What happened Wednesday

Economy / news

A review of things you need to know before you sign off on Wednesday; OCR unchanged with dovish spin; KiwiSaver balances swell; FHBs topped out, labour market holds, swaps drop, NZD drops, & more

28th Feb 24, 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/LOAN RATE CHANGES
No changes to report today.

TERM DEPOSIT/SAVINGS RATE CHANGES
None here either.

OCR ON HOLD, WITH DOVISH COMMENTS
The Reserve Bank has left the Official Cash Rate unchanged at 5.5% and says risks to the inflation outlook are now 'more balanced' but there is a limit to the ability to 'tolerate upside inflation surprises'. The NZD fell sharply. The swap rates fell too, immediately following the announcement.

KIWISAVER BALANCES SWELL
In a record shift higher, KiwiSaver assets reached $107.5 bln at the end of December 2023, up +$6.7 bln or +17% in the year. This is the biggest proportional rise since 2021.

A SURGE TO CASH
In contrast to KiwiSaver, life insurance assets have hardly shifted in a year. Life insurers are holding much more cash in their portfolios, in fact they almost doubled their cash holdings to 31% of assets, far and away the most since this data series started. If you know the reason, please note it in the comment section below.

REACHED THEIR LIMIT?
The latest mortgage figures from the Reserve Bank suggest first home buyers might have reached their limit in terms of market share, while investors might be showing some signs of life.

PUBLIC JOBS HOLD UP LABOUR MARKET
Updated monthly employment data showed a solid expansion in January, even despite some questions about data consistency (over education sector hiring). In fact it is strong hiring in the public education and health sectors that are keeping this data rising. Gross earnings were up a full +$1 bln in the month compared to the same month a year ago. That is a +7.7% rise, and represents a solid jump in overall spending power. Of course some will be from an expanding workforce (+2.8%) but the rest is rising pay levels.

STICKY
In Australia, their monthly CPI indicator in Australia stood at 3.4% in the year to January, unchanged from the previous month and less than market forecasts of 3.6%. Still, the latest reading pointed to the lowest since November 2021.

SWAP RATES FALL
Wholesale swap rates fell sharply (more than -10 bps) after the OCR decision. They continue to move around. Our chart below records the final positions. The 90 day bank bill rate is little-changed at 5.71%. The Australian 10 year bond yield is up +3 bps from this time yesterday at 4.18%. The China 10 year bond rate has dropped to 2.39% and up +1 bps. And the NZ Government 10 year bond rate is down -8 bps to 4.84%, while the earlier RBNZ fixing was at 4.87% and up +3 bps from yesterday. The UST 10 year yield is now at 4.29% and up +2 bps from this time yesterday. The UST 2yr is now up to just under 4.69% and so that key inversion is now -40 bps and marginally less.

EQUITY WINNERS & LOSERS
The NZX50 is up +0.3% in late trade today, rising after the OCR decision. The ASX200 is down -0.2% in early afternoon trade. Tokyo has also opened down -0.2%. Both Hong Kong is down -0.2% and Shanghai has opened up +0.3%. Singapore is down -0.5% at its open. Wall Street ended its Tuesday session up +0.2% on the S&P500 index.

OIL RISES AGAIN
Oil prices are +US$1 higher than this time yesterday, now just on US$78.50/bbl in the US while the international Brent price is now at just over US$82.50/bbl.

GOLD HOLDS
In early Asian trade, gold is now at US$2032/oz and unchanged from this time yesterday.

NZD RETREATS SHARPLY
The dovishness of the OCR decision has hit the NZD (which might make imports more expensive if it holds and sets a new trend). The Kiwi dollar has has fallen nearly -½c to 61.2 USc. Against the Aussie we are down -½c too at 93.7 AUc. Against the euro we have dipped a bit less to 56.5 euro cents. That means the TWI-5 is now at 70.3 today and down almost -50 bps.

BITCOIN RISES AGAIN
Bitcoin is still moving up. The price has risen again today, now at US$56,970 and almost a +0.9% gain from this time yesterday. Previously it has peaked at US$67,292 in November 2021. Volatility has faded to a moderate +/- 2.8% today.

