January 22, 2025 • 34 mins
On the Early Edition with Francesca Rudkin Full Show Podcast for Thursday the 23rd of January. Inflation has settled at 2.2% for the year to December, matching the previous increase in the September quarter. Westpac's Satish Ranchhod speaks to Francesca about what it means.
Prime Minister Christopher Luxon will give his state of the nation speech today. Former National Ministerial Advisor Brigitte Morten joins the show.
Construction in Christchurch is booming with one in five new builds being constructed in the South. So what's with the increase? Construction Analyst Mike Blackburn speaks to Francesca.
Get the Early Edition with Francesca Rudkin Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts.
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Speaker 1 (00:00):
What start the day, informed, entertained and despires. My Head's
Early Edition with one room, make your property search simple,
used talk set B.
Speaker 2 (00:13):
Good morning, Welcome to Early Edition. I'm Francisco Budkin filling
in for Ryan Bridge. He's going to be with you
at six for the Mike Hosking Breakfast Show this morning.
Good to have you with us. You're most welcome to
contact me anytime this morning. You can flict me a
text on ninety two ninety two, or you can email
me at Francesca at Newstalk, VIDB, dot co, dot MZ.
Coming up on the show, the Prime Minister is giving
his State of the Nation's speech today. We discuss what
(00:36):
we should expect and what does he need to deliver.
Construction is booming and Canterbury why, what's behind this good
news and can it last? Also this hour we get
our heads around the inflation figures and what it means
for twenty twenty.
Speaker 1 (00:48):
Five the Agenda.
Speaker 2 (00:52):
Prince Harry has settled the court case against the publisher
of The Sun newspaper NGN, the group owned by Rupert Murdoch,
has a pologized for intruding into his life between nineteen
ninety six and twenty eleven, and has agreed to pay
substantial damages.
Speaker 3 (01:07):
This represents a vindication for the hundreds of other claimants
who were strong armed into settling without being able to
get to the truth of what was done to them.
Speaker 2 (01:19):
The settlement avoids a High court trial that was set
to get underway yesterday. South Korea's impeached president has made
his first public appearance in court following his arrest last week.
He's denied allegations by a special forces unit commander that
he directly asked to have troops forcibly removed lawmakers from
parliament during his short lived declaration of martial law. While
(01:42):
his presidential powers have been suspended, the Constitutional Court has
until June to decide whether to reinstate or remove him.
The death toll in the Turkish ski resort fire has
increased to seventy six.
Speaker 4 (01:56):
We smelt it. We went down relatively early, save relatively early,
because the alarm hadn't gone off. Two floors were probably
on fire. We were trying to get to the upper
floor and we couldn't. There was no fire department around anyway.
It took one to one and a half hours for
the fire department to come from below.
Speaker 2 (02:17):
Nine people, including the hotel's owner, have been arrested as
the investigation into the cause of the fire continues, and
the Toyota Aqua has taken out the top spot as
the country's most stolen car for the third year in
a row, making up eight percent of all thefts. That
was closely followed by the Toyota Corolla and in the
Andita in second and third place. Vehicle theft occurred mostly
(02:39):
in our big cities, whereth Auckland and Canterbury taking the
top two places. According to AMI Insurance, all of.
Speaker 1 (02:46):
The analysis, none, none of the nonsense. It's earlier this
year with one room. Make your property search symbol Newstalks dB.
Speaker 2 (02:55):
It's nine past five. You know, I would really think
twice before buying a ticket to a music festival in
New Zealand at the moment. The festival circuit is really
struggling right now and in some cases people have been
left hanging. Splow Festival has taken a break this year.
Paradise City Rock Festival are refunding tickets after poor ticket sales.
Bay Dreams and Juicy Fest announced they would not be
(03:17):
returning in twenty twenty five. Juicy Fest the festival where
a man had his ear partially bitten off by gang
member last year, said their cancelation was a result of
an inability to obtain alcohol licenses. Bay Dreams said it
was struggling in the face of rising costs and attracting
international talent. The Timeless Summer Tour featuring Bonnie Tyler Boy
(03:37):
George Little Riverband in Starship was postponed recently rumor as
they too couldn't find a licensed venue, and the popular
Langway Festival in Auckland sold tickets to sixteen and seventeen
year olds, only to have them barred in December after
their application to admit younger patrons was rejected by the
Auckland District Licensing Committee due to concerns around security and
(03:57):
occurrence of preloading. Yea, eighteen year olds do that too. Unfortunately,
there are a lot of reasons why festivals are suffering
both here and across the Ditch. Times are tough, costs
have increased and artists charged more. But I think there's
something else going on here too. A reluctance from councils
and possibly the police to support gatherings where large groups
of people drink. Now this isn't a bad thing, but
(04:21):
not everyone loses an air at a festival. If we
want a vibrant music scene, something I appreciate, then promoters,
councils and police need to be talking constructively to find
compromises to make sure events can take place safely and successfully.
Christ Church, however, Good on You, is bucking the trend.
Not only is the Electric Avenue Music Festival, which is
(04:41):
taking place in Hagley Park next month, the most sought
after ticket in the country. At the moment, it's expanding
from one to two days. Sixty thousand people are expected.
It is set to become the biggest party in Australasia.
So good on christ Church and gee, I hope it
goes well. It needs to go well. But if you
spent your money on another festival and awaiting a refund,
(05:03):
my sympathies can hear your thoughts. You might be one
of those people who bought tickets and good faith and
are wondering if you're ever going to get to see
these bands. It is eleven past five. You're with News
Talks FB.
Speaker 1 (05:16):
The latest from around the country and around the world.
Early edition with one room, Make your Property search simple.
Speaker 2 (05:23):
News TALKSB thirteen past five. So it's a big day
for the Prime Minister today. He's delivering his State of
the Nation's speech in Auckland. It's his first major speech
to the year, where he'll be sharing his vision for
New Zealand and share the inside track on the government's
growth agenda. Former Senior Ministerial advisor for the National Party
and political commentator Bridget Morton is with me now. Thanks
(05:44):
for your time this morning, Bridget, good morning. First of all,
how big a deal actually is the State of the
Nation speech? Does anyone care?
Speaker 5 (05:53):
I think you've got to be a bit realistic. They
are big set pieces for the year and a lot
of effort goes into them. But realistic, most people aren't
that much attention to all of the messages that are
in that speech.
Speaker 2 (06:05):
What are you expecting to come out of it?
Speaker 6 (06:08):
The economy?
Speaker 5 (06:09):
The economy, the economy. Without a doubt, there's a big
focus this year by the government of economic growth. You've
seen that in the cabinet reshuffle, You've seen it in
the announcements and the media interviews given over the last
twenty four hours. I think you're going to be talking
about how they can get the New Zealand back out
of that recession, get employment back up, get you know,
(06:33):
retail spending, business confidence, all of those things happening. I
think that's going to be absolute focus today.
Speaker 2 (06:38):
How much detail do you think we're going to get, Bregert,
Because we've heard from the Prime Minister and the Finance
Minister Nikola Willis. They're painting this lovely big picture narrative
at the moment, but we're not really getting down to
the nitty gritty or any detail or how we're going
to get there. Should we expect that today?
Speaker 5 (06:56):
Not in the state of the nation. They are much
more about building that narrative out, that message about what
the year will look like, what the sort of aims are,
you know, so much more like a news resolution type
speech as opposed to the detail about how they get
to those goals.
Speaker 7 (07:11):
There'll probably be.
Speaker 5 (07:11):
A small announcement in there. It normally is something, but
for the most part is about setting the tone.
Speaker 2 (07:18):
But no one sticks to the New year's resolutions, and you.
Speaker 5 (07:22):
Already given up on yours.
Speaker 2 (07:24):
I don't even bother anymore till about February, when I've
really thought about it long and hard. Okay, so maybe
alerttle bit of policy.
Speaker 5 (07:35):
Yeah, I think so. But I think you'll hear some
of those things we've heard, you know, trade deals, you know,
how they can get rid of red tape in terms
of regulation, what they can do in terms of getting
business confidence and getting people back you know, spending. I
think you saw yesterday, you know, they were applauding the
fact that low inflation was staying relatively steady. So I
(07:56):
think you'll hear a lot of those messages coming through.
Speaker 2 (07:59):
Is that enough? Do you think? Is that enough at
the moment, especially when we've had a recent poll which
has got you know, national dropping into the twenties.
