Podcasts about reserve bank governor adrian orr

This week on the Sunday Panel, Newstalk ZB host Roman Travers and producer, journalist and commentator Irene Gardiner joined in on a discussion about the following issues of the day - and more! NZ Super is set to undergo a tough period as the aging population grows. How can we address this problem? Should we raise the age? Reserve Bank Governor Adrian Orr shocked the nation by resigning abruptly last week. What do we think caused this? What do we make of this? Tinā is dominating the New Zealand box office - and it's had the third-biggest opening week for a New Zealand-made film ever. Have we seen it? LISTEN ABOVESee omnystudio.com/listener for privacy information.

In the first political panel catchup for the year, Thomas is joined by Newstalk ZB Political Editor Jason Walls and NZ Herald Wellington Business Editor Jenee Tibshraeny to discuss a hectic period in local politics - ranging from the resignation of Reserve Bank Governor Adrian Orr, the firing of UK High Commissioner Phil Goff, the latest comments by Christopher Luxon, and Labour's reshuffle. See omnystudio.com/listener for privacy information.

This week we just had to dive right in and discuss the breaking news which was the shock resignation of the Reserve Bank Governor Adrian Orr. Why did he go, what is his legacy and what characterised his time as Governor. David Cunningham discusses all of this and more with Dave Tyrer. If you have any questions or things you'd like to hear us talk about, get in touch with us at david@squirrel.co.nz or John@squirrel.co.nz. The opinions expressed in this podcast are not financial advice, or a recommendation of any financial product. Any commentary provided are personal views and are not necessarily representative of the opinions of Squirrel. As always, we recommend seeking professional investment or mortgage advice before taking any action. Hosted on Acast. See acast.com/privacy for more information.

On the Matt Heath and Tyler Adams Afternoons Full Show Podcast for the 6th of March - as Tropical Cyclone Alfred approaches Queensland, we went live for an update and then spoke to people with family there. Then, rage quitting - there are rumours the Reserve Bank Governor Adrian Orr quit in anger - ever witnessed an explosive resignation? Plus, Oscar-winning director Sean Baker made a heartfelt plea for people to go back to the cinemas. The Afternoons duo canvassed the issue. Get the Matt Heath and Tyler Adams Afternoons Podcast every weekday afternoon on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVESee omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 6th of March, Reserve Bank Governor Adrian Orr has quit, so what is his legacy? And what's next for the Reserve Bank? We fact check the almost two hour long speech from Donald Trump to Congress yesterday. Kiwi chef Peter Gordon gives an insight into the current state of the restaurant industry - and tells us how to make a good meatball! Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The fact Adrian Orr is leaving is excellent. It shows a level of accountability and responsibility for what has been a ruinous period for the New Zealand economy. The receipts and reviews are in, and the story is stark. We have been hit harder than any other country in the OECD. We had three recessions while most countries, as a result of the Covid plan, had none. Grant Robertson carries some blame for encouraging and endorsing Orr but, more dangerously, reappointing him so close to the last election. The new Government could have/should have sacked Orr, although that would have set a fairly disturbing precedent given the Governor is supposed to be neutral. Orr made the Governor's job a household fascination. Yes, Don Brash got well known, but really only when he went political. The others came and went. I might have interviewed Allan Bollard a couple of times. Before Spencer Russell, who you also never heard of, the job was called the Chief Cashier. Russell was your first Governor. Anyway, the upside of Covid and Orr was we at last took an interest. We had a view, and we know about cash rates and inflation and quantitative easing. But we learned the hard way. We paid an enormous price and are in fact still paying the price. Orr has years to run on his contract and clearly the pressure was on. The Government is currently negotiating a budget with the bank, and I assume they were twisting arms, hard, behind the scenes. By the way, the bank staffing numbers have ballooned. Orr has come across as haughty and arrogant, unable to really express any level of regret, if in fact he has any, for all the damage he has done. Giving banks money for free and not putting restrictions of where that money went was the height of incompetency. Still handing out money when we knew a lot of what we thought would happen during Covid didn't, was a scandal. The onerous banking restrictions he placed on the retailers with his “just in case” thinking was needlessly restrictive. The conclusion has to be that although everyone flew blind during Covid, no one flew more blind than us. And no one was led by a more ideologically driven, fiscal ransacker than Adrian Orr. See omnystudio.com/listener for privacy information.

There's surprise among economists and industry experts after Reserve Bank Governor Adrian Orr abruptly resigned today. Orr was almost halfway through his second five-year term. Former Reserve Bank economist Michael Reddell says no one's received an adequate explanation as to why Orr chose to depart today - and it's not good enough. "Maybe he really is just exhausted - but still, you don't just walk out on the same day, on the eve of a really big conference being hosted tomorrow." LISTEN ABOVE See omnystudio.com/listener for privacy information.

Tonight on The Huddle, Tim Wilson from the Maxim Institute and AUT chancellor Rob Campbell joined in on a discussion about the following issues of the day - and more! Reserve Bank Governor Adrian Orr stunned the country by announcing a shock resignation earlier today. What do we think caused this? Did he want to leave - or was he pushed out? Recycling bin inspectors will be fitted with body cameras in a bid to reduce abuse on the job. What do we make of this? LISTEN ABOVESee omnystudio.com/listener for privacy information.

Major question marks over the shock-resignation of Reserve Bank Governor Adrian Orr. Orr's laid out areas of his work he's proud of, but gave no reason for quitting almost half-way through his second, five-year term. NZ Herald Wellington business editor Jenee Tibshraeny unpacked the reactions to this announcement. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Today's surprise resignation by Reserve Bank Governor Adrian Orr has left experts with plenty of questions. Neither the Prime Minister nor Finance Minister are giving any details of why the most powerful, non-elected person in Government has abruptly quit. Not only have Nicola Willis and Chris Luxon gone to ground - the Reserve Bank will not answer media questions about the departure. ZB senior political correspondent Barry Soper suspects Adrian Orr may have found other opportunities elsewhere - and aimed to leave while the economy was recovering. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Major question marks over the shock-resignation of Reserve Bank Governor Adrian Orr. Orr's laid out areas of his work he's proud of, but gave no reason for quitting almost half-way through his second, five-year term. NZ Herald Wellington business editor Jenee Tibshraeny unpacked the reactions to this announcement. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's confusion around the Reserve Bank Governor's resignation. Adrian Orr's announced he's quitting, two years into his second five-year tenure. Neither the Prime Minister nor Finance Minister are giving any details of why he's abruptly quit. University of Auckland Business School Professor Robert MacCulloch told Kerre Woodham that while we don't know for certain, the criticism Orr has received over the years likely played a factor. He recommends not getting too political about it, saying that one shouldn't take their eye off the ball that he was a bad governor, and the country stagnated due to significant mistakes made during his tenure. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Well, the announcement yesterday was on a par with John Key's resignation. The Reserve Bank Governor, Adrian Orr, pulled the plug on his career yesterday with no real explanation as to why – although it's no secret that there is friction between the Governor and the Finance Minister. You know, I know and certainly Adrian Orr knows that if she could have sacked him, she would, rather than inherit him with his five-year term as given to him by the former Labour government. Thomas Coughlan has written an excellent piece in the New Zealand Herald on the tension between Adrian Orr and Nicola Willis. He says while Willis observed the conventions of respecting the independence between the Beehive and the Bank, under questioning on Wednesday, she referred back to comments she made as the opposition finance spokeswoman when she was unmuzzled by ministerial warrant. When you're in opposition, you can say pretty much anything, you can criticise anybody you like. Once you become a minister, there are conventions to observe. So when she was asked questions about Adrian's resignation yesterday, she said, “I refer you back to earlier times when I could say what I liked”. And the comments she made back then were critical in the extreme of Adrian Orr's handling of the economy. Speaking of critical, if this is not the most withering, excoriating, damning assessment of a professional performance, I do not know what is. Former Reserve Bank senior staffer Geof Mortlock shared his thoughts on the Mike Hosking Breakfast this morning: “I was thinking that going through all of the Governor's since 1934, I would rank him as the worst in terms of competence – based really on the monetary policy results. You look at the inflation burst. Now some of that was external, but some of it was definitely a function of monetary policy actions. He's left taxpayers with over $10 billion of debt that could have gone into the public health system and other such things. He's nearly doubled the staff numbers of the Reserve Bank, and he's jacked up bank capital ratios to levels that I think are going to make it more difficult for the economy to actually start growing again.” Yikes. I heard that on the way into work this morning and let out a little nervous giggle-squeak in the car. I felt like I was back at school listening to a tongue lashing from Sister Clare, thinking, I'm glad it's not me, glad it's not me. ‘I've gone to 1934 and without a doubt, he is the worst in terms of competence.' There's been no explanation as to why Orr has resigned. It fits, I suppose, with his maverick nature that he'd just push off and stick two fingers to his colleagues and his staffers and indeed, the New Zealand public. The worst thing about the mess that's been left behind is that people are not criticising him with the benefit of hindsight. Even as he was making the decisions at the time, you might recall we had people ringing in saying this is going to cost us, it's too much, he's going too hard. There were people ringing in almost immediately saying we're going to pay for this and we're going to be paying for a very long time. There's going to be hell to pay along with $10 billion. And they were right. And they were calling it at the time. As a result of decisions made by Adrian Orr, and let's not forget: Grant Robertson. They were yoked together in tandem making those decisions, and a lot of Kiwis suffered. Interest rate increases in response to post pandemic inflation pushed the country into a recession and unemployment increased sharply - the words of Paul Bloxham from the HSBC who talked about the rock star economy a million years ago, when New Zealand used to have a good economy. He said, across the developed world HSBC's estimates suggest New Zealand's economy had the largest contraction in GDP in 2024 as a result of those decisions. And it's the real people, with families and jobs and bills to pay that suffered as a result of the poor decision making from the Reserve Bank Governor. It's hard to find anyone who's sorry that Adrian Orr is gone. See omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr has resigned after seven years of service. Orr says the Reserve Bank's made considerable progress in its approach to financial policy throughout his time. Newstalk ZB senior political correspondent Barry Soper says Orr could be feeling his job is done, now the economy is recovering. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Today's surprise resignation by Reserve Bank Governor Adrian Orr has left experts with plenty of questions. Neither the Prime Minister nor Finance Minister are giving any details of why the most powerful, non-elected person in Government has abruptly quit. Not only have Nicola Willis and Chris Luxon gone to ground - the Reserve Bank will not answer media questions about the departure. ZB senior political correspondent Barry Soper suspects Adrian Orr may have found other opportunities elsewhere - and aimed to leave while the economy was recovering. LISTEN ABOVESee omnystudio.com/listener for privacy information.

