Our PM Jacinda Ardern (and the government)

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5885 posts

Uber Geek

#2916242 20-May-2022 06:35

Treasury forecasting inflation to stay above 5% until 2024 but no alignment of the tax brackets. 20% over the next four years, but the Government isn't going to let people keep the money they get in pay rises to keep up with living costs.

JPNZ

1520 posts

Uber Geek

#2916308 20-May-2022 08:29

GV27:

Treasury forecasting inflation to stay above 5% until 2024 but no alignment of the tax brackets. 20% over the next four years, but the Government isn't going to let people keep the money they get in pay rises to keep up with living costs.

This is the main news for me, If you think prices are bad now can you imagine what living costs are going to be like for the next 24 to 36 months? Now with a 0.50 point hike almost guaranteed next week to lift the OCR to 2% does anyone want to have a guess how much further the OCR and Interest rates are going to have to climb through 2023 and 2024 to try keep inflation under 3%?

Westpac is saying the OCR will reach 3.5% by December 2022 some saying it could even get to 4%. Its going to be very interesting to see how high Interest rates are going to be by year end.

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GV27

5885 posts

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#2916319 20-May-2022 08:57

JPNZ:

This is the main news for me, If you think prices are bad now can you imagine what living costs are going to be like for the next 24 to 36 months? Now with a 0.50 point hike almost guaranteed next week to lift the OCR to 2% does anyone want to have a guess how much further the OCR and Interest rates are going to have to climb through 2023 and 2024 to try keep inflation under 3%?

Westpac is saying the OCR will reach 3.5% by December 2022 some saying it could even get to 4%. Its going to be very interesting to see how high Interest rates are going to be by year end.

The terrifying thing is if we don't hike interest rates because we're worried about nuking spending and other countries do, then our dollar goes backwards and we end up importing more inflation because of our lower dollar.

networkn

Networkn
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#2916368 20-May-2022 10:02

1101:

' cost of living payment of $350 for two million people '

A bribe ?
Surely the better way would have been some sort of tax cut on petrol , or lowering of tax rate for low incomes.
tax then giving it back, is just wasting money in the shuffle .

Disappointing if thats what the best minds come up with .
Any news on how that payment is going to be implemented ? ie how will it actually be paid .

When I read this I was genuinely shocked. Treasury apparently strongly recommended against it. Economists this morning are panning it.

Treasury is one source of recommendations, but the number of times they have ignored their recommendations and it's bitten NZ in the backside aren't low.

Basically, it feels like they are kicking the 'hard things' down the road, probably for someone else to deal with.

It feels like a bribe to me.

JPNZ

1520 posts

Uber Geek

#2916370 20-May-2022 10:10

networkn:

When I read this I was genuinely shocked. Treasury apparently strongly recommended against it. Economists this morning are panning it.

Treasury is one source of recommendations, but the number of times they have ignored their recommendations and it's bitten NZ in the backside aren't low.

Basically, it feels like they are kicking the 'hard things' down the road, probably for someone else to deal with.

It feels like a bribe to me.

As treasury quite rightly pointed out, helicoptering in $814 million is only going to add to Inflation. Government didn't listen and went ahead anyway

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elpenguino

3389 posts

Uber Geek

#2916371 20-May-2022 10:11

networkn:

1101:

' cost of living payment of $350 for two million people '

A bribe ?
Surely the better way would have been some sort of tax cut on petrol , or lowering of tax rate for low incomes.
tax then giving it back, is just wasting money in the shuffle .

Disappointing if thats what the best minds come up with .
Any news on how that payment is going to be implemented ? ie how will it actually be paid .

When I read this I was genuinely shocked. Treasury apparently strongly recommended against it. Economists this morning are panning it.

Treasury is one source of recommendations, but the number of times they have ignored their recommendations and it's bitten NZ in the backside aren't low.

Basically, it feels like they are kicking the 'hard things' down the road, probably for someone else to deal with.

It feels like a bribe to me.

I suggest the best way to help people who dont have enough money........is to simply give them money.

Suggesting petrol tax cuts etc will not help those who dont drive and would probably take longer to enact as it might require a change to tax law etc.

Give people the money and let them decide what they need to spend it on, be that food, power or what have you.

