Written By:
- Date published:
6:00 am, August 3rd, 2025 - 23 comments
Categories: open mike -
Tags:
Open mike is your post.
For announcements, general discussion, whatever you choose.
The usual rules of good behaviour apply (see the Policy).
Step up to the mike …
Today's Posts (updated through the day):
https://www.stuff.co.nz/business/360777776/big-money-changes-impacting-your-kiwisaver-savings-account-and-even-grocery-bill
If your wealthy and sorted you and you partner could have $1 million spread across 5 banks and would be fully government gaurenteed in the event of a crash, if you're a battling solo with $50 k in Kiwisaver you're on you're own you bottom feeding looser!
And. Doesn't apply to Kiwisaver!
Think that's putting a bit too cohesion to distinct financial changes.
The deposit guarantee is a good idea because in the event of a bank emergency it's likely for deposits to be guaranteed anyway. This way the terms of that are setup up front rather than at the time. If you remember the finance company bail outs it was determined that many deposits would be protected including some extremely risky ones which basically looked like high risk investments (and paid accordingly).
Thats also why kiwisaver is not protected as it's supposedly invested with some risk. Banks (as opposed to kiwisaver funds) undergo a much higher level of scrutiny to justify this difference.
Kiwisaver is not covered even if your savings are in cash accounts ,
Even these extremely conservative 'cash accounts' which invest in cash like securities are investments. The difference compared to a bank account is that withdrawals are not expected to be immediately released on demand. That is what the deposit guarantee is responding to, it's so called bank runs where deposits get withdrawn rapidly but the bank can be never the less in good financial standing longer term.
It may be helpful to understand the deposit guarantee is functionally the same as 100% reserve banking. Effectively up to the first 100K of each deposit account is insured by the RBNZ which means it can always be withdrawn because central bank funds to complete a withdrawal will always be available. But it's a guarantee that payments won't interfere with financial stability. It's not a guarantee on investments against losing money. There are also differences in the regulation of KiwiSaver institutions compared to banks involved in this distinction.
You will note bank associated KiwiSaver providers are maintained as separate businesses.
"ANZ Investments is not an authorised deposit-taking institution under Australian law and investments in the schemes are not deposits in or liabilities of ANZ Bank New Zealand Limited"
KiwiSaver and investments | ANZ
My understanding is the government guarantee is only $150k per bank,,,,,so spreading over 5 banks would only protect $750k of the million.
An anecdote from the wards during the nurse's strike.
Nurses that were on the ward to provide Life Preserving Services were told, by their union rep, to take a patient list as the management weren't able to find staff (usually management, doctors etc) to cover during the twenty-four hours of the strike.
This was one persons version of events but if it's near accurate it shows the perilous state of our health system.
It is hard to diss the union rep as that is a thankless task in this environment. Culturally, politically and generationally the unions are a bit irrelevant.
At Mid-Central on the eve of the strike, there were several IT systems down. They had been disrupted through the day, so the call went out at 9pm that the strike was off.
Then an hour later the strike was back on.
There is a perverse irony that the strike was about under resourcing of our health system and yet the strike was called off arguably because of under resourcing in IT.
White knight rides off to tilt at US windmill:
Oh, you mean not so aggressive then? You mean on bended knee, cap in hand? I advised Lux (onsite here months ago) to use that Nat feller who grabs people and tells them what to do, think his name is Bayly. Trump reciprocates well with aggressive style.
Oh, I get it. Lux thinks Trump wants a level playing field, which the tarriffs will create. Normalcy addicts will freak out big-time: un-level playing fields are a security blanket which their 2-year old toddler minds will frantically cling onto.
Yet Lux is right to reprimand Trump for being blunt and late. "Dude, you need to shoot from the hip, real fast and accurate, understand?" Trump will go "Duh! Thanks, I get it now." Since Lux has decided to use a hot Toddy to deliver his message rather than Bayly, one can only imagine how the tilting or pleading will get done.
NZ should impose 15% on US goods coming here. But Luxon won't do this because his coalition is Trumpian in character.
Some scope here for Labour to wade in here and get some votes….except Hipkins is similarly useless.
