NZ in recession as GDP down again - but is there light at the end of the tunnel? | Stuff.co.nz

[@Kiwiadventurerandoverlander]

That’s what happens when the economy has been driven on property speculations for the past 2 decades without actual productivity growth

[@growtocycle6992]

On the money

[@growtocycle6992]

Dairy won't do it... We can prioritize luxury tourism, but locals need to change their frankly racist, xenophobic perspective to make it work... And I don't want NZ to just become a big Queenstown! 🤮 It's tough! Agriculture and beautiful landscape are underrated, economically. Money isn't everything, mind you. I prefer recession to American "economy at all costs" policy! People and planet first

[@thinking102]

another "expert" knowing more than any actual expert in this field...no mention of the massive redundancies, companies exiting NZ, public sector job losses in the 1000s, etc etc....

[@kiwikiwi223]

@@thinking102 he's speaking about the last 2 decades not the last year

[@robertmariu6783]

This government has only just started , better hope they don't get a full term !!!

[@sueelliott4793]

Who are they trying to con? We have been in a recession for years since covid and its turning into a depression.

[@Bubonica-AoE]

and why tf would we wanna buy a $12,000 bike in a recession.

[@TC8787-yq7og]

😂

[@highpig56]

@sueelliott4793 stock market has to be down 30 percent to be called a recession so no

[@barrynichols2846]

who are you trying to con ?

[@leealex24]

Nz is small, isolated and not competitive

[@jizzied3090]

Who's bright idea was it to make the minister of finance an English Major. What a backwards world we live in

[@reddog5031]

I've got a history degree.

[@CopperCat-l8e]

we live in a democracy

[@grantbutcher2227]

Inflation under control. My food prices keep rising , fuel costs are high, what?

[@barrynichols2846]

Ah, if you go to Stats NZ. Domestic inflation was 4.85%, and food inflation 10.4%. Petrol went down 8%. It was always wordwide inflation. This was predicted. Treasury predicted weak growth, but National took that and drove the economy into the ditch. The cost of the ferry shambles is still to be felt.

[@Jakey4000]

To be fair in 2018-19 fuel in NZ had been teetering from a starting record high of $2, to an unbelievable at the time high of $2.50 for timaru area, which is often not too bad. Accounting for inflation our current fuel prices have been considerably cheaper than what we paid in 2019. That's not to discredit the fact this government is an absolute disgrace and have no business managing a recovering economy, austerity only accelerates how poor real kiwis become.

[@MSDGroup-ez6zk]

@@Jakey4000 I was told that the NZ central bank rates would stay at 4%, minimum. This is double than prior Covid. More and more employees have work from home during weekend as part of job offer. They don't spend money to local restaurants or caffes during the weekend. Parking fees in some cities like Auckland are 1.5 times more expensive than the meals at McDonald. Australia is greener than NZ. It pays top NZ people double than in NZ.

[@samuelforsyth6374]

if they lie about inflation they can lower rates, MMT / Keynesian dogma they call it 'hedonic adjustments'

[@MrADTNZ]

@grantbutcher2227 it's getting worse

[@InnocentAnglerfish-pr9cl]

NZ has too many houses over valued.

[@tdwilliam27]

Build cheaply!!

[@malcolmwebster1174]

Thousands of more New Zealanders coming to Australia in 2025.

[@yolandascholten2012]

Young, smart productive ones.

[@Smitty55888]

It's no better in aussie , it's worse , probably the most expensive country In the world.

[@jimmunro4649]

No better there just bit hotter that all

[@njm361]

@@Smitty55888then why is all my family that are in Aussie doing so well? And why could my workmate who moved to Aussie buy a house in less than a year? And why have all of them said they will never come back to New Zealand?

[@user-kiwikind]

That’s a bit outdated. If you can find a place to rent that’s not expensive as, then maybe

[@sweetybnz7482]

Crash and burn. Luxon did the same at Air NZ.

[@Rob-vv5yn]

The economy and country was well stuffed before the Nats even got in, why do you think the labour govt got booted

[@WiredLizard]

Yeah labour left it in a real mess​@@Rob-vv5yn

[@raylenepatrick4698]

Unfortunately, all governments have suffered severely due to the costs of COVID. 3 years of huge costs have damaged all economys. The Labour government did extremely well to manage the situation and other countries credited them for that fact. People are fickle, with short memories. Any person who voted National, that isn't a businessman or farmer, needs their head examined. The party of the wealthy is not interested in the middle / lower class working families. That's not what they're about. National always promise help to the NZ workers, but it's lip service. The first opportunity they get to strip something away from any social welfare, they're in like Flynn. A party for the wealthy only. So no surprises there

[@sweetybnz7482]

@@Rob-vv5yn Last government faced high inflation just like the rest of the world due to covid. The Nats decided to implement Liz Truss style austerity and tax cuts for the wealthy. That is why we are facing a deepening recession while the rest of the world shows steady gdp growth.

