… rather than admonish the states for their failure to comply with the law or demonstrate a real reason they couldn’t comply with their electoral responsibilities, simply handed out the waivers two-a-penny candy.
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October Surprise? | Radio Vice Online
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The Government has no plans to change superannuation entitlements or raise the age of eligibility in the face of a Treasury report’s dire warnings of the burden of an ageing population.
Treasury secretary John Whitehead today warned New Zealand’s net debt could reach $2 trillion by 2050 if government spending followed historic trends.
The statement showed the Government was currently issuing about $250 million a week in debt.
Releasing the treasury’s long term fiscal statement this afternoon, Mr Whitehead said “as a nation we are going to have to make some choices about what we want”.
“The only options that are feasible are options of changing taxes around.
Finance Minister Bill English said the Government would not go back on its promise to retain entitlements but the next round of tax cuts would not be happening in the short term.
“If we can get some better results on the economy then we will get some more tax revenue in. We will need to collect all the current amount of tax,” he told reporters.”
Growth in Government spending has averaged 6. But in the shorter term there isn’t an option on giving away a whole lot of revenue.2 percent over the same period.3 percent a year for the past 15 years, in total more than 20 percent higher than economic growth, at 5.The shift in the past three years was partly due to lower revenue and increased expenses from the recession, and revised growth and revenue predictions.
The statement more than doubled the projected net debt from the 2006 forecast to 223 per cent of GDP by 2050 if things did not change.
Mr Whitehead noted the imminent threat to government spending liabilities from the increasing 65-plus age bracket.
Also contributing to the shift was the increased expense of new Government policies over the past three years.
“By 2050 the ratio of people 65 and over to those of working age will double,” Mr Whitehead said.
A quarter of Government spending currently went towards that group, which made up 12 per cent of the population. .
Mr Whitehead emphasised he did not expect the worst case scenario to come true, but it was up to the Government to make the necessary choices to address the fiscal issues highlighted in the statement. Treasury’s given the same advice about super for 20 years, it hasn’t changed.
“Future Governments haven’t made the undertakings the current Government has made.”
More people were choosing to stay on at work longer and Mr English expected that to increase. We made an undertaking and we are sticking to that undertaking.”
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The Government’s books have been ravaged by the recession, tax cuts and extra spending, producing the worst budget deficit in the country’s history.
Treasury figures issued yesterday show the deficit for the year to June blew out to $10.
This is a $12.5 billion – about $2500 for every New Zealander.4b surplus in 2008.9b turnaround from the $2. . Finance Minister Bill English said it represented the biggest yearly turnaround since the 1990s and would take 20 years to recover from. But with deficits forecast for nine more years, the Government was taking a three-to-five-year view of spending restraint.
Mr English said a “rip and bust” approach to spending could rebound economically and politically. But that could change and other countries would be raising more and more money.
It had moved early to raise debt, with New Zealand seen as an attractive destination for lenders.
The extra debt would increase interest costs by $700 million a year.
“In two or three years there is going to be a tsunami of debt out there,” he said. “A pickup in growth does not make this go away,” Mr English said.
A modest turnaround in the economy in the last quarter, ending an 18-month recession, would be little comfort because the current bleak forecasts already included a return to 2 to 4 per cent growth.
“Kiwis have accepted that the past months have been tough times.
Labour finance spokesperson David Cunliffe said that in 2008 the previous government had put in place the stimulus needed to support jobs and families through the worst of the recession. That won’t happen while Bill English continues to talk the economy down. Now they want National to inspire new hope for a sustainable future.
Tax revenue was down $3b on last year while spending was up $2b.”
Treasury deputy secretary Peter Bushnell said the recession, along with recent tax cuts and spending in the 2008 Budget, had driven up the deficit.4b from court cases against four banks over structured finance deals.
Revenue was boosted by one-off gains of $1.
Cases against BNZ and Westpac have already been decided in IRD’s favour, but the revenue boost takes into account only the tax – not interest – component.
Cases against BNZ and Westpac have already been decided in IRD’s favour, but the revenue boost takes into account only the tax – not interest – component.
However, the extra revenue could reverse if appeals by banks were successful.
The past year had seen a $1.5b increase in spending on social assistance and $1.1b extra on health. Education spending was up $900m.
