The spectre of Robert Muldoon, eternally evil inflation, and a mystery around migration were raised at Parliament as Adrian Orr faced MPs.
The Reserve Bank (RBNZ) Governor said migration had clearly eased the labour shortage but it’s still not clear why the country’s economy performed so poorly recently.
And he said inflation was undoubtedly the “number one evil” for everybody in the economy. Orr appeared before MPs this morning at a time of ongoing concerns over inflation and interest rates.
Orr referred to last week’s disappointing GDP results showing the economy shrank 0.3 per cent in the September quarter.
Mungo no understand.
Mungo open immigration floodgates, but Mungo no get fake burst of growth to keep our money lenders from panicking.
Mungo scared.
Mungo should be scared.
As a trading nation, our economy is built for feeding 50million others, it’s not about domestically ensuring food for Kiwis.
Indeed, as Bryan Bruce’s documentary pointed out, free market capitalism has robbed NZ of food security for kai grown in our own nation!
We have built our economy on 4 pillars:
- Steal Māori land and NEVER pay for the full cost of that theft
- Addiction to a Low wage economy that exploits migrant workers and drives wages down
- Allow property speculators to have enormous political influence
- Milk powder über alles
The geopolitical shockwaves started by shutting down global supply chains during Covid plus the disruption of base ingredients from the Ukraine/Russia war plus the Red Sea shipping restrictions from the Israel/Palestinian conflict plus the growing militarisation of conflict in the South China Sea between the Phillipines and China and we have global inflationary pressures that are being reshaped by global conflict.
That is going to cause inflationary drag for a Trading nation like us.
On top of this we are importuning vast immigration but the workers we are bringing in are exploitable migrant workers.
Adrain Orr seems to believe importing 50 000 people to run fast food franchises is the way to economic stability.
A relative of mine last month had a van full of Filipino electricians turn up at her house.
The local mutation of a power company she is with were updating their power monitors from 2G to 4G and were sending out ‘staff’ to do this upgrade.
The ‘staff’ turned out to be Filipino Electricians who were conned into coming to NZ under the belief they would work as electricians only to find they had been recruited because they had the lowest and cheapest transferable skill sets.
These Filipino Electricians were told they were all contractors now and had to buy cars (from a vender who price gouged them), but gear (from a vender who price gouged them), and they were told they had to get housing (from a vender who price gouged them) that kept them working around the clock.
The Filipino Electricians who were so surprised to find thesmelves in such an unequal deal actually asked my relative to check their contract top see if it was really true.
My female relative had to tell them, “Why yes, you are fucked”.
THIS is Adrian Orr’s economic saviour folks, more exploitable migrant workers.
When Orr had a obligation to unemployment he was predicting 30 000 unemployed, now they don’t have to care about unemployment that number could explode which is outrageous when you consider so much of the inflation we are seeing is actually being driven by greedy corporate margins…
We are basing all our future wealth on trade with China which doesn’t hold up.
Oil prices have plummeted because China’s economic situation is far more dire than is understood.
Our future dairy and meat – which China is furiously attempting to match domestically in production so they no longer need us – is built on great economic conditions in China when that is far from certain!
This is all going to come to a head next year with the threat of Trump winning the American election so expect vastly more explosive geopolitical events leading up to that.
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In the meantime, our trashy finance Minister is talking about is sausage and holes she is sick and crass.
She sounds like a smutty 12-year old. So much for her King’s College education. It didn’t teach her any manners.
These are not unintentional quips. They are designed to distract and divert attention from the fiscal garbage she is inflicting.
Everyone has a laugh and forgets to concentrate on what she’s really saying.
Just keep pouring the foreigners in… 4000 a week? Not enough! Let’s go 5000! Crank it till it snaps!
China are us.
A shock illustrated by Filipino electricians, is hardly an endorsement for Filipino electricians.
I saw an item the other day basically saying we should realise how tough it is for farmers because lamb is actually more affordable as a protein source lately. I certainly hope things work out for sheep farmers but I found the tone of the whole piece a bit insulting. I know retailers set the end price but there was a suggestion we should do our bit to support the producer. I don’t really see that attitude reciprocated when things are going well and we are paying through the arse.
