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NZ Herald
15 hours ago
- Business
- NZ Herald
Luxon vs Milei: Contrasting economic reforms in NZ and Argentina
Argentina's situation was dire. When Milei took office, inflation was running above 200%. The economy was in recession, foreign reserves were nearly exhausted and the country was once again dependent on an IMF bailout – its ninth default. New Zealand's inflation stood at 4.7%. The economy had contracted, debt was rising and Treasury projected years of deficits. Neither leader holds a parliamentary majority. Luxon heads a three-party coalition. Milei's Libertarian party has no majority in Congress. Both face resistance from entrenched bureaucracies, militant unions, the political class and a mostly hostile media. Once, New Zealand and Argentina shared similar roles – pastoral producers for Britain – and both were among the world's wealthiest nations after World War II. Since then, New Zealand has declined slowly. Argentina fell off a cliff. Luxon favours incremental change through '90-day action plans'. Milei has pursued radical reform that makes Roger Douglas look like a moderate. Despite National's rhetoric, government spending and borrowing are still increasing. In contrast, Argentina has balanced its primary budget before interest payment. New Zealand has 81 portfolios, 28 ministers and 43 core public organisations. Nicola Willis has ruled out abolishing any ministries, saying it would be 'too expensive'. Instead, two new ministries have been created. Milei has abolished 10 – including the ministries for Women, Youth and Culture – reducing Argentina to just eight ministries for 45 million people. Argentina has lifted many foreign investment restrictions. We are still debating the OECD's most restrictive regime. We've set up a Ministry for Regulation that cut red tape for barbers. Meanwhile, the modest Regulatory Standards Bill – limited to publishing non-binding reports – faces hysterical opposition. In his first 100 days, Milei unleashed sweeping deregulation. While our Reserve Bank Governor is on a short-term contract, Milei has declared central bank independence and announced plans to abolish it altogether in favour of the US dollar. There are now 16,000 more civil servants than when National last held office. Image / Jacques Steenkamp, BusinessDesk In New Zealand, there are more than 16,000 more civil servants than when National last held office. In Argentina, the public sector has shed approximately 48,000 staff. Employment is increasing, with 245,000 jobs created in the informal economy, albeit with lesser conditions. Our GDP growth is 0.3%. The IMF expects Argentina's economy to grow 7% this year – a rate New Zealand has never achieved. Our inflation is 2.1%, though food prices have risen 4.6% in the past year. In Argentina, annual inflation has dropped to around 118%, and monthly inflation has fallen from 25% to 2.4%. We run structural deficits. Argentina has a small primary fiscal surplus. Our debt-to-GDP ratio is rising. Argentina's is falling. In New Zealand, the Ministry of Housing reports homelessness is increasing. In Argentina, Milei has not denied the social cost has been high: rising poverty, wage erosion, pensioner protests. Milei says that curing a century of economic mismanagement requires short-term pain for long-term gain. It appears he is correct. Extreme poverty has dropped from 18% to around 8%. Our Treasury projects unbroken deficits – an unsustainable path. The OECD says that if Argentina stays its course, it will achieve sustained growth above the Latin American average. Politically, both leaders face protests. In New Zealand, the latest Taxpayers' Union–Curia poll has Luxon statistically tied with Hipkins at 19.7%. Sir John Key warns National faces a difficult re-election. In Argentina, Milei is a polarising figure. No New Zealand politician has his approval rating, between 47% and 54% the highest of any politician. His party is forecast to gain seats in next year's midterms. Commentators credit Milei's popularity to courage and clarity. He's a trained economist and a believer in markets. At Davos, Milei said: 'The state is not the solution; it is the problem … Don't be afraid of freedom. Trust in the superior morality of free markets.' We have no idea what Luxon believes. Nicola Willis has said she's no Ruth Richardson, preferring Bill English as her model. But English followed Michael Cullen, who delivered nine straight surpluses and created KiwiSaver and the Super Fund. English enacted no major reform. He failed to lift productivity or tackle our structural problems. Tinkering won't fix the problems this Government inherited. What Luxon and Willis have yet to grasp is that small change that solves nothing only prolongs controversy. High-quality reform ends the debate. Milei is popular not just because his reforms are needed but for his stand against corruption and the political class. Twenty years ago, I spoke in Buenos Aires about New Zealand's reforms. The Argentinians were incredulous. They said such reforms would never work in Argentina. To those who now say Argentina's reforms would never work here, I say the same thing: 'Yes, they can.'