[@philipjackson5818]

@@Rob-vv5yn Because the voters listened to the lies of the National Party, just look at the mess they have created.

[@S_F_U_L]

This recession was not an accident. National intends to sell off the interisland Ferries and needed the economy to be in such an awful position in order to be able to justify the sale to NZ. Don't be fooled.

[@Ian-d7u3x]

You are aware that Orr orchestrated the recession whilst Labour were still in power? I'm not a National voter but let's at least be honest!

[@Summer-fi4qi]

You’re saying they screwed an entire nation’s economy just to sell small island ferry transport?😂😂

[@S_F_U_L]

@Summer-fi4qi Nicola Willis isn't a genius but they intended selling assets, selling new mining, & oil/gas permits all along. They're not fiscally responsible they just want to privatise everything. Its not hard to understand

[@dogmannz]

And then we'll have yet another former national asset being run for pure profit like the electricity system, telecom, the banks . . . . . These twits never learn

[@plueitaro]

finance minister needs to go...maybe have someone who knows how economy works...just saying

[@thelostgeneration2000]

It's RBNZ to blame, not minister

[@silverdale3207]

Robertson artificially kept GDP up by borrowing and getting future generations into more debt, that can't last forever, this is what happens when we start living within our means.

[@JULIEBROTHERS-qr5or]

I think Finance Minister is doing just fine. Clear speaker A good.. woman !

[@youzhou2946]

so grant robertson knows better?

[@kentaylor2416]

​@@youzhou2946Didn't push us into recession and make us have third world infrastructure. Come back Grant!

[@katiegeorgeripia]

My husband is a delivery driver all over Wellington. In just the last year he has seen the real faces of this government's getting NZ back on track. Business having to cut bk on workers. He walked into a morning meeting where some poor ppl were being told they would no longer have a job in 2 week's. The looks on their faces he said broke his heart. Some other businesses the mood and stress levels are so thick you can feel it when you walk in. Worried faces and stressed bodies. This government has socked thousands of ppl from their jobs and for whatever reason didn't think it wouldn't have a follow on affect down the chain. Can't understand how ppl who voted for Luxton thought he would make a great PM of NZ. Especially when he was CEO of Air NZ and nearly bankrupted the company and the Labour government bailed him out. Ridiculous

[@danielpye7738]

The actual number of government employees gone so far is around 2000 not 20,000 as reported by Stats NZ. And did they actually go to work or “work” from home?

[@simplygreen5832]

Regardless we just had Jacinda, this is still an improvement.

[@Kiwi-Ahh-Nah]

​@danielpye7738 My role was cut. It had nothing to do with the narrative National were using to downsize. Anyway, the functions of my role are still being performed but by consultants. So basically my role was outsourced to the private sector. Oh, and I worked from home and the office. Worked my ass off for the people of NZ and yet I still got kicked to the curb.

[@danielpye7738]

So my next question is what did you do and how do I measure what you did in terms of value, to me and other taxpayers? You see that is part of the problem with government. We see a lot of small things getting more difficult and we are paying more for the “privilege” of public service. By the way I am not against government employment but we hear all the time about how the “private sector” fails us. But by far most the money I spend on one thing each week is tax. And there has to be accountability for us, I don’t regard that money as charity. For the record my wife works for the government through healthcare. She recently got audited for her output. I think that is a good thing for us and her actually too.

[@leealex24]

Nz is small, isolated and not competitive

[@pyrokos]

what the hell was this add for an E bike?!?

[@WillPower46]

Felt like it.

[@user-kiwikind]

It’s an example of a company doing well.

[@joefingers1248]

Luxon is supposed to be a businessman. Check the value of the $NZ to foreign currency.

[@malcolmWaite-g4t]

yep, on the way down will add imported costs, fuel the lot

[@riptyurass302]

NZD is absolutely plummeting. All this means paying more for imports, so more money on petrol, groceries and going on holiday. They ran on improving the economy and one year in it's only got worse.

[@emmo_93]

Like 1usd equal to 1.70 nz

[@Pid75]

It’s more about the USD going up than the NZD going down. We don’t have any control over that. Expect the USD to keep going up for a while yet, then some point it will go down very quickly. That’s when you need to panic. Also remember that a low dollar is good for our exports which is good for our economy ultimately.