On the Early Edition with Full Show Podcast Thursday 6th of March 2025, Reserve Bank Governor Adrian Orr has resigned out of the blue - Independent Economist Cameron Bagrie tells Andrew Dickens who he thinks will be next in line for the top job. We might have some signs of life in the property market, CoreLogic Chief Property Economist Kelvin Davidson shares the latest numbers in the CoreLogic Home Value Index. The Government's announced it's increasing the number of training places for nurse practitioners specialising in primary care to 120 a year, Professor Warwick Bagg from the University of Auckland tells Andrew how much of a difference it will make. US Correspondent Mitch Mccann shares the latest on what came out of US President Donald Trump's congress speech and the trade war. Get the Early Edition Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

I'm neither happy or unhappy that Adrian Orr is no longer Reserve Bank Governor, but I do have a piece of advice for whoever ends up taking over from him. Just be the complete opposite. Because I reckon he fell into a trap that ended up with him getting too big for his boots. Which, maybe, is very hard to avoid when you're in a job like his, but the next person needs to make sure they stay in their lane and keeps themselves in check. When you're the Reserve Bank Governor, your job is to work on creating a rock star economy - you're not the rock star yourself. No one can argue that his tenure coincided with a time when what you would consider to be the most grey and dull jobs in the world, took on a whole new meaning. Ashley Bloomfield, for example. Because of COVID, everyone knew who he was. And Adrian Orr. Because of COVID, he was elevated to a level no other reserve bank governor got to in terms of profile and recognition. If you ask me to name another Reserve Bank Governor, the only name that comes to my head straight away is Don Brash. That's because of his political career that he got into after he left the bank. And if I think a little bit more, there's Alan Bollard. But that's it. But everyone pretty much knows who Adrian Orr is and I think it went to his head. I think he loved the limelight, and, in the process, he got a bit too cocky. I think he lost sight of what his job was actually all about. Nevertheless, I don't think he personally is to blame for everything when it comes to us feeling more hard up than ever. And, if he hadn't fallen into the trap of letting the job go to his head, he might not be copping as much criticism as he has and is. I'm with economist Tony Alexander who is saying today that business people and homeowners who blame Orr for their cashflow problems are both right and wrong. He's saying that they're right in that he oversaw the continuation of excessively loose spending during 2021 and into 2022, which over-stimulated the economy and pushed inflation up to 7.3%. He also was boss of the Reserve Bank when the official cash rate reached 5.5%. And then got it down to 2.2% by what Tony Alexander describes as Orr “crunching the economy”. But he also says, let's not forget Labour's Grant Robertson's role in all of this. He was the guy who kept fiscal policy loose. My understanding is that staff at the Reserve Bank had no idea this was coming until after it was announced to the media. Which is a shocker. And, apparently, staff at the bank have no idea what's behind it. I'm picking that he's thrown his toys out of the cot because the Government wants to cut the budgets at the Reserve Bank. And a lot of that will have to do with what the Government probably sees as the former Governor's obsession with things outside what it considers core business for the central bank. But, from the very limited things that have been said since the announcement yesterday afternoon, it's obvious that he's quit. Because when the chair of the bank Neil Quigley said it was “a personal decision” by Adrian Orr, that says he's quit. It doesn't say he's leaving for personal reasons, it says he's walking away. He's going to be on the payroll until the end of the month, but he's not Governor of the bank anymore. An acting Governor took over at midday yesterday. The other thing too about all this secrecy, is that I don't think it's acceptable when you've got a senior public servant who earns more than $800,000 a year quitting like this. On the basis of what we kind-of know, I think we deserve more of an explanation. If the guy's thrown a hissy fit - tell us. Because, for someone who seemed to love the limelight as much as he did, disappearing the way he has is not only very strange, it's also somewhat disrespectful. See omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday the 20th of February, Winston Peters says we need a reset in our relationship with the Cook Islands. Reserve Bank Governor Adrian Orr joined to talk our future plans after they cut the OCR by 50 basis points. One of our most successful entrepreneurs Rowan Simpson has some ideas about how to turn this country around, and it's all laid out in his new book ‘How to be Wrong'. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Before I came upstairs to work, I called into the coffee shop downstairs, as is my want. Coffee Theory is run by a husband and wife family team and is a small business. We were talking about the fact that Christopher Luxon will be in tomorrow, and I said “have you got a question?” And Penny said “When will things get better? I know they're supposed to be, but when will things get better? I just wish they'd get better faster”. And that's kind of what we were talking about in the wake of the polls showing the Coalition party support slipping. People do believe things are getting a bit better, but they want it to happen faster. Perhaps with the OCR falling by 50 points, as was widely expected by economists, things will start to look up. The floating rates dropped, some banks have dropped their loan term interest rates. And although the floating rate is more directly affected by the OCR, the long-term loan interest rates that are set by the banks are affected by other things like term deposits, and world events, and the like. Banks have been put on notice by Finance Minister Nicola Willis and Reserve Bank Governor Adrian Orr to sharpen their pencils, and they've been told in no uncertain terms to come up with better rates for their customers. “The banks need to do better. They need to look at their own margins and chase and compete for customers much more vigorously. Their funding costs are being challenged because, you know the official cash rate is only one of the variables that go into what they have to pay when they're borrowing money to on-lend, but the margin is also sitting there at a very healthy level, so one would hope that when the competition, when people come back to the market, which they're doing in dribs and drabs now, competition is alive.” That was Adrian Orr on the Mike Hosking Breakfast. And it is true. Once mortgage rates have been set, or loans have been set, and the interest rate for borrowing that money is a little bit lower, then there isn't as much that you have to pay, so there's a little bit leftover in your back pocket once the bills have been paid. And thus, the noose around the necks of so many homeowners and business owners will start to loosen. Already, some sectors have recovered, come back from the very brink. Federated Farmers says farmer confidence has risen to its highest level in more than a decade, rebounding from record lows. It couldn't have got much worse for our farming communities. Remember that lovely man that rang in? I can't even remember how long ago... he was the first caller, and he spoke with such passion and with such heartfelt pain about the despair so many farmers felt as the result of being vilified for what they did. For being on the receiving end of legislation that made it nigh impossible to do their job, and yet without them, we would be completely and utterly and royally stuffed. But he was too fearful of saying what he did. Rather than saying proudly, I'm a farmer, he just didn't feel he could say that. He didn't have any confidence at all that he would get a fair or civil reception. And that prompted an avalanche of calls from those in the farming community, young and old, who felt very much the same. So when they say it was at record lows, I heard it. Now, they say farmer confidence has risen to its highest level in more than a decade. The latest Farm Confidence survey shows that falling interest rates, rising incomes, and more favourable farming rules have played a major role in the improvement. And they say that's a significant shift in the mood of rural New Zealand. Thank heavens for that and not before time. Hopefully farmers can take a big deep breath, you might actually be getting some sleep at night and you can look forward to the future with a little bit of confidence. What other sectors are seeing that – it just farming? Is tourism feeling the same kind of confidence, the same optimism? I imagine for retailers you might need to wait for the flow and effect of lower mortgage interest rates. But I'd be really interested to see where you are in terms of your confidence, in terms of your belief, that things are getting better and that things will be better in the short term, within the next 6 months, that things will be looking up. The farmers are feeling it, they're feeling confident. They've seen what lower interest rates and reasonable fair legislation can do. What about you? See omnystudio.com/listener for privacy information.

