August 6, 2024 • 34 mins
On the Early Edition with Ryan Bridge Full Show Podcast for Wednesday 7th of August 2024, labour market data is out today. All of our major banks are expecting a rise, but by how much? ASB's Mark Smith joins Ryan.
The Motor Trade Association thinks they have a plan to help the Government to reduce retail crime - but are they asking for too much? Ryan speaks to First Retail Group.
Iconic Kiwi brand Smith and Caughey's has backtracked on its plan to shut down all operations next year, what does its future look like?
Get the Early Edition with Ryan Bridge Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
The issues, the interviews and the inside Ryan Bridge you
for twenty twenty four on the early edition with Smith City,
New Zealand's furniture Beds and a play a store news Dogs.
Speaker 2 (00:15):
It'd be good morning.
Speaker 3 (00:16):
It is six half to five. It is Wednesday, the
seventh of August. I'm Ryan Bridge. Great to have your company.
Keep in touch this morning. Nine two nine two is
the number to text Big Day four mortgage holders today
if you have one. Basically, are enough people out of
work to force the ocr down thereby taking the pressure
off your mortgage interest rate. Essentially what we're looking at today.
(00:40):
And we've got Mark Smith, the ASB senior economist on
the show just before six. What is the magic number
from the jobs started today? We will find that out.
Also this morning, Tim Walls or Waltz. We think it's
Tim Waltz. Who the hell is this guy? He's just
been picked by Kamala Harris to be her vice presidential nominee,
herrunning mate, and this election will look a little bit
(01:02):
at his history. Who this man is and what he
stands for, and also what Trump is saying about him already.
Also this morning, Chinese swimmers being accused of doping nothing
new there. China says, we're squeaky clean.
Speaker 4 (01:18):
The agenda.
Speaker 3 (01:19):
This gone seven after five. It's Wednesday, the seventh of August.
US Democratic presidential nominee and current Vice President Krmla Harris
has selected her running mate for the November election. Minnesota
Governor Tim Waltz will run alongside Harris. In two thousand
and six, he was elected as a House representative for Minnesota,
becoming the governor in twenty nineteen. He had previously served
(01:41):
in the Army National Guard and was a high school teacher.
Analysts believe he could be the right person for the job.
Speaker 5 (01:46):
This guy comes out of nowhere.
Speaker 6 (01:48):
Two weeks ago, nobody even knew his name, and he lit.
Speaker 5 (01:52):
Up the grassroots, he lit up the Internet.
Speaker 3 (01:56):
Harris and Waltz are expected to speak together publicly for
the first time. Tom Bangladesh has dissolved its parliament, just
a day after its prime minister stood down and fled
the country. It's seen weeks of violent protests, with one
hundreds killed. Just hours before the announcement, the student protest
leaders who kicked this whole thing off promised more action
if parliament wasn't dissolved. Our rental market's far from where
(02:18):
it needs to be to support an aging population. A
Retirement Commission report reveals due to declining home ownership, more
people will be renting into older age Oh so you
mean we need landlords now, do you? Has found that
more than six hundred thousand people over the age of
sixty five will be renting by twenty forty eight. And
guess what, that's an increase of more than one hundred percent.
(02:40):
Policy specialist Jordan King says the private rental market is
already not keeping up with the demand for more accessible housing.
Speaker 7 (02:47):
We need to see the property management industry starting to
prepare policies and procedures for tenants who may need additional
levels of support.
Speaker 4 (02:57):
The first word on the News of the Day edition
with Ryan Bridge and Smith City, New Zealand's Furniture Beds
and a playing store news talk set me.
Speaker 3 (03:06):
Yeah, so we'll keep an eye on what's happening this
morning with the job starter. It's obviously an indication of
where the Reserve Bank might go next week. Interestingly, markets
are pricing a ninety two percent chance of a rate
cut next week here, so it could happen quickly. Although,
as I mentioned yesterday, are we all going to run
out and spend all of our money straight away. I
(03:27):
don't know what happened yesterday afternoon. The key we dollar foul.
This is after the Yaussies kept their rates on hold
at four point three five percent. And I've actually got
some audio from the Reserve Bank Governor Australia to play
for you in a second. But they're taking a tough
stance over there. They are expecting to hit their target band,
which is two to three percent, not until late twenty
(03:49):
twenty five. They'll reach the midpoint they reckon in twenty
twenty six, and they have said no rate cut here.
It ain't happening till twenty twenty five.
Speaker 8 (04:02):
Make no mistake, inflation is still too high. A rate
cut is not on the agenda in the near term.
Given what we know, continued pressure will help to keep
demand coming back into line with supply.
Speaker 3 (04:13):
So you've got Australia holding, you've got the feeds in
the US holding, You've got Japan hiking rates, the anomaly,
you've got the bank as we said yesterday, Bank of England,
Eurocentral Bank, Canada have all cut and here we've got
our decision next week. And basically we're looking for a
magic number from the quarter to labor market data which
(04:36):
is being released today. So quarter one four point three
percent unemployment asb Reckons quarter to four point seven percent.
What is the magic number? We'll ask Mark Smith. That's
just before six this morning, just gone eleven after five.
Speaker 4 (04:50):
On your radio and online on iHeartRadio Early Edition with
Ryan Bridge and Smith City, New Zealand's Furniture Beds and
a Plying Store.
Speaker 3 (05:00):
Ziby thirteen after five. Great to have your company on this.
What are we Wednesday morning? Tim Waltz is his name.
You'll be hearing it a lot today. He's been picked
by Kamala Harris's team as her running mate for the
November election. He's Minnesota governor. He's folksye because she's obviously
a Californian liberal and Trump it Our are trying to
(05:24):
paint her as wacky, you know, wacky, wacky liberal, most
liberal politician in America, So they've gone with this folksy
white guy to try and you know, change the image
a bit. But he's pretty liberal too. Have a listen.
Speaker 9 (05:40):
Twenty twenty three would prove a banner year for the governor.
He was part of a DFL tri factor that passed
a sweeping progressive agenda that included free school meals, cartifying
abortion rates, legalizing marijuana, enacting Peede family leave, and more.
Speaker 10 (05:56):
History will write the story I keep hearing about this.
What's this going to mean? Well, we'll find out. We're
pretty sure it's going to mean a fair and more inclusive,
better and more prosperous Minnesota.
Speaker 3 (06:06):
There you go. Legalizing marijuana doesn't exactly sound conservative, does it.
I suppose they're trying to strike a balance there somewhere.
Fourteen after five Brian Bridge, one of New Zealand's oldest
and most iconic department stores, Smith and Coey's, has found
a way to partially save itself. The company has backtracked
on a full closure, now deciding to shut its Newmarket
(06:26):
store and downsize it's Queen Street one while focusing on
online sales. Heart of the City chief executive Viv Beck
is with me this morning. Good morning, Viv, good morning.
This is good news for the city.
Speaker 6 (06:37):
Right, It's great news, it really is. I mean, it's
always sad to think of a business closing. This keeps
jobs for one hundred people. It's from our perspective, great
to see it stay in that particular area.
Speaker 5 (06:51):
We've got a lot of you know.
Speaker 6 (06:53):
Construction is still happening, but a positive future. I think
this is a good sign of confidence in the future
of Queen Street.
Speaker 3 (07:00):
Is Queen Street going to actually become somewhere that you
go to. I was driving through there yesterday. It takes
you half an hour to get from one side to
the other. There's you know, I don't beggars, not homeless people,
but beggars, people who are agro on the street. It's
not a place you want to go at the moment.
Speaker 6 (07:18):
Well, I think that's part of a challenge, and we've
raised all of these issues with counsel and at to
make this a better environment while we wait for the
CRL to open, which is CRL, the conventions, and there's
a lot of sort of milestone investments coming through in
the next couple of years. The safety has had.
Speaker 7 (07:39):
A lot of work.
Speaker 5 (07:39):
There's still work to do.
Speaker 6 (07:41):
We accept that, but a lot of work has happened
and is happening as we speak. But I think it's
really looking to that period. It's a period from now
to when the CRL opens and the end at ICC
is open. There is a lot of investment which does
give positive shows the confidence in the future of Queen Street.
