ANZ tips rates rise in February after ‘spectacular’ 1.6% jump in GDP
The country’s largest bank, ANZ, is forecasting the Reserve Bank will raise the Official Cash Rate as soon as February, after Stats NZ reported much stronger-than-expected economic growth.
Stats NZ said the economy swung back into a broad-based recovery in the three months to the end of March, with GDP jumping 1.6 per cent.
That was despite Auckland’s level 3 lockdown and the lack of international tourists during the normally busy summer season.
Let me get this straight, shutting down the border, crippling migrant worker exploitation, ending hyper tourism and international student scams has been good for the economy?
So when the Government takes an active hand in the economy, it can succeed without all the free market exploitation?
Where’s your God Milton Friedman now?
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Right on!
I hope when the rates go up the bank pay a better figure on the deposit rate. The low return for those who saved money but did not buy property seems to have slipped by without much fuss. Having lost money in shares and then the finance companies it is hard to place the money anywhere but the bank with any convince.
Dont worry Martin the neoliberal cash cow isnt quite sucked dry . Looks like the govt is lining up water reticulation as the next plum to steal from the commons .
Umm, debt to gdp vs a year ago? But at least you’re being positive for a change.
It’s a good time to be a tradesman. Most of the money from overinflated house values is being spent on renovations.
Tradies are going to be millionaires before long.
Many already are James because its really not that hard to do.
The competent ones are already on well more than a 100K so simply saving and paying their mortgage will get them there by the time they’re in their 40’s. Most have structured their businesses to make the best of the tax gaps and pay far less than a typical salaried office worker. Their ute is deductible as is its fuel, their tools, working clothes and part of the mortgage because one room in the house is an office. Their wife might be ’employed’ to run the office so gets a small salary that attracts the lowest tax rate.
In addition the smart ones have been buying run down houses and renovating them for years and selling them on, thereby scoring the capital gains. Most of this has been going on under the tax radar because they were owner/occupiers while renovating as a sideline.
The middle class dream of going to university and getting a degree is well past its use-by date. I would guess that half of the qualifications offered by universities these days deliver negative ‘intellectual equity’ so unless your child is truly talented and determined to become a surgeon or an engineer they would be well advised to get out of school asap and get to plumbers ticket.
The RBNZ is full of crap; it’s because inflation is starting to accelerate, just as in the US. Too much easy money = inflation (hurting people on fixed incomes like beneficiaries) and high house prices. But take a victory lap if you like.
You’re onto it.
What the fuck??? That’s what happens when Warren Buffet fears out, sells all his airline stocks and tries shorting Tesla so he can get bailed out be The FED. That’s easy money. I’d make so much money if you was RBNZ governor.
…’Let me get this straight, shutting down the border, crippling migrant worker exploitation, ending hyper tourism and international student scams has been good for the economy?’…
ROFL !!!
Back in my day 1876,… oops! 1976,… as about a 12 or 13 year old I used to watch the show put on and narrated by Milton Freidman with his smarmy pseudo logic and found him quite compelling… ( * odd show for a 12 or 13 year old to be interested in I know, but there wasn’t mush else on back then on TV living out there in the bush in the Waitakere Ranges on a winter afternoon / evening.). I sat down and always watched that show.
Years later I became a blue collar worker, … under Muldoon, life was pretty sweet. But he was a social democrat under the Keynesian consensus. Then along came Roger Douglas, Ruth Richardson and Jenny Shipley and Bolger and the whole howling mob of Milton Freidman / Mont Pelerin society/ Fredrich Hayek Austrian school of Economics/ Free market ideology/Chicago school of economics…all preaching the same basic philosophy as the crude and greedies who set up the Great Depression under Laisses Faire economics…much like the Credit Crunch greedies of 2007/8 (where I lost my business and land worth half a million at the time). Thanks Bernie Maddoff and co. You cant take it with you when you go eh, Bern. Off course you know that now, don’t you.
Song for Bernie.
Sister Janet Mead ~ The Lord’s Prayer ~ 1973
https://youtu.be/DZF9rsgKZHw?t=7
Here’s another one. We only got one life on this here planet. Make it a good and loving one.
