Here's our summary of key economic events overnight that affect New Zealand, with news of economic weaknesses except in some key labour markets.
We follow American jobless claims, looking for early signs of labour market stress. But despite other weakish economic signals, this key sector isn't showing that yet. There were just 199,600 new claims last week, a very low level. There are now 1.237 mln people on these benefits, also historically low.
But there were weak signs continuing from their housing markets. New housing starts slipped again last month to be -8.8% lower than year-ago levels. Building consent levels -10% lower on that basis. But it is worth noting that both are still above pre-pandemic levels. And overall these October falls were less than was expected.
Also weak were the survey results from factories in the Philadelphia Fed region, primarily in Pennsylvania where a grim partisan election took place recently. It swung strongly to the Democrats, and that was despite their factories giving this survey a downbeat assessment, one taken right as votes were counted or immediately after.
But not quite so downbeat were factories in the Kansas City Fed survey. Here earlier declines in metrics slowed noticeably.
Meanwhile, the St. Louis Fed boss has called for more front-loading of the Fed's rate hikes, wanting it above 5% to get meaningfully on top of their inflation threat. The upper-bound of the Fed's current policy rate is currently 4%. Fed policy makers next meet on December 15, 2022 NZT
In China, Bloomberg is reporting that regulators there have told banks to report on their ability to meet short-term obligations after a rapid selloff triggered a flood of investor withdrawals from fixed-income products. The unscheduled regulatory queries coincided with the biggest decline in China’s short-term government bonds since mid-2020. The slump, spurred by a shift toward riskier assets including stocks, prompted retail investors to pull money from wealth-management products, fueling a spiral of price declines and accelerating withdrawals. Losses also spread to top-rated corporate bonds, stoking a record surge in yields this week.
In the UK, their "Autumn Statement" is a tough one, recognising that they are already in a deep recession essentially from own-goals, and that their jobless numbers will likely rise by another +500,000 soon. They unveiled £55 bln of tax rises and spending cuts, which they hope will lead to a "shallower downturn" with "fewer jobs lost" than the track they are currently on. Living standards are about to be rest sharply lower there.
Australia added +32,000 jobs in October and their jobless rate dipped to 3.4% from 3.5% in September. Better yet, there were +47,000 new full time jobs, and a fall of -15,000 part-time jobs here. These better-than-expected and solid labour market results will likely mean the RBA will add another +25 bps to their official rate in early December, taking it to 3.10%. Markets have priced in slightly less than that prior to this jobs data release.
And locally, Fonterra has announced it has finally sold its Chilean Soprole business, for about NZ$1 bln.
Container shipping rates continued their fast fall last week, down another sharp -7% from the prior week to be more than -70% lower than year-ago levels and are now -30% lower than five-year averages. It is still rates out of China, and now especially to Europe, that are driving this collapse. It is now almost just a third of the price to ship from Shanghai to Rotterdam, than it is to ship from Rotterdam to New York. That is highly unusual. Bulk freight rates are back to their pre-pandemic levels.
The UST 10yr yield starts today at 3.78% and up +6 bps from yesterday. The UST 2-10 rate curve is more inverted at -70 bps. And their 1-5 curve is also a bit more inverted at -77 bps. Their 30 day-10yr curve is still just positive, now at just +10 bps and still threatening inversion as well. The Australian ten year bond is up +2 bps at 3.64%. The China Govt ten year bond is down -3 bps at 2.83%. And the New Zealand Govt ten year will start today down -8 bps at 4.19%.
Wall Street has opened its Thursday equity session softer with the S&P500 down another -0.2% in late trade. Overnight, European markets were generally lower although Frankfurt rose +0.2%. Yesterday, Tokyo closed down -0.4%. And Hong Kong ended down -1.2% while Shanghai ended down -0.2% as sentiment can't seem to gain any traction. The ASX200 ended its Thursday session up +0.2%, and the NZX50 rose +0.6%.
The price of gold will open today down -US$17 at US$1759/oz.
And oil prices start today down -US$2/bbl from this time yesterday at just under US$82/bbl in the US while the international Brent price is just under US$89.50/bbl.
