What happened Wednesday

Business / news

A review of things you need to know before you go home on Wednesday; a chunky rate rise, slow auction activity, mixed retail, very full employment, good dairy auction, swaps stable, NZD firm, & more

2nd Feb 22, 3:59pm by David Chaston

Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
No changes have been reported today.

TERM DEPOSIT RATE CHANGES
Xceda Finance (ex-Asset Finance) raised all their TD rates, some with big rises, like their 9 month TD up +70 bps to 3.65% and their 18 month up +55 bps to 4.50%

GIANT NEW JOB INSURANCE SCHEME COMING
The Government is proposing a giant new income insurance scheme, similar to the existing ACC scheme. It will cover job losses due to redundancy and sickness/disability - at a cost to both employees and employers.

PASSED IN
The sales rate at Barfoot & Thompson's Auckland auctions dropped to 38% in the last week of January even though the numbers being offered at auction were up strongly.

UNEVEN START FOR 2022 RETAIL
Overall consumer spending in January through retail stores in Worldline’s payments network was up on the same time last year but dipped in the final week of the month due to Covid influences. Core retail sold $3.06 bln in the month (excluding Hospitality), a lift of +7.1% on the same month last year and up +12.8% from January 2020. But hospo was down -5.2% on 2021 and -8.7% on 2020.

VERY FULL EMPLOYMENT
Fewer people were added to our paid labour force in the December quarter than analysts were expecting. On a seasonally adjusted basis it rose by just +3000 people from September, although more than 101,000 more people were employed in December 2021 than December 2020. +30,600 more employees were added to public administration and healthcare in the year. Despite that, in the December 2021 quarter less hours were worked overall than in the December 2020 quarter. Labour productivity turned lower. But these are relatively minor quibbles. The jobless rate slipped from 3.4% to a record low 3.2%. The employment rate went up to 69.1%, the participation rate did too, to 71.4%. And our jobless rate is the fifth best in the OECD, while our employment rate is fourth best. More here.

VERY UNPRODUCTIVE EMPLOYMENT
The Quarterly Employment Survey has shown that gross earnings paid to all employees exceeded $2.5 bln in the quarter for the first time ever, a rise of almost +11% from the same quarter in 2020. But average hourly earnings rose 'only' +3.8% year-on-year, more for the private sector (+4.1%), and less for the public sector (+3.1%). Public sector pay is higher by +28% (public sector pay averages $1684/week on an FTE basis, whereas private sector pay averages $1318/week on the same basis), but these public employees are doing less and less overtime, while private sector employees are doing more. So, overall paid earnings are up +11% but overall hours worked decreased. This doing-less-for-more trend should worry public policy makers.

FOREIGN BUYERS SCARCE AGAIN
Stats NZ reported today that there were 41,460 home transfers in the December quarter, and of those 780 (or 1.9%) were to buyers who stated an overseas tax residency, including Australians (285 transfers), Americans (114 transfers), Brits (81) and Chinese (60). They point out that tax residency is not the same as nationality. For example, an overseas tax resident may be a NZ citizen living overseas. Alternatively, a NZ tax resident could be an overseas citizen who lives in New Zealand, or a company with overseas owners. On this basis, the tiny numbers recorded in Q3-2021 went down in Q4. Most of this activity occurred in Central Auckland, Christchurch, and Queenstown.

NEAR RECORD HIGHS
The overnight dairy auction was a good one, the second one in a row, and up +4.1% this time in USD terms (+6.4% in NZD terms). That is on top of the +4.6% rise two weeks ago. From this time last year, these prices are up +23%. Also see this.

EXHUBERANT
Analysts at both Westpac and ASB each raised their 2021/2022 milk price payout estimates, in the case of these two to $9.50/kg/MS and $9.25 respectively. Westpac didn't change its 2022/23 season estimate of $7.50 but ASB chimed in with an $8.80 forecast for the next season. They follow ANZ and NZX recently. Only BNZ and Rabobank are yet to update their estimates. Full details of all analysts estimates are here.

LOCAL PANDEMIC UPDATE
In NSW, there were 11,807 new community cases reported yesterday, similar the prior day, now with 119,265 active locally-acquired cases, and 27 daily deaths. There are now 2,623 in hospital there, off their high. In Victoria they reported 14,553 more new infections yesterday. There are now 73,886 active cases in that state - and there were 25 more deaths there. Queensland is reporting 9,630 new cases and 16 more deaths. In South Australia, new cases have slipped to 1266 yesterday. The ACT has 549 new cases, and Tasmania 699 new cases. There have been 1033 cases in the Northern Territory, a big jump. Overall in Australia, about 38,000 new cases have been reported so far although not all counts are in yet. In New Zealand, there were 54 cases stopped at the border, plus 142 new cases reported in the community.

