Economy

Consumer confidence lowest since 2012

Photoshopped image credit: Pixy

As we head into Christmas, A newspaper reports that consumer confidence is at its lowest since 2012… which, you may remember, was the end of the GFC. quote.

Consumer confidence dipped in October as people fret about the future.

The ANZ Roy Morgan consumer confidence index fell to 115.4 in October from 117.6 in September. People’s optimism about their present situation lifted slightly to 122.0 from 120.2 but the future conditions index fell to 111.0 from 115.9, the lowest since late 2015.

“Consumers are feeling good about the here and now, but concerns about the future are clearly growing. Consumers haven’t been this pessimistic about their own and their family’s financial outlook one year ahead since mid-2012,” said ANZ chief economist Sharon Zollner.

Perceptions regarding the next year’s economic outlook fell 5 points to a net 1 per cent expecting conditions to deteriorate versus a net 4 per cent expecting an improvement in the prior survey. The five-year outlook fell 4 points to positive 14 per cent. end quote.

Read more »

Accountant. Boring. Loves tax. Needs to get out more. Loves the environment, but hates the Greens. Has been called a dinosaur. Wears it with pride.

To read my previous articles click on my name in blue.

Inflation hits 1.9%

Kiwiblog reports that inflation is slowly creeping upwards, with the level reaching 1.9% in September 2018. quote.

The consumers price index (CPI) increased 1.9 percent in the September 2018 year, driven by higher petrol prices, Stats NZ said today.

This follows a 1.5 percent annual  rate for the June 2018 year. For the September 2018 quarter, the  rate was 0.9 percent.

“Petrol prices increased 19 percent in the September 2018 year,” prices senior manager Paul Pascoe said. “This is the highest annual increase since June 2011.” … end quote

Read more »

Accountant. Boring. Loves tax. Needs to get out more. Loves the environment, but hates the Greens. Has been called a dinosaur. Wears it with pride.

To read my previous articles click on my name in blue.

Letting fees banned on rentals

It was only a matter of time.  The government takes another swipe at nasty landlords.  This from StuffQuote:

Tenants will no longer have to pay letting fees to agents and landlords, after Parliament voted to ban the practice.

Housing and Urban Development Minister Phil Twyford estimated the change could prevent the handover of up to $47 million in a payments he said were “unfair” and had “no economic rationale”.  End of quote.

No economic rationale?  What a stupid statement.  The letting agents provide a service to both tenants and landlords.  That service costs time and therefore money to provide, which is passed on to the person letting the property.  There you go Phil, that’s the ‘economic rationale’.  Quote: Read more »

It’s great to have a voice.

“Our lives begin to end the day we become silent about things that matter.”

– Martin Luther King

To read my previous articles click on my name in blue.

Weapons grade whitewash incoming

It was a day of substandard compliance issues in the media yesterday. First, there was the whole NZTA compliance and safety story, and then there was this. Quote:

A new report released today by Regan Cunliffe shows that almost four years after the Vulnerable Children Act was enacted, up to 62% of schools did not have a Child Protection Policy, with a known 267 schools not being in compliance. This amounts to up to a possible 484,000 children affected. Additionally, of those schools which were known to not have a Child Protection Policy in this report, ERO did not identify any related policy issues in 94% of cases and misled parents and caregivers by providing explicit assurance in their reports that they had checked compliance or policies relating to the Act for 68% of cases.

This report uncovers a systemic nationwide failure involving school boards, principals, NZSTA, ERO and the Ministry of Education in relation to the Vulnerable Children Act 2014. End quote.

Read more »

As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

Kiss goodbye to $200 million in welfare fraud

Credit: 1NEWS

It’s a stretch to say I’m happy paying tax but I accept that it is a necessary evil.  I accept that we have a social welfare system in New Zealand and that we pay a benefit to various groups of people for them to survive.  It should be a hand up, helping people down on their luck to get back on their feet, a short term tide-me-over until they can get back in the workforce and earn a living.

So it galls me big time that there are people who are able to work who choose not to, instead expecting to be kept by the tax on the money that we work hard to earn. What galls me exponentially more is that some beneficiaries are not satisfied with their regular average benefit and think it is okay to steal our tax as well.

This from 1NEWSQuote:

More than $200 million of the $1.5 billion debt beneficiaries owe the Ministry of Social Development is down to fraud, raising questions about the ministry’s oversight.
1 NEWS has been leaked details of the 10 largest welfare frauds as at the end of last year.
The largest individual amount stolen from the ministry that’s yet to be paid back is $614,000.  End of quote.

Read more »

It’s great to have a voice.

“Our lives begin to end the day we become silent about things that matter.”

– Martin Luther King

To read my previous articles click on my name in blue.

The PM’s gaffe: Why it matters

While she writes fluff pieces about 125 years of women’s suffrage and does interviews and photo shoots around the subject, Jacinda Ardern needs to take the time to develop even a small understanding of the economy, what reports are produced and when, and above all, what GDP is.

