The headline read "shock as GDP falls 0.3%".
What shock? Just yesterday we had Westpac who saw a fall of 0.1%, we have said consistently this country is in recession, and by that I mean the Q3 number confirmed yesterday and the state we are currently in, in Q4.
My only reservation is around immigration and whether its heft holds us up enough at the moment to avoid a true recession when we get the Q4 numbers next year.
But immigration was booming in July, August and September, and it didn’t save us then, and the mix of funk and reality has well and truly set in since then.
Yes, we have a change of Government and with it comes hope.
But you can't hide from the reality that the Reserve Bank, having pumped the place with cash, has now whacked the brakes on so hard the mortgage will kill you, if you sell stuff offshore your returns are down in volume and price, tourism is way too slow on the bounce back - once again because of the Labour border policy and students aren't back, which is the same story.
The debt is crippling us, the current account is a joke and the Auditor-General's report into the billions in waste exposes the calamitous mess Labour got us into.
What part of this story have you not heard numerous times on this programme?
This is not to bag the economists and forecasters. But I said the same thing during Covid - you can be too expert, too microscopic, you can have too many spreadsheets and overthink stuff.
Try the real world for a while. Go to a supermarket, talk to a few trades people, some kids looking to make their way in the world. You soon see and feel what's really going on.
I have also told you about inflation. We are stuck. Yes, it may, may, be falling slightly. But not enough.
We will have less than zero growth and we will be in recession with elevated interest rates all of next year. We are in deep trouble.
Shock? It's been a freight train of fiscal ineptitude coming down the track for the past two years.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
But immigration was booming in July, August and September, and it didn’t save us then, and the mix of funk and reality has well and truly set in since then.
Yes, we have a change of Government and with it comes hope.
But you can't hide from the reality that the Reserve Bank, having pumped the place with cash, has now whacked the brakes on so hard the mortgage will kill you, if you sell stuff offshore your returns are down in volume and price, tourism is way too slow on the bounce back - once again because of the Labour border policy and students aren't back, which is the same story.
The debt is crippling us, the current account is a joke and the Auditor-General's report into the billions in waste exposes the calamitous mess Labour got us into.
What part of this story have you not heard numerous times on this programme?
This is not to bag the economists and forecasters. But I said the same thing during Covid - you can be too expert, too microscopic, you can have too many spreadsheets and overthink stuff.
Try the real world for a while. Go to a supermarket, talk to a few trades people, some kids looking to make their way in the world. You soon see and feel what's really going on.
I have also told you about inflation. We are stuck. Yes, it may, may, be falling slightly. But not enough.
We will have less than zero growth and we will be in recession with elevated interest rates all of next year. We are in deep trouble.
Shock? It's been a freight train of fiscal ineptitude coming down the track for the past two years.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
2 comments:
Nailed it again Mike. Shame the other media outlets don’t seem to get it and that concerns me.
They seem incapable of joining the dots on what is some very fundamental things. Unrestricted spending on garbage policies causing debt to balloon to unsustainable levels. It’s not difficult to see, yet our fourth estate keep pushing utter garbage.
The latest example from Newshub Lloyd Burr. Luxon ferry snub shows he doesn’t care about infrastructure.
What total tosh. How can you have a new boat and ferry terminal when your billions of dollars in debt?
Why does he not write about how billions , billions of dollars were squandered on nothing at all, the auditor general can’t even find them.
That’s a bloody crime if ever there was one. Get of your arse Mr Burr and write a real story.
'My only reservation is around immigration' - it didn't save us with Helen, John blew it open for a 'rockstar economy' that ignored infrastructure. Jacinda kept the gates open, all while continuing the idea of ignoring the infrastructure required.
Now you have some reservations about whether we need even more students and 'retail managers' to help us out?
I suppose you do need someone to make your morning coffee.
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