A large number of our immigrants..especially Chinese and Indians, walk over broken glass to avoid paying tax..they operate in vast sums of cash..
They control over 65% of the construction industry in N.Z now.
One of the biggest industries.
To pay certain workers they withdraw $9,995.00 in cash from the bank at any given time to avoid
triggering a red flag from the bank.
A friend who works for the ASB tells
me a $10,000 cash withdrawl sends an alert.
They know how to game the system to avoid paying tax.
They don’t give a shit about New Zealand.It’s all about making money for themselves.
No wonder they can’t get a big enough tax take despite massive immigration.
New Zealand is so screwed!!
So true Grant, and the majority of NZ’ers know we are screwed, but they still voted for the Coalition of Ratbags. How stupid can we be????? Trouble is there aint no alternative.
Agreed – ‘real’ NZ’ers leaving for Aussie and being replaced with Chinese etc who don’t give a shit about NZ.
Those real New Zealanders can be of Chinese origin too.
This coalition government are removing climate measures, water protection measures are being modified to help those inbred w*nkers at Groundswell continue to completely root our rivers and water tables. I’d be interested to hear what it means to “give a shit about NZ”
PS. Successive governments have let all these immigrants in, so maybe think about where the blame lies
Increase GST then…
Well let’s not forget those with cash that speculator on property, feel it’s their god given right not to pay tax too. They certainly don’t give a shit about NZ. You might be surprised to know that most of them aren’t Chinese or Indian.
Oh chinese and indians are into property speculation big time, no doubt about that.
They certainly are …in fact they are hovering up anything with a ‘for sale’ sign on it that has even the tiniest bit of land and cramming on poorly designed and built shit boxes…
That is going on everywhere in Auckland.
8 built by Chinese ‘developers’, who didn’t know what the fuck they were doing, on a not very big site next to us and they’ve all got major defect issues despite being passed by the council.
It always seemed crazy to create a recession in NZ to control inflation that was often imported from overseas. The National party in opposition then & the media made such a song & dance about inflation but totally ignored that it was a worldwide problem. Now we have Nicola who lives in her own bubble & thinks cheap cars can replace the Cook Straight ferries (I took some liberty with her comment) moaning about Kianga Ora having more staff, they didn’t build any houses under Key & built a record amount (in recent decades anyway) so it seems natural that they would have more staff.
As you say the economies of the world are on a collision course with disaster & the combination of high debt with the cost of natural disasters is going to be beyond the ability of anyone in government to recover from so troublesome times are ahead.
As Orr would say, he fertilized the roots of the great Totara (low interest rates and money printing)of the Aotearoan economy and unsurprisingly grew too many leaves (inflation ).
In ancient times before colonization this was how macro economics was discussed.
Definitely a man of the times and the results are showing.
Typical of you to bring that angle to it. His response was very similar to other central banks around the world but no you make it about Maori language. Of course that’s the real issue
Irony alert wheel that’s kind of the whole point.
Matauranga Maori has nothing whatsoever to do with macro economics, unless you are Adrian falling living standards Orr.
Labour did it!
They opened the immigration flood gate(s) and didn’t shut them on their way out.
Yes, during the Helen Clark government. And neither half of the Purple Party has closed them since. Traitors all.
And National and ACT wanted them to open the floodgates wider=NACT MO has always been to drive down wages. Den the NACT lapdog!Duhh
Arrrh no Brian. Not a neoliberal follower. All NZ political parties are afflicted with neoliberalism.
@ Den
” Labour did it! ” No they didn’t. They couldn’t have because Labour’s been dead in a shallow grave since roger douglas killed it back in 1984. The reason why I write that is to remind people that those who forget their history are doomed to repeat it, and my God, repeat it they do. One must ask then, why do we vote since we keep getting the same abhorrent logical fallacy wearing different frocks?
The answer is simple: It’s because the scum who’re behind what must be regarded as one of the greatest, if not THE greatest swindles in political history are still getting away with it as I write.