GOLD UP
In early Asian trading, gold is at US$1801 and up +US$4 from this time yesterday.

EQUITIES RISE AGAIN
In New York, the S&P500 closed up +0.7% after a late rise. Tokyo has opened up another strong +1.2% and recall that Hong Kong and Shanghai are both closed for Chinese New Year. The ASX200 is up an even stronger +1.4% in early afternoon trade, which is being matched today the NZX50 which is also up +1.4% in late trade.

SWAPS HOLD
We don't have today's closing swap rates yet. They are likely unchanged. The 90 day bank bill rate is up another +2 bps at 1.17%. The Australian Govt ten year benchmark bond rate is up slightly at 1.93%. The China Govt 10yr is still at 2.72%. The New Zealand Govt 10 year bond rate is now at 2.59% (down -2 bps from this time yesterday) and still above the earlier RBNZ fix for that 10yr rate at 2.58% (down -1 bp). The US Govt ten year is now at 1.80% and back up +2 bps from this time yesterday.

NZ DOLLAR TURNS HIGHER
The Kiwi dollar is up +¾c from this time yesterday to 66.5 USc. Against the Aussie we are unchanged at 93.1 AUc. Against the euro we are up at 59 euro cents. That means the TWI-5 is now back up at 71.1.

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BITCOIN HOLDS
Bitcoin has changed little today and is now at US$38,670 which is up +0.9% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.6%.

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66 Comments

by morphyoss | 2nd Feb 22, 4:05pm 1643771147

Interesting note about productivity

VERY UNPRODUCTIVE EMPLOYMENT

The Quarterly Employment Survey has shown that gross earnings paid to all employees exceeded $2.5 bln in the quarter for the first time ever, a rise of almost +11% from the same quarter in 2020. But average hourly earnings rose 'only' +3.8% year-on-year, more for the private sector (+4.1%), and less for the public sector (+3.1%). Public sector pay is higher by +28% (public sector pay averages $1684/week on an FTE basis, whereas private sector pay averages $1318/week on the same basis), but these public employees are doing less and less overtime, while private sector employees are doing more. So, overall paid earnings are up +11% but overall hours worked decreased. This doing-less-for-more trend should worry public policy makers.

I'm not really one to argue with Stats NZ but I thought hours worked as a measure of productivity was a pretty useless measure of actual productivity?

by David Chaston | 2nd Feb 22, 4:24pm 1643772295

To be fair to StatsNZ, they report multifactor productivity, on an annual basis. We are the ones that relate total hours worked in the economy to real GDP output to track quarterly productivity - really labour productivity. Yes, real economists and statisticians have moved well away from that original simplified metric. But because the multifactor detail a) doesn't actually cover the whole economy (only the "measured sectors"), and b) is annual and well after the fact, we like to keep an eye on the quarterly detail to get a feeling of where things might be heading. If you spend more hours overall producing less outputs, it can't be a good thing.

by J.C. | 2nd Feb 22, 4:45pm 1643773510

Informative insights David. Thank you.

by powerdownkiwi | 2nd Feb 22, 7:32pm 1643783563

Depends what you call 'outputs'.

Economics fails to understand what REAL work is, and indeed what REAL output is. Most of us don't 'work', and don't 'put anything out' - a journalist is one such example. But those od us who don't do REAL work, expect our parasitic social contribution to be exchangeable for REAL stuff; food, materials, energy.

Doesn't matter how much writing per hour you do, if there are no vegies on the supermarket shelves. You could speed up your word/hr count by 2, and by 2 again - still empty shelves.

GDP doesn't count the REAL either......

by Rob Reid | 2nd Feb 22, 8:57pm 1643788657

PDK, haven't you made the point before that all the "productivity" gains since industrialisation have really been achieved through burning oil, not making humans more productive? Doesn't that make all of us parasites on oil (the work of millions of years of living things now dead), even farmers, factory workers and builders?

The workers in my family are (or were) in IT, accounting, car sales, office management and real estate. Proud parasites, every one.

by RickStrauss | 3rd Feb 22, 9:12am 1643832777

I get his point in a way.

