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How is it that we are having a conversation today about whether Nicola Willis needs to quit her portfolio because of yesterday's shock GDP number? This is crazy. What happened yesterday is not Nicola Willis's fault. It is the Reserve Bank's fault. It is not a matter of opinion. It is a fact. The Reserve Bank ratcheted up the official cash rate to slow down the economy and engineer a recession, to quote Adrian Orr. It's what he wanted to do. It is what he has actually done successfully. We now have had an enormous recession, and we are struggling to come out of that. That is not Nicola Willis's fault. Now, sure, I can lay some blame at Nicola Willis's feet. I can blame Nicola Willis for not doing enough to fix the state of the government's books.Probably not doing enough to get rundown places like Auckland Central going again, but that GDP number, that is fair and square, largely the Reserve Bank's problem, so she should not quit over what happened yesterday. However, I am prepared to admit that the fact that this discussion is even happening does speak to the enormous political pressure that she is under at the moment, because it is enormous. She is under a lot of political pressure. She is very much playing at a political disadvantage because a lot has gone wrong for her this year. Buttergate was all Nicola Willis pulling in Miles Hurrell for a chat, Gavin the cameras run after him. She created that. She has only just managed to save herself from being accused of being all talk and no action over the supermarkets, redeemed with a Hail Mary at the last minute. And for all the criticism that she lobbed Grant Robertson for spending too much, she spends more than him every single budget, and here we are two years into this administration, still waiting for their big plan as to how we turn this economy around. That is as finance minister and economic growth minister, her job, but she doesn't need to quit over what happened yesterday. Look, the bar for any minister to quit is very high, but for a finance minister, even more so. Just have a look at how badly Rachel Reeves in the UK is stuffing things up and crying in public. She is still in her job. Nicola Willis is nowhere near that, mainly because the GDP figure out yesterday is not her fault. And the fact that this is actually a discussion is somewhat mind-blowing. LISTEN ABOVESee omnystudio.com/listener for privacy information.

China's economy continues to slow down after months of decline, and retail sales and industrial production are at their lowest levels of the year. Falling property prices are also to blame, with house prices in Beijing down 19% from last year. Asia business correspondent Peter Lewis says that despite this downturn and the trade war with the US, China's exports have kept at a steady level. He said that Xi Jinping's focus on expanding markets independent of the US is helping keep the economy moving. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The US Federal Reserve has cut interest rates for the first time since December. It's a 0.25 point drop, much lower than US President Donald Trump wanted. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The GDP drop has sparked concern among experts, and it's prompted many to update their economic outlook. GDP's fallen 0.9 percent in the June quarter - much further than the Reserve Bank and all economists had been expecting. Westpac Chief Economist Kelly Eckhold says Q3 indicators are already looking better, but the bank's upgraded their October OCR call. "We upgraded our October call from a 25 point cut to a 50 point cut...the GDP number was quite a bit weaker than everybody's predictions." