What happened Thursday

Economy / news

A review of things you need to know before you sign off on Thursday; no retail rate changes, no growth, slowing house building, modest NZGB demand, all about RCS, swaps firm, NZD unchanged, & more

[updated]

20th Jun 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 again today.

TERM DEPOSIT/SAVINGS RATE CHANGES
None here either.

DEAD CAT?
Our economy grew +0.2% in the March quarter (both from the prior quarter and the same quarter the prior year) which means our economy flatlined for a sixth consecutive quarter. This results was after the sharp construction slowdown was partly offset by the record kiwifruit harvest. But on a per capita basis economic activity retreated -3.3% in the year to March 2024. (Australia's perspective is here.)

PAST THE PEAK, SLOWING FAST
About 1700 new dwellings a month are currently being completed in Auckland but that could start to decline considerably later in the year. Residential construction in Auckland probably peaked late in 2023.

BUT DON'T PANIC
Our inflation was more driven by product and labour shortages than other countries were, the RBNZ says. They reckon the resurgent Phillips curve is a confidence booster

DEMAND WEAKER
Today's NZGB auction was a relatively timid affair. "Only" $757 mln was bid for the $500 mln available. But bidding was strong and yields fell quite a bit. The May 2031 $250 mln saw yields down -21 bps to 4.46% from the prior event 3 weeks ago. The $200 mln May 2034 saw yields fall -25 bps in three weeks, to 4.56%. The remnant $50 mln was a new May 2054 issue, and its yield came in at 4.93% p.a. for this 30 year maturity.

RBNZ CHAIRMAN REAPPOINTED
Neil Quigley has been reappointed Reserve Bank Chairman for another two year term, until 30 June 2026, Finance Minister Nicola Willis says. She says Quigley's reappointment retains his leadership and experience in central banking and monetary policy, and ensures the Board is well positioned to take on new members. There are two current vacancies to be filled, and further opportunities to consider a broader board refresh with two board members' terms due to end in June 2025, Willis says.

STUFF YOU SHOULD KNOW
If you use SMS messaging, you should know about RCS. The issue is security. There is a lot to know, and we have an explainer here.

STAYING UP TO DATE
The latest NZX50 company profile to be updated is Mainfreight (MFT, #8). It took both a revenue and profit hit in the year to March 2024, but still made $200 mln+ after tax.

SWAP RATES MAY BE FIRMER
Wholesale swap rates are likely to be a little firmer today on global forces although that may be limited to longer terms. Our chart below will record the final positions. The 90 day bank bill rate is unchanged at 5.61%, a level it has hovered around for 110 days now. The Australian 10 year bond yield is up +6 bps from this this time yesterday at 4.27%. The China 10 year bond rate is staying down at 2.26%. The NZ Government 10 year bond rate is up +5 bps at 4.64% from yesterday and the earlier RBNZ fix was at 4.57% and down -1 bp from yesterday. The UST 10yr yield is up +3 bps from yesterday at 4.25%. Their 2yr is now at 4.74%, so the curve is a bit less inverted at -49 bps.

EQUITIES QUIET WHILE WALL STREET ON HOLIDAY
The NZX50 is up +0.6% today in late trade. The ASX200 is unchanged in afternoon trade. But Tokyo has opened down -0.7%. Hong Kong has consolidated little-changed at its open, Shanghai is also little-changed. Singapore is down -0.3%. Wall Street is on holiday today, which affects most ket financial markets. The S&P500 futures suggests it will open its Thursday trade with a surge, possibly +1.5%.

OIL UP
The oil price is unchanged, still just over US$80.50/bbl in the US, and just over US$84.50/bbl for the international Brent price.

GOLD MARGINALLY FIRMER
In early Asian trade, gold is slightly firmer again, up +US$3 from yesterday at just on US$2334/oz.

NZD LITTLE-CHANGED
The Kiwi dollar is only marginally softer from this time yesterday, at 61.3 USc. There was a +20 bps jump on the GDP release, but that has faded now. Against the Aussie we are -20 bps lower at 91.9 AUc. Against the euro we are down -10 bps at 57.1 euro cents. This all means the TWI-5 is little-changed at 70.4.

