We are well on our way to a collective one trillion dollars in debt.

In the year to the end of May, New Zealand hit just over 870-billion in gross debt - up 5.4 percent from almost 830-billion last year.

It represents an average of just over 160-thousand dollars in raw debt for every person in the country.

At the current rate of growth, New Zealand will hit the trillion dollar landmark,  inside the next three years.

That rate has eased in the past two years as the Government has sought to curb borrowing, and the housing market has been flat.

We are well on our way to a collective one trillion dollars in debt.
In the year to the end of May, New Zealand hit just over 870-billion in gross debt - up 5.4 percent from almost 830-billion last year.
It represents an average of just over 160-thousand dollars in raw debt for every person in the country.
At the current rate of growth, New Zealand will hit the trillion dollar landmark, &nbsp;inside the next three years.
That rate has eased in the past two years as the Government has sought to curb borrowing, and the housing market has been flat.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Brad Olsen: Infometrics Principal Economist on debt nearing $1 trillion

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/54cab843-0aab-471a-9141-b33c012a387f/transcript

Hamilton's welcoming the Homegrown Music Festival back to the city where it all began. 

Organisers announced last year the festival would leave Wellington after being held on the capital's waterfront for 18 years. 

Homegrown Chief Executive Andrew Tuck says Hamilton's Claudelands Oval will offer two-and-a-half times as much space, with acts like SIX60 and LAB set to take the stage. 

He says the lineup for this year’s festival is the strongest they’ve ever put together. 

LISTEN ABOVE 

Hamilton's welcoming the Homegrown Music Festival back to the city where it all began.&nbsp;
Organisers announced last year the festival would leave Wellington after being held on the capital's waterfront for 18 years.&nbsp;
Homegrown Chief Executive Andrew Tuck says Hamilton's Claudelands Oval will offer two-and-a-half times as much space, with acts like SIX60 and LAB set to take the stage.&nbsp;
He says the lineup for this year’s festival is the strongest they’ve ever put together.&nbsp;
LISTEN ABOVE&nbsp;

Andrew Tuck: Homegrown CEO on the festival's return to Hamilton, this year's lineup

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/24319c27-34f3-430a-b6b0-b40b0173b83b/transcript

An electrification advocate says the rising price and falling supply of gas may not be a bad thing in the long-term. 

PwC research —commissioned by Gas Industry Co— has found New Zealand's gas market will need to shrink sharply as domestic supply declines.  

It warns this could mean business closures, job losses, and higher energy costs. 

Rewiring Aotearoa CEO Mike Casey told Ryan Bridge it's going to be a tough transition, but we need to move away from gas anyway. 

He says gas is an expensive and inefficient technology, especially in homes, and the more people get off it, the better it will be for them in the long run. 

LISTEN ABOVE 

An electrification advocate says the rising price and falling supply of gas may not be a bad thing in the long-term.&nbsp;
PwC research —commissioned by Gas Industry Co— has found New Zealand's gas market will need to shrink sharply as domestic supply declines. &nbsp;
It warns this could mean business closures, job losses, and higher energy costs.&nbsp;
Rewiring Aotearoa CEO Mike Casey told Ryan Bridge it's going to be a tough transition, but we need to move away from gas anyway.&nbsp;
He says gas is an expensive and inefficient technology, especially in homes, and the more people get off it, the better it will be for them in the long run.&nbsp;
LISTEN ABOVE&nbsp;

Mike Casey: Rewiring Aotearoa CEO says declining gas supplies could accelerate the shift to cleaner and cheaper energy

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f0292774-89d6-4440-bd83-b40b016ac9b5/transcript

New Zealand is still a long way off from car-less days, AA fuel spokesman Terry Collins predicts. 

Government ministers yesterday were receiving advice on emergency fuel measures that could be taken if fuel stocks got too low as a knock-on effect of Iran's closure of the Strait of Hormuz. 

But Collins told Ryan Bridge Early Edition the Petroleum Demand Restraint Act, which allows for carless days and other options like fuel rationing, is very old fashioned. 

“In those days we didn't have things like working from home and all the types of IT that we do today that makes us maintain productivity in another way.” 

New Zealand also has a fuel security plan which was updated last year. “We hope it never has to be implemented, but at least we've got a plan and we've got legislation that if it's needed, we can implement.” 

There have been reports South Korea could ban exports of refined fuel products to ensure they had sufficient supply at home. That would have major impacts here as New Zealand receives 48% of its refined fuel from the east Asian nation. 

In that event, New Zealand would have to look for different markets including Singapore, Brunei, Malaysia and Indonesia, Collins said. 

“We get a tiny bit out of places like India and the US, but basically we'd be in the same scramble as many other countries.” 

Oil prices are “so unpredictable”, he said. “One thing history's taught me is America tends to underestimate how long they stay in conflict. So I'm very concerned when they talk about weeks when it looks like it could be months.” 

LISTEN ABOVE 

New Zealand is still a long way off from car-less days, AA fuel spokesman Terry Collins predicts.&nbsp;
Government ministers yesterday were receiving advice on emergency fuel measures that could be taken if fuel stocks got too low as a knock-on effect of Iran's closure of the Strait of Hormuz.&nbsp;
But Collins told Ryan Bridge Early Edition the Petroleum Demand Restraint Act, which allows for carless days and other options like fuel rationing, is very old fashioned.&nbsp;
“In those days we didn't have things like working from home and all the types of IT that we do today that makes us maintain productivity in another way.”&nbsp;
New Zealand also has a fuel security plan which was updated last year. “We hope it never has to be implemented, but at least we've got a plan and we've got legislation that if it's needed, we can implement.”&nbsp;
There have been reports South Korea could ban exports of refined fuel products to ensure they had sufficient supply at home. That would have major impacts here as New Zealand receives 48% of its refined fuel from the east Asian nation.&nbsp;
In that event, New Zealand would have to look for different markets including Singapore, Brunei, Malaysia and Indonesia, Collins said.&nbsp;
“We get a tiny bit out of places like India and the US, but basically we'd be in the same scramble as many other countries.”&nbsp;
Oil prices are “so unpredictable”, he said. “One thing history's taught me is America tends to underestimate how long they stay in conflict. So I'm very concerned when they talk about weeks when it looks like it could be months.”&nbsp;
LISTEN ABOVE&nbsp;

Terry Collins: AA Fuel Spokesperson weighs in on rationing fuel as oil prices spike

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e2147cba-73c3-4208-b8a0-b40b0121f4bf/transcript

Brad Olsen: Infometrics Principal Economist on debt nearing $1 trillion

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