The Kiwi dollar will open today at 60.9 USc and down -½c. Against the Australian dollar we are firmer at 91.5 AUc. Against the euro we have slipped back slightly more to 58.9 euro cents. That all means our TWI-5 starts today at 69.9 and down another -20 bps.
The bitcoin price is now at US$16,672 and up +1.4% since this time yesterday. Volatility over the past 24 hours has been modest at +/- 1.0%.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
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133 Comments
Apparently Russia has now officially entered into a recession. Which mean unofficially they've probably been in one for a while.
You don't say...
For a while it was glorious. We sell decadent west our dinosaur juice, don't buy any of their trinkets, surplus money, big success!
Under increasing pressure economically, militarily and undoubtedly politically too. Still that’s in Russia and what’s in Russia stays Russian. In other words when in Russia, do as the Russians, or else!
... they're like that in Kaiapoi , too ...
No wonder Te Rauparaha thought it necessary to sort them out then?
Email being circulated by friendly realestate agent to read / listen to independent expert - Tony Alexander, trying hard to spin positivity.....lobbyist never give up...lol
https://www.oneroof.co.nz/news/tony-alexander-something-interesting-is-…
Now compare to what the reality is :
Fed suggesting minimum fall of 20%
https://www.youtube.com/watch?v=bKbMpD_2w70
House Price decline to accelerate
https://markets.businessinsider.com/news/stocks/housing-crash-home-pric…
Good news buy a house and get brand new Tesla free in NZ
https://www.theguardian.com/world/2022/nov/17/new-zealand-house-seller-…
Fed confirms that will have to raise rate more than 5%
https://www.cnbc.com/2022/11/17/feds-bullard-says-rate-hikes-have-had-o…
I don't know about anyone else but I make all my key financial decisions after thoroughly absorbing mainstream media.
It will be more accurate to just listen to whatever snake oil that Big Save Tony and Arithmetic Ashley are peddling and then take contrarian decisions.
Oi.. don’t knock Tony. HW2 will be along shortly to defend him. Maybe Yvil too.
-TJ5
Complaining about Tony Alexander and then linking a video to YouTuber Meet Kevin as reality LOL... so cringe.
Carinaz: Now compare to what the reality is :
Fed suggesting minimum fall of 20%
This guy is running a company & raising cash in the hope for a crash to buy real-estate cheap - House Hack. He's also the same guy that had been pushing FTX through sponsors only for his followers to get mad burnt...
But you must heed Ray Dalio's FINAL warning*!
*Largely based on the premise that China will rule all
Nifty1, aware of Meet Kevin but 20% fall is a reality and is best case scenario as it could be worse.
If you were aware you probably wouldn't be linking his videos right now, pretty embarrassing...
What’s an “average interest rate”?
... one that gets 50 % in the end of year exams ?
The last one is important. Where the Fed goes Orr must follow. Imagine the OCR at 7%. Contact at the ASB advised they are now testing at over 8% for borrowers, so it shows what they think will happen.
Higher, for longer. Popcorn...
Some choice quotes:
The only real reason there is downward pressure on house prices on average at the moment is because interest rates are at above average levels
He has it in reverse, upward pressure was due interest rates at below average levels. At record lows in fact.
The extent to which house prices have gone beyond the pale is a lot less than people are thinking. In fact, if we allow for the long-term upward trend in the ratio of house prices to incomes things are about where that trend suggests they “should” be.
"should" here translates into "I really wish will", because I can't see anything backing this up other than wishful thinking.
We are solidly in the endgame for the downward leg of the price cycle.
He's been calling it an endgame for an awful long time now.
"we are solidly in the endgame"
In some chess endgames, the last few moves is where all the opponents pieces get completely obliterated and all that's left standing is a solitary king with maybe a couple of random pieces left. Is this what he means, we're approaching the bit in the game where house prices really really start to tank big time?
Rishi Sunak giveth money for free Nandos and sitting on the couch at home, and he taketh away via higher taxes.
I frequent a UK discussion board, and it's amazing to see the number of people who've gone from "free money, yes please" to "what do you mean I need to pay it back" in the space of 24 hours.
Maybe a glimpse into the future for many other countries?
Rishi Sunak froze the tax thresholds for five years.
