November 15, 2024 • 23 mins
On Today's Lil Bitta Pod; Bad News Brad joins us to talk interest rates, pre-Covid prices, Cyrpto and more!
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Speaker 1 (00:00):
The ZM podcast Network, pleas Wood and Hayley's Little bit
of Pod treat yourself to mcafe coffee with my macas rewards.
Welcome to a little bit of Pod and just a
reminder our Christmas Cocktail special our shout outs. It's going
to be happening. We're going to be recording this early December,
so you've got to the fourth of December to get
(00:22):
your Christmas Cocktail special shout out. In you can go
to zenim online dot com slash cocktail special, or if
you're in New Zealing, you can text one word cocktail
special to nine six nine six and we'll send you
back a link.
Speaker 2 (00:35):
But right now, let's shout out the fourth member of
our team. Right now, Bad News Brand and Studio. Thank you,
chief executive and principal economist.
Speaker 3 (00:44):
Info Metrics nailed it.
Speaker 1 (00:45):
Did I know that you did nail it every time online?
Don't get that wrong or is it principal now? Brad,
Obviously we love talking to you, but on era we
could talk to you forever. But you know we don't
have all the time of year.
Speaker 2 (00:57):
We're going to go have brunch because we're friends, we're
genuine free. I think you can hear it.
Speaker 3 (01:02):
I think it comes through.
Speaker 4 (01:02):
I think it comes.
Speaker 1 (01:07):
We are see how that day when we had you in,
because we did touch on like mortgage rates and you
know the state of things at the moment. We said, look,
if you've got a question for Brad, send it through
on Instagram and we've got a bunch of questions that
we're going to ask you now, and we can take
our time because it's the podcast.
Speaker 5 (01:21):
Yeah, this is the good form and you can swear Brad, well,
this is always necessary. But also I've got my laptop up.
There are two spreadsheets in front of me. You know,
I've got I've got a few things. I'm coming with
the receipts here.
Speaker 6 (01:35):
First question comes from Anna and she said, well everything,
will everything ever return to pre COVID prices or do
I need to accept that this is the new norm?
Speaker 5 (01:45):
Okay a lot of the time it is probably going
to be the new norm. We are I think trying
to find like the Goldilock zone because previously, right, you
go back sort of pre pandemic. The prices that we
had obviously were a lot nicer on almost everything, but
we were also like for interest rates almost like two low.
And I think abnormally low. We were coming out of
a period where like after the GFC, China have been
(02:06):
producing so much that like just everything was real cheaper.
Now maybe not so much so most prices will be higher.
But again have done some homework. There are eight items
of about one hundred and twenty or so that Statsunzi.
It looks at at the supermarket that are currently cheaper
in October twenty twenty four than they were in October
twenty nineteen.
Speaker 4 (02:26):
Down the train only eight.
Speaker 3 (02:28):
Yeah, but those were the golden days.
Speaker 1 (02:30):
I remember when we talked to you like a year
or so ago, and you said, Yep, things don't get cheaper.
Speaker 3 (02:35):
Not normally, not normally settle back down how long.
Speaker 5 (02:39):
I'm really surprised. I mean some of them are because
that produce or other bits and pieces, and that sort
of will fluctuate. If you get a good growing year
then like things, yes, coming.
Speaker 1 (02:47):
To floods, a lot of asparas, super asparagus season, Oh
my god, yess, the stinkiest of wheez, the loveliest of vegetables.
Speaker 5 (02:56):
Yeah, asparac is not on my cast.
Speaker 3 (02:59):
They give us your last.
Speaker 5 (03:00):
I've got eight, so well, do you want to have
any more? Guesses.
Speaker 4 (03:02):
So this the onions is for all not chocolate.
Speaker 5 (03:08):
Olive oil also very expensive chocolate onions rather is the
number one Oh shit onion.
Speaker 4 (03:13):
Damn that was good.
Speaker 6 (03:15):
Did we have a bad season and twenty nineteen.
Speaker 5 (03:18):
It wasn't the best growing I don't think at that time.
But at the moment prices are a dollar fifty seven
apparently for a kg of onions.
Speaker 1 (03:28):
Now for a love of floods, remember all the floods
and the onions are like floating.
Speaker 4 (03:31):
Down the river.
Speaker 3 (03:32):
Yeah, each onion soup down the street.
Speaker 5 (03:35):
So versatile.
Speaker 6 (03:37):
You got a chocolate everything anything like an onions. Yeah,
everythink savory. So there's a few like that. So avocados,
cauliflower and celery also cheaper than in twenty nineteen. Avocados
we went too far.
Speaker 5 (03:52):
To many people.
Speaker 6 (03:53):
Yeah, people in the Bay of Plenty were like, it's
great to greate avocados here we're having a bit of
a And then all these dairy farmers were like, well,
I something that doesn't involve getting up before in the morning, avocado.
Speaker 5 (04:03):
I think also Australia had done the same thing, and
so all of a sudden it was just like avocado polooza.
But also avados.
Speaker 4 (04:11):
At avocado po.
Speaker 3 (04:15):
Corn chips, and corean.
Speaker 5 (04:19):
The others though these are a bit weird. Clover honey
apparently is a bit cheaper.
Speaker 3 (04:25):
It's your cheap honey.
Speaker 5 (04:27):
Where is that Manuka stuff?
Speaker 1 (04:30):
Yeah, they put the manuka stuff behind the locked cabinets.
So at the supermarket, Yeah, you got.
Speaker 3 (04:35):
The swipe.
Speaker 5 (04:40):
Tea bags flavored or herbal Tea bags are apparently a
bit cheaper cheaper.
Speaker 3 (04:43):
That's good. I love herbal tea.
Speaker 6 (04:45):
So coffee is getting more expensive, Tea is getting cheaper.
Speaker 1 (04:48):
All the stuff we love, though, stuff we love best gits, chocolate, lillies, charps,
all up.
Speaker 5 (04:55):
Flour is down and the other one. And this one
really surprises me. E sports drinks apparently, I don't know.
I don't know if that's power.
Speaker 3 (05:04):
I only have a powerade if I've really overdone it
the night before.
Speaker 5 (05:07):
Yeah, I'm not gonna lie just because I hate myself.
I've gone to the end of the list. Olive oil
and eggs are the two things that are most expensive.
Speaker 3 (05:15):
It's insane. That's when you know.
Speaker 2 (05:17):
If you pop into the groceries to do just a
couple of little things, but you get a bottle of
olive oil, because you're how did I get to a hundi?
Speaker 6 (05:25):
But you're not cooking with olive oil? Can with that?
Speaker 5 (05:30):
Cook with olive oil?
Speaker 4 (05:35):
Rice bread?
Speaker 6 (05:36):
Don't rice bread bread rice bread, very high smoke taste incursion.
Speaker 5 (05:42):
Okay, next time we do the pop can we just
go out to Vaughn's place and he can just like
cook us show all the time.