[@emmo_93]

@Pid75 usd good investment? I have a few k I bought when it was 1usd for $1.5 NZ

[@heyitsdutch9403]

$12000 for an electric bike???? What a waste of money lol

[@timsmy-pr9sw]

Do not let the Government of the day blame anyone else, they said they would have it turned around in the first 3 months!! The rest of the story is who (not a tiny e-bike startup) is doing really well in this economy, and what ties do they have to the current coalition? Remember journalism?

[@simplygreen5832]

lol, lmao even.

[@yesterday1396]

Everybody my age is getting out. There is no future in New Zealand under national.

[@HMenendez]

Yes. I moved to NZ from Peru and life was great, but the past year has been very difficult for me and now I’m considering moving to Australia.

[@stuartmunro2474]

Nothing technical about it - these buffoons always do this. And this time they can't pretend it was the GFC.

[@MrADTNZ]

Nz is going down the drain

[@cranetrucker1298]

Go woke go broke

[@kentaylor2416]

​@@cranetrucker1298And yet, it's this government that's taken us into recession.

[@simplygreen5832]

Sorry to break this to you but this is actually a step up from crimes against humanity.

[@dogmannz]

Don't be silly, Te Pati Maori will save us.

[@ChrismTwo]

Who would have thought austerity & a lack of gumption would tank the economy ..... but don't worry I'm sure they'll borrow enough money to try and win the next election....

[@raywheeler3135]

They have already borrowed billions to pay for handouts for landlords

[@downundabrotha]

The fact I know people that Voted National and then when things went belly up they packed up and moved to OZ 😅

[@aarongraham6017]

Labour ruined nz and left a lot for national to fix

[@KevinMorland-o3c]

Maybe we should start saving to bail the banks out again LOL

[@britishmalayasociety]

@@aarongraham6017 So what has national done to fix it?

[@Choice679-r1o]

Other countries like Australia & the UK had higher inflation than us during Covid but did not adopt an austerity program like National. This is why they are now all ahead of us.

[@growtocycle6992]

In what metrics? Australia has sky high rents. The UK is a joke. At least I enjoy my life in New Zealand. We don't know how lucky we are

[@Pid75]

@@Choice679-r1o I don’t think many in the UK would agree with you.

[@Rob-vv5yn]

Err it’s the reserve bank that drove the economy in a frizz by lending cheap money for too long and then strangling it to death by being so out of touch. The brakes came of far to late blame the idiots controlling the money supply. The Aus reserve are putting rates back up

[@danielpye7738]

The UK is absolutely rogered. They thought it was bad under the Tories and put Labour in. Well Starmer may well be worse than Jacinda. Australia is currently pushed up by demand. So many people including Kiwis want to live their driving competition for homes etc. Here in NZ we are missing 20% or more of tourism and a lot of overseas students. It’s worth billions over a year and this is the 5th year in a row we are missing out on this spending.

[@Choice679-r1o]

@@danielpye7738it’s bad when you realise poor performing economies like the UK which has lower unemployment and higher GDP are better than us. In addition this year has a record brain drain of kiwis going to Australia. Says it all really.

[@Club98000]

NZ fast becoming a low income state

[@MrCykotickiwi]

We have been one since the 80's

[@Notasalamanda]

Income relative to costs I'd say it already is. I dread the thought of moving back.

[@jimmunro4649]

BS it cheap living back then way way better than now cheaper fuel cheap Houses cheaper FOOD

[@MrCykotickiwi]

@@jimmunro4649 ...but how much were Factory workers getting paid.. my first full time job I was earning $186 a week.

[@BobbyLawblaw69]

Has been for a decade.

[@SplitFinn]

I just came back to NZ after having worked a wine harvest in the UK, I was away for 5 months. Kiwis really don't know how well they have it. I know it sure as hell doesn't seem like it, but you really have to leave NZ (if even briefly) to grasp it.

[@thinking102]

nope

[@MrCykotickiwi]

It is a pity we follow the UK model... things are going to get worse for us. We will become more like the UK/US

[@Rob-vv5yn]

Well said

[@growtocycle6992]

Agreed... Sometimes, we waste too much time looking at economic metrics.

[@htth8633]

Would you mind elaborating on that? Which things are worse in the UK? -- not trolling, just very interested,

[@marnoster]

Trickledown economics doesn’t work. There’s no reason for rich landlords to spend the money they’re saving on tax, and the rest of the country are worse off, so can’t spend. If you voted National and lost your job or are struggling, you have no right to complain. Voting national was shortsighted and everyone that did, did so so because they thought it would better themselves. This country needs to invest in each other again. You can’t do this alone.