The Fat Controller was way way ahead of him on that one.
" You can't call him the fat controller"...https://www.youtube.com/watch?v=muGtWZhV6a4
... wet my nappies ! ... ah , it was worth it ...
Rishaks rise is an awesome story.
He was elected by the elite (the party not public), he married into one of the richest families in the world ( the richest family in the UK). he is ex Goldmans, openly admits he has no/zero/ziltch working class friends.. and personally helped do brexit and engineered the borrowing of vast sums by government and citizens during the pandemic at low rates. Now this same dude has got himself the top job and is upping taxes, slashing spending to pay for the money he borrowed (one suspects he is enriching his mates at the same time - allegedly!)
And voters still think their vote counts. lol.
Exactly:
"Without education, we are in a horrible and deadly danger of taking educated people seriously." --G.K. Chesterton, 1906 Link
Press patron still not working…
Why is it that economies do so bad under conservative governments? The UK have gone there for way too long.
Maggie rejects the premise of your question.
Two reasons. 1. They have to clean up the crap left by Socialist governments 2. They have to appeal to the centre which means not being able to roll back things like WFF. I run my personal finances conservatively. Never needed government assistance but will happily take advantage of poor policy eg Clean Car rebates
Good ..I trust you will not take up your Super payments then Rexy or your Gold card?
I think he is planning to walk the narrow line of criticising high Government spending, while contributing to that as much as he is able to.
Au contraire. I will be looking to claw back every cent and more that this lot have taken from me, especially the 39% portion.
RP,you spend most of your time barking on about how much you have gained from this Govt rather than what they have taken,seems like you are happy to have your snout in the trough like any other 'ram raider' ,beneficiary & pillager of the economy that you go on about.
The Conservatives have been in power for over a decade, I am not sure you can blame their previous "Socialist" Governments for their issues
... economies do badly under any useless government ... but ... sometimes you dont realise they've sown the seeds of a future downturn until after they're voted out , due to a lag time in those seeds germinating ...
Robbo = inflation of 7.2 % & house prices at 8 times household income ...
... is Robbo a conservative now ?
10% of housing stock will have mortgagee auctions come march 2023. Keep cash handy.
Link?
A couple of houses went "on the market" quite cheaply this week however bidders pushed the prices up further. Bargain hunters may be active now in anticipation of economic normalization and increased immigrant and work visa flows.
Who knows? It's always a gamble.
Agreed its hard to know if we are at the bottom now or the next leg down is just ahead. If the 1989 and 2008 crashes are anything to go by we should see about 3 years of pain with the worst of it being about 6 months from now.
Yes agree. Mid to late 2023 is going to be rough
... some like it rough ... uh-huh-huh-huh , heh-heh-heh ... snigger snigger ....
Hyperbole.
18 mortgagee sales on Trademe.
989 'motivated vendors' atm. Read a random smattering, some "must sell at auction" - but will the reserve be met?
Multiple Turangi properties changed from Deadline sale to Price by Negotiation this week. Looking at the asking range, none will sell before Xmas, several where purchase some time ago so its not about clearing debt from original purchase, rather greed as Turangi went up about 46% in the last 3-4 years.
I can see Taupo and the bays dragging Turangi down as reality sets in.
As someone who is looking to downsize, I have been watching a few properties myself. It's incredibly frustrating to have to watch them go to auction - they don't sell. The next step is "price by negotiation" and they sit. When are realtors/sellers going to start pricing properties again? I don't like playing the game with tenders, negotiating. If I had a price and knew I could afford, I would go view a few properties.
If you enuire while they deadline as they change the agent normally gives you a range, still these ranges are Aspirational compared with where I think they will sell,
I have no moitivation to move until I see a bottom, which will reuire sales, this will reuire mortgagaee auctions IMHO as no one wanst to accept 30-40% off peak
In a falling market, "price by negotiation" can work for you. If you find a property you like, seriously lowball them to start with. If you talk to the real estate agent and they say "1m-1,1m range", go in with an offer of 800k or less depending on the property. They won't be getting many/any other offers so you are in a position of power. Do this for a bunch of properties you like and eventually one will take your offer.
This is how a few of my friends got quite cheap houses during the GFC.