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Well, I think it's fair to say that the GDP print has come in at something of a shock. The Reserve Bank was picking a contraction of 0.3 percent. The consensus was a contraction of 0.4 percent. The worst-case prediction from one of the banks was a contraction of 0.5 percent. It's come in at a contraction of 0.9 percent, which is basically twice as bad as most of us thought. Now, the immediate problem that we have is what this is going to do to confidence, because people are already scared. That is why it's taking this country so long to come out of recession, because every single piece of bad news like Trump's tariffs earlier this year freaks us out all over again, so we keep our wallets shut for longer. There are people out there who absolutely can afford to spend more money, but they're choosing not to because they do not know that they can trust that we're through the worst of it. This is part of the reason, if not one of the bigger reasons, why the Reserve Bank's cuts to the OCR are not stimulating the economy like the bank thought that they should be. And this number that we see today, I fear, is going to do this all over again. And it's gonna freak us out all over again. And I think the reason we're going to be freaked out all over again by this is that we think that the people who are in charge, mainly the Reserve Bank, but also the Government who keep telling us that the economy is definitely recovering, really have no idea how bad this is. Now, I think it is a little unfair to blame anyone but the Reserve Bank right now because they really deserve it. The verdict is in on this now, isn't it? They have well and truly stuffed this up, they have no idea what is going on in this economy. In July, which was only one month after Q2 ended, we'd just gone through this massive contraction - and the next month, they decided they didn't need to cut the cash rate anymore. They held the cash rate. That now should blow your mind. Just a month ago, they released their monetary policy statement forecasting the contraction at only 0.3 percent They got it wrong by a factor of 3 percent. Now, what them getting it so badly wrong now means is that the pressure is on them to fix this and fix this fast and do a double cut in October, really more to restore confidence than anything, because confidence is what we are very much lacking at the moment. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Nicola Willis says uncertainty over Donald Trump's tariffs drove down GDP in the June quarter. But the Finance Minister admits has admitted she was surprised to see the economy's contracted 0.9 percent. She says there was consensus that GDP would drop, but most forecasts had it at 0.3 percent. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Tesla today announced its Full Self-Driving (FSD) service has now been activated in New Zealand and Australia. Both countries are the first right-hand drive markets to access this technology, which had previously been kept inactive until now. Kiwi motorsport driver Greg Murphy has raised concerns about this, given Tesla's record. "Tesla haven't got a clean record when it comes to the autonomous vehicles around the world, with a few lawsuits that have taken place in various places." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's economy has been shrinking much faster than experts anticipated, according to new reports. Latest data from Stats NZ shows GDP dropped 0.9 percent in the June quarter after two quarters of growth. Infometrics Principal Economist Brad Olsen says the uncertainty around Trump's tariffs created a ripple effect that's showing through a number of industries. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Christchurch-headquartered Brooksfield Homes is looking to bring a new style of townhouse to Auckland. Reports claim the company's planned eight new Pt Chevalier homes on two sites, with a projected end valuation of $11.6 million. Brooksfield Homes managing director Vincent Holloway says a lot of people want to live in similar heritage properties found in Grey Lynn or Ponsonby - but prices keep many out of reach. "People are wanting that in a home, so we aim to do that in a smaller scale in a cheaper area, basically." LISTEN ABOVESee omnystudio.com/listener for privacy information.

