Recently, considerable energy has been focused on extending the mandate of anti-racism. Modern (or symbolic) racism and discursive psychology have argued that racism has taken on more covert forms. A longitudinal examination of newspaper coverage of two important race-related newsprint stories in New Zealand (involving Winston Peters, Tuku Morgan and New Zealand First) identified discourses of ‘plausible deniability’ involved in warranting or defending statements about minorities against accusations of racism. We discuss implications of symbolic politics for minorities who are perceived to have violated societal norms, and show how nationalism is used as a framework for denying racist intent. Analyses of historical context show how ‘race’ forms only one lens from which to view issues of intergroup relations. While the press was sensitive to issues of racism, they demonstrated little awareness of concurrent issues of neo-liberal economics, or market fundamentalism. Anti-racism may be motivated not only by the ideals of egalitarianism, but also by underlying dynamics of economic power in a global economy. Copyright © 2006 John Wiley & Sons, Ltd.