chances of faster interest rate hikes there.
Retail sales in Japan barely rose in October from September to be up +4.3% from a year ago. This was less than analysts were expecting, a softness that is proving hard to shake.
In China, reprisals for daring to demonstrate over the past few days are building. Chinese police have begun leveraging the powers of the country’s surveillance state to go after those who participated in rare public displays of defiance over the government’s stringent Covid control policies. Reporters who covered the protests have been beaten up by police.
Consumer prices in Germany rose +10.0% in November from year-ago levels and that was less than the rise in October and lower than was expected. (On an EU-harmonised basis it was up +11.3% and also less than expected.) The surprise was that from October, November prices fell -0.5%. Perhaps this is the top for them? This latest relief is mostly to do with energy costs.
Some of this is coming through in the wider tracking of sentiment in the EU. While business sentiment worsened, the same was not the case for consumers, who actually can see the end of the severe price pressures in their inflation expectations for a year ahead. In these surveys, both investment expectations, and employment levels remain much better than you might expect given the seasonal and war pressures.
The UST 10yr yield starts today at 3.73% and up +2 bps. The UST 2-10 rate curve is little-changed again at -74 bps. And their 1-5 curve has stayed inverted at -85 bps even if a bit less, and their 30 day-10yr curve is still inverted and also a bit less at -29 bps. The Australian ten year bond is up +5 bps at 3.63%. The China Govt ten year bond is up another +4 bps at 2.92% and a new 14month high. And the New Zealand Govt ten year will start today up +5 bps at 4.12%.
Wall Street has opened its Tuesday session lower, with the S&P500 down -0.4%. Overnight European markets all closed mixed with Frankfurt down -0.2% but London up +0.5%. Yesterday, Tokyo ended down -0.5%. Hong Kong zoomed higher up +5.2% and Shanghai was up strongly too, up +2.3% both with late surges. The ASX200 ended its Tuesday session up +0.3%, and the NZX50 ended up +0.8%.
The price of gold will open today up +US$6 at US$1751/oz.
And oil prices start today up +US$1.50 from this time yesterday at just on US$78.50/bbl in the US while the international Brent price is up much less at just over US$84.50/bbl.
The Kiwi dollar will open today at 62 USc, and unchanged from this time yesterday. Against the Australian dollar we are little-changed at 92.6 AUc. Against the euro we are holding at 59.9 euro cents. That all means our TWI-5 starts today at 70.9 and little-changed from this time yesterday.
The bitcoin price is now at US$16,404 and up +1.4% from this time yesterday. Volatility over the past 24 hours has modest at just +/- 1.3%.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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166 Comments
https://www.nzherald.co.nz/business/richard-prebble-the-next-12-months-…
Governments have to run on their record. Last term, Labour successfully locked down the country. Then they overdid the lockdowns. This term what has Labour achieved?
Labour inherited a strong economy and an excellent set of books. Labour promised to be fiscally prudent. Covid was used as an excuse to wriggle out of that pledge.
Labour did inherit issues in housing, health and education. After five years the issues are worse. Tens of thousands of households are going to struggle to service 8 per cent mortgages. Health services are failing. The government’s priority is a Māori Health Authority.
Labour must press ahead with its unpopular Three Waters. Labour is fighting a two-front election campaign. National and Act on one front. The Māori Party on the second front. Labour cannot abandon co-government without also abandoning the Māori seats.
I've put the warning up on these pages that people fail to understand Maori sovereignty thinking. It is entrenched within a certain sector of Maori, an institutional grievance they won't let go.
It won't solve anything for them & will will ultimately lead to worse division when the pendulum swings the other way. Such is a lack of foresight by most leaders irrespective of race or culture. In a more general sense you could say the fallibility of leaders is universal. Outcomes are predictable, but usually the opposite of what the leader intended.
I learnt an interesting bit of psychology this morning, something I intuitively knew. The ideas of the extreme left are easily manipulated to the extreme right.
“Maori sovereignty thinking.” It would be interesting, indeed highly instructive & useful, to be able to identify who actually is doing the thinking by numbers and what percentage of the Maori population are akin to that doctrine. Would that reveal a segment, a faction if you like, that is not representative of the majority or is this a wholesale social and racial movement of all those that are entitled to be counted in the proposal?