New GDP figures are set to be unveiled tomorrow, and there's concerns from experts that the economy is struggling. The upcoming GDP data is projected to show an economy under pressure, as earlier forecasts of an incoming rebound look less and less likely. Newstalk ZB senior political correspondent Barry Soper says the Finance Minister is trying to soften the blow and put things in perspective. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's concern South Waikato's Tokoroa is facing another factory closure, with more than 100 jobs on the chopping block. Carter Holt Harvey is looking at closing its plywood manufacturing plant, the company has told staff. South Waikato mayor Gary Petley says he doesn't know all the details, but it's another blow for the region. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The influence of the New Zealand-made label appears to be decreasing as more consumers prioritise price. Wattie's is ending some of its contracts with Hawke's Bay peach growers and says more people are choosing imported alternatives. It says the demand for New Zealand-grown peaches has seen a steady decline in recent years. Consumer NZ Acting Head of Research and Advocacy Jessica Walker says less and less consumers are prioritising locally-sourced products. "At the same time, we're seeing concerns about price, cost of food and groceries ratchet up...more people are cutting back on fruit and veg altogether, so I'm not surprised." LISTEN ABOVESee omnystudio.com/listener for privacy information.

First of all, can I start by offering an apology to TVNZ? I gave them a bit of grief last night for starting the news bulletin with the peaches, but it turns out I was wrong and they were right. This has sparked a flurry of debate over whether we prefer our Wattie's peaches from Hawke's Bay or whether we don't really care if it comes from China or not. It's also prompted a statement from Wattie's asking us to support local growers. In other words, can we please buy New Zealand made? Now, that is a very nice sentiment, but let's be honest, that's all it is. It is a sentiment and it's not going to work. I mean, this is me, this is not me being cavalier about how hard this must be for the Hawke's Bay peach growers who are losing their Wattie's contracts. For them, this must be absolutely devastating and I feel terrible for them. But this is me being realistic about the prospect of any 'Buy New Zealand Made' campaign working. Wattie's New Zealand peaches, according to Pak'nSave's online store, are $3.90 a can. Pam's cheap peaches are 99 cents a can. That's a no-brainer, you're gonna buy the 99 cent can. Who is buying the $3.90 can? Grey Lynn? That makes no sense whatsoever. I mean - look, maybe if I thought about it a little bit, which I don't, but if I did, maybe I would pay 10, 20 cents, 40 cents at a push, more for a New Zealand made product. But I would not pay four times as much, it's far too expensive. And I wouldn't even do it in the first place because buying New Zealand made never works, does it? It never has. If it did, we would still be wearing Bata Bullets and buying Juliet Hogan and eating Sanitarium peanut butter. We wouldn't be reading about the closure of manufacturing businesses every other month, which today, by the way, is the Carter Holt Harvey mill in Tokoroa. I do the shopping in our house 90 percent of the time and I don't even know the provenance of the food I'm buying. I do not know where the canned food comes from, I absolutely do not know where the dried goods come from. And often, I'm not even really looking where the fresh fruit comes from. Yep, I know where the meat comes from, but that's basically a given, isn't it? It's simple economics, it always will be. And even if Wattie's has this tiny little hope that there might be a last-minute public rally for the New Zealand grown peaches, I think they already know the outcome, which is why they've already cut the contracts. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Our largest sector is continuing to do it tough. Latest data from BNZ and Business NZ shows our services sector —which makes up almost three quarters of the economy— has contracted for the 18th consecutive month. Our manufacturing sector is also back in contraction after a period of growth. Business NZ Chief Executive Katherine Rich told Mike Hosking we're still seeing a tale of two economies. She says the primary sector is doing quite well, but the services sector is continuing to face challenges. LISTEN ABOVE See omnystudio.com/listener for privacy information.

New data suggests New Zealand's economic turmoil is far from over. New economic data from Stats NZ prompted BNZ to increase its estimate of the size of the contraction in the economy in the three months to the end of June. Harbour Asset Management expert Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A new service has been launched that's designed to show mobile network outages in real time. The service builds on the Hourua partnership between Spark and One NZ, and experts believe it'll be helpful for operations taking place during natural emergencies, such as cyclones. One NZ CEO Jason Paris says this development means services will be able to be restored during emergencies much quicker. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Nicola Willis has responded to protesters chained to the outside of her Johnsonville electorate office. The group of Christian leaders want an urgent timeline from the Government for implementing sanctions against Israel over the war in Gaza. They're praying and fasting - and say they're prepared to stay overnight. Willis says she supports the right to protest, however they're getting in the way of people who want to get help from her office. She says security have been engaged by Parliamentary Services, and security have been engaging with the police. Five clergy were trespassed from Simeon Brown's Pakuranga electorate office earlier today. LISTEN ABOVESee omnystudio.com/listener for privacy information.