But I think as long as we get some progress
(08:02):
on the things we've been asking to happen in that
area to make it a better place for people and
business right now through this period, having Slip and Curry
live on in Queen Street is positive.
Speaker 3 (08:14):
Yeah, I completely agree with you. It's a brilliant, iconic
store and to have some presence still there will be important.
Thank you very much for your time. Interesting that Becker
is talking about the City rail link is sort of
the light at the end of the tunnel. Once that
thing is done and you can see at the moment
in the city they've got the stations going up, you
can actually start to see how it will look. I
(08:36):
just hope the stations aren't filled with and I'm not
saying when I say beggars, I don't mean, you know,
homeless people who have issues. I'm talking about those super
aggressive ones who are there to make money. Basically, are
we going to have subways filled with them? Hopefully not.
Speaker 4 (08:54):
News and Views you trust to start your day is
early edition with Ryan Bridge Smith City New Zealand's furniture,
Beds and a playing Store.
Speaker 3 (09:03):
News Talk said be nineteen after five. Mark says the
CRL that's the city rail Link, isn't going to make
me visit downtown Auckland, No, Mark. I suppose it won't
be an attraction in and of itself, but I think
they're hoping that it will encourage and facilitate people to
be able to get into the city quicker, because at
the moment if you try and drive, it's a nightmare.
(09:25):
Nineteen ninety two to text nineteen a half to five.
The Motor Trade Association has come up with a retail
crime wish list for the government. It wants a bold,
innovative approach, increased security measures, more involvement from the police.
Is especially around the sharing of offending online. First Retail
Group Managing Director. First Retail is a retail business consultancy.
(09:47):
By the way, First Retail Group Managing Director Chris Wilkinson
is with me. Chris, good morning, Good morning, Ryan. How
are you im well? Thank you. One of the things
that caught my attention from this wish list from the
MTA is getting rebates on fuel taxes. This is the
businesses when fuel is stolen from them.
Speaker 7 (10:08):
Absolutely. Look, I think this is something that very few
of us realized. But the reality is that these retailers
have to pay that tax whether they sell it or
it's stolen from them.
Speaker 3 (10:20):
So they're wanting basically the government to give them, well,
not a handout, but to compensate for that.
Speaker 7 (10:28):
Yeah, and when you think about it, it's entirely realistic.
You know, this is something that they would have otherwise
been able to claim the tax on and they're not
having that chance.
Speaker 3 (10:37):
To How much do you know, is there a figure
on how much gas fuel is stolen?
Speaker 7 (10:43):
Look, I don't have a figure on it, but the
reality is it's happening more and more and it's a
very challenging situation for the sector.
Speaker 3 (10:52):
What about the prepaid because most places I would assume
have prepaid these days, so you avoid the problem altogether,
don't you.
Speaker 7 (11:00):
Oh look in urban areas, yes, prepay is it's kind
of what's happening at the moment. But for many of
these retailers, they're in the provincial areas, you know, their
heart of community businesses that people visit on a daily
basis to get their milk, get their pies, to get
their lunch supplies. And having a prepay model, firstly, it's
(11:24):
an expensive thing. To implement, but for many of these
smaller retailers it's just not practical.
Speaker 3 (11:31):
They want to share footage. So when you get some
you know, some homie turning up and stealing fuel and
it's caught on CCTV camera, they want to be sharing
this more. Do you agree with that?
Speaker 7 (11:46):
Yeah? Absolutely, We've got to be much harder at the moment.
We're working over in the UK, and you know, there's
a real push now from the government and from the
businesses to start freeing up some of these privacy laws
because any of these offenders the hiding behind them they can.
Speaker 3 (12:03):
Right, so you get your CCTV catches them, you know
it's them that's stolen something, but you can't show the
face online and say you know, this person stole from me,
because they have it hasn't been proven in a court
of law.
Speaker 7 (12:18):
That's right. There are ways that these can be shared
within private networks quite legitimately. But I think that they're
starting to say, look, we know that people are hiding
behind these laws now and because of the changes in
the way this kind of activity is happening, the prevalence
of it and the impact it's having on our communities
and our economies that we need to actually get a
(12:40):
lot tougher.
Speaker 3 (12:42):
Thanks so much for your time. Chris Wilkinson, First Retail
Group Managing Director, talking about the Motor Trade Association's wish
list for the government. One of those things is a
rebate on fuel taxes. It doesn't seem fair, does it.
Someone steals the fuel from you and you still have
to pay the tax to the government. It is twenty
three minutes after five.
Speaker 4 (13:04):
The early edition full show podcast on iHeartRadio how It
By News.
Speaker 1 (13:08):
Talks at Me.
Speaker 3 (13:10):
The power was cut to my place last night. Don't worry.
It was expected. It was a maintenance thing. From one
in the morning or midnight through to five am, the
heating was off. It was chilly. I think it was
six degrees in Auckland last night. Not as bad as
you zero in christ Church, granted, but boy does it
make you think how important electricity is. You don't know
(13:31):
what you've got till it's gone. You wake up, you know, freezing,
you've got fripples, you've got a cold foot hanging out
the bed, you're fumbling around in your undies trying trying
to find undies because it's dark. You know, it's quite important.
To have electricity right, and you don't know how good
it is till it's gone. So too for major key
(13:54):
industry who are feeling the cold, hard reality at the
moment of life without energy, without gas. Two stories in
the last couple of days that caught my attention. One
was methin X, which produces methanol. They've got two hundred
and seventy staff. Six hundred and forty million dollars is
what they're worth to the Taranaki economy, more close to
(14:14):
a billion to the national economy, eight percent of Taranaki's GDP,
and they are reviewing operations in New Zealand. They're running
at half capacity. Why a lack of gas dwindling supply
from existing gas fields. The spot market is shooting up
going through the roof. Wholesale prices are up. You can't
(14:35):
get a contract. The business is the equivalent of stumbling
around in the dark at the moment. There's no certainty.
They can't get affordable contracts, so business is suffering. The
other story, the largest employer in Uapehu District two hundred
and fifty people employed at this pulp mill and sawmill.
They've paused their operations. Why energy costs up six hundred
(15:00):
percent since twenty twenty one. There's a fourteen day pause
going on there while they consider their future. This is
not good. Some are talking about a manufacturing exodus. This
is what we're seeing. It will hurt small town New Zealand.
And these are good jobs. There are jobs that feed families.
Is this a surprise. No. Twenty eighteen MB rang the
(15:25):
alarm bells about the government's oil and gas ban quite loudly,
I might add, and I'll just read you a little
bit from what was written at the time in twenty eighteen.
This is a briefing paper from the Ministry of Business,
Innovation and Employment given to then Energy Minister Megan Woods.
It said METHODEX would not be able to operate at
(15:48):
full capacity from twenty twenty one and would stop completely
after twenty twenty six. Method X will require a new
discovery if it is to continue operating in New Zealand
over the medium to long term. So we had the warning.
Now it is happening, and the government promised a just
(16:09):
transition at the time. Where is that Show me the
jobs to replace the potentially hundreds that are on the
line right now? Feels a little bit like we're fumbling
around in the dark at the moment. Twenty eight after five,
Ryan Bridge, we're going to look at interest rates just
before six o'clock. I'm very keen to hear from Mark Smith,
asb's senior economists, what is the magic number we need
(16:31):
from the jobs data today? Plus China says they're squeaky
clean when it comes to the Olympics and cheating doping.
Do you believe them? Well? Look at that. A really
interesting Oxford report too, which we'll touch on how much
these games are costing Paris and how much they expect
is going to cost Ala and Brisbane because they're the
(16:53):
next two hosts coming up as well. It is news
time here on News Talk ZB not of.
Speaker 11 (17:01):
Will but then say where a sl you the door?
Speaker 1 (17:07):
I don't love your bad.
Speaker 11 (17:12):
That this game I'm doing, But.
Speaker 10 (17:20):
Where talk door?
Speaker 4 (17:38):
Ryan Bridge? You for twenty twenty four on early edition
with Smith City New Zealand's furniture bids at applying store
News Talk Sid.
