When the Facts Change

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Hosted by journalist Bernard Hickey, When the Facts Change is your essential weekly guide to the intersection of economics, business and politics in Aotearoa New Zealand. Presented by The Spinoff together with Kiwibank. See acast.com/privacy for privacy and opt-out information.

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    • Jun 19, 2025 LATEST EPISODE
    • weekly NEW EPISODES
    • 36m AVG DURATION
    • 251 EPISODES


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    Latest episodes from When the Facts Change

    Post Covid hybrid work

    Play Episode Listen Later Jun 19, 2025 33:13


    Many bosses now want their workers back in the office full time, but for a while in the immediate aftermath of Covid, workers had the power to demand the flexibility to stay home. Now the jobs market has sagged, the balance has shifted and a new hybrid way of working is becoming more common. Bernard Hickey speaks on this week's When The Facts Change with Robert Half NZ MD Megan Alexander about these trends, including those younger workers who prefer a nice open plan office to a pokey, mouldy flat. Learn more about your ad choices. Visit megaphone.fm/adchoices

    How big do we want to be?

    Play Episode Listen Later Jun 12, 2025 33:49


    It's no secret that Aotearoa is facing a range of monumental infrastructure challenges — much has been made lately of the state of our water pipes, ferries, railways and roads. Successive generations of decision makers have kicked the infrastructure maintenance can down the road, and now we are facing a huge bill if we want to keep pace with our growing population. Infrastructure NZ chief executive Nick Leggett joins Bernard Hickey to discuss the scale of the infrastructure challenge facing New Zealand, and how overseas countries have approached similar issues. Ultimately, it all comes down to one key question: how big do we want our population to be in the future? Learn more about your ad choices. Visit megaphone.fm/adchoices

    An abundance of energy

    Play Episode Listen Later Jun 5, 2025 36:12


    ‘Abundance' is the hottest word in the political economy right now all around the world. A book by Derek Thompson and Ezra Klein called ‘Abundance: How we build a better future' argues the centre-left should adopt urbanisation and electrification as central aims to improve affordability of housing and transport, rather than framing emissions reduction as an expensive and painful necessity that the right has successfully weaponised into electoral suicide. This week on When The Facts Change, Bernard Hickey talks to Rewiring Aotearoa about what could be done right now to electrify our transport fleet and the cost of living savings within our grasp. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Dissension in the RBNZ ranks

    Play Episode Listen Later May 29, 2025 26:17


    The Reserve Bank cut the Official Cash Rate this week, as expected, but one of the six members of the bank's rate setting committee voted to hold the OCR. That surprised markets and pushed up the wholesale interest rates that drive fixed mortgage rates. Bernard Hickey speaks with Kiwibank's Mary Jo Vergara about a very uncertain outlook for rates in the wake of Donald Trump's Liberation Day shock. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Budget special: When The Facts Change x Gone By Lunchtime

    Play Episode Listen Later May 22, 2025 29:31


    In the year of growth, Nicola Willis has presented a growth budget. But does the Investment Boost initiative, which speeds up depreciation for businesses, promise the kind of growth that the economy needs? In this special Spinoff pod for budget day, Toby Manhire asks Bernard Hickey for his take on the headline changes, and whether or not David Seymour's earlier commentary that his colleague Brooke van Velden had “saved the budget” through its controversial and hurried changes to the pay equiry scheme, has been proven true. Plus: what are the cumulative impacts of the changes to KiwiSaver and Best Start, as compared to the SuperGold cohort? And how much did the global political and economic volatility influence the documents published today? Learn more about your ad choices. Visit megaphone.fm/adchoices

    Let the Budget battles commence

    Play Episode Listen Later May 15, 2025 35:41


    Fresh off a pre-Budget speech that took aim at the recent changes to pay equity, Labour Party leader Chris Hipkins joins Bernard Hickey to discuss the government's plans to cut $4.4 billion of spending over the next four years. What are the potential downsides of Nicola Willis' austerity approach to budget management? What other types of debt might we be accruing without realising it? Listen in to find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Warmer, drier - and cheaper in the long run

