A chunk of businesses aren’t sure they'll survive this year.

A Retail NZ survey has found retailers aren't confident heading into winter and a third think they might need to close this year.

About two thirds didn't meet their first quarter sales targets.

Chief Executive Carolyn Young told Mike Hosking that the reality of where the economy is at is taking hold.

LISTEN ABOVE

A chunk of businesses aren’t sure they'll survive this year. 
A Retail NZ survey has found retailers aren't confident heading into winter and a third think they might need to close this year. 
About two thirds didn't meet their first quarter sales targets. 
Chief Executive Carolyn Young told Mike Hosking that the reality of where the economy is at is taking hold. 
LISTEN ABOVE

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Carolyn Young: Retail NZ CEO on retail businesses struggling to meet targets heading into winter

More protesters have been arrested as students continue to demonstrate at US universities.

Police dismantled a Pro-Palestine camp set up in front of Royce Hall at the University of California, making more than 200 arrests.

US Correspondent Richard Arnold told Mike Hosking that the protests turned to mayhem after midnight and fights erupted when pro-Israel counter protesters tried to storm the camp.

He said that flares and fireworks were launched over the encampment, and although no one was killed or seriously injured, it was pretty ugly and threatening.

At least 2000 people total have been arrested at protests across the country in the last few weeks.

LISTEN ABOVE  

More protesters have been arrested as students continue to demonstrate at US universities. 
Police dismantled a Pro-Palestine camp set up in front of Royce Hall at the University of California, making more than 200 arrests. 
US Correspondent Richard Arnold told Mike Hosking that the protests turned to mayhem after midnight and fights erupted when pro-Israel counter protesters tried to storm the camp. 
He said that flares and fireworks were launched over the encampment, and although no one was killed or seriously injured, it was pretty ugly and threatening. 
At least 2000 people total have been arrested at protests across the country in the last few weeks. 
LISTEN ABOVE

Richard Arnold: US Correspondent on the arrests made at the University of California after mayhem erupted at the protest encampment

Kiwis are being urged to check if Inland Revenue has any unclaimed funds in their name.

Almost 416,000 Kiwis are owed more than $477 million from forgotten funds, unknown debts, or unclaimed inheritance, which eventually goes to the Crown if unclaimed.

That includes the inheritance of Kiwis who died without a will and with no known relatives.

Lawyer Joanna Pidgeon told Mike Hosking that people have to know where the will is, and the estate then has to claim it.

She says everyone should have a will to make things easier for locating, accessing, and distributing.

LISTEN ABOVE  

Kiwis are being urged to check if Inland Revenue has any unclaimed funds in their name. 
Almost 416,000 Kiwis are owed more than $477 million from forgotten funds, unknown debts, or unclaimed inheritance, which eventually goes to the Crown if unclaimed. 
That includes the inheritance of Kiwis who died without a will and with no known relatives. 
Lawyer Joanna Pidgeon told Mike Hosking that people have to know where the will is, and the estate then has to claim it. 
She says everyone should have a will to make things easier for locating, accessing, and distributing. 
LISTEN ABOVE

Joanna Pidgeon: Lawyer on the unclaimed funds held by Inland Revenue

The Reserve Bank has an odd mandate.

On one hand they directly involved themselves in cocking up the economy to the extent it has been by throwing printed money about the place, often with no real guidelines to banks as to where it would end up. Small clue: it went into housing.

But the on the other hand they are all over us in terms of rules around what we can and can't do with income to debt ratios, how much money a bank has to hold in reserve for troubled times, etc.

The latest is the directive to banks about insurance cover on the places they lend money on, i.e. when we get a mortgage, we need cover and they now expect the banks to be even more vigilant about the sort of cover, how much for and how long it will last.

It's all in their Financial Stability Report.

But on the insurance issue they revert to their hands off approach, where they point out that they are seeing more people having trouble getting and paying for insurance and that this will be a growing issue.

Thanks for the warning. Have you got any advice?

Well, they have, sort of. They recommend insurers, Governments and home buyers, as well as lenders, should take action to improve our understanding of natural hazards and to proactively manage affordability challenges.

Awesome. Thanks for that.

This in some respects is the issue of our time. Like it or not insurance, if it hasn’t already, will become a burden, if not a nightmare.

The Government has already moved on the earthquake rules around buildings, knowing full well the current deadlines are unrealistic.

But the day is coming, if it isn't already here, where people cannot afford to be where they are or want to be, or even if they have money, can't find a backer.

So, the big question the Reserve Bank doesn’t answer is - then what?

If you can't get insurance, you can't get a mortgage. Maybe you can't get a mortgage because you can't afford insurance to the level they now expect.

You are stuck in a place that was once safe and now isn't. What do you do?

This all has enormous economic and social consequences. So, who is in charge of this and what is the plan?

Telling us it's an issue in a stability report isn't really a solution and that’s probably the way they like it.

It's always easier to point a problem out than to actually deal to it.

The Reserve Bank has an odd mandate. 
On one hand they directly involved themselves in cocking up the economy to the extent it has been by throwing printed money about the place, often with no real guidelines to banks as to where it would end up. Small clue: it went into housing. 
But the on the other hand they are all over us in terms of rules around what we can and can't do with income to debt ratios, how much money a bank has to hold in reserve for troubled times, etc. 
The latest is the directive to banks about insurance cover on the places they lend money on, i.e. when we get a mortgage, we need cover and they now expect the banks to be even more vigilant about the sort of cover, how much for and how long it will last. 
It's all in their Financial Stability Report. 
But on the insurance issue they revert to their hands off approach, where they point out that they are seeing more people having trouble getting and paying for insurance and that this will be a growing issue. 
Thanks for the warning. Have you got any advice? 
Well, they have, sort of. They recommend insurers, Governments and home buyers, as well as lenders, should take action to improve our understanding of natural hazards and to proactively manage affordability challenges. 
Awesome. Thanks for that. 
This in some respects is the issue of our time. Like it or not insurance, if it hasn’t already, will become a burden, if not a nightmare. 
The Government has already moved on the earthquake rules around buildings, knowing full well the current deadlines are unrealistic. 
But the day is coming, if it isn't already here, where people cannot afford to be where they are or want to be, or even if they have money, can't find a backer. 
So, the big question the Reserve Bank doesn’t answer is - then what? 
If you can't get insurance, you can't get a mortgage. Maybe you can't get a mortgage because you can't afford insurance to the level they now expect. 
You are stuck in a place that was once safe and now isn't. What do you do? 
This all has enormous economic and social consequences. So, who is in charge of this and what is the plan? 
Telling us it's an issue in a stability report isn't really a solution and that’s probably the way they like it. 
It's always easier to point a problem out than to actually deal to it.

Carolyn Young: Retail NZ CEO on retail businesses struggling to meet targets heading into winter

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