Today on the show... Labour's deputy leader Carmel Sepuloni joins me shortly to tell me why she went on celebrity treasure island, why all MPs should do it given the chance and what she learned about having no phone for the duration. And are we now doing irreversible damage to the NZ economy with these back breakingly high interest rates? If the answer is yes, then surely there is a case for the Reserve Bank Governor Adrian Orr to aggressively cut OCR next week. We chat to Brad Olsen from Infometrics for his take. Website: https://www.rova.nz/home/podcasts/duncan-garner---editor-in-chief.htmlInstagram: @DuncanGarnerpodcastTikTok: @DuncanGarnerpodcast  

So if you get good news, does it matter how the news is delivered?    When it comes to running the economy, and making decisions about refixing your mortgage, you could argue it does.    But let's focus on the surprising, good news yesterday.  For the first time since March 2020, the  Reserve Bank cut the official cash rate by 25 basis points to 5.25%.  The reasoning for the cut is that New Zealand's annual consumer price inflation is returning to within the Monetary Policy Committee's 1 to 3% target band – it currently sits at 3.3 - but the indication is it will continue to decrease.     The Reserve Bank's released a new forecast rate track that suggests the OCR will fall from here to at least 5% by the end of the year and to at least 4.5% by June next year.   This morning, Reserve Bank Governor Adrian Orr explained to the Mike Hosking Breakfast why the RBNZ made the decision to lower the OCR...   “Plenty of time and plenty of information has happened since May, and we've also communicated that as well. You know, we had a July monetary policy statement where we quite clearly showed our level of, growing level of confidence that the monetary policy is working, growing concern that the output is falling quicker than  necessary, and so we moved in August.”  So, hallelujah. It's a dose of hope, a ray of sunshine, and the right move, but is it enough of a move to make a difference to you? It depends on your individual circumstances as to whether it makes an impact now – or in a years' time   The tax cuts have come into play, and OCR is dropping, but we're also dealing with rising rates, increases in utility bills and hefty insurances bills. So what impact will this news have on your household?    I am sure that Adrian Orr was excited to finally be announcing a rate cut – but was it communicated well? The news has been overshadowed by frustration and criticism over the way it was delivered.    Reactions among bank economists were mixed, all agreed the direction of travel for rates is down, and sooner rather than later, and New Zealand's major banks have moved swiftly in lowering mortgage lending rates, but if you're a consumer  making decisions about your mortgage, or business loan and had looked to the Reserve Bank to give you an indication of how things were going to progress – you quite rightly might be a little taken aback by this earlier than anticipated move.     In February and April, the Reserve Bank reasoned that the OCR would need to remain at a restrictive level for a “sustained period” to ensure inflation returned to the 1-3% target.   In May, that wording changed – it was slightly softer. “Monetary policy needs to remain restrictive to ensure inflation returns to target within a reasonable timeframe.”   And in July, things loosened up more with the central bank stating “monetary policy will need to remain restrictive” but that “the extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures”.   We had been led to believe that we would not see cuts until next year – and I'm not sure this statement has enough detail to make anyone think otherwise.    This was Adrian Orr defending the communication of the OCR cut to the Mike Hosking Breakfast ...  “Nothing we do today is going to affect today's inflation, so we're always looking forward. What are we seeing here? We're seeing more spare capacity of the economy taking out some of that inflation pressure and we're seeing global pricing falling and we're seeing business pricing behaviours change dramatically in New Zealand all for the positive, all consistent with one to 3% inflation.”  The cut is a good move, the RBNZ might have read the economy correctly, but were their intentions clear to you ? Have you been able to read between the lines and make decisions that will allow you to benefit from this cut, and on going cuts over the coming year?    The news yesterday was a step in the right direction – a new direction, but interpreting RBNZ statements has become a bit of an art. Maybe some pictures would have been helpful after all.     See omnystudio.com/listener for privacy information.

"It's darkest before the dawn and it's dawn now," that's according to Reserve Bank Governor Adrian Orr, after the Official Cash Rate was cut for the first time in more than four years. The 25 basis point cut comes despite many economists believing the rate would be held at 5.5 percent, where it's been since May last year. Infometrics principal economist Brad Olsen speaks to Lisa Owen.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 15th of August, why is Health NZ doing presentations on frontline cuts when the Government and the Health Commissioner say there will be no frontline cuts? Sabotage? Resistance?  Reserve Bank Governor Adrian Orr has a spirited chat after dropping the OCR to 5.25% with no real warning.  Kiwi Supercars driver Matt Payne is in the form of his life and Mike was keen to chat ahead of the weekend's racing in Tasmania.  Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is defending his change of tune on the Official Cash Rate.  He's cut the OCR to 5.25%.  Some economists are criticising the suddenness of the change of direction, with Brad Olsen calling on the central bank to take accountability for radically changing its forecast without a radical change in circumstances.  But Orr told Mike Hosking the situation has changed since his last Monetary Policy Statement, three months ago.  He says plenty of time and information has changed since May, and the Reserve Bank has communicated that in its Monetary Policy Review in July.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is facing a tough decision on whether to cut the Official Cash Rate today.  Financial markets are pricing in a cut, but economists remain divided on whether that should happen.  Former Finance Minister Steven Joyce says Orr doesn't want to act too quickly and risk having to backtrack if non-tradable inflation continues to remain high.  But, he told Mike Hosking, neither does he want to act too slowly and see the economy stagnate or decline.  Joyce says many businesses are struggling and the energy shortage is going to significantly reduce production in the months ahead.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

On the Early Edition with Ryan Bridge Full Show Podcast for Monday 8th of July, Newstalk ZB welcomes Ryan for his first programme.  It's looking likely the government will toll the new Roads of National Significance - Ryan found out that's something the freight industry supports.  Infometrics Chief Forecaster Gareth Kiernan speaks to the costs from suppliers to supermarkets are still increasing.  He challenges Reserve Bank Governor Adrian Orr to look at the "real economy" when the next OCR review comes.  Get the Early Edition with Ryan Bridge Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Reserve Bank fired a shot across the bows of households, businesses, and financial markets on Wednesday with a more aggressive tone to its monetary policy statement. Reserve Bank Governor Adrian Orr spoke to business editor Gyles Beckford.

