Credit outlook cut but it’s not a credit rating downgrade

Written By: - Date published: 3:00 am, July 17th, 2009 - 49 comments
Categories: economy - Tags:

So, Fitch, the third of the big three sovereign credit ratings agencies, has moved the Government’s rating from a stable outlook to a negative outlook.

Does this mean that John Key will be admitting that he has delivered a credit downgrade, like he was boasting of an upgrade when S&P (another of the big 3) moved us from negative to stable?

Does this mean that journalists will be reporting that we have received “an effective downgrade”

  • Because, Vernon Small, you used that terminology – “an effective upgrade” – to describe the outcome of the Budget in yesterday’s Independent. In fact, right after the Budget you were just called it an “upgrade“. Will you be calling this a downgrade?
  • Audrey Young. It was an “upgrade” on May 29. You’ll be writing about the “downgrade” now, yes? No, I doubt it.
  • John Armstrong. You wrote of an “unexpected upgrading” on May 29. Will you be writing about an “unexpected downgrade” now?

You’re just the ones I could find easily. Nearly every journo repeated this Nat spin about an upgrade. Logically, they must report a downgrade now.

merelyWhat’s the bet the journos don’t mention it or try to say (on the basis of nothing) that Fitch doesn’t count, only S&P does?

The fact of the matter (and I know it’s annoying those things get involved) is that a change in rating outlook is not a change in rating – it is not an upgrade or downgrade, it is an indicator of the possibility of a future upgrade or downgrade. Furthermore, a ratings agency changing its rating for a country does not automatically change the cost of borrowing for that country – it is merely more information for the market, which has usually predicted it.

Is this outlook change unwelcome? Yes, and unexpected. The dollar fell on the announcement. Does it mean we’re going to be facing a higher cost of borrowing in the future? Unlikely. Is it a credit downgrade? No, no, and, one more time, no. It’s no more a downgrade than S&P moving us from negative to stable in May was an upgrade.

Of course, The Standard has been trying to get these simple facts through to the media all along. I’m deluding myself to think they’ll suddenly listen. Except, oh right, before they were getting it wrong in a way that favoured National. If they get it right now, the Nats don’t look so bad.

[Update: Watkins does the trifecta – Fitch is “a less influential rating agency than some” (print version only), it only “revised” our “outlook”, but S&P still “upgraded” us in May.]

49 comments on “Credit outlook cut but it’s not a credit rating downgrade ”

  • Comments are now closed

  1. Pascal's bookie 1
    17 July 2009 at 7:31 am

    I’m guessing it’ll be ‘who’s Fitch’ for the main part, with a dose of ‘no longer relevant’ (the focus of the earlier stories was about finding an ‘objective’ way to score the budget), and yeah, it’s annoying, but that’s media narratives for ya.

    (edit: Tracy Watkins was pretty solid in the Dom this am, made explicit ref to the post budget coverage etc)

    dum-te-do, S&P, ratings, so forth, creditable respectable dudes, ding ding, bell ringing, why hellooo trouble

    I poked around with some law firms in California, and started to pick up the rumor that California Public Employees’ Retirement System (CALPERS) was going to drop the bomb on S&P, Moody’s and Fitch. No one would say anything on the record, but it was clear that litigation was being considered as an option against the Ratings Agencies….

    … If I was a Rating Agency lawyer, I would be very, very nervous . . .

    Some of the additional details:

    – Conflicts of interest by the rating agencies are rife. They are paid by the companies issuing the securities — an arrangement that prevents the agencies from issuing negative ratings;

    – Structured investment vehicles generated lucrative fees for rating agencies, above and beyond normal fees. They were paid as consultants who helped structure the deals — not as neutral 3rd parties. The fees ranged from $300,000 to $500,000 and up to $1 million for each deal;

    -These fees were in addition to revenue generated by the agencies for their more traditional work of issuing credit ratings;

    -By actively creating these instruments, CALPERS owed a different duty of care as an underwriter, not merely a 3rd party firm protected by 1st Amendment Free Speech;

    -By then rating them AAA, what the Ratings Agencies did amounted to Fraud.

  2. Marty G 2
    17 July 2009 at 8:12 am

    incredible. Watkins writes

    “New Zealand being placed on negative creditwatch”

    and in the same article:

    “one of the biggest ratings agencies, Standard & Poor’s, awarding an upgrade.”

    she explicitly avoids calling what happened yesterday a downgrade but still says that the opposite was an upgrade. She even disses Fitch by calling S&P the big one, implying Fitch’s opinion doesn’t matter as much.