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

sen8or

1778 posts

Uber Geek

#2916373 20-May-2022 10:16

networkn:

1101:

' cost of living payment of $350 for two million people '

A bribe ?
Surely the better way would have been some sort of tax cut on petrol , or lowering of tax rate for low incomes.
tax then giving it back, is just wasting money in the shuffle .

Disappointing if thats what the best minds come up with .
Any news on how that payment is going to be implemented ? ie how will it actually be paid .

When I read this I was genuinely shocked. Treasury apparently strongly recommended against it. Economists this morning are panning it.

Treasury is one source of recommendations, but the number of times they have ignored their recommendations and it's bitten NZ in the backside aren't low.

Basically, it feels like they are kicking the 'hard things' down the road, probably for someone else to deal with.

It feels like a bribe to me.

I don't think a one off $350 payment is really going to make a significant difference. It may be a temporary pressure release for some (and who says no to "free money"), but as its being paid out over 3 months, it'll really just be absorbed into peoples bank accounts and quickly forgotten about. I was irked somewhat at a comment I read in an article this morning "at $25/wk, its not even an uber eats delivery" - self entitled prat comment if ever there was one, but I get the sentiment.

At lease Robertson acknowledged that giving away free money had the potential to fuel inflation and he was cognizant of not wanting to add to it too much.

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GV27

5885 posts

Uber Geek

#2916374 20-May-2022 10:17

elpenguino:

Give people the money and let them decide what they need to spend it on, be that food, power or what have you.

Take this a step further and let them keep their own money instead of taking it from them in the first place, only to just give it back.

sen8or

1778 posts

Uber Geek

#2916375 20-May-2022 10:17

elpenguino:

I suggest the best way to help people who dont have enough money........is to simply give them money.

Suggesting petrol tax cuts etc will not help those who dont drive and would probably take longer to enact as it might require a change to tax law etc.

Give people the money and let them decide what they need to spend it on, be that food, power or what have you.

Whats the quote - give a man a fish and you feed him for a day......

elpenguino

3389 posts

Uber Geek

#2916377 20-May-2022 10:22

sen8or:

elpenguino:

I suggest the best way to help people who dont have enough money........is to simply give them money.

Suggesting petrol tax cuts etc will not help those who dont drive and would probably take longer to enact as it might require a change to tax law etc.

Give people the money and let them decide what they need to spend it on, be that food, power or what have you.

Whats the quote - give a man a fish and you feed him for a day......

So you're suggesting free boats?

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

elpenguino

3389 posts

Uber Geek

#2916379 20-May-2022 10:23

GV27:

elpenguino:

Give people the money and let them decide what they need to spend it on, be that food, power or what have you.

Take this a step further and let them keep their own money instead of taking it from them in the first place, only to just give it back.

We have to cycle the money through the tax system otherwise we'd have payroll clerks deciding if the government gets paid or not.

Remember novapay?

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

elpenguino

3389 posts

Uber Geek

#2916383 20-May-2022 10:30

sen8or:

I don't think a one off $350 payment is really going to make a significant difference.

I would suggest if you think that, you're not the target audience.

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

GV27

5885 posts

Uber Geek

#2916387 20-May-2022 10:36

elpenguino:

We have to cycle the money through the tax system otherwise we'd have payroll clerks deciding if the government gets paid or not.

Remember novapay?

I'm quite sure what you're getting at here - I'm unsure what payroll clerks have to do with adjusting the tax brackets for inflation instead of continuing the bizarre cycle of the government taking more from citizens than they can afford to have taken from them.

sen8or

1778 posts

Uber Geek

#2916402 20-May-2022 11:10

elpenguino:

sen8or:

I don't think a one off $350 payment is really going to make a significant difference.

I would suggest if you think that, you're not the target audience.

You're right, I'm not the target audience, in this case I'm one of the donors, but common sense and life experience would tell you that a short term fix doesn't solve a long term issue

invisibleman18

1356 posts

Uber Geek

#2916405 20-May-2022 11:20

sen8or:

You're right, I'm not the target audience, in this case I'm one of the donors, but common sense and life experience would tell you that a short term fix doesn't solve a long term issue

Pretty much. It will be quickly absorbed into a grocery shop or power bill in each of those 3 months which will no doubt help some people at the time, but then what?

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