There are people, resources (including food and energy), and ideas. You and I work in ideas, but we're dependent on the underlying resources and people managing them. Whether that's parasitical though, unless it's the fact ideas are driving the over-consumption of scarce resources and destruction of the host (e.g. anti-climate-science propaganda, oil lobby groups).

by jo147 | 2nd Feb 22, 9:50pm 1643791857

Am I missing something? Surely this quarter reflects another lockdown with prolonged period of wages paid but far less work possible with subsidy/resurgence payments happening and in some fields zero work possible? In the 13 week quarter we had 7 weeks of level 4 and proper level 3 in Auckland.

by blobbles | 2nd Feb 22, 9:22pm 1643790169

Why would it be a useless measure when you combine it with output (i.e. earnings)?

Productivity under Labour appears to have been cut to shreds, I thought it was bad under National, but Labours plans appear to be to tax the living hell out of anything productive to support more and more accommodation supplements being paid to property investors. And print even more money to hand to the already wealthy.

These idiots have gone over the deep end.

by RickStrauss | 3rd Feb 22, 9:13am 1643832839

Why do productive work when you can live off society either by owning property or by getting a slightly more direct benefit?

by Foxglove. | 2nd Feb 22, 4:11pm 1643771489

Dairying. Undeniably has shored up this nation’s earning power through thick and thin, year in, year out. Recall years ago, Robert Muldoon in opposition to the Kirk Labour government, slamming them in parliament for the dumping of cheese on the UK market. Minister Moyle’s response was a long one, explaining the earning power of NZ cheese globally. Muldoon’s riposte, sang out “Oh what a friend we have in cheeses.” Some things just change and stay the same.

by RickStrauss | 2nd Feb 22, 4:35pm 1643772907

What is surprising is that we don't get some lowering of cheese and milk prices for consumers in NZ in exchange for being there as taxpayers to support the farming sector in the hard times. Floods, droughts etc. Consumers might appreciate a bit of reciprocity, rather than seeing the same items being cheaper overseas than in NZ.

by Te Kooti | 2nd Feb 22, 4:44pm 1643773493

Coles (Aust) - 2l milk = $2.69 (NZ $2.88), 1kg Colby Cheese $8.79 (NZ$9.40), 500g Butter $5.00 (NZ$5.35)

Countdown - 2l milk = $3.79, 1kg Colby Cheese $11.80, 500g Butter $5.60

All own brand.

by J.C. | 2nd Feb 22, 4:51pm 1643773884

Thanks for this. FWIW, the price of NZ butter in S'pore is about 2x that of what you've quoted.

Those store brand prices are quite reasonable IMO.

by Te Kooti | 2nd Feb 22, 5:13pm 1643775198

Very roughly, a family of 5 would go through 2l milk a day and 1kg cheese in a week pretty easily. Those 2 basics alone would be $460 cheaper per household per annum in Australia.

Throw petrol prices onto that, 91 is $2.70 in NZ and $1.70 ($NZ1.80) - 90c cheaper per litre. A family using 50 litres per week is $2340 better off in Aus.

So that's $2800 per year net for petrol, cheese and milk, or around $4k of gross income.

by ACB | 2nd Feb 22, 5:27pm 1643776033

Might be something to do with GST. GST (10%) in Oz is not applied to basic foods from memory.

by Nzdano | 2nd Feb 22, 8:32pm 1643787133

I had an idea the petrol differences are mainly tax, are vehicles taxed differently in Australia? Road user charges or something?

by Pa1nter | 2nd Feb 22, 5:26pm 1643775989

Is it all NZ sourced milk product?

Food in the States can be cheaper, but a lot of it's pretty shit, you have to go to a whole foods supermarket to get produce of a comparable quality to what is standard in NZ. From memory Aussie produce is in between NZ and the US for quality. Case in point, look what happened to Cadbury when they shifted production to straya'.

by Foxglove. | 2nd Feb 22, 5:36pm 1643776579

Cheese made in the States is plain awful. Unless you are out in the country fresh fruit & vegetables insipid & ditto for supermarket bread. Spuds are self mashing. Meat & fish is good. Fruit juice is good. Poultry & pork very cheap, very big.

by Te Kooti | 2nd Feb 22, 5:32pm 1643776329

All the Australian dairy products are sourced locally, I can't say whether any quality differences but I doubt it. Yes, GST is a contributing factor.

by hum | 2nd Feb 22, 5:34pm 1643776497

Jesus, you really have no idea of good quality food if you think NZ gets good supplies. lots of the stuff in our supermarket is very below average. i actualy struggle to shop here as 80% of the items in supermarket is hyper processed junk with high level of additives sugar palm oil etc

by Pa1nter | 2nd Feb 22, 5:54pm 1643777663

Your statement is all over the map. NZ makes some of the finest produce around. Not all produce at the supermarket is high quality. A lot of our standard items are of a higher quality than standard items in other countries. Food grown in a hothouse generally can't compete with heirloom market garden produce.

