Posts Tagged ‘ Bill English ’

Politicians miss the point over Bank profits

It’s not surprising the main banks are raking the money in. We’ve had high interest rates for years now, and the majority of the lending (mortgages) is locked in on long term loans that will see the profits roll in for some time to come.

Banks here have also been fairly careful about lending and have moved swiftly to call in any dodgy looking mortgages.

I’m guessing that the Reserve Bank Governor and Bill English are playing to the public gallery when they make nosies about being “disappointed” banks are not passing on the lower interest rates.

It’s all about pretty basic economics, supply and demand.

There is still a strong demand for mortgage lending, strong enough for the banks to not have to compete too strongly with each other for customers, and this is why interest rates are not falling. If the actual pool of mortgage customers had shrunk to the point that the main banks were fighting each other for custom, then you can be sure that rates would be a lot lower. Unfortunately the only way this will happen is if the housing market collapses completely and buyers dry up, and so far this hasn’t happened. There are still enough people out there who can ‘afford’ to pay the high rates and meet the stricter lending requirements for mortgages.

Until the demand drops, Bill English and Alan Bollard can whine all they like, but things won’t change as Banks don’t have to budge. Naturally both of them know this, well, you’d hope they understand this, which is why this is all nice headline material for the MSM.

If the MSM wasn’t so lazy and allowed Politicians to write their stories for them, what they would be doing is calling out the Banks over what they are doing with the profits and why they needed to shed staff so quickly. They could also ask why the ANZ Chairman was tooling around the Pacific being treated like royalty in a corporate jet while the bank was crying poor and laying off staff. They could also be doing a bit more digging on how the ANZ is screwing it’s customers over with the ING scam, where it put customers money into high risk investments, telling them it was low risk. Those events would make for a far more interesting stories.


Air NZ CEO now running Finance Ministry – Bill English to resign


I know you want tax cuts up here, but this is where I say they should be, down there!

I see Rob Fyfe has decided that he’s got enough time on his hands to start making comments about Government Tax Policy.

I’m going to assume this is the same Rob Fyfe who has presided of Air NZ’s latest impressive profit announcement? The one where profit fell 84%. Apparently Air NZ hope to “pull up” from this, but on the other hand, Rob probably won’t sweat it too much because as the tax payer owns Air NZ if things get really messy then he can ask the tax payer for a bail out.

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Bill English appologises… for what?

I see Bill English has apologised for “not choosing his words well” (which sounds dangerously like saying you’ve ‘miss-spoke’).

This is just dumb, I don’t know what he needs to apologise for, nothing he said would surprise any National supporter, or for that matter anyone currently planning to cast their vote for National.

There isa hell of a lot that needs to be sorted out, and I thought he showed that he was remarkably in tune with a lot of NZders thinking on things like ‘Working’ for families (I’ll work for your family). People I talk to are completely pissed off with what amounts to a shameless electoral bribe with their taxes contributions. The fact that English said it would be looked at (Christ, he didn’t even say there was a policy) should give hope to those of us who are sick to death of working 60+ hour weeks only to Auntie Helen and Uncle Mike raid my pay and redistribute it to a bunch of their voters.

The RMA is clearly a joke, when I have to pay more in fees to the Council that the cost of the project, and a few farmers wanting to get cashed up can stop the cables to supply electricity to a city housing a third of the population there is something seriously wrong.

You could just as easily turn the argument (made by the Left) around and say he didn’t really say National were going to do anything concrete and really he was playing it up for the audience (which seemed to include someone from the Labour Party). In fact National might be going to “look at” a lot of things, which means bugger-all when you think about it. Hell, I’m “looking at” buying an Aston Martin, there’s just the small problem of money.

The suggestions that there is some “secret agenda” are getting tiresome. It seems that all Helen can do in the absence of any meaningful policy of her own is guffaw in her deep manly way, and bang on about how National are running a massive secret agenda… from their top secret base hidden in the depths of Rangitoto run by sneaky secret undercover agents and financed by secret organisations so secret Helen would have to kill you if she revealed who they were… and so on. Now that it is clear that Labour’s super special secret weapon against National the EFA has failed, next we’ll be hearing about how Helen and Mike have sent the SAS (the SFO now being disbanded) to find the naughty secret base where National is hatching a secret plans.

If National want my vote they had better be planning at “looking at” the Working for Families policy, and I’d bloody well hope they would be looking at planning to ditch Kiwi Bank which, everyone seems to have forgotten, was Jim Anderson’s pressie for supporting Labour. WTF is the Government running a freaking Bank for, haven’t they got more important things to do??? While they are at it, Air NZ, Kiwi Rail, Orcon, NZ Post and another business they’re involved in as well. If National want to seek a mandate from the Electorate for privatisation next election I suppose that’s a good idea, and they’ve made it pretty clear that’s the plan.

No, it’s not Bill English who should be apologising, it’s Mike and Helen, they created this mess.

Labour are clearly in complete panic mode, and I would imagine Miss Clark will find plenty more things “hilarious” over the coming months, one of them being the “crazy” way her poll ratings are plummeting!

Recognising Reality

Bill English has released a tiny bit of National’s policy relating to a probation period for employees…

The policy, which will apply to businesses with fewer than 20 workers, allows employers to dismiss staff in the first three months without risking a personal grievance claim for unjustified dismissal.

I can see why National is leaving it’s policy releases until the last minute. Anything, no matter how insignificant is being met with howls of exaggerated outrage by Labour’s proxy campaign assistants – the Unions, and Labour’s hysterical labelling of the policy as a “Charter of Abuse” is such a silly over-reaction.

The policy to formalise what businesses already do – getting rid of unsuitable staff – is probably a sensible move. It recognises reality, some people might seem fine in their interview, but don’t fit into your team, or for any number of reasons just don’t work out. It cuts both ways because some employees leave if they don’t like the job and employers can’t sue them for the costs of employing them or the lost opportunity if they had found someone else. 

It’s fairer on employees and employers that there is a formalised probationary period. At least both parties know what they are walking into. Some employers won’t have a probationary period, some will. Let’s face it, I’ve had a few jobs where the employer made it pretty clear that I was on trial, and that’s just common sense. Why should an employer be stuck with someone unsuitable for the job?

Some employers will behave unfairly towards employees, no amount of legislation will prevent this as there are ways around the law, and the few who do miss-treat employees find themselves in employment court which is as it should be. But these bad employers are a minority, the majority will on balance attempt to be fair with their employees.

On the other side there are also a small minority of employees who are either unreliable or clearly unsuitable for a particular job and business is not a government run welfare agency and they shouldn’t be forced to continue to employ an unsuitable or hostile employee.

No system is perfect and this sensible tinkering with employment law should not be written off just because Labour has mobilised Unions to shriek and scream their heads off.

Here’s a photo of the most hard working Minister Auckland’s ever had, burning the Employment Contracts Act (which by and large has managed to remain intact through Labour’s term in power)