What happened Friday

Business / news

A review of things you need to know before you sign off on Friday; TD rates inch higher, brace for upcoming CPI data, tourists back in significant numbers, swaps stop falling, NZD slips, & more

20th Jan 23, 3:59pm by David Chaston

Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).

MORTGAGE RATE CHANGES
No changes to report.

TERM DEPOSIT RATE CHANGES
In addition to the small increases from Westpac which came in late yesterday, BNZ, TSB and HSBC also raised TD rates today. HSBC also raised its savings rate.

BRACE YOURSELF
On Wednesday, January 25, we will get the Q4-2023 CPI result. We already have the food price component (+11.3%), but the MBIE petrol price monitoring shows that this component will show a -11% drop from Q2, and a -5.3% drop from Q4-2021. It is not easy to imagine other costs that will have similarly declined. The RBNZ reckons overall prices will have risen. So do many analysts.

THEY ARE BACK - TO 62% OF 2019 LEVELS
According to the November data from Stats NZ, out today, there were 231,300 visitor arrivals in the month, a sharp increase from October (161,600). Of special note is that this is a recovery back to 2012 levels. The usual pattern is for this to rise by about +1300,000 to +150,000 in December. If we had anywhere near rise this year, that will be a significant boost to local spending. Tourist arrivals now exceed resident departures on vacation.

CAPITAL CLOSED
Just a reminder for those outside the region, Wellington is on holiday on Monday, their Anniversary Day.

HARD TO SEE IT AS TEMPORARY NOW
Japanese inflation hit a 41-year high in December, up +4% and above their central bank 2% target for a ninth straight month. It is up from +3.7% in November, the sharpest rise since 1981. Prices of electricity increased +21%, while grains rose +9.6%. Last year the overall level was up +2.3%, so a rising pace. "Core inflation" which excludes food, was also up +4.0%. The rise from November to December was at an annualised +3.5% rate, so perhaps there is some moderation coming.

UNCHANGED AGAIN
The Chinese central bank reviewed its loan benchmarks today and left them unchanged. This wasn't a surprise and is the fifth straight month they have been untouched. The one-year loan prime rate (LPR), which is used for corporate and household loans, was held at 3.65%; while the five-year rate, a reference for mortgages, was held at 4.30%. Lower mortgage rates are not inducing more house sales in their struggling housing markets, so a change would make no difference.

THE CHINESE TRAVEL BUG RETURNS
The gigantic Chinese New Year (Year of the Rabbit) travel event is starting, which will see more than 900 mln people move around internally and externally, probably extending Covid to every corner of their country. Some 2.1 bln trips are expected to take place during the 40-day Spring Festival period, double the number of treks from last year.

TREAT YOURSELF
For 2023, give yourself a years use of the content on interest.co.nz ad-free. Supporting us at $10/month (or $100 per year) is all that is required to avoid the ads on our service. You can do it here.

SWAP RATES RECOVER SOME
Wholesale swap rates were likely higher today after yesterday's sharpish retreat. The real action comes near the close however. Our chart will record the final positions. The 90 day bank bill rate is up +2 bps at 4.83%. The Australian 10 year bond yield is now at 3.39% and little-changed from this time yesterday. The China 10 year bond rate is at 2.95% and unchanged. The NZ Government 10 year bond rate is now at 4.02% and up a mere +1 bp, and still above the earlier RBNZ fix for the NZGB 10 year which is unchanged at the lower 3.99% level. The UST 10 year is up +3 bps to 3.40%. We should also note that negative yields have returned for Japanese 1yr and 2yr Govt bonds.

EQUITIES MOSTLY HIGHER
The S&P500 ended its Thursday session on Wall Street down -0.8%, and is down a net -2.5% so far this week. Tokyo has opened flat today and heading for a +2.2% weekly rise. Hong Kong has opened its Friday session up +1.1% pushing its weekly change to +0.4%. Shanghai is up +0.3% at its open and heading for a +1.6% weekly rise. The ASX200 is up +0.2% in afternoon trade and heading for a +1.7% gain. The NZX50 is up +1.1% today in late trade and heading for a +2.2% weekly rise and among the best of the equity markets we follow.

GOLD RISES
In early Asian trade, gold is up sharply, now at US$1930/oz and up +US$29 from this time yesterday.