BITCOIN UNCHANGED WITH LOW VOLATILITY
The bitcoin price is virtually unchanged from this time yesterday, now at US$65,199 and down by just -US$86. Volatility of the past 24 hours has been low at just on +/- 08%.

Daily exchange rates

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Source: RBNZ

Source: CoinDesk

Daily swap rates

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Source: NZFMA

This soil moisture chart is animated here.

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86 Comments

by Audaxes | 20th Jun 24, 5:19pm 1718860777

Today's NZGB auction was a relatively timid affair....The remnant $50 mln was a new May 2054 issue, and its yield came in at 4.93% p.a. for this 30 year maturity.

The associated ~30yr interpolated mid IR swap yield priced at 4.687%. Minus 24.22 bps.

by Audaxes | 20th Jun 24, 4:13pm 1718856798

Liquidity means a market maker commitment to engage balance sheet capacity to execute the price making function. If balance sheet capacity (the real money in the system, therefore liquidity) is systemically impaired, as in a crisis, or a crisis that doesn’t really end, then to get dealers to give up their precious balance sheet capacity and engage on the other side of a swap someone would have to pay a hefty premium to make it worth it (risk-adjusted) for the dealer to do so.

by Audaxes | 20th Jun 24, 5:02pm 1718859740

People are making Norinchukin's bond sales about paper losses on those bonds. Those losses are irrelevant as only a byproduct. If it wasn't for dollar swap costs they'd just hold them to maturity. https://youtu.be/3qPqbAOxJRA Link

by Foxglove. | 20th Jun 24, 4:13pm 1718856792

As NZ seems to be hovering around a few marginal points either side of categorising whether inside or outside of a “technical” recession, would it be a fair guess that the powers that be at the RBNZ continue to hover too, in so much that the OCR is stashed safely on the shelf and not worth even a glance as to see how it’s going.

by Pa1nter | 20th Jun 24, 4:31pm 1718857905

It is interesting all the talk of a per Capita recession.

Does the RBNZ (or even our Government) have any remit at all to provide the individual with personal consistent or even increasing fiscal worth?

This is all the individual cares about, but it seems like our central authorities are mostly fixated on the size and stability of the overall system. Hence they're willing to sacrifice many of us in the name of taming inflation.

by Foxglove. | 20th Jun 24, 4:40pm 1718858427

Yep, well put, sums up my thoughts exactly.

by JimboJones | 20th Jun 24, 4:42pm 1718858549

They're willing to sacrifice all of us in the name of taming inflation - providing it doesn't cause financial instability.

by Pa1nter | 20th Jun 24, 4:46pm 1718858795

They'll know more than most of us the ramifications of what they're doing. I spose coming out and stating "now we're going to tame inflation, but the way we're doing it means some of y'awl will lose your jobs, and many of the rest are really going to feel the squeeze" wouldn't be too popular.

by kiwikidsnz | 20th Jun 24, 4:54pm 1718859256

Reposting my earlier comment from another article today"

Conway/Lord Farquaad won yesterday's weasel award for the phrase "increased spare capacity"

by ACB | 20th Jun 24, 7:16pm 1718867797

I think sacrificing living standards of the average punter to keep property and big business happy via migration/population juiced growth.

by Pa1nter | 20th Jun 24, 7:20pm 1718868005

Yep, they'll use any way they can to tinker figures and metrics to obfuscate problems.

Ireland managed this by becoming a tax haven for multinationals. On paper, their GDP growth looks amazing, really wealthy country now. But the average Irish, doesn't see those benefits.

by Palmtree08 | 20th Jun 24, 11:01pm 1718881271

The super organism must be fed. Debt must grow to repay previously issued debt. We are all expendable fodder for the organism. That's why there can be no action on keeping the biosphere habitable.

by Squishy | 20th Jun 24, 4:18pm 1718857102

That Guzman y Gomez (it's like a Mexican style chain restaurant) float really popped today on the ASX. Numbers go up again!

by bw | 20th Jun 24, 4:34pm 1718858044

Fickle business, this restauranting. One minute, you own the places to be seen in. The next....