    Just as I predicted. God, I wish it wasn’t so easy.

    • ghostwhowalks 2.1
      17 July 2009 at 9:28 am

      The cluelessness abounds.
      Espiner says in his blog that the Chief Justice will be ‘quietly replaced’ next year for speaking out on sentencing!.
      He really should give up his day job if this is the sort of nonsense he believes. ( there was hell for Pakistan when they tried it)

      • snoozer 2.1.1
        17 July 2009 at 10:02 am

        That would be an outrage if it were to happen. The Law Society would be in the streets.

        • ghostwhowalks 2.1.1.1
          17 July 2009 at 12:39 pm

          Espiner compounds this ‘replacement’ nonsense by claiming in his blog in a reply to his original lines that the previous CJ were about 10 years each ( I think he got this from looking up Wikipedia) so therefore Elias has been there since 1999 her ‘term’ must be almost up.
          The ignorance is breathtaking, but who is surprised

  3. StephenR 3
    17 July 2009 at 8:32 am

    In light of this potential downgrade, does this make those in opposition look a tad reckless when they call for more borrowing and spending?

  4. Maynard J 4
    17 July 2009 at 9:02 am

    Nat Rad called in a downgrade, I believe 😮

    StephenR, perhaps. What about those tax cuts we are borrowing for? You know, something that actually happened – does that make them actually reckless?

    • cocamc 4.1
      17 July 2009 at 9:07 am

      Maynard – what tax cuts did we borrow for?

      • Pete 4.1.1
        17 July 2009 at 9:24 am

        …right cocamc, I always forget that too, we borrow for spending on infrastructure, not tax cuts *whew*.

        Hope that sets everyone straight…

      • snoozer 4.1.2
        17 July 2009 at 10:03 am

        cocamc.

        If we hadn’t had the October and April tax cuts, we wouldn’t need to be borrowing $2.5 billion this year.

        Therefore, we are having to borrow to pay for those tax cuts.

        • cocamc 4.1.2.1
          17 July 2009 at 10:18 am

          The April tax custs were funded by changes to Kiwisaver so cost neutral. So we actually had to borrow for Labour’s tax cuts

          • snoozer 4.1.2.1.1
            17 July 2009 at 10:22 am

            No. If there hadn’t been tax cuts, we won’t be borrowing the money. Simple as that.

            Go on then cocamc. Call for the Governemnt to reverse both the Labour and National tax cuts.

            • cocamc 4.1.2.1.1.1
              17 July 2009 at 10:24 am

              If Nationals tax cuts were cost neutral then we didn’t borrow for them. Simple mathematics Snoozer. If they cancel those tax cuts then reinstate the Kiwisaver position, again cost neutral.

            • snoozer 4.1.2.1.1.2
              17 July 2009 at 10:35 am

              But those are two seperate actions, cocamc. Something is revenue neutral when it in itself generates revenue to cover its costs.

              If we simply cancelled the April 1 tax cuts, that would give us a billion more in revenue and, so, save us a billion a year in borrowing. Therefore, we are borrowing $1 billion a year to pay for them.

              It’s true that to reinstate Kiwisaver would require more borrowing but that’s a seperate choice from the tax cuts.

    • candy man 4.2
      17 July 2009 at 9:07 am

      hence the reason the next two cuts have been postponed until they are affordable.

      Thats the key word everyone should always consider when discussing tax cuts, spending, investment, borrowing…AFFORDABLE

  5. jarbury 5
    17 July 2009 at 9:12 am

    Good post Marty, points out the media hypocrisy quite clearly.

    • So Bored 5.1
      17 July 2009 at 9:20 am

      Its not just the media hypocrisy, the whole rating system is severely warped. We need to keep reminding the media and politicians that S & P, Moodys etc blithely carried on BAU without raising a single dischordant note whilst we ran full speed into a market crash. Their credibility is zero.

      • jarbury 5.1.1
        17 July 2009 at 9:25 am

        That is very true. Unfortunately the financial markets seem to think they still have some credibility so a change in ratings will make a difference.

        • Daveski 5.1.1.1
          17 July 2009 at 9:31 am

          I actually have some agreement with these sentiments. I agree the credibility is close to zero given what happened. However, pragmatically, if (i stress IF) there is a downgrade, it will have a real impact not just on the Govt but also on individuals, particularly those who can least afford it.

          It does again also question the credibility of those who were demanding we borrow more and hope. IN this light, doing nothing (or not knowing what to do) is still better than borrowing.