Irish Examiner
2 days ago
- Business
- Irish Examiner
'Abundance' is all around us - just look at all our empty buildings
A recent best-selling book, Abundance, written by US columnists Ezra Klein and Derek Thompson, respectively, has captivated policymakers worldwide. The treatise for enabling 21st-century infrastructure argues that there are societal and bureaucratic regulations stultifying growth that must be tackled head-on if cities and municipalities are to achieve their targets whether it be in housing, energy or other fields. In order, 'to have the future we want', the authors argue, 'we need to build and invent more of what we need'. To combat the twin threats of scarcity and supply bottlenecks the duo mention that 'we need a new theory of supply' and 'a new way of thinking about politics, economics and growth'. The authors spotlight California as a prime example of regulatory gridlock, where, they say, environmental mandates and bureaucratic hurdles impede vital infrastructure projects. They highlight the stalled high-speed rail of the kind mastered by China in the mid-2000s, delayed by extensive environmental reports, stakeholder conflicts, and cost overruns. Readers here in Ireland can sympathise with this situation given our own experience of the infamous Children's Hospital which was due to be completed by 2020 but is now delayed to 2026 at a cost of over €2bn, having initially had a modest price tag of €650mn. Ditto MetroLink, which is expected to be constructed by 2028 if we're lucky. Speeding up the planning process as fast as those high-speed rails sounds appealing to those who wish to see our cities and towns scale up. However, behind the veneer of a noble initiative to kickstart desperately needed infrastructure lies a well-funded industry of interests that seek to re-imagine neoliberalism with progressive aesthetics. Far from being a mere book title, the 'Abundance' movement has been pioneered by various think-tanks propped up by oligarchic vested interests. Having managed to branch out beyond policy papers into the very halls of power, these movers and shakers are making headlines day in and day out. From Tesla CEO and former White House staffer Elon Musk's efforts to slash red tape via the Department of Government Efficiency or DOGE to Stripe CEO and Limerick native Patrick Collison's push for deregulated 'charter cities', several public figures are associated either directly or peripherally within the wider movement. One example of a think-tank tied to this movement is the Mercatus Centre. Based in George Mason University (GMU) in the US State of Virginia, it was funded by Charles and David Koch known collectively as the Koch Brothers. These US-Libertarian oil mogul siblings spearheaded attempts across the US to roll back hard-won rights for workers by backing union-busting candidates and legislation via think-tanks such as the Cato and Manhattan Institutes, respectively. The Mercatus Centre is headed by the Libertarian columnist, author and former GMU Professor Tyler Cowen who has advocated for free markets but greater state involvement in so-called mega projects. 'Abundance' in Ireland While some may think this Libertarian ideology is confined to tech bros in the US, the Abundance movement has reached Ireland via the think-tank Progress Ireland. Stripe's Patrick Collison and Cowen have shared platforms, co-written articles and co-ordinated in funding projects. Progress Ireland, funded by Collison and whose executive director is Sean Keyes, formerly of the online business publication The Currency, has influenced policymakers intending to 'connect Ireland to the best of international policymaking in three areas: housing, infrastructure, and innovation.' The recent amendment to the planning bill to allow exemptions for detached cabins or modular-style structures at the back of properties, described colloquially as beds in sheds, is the brainchild of this Abundance-adjacent think-tank following a meeting between Progress Ireland and Taoiseach Micheál Martin's policy adviser Alan Ahearne in government buildings. The planned Ashton Court residential development on a five-acre site overlooking the River Blackwater Estuary in Youghal, Co Cork remains derelict, at the former Loreto Convent and residential services. File picture: Larry Cummins According to the group's housing policy director Seán O'Neill McPartlin, over 300,000 of these garden sheds could be built which will 'allow for a younger person to live independently of the family home" and provide parents with the option to "right-size within their own community while maintaining the support of their family in close proximity". While some were quick to point out the unfortunate situation of people being forced to move out of cabins built without planning permission, the failure to provide adequate long-term, affordable housing solutions has undeniably left us wide open to this sort of unorthodox proposal. But where did the beds in sheds idea come from? What were originally coined as Accessory Dwelling Units (ADUs) or granny flats built in parts of America and New Zealand, saw homeowners apply for a permit to construct small, inconspicuous homes in gardens that families could rent out. In 2021, ADUs accounted for