"The Voluntary Administrators of Good Group Australia and its subsidiaries, Duncan Clubb and Andrew Sallway of BDO in Australia, advise that the Botswana Butchery Sydney, Canberra, and Melbourne venues will cease to trade (14/5/24)"

And all started/accumulated by Al Spary out of Queenstown.

https://www.bdo.com.au/en-au/news/media-releases/bdo-update-on-good-gro…

by Pa1nter | 20th Jun 24, 4:36pm 1718858215

I think they were also behind White and Wongs and a couple of other brands that've gone tits up.

Funnily enough it's often the Australian arm that goes bust, and the NZ operations stay open. Not sure what the added issue is in straya'.

Food businesses are very fickle beasts.

by Squishy | 20th Jun 24, 7:24pm 1718868243

Less competitive market and lower labour costs.

by dumbthoughts | 20th Jun 24, 5:14pm 1718860480

How long until lonewolfnz appears to regale us with the tale of his grande holding and muy bueno gains in this caliente stock?

I've eaten there a few times and it's aight, but hardly anything special.

by J.C. | 20th Jun 24, 4:52pm 1718859136

Was listening to Luke Gromen talking about the revaluation of gold to sort out the US debt spiral. Using back of envelopes, Gromen suggested USD20,000 per oz to manage the debt. The water cooler crew scoffed and said no way that it could happen and could ever be done. So I did my own research and looked up the Financial Accounting Manual for Federal Reserve Banks. It's all there--2.10.

Astounding.

https://www.federalreserve.gov/aboutthefed/files/BSTfinaccountingmanual…

by Audaxes | 20th Jun 24, 4:34pm 1718858048

Discover the World's Top Gold Producers for 2023

by J.C. | 20th Jun 24, 5:12pm 1718860357

No direct information on how much gold the Western Australia government owns. The Australian government’s gold reserves are 79.85 tonnes.

by interesting1234 | 21st Jun 24, 8:31am 1718915474

That's nuts. How many rules and tweaks have been added to the rulebooks over the last 70 years to fiddle the books in order to get us out of our own self-constructed financial crises. It's bad enough that each time, central banks have reached out to push deregulation as a means of solution.

by J.C. | 20th Jun 24, 4:27pm 1718857653

Nikkei reports on the rich people exodus from China. US, Canada, S'pore as target destinations all mentioned. And Japan is now a hotspot--value for money I guess. No mention of Nu Zillun or Aussie. The dreams of busloads of Chinese with suitcases of cash willing to pay a king's ransom for your suburban abode might be fading.

China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada and Singapore, the firm found. Such individuals, abbreviated as HNWIs, are defined as those with at least $1 million in assets.

Immigration consultants and analysts have also observed a sharp increase in inquiries from Chinese people, both rich and middle class, looking to move to Japan. "The lifestyle in Japan is very appealing with beautiful public gardens and golf courses, plus it's ranked among the safest countries on earth according to the Global Peace Index," Amoils said.

https://asia.nikkei.com/Business/Markets/Wealth-Management/China-to-see…;

by Pa1nter | 20th Jun 24, 4:38pm 1718858301

If they're really high net worth (say in the 10s or 100s of millions), then those other markets are of highest appeal. You move to Australasia if you're just a mere millionaire.

by kiwikidsnz | 20th Jun 24, 4:40pm 1718858416

Despite the typically misleading $tuff headline clickbait, at their link provided NZ isn't in the top 10 destinations.

https://www.stuff.co.nz/travel/350315897/new-zealand-named-among-worlds…

https://www.henleyglobal.com/publications/henley-private-wealth-migrati…

by Foxglove. | 20th Jun 24, 4:43pm 1718858621

“typically misleading.” Right there, the first real contender for understatement of the year.

by Baywatch | 20th Jun 24, 10:24pm 1718879071

Yet you always click..

by Zachary Smith | 20th Jun 24, 4:53pm 1718859202

It would be surprising, and really rather odd, if NZ were in the top 10, considering its small size. It would be interesting to know where we stood in a top 50 list. I'd wager we have a net gain rather than a net loss.

by J.C. | 20th Jun 24, 5:04pm 1718859888

It would be surprising, and really rather odd, if NZ were in the top 10, considering its small size.