Speaker 2 (05:49):
He doesn't want us to come around because hate too
much noise and allas.
Speaker 4 (05:58):
Next question for bread or do you have more?
Speaker 6 (06:00):
Oh?
Speaker 5 (06:00):
No, I was just going to say, I've got a
free afternoon.
Speaker 6 (06:02):
After this stakes on what is the best option for
fixing interest rates? How long should you fix for?
Speaker 5 (06:10):
Yeah, a very good question, a very common one. Again,
not personal advice, going to talk to your financial advisor.
Speaker 2 (06:15):
You personally advised me a lot.
Speaker 3 (06:19):
I mean, buy the Rider by the reader, you see it.
Speaker 5 (06:23):
I went back to my messages the other night actually
and had to reback through, and I was like, damn,
I gave some good advice and look and look what
she blames me for now. I know, I don't know
if there's a friendship or if this is sort of
just like Stockholm syndrome, where you know, my escape go. Yeah,
a little bit okay interest rates, So no good question,
because I think at the moment when they're coming down,
(06:44):
a lot of people are going, well, I'll just take
the shortest possible period, right because surely if it goes down,
then if I take a short period, then I refix
on to that lower rate sooner. Yeah, which is why
we've got about twenty percent of people that are floating.
That's pretty normal, just because floating is quite expensive. A
lot of people I'm bidding, like.
Speaker 3 (07:05):
I show you mine.
Speaker 5 (07:07):
Six months though, is quite popular at the moment, sort
of between thirty and forty percent of people who are
getting a new mortgage opting for that very short six
month period. However, you actually sometimes might be better on
a one year. It's a little bit longer, of course,
but actually your interest rate is a fair bit lower.
At the end of October, latest official data we've got
from the Good Razoo Bank of New Zealand said that
(07:29):
the average six month interest rate special interest rates, if
you've got like a good enough to posit on that
was six point five percent. If you took a one
year you had five point nine to six.
Speaker 2 (07:39):
Yeah.
Speaker 3 (07:40):
Shit, that's quite bad game.
Speaker 5 (07:41):
So so just I think the thing here is just
because it's shorter doesn't mean it is definitely the best option.
It might still be a good option for you. But
have a look at those gaps because sometimes you're getting
some good specials around there. What is interesting is a
couple of weeks back we saw some of the banks
start to lift their longer term interest rates. Now not
many people are mixing four to five years, but it
(08:01):
does just say if you're starting to lift your three
four five year rates, maybe we're getting closer to the
bottom of where interest rates might eventually get to. So
don't hang the house on it. Definitely continuing to create I.
Speaker 6 (08:13):
Wish I wish I'd fixed for five years in twenty
twenty one three points.
Speaker 1 (08:21):
I I just googled, like the history of the raids.
The Reserve Bank of New Zealand has a good graph
going back to two thousand, two thousand and five.
Speaker 4 (08:29):
Where where do you think the new bottom will be
at the moment.
Speaker 1 (08:33):
We're interesting looking back over you because people have short memories,
don't they. They sure post COVID that it's going to
go back to two percent.
Speaker 6 (08:41):
It's never been.
Speaker 3 (08:42):
It was just a little it was like a little party.
Speaker 5 (08:45):
And again if it does give back to that point
what has gone so wrong in the economy that we
meet the house as fucked Yeah, totally so. So I look,
I think probably low low fives, high fours is probably
the place.
Speaker 1 (08:57):
So twenty ten to twenty we's at twenty nineteen they
were kind of all hovering under the late fours to five.
Speaker 5 (09:05):
Yeah, sort of rough. I mean it did go sort
of up and down at points, and you know, like
I remember in twenty nineteen there was like a bit
of a rally where interest rates came a bit lower.
But yeah, I feel like that's sort of the right
Goldilock zone. And this is genuinely the thing we're trying
to figure out in the economy. We came in to
COVID sort of at normal speed. Okay, hit COVID things,
winter shit. We immediately sort of dropped them because economic
(09:27):
speed dropped massively as well. Then inflation got too high,
so we ramped up interest rates. Now we're trying to
drop them back. We're not actually trying to stimulate the
economy almost, We're just trying to not stop the economy.
So we're like trying to go from really hot inflation
to not so hot. We've done that. Now it's like
what is normal for interest rates? And like again I
don't think we've been here before, so yeah, Goldilock zone.
(09:49):
I think low fives, high fours.
Speaker 2 (09:51):
I also think with the one year thing, sometimes with
this budgeting, with everything else being so expensive, it's a
bit of the devil. You know, you know what you're
paying for a year, you can plan for the year
and then if it changes, then you know you've missed
out a little bit.
Speaker 5 (10:03):
But also like, so this is always because everyone's always
like I should have done this, should have done that,
and okay, to be fair at five five years back
in twenty twenty understandable.
Speaker 4 (10:11):
But kindsights.
Speaker 5 (10:15):
Woreding, but because everyone was like, you know, actually I
was still getting a good deal there. So yes, it's
a bit painful now. But I also think people shouldn't
beat themselves up too much, like professionals in the market
don't get these ones right often, including myself. So like,
you know, no one's going to be able to be
perfect and pick the market just yet have that confidence
that you can sort of see it through longer term
is more important.
Speaker 3 (10:34):
Agreed, beautifully said, very good.
Speaker 6 (10:36):
Next Nations question is why has petrol gone up so
much this month.
Speaker 5 (10:40):
Oh, probably because of fighting in the Middle East. I mean, look,
oil prices and I know I mean this. Oil prices
and food prices are two things that people ask the
most about alongside their mortgage traits, not looking at.
Speaker 2 (10:51):
Anyone in particularly because those are the givens though we've
got to move around and we've got.
Speaker 4 (10:55):
To eat well.
Speaker 5 (10:55):
And also and they change the most. Like the price
of I don't know, like guttering or what if you're
doing Reno's like doesn't actually shift hugely, whereas your fuel
price does change. Cheese just about ours sometimes. The big
one at the moment that we're trying to figure out
with oil prices and what's sort of moving up and
down is one supply. If there's lots of oil being
produced globally, then that's generally good and prices will come down.
(11:17):
If people are worried that there won't be enough oil supplied,
then prices go up. So the minute you start to
see lots more fighting in the Middle East where a
lot of the oil comes from, everyone goes, well, am
I going to be able to get the shipment of
oil that I expected to? If I'm worried, then I
start to bid the price up because I want to
make sure I've got a few other options out there.
The other one is around demand. If everyone's driving around
like here and across the world, then oil prices are
(11:39):
going to go up because there's a lot more demand
and not necessarily an immediate amount of oil that comes in.
But at the moment, the Chinese economy has been going
quite poorly, and so we've seen that. Yes, they might
have been a spark in the last couple of weeks,
but actually fuel prices at the moment are still quite
a bit lower than they were at the start of
the year. So they're not cheap, but the cheap er
just to touch.
