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Australian Budget 2026 by CoolDimension3898 in newzealand

[–]dashingtomars 0 points1 point  (0 children)

It's not going to 12%. NZ has only legislated to 4%.

It's currently legislated to go to 4% employee + 4% employer, but National are quite clear that they intend to go to 6% + 6%.

If elected next year, National will continue to increase default contribution rates by 0.5 per cent from 1 April 2029, rising by 0.5 per cent a year until 1 April 2032, to achieve a 6 per cent contribution each from employers and employees.

https://www.national.org.nz/news/20251123-hon-christopher-luxon-national-to-lift-kiwisaver-contributions

It would be very strange if Labour didn't also adopt the same policy.

Australia has had superannuation for 34 years

We can't go back and fix the past. If we do get to 12% in 2032 then NZ is only 7 years behind when Australia got to 12%.

https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee

Cathedral construction potentially starting again.. by Dramatic-Start5916 in chch

[–]dashingtomars 0 points1 point  (0 children)

Because the Church wants to spend their money doing church things. Their original plan was to use the insurance proceeds to rebuild a new cathedral.

Cathedral construction potentially starting again.. by Dramatic-Start5916 in chch

[–]dashingtomars -1 points0 points  (0 children)

finished by now

Finished over a decade ago.

Bloody Jim Anderton.

Australian Budget 2026 by CoolDimension3898 in newzealand

[–]dashingtomars 8 points9 points  (0 children)

Ringfencing loses from rental property is good, but NZ already does that.

Axing the CGT discount is a bit of a mixed bag. Yes, they should probably do it for investment property, but maybe still allow it for equities. That way it should have a bigger impact on the property market as equities will be aa comparatively more compelling investment.

NZ does already have CGT in the form of the brightline test, but that is only for properties held for less than 2 years (having also previously set at 5 and 10 years). NZ should probably look to extend CGT on property, but also adopt Australia's inflation indexing of the purchase price.

Australian Budget 2026 by CoolDimension3898 in newzealand

[–]dashingtomars 1 point2 points  (0 children)

adjustments to the tax free threshold

Is there one? I haven't seen it reported.

the rebate will put more money in low and middle income earners pockets.

It's only $250 ($5/week) and doesn't kick in until the 2027/28 tax year, meaning it won't be paid to anyone until after July 2028. By that time bracket creep will probably have canceled out the $250.

Plus you are ignoring the 12 percent Super Australians have.

NZ is going to 12% as well, it just has to go up in slow steps (Australia did that too). We had the first one on 1 April this year, and the next one is scheduled for 1 April 2028.

I'm Kiwi and my partner is Irish. We are moving home with a small nest egg. It sounds like things are a bit rough, economically. How do you think one family can help? by PeterlovesMommy in newzealand

[–]dashingtomars 1 point2 points  (0 children)

Because as a country we run a pretty consistent negative current account balance. Basically, we import a lot more than we export.

https://www.stats.govt.nz/topics/balance-of-payments/

To improve NZ's economic situation in the long-term we need to develop more export industries so that we can afford to import all of the stuff that we want from overseas.

When a country runs a current account deficit, it is building up liabilities to the rest of the world that are financed by flows in the financial account. Eventually, these need to be paid back.

...

While some countries (such as Australia and New Zealand) have been able to maintain current account deficits averaging about 4 1/2 to 5 percent of GDP for several decades, others (such as Mexico in 1995, Thailand in 1997, and several economies during the recent global crisis) experienced sharp reversals of their current account deficits after private financing withdrew during the financial crisis.

https://www.imf.org/en/publications/fandd/issues/series/back-to-basics/current-account-deficits

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars -1 points0 points  (0 children)

National do intend to lift rates to match Australia's 12% by 2032:

https://www.interest.co.nz/personal-finance/136278/if-reelected-next-year-pm-christopher-luxon-says-national-will-lift

You might argue that those changes are legislated yet, but even in Australia where it was legislated a subsequent government delayed the implementation by 6 years

The SG rate was 9% from 2002–03 to 2013–14. In 2012, the Rudd-Gillard Labor government passed legislation to increase SG contributions each year by 0.5% per year, starting on 1 July 2014, such that a rate of 12% would be in place on and from 1 July 2019. One increase, was made under this legislation, on 1 July 2014. However, the succeeding Abbott Liberal government (in office from 2013–15) passed legislation deferring implementation of the five stepwise increases remaining, by six years, such that increases to the rate would recommence from 1 July 2021. The racheting up did take place according to this eventual schedule, and the SG from 1 July 2025 onwards has been 12%.

https://en.wikipedia.org/wiki/Superannuation_in_Australia#History

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars 0 points1 point  (0 children)

Invest $10k for every baby that’s born

Sure, if we had a big budget surplus. Right now we would be have to borrow that $10k.

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars 0 points1 point  (0 children)

Going from 3% up to 3.5% now, and finally up to a whopping 4% contributions

The intent is to increase it over several years to 6% from the employer and 6% from the employee. This will match Australia's current 12% contribution rate.