          • jarbury 5.1.1.1.1
            17 July 2009 at 9:35 am

            I thought it was high-levels of private debt that Fitch were far more worried about than public debt levels?

            I am sure I remember listening to a Radio NZ interview with the head of Fitch a few weeks ago, where he said something along the lines of that.

        • So Bored 5.1.1.2
          17 July 2009 at 9:36 am

          Another train wreck to follow, love to see the headlines then, perhaps “Business journalist shot by deranged bankrupt”…….

  6. Daveski 6
    17 July 2009 at 9:37 am

    What Fitch said this am was that if the high levels of private debt remained, then the only solution was for the Govt to increase its level of savings ie decrease expenditure.

    So yes you are right about the problem but it it the proposed solution that is the biggest worry for everyone.

    • jarbury 6.1
      17 July 2009 at 9:51 am

      Shouldn’t the solution be efforts to reduce private debt? You know, find ways to fix the actual problem?

      • snoozer 6.1.1
        17 July 2009 at 10:06 am

        Yeah. How about if the Government were to encourage workers to save?

        Hmm, getting Kiwis to save more.. what could they call that?

        If only those tools hadn’t gutted Kiwisaver to pay for those tax-cuts they cancelled.

      • Daveski 6.1.2
        17 July 2009 at 10:25 am

        Agreed but that is long term and Fitch is interested in short term. I’m no economist but the problem I think is NZ’s fixation with housing which is long term debt and largely borrowed from overseas. Hence, there is no quick fix. It would be less of an issue if we were financing debt from internal sources but we’re not.

        Bernard Hickey proposed 10 ways of addressing these problems but I doubt they’ll be implemented. No one wants the problems we have yet we’re not prepared to look at the solutions either.

        • snoozer 6.1.2.1
          17 July 2009 at 10:31 am

          Totally right, Daveski. Over-investment (with borrowed money) in housing, rather than in productive capital is one of our country’s major problems.

          • Daveski 6.1.2.1.1
            17 July 2009 at 10:45 am

            Snoozer – let’s call a truce? I’m not into flame wars but equally I’m not into being called a borderline racist either.

            • jarbury 6.1.2.1.1.1
              17 July 2009 at 10:54 am

              Comes back to my call for government to get involved in increasing housing supply so that it can become more affordable compared to our average income levels.

              And a capital gains tax would make sense too I suppose.

        • ghostwhowalks 6.1.2.2
          17 July 2009 at 12:45 pm

          Since when did Bernard Hickey go past carrying the big banks water on any financial matter.
          Im not really sure what his financial expertise is, unless having a website that compares interest rates and previously being online Editor for Xtra MSN
          makes the cut these days

    • Zaphod Beeblebrox 6.2
      17 July 2009 at 1:55 pm

      What they said makes no sense at all. Private debt is causing the problem. Even though NZ has almost te lowest govt debt in the world, the solution proposed was to reduce the govt debt even further.
      If you want to imrove improve private savings, surely the govt should be trying to stimulate growth, wages and try to do something about unemployment. Then they could change the tax system to decrease speculative profits.
      My guess is that the govt’s action will make things worse not better.
      The man from Fitch’s didn’t want to talk about that though.

  7. ghostwhowalks 7
    17 July 2009 at 10:42 am

    THis from the story about the Calpers lawsuit against The credit rating agencies.

    All the bonds were given the gold-plated AAA credit rating, yet all three SIVs collapsed amid the market turmoil of 2007 and 2008.

    The agencies ‘gave the SIVs purchased by Calpers their highest credit ratings, and by doing so made negligent misrepresentation,’ the fund’s lawsuit says. ‘The credit ratings on the three SIVs ultimately proved to be wildly inaccurate and unreasonably high.’

    From AAA to collapse! How can that be.

    wildly inaccurate isnt the half of it.
    But of course those in Fitch will say that it ‘was a different office’ not our problem

    • Pat 7.1
      17 July 2009 at 11:25 am

      Jarbury – increasing the housing supply doesn’t increase personal savings though, does it. In fact it increases personal debt.

      If we want a savings culture like Europe then we need to stop bleating on about housing affordability, as though home ownership should be within reach for everyone and the measure of success.

      Instead the housing supply should be focused on provision of quality affordable rental properties. Despite a rigid RMA and consent process, NZ has been dismal at this. The focus should be on properties that you would be happy to live in for your entire working life – something in which you can raise a family in dignity. This requires both government and private investor involvement.

      A renting and saving culture should be promoted as a legitimate life choice as opposed to the 30 year mortgage path.

