Here's our summary of key economic events over the holiday that affect New Zealand, with news that wraps up 2022.
First, Wall Street is wrapping up its worst year since 2008, down a net -20%. But even though that is the worst performance among the major world bourses, it is minor compared to the losses over the year for bitcoin 'investors'. And don't talk to equity, bond or crypto holders about inflation, which has made the nominal losses much worse.
All up (and on a nominal basis) it has been estimated that the equity and bond losses exceed -US$30 tln - which is more than the annual economic activity of the giant US American economy.
Residential real estate has taken a bath too. As have some commodities - but not all. WMP fell -16%, wheat rose +4%, beef prices fell -5%. Iron ore prices ended the year at the same level as where it started. Copper prices fell -14%. But for most financial and commodity prices - but not real estate - they have ended the year well off their mid-year lows.
The Q4 improvements are surprising some. And there was another today. The widely-watched Chicago PMI for heartland American manufacturing, December has brought a surprise and unexpected improvement from November. It is not expanding yet, but the worst seems to be behind it.
In China, lockdowns added to the country’s woes in 2022, including an ongoing housing slump and fading exports, but Beijing’s year-end pivot to living with the virus raises the prospect of a recovery in 2023. But first they have to navigate through a raging surge in omicron which seems to be overwhelming their healthcare system as they kick off 2023. The upcoming Chinese New Year travel surge will take it to every corner of their country. Their bounce off the forgettable 2022 will allow them to crow about a 'recovery', but it will be one that came with a high cost after a low year.
Globally, the climate situation is still an 'emergency' in the minds of many, but we should note that while there are some regional peaks, the average 2022 global temperature will likely come in at its 'lowest' in eight years, less than +0.8oC above its 150 year average - although to be fair that average is skewed heavily by rises in the past 40 years. Ignoring that, it will be up by a full +1oC above.
The UST 10yr yield started today at 3.88%, and up +5 bps from yesterday. But it started the year at 1.5%. The UST 2-10 rate curve is slightly more inverted at -56 bps. But their 1-5 curve is little-changed at -75 bps. But their 30 day-10yr curve slipped sharply back to inversion, now at +18 bps. The Australian ten year bond is up +2 bps at 4.05%. The China Govt ten year bond is down -1 bp at 2.88%. And the New Zealand Govt ten year is ending unchanged from yesterday at 4.58%. Recall it started 2022 at just 2.30%.
On Wall Street, the S&P500 is down -1.2% in the final trading session of the year with a couple of hours to go. That makes it -20.7% lower for the year and a bear market. But since its low point at the end of September, it has risen +6.5%. European markets ended an a weakening note, all down about -1.5% on the day. That means Frankfurt was down -13.1% for the year, Paris down -10.3%, and London down -0.7% although it started out depressed too. Yesterday, Tokyo ended unchanged on the day but down -11.0% for the year, Hong Kong ended up +0.2% on the day to lock in a -15% annual fall. And Shanghai rose +0.5% on the day also for a -15% annual decline. The ASX200 rose +0.3% in its final daily session, ending the year down -7.3%. But the NZX50 ended its Friday session down -0.6% on the day, to be -12.8% lower for the year. But it is worth noting that from its low point in June, it is up -8.3% since then - a year of two halves.
The price of gold will open today at US$1821/oz and up +US$3 from yesterday. But at the beginning of 2022 the gold price was US$1820, so essentially no net change in USD.
And oil prices start today up +US$1 from yesterday's levels at just on US$79/bbl in the US while the international Brent price is just over US$84.50/bbl. You may recall we started the year with the international price at US$76, so the net change is a rise of +11%.
The Kiwi dollar has ended the year at 63.5 USc and unchanged from this time yesterday. We started the year at 68.3 USc so a net -7% devaluation since then. Against the Australian dollar we fell -½c since yesterday to 93.2 AUc. That is a minor -1% fall for the year. Against the euro we are at 59.3 euro cents and an annual -1.6% retreat. Against the Japanese yen we have appreciated +6.1% for the year. That all means our TWI-5 starts today at 71.4, down -20 bps from yesterday and a small annual -1.9% annual devaluation on a trade-weighted basis.