Reserve Bank Governor Adrian Orr has called out the nation's biggest banks over their profit margins and lack of competition The banks have since claimed their margins in New Zealand are bigger than they are overseas - thanks to certain capital requirements. KPMG partner John Kensington says Orr's comments were a little harsh - but more competition is needed for the sector. "Think back five years ago - it was hard to change your telco or your power company. Now that's easy. So open banking, if people adopt it and people can be bothered changing their banks, will lead to more people changing their banks." LISTEN ABOVESee omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 23rd of May, Finance Minister Nicola Willis reacted to the Reserve Bank's updated forecast.  Speaking of, Reserve Bank Governor Adrian Orr explained his position and whether the option of raising rates was just a threat or a realistic move.  IndyCar star Scott McLaughlin was on after getting pole for the Indy 500 for a chat with Mike about how he's preparing for the race.  Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Back in 2022, Reserve Bank Governor Adrian Orr was appearing before a Parliamentary Select Committee trying to explain how and why the bank was too slow in moving the OCR and therefore increasing interest rates. He was asked by Parliamentary Select Committee member Chloe Swarbrick whether the Reserve Bank was deliberately engineering a recession to rein back inflation.    “I think that is correct. I mean, we are deliberately trying to slow aggregate spending in the economy. The quicker inflation expectations come down, the less work we need to do and the less likely it is that we have a prolonged period of low or negative growth.”    We talked about that at the time, that when you engineer a recession that's a nice, neat little phrase, and it needed to be done. Interest rates needed to go up to get the spending down. He said that while there might be a recession and a decline in the economy, the central bank was forecasting it could be job rich, and said the country was relatively well positioned internationally.   That was 2022.   Today in 2024, this is what a recession looks like. Big job losses across the private and public sector. Big ticket retailers struggling. Mum and Dad homeowners with mortgages making tough decisions about their spending.   When bankers and politicians took percentage points in interest hikes, they took numbers. They debate theoretical concepts about the economy, and which levers they might need to pull to make the economy move in one direction or another. It sounds like a game, but ultimately, they're playing with people.   When you're talking about numbers, you're talking about people, and the job losses across the economy are going to be painful and unsettling right now. Last week, it was the media, this week it's public service workers, and they have been in the gun and were an election talking point.    The ACT party wanted to see public sector job cuts and they wanted to see a lot of them, 15,000 to bring the public service back to 2017 levels. David Seymour said last year, over the last six years we've seen a 30% increase in the size of the public. He said we have equally seen a 30% increase in public spending after inflation in population growth. Yet there is widespread dissatisfaction with the quality of public services, and I think there is a fair point there.   When you look at my favourite from Waka Kotahi, the poor manager that sent the e-mail saying we have no idea why we're here or what our purpose is or what we're doing. He proposed that his own unit be disestablished because there was no clear direction from the government about what they should be doing or how they should be doing it. He couldn't see the point of his job. No.   When you've got the Ministry of Education. Who are outsourcing the curriculum? What do they do? I can understand outsourcing. Perhaps the building of new schools. You know you can't expect the teachers to put the tool belt on and get to work hammering and sawing. But when it surely that is a core function of what the ministry should be doing, directing the writing of the curriculum.   You know, I think for a lot of us, we've looked from the outside into the public service and thought. What are you doing? Why are you doing it? To what point? And what markers are there to say that you are doing it well?   There has been a constant theme when it comes to changes of government that National trims down the public sector and then they hire out to consultants. And then when Labour comes and they bring back the public service jobs and don't hire as much when it comes to consultants, but this last administration did both. They hired more people within the public service on full time jobs and also spent a packet on consultants. I know how unsettling it is when you don't know if you're going to have a job tomorrow. You know, working in the media, you feel like you've got a target on your butt, and probably public service workers feel much the same.    David Seymour also said last year that it thinks the fired public sector staffers could easily be absorbed into the rest of the workforce, and I've had anecdotal evidence that that is so already. A couple of weeks ago, I initially got a text from a principal saying the writings on the wall for the Ministry of Education. He's had a number of people —teachers— who went to the ministry, who can see which way you know the wind is blowing and have come back saying ‘can we get our jobs back?'   If that means that we can get people back to the front line, out of the ministry jobs and back doing what they're good at I'm all for it. There are jobs that need to be done by competent, qualified Kiwis. A lot of them were lured into jobs in the Ministry. That looks good, it's easy, don't have to worry about conjunctivitis or getting nits by being around the little children I'm writing theories about, policies about. But if it means we get our teachers back into the classrooms, great. If we get people doing things, that's great.   A lot of the way the modern workforce is constructed is just creating jobs to have them. How many people involved in private sector corporates and in the public service spend all day booking out a meeting room to talk at one another about workers. About people who are actually getting up and going to work to pay their wages. What do they do?   I totally get we need to have policymakers; we need to have people who can help ministers to make decisions about where a particular portfolio needs to be spending or where they're heading. Did we need our 30% increase in the size of the public service, many of whom had no idea what they were doing or what they were there for? I don't think so. See omnystudio.com/listener for privacy information.

In Episode 136 of the New Zealand Property Podcast, Mark Honeybone and Matthew Gilligan delve into the proposed DTI (Debt-to-Income) Restrictions. Discover what DTI entails, its potential impact on buyers, and who will be most affected by these regulations. Delve into the question of whether DTI restrictions will indeed come to fruition. In addition, Mark and Matthew explore the recent changes to the Brightline Rules and their potential implications for the property market's supply dynamics. Gain valuable insights into the role of Reserve Bank Governor Adrian Orr and how the Reserve Bank's decisions have influenced the property market, leading to fluctuating prices and a consistent upward trend in rents. Tune in for a light hearted but engaging discussion that promises both enjoyment and valuable learning opportunities. For more information, you can contact Mark Honeybone on 021 402 990 mark.honeybone@harcourts.co.nz You can read Matthew Gilligan's blog regarding DTI's here: https://www.gra.co.nz/articles-by-matthew-gilligan/impact-of-debt-to-income-restrictions To get episodes direct to your device of choice, follow us on iTunes or Spotify. Disclaimer: Property Ventures Real Estate Limited t/a Harcourts Property Ventures is a Licensed Agent under the REAA 2008. The New Zealand Property Podcast does not purport to be comprehensive nor to provide specific advice. Any opinions expressed in this podcast may not match the opinion of Property Ventures Real Estate. No person should act in reliance on any statement made within this podcast without first obtaining professional advice.

I talk with James Viggiano about recent comments made by the Governor of the Reserve Bank of New Zealand.  Not soon after we spoke, James shared a clip that went viral of the governor talking frankly about the exorbitant privilege of money printing that the central banks and governments have. James and I talk about some of the game theory from the perspective of the Reserve Bank of New Zealand to defend the Kiwi Dollar and their attempts to talk down inflation, and shift the narrative even as the cost of living crisis continues. We also talk about the opportunity for what New Zealand could look like on a Bitcoin standard and how that could interface with the legacy financial system. Connect with The Transformation of Value Follow me on twitter at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/TTOVpodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Nostr at: npub1uth29ygt090fe640skhc8l34d9s7xlwj4frxs2esezt7n6d64nwsqcmmmu Or send an email to hello@thetransformationofvalue.com and I will get back to you! Support this show: Bitcoin donation address: bc1qlfcr2v73tntt6wvyp2yu064egvyeery6xtwy8t Lightning donation address: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠codyellingham@getalby.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ PayNym: +steepvoice938 PayNym Code: PM8TJhcUCtSvHe69sod9pzLCBKg6GaogsMDwfGNCnL4HXyduiY9pbLpbn3oEUvuM75EeALxRVV3Mfi6kgWEBsseMki3QphE8aC5QDMNp9pUugqfz1yVc ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Geyser Fund⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you send a donation please email or DM me so I can thank you! Links: James Viggiano on Twitter - https://twitter.com/jamesviggy James on Nostr - https://nostrudel.ninja/#/u/npub17fd0kcnufx7lyu5dlvaw8rzrr2rahmwkqudmesxk7hfwnr2scmnszjc538 "Reserve Bank Governor Adrian Orr says stablecoins and cryptocurrencies are not a credible alternative to central bank money" - https://www.interest.co.nz/investing/126348/reserve-bank-governor-adrian-orr-says-stablecoins-and-cryptocurrencies-are-not Full RBNZ Talk in Vimeo - https://vimeo.com/912104765 The Bullish Case for Bitcoin by Vijay Boyapati - https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1 Binance money laundering - https://www.theguardian.com/business/2023/nov/21/binance-settlement-crypto-exchange Zapstream - https://www.nostrapps.com/apps/zap-stream Bitcoin Liquid - https://liquid.net/ The importance of quality research and data - speech by Chief Economist Paul Conway - https://www.youtube.com/watch?v=P0hE4vUSleY Kōura kiwisaver fund (Invests in Bitcoin) - https://www.kourawealth.co.nz/specialty-growth-funds/crypto-fund Corrections: OKC Exchange" refers to "OKX Exchange" used by Galoy. Invest.co.nz article refers to the above interest.co.nz article.