      And the trouble with the home ownership path is that no-one keeps their house for 30 years and pays it off. In Auckland the average time people stay in the same home is 4 years, and each time they change houses they get another 30 year mortgage.

      • jarbury 7.1.1
        17 July 2009 at 11:43 am

        I actually agree with you there Pat – that we need to get away from our obsession with home ownership. I don’t own my home and I don’t intend to for quite some time. This is largely because I want to live in a nice part of the city rather than out in the wops – so renting works for me.

        Maybe we need to look at the Singapore model where the government owns most of the housing and rents it out at market rates. One way or another Auckland needs a lot more houses over the next decade or two – or housing affordability (renting or buying) will decrease dramatically. And I don’t think the private sector can provide that extra housing in a sustainable manner (ie. through intensification rather than sprawl).

      • Draco T Bastard 7.1.2
        17 July 2009 at 12:44 pm

        Government supply of rental properties would be good. Keep the private investors out of it – they’re the ones that caused the housing bubble.

      • ghostwhowalks 7.1.3
        17 July 2009 at 12:47 pm

        Who do you think owns the rental properties ? Santa Claus.
        The ‘investment property’ owners are the ones they produce the speculative bubbles as the go for the untaxed capital gains

        • jarbury 7.1.3.1
          17 July 2009 at 1:49 pm

          Exactly GWW. Greater government involvement in the housing sector would reduce the impact of speculative investment property owners.

          A capital gains tax does sound somewhat necessary.

          • Daveski 7.1.3.1.1
            17 July 2009 at 2:23 pm

            Agreed entirely. As it stands, the prick tax is also part of the problem as it encouraged investors to look for ways of minimising tax. You don’t have that if you have relativity between company, trust and personal tax rates.

            • Draco T Bastard 7.1.3.1.1.1
              17 July 2009 at 8:37 pm

              Cut company tax to 0% but have it so that all profit is given out as dividends before reinvestment. Abolish trusts.

              There you go – a large chunk of tax dodging eliminated.

  8. BLiP 8
    17 July 2009 at 11:02 am

    The auditors and credit agencies are part of the problem, not the solution. Fuck em all.

    • So Bored 8.1
      17 July 2009 at 1:18 pm

      Said that earlier, you are 100% onto it.

      • BLiP 8.1.1
        17 July 2009 at 4:59 pm

        Yes, saw that and thought I would have my two cents worth anyway. Doesn’t hurt to repeat it, of course. ‘Scuse my ignorance – what’s BAU?

        • Daveski 8.1.1.1
          17 July 2009 at 5:03 pm

          Business as Usual

          Next time we disagree, I’ll remember you fessed up to ignorance 😉

          Enjoy your weekend all

  9. RedLogix 9
    17 July 2009 at 8:48 pm

    Is it just me, or is the timing of all this just too cute?

    Recall how the Herald went ultra-septic on Cullen after he pursued them on a massive tax dodging rort?

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    Chris Trotter writes –  MELISSA LEE should be deprived of her ministerial warrant. Her handling – or non-handling – of the crisis engulfing the New Zealand news media has been woeful. The fate of New Zealand’s two linear television networks, a question which the Minister of Broadcasting, Communications ...
    Point of OrderBy Bob Edlin
    1 day ago

  • The Hoon around the week to April 19
    TL;DR: The podcast above features co-hosts and , along with regular guests Robert Patman on Gaza and AUKUS II, and on climate change.The six things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the ...
    The KakaBy Bernard Hickey
    1 day ago

  • The ‘Humpty Dumpty’ end result of dismantling our environmental protections
    Policymakers rarely wish to make plain or visible their desire to dismantle environmental policy, least of all to the young. Photo: Lynn GrievesonTL;DR: Here’s the top five news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent ...
    The KakaBy Bernard Hickey
    1 day ago

  • Nicola's Salad Days.
    I like to keep an eye on what’s happening in places like the UK, the US, and over the ditch with our good mates the Aussies. Let’s call them AUKUS, for want of a better collective term. More on that in a bit.It used to be, not long ago, that ...
    Nick’s KōreroBy Nick Rockel
    1 day ago

  • Study sees climate change baking in 19% lower global income by 2050
    TL;DR: The global economy will be one fifth smaller than it would have otherwise been in 2050 as a result of climate damage, according to a new study by the Potsdam Institute for Climate Impact Research (PIK) and published in the journal Nature. (See more detail and analysis below, and ...
    The KakaBy Bernard Hickey
    1 day ago

