Andy Burnham's Government has released its first budget.  

UK Chancellor John Healey set out their latest tax and spending measures, saying it's a budget built on fiscal discipline, for the working people of Britain. 

Economic growth is forecast at 1.2% this year, and remains under 2% right up to 2031. 

UK Correspondent Enda Brady agreed growth is anaemic, but told Mike Hosking the whole of Europe is having similar problems. 

He says the plan off the back of this budget seems to be getting people through winter. 

LISTEN ABOVE 

Andy Burnham's Government has released its first budget. &nbsp;
UK Chancellor John Healey set out their latest tax and spending measures, saying it's a budget built on fiscal discipline, for the working people of Britain.&nbsp;
Economic growth is forecast at 1.2% this year, and remains under 2% right up to 2031.&nbsp;
UK Correspondent Enda Brady agreed growth is anaemic, but told Mike Hosking the whole of Europe is having similar problems.&nbsp;
He says the plan off the back of this budget seems to be getting people through winter.&nbsp;
LISTEN ABOVE&nbsp;

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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

Enda Brady: UK Correspondent on the Labour Government's first Budget

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/20aa47cf-943d-43fa-b14a-b4f10159a090/transcript

Gold medal for Kelly Eckhold at Westpac. 

He called it, or at least suggested the hold we saw from the Reserve Bank wasn't as "home run" as many might have predicted. 

This, in a dry, old world of monetary policy, is little short of a blockbuster. 

I guess you could argue the 4-3 vote is a good indication of the wider view. 

The economy is far from firing. It's far from needing to be contained. So why hike? 

Well, because we have inflation above the target. The Bank's job is to keep inflation within the target. Technically, they are failing in that job. 

The dollar fell, which, like all economic matters, is good and bad. Fantastic for exporters. No good for the importers, and we do a lot of importing, including things like petrol. 

The hold argument is also about the reality of what you are achieving by holding. 

Does oil drop? Do rates drop? No, they don't. 

Do you squeeze already pressured budgets? Yes, you do. 

Part of their argument, perhaps the most fascinating part, is that they don't see price pressure. The person in the middle is soaking up the increased cost and not passing it on to the customer. 

Food might be a good example. At 1.9%, it's well contained. 

Maybe there is a bit of that about the place. We have reached the point where the retailer would like to sell for more, but the buyer just won't have it. So it's either the current price or no sale. 

Of course, it ain't over. The RB will be back in December. Surely a move is on by then and you'd probably argue we might be looking at one next year. 

But how useful is the publishing of the vote, the names and how they voted? That's transparency and that's thanks to the new Government who, by the way, voted to hold. 

Side note; she appears, once again, to be a material improvement on her predecessor in her understanding of the economy. 

The politics? I don't think there are any. It saves the Government another round of explanations about recovery and war, but I think most thinking people get it anyway. 

But for the battler, the middle New Zealander, the person who just wanted a brief break in the onslaught on the way to better days, the RB surprised many and came to the party. 

Gold medal for Kelly Eckhold at Westpac.&nbsp;
He called it, or at least suggested the hold we saw from the Reserve Bank wasn't as "home run" as many might have predicted.&nbsp;
This, in a dry, old world of monetary policy, is little short of a blockbuster.&nbsp;
I guess you could argue the 4-3 vote is a good indication of the wider view.&nbsp;
The economy is far from firing. It's far from needing to be contained. So why hike?&nbsp;
Well, because we have inflation above the target. The Bank's job is to keep inflation within the target. Technically, they are failing in that job.&nbsp;
The dollar fell, which, like all economic matters, is good and bad. Fantastic for exporters. No good for the importers, and we do a lot of importing, including things like petrol.&nbsp;
The hold argument is also about the reality of what you are achieving by holding.&nbsp;
Does oil drop? Do rates drop? No, they don't.&nbsp;
Do you squeeze already pressured budgets? Yes, you do.&nbsp;
Part of their argument, perhaps the most fascinating part, is that they don't see price pressure. The person in the middle is soaking up the increased cost and not passing it on to the customer.&nbsp;
Food might be a good example. At 1.9%, it's well contained.&nbsp;
Maybe there is a bit of that about the place. We have reached the point where the retailer would like to sell for more, but the buyer just won't have it. So it's either the current price or no sale.&nbsp;
Of course, it ain't over. The RB will be back in December. Surely a move is on by then and you'd probably argue we might be looking at one next year.&nbsp;
But how useful is the publishing of the vote, the names and how they voted? That's transparency and that's thanks to the new Government who, by the way, voted to hold.&nbsp;
Side note; she appears, once again, to be a material improvement on her predecessor in her understanding of the economy.&nbsp;
The politics? I don't think there are any. It saves the Government another round of explanations about recovery and war, but I think most thinking people get it anyway.&nbsp;
But for the battler, the middle New Zealander, the person who just wanted a brief break in the onslaught on the way to better days, the RB surprised many and came to the party.&nbsp;