Speaker 5 (08:08):
Yeah, I think you've got to be careful here in
terms of you know, as you said that the State
of the Nation that is about setting the tone. I think,
without a doubt there'll be something in there that'll be
something new. But you've got to be realistic that they're
not going to dump out a whole lot of new
policy right at the beginning of the year, because, as
we've talked about, at the beginning, not that many people
are listening to all of the detail in the State
(08:29):
of the Nation speech.
Speaker 2 (08:31):
Is the speech away for him to entice voters?
Speaker 5 (08:35):
Oh, of course. I mean, at the end of the day,
he's a politician. He needs the popular vote to keep
him in, So everything's going to be about talking to
voters and about what they care about. We know in
recent polls that cost of living in the economy is
the biggest issue and that is something that the National
Party has really campaigned on. That be the right party
(08:56):
to really focus on those issues. So he's going to
continue demonst at what they've done today and what they're
planning on doing to get those two issues under control.
Speaker 2 (09:06):
Bridget, thanks so much for your time today. Appreciated. That
was former Senior Ministerial Advisor of for the National Party
and political commentator Bridget Morton. What do you want to
hear from LUXM this morning? Is Bridget said, Look, this
is kind of once again another big picture, set the
tone for the year kind of speech. Oh what does
Luxan need to do to catch your attention? To impress you?
(09:28):
You can text on ninety two ninety two it is
a seventeen past five. You're with early edition to stay.
Speaker 1 (09:35):
Ahead of the curve. Early edition with one roof, make
your property search simple news talk said, being.
Speaker 2 (09:43):
Yes, you're with early edition. It is twenty past five. Right,
Construction in the South is booming, with one in five
new Zealand homes being built in Canterbury. In the past year,
sixy five hundred new homes were consented by Canterbury councils,
equating to nine point four homes per thousand residents, the
highest rate in the country. Canterbury is also the only
(10:03):
region still building more homes than before the COVID pandemic.
Construction analyst Mike Blackburn joins me, Now, thank you for.
Speaker 6 (10:10):
Your time, Mike, Good morning, Francesca.
Speaker 2 (10:13):
So why is Canterbury growing so much more than the
rest of the country.
Speaker 6 (10:17):
Well, look, I think there's a number of combinations. Firstly,
following the extraordinary peak of building activity in twenty twenty
one and twenty twenty two, the building consent numbers across
the whole country declined significantly, and unfortunately for many other
(10:39):
parts of the country, building consent numbers are continuing to decline.
One of the reasons why Canterbury as a standout region
at the moment is that those numbers have plateaued and
an actual fact, the numbers that I've been tracking have
actually shown a slight increase over the last six months
or so. And the number one reason why can debris
(11:00):
has continued to do so well as primarily because of
internal migration. So that's people moving from other places in
New Zealand to Canterbury.
Speaker 2 (11:11):
Well, why wouldn't you construction? I believed that construction costs
in Christy to the second highest in New Zealand. That
doesn't seem to be slowing things down.
Speaker 6 (11:20):
Look, that's I'm not so convinced about that. Certainly, when
you look at the average price of a residential house
here in christ Church or sort of certainly the wider
Canterbury area, it's it's at around about seven hundred and
thirty thousand dollars and that's sort of significantly cheaper, you know,
twenty percent twenty five percent cheaper than a new house
(11:43):
in Auckland. And so I think that's another reason why
we are seeing people wanting to sort of move down
here is the fact that overall the economy in Canterbury
is actually pretty good. Jobs are relatively against the trend
of the rest of the country where we're seeing a
rise in unemployment. Jobs are still relatively plentiful here in
(12:06):
christ Church. Pay rates relatively on average with many of
our other largest cities, and of course this is the
reason why people are choosing to sort of relocate here
to Canterbury. If you can, if you don't have to
be tied to a desk in an Auckland or Hamilton,
and you can get a job down here in lovely Canterbury,
(12:27):
then it's a little bit like winning lotto.
Speaker 2 (12:31):
So the number of consensus high. Are people actually buying
these homes? Is the demand there?
Speaker 6 (12:37):
Yes? Yes, Look, I spent sort of all day long
talking to builders, developers realized that agents and they're saying that.
Certainly over the last six months, the telephone has started
to ring again. Sales inquiries are up again, just reinforcing
what I said about people moving in from other parts
of the country. They're also seeing that same sort of
(12:58):
level of demand from from people outside of Canterbury. So look,
relative to the number of dwellings that were being consented
a couple of years ago, year, the market is down.
But look, I think that Canterbury is very very well
placed to come out of the currents that have downturn
much much faster than the rest of the country. The
(13:19):
current building consent numbers reinforced that, and I'm really really
positive about the next couple of years for new house
construction here in Canterbury.
Speaker 2 (13:28):
I was just about to say will it last?
Speaker 6 (13:31):
Yeah, Look, look I think I think it will. I
mean population growth is that as the number one driver
for why we build new houses. Look, Selwyn has been
one of the fastest growing regions in New Zealand for
the last three or four years. There's a number of
combinations which sort of we need to build houses effectively.
(13:53):
You did mention before about the cost of construction. Obviously
a number of the changes that the government are proposing
to make it easier and cheaper to build houses will
go a long way farrest track. Land development has been
another key thing to make sure that we've got plenty
of land supply going forward. I think that certainly here
(14:14):
in Canterbury it's a very very popular place. House prices
are proportionately much much better. The economy's looking really, really good.
I think it's going to be a great couple of
years for building houses.
Speaker 2 (14:26):
Mike, really nice to talk to you. That was Mike
Blackburn there. I don't worry about Australia. Head to christ Church, folks.
It is twenty four past five.
Speaker 1 (14:33):
You're with early edition The Early Edition Full show podcast
on iHeartRadio powered by Newstalks at Me.
Speaker 2 (14:40):
You're with Early Edition. It is twenty six past five
now I am so pleased to see that. New Zealand
Business Herald journalist Kate McNamara continues to write about the
woes in the ruapey Who district. Why because the rupey
Who region has been hit hard with indecision around two
ski fields, the sudden closure of the chateau two years ago,
followed by the loss of over two hundred jobs. Windstone's pump,
(15:01):
pulp and timber mills shut down late last year. The
region has taken a beating through no fault of their own. Yesterday,
macnamara focused on the issues surrounding the majestic Chateau Tongurero Hotel,
which has been sitting in a derelict state for two years.
It's a sad site at the base of lupey Who.
I don't know if you've seen it recently. A desolate chateau,
(15:21):
the golf course over growing an empty building surrounding it.
The area feels quietly paused in time, with no sense
of if and when it may spring back to life.
Fokobaba Holdings Limited, the company and the process of buying
the Fockapuba ski Field is keen to discuss the future
of the chateau with government officials. They're interested in taking
on historic shadow, reviving it, providing employment and increasing tourism,
(15:44):
offering some economic stability for the region. The problem is
no one is really interested in talking to them. As
we've learnt with the ski fields, this is a complicated
region that requires sensitive conversations between government, the Department of
Conversation EWI, and other stakeholders. It was a struggle to
find the consensus over the ski fields, with some preferring
the continuation of a not for profit organization such as
(16:06):
the previous operator ral, others preferring to hand things over
to private operators. Along the way, a lot of government
money was put into keeping the ski fields afloat until
it got to the point where the fields were too
expensive to fail, as was the prospect of closing them down,
removing all the structures from the mountain and returning it
to its natural state. Getting the chateau up and running
(16:28):
again is going to cost millions of dollars, but on
the right term, such as a thirty year lease and
a peppercorn rent WHL will be willing to make the investment.
They've also done the research into the earthquake strengthening which
needs to be done, and believe it is not as
extensive as previously suggested. Look, this might not be the
deal which makes everyone happy, but frankly I don't see
anyone else queuing up to give it a go, leaving
(16:51):
the chateau empty and decaying for years, possibly decades, at
the cost of around one hundred and fifty to two
hundred thousand dollars a month for maintenance. When a possible
solution sits on the table, this simply depressing. The government
needs to deal with the least termination agreement and pay
the previous operators, reopen expressions of interest and have some conversations.
(17:11):
Talking is almost always a good place to start, So
please take the call Lupe, who is an incredible part
of our country and one that deserves to be thriving.
Speaker 1 (17:22):
News talks edbe give this.
Speaker 2 (17:24):
Old majestic beauty a chance tear it down. Just don't
leave her leaking and sitting there in neglect. Keen to
hear your thoughts in text on ninety two ninety two
you're with early edition.
Speaker 1 (17:40):
Fast News Fresh takes the first early edition with one root,
make your Property search a simple News talks EDB.