The bitcoin price is now at US$16,518 and down -0.7% from this time yesterday. But for the year it has lost -62% of its starting price in USD terms and -65% in NZD terms. Volatility over the past 24 hours has remained low at just +/- 0.9%.
Now back to your Summer break. These updates will return on Wednesday 4, January 2023. Happy New Year.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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102 Comments
Might I say heartiest congratulations to Ashley Bloomfield , newly knighted ...
Whilst I was critical at times of his handling of Covid19 ... nevertheless , he had to endure fronting the " Podium of Truth " 707 times ... many of them in the shadow of Jacinda Ardern , and to diplomatically keep his peace as she waffled endlessly & politicized the virus for her government's benefit ... they " threw him under the bus " on several occasions ... and he remained stoic throughout ...
Arise , Sir Ashley !
Do we need to trigger the covid weirdos after they just calmed down again.
2023 is going to be a ball breaker, Covid or no more Covid. The few people that remained unvaccinated are going to be the least of your problems next year.
.. at least they didn't offer up a Knighthood to Trevor Mallard ... that would've got social media into a frenzy ... a gong for Teflon Trev !
Surely Teflon Ashley? Ignored the Diamond Princess data, ignored the 2017 pandemic response plan, couldn't organise PPE so pinched it off organised people, denied MOH exemptions for people/GP advice with experimental gene therapy reactions, made antibody testing illegal etc. etc.
https://www.stuff.co.nz/national/health/coronavirus/127801934/covid19-w…
https://www.nzherald.co.nz/nz/covid-19-delta-outbreak-man-fights-for-va…
Agree 100 % .. so much that could've been done better ... nevertheless , he was hamstrunged by a dopey limelight hogging PM & an even dopier Minister of Health , David Clark ... doctor of ... ... ( drum roll please : pa dum , dum dum dum ) ... theology ! ... yaasssssss ... our MoH was a Doctor of God .. heee heee teeeeee heeee ...
My respect goes out to all the courageous people who stood up to the madness of the last two years. Thank you to the people behind covid plan b, New Zealand doctors speaking out with science, and voices for freedom and others that I may have missed.
Bloomfield spent 707 times attending the pulpit of struth, without one single mention of ivermectin, vitamin D, iodine gargling or any of the numerous inexpensive interventions that people could've used to protect themselves, and or boost their immune systems. On the contrary, they banned people importing ivermectin! They stopped people from being able to protect themselves and forced them all instead to take an experimental gene therapy which we now know is unsafe, ineffective and impairs the immune system. I can’t get over how stupendously badly all this was managed in NZ. Now they hiding it all in a smokescreen on knighthoods, loaded dice royal commissions etc. For that, they have my sincere contempt.
Nobody was forced to take the vax. You still had the freedom to extend your middle finger to anyone who told you that you had to take it.
There were very few jobs in NZ that allowed that level of freedom. I even lost some tenants because they couldnt run their client facing clinic from my house anymore due to regulations. No jab no job was basically vax by force.
Anyone remember dcnbwz? He popped up at the beginning of covid and was a prolific poster of Ad hominem attacks and logical fallacies directed at anyone questioning the governments approach to covid19.
dcnbwz's last post was 1 year and 4 months ago, which is exactly the same age as Pa1nter's account. Just saying...
Arrived at exactly same time as two others, Albert & Penguin types, if recall correctly about the time the Greens announced their wealth tax which was the big banner to start off with. Usual obvious left field stridency, head nodding & up ticking one another’s posts.There’s three or four recent arrivals of the same ilk presently. Part of the Praetorian Guard, nothing much else, just little lefty covens that are set up specially for election run ups. Now let’s see which one protests their innocence accordingly.
I don't pay much attention to NY honours, but one thing that has always bugged me is the awards are handed out to people who often already have all the recognition they need. I get Sir Bloomfield has done plenty of work (and to his credit he managed to remain apolitical and present a calm and collected front despite what I imagine were all sorts of political machinations in the background, so he's definitely more deserving than many recipients - this is not a criticism of him at all) but ultimately he was just doing what he was paid well to do. Everyone in the country knows who he is, he'll always have plenty of lucrative work, speaking gigs etc lined up off the back of his efforts.
