What happened Thursday

Economy / news

A review of things you need to know before you sign off on Thursday; rate-change drought extends, retail sales fall, Retirement Commission wants KiwiSaver shakeup, work visas in decline, swaps ease, NZD holds

13th Jun 24, 3:59pm by David Chaston

Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).

MORTGAGE/LOAN RATE CHANGES
No changes to report again today.

TERM DEPOSIT/SAVINGS RATE CHANGES
None here either today.

RETREATING
Electronic retail sales value data from Statistics NZ shows that retail sales figures - which are not adjusted for inflation - are now -1.6% below the levels of a year ago. They are also down on a transaction basis as well now. Per capita, they will be even worse, confirming household financial pressures.

"SHAKE UP KIWISAVER"
The Retirement Commission wants the Government to implement a higher default KiwiSaver contribution rate, and require employer contributions for over 65s and under 18s.

YIELDS EASE
For the first time in a while, less than $1 bln was bid for the $500 mln available in the NZ Government bond tender in three tranches. The $250 mln April 2029 portion went for 4.50% yield, down marginally from the 4.56% three weeks ago. The $200 mln May 2032 portion went for a yield of 4.60%, down from 4.67% also three weeks ago. The final $50 mln April 2037 went for 4.81%, down from 4.93% two weeks ago.

THE SURGE HAS PASSED
After the huge post-border closure spurt, work and residence visa numbers are declining to more normal levels according to Immigration Dept data.

NEW THREAT
Watch out for new phishing campaigns against local organisations. Phishing emails sent via Microsoft OneDrive and Sharepoint are sharing invitations from trusted contacts, used to lure Kiwi victims.

STAYING PART-TIME
Australian payrolls rose by almost +40,000 in May, more than the expected +30,000 rise. Full-time employment rose +41,700 and part-time jobs fell by -2,100. There are now 14.458 mln people in Australia jobs, 31.4% of them part-time and their highest level since mid-2021. (The highest ever was in October 2020.) Their actual jobless rate is now 3.9% and their participation rate 67.2%.

CAPPING THE SIZE
Staying in Australia, their Treasury is consulting on reforms to the accounting, tax and auditing firms who are currently allowed to have 1000 partners. Their Greens are calling for that to be limited to 100. All this is in reaction to the PwC tax scandal and the drive to reform the profession.

SWAP RATES HOLD
Wholesale swap rates are likely to be easing today on global influences. Our chart below will record the final positions. The 90 day bank bill rate is unchanged at 5.62%, a level it has hovered around for almost 90 days. The Australian 10 year bond yield is down -10 bps from yesterday at 4.25%. The China 10 year bond rate is down -1 bp at 2.31%. The NZ Government 10 year bond rate is down -4 bps at 4.75% from yesterday and the earlier RBNZ fix was at 4.68% and down -3 bps from yesterday. The UST 10yr yield is down another -9 bps from yesterday at 4.31%. Their 2yr is now at 4.76%, so the curve is little-changed at -45 bps inverted.

EQUITIES MOSTLY HIGHER
The NZX50 is up +0.6% in late trade today. The ASX is up +0.5% in afternoon trade so far. Tokyo has opened its Thursday trading little-changed. However Hong Kong is up +0.6% and Shanghai is down -0.2% today in early trade. Singapore is up +0.6% in early trade there. The S&P500 ended its Wednesday trade up another +0.9% on Wall Street earlier.

OIL UNCHANGED
The oil price is unchanged from this time yesterday, still just on US$78/bbl in the US, and just on US$82/bbl for the international Brent price.

GOLD LITTLE-CHANGED
In early Asian trade, gold is slightly firmer, up +US$3 from this time yesterday at just on US$2315/oz.

NZD HOLDS
The Kiwi dollar is marginally firmer than this time yesterday, now at 61.7 USc but volatile in between as the US data flowed though the FX landscape. Against the Aussie we are marginally softer at just on 92.8 AUc. Against the euro we are also a tad softer at 57.1 euro cents. This all means the TWI-5 is now still just over 71.

BITCOIN HOLDS
The bitcoin price is up +0.9% today from this time yesterday, now at US$68,033. Volatility of the past 24 hours has been moderate at just under +/- 2.1%.

Daily exchange rates

Select chart tabs

Source: RBNZ

Source: CoinDesk

Daily swap rates

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Source: NZFMA

This soil moisture chart is animated here.