NZD SLIPS MARGINALLY
The Kiwi dollar is little-changed than this time yesterday, now at 64.2 USc. But against the AUD we are -½c lower at 92.7 AUc. Against the euro we are also down -½c at 59.2 euro cents. That all means our TWI-5 is now at 71.2 and down just -10 bps since yesterday.

BITCOIN FIRMS
The bitcoin price is up +1.7% from this time yesterday at US$21,030. Volatility over the past 24 hours has been modest at +/- 1.3%.

QUOTES PLEASE
We are still keen to get suggestions from readers for additions to our "quotation" database. We have added about 50 in the past week (to 150), but we need many more. Either email me, or pop them into the Comment stream below. Thank you to everyone who have already responded.

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93 Comments

by kiwikidsnz | 20th Jan 23, 4:09pm 1674184196

News - New Zealand Taxpayers' Union Inc.

Taxpayers spending at least $75 million per year on additional days off for public servants 🏖️💰

Over the break, our research revealed that public servants are receiving additional days of paid leave, beyond their statutory entitlements, amounting to more than $75 million per year!

In the year that’s been, taxpayers paid public servants for over 167,000 days that they weren’t even at work, excluding the normal four weeks leave and public holidays. It’s a struggle to believe that public servants are working so much harder than the non-government workers who pay their salaries that they need all this additional time off.

While the money spent could have paid for 1,000 extra nurses, instead it was wasted paying a whopping 457 years' worth of leave total for bureaucrats to sit at home.

We fear how high the total number of extra leave days may be, as the data we obtained only account for 36,400 members of the public service when we know there are more than 60,000 employees. Almost all public servants receive an additional three ‘department days’, but some public servants are receiving up to 30 additional days annual leave, which is absolutely ridiculous. We are calling for leave entitlement to be brought in line with the private sector.

Jordan was interviewed on Newstalk ZB about the findings. Click here to listen.

by AdamJay1990 | 20th Jan 23, 4:06pm 1674183971

Remember when the hand-out-hating Taxpayers Union took the full wage subsidy....

by kiwikidsnz | 20th Jan 23, 4:27pm 1674185241

I do. You also win today's "Whataboutism" award (a red herring).

by King of the whiners | 20th Jan 23, 4:29pm 1674185362

Awesome slap down AdamJ :).

In other news - great to see banks having to work for their cash now the tit of FFL has been removed.

by HouseMouse | 20th Jan 23, 4:41pm 1674186095

Targets back for bank staff

by OnceInaWhileIamRight | 21st Jan 23, 7:05am 1674237921

The TU didn't decide to close down nearly the whole economy.

by Officebound | 20th Jan 23, 5:51pm 1674190315

I'd suggest you (and they) are massively disconnected from the Corporate employment market.

Most government employees are candidates for corporate employment also.

If you offer 20 days A/L, and 5 days S/L, you won't attract any talent.

If you think the public service is bad now, the last thing we want to do is make them a less compelling option for talent....

by greatwhiteshark | 20th Jan 23, 9:06pm 1674202019

Haha you think, I rekon most couldn’t handle even being in the real world. Im not surprised that you wouldn't attract much talent with 5 days sick leave especially when the law states the minimum is 10 days.

by VictimOfOCR | 20th Jan 23, 6:47pm 1674193631

75 million sounds a lot but ANZ makes that in profit in 10 days.

It’s what…150 houses…?

Next you’ll begrudge them for being paid above minimum wage.

by Tim Depositor | 20th Jan 23, 4:08pm 1674184094

Pure speculation of course, but Jacinda will be back as Labour leader in, who knows, 12 years time. In 15 years time she'll be "only" 57.

She's gonna be PM again. All the boomers will neatly tucked away in their graves. Demographics have a vote too.

by jeremyr | 20th Jan 23, 6:06pm 1674191164

Dreaming. She will be more of a hag when she is older than she is now. Most young people now have cottoned on to what she is, many have shifted to ACT as a result. The youngsters of the future won’t hitch their future to some washed up has been. Hopefully their parents would have brought them up better than that.

by Te Kooti | 20th Jan 23, 7:07pm 1674194870

You sound unhinged. Credible financial platforms really don’t permit reference to the sitting prime minister as a “hag”.

by Foxglove. | 20th Jan 23, 7:58pm 1674197895

No that is not acceptable. In the beginning I was prepared to believe that she was sincere and candid. In that, from my point of view, I believe I was mistaken. But nonetheless, the lady herself held the position of prime minister of our nation and did so by dint of a fair democratic process. In that aspect, attacking her personally and malevolently, is inexcusable and amounts to nothing more than an attempted degradation of New Zealand’s sovereignty. She is gone now. That on its own is sufficient for me.

by Rhumline | 20th Jan 23, 8:09pm 1674198569

The hate is strong in this one!

by Beanie | 20th Jan 23, 9:42pm 1674204163

Jeremy, hopefully your parents brought you up better than to anonymously throw low IQ insults.

by Gummy Bear Hero | 20th Jan 23, 9:23pm 1674202986

... my wife met John Key once ... she said he is the nicest , most friendly , engaging guy ... but ... pretty darn useless in his role as PM ...