More Hyperbole. On this street these are the listings sitting on the market
https://www.trademe.co.nz/a/property/residential/sale/auckland/auckland… - listed in March - unsold
https://www.trademe.co.nz/a/property/residential/sale/auckland/auckland… - listed in March - unsold
https://www.trademe.co.nz/a/property/residential/sale/auckland/auckland… - listed in June - unsold
https://www.youtube.com/watch?v=mWk2vQYekxQ - 66 codrington - listed in April - taken off market and leased in September
This is obviously only a snapshot of the wider market however I trust raw info over the spin of a bank economist any day of the week. Sooner or later some of these people have to meet the market. This is why market down turns happen slowly at first then all of a sudden as initially people go into denial mode hoping to achieve yesterdays prices on today's market. They can only maintain this state of denial for so long before reality sets in....
And (unless moving into retirement home) the next property will also cost less, its the property DESCENDING STAIRCASE
Pretty random snap shot of properties... that first property is a straight tear down or reclad, it has leaky all over it - many people in the market for that in any climate? The second property is dated, needs work - vendors haven't put much effort into it for sale.
There are a lot of older crappy homes in Auckland, drive around browns bay....
Well yes our first house in NZ was in Browns bay in like 1976. The rest of the valley was just dirt and earth movers and it rained so hard one day it cut trenches deep enough for us to play war games in. Houses there approaching 50 years old now, what do you expect. Not a whole lot of leakers built back then however, the monoclad shit built in the late 90's has come and gone.
Its not random. They are all on the same street. That is the characteristic they all have in common.
Mortgagee sale this week in auckland sold for 690,000 bought for 888,000 in oct 2021.
lucky for some
This is about the market in AKL right now, Stuff selling is about 23% down on the prices paid Nov 21
That price of 888k sure didn't turn out to be lucky like it was supposed to.
was that the place in henderson? think i saw that and wondered if it was worth even 600k given it was only land of value (the house is a dump) and not exactly a great location to redevelop in
Was 26 mortgagee sales 2 weeks ago for the record. I've been watching out of interest.
what has been the average? (i.e. are we tracking up?)
The big question, really, is who will win the World Cup?
My pick is Brazil beating either Spain or Germany in the final.
France to get their revenge & beat the AB's in the final ... cannot see Brazil , Spain or Germany winning much , unless they're in the same pool with Dave Rennie's Wallabies ...
Haha
Most of the world care about the football World Cup, most of the world don’t about the rugby!
The best way to watch the Football World Cup (or any soccer match) is to watch a 2-minute highlights reel. The rest is a bi... *SNOOOOOOORE*
Some people say the same about cricket….
I feel that way about baseball
And turn off the endless coachs' interviews.
where have you been hiding out? The Black Ferns won it last week!
Quite a few deflationary items in the briefing this morning!
From the outside looking in I feel sorry for the British people haven’t to endure a dope in living standards to pay for missteps but the ruling Conservative party and their decision to leave the European Union. A cautionary tale for us when deciding to voluntarily reduce our national income in pursuit of a threat that to date the rest of the world’s biggest economies countries have shown not the slightest interest in leading in terms of real emission reductions. In fact there are several countries that I am fairly sure will never reduce their emissions. Especially when their militaries rely on fossil fuels and they have national interests to protect.
UK is the 7th largest economy in the world and has cut emissions quite a lot.
China is parabolic. Everything else pales in comparison.
And both have increasingly elderly populations too.
Over the next decade, 2 million more people are going to retire than enter the workforce in the UK, for example.
Per capita is the only measure that matters
No it's not
Yes, it is.
Ah so rather than reduce our agricultural emmissions, all we need to do is increase the population
No Person, what we need to do is shut down our food producing industries and import all our food so some other poor sucker has to count them on their balance sheet.
Problem solved, in fact if you carpet the place with pines instead you can probably greenwash NZ into carbon negative status.
What makes you think importing people will reduce our per capita?
For the UK, if you added in embedded carbon imports from food and manufacturing and included international aviation their true emissions are double those generated onshore.
Exactly, it's total per capita including embedded and offshore that matters.
For whom the bell tolls....