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87 Comments

by King of the whiners | 13th Jun 24, 4:05pm 1718251526

The specter of negative equity stalks the land..........https://www.msn.com/en-nz/news/national/thousands-of-first-home-buyers-…

by IT GUY | 13th Jun 24, 4:10pm 1718251858

But but but ….. the sprinklers say it hasn’t happened to them ?

the bit about how long it takes someone on a30 year mortgage to build 20% is sobering

even more if prices fall another 20%

buying is dead money

by Retired-Poppy | 13th Jun 24, 4:11pm 1718251898

Like the positive feedback loop once sucked in the hordes, as this downturn drags on, the negative feedback loop will surely do the opposite.

by gregwani | 13th Jun 24, 10:17pm 1718273870

Not sure you understand how positive and negative feedback loops work @RetiredPoppy

by Pa1nter | 13th Jun 24, 4:10pm 1718251854

the sprinklers say it hasn’t happened to them ?

Spruikers, watering a lawn near you.

by IT GUY | 13th Jun 24, 4:12pm 1718251949

Renting for 5 years could save you 15 in paying a mortgage

by Yvil | 13th Jun 24, 4:46pm 1718253982

It could, or it could not, nobody knows for sure. The only thing that's certain is that you will be 5 years closer to death before you repay your mortgage.

by agnostium | 13th Jun 24, 8:13pm 1718266402

Nope. With a higher deposit and lower prices you can smash it out quicker for the same payments and end up being mortgage free earlier.

by M0ralHazard | 13th Jun 24, 8:42pm 1718268123

Assuming prices are indeed lower in 5 years time

by IT GUY | 13th Jun 24, 8:57pm 1718269057

we are 2 years in

by Flying high | 13th Jun 24, 10:11pm 1718273504

This could go on for two decades... I'll just be happy to have a house again without a lord of the land who regards me as lower than a worm but still worthy to fund his retirement

by gregwani | 13th Jun 24, 10:22pm 1718274143

@IT Guys, you need to factor in wage and rental cost inflation. My home loan debt has stayed the same, whilst wages have rises 20% in 2.5 years. Interest rates will come back down to 3-5% range, but those inflated salaries will remain

by morepork | 13th Jun 24, 5:46pm 1718257595

That's the thing about mortgages, you spend the start mostly just paying interest, it's only in the latter years that most of your mortgage payments are on the principal

by Antz | 13th Jun 24, 9:12pm 1718269956

Unless you insist on a 'reducing' rather than a 'table' mortgage... current price levels make that very difficult for lots of people, of course.

And most bank loan officers don't know what a 'reducing' mortgage is or that they even exist.

by ChrisOfNoFame | 13th Jun 24, 8:27pm 1718267245

IT GUY: "the bit about how long it takes someone on a30 year mortgage to build 20% is sobering "

Say what?

So you've never read my posts about keeping mortgage terms short? I.e. < 20 years?

Nor used interest.co.nz's excellent advanced full function calculator?

The calculator that shows how much equity you build up per year? No? (A calculator that no bank offers - for obvious reasons!)

The expression - pearls before swine - springs to mind.

by M0ralHazard | 13th Jun 24, 9:02pm 1718269363

Agreed that keeping mortgage terms short is a good idea if you can do it, but it kind of ignores the reality of buying a first house in Auckland over the last 5 years or so. With house prices being so stretched relative to incomes that just isn't possible for most people

by Pa1nter | 13th Jun 24, 9:15pm 1718270126

Probably more like 20 years.

by Antz | 13th Jun 24, 9:16pm 1718270204

Yes, that's one way to do it.

The other is to go for a 'reducing' mortgage over as long a term as possible, and then smash the principal as much and as fast as you possibly can. The end result is way less interest paid overall, and the mortgage paid off much sooner.

Table mortgages have a lot to answer for in my book.

by justaminute | 13th Jun 24, 4:30pm 1718253002

1% of 2000 = nothing to see (no disrespect to anyone with a change of circumstance who will be doing it extremely tough). What should be looked into is the banks “special” rates which are not special at all and how they can justify the additional margin on lower equity customers.

by IT GUY | 13th Jun 24, 4:33pm 1718253225

Imagine if 50% of people had negative equity , I guess banks could ignore it as only 1% would have to sell….. probably nothing.

by Yvil | 13th Jun 24, 4:50pm 1718254220

Imagine if house prices dropped by 742% and 12 million households were in default in NZ, now that would really make you salivate IT.

by Averageman | 13th Jun 24, 5:13pm 1718255621

Imagine if the last 25 years of vested spruik had not occurred and houses were indeed 50% of today's number. Imagine if that allowed the one million kiwis in Australia to have had an option to stay in NZ because they could afford a house. Imagine if the balance of that lending had gone into establishing business in NZ that employed eveyone that stayed. Imagine if the tax rinsed by specvestor debt loading had been captured and spent on doctors, teachers and police.

