The Māori economy continues to grow, while employment drops and home ownership remains a distant dream for many. Business advisor Joshua Hitchcock explains the disconnect. The Māori economy is now worth almost $70 billion. That was the headline figure of Te Ōhanga Māori 2018-The Māori Economy Report 2018 recently released by BERL (Business and Economic … Read more
As 2020 draws to a close, Michael Andrew asks the economists what they made of a year of dire forecasts, record spikes, lockdowns, recessions and resilience. It’s April 2020, New Zealand is in the middle of the nationwide level four lockdown, and I’m on the phone with my old university lecturer, Professor Paul Hansen – … Read more
The New Zealand housing crisis, and how to tackle it, took epistolary form yesterday in letters from the finance minister and the Reserve Bank governor. We read between the lines. Yesterday the finance minister, Grant Robertson, penned a letter to the governor of the Reserve Bank, Adrian Orr, on the subject of the housing market, … Read more
Good morning and welcome to The Bulletin. In today’s edition: Rapid response taken to new community Covid case, calls for urgency on sick leave increase, and the situation internationally. A community case of Covid-19 is causing alarm, given at this stage there are no established links to the border or a managed isolation facility. The government … Read more
The Reserve Bank considered it, the big banks hated it, so could negative interest rates actually work? Professor of finance Harry Scheule from the University of Technology Sydney explains. There’s a row brewing in the corridors of financial power. The Reserve Bank of New Zealand (RBNZ) recently advised the trading banks that the official cash … Read more
Good morning and welcome to The Bulletin. In today’s edition: Property market set for scorching summer after Reserve Bank announcements, National makes big reshuffle, and Auckland Council facing much bigger deficit. A big day for the Reserve Bank, with a range of announcements on monetary policy, with big implications for the housing market. First of all, … Read more
It’s results season for many of New Zealand’s biggest corporates, which find themselves awkwardly announcing large profits, with the wage subsidy helping them get there. We’re now approaching six months since the dread of late March, when over the course of a few fearsome days New Zealand closed its borders, locked its population inside and … Read more
It’s an economic theory that advocates tout as a solution to governments’ debt crises, but critics warn is a recipe for hyperinflation. Either way, modern monetary theory is getting a lot more attention in the era of Covid-19. Two big economic ideas have captured the popular imagination during the Covid-19 pandemic: the universal basic income … Read more
Good morning and welcome to The Bulletin. In today’s edition: A day of concern about police overreach, budget to be announced today, and rules on tangi changed after pressure. Plenty of concerns have been raised about the powers that police will hold under enabling legislation for alert level two. The bill to make level two possible … Read more
Good morning and welcome to The Bulletin. In today’s edition: Economic collapse of Queenstown looms, trade minister warns of over-reliance on China, and a must-read new edition of The Side-Eye. For a lead today, we’re going to focus on a part of the country that could end up wearing the Covid-19 downturn hardest. Before this, Queenstown … Read more
For all The Spinoff’s latest coverage of Covid-19 see here. Read Siouxsie Wiles’s work here. New Zealand is currently in alert level four. The country is shut down, apart from essential services. For updated official government advice, see here. The Spinoff’s coverage of the Covid-19 outbreak is funded by The Spinoff Members. To support this work, join The Spinoff Members here. On … Read more
With a mandatory four-week shutdown about to come into force to prevent the spread Covid-19, New Zealand’s economy faces one of the most uncertain periods in its history. We ask two leading economists to help us find meaning in the madness. There may come a time in the next few days or weeks when you … Read more
Good morning and welcome to The Bulletin. In today’s edition: We’re going to level four by Wednesday night, Robertson massively expands economic package, and political parties put country above politics. As you might be able to imagine, there’s a bit of news to get through this morning. The effective shutdown of the country (which for clarity, … Read more
In a surprise move this morning, the Reserve Bank has slashed the Official Cash Rate to just 0.25%, down from 1%. So what does that mean for you, and why has it happened now? Just quickly – what is the official cash rate? The OCR is the interest rate at which the Reserve Bank lends … Read more