    Play Episode Listen Later May 8, 2025 28:56


    In 2010, the NZ Green Building Council introduced the Homestar sustainability certification, a framework that aims to allow designers, architects and builders to build better, more environmentally friendly, energy efficient housing. The upfront cost of building to the Homestar certification can be more, but the potential savings over time - not to mention the quality of life improvements - are significant. Brad Olsen from Infometrics, an economic consultancy that has just published a detailed report on the Homestar certification,  joins Bernard Hickey to dig into the broad range of benefits of Homestar-rated housing, for both the planet and the back pocket. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Housing market psychology 101

    Play Episode Listen Later May 1, 2025 28:31


    This week, Bernard Hickey dives into the psychology of the housing market and talks to realestate.co.nz CEO Sarah Wood about why so many home sellers are holding on and simply not selling, rather than lowering their price to “meet the market” and “clear the market” in a way other markets do when there's too much supply and not enough demand. Learn more about your ad choices. Visit megaphone.fm/adchoices

    How do we create the ‘2degrees Effect' for supermarkets, banking and electricity?

    Play Episode Listen Later Apr 24, 2025 39:04


    More than half of consumer spending is dominated one way or another by a collection of monopolies, duopolies and quadropolies that generate higher prices and profits than would be normal if there was true and tough competition, as a myriad of market studies and inquiries have found for supermarkets, fuel retailing, building materials, electricity, banking, insurance and real estate agencies. Twenty years of finger-wagging and report writing has failed in all of these sectors, except for telecommunications, where an aggressive breakup of a monopoly (Telecom) and regulation of number portability and interchange fees, along with the arrival of third competitor in 2degrees, sparked a flourishing of competition and ever-lower prices for ever-more data. The Reserve Bank called it the “2degrees Effect” in creating deflation for a significant part of the economy. Bernard Hickey talks to Monopoly Watch spokesman and one of the founders of 2degrees, Tex Edwards, about how to create the “2degrees Effect” for supermarkets, banking and electricity. Learn more about your ad choices. Visit megaphone.fm/adchoices

    An AI-powered startup

    Play Episode Listen Later Apr 17, 2025 33:30


    Bernard Hickey talks to the co-founders of Christchurch-based AI start-up, Contented. Lucy Pink and Hannah Hardy-Jones tell their story from meeting over coffee and jam, to working with US news publishers to turn live-streamed council meetings into news articles. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The global aftermath of Trump's ‘Liberation Day'

    Play Episode Listen Later Apr 10, 2025 37:32


    Donald Trump's bigger-and-stupider-than-expected tariffs have upended the global trading system and are threatening to create a new financial crisis. Bernard Hickey talks with Kiwibank chief economist Jarrod Kerr about the latest day “when the facts changed”, and what might happen next. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The green shoots and brown roots of our economy

    Play Episode Listen Later Apr 3, 2025 27:25


    If New Zealand's economy was a grass paddock, it would be in pretty rough shape. We're coming out of a pretty bad drought (economic recession) and there's widespread political disagreement about how to get our worn-out field of brown grass back to the lush green pasture it once was. Bernard Hickey speaks to Kiwibank economist Sabrina Delgado about what looks promising (green shoots) and what looks worrying (brown roots) in the meadow of our national economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Planting the trees we'll never sit under

    Play Episode Listen Later Mar 27, 2025 30:21


    For 30 years, a little-known number in government circles has quietly stymied investment for future generations. Set by Treasury, the ‘discount rate' was once set at 10%, and it meant future benefits and costs were heavily devalued, becoming worth almost nothing after six or seven years. In a nutshell, higher discount rates discourage long-term investment and incentivise short-term projects. Treasury has recently reduced the discount rate to 5%, but is that enough? Bernard Hickey talks with Arthur Grimes, senior fellow at Motu Research and professor at Victoria University, about a big shift to new discount rates that could make big future projects much more viable. Learn more about your ad choices. Visit megaphone.fm/adchoices

    New Zealand's greatest invention: a monetary policy framework?

