FIRST WITH YESTERDAY'S NEWS (highlights from Wednesday on Newstalk ZB) Let's Move On/Houses for Everyone/Forever Cruising/Letting the Genie Out/Free Air Hard to Find
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Said, Hello, my beautiful beanies, and welcome to the bean for Thursday. First with yesterday's news, I am Glen harton we are looking back at Wednesday shock. The interest rate came down. Some people were saying it was going to and they were right. Some people said it wouldn't they were wrong. So, anyway, does that make it a little bit easier to get into the housing market? If you can't, should you just go on a cruise forever instead? What are the possible outcomes of this gene editing being released into the wild and free air? Isn't it great? But yes, let's start with this slightly surprising OCR announcement. What is Heather think?
He did his level best to pretend this isn't a massive, screeching u turn, but it is obviously, and the clue to why it's happened, even though he didn't want to say it out loud, is basically in the documents that they released along with the decision. The economy is incredibly stuffed. It's way more stuffed than even he thought it was in May because of what he is now seeing go on in the country. Business closures, an enormous fallen consumer spending, fewer trucks on the road, which means less economic activity. House price is going backwards again, house sales not picking up, unemployments, and so on. They are now projecting at the Reserve Bank that we are in a recession again. If that's true, and it probably is, that means that's our third recession in two years. Remember how Adrian All tried to engineer a recession, Well he engineered three. By the looks of things. What an absolutely massive price for this country to pay for what he was doing inflating the place away. Now I don't really feel like getting stuck into Adrian All today. There's plan, you have time and reason for us to do that. At some stage. I'm actually going to give him the bouquet, right, I'm going to give him a bouquet, the opposite of what I feel like doing most of the time. In the lead up today, economists were saying Adrian All was not going to cut. He should cut, but he's not going to cut for one reason, because of his ego, because it would be too embarrassing for him to admit what a massive mistake he made just three months ago. So good on him for tucking that ego away and for proving all of us wrong. He took it on the chine. He did the right thing for the country today and most of us and me absolutely included, are grateful that he's done it. And the worst is now over.
Hooray.
The worst is over, the os has come down a little bit, and we can just everything's going to be better from now on. Pretty sure that's how it works.
News talk z been.
We can all rush out and buy an extra house.
Yes, basically the good news for you houses are worth at ten times household and sorry now with seven point nine percent household income, they were worth ten times, so that is good news. Also good news, the time it takes to save for a deposit is now ten years. I know this is good news because it's better than the thirteen years that it took in twenty twenty one. So that's the good news. The bad news from the start of this morning, mortgage payments fifty four percent of your median household income fifty four percent, and that is ten percent above the average. So there's good news. In these bad news it's hard but not impossible for most people and still very much worth it. Long term values go up, there's the stability of owning your own place, and there's great stories like this Aukland twenty year old Lewis Pollock, who was in the news the other day, left school early, worked in retail, became a manager. He works hard for his money and he saves, had no help from his parents, and he's bought his first house at twenty t he's a homeowner and he's saying to other young people, you can do it if you put your mind to it.
Now.
I know this is not possible for everyone. You know, in some circumstances it just wouldn't allow you to be able to put the money aside to save. But for most young people it's hard, but not impossible and well worth the efforts.
We'd these people that seem to suddenly be spotlighted in the news sometimes, I really hope that never happens to me. I don't want to be suddenly the focus of the news just because I'm just going about my everyday life. I don't care how any houses on buying talk. If home ownership isn't for you, maybe just to go on a cruise forever.
Our first cruise, my partner before kids, we went on a cruise, started up in Italy all the way down to Robnet. But we met this Welsh family and mom and dad would have been in their late fifties and the kids were sort of in their twenties and every stop because the first cruise we were out doing things and we're like, what are you guys doing. They're like, we're just staying on the boat. And they had a drinks package and they just loved. Mom and dad talked about and a few years they're just going to cruise, you know, every every day for every year because they loved it so much.
That's extraordinary. Chris, thank you very much for your story. There are some naysayers, but these people don't like cruising by the sounds of it at all. Sounds really boring, visiting the same ports all the time. You'd need good insurance in case you need a treatment in other countries, says Craig. This one says onboard entertainment is not what it's cracked up to be. An eighty seven year old Rod Stewart singing do you think I'm sexy? And taking his shirt off like he did in the seventies. I'm still not sold. And then Jen says, Hi, guys, what about superannuation? You need a permanent address, can a Kathy.