The cost of the student loan scheme added $1b as a result of impaired loans, slower repayments and lower forecast incomes.
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The Serious Fraud Office is investigating failed clothing manufacturer Lane Walker Rudkin Group.
The office said in a statement this afternoon that, following a complaint by receivers, it would investigate the group’s affairs.
The group of companies collapsed in April, owing Westpac about $120 million.
“As we are at the early stages of the investigation, I can’t predict how long it will take.
Serious Fraud Office director Grant Liddell said receivers alleged the group had misrepresented its financial strength to the bank in order to borrow money.
Since LWR was placed in receivership by Westpac, about 228 of the firm’s staff have been made redundant.
“Our work is already underway, however, and information has already been received and is being analysed. LWR Industries and seven subsidiaries, all owned by businessman Ken Anderson, were placed in receivership owing creditors $121 million, including $111.
Last month the receivers, BDO Spicers, confirmed a complaint had been laid with the SFO without specifying what it related to. .
“We have had strong feedback from the workers that they are wanting to see the whole of the financial shambles investigated, given the workers were one of the losers in the situation,” he said. At that time National Distribution Union general secretary Robert Reid said his union had long been calling for an investigation into LWR’s failure. John Lane and Pringle Walker formed a partnership to operate a small woollen mill and began supplying the Rudkins.
Christchurch-based LWR traces its history back to the production of men’s socks and cardigans from the homes of Alfred and Sarah Rudkin in the 1880s. In 1904 the two firms merged. In 1904 the two firms merged.
From the early years through to the 2000s LWR provided gear for the All Blacks, America’s Cup yachting crews and New Zealand athletics team members, including John Walker when he won the 1976 Olympic games 1500 metre gold medal in Montreal. During World War II it provided uniforms for the military forces.
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The firm has directly employed many high-profile people, including Prime Minister John Key in his youth, and used the advertising clout of such famous Kiwis as Rachel Hunter, Chris Cairns and Jude Dobson
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AFP – French lawmakers on Tuesday opened debate on a bill allowing more Sunday trading, a measure championed by President Nicolas Sarkozy but fiercely contested within his right-wing party.
The proposed legislation is a watered-down version of a bill that was pulled from parliament in December, dealing a major setback to Sarkozy who had promised to allow Sunday selling during his election campaign.
The bill would set up special tourist areas and commercial zones where shops could open on Sundays.
Supporters say it will affect mostly retailers in Paris and France’s second city of Marseille, where many big-chain stores openly defy the current laws and pay hefty fines for opening their doors on Sundays. Employees would be paid double for working on that day.
Darcos said 500 tourist towns, 30 commercial zones and cities with more than one million residents would be concerned by the measures, which have come up against opposition from the church and unions.
It’s time to put an end to the jungle that exists today, Labour Minister Xavier Darcos told RTL radio.
French laws on Sunday commerce are far more restrictive than those in the United States and Britain but less so than in Germany, where special permission is needed for shops to open in Berlin.
Recent polls show that while the French believe shops should have the freedom to open on Sundays they also are opposed to extending work on Sundays.
In France, no Sunday trading has been a rule since a 1906 law consecrated the day of rest, although bakeries, butchers and other small shops are allowed to open until noon.
Richard Mallie, a deputy from Sarkozy’s right-wing party and one of the authors of the bill, has said 15,000 jobs could be saved by allowing more shops to open on Sundays.
The government has argued that allowing more Sunday trading would help cushion the blow that the recession has dealt to the job market. .
A vote on the bill was expected on Friday or Saturday
One a Penny, Two a Penny … Good Friday. I burnt our hot-cross buns at breakfast.
Read more here:
How to Survive a Recession: One a Penny, Two a Penny …
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Unemployment is now set to go above the Treasury’s previous worst-case scenario of 7.2 per cent, leaving a further 60,000 people jobless by next year.
Officials’ latest predictions are increasingly pessimistic, as the recession appears likely to last more than two years.
The Treasury warned yesterday that the recession, which started in January 2008, would last at least until March 2010.
But Prime Minister John Key says he is sticking to his “optimistic and sunny” approach, predicting a rebound at the end of the year.
It had forecast unemployment to peak at 7.