    Play Episode Listen Later Mar 20, 2025 43:09


    Bernard Hickey chews the monetary policy fat with returning guest Reserve Bank chief economist Paul Conway. Was inflation targeting (a policy framework first introduced in Aotearoa 35 years ago) actually our greatest invention? Was quantitative easing a success? Is inflation different now? And should Reserve Banks and Governments work more in tandem, rather than against each other? Listen in to find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

    A handy Primer for the global AI economy

    Play Episode Listen Later Mar 13, 2025 38:44


    This week we dive deep into the worlds of AI, defence technology businesses and the great technological arms race between China and the US. Bernard is joined by Sean Gourley, a New Zealander who founded US-based tech success story Primer, an AI intelligence company helping governments understand the mathematical patterns underlying modern warfare. Gourley shares his insights about New Zealand's position in this great contest, along with the opportunities for New Zealand to grow high-value businesses (think Rocketlab) in the AI and tech space. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Shock and Orr

    Play Episode Listen Later Mar 6, 2025 36:42


    Adrian Orr resigned as Reserve Bank Governor this week after 7 years in the job, but three years early, effective immediately and without explanation. Bernard Hickey talks in an emergency edition of When The Facts Change with NZ Initiative executive director Oliver Hartwich, an Orr critic, about his legacy and how his replacement should change the bank, and with Kiwibank chief economist Jarrod Kerr about Orr's operation of monetary policy. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Mortgage rates, braking and accelerating

    Play Episode Listen Later Feb 27, 2025 31:55


    Even as New Zealand's economy was in the depths of a recession, the Reserve Bank kept a firm grip on monetary policy, only easing up in mid-2024. This week, Bernard Hickey sits down with Kiwibank chief economist Jarrod Kerr to discuss whether the Reserve Bank should be hitting the accelerator now, rather than simply lifting its foot off the brake. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The startup savant behind Trade Me and Xero

    Play Episode Listen Later Feb 20, 2025 40:04


    Described by The Spinoff's Duncan Greive as “the most important figure in New Zealand technology you've never hear of”, Rowan Simpson has had a guiding hand in Aotearoa's most successful tech companies. His new book “How to be Wrong: a crash course in startup success” shares the close calls and near misses that happened on the way to success (read: the staggering purchase of Trade Me by Fairfax Media in 2006). He talks to Bernard Hickey about his journey through tech, the keys to startup success, and whether he ought to have just bought in to residential property instead. Learn more about your ad choices. Visit megaphone.fm/adchoices

    ‘Show me the money': What Kiwi are buying this summer

    Play Episode Listen Later Feb 13, 2025 28:10


    Retail spending figures from shops, cafes, restaurants, hotels and holiday hotspots over December and January are the ultimate barometer for spending appetites, income levels and general confidence in job security. Kiwibank senior economist Mary Jo Vergara joins Bernard Hickey to discuss a note she published this week, diving in to the latest spending data collected over the summer break. How relaxed were Kiwi with their holiday spending money? What are the experts predicting for 2025? Listen in to find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Rising tides and sinking boats

    Play Episode Listen Later Feb 10, 2025 22:49


    Free trade agreements are the global political economy's hottest topics at the moment, especially since a tariff-toting Donald Trump recently argued (to great political success) that the rising tide of global free trade wasn't lifting all boats. While global economic growth has lifted many out of poverty, the benefits have been unevenly distributed, leading to increasing wealth inequality and stagnant wages for the middle-class in many parts of the world. Inequality and wealth researcher Max Rashbrooke joins Bernard Hickey to discuss recent inequality trends here in Aotearoa, and to share an interesting idea he has to use KiwiSaver to jumpstart the personal wealth of every single New Zealander, right from the moment they are born. Learn more about your ad choices. Visit megaphone.fm/adchoices

    How do we measure the value of social investment?

