An economist says the third quarter was tough in pretty much every sector, for the New Zealand economy. 

The major banks are all predicting between 0.2% to 0.4% contraction when Stats NZ releases the GDP data for the third quarter just before 11am today. 

It'll likely mean our third technical recession in two years. 

ASB's Chief Economist Nick Tuffley told Heather du Plessis-Allan the agriculture and forestry sector were essentially the only positive performers. 

He says construction, retail, and manufacturing all felt the pressure, with electricity struggles also taking place during this quarter. 

LISTEN ABOVE 

An economist says the third quarter was tough in pretty much every sector, for the New Zealand economy.&nbsp;
The major banks are all predicting between 0.2% to 0.4% contraction when Stats NZ releases the GDP data for the third quarter just before 11am today.&nbsp;
It'll likely mean our third technical recession in two years.&nbsp;
ASB's Chief Economist Nick Tuffley told Heather du Plessis-Allan the agriculture and forestry sector were essentially the only positive performers.&nbsp;
He says construction, retail, and manufacturing all felt the pressure, with electricity struggles also taking place during this quarter.&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

Nick Tuffley: ASB Chief Economist on quarter three, upcoming GDP release

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/54733cc8-5cec-419a-952c-b24a014bf94e/transcript

Here is a stereotype we have to break, especially given the solution is now available. 

There was a young woman in her 20s, in the beauty industry, training as a nurse and will go into the private sector. She has a plan and good on her. 

As part of this particular conversation though, she says she can never see herself owning a house. 

Of our five kids, one or possibly two, I suspect they feel the same, and yet the National Party's 5% deposit announcement made over the weekend changes all of that. 

Of all the policy released so far from any party, this is by far the most consequential. 

There is no Government-owned supermarket, they won't be breaking up gentailers, or buying BNZ back. This campaign has been full of fanciful nonsense. 

But the 5% is not only real, it's doable. It's so doable it looks likely the Labour Party will copy it and, above all else, it's the most important thing a policy can be – practical. 

5% of a $700,000 house is $35,000. For most young people they can see that. 

20% of that house is $140,000. That’s not real. 

At last, the biggest issue around housing is solved. It used to be solved, and we used to do this routinely, until we ballsed it up in yet another example of taking a problem that never existed and messing it about. 

20% was never needed. The only thing preventing 5% deposits was Adrian Orr and the Reserve Bank and an unhealthy fear of carnage. 

Even if you end up for a period in a flat market, as we have now with negative equity, it will pass. It always does. 

Even if housing in New Zealand never grows at 10% a year ever again, it will grow. And what I know, as sure as night follows day, is we love houses. We dream of owning our own place. 

That is the constant in this whole mad debate that too many people have made too complicated. 

Banks should never have been dictated to by the central bank because retail banks know what they're doing. 

Between a government-insured scheme and KiwiSaver and retail banks, there should never have been a hurdle as large as it was. 

There should never have been a generation for whom owning a piece of their country was seemingly beyond them. 

The 5% policy sorts it. The trick now is to get that message out to people like the trainee nurse, who still don’t know how close they might be.   