Reserve Bank Governor Adrian Orr says he's "extremely confident" the world is heading back to a period of low inflation, saying the central bank is prepared to do "whatever it takes" to achieve its mandate of low and stable inflation.Speaking in in the latest episode of interest.co.nz's Of Interest podcast, Orr talks about the reaction from financial markets to last week's Reserve Bank monetary policy review, what its Monetary Policy Committee members will be watching between now and when they next review monetary policy on February 28, and what the Reserve Bank would need to see to be more relaxed about inflation."We just need to repeat we are willing to do whatever it takes to achieve our mandate, [of] low and stable inflation. If we get further inflation shocks there may be more work to do. So we're in a holding position, but we've made it clear where our nerves sit," Orr says."Basically we need to see more spare capacity in the economy to have the real confidence that the inflation pressures are coming off. All the indicators are moving in the right direction, but there's a lot of news still to arrive on the table."He also talks about "historically significant" immigration, noting countries such as Australia, Canada and New Zealand, with strong net inward migration are "having the highest core inflation challenges."With the new National-led government set to remove the Reserve Bank's requirement to "support maximum sustainable employment," from its monetary policy remit, Orr discusses how different monetary policy might have been over recent years if that hadn't been part of the Reserve Bank's mandate.Orr also says profit-led inflation, businesses pushing through price increases under cover of news about a major shock to the economy because there'll be less pushback from customers at such times, has been happening in NZ as it has overseas."We just used to call that inflation expectations and generalised inflation," Orr says."Whenever you've got high inflation people can hide price rises even though it's not something specific to their good or service. They can get away with high or variable inflation, they can start shifting relative prices around, and then that leads to more generalised inflation as input costs rise and wage costs rise and so on.""And it's that scramble and mess that causes long-term inflation problems. And so I would say all of those things have been happening in New Zealand as they have been everywhere else," Orr says."This is the challenge for monetary policy, we have to lean against that desire to tuck a little price increase in behind generalised inflation hoping no one notices. Consumers have to be laser-like focused and think 'is that right, should I be shopping somewhere else?'," Orr adds.In the podcast Orr also discusses the degree to which Official Cash Rate (OCR) rises are responsible for reducing inflation, inequities involved with monetary policy, whether price controls could be used to help fight inflation, whether the Reserve Bank's monetary policy should be required to support sustainable house prices, what he expects to see from the Commerce Commission's market study into retail banking competition, the level where he'd consider the OCR to be neutral in that it's neither stimulating nor constraining economic activity, his ideal scenario for monetary policy a year from now, and how he's "fully convinced" the world is heading back to low and stable inflation but there may be higher interest rates on average to achieve that.*You can find all episodes of the Of Interest podcast here.

The Reserve Bank is expected to hold the official cash rate steady at 5,5 percent for the fourth successive announcement Wednesday afternoon. Watching on will be a new government whose stated priority is "fixing the economy". So there's likely to be plenty of interest in Reserve Bank Governor Adrian Orr's commentary about the country's financial outlook. Westpac chief economist Kelly Eckhold spoke to Corin Dann.

Reserve Bank Governor Adrian Orr indicated the 25bps increase to 5.5 percent is as high as the OCR will go for the foreseeable future. Orr explained that the OCR will have to stay at 5.5 percent for much of next year to bring down inflationary pressures. HSBC Chief Economist Paul Bloxham agrees that the OCR has peaked and doesn't think the Reserve Bank will hike rates up. He says the next direction for the OCR is down, and the earlier hikes have already tipped the economy into a recession. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr indicated the 25bps increase to 5.5 percent is as high as the OCR will go for the foreseeable future. Orr explained that the OCR will have to stay at 5.5 percent for much of next year to bring down inflationary pressures. HSBC Chief Economist Paul Bloxham agrees that the OCR has peaked and doesn't think the Reserve Bank will hike rates up. He says the next direction for the OCR is down, and the earlier hikes have already tipped the economy into a recession. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr warns restrictive monetary policy will be in place to fight inflation. The OCR has been raised by 25 basis points to 5.5 percent, but the RBA says it's unlikely to to higher. NZ Herald business editor Liam Dann says we may have gotten used to lower rates during the post-GFC timeframe and older generations will remember cash rates being 6- 7 percent. "The other big question is if we want them to come down, because of how they sort of skewed the economy over those years." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

There's a clear divergence between loose fiscal policy and tight monetary policy. Reserve Bank Governor Adrian Orr says a restrictive monetary policy will be in place for some time following the latest OCR hike, but denied Budget 2023 would contribute to inflation. Sam Dickie from Fisher Funds says this issue is a problem worldwide, as Governments have relied on expansionary fiscal policy since the GFC and 'filled their boots' during Covid-19. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Tonight on The Huddle, Cas Carter from Cas Carter Communications and Ben Thomas from Ben Thomas PR joined in on a discussion about the following issues of the day- and more!  Rock 'n roll icon Tina Turner died in Switzerland aged 83, and tributes are flowing in. What are our best memories of her? Reserve Bank Governor Adrian Orr is denying that Budget 2023 will prove inflationary, at least in the year ahead. Is Adrian Orr politically motivated?  National have announced a u-turn on their housing density policy. Leader Christopher Luxon wants to rethink current settings which allow three storey dwellings on all residential land in the main cities. What do we make of this? Will this alienate voters? Extinction Rebellion has launched an 'End Urban SUVs' campaign, encouraging people to put emissions rating stickers on SUVs spotted around the Auckland region. Is this effective activism or a nuisance?  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr warns restrictive monetary policy will be in place to fight inflation. The OCR has been raised by 25 basis points to 5.5 percent, but the RBA says it's unlikely to to higher. NZ Herald business editor Liam Dann says we may have gotten used to lower rates during the post-GFC timeframe and older generations will remember cash rates being 6- 7 percent. "The other big question is if we want them to come down, because of how they sort of skewed the economy over those years." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The Reserve Bank this week lifted the Official Cash Rate to 5.5 per cent, as expected.   But the big surprise came when Reserve Bank Governor Adrian Orr told Kiwis that his work was done and that the Reserve Bank didn't see the need to lift rates any higher.  So why has the Reserve Bank suddenly changed its mind on further hikes? Are Kiwis in for a longer run of inflation? And what factors will have the biggest impact on the economy over the next 12 months?     Today, on the Front Page, NZ Herald Wellington business editor Jenée Tibshraeny explains the repercussions from the latest OCR hike.    Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts. You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network. Host: Damien VenutoProducer: Paddy FoxExecutive Producer: Ethan SillsSee omnystudio.com/listener for privacy information.