[@grantbutcher2227]

The mis management of what is meant to be a buisness orientated gov. We need more housing infrastructure etc do we need to have a payout on houses, tax rebates on an overpriced housing?

[@britishmalayasociety]

They are a business oriented government. Doesn't mean that they're an economy oriented government.

[@atomipi]

Overpriced housing ? The houses are based on what a foreigner can buy one for. A indigenous kiwi (work here all life paying taxes) cannot afford current foreign pricing. Foreigners never contributed to the utilities that built our country for our children, they sponge off what history built, and that is why a long term kiwi, or child cannot compete in a world market. NZ has sold out to the highest bidders, and the country will go downhill. simple.

[@W00IS-J]

Business oriented government what a perception. Actually they like giving easy money and free rights to big international corporates who the leaders are friends with.

[@simplygreen5832]

We need less immigrants.

[@penguin-uo7he]

Indeed, our wallets are so empty that even tumbleweeds wouldn't bother rolling through. We've reached a level of broke where window shopping feels like a luxury and the idea of finding spare change is akin to discovering buried treasure.

[@maigepresents5840]

Speak for ypurself... I'm paying an Auckland mortgage and living a pretty decent life on a single income...

[@penguin-uo7he]

@@maigepresents5840 And not a single care was given, my friend

[@philipjackson5818]

All the blame here lies with this 3 headed coalition of total chaos.

[@yesterday1396]

National should be ashamed of themselves.

[@de-nz4jp]

Labour should be ashamed of themselves... utter disgrace ..

[@HumanRoadcone]

They're all crap

[@atomipi]

Labour Adern Hippocritcerns et al started it by borrowing, and scamming the people of NZ. Nat are riding the wave., and will keep doing so until a the dire tipping point of utter mass societal breakdown (happening now, you just dont see it).. as long as they make money scamming the masses, they will keep making more while they can.

[@tommaxwellmans3]

@@de-nz4jp How is it the opposition's fault? They are out of power.

[@downundabrotha]

They were supposed to turn the country around and now they're in recession 😅 Nice job Luxon

[@hanchung1592]

If you look at micro level, we put too much stupid ideas and millions of dollars like bicycle lanes that use by less than 1% of population (plus pay no road tax for bicycle owners) but create havoc & confusions to traffic flow (for the roadtax payers) and removed all the car access to retail shops. Some shops turnover is reduced to less than half.. Imagine how many businesses effected when badly designed bicycle lanes all over the town? I would say more than 50% of the shop owners effected.. no customers means business closing down which = recession.

[@davidmckeown6313]

That's the plan Stan . Time to wake up

[@haimona12]

Rubbish

[@simplygreen5832]

@@davidmckeown6313 yep, Agenda 2030, "10 minute cities"

[@WillPower46]

Spending is what got us into this hole, combined with excessive tax closing smaller businesses down. As a small business owner I can assure you that after all our expenses and taxes we keep less than 10% of the turnover. Would be easier just to go work for the government and earn the same for doing much less. However that is what happened in places like Greece where school leavers only had one ambition go work for the state as Police, nurse, teacher or some other government job. Eventually nobody is earning any money for the country and the house of cards comes crashing down.

[@thinking102]

ummmm you do know that they have made 1000s of govt workers redundant????

[@eugeb3946]

As a small business owner did you receive support during covid? Do you still have a small business? Economic vandel Luxon doesn't care for your business...

[@Rob-vv5yn]

@@thinking102 you do notice that with 1000s of employees gone it’s made no difference at to the lack of efficiency of the government departments. WTF were they doing just standing around being as inefficient as possible.

[@whokilledjr3719]

@@thinking102and any such affects on the economy as a result won’t be felt for years

[@dpcam1243]

totally agree with you. Labour killed the economy by signalling that the wealthy are evil. We are very unproductive here and have made entrepreneurial spirit a crime and as a result the universities main job seems to be training up people to work in the public service.

[@QI-nzdownunder]

Many people are experiencing housing, food, electricity, and employment insecurity. When is this Government and it's coalition partners going to come out of hibernation, and fix it?

[@johnnyvanderhelm4414]

Unfortunately New Zealand is going further down the gurgler. NZ$ is getting weaker by the day. Almost triple to the pound sterling. I’m lost for words now. Goodbye NZ.

[@tuivuetaki3901]

Interest rates need to cut by 100 basis points or more in February. That will get the wheels churning.