Daily exchange rates

Select chart tabs

Source: RBNZ

Source: CoinDesk

Daily swap rates

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Source: NZFMA

This soil moisture chart is animated here.

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114 Comments

by Te Kooti | 28th Feb 24, 4:09pm 1709089762

A tough day for NZ journalists, a lot of talent on the street looking for a home.

by Boomtown | 28th Feb 24, 4:16pm 1709090197

tell them to head to the freezing works ... they can pitch their diversity and woke credentials there

by ChrisOfNoFame | 28th Feb 24, 5:05pm 1709093117

Argumentum ad odium

by Frank. | 28th Feb 24, 5:19pm 1709093990

Per Angusta Ad Augusta

by Pa1nter | 28th Feb 24, 6:00pm 1709096451

Shout-out Epsom.

by kiwikidsnz | 28th Feb 24, 5:29pm 1709094567

Argumentum ad hominem

by Pa1nter | 28th Feb 24, 6:04pm 1709096674

If you can quote latin and/or reference Adam Smith, you're cultured and educated to the highest standard.

Sometimes it's like being in the quad at Uni in here.

by malamah | 28th Feb 24, 4:18pm 1709090281

Can't imagine being made redundant then having a camera shoved in your face when you walk out the door. I guess it comes with the nature of the industry, still unpleasant all round.

by Uninterested | 28th Feb 24, 7:39pm 1709102370

At least its consistent with other items on closures.

by nktokyo | 29th Feb 24, 6:06am 1709139998

It matches up with what news reporters do elsewhere

by J.C. | 28th Feb 24, 5:08pm 1709093286

Adrian Orr kind of gets it. In his Q&A, he mentioned that marketing budgets are under pressure because of lower consumer spend. What he doesn't really understand is that TVC advertising spend is under pressure everywhere. Reach and frequency through TV networks is falling. So why should the likes of Nestle hand over big bucks to TV networks for TVC spend? Numbers don't make sense.

Hate to say it but it's not just the journos here. It's the ad agencies, media planners, market research agencies, suppliers, cleaners, and all the trendy cafes in Ponsonby / Grey Lynn. Suspect even a few properties on the market in the bourgeois bohemian suburbs.

by Baywatch | 28th Feb 24, 4:30pm 1709091030

I think you are a bit out of touch here J.C...all of the above are steady as she goes from updates today...what are your sources..ah that bloody water cooler again?

by J.C. | 28th Feb 24, 4:35pm 1709091300

I think you are a bit out of touch here J.C...all of the above are steady as she goes from updates today...what are your sources..ah that bloody water cooler again?

It's just my reckon really. But TVC spend is being slashed globally. Money is being spent, but on specific markets where business is scalable. NZ is not scalable. You can only sell so much Nescafe.

by Blackbeard | 28th Feb 24, 5:12pm 1709093558

An AI news ready will have the last word.

(a lot of jobs to go in the digital media industry over the coming years)

Newshub redundancies - There’s always the trades - earn more and help with the housing crisis. :-)

by kiwikidsnz | 28th Feb 24, 5:23pm 1709094203

Last time I looked at TVNZ I thought that they already had AI newsreaders (& also possibly current affairs "spokespersons")

by Baywatch | 28th Feb 24, 5:13pm 1709093631

Your missing the my point the advertising spend is still being made...(just different channels), TV and print media were always going to be pushed out

by Noncents | 28th Feb 24, 5:28pm 1709094495

I tend to agree. It is quite hard to quantatively assess advertising. Most orgs advertise for brand recognition rather than direct income, as they need to remain visible in a competitive market.

Given the complete lack of competition in NZ, the return is pretty small.

An old company I worked for pulled all advertising after doing some trials. SEO was the more important driver. That was 5 or so years ago, I suspect SEO is an even bigger driver now.

Advertising has moved to "influencers" they will also wear out as people realise they are just corporate mascots rather than the "individual" they claim to be.

by rastus1 | 28th Feb 24, 4:37pm 1709091450

I'd agree. Family member involved in Soc Media bangs her head with upper mngt. She can create a marketing tik tok for a few dollars that reaches millions. Yet they spend silly money on traditional add stuff that only reaches granny herald types.

