Miss Clark called Mr Key at 11pm to concede defeat.

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Election Night Stats

• Results for National 59 seats and ACT 5. United Future leader Peter Dunne adds 1 seat, making a total of 65.

• Labour has 43 seats, the Greens 8, and they are joined by Progressive Party leader Jim Anderton for a total of 52.

• The Maori Party has 5 of the 7 Maori seats but does not hold the balance of power in Parliament.

It is expected that the Maori party will swing towards National with a vote of confidence  some time today

M

DR Cullen -  there is “quite significant deterioration” in the books compared with the Budget in May.

A weak Economy and a higher then expected take up on the likes of Kiwi saver and the governments commitment to provide 20 hours a week of free early child-hood education, While treaty of wiatangi will bring even more anticipated expenditure “The debt track is not a pretty picture, I think one would say,” Doctor Cullen said.

Now the Books are deteriorating Doctor Cullen appears to be uncomfortable with knowing that his government has conceded that the debt target of under 20% will be exceeded indicating tight times for any ruling political party in power over the next three year term

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New Zealands Current Accounts

The Balance of Payments statements set out a country’s transactions with the rest of the world. The current account balance is the sum of the balances of trade in goods and services, current transfers, and investment income. More simply, the current account measures what a country saves minus what it spends or invests. The graph shows that since 1990, New Zealand has been a net borrower. Thus, the current account deficit has reflected the amounts of other countries’ savings that New Zealand has had to borrow, in order to finance spending. The last time that New Zealand was a net saver – that is, had a current account surplus – was 1973.
Data from 1970 is available in Excel by selecting the download data

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The red ink in the Current account books is going to spark  further debate as to wether National can still offer its promised taxs cuts under this new deteriorating global economy, Labour has been accusing National of preparing to loan monies to pay for tax cuts, But the way things have panned out will probably mean labour also will have to borrow monies to effect their own tax cuts promised ( Labours growing list of broken promises ) Although in typical cullenl style he has to try to take pressure from him self by passing comments such as ‘National is doing its best to sound as if it were fully prepered for this down turn in global economy.”

Leader John Key said yesterday it had been factored into the National parties long tem strategy ( it has to be said that this was not that sudden and could be seen on the horizon for years) Asked if he was worried with about extending the current account deficiet by another 2 % he said no as this was part of a long term growth stratergy

“New Zealand Has a growth problem, We need to address that and one of the ways out of that growth problem is to have an ifrastructure which will allow us to grow”

Addicted to power no matter what!

Its Like a nightmare that wont go away for Winston Peters now, In a damning report released late last night, the privileges committee found by a majority that Peters had knowingly provided false or misleading information on a return of pecuniary interests.

The committee has recommended that Parliament today formally censure Peters for providing the false return.

And the committee has recommended that Peters be ordered to file, within seven days, amended returns for the past three years that include every gift, debt, or payment he has not already disclosed.

See full article here

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Brian Henry changes story

The master of ducking and weaving

Winston Peters’ lawyer has changed his story to Parliament’s Privileges Committee.

Brian Henry concedes Mr Peters was the client he referred to in an email to Owen Glenn, something he had previously denied.

Mr Henry remains positive however he solicited the $100,000 donation. He says he thought of doing so in a phone call with Mr Peters after he told him he had talked with Mr Glenn.

“That jogged my memory and then sent an email to try and jog Mr Glenn’s memory in the hope we’d get a donation.”

When asked if it was pure coincidence, Mr Henry replied “that’s just what happened”. Mr Henry says Mr Peters never mentioned money in the phone call. Story Here

Here is Report of the Privileges Committee

http://www.parliament.nz/NR/rdonlyres/5B0AE983-1849-4113-B6D8-34B07AE474DE/93673/DBSCH_SCR_4211_6254.pdf

But no doubt Wnston will come out fighting as he always does Just do us all a favor Winston get your self a new Career based on this last Smoke screen Im sure you have got your reserves all lined up
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