More events across the board could be coming to Auckland's Eden Park. RMA Minister Chris Bishop will lead an investigation into local rules impacting the number of concerts and sporting events that can be held and curfews impacting how long they can run for. Currently, only 12 music events and 25 night-time sports fixtures can be held each year, while conferences can't have more than 2000 people. Tourism Minister Louise Upston says Eden Park should have the flexibility to host any large-scale event that boosts the economy. "Whether it's an add on to a convention that we're hosting at the NZICC for 3,000 people and they want to do a dinner offsite and Eden Park makes sense - we want to be able to just get on." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Over the last few years, more international retail giants have moved to establish themselves in New Zealand. Costco opened its first store in West Auckland a couple of years ago, and Ikea is set to open up its first New Zealand-based store in Auckland in December. Fisher Funds expert Sam Dickie reveals why these changes are taking place. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand's finance leaders are more confident for the year ahead. A new report from the Hunter Campbell Group shows an uptick in confidence from CFOs, with 38% expecting modest to strong growth over the next 12 months – up from 31% last year. But on the flip side, confidence in the Government's ‘responsiveness' remains low across the board. Hunter Campbell Managing Partner Lee Marshall told Mike Hosking they're starting to see a two speed economy take shape in New Zealand, with almost half of businesses surveyed meeting or exceeding their targets, while the other half stagnated or went backwards. He says in general, those whose businesses performed well in the last 12 months are very confident things will continue to improve in the next 12 months. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Jetstar has unveiled its biggest expansion ever of its New Zealand and Trans-Tasman network. It's adding new routes from Brisbane to Queenstown and Hamilton to Christchurch, and increasing capacity on five domestic and trans-tasman routes - creating a total of more than 660,000 extra seats a year. Tourism Minister Louise Upston says this is proof more airlines have confidence in what New Zealand can offer. "What it says is that Jetstar and Qantas have real confidence in the market in New Zealand - and they're really confident about the direction the Government's taking in our absolute, unabashed ambition for more visitors." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The cost of living crisis is hitting New Zealanders hard, with many putting retirement savings on the backburner. The number of people contributing to KiwiSaver fell for the first time in the year to March 2025, according to the Financial Markets Authority's annual KiwiSaver report. FMA chief executive Samantha Barrass says these difficult circumstances have forced people to make 'difficult choices' about what to prioritise. She explained more households need to decide between putting food on the table, paying the mortgage and repairs - and it's important for providers to reach out to people who've paused KiwiSaver contributions. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New reports have revealed that more people are taking advantage of AI when it comes to making investment decisions. A recent survey claims at least one third of Kiwi investors are using AI to make investment decisions, with 64 percent of respondents between 18 and 29 utilising the technology. Chartered Accountants ANZ Reporting and Assurance Leader, Amir Ghandar, says concerns have been raised, with some reporting noticeable errors. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New Zealand red meat prices are at record levels and are forecast to remain strong throughout the coming year, despite concerns about inflation. Board chair Kate Acland says the outlook is positive, with tight global supply set to keep demand high. The Country's Jamie Mackay explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Rupert Murdoch's children have reached a settlement in the legal dispute over control of the right-wing media mogul's companies, with son Lachlan set to take over. The new deal establishes a trust to replace the Murdoch Family Trust that had included all the siblings and half-siblings. Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive cash based on equity sales and cease to have holdings in any of the media companies. Author and journalist Paddy Manning says a lot of these shares will be sold to the public instead. LISTEN ABOVESee omnystudio.com/listener for privacy information.

ANZ's Australian parent recently announced a significant restructure, which would see about 3500 employees losing their jobs by September 2026. ANZ Group said it would also reduce engagements with consultants and other third parties as part of the restructure. Australian correspondent Murray Olds explained the impact of the restructure. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Recent US payrolls data has indicated the economy is slowing, and it's sparked concern among investors. Economists are calling on the US Federal Reserve to lower interest rates at its September 16-17 meeting, in what would be its first reduction in nine months. Harbour Asset Management's Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