  • Weekly Roundup 19-April-2024
    It’s Friday again. Here’s some of the things that caught our attention this week. This Week on Greater Auckland On Tuesday Matt covered at the government looking into a long tunnel for Wellington. On Wednesday we ran a post from Oscar Simms on some lessons from Texas. AT’s ...
    Greater AucklandBy Matt L
    1 day ago

  • Jack Vowles: Stop the panic – we’ve been here before
    New Zealand is said to be suffering from ‘serious populist discontent’. An IPSOS MORI survey has reported that we have an increasing preference for strong leaders, think that the economy is rigged toward the rich and powerful, and political elites are ignoring ‘hard-working people’.  The data is from February this ...
    Democracy ProjectBy bryce.edwards
    1 day ago

  • Clearing up confusion (or trying to)
    Foreign Minister Winston Peters is understood to be planning a major speech within the next fortnight to clear up the confusion over whether or not New Zealand might join the AUKUS submarine project. So far, there have been conflicting signals from the Government. RNZ reported the Prime Minister yesterday in ...
    PolitikBy Richard Harman
    1 day ago

  • How to Retrieve Deleted Call Log iPhone Without Computer
    How to Retrieve Deleted Call Log on iPhone Without a Computer: A Step–by–Step Guide Losing your iPhone call history can be frustrating, especially when you need to find a specific number or recall an important conversation. But before you panic, know that there are ways to retrieve deleted call logs on your iPhone, even without a computer. This guide will explore various methods, ranging from simple checks to utilizing iCloud backups and third–party applications. So, let‘s dive in and recover those lost calls! 1. Check Recently Deleted Folder: Apple understands that accidental deletions happen. That‘s why they introduced the “Recently Deleted“ folder for various apps, including the Phone app. This folder acts as a safety net, storing deleted call logs for up to 30 days before permanently erasing them. Here‘s how to check it: Open the Phone app on your iPhone. Tap on the “Recents“ tab at the bottom. Scroll to the top and tap on “Edit“. Select “Show Recently Deleted“. Browse the list to find the call logs you want to recover. Tap on the desired call log and choose “Recover“ to restore it to your call history. 2. Restore from iCloud Backup: If you regularly back up your iPhone to iCloud, you might be able to retrieve your deleted call log from a previous backup. However, keep in mind that this process will restore your entire phone to the state it was in at the time of the backup, potentially erasing any data added since then. Here‘s how to restore from an iCloud backup: Go to Settings > General > Reset. Choose “Erase All Content and Settings“. Follow the on–screen instructions. Your iPhone will restart and show the initial setup screen. Choose “Restore from iCloud Backup“ during the setup process. Select the relevant backup that contains your deleted call log. Wait for the restoration process to complete. 3. Explore Third–Party Apps (with Caution): ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Factory Reset iPhone without Computer: A Comprehensive Guide to Restoring your Device
    Life throws curveballs, and sometimes, those curveballs necessitate wiping your iPhone clean and starting anew. Whether you’re facing persistent software glitches, preparing to sell your device, or simply wanting a fresh start, knowing how to factory reset iPhone without a computer is a valuable skill. While using a computer with ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Call Someone on a Computer: A Guide to Voice and Video Communication in the Digital Age
    Gone are the days when communication was limited to landline phones and physical proximity. Today, computers have become powerful tools for connecting with people across the globe through voice and video calls. But with a plethora of applications and methods available, how to call someone on a computer might seem ...
    Gareth’s WorldBy admin
    2 days ago

  • Skeptical Science New Research for Week #16 2024
    Open access notables Glacial isostatic adjustment reduces past and future Arctic subsea permafrost, Creel et al., Nature Communications: Sea-level rise submerges terrestrial permafrost in the Arctic, turning it into subsea permafrost. Subsea permafrost underlies ~ 1.8 million km2 of Arctic continental shelf, with thicknesses in places exceeding 700 m. Sea-level variations over glacial-interglacial cycles control ...
    Skeptical Science
    2 days ago

  • Where on a Computer is the Operating System Generally Stored? Delving into the Digital Home of your ...
    The operating system (OS) is the heart and soul of a computer, orchestrating every action and interaction between hardware and software. But have you ever wondered where on a computer is the operating system generally stored? The answer lies in the intricate dance between hardware and software components, particularly within ...
    Gareth’s WorldBy admin
    2 days ago