Speaker 1 (11:57):
Okay, and then what's going to happen. We touched this
a little bit the other day with Trump now coming in,
and I mean, who knows, they could even be more
fighting in the Middle East. Shipments can't even get through
let alone exactly.
Speaker 5 (12:09):
Well, I mean, he did say that he was going
to stop all the wars, and like, you know, if
that's great, Yeah, yeah, I don't know how, I don't know.
Speaker 3 (12:15):
I mean, we should have done that ages ago, thought
just stop it.
Speaker 5 (12:22):
But if that, I mean, look, if he manages to
do it, then great, although you sort of ask how
he might go about it. But yeah, I mean we
are I think a little bit to concern, a little
bit risk averse there on the new Trump administration, just
because if you look at some of his policies, we
think that maybe he actually stimulates more inflation than before
and that could lift interest rates, or that there's big
(12:43):
tariffs on all of our stuff. So the minute we
try to send some good old New Zealand stake overseas
for the Americans to eat, they're having to pay twenty
percent more. Then they don't have as much money to
buy more meat again. So yeah, sort of challenges.
Speaker 6 (12:55):
I'm just looking at the top oil producing oil producing
nations Kuwait, Brazil, United Arab Emirates, Iran, Iraq, Canada, and
at five, yeah, China, and at four Russia, Saudi Arabia,
United States. All I would say, if you're excused upon
countries and some turmoil, yes, and like the United States
(13:20):
is the biggest by miles. It produces fourteen point eight
billion barrels, each barrel equating for one hundred and sixty liters.
Speaker 4 (13:26):
Well, they've handed it on in the last few years,
haven't they.
Speaker 5 (13:29):
It's been a lot of production coming through, which is
sort of that has sort of meant that the market's
not as volatile because previously, when it was very concentrated
out of the Middle East, everyone was sort of looking
there and the minute that anyone popped off or even
thought about or talked about, everyone was like running for
the hills, Whereas I think with the US producing a
bit more, everyone's a bit like, oh, you're a bit
more self sufficient. Even if everything else goes bad, maybe
(13:51):
you can look after yourself a bit more. The thing
for New Zealander' right, like, we don't do any of that.
We don't have a lot of oil. Even if the
Taranaki oil fields were coming out, it's it's still not
our best option. What is quite cool, though, is that
we've got a very high level of renewable energy here
in New Zealand, right, So that's actually not too bad. Yeah, Okay,
there was a bit of a spike in the middle
of the year, but there's now water in the lakes.
We've got you know, sun coming through over some of
(14:13):
this wind coming through, and yeah, that stuff's good. That
does that did limit just how exposed we were when
the Russian invasion of Ukraine happened, so like, again, can't
win them all, but we're in a good enough place
sometimes for what we've.
Speaker 3 (14:24):
Got some good news from bad news bread.
Speaker 4 (14:26):
Yeah, that's pretty good.
Speaker 6 (14:27):
Way.
Speaker 1 (14:27):
I did want to touch on the Trump thing because
he is obviously there's a lot of people around him
like Elon Musk who love bitcoin, a lot of tech
bros that are you know, have his ear now and
are going to be in the White House. What does
that mean for the future, like, because people are saying
bitcoin is going to be.
Speaker 6 (14:45):
Like that was actually one of our questions. Crypto has
taken off over the last month. Is this a good investment?
Speaker 5 (14:51):
You're right, it has, I mean to be fair, Trump
has appointed Elon Musk to a new department. He's called
I can't remember the entire but do of Government expend
or Government Efficiency Session, but I did see the doors
to start with, and I was like, Wow, does Trump
realize what he's done here? Or is someone just give
him a bit of paper and being like I don't
think you'll really read this and then be like, oh
(15:12):
my gosh, it actually happened. Yeah, but yeah, I mean, okay,
is it a good investment? Well, I mean, sure, if
you had it before and now it's gone up, you'll
be feeling pretty flash. I do think the challenge here
is is why is it just because tech bros are
in the White House? Or is it because you fundamentally
think that this stuff is like going to make more money.
My issue may concern a little bit with those sort
of investments as always, that they aren't necessarily driven by
(15:35):
something as fundamental, Like if you're investing in, say an airline,
and the airline says, here, we think there's more tourism
going on, therefore we have to put on more flights.
You do the numbers in your head and you go, Okay,
more flights probably means more activity, more money coming in.
That's probably better for the business I'm investing in. Why
has crypto gone up because some bros on Twitter have
been talking about it more? I go, is there anything
actually fundamental underpinning there? So look, for some people it
(15:58):
will be a worthwhile investment. I just think it's worth
while important to say it is much higher risk. It'll
be one of the high risk plans because of how
volatile it can be. You can go up massively in
a couple of days or a couple of hours or
a couple of seconds. It can go down just as quickly,
sort of not driven by much more than someone spouting
off on Twitter. So if it's your sort of investment,
you're happy with a real high risk profile, then maybe
(16:19):
it's the sort of thing you do look into. But
I don't know if it would be the thing that
I was putting my retirement savings all into right here,
no God, that put.
Speaker 3 (16:26):
The fear of God and meet people distilling, there's something else.
Speaker 5 (16:29):
So again, think about that risk profile. If you've got
like a speed twenty bucks and you want to have
a bit of fun, maybe again life savings. Probably I
wouldn't put my life savings into any one thing totally.
I'd spread my risk around because that's why.
Speaker 3 (16:45):
How that's going Oh is that still going?
Speaker 6 (16:47):
Okay? Still?
Speaker 5 (16:48):
It should still be going up. You shouldn't really.
Speaker 1 (16:52):
Like, can we save all the managements? Ever since Trump
was announced, Trump trades and have gone insane?
Speaker 3 (16:57):
Why okay?
Speaker 5 (16:58):
Because the viewers is that Trump will one deregulate a
bit more stuff in the US and so businesses won't
have to go through as much with tape, maybe a
bit more economic activity. Also, Oh yeah, I mean, no
one wants to do I mean, you guys know, there's
no who likes to do paperwork.
Speaker 4 (17:12):
I love dealing with counsels.
Speaker 6 (17:14):
Hey, I famously absolutely no problems with I love it.
Speaker 3 (17:20):
I love it next to a beach panel.
Speaker 6 (17:21):
But it's a swamp brand.
Speaker 5 (17:26):
Swamp.
Speaker 2 (17:27):
But I'm replace all those screws that we told you
to do with marine grades, with marine grades, the stel screws.
Speaker 6 (17:32):
But there is red tape there for a reason. Right,
we needn't look back that far in our history to
realize that there's a building code in this country because
there was a whole bunch of houses that fucking.
Speaker 4 (17:42):
Leaked and ruined and they're still leaking.
Speaker 6 (17:45):
I know, yeah, so totally.
