There are signs our annual trade deficit is closing, but not closing enough.

Stats NZ data for October shows it reduced to around $14.8 billion from more than $15 billion in September.

Exports have also fallen by more than 500 million dollars on last year, while imports were down by $1.2 billion.

ANZ Chief Economist Sharon Zollner told Mike Hosking that the gap is narrower, but still significant.

She says we've had an overheated economy with a lot of imports, and we're also working through what's been stocked up from shipping disruptions.

LISTEN ABOVE

There are signs our annual trade deficit is closing, but not closing enough. 
Stats NZ data for October shows it reduced to around $14.8 billion from more than $15 billion in September. 
Exports have also fallen by more than 500 million dollars on last year, while imports were down by $1.2 billion. 
ANZ Chief Economist Sharon Zollner told Mike Hosking that the gap is narrower, but still significant. 
She says we've had an overheated economy with a lot of imports, and we're also working through what's been stocked up from shipping disruptions. 
LISTEN ABOVE

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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

Sharon Zollner: ANZ Chief Economist on the trade deficit numbers for October

Listen to the Mike Hosking Breakfast Full Show Podcast for Monday 14 September.

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

Listen to the Mike Hosking Breakfast Full Show Podcast for Monday 14 September. 
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

Full Show Podcast: 14 September 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2c87511e-5b3e-4014-b55f-b4c4015d659d/transcript

The Government's defending its record on cutting public servant numbers.

Official advice shows every thousand jobs cut,  would save the Government 103-million dollars a year in salaries.

But redundancy payouts would eat into those savings — averaging 52-thousand 500 dollars last year per worker.

Minister for Public Service Paul Goldsmith told Mike Hosking staff numbers haven't fallen substantially under this Government.

He says they've been hiring more correction officers for example, because more people are being put into prison - due to their focus on law and order.

LISTEN ABOVE

The Government's defending its record on cutting public servant numbers.
Official advice shows every thousand jobs cut, &nbsp;would save the Government 103-million dollars a year in salaries.
But redundancy payouts would eat into those savings — averaging 52-thousand 500 dollars last year per worker.
Minister for Public Service Paul Goldsmith told Mike Hosking staff numbers haven't fallen substantially under this Government.
He says they've been hiring more correction officers for example, because more people are being put into prison - due to their focus on law and order.
LISTEN ABOVE

Paul Goldsmith: Public Services Minister on redundancy costs of cutting public sector jobs

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0a65cea8-f379-4f97-9c3d-b4c40154bcc3/transcript

As an extension to the 5% first home buyer deposit policy the National Party has released and the Labour Party is backing, can we possibly learn from its practicality and apply it to areas that are increasingly fraught? 

I cite fast-track. 

Fast-rack is an excellent idea. It gets things done better than what we had previously. Just ask the Tauranga Port; they spent seven years going nowhere under old rules while under fast-track it took five months to be sorted. 

But on housing we have trouble. 

I've raised this with the Prime Minister, but he doesn’t get it or want to get it. 

The key to successful election campaigns is offering simple, practical solutions to what voters perceive as problems. It's called retail politics. 

A 5% deposit for a young person is material and it's practical. 

Fast-track housing developments have turned into exactly what I said they would – trouble. Angsty, edgy, piss-people-off trouble. 

The Auckland Council is now considering refusing services to new developments. This is just the start. 

Any number of fury-filled meetings have been held, from Central Otago to Northland, to Auckland and to Christchurch over large-scale, 1000+ housing developments that are using fast-track to get the tick of approval. 

This will cost the Government votes. 

All the esoteric nonsense like bank buybacks and AI centre funding and breaking up supermarkets is beltway wonkery. Getting your backyard upended is real. 

They have to get large scale housing out of fast-track. 

Luxon argues every time I raise it that it's not just about housing, and he's correct. But that doesn’t address the elephant, and if he doesn’t address it, the voter will. 

The practicality and success of a 5% deposit for a house is directly connected to fast-track. 

Think about it – for average voters it's about their life. Can they afford a home and is their home their castle? Is their neighbourhood theirs? 

While 5% solves one, fast-track housing risks another. 

Ask yourself this question: are we in desperate need of tens of thousands of new houses, in a stagnant market and falling prices? 

It staggers me they can't see this. Politically, they need to join the dots, and fast. 

As an extension to the 5% first home buyer deposit policy the National Party has released and the Labour Party is backing, can we possibly learn from its practicality and apply it to areas that are increasingly fraught?&nbsp;
I cite fast-track.&nbsp;
Fast-rack is an excellent idea. It gets things done better than what we had previously. Just ask the Tauranga Port; they spent seven years going nowhere under old rules while under fast-track it took five months to be sorted.&nbsp;
But on housing we have trouble.&nbsp;
I've raised this with the Prime Minister, but he doesn’t get it or want to get it.&nbsp;
The key to successful election campaigns is offering simple, practical solutions to what voters perceive as problems. It's called retail politics.&nbsp;
A 5% deposit for a young person is material and it's practical.&nbsp;
Fast-track housing developments have turned into exactly what I said they would – trouble. Angsty, edgy, piss-people-off trouble.&nbsp;
The Auckland Council is now considering refusing services to new developments. This is just the start.&nbsp;
Any number of fury-filled meetings have been held, from Central Otago to Northland, to Auckland and to Christchurch over large-scale, 1000+ housing developments that are using fast-track to get the tick of approval.&nbsp;
This will cost the Government votes.&nbsp;
All the esoteric nonsense like bank buybacks and AI centre funding and breaking up supermarkets is beltway wonkery. Getting your backyard upended is real.&nbsp;
They have to get large scale housing out of fast-track.&nbsp;
Luxon argues every time I raise it that it's not just about housing, and he's correct. But that doesn’t address the elephant, and if he doesn’t address it, the voter will.&nbsp;
The practicality and success of a 5% deposit for a house is directly connected to fast-track.&nbsp;
Think about it – for average voters it's about their life. Can they afford a home and is their home their castle? Is their neighbourhood theirs?&nbsp;
While 5% solves one, fast-track housing risks another.&nbsp;
Ask yourself this question: are we in desperate need of tens of thousands of new houses, in a stagnant market and falling prices?&nbsp;
It staggers me they can't see this. Politically, they need to join the dots, and fast.&nbsp;

Mike's Minute: Again, get housing out of fast-track

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/70c3f284-bbf6-4f4f-a1dd-b4c20168cfa5/transcript

Sharon Zollner: ANZ Chief Economist on the trade deficit numbers for October

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