over a fifth of Los Angeles's new rental homes. The first call to implement this scheme in Ireland came from a group named the Better Planning Alliance, where O'Neill McPartlin had previously worked, which was funded by Emergent Ventures via Mercatus's Tyler Cowen. For its part, Emergent Ventures provides grants to entrepreneurs, and was initially backed by the Libertarian CEO of Palantir Technologies, Peter Thiel. But while Irish ADUs may allow for 'intergenerational movement', the law of unintended consequences may see house prices increase even further. According to Architect Mel Reynolds, if ADUs are rented out house prices could rise between €150,000-€200,000. This will only make it harder for young people to explore the second-hand market, thus benefiting existing homeowners - the very opposite of its stated intention. Another study from Australia titled We Zoned for Density and Got Higher House Prices: Supply and Price Effects of Upzoning Over 20 Years, found that the relaxation of planning rules to allow for higher density development not only failed to increase supply but also led to higher prices. Other empirical evidence suggests that modular housing can also face cost overrun difficulties with such homes for Ukrainians rising from €200,000 when first floated to over €400,000 per unit - a rise of 120%. The attempts to relax planning regulations within properties comes off the back of a more recent announcement around kickstarting the building of apartments by deregulating standards. Under the Planning Design Standards for Apartments, Guidelines for Planning Authorities (2025), new guidelines: will permit the minimum size of a studio apartment to be reduced from the current 37sqm to 32sqm; the requirement of no more than 10% of small two-bedroom apartments permitted in a development will be jettisoned; and the minimum amount of apartments that must have dual aspect windows has also been reduced. In a move that all but eliminates the pretence of ensuring community formation within developments, the government has also removed mandatory 'communal, community and cultural facilities' for individual apartment schemes. What emerges is an image of a vast array of brutalist structures filled with shoe boxes with little to no neighbourly bonds between its occupants. Decrying the attempt by central government to override local development plans, Green Party Councillor Claire Byrne stated that the plan was 'a vicious attack on local government and our city development plan processes'. This announcement follows several pleas from lobbying groups such as Irish Institutional Property (IIP) whose head Pat Farrell has long argued for lower standards for apartments. But while the government is more than happy to meet with well-funded think-tanks and property lobbyists, the refusal to meet with any tenant groups or even consult the public beforehand was denounced as "disquieting" by the Irish Planning Institute (IPI). Describing themselves as 'the very professionals that will have to interpret and implement the changed guidelines', President of the IPI Gavin Lawlor mentioned that far from improving the housing situation, this 'market-led approach' risks exacerbating legal issues. 'This, and allowing changes to already permitted developments, also risks introducing more legal unpredictability,' he said. Ireland's dereliction The truth is that Ireland already has an abundant number of homes. The idea that the State needs to embrace the foreign concept of "abundance" is ludicrous when examining what we already have. As I have written previously in this publication, county councils in Ireland are currently sitting on around 4,400 vacant homes. Indeed, data from An Post shows that in Dublin alone there are well over 14,000 empty residential and commercial properties with 4,000 located in the city centre. The rush to increase supply - any supply, whether it be garden sheds or small apartments - bears all the hallmarks of the supply rush Ireland experienced during the boom in which supply exceeded immediate needs. Instead of rushing to repeat old mistakes, the State should take an active role in revitalising empty units, allowing homeless families and young people to move in. Choosing between a bed in the shed or a shoe box is a dilemma I don't ever want to experience - but it seems like those are the only options being sold to my generation by a government devoid of imagination. Read More Next budget gives State chance to prove young people are a genuine priority
Vancouver Sun
21-07-2025
- Politics
- Vancouver Sun
'Legalized election interference': Poilievre byelection challengers blast long-ballot protest group