... how funny was it to see Ardern two days ago , with her serious face on , lecturing the journos that her government was not soft on crime ... for added emphasis she repeated her words ... her government had done nothing soft on crime ...
And the Gummster thought : " who was it that repealed 3 strikes , then ? " ...
Looks great - even on paper.
- 12,045 first strikes
- 463 second strikes (so 3.8% of first strikers have done a second strike)
- 14 third strikes (so 2.8% of second strikers have done a third strike)
Of those who have had a second or third strike - the OIA said that they-
- average of 42 convictions as an adult
- 91% were assessed as being at a high risk of reoffending
- 56% committed their 2nd strike on bail or parole or while serving a sentence
- 40% have a “strike type” conviction from prior to the three strikes regime
I've found it is the young and middle-aged who rate vengeance over attempts to reduce recidivism. Us elderly guys know 3 strikes is often unfair and usually unproductive; we have seen it tried in the past. Set the standard punishment too high and soft-hearted victims let off serious thugs who have a good sob story.
Prisons and boot camps are universities for crime. Copy the Scandinavian countries with more smaller prisons, but fewer prisoners serving shorter sentences.
Strong points Scarfie. The species tribalism always seems to be simmering in there somewhere. Occasionally it gets camouflaged a little, but in the end it becomes about entitlement. If those "leaders(? because few if any ever get to be real leaders)" were genuine, they would be working hard to ensure everyone gets opportunity and a share of the trough, that equity divisions are driven down, and people encouraged to be the best they can be. Thinking about our politicians, there are none who can claim this despite their rhetoric.
With an election looming next year I would hope to be seeing a change in the talk, but so far it is just more of the same, and in some respects - worse.
If those "leaders(? because few if any ever get to be real leaders)" were genuine, they would be working hard to ensure everyone gets opportunity and a share of the trough, that equity divisions are driven down, and people encouraged to be the best they can be.
But why would they do that when they can leave the better social outcomes part for the taxpayer to deal with?
I'm not entirely sure i understand your post Dan. But all those issues re the ones we want our politicians to deal with. I've just got back from Holland and while there i noted NZ in the news for the court case about giving 16 year old's the right to vote. With little to no life experience would you expect these issues to be dealt with effectively? Post Boomer generations don't seem to be any more effective, or less self entitled than those before them. When can we expect that to change?
Yes the trough of entitlement & self enrichment. It took the few years I lived & worked in the USA to fully cotton on to that. Said it before and say it again, snouts at the ready voting for the team most likely to fill it. Human nature of the porcine strain. Pigs don’t really deserve such a metaphor either.
Every senator in the USA is backed by a corporation and promoted by monopolistic corporate mainstream media. The private-public partnership is alive and well, government pays, corporates collect. Pfizer and the CDC, the US military industrial complex and Wall Street, the list is endless always indebting the taxpayer at every level of government. Even little ole Invercargill fell prey to the Inner City rebuild (private enterprise profiting, ratepayers paying.) Labour - National; Republicans - Democrats it don't matter, all politicians are tarred with the same brush.
Has anyone studied the social and economic outcomes of Maori over the last 40 years since the major Treaty settlements were finalised? I have a theory that equity within Maori has not improved and that it is in the interests of Maori leadership to keep it that way in order to maintain the grievance industry. The "By Maori For Maori" mantra is a way to consolidate power by Mahuta's whanau and the rest of the Maori aristocracy.
Don't know if there is a study but this is a point I have quietly been making for a number of years. But it is not unique for Maori. Many politicians power bases would vanish if they actually addressed the issues made up of problem areas on which they campaigned.
Consider this - if most politicians genuinely achieved what they said they wanted to achieve, Maori as the most disadvantaged group in the country would be uplifted considerably, equity gaps and child poverty would get addressed. But what actually happens? why?