Speaker 11 (17:46):
Bey suck down, No, sadly you break owns.
Speaker 3 (18:00):
Twenty four away from six here on News Talks. They'd
be great to have your company this morning. Interesting report
from Oxford University is Paris winning the Olympics, do we
think in terms of showing off the city France more generally?
Are they winning or are they losing? Financially? It's not
looking great. This report reckons taxpayers will promise it had
(18:21):
cost eight point seven billion US dollars actual thirteen point
four billion US dollars. And apparently every games since nineteen
sixty has cost more than promised. Fifty seven percent of
those cases, the end cost had at least doubled on
what was originally advised to taxpayers, because obviously the politicians
(18:45):
want to downplay how much it's going to cost and
then look at it skyrocket. They've done estimates. I don't
know how they do this, but they've done estimates on
how much they think it will cost. Ala and Brisbane,
who are the next to host the Olympic Games, they
reckon La twenty twenty eight is already twenty eight percent
over what was budgeted originally, Brisbane forty four percent already
(19:10):
over what was budgeted and it's still eight years away.
So is it worth it? You know, does watching these
Olympics make you want to go to Paris jump in
the river sen You know, they're now known for Frog's
champagne and e Colon. I don't know, it is beautiful.
It is nice to watch. Hey. Trump has released already
(19:30):
an attack ad on Minnesota Governor Tim Waltz, who Kamala
Harris has chosen as her running mate. Have a listen.
Speaker 12 (19:37):
Kamala Harris just doubled down on her radical vision for
America by tapping another left wing extremist as her VP nominee.
Tim Waltz will be a rubber stamp for Kamala's dangerously
liberal agenda like allowing convicted felons to walk free, embracing
anti American Green New Deal policies, and giving up control
of our southern border to criminal aliens, and finally drug hotels.
(20:01):
Kamala Harris and Tim Waltz, they're failed, weak and dangerously liberal.
Speaker 3 (20:07):
Ryan Bridge, right, twenty two minutes away from Sex. Why
don't we have ads like that here? Let's go to
our reporters around the country, Color Proctors and Dunedin this morning, Callum,
good morning to you. The council's got a bit of
a tree bill. Yeah, morning, Ryan.
Speaker 13 (20:25):
The city council here digging out thousands of dollars to
replace damaged plants and ratepayers aren't happy. Three new beach
trees were damaged by vandals on the recently upgraded George
Street retail quarter sometimes Sunday or early Monday morning. A
council spokesperson says the trees will be replaced over the
coming weeks for about five thousand dollars each. Ratepayers have
(20:48):
been quick to express their anger over that price, saying
surely there's less expensive options, or perhaps don't replace them
at all. The council says the price is because the
plants need to be the right shape, maturity and trunk
size and have to be stalled with heavy lifting equipment.
They have filed a complaint with police for anyone and
encourage anyone with information.
Speaker 3 (21:08):
To report it. Right weather today callum fine.
Speaker 13 (21:12):
For deneed and mostly cloud increasing this afternoon northerleies and
fifteen brilliant.
Speaker 3 (21:15):
Thank you. Michael Sergles with christ Church. This morning, we've
heard from the family of the Kiwi helicopter pilot killed
in Indonesia.
Speaker 2 (21:23):
Michael, Yes, fifty year old Glynn Conning was well known
in South Island aviation circles and helped fight those fires
that we had on the hills earlier this year. Connin's father,
Bell taught his son to fly at motworka airport, and
since he was a respected and well known pilot, The
Coning family say they're heartbroken by the loss. They appreciate
all the love and support they've received. The family say
that he was the most curing and loving husband and
(21:45):
dad to his girls, and he is truly loved by
his family and friends.
Speaker 3 (21:49):
Very very sad. Indeed, how's the weather in christ Church, Michael?
Speaker 2 (21:53):
Areas of morning FoST and fog clearing to a fine
afternoon before clouds are back tonight. The high thirteen degrees brilliant,
Thank you very much.
Speaker 3 (22:00):
Mex toll Is in Wellington, MAX life changing surgery overseas
for a Wellington teenager.
Speaker 14 (22:07):
Yeah, a nice story in the Capitol. Enough money has
now been raised via Give a Little for fifteen year
old Julia Chocquette to have specialist surgery in Germany. Surgery unavailable,
unavailable obviously here in New Zealand. Julia can't eat or drink.
She's not been to school in sixty sixteen months. Thirty
two thousand more was raised by her school, Queen Margaret's College,
(22:27):
So she's going over in October. What she has is
a condition known as a multiple abdominal vascular compression syndromes
and Hope hypermobile ailas dan Loos syndrome. So obviously a
very rare disorder, something she became ill with. She wasn't
born with it. Previously, she was a competitive cheerleader, a debater,
she played the violin. Now she lives with a nasal tube,
(22:49):
suffers from some pretty horrific symptoms. The surgery takes a
year to recover from, but from October she's on the way.
Speaker 3 (22:56):
Well that is great news and dued Max, thank you.
How's the weather?
Speaker 14 (23:00):
It should be fine once it starts to warm up,
but a cloud later on thirteen the high Central.
Speaker 3 (23:05):
Did you feel that earthquake yesterday? It did? It woke
me up?
Speaker 10 (23:08):
Yeah?
Speaker 3 (23:08):
Ah what time?
Speaker 14 (23:10):
Just before midnight? I'll tell you what though people always
go online and rate these things as strong or severe.
You know, I'm from christ Church. I know what a
strong earthquake is, and that was not a strong earthquake
in your battle hardened day, Max, exactly, Thank you very much.
Saniva really manas an Auckland, Neva.
Speaker 3 (23:24):
Good morning, good morning.
Speaker 15 (23:26):
He is battle hard, isn't he? If that was us
up here. If that was me or it was one
on the Richter scale, we'll.
Speaker 6 (23:31):
Go, oh my god, help help Have.
Speaker 3 (23:33):
You been putting in your EQC claims exactly, Hey, it's
telling about the zombie fish.
Speaker 13 (23:39):
Zombie fish.
Speaker 15 (23:40):
Well, look this aliuminium pollution. Now this could be to
blame for the mysterious zombie fish. Now, some of this
fish has been found around the North Island. So a
fisherman coined the tomb after catching a snapper. Now the snapperhead, cloudy,
bloodshot eyes, sunk it into the face, missing flesh and
bone sticking out. Oh sounds like a zombie anyway. The
(24:01):
fish with the zombie like symptoms have been found around Raglan,
Fungda Harbor, Kaiper Paika, Kadiki and Fisheries. New Zealand is
testing them for aluminium. This is after the levels in
the Northern Wide All River at Dargaville they were found
to be thirty times the guideline. So until testing is finished,
they're saying, you know, don't eat the fish with the symptoms.
(24:21):
I mean, who's going to eat the fish like that?
Speaker 16 (24:23):
No?
Speaker 15 (24:23):
I love good snapper though, snapper and chips.
Speaker 3 (24:25):
Not zombie snapper.
Speaker 5 (24:26):
No way.
Speaker 3 (24:27):
Yeah, Creet, how's the weather today?
Speaker 15 (24:28):
Nev fine today, we've got patches of morning for frost
and sheltered places. I mean for Auckland. We're going for
a higher fifteen. But this is pretty cold for us
because we're currently on four degrees. The rest of the
country we're going hard en up.
Speaker 3 (24:41):
It was zero and christ chitch overnight. But you're right,
really four degrees right, yes, all right, never, thank you
very much. It has just gone seventeen away from six
year old. News talk said b coming up next. Elon
Musk says civil war is inevitable in the UK. The
governments responded sixteen minutes from sorry, fourteen minutes away from six.
(25:02):
Since nineteen eighteen, Smith City has served communities throughout New
Zealand with quality furniture, beds and home appliances and great deals.