Speaker 5 (17:47):
I mean, and you look at the US, what are
the reasons that the GFC came through. Is everyone said,
like banks, no one needs to look at those, They're fine.
They just told money. They can't be that important, right,
Oh god, I've all gone to ship fail. My god,
that failing. And I think the thing there is that
like both outcomes are bad. Either you let the banks
fail and then people lose all their money, and like,
well should have looked at that, but closer, Sorry, we
(18:09):
didn't do it for you, as you know, the government,
or you go, well, we'll just bail everyone out, in
which case you're like, how do I find the billions
of dollars they need to do this? So yeah, again,
you're right, regulation is there for a purpose. I do think.
I mean, jeez, you go over to the US sometimes
and like the amount of forms and the number of
people at work in the federal government, and that does
sometimes seem insane. So I can understand a bit of that.
But I think the other big one is Trump wants
(18:30):
to bring through some tax cuts, and again tax cuts,
less tax being paid by a business or a person
means more money that they can spend. So all of
that sort of helped stimulate a bit more activity coming forward,
but again maybe inflationary. And if that's the case, maybe
not as many interest rate cuts next year. So look
in economics. And I thought about this the other day
and I realized that I feel like in this game,
the reason that I'm possibly never happy is because you
(18:52):
sort of take with one hand and you give with
the other, like you get damn everything is bad, but
it's sort of like, what's the least bad?
Speaker 6 (19:01):
Communism highlight.
Speaker 1 (19:05):
Commune commune commune maybe commune commune to Religious Carble Gardens
Religious Commune.
Speaker 4 (19:11):
Yeah, we did start a religious This is like.
Speaker 5 (19:13):
The time that you guys were like, we're all going
to make money here by like going on only fans
are like starting to sell feed picks and an.
Speaker 3 (19:19):
Idea, We're about to get a pedicule.
Speaker 6 (19:21):
Exactly, it has not been. You make it sound like
there was an idea of the past. Is an ongoing investigation.
Speaker 2 (19:26):
They're all actively happy to blow up a balloon with
our butt or something to make some money.
Speaker 4 (19:30):
With the crypto stuff.
Speaker 1 (19:31):
What do that when they talk about like deregulating or
new regulations, what do they mean by that? Like that
is it so that it becomes like used more by
like government departments or it becomes like more of a specialancy.
Speaker 5 (19:43):
Yeah, I mean I think it was just trying to
broaden it out of it. Like I remember at one
point when Elon Musk came out this was a couple
of years back, and was like Tesla will now allow
you to pay for a Tesla car with bitpoint. Everyone
was like, WHOA, I couldn't do that before. No, no
big car owner was taking my money in bitcoin. It
had to pay cash, so that accessibility and usability of
platforms like bitcoin and other sort of cryptos, and that
(20:05):
that does help. I think also though there has been
quite a view and a lot of developed countries where
everyone is like crypto is too risky. You they worry that,
you know, the government worries that people get too involved
too quickly without understanding the risks, and so they're trying
to put a few more sort of stop goes in
place that people do think about it and sort of
go through their mindset. If that's taken away, if it's
(20:27):
a bit more easier and free to just jump straight
in and sort of run with it, that would of
course help crypto activity. But yeah, it's where you put
the guide rails. And I think like you think of
when you go to bowling, right, like if you have
the guardrails that mean that you can't go on the
gutter at all, and you're all getting strong, lovely, but like, honestly,
it's not that fun.
Speaker 4 (20:47):
They put the ramp away and you don't need that
the heavy ball really.
Speaker 6 (20:52):
Get the roll.
Speaker 5 (20:55):
You're the person that also, like every now and then
accidently hits the screen above with the scores because.
Speaker 2 (21:01):
Yeah, that's how be buying monkeys, you know, the pictures
of the monkeys.
Speaker 5 (21:07):
I was like, monkey, I think that's illegal in New Zealand.
Speaker 3 (21:09):
I'm just to tell me because I'm drawing on the desk.
Speaker 5 (21:13):
Because he didn't like the monkeys.
Speaker 3 (21:15):
Were they called n f t's non Funny Tokens?
Speaker 5 (21:19):
Yeah?
Speaker 3 (21:20):
I don't know, because you just screenshoted them and then
I owned a two for free.
Speaker 5 (21:23):
Hah.
Speaker 6 (21:25):
It was weird. Any more questions worn, No, you're kind
of covered them. There was the crypto one and the
interest rates. Will anything that happens in the US schools
higher interest rates in New Zealands, We're kind of covered.
Speaker 5 (21:35):
Can I just say, because again I get this awful
miss you know name all the time with the bad
news breader, which I must say is said very endearingly
by yeah, yeah, better things to come next year, those
kids coming down. Yep. We've started to see just a
very small change, even in the last two months and
spending of course Black Friday sales you know, going on
at the moment or in the lead up to Christmas.
I think it's still tough out there. It's still challenging.
(21:57):
I totally get that, but I do feel that we're
starting see those greener shoots showing through. So twenty twenty
five bitter things to come.
Speaker 2 (22:04):
So at a scale of one to bed yeap tim
being bad, one being oh my god, this is so.
Speaker 4 (22:10):
Good until we get to Trump's World War three? Yeah,
how are we?
Speaker 5 (22:14):
If you could give it a number, I feel like
we're sort of you've bean right here, right now here,
right now, sort of more a five or six. It's
still it's.
Speaker 6 (22:22):
It's okay, I'm okay with that's just the economy. That's
just just the economy. You're not speaking for a range
of other issues.
Speaker 1 (22:28):
No, I know, of course there's a lot of what
number would you give a Voe's mortgage?
Speaker 3 (22:36):
Let me let me just bring up.
Speaker 5 (22:39):
Five nine one year rate.
Speaker 6 (22:42):
I told my parents my actual amount of money I
owe the bank of the day, and they were so worried.
Speaker 5 (22:47):
Can you write it down on a bit of paper
for me? Are you comfortable doing that?
Speaker 6 (22:50):
I'll just simper early and I'll tell you how much
money I owe the bank.
Speaker 3 (22:58):
The micview the mic.
Speaker 5 (23:03):
Yours to be. You've both got nice properties. You have
got nice properties.
Speaker 3 (23:06):
Don't try to make a bit of your face. Just
told us exactly.
Speaker 2 (23:12):
What you're going to do, what you're going to pay
it back or dime that is going to die.
Speaker 6 (23:18):
It's gonna be somebody else's cleaner.
Speaker 3 (23:21):
His grand always a pleasure.
Speaker 5 (23:22):
I'm a little bit loss for words.
Speaker 3 (23:23):
Don't worry about it. It's not your You don't have
to worry about it.
Speaker 5 (23:26):
You don't have to. I'm well aware. This is why
I don't have a mortgage. I'm quite comfortable my different
accouncil different.