Speaker 2 (18:02):
Good morning, this is early edition on news Storm ZV.
It is twenty three to six. I'm franchescribud Can filling
in for Ryan. He's going to be with you at
six this morning. Thanks for being with us. And the
next half hour we head to the US with twenty
two states are already stealing the Trump administration over plans
to change the highly controversial birthright citizenship rule. And before
the end of the hour, we've got a lot of
(18:22):
inflation figures yesterday, so we're going to get a bit
of understanding of what they mean for the year. And
one of the biggest drivers was rent, So we look
at the outlook for rent. Will it continue to rise?
Thank you so much for your feedback, Save Texas. Ay Francesca,
There's no way that sales pitch. Whatever convinced me to
move to christ Church, the weather is crap. We're off
to living the Gold Coast to new energy and vibe
(18:44):
they can vibe that cannot be replicated here. Well, I tried,
I tried. Steve Judy also texts to say the Chateau
is a key building in the history of New Zealand
early tourism and the THHC chain of hotels is part
of our heritage and one of our major industries. As
a build alone, it is commanding and unique. We don't
want to lose this old girl, a pioneer of tourism.
(19:06):
Thank you very much for the text. Keep the feedback coming.
You can text on ninety two ninety two news Talk
zebby righty home, let's head around the country and joining
us now from Dunedin as Callum Proctor and Dnedan residents
have got a little bit of a slap on the
wrist from the council over their poor recycling habits Callum.
Speaker 8 (19:29):
Yes, yeah, we have.
Speaker 9 (19:30):
The city councils taken to Facebook here who express its
frustration over the amount of contamination found in people's yellow
recycling bins over the break. They say that this contamination
increased markedly during December. Amongst the recycling they found food waste, nappies,
plastic bags, glass, unwashed products and other general rubbish. The
(19:51):
councils says it's disappointing to see the slip and quality
and as reminding people to download the curb side collection
app to check what can and cannot be recycled.
Speaker 2 (20:00):
And in Eden's weather column.
Speaker 9 (20:02):
I've got to change today fresh so esterly this afternoon
rain possibly heavy, eases to showers later the high twenty Thank.
Speaker 2 (20:09):
You so much. And Claire Sherwood is and christ Church.
I've just been talking about christ Church Electric Avenue Music Festival.
There is a massive weightlist for tickets, but no more
tickets are going to be released. Claire. We need to stop.
Speaker 10 (20:21):
Telling people how good it is here or they'll all
be moving. Francesca, there is a massive weightlist. There's about
seventy thousand people expected to be at Hagley Park next
month February twenty one. It's the first time Electric Avenue
has been a two day festival. There are though another
twenty thousand on the weightlist hoping for tickets. We've chased
up festival director Callum Mitchell. He says, well, demand is
(20:45):
incredible and they would love to increase the capacity. Their
focus right now is to ensure the attendees who have
already got their tickets have a really good experience, he says.
At the stage there are no firm plans to add
any other editions of the festival elsewhere either. Christ Church
in z is estimating this event brings in seven million
dollars to the local economy.
Speaker 2 (21:04):
My son's supposed to be getting ready to go to
university in Canterbury and all he is doing is trying
to get tickets to this festival. Ah the weather today, Claire, early,
low cloud, a bit of fog possible, but otherwise should
be fine untilson rain this afternoon. The highest twenty five,
thanks Claire. Max toll is in Wellington and some good
news today MAX. Road deaths at a notable low.
Speaker 11 (21:25):
Yeah, you may not believe it with the current quality
of driving on our roads, but the AA celebrating an
historic low number of deaths on Wellington's roads last year
six fatalities across the region. That's the lowest in at
least thirty four years, it says, at least I assume
because that's on record and not unique to Wellington. In fact,
there was the lowest per capita road toll across New
(21:47):
Zealand in a century. We may not have better drivers,
but we do have safer highways and more are to
open in the coming decade, more cameras as well more police.
These are all factors the road toll. Typically it does
fluctuate quite a bit year to year. But let's cross
our fingers and this proves not to be an anomaly.
Speaker 2 (22:07):
And Wellington's weather today max.
Speaker 11 (22:09):
Should be fine nor the least twenty two the high
central good to hear.
Speaker 2 (22:12):
And joining me in the studio now is never Britty Manu,
an owner of the third most stolen car in New Zealand,
the nist and Tea. Did you nick yours?
Speaker 12 (22:20):
I wish I had no, no, but yes I do
own a Nissentita and this is my seat Tita. You're
right for them to say you and your pronunciation. This
is my second second Missentita, because I have had My
previous one was stolen about eight years ago, used in
a ram raid ah terrible.
Speaker 8 (22:39):
I was a victim. Victim.
Speaker 2 (22:42):
Now, a state of the art electric boat is almost
ready to take passengers around Auckland Harbor.
Speaker 12 (22:46):
For this is such a cool story, so full of
three sixties new it's a ten seater electric vessel, comedic.
Now it's going to be available for thrill rides. Thrill
rides around the harbor. Now this is from next week,
so we know we've got Auckland and three weekend coming up. Yay,
But this is happening from windsor spins out there or something.
Speaker 2 (23:04):
Oh yeah, you can.
Speaker 12 (23:06):
Well no, well, well that's thrill thrill rides. I don't
want to put words in their mouth, but I mean
that sounds pretty cool. I mean, just take your sea legs.
Speaker 2 (23:13):
Are you good on boats?
Speaker 12 (23:14):
You'd be good on boat.
Speaker 2 (23:15):
I'm fine when i'm sailing. I'm not good on a
large boat and a swell.
Speaker 12 (23:19):
Yeah, well I'm not good. I'm not even good on
the fairy. I can't even go on the ferry to
the Devonport.
Speaker 2 (23:23):
And I can manage that, but not with you.
Speaker 12 (23:27):
This is fully emission free. It uses the hydrofoiling technology.
So this is similar to what's used in America's cupboats
to help speed in efficiency.
Speaker 1 (23:37):
Cool.
Speaker 2 (23:37):
That's very cool.
Speaker 12 (23:38):
So but we do know too that the boats make it.
Auckland startups if they're aiming to follow this up, because
this current one is ten seats with a nineteen meter,
one hundred passenger model or something, get that out.
Speaker 2 (23:49):
There, getting this quiet, get it out of the fairies
out there. I love it. Auckland's weather today.
Speaker 12 (23:53):
Cloudy, isolated showers becoming fine. This afternoon, still warm, muggy,
twenty fours a high.
Speaker 2 (23:57):
Thank you so much for next We're off the US.
It is seventeen to six Newstorok's.
Speaker 1 (24:02):
FB international correspondence with ends at Eye Insurance Peace of
Mind for New Zealand Business.
Speaker 2 (24:12):
And Mitch McCann is with me now from the US. Mitch,
the birthright citizenship rule seems to be very controversial. I
can see that twenty two states are already suing the
administration over plans to bring this into action.
Speaker 8 (24:28):
Yeah, that's right.
Speaker 13 (24:29):
Good morning, Francisca from New York. This is extremely controversial.
Donald Trump is trying to end birthright citizenship here in
the United States. So if you are born in the
US at the moment, you automatically get citizenship and a
US passport. That's the way it's been for a very
very long time. Donald Trump is trying to change that
the people that are born with parents who are here illegally,
(24:51):
so he's part of his crackdown on illegal immigration. Now,
twenty two states have sued Donald Trump saying this is
illegal because of the fourteenth Amendment to the u US
Constitution that guarantees birthright citizenship. So this will take effect
in about twenty seven twenty eight days from now, although
it probably will be delayed as it's held up in
the couse. But this is just one of many measures
(25:13):
Donald Trump has enacted in terms of illegal immigration. So
if we look at some very quickly, He's declared a
border emergency at the southern border. He's changed laws which
mean that ICE agents, this is immigration enforcement agents can
make arrests or conduct raids now in places like hospitals
(25:33):
or churches or schools, whereas previously they weren't able to
do that. And in the last hour we have learned
that the US Justice Department has ordered prosecutors around the
country to investigate and prosecute law enforcement officials if they
refuse to enforce Donald Trump's new rules. So they'll be
keeping a close eye in all local police and law
(25:54):
enforcement agencies to make sure they're doing what Donald Trump's
telling them to do.
Speaker 2 (25:58):
The match just quickly. You couldn't Dick Blast pounding the
stay Francisca.