The 'influencers' are the smart ones. They have cut out agents, middlemen, production costs (and exploitation by creeps), run their own lives and if successful, make huge money. MSM make them out as dumb bimbos. They are very smart.

by J.C. | 28th Feb 24, 4:45pm 1709091947

Family member involved in Soc Media bangs her head with upper mngt. She can create a marketing tik tok for a few dollars that reaches millions.

Watch what Zuru does in the US. Pretty much all TikTok. Zero TVC spend I think.

by Te Kooti | 28th Feb 24, 4:50pm 1709092217

I think there are seismic shifts in the creation and distribution of content and those >35 are the last to see it.

There are plenty of Youtube creators with larger audiences and higher production values than terrestrial TV. There are literally thousands of tik tok and instagram "influencers" earning many multiples of traditional white collar career vocations. Check out 4wd 24/7 on youtube, a million subscribers, massive merchandise range, 20+ staff, absolutely killing it. You don't get lectured to about net zero or diversity either.

by J.C. | 28th Feb 24, 4:56pm 1709092603

You get it. Also, retail media is where all the investment is heading in the US. And it's not just FMCG.

https://www.insiderintelligence.com/insights/definition-retail-media-ne…

by Te Kooti | 28th Feb 24, 4:59pm 1709092788

My wife hires models for a business periodically. I told her that is about to end, AI will create the perfect model with the perfect lighting and perfect location, whenever you want as often as you want with a different model each time. All for 5% of the cost.

by powerdownkiwi | 28th Feb 24, 5:09pm 1709093394

You mean you can choose to hear lies

Because you prefer hearing them?

Part of the epitaph for a species - the only one to call itself sapient.....

by Te Kooti | 28th Feb 24, 6:20pm 1709097641

There is some funky shit going on in your mind PDK, it can't be a laugh a minute in there.

by Pa1nter | 28th Feb 24, 8:14pm 1709104498

In fairness it does seem like the world has lost its way.

Then you remember that humans can and do act kinda dumb - that's why we've developed mystic frameworks for how to live, time and time again, only to forget them.

But that's all something you need to recognize once, not live it.

by Eschaton | 28th Feb 24, 5:57pm 1709096225

Spanian. Let's ogggg.

by kiwikidsnz | 28th Feb 24, 4:49pm 1709092191

Luxon gets it

https://www.rnz.co.nz/news/political/510408/government-intervention-to-…

by ChrisOfNoFame | 28th Feb 24, 5:08pm 1709093297

Sorry. Luxon get's what?

by Baywatch | 28th Feb 24, 5:17pm 1709093847

I'm starting to think Luxy may be a Robot...100 days...100 days...working hard 100 days

by Yvil | 28th Feb 24, 6:44pm 1709099052

Luxon gets that it's not a good idea to throw taxpayer's money at a money-losing business.

by malamah | 28th Feb 24, 7:02pm 1709100179

He also gets that choking a failing economy from meaningful investment is a really bad idea. Wait…

He has no more ideas than labour other than to spend less. Which in this economy is equally as dumb, if not dumberer.

by Pa1nter | 28th Feb 24, 7:14pm 1709100842

Meaningful, or effective and well focused?

Not saying National can deliver that, but resources and capacity is always limited, so you start at the bottom and work your way up.

If you needed a plumber, would you pick the one that does what you need, and nothing more, or would you be happy with triple the bill at a lower standard, so long as he represented your values?

by Justa comment | 28th Feb 24, 7:24pm 1709101479

especially when you get a return off the opposition network..........

by powerdownkiwi | 28th Feb 24, 8:06pm 1709104010

Yvil/Jimbo That is where you, and your ideology - are dead wrong.

Not the only point you're dead wrong about; your grasp of energy and entropy is a bit shaky too.

But the whole point of governments, was to do the stuff which - either because of size, or lack of revenue-opportunity - was judged socially beneficial. That is how NZ got built, how our society and culture became what they are - and presumably what we want. We all understood that maybe we didn't use the library as much as others, or use the local public toilets - but we use others when travelling, and a community with a library is a richer community than one without.

Sadly, as that society evolved, the small-minded mantra - economic growth, the market - took hold amongst those who had finagled they way into higher proxy-streams (often the less empathetic, which compounds the problem). They though they could afford anything they wanted, and didn't see why they should 'support' others. It was a shonky argument - many of them live off the taxpayer, via accommodation supplements supporting their RE ponzi-contribution activities.