Chris Trotter continues his excommunication from the Left
https://thedailyblog.co.nz/2022/11/29/has-labour-become-a-co-governed-p…
That is quite some essay isn’t it. Thanks. Mr Trotter I suggest is alarmed and so too should be all New Zealanders that are interested in living in a democracy. The electorate put its faith in this government and gave them an unprecedented parliamentary majority. On election night PM Ardern gushes how she recognised the gravity of the mandate her government had been entrusted with. Two years later her government furtively, calculatedly in the dead of night sneaks through legislation that undermines the sheer constitutional value of parliament. On that action alone this government and its PM can be called a disgrace.
An alternative view;
https://thedailyblog.co.nz/2022/11/30/i-am-proud-of-labours-initiative-…
I am proud of Labour’s initiative on 3 waters and Co-Goverance
Whatever the views may or not be from either side of the three waters debate the more important point surely is if the legislation itself was so vital, worthy and overt, why then could it not stand on its own merits instead of resorting to clandestine legislation that was a clinical and cynical departure from, and undermining of, the historical democracy at the basis of our nation?
Because 3 waters by itself would probably have got through.
Co-Governance of water is such a massive ADDITIONAL thing over and above the provision of decent services for all NZ, that its all got... political.
Scholars will look back at this Labour Governments mistakes and it will be obvious, that the introduction of co-governance (in an undocumented way) was its downfall.
As I keep saying we need PROFESSIONAL governance of 5 waters, not Co-Governance, which will add nothing to the provision of water for all NZers
I actually think this is the end of Labour, the sitting Maori Labour MPs will split and form their own party for sure here.
Like,you folk must know that co-governance of 'water' is already in place and working just fine with the Waikato River...and that it was introduced by the previous National Government....but once again,rose tinted rear vision mirror and re-aligning history to suit agendas.
https://www.communitywaikato.org.nz/blog/cogovernance
https://www.stuff.co.nz/national/politics/300555804/how-cogovernance-is…
"...once again,rose tinted rear vision mirror and re-aligning history to suit agendas."
There are no Principles, Partnership & Co governance in the ToW. The Crown could not enter into a Partnership with its subjects.
Despite Finlaysons Trojan horse efforts, Nationals prior examples have shared environmental governance, not veto or property rights.
He has said ( here in his interest.co.nz column ) that he's excommunicated himself from Ardern's Labour government ... Chris went to some lengths to describe his admiration & the achievements of previous Labour governments ... and the compare the current lot as fakers to the Labour cause ... he'll be back in the fold after the 2023 general election , when they flush out the fakers ( pretty much most of them ) and usher in a new , revitalized team ...
Fascinating trail and good commentary from this team. Chris Trotter’s alarm is sufficient; he’s forever been a staunch Labour man.
I do appreciate Labour inherited legacy issues. The sadness for me is they had the will and a great budget thanks to English to achieve wonderful results. Yes yes, Covid no doubt upset the worst laid plans but the deliberate deception and willingness to undermine democracy is unforgivable.
3 (or is it 5) Waters under this stellar management couldn’t be anything other than crippling debt, poorly executed and shockingly expensive. How’s 84% of the population going to feel paying bloated water fees that will be fought over by Iwi Elite.
My genuine worry going forward is this good people: who in our political class has the integrity and managerial expertise to mobilise good Government teams to find a away out of this quagmire? National? Act? Who has the common sense and good will to execute for the good of the citizenry?
If my age cohort are doing such a piss poor job of Governance, why should others from the same educational fountain do better?
Big questions.....
... the government is throwing the threat that there might be privatization of water by the Gnats to scare people into accepting entrenchment of Labour's 3 or 5 waters policy ...
Of all political dirty tricks we've seen from this lot , this is far & away the worst : shame upon you Labour ... are there no limits to your skullduggery ?
It is laughable given the lefts track record on privatisation of water. Weapons grade hypocrisy.