Over one hundred years later, the flagship store is still
in its original location and still one hundred percent New
Zealand owned and operated, so shopping with Smith City supports
New Zealand business. They boast eighteen stores across New Zealand,
(25:23):
including a new Wido Park outlet store in Auckland which
is now open. They stock everything you need for your home,
including beds, furniture and appliances from the world's leading brands
like Samsung, Algae, Bosh, Fisher and Pike. Call lazy Boys
sleepy head just to name a few, and don't worry
about getting the best deal. They've got your back with
a price promise. They'll match any competitors price, so why
(25:44):
would you shop anywhere else. They've also teamed up with
our mates at Air New Zealand to bring airpoints to
Smith City. You can start making plans for your next
holiday and earn airpoints dollars while you shop. It is
a win win. Smith City can deliver anywhere in New Zealand.
They've got finance options and flexible per aim and options
to suit any budget. Experience their legendary instore service or
shop online Smith City dot co dot.
Speaker 4 (26:06):
INZ International correspondence with insidn Eye Insurance Peace of Mind
for New Zealand Business.
Speaker 3 (26:13):
The riots spinning violent in the UK. Devin Gray's a
UK and Europe correspondent, Gavin Good to have you on
the program this morning. What's Elon Musk talking about civil war?
Speaker 16 (26:25):
Yeah? Very interesting, Ryan, So he's tweeted but on X
that he said civil war is inevitable. It was in
response to a video showing people aiming fireworks at police.
The Prime minister spokesperson hit backs and there's absolutely no
justification and said that actually social media companies should be
doing more in order to control some of the wild
(26:48):
rumors sweeping on it and the fact they're being used
as sort of invitations to come and organize a riot
sort of thing. Anyway, it wasn't over then, because an
Elon Musk replied saying that Sekir Starmer, our prime minister
has said he would not tolerate a tax on mosques
or Muslim communities, to which Elon muslis, well, shouldn't you
(27:09):
be concerned about a tax on all communities? He said?
When he saw a video of a person being arrested
for offensive comments online, he asked, is this Britain or
the Soviet Union. I can't see ran this row ending
anytime soon. I don't think Elon Musk will start tweeting
stop tweeting, and I don't think that we are going
to see the Prime minister back down either. This disorder,
(27:32):
as you pointed out, has now lasted a week and
now the government is citing that it may well start
to use terrorism legislation in order to take some of
those responsible to court.
Speaker 3 (27:44):
Goodness, mate, the man's been hospitalized as well. This is
in Belfast, Yeah, and.
Speaker 16 (27:49):
I think it's an indication of the fact that this
is not just about far right motives or about immigration,
because police in Belfast, in Northern Ireland are saying that
this attack, which left this man in his fifties really
pretty seriously injured and he's in a hospital, definitely included
a paramilitary element. What does that mean where you'll remember
(28:11):
the struggles and the troubles in Ireland, Northern Ireland in
the seventies and eighties and the terrorism element there and
in this particular issue, witnesses reported seeing attack, a stamp
on this man's head. They believe it was racially motivated,
while other members of the public tried to shield this man.
There was prior to the attack a lot of petrol
(28:34):
bomb throwing, masonry and bricks also thrown towards police and
a land rover from the Police Service of Northern Ireland
set alite. Up to one hundred people involved. Three hundred
police officers trying to keep the beast. We've been sephalite
and stones thrown pretty ugly scenes. And here we are
just one week one and still on a nightly basis,
(28:55):
we're hearing a different disorder in different cities.
Speaker 3 (28:58):
Yeah, and Devin, thank you for that update. Given Gray
are UK and you're correspondent. It has just gone ten to.
Speaker 4 (29:03):
Six grayan Bridge.
Speaker 3 (29:05):
It is a big day today for mortgage holders. Basically,
are enough people out of work to force the ocr down,
thereby taking the pressure off our mortgages. Unemployment data for
the June quarter is out today. The Reserve Bank is
expecting unemployment rate to rise to four point six percent.
It's currently at four point three percent for quarter one, A,
(29:25):
n Z, ASB, Kiwibank, Westpac they all predict an increase
to four point seven percent, B and Z saying four
point six, joining me in ours ASB Senior economist Mark Smith, Mark,
good morning, good morning. What's the magic number? Do you
think what is the magic number we would need to
see today in order for their to be a cut,
say next week?
Speaker 5 (29:47):
Well probably that's the higher the numbers are more likely
you'd like to see a cat It's not just the
unemployment rate, but also things like labor, cops and wages
that the Reserve Bank are looking at very closely.
Speaker 3 (30:00):
Will they how how well to what extent is it
the job's data versus that sticky domestic infation that we've
been watching.
Speaker 5 (30:09):
Yeah, I think what we've seen is we've gone from
a period a few years ago where firms have been
hoarding labor. It's now a where firms are actually shedding
labor because the demind of environment is so weak and
they're having to do that. Also, firms profitability now is
very dire, you know, the weakest in about thirty years
as the share of income, So they're really in position
(30:30):
now where they can't really afford to hold on to
staff and had to let them guards. Now, when that happens,
what we'd like to see is this labors share of
income is lately to fall and inflation will fall as well.
So all of these things are interlinked. But really when
we see more spare capacity growing in a labor market
with the unemployment rate going up, that meets that inflation
(30:51):
will eventually go down, and that meant that means their
official cash rate needs to come down as well.
Speaker 3 (30:56):
The Aussies are playing hardball. Yesterday the Reserve Bank there
no cuts till twenty twenty five. That sort of thing.
Do you do you believe.
Speaker 5 (31:06):
Them, Well, it's hard to say at the moment. Bear
in mind the Australian official their cash rate is four
point three five per se ours is five and a half,
so that they're completely different. Also, the Australian economy is
doing better than the New Zealand economy. For example, the
Australian housing market is still doing very well. We're here,
(31:26):
it's down the dumps. New Zealand is I think in
and out of recession. I would like to see a
size or contraction economic activity and in the middle of
the share So things in New Zealand are dire and
we're really to see the oci come down How.
Speaker 3 (31:41):
Much because obviously the committee that decides this, they're all
humans and they can see themselves presumably how much hurt
there is out there on main street? How much do
they do you reckon? They actually listen to that noise,
you know, to that political pressure as well.
Speaker 5 (31:58):
Well. They're obviously continent what's happening around them, you know,
and it's pretty clear how weak things are. But really
they've written inflation targe to meet first, and at the
moment inflation is at three point three percent now if
you take out costs, for example, that it's already below
three percent. So from that point of view, yes they
should be COEOCA, but they want to make sure that
(32:20):
inflation will settle below three percent before cutting. But you're right.
You look around you. The unumplement rate is going. We
expect to hit a round five and a half percent
by the end of the year and it's on track
to move around six percent by both sort of next
year as well. So things that are certainly calling and
there is certain needs for the SEO to come down.
Speaker 3 (32:40):
Mark. Thank you. That's Mark Smith, the ASP senior economist.
Speaker 4 (32:42):
The news you need this morning and the in depth
analysis early edition with Ryan Bridge and fis City, New
Zealand's Furniture Beds and a playing store News Talks.
Speaker 3 (32:52):
It'd be five to six. We've been talking about the
gas shortage, the gas spot prices going through the roof
and how that's affecting met The next the big employer
in Tartanaki. This is from John Hi.
Speaker 16 (33:03):
Ryan.
Speaker 3 (33:03):
I've been a maintenance contractor at Methnex for over twenty years.
A month ago I got laid off because of the
lack of gas. We were setting up from major maintenance programs,
which has now been postponed because the plant is operating
at such a low level. Mike hoskings here and is
with us next. Good morning, very good morning to you.
Speaker 17 (33:21):
We talk to Prime Minster about that yesterday and it
makes no sense because there's no alternative. The only alternative,
I mean, until the wind comes in and the sunflower
oil and all the other things that they're going to
save the world with. Until that, You've got coal, haven't it. Really,
If it doesn't rain, you've got coal. If you haven't
got gas, you haven't got oil, you've got coal.
Speaker 3 (33:36):
Basically, at the end of the.
Speaker 17 (33:37):
Day, our councils and other council today is having a
boat on those murray wards. You know how the laws changed,
and if you've got a murray warden you didn't go
to the people, you're going to have to go to
the people or kill the board. So there's a number
of councils up and down the country at the moment
voting on that.
Speaker 3 (33:50):
So we shall have a look at this, brilliantus. Obviously
you'll be on the job's numbers. Job's number two. Right.