Same goes for other high ranking public servants, sportspeople, and "titans of industry" (in fact business people getting the awards sits least comfortably with me) - surely it would be more meaningful if the awards were given to the "invisible people" doing work out in communities for no reward, other than improving others' lives.
GBH,
I think it's sad that we don't have our own honours system. Helen Clark dumped the UK system, but Key brought them back., probably guessing that he'd get a K in due course. Why are we not a republic? It baffles me that we are still in thrall to the utterly useless pack of royals.
100 % with you ... I'd scrap the Kings Birthday holiday too ... replace it with Ed Hillary Day ... let's celebrate Kiwi heros , not British royalty ...
You are right but not gonna happen in this decade in this country. Kiwis are just too brainwashed to keep reading and following the likes of Kardashians. They add zero value to society but do add good fortunes to their own bank balances.
I hope one day we become an intelligent species.
Not a fan of any honours system as the honorees are in many instances are to those being rewarded for promoting a politicial status quo and/or failed ideology.
And would way prefer a constitution monarchy over a USA style republic.
Jordan Peterson gives some great thoughts on the benefits of a constitional monarchy.
Best analogy I can think of is they are like a TMO that only ever gets called into play if the referees(the Govt) get the call/s really wrong.
Dp
Arise, Sir Ashley. Sounds like a call for him to come back to battle the Covid resurgence ?
I don't take pleasure in others upset very often, but the way this is going to completely trigger the antivaxxer crowd pleases me.
I dunno. Ever since John Key received one, knighthoods have become about as prestigious as a participation medal from the Weet-Bix Try-athlon.
Those who deserve them don't need them. Those who don't deserve them drag down the reputation of those who deservedly have them.
Reading history it is good come across Sir Ed and Baron Rutherford - it tells us they were appreciated while alive.
The price of gold will open today at US$1821/oz and up +US$3 from yesterday. But at the beginning of 2022 the gold price was US$1820, so essentially no net change in USD.
I wonder if Peter Schiff struggles with motivation some days.
Pa1nter, do you live in US ? Did you try the Gold / NZD ratio instead? Have you heard about inflation?
Pa1nter, do you live in US ? Did you try the Gold / NZD ratio instead? Have you heard about inflation?
XAUNZD
Past 12 months - +8%
Past 3 years - +30%
Past 4 years - +53%
Better than cash.
2022 grinds to a halt but this time next year looks far more intriguing, much more vital in fact. By then NZ will likely have a National & ACT government and the nation will have had time to evaluate both their capabilities and direction. Failing that there will be a Labour & Greens & Maori Party coalition, with the latter two holding actual cabinet seats. Given Labour themselves already present as a house divided with their MPs in factions, breaking ranks it is difficult to imagine how the nation could positively view such a government as being under good control and stable. Election 2023 is certainly going to be a great reveal for the future of New Zealand.
Sadly if labour and its coalition partners do manage to get in I think NZ will be on an irreversible path downwards. The racist policies that are being introduced can only end in tears. I’m unsure if national and act can fix things but they sure as hell will be better then what we have now.
Imagine being an actual victim of racism over decades or centuries instead of just feeling marginalised via government legislation.
"Consulting with Iwi? This must be exactly how they felt of the slave ships!"
And before that, perhaps even worse, was the tribalism. For instance , not even 200 years ago, 1831 when the Ngai Tahu of Kaiapoi, became victims, slaves and a source of protein to Te Rauparaha.
The average age of pre-European Maori was 33. What we have going on today is romanticism.
Much as there needs to be redress for theft of land, the very structure of Maori culture is absent agency. This you will never have centralised governance, and the benefits that brings such as schools and hospitals, without agency. You will always have a bunch of tribes warring. The chiefs signing the treaty knew this.
Counter to that, there could be benefits in a more decentralised structure, economically were heading that way anyway. But it all needs to be a proper discussion, which I doubt we'll get.
Just to get the facts, what was the expected average life expectancy in Europe at the time?