There's a clear divergence between loose fiscal policy and tight monetary policy. Reserve Bank Governor Adrian Orr says a restrictive monetary policy will be in place for some time following the latest OCR hike, but denied Budget 2023 would contribute to inflation. Sam Dickie from Fisher Funds says this issue is a problem worldwide, as Governments have relied on expansionary fiscal policy since the GFC and 'filled their boots' during Covid-19. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is confident inflation is finally being brought under control. The central bank has hiked the Official Cash Rate by a further 25-basis points to 5.5 percent, lower than the the 50-basis-point rise some had been expecting. It's also indicating the OCR won't be raised any further, despite many economists predicting it would be. Adrian Orr told Mike Hosking all indicators suggest that previous OCR hikes have now constrained spending and reduced inflationary pressure. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is in a difficult situation. The central bank has hiked the Official Cash Rate by a further 25 basis points to 5.5 percent. But it's also surprised many by indicating it's unlikely to hike the OCR any further, before it starts to cut the OCR towards the end of next year. Former Reserve Bank Governor Don Brash told Mike Hosking while he's as shocked as everyone else, he doesn't envy Orr's position. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The Reserve Bank has indicated today's cash rate increase is the peak of the OCR. The RBA hiked the official cash rate today by 25 basis points to 5.5 percent and revealed it will remain evaluated for the foreseeable future.  NZ Herald Wellington business editor Jenee Tibshraeny says Reserve Bank Governor Adrian Orr is downplaying the impact of Budget 2023 on inflation. Jenee Tibshraeny explained that Adrian Orr believes fiscal policy is more of a friend than a foe to monetary policy, despite the Government planning to spend more than expected. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Reserve Bank lifted the OCR by 25 basis points today to the anticipated peak of 5.5 percent. The RBA warns that the OCR will need to stay elevated for the foreseeable future, to ensure inflation gets back below 3 percent. Reserve Bank Governor Adrian Orr later said today's decision shouldn't impact mortgage rates, as banks should have already priced these OCR hikes in. ZB senior political correspondent Barry Soper says this increase is lower than most experts predicted, especially the banks, but the OCR will remain high until at least late 2024. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Tonight on The Huddle, Jack Tame from ZB's Saturday Mornings and Q&A and Phil O'Reilly from Iron Duke Partners joined in on a discussion about the following issues of the day- and more!  Police Minister Ginny Andersen today conceded the increase in crime is not just down to more reporting, a contrast to Sunday's claims that a new app was contributing to rising crime figures. Is this gaslighting New Zealanders?  The Reserve Bank hiked the Official Cash Rate by 25 basis points to 5.5 percent to reduce inflation pressures. Reserve Bank Governor Adrian Orr says the cash rate will remain elevated for the foreseeable future. What do we think of this?  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is in a difficult situation. The central bank has hiked the Official Cash Rate by a further 25 basis points to 5.5 percent. But it's also surprised many by indicating it's unlikely to hike the OCR any further, before it starts to cut the OCR towards the end of next year. Former Reserve Bank Governor Don Brash told Mike Hosking while he's as shocked as everyone else, he doesn't envy Orr's position. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Tonight on The Huddle, Jack Tame from ZB's Saturday Mornings and Q&A and Phil O'Reilly from Iron Duke Partners joined in on a discussion about the following issues of the day- and more!  Police Minister Ginny Andersen today conceded the increase in crime is not just down to more reporting, a contrast to Sunday's claims that a new app was contributing to rising crime figures. Is this gaslighting New Zealanders?  The Reserve Bank hiked the Official Cash Rate by 25 basis points to 5.5 percent to reduce inflation pressures. Reserve Bank Governor Adrian Orr says the cash rate will remain elevated for the foreseeable future. What do we think of this?  LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr is confident inflation is finally being brought under control. The central bank has hiked the Official Cash Rate by a further 25-basis points to 5.5 percent, lower than the the 50-basis-point rise some had been expecting. It's also indicating the OCR won't be raised any further, despite many economists predicting it would be. Adrian Orr told Mike Hosking all indicators suggest that previous OCR hikes have now constrained spending and reduced inflationary pressure. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Listening to Adrian Orr, the Reserve Bank Governor this morning, you realise New Zealand is between a rock and a hard place. As a country, we need to rebuild and rebuild a more resistant, resilient infrastructure in the wake of Cyclone Gabriel, and indeed all the other cyclones that have hit this summer. And we're going to need to be looking at reinforcing existing infrastructure around the country. Gisborne, parts of Hawkes Bay, Coromandel, the far north and parts of Auckland have been devastated this time around. Next time, it could just as easily be another part of the country that's in the line of fire of the next weather event. It's going to cost and it's going to cost billions. We've already spent billions insulating the country against the effects of Covid, or more aptly, Covid lockdowns. Now we have a huge task ahead to try to help devastated communities recover from the effects of the numerous cyclones, but more specifically, Gabrielle and to future proof the rest of the country. So how are we going to pay for it? There are two choices. We either borrow, or we tax. The Reserve Bank is trying to get inflation under control after the boom of the Covid recovery spending. Yesterday, it raised the OCR the wholesale rate at which banks can borrow money from 4.25 percent to 4.75 percent. There were also predictions that, along with the rest of the world, inflation would begin to get under control by mid-2024 as unemployment rises. However, if the Government opts to borrow to spend up big on the cyclone recovery, it will pump cash into the economy. And as we saw with the Covid spending that will make it harder to keep inflation under control. Alternatively, if taxes were hiked up to pay for the recovery, that wouldn't be very popular. If the Government cuts back on its spending, that's not particularly appealing to the Government. That's a reprioritisation of money and won't be inflationary. Now, neither option really is appealing to any political party. Reserve Bank Governor Adrian Orr says it's not up to him to make a recommendation; it's purely a political decision. Like everyone else, he's waiting to see which way the Government jumps So what is the more fiscally sensible thing to do? What option would you prefer? I don't particularly want to see a hike in taxes, I'd much prefer to see the Government cut back on much of its spending A) because it's leading by example B) because I believe there's a lot of fat in the system. We will all have to pay at some point. I'd really rather not borrow given the billions that were spent on Covid. I'd rather we find it within our own budget if we can, but it's going to be expensive and it is not just the areas that have been hard hit by successive Cyclones, culminating this time around in Gabriel. We are going to have to make all of New Zealand more resistant to weather events in the years ahead. All of us, and we're all going to have to pay for that. How do we do it?See omnystudio.com/listener for privacy information.

In our latest episode, Frances and Dan wrapped their favourite Shared Lunch episodes of the year. Now, as we head into Christmas, they reflect on their time hosting the podcast in 2022! They also discuss why being a grinch at Christmas could be a good thing, and what to get Reserve Bank Governor Adrian Orr for Secret Santa!' For more head to linktr.ee/sharedlunch Brought to you by Sharesies, with BusinessDesk. Register for upcoming episodes and submit your questions over on crowdcast.io/sharesies. If there are any companies, fund managers, or other special guests you'd like to see on Shared Lunch, flick us an email at sharedlunch@sharesies.co.nz to let us know. Subscribe to the Lunch Money email newsletter for bite-sized market updates twice a week. Investing involves risk. You might lose the money you start with. Content is current at the time. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own. Shared Lunch is not financial advice. We recommend talking to a licensed financial adviser. You should review relevant product disclosure documents before deciding to invest. Shared Lunch is for a New Zealand audience.

There are fears young people will come out worse off from any upcoming recession. Reserve Bank Governor Adrian Orr has confirmed the bank is deliberately engineering a recession, with plans to hike the Official Cash Rate as high as 5.5 percent. That recession is expected to hit around the middle of next year. Former Finance Minister Steven Joyce told Mike Hosking it will be felt particularly by young people, especially young home owners who have recently hopped on the property ladder. He says in a wage price spiral, consumption needs to be slowed, and that usually means pushing the economy backwards. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Reserve Bank Governor Adrian Orr stated that New Zealand's relatively strict border rules were a handbrake on his ability to rein in inflation. Adrian Orr said that the border restrictions and subsequent immigration reset forced him to raise the mortgage rates higher than he otherwise would have gone for. Immigration Minister Michael Wood says that the immigration reset represents practical steps towards getting the economy out of a tough spot, and that they've issued thousands of work visas to fill the gaps. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There are fears young people will come out worse off from any upcoming recession. Reserve Bank Governor Adrian Orr has confirmed the bank is deliberately engineering a recession, with plans to hike the Official Cash Rate as high as 5.5 percent. That recession is expected to hit around the middle of next year. Former Finance Minister Steven Joyce told Mike Hosking it will be felt particularly by young people, especially young home owners who have recently hopped on the property ladder. He says in a wage price spiral, consumption needs to be slowed, and that usually means pushing the economy backwards. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Yesterday, Reserve Bank Governor Adrian Orr announced another hike in the official cash rate, taking it to the highest level since 2008. So, in technical terms, it's now at 4.25 percent - up 75 basis points from what it was this time yesterday. And when you hear economists talking about it and getting all breathless about numbers, it can start to get a bit blah, blah, blah on it, can't it. That's until you think about the realities behind the numbers - and there were two that came crashing home to me yesterday. The first was to do with mortgage rates and my initial relief that we're still on fixed term for quite a few months yet. But when that fixed-term ends, there's going to be quite a shift upwards. That day of reckoning will be coming sooner rather than later for a lot of people. You might be in that boat yourself. The other thing that came crashing home, was how stupid one of Adrian Orr's comments were. This is a chap who has just been signed up for another five years as Reserve Bank Governor, and who will earn truckloads for each of those years. Now I'm not begrudging him that - because Governor of the Reserve Bank is a big job and, if you heard him on Newstalk ZB this morning, you would have heard his thinly-veiled comments about the impact government policy has had over the last few years on his ability to control inflation. Remember the days when the Reserve Bank's job was to keep inflation at zero-to-two percent? That seems a long time ago, doesn't it? So a tough job being Reserve Bank governor but I couldn't believe it yesterday when he stood up, announced the cash rate hike and then told us we need to stop spending and start saving. Now, I know the stats are saying that a lot of us are rushing out on a regular basis and buying stuff. TVs, holidays, renovations - all of those things. But, at the same time, I don't think I can recall a time when there's been so much concern about what it's costing just to live day-to-day in this country. Yes, I know there were times when people were paying massive mortgage rates - not just double digits, people even talk about mortgage rates up around the 20 percent mark, don't they? But life is just so expensive these days and I couldn't believe it when Adrian Orr stood on the Reserve Bank pulpit yesterday and said we must stop spending money and start saving. Because, really, who saves money these days? Or, should I say, who can afford to save money these days? You've got the mortgage - or rent, if you don't own your house - you've got grocery bills. The list goes on: fuel, cellphone bills, school donations, childcare costs . And now we've got the prospect of mortgage rates going up and - not just that - the prospect of the country going into a recession sometime next year. So all of this is happening, and Mr Reserve Bank stands up yesterday, announces things are going to get even worse, and then tells us we need to stop spending and start saving. Personally, I can probably think of things that we could choose to stop spending money on. But they wouldn't be gamechangers. Because, like you, I've got no choice over what I pay for fuel. No choice over what I pay for groceries. No choice over what I pay for electricity and gas. No choice over how much I pay to go to the doctor. Which is why I think the 'stop spending, start saving' message we got from Adrian Orr shows how out of touch with reality the Reserve Bank is. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The National Party's Deputy Leader has spoken out against The Reserve Bank Governor Adrian Orr, calling for an independent review if National are elected in 2023. Skyrocketing house prices and record-high inflation are being blamed on The Government's money printing scheme during the COVID-19 pandemic. Willis says an external review would answer the question - how can this be avoided in the future? Hosted on Acast. See acast.com/privacy for more information.