Speaker 6 (23:33):
You fletch mortgage. I have a mortgage, but he also
owns where he lives. You fletch
The ZM podcast Network, pleas Wood and Hayley's Little bit
of Pod treat yourself to mcafe coffee with my macas rewards.
Welcome to a little bit of Pod and just a
reminder our Christmas Cocktail special our shout outs. It's going
to be happening. We're going to be recording this early December,
so you've got to the fourth of December to get
(00:22):
your Christmas Cocktail special shout out. In you can go
to zenim online dot com slash cocktail special, or if
you're in New Zealing, you can text one word cocktail
special to nine six nine six and we'll send you
back a link.
Speaker 2 (00:35):
But right now, let's shout out the fourth member of
our team. Right now, Bad News Brand and Studio. Thank you,
chief executive and principal economist.
Speaker 3 (00:44):
Info Metrics nailed it.
Speaker 1 (00:45):
Did I know that you did nail it every time online?
Don't get that wrong or is it principal now? Brad,
Obviously we love talking to you, but on era we
could talk to you forever. But you know we don't
have all the time of year.
Speaker 2 (00:57):
We're going to go have brunch because we're friends, we're
genuine free. I think you can hear it.
Speaker 3 (01:02):
I think it comes through.
Speaker 4 (01:02):
I think it comes.
Speaker 1 (01:07):
We are see how that day when we had you in,
because we did touch on like mortgage rates and you
know the state of things at the moment. We said, look,
if you've got a question for Brad, send it through
on Instagram and we've got a bunch of questions that
we're going to ask you now, and we can take
our time because it's the podcast.
Speaker 5 (01:21):
Yeah, this is the good form and you can swear Brad, well,
this is always necessary. But also I've got my laptop up.
There are two spreadsheets in front of me. You know,
I've got I've got a few things. I'm coming with
the receipts here.
Speaker 6 (01:35):
First question comes from Anna and she said, well everything,
will everything ever return to pre COVID prices or do
I need to accept that this is the new norm?
Speaker 5 (01:45):
Okay a lot of the time it is probably going
to be the new norm. We are I think trying
to find like the Goldilock zone because previously, right, you
go back sort of pre pandemic. The prices that we
had obviously were a lot nicer on almost everything, but
we were also like for interest rates almost like two low.
And I think abnormally low. We were coming out of
a period where like after the GFC, China have been
(02:06):
producing so much that like just everything was real cheaper.
Now maybe not so much so most prices will be higher.
But again have done some homework. There are eight items
of about one hundred and twenty or so that Statsunzi.
It looks at at the supermarket that are currently cheaper
in October twenty twenty four than they were in October
twenty nineteen.
Speaker 4 (02:26):
Down the train only eight.
Speaker 3 (02:28):
Yeah, but those were the golden days.
Speaker 1 (02:30):
I remember when we talked to you like a year
or so ago, and you said, Yep, things don't get cheaper.
Speaker 3 (02:35):
Not normally, not normally settle back down how long.
Speaker 5 (02:39):
I'm really surprised. I mean some of them are because
that produce or other bits and pieces, and that sort
of will fluctuate. If you get a good growing year
then like things, yes, coming.
Speaker 1 (02:47):
To floods, a lot of asparas, super asparagus season, Oh
my god, yess, the stinkiest of wheez, the loveliest of vegetables.
Speaker 5 (02:56):
Yeah, asparac is not on my cast.
Speaker 3 (02:59):
They give us your last.
Speaker 5 (03:00):
I've got eight, so well, do you want to have
any more? Guesses.
Speaker 4 (03:02):
So this the onions is for all not chocolate.
Speaker 5 (03:08):
Olive oil also very expensive chocolate onions rather is the
number one Oh shit onion.
Speaker 4 (03:13):
Damn that was good.
Speaker 6 (03:15):
Did we have a bad season and twenty nineteen.
Speaker 5 (03:18):
It wasn't the best growing I don't think at that time.
But at the moment prices are a dollar fifty seven
apparently for a kg of onions.
Speaker 1 (03:28):
Now for a love of floods, remember all the floods
and the onions are like floating.
Speaker 4 (03:31):
Down the river.
Speaker 3 (03:32):
Yeah, each onion soup down the street.
Speaker 5 (03:35):
So versatile.
Speaker 6 (03:37):
You got a chocolate everything anything like an onions. Yeah,
everythink savory. So there's a few like that. So avocados,
cauliflower and celery also cheaper than in twenty nineteen. Avocados
we went too far.
Speaker 5 (03:52):
To many people.
Speaker 6 (03:53):
Yeah, people in the Bay of Plenty were like, it's
great to greate avocados here we're having a bit of
a And then all these dairy farmers were like, well,
I something that doesn't involve getting up before in the morning, avocado.
Speaker 5 (04:03):
I think also Australia had done the same thing, and
so all of a sudden it was just like avocado polooza.
But also avados.
Speaker 4 (04:11):
At avocado po.
Speaker 3 (04:15):
Corn chips, and corean.
Speaker 5 (04:19):
The others though these are a bit weird. Clover honey
apparently is a bit cheaper.
Speaker 3 (04:25):
It's your cheap honey.
Speaker 5 (04:27):
Where is that Manuka stuff?
Speaker 1 (04:30):
Yeah, they put the manuka stuff behind the locked cabinets.
So at the supermarket, Yeah, you got.
Speaker 3 (04:35):
The swipe.
Speaker 5 (04:40):
Tea bags flavored or herbal Tea bags are apparently a
bit cheaper cheaper.
Speaker 3 (04:43):
That's good. I love herbal tea.
Speaker 6 (04:45):
So coffee is getting more expensive, Tea is getting cheaper.
Speaker 1 (04:48):
All the stuff we love, though, stuff we love best gits, chocolate, lillies, charps,
all up.
Speaker 5 (04:55):
Flour is down and the other one. And this one
really surprises me. E sports drinks apparently, I don't know.
I don't know if that's power.
Speaker 3 (05:04):
I only have a powerade if I've really overdone it
the night before.
Speaker 5 (05:07):
Yeah, I'm not gonna lie just because I hate myself.
I've gone to the end of the list. Olive oil
and eggs are the two things that are most expensive.
Speaker 3 (05:15):
It's insane. That's when you know.
Speaker 2 (05:17):
If you pop into the groceries to do just a
couple of little things, but you get a bottle of
olive oil, because you're how did I get to a hundi?
Speaker 6 (05:25):
But you're not cooking with olive oil? Can with that?
Speaker 5 (05:30):
Cook with olive oil?
Speaker 4 (05:35):
Rice bread?
Speaker 6 (05:36):
Don't rice bread bread rice bread, very high smoke taste incursion.
Speaker 5 (05:42):
Okay, next time we do the pop can we just
go out to Vaughn's place and he can just like
cook us show all the time.