    Play Episode Listen Later Jan 30, 2025 36:11


    Our social welfare system is complicated, expensive - and incredibly necessary. How do we know when it's working properly? And when it's not? ImpactLab CEO Maria English joins Bernard to unpack the data and evidence-based metrics they use to assess the “social return on investment” of social services funding, and how the company uses their insights to help make Aotearoa a better place. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Is 2025 the year to thrive?

    Play Episode Listen Later Jan 23, 2025 23:14


    Last June the economists at Kiwibank published an article titled “Survive ‘til 25”, outlining what they saw as a tough six months ahead for our economy. Well we've made it to 2025, but is the economic year ahead going to be about surviving or thriving? Kiwibank economist Sabrina Delgado joins Bernard Hickey to try and find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

    What austerity actually means

    Play Episode Listen Later Jan 16, 2025 25:09


    In order to reduce debt, the coalition government wants to cut spending from 34% of GDP down to 30%. In practice, that means cutting spending on people with disabilities, even though those cuts often increase hospital and care costs in the long term. Bernard is joined this week by disability rights lawyer (and distant cousin) Huhana Hickey, for an in-depth look at what austerity actually means. Learn more about your ad choices. Visit megaphone.fm/adchoices

    A fast track to cronyism?

    Play Episode Listen Later Jan 9, 2025 9:36


    Political and economic debates in 2024 were dominated by the Government's new fast-track legislation, a controversial bill that aims to speed up infrastructure and development, which passed just before Christmas. The debate, and the risks, were summed up in an impassioned plea in parliament by Labour MP Arena Williams, who said of the bill: “This is the closest New Zealand has ever come to cronyism through the legislative process.” Learn more about your ad choices. Visit megaphone.fm/adchoices

    “Tariffs are beautiful. They'll make us rich”

    Play Episode Listen Later Jan 2, 2025 7:46


    Donald Trump's re-election was the defining moment (and the major shock) in the world of politics this year. His proposed tariff regime is set to upend global economics, which he has kicked off by threatening 25% tariffs on America's two biggest trading partners: Canada and Mexico. Learn more about your ad choices. Visit megaphone.fm/adchoices

    It's darkest before the dawn

    Play Episode Listen Later Dec 26, 2024 8:43


    Finally, the Reserve Bank of New Zealand started cutting interest rates this year, having moved before everyone else and stayed higher for longer than everyone else. The economy slumped significantly early in the year, remaining firmly in recession since. By August 14, Adrian Orr felt safe enough to cut 25 basis points. Learn more about your ad choices. Visit megaphone.fm/adchoices

    What's on Aotearoa's shopping list?

    Play Episode Listen Later Dec 19, 2024 27:02


    Kiwibank senior economist Mary Jo Vergara has dug through card-spending data to find out how retail spending has changed since Covid, and over the last year of high interest rates. Have we collectively tightened the purse strings in response to a cost-of-living crisis? Or are we taking advantage of online shopping payment options that have never been more convenient? Listen in to find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Inside Wellington's homeless crisis

    Play Episode Listen Later Dec 12, 2024 36:53


    Homelessness in Aotearoa has hit an all-time high, forcing organisations like Wellington City Mission to adopt innovative new strategies. Wellington City Missioner Murray Edridge joins Bernard Hickey to talk about the scale of the housing crisis in our capital city and how a couple of new approaches and buildings are making a difference for those worst affected. Read more about the Wellington City Mission's efforts in Joel's MacManus' Cover Story: https://thespinoff.co.nz/society/11-11-2024/inside-the-urgent-race-to-solve-homelessness-in-aotearoa Learn more about your ad choices. Visit megaphone.fm/adchoices

