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Capital gains tax: coming, ready or not

by Christie 
 
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Digital image credit: Pixy

Jacinda Ardern told us during the election campaign that she would not introduce any new taxes until they had consulted with a tax working group (at that stage, to be appointed), who would come up with a number of proposals, which would then be presented to the electorate at the 2020 election. In other words, ‘No New Taxes’ until 2020.

Well, we already know what a pack of lies that was. Fuel taxes, carbon taxes, tourist taxes, bed taxes, toilet taxes… higher income taxes, because of the cancelling of tax cuts – you name it, if it moves, it is taxed. And if it doesn’t, it is taxed extra hard.

Back then she tried to pretend that they had no predetermined ideas on what those taxes were going to be. Well now, even that idea seems pretentious, if not an outright lie.

Because the ACT Party Press Release of 24 July suggests that some ideas on taxation are already predetermined.

 

As if we didn’t know. Quote:

“The Finance Minister’s answers in the House this afternoon show he clearly favours the introduction of a fully-fledged capital gains tax”, ACT Leader David Seymour says.

“Grant Robertson said there was “no doubt” investment needed to be shifted away from the housing market.

“The Government has ruled out taxing the family, and therefore the largest asset class a CGT would cover is our stock of rental housing. End quote.

The government just doesn’t seem to realise that this particular horse has bolted. I’m not saying that there are no more investors, but there certainly is not the number there used to be. Most investors have seen the writing on the wall, which has been coming for a long time. Large numbers of them have sold their properties for a nice, tax-free, capital gain in the last two years. There is not the tax revenue in investment property that they think there is.

Not that it will stop them though, even though the news is bad for this type of tax. Quote:

“In background papers released online, the Tax Working Group was told told by officials that a GCT will reduce the supply of rental housing and increase rents.

“A CGT will therefore be paid for by poorer New Zealanders in the form of higher rents. The taxpayer will also be forced to shell out even more in accommodation supplements.

“These facts aside, a CGT is incredibly complex, would increase compliance costs significantly, and would raise no additional revenue for the Crown. End quote.

This government has already shown that it has nothing but contempt for poor people. Even the threat of a Capital Gains Tax is enough to send investors running for the hills. All it will mean is that there will be fewer rentals available because the government doesn’t have a hope in hell of providing enough housing for even the most needy. All governments for the last thirty years have relied on private landlords to fill the void. Private landlords, however,  have been abused for so long now that most have taken their (still) tax free capital gains and run for higher ground. And who could blame them?

That does not solve the housing problem though. The housing problem is not just about homes forfirst-timee buyers. The housing crisis is for anyone wanting to live anywhere.

It would be political suicide for any government to propose charging CGT on the family home, but that is what they must do if there is to be any real revenue from this tax. They will not do that, and so it can only be seen as another slap in the face to those ‘rich pricks’, who can afford to own more than one house. Even if it is mortgaged to the hilt.

But here is the real irony of the whole situation.

The main argument in favour of a capital gains tax is that it disincentivises housing as an investment, and encourages funds to flow into ‘productive assets’, presumably business assets.

For a capital gains tax to succeed even remotely, it will have to be applied to all asset classes, not just housing.

The other large asset classes are commercial property and equities. So when Grant Robertson says that ‘investment needed to be shifted away from the housing market’,  guess which sector he is going to hit most?

That would be the business sector.

Commercial rents will increase. Small investors, looking to put their money somewhere, will be spooked out of the sharemarket because of capital gains on increases in share prices. The market itself will be spooked for a while. In short, investment money for the commercial sector will dry up, and business costs will increase.

So the end result of all this will be higher rents for poor people and increased costs and a lack of investment for business. But we know this government hates both poor people and the business sector, so they won’t mind one bit.

Sounds like an awesome plan, Grant. Wish I’d thought of it.

 

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Helen Clark is a disgrace

by Christie 
 
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Digital photo credit: Pixy

The former head of the United Nations Development Programme has brought about the cancellation of a charity concert aimed to raise money to pay for Life pods to go to the third world to assist premature babies to stay alive because she doesn’t want the noise of a concert to disturb her for one evening.

Let that sink in for a minute.

 

Helen Clark was in charge of programmes to assist women in the third world. Wikipedia defines the U.N.D.P. Quote:

UNDP advocates for change and connects countries to knowledge, experience and resources to help people build a better life. It provides expert advice, training and grants support to developing countries, with increasing emphasis on assistance to the least developed countries. It promotes technical and investment cooperation among nations. The status of UNDP is that of an executive board within the United Nations General Assembly. The UNDP Administrator is the third highest-ranking official of the United Nations after the United Nations Secretary-General and Deputy Secretary-General.[3]

To accomplish the SDGs and encourage global development, UNDP focuses on poverty reduction, HIV/AIDS, democratic governance, energy and environment, social development, and crisis prevention and recovery. UNDP also encourages the protection of human rights and the empowerment of women in all of its programmes. The UNDP Human Development Report Office also publishes an annual Human Development Report (since 1990) to measure and analyse developmental progress. In addition to a global Report, UNDP publishes regional, national, and local Human Development Reports. end quote.

