Mike's Minute: Our wrecked economy is making international headlines

Last year was the first time in 20 years that there were fewer cafes than the year before. 

If that isn't a reality check on the state of our economy, then nothing is. 

Yes, we are starting to see some light. There is some confidence here and an interest rate cut there. 

But the tail end, well I hope it’s the tail end, of what is likely three recessions in two years has taken a catastrophic chunk out of our economy. 

I read a piece on an international site over the weekend about the quote-unquote, "economic refugees who are fleeing New Zealand in record numbers". 

The most depressing stories about this country are the ones written by offshore operators. 

We only make the news for exceptional stuff; exceptionally good or, in this case, exceptionally bad. 

Let's do a piece on a basketcase. Who can we find? Good old New Zealand. 

Pandoro announced Friday they are closing in Wellington. They aren't the first obviously. There has been a growing business lately on stories about closing hospitality in the capital. 

The owner was interesting. It seems it’s a mix of Covid as people went home and not everyone came back, but also of cycleways and bus lanes killing traffic and road cones and construction closing roads and therefore access. 

Obviously, the economy is in there too. So the question then becomes, just how badly do you want to hobble your city's prospects? 

In Wellington they are laying them off left, right and centre as well. So a lot of people at home, a lot of people losing their jobs, a lot of places you can't get to and an economy going backwards. Good luck selling ciabatta. 

On the hospitality scene, a lot of people come and go, as they always have, just like construction. 

But when the names are a bit well known that always catches you a bit, doesn’t it? 

Smith & Caughey's, or in Wellington's case you've got Kirkcaldie & Stains and Pandoro, they're names that have been around, survived a lot and seen hard times. 

Yet this time they can't do it. 

What's that tell you about how badly this place has been wrecked? 

So badly, that we make international headlines for it. 

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Episode Transcript

Speaker 1 (00:00):
Last year was the first time in twenty years there
were fewer cafes in this country than the year before.
Now that isn't a reality check on the state of
our economy. Nothing is so. Yes, we're starting to see
some light I think some confidence here and interest rate
cut there. But the tail end, I hope it's the
tail end of what is likely three recessions and two
years has taken a catastrophic chunk out of the economy.
I read a piece on an international site over the

(00:22):
weekend about the quote unquote economic refugees who are fleeing
New Zealand and record numbers. The most impressing stories about
this country are the ones written by offshore operators. We
only make the news around the world for exceptional stuff,
exceptionally good or in this case, exceptionally bad. Let's do
a piece on a basket case. Who's the basket case
we can find? Oh, oh, good, Old New Zealand. Pandoro

(00:46):
announced on Friday that they're closing in Wellington. Now they
aren't the first, obviously, there's been a growing business lately
on stories about closing hospow businesses in the capitol. The
owner I thought was interesting though it seems for him
to be a mix of COVID as people went home
and not everyone came back. Also of cycleways and bus
lanes killing the traffic, and road cones and construction who

(01:06):
are actually closing roads and therefore access, so obviously the
economies in there as well. So the question then becomes
just how badly do you want to hobble your city's
prospects for goodness sake? In Wellington they are laying them
off left, right and center as well. So a lot
of people going home, forced home, a lot of people
losing their job, a lot of places you can't get to,
an economy going backwards. I mean, good luck selling Chibata

(01:26):
for goodness sake. On the hospital scene, a lot of
people come and go, always have. Really, it's like construction.
But when the names are a bit well known, it
always strikes me. It sort of catches you a little bit,
doesn't it. Remember Smith and Coey or in Wellington's case,
it was Cacaudy's Pandora. I mean names that have been around,
survived a lot, seen hard times, and yet this time
they can't do it. What's that tell you about how

(01:47):
badly this place has been wrecked? So badly. In fact,
we make international headlines out of it. For more from
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