Something to think about, perchance?

by Baywatch | 28th Feb 24, 9:47pm 1709110059

Unless it's your mates...

by RickStrauss | 1st Mar 24, 10:08am 1709240892

Tobacco and property, that's what we need to throw money at...

by J.C. | 28th Feb 24, 5:10pm 1709093416

That's the Unilever experience shining through. He understands.

by powerdownkiwi | 28th Feb 24, 5:20pm 1709094019

No, he doesn't. Peters, oddly enough, does. The problem is in the word 'consume'. Luxon is of a style which thinks in terms of selling stuff - including news and, more pertinently, facts. The problem is that convenient posits sell more that inconvenient posits, so left to 'the market', falsehood wins.

We need information - real, investigated, journalistically-delivered. My heroes are the likes of Fisk, Hersh, Pilger; folk of intellectual and moral courage. Where we're headed, we'll just get the Musks of this world, controlling what we get streamed. And Luxon will pontificate that is a GOOD THING.

Which it won't be.

by J.C. | 28th Feb 24, 5:27pm 1709094432

We're talking about selling shampoo Power. Not exposing the evil hegemony of the Anglosphere.

by powerdownkiwi | 28th Feb 24, 6:38pm 1709098688

https://www.youtube.com/watch?v=qr3wH4u4xus

by Foxglove. | 28th Feb 24, 4:30pm 1709091041

True certainly. But also in a cynical vein, some of that talent was not all that talented in so much that the individual too often saw themselves, their opinion and image, as being of more importance than the subject news. Not isolated to this crowd though by all means. Ever since the arrival of Paul Holmes and he became famous, it has become increasingly concerning that what once were announcers in NZ’s media now see their ego justification as being more the influencer.

by rolande | 28th Feb 24, 4:28pm 1709090929

Makes me appreciate Interest and other more specialised sites , some of which aren't run by journalists by provide better journalism than mainstream.

by Yvil | 28th Feb 24, 5:14pm 1709093669

Why don't you support Interest with a $10/ donation. They are worth it!

by HouseMouse | 28th Feb 24, 5:39pm 1709095148

How do you know they don’t?

after all you don’t have the green tick today? 😂

by Yvil | 28th Feb 24, 6:16pm 1709097392

Well, strangely I see my green tick, but I don't see one next to your name anymore.

by HouseMouse | 28th Feb 24, 8:36pm 1709105770

God you’re a pain in the proverbial. Mind your own f*%#en business. People can choose what they want to do with their $, it’s absolutely NONE of your business.

Is it?

Weirdo

by powerdownkiwi | 28th Feb 24, 9:04pm 1709107468

But other people's woes ARE his business, as I understand it. That tick of his can be traced to a WINZ computer - sanctimony has many pathways....

by IT GUY | 28th Feb 24, 9:17pm 1709108236

ask him for a weather forecast

by Yvil | 29th Feb 24, 2:33pm 1709170416

"God you’re a pain in the proverbial. Mind your own f*%#en business"

Preceded by you saying:

"you don’t have the green tick today? 😂"

How is that for "minding your own business" LOL

by Nzdan | 28th Feb 24, 6:49pm 1709099380

I support them by letting ads clutter my viewing space.

by Rhumline | 28th Feb 24, 9:08pm 1709107737

Already do... even if I have to put up with a lot of bulldust from you lot, at least it gives me another perspective. Trouble is that a lot of you don't want to acknowledge that others think differently. Hei aha!

by pacifica | 29th Feb 24, 5:22am 1709137334

Ars definitely for some of the great tech and science news.

by EdwardD | 28th Feb 24, 8:22pm 1709104975

I wouldn't call them journalists and I think that was the problem They lost their audience by not reading the room. Rather than offering varying views and opinions on topics, they knew what was best for us and rammed their views down our throats.

by Mr_Jolly | 28th Feb 24, 9:21pm 1709108460

It's the classic "Go woke, go broke"

by RickStrauss | 1st Mar 24, 10:08am 1709240917

Reds under the bed.