At the end of the day, there's price, then there's value, then there's quality. You can live cheaper many other places than NZ, but the quality varies.

by Te Kooti | 2nd Feb 22, 5:59pm 1643777973

In general NZ shoppers get a raw deal IMO. There are exceptions of course.

Australia has Aldi and they are a game changer - very cheap. That is what keeps the big 2 on their toes and NZ just does not have that, Pak n Save not even close.

by HouseMouse | 2nd Feb 22, 6:10pm 1643778641

From my experience living in Aus, I would say in terms of supermarkets the quality is fairly comparable. But what I found noticeably different is that, generally, fruit and vege shops over there had FAR higher quality than in NZ.

by Ngrrk | 2nd Feb 22, 8:02pm 1643785375

What surprised me living in Aus is that milk and yogurt are better quality, however, basic supermarket cheese isn't. Our local fruit and vege is definitely of a higher quality and much, much cheaper.

by rastus1 | 2nd Feb 22, 9:55pm 1643792134

I recall nearly throwing up on a Macdonald’s filet of fish in the states. God knows what was in it...a carp from China perhaps?

Incomparable with a NZ one.

by HouseMouse | 2nd Feb 22, 10:24pm 1643793844

I have been to the USA three times and I would say generally (obviously there are some really good fine dining places) middle of the road food offerings are pretty mediocre.

One thing I think NZ does better than many countries, including Aus, is restaurant and cafe food.

by NoVictim | 2nd Feb 22, 7:19pm 1643782772

Maybe this will help.

https://www.interest.co.nz/rural-news/113982/2022-will-be-big-year-prim…

by Officebound | 2nd Feb 22, 4:25pm 1643772359

Spot price for electricity going crazy again.

Has spent the last 48 hours 50%-100% more expensive than retail energy rates, small energy players will be taking a bath

by solardb | 2nd Feb 22, 4:29pm 1643772567

aircons going full blast. lower north island using more than upper north island. south island bot sending much north .

by Hardly | 2nd Feb 22, 6:33pm 1643779986

Such a dumb problem to have - build more electricity generation. They could start by increasing the incentives for solar.

by powerdownkiwi | 2nd Feb 22, 7:37pm 1643783864

They could have mandated solar-efficient housing,decades ago. Passive solar, it has been called - since about 1950........

Instead, they're cramming 3 stories x3 on a postage stamp - requiring more energy delivered per person.

Stupidity,

by Foxglove. | 2nd Feb 22, 8:25pm 1643786730

Here you and I agree, utterly, completely and totally and you are welcome to use those adverbs as adjectives to describe the fools advancing this latest urban desecration.

by HouseMouse | 2nd Feb 22, 10:26pm 1643793999

Where I live in 2 year old townhouses, most of us have to use heat pumps for much of summer to keep us cool. The townhouses are terraced,and well insulated, and very warm in winter. But overheat a lot in summer. Apparently this is becoming very common in new development in Auckland.

by Noncents | 2nd Feb 22, 4:26pm 1643772382

Labour pulling a Judith and trying to tank the next election.

Roll up for your daily covid booster. Don't worry if you don't get it, we upped your taxes so that you can get 80% of your wage to cover your income when you get made fired.

Vote Labour! we look after the working class.

by RickStrauss | 2nd Feb 22, 4:36pm 1643772975

Have to admit I'm impressed at the sheer extent to which Labour has turned into National. Takes some real gall to do so while retaining the Labour brand.

by Noncents | 2nd Feb 22, 5:07pm 1643774868

Given the similarities I really stuggle to understand why under MMP they don't go into coalition.

In many other countries MMP setups the two major parties are obliged to enter discussions.

by dumbthoughts | 2nd Feb 22, 4:41pm 1643773294

I've just come up with the new slogan:

"Three shots to sit at home and do nothing because everything fun is cancelled again for the foreseeable future." Has a great ring to it, doesn't it?

There, I just saved the taxpayer compared to whatever puerile spin some well-connected ad agency is going to be paid to come up with the next insufferable radio jingle.