That's it for me. I will see you tomorrow. Mike
is with you next.
Speaker 13 (34:00):
Leaf labor or hanging out the passenger door.
Speaker 4 (34:09):
For more from Used Talk set B Listen live on
air or online, and keep our shows with you wherever
you go with our podcasts on iHeartRadio
The issues, the interviews and the inside Ryan Bridge you
for twenty twenty four on the early edition with Smith City,
New Zealand's furniture Beds and a play a store news Dogs.
Speaker 2 (00:15):
It'd be good morning.
Speaker 3 (00:16):
It is six half to five. It is Wednesday, the
seventh of August. I'm Ryan Bridge. Great to have your company.
Keep in touch this morning. Nine two nine two is
the number to text Big Day four mortgage holders today
if you have one. Basically, are enough people out of
work to force the ocr down thereby taking the pressure
off your mortgage interest rate. Essentially what we're looking at today.
(00:40):
And we've got Mark Smith, the ASB senior economist on
the show just before six. What is the magic number
from the jobs started today? We will find that out.
Also this morning, Tim Walls or Waltz. We think it's
Tim Waltz. Who the hell is this guy? He's just
been picked by Kamala Harris to be her vice presidential nominee,
herrunning mate, and this election will look a little bit
(01:02):
at his history. Who this man is and what he
stands for, and also what Trump is saying about him already.
Also this morning, Chinese swimmers being accused of doping nothing
new there. China says, we're squeaky clean.
Speaker 4 (01:18):
The agenda.
Speaker 3 (01:19):
This gone seven after five. It's Wednesday, the seventh of August.
US Democratic presidential nominee and current Vice President Krmla Harris
has selected her running mate for the November election. Minnesota
Governor Tim Waltz will run alongside Harris. In two thousand
and six, he was elected as a House representative for Minnesota,
becoming the governor in twenty nineteen. He had previously served
(01:41):
in the Army National Guard and was a high school teacher.
Analysts believe he could be the right person for the job.
Speaker 5 (01:46):
This guy comes out of nowhere.
Speaker 6 (01:48):
Two weeks ago, nobody even knew his name, and he lit.
Speaker 5 (01:52):
Up the grassroots, he lit up the Internet.
Speaker 3 (01:56):
Harris and Waltz are expected to speak together publicly for
the first time. Tom Bangladesh has dissolved its parliament, just
a day after its prime minister stood down and fled
the country. It's seen weeks of violent protests, with one
hundreds killed. Just hours before the announcement, the student protest
leaders who kicked this whole thing off promised more action
if parliament wasn't dissolved. Our rental market's far from where
(02:18):
it needs to be to support an aging population. A
Retirement Commission report reveals due to declining home ownership, more
people will be renting into older age Oh so you
mean we need landlords now, do you? Has found that
more than six hundred thousand people over the age of
sixty five will be renting by twenty forty eight. And
guess what, that's an increase of more than one hundred percent.
(02:40):
Policy specialist Jordan King says the private rental market is
already not keeping up with the demand for more accessible housing.
Speaker 7 (02:47):
We need to see the property management industry starting to
prepare policies and procedures for tenants who may need additional
levels of support.
Speaker 4 (02:57):
The first word on the News of the Day edition
with Ryan Bridge and Smith City, New Zealand's Furniture Beds
and a playing store news talk set me.
Speaker 3 (03:06):
Yeah, so we'll keep an eye on what's happening this
morning with the job starter. It's obviously an indication of
where the Reserve Bank might go next week. Interestingly, markets
are pricing a ninety two percent chance of a rate
cut next week here, so it could happen quickly. Although,
as I mentioned yesterday, are we all going to run
out and spend all of our money straight away. I
(03:27):
don't know what happened yesterday afternoon. The key we dollar foul.
This is after the Yaussies kept their rates on hold
at four point three five percent. And I've actually got
some audio from the Reserve Bank Governor Australia to play
for you in a second. But they're taking a tough
stance over there. They are expecting to hit their target band,
which is two to three percent, not until late twenty
(03:49):
twenty five. They'll reach the midpoint they reckon in twenty
twenty six, and they have said no rate cut here.
It ain't happening till twenty twenty five.
Speaker 8 (04:02):
Make no mistake, inflation is still too high. A rate
cut is not on the agenda in the near term.
Given what we know, continued pressure will help to keep
demand coming back into line with supply.
Speaker 3 (04:13):
So you've got Australia holding, you've got the feeds in
the US holding, You've got Japan hiking rates, the anomaly,
you've got the bank as we said yesterday, Bank of England,
Eurocentral Bank, Canada have all cut and here we've got
our decision next week. And basically we're looking for a
magic number from the quarter to labor market data which
(04:36):
is being released today. So quarter one four point three
percent unemployment asb Reckons quarter to four point seven percent.
What is the magic number? We'll ask Mark Smith. That's
just before six this morning, just gone eleven after five.
Speaker 4 (04:50):
On your radio and online on iHeartRadio Early Edition with
Ryan Bridge and Smith City, New Zealand's Furniture Beds and
a Plying Store.
Speaker 3 (05:00):
Ziby thirteen after five. Great to have your company on this.
What are we Wednesday morning? Tim Waltz is his name.
You'll be hearing it a lot today. He's been picked
by Kamala Harris's team as her running mate for the
November election. He's Minnesota governor. He's folksye because she's obviously
a Californian liberal and Trump it Our are trying to
(05:24):
paint her as wacky, you know, wacky, wacky liberal, most
liberal politician in America, So they've gone with this folksy
white guy to try and you know, change the image
a bit. But he's pretty liberal too. Have a listen.
Speaker 9 (05:40):
Twenty twenty three would prove a banner year for the governor.
He was part of a DFL tri factor that passed
a sweeping progressive agenda that included free school meals, cartifying
abortion rates, legalizing marijuana, enacting Peede family leave, and more.
Speaker 10 (05:56):
History will write the story I keep hearing about this.
What's this going to mean? Well, we'll find out. We're
pretty sure it's going to mean a fair and more inclusive,
better and more prosperous Minnesota.
Speaker 3 (06:06):
There you go. Legalizing marijuana doesn't exactly sound conservative, does it.
I suppose they're trying to strike a balance there somewhere.
Fourteen after five Brian Bridge, one of New Zealand's oldest
and most iconic department stores, Smith and Coey's, has found
a way to partially save itself. The company has backtracked
on a full closure, now deciding to shut its Newmarket
(06:26):
store and downsize it's Queen Street one while focusing on
online sales. Heart of the City chief executive Viv Beck
is with me this morning. Good morning, Viv, good morning.
This is good news for the city.
Speaker 6 (06:37):
Right, It's great news, it really is. I mean, it's
always sad to think of a business closing. This keeps
jobs for one hundred people. It's from our perspective, great
to see it stay in that particular area.
Speaker 5 (06:51):
We've got a lot of you know.
Speaker 6 (06:53):
Construction is still happening, but a positive future. I think
this is a good sign of confidence in the future
of Queen Street.
Speaker 3 (07:00):
Is Queen Street going to actually become somewhere that you
go to. I was driving through there yesterday. It takes
you half an hour to get from one side to
the other. There's you know, I don't beggars, not homeless people,
but beggars, people who are agro on the street. It's
not a place you want to go at the moment.
Speaker 6 (07:18):
Well, I think that's part of a challenge, and we've
raised all of these issues with counsel and at to
make this a better environment while we wait for the
CRL to open, which is CRL, the conventions, and there's
a lot of sort of milestone investments coming through in
the next couple of years. The safety has had.
Speaker 7 (07:39):
A lot of work.
Speaker 5 (07:39):
There's still work to do.
Speaker 6 (07:41):
We accept that, but a lot of work has happened
and is happening as we speak. But I think it's
really looking to that period. It's a period from now
to when the CRL opens and the end at ICC
is open. There is a lot of investment which does
give positive shows the confidence in the future of Queen Street.
But I think as long as we get some progress
(08:02):
on the things we've been asking to happen in that
area to make it a better place for people and
business right now through this period, having Slip and Curry
live on in Queen Street is positive.
Speaker 3 (08:14):
Yeah, I completely agree with you. It's a brilliant, iconic
store and to have some presence still there will be important.