Yes. And like a ghost town after 6 pm. Terrifying for many Asian people.

by Zachary Smith | 20th Jun 24, 5:48pm 1718862499

Well, I know quite a few Asian people and they ain't going back. This knocking of NZ is so cringe.

by Pa1nter | 20th Jun 24, 5:57pm 1718863066

If you thought the place was so bad and you haven't left yet and just keep complaining, you have to be a masochist.

by Palmtree08 | 20th Jun 24, 11:07pm 1718881624

Whinners will whine. "Interest" seems to be a favourite venting spot for whining, but as you say, they aren't in a hurry to move to the amazing claimed opportunities just a plane ride away.

by J.C. | 20th Jun 24, 5:03pm 1718859828

Despite the typically misleading $tuff headline clickbait, at their link provided NZ isn't in the top 10 destinations.

The dream lives! Time for people to pick up their Mandarin skills via an online language course. Impress the potential buyer.

by IT GUY | 20th Jun 24, 6:55pm 1718866545

In about 2015 20 of the top Barfoots agents for that year had Asian sounding names, and looked a lot like Asians on there phots, but of course where probably NZ Citizens

by EdwardD | 20th Jun 24, 6:58pm 1718866682

Thanks for the synopsis as I won't click on any Stuff links. They can get stuffed.

by K.W. | 20th Jun 24, 5:16pm 1718860603

Australia is number 5 on the list. https://www.cnbc.com/2024/06/19/the-uae-is-set-to-be-the-no-1-wealth-ma…

Here are the top 10 countries expecting to see the highest net inflows of millionaires in 2024, according to Henley and Partners.

United Arab Emirates: +6,700
United States of America: +3,800
Singapore: +3,500
Canada: +3,200
Australia: +2,500
Italy: +2,200
Switzerland: +1,500
Greece: +1,200
Portugal: +800
Japan: +400

by powerdownkiwi | 20th Jun 24, 5:20pm 1718860859

What about people with useful skills?

You know; nurses, doctors, engineers, people who know what a tool is...

The higher the net worth, usually, the less use to society.

Jeez we stuffed up when we started to use money as a yardstick - so many problems can be traced to that directly.

by Pa1nter | 20th Jun 24, 5:26pm 1718861216

It has a closer association to productivity than having less money.

Not a hard and fast rule though, you could earn jack all, and work your land to provide all the things a higher salary might afford.

It's just that a $ amount is people's easiest way to ascribe value or worth. Any other way is far less quantifiable.

by IT GUY | 20th Jun 24, 6:32pm 1718865179

The guys who operate the Westpac rescue helicopter do not make massive $$$

Yet that stainless steel they put you on as they winch you inside is worth more to you at that time, then a lifetime of $$$$$

I have been there. I give every year.

by Pa1nter | 20th Jun 24, 6:40pm 1718865612

There's a level of public service you can't value adequately in dollars, sure.

by IT GUY | 20th Jun 24, 6:53pm 1718866410

past National Gov have included gov bonds as investments for rich immigrants , many borrowed the money for the 3-5 years and so immigration only cost 100k....

total BS... meanwhile they invested in real estate like the rest of us

by ACB | 20th Jun 24, 7:30pm 1718868658

Agreed, so obvious and easy what you'd do to secure residency. Government bonds can easily be borrowed against. Should be direct investment only.