"Documents reveal the Conservation Minister sought advice on Nongfu Spring’s “good character” before approving the sale of Otakiri Springs to the Chinese company, Thomas Coughlan reports."
https://www.newsroom.co.nz/sage-approved-chinese-bottler-despite-arseni…
Bertrand Russell said in the 1950s or thereabouts something like - it’s times like these that the ignorant are too loud and the intelligent, too quiet. Well over the weekend NZ’s intelligent academics not only woke up they spoke up, loud and clear. That is clarion call and it is no wonder that such as Chris Trotter see it as vital to answer it. Have read his output over many, many years and while certainly a champion of the left side of politics he is a far greater defender of democracy, Looks like resultantly, he has had more than enough of what has been going on in this government’s hierarchy
"The ideas of the extreme left are easily [rebranded] to the extreme right." [by the leftist establishment or intelligentsia when they lose idealogical control of the movement]
For example, the two most well known fascists started off as communists. The main difference between the two is different social class/group gets to make the decisions on implementation.
Socialist is in the name... The ideology comes from Marx though and is inspired from socialist parties of the 10-20s. Think of the business owners as party members and that the opposition of the intelligentsia would have been more patriotic. The differences are due to the temperament and skills of the people in charge.
Consumer prices in Germany rose +10.0% in November from year-ago levels and that was less than the rise in October and lower than was expected.
Good Morning from #Germany, where #wages are lagging far behind #inflation, so Germans getting poorer. Nominal earnings were up 2.3% in Q3 YoY but inflation rose 8.4% in same period, so real (price-adjusted) earnings plunged by 5.7%, largest real wage loss since statistics began.Link
Indeed, needed a laugh this morning.
The correct professional to consult for pandemic policy is an urban designer. A generalist.
What governments have done is consult specialists. Like consulting a lawyer when you want a house built. The lawyer would take the money & probably sound good on TV.
Here's a good larf , not this morning ... but this nooning will suffice :
... the University of Waterloo has done a scientific study into urinals ( yes , Waterloo ! ) in an effort to formulate a design which will guarantee no splash back ... they studied the angles ... watched male dogs weeing ...
And came up with a nautilus shell shape , a long narrow curved urinal ... the " Nauti-loo " ... no risk of pee coming back at you , regardless how piss poor your aim is ...
During my time as a cop it was actually quite frequent to see women urinating in all sorts of untoward places. One I recall vividly and could do it standing up, quite unabashedly with an arc of liquid to equal most guys. But that is a different splash problem. Still, I've already mentioned funding for my consultancy today so I reckon I could have a go at that as well.
I've actually been working on a similar problem with combustion gas flows and particulates, so I have some expertise. Angle of incidence and angle of reflection, all relatively simple to extrapolate out in the end.
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As usual right on cue, leading up to an election, enter the Praetorian Guard, arriving here under multiple ‘monikers,’ some new, some dusted off. They up tick each other or themselves and chuckling & nodding over their prowess. A few days back, one of the two that were born here together only 9 months ago, a week apart, in their haste to hit the keys forgot which one was which. Stand by for much more of the same regret to say.
China does have a touch of Monty Python to it, the regional leaders are all running around trying to show off to Surpreme Leader Mr Xi what good little communists they are, crapping all over the people below them, as those same crapped on people keep climbing up the dunghill to become a corrupt little regional leader. It's like a Class Monitor system gone mad, almost Lord of the Flies.
Leaving politics, corruption, etc. aside for one moment, I think China is following its nose rather than the science. And the whiff their nose is getting is a decaying health system.... the same reason New Zealand adopted such stringent covid measures. With the high population density of China's cities and the impoverished environment of their rural towns & villages things like swine flu, bird flu, covid, etc. spread very quickly, not to mention the speed at which newer strains of covid can be transmitted. Overlay that with an elderly & rural population that has been slow in getting vaccinated, and a locally produced vaccine with lower efficacy, then one begins to comprehend the enormity of the problem when a covid wave sweeps through what is about a quarter of humanity. Their health system (if you can call it that) would be in tatters within weeks. It would be the images we saw of Wuhan, in the early stages of the pandemic, on a gigantic scale.
Surely the indian health system is worse as Indonesia and Phillopines.... You cannot lock down forever, the people will rise up, remebrr Aucklands lockdown (WE ALL WILL NEXT ELECTION). In my suburb people would goto Mortons bar on a Friday night and drink there six pack sitting / standing at the outside benchs, outside a closed pub.
Cops would just drive past as sick of the lockdown as the people drinking.