by nktokyo | 29th Feb 24, 6:10am 1709140217

I cut them out when a Facebook post was scrped from a closed group on and went on their website without names redacted. It was taken out of context also. F**k newshub.

by HughJorgan | 28th Feb 24, 4:19pm 1709090363

Today job loses become topical. Tomorrows topic... how to pay a mortgage when no money is coming in.

by Pa1nter | 28th Feb 24, 6:52pm 1709099523

The dgms will be creaming themselves

by malamah | 28th Feb 24, 7:04pm 1709100282

They’ll have enough time to, too. What without jobs and all

by IT GUY | 28th Feb 24, 9:18pm 1709108286

True DGMs do not get pleasure out of other peoples misery. A DGMer who got out at the top of a market or shorted if equities, is the buyer at the bottom, when all the loser spruikers die... someone has to have the cash to buy at the bottom.

The market needs people who have alternate views. Like a blackcap that bats and bowls

by Pa1nter | 28th Feb 24, 7:28pm 1709101735

Every downturn, there's a willing cadre who somehow thinks things the system is going to change in their favour.

- it's not going to change in your favour unless you make it

- we're a long way from a credible political alternative that can improve the status quo

So what we're faced with is this boom bust cycle, which usually ends in fiscal stimulus, and those with the resources picking through the ashes of those who were on shaky ground.

Unless someone's actually going to back up the talk with action, it's really farting at thunder. In the time being, people need to be really aware of the dynamics at play, and come up with a measurable strategy to make themselves as least beholden to this giant meat grinder as possible.

Daily "hurr durr, spruikers gonna fail", is none of the above.

by IT GUY | 28th Feb 24, 8:32pm 1709105528

This time the DGMs are right, its now impossible for average NZers to buy a house.... so what happens next? they leave making a falling market even worse

by Pa1nter | 28th Feb 24, 9:12pm 1709107934

I don't think there's many people arguing houses are affordable, this should be self evident.

It's the thinking this is somehow going to be a strategic strike making homes more affordable, whilst not adversely effecting anything else which is la-la land.

A market will boom and bust.

If houses fall, and stay fallen, then we got big problems.

I feel many people are going to get pretty bashed, that's not something a reasonable person should anticipate, let alone seek glee in.

by J.C. | 28th Feb 24, 4:26pm 1709090810

The price has risen again today, now at US$56,970 and almost a +0.9% gain from this time yesterday.

Ratty price in Kiwi pesos got an extra little pump today after Adrian Orr's announcement. AUDNZD spiked quite noticeably.

by IT GUY | 28th Feb 24, 9:20pm 1709108425

yes as i posted no rise = big aud / nzd spike as its entirely possible aussie needs to move one more time

by Pa1nter | 28th Feb 24, 9:44pm 1709109854

No one's really needed to move up for a year or more.

We're seeing the same recession creation, paralleled globally, at varying speeds and intensity. It was never about tackling inflation.

Sadly, there really isn't much public discourse about what's going on, why, and what should change.

by IT GUY | 28th Feb 24, 9:52pm 1709110378

so much of the inflation was caused by gov spending, only to be smashed by central bank rate rises..... if only they could work together... sadly the big money is in forecasting the disconnect, easy game....

by Pa1nter | 28th Feb 24, 11:14pm 1709115290

Some of it was, but most of it was supply side related, and human psychology.

Hence we saw inflation occur almost everywhere, irrespective of interest rates.

If you use monetary policy to combat something that occured largely independently from monetary policy, you're going to do some serious damage.

by solardb | 28th Feb 24, 4:29pm 1709090972

"first home buyers might have reached their limit in terms of market share, while investors might be showing some signs of life."

Gee , didn't see that coming , I wonder why ?

by K.W. | 28th Feb 24, 4:50pm 1709092237

The flood of Jacinda's 210,000 newly minted Permanent Residents has been exhausted.

by Baywatch | 28th Feb 24, 5:23pm 1709094197

Feel much better that tap has been closed off tight as soon as the 3 Amigos rode into town....

by malamah | 28th Feb 24, 4:32pm 1709091168

Is the "dovish" sentiment that it is slightly less hawkish than last time, but still projecting holding steady in an economy which is stuttering? IMO a further 12-18 months at this level is fairly hawkish given the layoffs and business closures are in the headlines, wom, and conversations with your mates.

by ChrisOfNoFame | 28th Feb 24, 5:10pm 1709093454

Agreed.

by powerdownkiwi | 28th Feb 24, 5:13pm 1709093590

A magpie asking for a friend?