I'll still get my booster. But I'll do it after six months (i.e. what the manufacturer tested it for). Not sooner, just because a bunch of incompetent politicians are feeling the heat.

by Noncents | 2nd Feb 22, 4:54pm 1643774092

A better one would be

Two shots for Christmas, three for Waitangi, four for Easter, and five for Matariki.

Or to really simplify "Jab for Job"

by dumbthoughts | 2nd Feb 22, 4:58pm 1643774320

I like your style.

How about "the jabbings will continue until polling improves"?

by Foxglove. | 2nd Feb 22, 5:12pm 1643775132

Both of you talking sheer Jabberwocky. Have you decided if you can’t beat ‘em join ‘em then?

by Noncents | 2nd Feb 22, 5:17pm 1643775449

Join this bunch, lol. Based on the polls, even the ambling sheep that is the majority are slowly twigging that endless jabs may not be the answer.

I swear todays announcement was just the 2nd shot speech with "2nd dose" replaced by "Booster", "WHO"/"Science" replaced with "our team"/"Our health experts", and "Summer" replaced with "Omicron Outbreak"

What I would give for a top US/Euro analyst to dicsect her speeches like they do of their leaders.

by dumbthoughts | 2nd Feb 22, 5:23pm 1643775781

Step 1: Open up Microsoft Word

Step 2: Load up last year's vaccine speech

Step 3: CTRL + F, and then 'find and replace' to suit

Step 4: Sit back and relax, knowing the media will lap it up and not question a single thing. Give yourself a pat on the back.

Job jobbed, jab jabbed.

by MortgageBelt | 2nd Feb 22, 6:41pm 1643780512

Today the country realised they are in an ongoing state of paralysis with less and less workplace, business and personal freedom. With no end in sight other than continuing announcements about future announcements.

by frazz | 2nd Feb 22, 8:03pm 1643785394

Really ..I missed that as was out and about?

by Noncents | 2nd Feb 22, 8:48pm 1643788094

"With no end in sight other than continuing announcements about future announcements. "

I turned off the news the second I heard "we will release the details later"

I simply do not understand how people let this slide. The media, voters, in fact everyone. No-one appears concerned (at least the media never ask any questions) that an announcement with no detail, no policy, no examples, and no answers, other than a "we will tell you later" is now considered a great outcome for democracy.

Is it any wonder, people are not paying for news anymore. The media should be ashamed. If I wanted to watch a bunch of sycophants praising an imaginary god I would join up to Destiny Church.

by Foxglove. | 3rd Feb 22, 6:58am 1643824734

Will never forget, right at the beginning the first podium affair, the very first question from the media - how much is our support package and when are we going to get it.

by Rob Reid | 2nd Feb 22, 9:54pm 1643792041

I've managed to go these 2+ years without paying any attention to NZ media or any kind of public COVID announcement. If my employer changes some rule about coming into the office (or not) they ping me. I googled how to get vaccinated and did that - about it. Apart from that I've enjoyed ignoring the whole thing and got on with life.

by HouseMouse | 2nd Feb 22, 10:27pm 1643794076

Good philosophy

by CWBW | 2nd Feb 22, 4:36pm 1643773016

Public sector pay is higher by +28% (public sector pay averages $1684/week on an FTE basis, whereas private sector pay averages $1318/week on the same basis), but these public employees are doing less and less overtime, while private sector employees are doing more.

There's little incentive to venture out your own to start a business or work for a private company just to pay taxes to feed these mammoth public sector employees.

The government is the number one no choice employer in this country and it's a no brainer. Your taxes goes back into paying part of your own salary (effectively stealth tax reduction for you) and the job is secure as long as you sing the same song as everyone.

It's hard in the private sector, do yourselves a favour and make life easier for yourself, sign up at your nearest government agency today.

by mfd | 2nd Feb 22, 4:43pm 1643773435

It's quite confusing given the pay freeze/restraint over the last year for public sector workers. Does the 28% increase reflect significantly higher numbers employed? By which departments?

by Whatwillhappen | 2nd Feb 22, 5:08pm 1643774893

It reflects public servants using their brains and getting a new job and negotiating a payrise versus staying in your existing job and getting frozen.

Stupid policy, poorly thought out.

by RickStrauss | 2nd Feb 22, 4:48pm 1643773727

Little incentive to venture out and start your own business when you're just going to be carrying investment property anyway and that's a far easier way to get subsidised, largely tax-exempt and seemingly government-guaranteed income (whoops, "accidental capital gains").