    Home on the marae

    Play Episode Listen Later Dec 5, 2024 33:55


    Motueka might appear sleepy and remote to visitors, but like much of Aotearoa, it faces a severe shortage of rental housing—often far pricier than expected. Bernard Hickey sits down with Miriana Stephens to discuss how her iwi is tackling this crisis by building dozens of affordable homes, with the marae at the heart of community life. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The OCR grinch has turned into Father Christmas

    Play Episode Listen Later Nov 28, 2024 24:35


    In 2022, Reserve Bank governor Adrian Orr told Christmas shoppers to “cool your jets”, as the bank scrambled to control inflation by hiking interest rates. This week - now inflation has been beaten back down - he delivered another whopper 50-basis point rate cut in the RBNZ's latest monetary policy statement. Kiwibank chief economist Jarrod Kerr joins Bernard Hickey to discuss the governor's gradual transformation from OCR grinch to Father Christmas, and how many more rate cuts we can expect to see in the new year. Learn more about your ad choices. Visit megaphone.fm/adchoices

    How fair is our tax system?

    Play Episode Listen Later Nov 21, 2024 27:07


    Victoria University professor of taxation Lisa Marriott talks to Bernard Hickey about the fundamental flaws at the core of our tax system, how they have produced historic levels of wealth inequality in Aotearoa - and how we can fix them. Lisa is speaking at the Pakukore: Poverty, by Design conference at Victoria University, 21-23 November. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Behind Porirua's poverty

    Play Episode Listen Later Nov 14, 2024 33:01


    For decades, Pat Hanley has been a tireless advocate for the rights of beneficiaries, drawing attention to the persistent challenges they face. In this week's episode of When the Facts Change, he sits down with Bernard Hickey to unpack the deep-rooted causes of poverty in Porirua. Hanley argues that both the underlying issues and society's approach to addressing poverty demand a comprehensive overhaul, calling for transformative change to create a fairer, more supportive social landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The cost of prison

    Play Episode Listen Later Nov 7, 2024 33:52


    Our prisons are bursting at the seams. They cost at least $2 billion per year to run – and that's before we consider the longer-term and wider-reaching costs to our health, education, housing, justice and welfare systems. University of Auckland indigenous studies professor Tracey McIntosh joins Bernard to interrogate the reasons why we, as a society, persist with ever-larger and ever-more-damaging institutions that are failing to reduce crime rates or recidivism (and, in fact, may actually be increasing them). Learn more about your ad choices. Visit megaphone.fm/adchoices

    How to give employees what they want, when they want it

    Play Episode Listen Later Oct 31, 2024 37:50


    Fintechs are changing the way we spend and save, but they are also set to change the way we could be paid for work, or more correctly, how workers are paid benefits on the fringes. Bernard Hickey talks to Steven Zinsli, the founder of Extraordinary (formerly HealthNow) about his new payments card system to help employers deliver extra benefits to employees through electronic cards, rather than having to claim expenses or just get plain old cash paid straight into a bank account.  Learn more about your ad choices. Visit megaphone.fm/adchoices

    An economic spring in our step

    Play Episode Listen Later Oct 24, 2024 28:30


    The animal spirits of the economy are stirring back to life after a whopper of an interest rate cut - with expectations of one more to come. Bernard Hickey talks with Kiwibank chief economist Jarrod Kerr about how businesses are feeling heading into the Christmas sales season, and what might upset the metaphorical applecart. Learn more about your ad choices. Visit megaphone.fm/adchoices

    The hidden battery in your home

    Play Episode Listen Later Oct 17, 2024 31:02


    What if your hot water cylinder could help solve New Zealand's energy crisis? And how is an hour of free electricity helping with our notoriously problematic electricity market? Electric Kiwi co-founder and CEO Huia Burt sits down with Bernard Hickey to explore how they are helping New Zealanders tackle the cost-of-living crisis, all while reducing our national reliance on non-renewable energy sources. Tune in for a fascinating discussion about electricity, innovation, and the potential for real change. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Is Nicola Willis cutting costs or cutting growth?