[@haimona12]

We saw the austerity coming a year ago and moved back to Oz after 2 years in NZ. I'm ex NZ Treasury and the NZ economy is a disaster. RBNZ with a govt/ indemnity caused most of the inflation via QE and then slammed on the brakes. This year add severe budget cuts and and an energy shortage and price rises caused by under-investment designed to keep prices high. Great for dividends and corporate bonuses but ruinous for the economy and social welfare. The education system is utterly broken with huge classes and excessive decentralisation. Productivity is a disaster due to decentralisation, high immigration and the tax driven preference for property speculation instead of investing in the real economy.

[@simplygreen5832]

Is RBNZ partisan? 'cause it seems like they're picking when to cause trouble for different parties.

[@huaweispotify2472]

NZ became a nice place for profiteering at any cost

[@Thesewingsuccesschannel]

A section of the population who was the greatest supporter of the food court industry are declining so more emptier eating spots and struggling small businesses owners

[@Not4Prophet]

Anyone still "following" these media messages are sleepwalking into oblivion

[@cranetrucker1298]

Dam straight!

[@piripimatiaha9010]

Nz going backwards

[@muddypawz7778]

Sorry, reporters need to put the pressure on and really highlight the issues so that government gets it right. Drs are beung laid off, theres a freeze on hiring nurses and areas where people are not getting health care. Landlords are not reducing rent and foreign companies that oversee nfrastructure are taking profits off shore. We also have a large nunber if business owners here in NZ that are sending profits back to their country of origin. We need businrss people in government and in positions of power not academics nor people who have had cushy jobs.

[@mrjadelee]

weird bike ad

[@yolandascholten2012]

Wasn’t it just an example of a business that is successful in NZ despite the dismal economy?

[@DanielleA2023]

Under the govt of fiscal prudency 😱 making New Zealand great again 🤮🤮

[@raywheeler3135]

@Edgycoo Nationals doing

[@tommytato3988]

@Edgycoo “Labours doing” Labours doing nothing wrong as National coalition is in Govt” C’mon - keep up.

[@RoniCarbine]

​@tommytato3988 LOL takes a long time to fix 6 years of the previous governments bad decisions. If you can not see that, then you need to keep up

[@tommytato3988]

@@RoniCarbine Takes even longer to fix up the previous 9 years of total incompetency from before that. If you can’t see that -then you should really stop commenting and embarrassing yourself. C’mon man - keep up.

[@RoniCarbine]

@tommytato3988 The funny thing is the period you mentioned had a surplus every year. Source stats nz

[@sslim9247]

Entrenched economy contraction. A spectacular result of mainly still-high interest rate and massive government spending cuts !

[@growtocycle6992]

This isn't high interest rates...

[@Rob-vv5yn]

Reallocation of money, cut wasteful spending, the money was just moved from one place to balance ethe books the last govt had no plans for where to get money from but borrowing it wholesale, and the previous govt was hiring thousands of government employees right till the day they got booted have you noticed the world hasn’t collapsed without all those workers.

[@ChelleMEis]

They need to freeze prices and not allow any exceptions, especially with groceries and petrol and utilities.

[@jondoe19896091]

a block of cheese is about half the hourly minimum wage. are we not fked?

[@Pid75]

Wow…shock horror. Who would have guessed. The only people who didnt already know this were the economists.

[@timsmy-pr9sw]

Not sure what you mean? The revision? The projections are based on previous years trends, which in this case are all Labour trends. So Stats projected what usually happens given what we are seeing and what’s happened…it turns out, they are SO bad, they are losing against the historical average. Economists of all political parties warned against this governments austerity, it was then and remains today a rare topic that all economists agree on. A rare open letter from economists was sent to NW weeks ago, urging her to stop the cuts and to put money back into things like schools and health, as they are not only crippling the work force that they depend on for GDP, but they are also inhibiting our future potential by underfunding the tamariki of New Zealand. Nicola basically said, F U, I believe in my own theories of economics and I’ll keep doing what’s best considering those ideas, which is cutting. She has decided that the most sustainable cure for a headache is to cut off the head. But in this example we all live within that body. This doesn’t end well. Economists know that we can rebound from this bs, but the lingering issues that will have embedded in our systems will persists for decades and the damage they have done to make a handful of people a little more rich is a bloody war crime. Maybe what you don’t know is that the people who calculate GDP, are not economists. They are national accountants, or analysts, or statisticians. In case you’re wondering.

[@danielpye7738]

Where is the austerity exactly though? The government spending is still extremely high as part of GDP. Trying to get better value for money for taxpayers is not bad in any way at all. You citing schools and hospitals is right on as we need better performance from those institutions amongst others. Part of the problem is the growing divide between private and public sectors. The public sector cannot outstrip the private sector but we are trending that way and it has to be stopped.