A quick Google puts it at 30-40. (I think 33 fits there somewhere)
And Europeans were most definitely way more efficient...,....,
at waging war, they were capable of killing millions by marching them into Russian winters etc. Maori were complete amateurs by comparison. Some Europeans were still saucing human protein last century. ( Forced by totally barbaric politics)
Romanticism much?
... these statistics dont tell the full story ... due to exceedingly high child mortality at earlier times , the average life expectancy figure is dragged downwards .
I'd wager the median age was at least 10 years greater than the average figure ...
The average life span for a slave in the British Caribbean was the same as that for the workers in Lancashire mills processing the cotton - about 18. Of course such stats do not reveal everything - ieg child mortality. At Howick Settlers village it says the Europeans recruited because of their military experience (therefore at least 30) lived twice as long as those they left behind in Britain. Even today NZ is a healthier environment than Britain so I've added just over a year to my life by emigrating to NZ.
But wasn't the "theft" of land done due to violations of the law? I.e. land was confiscated as "payment" for breaking the law?
The Government placed in the hands of the Queen of England, the sovereignty and the authority to make laws. Some sections of the Maori people violated that authority. War arose from this and blood was spilled. The law came into operation and land was taken in payment. This it self is a Maori custom—revenge, plunder to avenge a wrong. It was their own chiefs who ceded that right to the Queen. The confiscations cannot therefore be objected to in the light of the Treaty.
https://nzetc.victoria.ac.nz/tm/scholarly/tei-NgaTrea-t1-g1-t1.html
Of course there are two versions of the treaty, and the translation to Maori was done hastily by an Englishman, with all the prejudices of the time.
In the Māori text, Māori were guaranteed 'te tino rangatiratanga' or the unqualified exercise of their chieftainship over their lands, villages, and all their property and treasures. It is widely accepted that the use of the words 'kawanatanga' and 'tino rangatiratanga' (in Article 2) contributed to later differences of view between the Crown and Māori over how much authority the chiefs would retain and how much the governor would have. There can be little doubt that the chiefs who signed the Treaty expected to enter into some kind of partnership and power sharing in the new system.
https://nzhistory.govt.nz/politics/treaty/read-the-Treaty/differences-b…
Yes in that regard it is very obvious that the Maori in not having developed an alphabet or similar by then, that is ability to express their own language in their own writing, were then at a disadvantage if ambiguities arose in the document itself.
Correction sparrow. There is lots of doubt.
Just because those crap Wanangas repeat it endlessly it does not make it true.
To save me the trouble, have a read of Ian Wisharts book on the topic to understand some context. You can debate the words, sure, but what exactly do they mean? Either way.
Nzdan,
That's how the British(Brutish) Empire worked. They invaded lots of countries, passed laws and then enforced them to the enormous benefit of individuals and the the UK.
Certainly true. India the biggest biggie. The Brits bought off the friendly maharajas and the unfriendly ones became rebels and mutineers. The Iron Duke Wellington cut his teeth protecting the plunder while his brother sat in head office ensuring the vast rewards were correctly and lucratively directed. That class system of profit of the British Empire was unmatched, not even by the Romans.
Surely the evidence is clear that aving a large empire makes a country poorer on average. So the Spanish became the original weak poor country of Western Europe; the Portuguese remained seriously poor until they joined the EU. The British govt that took over India from the East India Company during Victorias reign was by far the wealthiest country the world had ever seen - it made over half of all manufactured goods in the world. After 100 the British gave independence (otherwise it would have been taken) and the British were bankrupt and depending on American aid.
Not denying the greed of individuals to exploit the weak Many examples in India from before, during and after the British. But judging by the effect on a country choosing to have an empire is economically counter productive. Russia being the latest example of an empire and in the main China and the USA have learned lessons from the demise of the European empires. Empires are costly.
Lol.
Laws like the crown has the right to survey your land and assign a owner with the express intention of then forcing the sale from the appointed owner.
Or the crown agrees to a demarcation line but when "settlers" cross that line refuse to inforce that law. One law for all, almost, maybe, when we feel it suits.
I didn't realise "consulting" and "giving Nania Mahuta everything she wants and then some" are the same thing ...