  • How Many Watts Does a Laptop Use? Understanding Power Consumption and Efficiency
    Laptops have become essential tools for work, entertainment, and communication, offering portability and functionality. However, with rising energy costs and growing environmental concerns, understanding a laptop’s power consumption is more important than ever. So, how many watts does a laptop use? The answer, unfortunately, isn’t straightforward. It depends on several ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Screen Record on a Dell Laptop A Guide to Capturing Your Screen with Ease
    Screen recording has become an essential tool for various purposes, such as creating tutorials, capturing gameplay footage, recording online meetings, or sharing information with others. Fortunately, Dell laptops offer several built-in and external options for screen recording, catering to different needs and preferences. This guide will explore various methods on ...
    Gareth’s WorldBy admin
    2 days ago

  • How Much Does it Cost to Fix a Laptop Screen? Navigating Repair Options and Costs
    A cracked or damaged laptop screen can be a frustrating experience, impacting productivity and enjoyment. Fortunately, laptop screen repair is a common service offered by various repair shops and technicians. However, the cost of fixing a laptop screen can vary significantly depending on several factors. This article delves into the ...
    Gareth’s WorldBy admin
    2 days ago

  • How Long Do Gaming Laptops Last? Demystifying Lifespan and Maximizing Longevity
    Gaming laptops represent a significant investment for passionate gamers, offering portability and powerful performance for immersive gaming experiences. However, a common concern among potential buyers is their lifespan. Unlike desktop PCs, which allow for easier component upgrades, gaming laptops have inherent limitations due to their compact and integrated design. This ...
    Gareth’s WorldBy admin
    2 days ago

  • Climate Change: Turning the tide
    The annual inventory report of New Zealand's greenhouse gas emissions has been released, showing that gross emissions have dropped for the third year in a row, to 78.4 million tons: All-told gross emissions have decreased by over 6 million tons since the Zero Carbon Act was passed in 2019. ...
    No Right TurnBy Idiot/Savant
    2 days ago

  • How to Unlock Your Computer A Comprehensive Guide to Regaining Access
    Experiencing a locked computer can be frustrating, especially when you need access to your files and applications urgently. The methods to unlock your computer will vary depending on the specific situation and the type of lock you encounter. This guide will explore various scenarios and provide step-by-step instructions on how ...
    Gareth’s WorldBy admin
    2 days ago

  • Faxing from Your Computer A Modern Guide to Sending Documents Digitally
    While the world has largely transitioned to digital communication, faxing still holds relevance in certain industries and situations. Fortunately, gone are the days of bulky fax machines and dedicated phone lines. Today, you can easily send and receive faxes directly from your computer, offering a convenient and efficient way to ...
    Gareth’s WorldBy admin
    2 days ago

  • Protecting Your Home Computer A Guide to Cyber Awareness
    In our increasingly digital world, home computers have become essential tools for work, communication, entertainment, and more. However, this increased reliance on technology also exposes us to various cyber threats. Understanding these threats and taking proactive steps to protect your home computer is crucial for safeguarding your personal information, finances, ...
    Gareth’s WorldBy admin
    2 days ago

  • Server-Based Computing Powering the Modern Digital Landscape
    In the ever-evolving world of technology, server-based computing has emerged as a cornerstone of modern digital infrastructure. This article delves into the concept of server-based computing, exploring its various forms, benefits, challenges, and its impact on the way we work and interact with technology. Understanding Server-Based Computing: At its core, ...
    Gareth’s WorldBy admin
    2 days ago

  • Vroom vroom go the big red trucks
    The absolute brass neck of this guy.We want more medical doctors, not more spin doctors, Luxon was saying a couple of weeks ago, and now we’re told the guy has seven salaried adults on TikTok duty. Sorry, doing social media. The absolute brass neck of it. The irony that the ...
    More Than A FeildingBy David Slack
    2 days ago

  • Jones finds $410,000 to help the government muscle in on a spat project
    Buzz from the Beehive Oceans and Fisheries Minister Shane Jones relishes spatting and eagerly takes issue with environmentalists who criticise his enthusiasm for resource development. He relishes helping the fishing industry too. And so today, while the media are making much of the latest culling in the public service to ...
    Point of OrderBy Bob Edlin
    2 days ago

  • Again, hate crimes are not necessarily terrorism.
    Having written, taught and worked for the US government on issues involving unconventional warfare and terrorism for 30-odd years, two things irritate me the most when the subject is discussed in public. The first is the Johnny-come-lately academics-turned-media commentators who … Continue reading → ...
    KiwipoliticoBy Pablo
    2 days ago

