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By Chief Stipe · Posted
@Murray Fish @curious the racing industry has NEVER been self-funding. No Club put enough profit aside to fund the maintenance amd renewal of core racing assets. Any other business that goes down that path eventually fails. Alll some Clubs have left is a land bank that they can off load to fund maintenance. However the harsh reality is most Clubs don't own their properties or if they do have anything left to sell. -
By Murray Fish · Posted
the role that Debt has played from back then until today... Tracing the precise path of New Zealand's Crown debt through the 1960s is challenging, as detailed annual data from that decade is scarce in the search results I obtained. However, by combining the available data points with contemporary analysis, we can build a clear picture of the debt's trajectory and the growing concerns around it. Here is a timeline of the available data, which helps illustrate the trend: | Year | Data Point | Context & Insights | Source | | :--- | :--- | :--- | :--- | | **1960** | **4.4%** | This figure represents **claims on the central government as a percentage of GDP** . It's an imperfect proxy for total debt but serves as a useful baseline for the decade. | CEIC Data / World Bank | | **1960-61** | **7.5%** | In this financial year, **service payments on New Zealand's total external debt absorbed 7.5% of the country's total external earnings** . This is a significant finding from a contemporary study. | 1964 Newspaper Article (Papers Past) | | **1964** | **Forecast for 1970-71: 10.9%** | An academic analysis from 1964 warned that if the trend continued, debt service payments would consume an **estimated 10.9% of external earnings by 1970-71** . This highlights the contemporary anxiety about the rising burden. | 1964 Newspaper Article (Papers Past) | | **1967** | **~US$667 million** | A World Bank report from 1968 recorded New Zealand's total external public debt (including undisbursed) at approximately **US$667 million as of June 30, 1967** . | 1968 World Bank Report | | **1972** | **NZ$405 million** | This is the earliest figure for total government debt from the provided Treasury data, serving as a post-1960s benchmark . The debt clearly grew substantially from a smaller base in the early 1960s to this level by 1972. | New Zealand Treasury | ### 💡 The Economic Context of the 1960s The rise in debt during this period didn't happen in a vacuum. It was a reflection of New Zealand's economic struggles at the time. - **A Regulated Economy Under Strain:** By the 1960s, New Zealand's highly regulated economy, built on import controls and export subsidies, was beginning to feel the pressure . The country's prosperity was heavily dependent on its relationship with the United Kingdom. - **Growing Concerns:** As early as 1964, economists were warning about the nation's growing external indebtedness. One analysis pointed out that not only was the debt itself growing, but the cost of servicing it—paying interest and dividends to foreign lenders—was consuming an increasingly large portion of New Zealand's export earnings . This was seen as a worrying trend that could limit the country's economic sovereignty and future growth. - **A Precursor to Later Crises:** The debt accumulation of the 1960s set the stage for the much more severe economic crises of the 1970s and early 1980s, which were described by a former minister as a time when New Zealand was "literally borrowing to pay the grocer" . In summary, while the 1960s didn't see the explosive debt growth of later decades, it was a period of steady accumulation that caused significant concern among economists. It marked the beginning of a long-term trend where New Zealand's external obligations grew faster than its capacity to pay, foreshadowing the economic difficulties to come. I hope this gives you a clearer picture of the debt trends during that decade. Would you be interested in learning how these trends evolved into the more pronounced debt crises of the 1970s and 1980s? -
By Murray Fish · Posted
@Chief Stipe (sigh, like C I have 'notes' but...) back in 95 when I did my project 'ownership of horses in nz' (a owners pamphlet was produce from that) I read the 46 RC , that was behind the setting up of NZTAB and then the 1970 one, both are worth reading. The 70's RC was partly driven by the reality of increasing Debt in NZ, right across the economy... Driven by the UK's political decisions in early 60's to focus more on EU... -inside capitalism the rate of profit was declining and still is) <-- meaning that the NZ Working Class started to have less decreasingly spending... that has continue to today!!!!! Note how that reality is NEVER brought into any modern discussion! And that is the Main Reality of why Racing is heading towards the sunset... Move the chairs around, spend money on that and this, nope! Don't start me about the ever problem of alienating the sort of punters that bring others into the game!!!!!! prior Royal Commissions into Horse Racing in NZ Based on the search results, I can confirm there have been five Royal Commissions specifically into horse racing in New Zealand. They were held in 1911, 1915, 1920, 1946, and 1970 . Here is a summary of these commissions: Year Key Focus/Reason for Inquiry 1911 Investigate alleged grievances; recommend reduction in racing/trotting days per 1910 Act. 1915 Recommend distribution of extra totalisator permits allowed by 1914 Act. 1920 Determine which clubs should be given totalisator licences; studied all aspects of racing. 1946 Studied every aspect of racing and gaming; far-reaching report on off-course betting and totalisator. 1970 Inquire into all aspects of racing, trotting, and dog racing; administrative and financial structure. It is worth noting that the 1970 Commission, chaired by Sir Thaddeus McCarthy, was a particularly significant and comprehensive inquiry that also examined greyhound racing and led to major industry reforms, including the establishment of the New Zealand Racing Authority . -
By Wandering Eyes · Posted
Incredibolt rejoined the National Thoroughbred Racing Association's Top 3-Year-Old Poll in 10th place, while four horses sitting outside the top 10 are set to compete March 21 at Fair Grounds Race Course & Slots.View the full article -
By Wandering Eyes · Posted
After a pair of close runner-up finishes in Turfway Park stakes, Fulleffort aims to hit the wire first with a spot in the Kentucky Derby (G1) starting gate on the line in the $777,000 Jeff Ruby Steaks (G3) March 21.View the full article
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