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Bernard Hickey reviews the day's business news with Duncan Garner at RadioLive, Friday, October 21, 2016

Bernard Hickey reviews the day's business news with Duncan Garner at RadioLive, Friday, October 21, 2016

Bernard Hickey reviews the day's business news with Duncan Garner at RadioLive, Friday during drive-time, October 21, 2016.

You can hear their discussion here.

The NZX 50 is closing down another 15 points at another 3 month low of 6,958.

The big news today is the surprisingly strong net migration figures for September, which set new monthly and annual record highs. Temporary visa numbers were strong and a major driver, along with the continued turnaround in net migration for New Zealanders, who are leaving less and coming home more from Australia and Britain. 

There's little Winston or anyone can do to bring these numbers down from 70,000 to more like 15,000 without completely slamming the door on skilled migrants, their parents and international students. NZ citizens can't be controlled and neither can those here on working holiday visas under bilateral agreements that allow New Zealanders to work in the likes of Britain, Canada and Europe.

But the scale of the migration is literally unprecedented. The population growth from migration is the fastest in more than 120 years, is three times faster than Britain (which just voted for Brexit) and is three times faster than migration in America (which would probably vote for Trump if he wasn't such plonker).

Sky City Entertainment shares fell heavily after it reported a surprise fall in first quarter revenues and warned that a Chinese crackdown on high rolling gamblers visiting Australia and New Zealand would hurt its International Business.

Pumpkin Patch has admitted to shareholders that it hasn't completed a rescue plan with its bankers and it warned its shares may be worthless. 


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4 Comments

Pumpkin Patch has admitted to shareholders that it hasn't completed a rescue plan with its bankers and it warned its shares may be worthless.

Worthless? It seems if you are going to buy shares you do need to spread them around. We Landlords have just got our biases reconfirmed by this news. Invest in property folks! The link is broken btw.

Why are students, returning Kiwis and those on temporary work visas considered migrants?

Yes, the conversation shorthand does make it confusing. What is being counted is actually "permanent, and long-term migration", where long-term is one year or more. Migration measures the movement, and not the citizenship status.

When that gets converted to casual conversation, it makes it sound like Kiwi citizens are 'migrants". The are technically if they have been living away for more than one year but only because they are moving, but they do not require any formal need to apply to come here like non-citzen migrants. They do get counted in these monthly stats. Dig into the detail and you can see the effect of returning citizens (and leaving citizens).

Students who come here for more than one year, get counted as 'permanent', likewise those on 'temporary work visas' which can be for terms shorter or longer than one year. In this context 'permanent' does not convey any rights - it is just a cutoff code for the one year definition point.

Gordon, Do you have Pumpkin Patch shares?

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Days to the General Election: 38
See Party Policies here. Party Lists here.