For properties acquired before 27 March 2021, the ability to deduct interest is being phased out between 1 October 2021 and 31 March 2025.
Phasing out interest deductions
Date interest incurredPercentage of the interest that can be claimed
1 April 2020 to 31 March 2021 100%
1 April 2021 to 30 September 2021 100%
1 October 2021 to 31 March 2022 75%
1 April 2022 to 31 March 2023 75%
1 April 2023 to 31 March 2024 50%
1 April 2024 to 31 March 2025 25%
1 April 2025 onwards 0%
So in 4 moths another big chunk of Negitive gearing advantage disappears.... as I have said before banks will have no logical business reasons to issue interest only loans. Its going to massively impact the ability for the next biggest fool to fund a rental (now looking to yield rather then capital growth to fund retirement) , try a spreadsheet for yourself the numbers are horrendous
Exactly IT GUY, add in 10yr right of occupancy and the figures will be worse unless the price of the house drops dramatically. Which is what most wanted.
The policy is working, just have to sit back and see how it all pans out.
Best PM and Government in living memory?
If you are a drug addled teenage ram raider maybe.
There are only a handful of them unfortunately maybe less than 50, not enough of a constituency to get elected. Jacinda will have to rely instead on the hundreds of thousands who asked Labour to bring house prices down...
Don't worry, 7 house Luxon and his cronies will repeal it quick smart.
try a spreadsheet for yourself the numbers are horrendous
*Enters numbers on the basis an investor knows what they're doing*
Hey look, still stacks up.
In fairness neither of us are a Michael Burry.
Meanwhile, the St. Louis Fed boss has called for more front-loading of the Fed's rate hikes, wanting it above 5% to get meaningfully on top of their inflation threat.
These "hawks" are trying to steer an enormous ship using tiny oars all while looking back at the stern for guidance on which way to turn. https://www.youtube.com/watch?v=7p1UMrixdNU
Indeed and perhaps the GFC was the first major recession since true Globalisation. Back then the USA, ECB and China wanted to work together to save the world. Now each to their own.
For asset markets like housing, the covid era of free money was like pouring petrol on an already out of control fire.
It increasingly looks to me like we are about to enter the Mother of all Recessions.
Luckily for Robbo , he'll be bloviating from the sidelines when the Gnats & ACT attempt to clean up the Mother-of-all-Messes he left behind ...
Word of the day: Bloviate. Thank you GBH!!
I have images of Mr Creosote. Hope it’s not those types of messes.
I read the 30 page FTX Bankruptcy court filing. How bad were FTX's internal controls? Here are the worst examples Link
Not commcial failure, this was theft. They will lock them up for 150 years.
In the world we all wish we lived in they would. In this one... not a chance. This is not at all unique to Dems, I'm sure, but that $30m donation surely goes a long way.
The opening on that filing is just something else.
wait til the economy and dodgy-coins industry really start to tank.
The boom lasted way too long, money was way to easy and methinx many more large businesses turned into ponzi's, zombies and we will see a lot of dodgy practices were at play
...despite other weakish economic signals, this key sector isn't showing that yet. There were just 199,600 new claims last week, a very low level.
I'm not that surprised, there is a structural shortage of workers available as the population ages. The era of "hire and fire" is over:
1000 bus drivers wanted......
4000 nurses needed ...
My wife told me last night there were 67 applications for the part-time Finance Administrator role at her school - but 0 applications for the full-time teacher position.
No idea what that means, but I'm pretty certain the fact that early-career teachers are only paid $180(after tax) per week more than unskilled labour, with far more responsibility, has something to do with it.
I work in the construction industry. I get CV's from disillusioned male school teachers all the time. They normally work out by about age 25 they will never be able to own a home and support a family on a teachers salary.
Also very stressful to constantly be watching over your shoulder in case a kid or parent accuses you of inappropriate behaviour. Not worth it for the crap wages.
Add in the petty staffroom politics that sees some of the best actual teachers realised they will never compete.
Teaching like Nursing will never allow you to buy a home in a place like Auckland, hence youg people are not very interested.
Yet no one is talking about the fact that unifying salaries for the entire country may have something to do with that. Individual performance aside, surely a school in Auckland should be able/forced to offer higher wages than one in Temuka - costs of living are dramatically different.