Speaker 13 (26:03):
It's so cold at the moment right now in New
York it is minus eight degrees celsius and it's lunchtime. Yeah,
it's cold, and it's particularly cold for some of these
states that aren't used to the caller weather places like Texas, Alabama, Georgia,
and Florida. More than one hundred and thirty thousand homes
in those states, as well as businesses, are without power
because it's freezing there as well. There is no escape.
(26:25):
The only warm weather, it seems, is where you are
back home.
Speaker 2 (26:29):
Thank you so much much, nice to catch up with you.
That was Mitch McCann.
Speaker 1 (26:33):
News Talk said b right.
Speaker 2 (26:36):
Inflation has remained steady, increasing two point two percent in
the year to December, the same increase as the previous
September update. Quarterly inflation increased by point five percent. The
biggest driver was rent up four point two percent, accounting
for a fifth of the increase, followed by local authority
rates which are up twelve point two percent. Domestic non
(26:57):
tradable inflation increased by four point five percent, also driven
by rents. So a lot of numbers. What does it
all mean, we spect? Senior economist Satisa Renhood is with
me now. Thank you for your time this morning.
Speaker 7 (27:09):
Good morning, Francesca.
Speaker 2 (27:11):
Can you tell me what does the rise and non
tradable inflation mean.
Speaker 7 (27:15):
What we've been seeing are some strong pressures in the
domestic economy. A lot of households have been feeling that.
The good news though, is that those pressures are coming off,
especially in areas like hospitality, and that means household should
like to see a little less pressure on their finances
this year.
Speaker 2 (27:31):
Okay, so rent was a big driver of this increase.
Will we see that continue into the year?
Speaker 7 (27:37):
I think we're likely to see a bit less pressure
on rents this year. We've seen population growth slow down
and big increase in the housings play over the past year,
and we're already hearing about reduced pressure on rents in
areas like Narrington, which often think big increases.
Speaker 2 (27:50):
Okay, so we shouldn't be too concerned about rents rising
throughout twenty twenty five.
Speaker 7 (27:56):
I think it's still a pretty important concern for a
lot of households. It's a big share of this spending,
but hopefully those increases that we see will be more
moderate over the coming year.
Speaker 2 (28:05):
What else would households be thinking about heading into twenty
twenty five and what these numbers can tell us.
Speaker 7 (28:11):
We've had a lot of pressure on households finances over
the last couple of years. That's been a big squeeze
on this spending. But what we're seeing now is a
much better contained inflation environment. It means that their paychecks
aren't going to be eroded at the same pace. This
will also be very important for the Reserve Bank.
Speaker 2 (28:28):
Yes, so how does this impact a February o C
R cut?
Speaker 7 (28:32):
With now that inflation that's very close to the RBS target,
the economy is still looking a bit soft. I think
put that together and it's a green light for another
big fifty basis point cut in February, and politely more
further rate cuts beyond that.
Speaker 2 (28:46):
If we're looking further beyond that, what are you anticipating.
Speaker 7 (28:49):
I think beyond February, we're likely to see probably a
twenty five basis point cut at each of the two
following meetings. That'll cash right down to three twenty five,
the lowest it's been in a long time.
Speaker 2 (29:00):
So I suppose if you're if you're you've got a
mortgage out there, and maybe this year you've got a
chance to sort of refix that. Where would you seduce
that you kind of start thinking about that if you
wouldn't mind just you know, looking into your crystal ball
there citation.
Speaker 7 (29:14):
I think it's a great time to re look at
where you're mortgage at that I can't say exactly what
a household could do, but we think the big drops
over the past year. So if you had fixed us
a one or two years a couple of years back,
you could see a mortgage rate that's now about one
hundred basis points world than when you look last fixed,
So that could be a big saving for your finances.
Speaker 2 (29:33):
So when you look at all those inflation figures that
were released yesterday's Tish, how how are you feeling? How
positive are you feeling about twenty twenty five.
Speaker 7 (29:43):
I think this is a really important and a really
positive development to the economic inflation that's contained me. We'll
see a less pressure on household's finances have really been
pressured over the last couple of years. But importantly the
related reduction and interest rate could put a lot of
money back in households back pock and that will also
be positive for economic birth and employment more broadly, as
(30:04):
we go through twenty twenty five, we.
Speaker 2 (30:06):
Shall take that positivity. Satish, thank you very much for
your time this morning. That was Westpac senior economist Satish Ranchard.
It is eight to six. I just want to go
back to the text here. Thanks mis Francesca for a
raising awareness about the chateau and RuPay who area heads
need to be knocked together? Agree, The government really need
to solve the challenges you mentioned and bring opportunities for tourism,
(30:27):
jobs and prosperity back to the area so we can
enjoy our first national park. Yeah, and look, it's not
just this government. This has been the previous government as well,
made a total mess of sorting out the Skifield issue
as well. So I just really feel for that place.
It's just such a stunning part of the country and
it's been just very sad to see it slowly decline.
(30:49):
And I hate to use that word for the people
who live there and love it, but it would be
good to get some good news for the region. You're
with early addition.
Speaker 1 (31:00):
Hard fags, hard opinions, Hard hitting news Talk said be
early edition with one roof make your property search symbol.
US Talk said, be.
Speaker 2 (31:10):
Coming up at six is Ryan Bridge with my costing breakfast,
and he joins me, Now.
Speaker 8 (31:14):
Good morning, good morning.
Speaker 2 (31:15):
Would you like would you like a cupcake?
Speaker 8 (31:17):
Ah?
Speaker 2 (31:19):
Oh no, you're not. You're one of these people that doesn't.
Speaker 8 (31:21):
Love a cupcake. Really do you know I got wage yesterday?
Speaker 1 (31:24):
Why?
Speaker 8 (31:25):
Well, would you go, Well, there's a dietician that we
that I go and see, and I came in at
one hundred and one kilos.
Speaker 2 (31:33):
You don't look at one hundred and massive.
Speaker 8 (31:38):
Tall man, No, I'm tall. But the structural integrity of
this cheer, I think is being challenged the longer I
sit on it. So now I won't have a cupcake,
but lovely offer.
Speaker 2 (31:47):
No, that's all right. My daughter has spent the summer baking.
She just to pass the time. And we got to
the point where we're like, we can no long eat
the bacon, so we provide news talks. Be Yeah, they've
got a bit addictive to it.
Speaker 8 (32:00):
They look great.
Speaker 2 (32:01):
They too may need to weigh in shortly.
Speaker 8 (32:02):
Hey, have you seen the front page of the Herald today?
It's quite a shocking story. So that that giant skyscraper,
the Seascape residential building, and this is in Custom Street,
Easter in Auckland. Massive how tall? Are two hundred and
twenty meters in the year there's a giant crane next
to it. Some teenager has scaled it, yes, and hung
(32:24):
from the top of it with one hand, with one
arm for TikTok likes. What on earth is wrong with
these kids?
Speaker 2 (32:31):
I don't know, but you know, could we just get
the you know, why is this building being left well
open to the elements? You know there's a dispute I
believe between the builders and the subcontractors, and you know
it shouldn't be left there just I mean, it's not
good for the building to be open to the elements either.
It's not good for the integrity of the building. There's
a whole lot of issues. But you know that is horrific.
Speaker 8 (32:53):
Hanging from a crane like a smart idea. No, I
certainly wouldn't be climbing a two hundred and twenty meter crane. No,
what are you going to talk about this morning? We're
doing Kiwi Bank, the Boss and Kiyi Bank. Obviously we've
had the inflation data out yesterday. It's flat. So when
are the bank's going to drop their rates? We'll ask
them after seven. Also, we're going to talk Trump. He's
now threatening Russia with tariffs because Russia's courses are at
(33:14):
war with Ukraine, and he says that war needs to
end and if it doesn't end, I'm going to slap
you with tariffs. So he's now threatening tariffs against big
tariffs against Russia, China, Canada, Mexico, and then smaller ones
against everybody else who.
Speaker 2 (33:29):
Exist, South Korea and various other places. Do you think
that'll work with Trump? Do you think that sorry?
Speaker 8 (33:33):
With Well, look, I think that part of the reason
that the Middle East has come to you know, there's
a ceasefire there is because Trump got the heavy language
out and forced them to do a deal and to
come to a peace agreement. So I think stranger things
have happened. Interesting. Zelenski has come out. He's at Davos
where all the the elite go. He says they would
(33:56):
need two hundred thousand Allied troops to man the border,
to man a piece steal. So if this does happen,
it's going to still mean a lot of military.