Infant mortality is a big issue in the developing world, as Helen Clark knows. She should be proud, as all New Zealanders are, that one of our number, Ray Avery, a former New Zealander of the Year, has a plan to save a million babies in the developing world, and has asked New Zealanders to help by supporting a concert at Eden Park to raise funds.

But not Helen Clark. The lengths that she will go to in order to keep her evenings quiet should make every New Zealander ashamed. I make it clear that I am completely ashamed of our former prime minister.

Instead, she has embarked on a character assassination of the former New Zealander of the Year, which, when you consider the altruistic nature of his plan, is doubly shocking. It doesn’t stop Helen though. Peace in her front room is all that matters, even if a million babies are at risk because of it.

Newstalk ZB reports that Helen is ‘relieved’ that the concert will not go ahead. Quote:

Former Prime Minister Helen Clark says as a local, she’s relieved a planned charity concert won’t go ahead at Eden Park.

The park Trust says it’s been forced to withdraw the LifePod Appeal concert application because of time constraints, and the prospect of more than a million dollar costs.

Philanthropist Sir Ray Avery was planning the concert on Waitangi Day, to raise money for life-pods for premature babies around the world.

Helen Clark told Larry Williams she objected to it setting a precedent for holding concerts at the venue.

“There was always going to be objections, so for the park to now say they were forced to withdraw is somewhat disingenuous.” end quote.

I’m not interested in how she tries to justify it. She has just closed down a charity concert to save premature babies. Helen Clark is a national disgrace and should be completely ashamed of herself. I am ashamed of her, and of anyone who supports her total selfishness. She needs to be told what generous New Zealanders think of her.

 

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It's interesting to see how differently Trump and Cindy see things  , socialism V capitalism , Trump is flying at the moment , he's predicting more boom times and debt reduction , in fact he is doing more for the middle and lower class workers than anyone ever expected ,  Cindy  on the other hand , a socialist/mild communist is spending and giving money away , if that money was spent on NZ manufactured goods then that's arguably fine but it's not , here's the first result . ""The value of annual imports rose $374 million more than exports, pushing the June 2018 annual trade deficit to $4.0 billion, Stats NZ said today. This is the largest trade deficit for a June year in a decade."" .

 

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Todd gets fired up

by WH 
 

 

 

Todd Muller was in fine form during the General Debate on Wednesday.  Quote.

And they call themselves a Government. What a dishevelled, disorganised bunch that we look out across today, led by a group who have never had a new idea since they were in their student union days—free this, free that, sock the rich, smack the businesses; they’re still caught back in the 1990s.

Supported by a grumpy curmudgeon who spends most of his time polishing his baubles of power to see his reflection in them,

Supported by a small individual who enjoys playing planes and ships in the bath, but, more importantly I think, supported by an individual who saunters around regional New Zealand—sort of John Wayne without the horse and the saddle and the gun.

And then, of course, over on the other side, is the Green Party.

They are split to the core, because they have not reconciled the fact that they have accountability now that they are part of a Government.

Most of them still see the role of MP as being a perpetual protest, day after day, going from one protest movement to the other. […]

And that is why, over there, the New Zealand First Party look down at the floor. They know this is true—that their marriage of convenience means they have to swallow rat after rat after rat every week, and they’re starting to get a bit belchy, aren’t they Mr Jones? […] End of quote.

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On ‎07‎/‎29‎/‎2018 at 8:58 AM, tripple alliance said:

It's interesting to see how differently Trump and Cindy see things  , socialism V capitalism , Trump is flying at the moment , he's predicting more boom times and debt reduction , in fact he is doing more for the middle and lower class workers than anyone ever expected ,  Cindy  on the other hand , a socialist/mild communist is spending and giving money away , if that money was spent on NZ manufactured goods then that's arguably fine but it's not , here's the first result . ""The value of annual imports rose $374 million more than exports, pushing the June 2018 annual trade deficit to $4.0 billion, Stats NZ said today. This is the largest trade deficit for a June year in a decade."" .

 

Business confidence in freefall

by Christie 
 

business.jpg?w=620&ssl=1

Business confidence has sunk to an unprecedented low, with New Zealand now being the country with the second lowest confidence in the O.E.C.D. Quote:

New Zealand has tumbled down the OECD business confidence rankings to the second lowest among countries in the developed world.

Two years ago New Zealand was the third highest in the OECD, but now everyone except South Korea is above New Zealand.

In June 2016 the total business confidence for the OECD was 100.08 and New Zealand rated at 100.93, the third highest.

In June 2018 the total was 101.23 and New Zealand rated at 99.54.

Amy Adams, National finance spokesperson, said it was a shocking revelation given New Zealand has typically been a haven of political and economic stability.

“Given the high level of political uncertainty around the world it is a shocking revelation that New Zealand – typically a haven of political and economic stability – has the second lowest level of business confidence in the OECD,” Adams said.

Adams called the fall a damning reflection of the current Labour Government’s economic management. End quote.

 

How can it be anything else? Yes, there are trade wars and issues in Europe, but our markets are resilient and much of our trade is in primary industries. New Zealand has no reason to lose confidence just yet, except for the fact that it has a government hell-bent on destroying its buoyant economy. Quote:

“It is clear the Government’s low-growth policies are having a major impact, and are driving New Zealand’s appallingly low business confidence – though the Government is still refusing to acknowledge that.” End quote.

