Govt set to hike insurance costs $400/year

Insurance premia are already sky high, especially in Wellington and other places deemed high risk, and now another cost of living shock is set to be delivered. Photo: Lynn Grieveson / The Kākā

Long stories short, the top six things that stood out to me in our political economy around housing, climate and poverty on Monday, February 24:

1. The Government is considering allowing the EQC to increase its levy tacked on to household insurance bills by around $400 per year or as much as 72%¹;

2. Inexorable Government pressure downwards on education spending growth and the exodus of skilled workers overseas has increased this year’s teacher shortages to 1,150;

3. Napier plans to close its library for two years to avoid borrowing, even though its debt is less than 40% of revenues and costs less than 2% of revenues to service;

4. Two specialist health reporters, a dedicated Northland reporter and the last dedicated television economics reporter are losing their jobs in the latest media sector cuts;

5. The AA and truckies are warning a delay in funding new bridges across the new City Rail Link in Auckland is set to create roading chaos for six years²; and,

6. Another example of immigration fraud has emerged, with eight Chinese men paying over $16,000 each for non-existent jobs cleaning up after Cyclone Gabrielle.³

(There is more detail, analysis and links to documents below the paywall fold and in the video and podcast above for paying subscribers. If we get over 100 likes from paying subscribers we’ll open it up for public reading, listening and sharing.)

When the Government delivers a new cost of living shock