Speaker 2 (34:05):
You go do a couple of quick squats before the show,
and we look forward to seeing you at just six.
Thanks for your company today, Take care.
Speaker 1 (34:17):
For more from Early Edition with Ryan Bridge. Listen live
to News Talks it'd be from five am weekdays, or
follow the podcast on iHeartRadio.
What start the day, informed, entertained and despires. My Head's
Early Edition with one room, make your property search simple,
used talk set B.
Speaker 2 (00:13):
Good morning, Welcome to Early Edition. I'm Francisco Budkin filling
in for Ryan Bridge. He's going to be with you
at six for the Mike Hosking Breakfast Show this morning.
Good to have you with us. You're most welcome to
contact me anytime this morning. You can flict me a
text on ninety two ninety two, or you can email
me at Francesca at Newstalk, VIDB, dot co, dot MZ.
Coming up on the show, the Prime Minister is giving
his State of the Nation's speech today. We discuss what
(00:36):
we should expect and what does he need to deliver.
Construction is booming and Canterbury why, what's behind this good
news and can it last? Also this hour we get
our heads around the inflation figures and what it means
for twenty twenty.
Speaker 1 (00:48):
Five the Agenda.
Speaker 2 (00:52):
Prince Harry has settled the court case against the publisher
of The Sun newspaper NGN, the group owned by Rupert Murdoch,
has a pologized for intruding into his life between nineteen
ninety six and twenty eleven, and has agreed to pay
substantial damages.
Speaker 3 (01:07):
This represents a vindication for the hundreds of other claimants
who were strong armed into settling without being able to
get to the truth of what was done to them.
Speaker 2 (01:19):
The settlement avoids a High court trial that was set
to get underway yesterday. South Korea's impeached president has made
his first public appearance in court following his arrest last week.
He's denied allegations by a special forces unit commander that
he directly asked to have troops forcibly removed lawmakers from
parliament during his short lived declaration of martial law. While
(01:42):
his presidential powers have been suspended, the Constitutional Court has
until June to decide whether to reinstate or remove him.
The death toll in the Turkish ski resort fire has
increased to seventy six.
Speaker 4 (01:56):
We smelt it. We went down relatively early, save relatively early,
because the alarm hadn't gone off. Two floors were probably
on fire. We were trying to get to the upper
floor and we couldn't. There was no fire department around anyway.
It took one to one and a half hours for
the fire department to come from below.
Speaker 2 (02:17):
Nine people, including the hotel's owner, have been arrested as
the investigation into the cause of the fire continues, and
the Toyota Aqua has taken out the top spot as
the country's most stolen car for the third year in
a row, making up eight percent of all thefts. That
was closely followed by the Toyota Corolla and in the
Andita in second and third place. Vehicle theft occurred mostly
(02:39):
in our big cities, whereth Auckland and Canterbury taking the
top two places. According to AMI Insurance, all of.
Speaker 1 (02:46):
The analysis, none, none of the nonsense. It's earlier this
year with one room. Make your property search symbol Newstalks dB.
Speaker 2 (02:55):
It's nine past five. You know, I would really think
twice before buying a ticket to a music festival in
New Zealand at the moment. The festival circuit is really
struggling right now and in some cases people have been
left hanging. Splow Festival has taken a break this year.
Paradise City Rock Festival are refunding tickets after poor ticket sales.
Bay Dreams and Juicy Fest announced they would not be
(03:17):
returning in twenty twenty five. Juicy Fest the festival where
a man had his ear partially bitten off by gang
member last year, said their cancelation was a result of
an inability to obtain alcohol licenses. Bay Dreams said it
was struggling in the face of rising costs and attracting
international talent. The Timeless Summer Tour featuring Bonnie Tyler Boy
(03:37):
George Little Riverband in Starship was postponed recently rumor as
they too couldn't find a licensed venue, and the popular
Langway Festival in Auckland sold tickets to sixteen and seventeen
year olds, only to have them barred in December after
their application to admit younger patrons was rejected by the
Auckland District Licensing Committee due to concerns around security and
(03:57):
occurrence of preloading. Yea, eighteen year olds do that too. Unfortunately,
there are a lot of reasons why festivals are suffering
both here and across the Ditch. Times are tough, costs
have increased and artists charged more. But I think there's
something else going on here too. A reluctance from councils
and possibly the police to support gatherings where large groups
of people drink. Now this isn't a bad thing, but
(04:21):
not everyone loses an air at a festival. If we
want a vibrant music scene, something I appreciate, then promoters,
councils and police need to be talking constructively to find
compromises to make sure events can take place safely and successfully.
Christ Church, however, Good on You, is bucking the trend.
Not only is the Electric Avenue Music Festival, which is
(04:41):
taking place in Hagley Park next month, the most sought
after ticket in the country. At the moment, it's expanding
from one to two days. Sixty thousand people are expected.
It is set to become the biggest party in Australasia.
So good on christ Church and gee, I hope it
goes well. It needs to go well. But if you
spent your money on another festival and awaiting a refund,
(05:03):
my sympathies can hear your thoughts. You might be one
of those people who bought tickets and good faith and
are wondering if you're ever going to get to see
these bands. It is eleven past five. You're with News
Talks FB.
Speaker 1 (05:16):
The latest from around the country and around the world.
Early edition with one room, Make your Property search simple.
Speaker 2 (05:23):
News TALKSB thirteen past five. So it's a big day
for the Prime Minister today. He's delivering his State of
the Nation's speech in Auckland. It's his first major speech
to the year, where he'll be sharing his vision for
New Zealand and share the inside track on the government's
growth agenda. Former Senior Ministerial advisor for the National Party
and political commentator Bridget Morton is with me now. Thanks
(05:44):
for your time this morning, Bridget, good morning. First of all,
how big a deal actually is the State of the
Nation speech? Does anyone care?
Speaker 5 (05:53):
I think you've got to be a bit realistic. They
are big set pieces for the year and a lot
of effort goes into them. But realistic, most people aren't
that much attention to all of the messages that are
in that speech.
Speaker 2 (06:05):
What are you expecting to come out of it?
Speaker 6 (06:08):
The economy?
Speaker 5 (06:09):
The economy, the economy. Without a doubt, there's a big
focus this year by the government of economic growth. You've
seen that in the cabinet reshuffle, You've seen it in
the announcements and the media interviews given over the last
twenty four hours. I think you're going to be talking
about how they can get the New Zealand back out
of that recession, get employment back up, get you know,
(06:33):
retail spending, business confidence, all of those things happening. I
think that's going to be absolute focus today.
Speaker 2 (06:38):
How much detail do you think we're going to get, Bregert,
Because we've heard from the Prime Minister and the Finance
Minister Nikola Willis. They're painting this lovely big picture narrative
at the moment, but we're not really getting down to
the nitty gritty or any detail or how we're going
to get there. Should we expect that today?
Speaker 5 (06:56):
Not in the state of the nation. They are much
more about building that narrative out, that message about what
the year will look like, what the sort of aims are,
you know, so much more like a news resolution type
speech as opposed to the detail about how they get
to those goals.
Speaker 7 (07:11):
There'll probably be.
Speaker 5 (07:11):
A small announcement in there. It normally is something, but
for the most part is about setting the tone.
Speaker 2 (07:18):
But no one sticks to the New year's resolutions, and you.
Speaker 5 (07:22):
Already given up on yours.
Speaker 2 (07:24):
I don't even bother anymore till about February, when I've
really thought about it long and hard. Okay, so maybe
alerttle bit of policy.
Speaker 5 (07:35):
Yeah, I think so. But I think you'll hear some
of those things we've heard, you know, trade deals, you know,
how they can get rid of red tape in terms
of regulation, what they can do in terms of getting
business confidence and getting people back you know, spending. I
think you saw yesterday, you know, they were applauding the
fact that low inflation was staying relatively steady. So I
(07:56):
think you'll hear a lot of those messages coming through.
Speaker 2 (07:59):
Is that enough? Do you think? Is that enough at
the moment, especially when we've had a recent poll which
has got you know, national dropping into the twenties.
Speaker 5 (08:08):
Yeah, I think you've got to be careful here in
terms of you know, as you said that the State
of the Nation that is about setting the tone. I think,
without a doubt there'll be something in there that'll be
something new. But you've got to be realistic that they're
not going to dump out a whole lot of new
policy right at the beginning of the year, because, as
we've talked about, at the beginning, not that many people
are listening to all of the detail in the State
(08:29):
of the Nation speech.