That's how I feel about Jacinda Ardern ...

... but , credit where it's due , she was brilliant overseas , great at pushing the NZ story ... far far better as our unofficial foreign minister than the actual one was ( Nanaia Mahuta ! ) ...

by Justa comment | 20th Jan 23, 8:32pm 1674199936

Can some of these comments be removed, these sad old men will never be prime minister of NZ, these (mainly guys) are pathetic. The anti-vax cant help it due to theier extremely low IQ and gullibility. Good luck to Ardern, Im sure she has many opportunities ahead.

by Comyn | 20th Jan 23, 8:50pm 1674201054

The term hag may not be appropriate but the "oh it's old men, so pathetic!, Delete the comment!". Well that's truly pathetic.

People will write things and say things you don't agree with on a forum. Read it or not, comment on it or not. That's how it works.

by Uninterested | 20th Jan 23, 7:10pm 1674195000

Steady on old chap.

It may be uncomfortable to watch her speak but it is not a good thing to call someone that.

by Gummy Bear Hero | 20th Jan 23, 9:26pm 1674203203

... the hardest thing about her speeches was trying to pick out a fact or two amongst all the waffle ... perhaps that was deliberate ... to bore us into a comatose state ...

by Baywatch | 21st Jan 23, 8:44am 1674243865

Same could said of your comments Gummy 😎

by Rhumline | 20th Jan 23, 8:08pm 1674198495

Wow! What a sad comment. You clearly have no perspective... or life?

by Carlos67 | 20th Jan 23, 8:12pm 1674198771

I see the other two Adern articles have been locked due to a roasting. The turn around has been incredible on here, two years ago 8 out of 10 people would have voted for her now 8 out 10 would vote against her.

by IT GUY | 20th Jan 23, 8:37pm 1674200268

labours own doing or was it collins??

by Foxglove. | 20th Jan 23, 8:54pm 1674201276

Own doing undoubtedly. Mr Malprass in Stuff records that the Maori caucus of the Labour party is meeting tomorrow exclusively, to discuss their position. Hang on , is this not a party, united, and in solidarity? So how come issues as such are to be decided selectively on the form of race? I would suggest the very nature of a meeting on that basis is exactly what the electorate regards as being subjective, divisive and undemocratic and indicates that Labour itself, has no real idea of how, where and why things have gone so wrong.

by Gummy Bear Hero | 20th Jan 23, 9:29pm 1674203345

... it's a fine line between loathing & loving ... the public have turned so quickly from Jacindamaniacs to Jacindaphobics ...

by Tim Depositor | 20th Jan 23, 10:36pm 1674207365

One things for sure - their parents will definitely have bought them a house.

by HW2 | 20th Jan 23, 4:10pm 1674184201

probably extending Covid to every corner of their country.

I'm not sure why that statement doesn't worry me. Probably because covid is not the WMD killer disease it was made out to be

by kiwichas | 20th Jan 23, 4:21pm 1674184867

Obviously not quite such a "WMD??" because of the vaccines

by blobbles | 20th Jan 23, 5:08pm 1674187712

And because viruses get more virulent and less deadly over time (omicron variants are a lot less deadly than Alpha/Delta variants). Think about it, they want their hosts to live for as long as possible to pass themselves onto as many people as possible. Plus we build up immunity the more exposure we get.

The angry mob doesn't let facts get in the way of their pitch forks, hence their continued vitriol.

by Justa comment | 20th Jan 23, 4:24pm 1674185081

The mexican standoff continues in Japan, the central bank sticking to its ideology and inflation ignoring them strongly.

by JimboJones | 20th Jan 23, 4:38pm 1674185904

If even Japan has inflation it makes you wonder if we can possibly fight it. Its hard to know if it is due to the war, the pandemic, or a very quick change to the working population (boomers retiring). My pick is the latter.

by Squishy | 20th Jan 23, 4:25pm 1674185137

It is not easy to imagine other costs that will have similarly declined. The RBNZ reckons overall prices will have risen. So do many analysts.