That reciprocity angle seems crucial. Did you notice how the EU head last week shook Trump's hand on their deal (same 15%) without declaring that the EU would reciprocate? I've been pondering that. Months ago the initial reaction when T first declared his tariff initiative, Carney & EU & Britain all declared their intent to reciprocate. I kinda expected them to do so – as if intentions produce action.
On a personal level, I am refusing, as much as possible, to buy anything sourced from the USA.
A small effort, but it gives me satisfaction.
We recently installed solar panels and a storage battery – I declined the Teslar one in favour of the BYD model.
Nice one Tony. (Tesla btw)
Out of curiousity, did you use a NZ made inverter?
Folks here can be reassured that the ole U of A hasn't succumbed to fogeyism:
That there summation hits all the key dimensions accurately. Spot on. Everyone involved with creating this portal can take a bow, I reckon. From someone normally critical of academics, I have to concede the ancient institution is up to speed on the topic.
Trump does Orwell, but how well? https://edition.cnn.com/2025/08/02/politics/the-trump-administration-takes-a-very-orwellian-turn
The display artist will freak out: "Hey, somebody stole my evidence!"
Oh, so T thought they were making him hog the limelight, and he complained that he wanted to share it with other offenders. Recalling Orwell as leftist volunteer fighting fascism in the Spanish Civil War, could be unlikely he's all that keen on Trump being promoted as Orwellian: "Hey God, that CNN writer is trying to destroy my reputation! Can you please fire a lightning bolt at him?" (mutters "Goddam leftists!")
National Party voters, members, MPs, and ministers might be thick and evil but they do have a memory.
Housing and particularly lack of it – homelessness and rough sleeping – was the reason they were thrown out in 2017. Being naturally mean and uncaring, homelessness was a real weakness for them. It took 5 or 6 years of the Jong Khee government to get to that place but Luxton has managed the same headlines in 18 short months.
Alarm bells are ringing and this is why Bishop is back peddling hard on their punitive emergency housing policy where they attempted to push addictions, mental health problems, and desperation onto vulnerable families instead of acting like a responsible caretaker.
Useless Māori number three, uncle Tom Potaka, should resign for the gaslighting and denial he has indulged in over the last few months in the face of skyrocketing rough sleeping and lack of access to safe shelter.
They, the National Party, seem wilfully ignorant their social policy has led to social damage, but because the public refuse to buy their claims of innocence they are now terrified.
https://www.nzherald.co.nz/nz/politics/govt-reluctantly-open-to-policy-backdown-as-it-seeks-urgent-advice-amid-rough-sleeping-rise/YBIB42QWG5DFZKIEX3FUOARTNI/
Bish seems to be using public service advice. I realise this is hard to believe so I offer this quote as semi-plausible evidence:
A 90% increase in homelessness is impressive though. I'm surprised that Luxon hasn't credited such an impressive growth rate to our neolib economy: "Hey look everyone, 90% growth in the product of the system! Way cool, eh?"
https://www.nzherald.co.nz/nz/politics/govt-reluctantly-open-to-policy-backdown-as-it-seeks-urgent-advice-amid-rough-sleeping-rise/YBIB42QWG5DFZKIEX3FUOARTNI/
Careful now NZ Doctor – pointless jiggery-pokery is ACT’s bread and butter, and marmite.
Convicted criminal half-wit f*ckwit Damien Grant contradicts himself in record time:
But:
https://www.stuff.co.nz/politics/360777893/damien-grant-hauling-fonterra-ceo-front-finance-minister-was-political-theatre
socialism. A bank run by the state to achieve the government’s economic and political agenda.
Operating as a model of capitalism too. Why did I have my money in it for more than a decade? To support it as a scheme that blended those isms. I was with the ASB in Ak earlier and am with the TSB here later. So I guess you could toss patriotism into that mix as well. Gosh, makes me seem rather too much like a typical kiwi. Just a phase.
Quacks like a Nazi….
/
Resist 🕎🍉
@antizionistjew.bsky.social
“Kill them, exterminate them… just like using a lice comb.”
Last night on i24, Shimon Elkabetz — chairman of the Israel Film Council — openly urged the mass slaughter of Palestinians in Gaza.Genocide isn’t hidden.
It’s broadcast.
https://bsky.app/profile/did:plc:g7kxqt27egjyqaw4l7ugg4dv/post/3lvgeppwcrs22?