Reminiscent of the partial relaxation whereby you could be at the barbecue but had to pee outside in the yard rather than use the toilet inside. God knows what was meant to be done about the big ones but PM Ardern appeared on TV vexed and cross, “I just wish people would do as they’re told” she pouted. Blimey. There it is isn’t it.
100% correct apizap.
Of course this leaves them in quite the pickle.
Allow freedoms resulting in massive spread and associated mortalities.
Continue containment and dice with the “overthrow” wild card!
Xi et al understand how to control dissent and should folk get too aggressive, they will react swiftly. The West won’t be outraged because we will never hear about it.
That’s my guess. Then again, anything could happen...
I doubt this is the kind of hard rule that I would gamble our survival on next time a pandemic emerges, particularly in this time of simple widespread genetic modification. More a general 'rule of thumb', which might be violated in particular circumstances or for short period of time while evolution is doing its chaotic thing.
In particular I don't see why it would apply to such a slow-burner as Covid, where patients are typically contagious and have spread the disease before becoming symptomatic.
"...Yet here surely there is a worrying lesson about the past two years. In the weird world of lockdown, severe strains of Covid were favoured by selection. If you tested positive but felt fine you were told to stay at home. If you fell badly sick you went to hospital, where you gave your illness to healthcare workers and other patients. So mutants that were more infectious, such as alpha and delta, paid no penalty for being just as virulent, maybe more so. The natural evolution of Covid into just another mild cold was therefore possibly delayed by at least a year.
...The way medical scientists talk about evolution is sometimes alarmingly naive, as if random mutation is what drives it. No, no, a thousand times no: it’s selection. For example, I took a train this week, putting me at risk of catching Covid from a fellow passenger. But if two other people had been planning to travel on the same train, one with mild omicron and the other with severe delta, the latter would have been more likely to change their mind and stay home because of feeling unwell. That’s selection. The fiercest enemy of a virus is another virus. Omicron ousted delta at least partly because people with mild symptoms were more likely to go to work or parties (or not notice they were ill) than people with severe ones."
Have you been using all your fossil fuel earnings to buy tin foil hats?
Expert in climate change, expert in medical, science what are you doing commenting on interest.co.nz shouldn't you be out lecturing in one of the top universities with a mind like yours. Oh no, that's right you're just happy posting links to "research" articles that are full of shite.
Certainly medical. Diet, exercise and sunlight rule. Pharmaceuticals, vaccines and western world medicine are toxic. As for climate change, I am no expert, the science is unconvincing as per observation. No sea level rise, climate warmer, garden growing better, more moisture, unreal. I actually went to university (graduated) and it ended up being a huge disappointment of indoctrination and becoming a debt slave to the system.
Bullshit. It was a mild cold from day 1 (personal experience). Just happened to be in the USA during the "outbreak'. Sorry, the hospitals were empty, nobody was indiscriminately dying, the USA (apart from the big cities), was business as usual. The only people effected by a mild cold were going to die. A hard fact for some people to swallow.
If you want to walk around the streets holding up a blank piece of paper knock yourself out. However, don't set up a grubby little camp at my kids local park getting wasted and shitting all over the place. I will clean you out a lot quicker than the government did.
I have a feeling the Chinese are doing a bit worse to the protesters than playing some music.
And China are doing a bad job of following the science, the science says the vaccine doesn't do Jack to the Omicron strain and it is so infectious it is impossible to eliminate, hence the only option is to live with it. That is quite different to the Delta strain we were battling where the vaccine was effective and the alternative death rate much higher. But facts are less interesting than soundbites...
The same people who were labelling anyone opposed to our lockdowns as anti-science conspiracy theorists, are now running around claiming that China's lockdowns are only being done to harm the West, and that it has nothing to do with COVID at all.
There's some gold-medal mental gymnastics happening here.
Yes, locking down and closing the borders in early 2020 is a very different decision to continuing to lock down when Omicron is prevalent and vaccines are in every arm that wants one. Somewhere between those two extremes lockdowns become detrimental - the point of inflexion is somewhat subjective without the benefit of hindsight (and tricky to discern even then)
Well apparently I missed whatever memo you got, since according to you above:
the science says the vaccine doesn't do Jack to the Omicron strain
Apparently our own Ministry of Health missed the memo too, since they're still rolling it out. In any case, trying to assign intent by claiming that China's lockdowns are only about harming the West sounds a lot like a conspiracy theory to me.