OTTAWA — Efforts by an activist group to swamp the byelection ballot where Pierre Poilievre is trying to win a seat are angering some opponents who were hoping to spoil the race for the Conservative leader. Several independent and third-party candidates said the meddling of the electoral-reform activist Longest Ballot Committee (LBC) was detrimental to the group's stated aim of strengthening democracy and, if anything, would give Poilievre an easier pass in the critical byelection, scheduled for Aug. 18. The LBC plans to make the ballot the most crowded federal race in Canadian history with more than 100 candidates as a publicity stunt protesting against the government's refusal to implement a different voting system other than first past the post. It has done so in recent races in other ridings. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Jesse Cole, a spokesperson for independent candidate Bonnie Critchley, called the LBC's ballot crowding 'a form of legalized electoral interference' that drowns out legitimate voices for change. 'These candidates, who have no true intention of serving the people of Battle River–Crowfoot, only make it more difficult for legitimate, local independent candidates like Bonnie Critchley to challenge the status quo of Canada's dominant, two-party system and ensure a voice for her community,' Cole said in an email. Critchley, who lives in the riding, penned an open letter in late May asking the LBC not to interfere in the byelection. Her request fell on deaf ears, with 122 LBC-affiliated candidates on the ballot as of Monday afternoon. The group is aiming for 200 by the time nominations close next Monday. Critchley, who said she hoped her 'independent' label would attract free thinking small-c conservatives who voted for Conservative Damien Kurek in the recent federal election, will now be far from the only candidate with that affiliation. (Kurek was easily re-elected by a 71 point margin, before stepping aside to open a seat for Poilievre.) Libertarian candidate Michael Harris, who also lives in the riding, accused the protest group of making a joke out the riding and those who live there. 'Let's call it what it is: a coordinated mockery of the democratic process, designed to flood the ballot and drown out real debate,' said Harris in an email. Harris said that the meddling of the LBC, formerly affiliated with the satirist Rhinoceros Party, was no laughing matter. 'This flood of joke candidates doesn't just waste voters time. It actively hurts serious independent and third-party candidates who are working hard to give this riding real alternatives to the status quo,' said Harris. Harris said he's spoken to thousands of people who live in the riding and he believes most oppose the LBC's involvement in the byelection. He adds that the out-of-province group is flummoxing his efforts to press Poilievre on matters of local and provincial importance, such freeing local egg, poulty and dairy farmers from Ottawa-imposed production quotas and ending equalization. Another third-party candidate, Abraham Grant, called the protest campaign 'visual noise designed to obfuscate and frustrate the administration of democracy.' The Calgary-based Grant leads the United Party of Canada, which advocates for provinces standing up to federal and supranational power . NDP candidate Katherine Swampy also said she was vexed by the protest group when she was collecting signatures for her nomination papers. 'I found it very difficult to collect the 100 signatures because people were either very conservative, or worried about signing for someone who is on the longest ballot,' said Swampy in an email. Swampy, who ran in the neighbouring riding of Leduc—Wetaskiwin in the recent federal election, admitted it was also hard for her to collect 100 signatures there, with Conservatives dominating the region's politics. Liberal Darcy Spady was the only candidate not to criticize the LBC for its meddling in the byelection. 'Every Canadian has the right to put their name on a ballot and run for public office,' said Spady through a spokesperson. Poilievre called the initiative a 'scam' at a recent townhall in Stettler, Alta. , and suggested that the signature threshold for nominations be upped tenfold to 1,000 to make it harder for paper candidates, like the dozens running for the LBC, to get on the ballot. LBC spokesperson Tomas Szuchewycz said in an email that Poilievre's comments show exactly why the group's work is so important. 'Ever since we started the LBC years ago we have been calling for politicians like Mr. Poilievre to step aside and recuse themselves from deciding election rules … Poilievre's proposal for a new 1,000 signature requirement would have a profound and negative impact on Canadian democracy,' said Szuchewycz. 'In most of Canada it would turn every election into a two party race, and in safe ridings, like Battle-River Crowfoot, we would likely see no election at all, races would simply be won by acclamation,' he continued. Szuchewycz wouldn't say whether he saw Critchley's open letter asking the group to stay out of the byelection. One LBC-affiliated candidate, Matthew Gillies, said he saw Critchley's letter and decided to run anyways. 'I gave (the letter) some consideration prior to my decision to become involved (but) concluded that her concerns were without merit,' said Gillies. Gillies, who lives in Ontario, said that the protest group bears no responsibility for the shortcomings of legitimate campaigns. 'Any independent candidates, whether they are truly unaffiliated, or running as a protest option against a riding associations' choice candidate, will succeed or fail based solely on the growth of their personal brand,' said Gillies. Stettler, Alta. resident Brad Wohlgemuth said he thinks the group is spoiling the democratic process. 'Most of the people I've talked to are disgusted. It's also driving some people away from voting all together; like what's the point?' he said. National Post rmohamed@ Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