The reappointment of Reserve Bank Governor Adrian Orr has not gone down well with National and ACT. National say the party is appalled, and ACT says it shows the low standards that Labour sets for New Zealand. BusinessDesk managing editor Pattrick Smellie addresses the backlash and points out that Grant Robertson was in a no-win situation when it came to making this reappointment in the current climate. LISTEN ABOVE    See omnystudio.com/listener for privacy information.

The reappointment of Reserve Bank Governor Adrian Orr has not gone down well with National and ACT. National say the party is appalled, and ACT says it shows the low standards that Labour sets for New Zealand. BusinessDesk managing editor Pattrick Smellie addresses the backlash and points out that Grant Robertson was in a no-win situation when it came to making this reappointment in the current climate. LISTEN ABOVE    See omnystudio.com/listener for privacy information.

Banks are being urged to lend a helping hand to families and businesses struggling with rising interest rates. The plea comes from the Reserve Bank as it warns of tough times ahead in the fight against inflation. Falling house prices and rising interest rates will put homeowners under pressure, and increasing numbers may find the size of their loan is more than the value of their property. The unemployment rate is also being called unsustainably low. People may need extra help from their banks, which have been making huge profits. The Reserve Bank says it expects these businesses to help their customers through good times and bad. Reserve Bank Governor Adrian Orr spoke to Corin Dann.

Reserve Bank Governor Adrian Orr has warned that unemployment will rise as New Zealand tries to combat inflation. The governor also confirmed a full review of how the Reserve Bank responded to the pandemic will be released next month.  Editor of the Kāka Bernard Hickey was listening in to the governor's speech, and joins us to discuss.See omnystudio.com/listener for privacy information.

Every week New Zealand Herald Wellington business editor Jenée Tibshraeny joins Nick Mills for Tuesday Business. This week she discusses Reserve Bank Governor Adrian Orr's speech at a Council of Trade Unions event, and how IRD and Treasury opposed the Government's decision to give the owners of "build-to-rent" housing a tax break. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Home buyers are being urged to think twice about buying a home, in the wake of yesterday's 50-basis point rise to the Official Cash Rate. Reserve Bank Governor Adrian Orr told Mike Hosking the days of skyrocketing house prices are probably over. “I want people to be having their brain engaged and thinking really hard about what they're doing when entering into these markets.” LISTEN ABOVESee omnystudio.com/listener for privacy information.

Home buyers are being urged to think twice about buying a home, in the wake of yesterday's 50-basis point rise to the Official Cash Rate. Reserve Bank Governor Adrian Orr told Mike Hosking the days of skyrocketing house prices are probably over. “I want people to be having their brain engaged and thinking really hard about what they're doing when entering into these markets.” LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Central Bank has raised the Official Cash Rate to 2 percent in a bid to drive down our 31-year-high inflation.Its forecasts of how high the OCR might rise have also jumped significantly, peaking at 3.9 percent in June next year.Reserve Bank Governor Adrian Orr joined Mike Hosking.LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Central Bank has raised the Official Cash Rate to 2 percent in a bid to drive down our 31-year-high inflation.Its forecasts of how high the OCR might rise have also jumped significantly, peaking at 3.9 percent in June next year.Reserve Bank Governor Adrian Orr joined Mike Hosking.LISTEN ABOVESee omnystudio.com/listener for privacy information.

Mortgage Lab CEO Rupert Gough shares what's been happening in mortgages throughout April 2022, giving you everything you need to know about the mortgage market.The big news this month was, of course, the OCR announcement when Reserve Bank Governor Adrian Orr announced a 0.5% or 50 basis point increase to the official cash rate. This was the biggest OCR increase in 22 years on the back of massive inflation of 6.9% well above their target inflation rate of 2%. Not since 17th May 2000 has the Reserve Bank increased the Official Cash Rate by 50 basis points when the then Reserve Bank Governor and future leader of the National Party Don Brash  raised NZ's OCR to 6.5% because of an inflation rate of 5.8%. That's right, it's been so long since we had a 50 basis point jump on the OCR that, at the time, you would have heard about it on your monochrome screen Nokia 3210...You can watch a video on the same subject here: https://youtu.be/HpGbw-zbgJMIf you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.You can watch more of these articles by subscribing to our YouTube channel.You can follow us on Facebook, Instagram, Youtube and LinkedIn.

Inflation could spiral even higher.Reserve Bank Governor Adrian Orr admits to being caught on the back foot by supply chain woes, and the war in Ukraine.The man who used to hold his job through the 90s, Don Brash, says Orr has a major inflation issue on his plate.He told Tim Dower if the inflation number tomorrow is seven percent or above, it will be the highest since 1988.Brash says the risk is, with reports of high inflation, people will start behaving accordingly, by demanding higher wages, which will make the problem worse.LISTEN ABOVESee omnystudio.com/listener for privacy information.

Inflation to the left of us and inflation to the right. For months it seemed like the only story in town was Covid but then along comes Ukraine and, of course, inflation. For the past 12 months, inflation has been on the rise and has become a highly politicised issue around the world. We need someone to blame and we need someone to fix it. The problem with politicisation of inflation economics is that people shout past each other failing to hear what are good ideas. For quite some time we've been hearing Grant Robertson quizzed on inflation with questions along the lines of: "Is the rapid rise of inflation due to your fire hosing of borrowed and printed money into the economy" And time and time again you'll hear him answer that inflation is a global problem that combined with supply chain problems is affecting the New Zealand economy. The government won't admit their part and the opponents minimise the global situation.  Now, the question's not wrong and nor is the answer because inflation is due to all those factors.   But the answer will need to be aware of all the factors. The problem is all the talk is of the past when the problems lie in the future. So, it was refreshing to read an interview this weekend with Reserve Bank Governor Adrian Orr that he gave to the IMF. Orr said the challenge in front of all central banks now is how to tighten monetary policies to constrain inflation expectations but without creating a recession. He's wanting a soft landing not a hard one. His only tool are interest rates. And his mouth. He told the reporter that the Bank must clearly communicate what the interest rate hikes are to achieve.  But he also said the Bank cannot solve the situation alone and he called on all fiscal authorities to exercise caution on spending and ensure that any spending is targeted and effective. What the Governor is doing is warning Grant Robertson not to go on a spending spree with the Budget which is due in less than a month. We all know that the Finance Minister has been promising a 6 billion dollar spend up. Even if it is on great infrastructure, we really should have invested in 30 years ago. Now is not the time for a government to be adding money to an economy to burn in an inflation fire. 

Finance Minister Grant Robertson has rejected any suggestion the governments to blame for high inflation.  He was standing in for the Prime Minister at post-cab today and said Covid, supply chain issues and the war in Ukraine have been the big drivers. But in an interview yesterday, Reserve Bank Governor Adrian Orr did point out the need for the government to tighten the fiscal belt.  National's finance spokesperson, Nicola Willis joined Andrew Dickens. LISTEN ABOVE 

Inflation could spiral even higher.Reserve Bank Governor Adrian Orr admits to being caught on the back foot by supply chain woes, and the war in Ukraine.The man who used to hold his job through the 90s, Don Brash, says Orr has a major inflation issue on his plate.He told Tim Dower if the inflation number tomorrow is seven percent or above, it will be the highest since 1988.Brash says the risk is, with reports of high inflation, people will start behaving accordingly, by demanding higher wages, which will make the problem worse.LISTEN ABOVESee omnystudio.com/listener for privacy information.