Thank you very much for your time. Interesting that Becker
is talking about the City rail link is sort of
the light at the end of the tunnel. Once that
thing is done and you can see at the moment
in the city they've got the stations going up, you
can actually start to see how it will look. I
(08:36):
just hope the stations aren't filled with and I'm not
saying when I say beggars, I don't mean, you know,
homeless people who have issues. I'm talking about those super
aggressive ones who are there to make money. Basically, are
we going to have subways filled with them? Hopefully not.
Speaker 4 (08:54):
News and Views you trust to start your day is
early edition with Ryan Bridge Smith City New Zealand's furniture,
Beds and a playing Store.
Speaker 3 (09:03):
News Talk said be nineteen after five. Mark says the
CRL that's the city rail Link, isn't going to make
me visit downtown Auckland, No, Mark. I suppose it won't
be an attraction in and of itself, but I think
they're hoping that it will encourage and facilitate people to
be able to get into the city quicker, because at
the moment if you try and drive, it's a nightmare.
(09:25):
Nineteen ninety two to text nineteen a half to five.
The Motor Trade Association has come up with a retail
crime wish list for the government. It wants a bold,
innovative approach, increased security measures, more involvement from the police.
Is especially around the sharing of offending online. First Retail
Group Managing Director. First Retail is a retail business consultancy.
(09:47):
By the way, First Retail Group Managing Director Chris Wilkinson
is with me. Chris, good morning, Good morning, Ryan. How
are you im well? Thank you. One of the things
that caught my attention from this wish list from the
MTA is getting rebates on fuel taxes. This is the
businesses when fuel is stolen from them.
Speaker 7 (10:08):
Absolutely. Look, I think this is something that very few
of us realized. But the reality is that these retailers
have to pay that tax whether they sell it or
it's stolen from them.
Speaker 3 (10:20):
So they're wanting basically the government to give them, well,
not a handout, but to compensate for that.
Speaker 7 (10:28):
Yeah, and when you think about it, it's entirely realistic.
You know, this is something that they would have otherwise
been able to claim the tax on and they're not
having that chance.
Speaker 3 (10:37):
To How much do you know, is there a figure
on how much gas fuel is stolen?
Speaker 7 (10:43):
Look, I don't have a figure on it, but the
reality is it's happening more and more and it's a
very challenging situation for the sector.
Speaker 3 (10:52):
What about the prepaid because most places I would assume
have prepaid these days, so you avoid the problem altogether,
don't you.
Speaker 7 (11:00):
Oh look in urban areas, yes, prepay is it's kind
of what's happening at the moment. But for many of
these retailers, they're in the provincial areas, you know, their
heart of community businesses that people visit on a daily
basis to get their milk, get their pies, to get
their lunch supplies. And having a prepay model, firstly, it's
(11:24):
an expensive thing. To implement, but for many of these
smaller retailers it's just not practical.
Speaker 3 (11:31):
They want to share footage. So when you get some
you know, some homie turning up and stealing fuel and
it's caught on CCTV camera, they want to be sharing
this more. Do you agree with that?
Speaker 7 (11:46):
Yeah? Absolutely, We've got to be much harder at the moment.
We're working over in the UK, and you know, there's
a real push now from the government and from the
businesses to start freeing up some of these privacy laws
because any of these offenders the hiding behind them they can.
Speaker 3 (12:03):
Right, so you get your CCTV catches them, you know
it's them that's stolen something, but you can't show the
face online and say you know, this person stole from me,
because they have it hasn't been proven in a court
of law.
Speaker 7 (12:18):
That's right. There are ways that these can be shared
within private networks quite legitimately. But I think that they're
starting to say, look, we know that people are hiding
behind these laws now and because of the changes in
the way this kind of activity is happening, the prevalence
of it and the impact it's having on our communities
and our economies that we need to actually get a
(12:40):
lot tougher.
Speaker 3 (12:42):
Thanks so much for your time. Chris Wilkinson, First Retail
Group Managing Director, talking about the Motor Trade Association's wish
list for the government. One of those things is a
rebate on fuel taxes. It doesn't seem fair, does it.
Someone steals the fuel from you and you still have
to pay the tax to the government. It is twenty
three minutes after five.
Speaker 4 (13:04):
The early edition full show podcast on iHeartRadio how It
By News.
Speaker 1 (13:08):
Talks at Me.
Speaker 3 (13:10):
The power was cut to my place last night. Don't worry.
It was expected. It was a maintenance thing. From one
in the morning or midnight through to five am, the
heating was off. It was chilly. I think it was
six degrees in Auckland last night. Not as bad as
you zero in christ Church, granted, but boy does it
make you think how important electricity is. You don't know
(13:31):
what you've got till it's gone. You wake up, you know, freezing,
you've got fripples, you've got a cold foot hanging out
the bed, you're fumbling around in your undies trying trying
to find undies because it's dark. You know, it's quite important.
To have electricity right, and you don't know how good
it is till it's gone. So too for major key
(13:54):
industry who are feeling the cold, hard reality at the
moment of life without energy, without gas. Two stories in
the last couple of days that caught my attention. One
was methin X, which produces methanol. They've got two hundred
and seventy staff. Six hundred and forty million dollars is
what they're worth to the Taranaki economy, more close to
(14:14):
a billion to the national economy, eight percent of Taranaki's GDP,
and they are reviewing operations in New Zealand. They're running
at half capacity. Why a lack of gas dwindling supply
from existing gas fields. The spot market is shooting up
going through the roof. Wholesale prices are up. You can't
(14:35):
get a contract. The business is the equivalent of stumbling
around in the dark at the moment. There's no certainty.
They can't get affordable contracts, so business is suffering. The
other story, the largest employer in Uapehu District two hundred
and fifty people employed at this pulp mill and sawmill.
They've paused their operations. Why energy costs up six hundred
(15:00):
percent since twenty twenty one. There's a fourteen day pause
going on there while they consider their future. This is
not good. Some are talking about a manufacturing exodus. This
is what we're seeing. It will hurt small town New Zealand.
And these are good jobs. There are jobs that feed families.
Is this a surprise. No. Twenty eighteen MB rang the
(15:25):
alarm bells about the government's oil and gas ban quite loudly,
I might add, and I'll just read you a little
bit from what was written at the time in twenty eighteen.
This is a briefing paper from the Ministry of Business,
Innovation and Employment given to then Energy Minister Megan Woods.
It said METHODEX would not be able to operate at
(15:48):
full capacity from twenty twenty one and would stop completely
after twenty twenty six. Method X will require a new
discovery if it is to continue operating in New Zealand
over the medium to long term. So we had the warning.
Now it is happening, and the government promised a just
(16:09):
transition at the time. Where is that Show me the
jobs to replace the potentially hundreds that are on the
line right now? Feels a little bit like we're fumbling
around in the dark at the moment. Twenty eight after five,
Ryan Bridge, we're going to look at interest rates just
before six o'clock. I'm very keen to hear from Mark Smith,
asb's senior economists, what is the magic number we need
(16:31):
from the jobs data today? Plus China says they're squeaky
clean when it comes to the Olympics and cheating doping.
Do you believe them? Well? Look at that. A really
interesting Oxford report too, which we'll touch on how much
these games are costing Paris and how much they expect
is going to cost Ala and Brisbane because they're the
(16:53):
next two hosts coming up as well. It is news
time here on News Talk ZB not of.
Speaker 11 (17:01):
Will but then say where a sl you the door?
Speaker 1 (17:07):
I don't love your bad.
Speaker 11 (17:12):
That this game I'm doing, But.
Speaker 10 (17:20):
Where talk door?
Speaker 4 (17:38):
Ryan Bridge? You for twenty twenty four on early edition
with Smith City New Zealand's furniture bids at applying store
News Talk Sid.
Speaker 11 (17:46):
Bey suck down, No, sadly you break owns.
Speaker 3 (18:00):
Twenty four away from six here on News Talks. They'd
be great to have your company this morning. Interesting report
from Oxford University is Paris winning the Olympics, do we
think in terms of showing off the city France more generally?