I'm expecting inflation to be in the region of 7.5%. We are still only in the first round of the fight against inflation in New Zealand, no one binged in the cheap money era more than we did.

by JimboJones | 20th Jan 23, 4:43pm 1674186237

I'm still confused by that food price inflation figure. I finally thought food prices (especially vegetables) had stabilised or even gone down: lettuces, tomatoes, etc.

But unfortunately I have noticed inflation has finally increased the "normal" price of the beer I drink (where the normal price is the special price as it is on special every second week so I stock up).

by blobbles | 20th Jan 23, 5:10pm 1674187802

There is a hell of a lot of gouging going on by the supermarkets. I have noticed Countdowns prices have gone stratospheric, Pak n Save still not too bad. The local farmers market prices have barely moved.

by HouseMouse | 20th Jan 23, 5:37pm 1674189444

A friggin disgrace

by Pa1nter | 20th Jan 23, 6:43pm 1674193404

Countdown are possibly hamstrung by being centrally distributed. Their produce is purchased nationally and distributed out of the main centres, whereas Pak N Save/New World are franchise owned, and their owners are able to source local produce. So a lot cheaper depending on region and less food miles.

Better living everyone.

by Bananafishbones | 20th Jan 23, 6:38pm 1674193102

Tray of 20 Eggs gone from 10.99 yesterday at local pns to 14.99.

by blobbles | 20th Jan 23, 7:16pm 1674195414

Eggs are suffering from completely different cost issues at the moment, lack of supply due to new regs and poor responses from suppliers mainly, but feed has gone up as well.

by Silvi | 21st Jan 23, 8:17am 1674242246

I think the Supermarkets are testing the market and whether people will buy at that price. Same occurred with cheese. I stopped buying and they've bought the price back. The eggs, well I will be looking to try and buy at the gate, or Farmers Market.

by JimboJones | 20th Jan 23, 6:39pm 1674193163

Maybe it’s because I shop at new world. Probably gone from overpriced to average. Countdown does seem crazy expensive whenever I go there.

by EdwardD | 20th Jan 23, 7:26pm 1674195994

Same. They are my local supermarket, but I still save more by driving to Pak n Save.

by Palmtree08 | 20th Jan 23, 7:37pm 1674196647

Farmers market vendors always seem to undersell themselves.

by DollarsandSense | 20th Jan 23, 7:11pm 1674195119

Food price inflation chain thoughts - suppllers to supermarkets, at least major ones, most likely get a chance monthly or quarterly to change prices. Price increases are thought through months in advance so if people believe the price increases are in the main past they need to think again. The impacts of wage increases and other factors mean we are going to get price increases for some time. The level of them and the frequency may (big may) diminish but inflation has a way to play out so good luck trying to make sense of the reasons behind them

by Beanie | 20th Jan 23, 9:51pm 1674204696

Good informative comment Dollars.

by lowercase capitalist | 20th Jan 23, 4:33pm 1674185616

“If something cannot go on forever, it will stop.”

- Herbert Stern, Richard Nixon's economic advisor.

by David Chaston | 20th Jan 23, 5:41pm 1674189682

Good one, thanks.

by Palmtree08 | 20th Jan 23, 7:39pm 1674196750

Early degrowther huh?

by CapitalNone | 20th Jan 23, 4:36pm 1674185798

With tourists on the up - does this have any impact on inflation - i.e. more people in the country competing for goods and services?

by Pa1nter | 20th Jan 23, 6:44pm 1674193461

Maybe but the upside is the country is taking in more money and borrowing less for the shortfall.

by lonewolfnz | 20th Jan 23, 4:36pm 1674185818

Thank you for those who suggested I contact Westpac to "re-fix" my rate up to 5.3% - it worked! New rate is now locked in

by JimboJones | 20th Jan 23, 4:45pm 1674186319

Time to "treat yourself" to a subscription then if you have not already?

by False economies | 20th Jan 23, 6:17pm 1674191854

It would be good if interest.co put a little dollar sign or something next to commentators "names" (to show who's contributed)

by IanME | 20th Jan 23, 8:34pm 1674200092

Or a blue tick

by Justa comment | 20th Jan 23, 6:06pm 1674191210

Well done Westpac. There is one big bank that gives you grief in your situation, I wont name it but the other 3 are all pretty good in my experience.

by J.C. | 20th Jan 23, 4:43pm 1674186225

Japanese inflation hit a 41-year high in December, up +4% and above their central bank 2% target for a ninth straight month.