Speaker 2 (05:49):
He doesn't want us to come around because hate too
much noise and allas.
Speaker 4 (05:58):
Next question for bread or do you have more?
Speaker 6 (06:00):
Oh?
Speaker 5 (06:00):
No, I was just going to say, I've got a
free afternoon.
Speaker 6 (06:02):
After this stakes on what is the best option for
fixing interest rates? How long should you fix for?
Speaker 5 (06:10):
Yeah, a very good question, a very common one. Again,
not personal advice, going to talk to your financial advisor.
Speaker 2 (06:15):
You personally advised me a lot.
Speaker 3 (06:19):
I mean, buy the Rider by the reader, you see it.
Speaker 5 (06:23):
I went back to my messages the other night actually
and had to reback through, and I was like, damn,
I gave some good advice and look and look what
she blames me for now. I know, I don't know
if there's a friendship or if this is sort of
just like Stockholm syndrome, where you know, my escape go. Yeah,
a little bit okay interest rates, So no good question,
because I think at the moment when they're coming down,
(06:44):
a lot of people are going, well, I'll just take
the shortest possible period, right because surely if it goes down,
then if I take a short period, then I refix
on to that lower rate sooner. Yeah, which is why
we've got about twenty percent of people that are floating.
That's pretty normal, just because floating is quite expensive. A
lot of people I'm bidding, like.
Speaker 3 (07:05):
I show you mine.
Speaker 5 (07:07):
Six months though, is quite popular at the moment, sort
of between thirty and forty percent of people who are
getting a new mortgage opting for that very short six
month period. However, you actually sometimes might be better on
a one year. It's a little bit longer, of course,
but actually your interest rate is a fair bit lower.
At the end of October, latest official data we've got
from the Good Razoo Bank of New Zealand said that
(07:29):
the average six month interest rate special interest rates, if
you've got like a good enough to posit on that
was six point five percent. If you took a one
year you had five point nine to six.
Speaker 2 (07:39):
Yeah.
Speaker 3 (07:40):
Shit, that's quite bad game.
Speaker 5 (07:41):
So so just I think the thing here is just
because it's shorter doesn't mean it is definitely the best option.
It might still be a good option for you. But
have a look at those gaps because sometimes you're getting
some good specials around there. What is interesting is a
couple of weeks back we saw some of the banks
start to lift their longer term interest rates. Now not
many people are mixing four to five years, but it
(08:01):
does just say if you're starting to lift your three
four five year rates, maybe we're getting closer to the
bottom of where interest rates might eventually get to. So
don't hang the house on it. Definitely continuing to create I.
Speaker 6 (08:13):
Wish I wish I'd fixed for five years in twenty
twenty one three points.
Speaker 1 (08:21):
I I just googled, like the history of the raids.
The Reserve Bank of New Zealand has a good graph
going back to two thousand, two thousand and five.
Speaker 4 (08:29):
Where where do you think the new bottom will be
at the moment.
Speaker 1 (08:33):
We're interesting looking back over you because people have short memories,
don't they. They sure post COVID that it's going to
go back to two percent.
Speaker 6 (08:41):
It's never been.
Speaker 3 (08:42):
It was just a little it was like a little party.
Speaker 5 (08:45):
And again if it does give back to that point
what has gone so wrong in the economy that we
meet the house as fucked Yeah, totally so. So I look,
I think probably low low fives, high fours is probably
the place.
Speaker 1 (08:57):
So twenty ten to twenty we's at twenty nineteen they
were kind of all hovering under the late fours to five.
Speaker 5 (09:05):
Yeah, sort of rough. I mean it did go sort
of up and down at points, and you know, like
I remember in twenty nineteen there was like a bit
of a rally where interest rates came a bit lower.
But yeah, I feel like that's sort of the right
Goldilock zone. And this is genuinely the thing we're trying
to figure out in the economy. We came in to
COVID sort of at normal speed. Okay, hit COVID things,
winter shit. We immediately sort of dropped them because economic
(09:27):
speed dropped massively as well. Then inflation got too high,
so we ramped up interest rates. Now we're trying to
drop them back. We're not actually trying to stimulate the
economy almost, We're just trying to not stop the economy.
So we're like trying to go from really hot inflation
to not so hot. We've done that. Now it's like
what is normal for interest rates? And like again I
don't think we've been here before, so yeah, Goldilock zone.
(09:49):
I think low fives, high fours.
Speaker 2 (09:51):
I also think with the one year thing, sometimes with
this budgeting, with everything else being so expensive, it's a
bit of the devil. You know, you know what you're
paying for a year, you can plan for the year
and then if it changes, then you know you've missed
out a little bit.
Speaker 5 (10:03):
But also like, so this is always because everyone's always
like I should have done this, should have done that,
and okay, to be fair at five five years back
in twenty twenty understandable.
Speaker 4 (10:11):
But kindsights.
Speaker 5 (10:15):
Woreding, but because everyone was like, you know, actually I
was still getting a good deal there. So yes, it's
a bit painful now. But I also think people shouldn't
beat themselves up too much, like professionals in the market
don't get these ones right often, including myself. So like,
you know, no one's going to be able to be
perfect and pick the market just yet have that confidence
that you can sort of see it through longer term
is more important.
Speaker 3 (10:34):
Agreed, beautifully said, very good.
Speaker 6 (10:36):
Next Nations question is why has petrol gone up so
much this month.
Speaker 5 (10:40):
Oh, probably because of fighting in the Middle East. I mean, look,
oil prices and I know I mean this. Oil prices
and food prices are two things that people ask the
most about alongside their mortgage traits, not looking at.
Speaker 2 (10:51):
Anyone in particularly because those are the givens though we've
got to move around and we've got.
Speaker 4 (10:55):
To eat well.
Speaker 5 (10:55):
And also and they change the most. Like the price
of I don't know, like guttering or what if you're
doing Reno's like doesn't actually shift hugely, whereas your fuel
price does change. Cheese just about ours sometimes. The big
one at the moment that we're trying to figure out
with oil prices and what's sort of moving up and
down is one supply. If there's lots of oil being
produced globally, then that's generally good and prices will come down.
(11:17):
If people are worried that there won't be enough oil supplied,
then prices go up. So the minute you start to
see lots more fighting in the Middle East where a
lot of the oil comes from, everyone goes, well, am
I going to be able to get the shipment of
oil that I expected to? If I'm worried, then I
start to bid the price up because I want to
make sure I've got a few other options out there.
The other one is around demand. If everyone's driving around
like here and across the world, then oil prices are
(11:39):
going to go up because there's a lot more demand
and not necessarily an immediate amount of oil that comes in.
But at the moment, the Chinese economy has been going
quite poorly, and so we've seen that. Yes, they might
have been a spark in the last couple of weeks,
but actually fuel prices at the moment are still quite
a bit lower than they were at the start of
the year. So they're not cheap, but the cheap er
just to touch.