I believe the Chinese are still running with the home-grown vaccines. Our experiences are not directly comparable. I must admit I have no idea how effective their vaccines are against Omicron as I have had no reason to look into it, but I understand they were less effective than ours against 'classic' Covid so I suspect they are not too hot against Omicron.
Find a way for them do what you want by making them look good. Pamper their ego and aspirations while pumping their bank account a little.
Alternatively find a way to pump their bank account in a way that cannot be traced of where they could be called to account for it.
My Ngai Tahu wife has come back from a big Hui last weekend. Consensus there was that 3,4,5, or whatever waters it is this week will be cogoverned for a bit then go to Maori control. Consensus is that all forms of government in NZ, local and national will have compulsory Maori representation.
Nobody there seemed to think that other NZ citizens might object, and actually stop this process. They seemed to think that democracy is out the window to be replaced by the above, and it is inevitable and unstoppable. They were all looking forward to it.
I am afraid Labour has started a dangerous precedence in NZ politics of making one set of promises pre-election and delivering on something entirely different.
Co-governance was never part of their manifesto in 2020, but appears as a key objective on every significant work underway (health, education, water infrastructure). Also, most Kiwis fell for another round of promises on tighter migration controls and all we have now is a u-turn on every tweak.
Politics by Stealth, many I speak too have no trust for Jacinda or Labour now, I think many had high hopes, but the closed door meetings (most transparent government ever- not) the secret agendas, I agree with you they have started a very dangerous precedence, I would hate to see large scale corruption, paper bags of money having to change hands to get contracts etc...but feel thats the way it's heading
I'm beginning to worry how some will cope if Labour does get re-elected next year.
Will we see NZME go into full Fox mode - denying the legitimacy of our electoral process?
Given the Herald's coterie of disaffected right wing commentators have already called National's victory - they may have some explaining to do.
If Luxon's interview on this mornings AM show is any measure - I don't think he will ever be PM -
You have obviously never worked under Christopher before...he is on a mission from God and he doesn't take kindly to anyone not on board with his way of thinking...he only takes advice from above,not from sub ordinates...be worth getting the popcorn out...oh to be a fly on the wall when he says to the Twerker..."..I will unleash the wrath of god.." in response to dissent.So should be an interesting battle of egos and power...all is sweet until power is gained,then when it's time to hand out the baubles,thats when the fun starts.
Really interesting considering Ngai Tahu are not even Maori. Actually it is Kai Tahu in their own language. Don't believe me, go to their website as they talk about their orgins. Although they promote miss a few, and promote themselves up the list a bit. Multiple peoples over centuries, not doubt about this. Herries Beattie described this well, he recorded all the old stories. Kai Tahu fought a big battle with Kati Mamoe of the deep South about 1780 that ended up in a stalemate and truce. After that Kati Mamoe joined with Kai Tahu for any dealings with the crown. Political expediency you'd call that.
I'd say the outcome is predictable.
Once in centralised control the water rights will be sold off, or leased, to a water company. For reasons of efficiency of course. Then a matter for Maori to sit back and take the income without the need for any work.
This process isn't new, ask Berliners. https://ejatlas.org/conflict/remunicipalisation-of-water-service-in-ber…
Veolia are already in New Zealand and Australia. https://www.veolia.com/anz/
Interesting sit23. I’m not surprised to be honest! Under this Government things are accelerating at pace in this space.
What I’m not so sure about is the (over) reaction potential should Labour / Greens loose the next election!
It’s all crystal ball gazing but maybe many are not comfortable and stay silent for fear of being labelled racist! Will Winston get 10% of the vote if he enrages enough folk?
In Spain here I love the TV political arguments. No PC BS, it’s cut and thrush, no woke biased reporter, the policies matter and each announcement is followed by much debate.
NZ would benefit from this manner of open discourse I believe, especially with the aim of creating harmony.
I’m no longer convinced Spain is more corrupt than NZ, although maybe that’s age and cynicism catching up with me!