Here is a stereotype we have to break, especially given the solution is now available.&nbsp;
There was a young woman in her 20s, in the beauty industry, training as a nurse and will go into the private sector. She has a plan and good on her.&nbsp;
As part of this particular conversation though, she says she can never see herself owning a house.&nbsp;
Of our five kids, one or possibly two, I suspect they feel the same, and yet the National Party's 5% deposit announcement made over the weekend changes all of that.&nbsp;
Of all the policy released so far from any party, this is by far the most consequential.&nbsp;
There is no Government-owned supermarket, they won't be breaking up gentailers, or buying BNZ back. This campaign has been full of fanciful nonsense.&nbsp;
But the 5% is not only real, it's doable. It's so doable it looks likely the Labour Party will copy it and, above all else, it's the most important thing a policy can be – practical.&nbsp;
5% of a $700,000 house is $35,000. For most young people they can see that.&nbsp;
20% of that house is $140,000. That’s not real.&nbsp;
At last, the biggest issue around housing is solved. It used to be solved, and we used to do this routinely, until we ballsed it up in yet another example of taking a problem that never existed and messing it about.&nbsp;
20% was never needed. The only thing preventing 5% deposits was Adrian Orr and the Reserve Bank and an unhealthy fear of carnage.&nbsp;
Even if you end up for a period in a flat market, as we have now with negative equity, it will pass. It always does.&nbsp;
Even if housing in New Zealand never grows at 10% a year ever again, it will grow. And what I know, as sure as night follows day, is we love houses. We dream of owning our own place.&nbsp;
That is the constant in this whole mad debate that too many people have made too complicated.&nbsp;
Banks should never have been dictated to by the central bank because retail banks know what they're doing.&nbsp;
Between a government-insured scheme and KiwiSaver and retail banks, there should never have been a hurdle as large as it was.&nbsp;
There should never have been a generation for whom owning a piece of their country was seemingly beyond them.&nbsp;
The 5% policy sorts it. The trick now is to get that message out to people like the trainee nurse, who still don’t know how close they might be. &nbsp;&nbsp;

Mike's Minute: We need to break this stereotype in NZ

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/309d294a-afd4-4413-8c0a-b4bf01762978/transcript

Mushroom killer Erin Patterson is receiving weight loss drug Ozempic in prison – at the expense of the Australian taxpayer.  

She's serving three life sentences for murdering her husband's parents and an elderly aunt with a poisonous mushroom laced beef wellington.  

Corrections authorities say it's intended to reduce her risk of developing type two diabetes, which is associated with rapid weight gain, while she's in solitary confinement.  

Australian Correspondent Steve Price told Mike Hosking Patterson inherited millions of dollars from a dead relative.  

He says she has a home worth two million dollars, so should be paying for the Ozempic herself. 

LISTEN ABOVE   

Mushroom killer Erin Patterson is receiving weight loss drug Ozempic in prison – at the expense of the Australian taxpayer. &nbsp;
She's serving three life sentences for murdering her husband's parents and an elderly aunt with a poisonous mushroom laced beef wellington. &nbsp;
Corrections authorities say it's intended to reduce her risk of developing type two diabetes, which is associated with rapid weight gain, while she's in solitary confinement. &nbsp;
Australian Correspondent Steve Price told Mike Hosking Patterson inherited millions of dollars from a dead relative. &nbsp;
He says she has a home worth two million dollars, so should be paying for the Ozempic herself.&nbsp;
LISTEN ABOVE &nbsp;&nbsp;

Steve Price: Australian Correspondent on Erin Patterson receiving taxpayer-funded Ozempic while in prison

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/25efe132-c830-4a45-8f44-b4bf01743179/transcript

Today on Politics Wednesday, Mark Mitchell and Ginny Andersen dig into some of the biggest stories of the week thus far. 

They discussed National's plan to widen access to 5% first home deposits, the Green Party's plan to break up the supermarket duopoly, carbon credit auctions, and the latest education results. 

LISTEN ABOVE   

Today on Politics Wednesday, Mark Mitchell and Ginny Andersen dig into some of the biggest stories of the week thus far.&nbsp;
They discussed National's plan to widen access to 5% first home deposits, the Green Party's plan to break up the supermarket duopoly, carbon credit auctions, and the latest education results.&nbsp;
LISTEN ABOVE &nbsp;&nbsp;

Pollies: National's Mark Mitchell and Labour's Ginny Andersen on National's first home buyer policy, Green's supermarket policy, PISA results, carbon credit auctions

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/c0c042f9-8792-4a59-94f9-b4bf01729713/transcript

Nick Tuffley: ASB Chief Economist on quarter three, upcoming GDP release

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