I remember back in the 90's we were sold the story that we were bringing in entrepreneurs as migrants that would create jobs and develop value add markets yet little evidence of that. Instead we're now told we need to make room for migrants within the economy a lot of whom are economic refugees.

by kiwikidsnz | 20th Jun 24, 8:04pm 1718870649

Many people have long forgotten/never knew that a few decades ago there were a number of disastrous private "investment" schemes developed that were then "qualified" for residency investment by the govt bureaucrats.

I knew someone who got caught up in this one, just a few thousand. Some lost much more.

https://flatrock.org.nz/forest_related/origins_of_flat_rock_trust.htm

by Foxglove. | 20th Jun 24, 5:43pm 1718862228

Despite all the damnations the USA still holds up as a desirable place to live and that’s not counting the hordes of illegals crawling over broken glass to get there. Lived there ourselves twenty or so years ago and it was outstandingly good, a great experience, amongst great good people. Went back to the neighbourhood last year and it was not so any more, we were not comfortable. Societal division now stark and crime always bad, but now crazy, fentanyl fuelled. Imagine obviously still great places to find and inhabit where you are safe and sound but now, outside of that, say on the motorway for example, that can change at the drop of a hand gun. Wolfe was I suggest totally precognitive, when he penned the crucial scene in Bonfires of the Vanities.

by Pa1nter | 20th Jun 24, 5:32pm 1718861532

It's amazing how dystopic some of it has become.

Then again parts of Europe don't seem too far different, and that's without such a huge drug problem.

by Foxglove. | 20th Jun 24, 6:36pm 1718865378

It’s an extraordinary country with extraordinary tragedies. I mean where else in the world could 21 people lose their lives on the street, drowned in molasses. But the upswell of violence in society is moving like a massive peat fire and nothing looks likely to extinguish it, not presently anyway.

by IT GUY | 20th Jun 24, 7:45pm 1718869557

Some of the new york city 1970 videos are crazy as well

And this is how Trump rose to power.....

by interesting1234 | 21st Jun 24, 8:39am 1718915968

America, land of the free. Free for companies and corporations to exert their influence on the political systems in order to sell debt and misery products to the masses legally. Such is what has caused the opioid epidemic there. Free to pay exorbitant prices for the most basic human necessities Education and health, to the point that many cannot afford medical treatment or a reasonable education and get sicker by the year, by the generation. Free to have low regulation so sugar can be put into everything, last I was over there I could hardly stomach the bread as it was too sweet. Freedom, something many fought and died for, now embodied by a broken system too proud to make necessary changes for the betterment of it's people. I love the cultural diversity and geographical and climactic variety of America, but as above, more so for a visit these days that a consideration to live.

by J.C. | 20th Jun 24, 5:47pm 1718862428

Over in Aussie, ASX-listed fund manager and landlord Mirvac is set to sell a 34-storey office tower in Melbourne’s CBD and an 11-storey building in North Sydney for a combined $485 million, at steep 20 per cent-plus discounts to their peak values.

%20+ may qualify as 'CRE apocalypse' in my books.

Question is do they have any buyers at these prices?

https://www.afr.com/property/commercial/mirvac-set-to-sell-two-office-t…

by K.W. | 20th Jun 24, 5:22pm 1718860937

"The $340 million deal was made at the latest December 2023 book value" so no writedown required.

GOZ just updated their valuations, with a 4.5% decline in valuations. Most of the AREITS are already trading at 40%-60% discounts to book value, so there's plenty of headroom.

by Wilco | 20th Jun 24, 5:01pm 1718859704

You can all thank us here in Northland for doing our bit to bring inflation down.

Our retail and hospitality businesses tanking daily.

No decent road to rest of New Zealand.

No decent rail to rest of New Zealand.

Some of the poorest internet connectivity in the country.