When you have a government that simply destroys a profitable industry without warning or consultation, confidence in the business sector is bound to sink to the floor. No amount of ham acting by Shane Jones can hide the fact that the decision to destroy the oil and gas industry was tripartite. They were all in agreement about what they were doing.

Now, we have labour reform proposals that are very worrying to business, including the reintroduction of collective contracts. Grant Robertson chirps away about ‘bringing business along’ with the government, but when pressed, he admits that the government will not change their labour reform plans, no matter what business leaders want. Quote:

The business confidence index (BCI) is based on enterprises’ assessment of production, orders and stocks, as well as its current position and expectations for the immediate future. Opinions compared to a “normal” state are collected and the difference between positive and negative answers provides a qualitative index on economic conditions. End quote.

Get set for job losses and redundancies. It is going to happen. And who will be the ones most affected? You guessed it. Those on low incomes. But don’t worry. The government has already created a wonderful free-for-all welfare system. They will just have to increase taxation to pay for all the extra beneficiaries that will be coming on stream very soon.

What is it they say about socialists? Eventually, they run out of other people’s money.

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On 7/29/2018 at 8:58 AM, tripple alliance said:

It's interesting to see how differently Trump and Cindy see things  , socialism V capitalism , Trump is flying at the moment , he's predicting more boom times and debt reduction , in fact he is doing more for the middle and lower class workers than anyone ever expected ,  Cindy  on the other hand , a socialist/mild communist is spending and giving money away , if that money was spent on NZ manufactured goods then that's arguably fine but it's not , here's the first result . ""The value of annual imports rose $374 million more than exports, pushing the June 2018 annual trade deficit to $4.0 billion, Stats NZ said today. This is the largest trade deficit for a June year in a decade."" .

 

C'mon Tripple??? What about Trump dishing out $12 billion to his farmers affected by his blundering efforts with Trade. Even looking out of your one eye you could see that smacks of "mild communism".

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2 hours ago, Uriah Heap said:

C'mon Tripple??? What about Trump dishing out $12 billion to his farmers affected by his blundering efforts with Trade. Even looking out of your one eye you could see that smacks of "mild communism".

As explained on other thread , the $12 Billion is the cost of gaining a better deal for every American , it's an investment , that's why  its justified , every American will gain from this , just look at he results so far , the EU, Canada and Mexico all desperatefor a deal . One things for sure Trump has never been the leader of a communist/socialist organisation , can't say the same for comrade Jacinda .

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28 minutes ago, tripple alliance said:

As explained on other thread , the $12 Billion is the cost of gaining a better deal for every American , it's an investment , that's why  its justified , every American will gain from this , just look at he results so far , the EU, Canada and Mexico all desperatefor a deal . One things for sure Trump has never been the leader of a communist/socialist organisation , can't say the same for comrade Jacinda .

What a load of cobblers....it was Trumps tariffs that caused the response from China....now he has to pay for his stupidity. China won't take a backward step in trade negotiations...BMW have just had to put their prices up in China as a result...and their SUV's are made in Philadelphia.....:rolleyes:

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1 hour ago, Ohokaman said:

What a load of cobblers....it was Trumps tariffs that caused the response from China....now he has to pay for his stupidity. China won't take a backward step in trade negotiations...BMW have just had to put their prices up in China as a result...and their SUV's are made in Philadelphia.....:rolleyes:

 Trump is positioning himself to make huge gains from China , they won't like it but because China is winning big time under the current deals , they have the most to loose and both party's know this . Once he has fixed the EU , Mexico and Canadian problems his position will be strengthened on trade issues , these other country's will support him .

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17 minutes ago, tripple alliance said:

 Trump is positioning himself to make huge gains from China , they won't like it but because China is winning big time under the current deals , they have the most to loose and both party's know this . Once he has fixed the EU , Mexico and Canadian problems his position will be strengthened on trade issues , these other country's will support him .

Tui ad right there.....:lol:

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Labour at it again , history repeating . Strikes , business collapses , it's just the beginning , amazing really , you would think they would have some understanding of the effects their policy's would have,  but no , they simply don't understand when you increase FUEL prices , wages , impose social agendas on employers (10 days payed leave for domestic violence) , etc etc you will effect business confidence and viability . The Teachers are next to strike , the government says no money available but when they toss $900 million at foreign affairs , $1 billion to the Paris climate fund ,  $1 billion for students to party , Winston's $1 Billion a year bribe fund , $2 Billion for new military planes , $40million for pike river , a $Billion or two for a farming disease that's probably been here for 50 years , it's no wonder nobody believes there's no more money available , all they have to do is stop wasting money and there will be plenty for teachers and the next in line , the police .

Jacinda government is quickly shaping up as the worst ever ,  is anyone surprised , no .

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On 7/31/2018 at 1:59 PM, Ohokaman said:

What a load of cobblers....it was Trumps tariffs that caused the response from China....now he has to pay for his stupidity. China won't take a backward step in trade negotiations...BMW have just had to put their prices up in China as a result...and their SUV's are made in Philadelphia.....:rolleyes:

Wow, you write some crap BMW make SUV's in Spartanburg SC I thought you make up a lot of your posts. And the Billionaire Trump is a moron?

