So unemployment is up…
Unemployment up to 6pc – employment falls first time in three years
New Zealand employment unexpectedly fell for the first time in three years in the third quarter, driven by a decline in part-time workers, and the participation rate declined further from a record high.Employment fell 0.4 percent in the three months ended September 30, for an annual gain of 1.5 percent, Statistics New Zealand said. The participation rate fell to 68.6 percent from 69.3 percent. The kiwi dollar fell to 66.52 US cents, compared to 67.05 cents immediately before the release.
…average Auckland house price is almost a million dollars…
Auckland average house price rises above $900k
Auckland’s average home value has risen above $900,000 and residential property values are 68 percent higher than the previous peak in 2007.
…and dairy prices crash again…
Payout lift prospects fall as world dairy prices drop 7.4pc
The chances of an upgrade in Fonterra’s $4.60 per kg farmgate milk price forecast became more remote today after dairy prices fell by 7.4 per cent at the GlobalDairyTrade auction.Wholemilk powder prices, the key product for determining Fonterra ‘s farmgate milk price, fell by 8 per cent to US$2453 a tonne – well short of the US$3000 required to deliver on its current forecast.
…so our rockstar economy is now singing the blues. The government’s lack of an economic plan beyond putting all our cows in one Beijing paddock, a property bubble in Auckland and rebuilding from an earthquake should make NZers realise that beyond Key’s vacant aspiration there is no leadership but our mainstream media dominated by clickbait irrelevancy and right wing echo chambers means few voters will see anything other than All Black victory parades, flag referendums and knighting a Rugby Captain.
Oh s…..t National needs a diversion. Take your pick John – All Blacks, Richie McCaw knighthoods, Pandas, Flags, Charles and Camilla….
Hi Mike
We need a Dignitas option here in NZ. When you’ve gone blue in the face showing what a shower this government is and despair sets in you can select painless termination and end the suffering. Hopefully a nonprofit outfit without parasitical Ceos and shareholders so the cost is reasonable and New Zealand owned. Quick trip to crematoria and your ashes are spread on your dreams as to what NZ could have been. 🙁
6% is certainly getting on the high side.
But little Johnny McCawkey will have all the answers.
It would seem that little Johnny McCawkey is bored stiff with politics and would far sooner be doing all the side show stuff, like the Rugby, Royalty and sucking up to Obama.
Cant see him being around for much longer, maybe straight after the next election we will see the back of him, hopefully.
The Key government has borrowed somewhere north of $80bn during its tenure.
That kind of money can finance all sorts of development.
But – where has that money gone? Into whose hands is it now sitting. It went somewhere, it passed through the system and ended up somewhere. Where? Not in the hands of mum and dad kiwi.
On a different note, it amuses me when we hear about the dole bludgers etc. For big business in NZ, they are a boon. Politically weak they get paid their welfare and then spend it on frivolous things like rent, utilities, food and clothing and perhaps some on tobacco and alcohol while banks clip the ticket on the way through.
Who benefits from that?
Landlords – the property owning class
Utilities – the now privatised Spark and electricity and gas companies with a percentage of their profits going offshore. Precisely what is the “value add” these resellers provide?
Grocery Chains – one local the other overseas owned
Tobacco and alcohol multinationals.
Not forgetting the Lotteries Commission and the pokies Trusts who fund sport and arts from the pockets of the poor.
Oh boy, you forgot the biggest parasites of all.
The banks and banksters.
FYI, NZ’s economic success is not measured by one single indicator alone (e.g. unemployment). Also, unemployment in NZ has been considerably higher than 6% in the past. Across a wide range of measures, including unemployment, NZ compares favourably with other nations. We have much to celebrate, and more work to do.
I can’t say I’m surprised to read this article. That was pretty much my experience when I was originally trying to enter the workforce. Most places wouldn’t hire anyone with less than 2 years’ experience, which is impossible to get if no one will hire you!
Hmmm, Daniel, that was rather a piss-poor attempt at being an apologist for this useless government.
Try again. Use some imagination this time.
Ah…remind me again which bits we need to celebrate? Do you perhaps mean the faux surplus? Seems that one has already become a naughty word and a dead duck because only the mindless trolls actually believe it is real. The wonderful Charter schools system? The great success in private prisons?
I see the banks were a bit wary about the surplus and questioned it’s validity, pointing out the high rate of unemployment at the time, and now it’s rising, 6% is not the real figure I suspect, the number of people out of work is much higher. History has shown that real prosperity is product of low unemployment.
We are a Rockstar Economy, Auckland Housing prices are growing and we are getting wealthier by the minute, the Christchurch rebuild is going ahead in leaps and bounds, we are the eight happiest country in the world and we have just won the World Cup back to back lead by Key’s mate Sir Ritchie. What more could we ask for, we have a PM who has Rockstar status in the eyes of the media and other world leaders, and he consistently ranks as the most preferred PM ever, he must be doing something right.
Overseas borrowings are not a problem according to Key and English however I am sure the boot would be on the other foot if Labour had borrowed like this. Politics is about perceptions and New Zealanders see Key as an all round good guy, someone they could have a few beers with at a BBQ, its about selling the sizzle not the sausage, JK is a Rockstar?
Australian subsidiary banks in NZ made $4.9 billion profit by just collecting rent on the money churning from one sector of the economy to the other, and contributing zilch to the productive wealth of the nation. I wonder how much tax they actually paid.
don’t forget the household debt in NZ is one of the highest and we are not like the us no strategic defaults our loans are recourse loans
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