Tui ad

by lonewolfnz | 28th Feb 24, 5:22pm 1709094120

Today is big day for me.

After 2 years of being in cash (gradually dipping in) I am now fully deployed into crypto and equities (and of course of my nemesis, property investment)

Just for fun, my current returns from 1 Jan to date this year:

1) Property - no idea, up 1-2% maybe? (less costs)

2) Funds - +4.7% (This now includes bitcoin ETFs which will help)

3) Stocks - +11.4% - pretty amazing for a 2 month return

4) Crypto - +32% (speaks for itself)

Financially, my position is now finally well above my Nov 21 high, but only if I exclude property (I think I am still down 600k nzd from the top, and that is not inflation adjusted)

by J.C. | 28th Feb 24, 5:33pm 1709094832

Cash is important IMO but becoming less so as stablecoins become more commonplace. I would prefer to be able to be in USD and spend digitally in NZ and other countries.

Of course, the banks and RBNZ wouldn't be happy about that.

Best returns so far in 2024 is Iris Energy (BTC mining and AI application) = +78% since Feb 1.

by Audaxes | 28th Feb 24, 5:37pm 1709095048

In contrast to KiwiSaver, life insurance assets have hardly shifted in a year. Life insurers are holding much more cash in their portfolios, in fact they almost doubled their cash holdings to 31% of assets, far and away the most since this data series started.

NZ Government Treasury Bills offer a risk free 5.5%+ return handle for the 3mth, 6mth & 12mth investment horizons.

Given the Near Term Forward Spread Data inversion, I say why not. Moreover:

NVIDIA is not worth more than Canadian GDP or the entire Chinese stock market. We are simply witnessing people willing to pay crazy prices for NVIDIA. As Buffett once said: “Price is what you pay. Value is what you get.” Link

by longjohndrop | 28th Feb 24, 5:29pm 1709094546

Lower Much Faster 🍿🍿

If you read the MPS, it wouldn’t surprise me if there was a cut in May as I predicted.

lol all the DGMs who thought this was going to be a raise, do you have rocks in your head?

by malamah | 28th Feb 24, 7:09pm 1709100599

Lower than what, higher than what? Longer than what, faster than what?

All very much TA economythsts with HFL, LMF, FOMO, FOOP, GTFO, ATL acronyms.

Lower than current levels in 2 years, high probability.

Sooner than previously expressed, probable.

As soon as economy needs, unlikely.

At a faster rate? Maybe, maybe not.

Back to 0.25? No.

by AshwinRai1488 | 28th Feb 24, 5:37pm 1709095041

Life insurers are holding much more cash in their portfolios, in fact they almost doubled their cash holdings to 31% of assets, far and away the most since this data series started.

Note that in the link above Net Asset Derivatives is positive for the first time.

Life Insurance Companies (LICs) hold net asset derivatives as a way to hedge against lower interest rates. When interest rates and yields rose, these derivatives incurred losses and LICs now need to post margin calls. This has forced them to sell some of their assets and increase liquidity. They need to do this because of regulation.

Liquidity pressure has also risen due to policy surrenders which have risen significantly.

There is great BIS paper explaining this.

https://www.bis.org/publ/qtrpdf/r_qt2312x.htm

Hope this helps!

by Audaxes | 28th Feb 24, 6:35pm 1709098533

Thanks for the link.

Marked to market derivative losses are generally collateralised with government TBills. They are more useful than cash to the recipient counterparty as they can be rehypothecated in the repo market to meet losses and raise funding.

by IT GUY | 28th Feb 24, 6:35pm 1709098544

as I understand it the FED was still accepting TBills at face for repo ? any move away from this could cause flight to quality and they have no quality regional banks now

by HouseMouse | 28th Feb 24, 5:42pm 1709095331

Pity for Newshub and their employees. I didn’t follow it at all, never appealed to me, but it still saddens me as we move closer to a duopoly in terms of media

by Pa1nter | 28th Feb 24, 6:56pm 1709099779

Doesn't matter how many players there are, most of the stories are the same, and it's the same tired script.