Speaker 2 (08:31):
Is the speech away for him to entice voters?
Speaker 5 (08:35):
Oh, of course. I mean, at the end of the day,
he's a politician. He needs the popular vote to keep
him in, So everything's going to be about talking to
voters and about what they care about. We know in
recent polls that cost of living in the economy is
the biggest issue and that is something that the National
Party has really campaigned on. That be the right party
(08:56):
to really focus on those issues. So he's going to
continue demonst at what they've done today and what they're
planning on doing to get those two issues under control.
Speaker 2 (09:06):
Bridget, thanks so much for your time today. Appreciated. That
was former Senior Ministerial Advisor of for the National Party
and political commentator Bridget Morton. What do you want to
hear from LUXM this morning? Is Bridget said, Look, this
is kind of once again another big picture, set the
tone for the year kind of speech. Oh what does
Luxan need to do to catch your attention? To impress you?
(09:28):
You can text on ninety two ninety two it is
a seventeen past five. You're with early edition to stay.
Speaker 1 (09:35):
Ahead of the curve. Early edition with one roof, make
your property search simple news talk said, being.
Speaker 2 (09:43):
Yes, you're with early edition. It is twenty past five. Right,
Construction in the South is booming, with one in five
new Zealand homes being built in Canterbury. In the past year,
sixy five hundred new homes were consented by Canterbury councils,
equating to nine point four homes per thousand residents, the
highest rate in the country. Canterbury is also the only
(10:03):
region still building more homes than before the COVID pandemic.
Construction analyst Mike Blackburn joins me, Now, thank you for.
Speaker 6 (10:10):
Your time, Mike, Good morning, Francesca.
Speaker 2 (10:13):
So why is Canterbury growing so much more than the
rest of the country.
Speaker 6 (10:17):
Well, look, I think there's a number of combinations. Firstly,
following the extraordinary peak of building activity in twenty twenty
one and twenty twenty two, the building consent numbers across
the whole country declined significantly, and unfortunately for many other
(10:39):
parts of the country, building consent numbers are continuing to decline.
One of the reasons why Canterbury as a standout region
at the moment is that those numbers have plateaued and
an actual fact, the numbers that I've been tracking have
actually shown a slight increase over the last six months
or so. And the number one reason why can debris
(11:00):
has continued to do so well as primarily because of
internal migration. So that's people moving from other places in
New Zealand to Canterbury.
Speaker 2 (11:11):
Well, why wouldn't you construction? I believed that construction costs
in Christy to the second highest in New Zealand. That
doesn't seem to be slowing things down.
Speaker 6 (11:20):
Look, that's I'm not so convinced about that. Certainly, when
you look at the average price of a residential house
here in christ Church or sort of certainly the wider
Canterbury area, it's it's at around about seven hundred and
thirty thousand dollars and that's sort of significantly cheaper, you know,
twenty percent twenty five percent cheaper than a new house
(11:43):
in Auckland. And so I think that's another reason why
we are seeing people wanting to sort of move down
here is the fact that overall the economy in Canterbury
is actually pretty good. Jobs are relatively against the trend
of the rest of the country where we're seeing a
rise in unemployment. Jobs are still relatively plentiful here in
(12:06):
christ Church. Pay rates relatively on average with many of
our other largest cities, and of course this is the
reason why people are choosing to sort of relocate here
to Canterbury. If you can, if you don't have to
be tied to a desk in an Auckland or Hamilton,
and you can get a job down here in lovely Canterbury,
(12:27):
then it's a little bit like winning lotto.
Speaker 2 (12:31):
So the number of consensus high. Are people actually buying
these homes? Is the demand there?
Speaker 6 (12:37):
Yes? Yes, Look, I spent sort of all day long
talking to builders, developers realized that agents and they're saying that.
Certainly over the last six months, the telephone has started
to ring again. Sales inquiries are up again, just reinforcing
what I said about people moving in from other parts
of the country. They're also seeing that same sort of
(12:58):
level of demand from from people outside of Canterbury. So look,
relative to the number of dwellings that were being consented
a couple of years ago, year, the market is down.
But look, I think that Canterbury is very very well
placed to come out of the currents that have downturn
much much faster than the rest of the country. The
(13:19):
current building consent numbers reinforced that, and I'm really really
positive about the next couple of years for new house
construction here in Canterbury.
Speaker 2 (13:28):
I was just about to say will it last?
Speaker 6 (13:31):
Yeah, Look, look I think I think it will. I
mean population growth is that as the number one driver
for why we build new houses. Look, Selwyn has been
one of the fastest growing regions in New Zealand for
the last three or four years. There's a number of
combinations which sort of we need to build houses effectively.
(13:53):
You did mention before about the cost of construction. Obviously
a number of the changes that the government are proposing
to make it easier and cheaper to build houses will
go a long way farrest track. Land development has been
another key thing to make sure that we've got plenty
of land supply going forward. I think that certainly here
(14:14):
in Canterbury it's a very very popular place. House prices
are proportionately much much better. The economy's looking really, really good.
I think it's going to be a great couple of
years for building houses.
Speaker 2 (14:26):
Mike, really nice to talk to you. That was Mike
Blackburn there. I don't worry about Australia. Head to christ Church, folks.
It is twenty four past five.
Speaker 1 (14:33):
You're with early edition The Early Edition Full show podcast
on iHeartRadio powered by Newstalks at Me.
Speaker 2 (14:40):
You're with Early Edition. It is twenty six past five
now I am so pleased to see that. New Zealand
Business Herald journalist Kate McNamara continues to write about the
woes in the ruapey Who district. Why because the rupey
Who region has been hit hard with indecision around two
ski fields, the sudden closure of the chateau two years ago,
followed by the loss of over two hundred jobs. Windstone's pump,
(15:01):
pulp and timber mills shut down late last year. The
region has taken a beating through no fault of their own. Yesterday,
macnamara focused on the issues surrounding the majestic Chateau Tongurero Hotel,
which has been sitting in a derelict state for two years.
It's a sad site at the base of lupey Who.
I don't know if you've seen it recently. A desolate chateau,
(15:21):
the golf course over growing an empty building surrounding it.
The area feels quietly paused in time, with no sense
of if and when it may spring back to life.
Fokobaba Holdings Limited, the company and the process of buying
the Fockapuba ski Field is keen to discuss the future
of the chateau with government officials. They're interested in taking
on historic shadow, reviving it, providing employment and increasing tourism,
(15:44):
offering some economic stability for the region. The problem is
no one is really interested in talking to them. As
we've learnt with the ski fields, this is a complicated
region that requires sensitive conversations between government, the Department of
Conversation EWI, and other stakeholders. It was a struggle to
find the consensus over the ski fields, with some preferring
the continuation of a not for profit organization such as
(16:06):
the previous operator ral, others preferring to hand things over
to private operators. Along the way, a lot of government
money was put into keeping the ski fields afloat until
it got to the point where the fields were too
expensive to fail, as was the prospect of closing them down,
removing all the structures from the mountain and returning it
to its natural state. Getting the chateau up and running
(16:28):
again is going to cost millions of dollars, but on
the right term, such as a thirty year lease and
a peppercorn rent WHL will be willing to make the investment.
They've also done the research into the earthquake strengthening which
needs to be done, and believe it is not as
extensive as previously suggested. Look, this might not be the
deal which makes everyone happy, but frankly I don't see
anyone else queuing up to give it a go, leaving
(16:51):
the chateau empty and decaying for years, possibly decades, at
the cost of around one hundred and fifty to two
hundred thousand dollars a month for maintenance. When a possible
solution sits on the table, this simply depressing. The government
needs to deal with the least termination agreement and pay
the previous operators, reopen expressions of interest and have some conversations.
(17:11):
Talking is almost always a good place to start, So
please take the call Lupe, who is an incredible part
of our country and one that deserves to be thriving.
Speaker 1 (17:22):
News talks edbe give this.
Speaker 2 (17:24):
Old majestic beauty a chance tear it down. Just don't
leave her leaking and sitting there in neglect. Keen to
hear your thoughts in text on ninety two ninety two
you're with early edition.
Speaker 1 (17:40):
Fast News Fresh takes the first early edition with one root,
make your Property search a simple News talks EDB.
Speaker 2 (18:02):
Good morning, this is early edition on news Storm ZV.