I can't decide which way to go on this one.
Scenario is 2 young teachers starting out. One in Auckland receiving an adjusted higher salary to compensate for cost of living there. The other teacher receiving much less, teaching in a rural school somewhere. Same job, same responsibilities.
Cue forward to retirement and the Auckland teach who has been able to capitalise the higher salary into property now downsizes to go and live in the provinces somewhere with a nice wedge of cash. The rural teacher, not the same opportunity.
Then again, I guess that's how it goes in the private sector? Or maybe not so much with more remote workers reporting through to main centre domiciled jobs and winning on both front.
I agree that it is all tricky but one thing is for sure... the current system is not delivering, what is arguably a tremendously important service.
For argument's sake, let's assume: salary $80k - $130k, house $500k - $1m. It is likely that lower costs of living in smaller centres should enable you to pay off the smaller debt faster and perhaps invest (making net outcome at retirement similar) or just enjoy life. If you want to find talent who want to live in the big smoke, there simply have to be more incentives.
As you say, no different to the private sector. I'd earn at least 30% more in my profession in Akl but that's not where our family wants to be.
Opening a can of worms here but not sure what specifically unions contribute to teacher's benefit these days - this coming from my wife who's worked 18 years in this sector. There may have been the times where gains were made but now? Open it up I say. Let the competition between cities, school, remuneration direct the cream to where it needs to go. Small towns will be fine. We just moved to one. Best decision ever (for us).
Yep, it's terrible for the country. Poorly paid state teachers means we get less good ones and people lose faith in the public schooling system.
Those who can afford to send their kids to private school. These kids then get a massive advantage over lower socio-economic kids prospects and end up getting the best paid jobs and the cycle continues. These privately educated kids are nowhere near the best, they are middling to mediocre but their parents have bought them access.
Meanwhile the vast majority of exceptionally talented kids in the lower socio-economic groups never get a chance to rise to the top.
Over time the overall productivity and competency of our workforce declines and we start to fall behind.
Brilliant podcast by Malcolm Gladwell on this here https://open.spotify.com/episode/2o6o4va4JmJ0662VeDes6V?si=prKXk0rKT3em…
I've got several friends and family members (including my partner) who've worked in both public and private schools.
At least in my partner's case, the pay isn't much better than public - the performance expectations are also far greater (for example several fixed-term teachers at her school haven't had their contracts renewed or extended as they weren't up to par) as are the demands from the parents.
We worked it out not long ago and her effective hourly rate is lower in the private system when you factor in the late nights responding to demanding emails from parents, the longer hours at school, the additional development workshops etc.
Financially it hasn't been worthwhile, but she prefers it (as do the other teachers I know who've worked across both systems) because the staff as a whole are more switched on and engaged. And while the vast majority of public system kids are great, it's also nice for her not to have kids threatening her with violence or rifling through her desk and stealing possessions.
I'm inclined to believe her take that although there are many "entitled" parents of private school kids who just want to buy connections and future success (and every private teacher I know will admit to this) there are plenty of parents who genuinely believe the extra investment is worthwhile from an educational perspective. She has plenty of parents who aren't particularly wealthy, but will forgo spending in many other areas to pay the $25k a year fees to get a better education for their kids.
Sure, it would be nice if public education was so good that private school is superfluous. But that isn't going to happen, and can you really blame parents for wanting better for their kids? We are already saving up for ours.
My partner is a teacher has taught in decile 2 high school in S. Auckland and now in top private primary.
Much less stressful in the private school despite the demanding parents. For a start you don't have to try to inspire kids kids that haven't eaten for a day, had no sleep all night and are living in a garage. It's less rewarding in the sense that the kids have their life pretty much laid out from them regardless of their ability but then again they are still kids, it's not their fault they are born into privilege. Also the Xmas and end of term gifts are next level.
Class sizes make a huge difference. In Wellington average private school class sizes are 15-22 and state school are often 33-34 now. The private school system also has lots of ancillary and admin support (IT, admin, school nurse etc), the state school system has minimal non-teacher staff. These things make a HUGE difference to the experience or teaching and being a student.