Imagine indeed.

by Pa1nter | 13th Jun 24, 5:39pm 1718257167

I imagine our home ownership rate wouldn't be much better.

In decline, pretty much everywhere.

by the Joneses | 13th Jun 24, 6:03pm 1718258623

OK, now tell us what house prices have been doing "pretty much everywhere"...

by Pa1nter | 13th Jun 24, 6:14pm 1718259240

Going up, relative to incomes?

by the Joneses | 13th Jun 24, 8:23pm 1718267037

No correlation there? People have just decided they like renting. The fact they no longer can afford to buy has not affected their decision one bit?

by Pa1nter | 13th Jun 24, 8:47pm 1718268452

The bulk of new home buyers are entering the same limited market, competing against much deeper pockets.

When I was in my early 20s, I realized I'd never be competing to buy a house in somewhere like Epsom, Remmers or Herne Bay. A) most of the houses in Epsom are already occupied and B) I'm unlikely to become a plastic surgeon, high paid lawyer or chief executive anytime soon. Now it looks like the boundary has just gotten bigger.

by justaminute | 13th Jun 24, 7:56pm 1718265361

If house prices were 50% of todays value 50% of interest.co commentators would still be complaining about the ponzi

by interesting1234 | 13th Jun 24, 9:57pm 1718272674

Id think they’d be discussing the various ways to invest and succeed given there would be a more balanced portfolio for all

by Yvil | 14th Jun 24, 3:28pm 1718335711

An average man thinks like the average person, and therefore gets lots and lots of thumbs up from average people.

by justaminute | 13th Jun 24, 7:35pm 1718264104

by rastus1 | 14th Jun 24, 9:05am 1718312736

And that's only to March 22!

by Pa1nter | 13th Jun 24, 4:10pm 1718251811

Electronic retail sales value data from Statistics NZ shows that retail sales figures - which are not adjusted for inflation - are now -1.6% below the levels of a year ago. They are also down on a transaction basis as well now. Per capita, they will be even worse, confirming household financial pressures

Undoubtedly households will be under pressure, but how much over purchasing of electronics took place over 2020-2022?

by IT GUY | 13th Jun 24, 4:21pm 1718252501

Wasn’t much sport to watch during covid ….. maybe a few laptops but imho nah this is just a shite print based on lack of money to spend

by Jonny.Foe | 13th Jun 24, 5:01pm 1718254883

It's worth a look at how spending patterns are changing across the stats NZ card categories. ANZ and Westpac have also released a lot of detail. What you'll see very clearly is that spending is holding steady-ish on consumables (basically food) - but this is falling in real, per capita terms. Spending on discretionary items like meals out, durables etc is falling through the floor. I have no doubt that some people are still sat pretty, but an increasing proportion of households are really struggling. The wave of unemployment that we are seeing has only just got started and we are well into the negative doom loop of falling demand > job losses > falling demand etc.

by Pa1nter | 13th Jun 24, 5:31pm 1718256702

All going to plan then.

Who oh who shall rescue us?

We'll be desperate enough to make some more concessions by then.

by Jonny.Foe | 13th Jun 24, 5:52pm 1718257943

Yes, all going to the psychopathic plan!

At some point Luxon will (finally) be advised that we are in a tailspin and he might need to do something that will upset the bosses (Seymour, Willis).

by Pa1nter | 13th Jun 24, 5:56pm 1718258169

Luxy and Orr will save the day.

by HouseMouse | 13th Jun 24, 6:02pm 1718258573

It’s going to be fascinating to see this unfold. Ie. How this government responds to a sinking economy. We all know a sinking economy isn’t good for political incumbents and their prospects of re-election. So what will they do?

by Pa1nter | 13th Jun 24, 6:17pm 1718259478

Sinking economies can be great for incumbents. They can blame the previous crowd for longer, and can get away with murder.

National inherited government in time for the GFC, got what, 3 terms?

by HouseMouse | 13th Jun 24, 6:21pm 1718259697

Interest rates were able to be cut fast and hard in the wake of the GFC. China was booming and offered support. Then we had the economic stimulation of the ChCh rebuild.

None of these things apply this time.

Our economy is much more vulnerable this time.