Are they winning or are they losing? Financially? It's not
looking great. This report reckons taxpayers will promise it had
(18:21):
cost eight point seven billion US dollars actual thirteen point
four billion US dollars. And apparently every games since nineteen
sixty has cost more than promised. Fifty seven percent of
those cases, the end cost had at least doubled on
what was originally advised to taxpayers, because obviously the politicians
(18:45):
want to downplay how much it's going to cost and
then look at it skyrocket. They've done estimates. I don't
know how they do this, but they've done estimates on
how much they think it will cost. Ala and Brisbane,
who are the next to host the Olympic Games, they
reckon La twenty twenty eight is already twenty eight percent
over what was budgeted originally, Brisbane forty four percent already
(19:10):
over what was budgeted and it's still eight years away.
So is it worth it? You know, does watching these
Olympics make you want to go to Paris jump in
the river sen You know, they're now known for Frog's
champagne and e Colon. I don't know, it is beautiful.
It is nice to watch. Hey. Trump has released already
(19:30):
an attack ad on Minnesota Governor Tim Waltz, who Kamala
Harris has chosen as her running mate. Have a listen.
Speaker 12 (19:37):
Kamala Harris just doubled down on her radical vision for
America by tapping another left wing extremist as her VP nominee.
Tim Waltz will be a rubber stamp for Kamala's dangerously
liberal agenda like allowing convicted felons to walk free, embracing
anti American Green New Deal policies, and giving up control
of our southern border to criminal aliens, and finally drug hotels.
(20:01):
Kamala Harris and Tim Waltz, they're failed, weak and dangerously liberal.
Speaker 3 (20:07):
Ryan Bridge, right, twenty two minutes away from Sex. Why
don't we have ads like that here? Let's go to
our reporters around the country, Color Proctors and Dunedin this morning, Callum,
good morning to you. The council's got a bit of
a tree bill. Yeah, morning, Ryan.
Speaker 13 (20:25):
The city council here digging out thousands of dollars to
replace damaged plants and ratepayers aren't happy. Three new beach
trees were damaged by vandals on the recently upgraded George
Street retail quarter sometimes Sunday or early Monday morning. A
council spokesperson says the trees will be replaced over the
coming weeks for about five thousand dollars each. Ratepayers have
(20:48):
been quick to express their anger over that price, saying
surely there's less expensive options, or perhaps don't replace them
at all. The council says the price is because the
plants need to be the right shape, maturity and trunk
size and have to be stalled with heavy lifting equipment.
They have filed a complaint with police for anyone and
encourage anyone with information.
Speaker 3 (21:08):
To report it. Right weather today callum fine.
Speaker 13 (21:12):
For deneed and mostly cloud increasing this afternoon northerleies and
fifteen brilliant.
Speaker 3 (21:15):
Thank you. Michael Sergles with christ Church. This morning, we've
heard from the family of the Kiwi helicopter pilot killed
in Indonesia.
Speaker 2 (21:23):
Michael, Yes, fifty year old Glynn Conning was well known
in South Island aviation circles and helped fight those fires
that we had on the hills earlier this year. Connin's father,
Bell taught his son to fly at motworka airport, and
since he was a respected and well known pilot, The
Coning family say they're heartbroken by the loss. They appreciate
all the love and support they've received. The family say
that he was the most curing and loving husband and
(21:45):
dad to his girls, and he is truly loved by
his family and friends.
Speaker 3 (21:49):
Very very sad. Indeed, how's the weather in christ Church, Michael?
Speaker 2 (21:53):
Areas of morning FoST and fog clearing to a fine
afternoon before clouds are back tonight. The high thirteen degrees brilliant,
Thank you very much.
Speaker 3 (22:00):
Mex toll Is in Wellington, MAX life changing surgery overseas
for a Wellington teenager.
Speaker 14 (22:07):
Yeah, a nice story in the Capitol. Enough money has
now been raised via Give a Little for fifteen year
old Julia Chocquette to have specialist surgery in Germany. Surgery unavailable,
unavailable obviously here in New Zealand. Julia can't eat or drink.
She's not been to school in sixty sixteen months. Thirty
two thousand more was raised by her school, Queen Margaret's College,
(22:27):
So she's going over in October. What she has is
a condition known as a multiple abdominal vascular compression syndromes
and Hope hypermobile ailas dan Loos syndrome. So obviously a
very rare disorder, something she became ill with. She wasn't
born with it. Previously, she was a competitive cheerleader, a debater,
she played the violin. Now she lives with a nasal tube,
(22:49):
suffers from some pretty horrific symptoms. The surgery takes a
year to recover from, but from October she's on the way.
Speaker 3 (22:56):
Well that is great news and dued Max, thank you.
How's the weather?
Speaker 14 (23:00):
It should be fine once it starts to warm up,
but a cloud later on thirteen the high Central.
Speaker 3 (23:05):
Did you feel that earthquake yesterday? It did? It woke
me up?
Speaker 10 (23:08):
Yeah?
Speaker 3 (23:08):
Ah what time?
Speaker 14 (23:10):
Just before midnight? I'll tell you what though people always
go online and rate these things as strong or severe.
You know, I'm from christ Church. I know what a
strong earthquake is, and that was not a strong earthquake
in your battle hardened day, Max, exactly, Thank you very much.
Saniva really manas an Auckland, Neva.
Speaker 3 (23:24):
Good morning, good morning.
Speaker 15 (23:26):
He is battle hard, isn't he? If that was us
up here. If that was me or it was one
on the Richter scale, we'll.
Speaker 6 (23:31):
Go, oh my god, help help Have.
Speaker 3 (23:33):
You been putting in your EQC claims exactly, Hey, it's
telling about the zombie fish.
Speaker 13 (23:39):
Zombie fish.
Speaker 15 (23:40):
Well, look this aliuminium pollution. Now this could be to
blame for the mysterious zombie fish. Now, some of this
fish has been found around the North Island. So a
fisherman coined the tomb after catching a snapper. Now the snapperhead, cloudy,
bloodshot eyes, sunk it into the face, missing flesh and
bone sticking out. Oh sounds like a zombie anyway. The
(24:01):
fish with the zombie like symptoms have been found around Raglan,
Fungda Harbor, Kaiper Paika, Kadiki and Fisheries. New Zealand is
testing them for aluminium. This is after the levels in
the Northern Wide All River at Dargaville they were found
to be thirty times the guideline. So until testing is finished,
they're saying, you know, don't eat the fish with the symptoms.
(24:21):
I mean, who's going to eat the fish like that?
Speaker 16 (24:23):
No?
Speaker 15 (24:23):
I love good snapper though, snapper and chips.
Speaker 3 (24:25):
Not zombie snapper.
Speaker 5 (24:26):
No way.
Speaker 3 (24:27):
Yeah, Creet, how's the weather today?
Speaker 15 (24:28):
Nev fine today, we've got patches of morning for frost
and sheltered places. I mean for Auckland. We're going for
a higher fifteen. But this is pretty cold for us
because we're currently on four degrees. The rest of the
country we're going hard en up.
Speaker 3 (24:41):
It was zero and christ chitch overnight. But you're right,
really four degrees right, yes, all right, never, thank you
very much. It has just gone seventeen away from six
year old. News talk said b coming up next. Elon
Musk says civil war is inevitable in the UK. The
governments responded sixteen minutes from sorry, fourteen minutes away from six.
(25:02):
Since nineteen eighteen, Smith City has served communities throughout New
Zealand with quality furniture, beds and home appliances and great deals.
Over one hundred years later, the flagship store is still
in its original location and still one hundred percent New
Zealand owned and operated, so shopping with Smith City supports
New Zealand business. They boast eighteen stores across New Zealand,
(25:23):
including a new Wido Park outlet store in Auckland which
is now open. They stock everything you need for your home,
including beds, furniture and appliances from the world's leading brands
like Samsung, Algae, Bosh, Fisher and Pike. Call lazy Boys
sleepy head just to name a few, and don't worry
about getting the best deal. They've got your back with
a price promise. They'll match any competitors price, so why
(25:44):
would you shop anywhere else. They've also teamed up with
our mates at Air New Zealand to bring airpoints to
Smith City. You can start making plans for your next
holiday and earn airpoints dollars while you shop. It is
a win win. Smith City can deliver anywhere in New Zealand.