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10 hours ago, tripple alliance said:

Labour at it again , history repeating . Strikes , business collapses , it's just the beginning , amazing really , you would think they would have some understanding of the effects their policy's would have,  but no , they simply don't understand when you increase FUEL prices , wages , impose social agendas on employers (10 days payed leave for domestic violence) , etc etc you will effect business confidence and viability . The Teachers are next to strike , the government says no money available but when they toss $900 million at foreign affairs , $1 billion to the Paris climate fund ,  $1 billion for students to party , Winston's $1 Billion a year bribe fund , $2 Billion for new military planes , $40million for pike river , a $Billion or two for a farming disease that's probably been here for 50 years , it's no wonder nobody believes there's no more money available , all they have to do is stop wasting money and there will be plenty for teachers and the next in line , the police .

Jacinda government is quickly shaping up as the worst ever ,  is anyone surprised , no .

Building Businessses are crashing because they have signed fixed priced contracts to complete projects and have had diificulty getting firstly workers who don't want to work for shit pay as there is a huge demand then secondly there is shortage of sub contractors who are now charging more. End result they cannot build these projects within budget.Both Fletchers who went from a respected Corporrate to a bunch of arsholes and Eberts suffered from the same poor business nous.

The worst Government ever was The Muldoon Tory  Government. Rob The Socialist introduced Think Big (cost us a fortune), Wage & Price Freeze, SMPs for his farmer mates, National Super after shutting down a very good Kiwi saver type scheme and of course he borrowed massive amounts and left us well and truly in the shit

And Gee some poor woman gets beaten up by her old man and you wouldn't give her a few days off? What a miserable prick.

I also find it interesting that you do not like Billions being given to the farmers well that is what the Tories have been doing for decades.

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11 hours ago, Lee270744 said:

Wow, you write some crap BMW make SUV's in Spartanburg SC I thought you make up a lot of your posts. And the Billionaire Trump is a moron?

That's correct, my error. The point is they are made in the US.....who is that going to hurt ?

Plenty of Russian gangsters are Billionaires through nefarious activities....a bit like Trump.

And there is plenty of debt too, don't believe all the crap....

Federal disclosure rules require Trump to list debt he personally owes—but not debt his companies owe. Trump, however, has elected to disclose some of his corporate liabilities, providing a partial picture of his debts.

The president disclosed at least $311 million in debt across 16 loans from 9 creditors, including Merrill Lynch and Germany-based Deutsche Bank—but there’s more to it than that.

For one, Trump does not list the debt on any property in which he doesn’t own a 100% stake. That means the mortgages on two of the president’s most valuable holdings—buildings he owns alongside publicly traded REIT Vornado Realty Trust—don’t appear on the form. Trump owns 30% of 1290 Avenue of the Americas, a midtown Manhattan office tower with a $950 million mortgage, and 555 California Street, a three-building complex in downtown San Francisco with a $567 million mortgage. He does not disclose either property’s debt, his share of which amounts to $455 million in additional liabilities.

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Bryce Edwards on the Waka Jumping Bill

by CS
 
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Digital Image credit: Luke 

Bryce Edwards writes at Newsroom: Quote:

Why do people despise politics and politicians? Mostly because of the dishonesty and disingenuous actions of the politicians. Increasingly, the public is wise to the game-playing and base behaviour of politicians who, by their actions, treat their voters with contempt.

Of course, the new Labour-led Government was supposed to be different. Jacinda Ardern proclaimed she wanted “this Government to feel different, I want people to feel that it’s open, that it’s listening and that it’s going to bring kindness back.” Another minister promised that “this will be the most open, most transparent Government that New Zealand has ever had”. And New Zealand First and the Greens went into office opposing backroom deals and “business as usual” politics.

Yet, this coalition Government has quickly found itself in very murky and questionable territory. In particular, the so-called “waka-jumping bill” has turned out to exemplify the worst ways of progressing policy. And the Greens have been at the forefront of this awfulness. They’ve been tricky throughout the whole debate over the waka-jumping bill, giving inconsistent and opaque explanations for their role in progressing the legislationEnd quote.

 

None of the behaviours that Jacinda Ardern has promised have manifested themselves, including her relentless positivity. She even bizarrely claimed that she never tells lies, which was a lie in and of itself.  Quote:

The Greens have never been willing to front up over how they were going to deal with this contentious bill. First, when the coalition was formed, we were told by co-leader James Shaw that his party wouldn’t vote for any policies that they disagreed with. The Greens later changed this to say that they would support the waka-jumping bill through the first stages of the legislation, but wouldn’t guarantee that they would vote for it in the end.

Then last week the party finally revealed that they would indeed vote for the legislation, even though they still opposed it. They justified this capitulation with the notion that their hands were tied by the coalition agreement that they signed up to with the Labour Party – especially the part in which they promised to deal in “good faith” with Labour to fulfil coalition agreements with New Zealand First.

