Christopher Luxon, New Zealand Prime Minister 2023

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#3185868 24-Jan-2024 13:05

GV27:

The legislation change requiring RBNZ to focus on inflation was the right call IMO. That's a good step, bringing employment into it was at odds with the core function of managing inflation.

Praise Luxon for his visionary leadership; inflation continues to fall. Apart, mainly, from housing costs which his immigration policy is helping to drive up.

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tdgeek

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#3185877 24-Jan-2024 13:56

GV27:

tdgeek:

Cant see anything on fixing inflation and house prices that the last Govt caused

The legislation change requiring RBNZ to focus on inflation was the right call IMO. That's a good step, bringing employment into it was at odds with the core function of managing inflation.

Perhaps, but RBNZ can manage inflation with OCR, there is no easy means to hire and fire employees to meet a target.

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#3185879 24-Jan-2024 13:58

SaltyNZ:

GV27:

The legislation change requiring RBNZ to focus on inflation was the right call IMO. That's a good step, bringing employment into it was at odds with the core function of managing inflation.

Praise Luxon for his visionary leadership; inflation continues to fall. Apart, mainly, from housing costs which his immigration policy is helping to drive up.

In fact wasnt it mainly global inflation that is reducing? Locally just seasonal fruit and vege? No influence on both from him

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#3185883 24-Jan-2024 14:12

tdgeek:

In fact wasnt it mainly global inflation that is reducing? Locally just seasonal fruit and vege? No influence on both from him

Yep, we have little or no control over many of the major factors that cause inflation.

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ockel

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#3185924 24-Jan-2024 16:36

quickymart:

Don't forget the cancellation of the clean car scheme, as apparently that was a bad policy too...just reduced greenhouse emissions by a lot.

https://www.1news.co.nz/2024/01/23/transport-minister-says-clean-car-discount-costs-outweigh-benefits/

PS: I really, really don't like Simeon Brown.

The RIS was pretty damning. It was hard to find anything positive in the Statement.

There are difficulties in achieving a financially sustainable and self-financing
scheme
There are ongoing concerns about the equity and fairness of the scheme.
The scheme is likely to become less effective over time in increasing the uptake
of EVs above business as usual.
Changes to the scheme’s charges and rebates are causing inadvertent costs and
risks.

The best headings in the RIS: The Clean Car Discount is not a long-term policy and Discontinuing the Clean Car Discount creates an opportunity to improve the policy response

Adding to melee is the admission that MoT couldnt distinguish between the effects of the CCD and the CCS.

And to say that it was going to reduce greenhouse gases by a lot is almost farcical. The cumlative kT saved from the CCD for the period 2022-2050 is 1588. Thats 56kT per annum (or 1/4th of AirNZ's annual emissions). As has been pointed out NZ Steel generates 1588kT of C02 equiv emissions per annum. The CCD is merely a scratch on reducing greenhouse emissions. But great virtue signalling.

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#3185926 24-Jan-2024 16:41

tdgeek:

In fact wasnt it mainly global inflation that is reducing? Locally just seasonal fruit and vege? No influence on both from him

NZ has higher annual inflation than its peers. Our imported inflation was 3%. Our domestic inflation was 6%. Years of undisciplined Govt spending have fueled domestic and wage inflation. Got to get that under control before the RBNZ can do anything about the OCR. Hopefully the rest of the worlds better economic management will see other central banks cut rates feeding into lower wholesale funding and bring the swap rates down that way. But its a long bow to draw.

ockel

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#3185977 24-Jan-2024 16:49

GV27:

RBNZ have suggested more generous DTIs for investors than owner occupiers.

Were I Finance Minister, I would be seeking an urgent 'please explain'.

the RBNZ is not and never has been concerned with different classes of home ownership (and yet we remain at about our 94 year average for % of home ownership). The DTI is about prudential risk and financial stability. In that its supposed to be a more nuanced LVR. If you read the discussion document theres analysis on the financial stress levels of FHB, OO (with and without investments) and investors. And why its proposing moving to DTIs.

If there was any concern the political topic of who owns homes then the RBNZ could classify all investment properties as commercial properties and use leverage ratios and ICRs that meet similar leased period properties. But thats not their problem.

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#3185982 24-Jan-2024 17:03

ockel:

The best headings in the RIS: The Clean Car Discount is not a long-term policy and Discontinuing the Clean Car Discount creates an opportunity to improve the policy response

It was never intended to be permanent.

The whole point of it was that it would discourage the purchases of anything except EVs until such time as the market had turned sufficiently. That point has not yet been reached. The turning point could perhaps have been reached and the scheme ended much sooner if the previous government had announced a ban on ICE imports from some reasonable future date - 2030, maybe 2035. But they stopped short (and even if they had, this NAFT government would have repealed it immediately too).