Well that makes it alright then? Lifeboat ethics spring to mind….if they are happy to marginalise non-Māori then they are no better then the historical governments who marginalised them. My kids are NZers, they were not around in those days and should not be punished for it now.
Maori culture and language is part of NZ, unique to NZ and needs promoting and protecting.
And if any race is marginalised in NZ it's Maori - every statistic demonstrating wealth and well-being is poor.
You are confusing two different issues, co governance, reverse racism and critical race theory with Māori holding on to their traditional heritage. I think it’s fantastic that Māori choose to keep their language alive however I have no interest in learning it, as I have no interest learning Gaelic etc. By all means make language free to learn…it is currently but do not ruin kids learning by taking away from math, science and English I.e. reading and writing. As for co-governance well good luck…
NZ children are failing in English, math & science - these should be the priority. Languages like Maori, Manderin & Spanish should be available as options.
My family is Pacifica. All seven of the adults are doing fairly well (the poorest is the only one who left NZ for Australia). We are lucky because the stats for well-being and demonstrating wealth are very similar for Māori and Pacifica. Surely Pacifica are marginalised in NZ. What should be done about it? How do they get their finger into the pie?
Totally agree with your first sentence. At least Pacifica can return home to bathe in their culture (my wife daughter and grandson are doing so as I write).
That potential left coalition seriously tempts me to vote National.
Or you can be one of the remaining 23% voting Labour come election time.
Actually I have been considering TOP.
Suggest what you will see is a hardened resolve by the majority of the electorate to make the first priority the removal of Labour from government. For instance if a sizeable proportion of traditional National voters last election switched to Labour in order to stymie the Greens then that is not going to recur. Rural NZ, just for a start, will be completely committed to make certain Labour is gone.
I am ready to vote for the Devil himself in order to get rid of this Government, very possibly the worst in NZ history.
Yes, to coin bw on here, in that regard it will come down to “whatever it takes.”
Replacing the current lot with the one dimensional cretins on the Nat side of the house, will be a more positive step towards extinction. Can hardly wait.
Although you expressed yourself impolitely I agree with you. NZ has problems that require long term solutions (as an example changing our education system to one that produces the people needed for our workforce would take at least a decade). Labour have not tackled these problems but there is a remote chance they might. Nationals are the status quo - they guarantee that they will do nothing.
I certainly lack commitment, the rest of current representatives are simply bau.
How come former head Gnat Bill English got a lower approval rating & election polling than Jacinda does : he was a much more honest , kinder , intelligent lady than she is ...
Voting any party currently represented in parliament is a vote for bau
Does anyone really want to get rid of BAU? The consequences may be unpleasant to our accustomed comforts.
The National / Act coalition is terrifying.
Only to you apparently.
Sticky inflation is certainly translating into sticky bond yields;
https://www.bloomberg.com/markets/rates-bonds
Baring some unintended (left field) consequences, this is looking more like the new normal.
Professor Thomas Sowell of Stanford University warns us about faulty simulations concerning 'climate change'. We have seen how disastrously wrong the 'experts' have been on Covid-19 and how scaring people remains a highly abused tactics of those in power. Link
Prof Sowell is the anti-Jacindaphile ... ... good ... I'm glad someone's calling BS on these computer models ...
the average 2022 global temperature will likely come in at its 'lowest' in eight years
Economists should probably refrain from commenting on climate science, which is a discipline that relies on empirical data, continuous refinement and rigourous academic debate and challenge (the polar opposite of economics, if you'll forgive the pun).
Temperatures in 2022 were suppressed by the La Niña weather system, which has held for the last couple of years. If, as expected, we flip over to the El Niño weather system in 2023, then temperatures will break records. Just as importantly, the threat we face is climate change, not 'global warming'. Have a quick look at the European weather at the moment - moving within days from an arctic blast at Christmas to t-shirt weather for New Year. The average temperature across the holiday period might appear normal, but the weather is far from it!
Earths weather is primarily governed by the energy output of the Sun so check out correlations of Sunspots, The Milkankovitch cycle and the the changing tilt of our planet plus the slightly eliptical orbit and notice how before human impact the climate changed from ice ages to much warmer - during the Roman occupation of Britain they grew grapes, plants don't lie.