[@Pid75]

@@timsmy-pr9sw I agree with you regarding schools and health although that is more of problem that will show up in the future rather than the past 3 months GDP. It doesn’t really matter who calculates the GDP, it’s economists who interpret and write about it. I’m no fan of Luxton, but this prolonged recession was baked in well before he took over. His job is to get us out of it and put thinks in place for the next boom. He should be judge on his (doubtful) ability to do that.

[@simplygreen5832]

@@timsmy-pr9sw These economists wouldn't happen to be Keynesians would they?

[@ALxdCr4ftPlays]

High cost of living crisis is real in NZ. Median average wage is less than $30hr. Our wages are not keeping up with annual bill increases like Microsoft Office, Netflix, etc. People are going into more debt in order to invest in summer holiday to bring enrichment to what has already been a tough year. And the threat the government will increase public transport fares next year by the highest 70%. Minimum wage is less than $25/hr. I get paid $32/hr. People struggling to pay off their mortgage. Average price of a 2 bedroom rental in Wellington is a whopping $800/week more expensive than Christchurch and Aucklands average. Not to mention 2L milk at New World has jumped from $4 in the past to over $6 and whitikers chocolate from $4.99 to over $7. No wonder a record high amount of kiwis are moving to Australia where public transport fares are cheaper gst lower wages higher retail and cars noticeably cheaper.

[@malcolmwebster1174]

Sadly not a great Xmas present for the people of New Zealand.

[@kentaylor2416]

I guess taking fourteen billion dollars of government revenue and giving it to people who already have more than enough money wasn't such a good idea after all.

[@RVS6971]

kiwis love to crib , they dont know how bad it is out of NZ .

[@MrCykotickiwi]

Keeping National OR the labour party in power as we have always done should fix it....................................................

[@growtocycle6992]

Do you think the Green party will? I agree we need to increase taxes, but we also need to find productivity increases somehow

[@MrCykotickiwi]

@@growtocycle6992 I dont have faith in any of our parties. I dont have faith in democracy... it has failed.

[@growtocycle6992]

@@MrCykotickiwi I think there are make problems... Especially the obscene incentive to tax cuts and short term priority over long term... But I would also acknowledge, we the people of NZ need to take responsibility. No government for our entitled, lazy and low education "tall poppy"culture. Also, as much as we have gotten the economics wrong, we still have obtained a good quality of life. Bet blessed in this country, to be honest

[@njm361]

@@MrCykotickiwiexactly. It’s time to get rid of the two party system and actually get a party in power who cares.

[@MrCykotickiwi]

@@njm361 we do have MMP and have done so for years.. but it has always been a National or labour lead government.. too many people vote for one just to get rid of the other and feel like voting for the party most likely to win will do the trick.. and it does... but it is a mistake that keeps being repeated.. it is one of the reasons why i dont like democracy.. the choice is fake because They both serve the same agenda. People need to pay more attention to the laws the parties argued against that passed when in opposition to what they do with those laws once they get in... Remember when Labour was speaking out against the TPPA? What happened when they won the election. Didnt expect to write this much.. I will vote for the party that will disrupt the status quo or prove me right about how i feel about democracy... and it will never be National or Labour.

[@tinaorr2723]

How about actually making things right here in NZ instead of buying from overseas? Wouldn't GDP grow? What a concept!

[@Kiwi-Ahh-Nah]

What is it you're suggesting we make locally? We already produce a great deal for exporting.

[@stephenwallace7288]

New Zealand is now third world... been that way for years....

[@motorfiendz]

It's tough in NZ at the moment, however it's nowhere near third world, not by a long shot.

[@Kiwi-Ahh-Nah]

Why do you consider NZ third world? If our public health system collapses, which National seem to trying their best to make happen then NZ would be knocking on the door of being third world.

[@reddog5031]

Yes we need the policy of no pensions that all 3rd world countries have.

[@Choice679-r1o]

Potentially GDP in this final quarter could be negative as well. Spending signs aren’t great due to job insecurity with lower interests rates yet to kick in.

[@markferguson1338]

No kidding. We are asking tbe wro g question. Econo.ists know that if they flood the market with money then inflation will be the result. Economists know that to being this under control they must increase interest rates which results in failed business and increased unemployment. Politicians know that if they indroduce austerity measures as well then the tax take will be lower than expexted. The question that should be asked is whats their end goal?

[@JohnHallett5846isaPrick]

What tunnel?

[@donnrutherford7059]

When are they going to stop the raising indirect taxes which are in the rising prices we pay and make the corporations pay a real rate of tax that is causing the gap between the rich and poor

[@ashchow8888]

1 sentence I will finish. In 2014 1 pie was .50$ now 1 pie 6$

[@yolandascholten2012]

$6 and more!