They've got finance options and flexible per aim and options
to suit any budget. Experience their legendary instore service or
shop online Smith City dot co dot.
Speaker 4 (26:06):
INZ International correspondence with insidn Eye Insurance Peace of Mind
for New Zealand Business.
Speaker 3 (26:13):
The riots spinning violent in the UK. Devin Gray's a
UK and Europe correspondent, Gavin Good to have you on
the program this morning. What's Elon Musk talking about civil war?
Speaker 16 (26:25):
Yeah? Very interesting, Ryan, So he's tweeted but on X
that he said civil war is inevitable. It was in
response to a video showing people aiming fireworks at police.
The Prime minister spokesperson hit backs and there's absolutely no
justification and said that actually social media companies should be
doing more in order to control some of the wild
(26:48):
rumors sweeping on it and the fact they're being used
as sort of invitations to come and organize a riot
sort of thing. Anyway, it wasn't over then, because an
Elon Musk replied saying that Sekir Starmer, our prime minister
has said he would not tolerate a tax on mosques
or Muslim communities, to which Elon muslis, well, shouldn't you
(27:09):
be concerned about a tax on all communities? He said?
When he saw a video of a person being arrested
for offensive comments online, he asked, is this Britain or
the Soviet Union. I can't see ran this row ending
anytime soon. I don't think Elon Musk will start tweeting
stop tweeting, and I don't think that we are going
to see the Prime minister back down either. This disorder,
(27:32):
as you pointed out, has now lasted a week and
now the government is citing that it may well start
to use terrorism legislation in order to take some of
those responsible to court.
Speaker 3 (27:44):
Goodness, mate, the man's been hospitalized as well. This is
in Belfast, Yeah, and.
Speaker 16 (27:49):
I think it's an indication of the fact that this
is not just about far right motives or about immigration,
because police in Belfast, in Northern Ireland are saying that
this attack, which left this man in his fifties really
pretty seriously injured and he's in a hospital, definitely included
a paramilitary element. What does that mean where you'll remember
(28:11):
the struggles and the troubles in Ireland, Northern Ireland in
the seventies and eighties and the terrorism element there and
in this particular issue, witnesses reported seeing attack, a stamp
on this man's head. They believe it was racially motivated,
while other members of the public tried to shield this man.
There was prior to the attack a lot of petrol
(28:34):
bomb throwing, masonry and bricks also thrown towards police and
a land rover from the Police Service of Northern Ireland
set alite. Up to one hundred people involved. Three hundred
police officers trying to keep the beast. We've been sephalite
and stones thrown pretty ugly scenes. And here we are
just one week one and still on a nightly basis,
(28:55):
we're hearing a different disorder in different cities.
Speaker 3 (28:58):
Yeah, and Devin, thank you for that update. Given Gray
are UK and you're correspondent. It has just gone ten to.
Speaker 4 (29:03):
Six grayan Bridge.
Speaker 3 (29:05):
It is a big day today for mortgage holders. Basically,
are enough people out of work to force the ocr down,
thereby taking the pressure off our mortgages. Unemployment data for
the June quarter is out today. The Reserve Bank is
expecting unemployment rate to rise to four point six percent.
It's currently at four point three percent for quarter one, A,
(29:25):
n Z, ASB, Kiwibank, Westpac they all predict an increase
to four point seven percent, B and Z saying four
point six, joining me in ours ASB Senior economist Mark Smith, Mark,
good morning, good morning. What's the magic number? Do you
think what is the magic number we would need to
see today in order for their to be a cut,
say next week?
Speaker 5 (29:47):
Well probably that's the higher the numbers are more likely
you'd like to see a cat It's not just the
unemployment rate, but also things like labor, cops and wages
that the Reserve Bank are looking at very closely.
Speaker 3 (30:00):
Will they how how well to what extent is it
the job's data versus that sticky domestic infation that we've
been watching.
Speaker 5 (30:09):
Yeah, I think what we've seen is we've gone from
a period a few years ago where firms have been
hoarding labor. It's now a where firms are actually shedding
labor because the demind of environment is so weak and
they're having to do that. Also, firms profitability now is
very dire, you know, the weakest in about thirty years
as the share of income, So they're really in position
(30:30):
now where they can't really afford to hold on to
staff and had to let them guards. Now, when that happens,
what we'd like to see is this labors share of
income is lately to fall and inflation will fall as well.
So all of these things are interlinked. But really when
we see more spare capacity growing in a labor market
with the unemployment rate going up, that meets that inflation
(30:51):
will eventually go down, and that meant that means their
official cash rate needs to come down as well.
Speaker 3 (30:56):
The Aussies are playing hardball. Yesterday the Reserve Bank there
no cuts till twenty twenty five. That sort of thing.
Do you do you believe.
Speaker 5 (31:06):
Them, Well, it's hard to say at the moment. Bear
in mind the Australian official their cash rate is four
point three five per se ours is five and a half,
so that they're completely different. Also, the Australian economy is
doing better than the New Zealand economy. For example, the
Australian housing market is still doing very well. We're here,
(31:26):
it's down the dumps. New Zealand is I think in
and out of recession. I would like to see a
size or contraction economic activity and in the middle of
the share So things in New Zealand are dire and
we're really to see the oci come down How.
Speaker 3 (31:41):
Much because obviously the committee that decides this, they're all
humans and they can see themselves presumably how much hurt
there is out there on main street? How much do
they do you reckon? They actually listen to that noise,
you know, to that political pressure as well.
Speaker 5 (31:58):
Well. They're obviously continent what's happening around them, you know,
and it's pretty clear how weak things are. But really
they've written inflation targe to meet first, and at the
moment inflation is at three point three percent now if
you take out costs, for example, that it's already below
three percent. So from that point of view, yes they
should be COEOCA, but they want to make sure that
(32:20):
inflation will settle below three percent before cutting. But you're right.
You look around you. The unumplement rate is going. We
expect to hit a round five and a half percent
by the end of the year and it's on track
to move around six percent by both sort of next
year as well. So things that are certainly calling and
there is certain needs for the SEO to come down.
Speaker 3 (32:40):
Mark. Thank you. That's Mark Smith, the ASP senior economist.
Speaker 4 (32:42):
The news you need this morning and the in depth
analysis early edition with Ryan Bridge and fis City, New
Zealand's Furniture Beds and a playing store News Talks.
Speaker 3 (32:52):
It'd be five to six. We've been talking about the
gas shortage, the gas spot prices going through the roof
and how that's affecting met The next the big employer
in Tartanaki. This is from John Hi.
Speaker 16 (33:03):
Ryan.
Speaker 3 (33:03):
I've been a maintenance contractor at Methnex for over twenty years.
A month ago I got laid off because of the
lack of gas. We were setting up from major maintenance programs,
which has now been postponed because the plant is operating
at such a low level. Mike hoskings here and is
with us next. Good morning, very good morning to you.
Speaker 17 (33:21):
We talk to Prime Minster about that yesterday and it
makes no sense because there's no alternative. The only alternative,
I mean, until the wind comes in and the sunflower
oil and all the other things that they're going to
save the world with. Until that, You've got coal, haven't it. Really,
If it doesn't rain, you've got coal. If you haven't
got gas, you haven't got oil, you've got coal.
Speaker 3 (33:36):
Basically, at the end of the.
Speaker 17 (33:37):
Day, our councils and other council today is having a
boat on those murray wards. You know how the laws changed,
and if you've got a murray warden you didn't go
to the people, you're going to have to go to
the people or kill the board. So there's a number
of councils up and down the country at the moment
voting on that.
Speaker 3 (33:50):
So we shall have a look at this, brilliantus. Obviously
you'll be on the job's numbers. Job's number two. Right.
That's it for me. I will see you tomorrow. Mike
is with you next.
Speaker 13 (34:00):
Leaf labor or hanging out the passenger door.
Speaker 4 (34:09):
For more from Used Talk set B Listen live on
air or online, and keep our shows with you wherever
you go with our podcasts on iHeartRadio
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.