    Play Episode Listen Later Oct 10, 2024 29:11


    Finance minister Nicola Willis is on a mission to crunch the size of government debt from well over 33% of GDP to under 30% within a few years, as well as fire up growth in an economy experiencing its worst-ever recession per capita. Doing one would be hard, but both at the same time seems a mission impossible for a politician wanting to win a second term. Bernard asks her how the government will both keep its promises and engineer even bigger spending cuts in per capita terms than those delivered by Ruth Richardson in the early 1990s. Learn more about your ad choices. Visit megaphone.fm/adchoices

    We're all getting older and something has got to give

    Play Episode Listen Later Oct 3, 2024 32:10


    As our national population grows older (and the superannuation system becomes increasingly burdened by the growing ranks of retirees), how will the government balance the books? The ratio of tax-paying adults to superannuitants is steadily falling, and raising the age of eligibility for super won't cover the forecasted shortfall. So what kind of fiscal policy changes are needed before public debt starts getting scary? Dominick Stephens, chief economic adviser at the Treasury, joins Bernard Hickey to discuss the long-term unsustainability of our current situation, the impacts of migration and outsized labour force participation by over-65s, and what's at risk if we don't make changes soon. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Gazing into the infrastructure crystal ball

    Play Episode Listen Later Sep 26, 2024 32:21


    Aotearoa's biggest problems are largely caused by a lack of infrastructure - housing, transport, water, hospital and education - in the areas that need it most. So how could (or should) we plan the systems that keep our country running? And who is responsible for divining the future to make decisions that can have an impact for decades to come? Bernard Hickey is joined by Peter Nunns, acting general manager of Te Waihanga NZ Infrastructure Commission, to discuss the murky business of planning infrastructure projects for an uncertain future. Learn more about your ad choices. Visit megaphone.fm/adchoices

    When the interest rates change

    Play Episode Listen Later Sep 19, 2024 33:34


    Kiwibank chief executive Steve Jurkovich joins Bernard to discuss the current economic landscape and what's happening (and likely to happen) with interest rates. Steve also shares his thoughts on the future of Kiwibank, open banking and if he considers possible banking plays by likes of Apple and Google to be a legitimate threat. Learn more about your ad choices. Visit megaphone.fm/adchoices

    Navigating our economy forward (by looking in the rear-view mirror)

    Play Episode Listen Later Sep 12, 2024 28:59


    As recently as late May, the Reserve Bank thought it wouldn't need to cut rates until well into 2025. However, a batch of leading indicators revealed a slump in economic activity through June, and the RBNZ decided to hit the brakes by lowering the official cash rate in its August monetary policy statement. Reserve Bank chief economist Paul Conway talks to Bernard Hickey about why the RBNZ decided to change course, what kinds of data they are lacking compared to other central banks, and what they can't change about our economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

    This is Kiwi: Dane and Stacey on choosing adventures over assets

    Play Episode Listen Later Sep 8, 2024 47:20


    Selling everything and booking one-way tickets to Thailand marked the beginning of an extraordinary life for popular travel vloggers Dane and Stacey. With over 200,000 followers on Instagram and YouTube, the digital nomads have built a thriving business by offering travel tips, guides and an authentic peek behind the curtain of their lives. Join us as we find out how Dane and Stacey make their relationship work and keep the money coming in, no matter where in the world they are. Check out all the episodes from season three of This is Kiwi: 5th August - TJ Perenara 12th August - Kirsten Dodgen 19th August - Jess Quinn 26th August - Taylor Roche 2nd September - Jess Hong 9th September - Dane & Stacey A Kiwibank series in collaboration with The Spinoff Podcast Network. Learn more about your ad choices. Visit megaphone.fm/adchoices

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