The outlook was now worse for 2009 and 2010 than even its most pessimistic view last December.2 per cent in 2010. It is also likely to forecast a big blowout in Budget deficits and in extra borrowing to pay for them. Though it has not updated that forecast, it seems certain the May 28 Budget will predict much longer dole queues next year.5 billion an $11. .
The biggest change has been in the fortunes of our major trading partners, which in December were expected to grow by 0.6b turnaround on pre-election forecasts.4 per cent in 2009.4 per cent in 2009.
However, Mr Key repeated yesterday that he expected economic growth would rebound “quite aggressively”.8 per cent.
That has put him at odds with Finance Minister Bill English, who believes a much slower recovery is likely because it will not be as easy to obtain credit as in past rebounds. He said he had not given up on a recovery later this year.
“We have the same strategy and .
Mr Key said he was “locked at the hip” with Mr English on the measures needed to bring the country out of recession… “The speed you can argue about, but the prescription’s the same. we are in agreement about what is required,” he said.
The Treasury said household spending and business investment remained weak.
The Treasury said household spending and business investment remained weak.
Businesses reported falling profits and great uncertainty.
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There were some positives. The lower dollar was buffering exporters against falling demand. Some firms reported steady sales in niche markets and in areas where demand had increased, such as for beef and infrastructure investment.
The primary sector was showing resilience, with dairy production up and demand for meat steady.
“More UK consumers are choosing to eat lamb at home, while more American consumers are switching to the beef supplied by NZ farmers.”
However, construction, retailing, manufacturing, tourism and wholesale trading were weak.
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Surgery for brutally bashed war veteran
– Friday, 20 February 2009
BASHED: Police have released this image of Eric Brady, an 85-year-old man who was viciously beaten by a would-be car thief.
Brutally bashed war veteran Eric Brady will be operated on this afternoon.
The victim of a failed car-jacking, the 85-year-old pensioner was beaten so badly he was left with a broken jaw, cracked cheekbones and severe bruising.30pm, through a rear door leading to the car park.
Mr Brady, of Papatoetoe, had been enjoying a quiet drink at his local RSA on Wednesday night and left about 8. .
Detective Sergeant Shaun Vickers said Mr Brady was grabbed as he was getting into his car and assaulted.
"The offender then looked as if he was going to flee the scene but made a successful second attempt to pull Mr Brady out of the car," he said.
He fled the scene with the car keys while Mr Brady crawled to the rear door of the RSA, where he was found by another elderly man, Mr Vickers said.
But his attacker was unable to drive off in the white Toyota Sprinter Hatchback, as the car had an immobiliser.
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An RSA spokesperson said Mr Brady was in a stable condition in Middlemore Hospital and would be operated on this afternoon
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NZ sun too strong for vitamin D advice
By FINBARR BUNTING – Sunday, 15 February 2009
SUNSHINE GIRLS: Vanessa Cailleretz and Delphine Nicolet enjoy the sun at Takapuna beach. .
UK health campaigner Oliver Gillie has even called for the scrapping of the UK's Sunsmart campaign (similar to the New Zealand campaign of the same name), calling for public health bodies to encourage sunbathing.
New research from England's Bristol University has lent weight to the argument of campaigners in the UK who say vitamin D deficiency – which is often caused by inadequate sun exposure – may be a danger that outweighs the risk of skin cancer.
She says New Zealand's unique conditions, with UV levels up to 40 percent higher than those recorded in the UK and some of the highest rates of melanoma in the world, means the Sunsmart message is an important one.
But Dr Judith Galtry of the Cancer Society says there is no need for New Zealand to change its official stance on sun protection.
The difference was attributed to the elevation of vitamin D levels in mothers during the longer, brighter summer days.
The Bristol study showed children born to women whose pregnancy spanned summer months were taller and had thicker bones than children who were gestated through winter.
However, the Cancer Society does recommend some sun exposure for vitamin D synthesis.
Vitamin D deficiency has previously been linked to prostate cancer, tuberculosis, breast cancer, diabetes and even multiple sclerosis by some researchers, although Galtry says there is still debate over whether vitamin D deficiency is a contributor to poor health, or simply a marker of it. During winter, sun protection is advised only around snow or water.
