Green party co-leader won't apologise for remarks in House
Green Party co-leader Chlöe Swarbrick has no plans to apologise for her remarks in the House on Tuesday. Political reporter Giles Dexter spoke to Tuwhenuaroa Natanahira.
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Your money might be invested in Gaza weapons, investment platform says
Smoke billows from Israeli strikes in Rafah in the southern Gaza Strip in May, 2024. Photo: AFP The amount of KiwiSaver money invested in weapons companies has increased 40.9 percent this year, a responsible investment platform says. Mindful Money founder Barry Coates said many New Zealanders might be unpleasantly surprised that their money was being invested in companies producing weapons that could be used in conflicts such as that in Gaza or the Ukraine. Mindful Money calculated that KiwiSaver investments in weapons companies are now worth $392.4 million. It said New Zealand investment in the production of weapons used in Gaza, through KiwiSaver and retail investment funds, totalled $71.9 m. Coates said the increase reflected a broader increase in activity in the defence industry around the world. "I think most of the increase is the chase for short-term profits - wars are good for business if you're a weapons company. "There's been an increase in investment in many of these companies that stand to benefit from sales to Gaza or via the US or into the Ukraine conflict." Koura founder Rupert Carlyon said the increase was probably because of weapons' companies strong performance. "They are strong performers with global conflicts and increased defence spending in Europe." He said while the dollar value of the investments was now much larger, funds' allocations might not have moved. "The increased size is a function of larger market capitalisations and larger KiwiSaver balances." The S&P Aerospace and Defense Select Industry index had increased 16.5 percent in the past year and 307 percent in the past decade. Coates said research had shown 80 percent of New Zealanders wanted to avoid investing in weapons companies but it continued. He said there had been a fall in investments in companies linked to social harm such as gambling or alcohol and tobacco. "But not enough and not so much in weapons particularly … it does look to us as though we're seeing the same thing happening in fossil fuels - that something happens in the world and investment funds see greater opportunity and they're increasing their investments … even though many of their clients may may be deeply worried about that." He said KiwiSaver investment in companies producing and selling firearms had also more than doubled. "There's a big increase in hand guns investments … maybe something to do with the Trump administration." The most dramatic individual company increase involved Walmart, where New Zealand KiwiSaver investment reached $115.8 million - representing a 144 percent increase over the year and 40 percent growth in just six months. Although it is best known as a general retailer, Mindful Money called it out because Walmart sells shotguns, rifles, ammunition, and firearm components. Coates said there were 36 weapons-free funds at 13 different providers. He said many people would get a "huge surprise" if they found their KiwiSaver investment was exposed to the Gaza conflict. "I think it's kind of one of the things that people can abstract a bit about weapons and so on but when they've seen the effects on people in Gaza and the complete levelling of the country, then you know, suddenly I think it comes home to them, that they don't want their funds to be invested in that." Earlier in the year, activists put pressure on ASB to divest its KiwiSaver investments from Motorola, which they said was supplying the Israeli military with smart phones and radios. But Carlyon said there should be a conversation about whether it was appropriate for weapons to remain in exclusion categories, "given the volatile world we are living in and the need for most countries to be increasing defence spending". Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