Interesting times ahead for NZ....
I spent some time in Spain in the 80s. I had read Michener’s Iberia and his comment that Spain along with NZ were about the least socially developed nations, in the western world so to speak. At the time I felt that similarity and put it down to Spain only having just emerged from under the shadow of Franco. But agree Spain is no more corrupt than NZ but Spain has had centuries more of it and resultantly goes about it much more stylishly. NZrs unfortunately tend to undervalue the great histories that has founded the old nations of the world but that by any means is not meant to encourage corruption.
Lots of apparatchiks on Twitter attacking Luxon's plan to raise the retirement age who seem to have forgotten Labour campaigned on doing the same thing in 2017.
Suddenly it's indefensible due to equity issues for women and ethnic groups.
I don't know if 'post-truth' cuts it now for the standard of #nzpol. They've crossed the Rubicon of newspeak and into some sort of bizzare up-is-down world where a campaign policy is good but failing to implement it is better, and heaven forbid anyone else suggest literally the same thing.
The report found 40 percent of those aged 65 and over have virtually no other incomes besides NZ Super, while a further 20 percent have just NZ Super and a little more.
The property spruikers have sown this fear and pushed people into debt so they can have a better retirement, In 10 years time I suspect the numbers above will be worse.
I doubt any political party has a plan to fill the large fiscal hole from the increasing superannuation costs other than dumping more migrant workers in NZ.
Rising superannuation costs are just one aspect of this crisis, but many of those retiring without other incomes will have had higher levels of welfare dependency during their working age, which is also being funded by a shrinking pool of workers.
The proportion of working-age Kiwis who are on a main benefit has averaged nearly 10%. Then you have 280k Kiwis receiving accommodation supplements in 2022; 320k currently on hardship assistance. How likely are these recipients to retire with other incomes?
Luxon is one of those people who will never have to worry about life style in his retirement, so he has no idea about it that is even remotely connected to reality. I'm am over 65, receiving GRI and still working because there is no way at all that i could afford to retire and maintain a reasonable lifestyle that equates to actually having a life!
I think the Retirement Commissioner is correct about not raising the retirement age. While I am fit and healthy currently i know plenty who are younger than me, who are struggling physically and mentally to keep on working to 65. I also know that I would love to be able to retire, and it is getting harder every day to get up to go to work, but I have no choice. My body is letting me know it is getting older, and although I go to the gym and manage my fitness, it is still getting harder.
It is the politicians who screwed us in the first case, don't let them screw us again by making us work longer!
This.^
I'm a few years away but I can do the maths and know I'll be needing to work for as long as I physically can. When that's no longer possible I'm not sure what happens.
I'm certainly physically fitter than average but I work in a demanding job, one-day it will catch up. Or perhaps I'll be like growth and the housing market and just go on forever. 😁
I blame Bismark ... he come up with a retirement age ( 70 ) in 1889 ... the whole world has been obsessed with " retiring " & collecting a pension from the state ever since ....
.... live , you mad buggers ! ... age is no barrier ... just live on your own terms , not that of some mad old long dead German chancellor ...
Yes.
I think if I didn't have someone else to considered it'd be a mobile home and eternal mountain biking for me. But fast getting to the stage of stuff it the fun stuff I want to do is physical so maybe I'll just do it before I can't.
It's a bit of a mental thing, the old presbyterian work ethic, ancestors p#$$ me off
I completely disagree with this statement. It is offensive and incorrect.
1. Police norms vary significantly by culture.
2. To say that the New Zealand police are enthusiastic about beating people up demonstrates how little you know about the NZ police force.
Another example of someone who has very little understanding of a topic willing to jump in with a confident but 100% wrong statement. Dunning Kruger effect again.
I have enough experience in dealing with the police to take issue with the blanket message in your response. While it is true that as an organisation the Police try to uphold high ideals, at the roots the reality is quite different. In NZ we have cases of police beating on people without justification, laying charges that are unsupported and taking a generally biased attitude into their work. And these are the ones which actually hit the media in some form or another. (I do know of others that haven't made the media) The negative impacts of those on ordinary people can be extreme for the individuals involved. Getting 'justice' can be exceedingly difficult. So while other cultures can be extreme, and comparatively we are lucky in NZ, the police are by no means the blessed angels they would like us to believe.