by Nifty1 | 28th Feb 24, 7:27pm 1709101657

Exactly it's like NZherald & Stuff - basically identical headlines & BS articles

by pacifica | 29th Feb 24, 4:43am 1709135037

If you think that you have not been reading any of them. They are vastly different and source their articles from different parties as well. Try keeping up to date with at least 10 news sources, (not blogs but different independent news sources that are not re-distributions of each other) then you really start to notice the difference.

by RickStrauss | 28th Feb 24, 5:55pm 1709096135

An upcoming read for me, perhaps: https://www.amazon.com.au/You-Always-Hurt-One-Love/dp/1911397419

Looks like an appropriate time for such a book.

by Blackdog | 28th Feb 24, 6:03pm 1709096605

Who’s going to be first with a 2 year 5.99% mortgage rate ?

by IT GUY | 28th Feb 24, 6:24pm 1709097882

ANZ probably

by Justa comment | 28th Feb 24, 7:26pm 1709101598

Yes all eyes on 5.99%

by Yvil | 28th Feb 24, 6:15pm 1709097342

WOW, so TV3 news is getting axed because of lack of funding.

Can we not get a few more readers and especially commenters supporting Interest, to help avoid it too hitting the wall? Com'on folks, get this green tick in front of your name, it's only 33 cents a day!

by Nifty1 | 28th Feb 24, 6:36pm 1709098565

Tv3 news was a joke. Support independent. Hopefully there's more movement towards that.

by pacifica | 29th Feb 24, 5:41am 1709138512

Interesting most Uni economics students are being told to read Al Jazeera & the Guardian for NZ financial news... by their lecturers. It really is the blind leading the blinded. An education system that teaches limited history and enforces media bubbles in their lectures so students are rarely looking at financial news, or even basic financial history in finance and economics courses. Quite frightening really. Had one staff member (student working a late afternoon shift) today say that Auschwitz was like a hostel in Queenstown where employees stay the night, and that Jews in Israel control most economics in the world... all from their economics lecturers in NZ (checked notes, it is really absent of any real world). No wonder NZ economics profession is in the toilet and feels like reaching through diarrhea for a dropped dead phone.

That was not even the worst mistakes they made!

I really wish NZ economics and finance lecturers had even a passing knowledge of NZ financial news or indeed any business news relevant to economics at all. It sounds more like they are creating lectures from really bad blog site links from 4chan.

I actually decided to give them a suggestion of reading Interest (for an additional news source a sort of try it and see the difference in focus). But I also suggested they read Make Room Make Room; it was not going to be any worse then the garbage they are getting from Uni and it touches on why the need for constant population growth to fuel an economy has an inevitable end when resource and housing crisis hits and the health services for those elderly drop to less staffing, & no funded front line workers capable of affording the cost of living by themselves. You know the Soylent Green movie that is so far out there sci fi that when food & housing crisis hits and there is a mass of population that regularly riots for lack of food supply the next step is one that is also used in the popular media show The Expanse.

by pacifica | 29th Feb 24, 5:38am 1709138336

Hmm 4 GP appointments or 1 news subscription. Tell me which one prescribes restricted heart medication because I kinda need that one to live, the heart being essential and all.

by IT GUY | 28th Feb 24, 9:22pm 1709108549

Always sad to see so many made redundant in one day, makes it much harder to get a new job, compared if only 5-10% made redundant... Next up Stuff.... go woke go broke.... RNZ is now so far left i cannot stand to lister to it, its almost radio china....

by powerdownkiwi | 28th Feb 24, 6:51pm 1709099514

Nobody in the MSM - left, right, woke or otherwise - is telling the truth about the human trajectory, and how far along it we are.

I suspect, deep down, RNZ types know something is amiss, but they're lightweights now (Hill and Laidlaw were the last rounded intellects, the others are variously flawed and/or ignorant) and have latched oto Climate and Race as their conscience-salves. Both are legitimate topics - we are indeed heating the planet, and we do shaft other races - but the former is a mere part of the overshoot problem (scientists call it the 'polycrisis') and the latter wouldn't have to happen if the free-marketeers had been right about unlimited growth (they weren't; we compete and will compete more and more from here on in).

