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90 seconds at 9am: Bollard doesn’t mind the gap; Economy ‘fragile’; Australian guarantee lifted
February 8th, 2010
Bernard Hickey details the key news over the weekend in 90 seconds at 9am, including news Reserve Bank Governor Alan Bollard has told TVNZ it’s unrealistic for New Zealand to think it can match Australia’s incomes and we should be content with the crumbs that fall off Australia’s table. Australia’s mineral wealth gives it some natural advantages we can’t match, Bollard said.
He also said the New Zealand economy remained fragile and the housing market was spongy, meaning rates would stay on hold until the middle of the year, in line with previous statements.
Meanwhile, the Australian Government announced it would remove its wholesale deposit guarantee for banks from end of March, the Sydney Morning Herald reported. Bill English told NZPA that New Zealand was also considering lifting the wholesale guarantee.
The Dow wobbled late on Friday after weak US jobs figures.
Tags: 90 at 9, 90 seconds at 9am, Alan Bollard, Bernard Hickey, BNZ, Reserve Bank, TVNZ
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February 8th, 2010 at 9:59 am
” Crumbs off the table ” from Australia’s success . Ye gads , have we no pride in ourselves , to hold our heads high in the world of commerce ? This is exactly what decades of socialism leads to , becoming milk-sop weaklings reliant upon the good grace of others .
Bolly has , however , fallen into the myth that Australia’s economy revolves around the mining sector .
February 8th, 2010 at 10:13 am
A spat over the spin. Key was happy to stick his nose into the RBNZ ocr decision a wee while ago….Alan is just returning the favour. Might be JK is busy right now rewriting his speech for tomorrow. Have to leave out the BS about catching Aus.
Look past this and you will see an exodus of skilled people to Aus along with a capital flight. Why invest in an economy being crushed by decades of poor govt with NO likelyhood of any change for decades!
We should keep a close eye on the Greeks. Where they go, we will follow.
February 8th, 2010 at 10:17 am
Not just the skilled people , Wal . If Jon Key doesn’t get his finger out , and attack our massive welfare spendfest , I’ll be heading back to Oz too . …….. That threat oughta get Rudd on the blower to JK , to jack up his ideas sharpish !
February 8th, 2010 at 10:19 am
Clearly, we need to follow the Oz prescription.
Higher marginal tax rates. Capital gains tax. Stronger unions.
Then we might see some real growth.
Or maybe we should just merge? If they will have us…..
February 8th, 2010 at 10:52 am
“The Age of the Crumbs”.
The trick that JK is trying to perfect amounts to convincing the peasantry that being last in the race to a better standard of living..is better than not being in the race at all…right John!.
Just hours to go now until we are all told what magic the govt intends to call upon. We shall learn what the spin doctors have been able to do to dress up Bill’s ‘6 part strategy’!
February 8th, 2010 at 12:15 pm
Wally: for all the good Bill has done so far, it may as well be a “6 pack strategy”