GDP outlook slashed as fresh cost-of-living shock arrives
ANZ has slashed its forecast for GDP growth in the June quarter to just 0.1% from 0.4% after a slump in leading indicators in June. It sees growth averaging just 0.9% for the 2025 year, despite the Government’s hopes for a ‘growth, growth, growth’ pickup linked to lower interest rates.
Instead, a balance sheet recession linked to the high interest rates in 2022, 2023 and 2024 a house price slump expected to extend to 2030 has stalled spending and investment, just as the Government itself froze investment and chose debt reduction over stimulus, despite its ‘growth, growth, growth’ rhetoric.
ANZ economists have slashed their June quarter GDP growth forecast to just 0.1%, down from 0.4%
Fresh data from Auckland Council shows ONLY 50% of building consents actually start being built within six months of the consent meaning there will be a huge lag in construction
and Government hopes that higher export earnings from dairy and meat would flow through into economic growth has been hit by news from the banks, that farmers are using that extra cash to pay off debt and are buying new tractors at the slowest rate in 24 years.
It gets worse.
- 500 000 Kiwis need food banks every single month!
- 600+ suicides each year.
- Surging homelessness
- Inequality and Poverty deepening.
- Draconian new welfare punishments and sanctions about to begin.
- Privatisation agenda pushing costs on users barely keeping their head above water.
- The fake illusion of property wealth is stumbling.
- Net migration fell with a loss of 47,100 Kiwis in 2024, the largest number recorded.
- Young people aged 18 to 30 made up 38% of the 72,000 departures.
The response by this Government to embark upon steep privatisation agenda while taking over local democracy to ensure their donors interests are rammed through will only make these issues worse.
We are one shock away from falling over.
An economic meltdown is coming for NZ, the Government’s privatisation agenda will only make it worse
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From the Rebstock, let the ungrateful bastards eat cake institute.
‘500,000 Kiwis a week using foodbanks? Scandalous!
Close foodbanks immediately! Making people welfare dependent.’
If free markets are allowed to operate the problem will disappear when the poor start eating each other.
Charity only gives starving people the silly idea that the rich are somehow obligated to help the feckless and improvident.
If some of these people using foodbanks had only chosen to be born into families with inherited wealth, and invested money wisely, they too would now have holiday homes in exotic location, own multiple property and be entitled to environment destroying means of private transport.
Yip….Willis , Seymour, and Luxon are well out of their depth…rank amateurs.
They talked up a big game pre election but their shallow words and nonsensical explanations were there for all to see.
Remember Clusterfuxon’s pathetic repetitive slandering of Labour saying that “he wasn’t about to be lectured on economics by Grant Robertson” …who actually had us on track to surplus by mid 2027…unlike Willis’s 2030..if she’s lucky.
The National/ Act rhetoric that they are the ‘best managers of the economy’ always was a myth and the coalition of clowns is proving it once again.
The fallout for the country will be significant…and where are those ferries that we keep hearing about.
Where the hell is the media!!!
the media is all privately owned except for RNZ and tv1 .The public broardcasters are at the current time being defunded because they speak up and challenge some of the shit from the two 8% parties .
The rest are already on the governments payroll and owned by donners .
the balance of payments will look good when it’s all cows and gumboots. will the last one out, open the gate to the back paddock.
Where will all the overpriced butter melt because it won’t be in NZ households.
The economy is tanking faster than ANZ think .I live in a rural village on state hiway 3 which is usually jamed packed from 10am till 4pm .The last couple of months there is a noticeable down turn with getting a park real easy now and local hair dresser takes walk ins now ,where before you had to book weeks ahead .
All the talk about new tractors sales at the field days ,I have only seen one being delivered since that time which is less than a normal year .
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