And now no electricity because it's either broken down or fallen over.

by Pa1nter | 20th Jun 24, 5:06pm 1718859976

Actually sounds pretty sweet, if you've the bare means for subsistence.

by powerdownkiwi | 20th Jun 24, 5:17pm 1718860654

But we thought you said: 'drop us a line...'

by Foxglove. | 20th Jun 24, 5:53pm 1718862821

Said the fish to the actress.

by powerdownkiwi | 20th Jun 24, 6:16pm 1718864180

A hooker, then...

by Foxglove. | 20th Jun 24, 6:28pm 1718864933

Depends on what bait you choose to dangle, probably.

by powerdownkiwi | 20th Jun 24, 6:46pm 1718866018

Unlikely to be a dry fly

by Foxglove. | 20th Jun 24, 6:57pm 1718866640

Went off sherry long ago but, you win !

by IT GUY | 20th Jun 24, 7:47pm 1718869651

could be a dry dropper rig.....

https://www.crazyaboutflyfishing.com/post/fly-fishing-with-a-dry-droppe…

by K.W. | 20th Jun 24, 5:29pm 1718861389

Just think of it as a return to pre-colonisation days.

by Baywatch | 20th Jun 24, 10:26pm 1718879203

I thought Winnie and Shane promised you the bridges and gold?

by Palmtree08 | 20th Jun 24, 11:13pm 1718882031

Horses and smokes will have to do for now.

by interesting1234 | 21st Jun 24, 8:40am 1718916058

At least it isn't very cold.

by Noncents | 20th Jun 24, 5:14pm 1718860463

Spark up 7.0%. Inflation is over!!!!

by IT GUY | 20th Jun 24, 6:13pm 1718864010

from TA https://www.tonyalexander.nz/wp-content/uploads/Tonys-View-20-June-2024…

So now the kicker. Despite all of this woe the Reserve Bank are not riding to the rescue. We know they want to because they are cut from the same woke cloth as the previous government. But they can’t because inflation is 4% and forward measures of where inflation is going remain much too high for even us RB-bashing private sector economics to demand they cut rates now. I wouldn’t. My view is that by the December quarter of this year the extent of weakness in the economy will be great enough that the Reserve Bank’s anticipation of extra lagged decline in inflation because of that will overwhelm potentially still worrying forward pricing measures to encourage policy easing. But before we get there the pain is going to get a lot worse. The media will be filled with many more stories of woe across a lot of sectors and especially the three I’ve been highlighting for a long time. They are retailing, residential construction (the cream is rising to the top in that sector), and hospitality. So, what do I mean by the title of this article – when the tide goes out? It is a reference to the very well known comment made by Warren Buffett. “Only when the tide goes out do you learn who has been swimming naked.”

Well this is what a few of us have been predicting all along, because we have been through recessions before, 1988 etc... IMHO the biggest threat is the IRD getting tough on unpaid/unpayable debt..... perhaps they need to flush out things, but its also going cause a ripple effect which will solidify losses and take down even more

I am not a DGM, I just understand how connected things are and current state of play.

If you wait around long enough I will call the bottom.... (by then TA should have called it a few times.....)

by HouseMouse | 20th Jun 24, 6:16pm 1718864169

What a DGM Tony is!

😂

by Foxglove. | 20th Jun 24, 6:24pm 1718864643

And politically the previous government can blame the current government. Who cooked the stew that we are going to choke on then?

by powerdownkiwi | 20th Jun 24, 6:24pm 1718864681

They could all just tell the truth.

If we stopped immigration, we'd have no 'housing crisis'.

Because it is really a population crisis.

As are almost every problem facing humanity.

by Pa1nter | 20th Jun 24, 6:31pm 1718865060

I guess if we get rid of the humans.

Humanity would be free of crises.

The problems haven't changed in thousands of years. We just have fancier toys.

by interesting1234 | 21st Jun 24, 8:43am 1718916215

We've had a remarkable impact on physically changing the environment around us. We destroy mountains for highways, rip all the trees out for bare land, dig out hills for houses, then have this idea that building a house on a bare piece of land and playing designer makes us fancy and modern. I'd love to see more trees in public places, along roads, at schools, make everything blend with nature, not wreck it, then try and redesign it too look naturalistic.

by IT GUY | 20th Jun 24, 6:47pm 1718866068

Well PDK that same thing that started, and ended the Younger Dryers period, is probably due about now.... lets hope its not Apophis in 2029.