An economist has raised concerns over NZ First's proposed reform for KiwiSaver contributions - and claimed they're not feasible. NZ First recently promised to make it compulsory and increase contributions from employers and workers to 10 percent - offset by a tax cut. Simplicity chief economist Shamubeel Eaqub says he approves of the idea of a compulsory scheme, but warns we can't afford a tax-funded one. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Equity markets have taken a turn this September, and it's prompted concerns among experts. Markets are softening a bit, which is a remarkably regular occurrence in September. Sam Dickie from Fisher Funds reveals what's going on. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's only three months until New Zealand's first Ikea store opens its doors in Auckland's Sylvia Park. The Swedish furniture giant's 34,000 square metre store will host seven-and-a-half thousand products. It'll also see its restaurant open with foods like its famous Swedish meatballs. Ikea NZ Market Manager Johanna Cederlöf says they've already hired 200 people, with 320 more joining soon. "Every week, it's going to be very busy - so approximately 30 to 80 people joining and onboarding themselves to what will be ahead of them." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A busy reporting season has concluded for the NZX-listed companies, with some doing better than others. A2 Milk stood out as a success story from this season, but other listed businesses haven't fared so well. Milford Asset Management's Jeremy Hutton explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There are fears the Government's proposal to change who is liable for shonky buildings risks leaving homeowners in the lurch. The Government is proposing to prevent local councils from being lumped with big bills if they consent buildings that turn out to be leaky or defective. NZ Herald Wellington business editor Jenee Tibshraeny reveals why homeowners have voiced concerns. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Now, we need to talk about that Amazon announcement yesterday. These guys have taken us for fools in this country. They've looked at us in New Zealand and they've gone, let's take these guys for fools. That $7.5 billion wasn't new, it was already announced by Jacinda 4 years ago. It's not even actually a convincing number, because it looks like what they've done here is included their power bills. Now power bills are not an investment, they're an operating cost. The 1000 jobs that Amazon now tells us that they're supporting also looks questionable. It looks like they've included people who already work in the electricity sector - and some say the real number is more likely a few dozen jobs. Amazon's not building anything. All the data centres they tell us are now live, have actually been built by other companies, which means that you could argue that they haven't actually added anything material to the New Zealand economy. Because if they didn't use those existing data centres, someone else would just be using those existing data centres. In fact, you could argue that Amazon running those data centres is actually not the best outcome for New Zealand, because Amazon does not pay tax on all of their revenue here, which means if another local company used those data centres and paid full tax like they do, we'd all be better off. We'd be better off than Amazon using the centres and then sending hundreds of millions of dollars overseas like Google and Facebook do. Now, being critical of that announcement by Amazon yesterday is not the same as being ungrateful for the good that they're doing. I think you should interrogate an announcement just a little bit more than simply taking it at face value, because that is what Amazon wants you to do. They want to play us for fools. They want to make us believe that they're doing good when what they're actually doing is just making money off us. And that's fair. I don't mind them making money off us, they're a business, we're customers, but let's see it for what it is. Let's not be grateful for them doing business. I still like Amazon's product, but to be honest with you, I like it a little bit less than I did yesterday when they assumed that this country was full of stupid people who would just simply believe anything. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Stats NZ came out with the latest trade data for New Zealand - and the results show good news for exporters. Exports were up 9.9 percent in the year to June and imports were up 3.2 percent. HSBC chief economist Paul Bloxham explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's hopes the promised 1,000 new jobs created from Amazon's locally based data centres will go to Kiwis. The tech giant's investing $7.5 billion into the Auckland-based centres, which go live today. It'll mean New Zealand customers can use the new cloud region to run workloads and store data locally. Amazon Web Services country manager Manuel Bohnet says they're taking a long-term view with this project. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A luxury real estate agent says there's huge interest only in two areas of New Zealand, with the Government's planned loosening of the foreign buyers ban. By next year, Active Investor Plus visa holders will be able to build or buy homes worth at least $5 million. They'll still need to invest another $5 million separately to qualify. Forbes Global's Anthony Mosinkhof says Auckland and Queenstown are the main options for foreign buyers. "The problem with this legislation is - the concentration of these buyers will be diverted to those two areas. It's a little bit of a shame that they aren't able to put more into the regions." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A tech commentator has weighed in on the arrival of Amazon's new Auckland-based data centres, which are set to be built in Auckland. The tech giant's investing $7.5 billion dollars into the centres, which go live today. It'll allow New Zealand customers to store data locally and speed up cloud-based services. Peter Griffin joined the Afternoons team to explain further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

New economic data impacting the US came out last week and it's got experts speculating over whether rate cuts will come. Harbour Asset Management's Shane Solly explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's relief for regional airlines, as they receive help to battle soaring costs. The Government's offering up to $30 million in loans from the Regional Infrastructure Fund. It's also approved funding to allow digital upgrades to be made in order to integrate regional bookings with the platforms of major carriers. Air Chathams CEO Duane Emeny says this is good news for the sector. "We're looking to hopefully roll out a domestic trial later this year, but it's expensive, I can tell you, having gone through it. So any support that we can get for that is greatly appreciated." LISTEN ABOVESee omnystudio.com/listener for privacy information.

There are questions over whether TVNZ cut too many jobs as it turns a surprisingly strong profit. The broadcaster's reported an after-tax profit of nearly $26million dollars - after an $85million dollar loss last year. But it comes after the broadcaster cut jobs - including canning production of programmes like Fair Go, Sunday and the midday and night-time news bulletins. Talking to Heather Du-Plessis Allan, CEO Jodi O'Donnell denied that the cuts were excessive. She says the company had to make decisions to ensure the business remained sustainable into the future. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Luxury spending has been booming over the last couple of decades, but many high-end brands have been taking a financial hit. Gucci, Chanel, and Louis Vuitton have been seeing significant revenue falls since the Covid-19 pandemic. Fisher Funds' Sam Dickie reveals what could be behind the downturn. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Pāmu, formerly Landcorp, recently reported a net profit after tax of $120 million for the year ended June 2025, which will see it return a $15 million dividend. It's a significant turnaround compared to last year, when the company posted a loss of $26 million. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.