For example, NAFT said they wanted to get rid of it in part because farmers were unfairly penalised because they had no alternatives. So, clearly, a thumb on the scale is still warranted. Now there is no pressure for Ford or anyone else to bother attempting to import EV utes into New Zealand. If the government was truly worried that farmers - who already pay tens of thousands less for their utes than you or I do because they can claim it as a business vehicle - could not afford the small fee, they could have instead arranged for waivers rather than killing the scheme outright.

If it wasn't paying its way, it could - and had a built-in review mechanism to do so - adjust the fees & rebates to keep it paying for itself. As to fairness; as others have already pointed out in this and other threads, taxes are not necessarily meant to be fair. They are meant to drive a societal outcome. In this case: the turnover of the fossil fueled vehicle fleet into EVs. Today's new EV is tomorrow's second-hand EV.

It is impossible to argue the scheme didn't work. It worked so well we already had the first adjustment of the fee-rebate structure. EV sales skyrocketed as a result of it. Who knows what will happen now. But repealing it sure won't help get us new classes of EV.

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ockel

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#3185983 24-Jan-2024 17:07

freitasm:

Same. The way they talked the previous government caused inflation and house prices upward trends.

The way I see they have done nothing so far that benefits the general population. Not a bit.

More smoking, higher home loan rates. less medicine allowances.

Not a government for the people.

Even before the legislation was due to take effect NZ smoking rates have fallen from 8.6% in 2021/22 to 6.8% in 22/23. And only 3% of under 25's smoke (which is lower than the Smokefree 2025 threshold). If the status quo has our rates falling such that ASH see us on track to hit the Smokefree 2025 target where do you see the catalyst for more smoking coming from given repealing the new act only maintains the status quo of the last few years?

https://www.ash.org.nz/smoking_rate_continues_record_decline_to_only_6_8_daily_use_m_ori_and_pacific_rates_are_also_reduced

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#3185994 24-Jan-2024 17:26

ockel:

Even before the legislation was due to take effect NZ smoking rates have fallen from 8.6% in 2021/22 to 6.8% in 22/23. And only 3% of under 25's smoke (which is lower than the Smokefree 2025 threshold). If the status quo has our rates falling such that ASH see us on track to hit the Smokefree 2025 target where do you see the catalyst for more smoking coming from given repealing the new act only maintains the status quo of the last few years?

https://www.ash.org.nz/smoking_rate_continues_record_decline_to_only_6_8_daily_use_m_ori_and_pacific_rates_are_also_reduced

Counterpoint: if rates are falling so fast that we don't need it, what was there to be gained by becoming an international laughing stock by repealing it?

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#3186001 24-Jan-2024 17:52

Luxon at Rātana:

He says whether Seymour is hiding from debate is a question for Seymour.

"We don't all have to agree, we don't all have to have the same answer, we don't have to sound the same, we don't have to speak the same, in fact if we do that we've got a different set of problems."

No, not buying it. You not only got into bed with ACT but you explicitly agreed in writing to go down this particular path.

There is a simple way out of the trap, but until you take it, Seymour is a minister in your cabinet and his dog whistling* is your responsibility.

*Is it even dog whistling at this point?

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#3186135 24-Jan-2024 20:22

ockel:

NZ has higher annual inflation than its peers. Our imported inflation was 3%. Our domestic inflation was 6%. Years of undisciplined Govt spending have fueled domestic and wage inflation. Got to get that under control before the RBNZ can do anything about the OCR. Hopefully the rest of the worlds better economic management will see other central banks cut rates feeding into lower wholesale funding and bring the swap rates down that way. But its a long bow to draw.

There are no peers, every country is different. How big is NZ? Half the size of a number of cities I have visited.

Food and rents are a significant part of CPI. Weather events hit hard, now thats eased. Rents will only go up. I forget th term for inflation where businesses inflate their prices 1. as everyone knows there is inflation so we will increase prices as thats "normal now". 2. I been hit hard over the Covid downturn so to recover lost profits I will keep prices up (no issue with that)

Once NAF slash Govt spending I guess inflation will plummet? Cool...

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#3186137 24-Jan-2024 20:25

SaltyNZ:

Counterpoint: if rates are falling so fast that we don't need it, what was there to be gained by becoming an international laughing stock by repealing it?

He is just defending the Realm

tdgeek

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#3186138 24-Jan-2024 20:27

SaltyNZ:

No, not buying it. You not only got into bed with ACT but you explicitly agreed in writing to go down this particular path.

There is a simple way out of the trap, but until you take it, Seymour is a minister in your cabinet and his dog whistling* is your responsibility.

*Is it even dog whistling at this point?

It got votes so sorted. No voting for 3 years, sorted. Problems??? No votes for 3 years so sorted. Cynical but true

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#3186181 25-Jan-2024 04:28

SaltyNZ:

GV27:

The legislation change requiring RBNZ to focus on inflation was the right call IMO. That's a good step, bringing employment into it was at odds with the core function of managing inflation.

Praise Luxon for his visionary leadership; inflation continues to fall. Apart, mainly, from housing costs which his immigration policy is helping to drive up.

What are the changes to immigration policies that have been made under this government?

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