I think that’s going to be very bothersome for this government.

by Pa1nter | 13th Jun 24, 6:41pm 1718260873

Interest rates were able to be cut fast and hard in the wake of the GFC.

Why do you think they hiked them so high, so quickly?

How much more money do kiwis with mortgages have to spend if the interest rate came down 2% in a short period?

The can is rusty, bent, and the labels worn off, but we can kick her down the lane another time or two.

by HouseMouse | 13th Jun 24, 6:48pm 1718261306

I don’t see what point you are trying to make. The drop in the OCR during and after the GFC was massive. That provided a lot of support for the economy.

Save for some sort of catastrophe, the OCR cannot be cut aggressively this time.

So what do you see supporting the economy and not significantly impacting on the government’s popularity?

by Pa1nter | 13th Jun 24, 6:53pm 1718261612

They can slice 2-3% off the OCR, and probably trot out a favourable lending program.

20% or so of the population will hate them for it, much of the rest will either be desperate or greedy.

by HouseMouse | 13th Jun 24, 7:08pm 1718262484

You are drifting away from my points and original question, which was basically:

The economy is in big trouble, it’s getting worse, that won’t be good for the government, what are they going to do about it?

Noting they don’t set the OCR.

I can’t see anything that they are planning that will really help lift the economy out of the doldrums in the next 1-2 years.

by Pa1nter | 13th Jun 24, 7:18pm 1718263138

Anything sustainable would take quite some time.

The government doesn't set the OCR, but in case you missed, central banks have a responsibility to ensure financial system stability and liquidity. If the economy is seriously going down the drain, their only response mechanism is to foster lending.

Treasury, 2008:

Governments and central banks around the world have moved quite quickly to adopt measures aimed to restore confidence in the financial sector and mitigate the extent of the economic slowdown.

Interest rates have been cut very dramatically in many countries. Our own Reserve Bank has cut interest rates by 325 basis points since July – including a 150 point cut just 10 days ago.

by agnostium | 13th Jun 24, 8:20pm 1718266821

They will focus on selling assets to foreign capital.

I expect to see water, farms and strategic infrastructure related to food production to be sold from under us.

Expect privatisation of government owned or partially owned assets, relaxation of foreign buyer rules and some juicy post-political career board positions on the companies/entities that stuff gets sold to.

by Kate | 13th Jun 24, 10:40pm 1718275216

Yep, as I said below when the question was asked - they are a one-trick pony - foreign direct investment.

by Solid_Granite | 13th Jun 24, 7:26pm 1718263615

And how will that get people saving money?

by Norm | 13th Jun 24, 7:19pm 1718263173

The interest rate cut wouldn't have to be as high now, compared to post GFC, as debt is higher now, relative to then. So a 2% cut now, may have the same impact as a 5% cut then.

by Pa1nter | 13th Jun 24, 7:23pm 1718263417

We know our economy can have it's pants on fire if interest rates are 3%.

So not hard to see it getting to 4% and having a decent impact on consumer and house buyer behaviour - over say 12-18 months.

by Zwifter | 13th Jun 24, 7:22pm 1718263332

Hang on a second you were the guy that said the OCR could never go above 3.5% !!! The OCR can certainly be cut now, just watch it happen. Orr has his fingers crossed yet again in the hope that the Fed drops first, its the only excuse he needs to follow suit.

by HouseMouse | 13th Jun 24, 7:38pm 1718264306

I also didn’t predict the Ukraine war - like almost everyone - that amongst other things contributed towards higher inflation.

by Pa1nter | 13th Jun 24, 7:49pm 1718264994

So you think our OCR would be 3.5% or less, if not for the war in Ukraine?

We were always getting more than that in the aftermath of COVID.

by agnostium | 13th Jun 24, 8:27pm 1718267251

I also didn't predict the war in Ukraine (never anticipated a hot war in the continent between two major countries in my lifetime) but I have to say that plenty of limits to growth and social consequences of climate change people have been yelling from the rooftops for years that both of these things will lead to increased conflict as countries fight for the remaining resources and have to deal with mass emigration due to climate events.

I remember sitting in a post-graduate seminar on International relations in my mid 20s and confidently stated that Russia posed no threat to the West and that the biggest challenge would be China and Wahhabi ideology.

I just thought the limits to growth and climate change alarmists were exaggerating the risks.