I have just come back from the UK last week and I've had twenty three cruises. I think the most I've had Sea Us six weeks. I was on the D Day cruise there in June. A lot of people on that ship had walkers, they had ride on. They were well looked after. There's great hospitals, good nurses, wonderful staff, and you see a different view every day. We pulled up beside another ship in Iceland, who was one of these ships that does go around the world all the time and people are permanently on them, and so they let us have a weird lorker, just like being in a house, your own flat.
It's interesting. Most of the people I know who hate cruising, have you never been on one? They people have got a lot of weird ideas about what it's like to be on a cruise ship, and when you're actually on it, it's like, yeah, it's like a hotel. Right Now, we've got to address the Geniu thing thing. Apparently we're just allowed to do it after so long of not being able to do it. This is good or bad.
Restrictions around research like this have proven challenging for the scientists to work with. Another company is developing gene edited sterile Douglas fir trees as a way to help tackle the spread of wilding pines across our landscape, but it's having to conduct field trials in the US, so that would make a difference. And at AG Research, scientists have been looking at whether gene editing might unlock a pathway in white clover leading to specific compounds that might also help cut methane and nitrogen pollution. And once again the new laws would make it easy for the agency to run controlled field trials here in New Zealand. It's probably important to note here that implanting genetically modified sperm, eggs and embryos will remain prohibited, So is this still something to be afraid of? A survey of over a thousand people run by Primary Purpose, which is a research firm specializing and primary industries, discovered that attitudes on using genetic tech and food were approximately split into thirds, so thirty four percent support, thirty one percent to pose and thirty four percent were unsure. So how do you feel about it? This is very much new territory for New Zealand. It's move away from the cautionary approach that we've had for thirty years. But are we at a point now where by the benefits for society outweigh the risks.
I've just finished reading a book about what happens when geniuy thing goes wrong. It's science fictive, it didn't really happen, but it's threatened by the same guy who did Dart Matter. So if you've been watching that Dart Matter program on Apple TV Plus and you're like that, read this book and then you'll have some different ideas about with the genius of things good for society. Oh news talk z it been okay? So Marcus was talking about air last night, putting it in your tires.
I love a gas station with free air, and they have disappeared. I don't know whether the talkback goes with us, but what are we going to do about it? And how are people doing their own ear? You get a slight puncture, you go and there you pump it up. That's fantastic. That's what you want because if the tire shops. If the gas station's not doing it, who else would do it? I need to talk about this because I'm not happy. I don't know whether someone I never thought that someone would cut the end off the hose. It's a pretty low form of a crime, isn't it. So have you got any comments on that if you're working, guess, or if you're at a gas station, or if you know why they've suddenly all disappeared? Because isn't it a good thing to have people on the roads with air and their tires? How do most people do? Most people have compresses at home? Is it how people are doing it? I've got no idea. We haven't got a garage, you know how there's people with garages with all that stuff inside. Oh what are people doing with their garages? No one seems to be keeping their cars and them. Garages seem to have become a different function. Now they're the spear bedroom and where everything goes just before it goes to the storage unit. Oh, eight hundred and eighty ten eighty. So yeah, who's struggling with air? Any how you cope? Who's struggling with nowhere? And how are you coping with it? I'm not a fan. It all depends on where I go. Yes, and I like the one that goes ding ding ing ing ing ing sounds like a boxing match. What did a ding? There's nothing quite a satisfying on a long trip going to a gas station. Oh just check the air and the tires and you go, right, Oh that's good. You have no idea what the pressure is supposed to be, but you give it a press and that's good. Goes and love it. Godness, let's go back to that brilliant.
I know of a city station where they've sort of hidden where the ear is. You've got to go around the corner from the car park to find it. So that's that's a bit strange. And why is it that there's never anybody using the free air until you want to use the free air, and then there's like two people already waiting for the free year. What's it about another service station? Their things? Their dinger broke, so the air still worked, but you didn't know when you're inflated or underinflated or overinflated. Your that was compared. So yeah, I mean, and then because it's the air is free, you don't feel like you can then storm in and say, hey, your free year is not working properly. You can't really complain about free stuff, can't you. Anyway, I'm Glen hat that has been used towards zev Been and I'll fill up some more air for you tomorrow.
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