US data changes little; Fitch raises China's prospects; more inflation data released; OECD sees real household income gains; UST 10yr 3.60%; gold and oil little-changed again; NZ$1 = 63.5 USc; TWI-5 = 70.7

In general interconnectivity and trade brings prosperity. We are better off having more customers with fewer barriers to trade. 

I think the problem is bigger than that. The EU was formed as a counter to the sheer size of the US economy, but it was still wedded (and still is) to the flawed theory of the 'free market'. So when the UK undertook Brexit, they knew they had a problem, which was in part the EU, but they didn't really know how to fix it the core issues. They (the Brits) are still too wedded to the 'free market' theory. 

> breaking from the established order usually doesn't pay a good dividend.

I think it's more a case of adding trade barriers, masses of red tape, for a market that takes 40% of your exports.... doesn't pay a good dividend.

Perhaps price discovery is faster in a bigger market as the tide of cheap debt receeds.

Fort St was heavy with the backpacker crowd. They will be back.

It's transitory.  The increase in  min wage will solve it because this will create new customers with more cash in  their pockets.

Hastings CBD was doomed the day the big box stores opened in the Nelson Park development. There's efforts to revitalise Heretaunga St East since it's closer to the I-swear-we're-not-treading-water-on-massive-debt crowd in Havelock North, but overall the CBD is a wasteland. I don't get into town often, other than farm supplies businesses, but Nelson Park seemed busy last time I was there.

Napier CBD always felt more vibrant but I agree the edge has come off lately. There seems to be a general air of the good times being behind us.

I think a lot of this was covid/tourism shutdown related. Rotorua is dead. Central Tauranga is also. 

IT GUY

Probably the most significant factor for empty CBD shops is changes in retailing rather than economic downturn.

The importance of the CBD retailing is based on the CBD being the early 20th century public transport node and accessibility. Over the past twenty years big box retailing and suburban shopping centres have grown at the expense of those in the CBD as the car has replaced reliance on that public transport. Similarly, over the past forty years or so the car has meant supermarkets have annihilated suburban grocery stores and butchers which were located on customers walking distance from their home (the pattern of former small suburban shopping centres in Hastings is a great example of this). 

In the 1990's when Hastings District Council was considering their retail strategy, four or five sites for big box retailing were considered including a greenfield site and the racecourse. Nelson Park was chosen as the site as it provided the best connectivity to the CBD and would have the least impact of the CBD retailers. 

As for Napier, CBD retailers will be feeling the effects of the recent (past year or two) of the new big box retailing (such as K Mart, Torpedo7 etc) out towards Ahuriri. 

The reality is simply that the CBD retailers are facing fierce competition from the suburban shopping centres which are advantaged by economy of scale (big boxes), ease of parking, climate controlled environment, piped music etc.  

The increasing importance and freedom of the car has meant exactly the same thing has generally meant the decimation of the smaller rural service towns - one only needs to look at the Manawatu,  Rangitikei or Canterbury for prime examples . . . empty shops and houses. 

Oh, really? the minimum wage hike was below the increase of living costs ,for minimum wage earners,especially as it's 5% net. Would have thought that a decrease in the spending capacity of such a large group of minimum and near minimum ,wage earners was disinflationary,ok?

UK has a surge in immigration?  I thought Brexit was all about taking back control of the national borders?

Among the list of "skilled' occupations for fast-track residency in Canada are religious leaders, librarians, dancers & circus performers and administrative assistants.

Canada was always a migrant-friendly nation, but Trudeau has created an environment where everyone with a pulse is eligible for a Canadian PR.

That being said, the country also receives an influx of talent because of US' broken migration policies. American employers often move foreign workers with rejected US visa applications to their Canadian outposts.

That depends how you calculate inflation.

Anyone else old enough to remember what happened to Darwin when it got flattened....    My uncle was building bridges back when Bola hit the east cape, gave him a decade of work.    It would not surprise me if the corramandal gets completely cut off here for weeks/months.

Bola caused severe damage to the North Island of New Zealand, where heavy rainfall peaked at 917 mm (36.1 in) in Gisborne Region. Damage totaled over $82 million (1988 USD).^[2] Seven people were killed due to flooding,^[3] and hundreds were evacuated when a swollen river threatened Wairoa. In Whangaruru Harbour, Northland, an elderly male suffered a heart attack and died during the peak of the storm while attempting to tie down a neighbour's empty water tank. The name Bola was later retired, meaning it will not be used again within the same basin.^[4]

Few landlords putting up rents, despite interest rate hikes costing them thousands - survey - NZ Herald