Those clever people at NASA have provided a lovely graph to show how current warming is during a downturn in irradiance...
https://climate.nasa.gov/ask-nasa-climate/2910/what-is-the-suns-role-in-climate-change/
I hope you don't talk like this to your children or grandchildren? Presumably you want them to remember you fondly?
They grew grapes in UK during Roman times? Not surprising really, considering how cold tolerant they are.
https://wine.wsu.edu/extension/weather/cold-hardiness/
The old "but Romans grew Grapes in UK" meme is getting a bit tired now. Although some old science deniers from 15 years ago still cling to it, as if belief alone can hold back the rapid global heating we are experiencing.
https://phys.org/news/2022-07-growth-uk-wine-production-due.html
"Earth's weather is primarily governed by the energy output of the Sun"? Why yes it is. Try shutting all the windows and doors in your greenhouse on a sunny day for an actual temperature analogue of what human greenhouse pollution is doing to our atmosphere.
One of the fundamentals of economics should be an understanding of where money comes from and its role in the economy but mainstream economists fail even on this basic fact. They don't even place any relevance on money in their economic modeling and that is why much of what they tell us should just be disregarded. They are more like the witch doctors studying chicken entrails than they are academics.
There are supply chain issues in some pharmacy medicines. Chinese lockdowns and now covid going to impact this sector.
Indian produced pharmaceuticals dominate the world but ... the deaths of 19 children in Uzbekistan is causing a massive impact on these exports ...
Its the delivery mechanisms, self injectors patches etc etc
I stumbled across that the other day - Varenicline (for smoking cessation) isnt available, and pharmac is advising doctors not to prescribe it. It's on the WHO list of essential medicines. I wonder how many other essential medications aren't available, or wont be in the future?
Good summary of US markets in 2022
https://www.zerohedge.com/markets/worst-year-ever-stocks-bonds-global-i…
Gonna do a Nadia & go out on a Lim :
I predict that the rift within the Labour Government between the hardline Maori MP's such as Mahuta & Big Willie , and the Pakeha-Asian rump will split them apart , triggering a snap election in July ...
... and they'll be crushed ... a landslide win to the Gnats
They won’t go early unless all of the Maori faction threaten to walk out and I would suggest self interest, that is at the end of the day, the rewards of office individually, will be just too pleasurable to sacrifice. Recall how the about to depart parliament leader of the Mana Party helped himself to a junket tour of NZ just because he could. That sort of mentality will rule.
I understand that Willies father was a member of Undrip - and we know is just a trougher so following in his fathers footsteps.
Likely to happen, but maybe after they lose the election.
Talked to my family about leaving New Zealand if Labour wins the election. On a recent trip to Tokyo I loved not having to read about or hear those lunatics.
That’s how I feel too. Luckily I am on the skilled list to many countries although Australia is the choice.
Luckily so many countries are short of workers , skilled or otherwise , that anyone with a pulse & an ability to turn up is welcome ... even the Gummster ... Covid19 , huh ... the gift that just keeps giving ...
Who's in charge in Aus...?
Gina Rinehart .
Clearly Labour are doing their best to lose the next election.
However you'd be a fool to count out Prime Minister Ardern, all the Prime Minister needs is one good crisis before elections to rescue Labour.
The crisis she can't control is the growing class of lawless NZers.Allowed to flourish during the lockdowns and continuing to grow.
Leave? Funny. My thoughts are the exact opposite. Although I probably wouldn't, because NZ is still relatively isolated and cleanish enough to be livable for a few more years, even with yeastie Nats and Randians degrading the place.
Too close for comfort?
Yes, Blackrock, the world’s largest investment firm, is essentially in a private-public partnership with the Biden White House fraught with massive financial conflicts of interest. Tom Donilon is the bagman. The Donilon family coordinates the Biden foreign policy toward Ukraine, and the Donilon family positions Blackrock financially to benefit as a specific outcome of the relationship with the Biden family and the White House. Link
https://www.factcheck.org/2017/07/websites-post-fake-satirical-stories/
The Conservative Tree House
Theconservativetreehouse.com posts conservative-leaning stories that sometimes include misinformation. It has a lengthy description on its “About Us” page, including:
“Fear is at the core of liberalism, and love/trust is at the core of conservatism. Liberalism is about control. Conservatism is about self-empowerment.”