It turns out that the Greens have always known that there is nothing in the coalition agreement they signed with Labour that obliges them to vote for the waka-jumping bill. A leaked Green Party caucus document from January, titled “Advice to caucus – Electoral (Integrity) Amendment Bill”, reports on official advice informing the Greens that there is nothing in their coalition agreement that binds them to provide support.

This is what the document says about the “good faith” provision in their agreement with Labour: “Advice from the Cabinet Office is that firstly this is a political statement around how we’re endeavouring to work with the Government. It commits us to work through areas of concern in good faith, but does not bind us to support everything set out in the Labour/New Zealand First coalition agreement”.

The fact that the Greens have tried to tell the public the opposite therefore raises some big questions about why they’ve mislead the public on this, and what the real reasons are for their U-turn on the bill. End quote.

The Greens think they can lie and cheat and obfuscate as much as they like becuase they are covered by the cloak of hypocrisy and the shield of sanctimony. Quote:

There are two main possible explanations: weakness or opportunism. In the “weakness” explanation, the Greens have acted like doormats – the leader of New Zealand First has simply demanded that the Greens vote for the bill, or there will be some sort of very negative consequence (perhaps even threatening to walk away from the coalition Government). In this scenario, the Greens have meekly rolled over and given away their principles easily.

Under the “opportunist” explanation, the Greens have demanded some sort of price for voting against their principles. Perhaps it was the oil and gas exploration ban. Perhaps there is an upcoming policy announcement about mining on conservation land, or a deal on the Kermadecs sanctuary. What other horse-trading deals are being done between the three parties in government? End quote.

The Greens were also against lobbying and horse-trading, seems like they’ve engaged in both. Quote:

The problem is we will likely never know. We now have an opaque Government in which the official coalition agreements aren’t the full story, and instead we’re being governed by backroom deals that the public isn’t allowed to know about. It seems therefore that the waka-jumping deal epitomises the continued decay of principled and transparent politics, and how even so-called principled politicians such as the Greens are willing to buy into it all.

In addition, we’re now we’re learning more about the farce of the select committee process, in which it appears amendments to the bill haven’t been allowed. If so, there’s very little “good faith” on the part of the governing parties, who have asked for public submissions and then ignored them. It makes the whole waka-jumping legislation process look like a turning point in the health of this Government.

It would be entirely understandable, therefore, if the public lost more faith and trust in politicians and the political process as a result of the farcical waka-jumping bill. As for the Greens, they’ve given up even a pretense of holding onto the moral high ground, and have been reduced to being just another political party. End quote.

All politicians are venal and self interested. Anyone who tells you otherwise is a liar.

The Greens are no better than any other party, and never have been. They just liked to market themselves that way. That brand is now dead. Indeed, they sold it to Winston Peters.

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Utter contempt for voters

by C
 

New-Zealand-parliament.png?w=614&ssl=1

The NZ Herald reports on the shenanigans going on inside a select committee considering the Electoral (Integrity) Amendment Bill: Quote:

National’s electoral law spokesman Nick Smith said the justice select committee looking at the Electoral (Integrity) Amendment Bill was unable to consider any amendments nor get any advice from officials on key issues.

“Government MPs simply stated the bill had to be reported back to the House unamended to meet the demands of Winston Peters,” Smith said.

“Not a single submission supported the bill without amendment yet the Government insisted it be progressed as is. The Ministry of Justice would not provide any views on the bill and simply stated it was government policy to pass it unamended,” he said in a statement. End quote.

 

Malcolm Harbrow at No Right Turn explains the utter contempt for parliament and voters that this behaviour is: Quote:

This displays an absolute contempt for voters, not to mention bad faith. If they weren’t willing to consider amendments, why did they even bother asking for submissions? It would have been more honest to say “we’re passing this, fuck you” from the outset – at least that way all those people wouldn’t have wasted their time.

Shit like this is why I simply don’t bother submitting on legislation anymore. The pricks in Parliament simply aren’t interested in our views on anything that matters, and pretending that they are simply legitimises their charade. Better not to waste your time on their bullshit.

And of course, I’m a lot less comfortable about the Greens supporting the bill given this information. There’s holding your nose, and then there’s being complicit in an abuse of democracy. If Winston wants to force them to vote for this bullshit, he should at least have the decency to be open about it, and make it a matter of confidence so that everyone can see who is pulling the strings. End quote.

Hard to fault his logic.

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Now it’s a downturn

by Christie 
 
business.jpg?w=620&ssl=1

Auckland

You can run but you can’t hide. The government bangs on about how business hates Labour governments, and that is the only reason why business confidence is plummeting. It has nothing to do with their handling of the economy, though – of course not. Business hates Labour – pure and simple.

But now even Grant Robertson is admitting that we are facing an economic downturn, although he insists it is not a major one.

Stuff reports: Quote:

The ANZ business outlook for July showed a net 45 per cent of businesses were pessimistic about the general outlook for the economy, the most downbeat reading in the monthly survey since May 2008, when New Zealand was in recession and the global financial crisis was building. End quote.

Well, this does reinforce the claim that business hates Labour governments, as National took office in September 2008. So maybe Grant Roberston is right after all? end quote.