  • Despair – construction consenting edition
    Eric Crampton writes – Kainga Ora is the government’s house building agency. It’s been building a lot of social housing. Kainga Ora has its own (but independent) consenting authority, Consentium. It’s a neat idea. Rather than have to deal with building consents across each different territorial authority, Kainga Ora ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Coalition promises – will the Govt keep the commitment to keep Kiwis equal before the law?
    Muriel Newman writes – The Coalition Government says it is moving with speed to deliver campaign promises and reverse the damage done by Labour. One of their key commitments is to “defend the principle that New Zealanders are equal before the law.” To achieve this, they have pledged they “will not advance ...
    Point of OrderBy poonzteam5443
    2 days ago

  • An impermanent public service is a guarantee of very little else but failure
    Chris Trotter writes –  The absence of anything resembling a fightback from the public servants currently losing their jobs is interesting. State-sector workers’ collective fatalism in the face of Coalition cutbacks indicates a surprisingly broad acceptance of impermanence in the workplace. Fifty years ago, lay-offs in the thousands ...
    Point of OrderBy poonzteam5443
    2 days ago

  • What happens after the war – Mariupol
    Mariupol, on the Azov Sea coast, was one of the first cities to suffer almost complete destruction after the start of the Ukraine War started in late February 2022. We remember the scenes of absolute destruction of the houses and city structures. The deaths of innocent civilians – many of ...
    Open ParachuteBy Ken
    2 days ago

  • Babies and benefits – no good news
    Lindsay Mitchell writes – Ten years ago, I wrote the following in a Listener column: Every year around one in five new-born babies will be reliant on their caregivers benefit by Christmas. This pattern has persisted from at least 1993. For Maori the number jumps to over one in three.  ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Should the RBNZ be looking through climate inflation?
    Climate change is expected to generate more and more extreme events, delivering a sort of structural shock to inflation that central banks will have to react to as if they were short-term cyclical issues. Photo: Lynn Grieveson / The KākāMy pick of the six newsey things to know from Aotearoa’s ...
    The KakaBy Bernard Hickey
    2 days ago

  • Bernard's pick 'n' mix of the news links
    The top six news links I’ve seen elsewhere in the last 24 hours, as of 9:16 am on Thursday, April 18 are:Housing: Tauranga residents living in boats, vans RNZ Checkpoint Louise TernouthHousing: Waikato councillor says wastewater plant issues could hold up Sleepyhead building a massive company town Waikato Times Stephen ...
    The KakaBy Bernard Hickey
    2 days ago

  • Gordon Campbell on the public sector carnage, and misogyny as terrorism
    It’s a simple deal. We pay taxes in order to finance the social services we want and need. The carnage now occurring across the public sector though, is breaking that contract. Over 3,000 jobs have been lost so far. Many are in crucial areas like Education where the impact of ...
    Gordon CampbellBy lyndon
    2 days ago

  • Meeting the Master Baiters
    Hi,A friend had their 40th over the weekend and decided to theme it after Curb Your Enthusiasm fashion icon Susie Greene. Captured in my tiny kitchen before I left the house, I ending up evoking a mix of old lesbian and Hillary Clinton — both unintentional.Me vs Hillary ClintonIf you’re ...
    David FarrierBy David Farrier
    2 days ago

  • How extreme was the Earth's temperature in 2023
    This is a re-post from Andrew Dessler at the Climate Brink blog In 2023, the Earth reached temperature levels unprecedented in modern times. Given that, it’s reasonable to ask: What’s going on? There’s been lots of discussions by scientists about whether this is just the normal progression of global warming or if something ...
    Skeptical Science
    3 days ago

  • Backbone, revisited
    The schools are on holiday and the sun is shining in the seaside village and all day long I have been seeing bunches of bikes; Mums, Dads, teens and toddlers chattering, laughing, happy, having a bloody great time together. Cheers, AT, for the bits of lane you’ve added lately around the ...
    More Than A FeildingBy David Slack
    3 days ago

  • Ministers are not above the law
    Today in our National-led authoritarian nightmare: Shane Jones thinks Ministers should be above the law: New Zealand First MP Shane Jones is accusing the Waitangi Tribunal of over-stepping its mandate by subpoenaing a minister for its urgent hearing on the Oranga Tamariki claim. The tribunal is looking into the ...
    No Right TurnBy Idiot/Savant
    3 days ago

  • What’s the outfit you can hear going down the gurgler? Probably it’s David Parker’s Oceans Sec...
    Buzz from the Beehive Point  of Order first heard of the Oceans Secretariat in June 2021, when David Parker (remember him?) announced a multi-agency approach to protecting New Zealand’s marine ecosystems and fisheries. Parker (holding the Environment, and Oceans and Fisheries portfolios) broke the news at the annual Forest & ...
    Point of OrderBy Bob Edlin
    3 days ago