[@civilunrested272]

not even in 1994 were pies .50 each

[@Tony_Chin_Orchestra]

Not even eh!

[@CreedenceClearHoarder]

Best to move, its NZers that are the issue. Too green. Over 50% Voted in Miss anti-oil anti-farming Jacinda. Then voted for Landlord Luxon. I refuse to vote as am sick of being given crap. Everyone else just laps it up its beyond me

[@philipjackson5818]

Not with this government.

[@braydeny]

Is it worth shurting down infrastructure so that our children have to build it.

[@timmyturner6002]

They tax cut us to this recession. 12 billion each year lost so a hand full of people could have coffees. Need a rich tax.

[@lasulupaulasulu2781]

Well that not inflation it’s cooperate greed too much power in them…they can raise their prices to double , triple up their profits by lying to cover the operating cost

[@D64nz]

Wow, they finally let comments on a video. Usually STUFF hates it when anyone dares to disagree with their own view. I don't bother with the other news channels who are too weak to stand up to any pushback and turn off comments.

[@simplygreen5832]

Seems to have changed after labour. Typical lefty BS of them sheltering their side. I may be wrong... prove it.

[@TB1M1]

All I can say is buy up big on microstrategy, stay as far as possible from banks, mostly they and the government are responsible they don't invest wisely. I had to laugh today at the NZD it's lost like 10% in a week. Currency debasement is happening so fast.

[@yolandascholten2012]

So a couple of timber mills close sighting high power bills, but an electric motor bike company is expanding.

[@scottgeen3062]

Chris mussolini luxon is behind in the times he has no idea

[@Kelvinpaul4]

Sky high inflation, ridiculous comment from Willis, as the comparable Countries shown all had higher inflation rates than NZ, the UK was 11% compared to NZ 7%. Why are we in a nose diving economy, is because of National's austerity policies. No Macroeconomists would support austerity measures to increase GDP, because it doesn't work. When a number (15) economists wrote an open letter to the Government, raising concerns as to the Government's fiscal policies negative impact on the NZ economy and society, the National party brushed it off as left wing propaganda. If austerity policies continue the economy will deteriorate. Willis should step down as Minister of Finance as she is will out of her depth. Talk about economic vandalism, it will take years to recover from Luxon and Willis's kindergarten economics.

[@krish19836]

Housing has to crash and young people should be able to afford housing. Else NZ will lose the entire skilled young to Australia. NZ is kind of used a transit to get to Australia even for skilled migrants

[@skepticprobe]

Cause? Greed from many landlords and over spending councillors, who keep hiking prices in the midst of a recession. If the value of property declines so should rent

[@darrenadams240]

This government are efin hopeless

[@wiremuporter5044]

Been in an up and down recession for a while... Hell even Keys copped 1😂

[@karl8179]

Are there any other businesses doing well? Just interested. Aside from the 3 minutes you spent advertising $12k E-bikes, any other business getting through the declining GDP? You mentioned Agriculture, Horticulture and Dairy were buffering the trend, can we hear a bit from them?

[@malcolmWaite-g4t]

why do they say inflation under control if the dollar drops anymore, we pay more, inflation on imported goods, all inputs that go into manufacturing, more likely the reserve bank may well pause any rate cuts

[@gaminggazonk]

I guess rich will get richer… they will start going around buying up cheaper assets as businesses/ mortgagees will start selling off.

[@nadinefay1560]

Nothing has changed, I struggled before, It got a little better from six months ago thanks to a part time job, I anticipate I’ll be struggling until the day I die.

[@tdwilliam27]

😂😂😂😂, she said she can do it. She have to resign like she said before election. She blew her trumpet early and now she have to cover that “HOLE”. 😂😂😂😂

[@darrellmeganfoxall8830]

Stuff you are always pulling us down, where is the good news, just like the mainstream news channels..doom and gloom .

[@chewskewsme]

Stuff always dumps on National and swoons over Labour - don’t expect it to report on anything negative about Labour or positive on National. Bought media.

[@eugeb3946]

Nothing positive to report on national 🤷

[@Tours11]

Well, a failed CEO took over the country 😒😒😒😒😒

[@diallover]

Sure, cut interest rates and the economy magically comes good straight away.

[@Fritz184]

Does this means NZ stops hiring workers from other countries, like bus drivers, construction workers and the likes of it?

[@danielpye7738]

I see lots of complaining but not a lot of the famous Kiwi can do attitude. Which pretty much sums it up.