 

Wrong. Quote:

ANZ chief economist Sharon Zollner said the survey “paints an unhappy picture” and it was difficult to take a glass half full approach to it.

Business confidence has been generally sliding since shortly before the 2017 general election, with economists blaming a range of issues, from global trade tensions to uncertainty about the policy direction of the new Government. End quote.

Thing is that the global situation isn’t doing us any real harm at the moment. Yes, there are trade wars and Brexit on the horizon, but as yet, we are not seriously affected by either. The world is still buying our milk, our meat, our wine, our logs. So, it is not the global situation. Not yet. Quote:

Finance Minister Grant Robertson said the latest figures were not a surprise given the recent trend and concerns about the global economy.

“We continue to believe that the fundamentals of the economy are sound. We’ve still got relatively low unemployment, we’ve got a surplus, debt tracking down,” Robertson said.

“So we’ll continue to work with the business community on issues that are concerning them, but New Zealand remains a good place to do business.” End quote.

I love the way he says he will ‘continue to work with the business community on issues that are concerning them’. One of the biggest issues concerning them is the pending labour reforms, but the government makes it clear that they are going ahead with the reforms, come hell or high water. Quote:

National leader Simon Bridges however blamed the fall squarely on the Government.

“The fact that these numbers are at their worst levels in 10 years show just how worried businesses are and the Government must take responsibility as there is no other driver of this change,” Bridges said, blaming labour law reform, uncertainty around immigration settings, restrictions on overseas investment and changes to the oil and gas sector. End quote.

Totally agree. It is true that business often fears Labour governments, but this drop in business confidence, when there is no external reason for it, is very worrying. But, when a government decides to destroy a profitable business sector without consultation or warning, simply for a feel-good factor, other business sectors will wonder if they will be next. Perception is everything. Quote:

The recent plunge in business confidence has had little impact on the real economy so far, there is a risk that pessimism may see companies cut back on new investment or hiring, which could cause a downturn, even though consumer confidence remains solid. End quote.

Little impact? Ebert Construction went into receivership today, apparently owing tens of millions, and working on 15 major construction projects around the country. I have commercial construction clients who complain that they have been struggling with late payments for most of this year. The impact is there. And, for those of us who have seen these cycles before, it is always the construction industry that goes first. Quote:

Zollner said the disconnect between retailers and their customers could come from concerns about high household debt, a shift to online shopping and higher anticipated costs, including from hikes in the minimum wage.

“The New Zealand economy is delicately placed. Fiscal stimulus and the high terms of trade will provide impetus to growth, and the external environment remains favourable. But with businesses in a funk, it’s fair to say that the road ahead is looking less assured, and risks of a stall have increased.”

Westpac senior economist Michael Gordon said despite the political slant of confidence surveys, the change in mood “has been consistent with a broader range of indicators, which show that the New Zealand economy lost some momentum over the first half of this year”.

“However, the ongoing slide in business confidence does raise some concerns about the underlying strength of private sector activity.” End quote.

They promised us dark clouds on the horizon on Selection night. What we didn’t realise was that it would be the government itself that created them.

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The slogans and platitudes are back:

Are the wheels coming off the bus?

by CS
 

Jacinda.jpg?w=620&ssl=1

Stacey Kirk writes: Quote:

When Ardern returns to Parliament on Monday – following six weeks of maternity leave – she is set to walk into a building storm over plummeting business confidence that threatens to shake the economy in real terms.

In an interview with Stuffahead of her returnArdern gave assurances that her Government’s agenda did not come at the expense of economic growth.

They went “hand in hand”.

“I absolutely believe that our agenda will grow the economy, will make sure businesses are in a position to grow and prosper, because I need that economic growth to be able to lift the wellbeing of all New Zealanders.

“These are not two separate agendas – they absolutely work hand-in-hand. I think New Zealanders absolutely see my emphasis on the wellbeing of New Zealanders. Now what I’m hoping they’ll also see is the agenda that’s always existed for us around growing the economy,” Ardern said. End quote.

 

Lots of hope there, absolutely. She really has no idea. She is saying and praying that there is economic growth, because if she doesn’t get that then all her spending plans are toast. Quote:

Her comments come at the same time figures showed a slight rise in unemployment – the first since December 2016 – though unemployment remained low. Job creation had slowed, two major construction company had collapsed in recent weeks and more industrial action was in the offing. End quote.

Welcome to a Labour government. There is no Michael Cullen in this government. Quote:

But while economic growth had slowed, the overall picture remained positive. Migration was strong, the Government accounts were solid and spending was up. Despite farmers registering low levels of confidence, commodity prices were strong and the dollar was down, benefiting exporters. End quote.

But hang on, they wanted to reduce migration? Now it is a plus, and strong. Quote:

Despite that, New Zealand had dropped from near the top of one OECD table on business confidence, to second from bottom, and that threatened to slow investment and growth. 

Arguments remained over how much of that the Government could reasonably be held responsible for, but what was once just the “elephant in the room” had become a dark pall that the Government had to address.

National Party finance spokeswoman Amy Adams said the Government had to “change course”. 

“With New Zealanders bombarded with negative economic indicators this week, it’s time for the Government to get its head out of the sand, recognise the damage it’s doing and focus on turning things around.