Mike's Minute: The Reserve Bank came to the party

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/704d037f-73fe-462d-8c5b-b4f1015c8f1d/transcript

Promising signs for small businesses, even in a shaky economy. 

A Xero Small Business Insights report shows sales rose 5.6% year-on-year in the September quarter. 

New Zealand out-performed all four other countries Xero tracks, with sales growth ahead of Australia, the UK, the US, and Canada. 

Xero Country Manager Bridget Snelling told Mike Hosking they'd like to see this momentum continuing into the next quarter, especially since we're heading into the busy festive period.  

LISTEN ABOVE 

Promising signs for small businesses, even in a shaky economy.&nbsp;
A Xero Small Business Insights report shows sales rose 5.6% year-on-year in the September quarter.&nbsp;
New Zealand out-performed all four other countries Xero tracks, with sales growth ahead of Australia, the UK, the US, and Canada.&nbsp;
Xero Country Manager Bridget Snelling told Mike Hosking they'd like to see this momentum continuing into the next quarter, especially since we're heading into the busy festive period. &nbsp;
LISTEN ABOVE&nbsp;

Bridget Snelling: Xero Country Manager on small businesses' year-on-year sales rising 5.6% in the September quarter

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/db174520-b28f-4d5a-9aeb-b4f101524ba9/transcript

On the Mike Hosking Breakfast Full Show Podcast for Thursday 29th of October, Reserve Bank Governor Dr Anna Breman explains why they decided to hold the Official Cash Rate. 

We go to Israel as their "pivotal" election hangs in the balance, with the question now being who will blink first and join up with the Arab parties to get the majority. 

It's the so-called "minor party" leaders show this morning, so Chlöe Swarbrick, David Seymour, and Winston Peters joined to give the lay of the land. 

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. 

LISTEN ABOVE 

On the Mike Hosking Breakfast Full Show Podcast for Thursday 29th of October, <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/dr-anna-breman-reserve-bank-governor-on-the-decision-to-hold-the-official-cash-rate-possible-future-hikes/">Reserve Bank Governor Dr Anna Breman</a> explains why they decided to hold the Official Cash Rate.&nbsp;
We go to Israel as their <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/matthew-doran-abc-news-middle-east-correspondent-on-the-latest-from-israels-election/">"pivotal" election hangs in the balance</a>, with the question now being who will blink first and join up with the Arab parties to get the majority.&nbsp;
It's the so-called "minor party" leaders show this morning, so <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/chloee-swarbrick-green-party-co-leader-discusses-campaigning-coalitions-wealth-tax-economy-on-the-mike-hosking-leaders-breakfast/">Chlöe Swarbrick</a>, <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/david-seymour-act-leader-discusses-coalition-negotiations-campaign-promises-polling-on-the-mike-hosking-leaders-breakfast/">David Seymour</a>, and <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/winston-peters-new-zealand-first-leader-discusses-election-campaign-health-tax-coalitions-on-the-mike-hosking-leaders-breakfast/">Winston Peters</a> joined to give the lay of the land.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.&nbsp;
LISTEN ABOVE&nbsp;

Full Show Podcast: 29 October 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/aa35e177-b317-4f9e-a2bd-b4f1014cfb3c/transcript

Enda Brady: UK Correspondent on the Labour Government's first Budget

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