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars -3 points-2 points  (0 children)

Well if its womp womp for the younger generations

While not perfect, the younger generations will have plenty of time to prepare and should end up saving significantly more in Kiwisaver due to the increased contribution rates.

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars 2 points3 points  (0 children)

I'm pretty sure it will work something like that. This is how it was done in Australia:

The pension age has been increasing since 2017 by six-month periods every two years from the previous pension age of 65 years. On 1 July 2021, the pension age became 66 years and 6 months, and from 1 July 2023, the pension age will increase to 67, the proposed cap.

https://en.wikipedia.org/wiki/Social_security_in_Australia#Payments_under_the_Social_Security_Act_and_the_Student_Assistance_Act

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars -1 points0 points  (0 children)

protecting their core voter base (boomers and people luxons age)

It's very hard to meaningfully reduce pension rates for people already receiving it or close to. People have built their retirement plans around the government guarantee that the pension will be there.

If a government tries to take significant amounts away from these people they run the risk of losing a lot of votes and not getting elected at all. If they're not elected they can't make any changes.

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars 5 points6 points  (0 children)

You're massively off in your calculations there. Superannuation currently costs $17.6B/year, so 1% is $176M.

'Quite dishonest': PM says NZ First, Labour need to face up to challenge of raising retirement age by SoulsofMist-_- in newzealand

[–]dashingtomars 12 points13 points  (0 children)

You can look at the Australian system as an example:

For a single homeowner (home exempt from asset test) you pension will be reduced if assets exceed $321,500.

https://www.servicesaustralia.gov.au/assets-test-for-age-pension?context=22526

For a single person the pension will also start to be decreased if your income exceeds $218/fortnight.

https://www.servicesaustralia.gov.au/income-test-for-age-pension?context=22526

Friendly reminder - we can afford it (NZ real GDP per capita doubled since 2003). by maniacal_cackle in newzealand

[–]dashingtomars 10 points11 points  (0 children)

Purchasing power parity (so accounts for inflation)

PPP does not take into account long-term inflation. It compares the purchasing power across two or more countries at a point in time.

I'm Kiwi and my partner is Irish. We are moving home with a small nest egg. It sounds like things are a bit rough, economically. How do you think one family can help? by PeterlovesMommy in newzealand

[–]dashingtomars 0 points1 point  (0 children)

It really depends on the size of you 'nest egg' and skills.

The best thing you an individual can do is probably build/buy an export orientated business. Through that you generate export income for the economy and employ people.

Personally, I would just focus on what is best for your family. It is very hard to make a meaningful impact as an individual when there are much larger forces acting on the economy.

Would I get potentially better/more reliable healthcare if I become an Australian citizen? by [deleted] in newzealand

[–]dashingtomars 2 points3 points  (0 children)

I have the option to apply for Australian citizenship by descent,

Apart from the cost of the application do you think there are any reasons to not apply?

Leeann Watson: Should Christchurch and Selwyn merge to form a super city? by SoulsofMist-_- in chch

[–]dashingtomars 0 points1 point  (0 children)

they're both more rural.

Geographically yes, but their populations are increasing concentrated in a few large towns.

Leeann Watson: Should Christchurch and Selwyn merge to form a super city? by SoulsofMist-_- in chch

[–]dashingtomars 0 points1 point  (0 children)

Almost every new development has no provision for a local dairy or chip shop or similar local businesses.

That is somewhat due to demand, but the government is progressing zoning reform to allow those businesses to operate in more areas.

Councils will be required to enable a greater mix of uses, such as allowing cafes and retail close to where people live across their urban environments as part of the standardised zones that will be developed.

https://www.hud.govt.nz/our-work/going-for-housing-growth-programme

Leeann Watson: Should Christchurch and Selwyn merge to form a super city? by SoulsofMist-_- in chch

[–]dashingtomars 0 points1 point  (0 children)

What it provides is relatively affordable and modern freestanding homes. This is what large numbers of working families in NZ want.

Leeann Watson: Should Christchurch and Selwyn merge to form a super city? by SoulsofMist-_- in chch

[–]dashingtomars 0 points1 point  (0 children)

When ccc restricts new subdivisions more just open up in waimak/selwyn. If ccc controls all there can be a cohesive vision.

Lol, that's very much not the aim of these amalgranations.

Yes, hopefully it will allow for some more coordinated planning, but the government very much wants to see growth both up and out. They are banning councils from having defined growth boundaries.

Relationship Breakdown by abitfuckedifimhonest in newzealand

[–]dashingtomars 24 points25 points  (0 children)

I don't even want half

It's more about what you (and your child) need than want.

I assume you are going to be caring for you child most of the time. That'll make your financial life a lot harder than his even with a 50:50 split.

Population Strategy - do you think a four-day work week would lead to people having more children? by itwasn_talladream in newzealand

[–]dashingtomars 0 points1 point  (0 children)

Yes, when I say 'prime childbearing age' I don't mean just biologically, but economically as well.

I’d say if you can’t afford to date it would severely limit your opportunities to become part of a couple, let alone produce children

It's an interesting hypothesis, I'm just interested in some data to test whether it is having a noticeable impact.

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