I'm big enough to admit they were right and I was wrong. The sooner others swallow their pride and see the real state of affairs the more likely we are to be able to mitigate the consequences.

by Pa1nter | 13th Jun 24, 8:49pm 1718268571

Pretty rare for that to occur.

by Time Lord | 13th Jun 24, 7:41pm 1718264472

Did you pay any attention to the FOMC today?

by Foxglove. | 13th Jun 24, 7:51pm 1718265071

wd.

by M0ralHazard | 13th Jun 24, 8:47pm 1718268426

"We have already cut taxes and given handouts to our donors, reduced the size of the govts payroll and the economy still isn't growing?

I know, let's raise GST and sell some assets!"

-National 2025

by Kate | 13th Jun 24, 10:37pm 1718275045

Invite more foreign investment - they're a one-trick pony - all residential real estate will be back on the international market.

by Pa1nter | 13th Jun 24, 10:53pm 1718276004

Italy's economy has had a big uptick recently and that's been a driving factor.

The problem is we are wanting someone to make life easier right now, doing the status quo, while at the same time investing in some sort of economic activity that's more lucrative, and more sustainable.

by Blackdog | 13th Jun 24, 7:16pm 1718262970

The replacement workers are sending funds home, not spending in nz

by J.C. | 13th Jun 24, 4:20pm 1718252432

Y'day BTC was up <1% and the miners +7% (Iris ripping another 9%). The gap is widening. Don't be surprised if it widens dramatically over the next few months.

Bitcoin miners aren’t just defending the Bitcoin network. Think of them as a last line of defense against tyrants like Elizabeth Warren who seems focused on implementing a CBDC. The Anglosphere will have to follow their lead.

There is actually a lot more at stake here than making 10-20x on these stocks.

by malamah | 13th Jun 24, 4:40pm 1718253652

J.C. interested to hear your thoughts on CBDC, pros and cons?

by J.C. | 13th Jun 24, 8:22pm 1718266921

Too much to consider to elevator pitch the pros and cons of CBDCs. Nevertheless, IMO, CBDCs are antithesis to individual financial privacy.

Silliest response I get to counter this is 'if you have nothing to hide, you have nothing to fear.'

by Audaxes | 13th Jun 24, 5:46pm 1718257606

Unelected head of the EU, Ursula von der Leyen, announces the need for an EU-wide digital ID, "that any citizen can use anywhere in Europe, to do anything from paying your taxes to renting a bicycle". But once that digital ID has been connected to the EU's programmable CBDC, EU citizens won't be able to rent a bicycle, or participate in society at all, if the unelected technocrats at the EU decide they haven't been obedient enough, for whatever reason. Link

by the Joneses | 13th Jun 24, 6:11pm 1718259084

Your going to flip when you hear that the government already has the power to capture someone, confiscate fixed amounts of money and force them into a small room for years at a time, just because they haven't been obedient enough for whatever reason.

by morepork | 13th Jun 24, 7:16pm 1718262993

by J.C. | 13th Jun 24, 5:31pm 1718256687

According to the US Govt, the cost of health insurance has declined 5% over the past 5 years. Of course that's nonsense to most Americans. It's important to understand how the CPI is derived. Or you're just being fooled.

How is that possible when we know that the cost of health insurance is certainly much higher today than five years ago?

The government is not using actual premium data to determine the cost of health insurance, but instead using changes in the retained earnings of health insurers. So when their retained earnings decline as they have over the past few years, the government says that the cost of health insurance has declined as well.

https://bilello.blog/2024/the-week-in-charts-4-15-24

by morepork | 13th Jun 24, 5:50pm 1718257855

The CPI measures (cost of insurance + cost of medical services). If the insurers are making less margin the first part won't be so high, but then you'd expect the second part to be high (>2% yoy earlier in the same article), so overall it sounds like it's doing the right thing.

by J.C. | 13th Jun 24, 6:48pm 1718261319

The CPI measures (cost of insurance + cost of medical services).

No. These two factors are not conflated.

by morepork | 13th Jun 24, 7:17pm 1718263036

It's literally in the link in your original post

Rather than pricing the full premium of health insurance plans, the CPI prices the services provided by the health insurer measured by the portion of the total premium that isn’t used to indirectly purchase medical goods and services. The premiums minus benefits spending is known as the retained earnings.