If we really wanted to incentivise productive work we'd raise a LVT and balance it by reducing income tax, rewarding people for hard work rather than sitting around on their ass-ets.

by hum | 2nd Feb 22, 5:38pm 1643776685

First time ever i agree with you on this

by Audaxes | 2nd Feb 22, 4:50pm 1643773812

Westpac NZ's Acting Chief Economist Michael Gordon says the strong labour market hasn't put as much pressure on wage growth as expected.

"Businesses’ labour shortages are well-documented by now; the key thing we’re watching is the extent to which this translates into upward pressure on wages. And in that respect the December quarter surveys were actually softer than we expected. The Labour Cost Index rose by 0.7% for the private sector, unchanged from the previous quarter," Gordon says.

"While the pace of wage growth has picked up over the last year, it hasn’t really gone beyond a catch-up after little or no wage growth in the wake of the Covid shock in 2020. Neither labour shortages nor demands for cost-of-living adjustments appear to have led to a widespread breakout in wage inflation yet." Link

by Whatwillhappen | 2nd Feb 22, 5:09pm 1643774994

Just came across a blast from the past when going through my emails. This an email from TSB from December 2014 when I was buying my first home. Times have changed:

Whether you’re buying a new home or refinancing an existing mortgage from another bank, sign up to a home loan with us before 12 December 2014, switch your income to us and get 5.70%p.a fixed for 2 years, plus you’ll get up to $2,000 Travel vouchers*

I am pleased to let you know we can lend you up to 80% of the property's value, and right now our interest rates are very competitive:

6 months fixed rate 5.80%p.a

1 year fixed rate 5.70%p.a

2 year fixed rate 5.70% p.a. * conditions apply

3 year fixed rate 6.20% p.a.

4 year fixed rate 6.40% p.a.

5 year fixed rate 6.50% p.a.

Floating rate 6.74% p.a.

Revolving Credit rate 6.74% p.a.

As I recall, we went with ANZ fixed for 2 years at 5.15%

by iliketobike | 2nd Feb 22, 5:10pm 1643775034

How aboot some coverage of the current Convoys / Protests?

The Canadian one in particular should have some political, economic, and supply chain impacts that would be interesting to your readers.

by Squishy | 2nd Feb 22, 5:48pm 1643777296

This ACC income insurance scheme proposal is finding few fans. With Three Waters at least you could say people saw some merit even if they don't want it.

With the income insurance scheme some don't want more tax, some don't want another ACC and some don't want a welfare system that adds to the societal divide. It's like they have found a way to optimise the policy around there being something for everyone to dislike.

by Foxglove. | 2nd Feb 22, 6:01pm 1643778063

Recall Winston Peters stated between 2017 & 20, that he had to deal on a daily basis with a bunch of incompetents, or words to that effect. Nothing has changed obviously. Pity though he didn’t realise that before putting them into power. Could have sat on the sides & let National run a minority type government perhaps.

by frazz | 2nd Feb 22, 6:27pm 1643779673

Baubles

by HouseMouse | 2nd Feb 22, 6:12pm 1643778766

There is an excellent article in the Herald from Matt Burgess on inflation and the RBNZ's incompetence (you need Premium to read it though).

by realterms | 2nd Feb 22, 7:19pm 1643782761

"There is an excellent article in the Herald ..."

that seems so very unlikely!

by HouseMouse | 2nd Feb 22, 8:04pm 1643785486

There's a lot of garbage in it for sure, but there's enough good stuff - only just - for me to keep my Premium subscription.

by Whatwillhappen | 3rd Feb 22, 9:07am 1643832472

Agreed. Premium is only worth it for the political commentary from Claire Trevett, Audrey Young, Thomas Coughlan (the best mainstream political journalist in NZ at the moment) and some of the opinion columns. The rest of the Herald is junk

by Foxglove. | 3rd Feb 22, 11:18am 1643840283

I have got, more than once, ten out of ten on one of the daily quizzes. Sadly, that probably confirms your point.

by custard | 2nd Feb 22, 9:53pm 1643792005

Matt Burgess: Why inflation looks here to stay - NZ Herald

https://www.nzherald.co.nz › business › matt-burgess-why...

The Reserve Bank's response to Covid has been nothing short of a catastrophe.

Agreed!

by RickStrauss | 3rd Feb 22, 9:19am 1643833142

The Reserve Bank's inaction to slow inflation is effectively choosing to erode what little wealth poorer New Zealanders have to preserve the RBNZ-inflated wealth of richer New Zealanders.