Creed – My Own Prison
https://youtu.be/iBBqjGd3fHQ?t=2
And from Roger Douglas onwards…
All wankers.
And from 1984 til 2021 we’ve been living under the rule of wankers ever since. Its officially called neo liberalism but I call it wankerism. Tony ‘Blairite’ wankerism is, as you could say,… ‘third way’ but I prefer to call it more of the same and what it is generically labelled under as of the above: wankerism.
And by wankerism I mean social , economic and political theft. More blunt types would use the word plundering ,or some even treason. The latter, those convicted of treason after being hanged,- they used to hang those types in gibbets and let their skeletal remains fall to the ground for the crows to feed on back 250- 300 years ago in England… how times have changed ! Just as well, eh?
As for Freidman?
There are countless millions of low income family’s in first and third world country’s who have been for decades affected and impacted by Milton and his colleagues rapaciousness in absolutely negative and destructive ways.
I fear he’s now in a very, very hot place but I could be wrong. Why do I say this?…
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New Living Translation
For the Scripture says, “You must not muzzle an ox to keep it from eating as it treads out the grain.” And in another place, “Those who work deserve their pay!”
1 Timothy 5:18
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And I would say not just a bullshit Bill English ‘minimum wage’ to attract ‘foreign investment’ nor to increase the profits of those who vote for that or any other political party or who donate generously to enlarge the ‘war chest funds’ prior to an election for their party of choice,- but simply to be a ‘good and proper steward’ of your people and because you are an elected official and because we pay you handsomely to execute our will.
Not reward us, – the people, – with shitty , crappy bullshit minimum wages in a land that purports to be ‘first world and in a land of plenty that boasts of rich natural resources’ , …that in reality , …acts more like its Albania or Mexico.
NB** I used to always watch Brian Priestley as well as a 12 – 13 year old late on a Friday night,… I don’t know why,… I just kind of warmed to this little bespectacled man in a comfy chair, blacked out background and chatting in a fireside kind of way about political issues and the state of journalism in NZ at the time…
Turns out,… he was a retired member of the British SAS. So never judge a book by its covers and NEVER, EVER, … underestimate little old men chatting to you in a cozy fireside chat kind of way… you just might learn something and be surprised at who is actually speaking to you.
Life story: Brian Priestley the doyen of journalism … – Stuff.co.nzhttps://www.stuff.co.nz › the-press › news › life-story-bria..
https://www.stuff.co.nz/the-press/news/108585302/life-story-brian-priestly-a-doyen-of-journalism-with-the-puckish-grin
* What is it about social democracy/ democratic socialism and the redistribution of wealth to the general populace ( who currently pay the bulk of the tax burden in NZ disproportionately ) that scares the wealthy neo liberal elite so?…is it because that is a population they cant control and milk ?
How would such as these pirates do in the Scandinavian countries?… poorly I would imagine.
And so , in summary :
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..’So when the Government takes an active hand in the economy, it can succeed without all the free market exploitation’…
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Therein lies the truth.
StatsNZ and the CPI do not take into account housing and house prices.
So real inflation isn’t within the RBNZs 1%-3% target. It’s more like between 7% – 9%+.
A profit of $100k for an investment property… Yah gotta be in to Win!
The IMF is predicting worldwide growth over 5%?
I just find it fascinating how back in April, a certain Mr Mike Hosking was on Newstalk ZB arguing that GDP most definitely shrunk in the first quarter of 2021, and that we were definitely in a double dip recession. But the fact is despite a level 3 lockdown in our largest city and despite a loss of international tourism during our peak season, our economy saw huge growth! Maybe Mike should sit back and enjoy the ride a bit more – Jacinda and Grant know what they’re doing! https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/opinion/mike-hosking-when-it-comes-to-the-economy-none-of-this-ends-well/
GPD = Global Deception Paradigm.
GDP = Global Destruction Process.
Higher GDP = an even more messed up ecology and an even hotter planet.
Almost 80% of New Zealand’s export receipts are from the Primary Sector.
Perhaps that’s the saviour of New Zealand’s economy?
Higher GDP worldwide has resulted in astounding improvements in new born survival rates, reductions in poverty, health and well being, technological advances disease reduction etc etc.
To suggest as some seem to be that we don’t improve global GDP is silly.
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