The site is registered through Domains By Proxy, a company that hides the identity and location of the owner of the website.
I seems corruption is no longer sought to be hidden and is now out in plain view, knowing full well the people are too timid in todays day and age to make any meaningful rally to demand and implement change. That or the average level of education in the USA has dropped to an all time low to the point that the average person simply doesn't understand the implications of the above link to the Biden administration
2022: The Year ESG Fell To Earth
The year 2022 brings an end to an era of illusions: a year that saw the end of the post–Cold War era and the return of geopolitics; the first energy crisis of the enforced energy transition to net zero; and the year that brought environmental, social, and governance (ESG) investing down to earth with a thump—for the year to date, BlackRock’s ESG Screened S&P 500 ETF lost 22.2% of its value, and the S&P 500 Energy Sector Index rose 54.0%. The three are linked. By restricting investment in production of oil and gas by Western producers, ESG increases the market power of non-Western producers, thereby enabling Putin’s weaponization of energy supplies. Net zero—the holy grail of ESG—has turned out to be Russia’s most potent ally.
If we become a republic then the Treaty of Waitangi gets scrapped. Then we can get on with functioning as a Liberal Democracy, which is what we should have been doing ever since we attained Dominion status.
My preference would be to only give the vote to those born here maybe with some sort of weighting to how long your ancestors have been contributing to this country.
.. so ... entrenched racism ? ... I'll run it past Nanaia , I'm sure she'll quietly back you 60 % on that one ...
Not strictly racism, but I made the mistake of not being born in nz, so I'd be equally outraged and have hurt feelings and stuff.
A bit late for me to depart the land of the long white cloud, but I am recommending to my youngers that Australia is the place to be. Yes, I know Albo & co will try their best to stuff things up, but the amount of land per head gives anyone with a will to work huge opportunities. Sure, it's hot & it's hard in places, but there is no doubt in my mind that it is the future for my kind in this part of the planet.
Last time I looked, it was neck & neck with the Swiss at the top of the table, measured by GDP $ per person [on the total population].
.. it's only " a bit late " when they're screwing down the lid on your coffin ..
Everything outside of that is either : 100 % opportunities ... or ... you're making lame excuses ...
.. your choice !
I always get stuck.
If you were going to give life another go
Why move to a fairly similar version of the same life?
Michael Hudson: Corruption. Your central – when I was down in Australia, Karl took me to your very nicely-designed capital of Canberra and I met with the central bankers there. And they said, “We’re a very lucky country. We live in the – we’re a neighbour of China and we can balance our payments and really get by just through exports. We don’t need any industry and quite frankly, we don’t need people.” So, this is – the corruption is just the bank-centred world view that Australia should be run for the benefit of the mining interests, the iron mining interests that created the wealthiest lady, I’m told, in Australia.
And the central bank is run for the mining interests and for the foreign investors. The Bank of Australia policy is made by England, which is made by the Federal Reserve so just as you elected a socialist Premier or Prime Minister, the Queen of England’s local representative in Australia said, “Well, you’re a colony, we don’t agree with that person. You can’t elect them. You can only elect people that we agree.” This is what Australia did and so, it passed a neoliberal regime of the government in Australia that is even worse than Tony Blair in London. And the same thing in New Zealand under Douglas economics. Link
According to data from Domain,Sydney's most affluent area - the Northern Beaches - has seen pandemic house prices almost wiped out sitting just just 3.6% higher pre vs post.
Hang on to your hats.
https://www.smh.com.au/property/news/went-far-too-high-the-rise-and-fal…
Its nice up there but you have to car to the ferry, rush hour starts at 530am. And it makes Herne Bay look cheap. Said it before and saying it again, the pre covid watermark for house prices has no basis in yield for investors or affordability for owners. It is not a level of support. Support is when housing investment betters the risk free rate of return of term deposits, ie currently 5.25%
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