Then, the measured prices of medical goods and non-insurance services (e.g., physicians, hospitals, etc.) are defined to be the total reimbursed amount and include any payments from insurers. The associated out of pocket expenditure weights are reassigned from premiums to the medical goods and non-insurance services categories. So, the only weight remaining to the health insurance index reflects the retained earnings.

by J.C. | 13th Jun 24, 8:26pm 1718267168

Please read this.

https://www.bls.gov/cpi/factsheets/medical-care.htm

by kiwikidsnz | 13th Jun 24, 5:46pm 1718257561

Charting the Budget

"...from now until 2027, Willis will be outspending what Robertson had promised in the first Wellbeing Budget, in real per-capita terms, net of debt servicing costs."

https://newsroom.co.nz/2024/06/07/charting-the-budget/

by Jonny.Foe | 13th Jun 24, 5:54pm 1718258073

yes, welfare, health and financing costs will march on beyond even those forecasts over the next five years. You can't fund 21st century public services with a low spending Govt - especially when your central bank is off on some macho monetarist power-trip.

by ChrisOfNoFame | 13th Jun 24, 8:43pm 1718268213

"... your central bank is off on some macho monetarist power-trip."

Perfect word choices.

by agnostium | 13th Jun 24, 11:05pm 1718276739

Pretty hypocritical, no?

by HouseMouse | 13th Jun 24, 5:59pm 1718258365

Tony’s logic is all over the place really. Says the market won’t recover till interest rates come down. Correct. Yet we all knew interest rates wouldn’t come down much if at all in 2024, right? Yet, he predicted house price rises of 10%.

https://www.oneroof.co.nz/news/tony-alexander-the-return-of-the-housing…

by IT GUY | 13th Jun 24, 6:24pm 1718259894

The RBNZ is between a rock and a very hard place.... sure they have only one target ... inflation... in the mandate, but they also have to maintain financial stability, and they know damn well right now that the economy is stalling. But the data is not yet showing it (Stats NZ is probably still working on last years data on an Abacuss and a pdp-11... perhaps a few vax stations being generous...)

So they have old data on the only target they have... they must be able to see the pain around them (or maybe too busy dining at WGTN Bistros), but they cannot act unless they SEE DATA.

I think they cut this year, and the economy is going to be dire by the time they do, my call that house prices will be down 10% Dec 23 to Dec 24 will be the least of our problems....

RBNZ - NZ may be downgraded. NSS

The Rockstar NZ Economy is lying in the corner looking very sad, that white powder is probably icing sugar.

by Midnight Singer | 13th Jun 24, 8:28pm 1718267324

Pdp11. My goodness that does bring up some old memories!

by ChrisOfNoFame | 13th Jun 24, 9:00pm 1718269215

"... and they [RBNZ] know damn well right now that the economy is stalling."

LOL. I think the word you wanted was "falling".

We've been going backwards for over a year. And for over two years, were we to be honest.

Tony finishes by saying ..

When do I think things will improve? Not until interest rates fall away. When might that happen? Late this year, when the Reserve Bank acknowledges that its monetary policy settings are now too tight (a reversal of 2021-2022 when they were much too loose).

Who was it that said November 2023 was the time the RBNZ should have started easing? Oh, right, that was me. At that time Tony was still bullish on the house market. Geez! He's as bad - and was as wrong - as the ghouls at the RBNZ.

by Millennial_Woman | 13th Jun 24, 6:29pm 1718260185

Did REINZ need an extra day to fudge the numbers? I thought HPI was due today.

by HouseMouse | 13th Jun 24, 6:31pm 1718260261

Lol

by IT GUY | 13th Jun 24, 7:15pm 1718262917

maybe next week, much fudging to be done

kings birthday

by J.C. | 13th Jun 24, 7:14pm 1718262873

Over in Aussie, the National Anti-Corruption Commission will be probed...for corruption. Less than 12 months in.

An investigation has been launched into the National Anti-Corruption Commission over its refusal to investigate six public officials referred to it by the Robodebt Royal Commission almost a year ago.

The Inspector of the National Anti-Corruption Commission (NACC) Gail Furness SC – whose role includes “detecting corrupt conduct in the NACC” – has announced she will investigate after receiving “nearly 900 individual complaints” complaints from the public.

“Many of those complaints allege corrupt conduct or maladministration by the NACC in making that decision,” Furness said.

https://theklaxon.com.au/nacc-to-be-probed-for-corruption-over-first-ma…

by interesting1234 | 13th Jun 24, 10:05pm 1718273133

Excellent. The public will be much more informed and confident in their governments ability to seek and stamp out corruption with this announcement. The only thing holding a democracy together is the faith in those who represent them.

by IT GUY | 13th Jun 24, 8:27pm 1718267238

https://www.youtube.com/watch?v=E-nIG5rzPZQ

19 min thought provoking - worth listening to this guy

if you want a full 3 hrs

https://youtu.be/p_swB_KS8Hw