Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about Rena's economic impacts; a crackdown on claiming for baches and Panamanian fraud

Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about Rena's economic impacts; a crackdown on claiming for baches and Panamanian fraud

Bernard Hickey and Marcus Lush talk every weekday morning just after 6.50 am about business, economics, markets and personal finance.

Every weekday morning just after 6.50 am I talk with Marcus Lush on Radio Live about the latest news in business, markets, economics and personal finance.

I usually send through suggestions the night before or earlier in the morning.

Sometimes we veer off into other areas or pick up on things that happen overnight.

But here's my suggestions as of 7.30 pm this evening. I'll update later with a link to the audio.


1. This Rena mess could prove economically expensive for some. The Port of Tauranga is closing operations from 9pm to 6am tonight because containers floating around in its shipping lanes could be dangerous at night for ships coming in and out of the port. This summer may also prove difficult for tourism operators, who would have expected bookings from about now. It's also more generally doing damage to our 100% green image. Check out this photoshop gem doing the rounds on the Internet.

2. People with holiday homes, yachts and private planes that rent them out occasionally and then claim back all their expenses for tax are about to get a fright. The IRD is cracking down on this lark and have issued very detailed instructions, including the need to keep log books. Chartered accountants are not happy. See our article here on that.

3. The government is cracking down on lax rules that allowed Panamanian fraudsters to set up dodgy shell companies under our jurisdiction and then commit fraud and money laundering in Britain and elsewhere. Good on Simon Power for doing it. He's the hardest working man in the political business. See our article here on that.

I'll also update the European crisis. Officials have been talking more in recent days about urgent and concerted action to save the Euro and the European banking system. A summit next weekend of European leaders will prove crucial.



Click here to see all the frequencies for Radio Live in your area.

Scroll to the bottom of the page. Auckland is 100.6 FM, Wellington is 98.9 FM and Christchurch is 99.3 FM.


We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.


 A hungry tiger in a bird cage.

 I blame our government not to adapt to the worldwide financial and economic downturn, but perusing unsustainable growth. As we all currently experiencing, often lead by big foreign corporations, operations such as Pike River, natural resource extractions, Rena Tauranga, then NZdairy farming and NZinfrastructure cause the loss of life’s, accidents and enormous environmental damage. The world financially and economically struggling, man made disasters and the resulting costs are on the increase – a vicious circle.

The consequences will liberally lead into prohibitive expenses for our society – the taxpayer.

 When will our government take advice from people, who really understand economics & society and environment in context ?

The NZpublic should make our government and  parliamentarians accountable -. some of our underperforming Ministers must go.


Claiming  a portion, note that's always been the rules, claiming a portion of expenses incurred to make renting the holiday bach income is not a lark, nor ever was.

And the amounts involved across the country are so small, the most surprising thing is it even made a story.

Anyway, notes for future:

Bernard's knowledge of economics ... scant.

Bernard's knowledge of tax .. next to nil.

Before passing judgement on something, it's handy to know what you're talking about.