[@cloudbuilder74]

The failure of govt management, and the inability of the Reserve Bank

[@海洋音樂-g6e]

While countries are doing their best to promote themselves and attract tourists post-COVID-take South Korea and all the K-pop initiatives as an example- we've chosen to increase visa fees and introduce a conservation levy, charging tourists more to come in. The intention to protect is good, but the timing couldn't be worse. No wonder we're falling behind

[@kiatupato182]

So if we look at Current UK, thats what near future NZ is going to look like? Absolutely stupid to follow a car over the cliff edge.

[@growtocycle6992]

Tax cuts in a deficit is preposterous!

[@thinking102]

they loaned 2.1 billion for the last lot to buy the dumb voters off andddd they will do it again, NZ sheep voters are too easily lead by their ignorance.

[@Rob-vv5yn]

You could donate yours to help pay the massive national debt run up by the previous govt if you wish you don’t have to be greedy and keep but but I bet there’s the no chance of that.

[@growtocycle6992]

@@Rob-vv5yn I would happily pay more. But it takes everyone - My income is only about median, mate.

[@danielpye7738]

Yeah which is the majority of us. I think it’s indisputable that they were wrong about the tax cuts being “inflationary” remember they were saying that at the time.

[@gregnz1]

Watties have started their shrinkflation, while keeping prices higher. Dairy prices are never going to drop.

[@treasuretrails]

When am I going to get my reparations from losing my career to Labours vaccine mandates?

[@raywheeler3135]

How many tin foil hats will you accept as compensation?

[@eugeb3946]

All the living grandma's

[@njm361]

@@raywheeler3135what happened to “get the vaccine and you will not get covid?”

[@dennisrogers6786]

Well nothing new. I read overseas news as NZ news is now becoming so isolated to just mostly NZ these days, that we don't know what's going on? but of course nothing new as the world is also in the same boat, gone downhill again and never recovered. Been going downhill since the early 70's and our monetary system is crumbling world wide due to greed and no controls to stop greed

[@kj1483]

1:01 The Streetdog50 is the ultimate urban electric motorbike. $12,000 made in Hamilton, NZ , now selling in Australia Combing electric responsiveness with a cafe racer fit and modern features like touch-screen . The Streetdog80 is the faster version of the Streetdog Classic. Made to order in limited batches out of New Zealand, $14,500.00 · ‎In stock reserve yours now or book a demo ride!

[@jone7079]

Never been so poor in my whole life and my cupboards are skinny because of the cost of food bills and petrol alone 😢

[@raylenepatrick4698]

Unfortunately, the resdon we get a lot of goods from overseas , is because th

[@CryptoRayGun]

E bikes dont build houses

[@MaxSpeedNZ]

Reserve bank must cut .75

[@rayandrews4825]

Interest rates put up so everyone tightening their belts to pay rent and mortgages, fuel, rates, power and food costs also high, and don’t forget ACC wants more money from us even though they have millions

[@macmckay9466]

When a financial hole has been dug for the past 10 years by labour and money wasted down it. How many years do you think it will take too break even. More then 5.

[@malcolmWaite-g4t]

they reduced debt after key, funny how most people weren't even concerned a year and half ago suddenly debt is on everyone's mind, Nationals strategy team has done a great job convincing people allowing them to pursue their agenda, wake up our Debt to GDP was 42% the highest ever has been 55% National has pushed it to 44% and will only increase it

[@Zv021-1]

NZ in the most unfortunate situation, underlined with a set of disturbing downward trends. Facilitating an extremely complex set of extraordinary cascading events. A decreased dollar value, high labour market shortfalls, Crumbling infrastructure, weak political influence & natural & climatic disasters. All attributed to NZ demise in this current unstable global economic freeze.👻👽😳

[@mjribes]

Third world here we come!

[@ambessaseway5594]

In many 3 world countries people own their homes maybe not luxurious but people own it

[@mjribes]

@ambessaseway5594 They own what the local chief says they own.

[@ambessaseway5594]

@mjribes did you know large% of land in Australia/NZ is owned by British King

[@mjribes]

@ambessaseway5594 All land in the UK is ultimately owned by the King.

[@ancgeo1]

I will and stay in NZ. Labour destroyed nz economy in two terms..Started with Jacinda and she escaped 😂😂

[@simonmiddleton4487]

Inflation is not under control

[@izzathadi4006]

drop down the currency rate to match China, and export more... your niche products are high quality, it should be the top choice out there compared to others who are mediocre

[@GordonSargon]

No recession at lotto. See many shops quite .government say economy doing well ?

[@erictuilaepa7506]

Dayum thats tough

[@centricorchid]

What you tell us and what is reality ain’t the same. Shops are busy, and people are shopping EVERYWHERE.. maybe some job loss etc but that’s a minority in a population of 5 million