Looked at in another light, RNZ used to worry about the ratings - on your own, that doesn't matter so much..... But they essentially peddle bullshit (Mulligan Monday lauding Hamilton sprawl, for a classic instance) in that none of them have a clue about the Limits to Growth. And - when challenged, they run a mile, cover ass fiercely, and continue with the c--p.

by IT GUY | 28th Feb 24, 9:24pm 1709108688

I agree PDK but I reckon I can sail around the world in a big cat one more time before it all falls over, then I will be dead anyway, and I have no way of changing the outcome.... suck the marrow out of the bones, for tomorrow we die...

by pacifica | 29th Feb 24, 5:03am 1709136231

YOLO

by Baywatch | 28th Feb 24, 10:04pm 1709111094

Let me guess you think ZB is middle of the road?

by pacifica | 29th Feb 24, 5:10am 1709136611

Now thats a joke, but it would be interesting to know who funds them in an about us page somewhere... I do hope they also have ties to Warner (not even major ones but indirect links would be funny and worrying enough for any branch of journalism with a clue to the Warner business model).

by kiwikidsnz | 28th Feb 24, 6:45pm 1709099142

Once upon a time NZ had credible, trusted newsreaders who delivered facts & didn't constantly impart their personal opinions and snide personal prejudices, while expecting NZdrs to be intelligent enough to make up their own minds.

Philip Sherry, Bill Toft...& a few others

https://www.nzonscreen.com/title/nzbc-network-news-1963/series/credits

by Pa1nter | 28th Feb 24, 6:58pm 1709099891

Then news had to become a commercial product, and negative emotion is the best form of currency.

I wanna be outraged, dammit.

Then sell me a new toilet brush.

by Baywatch | 28th Feb 24, 10:06pm 1709111191

Yes the rot set in with with the weirdo Peter Williams

by Nigel Ritson | 28th Feb 24, 7:29pm 1709101768

There are many self opinionated commenters looking for an audience here who don't have a green tick. I doubt any of them need a free ride by not supporting interest.co.nz.

by Rhumline | 28th Feb 24, 9:13pm 1709107983

Yup.

by Baywatch | 28th Feb 24, 10:09pm 1709111343

Why are you here...for the green ticks?

by pacifica | 29th Feb 24, 5:18am 1709137120

Its the self approval of grandiosity they need to get up in the morning; don't take its halo of validation for their lives away just yet.

by pacifica | 29th Feb 24, 5:16am 1709137008

Like the ticks on twitter... yeah tell me how many of the green ticks are not trolls. Because I have a bitcoin investment scam to show you repeated over 100 tick accounts. It would be better to advertise something other then your ability for mass approval to online subscription models not financially affordable for over 70% of the populace. Perhaps another serving of Amazon prime and your free trial special service with happy ending of debt to go with that.

by Squishy | 28th Feb 24, 7:38pm 1709102284

Westpac's selling it's Australian home loan broker unit, if there was ever a Kiwi bank(s) that really wanted to take it to the major Australian banks this is that opportunity. It might be decades before a similar opportunity emerges again to buy a turn-key money making machine.

For years Kiwi banks have been moaning that banks that operate in both countries have lower funding costs because they are more credible to investors. Well, time to step up or shut up.

by IT GUY | 28th Feb 24, 8:17pm 1709104635

kiwi bank does not even have the capital to compete here, let alone buying a crap book in aussie... what are you smoking

by Zachary Smith | 28th Feb 24, 8:04pm 1709103857

YouTube Premium is the way to go.

by ChrisOfNoFame | 28th Feb 24, 9:06pm 1709107581

re Life company cash. As central bankers hold for too long, distressed companies will come to market for cash via equity and bond issues. Good pickings.

by pacifica | 29th Feb 24, 4:41am 1709134881

Lets have a minute of silence for those truly suffering the tragedy of redundancy and a true loss to this nation... those poor Newshub staff. They did not have an entire election cycle of notice, had no prior warnings. The only sign that something could be amiss was that they were being funded by Warner for the past few years...

by nktokyo | 29th Feb 24, 6:14am 1709140475

ANZ looked a bit silly for picking a rate rise as we slide into a recession. At least they were open about their mistake.