  • Will politicians let democracy die in the darkness?
    Bryce Edwards writes  – Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Matt Doocey doubles down on trans “healthcare”
    Citizen Science writes –  Last week saw two significant developments in the debate over the treatment of trans-identifying children and young people – the release in Britain of the final report of Dr Hilary Cass’s review into gender healthcare, and here in New Zealand, the news that the ...
    Point of OrderBy poonzteam5443
    3 days ago

  • A TikTok Prime Minister.
    One night while sleeping in my bed I had a beautiful dreamThat all the people of the world got together on the same wavelengthAnd began helping one anotherNow in this dream, universal love was the theme of the dayPeace and understanding and it happened this wayAfter such an eventful day ...
    Nick’s KōreroBy Nick Rockel
    3 days ago

  • PM’s South East Asia mission does the business
    Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
    BeehiveBy beehive.govt.nz
    7 hours ago

  • $41m to support clean energy in South East Asia
    New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Minister releases Fast-track stakeholder list
    The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Judicial appointments announced
    Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Education Minister heads to major teaching summit in Singapore
    Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa.  The summit is co-hosted ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Value of stopbank project proven during cyclone
    A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Anzac commemorations, Türkiye relationship focus of visit
    Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul.    “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Minister to Europe for OECD meeting, Anzac Day
    Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Comprehensive Partnership the goal for NZ and the Philippines
    Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr.  The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government commits $20m to Westport flood protection
    The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Taupō takes pole position
    The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Cost of living support for low-income homeowners
    Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners.  “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government backing mussel spat project
    The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government focused on getting people into work
    Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Clean energy key driver to reducing emissions
    The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Earthquake-prone buildings review brought forward
    The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Thailand and NZ to agree to Strategic Partnership
    Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Government consults on extending coastal permits for ports
    RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Inflation coming down, but more work to do
    Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • School attendance restored as a priority in health advice
    Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Unnecessary bureaucracy cut in oceans sector
    Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Patterson promoting NZ’s wool sector at International Congress
    Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector.    "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Removing red tape to help early learners thrive
    The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • RMA changes to cut coal mining consent red tape
    Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • McClay reaffirms strong NZ-China trade relationship
    Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Prime Minister Luxon acknowledges legacy of Singapore Prime Minister Lee
    Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong.   Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • PMs Luxon and Lee deepen Singapore-NZ ties
    Prime Minister Christopher Luxon held a bilateral meeting today with Singapore Prime Minister Lee Hsien Loong. While in Singapore as part of his visit to South East Asia this week, Prime Minister Luxon also met with Singapore President Tharman Shanmugaratnam and will meet with Deputy Prime Minister Lawrence Wong.  During today’s meeting, Prime Minister Luxon ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Antarctica New Zealand Board appointments
    Foreign Minister Winston Peters has made further appointments to the Board of Antarctica New Zealand as part of a continued effort to ensure the Scott Base Redevelopment project is delivered in a cost-effective and efficient manner.  The Minister has appointed Neville Harris as a new member of the Board. Mr ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Finance Minister travels to Washington DC
    Finance Minister Nicola Willis will travel to the United States on Tuesday to attend a meeting of the Five Finance Ministers group, with counterparts from Australia, the United States, Canada, and the United Kingdom.  “I am looking forward to meeting with our Five Finance partners on how we can work ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Pet bonds a win/win for renters and landlords
    The coalition Government has today announced purrfect and pawsitive changes to the Residential Tenancies Act to give tenants with pets greater choice when looking for a rental property, says Housing Minister Chris Bishop. “Pets are important members of many Kiwi families. It’s estimated that around 64 per cent of New ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Long Tunnel for SH1 Wellington being considered
    State Highway 1 (SH1) through Wellington City is heavily congested at peak times and while planning continues on the duplicate Mt Victoria Tunnel and Basin Reserve project, the Government has also asked NZ Transport Agency (NZTA) to consider and provide advice on a Long Tunnel option, Transport Minister Simeon Brown ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • New Zealand condemns Iranian strikes
    Prime Minister Christopher Luxon and Foreign Minister Winston Peters have condemned Iran’s shocking and illegal strikes against Israel.    “These attacks are a major challenge to peace and stability in a region already under enormous pressure," Mr Luxon says.    "We are deeply concerned that miscalculation on any side could ...
    BeehiveBy beehive.govt.nz
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  • Health Minister thanks outgoing Health New Zealand Chair
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