Speaker 1 (11:57):
Okay, and then what's going to happen. We touched this
a little bit the other day with Trump now coming in,
and I mean, who knows, they could even be more
fighting in the Middle East. Shipments can't even get through
let alone exactly.
Speaker 5 (12:09):
Well, I mean, he did say that he was going
to stop all the wars, and like, you know, if
that's great, Yeah, yeah, I don't know how, I don't know.
Speaker 3 (12:15):
I mean, we should have done that ages ago, thought
just stop it.
Speaker 5 (12:22):
But if that, I mean, look, if he manages to
do it, then great, although you sort of ask how
he might go about it. But yeah, I mean we
are I think a little bit to concern, a little
bit risk averse there on the new Trump administration, just
because if you look at some of his policies, we
think that maybe he actually stimulates more inflation than before
and that could lift interest rates, or that there's big
(12:43):
tariffs on all of our stuff. So the minute we
try to send some good old New Zealand stake overseas
for the Americans to eat, they're having to pay twenty
percent more. Then they don't have as much money to
buy more meat again. So yeah, sort of challenges.
Speaker 6 (12:55):
I'm just looking at the top oil producing oil producing
nations Kuwait, Brazil, United Arab Emirates, Iran, Iraq, Canada, and
at five, yeah, China, and at four Russia, Saudi Arabia,
United States. All I would say, if you're excused upon
countries and some turmoil, yes, and like the United States
(13:20):
is the biggest by miles. It produces fourteen point eight
billion barrels, each barrel equating for one hundred and sixty liters.
Speaker 4 (13:26):
Well, they've handed it on in the last few years,
haven't they.
Speaker 5 (13:29):
It's been a lot of production coming through, which is
sort of that has sort of meant that the market's
not as volatile because previously, when it was very concentrated
out of the Middle East, everyone was sort of looking
there and the minute that anyone popped off or even
thought about or talked about, everyone was like running for
the hills, Whereas I think with the US producing a
bit more, everyone's a bit like, oh, you're a bit
more self sufficient. Even if everything else goes bad, maybe
(13:51):
you can look after yourself a bit more. The thing
for New Zealander' right, like, we don't do any of that.
We don't have a lot of oil. Even if the
Taranaki oil fields were coming out, it's it's still not
our best option. What is quite cool, though, is that
we've got a very high level of renewable energy here
in New Zealand, right, So that's actually not too bad. Yeah, Okay,
there was a bit of a spike in the middle
of the year, but there's now water in the lakes.
We've got you know, sun coming through over some of
(14:13):
this wind coming through, and yeah, that stuff's good. That
does that did limit just how exposed we were when
the Russian invasion of Ukraine happened, so like, again, can't
win them all, but we're in a good enough place
sometimes for what we've.
Speaker 3 (14:24):
Got some good news from bad news bread.
Speaker 4 (14:26):
Yeah, that's pretty good.
Speaker 6 (14:27):
Way.
Speaker 1 (14:27):
I did want to touch on the Trump thing because
he is obviously there's a lot of people around him
like Elon Musk who love bitcoin, a lot of tech
bros that are you know, have his ear now and
are going to be in the White House. What does
that mean for the future, like, because people are saying
bitcoin is going to be.
Speaker 6 (14:45):
Like that was actually one of our questions. Crypto has
taken off over the last month. Is this a good investment?
Speaker 5 (14:51):
You're right, it has, I mean to be fair, Trump
has appointed Elon Musk to a new department. He's called
I can't remember the entire but do of Government expend
or Government Efficiency Session, but I did see the doors
to start with, and I was like, Wow, does Trump
realize what he's done here? Or is someone just give
him a bit of paper and being like I don't
think you'll really read this and then be like, oh
(15:12):
my gosh, it actually happened. Yeah, but yeah, I mean, okay,
is it a good investment? Well, I mean, sure, if
you had it before and now it's gone up, you'll
be feeling pretty flash. I do think the challenge here
is is why is it just because tech bros are
in the White House? Or is it because you fundamentally
think that this stuff is like going to make more money.
My issue may concern a little bit with those sort
of investments as always, that they aren't necessarily driven by
(15:35):
something as fundamental, Like if you're investing in, say an airline,
and the airline says, here, we think there's more tourism
going on, therefore we have to put on more flights.
You do the numbers in your head and you go, Okay,
more flights probably means more activity, more money coming in.
That's probably better for the business I'm investing in. Why
has crypto gone up because some bros on Twitter have
been talking about it more? I go, is there anything
actually fundamental underpinning there? So look, for some people it
(15:58):
will be a worthwhile investment. I just think it's worth
while important to say it is much higher risk. It'll
be one of the high risk plans because of how
volatile it can be. You can go up massively in
a couple of days or a couple of hours or
a couple of seconds. It can go down just as quickly,
sort of not driven by much more than someone spouting
off on Twitter. So if it's your sort of investment,
you're happy with a real high risk profile, then maybe
(16:19):
it's the sort of thing you do look into. But
I don't know if it would be the thing that
I was putting my retirement savings all into right here,
no God, that put.
Speaker 3 (16:26):
The fear of God and meet people distilling, there's something else.
Speaker 5 (16:29):
So again, think about that risk profile. If you've got
like a speed twenty bucks and you want to have
a bit of fun, maybe again life savings. Probably I
wouldn't put my life savings into any one thing totally.
I'd spread my risk around because that's why.
Speaker 3 (16:45):
How that's going Oh is that still going?
Speaker 6 (16:47):
Okay? Still?
Speaker 5 (16:48):
It should still be going up. You shouldn't really.
Speaker 1 (16:52):
Like, can we save all the managements? Ever since Trump
was announced, Trump trades and have gone insane?
Speaker 3 (16:57):
Why okay?
Speaker 5 (16:58):
Because the viewers is that Trump will one deregulate a
bit more stuff in the US and so businesses won't
have to go through as much with tape, maybe a
bit more economic activity. Also, Oh yeah, I mean, no
one wants to do I mean, you guys know, there's
no who likes to do paperwork.
Speaker 4 (17:12):
I love dealing with counsels.
Speaker 6 (17:14):
Hey, I famously absolutely no problems with I love it.
Speaker 3 (17:20):
I love it next to a beach panel.
Speaker 6 (17:21):
But it's a swamp brand.
Speaker 5 (17:26):
Swamp.
Speaker 2 (17:27):
But I'm replace all those screws that we told you
to do with marine grades, with marine grades, the stel screws.
Speaker 6 (17:32):
But there is red tape there for a reason. Right,
we needn't look back that far in our history to
realize that there's a building code in this country because
there was a whole bunch of houses that fucking.
Speaker 4 (17:42):
Leaked and ruined and they're still leaking.
Speaker 6 (17:45):
I know, yeah, so totally.
