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@JC The current JBP will seem a mere bagatelle compared to the totality of spending announced today.
Cindy has said it's going to JOBS, JOBS, JOBS but hasn't be able to resist throwing it words like diversity, equity, sustainability and carbon footprint.
I reckon there will be something to piss everyone off
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@JC said in NZ Politics:
Budget Day. Let's see what Robertson is made of. Personally I just hope he reallocates the Shane Jones Bribery Pot. There are better things he could be doing with that money right now.
That, and the 'fee free' tertiary would be the first two on the block if I were your benevolent dictator.
Quickly followed by a massive infrastructure spend, temporary lifting debt caps for COuncil (or loaning them money at Crown rates and not counting it on the balance sheets). Deficits here we come - but temporarily.
I would not be trying to pick winners in industry. People will figure those out and risk their own money/effort once the framework is clear. I do not think this is what we'll see. I think we will see some industries being picked to succeed, and others being abandoned. I do not think this will end well.
here's hoping!
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@nzzp said in NZ Politics:
@JC said in NZ Politics:
Budget Day. Let's see what Robertson is made of. Personally I just hope he reallocates the Shane Jones Bribery Pot. There are better things he could be doing with that money right now.
That, and the 'fee free' tertiary would be the first two on the block if I were your benevolent dictator.
Quickly followed by a massive infrastructure spend, temporary lifting debt caps for COuncil (or loaning them money at Crown rates and not counting it on the balance sheets). Deficits here we come - but temporarily.
I would not be trying to pick winners in industry. People will figure those out and risk their own money/effort once the framework is clear. I do not think this is what we'll see. I think we will see some industries being picked to succeed, and others being abandoned. I do not think this will end well.
here's hoping!
I'm ambivalent on the big infrastructure projects. In the short to medium term they may not provide much stimulus, as it's typically consultants who get to latch onto the tit first. I'm not sure how much it helps stimulate the economy to give a KPMG partner some more money to put straight onto a term deposit.
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@Paekakboyz Consultants will always find a way to clip the ticket. And holding an initiative still for a while so you get more than one clip is a specialty in its own right.
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@JC said in NZ Politics:
@nzzp said in NZ Politics:
@JC said in NZ Politics:
Budget Day. Let's see what Robertson is made of. Personally I just hope he reallocates the Shane Jones Bribery Pot. There are better things he could be doing with that money right now.
That, and the 'fee free' tertiary would be the first two on the block if I were your benevolent dictator.
Quickly followed by a massive infrastructure spend, temporary lifting debt caps for COuncil (or loaning them money at Crown rates and not counting it on the balance sheets). Deficits here we come - but temporarily.
I would not be trying to pick winners in industry. People will figure those out and risk their own money/effort once the framework is clear. I do not think this is what we'll see. I think we will see some industries being picked to succeed, and others being abandoned. I do not think this will end well.
here's hoping!
I'm ambivalent on the big infrastructure projects. In the short to medium term they may not provide much stimulus, as it's typically consultants who get to latch onto the tit first. I'm not sure how much it helps stimulate the economy to give a KPMG partner some more money to put straight onto a term deposit.
Plenty of smaller consultancy firms get advisory gigs on these projects also, especially when projects go to competitive tender with 2-3 bidders. And even KPMG have suffered through this , they laid off staff and pushed pay cuts down to their staff, even at lower levels.
Infra may be slow moving, but you have to start it sometime and there are definite repercussions when you delay the spend.
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from what I have heard MOE, DOC MOE have had projects in the wings for months, but are now being pushed out in order to get them under way
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• $50 Bill of COVID spending – 30 of this has been already spent but key points of the remaining $20 Bill are:
• Wage subsidy has been extended by a further eight weeks for the worst-hit businesses. From 10 June, firms which can prove their revenue has halved over the previous 30 days compared to the year before will be eligible.
• A $150 Mill short-term loan scheme to incentivise businesses to continue research and development programmes which might otherwise be shut down.
• NZ Trade and Enterprise gets $216 Mill to support exporters
• $400 Mill for a domestic tourism campaign and support to support tourism businesses plan their next steps
• $1.1 Bill aimed at creating 11,000 jobs in pest control and wetland restoration.
• Kāinga Ora will borrow an estimated $5 Bill to pay for the building of 8,000 new state houses over the next four to five years. The Budget sets aside another $570 Mill in rent support for this project. The homes will include about 6,000 public houses and 2,000 transitional homes
• To date nearly 2,000 applications for funding of $12 Bill of shovel ready projects announced pre COVID. The Budgets adds a further $3 Bill to this pot, making a total $15 Bill available for infrastructure projects. The govt will decide soon which projects will get the go ahead
• Investment in rail has also been bumped up $1.2 Bill to reach $4.6 Bill
• Trades training for critical courses - such as building, construction and agriculture - will be made free for all ages over the next two years to help retrain people who've lose their jobs
• $1.6 Bill will go to the Trades and Apprenticeships Training Package which will help companies retain their trainees
• Of this $276 Mill will go towards setting up Workforce Development Councils and Skills Leadership Groups to monitor the job market around the country and plan for recovery.
• $32 Mill will go towards foodbanks and other community food services
• A $36 Mill fund has been set up for community groups who support Māori, Pacific, refugee and migrant communities to draw from
• $220 Mill over two years to grow the school lunch scheme from 8,000 students to about 200,000 by the middle of next year
• $56 Mill to the "Warmer Kiwi Homes" scheme to cover 90 percent of the costs of insulation or heating retrofit for low-income households in an estimated 9,000 homes
• As previously announced DHB’s will get an extra $3.92 billion over four years and a one-off $282.5 Mill to catch up on elective surgery after the lockdown
• $150 Mill over four years on pay equity settlements for Early Childhood Centre staff – also previously announced.
• $1.77 Bill for Defence
• $900 Mill support package for Māori, including $200 Mill employment package and $400 Mill increase to education
• $833 Mill to go towards disability support services
• $400 Mill to replace Interislander ferries
• Govt faces at least seven years of budget deficits and historically high debt, as it borrows to cushion the economy from the pandemic. The deficit will hit around $29 billion over the next two years before easing back to around $5b in 2024. Govt revenue is not expected to recover to pre-virus levels for two years, while expenses are forecast to be more than a third higher. Therefore borrowing a total of $190 Bill over the next four years, lifting govt debt to 54% of GDP. Treasury forecasts have debt above 40% through to the mid-2030s. -
• More than a year of deep recession is forecast , followed by a solid recovery as restrictions are lifted. Treasury predict growth will shrink by a quarter in the three months ended June, dragging the annual growth rate to minus 4.6 percent. It will contract a further 1% next year before jumping to 8% in 2022 falling to 4 in 2223 and 24.
• Unemployment will hit 10% in Q2 before declining to 5 over two years -
@Tim said in NZ Politics:
@dogmeat said in NZ Politics:
• $1.77 Bill for Defence
Any details on this item?
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@JC said in NZ Politics:
Budget Day. Let's see what Robertson is made of. Personally I just hope he reallocates the Shane Jones Bribery Pot. There are better things he could be doing with that money right now.
"Bribery pot" got reallocated at the start of it.
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@JC said in NZ Politics:
@Godder Thanks, I didn’t pick that up. I never did understand why anyone would trust a man who hired a jet and paid for porn on the public dime with a discretionary fund.
Was part of the terms of Winnie's mob installing team Cindy into power. They gave them everything they asked for
NZ Politics