If this continues and the BoJ changes course with the change in leadership (March I believe), we're in for major disruption. This will be a global game changer. Hoping that the Fed and the BoJ work together.

by HouseMouse | 20th Jan 23, 5:39pm 1674189551

Sub 70 yen to the NZD by year’s end me thinks

by J.C. | 20th Jan 23, 5:56pm 1674190597

Sub 70 yen to the NZD by year’s end me thinks

Not if they normalize mon pol in any way, capital will be flowing back to Japan.

by J.C. | 20th Jan 23, 4:47pm 1674186434

Uncle Tony (Alexander) puts on his DGM hat but reckons 'she'll be right' by mid-24 while admitting that he's a failure at predictions.

https://www.macrobusiness.com.au/2023/01/reserve-bank-sends-house-price…

by JimboJones | 20th Jan 23, 5:08pm 1674187737

If TA has become a doom and gloom merchant then that can’t be a good sign for the housing market. Normally this would be a sign that the market has bottomed out when even the staunchest supporters leave, but I still reckon it has a way to go yet.

by blobbles | 20th Jan 23, 5:11pm 1674187900

When former spruikers finally capitulate and tell everyone it's gone burgers... that's the time to buy.

by J.C. | 20th Jan 23, 8:20pm 1674199257

When former spruikers finally capitulate and tell everyone it's gone burgers... that's the time to buy.

Similarly with the ol' rat poison. When the media and BBQ convos have confirmed it's finished, fill your sack.

by Pa1nter | 20th Jan 23, 8:26pm 1674199569

And ostriches, personalised plates and phone cards.

by IanME | 20th Jan 23, 8:49pm 1674200955

Those were uniquely kiwi investments at the time. Kiwi’s love a bandwagon but we’ve jumped on the global bandwagons of NFT, crypto’s Telas shares etc. What’s going to be the 2023 ostrich investment?

by J.C. | 20th Jan 23, 9:39pm 1674203954

And ostriches, personalised plates and phone cards.

Don't buy what you don't understand. When it comes to the ecosystems of those assets. consider me a normie.

by Pa1nter | 20th Jan 23, 10:48pm 1674208080

It's more pattern recognition than anything else, once you work out the basics of something that's too good to be true it's super easy to keep identifying it.

by HouseMouse | 20th Jan 23, 5:39pm 1674189586

Lol!!!!!!

by HouseMouse | 20th Jan 23, 5:40pm 1674189653

Just to think the shit he and his disciples (like Yvil) gave us ‘DGM’s’ back in 2019-2021…

by HW2 | 20th Jan 23, 8:38pm 1674200305

Your relationship with Yvil is like a married couple. One minute giving each other the glad eye, while the next minute putting in the boot.

by HouseMouse | 20th Jan 23, 8:53pm 1674201227

The love is only ever going one way in this relationship…,I have praised Yvil quite a few times, never seen one ounce of praise from him. Lol. Maybe I just haven’t seen it.

I’m man enough to put grudges aside and praise when it’s deserved.

by False economies | 21st Jan 23, 8:04am 1674241472

You're a man?! From your name and style of writing I was convinced you identified as female 🤯

(No offence intended, just how my brain interpreted it)

by printer8 | 20th Jan 23, 8:50pm 1674201026

HouseMouse

You mean when you were saying the OCR wouldn't go beyond 1.75 to 2.00% last year . . . and what, ANZ were "fools" to suggest that it would go to 3.5%. Turned out ANZ weren't the fool.

by HouseMouse | 20th Jan 23, 8:54pm 1674201285

Lol, look who’s back 😂😂😂😂😂

by Carlos67 | 21st Jan 23, 5:02am 1674230538

Lets not try an deflect HM, you totally screwed that one up with the OCR.

by Alwaugh | 20th Jan 23, 5:18pm 1674188337

Prepare for the Wolf in sheep clothing (someone or something that seems to be good but is actually not good at all. The twin National/Act platform is bad news for the senior and pension consumer, nothing progressive about these 2, throwbacks to earlier decades, one with a cheesy smile, the other a clone of Key without the charm, both full of one-line rhetoric and nonsensical policy assumptions, all to increase wealth for the top 10%.Seymour in 2016 said" All of the evidence suggests that you get a much higher return investing in younger people rather than older people." Both these guys, one with a flag for the Roman Catholic faith, though not attending church on a regular basis, the other a zealot are to be avoided.