Yes, the police are allowed to lie to you but it's against the law to lie to them.
I support the police but recommend keeping all contact to an absolute minimum.
Also the point of my first comment was that if is the law then violence can be used against you if you break it hence be hesitant about new laws as it promotes violence. Thinking about lockdowns, mask mandates and soon to come hate speech laws.
Used to have both respect & trust in our police. Not anymore. Because one morning a couple of plain clothed turned up on a mission, wrong house. Wouldn’t believe that, aggressive felt almost looking for some misdemeanour to justify their mistake. Felt a great deal of relief that they were not armed. They were a heck of a lot more scary than the police we encountered in the USA that were of course armed.
https://www.stuff.co.nz/business/300751827/us-court-orders-ban-on-nz-se…
A big kick up the butt with this one.
Minister won't comment though.
Worth comparing with this short video taken by a family member on holiday last month.
https://www.youtube.com/watch?v=66Xsm9_xNbM
I counted 20 dolphins.
You can't see dolphins and have a bad day, something magical about them. A year ago I was down the South Island and surfing Curio Bay, and Bluecliffs near Tuatapere (bugger all point hanging around Northland/Auckland in lockdown). Surfed with Hectors Dolphins in both spots. One dive snorkelling for Paua and a small group scared the crap out of me by flying past me from behind to check me out. I've got photos of dolphins surfing the same wave as me.
Apple’s Historic Buyback Keeps Investors Captivated
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Apple has spent $550 billion on repurchases in a decade
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Cash returns help offset short-term concerns on iPhone output
Interesting stats on the interest.co.nz residential auction results page from yesterday.
Of 25 properties reported on, only 1 sold.
8 Tupaki Place, Pakuranga for Sale | Barfoot & Thompson - 839962
RV $1,650,000
Sell Price $1,263,000
Appears buyers are unwilling to pay unless vendors are ready to meet the market.
I will take a look and attempt to provide colour on the sales. Shouldn't take that long, On Yesterday's rate there will only be about 3.
Have you considered the efect on HPI if in JAN /FEB just distressed ones sell at super low volumes , we could see a MASSIVE fall in the stats, on v low volumes.
Yesterday six properties were passed in with bids. All bids below CV. Bids were an average of 87% of the CV value. One was close and another was only about 65% of the CV value on a lower quartile house.
Disclaimer: Not an agent - On leave from repairing the Internet today, it's all there online to view!
https://www.stuff.co.nz/national/politics/local-government/130610612/au…
Auckland mayor Wayne Brown 'impressed' with City Rail Link... now he's seen it
Excellent. Now he should be demanding a 'please explain' as to why this is coming in at 50/50 Auckland vs. Central Govt when LGWM is being funded 40/60 in Wellington's favour. A significant future debt pressure could be relieved if the government was prepared to give Auckland the same deal it has offered Wellington for their entire transport program, especially given that they aren't being asked to pay any form of regional fuel levy and Aucklanders are.
What an absolutely clown. As usual, a businessman who does not understand how public sector works gets elected based on slagging off public service inefficiencies without bothering to find out what they actually do then rapidly backtracks on every statement made as he realises they actually do a hell of a lot on a very tight budget.
He was closing down ATEED, met the CE and now he thinks they are doing a great job.
He was getting the ports to pay up millions, met the CE and now he's getting f*** all and grateful for that.
He was slagging off the CRL, now he's seen it, oh look it's really great.
Must be a dizzy as f*** with how he's spinning round with so many U-turns. No wonder he only works part-time, it must be exhausting having to backtrack on every policy you stood on.
https://www.oneroof.co.nz/news/42610
surely there is some sort of responsible journalism rule being breached here. It’s embarrassing really
https://www.barfoot.co.nz/property/residential/rodney-district/orewa/ho…
136 West Hoe Heights, Orewa
SOLD for $1,235,000 CV was $1,425,000
a 13.3% discount to CV, it last sold 2002 for $332,000
One roof Est Low $1,320,000 Main Est $1,490,000
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