It is twenty three to six. I'm franchescribud Can filling
in for Ryan. He's going to be with you at
six this morning. Thanks for being with us. And the
next half hour we head to the US with twenty
two states are already stealing the Trump administration over plans
to change the highly controversial birthright citizenship rule. And before
the end of the hour, we've got a lot of
(18:22):
inflation figures yesterday, so we're going to get a bit
of understanding of what they mean for the year. And
one of the biggest drivers was rent, So we look
at the outlook for rent. Will it continue to rise?
Thank you so much for your feedback, Save Texas. Ay Francesca,
There's no way that sales pitch. Whatever convinced me to
move to christ Church, the weather is crap. We're off
to living the Gold Coast to new energy and vibe
(18:44):
they can vibe that cannot be replicated here. Well, I tried,
I tried. Steve Judy also texts to say the Chateau
is a key building in the history of New Zealand
early tourism and the THHC chain of hotels is part
of our heritage and one of our major industries. As
a build alone, it is commanding and unique. We don't
want to lose this old girl, a pioneer of tourism.
(19:06):
Thank you very much for the text. Keep the feedback coming.
You can text on ninety two ninety two news Talk
zebby righty home, let's head around the country and joining
us now from Dunedin as Callum Proctor and Dnedan residents
have got a little bit of a slap on the
wrist from the council over their poor recycling habits Callum.
Speaker 8 (19:29):
Yes, yeah, we have.
Speaker 9 (19:30):
The city councils taken to Facebook here who express its
frustration over the amount of contamination found in people's yellow
recycling bins over the break. They say that this contamination
increased markedly during December. Amongst the recycling they found food waste, nappies,
plastic bags, glass, unwashed products and other general rubbish. The
(19:51):
councils says it's disappointing to see the slip and quality
and as reminding people to download the curb side collection
app to check what can and cannot be recycled.
Speaker 2 (20:00):
And in Eden's weather column.
Speaker 9 (20:02):
I've got to change today fresh so esterly this afternoon
rain possibly heavy, eases to showers later the high twenty Thank.
Speaker 2 (20:09):
You so much. And Claire Sherwood is and christ Church.
I've just been talking about christ Church Electric Avenue Music Festival.
There is a massive weightlist for tickets, but no more
tickets are going to be released. Claire. We need to stop.
Speaker 10 (20:21):
Telling people how good it is here or they'll all
be moving. Francesca, there is a massive weightlist. There's about
seventy thousand people expected to be at Hagley Park next
month February twenty one. It's the first time Electric Avenue
has been a two day festival. There are though another
twenty thousand on the weightlist hoping for tickets. We've chased
up festival director Callum Mitchell. He says, well, demand is
(20:45):
incredible and they would love to increase the capacity. Their
focus right now is to ensure the attendees who have
already got their tickets have a really good experience, he says.
At the stage there are no firm plans to add
any other editions of the festival elsewhere either. Christ Church
in z is estimating this event brings in seven million
dollars to the local economy.
Speaker 2 (21:04):
My son's supposed to be getting ready to go to
university in Canterbury and all he is doing is trying
to get tickets to this festival. Ah the weather today, Claire, early,
low cloud, a bit of fog possible, but otherwise should
be fine untilson rain this afternoon. The highest twenty five,
thanks Claire. Max toll is in Wellington and some good
news today MAX. Road deaths at a notable low.
Speaker 11 (21:25):
Yeah, you may not believe it with the current quality
of driving on our roads, but the AA celebrating an
historic low number of deaths on Wellington's roads last year
six fatalities across the region. That's the lowest in at
least thirty four years, it says, at least I assume
because that's on record and not unique to Wellington. In fact,
there was the lowest per capita road toll across New
(21:47):
Zealand in a century. We may not have better drivers,
but we do have safer highways and more are to
open in the coming decade, more cameras as well more police.
These are all factors the road toll. Typically it does
fluctuate quite a bit year to year. But let's cross
our fingers and this proves not to be an anomaly.
Speaker 2 (22:07):
And Wellington's weather today max.
Speaker 11 (22:09):
Should be fine nor the least twenty two the high
central good to hear.
Speaker 2 (22:12):
And joining me in the studio now is never Britty Manu,
an owner of the third most stolen car in New Zealand,
the nist and Tea. Did you nick yours?
Speaker 12 (22:20):
I wish I had no, no, but yes I do
own a Nissentita and this is my seat Tita. You're
right for them to say you and your pronunciation. This
is my second second Missentita, because I have had My
previous one was stolen about eight years ago, used in
a ram raid ah terrible.
Speaker 8 (22:39):
I was a victim. Victim.
Speaker 2 (22:42):
Now, a state of the art electric boat is almost
ready to take passengers around Auckland Harbor.
Speaker 12 (22:46):
For this is such a cool story, so full of
three sixties new it's a ten seater electric vessel, comedic.
Now it's going to be available for thrill rides. Thrill
rides around the harbor. Now this is from next week,
so we know we've got Auckland and three weekend coming up. Yay,
But this is happening from windsor spins out there or something.
Speaker 2 (23:04):
Oh yeah, you can.
Speaker 12 (23:06):
Well no, well, well that's thrill thrill rides. I don't
want to put words in their mouth, but I mean
that sounds pretty cool. I mean, just take your sea legs.
Speaker 2 (23:13):
Are you good on boats?
Speaker 12 (23:14):
You'd be good on boat.
Speaker 2 (23:15):
I'm fine when i'm sailing. I'm not good on a
large boat and a swell.
Speaker 12 (23:19):
Yeah, well I'm not good. I'm not even good on
the fairy. I can't even go on the ferry to
the Devonport.
Speaker 2 (23:23):
And I can manage that, but not with you.
Speaker 12 (23:27):
This is fully emission free. It uses the hydrofoiling technology.
So this is similar to what's used in America's cupboats
to help speed in efficiency.
Speaker 1 (23:37):
Cool.
Speaker 2 (23:37):
That's very cool.
Speaker 12 (23:38):
So but we do know too that the boats make it.
Auckland startups if they're aiming to follow this up, because
this current one is ten seats with a nineteen meter,
one hundred passenger model or something, get that out.
Speaker 2 (23:49):
There, getting this quiet, get it out of the fairies
out there. I love it. Auckland's weather today.
Speaker 12 (23:53):
Cloudy, isolated showers becoming fine. This afternoon, still warm, muggy,
twenty fours a high.
Speaker 2 (23:57):
Thank you so much for next We're off the US.
It is seventeen to six Newstorok's.
Speaker 1 (24:02):
FB international correspondence with ends at Eye Insurance Peace of
Mind for New Zealand Business.
Speaker 2 (24:12):
And Mitch McCann is with me now from the US. Mitch,
the birthright citizenship rule seems to be very controversial. I
can see that twenty two states are already suing the
administration over plans to bring this into action.
Speaker 8 (24:28):
Yeah, that's right.
Speaker 13 (24:29):
Good morning, Francisca from New York. This is extremely controversial.
Donald Trump is trying to end birthright citizenship here in
the United States. So if you are born in the
US at the moment, you automatically get citizenship and a
US passport. That's the way it's been for a very
very long time. Donald Trump is trying to change that
the people that are born with parents who are here illegally,
(24:51):
so he's part of his crackdown on illegal immigration. Now,
twenty two states have sued Donald Trump saying this is
illegal because of the fourteenth Amendment to the u US
Constitution that guarantees birthright citizenship. So this will take effect
in about twenty seven twenty eight days from now, although
it probably will be delayed as it's held up in
the couse. But this is just one of many measures
(25:13):
Donald Trump has enacted in terms of illegal immigration. So
if we look at some very quickly, He's declared a
border emergency at the southern border. He's changed laws which
mean that ICE agents, this is immigration enforcement agents can
make arrests or conduct raids now in places like hospitals
(25:33):
or churches or schools, whereas previously they weren't able to
do that. And in the last hour we have learned
that the US Justice Department has ordered prosecutors around the
country to investigate and prosecute law enforcement officials if they
refuse to enforce Donald Trump's new rules. So they'll be
keeping a close eye in all local police and law
(25:54):
enforcement agencies to make sure they're doing what Donald Trump's
telling them to do.
Speaker 2 (25:58):
The match just quickly. You couldn't Dick Blast pounding the
stay Francisca.
Speaker 13 (26:03):
It's so cold at the moment right now in New
York it is minus eight degrees celsius and it's lunchtime. Yeah,
it's cold, and it's particularly cold for some of these
states that aren't used to the caller weather places like Texas, Alabama, Georgia,
and Florida. More than one hundred and thirty thousand homes
in those states, as well as businesses, are without power
because it's freezing there as well. There is no escape.
(26:25):
The only warm weather, it seems, is where you are
back home.
Speaker 2 (26:29):
Thank you so much much, nice to catch up with you.
That was Mitch McCann.
Speaker 1 (26:33):
News Talk said b right.
Speaker 2 (26:36):
Inflation has remained steady, increasing two point two percent in
the year to December, the same increase as the previous
September update. Quarterly inflation increased by point five percent. The
biggest driver was rent up four point two percent, accounting
for a fifth of the increase, followed by local authority
rates which are up twelve point two percent. Domestic non
(26:57):
tradable inflation increased by four point five percent, also driven
by rents. So a lot of numbers. What does it
all mean, we spect? Senior economist Satisa Renhood is with
me now. Thank you for your time this morning.
Speaker 7 (27:09):
Good morning, Francesca.
Speaker 2 (27:11):
Can you tell me what does the rise and non
tradable inflation mean.
Speaker 7 (27:15):
What we've been seeing are some strong pressures in the
domestic economy. A lot of households have been feeling that.
The good news though, is that those pressures are coming off,
especially in areas like hospitality, and that means household should
like to see a little less pressure on their finances
this year.
Speaker 2 (27:31):
Okay, so rent was a big driver of this increase.
Will we see that continue into the year?
Speaker 7 (27:37):
I think we're likely to see a bit less pressure
on rents this year. We've seen population growth slow down
and big increase in the housings play over the past year,
and we're already hearing about reduced pressure on rents in
areas like Narrington, which often think big increases.
Speaker 2 (27:50):
Okay, so we shouldn't be too concerned about rents rising
throughout twenty twenty five.
Speaker 7 (27:56):
I think it's still a pretty important concern for a
lot of households. It's a big share of this spending,
but hopefully those increases that we see will be more
moderate over the coming year.
Speaker 2 (28:05):
What else would households be thinking about heading into twenty
twenty five and what these numbers can tell us.
Speaker 7 (28:11):
We've had a lot of pressure on households finances over
the last couple of years. That's been a big squeeze
on this spending. But what we're seeing now is a
much better contained inflation environment. It means that their paychecks
aren't going to be eroded at the same pace. This
will also be very important for the Reserve Bank.
Speaker 2 (28:28):
Yes, so how does this impact a February o C
R cut?
Speaker 7 (28:32):
With now that inflation that's very close to the RBS target,
the economy is still looking a bit soft. I think
put that together and it's a green light for another
big fifty basis point cut in February, and politely more
further rate cuts beyond that.
Speaker 2 (28:46):
If we're looking further beyond that, what are you anticipating.
Speaker 7 (28:49):
I think beyond February, we're likely to see probably a
twenty five basis point cut at each of the two
following meetings. That'll cash right down to three twenty five,
the lowest it's been in a long time.
Speaker 2 (29:00):
So I suppose if you're if you're you've got a
mortgage out there, and maybe this year you've got a
chance to sort of refix that. Where would you seduce
that you kind of start thinking about that if you
wouldn't mind just you know, looking into your crystal ball
there citation.
Speaker 7 (29:14):
I think it's a great time to re look at
where you're mortgage at that I can't say exactly what
a household could do, but we think the big drops
over the past year. So if you had fixed us
a one or two years a couple of years back,
you could see a mortgage rate that's now about one
hundred basis points world than when you look last fixed,
So that could be a big saving for your finances.
Speaker 2 (29:33):
So when you look at all those inflation figures that
were released yesterday's Tish, how how are you feeling? How
positive are you feeling about twenty twenty five.
Speaker 7 (29:43):
I think this is a really important and a really
positive development to the economic inflation that's contained me. We'll
see a less pressure on household's finances have really been
pressured over the last couple of years. But importantly the
related reduction and interest rate could put a lot of
money back in households back pock and that will also
be positive for economic birth and employment more broadly, as
(30:04):
we go through twenty twenty five, we.
Speaker 2 (30:06):
Shall take that positivity. Satish, thank you very much for
your time this morning. That was Westpac senior economist Satish Ranchard.
It is eight to six. I just want to go
back to the text here. Thanks mis Francesca for a
raising awareness about the chateau and RuPay who area heads
need to be knocked together? Agree, The government really need
to solve the challenges you mentioned and bring opportunities for tourism,
(30:27):
jobs and prosperity back to the area so we can
enjoy our first national park. Yeah, and look, it's not
just this government. This has been the previous government as well,
made a total mess of sorting out the Skifield issue
as well. So I just really feel for that place.
It's just such a stunning part of the country and
it's been just very sad to see it slowly decline.
(30:49):
And I hate to use that word for the people
who live there and love it, but it would be
good to get some good news for the region. You're
with early addition.
Speaker 1 (31:00):
Hard fags, hard opinions, Hard hitting news Talk said be
early edition with one roof make your property search symbol.
US Talk said, be.
Speaker 2 (31:10):
Coming up at six is Ryan Bridge with my costing breakfast,
and he joins me, Now.
Speaker 8 (31:14):
Good morning, good morning.
Speaker 2 (31:15):
Would you like would you like a cupcake?
Speaker 8 (31:17):
Ah?
Speaker 2 (31:19):
Oh no, you're not. You're one of these people that doesn't.
Speaker 8 (31:21):
Love a cupcake. Really do you know I got wage yesterday?
Speaker 1 (31:24):
Why?
Speaker 8 (31:25):
Well, would you go, Well, there's a dietician that we
that I go and see, and I came in at
one hundred and one kilos.
Speaker 2 (31:33):
You don't look at one hundred and massive.
Speaker 8 (31:38):
Tall man, No, I'm tall. But the structural integrity of
this cheer, I think is being challenged the longer I
sit on it. So now I won't have a cupcake,
but lovely offer.
Speaker 2 (31:47):
No, that's all right. My daughter has spent the summer baking.
She just to pass the time. And we got to
the point where we're like, we can no long eat
the bacon, so we provide news talks. Be Yeah, they've
got a bit addictive to it.
Speaker 8 (32:00):
They look great.
Speaker 2 (32:01):
They too may need to weigh in shortly.
Speaker 8 (32:02):
Hey, have you seen the front page of the Herald today?
It's quite a shocking story. So that that giant skyscraper,
the Seascape residential building, and this is in Custom Street,
Easter in Auckland. Massive how tall? Are two hundred and
twenty meters in the year there's a giant crane next
to it. Some teenager has scaled it, yes, and hung
(32:24):
from the top of it with one hand, with one
arm for TikTok likes. What on earth is wrong with
these kids?
Speaker 2 (32:31):
I don't know, but you know, could we just get
the you know, why is this building being left well
open to the elements? You know there's a dispute I
believe between the builders and the subcontractors, and you know
it shouldn't be left there just I mean, it's not
good for the building to be open to the elements either.
It's not good for the integrity of the building. There's
a whole lot of issues. But you know that is horrific.
Speaker 8 (32:53):
Hanging from a crane like a smart idea. No, I
certainly wouldn't be climbing a two hundred and twenty meter crane. No,
what are you going to talk about this morning? We're
doing Kiwi Bank, the Boss and Kiyi Bank. Obviously we've
had the inflation data out yesterday. It's flat. So when
are the bank's going to drop their rates? We'll ask
them after seven. Also, we're going to talk Trump. He's
now threatening Russia with tariffs because Russia's courses are at
(33:14):
war with Ukraine, and he says that war needs to
end and if it doesn't end, I'm going to slap
you with tariffs. So he's now threatening tariffs against big
tariffs against Russia, China, Canada, Mexico, and then smaller ones
against everybody else who.
Speaker 2 (33:29):
Exist, South Korea and various other places. Do you think
that'll work with Trump? Do you think that sorry?
Speaker 8 (33:33):
With Well, look, I think that part of the reason
that the Middle East has come to you know, there's
a ceasefire there is because Trump got the heavy language
out and forced them to do a deal and to
come to a peace agreement. So I think stranger things
have happened. Interesting. Zelenski has come out. He's at Davos
where all the the elite go. He says they would
(33:56):
need two hundred thousand Allied troops to man the border,
to man a piece steal. So if this does happen,
it's going to still mean a lot of military.
Speaker 2 (34:05):
You go do a couple of quick squats before the show,
and we look forward to seeing you at just six.
Thanks for your company today, Take care.
Speaker 1 (34:17):
For more from Early Edition with Ryan Bridge. Listen live
to News Talks it'd be from five am weekdays, or
follow the podcast on iHeartRadio.
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