What causes Ice Ages

even Elon Musk is down this rabbit hole

https://youtu.be/a7iaUTPurjQ?t=52

by Baywatch | 20th Jun 24, 10:27pm 1718879276

Can I have some seconds please mister...

by interesting1234 | 21st Jun 24, 8:44am 1718916255

Sorry sir, Mr Robertson cleaned the buffet out before leaving.

by J.C. | 20th Jun 24, 6:21pm 1718864516

We know they want to because they are cut from the same woke cloth as the previous government

LOL

by JimboJones | 20th Jun 24, 6:41pm 1718865687

Sounds like removing interest deduction really got up Tony’s nose.

by J.C. | 20th Jun 24, 6:48pm 1718866136

Stateside

The oldest members of Generation X are turning 59 1/2 this month, the earliest age when workers can start withdrawing retirement assets without a penalty. But many Gen Xers are far from prepared for their golden years, with almost half saying it would take a "miracle" for them to be able to retire, according to a new Natixis study.

https://finance.yahoo.com/news/gen-xers-nearing-retirement-half-0401173…

by Pa1nter | 20th Jun 24, 6:58pm 1718866712

The average Americans' old age looks pretty grim. I'd read something recently that put the average net worth of someone over 65 at around $300k, if you're in your 40s it's just over $100k.

Mind you, it's probably not much better in NZ.

Start early, go hard.

by IT GUY | 20th Jun 24, 7:13pm 1718867605

plenty of time, those nice people at poopellor pooperty are still on Newstalk advising people in there late 50s to buy an INVESTMENT pooperty here, as in right here....

by powerdownkiwi | 20th Jun 24, 7:14pm 1718867649

A lot of boomer Americans lost bundles betting on '87 share market, Dot.com.

Burned, they rely on pension funds to do their betting - but those are in the same trouble.

So no 'nest egg'.

Indeed, there never was....

by Pa1nter | 20th Jun 24, 7:22pm 1718868135

And that's happening now with the likes of the AI stock bubble, and many other share valuations that don't relate to actual revenue/earnings.

People will be sad.

by J.C. | 20th Jun 24, 7:56pm 1718870218

And that's happening now with the likes of the AI stock bubble, and many other share valuations that don't relate to actual revenue/earnings.

Ride the wave while it lasts. Iren Energy straddles both AI and rat poison. Up 266% since Feb 1.

by Pa1nter | 20th Jun 24, 8:01pm 1718870492

Ride the wave while it lasts.

It's that unseen pylon under the pier that's the problem.

by IT GUY | 20th Jun 24, 8:34pm 1718872468

its all about allocation and risk management...

by estateagent | 20th Jun 24, 7:04pm 1718867082

Resimac gone https://www.mpamag.com/nz/mortgage-industry/industry-moves/resimac-shut…

by malamah | 20th Jun 24, 7:40pm 1718869226

Just saw this, unsure if their loan book will be sold to another 2nd tier bank or 1st tier. As with HSBC, 1st tier probably won’t look, not interested in taking on the low equity portion. Would suit mortgagors better if picked up by another 2nd tier so they don’t risk being told to sell up

by kensinma69 | 21st Jun 24, 8:36am 1718915778

Are we not going to talk about Ubers $365 million dollar revenue but only paid $1.21m in tax? A large chunk of their revenue is shifted to the US therefore minimising their tax obligations in NZ... hopefully the government can stamp that behaviour out asap and hopefully kiwis realise just how badly we are being ripped off by these US based companies

by interesting1234 | 21st Jun 24, 8:48am 1718916484

Try looking at what Amazon does around the world. Their EU branch Amazon EU S.A.R.L based in Luxembourg for tax purposes, they then have mass warehouses of stock in Poland to fly to the UK on their own x2 767 planes just to get the free shipping items they sell to the public in a reasonable timeframe as it was cheaper to do this, including airport fees etc etc than hold them in the UK warehouses where they can focus on their prime delivery goods. The scale of it all boggles the mind.