I've sampled both systems with my kids, including a low decile state school.
The STEM teacher quality is better in private schools and maybe the discipline if you have a kid going off the straight and narrow.
Far more hard drugs in the private system and still lots of kids coming out the other end not prepared to be productive members of society (disappointing if you've spent 150K on school fees).
Everyone wants someone to pay them, but they don't want to have to feel they are fully committed. We fire these kinds of people.
That's the problem all around. Min wage/living wage and benefit income/entitlements have eroded the motivation to educate and strive.
Pay diff between new nurses and health assistants etc has got to the point where no one is uninterested in the study, cost of it and extra stress for such a marginal pay difference.
Socialism at its finest. everyone now has a right without effort.
I don't think you can blame 'socialism', neo-liberalism and the commoditising of education has a big part to play.
Previously a nurse would do training at the hospital with block courses at Tech etc,they would start getting paid whilst training,there was nurses accomodation available.People who were not overly academic could still nurse,not all nurses have to be 'theatre level',many young folk who have the right caring attitude etc are shut out of the system because you now have to have a degree in nursing and the ensuing student debt that is aquired means many are not attracted to the profession.
Nursing has, and will continue to, change a lot. An undergraduate degree is the absolute minimum requirement now with many senior nurses completing their masters degrees. As a patient you'd hopefully be demanding the highest levels of knowledge and professionalism wouldn't you?
The main reason we're seeing this happen is because wealth is increasingly concentrated in less and less people. They have sucked the lower classes dry and now they are sucking the middle classes dry too.
We value people who are good at making profit more than people who are good at doing good for society.
Driving a bus much easier than ram raiding. Problem solved...chain them to the driver's seat.
... these kids are more clued up than that . ... he'd have some mates in the back seat as he used the bus to ram raid the local bank ... screw Michael Hill , aim for the ANZ ...
Ram raiders are amateurs,they should get an education,join the ANZ,then you can learn how to steal billions and probably get knighted for your efforts...
... the real money is in crypto ... create a kiwi-coin out of thin air ... con the locals into it ...then , vanish into the Bahamas with the $ billions quicker than they can say "South Canterbury Finance" ...
SheepCoin
The NZ$ slide against the US$ resumes.
The price of gold will open today down -US$17 at US$1759/oz.
Term real interest rates ticked up today.
INCOMING 100bps rise next week.
If you haven’t had an opportunity to see how the Bitcoin lightning payment network works, here is a quick video demonstration of several people sending value to each other and then buying a coffee in another country, all with instantaneous settlement and no counter party risk. No bank intermediary. The network continues to grow, with no downtime, no hacks, no trusted 3rd party, and is uncensorable…all from a smart phone.
67% of the bitcoin supply hasn’t moved from strong hands who understand the future of digital money, the collapsing purchasing power of fiat, and gross central bank incompetence, since the start of the year. Despite all the sound and fury of collapsing fraudsters and volatile exchange rates, there isn’t another more stable ecosystem. Tick tock, next block.
https://twitter.com/saylor/status/1593373985047183362?s=46&t=R7ga-CJ_F1…
Phil " the toolman " Twyford has appointed a mediator to negotiate with the CCC over their Sept 13 decision to defy the government's new intensification plan , allowing for up to 3 dwellings up to 3 stories high on any residential section ... no RMA , no neighbours objections ...
... if only more councils would join the CCC & flip the bird to this government ...
Thought you were an ACT supporter GBH, and a policy of letting people do what they want with their own land should be at the core of Libertarian party policy. (Except in Epsom, where it might upset the voters and kill the golden goose).
ACT policy is based on whatever the rich good people of Epson want. It's an interesting take on libertarian principles, feels more oligarchic to me.
High risk strategy. Tauranga City Council's dysfunctional led them to installing commissioners. Staff tell me they are smashing though decisions and projects at more than twice the pace of the previous councils. Commissioners are being reappointed.
Despite the fact they get shipped in for the council meetings from all across the country it is still more effective and efficient than having 12 locals. And before someone says that it is undemocratic, check out local elections turnout and how many people actually vote for Councillors, most councils can't really claim they have a true mandate because the election process is heavily favoured towards a certain demographic.
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