Our United worker-force, state owned assets bought or built by us for us , so little crime that many forgot where they put the back door key and when a handshake was as good as a legally binding contract are gone. Nothing is as it was. Nothing is ours, everything we think we own is mortgaged, our basic services and infrastructure are hocked off and we think we must kowtow to the merciless inhuman infrastructures whom we allow to believe are in control are now the new normal in an abnormality they created and now maintain.
The solution is to begin to think differently then act accordingly and to do that we must create a more logical and accurate narrative based upon the facts. 600,000 people waiting for food while multi-billionaires float in like high bran turds isn’t logical for a small country of 5.2 million who’s sole income is agrarian numbering 50K people.
Someone Elses Country is a good watch. It starts with the Lange betrayal with the criminals sharing fush & chips at the plotting of the assassination of Lange and the beginning of Douglas’s and Labours capitulation.
It actually started in the 90’s under National. Labour we more interested in Fair Pay Agreements and similar worker empowerment policies. Stop talking shit.
As was signposted before the Coalition of Clowns took office, austerity policies abruptly slashing public expenditure by govt. would result in stagflation and a recession. That is now becoming more likely with each passing day.
But then Nick-all-ya Wallets wouldn’t understand that. Basic economics weren’t covered in her English Literature degree sadly.
Orr is awfully bold when it comes to wage inflation but mute on real estate inflation. A charlatan.
Powell in the US is strongly signalling interest reductions next year (possibly as many as 3 cuts!) to “stimulate” the US economy to help Democrat chances in the election. This will feed directly into New Zealand, since we are ultimately more or less dependent on US interest rates to ensure a certain balance of trade. Clearly ANZ thinks rates will go down in 2024 (which is no surprise after the US Fed’s announcement) and I fully expect that will be the case. Inflation will run rampant next year (just like this year), unless the government somehow gets deficits under control (= zero chance).
https://finance.yahoo.com/news/6-ways-fed-rate-cuts-203319987.html
https://www.nzherald.co.nz/business/interest-rates-anz-cuts-mortgage-and-deposit-rates/DZYZ3B355NBYZMI3LPIV6HY7WE/
Everyone strap in for (a lot) more inflation.
Have some sub continent neighbour’s who contract to the telecommunications sector. They drive 25 year old ex chorus but still sign written chorus vans pouring black smoke which haven’t been through a car wash in three years. A mate who used to be a unionised Telecom linesman told me the the state of tidiness of the lines network under the man hole covers is now third world. Just observing.
Yes. So what is the problem here? Is there something wrong with aspiring to be third world?
These guys came in under a system designed by Labour and you wanted us to vote them back into power. No thank you.
We wanted a party who would stop this exploitation – Labour didn’t, NatActNzf won’t; says a lot about our NZs values when we see the promise of tax cuts as more important than morals.
What system? Offshore demand going backwards is not related to immigration. In any case are you telling me Trevor we didn’t see massive immigration under National? Massive immigration without the necessary investment in infrastructure is not new.
Huge increase in immigration initiated by the Key government and not stopped by Labour. Same for National’s Contracts Act, which delivered workers to the employers, dictating remunerations, working conditions and the death of the 40 hour working week, not delt with by Labour. Seems National and Labour support one another’s labour market reforms.
More shit talk from the Nat/ACT troll tards … fuck back off to Kiwiblog OR get an education so you might actually know what you are banging on about FFS
Was it stopped by Labour?
Hmmm. Now Mungo understand.
STOP ALL IMMIGRATION FOR 5 YEARS. ENOUGH IS ENOUGH.
In which case you’ll stop all nurses, aged care workers, dairy farm hands etc… which will fuck the economy.
BS Yeti, If we paid NZ’ers appropriately we wouldn’t need to bring in nurses, aged care workers, farm hands etc. Thank you Roger Douglas for your Neo Liberalism.
I’d suggest that we also recognise that the US has given up on Globalization. They are no longer are going to protect trade lanes (shipping).
This very well could be the biggest nightmare for us.
Yanks, no stamina. The British were the international policeman for 150 years and the US hasn’t the stomach for it, time for the US to go isolationist AGAIN. I think the rest of the world may prosper if the US stays out of international politics and sorts their own bi-polar society out. Defender of democracy LOL, they harder practice true democracy.
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