I spoke yesterday to a construction consultant about the housing building boom going on right now and how it's hampered by supply chain interruptions and inflationary pressures.  Basically, the cost of building is doubling. And as inflation creeps, its tentacles are hitting everywhere and everyone. Auckland City Mission says it's seen the highest demand for its services over the past three months, in all of its 100-year history. Tens of thousands of families are needing food, it's handing out 16,000 food parcels a week, which is double pre-Covid amounts. The trouble is not just Covid and lockdowns creating more need, but the cost of living. Food, power, water, rent. And here's the rub, we've never had more money pumped into the economy, yet thousands upon thousands are struggling. Former Finance Minister Steven Joyce pointed out at the weekend that “pumping more money into a country than it has capacity for,” means “that money ends up chasing too few goods and services and that means inflation.” It's not just us, but overseas too, and it's central banks, Joyce claims, which are causing the problems. “They pumped eye watering sums of money into economies in response to the pandemic.. dismissed early signs of inflation as transitory..” and now.. here we all are.  Commentators are starting to point the finger not just at the Government, but also Reserve Bank Governor Adrian Orr, for taking “a revisionist approach to housing, under forecasting increases in inflation and house prices, and over forecasting unemployment.” Steven Joyce says this cocktail of Orr's actions being “excessively stimulatory” alongside the Government's “extraordinary amount of borrowing and spending”.. has seen us where we are now. Too much stimulation. “Money has been sprayed all the over the place, “ Joyce points out, “the public service super sized.. further increases in social welfare payments..” and expensive pet projects like light rail.  And here's where it hurts for those on lower incomes.. “inflation is effectively a tax which hits lower income people hardest and increases poverty” according to Joyce, which ironically is the one thing this Government was going to try to fix. So, we're in a Catch 22 here, aren't we?  No point pouring more money into welfare, if the price of every basic need like water, power, and food, is just going up and up.  Joyce says Government needs to pump the brakes, minimize spending, and “try to take inflationary pressure off household budgets”, instead of constantly talking about spending more.  With commentators talking up a big bounce back and surge spending post lockdown, you have to wonder how long that's sustainable for and at what cost? 'Persistent inflation' is the last thing we need, so we can only hope the Government is listening to advice from a seasoned pro like Steven Joyce, rather than ignoring it. 

The Reserve Bank has left the official cash rate on hold at 0.25 per cent and said it is still prepared to go lower if required.In a Monetary Policy Review today Reserve Bank Governor Adrian Orr said the global economic outlook had continued to improve since February."However, economic uncertainty remains elevated and divergences in economic growth both within and between countries are significant," he said.New Zealand's commodity export prices continued to benefit from robust global demand.But he noted "economic activity in New Zealand slowed over the summer months following the earlier rebound in domestic spending.""Short-term data continues to be highly variable as a result of the economic impacts of Covid-19."There was no immediate currency reaction. Markets had expected the OCR to be unchanged.Last month, the New Zealand dollar weakened in reaction to the Government's announcements on housing, which have been seen in the market as taking the pressure off the Reserve Bank to act on an over-heated property market.Most economists expect to see the OCR stay on hold until at least the middle of 2022 as the Bank looks through short-term inflation risk driven by supply restrictions caused by the pandemic.The Monetary Policy Committee said it was prepared to maintain "current stimulatory monetary settings" until it was confident that consumer price inflation would be sustained at the 2 per cent per annum target midpoint, and that employment was at or above its maximum sustainable level."Meeting these requirements will necessitate considerable time and patience," it said.The Committee agreed that it was prepared to lower the OCR if required.The Large Scale Asset Purchase programme (buying up to $100b of government bonds) was also left unchanged.text by Liam Dann, NZ Herald

Finance Minister Grant Robertson says "the Reserve Bank is now required to consider housing" when making monetary and financial policy decisions.Changes have been made to the Bank's Monetary Policy Committee's remit requiring it to take into account government policy relating to more sustainable house prices, while working towards its objectives.This announcement follows a letter Robertson wrote to RBNZ governor Adrian Orr in November suggesting a change to the rules under which it operates, to take heed of the impact of any monetary policy on house prices.The Reserve Bank already considers risks around residential housing debt when it assesses the nation's financial stability.A direction has been issued (under section 68B of the Reserve Bank Act) to the Reserve Bank requiring it to have regard to government policy on housing in relation to its financial policy functions.Reserve Bank Governor Adrian Orr said the RBNZ welcomed the new direction."The Minister's direction is in tune with our recent advice to the Government in which we detailed the many influences on house prices, including the actions of the Reserve Bank," Orr said.The Reserve Bank's objectives and mandate remain the same, which is to maintain price stability, support full employment and promote a sound and stable financial system.Orr said the adjustments would increase the focus on understanding and communicating the impact of the Bank's decisions on house price sustainability.The Bank will have to take into account the Government's objective to support more sustainable house prices, including by dampening investor demand for existing housing stock to help improve affordability for first-home buyers.The kiwi dollar rose around one third of a US cent to 74.55 cents, to its highest level since August 2017.Bond yields and swap rates also rose.The announcement was "the first step" as the Government considers broader advice about how to cool the housing market, Robertson said."We know the rapid increases we have seen in recent months are not sustainable, which has meant many first-home buyers are struggling to access the market," he said."We'll be making further announcements in the coming weeks on other policy responses."Following the RBNZ's request that the Government allow it to make use of tools such as debt-to-income ratio limits, the Minister has asked for further advice on how the Bank might implement such tools."I have made clear that in principle I would want these to apply only to investors," Robertson said."It's important that any potential restrictions do not disproportionately affect first-home buyers and low-income borrowers."Yesterday it left the official cash rate on hold at a record low of 0.25 per cent and warned monetary policy stimulus would be required for some time yet.

In this episode, we discuss the recent letters sent between the Minister of Finance (Grant Robertson) and the Reserve Bank Governor (Adrian Orr). Mr Robertson had written to the Governor about his concerns around rising house prices. He suggested a small change to the remit of the central bank, that would explicitly ask the Reserve Bank to consider rising house prices when making monetary policy decisions. If you have a property investment topic you'd like us to talk about, send us a text. Our number is 5522. It'd be great to hear from you.

The Government has signalled its intentions to take advantage of the all-time low cost of borrowing to bring forward a "significant" amount of spending on infrastructure projects.But there is little detail about the size and scale of the spending package – the Government promised to unveil more information at the Half Yearly Economic and Fiscal Update (HYEFU) next month.Speaking at Labour's annual conference this afternoon, Finance Minister Grant Robertson said the Government has a "once in a generation" fiscal opportunity."It makes sense to take advantage of this low [government] debt and record low interest rates to make investments now to benefit generations to come."Right now, he said, the Government can borrow at an interest rate of just 1.3 per cent for 10 years – an all-time low."We have the lowest borrowing costs in New Zealand's history, so it's time to invest."The announcement will come as welcome news to Reserve Bank Governor Adrian Orr, who has been calling on the Government to spend more money to help stimulate the economy.Robertson said he had directed Treasury to help bring together a package of short- and medium-term infrastructure projects the Government can invest in."We are still finalising the full list of specific projects, but they will be spread across the country and will support a number of different sectors."Just what sectors Robertson is referring to remains unclear at this stage, as does the amount of money the Government will spend.Reserve Bank Governor Adrian Orr says he will be watching the Government very closely to see if it actually spends what it said it was planning to over the coming years. Photo / Mark MitchellBut Robertson emphasised the size of the investment package would be "significant"."The investment will have a significant economic impact and create more job opportunities for Kiwis – especially young people."New Zealand's economy, although still relatively strong compared with other countries, has been weakening.Robertson noted this in his speech, citing issues such as Brexit and the US/China trade war as the main contributing factors to a global economic slowdown."As an open, export-based economy we are not immune to this slowdown. We cannot expect rates of growth to continue unabated in this part of the global economic cycle."One way the Government can boost the economy is by spending more money – Orr has been advocating for this approach for much of this year.Speaking to Q&A in August, he put it plainly: "We really need to see the Government spending."Earlier this year, Robertson said that the Government would be abandoning its 20 per cent of GDP debt limit for a 15-25 per cent band.That decision means the Government would have billions more dollars it would be allowed to borrow, before hitting the upper limit.

Reserve Bank Governor Adrian Orr is warning the Government's flagship KiwiBuild policy could "crowd out" the private sector.But Finance Minister Grant Robertson disagrees, saying Orr's forecast was "certainly challengeable".This morning, the Reserve Bank published a discussion document. It says KiwiBuild could contribute 100,000 affordable houses over 10 years, but it's unlikely that will be achieved without crowding out a "significant amount of other residential construction activity". And Auckland house sale prices have hit their lowest levels in three years.See omnystudio.com/listener for privacy information.