Good morning and welcome to The Bulletin. In today’s edition: Parliament is back for another fraught year, bad weather news likely to continue, and Winston Peters goes live. After taking a day to mark the life of former PM Mike Moore, Parliament began in earnest yesterday. As is customary, the party leaders each start the year … Read more
Good morning and welcome to The Bulletin. In today’s edition: Port move decision rapidly approaching, yet more pressure looms for NZ First party, and a big day for consumer banks and their capital holdings. It’s all happening this week on the port, and whether and where it will move away from downtown Auckland. Cabinet discussions are … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Minister proposes big jump in dumping levy, Reserve Bank declines to loosen LVRs, and timeline slips out on major Porirua redevelopment programme. With the volume of rubbish being dumped continuing to increase, the government is planning to put a much higher levy in place, reports Anan … Read more
Jenée Tibshraeny of interest.co.nz surveys the issues that have farmers worried right now, and looks at the facts behind the fears. Rumblings from the dairy farming sector are becoming increasingly loud, as both the Government and Reserve Bank (RBNZ) make policy changes that affect the sector. New Zealand has for years milked its white gold … Read more
Business confidence is at its worst level since the financial crisis and interest rate cuts aren’t doing the job. The government needs to step up, writes Kiwibank chief economist Jarrod Kerr. Business confidence is crumbling. In two surveys out this week firms have highlighted weak demand, capacity constraints, government policy uncertainty, and poor pricing power … Read more
Record low borrowing costs are a precious opportunity for business owners who now need to make savvy decisions about what to do with the cash. The experts may have been caught off-guard when the Reserve Bank opened fire on interest rates earlier this month, but the fact of the matter is the Kiwi economy needs … Read more
Adrian Orr has brought out the big guns to put a sorely needed bomb under the New Zealand economy and now the government needs to do its bit, a top economist says. The Reserve Bank’s decision to slash interest rates is a good move that shouldn’t come as a surprise, Kiwibank chief economist Jarrod Kerr … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Why the OCR cut is a big deal, significant non-compliance on Waikato dairy farms revealed, and major changes to Misuse of Drugs Act passed. The Reserve Bank has cut the OCR further than expected, bringing it down to 1.00% rather than the 1.25% that was … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Shape of abortion law reform announced, dramatic night plays out at Ihumātao, and opposition brews to Catholic Cathedral decision in Christchurch. The reforms to abortion law have been formally announced, and they will fulfil a long-term promise from the PM and her government. Abortion will be … Read more
The scale of departing ANZ NZ CEO David Hisco’s public humiliation by his employer doesn’t fit the crime he’s said to have committed, Gareth Vaughan of interest.co.nz argues. ANZ New Zealand’s town square disgracing of David Hisco, its CEO of almost nine years, is extraordinary. He delivered in spades for ANZ NZ’s shareholders for almost … Read more
Good morning, and welcome to The Bulletin. In today’s edition: What to watch for on Budget day, education minister gets brutal heckling from teachers, and Wellington mayor throws support behind trackless trams. “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” So goes the quote often attributed to former … Read more
ANZ has been placed on the banking naughty step for potentially lending to New Zealanders without enough capital to protect deposits. How did this happen? Any journalist will tell you that Friday is a great time to issue an embarrassing press release. Journalists are humans with an eye on the weekend too, so they can … Read more
It already looked like the housing market could take off again, and then the Reserve Bank went and made that a whole lot more likely. David Hargreaves analyses the forecasts, in this piece originally published on Interest.co.nz. It may seem the height of absurdity to talk about the possibility of the house market taking off … Read more
The Single Object is a series exploring our material culture, examining the meaning and influence of objects that surround us in everyday life. In the second piece in the series, Danyl Mclauchlan visits the Reserve Bank to inspect Bill Phillip’s MONIAC. It looks like an artifact from an alternate timeline. MONIAC is about two metres … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Hits keep coming in Wally Haumaha story, firefighting foam contaminates Taranaki streams, and nurses release voting numbers. The Wally Haumaha appointment inquiry story isn’t going away any time soon, with a raft of new developments. First of all, let’s recap, because it has been a long and … Read more