Speaker 5 (17:47):
I mean, and you look at the US, what are
the reasons that the GFC came through. Is everyone said,
like banks, no one needs to look at those, They're fine.
They just told money. They can't be that important, right,
Oh god, I've all gone to ship fail. My god,
that failing. And I think the thing there is that
like both outcomes are bad. Either you let the banks
fail and then people lose all their money, and like,
well should have looked at that, but closer, Sorry, we
(18:09):
didn't do it for you, as you know, the government,
or you go, well, we'll just bail everyone out, in
which case you're like, how do I find the billions
of dollars they need to do this? So yeah, again,
you're right, regulation is there for a purpose. I do think.
I mean, jeez, you go over to the US sometimes
and like the amount of forms and the number of
people at work in the federal government, and that does
sometimes seem insane. So I can understand a bit of that.
But I think the other big one is Trump wants
(18:30):
to bring through some tax cuts, and again tax cuts,
less tax being paid by a business or a person
means more money that they can spend. So all of
that sort of helped stimulate a bit more activity coming forward,
but again maybe inflationary. And if that's the case, maybe
not as many interest rate cuts next year. So look
in economics. And I thought about this the other day
and I realized that I feel like in this game,
the reason that I'm possibly never happy is because you
(18:52):
sort of take with one hand and you give with
the other, like you get damn everything is bad, but
it's sort of like, what's the least bad?
Speaker 6 (19:01):
Communism highlight.
Speaker 1 (19:05):
Commune commune commune maybe commune commune to Religious Carble Gardens
Religious Commune.
Speaker 4 (19:11):
Yeah, we did start a religious This is like.
Speaker 5 (19:13):
The time that you guys were like, we're all going
to make money here by like going on only fans
are like starting to sell feed picks and an.
Speaker 3 (19:19):
Idea, We're about to get a pedicule.
Speaker 6 (19:21):
Exactly, it has not been. You make it sound like
there was an idea of the past. Is an ongoing investigation.
Speaker 2 (19:26):
They're all actively happy to blow up a balloon with
our butt or something to make some money.
Speaker 4 (19:30):
With the crypto stuff.
Speaker 1 (19:31):
What do that when they talk about like deregulating or
new regulations, what do they mean by that? Like that
is it so that it becomes like used more by
like government departments or it becomes like more of a specialancy.
Speaker 5 (19:43):
Yeah, I mean I think it was just trying to
broaden it out of it. Like I remember at one
point when Elon Musk came out this was a couple
of years back, and was like Tesla will now allow
you to pay for a Tesla car with bitpoint. Everyone
was like, WHOA, I couldn't do that before. No, no
big car owner was taking my money in bitcoin. It
had to pay cash, so that accessibility and usability of
platforms like bitcoin and other sort of cryptos, and that
(20:05):
that does help. I think also though there has been
quite a view and a lot of developed countries where
everyone is like crypto is too risky. You they worry that,
you know, the government worries that people get too involved
too quickly without understanding the risks, and so they're trying
to put a few more sort of stop goes in
place that people do think about it and sort of
go through their mindset. If that's taken away, if it's
(20:27):
a bit more easier and free to just jump straight
in and sort of run with it, that would of
course help crypto activity. But yeah, it's where you put
the guide rails. And I think like you think of
when you go to bowling, right, like if you have
the guardrails that mean that you can't go on the
gutter at all, and you're all getting strong, lovely, but like, honestly,
it's not that fun.
Speaker 4 (20:47):
They put the ramp away and you don't need that
the heavy ball really.
Speaker 6 (20:52):
Get the roll.
Speaker 5 (20:55):
You're the person that also, like every now and then
accidently hits the screen above with the scores because.
Speaker 2 (21:01):
Yeah, that's how be buying monkeys, you know, the pictures
of the monkeys.
Speaker 5 (21:07):
I was like, monkey, I think that's illegal in New Zealand.
Speaker 3 (21:09):
I'm just to tell me because I'm drawing on the desk.
Speaker 5 (21:13):
Because he didn't like the monkeys.
Speaker 3 (21:15):
Were they called n f t's non Funny Tokens?
Speaker 5 (21:19):
Yeah?
Speaker 3 (21:20):
I don't know, because you just screenshoted them and then
I owned a two for free.
Speaker 5 (21:23):
Hah.
Speaker 6 (21:25):
It was weird. Any more questions worn, No, you're kind
of covered them. There was the crypto one and the
interest rates. Will anything that happens in the US schools
higher interest rates in New Zealands, We're kind of covered.
Speaker 5 (21:35):
Can I just say, because again I get this awful
miss you know name all the time with the bad
news breader, which I must say is said very endearingly
by yeah, yeah, better things to come next year, those
kids coming down. Yep. We've started to see just a
very small change, even in the last two months and
spending of course Black Friday sales you know, going on
at the moment or in the lead up to Christmas.
I think it's still tough out there. It's still challenging.
(21:57):
I totally get that, but I do feel that we're
starting see those greener shoots showing through. So twenty twenty
five bitter things to come.
Speaker 2 (22:04):
So at a scale of one to bed yeap tim
being bad, one being oh my god, this is so.
Speaker 4 (22:10):
Good until we get to Trump's World War three? Yeah,
how are we?
Speaker 5 (22:14):
If you could give it a number, I feel like
we're sort of you've bean right here, right now here,
right now, sort of more a five or six. It's
still it's.
Speaker 6 (22:22):
It's okay, I'm okay with that's just the economy. That's
just just the economy. You're not speaking for a range
of other issues.
Speaker 1 (22:28):
No, I know, of course there's a lot of what
number would you give a Voe's mortgage?
Speaker 3 (22:36):
Let me let me just bring up.
Speaker 5 (22:39):
Five nine one year rate.
Speaker 6 (22:42):
I told my parents my actual amount of money I
owe the bank of the day, and they were so worried.
Speaker 5 (22:47):
Can you write it down on a bit of paper
for me? Are you comfortable doing that?
Speaker 6 (22:50):
I'll just simper early and I'll tell you how much
money I owe the bank.
Speaker 3 (22:58):
The micview the mic.
Speaker 5 (23:03):
Yours to be. You've both got nice properties. You have
got nice properties.
Speaker 3 (23:06):
Don't try to make a bit of your face. Just
told us exactly.
Speaker 2 (23:12):
What you're going to do, what you're going to pay
it back or dime that is going to die.
Speaker 6 (23:18):
It's gonna be somebody else's cleaner.
Speaker 3 (23:21):
His grand always a pleasure.
Speaker 5 (23:22):
I'm a little bit loss for words.
Speaker 3 (23:23):
Don't worry about it. It's not your You don't have
to worry about it.
Speaker 5 (23:26):
You don't have to. I'm well aware. This is why
I don't have a mortgage. I'm quite comfortable my different
accouncil different.
Speaker 6 (23:33):
You fletch mortgage. I have a mortgage, but he also
owns where he lives. You fletch
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