This is because what happened on Tuesday when she was talking to Mike Hosking was, to say the least, deeply embarrassing. She clearly had no idea what he was meaning when he asked about the GDP figures, and the conversation went on without her having even a small clue about what they were talking about.

The reason it matters is demonstrated admirably by the fact that the dollar rose almost a cent against the US dollar, on the back of a ‘hint’ from the prime minster that the June GDP figures were going to be good news.

Read more »

Accountant. Boring. Loves tax. Needs to get out more. Loves the environment, but hates the Greens. Has been called a dinosaur. Wears it with pride.

To read my previous articles click on my name in blue.

2 million Countdown bags in the rivers each year

Yes, that is the frightening statistic from Countdown’s Craig Taylor.

“42,000 plastic bags going into waterways every week” equals 2,184,000 Countdown plastic bags going into waterways every year.  How many have you seen floating by?

The article is not clear whether “all stores” means all 10 in the Bay of Plenty or all Countdown stores in New Zealand so I checked with the Countdown website.  It seems that the 2 million per year is only in the Bay of Plenty.  “Countdown […] will remove around 350 million plastic bags from circulation each year!”

It is, indeed, depressing that people in the beautiful Bay of Plenty take their 42,000, so-called, single-use plastic bags from the Countdown checkout and dispose of them in the nearest creek or river.

But it is so heartwarming to note that Countdown is replacing the, so-called, single-use plastic bags with “eco-bags”.  You see, adding “eco” to anything makes it good, acceptable and environmentally friendly.  Eco-bags cannot migrate to waterways – Eugenie will be so pleased. Read more »

WH is a pale, stale, male who does not believe all the doom and gloom climate nonsense so enjoys generating CO2 that the plants need to grow by driving his MG.

To read my previous articles click on my name in blue.

Business confidence still plummeting

 

Stuff reports that business confidence is still falling, reaching new lows in August. quote:

Business confidence continues to slide, with more companies planning to cut back on investment in the coming year.

The latest ANZ business outlook survey for August showed headline business confidence – a which has become a highly contentious measure – dropped a further 5 points, with a net 50 per cent now expecting conditions to deteriorate.

Own activity – a measure of what business figures expect to see from their own companies – was flat. The measure tends to be a better indication of economic growth. end quote

This survey was taken before the announcement of the Business Advisory Council this week, but it seems unlikely that this will make much difference to business confidence. Really, it is just another advisory group, and in spite of the claims that it won’t be another ‘talkfest’, that is exactly what it will be. quote:

But at a net 4 per cent expecting conditions to improve in the coming year, the measure suggests the economy growing at well below average.

The New Zealand dollar dropped on the news, down around one third of a cent against the US dollar. end quote.

Read more »

Accountant. Boring. Loves tax. Needs to get out more. Loves the environment, but hates the Greens. Has been called a dinosaur. Wears it with pride.

To read my previous articles click on my name in blue.

A trillion here, a trillion there

If you have tried to create any new business with a financial organisation recently you will know that it is now extraordinarily difficult.

You need your first cousin, twice removed’s blood type, the day of the week that your cat was born on, the results from your first spelling test in primary school and all manner of other stuff to ‘prove’ you are who you say you are. Once that is established to their satisfaction you need to be able to prove where you got the dosh from in the first place.

It is all part of K.Y.C. and A.M.L procedures that all banks and financial institutions, lawyers and real estate agents are getting lumbered with.

Know Your Customer (K.Y.C.) and Anti Money Laundering (A.M.L.) is being forced upon us for the usual reason; terrorism.  But it is really just another branch of state control and the move towards the cashless society so that everything we buy and sell can be tracked more easily.

Obviously, this money laundering stuff must be pretty big beans if governments all around the world are throwing this much effort into ensuring that it does not happen, right?  There must be hugely significant sums of ‘black economy’, under-the-table cash floating around that need to be mopped up. Read more »

WH is a pale, stale, male who does not believe all the doom and gloom climate nonsense so enjoys generating CO2 that the plants need to grow by driving his MG.

To read my previous articles click on my name in blue.

Ban the bags

Seldom do I agree with any policies put forward and championed by the Green party, but in regards to the phasing out of single-use plastic bags, I make an exception.

I am in favour of this policy for the following reasons:

Read more »

ORANGE

  • A large round juicy citrus fruit with a tough bright reddish-yellow rind.

AMBER

  • Hard translucent fossilized resin originating from extinct coniferous trees of the Tertiary period, typically yellowish in colour. It has been used in jewellery since antiquity.

ORINJAMBA

  • Fifth generation Kiwi, social-political writer who left the Left sometime back and turned right. Heavily reliant on spell check with hopefully the intelligence to admit when he’s wrong and the humility to see the truth, irrespective of where it’s found.

To read my previous articles click on my name in blue.

Tagged: