The Reserve Bank is signalling further OCR cuts, but making no promises.
It's slashed the cash rate 25 basis points today, to 3 percent.
Newstalk ZB senior political correspondent Barry Soper says this is a sign that the screws are off the economy.
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Episode Transcript
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Speaker 1 (00:00):
Barry Sober, Senior political correspondence with US Barry, good afternoon.
Speaker 2 (00:04):
Just the outset that you'll all remember it was Trump
that was creating the expectation of a ceasefire at the
first meeting, and he said that if Putin didn't agree
to it, then there would be severe sanctions against Russia.
So there was nobody other than Trump that was creating.
Speaker 1 (00:23):
The Barry, Trump's an idiot just because he's the rest
of us Stones.
Speaker 2 (00:27):
Would also that's great. Thank you.
Speaker 1 (00:30):
Did you did you honestly need me to admit that
Trump's an idiot?
Speaker 2 (00:33):
No, that's great.
Speaker 1 (00:35):
At least we're on the same page. I'm still not
deranged like you. Listen, the Reserve Bank thoughts.
Speaker 2 (00:43):
Well, interesting, isn't it that you go back over the
OCR when our old mate Adrian All was there. I mean,
for since May twenty three, the OCR is at five
point five percent. It only moved in August last year
five point two five percent, and now it's down to
what three percent? So the move is in the right
(01:06):
direction at long last, that the screws are coming off
the economy. And if you look at the comments as
I watched the news conference of the Reserve Bank, today,
and you look at the comments the Reserve banks are
saying that they expect growth from the end of this year,
and they say the worst is over. Better times are
(01:26):
on the way. We can all only hope for that,
and hopefully a bit of an enthusiastic injection is put
into the economy as a result of it. The acting Governor,
Christian Hirk hawks me understand that you're going to add
them on, he said, the American tariff war, which is
pretty obvious through a spanner in the works, but he
says he believes it is wearing off to some extent.
Speaker 3 (01:48):
There hasn't been the escalation that there could have been
in some of those measures of global policy. Uncertainty have
actually been falling more recently. But despite that, been this
cautiousness and businesses and consumers, and it has lingered longer
than we had anticipated. And so that's some of the
thinking around whether those sectors have just become too cautious
(02:13):
and need a bit more of a lift than we
had expected.
Speaker 2 (02:17):
Yeah, so let's hope today's movement, with the expectation of
two more movements in the short term, we'll see some
injection back into the economy and US doing a little bit.
Speaker 1 (02:28):
Yeah, definitely. Winston Peters wanting to appear before the COVID
inquiry is quite an interesting move because he hasn't been called,
is he.
Speaker 2 (02:34):
No, he hasn't been called. And he tweeted today that look,
he's writing to the COVID Royal Commission saying that he'll
put his name up. He's happy to appear in public
for transparency reasons. And I do remember hither that the
first four tier alert level lockdown, it was announced on
(02:55):
the twenty first of March twenty twenty. Don't think that's
the of the election that Winston was voted out of office,
so he didn't have a long time at the desk
before he lost his role in Parliament. But nevertheless, I
remember it was a Saturday, the twenty first March, and
I remember ringing Winston saying, what the hell is going
(03:17):
on here? And it was the old go early, go
fast or go fast, go early.
Speaker 1 (03:22):
Go early, go hard, go hard.
Speaker 2 (03:24):
Sorry, And you know that Winston, it was beyond him
at the time. He said, well, for God's sake, you know,
we should take a step back. And I remember then
he was questioning the validity of doing what the government
was doing so, I think he will have a fair
part to play in this inquiry, even though his experience
(03:45):
of it in terms of decision making going further on
is very limited.
Speaker 1 (03:49):
It is very limited. Hey, really quickly, what did you
make of Helen Clark's comments today?
Speaker 2 (03:53):
Well, you know, we hear a lot of a lot
of this, don't we that women suffer greatly in politics
through social media? And I'm sure they do, but I'm sorry,
if you're in the public.
Speaker 1 (04:04):
Eye, harden up.
Speaker 2 (04:06):
Everybody suffers. I mean, I've gone off Twitter because I'm
tired of the abuse that I was getting day out
to day out to day and violent abuse. It wasn't tired,
just mild. And Helen Clark talks about the keyboard warriors,
and that's what they are. They're anonymous behind their little
keyboards and can say what they like and get to
(04:27):
whoever they like. I think the best thing to do
if you don't like it, don't read it.
Speaker 1 (04:33):
Yeah, but just under you know, she loved, which is
what the comments were, actually loves the old social media,
so she'll be reading it all. Hey, thank you, very
appreciate it, very so for senior political correspondent.
Speaker 2 (04:41):
For more from hither, Duplessy Alan Drive.
Speaker 1 (04:44):
Listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
Barry Sober, Senior political correspondence with US Barry, good afternoon.
Speaker 2 (00:04):
Just the outset that you'll all remember it was Trump
that was creating the expectation of a ceasefire at the
first meeting, and he said that if Putin didn't agree
to it, then there would be severe sanctions against Russia.
So there was nobody other than Trump that was creating.
Speaker 1 (00:23):
The Barry, Trump's an idiot just because he's the rest
of us Stones.
Speaker 2 (00:27):
Would also that's great. Thank you.
Speaker 1 (00:30):
Did you did you honestly need me to admit that
Trump's an idiot?
Speaker 2 (00:33):
No, that's great.
Speaker 1 (00:35):
At least we're on the same page. I'm still not
deranged like you. Listen, the Reserve Bank thoughts.
Speaker 2 (00:43):
Well, interesting, isn't it that you go back over the
OCR when our old mate Adrian All was there. I mean,
for since May twenty three, the OCR is at five
point five percent. It only moved in August last year
five point two five percent, and now it's down to
what three percent? So the move is in the right
(01:06):
direction at long last, that the screws are coming off
the economy. And if you look at the comments as
I watched the news conference of the Reserve Bank, today,
and you look at the comments the Reserve banks are
saying that they expect growth from the end of this year,
and they say the worst is over. Better times are
(01:26):
on the way. We can all only hope for that,
and hopefully a bit of an enthusiastic injection is put
into the economy as a result of it. The acting Governor,
Christian Hirk hawks me understand that you're going to add
them on, he said, the American tariff war, which is
pretty obvious through a spanner in the works, but he
says he believes it is wearing off to some extent.
Speaker 3 (01:48):
There hasn't been the escalation that there could have been
in some of those measures of global policy. Uncertainty have
actually been falling more recently. But despite that, been this
cautiousness and businesses and consumers, and it has lingered longer
than we had anticipated. And so that's some of the
thinking around whether those sectors have just become too cautious
(02:13):
and need a bit more of a lift than we
had expected.
Speaker 2 (02:17):
Yeah, so let's hope today's movement, with the expectation of
two more movements in the short term, we'll see some
injection back into the economy and US doing a little bit.
Speaker 1 (02:28):
Yeah, definitely. Winston Peters wanting to appear before the COVID
inquiry is quite an interesting move because he hasn't been called,
is he.
Speaker 2 (02:34):
No, he hasn't been called. And he tweeted today that look,
he's writing to the COVID Royal Commission saying that he'll
put his name up. He's happy to appear in public
for transparency reasons. And I do remember hither that the
first four tier alert level lockdown, it was announced on
(02:55):
the twenty first of March twenty twenty. Don't think that's
the of the election that Winston was voted out of office,
so he didn't have a long time at the desk
before he lost his role in Parliament. But nevertheless, I
remember it was a Saturday, the twenty first March, and
I remember ringing Winston saying, what the hell is going
(03:17):
on here? And it was the old go early, go
fast or go fast, go early.
Speaker 1 (03:22):
Go early, go hard, go hard.
Speaker 2 (03:24):
Sorry, And you know that Winston, it was beyond him
at the time. He said, well, for God's sake, you know,
we should take a step back. And I remember then
he was questioning the validity of doing what the government
was doing so, I think he will have a fair
part to play in this inquiry, even though his experience
(03:45):
of it in terms of decision making going further on
is very limited.
Speaker 1 (03:49):
It is very limited. Hey, really quickly, what did you
make of Helen Clark's comments today?
Speaker 2 (03:53):
Well, you know, we hear a lot of a lot
of this, don't we that women suffer greatly in politics
through social media? And I'm sure they do, but I'm sorry,
if you're in the public.
Speaker 1 (04:04):
Eye, harden up.
Speaker 2 (04:06):
Everybody suffers. I mean, I've gone off Twitter because I'm
tired of the abuse that I was getting day out
to day out to day and violent abuse. It wasn't tired,
just mild. And Helen Clark talks about the keyboard warriors,
and that's what they are. They're anonymous behind their little
keyboards and can say what they like and get to
(04:27):
whoever they like. I think the best thing to do
if you don't like it, don't read it.
Speaker 1 (04:33):
Yeah, but just under you know, she loved, which is
what the comments were, actually loves the old social media,
so she'll be reading it all. Hey, thank you, very
appreciate it, very so for senior political correspondent.
Speaker 2 (04:41):
For more from hither, Duplessy Alan Drive.
Speaker 1 (04:44):
Listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
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