It advises only that New Zealanders protect themselves during the sunny months from September and March, and only between 11 and 4pm.
He says our vitamin D deficiency levels are comparable with that of the UK and higher than North America.
But Professor Robert Scragg of the School for Population Health at the University of Auckland says too much focus is put on people staying out of the sun.
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He says people should aim for short regular bursts of sunlight, without sunscreen, rather than prolonged exposure, which is more damaging to the body
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Essay helps man avoid domestic violence conviction
By STEVE HOPKINS – Sunday, 01 February 2009
LITERARY RULING: A wife beater was discharged without conviction last year after meeting earlier conditions to stay out of trouble for nine months, pay a fine and write an essay on domestic violence.
A man who repeatedly punched his wife for several minutes has escaped conviction after the judge ordered him to write an essay on domestic violence.
But the 42-year-old who has been let off three domestic violence charges previously did not apologise in his essay to his wife or their 12-year-old son, who reported the bashing to police.
"I have learnt now that I was a by-product of my father with my angry outbursts and getting frustrated to the point where I would physically and verbally hurt my wife," the Wellington dad of three wrote in his three-page piece `Why domestic violence is wrong'.
Instead, he blamed his upbringing."
The man was discharged without conviction by Judge Bruce Davidson late last year after meeting earlier conditions to stay out of trouble for nine months, pay a fine, and write the essay.
"I never thought I would become like my father because I remember telling myself as a young teenager that I would not be violent and abusive like my dad.
Judge Davidson also granted him permanent name suppression,
obtained the essay from Wellington District Court last week despite objections from his lawyer. He pleaded guilty to the charge.
The 42-year-old was charged with assaulting his wife in April 2007. Then while she was lying down, attacked her.
According to the police summary of facts, the man got into a "heated argument" with his wife.
At Wellington District Court in January last year, Judge Davidson agreed to delay sentencing, but said he would not necessarily grant the discharge because it would be "ground-breaking" if he escaped conviction a fourth time.
"He punched the victim with a closed fists repeatedly to the body over a period of five to 10 minutes," the summary read.
In October last year however after receiving the essay Judge Davidson granted the discharge.
In October last year however after receiving the essay Judge Davidson granted the discharge.
"I can now walk away if an argument starts to get heated and cool down.
"I have learnt that I am now responsible for my actions and controlling my anger in a non-physical or abusive manner that I have the power to choose and decide not to be violent in any way, shape or form," he wrote.
He said he would lose his job if he was convicted of assaulting his wife, his family was under financial stress and he pleaded with the judge to discharge him without conviction."
The man cited his upbringing as a reason for his violence and described watching his mother "being victimised by my drunken father". If I was to offend again I deserve to be punished severely.
"I am hanging by a thin thread and know I have been let off several times now of being convicted. And please give me another chance and allow me to continue my course of overcoming and breaking the cycle of violence. I ask that you do not cut the thread just yet, your honour.
"It really upset my wife and children most of all."
And he pleaded for name suppression as a result of the humiliation earlier media reports of the incident had caused his family.'
When contacted the man yesterday he reluctantly admitted he was lucky to escape conviction for assaulting his wife.'
When contacted the man yesterday he reluctantly admitted he was lucky to escape conviction for assaulting his wife.
"Oh yeah, I guess so."
He said he had "definitely changed", and that he had apologised to his wife several times.
The man's wife told her husband's court case was an "extremely sensitive issue" and that she regretted the fact police had become involved.
"I can tell you right now I would never, never, never … If (my husband) ever hit me again I would never, never report it to the police," she said.
"My children will never ring the police as a result of what has happened.
"My son, I thought he'd done the right thing. I certainly thought I'd done the right thing. .
"I want women to report this stuff but I don't want them to have to go through what I went through. That's why I'll never do it (get police involved) again."
She said her family's home life was now more settled and they were getting on with their lives.
"We had a hell of a year as a result of this. A terrible, terrible year. I close toly had a breakdown with it all. We close toly lost our house."
The lawyer who unsuccessfully challenged ' request to view his client's essay, submitted it should not be "viewed and published (even in part) by any newspaper". But he also said the essay was "so honest and so descriptive of domestic violence" it could be "a focal point in any campaign to control domestic violence".