The hoon: Railmageddons; climate politics, tax and drone strikes

TLDR: This week’s news in geopolitics and Aotearoa’s political economy I covered via The Kākā for paying subscribers included:

* A screed of bank results showing yet more surges in net profit from the big four that dominate our economy and fuel our housing market, just as the Reserve Bank unveiled evidence the banks are too profitable, relative to the risk they take for shareholders. Friday’s email.

* The Reserve Bank reporting that those households with mortgages remain much less stressed than they were in the 2008 to 2015 period, thanks to almost half being ahead on their repayments and most still sitting on large equity gains built up over the last decade. Thursday’s email.

* Transport Minister Michael Wood announcing changes to the Government’s much-more-successful-than-expected Clean Car Discount scheme that he talked up as increasing emissions reductions and increasing rebates for used electric imports. But a closer look reveals a doubling of fees for double-cab utes such as the Ford Ranger and Toyota Hilux, a reduction in rebates for Teslas, and the removal of rebates for most small new and used petrol cars and hybrids, including hybrid used Toyota Aqua, Toyota Prius and Toyota Vitz, as well as the Suzuki Swift — all of which were being bought by poorer drivers. Tuesday’s email

* A survey of 150 pharmacists last month finding the $5 co-payment fee for prescriptions is leading to widespread distress, mental health incidents and unnecessary surgeries costing billions per year — all to earn the Government about $150 million a year in fees and to repay public debt just a tiny bit faster. Monday’s email.

What we talked about on the ‘hoon’

In this week’s podcast above of the weekly ‘hoon’ webinar for paying subscribers at 5pm on Friday night, I talked with co-host Peter Bale in Spain and special guests:

* Green MP Transport and Infrastructure Spokeswoman Julie-Anne Genter about railmageddons this week in Wellington and Auckland, the clean car discount changes, bank profits and a wealth tax;

* University of Otago Foreign Relations Professor Robert Patman about the drone strikes on the Kremlin, whether NZ should join Aukus Pillar II, Joe Biden’s trip to Sydney for the Quad in a couple of weeks, Foreign Minister Nanaia Mahuta pushing back at Defence Minister Andrew Little and Deputy PM Carmel Sepuloni on Aukus II after being given a talking to by Chinese officials in Beijing last month. We refer Peter’s World Weekly Bulletin for The Spinoff here.

* Climate academic and Tohu Climate Policy Director David Hall about the political economy challenges for climate change policy in an election year, especially around the clean car discount changes, pine forests vs native forests, and public transport.

* Memiapublisher and tech futuristBen Reidabout the calls to suspend AI development (The Guardian) and the shock decision this week by Google’s AI leader Geoffrey Hinton to resign with a warning about the risks. (The Information Age).

The Hoon’s podcast version above is produced by Simon Josey.

Thanks to the support of paying subscribers here, I’m able to spread the work from my public interest journalism here about housing affordability, climate change and poverty reduction around in other public venues.

Other places I’ve appeared this week

My podcast for The Spinoff this week

One pathway to home-ownership - I interviewed Kiwibank’s Philippa Scott and Pip Maxwell about their new Co-own mortgages, which allow flatmates, brothers, sisters, cousins, and groups of friends to save, borrow and own houses together in ways that fit around modern family structures Wednesday afternoon in Wellington for When The Facts Change, my weekly podcast for The Spinoff.

This week’s Ask Me Anything

Chat thread of the week

I also host regular discussions on the chat section of The Kākā for paying subscribers.

Ka kite ano

Bernard

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thekaka.substack.com/subscribe