“Economists are now predicting New Zealand’s economic growth could drop to as low as 1.5 per cent at the same time the world economy is forecast to grow at around 3.9 per cent in the coming year.

“This matters to New Zealanders. Every lost 1 per cent of GDP means $800 million less revenue for government,” Adams said. End quote.

But its all OK becuase Jacinda is back, with her baby. Did I mention the baby? Oh yes, and the baby. Quote:

Ardern was expected to make a significant announcement at her post-cabinet press conference on Monday. It’s understood the trade-related announcement would be a signal to business about the Government’s seriousness in addressing confidence issues.

And she also hinted at further moves designed to bring business around to the Government’s way of thinking.

“What I intend to do is, within a month at least, bring together some of the work we’ve been doing in earnest around working together with the business community, to make sure that we are tackling some of the challenges that we’re facing collectively,” Ardern said.   End quote.

What did she even say just there? I certainly have no idea. It is all just platitudes and slogans. Bringing together some work they’ve been doing around working together? What? Quote:

“But what I’m really proud of is that we know and recognise some of the challenges that businesses are saying to us they have. Finding and attracting skilled labour, making sure that we grow our exports, diversifying our economy beyond housing and dairy – those are challenges we’re tackling head on.”  End quote.

What a ditz. This is what she took six weeks off for? This rubbish? She’s proud of recognising some of the challenges? What a fool. Quote:

Ardern conceded there was big change ahead, but the economy was in a good position.

“We have incredibly low levels of unemployment relative to the OECD in particular. We have good solid growth forecast for the future. We have a surplus and, relative to other countries, our debt’s in pretty good shape too,” she said.

“When you tackle challenges that creates a level of uncertainty. Because you’re creating change. We are modernising our economy, but we need to bring everyone with us.

“Within the month, I’m committed to bringing those strands together and doing a significant speech on the economy and we’re very much focused on addressing some of those concerns I’ve heard. But I feel absolutely confident we’re tackling this head on and we can bring business with us.”  End quote.

Oh great, she’s going to do a speech, then go to the United Nations on a royal tour. Whoopy!

Our prime minister is so conceited and as shallow as a bird bath.

 

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‘A tribe there that just aren’t pleased to see you in government’

by GP
 
Screen-Shot-2018-08-02-at-10.04.00-PM.pn

John Campbell

Last night you-beaut, legend-in-his-own-mind, the master interviewer, the master of the English language, interviewed prime mum-minister alluding to the hard questions and answering them himself so she didn’t have to (isn’t that condescending, another consequence of the patriarchal hegemony I suppose; the chivalrous class-war hero unable to help himself but lay down his cloak, covering the pile of steaming discontent that she might not step in it, that her eyes may not be drawn to it, nor words of the mess be forced to pass her lips).

In his own impeccable tongue: (at 6.10): “Fir, fir, first of all; people are saying business confidence is at its lowest level, in the survey, since the GFC, so, so, th’, so there’s a tribe there that just aren’t pleased to see you in government […]”

 

Yes; John, it’s ‘cos tribal. Very well answered. Congratulations to you.

Nothing at all to do with…

  • enhancing the power of unions
  • strikes
  • work-place disruptions
  • forcing employers to be responsible financially for domestic violence
  • higher taxes, talk of even higher taxes (you don’t reckon the ‘working-group’ are going to recommend reducing taxes or restricting spending; do you?)
  • ignoring the economic benefits of the energy industry by simply shutting it down
  • seeding state entities in competition with private providers using taxpayer money
  • refusing to demand transparency
  • fueling inflation with salary increases not indexed to productivity
  • threatening the agricultural industry, the largest in the country (responsible for well over 60% of foreign earnings), with more regulation and the prospect of increased costs
  • burdening the country with more sacrifices in the name of global-warming…

all the while needlessly increasing government debt, this inflicted on the country by a coterie of business-bereft numbskulls who cannot separate ideology from the opportunity to get their hands on as much of other-peoples cash as they can in order to sprinkle it like glitter on the turd that is their cynical vote-catching ‘helping the worse-off’ philosophical fraud.

Good on ya’ Johnny-boy; just another snooty socialist. Wouldn’t want a whiff of business, or the ‘tribe there that just aren’t pleased to see you in government’ tainting your essence of condescension, would you?

Riddle me this; John. How many builders do you, alone, burden the back of; claiming one-third of their income as your own, before they’re free to release the rest of their earnings to their families, their mortgages, their own children, or to pay for their ute’s and tools and materials. How many business tribes-people, the good women and men of the trades and hospitality and farming industry, the shops and services and transport industries does it take just to pay your single socialist salary; John? 20, maybe 30, perhaps 50?

In the end, the answer doesn’t really matter, does it John? After all, you’re so special, so very special you deserve it, and they, well they’re just the tribe that needs to sustain you in your own magnificence, and their concerns, their material concern that the fools presently in power could seriously disrupt the economy and their own business? Forget about them; they’re merely ‘the tribe there that just aren’t pleased to see you in government.’

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2 hours ago, Ohokaman said:

If Auckland thought the "culturally-inclusive" phantom rooter Brown was bad, well Comrade Goff is just warming up when it comes to fleecing the hapless ratepayer.