Edmonton Journal
21-07-2025
- Politics
- Edmonton Journal
'Legalized election interference': Poilievre byelection challengers blast long-ballot protest group
OTTAWA — Efforts by an activist group to swamp the byelection ballot where Pierre Poilievre is trying to win a seat are angering some opponents who were hoping to spoil the race for the Conservative leader. Article content Several independent and third-party candidates said the meddling of the electoral-reform activist Longest Ballot Committee (LBC) was detrimental to the group's stated aim of strengthening democracy and, if anything, would give Poilievre an easier pass in the critical byelection, scheduled for Aug. 18. Article content Article content The LBC plans to make the ballot the most crowded federal race in Canadian history with more than 100 candidates as a publicity stunt protesting against the government's refusal to implement a different voting system other than first past the post. It has done so in recent races in other ridings. Article content Article content Jesse Cole, a spokesperson for independent candidate Bonnie Critchley, called the LBC's ballot crowding 'a form of legalized electoral interference' that drowns out legitimate voices for change. Article content 'These candidates, who have no true intention of serving the people of Battle River–Crowfoot, only make it more difficult for legitimate, local independent candidates like Bonnie Critchley to challenge the status quo of Canada's dominant, two-party system and ensure a voice for her community,' Cole said in an email. Article content Critchley, who lives in the riding, penned an open letter in late May asking the LBC not to interfere in the byelection. Article content Article content Her request fell on deaf ears, with 122 LBC-affiliated candidates on the ballot as of Monday afternoon. The group is aiming for 200 by the time nominations close next Monday. Article content Article content Critchley, who said she hoped her 'independent' label would attract free thinking small-c conservatives who voted for Conservative Damien Kurek in the recent federal election, will now be far from the only candidate with that affiliation. Article content Libertarian candidate Michael Harris, who also lives in the riding, accused the protest group of making a joke out the riding and those who live there. Article content 'Let's call it what it is: a coordinated mockery of the democratic process, designed to flood the ballot and drown out real debate,' said Harris in an email.
Calgary Herald
21-07-2025
- Politics
- Calgary Herald
'Legalized election interference': Poilievre byelection challengers blast long-ballot protest group
OTTAWA — Efforts by an activist group to swamp the byelection ballot where Pierre Poilievre is trying to win a seat are angering some opponents who were hoping to spoil the race for the Conservative leader. Article content Several independent and third-party candidates said the meddling of the electoral-reform activist Longest Ballot Committee (LBC) was detrimental to the group's stated aim of strengthening democracy and, if anything, would give Poilievre an easier pass in the critical byelection, scheduled for Aug. 18. Article content Article content Article content The LBC plans to make the ballot the most crowded federal race in Canadian history with more than 100 candidates as a publicity stunt protesting against the government's refusal to implement a different voting system other than first past the post. It has done so in recent races in other ridings. Article content Article content Jesse Cole, a spokesperson for independent candidate Bonnie Critchley, called the LBC's ballot crowding 'a form of legalized electoral interference' that drowns out legitimate voices for change. Article content 'These candidates, who have no true intention of serving the people of Battle River–Crowfoot, only make it more difficult for legitimate, local independent candidates like Bonnie Critchley to challenge the status quo of Canada's dominant, two-party system and ensure a voice for her community,' Cole said in an email. Article content Critchley, who lives in the riding, penned an open letter in late May asking the LBC not to interfere in the byelection. Article content Article content Her request fell on deaf ears, with 122 LBC-affiliated candidates on the ballot as of Monday afternoon. The group is aiming for 200 by the time nominations close next Monday. Article content Article content Critchley, who said she hoped her 'independent' label would attract free thinking small-c conservatives who voted for Conservative Damien Kurek in the recent federal election, will now be far from the only candidate with that affiliation. Article content Libertarian candidate Michael Harris, who also lives in the riding, accused the protest group of making a joke out the riding and those who live there. Article content 'Let's call it what it is: a coordinated mockery of the democratic process, designed to flood the ballot and drown out real debate,' said Harris in an email.