by Carlos67 | 20th Jan 23, 6:00pm 1674190852

Buckle up buttercup because National/Act are what's in store for you after the election. To be honest by the time you are a pensioner it shouldn't matter who is in power because you have had a lifetime to become independent from all the fools that pass through politics.

by Pa1nter | 20th Jan 23, 6:46pm 1674193588

How will we do that without a government creating productivity gains giving us higher incomes?

by DoneBizz | 20th Jan 23, 7:00pm 1674194401

National grows the market, ie creates and enables opportunities. Labour grows the gravey train, ie provides endless handouts that end up in the mouths of parasitic bottom feeding speculators of all colours.

by Pa1nter | 20th Jan 23, 7:20pm 1674195622

After however many years of watching various governments I'm not sure either 'grow' the economy more than the other. It's just that National tends to send a signal of 'go for your life' whereas Labour send a signal of 'we're going to make business harder and more expensive for you to do'.

by IanME | 20th Jan 23, 8:54pm 1674201270

Aren’t most evangelical Christians very weary of the Roman Catholic’s?

man’s lord knows we need more zealots in these days of ambiguity!

by Gummy Bear Hero | 21st Jan 23, 1:11am 1674216681

.. and , that was an unpaid party political broadcast from the NZ Labour party ...

Nice trolling , fella !

by Audaxes | 20th Jan 23, 5:29pm 1674188952

We should also note that negative yields have returned for Japanese 1yr and 2yr Govt bonds.

Japanese exports up only 11.5% y/y by value in Dec, worst since last January. By volume, exports down 8%. BoJ isn't going to be raising rates because global recession is striking the economy inside and out. Link

by DoneBizz | 20th Jan 23, 7:04pm 1674194684

Can someone explain the implications of Japanese inflation to the global economy? I'm guessing as local rates and bond yeilds rise yen invested globally will be called home leaving a scenario possibly similar to the Weimer Republic in a worse case scenario?

by IT GUY | 20th Jan 23, 7:13pm 1674195213

Yes it will cause higher rates globally, but how high we do not know..... I dont think BoJ want to cause an avalanche of returning cash or yen will be too strong

by nktokyo | 20th Jan 23, 7:33pm 1674196426

The Japanese national debt is too expensive to carry unless it is virtually free

by J.C. | 20th Jan 23, 8:20pm 1674199205

Yes. Not sure what Weimar has to do with it though. Remember that Japan is a creditor nation. They're the largest holder of U.S. debt globally. Ask yourself what happens if Japan unwinds that debt.

by DoneBizz | 20th Jan 23, 8:33pm 1674200010

Was probably thinking what it could mean for the borrower nation

by Snow | 20th Jan 23, 9:43pm 1674204234

“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”

“If all men were rich, all men would be poor.”

M. Twain

by JimboJones | 20th Jan 23, 11:04pm 1674209059

https://www.oneroof.co.nz/news/42932

So apparently Jacinda leaving will mean house prices go up. Yet when Labour introduced all of these measures the same low-lives said it wouldn't make property prices go down. If anyone can vote National after reading that then they have no conscience whatsoever.

by Gummy Bear Hero | 21st Jan 23, 1:17am 1674217051

... been on the sauce when you posted this rubbish ? ... even for a true red Labour supporter , drawing some very long bows there ... I needed a larf , thanks for that ...

by Carlos67 | 21st Jan 23, 5:05am 1674230725

Jimbo is so pro Labour its almost sickening, mind you from personal experience government handouts can do that to you.

by JimboJones | 21st Jan 23, 7:37am 1674239852

Handouts - nah I’m not a property investor, I work for my money and pay tax on it.

by JimboJones | 21st Jan 23, 7:32am 1674239529

“His list of impacts the Labour Government had on the property market, particularly investors, is long: "The relentless persecution of ma-and-pa investors; the threat of capital gains tax; the change of the bright-line rules; banning of foreign buyers; the empowerment of tenants over landlords; the description of ma-and-pa investors as rampant speculators.”

All great things IMO. Poor ma and pop that have made millions in tax free capital gains boo hoo. Vote in National and we can all got rich selling houses to each other again.