While my new rates bill today may have gone up 5% in the basic rate, there are now 2 "targeted rates"-

One of $173 for "enhanced environmental outcomes", whatever that entails and a second one of $243 for "cleaning up Auckland's waterways". Throw in the new regional fuel tax and Ardern's communist mate is well up to speed. 

 

The irony is that the ones to feel the pinch most will be the less well-off who put this mongrel rabble in power. They never learn, but I guess that is why they are where they are.

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7 hours ago, rdytdy said:

‘A tribe there that just aren’t pleased to see you in government’

by GP
 
Screen-Shot-2018-08-02-at-10.04.00-PM.pn

John Campbell

Last night you-beaut, legend-in-his-own-mind, the master interviewer, the master of the English language, interviewed prime mum-minister alluding to the hard questions and answering them himself so she didn’t have to (isn’t that condescending, another consequence of the patriarchal hegemony I suppose; the chivalrous class-war hero unable to help himself but lay down his cloak, covering the pile of steaming discontent that she might not step in it, that her eyes may not be drawn to it, nor words of the mess be forced to pass her lips).

In his own impeccable tongue: (at 6.10): “Fir, fir, first of all; people are saying business confidence is at its lowest level, in the survey, since the GFC, so, so, th’, so there’s a tribe there that just aren’t pleased to see you in government […]”

 

Yes; John, it’s ‘cos tribal. Very well answered. Congratulations to you.

Nothing at all to do with…

  • enhancing the power of unions
  • strikes
  • work-place disruptions
  • forcing employers to be responsible financially for domestic violence
  • higher taxes, talk of even higher taxes (you don’t reckon the ‘working-group’ are going to recommend reducing taxes or restricting spending; do you?)
  • ignoring the economic benefits of the energy industry by simply shutting it down
  • seeding state entities in competition with private providers using taxpayer money
  • refusing to demand transparency
  • fueling inflation with salary increases not indexed to productivity
  • threatening the agricultural industry, the largest in the country (responsible for well over 60% of foreign earnings), with more regulation and the prospect of increased costs
  • burdening the country with more sacrifices in the name of global-warming…

all the while needlessly increasing government debt, this inflicted on the country by a coterie of business-bereft numbskulls who cannot separate ideology from the opportunity to get their hands on as much of other-peoples cash as they can in order to sprinkle it like glitter on the turd that is their cynical vote-catching ‘helping the worse-off’ philosophical fraud.

Good on ya’ Johnny-boy; just another snooty socialist. Wouldn’t want a whiff of business, or the ‘tribe there that just aren’t pleased to see you in government’ tainting your essence of condescension, would you?

Riddle me this; John. How many builders do you, alone, burden the back of; claiming one-third of their income as your own, before they’re free to release the rest of their earnings to their families, their mortgages, their own children, or to pay for their ute’s and tools and materials. How many business tribes-people, the good women and men of the trades and hospitality and farming industry, the shops and services and transport industries does it take just to pay your single socialist salary; John? 20, maybe 30, perhaps 50?

In the end, the answer doesn’t really matter, does it John? After all, you’re so special, so very special you deserve it, and they, well they’re just the tribe that needs to sustain you in your own magnificence, and their concerns, their material concern that the fools presently in power could seriously disrupt the economy and their own business? Forget about them; they’re merely ‘the tribe there that just aren’t pleased to see you in government.’

Gee Ted you have cut and pasted plenty of shit but this must beat them all. When is your next appointment with the shrink to discuss your Jacinda hate and how it has tipped you over the edge?  Perhaps it was when she chose  Te Aroha in the little one's name, it just got all too much for you?

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12 minutes ago, bloke said:

Gee Ted you have cut and pasted plenty of shit but this must beat them all. When is your next appointment with the shrink to discuss your Jacinda hate and how it has tipped you over the edge?  Perhaps it was when she chose  Te Aroha in the little one's name, it just got all too much for you?

He's got a point , I like the summary .

  • enhancing the power of unions
  • strikes
  • work-place disruptions
  • forcing employers to be responsible financially for domestic violence
  • higher taxes, talk of even higher taxes (you don’t reckon the ‘working-group’ are going to recommend reducing taxes or restricting spending; do you?)
  • ignoring the economic benefits of the energy industry by simply shutting it down
  • seeding state entities in competition with private providers using taxpayer money
  • refusing to demand transparency
  • fueling inflation with salary increases not indexed to productivity
  • threatening the agricultural industry, the largest in the country (responsible for well over 60% of foreign earnings), with more regulation and the prospect of increased costs
  • burdening the country with more sacrifices in the name of global-warming

I see she's off overseas again , some climate BS again , the wheels off falling of that one as well . Most country's are failing miserably with their emissions targets , not one EU country is on target to meet their commitments . Chinas emissions at record levels , Canada will have a change of government because of the carbon tax and of course all of the predictions of doom are falling well short of what we have been lead to believe , the actual average temperature increase is minimal , climate doing what it's always done , change .

Anyone wanting real information check out , the ""global warming policy forum"" , worth following , plenty there and of course those pesky polar bears haven't all died they are embarrassingly plentiful .

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