April 9, 2025 • 34 mins
On the Early Edition with Full Show Podcast Thursday 10th April 2025, The Reserve Bank cut the OCR by 25 basis points, Infometrics Principal Economist shares whether or not it was the right move.
Legislation to merge Niwa and MetService, will be introduced later this year, Weather Watch Head Analyst Philip Duncan tells Andrew Dickens about the difference it will make.
The Government's directing agencies to use wool where appropriate, but will it come at a cost? Associate Minister of Agriculture Mark Patterson shares the details.
Plus, US Correspondent Mitch McCann shares the latest on the markets and tariff turmoil.
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Episode Transcript
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Speaker 1 (00:01):
The issues, the interviews and the insight.
Speaker 2 (00:05):
Andrew Dickens on early edition with one roof make your
Property search simple news talks.
Speaker 3 (00:11):
It'd be as goodbrding to you. Welcome to the program,
Welcome to your Thursday. And what's happening in the next
sixty minutes? Well MEEWA and met service out to merge. Now,
why we're there two weather agencies in the first place?
And will one agency mean the forecast will be right?
Independent forecast? The Philip A dun Philipper Philip duncan excuse me, Philip,
(00:32):
Philip will be with me in about five minutes time
by New Zealand Maid they say, And now the government says,
how buy wool carpets and their projects? What does that
mean for this fantastic fiber That story in ten our
thoughts on the curious case of Benjamin Doyle, just before
the five thirty and what is the Reserve Bank really
saying about the global economy. We've got Brad Olson in
(00:52):
just before six. We'll have these stories past Emit McCann
from the United States of America and correspondence from right
around New Zealand and news as it breaks, and you
can have your save giving me a text. The text
number ninety two ninety two. A small charge applies at
seven after five the agenda and it's Thursday, the tenth
of April and first of the Dominican Republic, where at
(01:16):
least one hundred and twenty four people have now died
and more than one hundred and fifty have been injured
after a roof collapsed at the nightclub in the capital
Santo Domingo. Hundreds of rescue workers are still continuing to
search for survivors of the incident, which happened just before
one am local time at the jet Set Club. Guests
of the nightclub were attending a concert. Tragically, the singer
(01:38):
Ravi Perez has been confirmed dead, along with Major League
Baseball players Octavio Dotel and Tony Blanco, and a provincial
governor also dies in the incident.
Speaker 4 (01:48):
Well.
Speaker 5 (01:48):
Among the people that are confirmed that are two former
MLB players major League Baseball players, there's also the governor
of a local province.
Speaker 6 (01:59):
Here.
Speaker 5 (01:59):
In fact, that governor, as she was buried underneath the rubble,
called the precedence of the Dominican Republic to let the
President know what was going on now.
Speaker 3 (02:11):
The tariff turmoil, it continues. China has now announced an
eighty four percent tariff on US imports. This comes after
Trump imposed a one hundred and four percent tariff on
Chinese goods entering the US.
Speaker 7 (02:25):
Right now, China's paying a one hundred and four percent
tarraff think of it, one hundred and four percent now,
it sounds ridiculous, but they charged US for many items
one hundred percent, one hundred and twenty five percent. Many
countries have They've ripped us off left and right.
Speaker 1 (02:43):
But now it's our turn to do the ripping.
Speaker 3 (02:47):
But do they anyway? To Europe, and the European Union
has voted to join China and Canada in pushing back
against the tariffs. The EU is set to impose extra duties,
mostly of about twenty five percent citaly not one hundred percent,
on a range of US imports that these view tariffs
will take effect from the fifteenth of April.
Speaker 8 (03:05):
Pease measures have an impact on markets, on the economy,
to wilder pressure on the administration to back off, so
that raises questions of credibility. How credible gets it for
the US to maintain these measures all the time.
Speaker 3 (03:21):
And finally, to King Charles, it was his wedding anniversary yesterday,
twenty years since he married Camilla. Also the same anniversary
of the death of his father. So that's tragic. But
here we go. Now, King Charles has become the first
British monarch to address a joint session of the Italian Parliament.
The King and Queen, of course, as I said, celebrated
their twentieth wedding anniversary on the trip to Italy. Here
(03:41):
is some of the King's speech.
Speaker 9 (03:43):
We have benefited hugely from your influence over what we wear,
what we drink, and what we eat. I can only
hope you will forgive us for occasionally corrupting your wonderttle cuisine.
We do so, I promise to you with the greatest possible effect.
Speaker 1 (04:07):
I'm only a.
Speaker 3 (04:07):
Little disappointed that I didn't hear the King speaking a
little bit of Italian, because I think as Italian would
sound marvelous. It's coming up eleven half to five.
Speaker 2 (04:14):
On your radio and online on iHeartRadio Early edition with
Andrew Dickens and one roof Make Your Property Search Simple
Youth Talk.
Speaker 3 (04:24):
Said be I have never been surrounded by more unemployed people.
Now that's partly because of my age, but also because
of my profession. Many of my friends are journalists, and
many are connected to the media, and partly because I
also know a lot of people who work in public service,
and I know a lot of people involved in businesses
that provide service for the public service. And then I've
(04:47):
got a whole heap of friends involved in private business
who are also hurting, because frankly, we're all hurting. And meanwhile,
the world headlines are not uplifting. Trump imposing tariffs of
more than one hundred percent on China can't be good
for anyone. But yesterday I decided I must find a
reason to be hopeful, and I see that in the
drop in the ocr The drop in the ocr is
(05:08):
a good thing, not just for our personal pockets with
our interest rates, but also for the dollar, which I
think is a very critical thing these days. The lower
the interest rates, the lower the dollar. Money seeks higher
interest rates for better returns, And in Trump's tariff war,
that's a good thing. You see, we're facing a ten
percent tariff, which makes our products ten percent more expensive
(05:30):
in America. But if our dollar remains low, perhaps the
price point will remain unchanged in the United States. Perhaps
the States won't see our stuff as expensive, maybe they'll
keep buying it, and therefore the impact on us might
be reduced. So yesterday our dollar in fact crept a
little higher, but I saw the ten year treasury yields climbed.
(05:51):
This is in the United States, climb to round about
four point four to two percent. That is the highest
I've been since February, and that's higher than US. Investors
are partly believing that bonds in the States might provide
greater returns amid the uncertainty surrounding the global trade dynamics.
So they're buying the ten percent year old. Look at
that four point four to two percent, Why wouldn't you. Unfortunately,
(06:12):
when it comes to thirty year bonds in the United States,
that's not a good story. But whatever, long may that continue.
Long may the United States have higher interest rates than US.
And let's hope our dollar remains low because that might
be our saving.
Speaker 1 (06:27):
Grace Andrew Dickens.
Speaker 3 (06:29):
Now, now I drive an EV. I don't do it
to save the planet. I drive one because it's plain
out and out cheaper, because I do big mileage. I
go down to the Corrimandal every fortnight. My running costs
are coming in at about thirty percent compared to my
petrol only days, so it's good for my pocket. But
(06:50):
opponents of EV's right now are feeling a little vindicated
by a study that came out yesterday from Auckland University
in a Chinese university that says evs have not contributed
to a drop in polluting carbon dioxide emissions. I didn't
need a university study to tell me that if you
charge your EV using electricity that is generated by burning
(07:12):
fossil fuels, then you're not helping the cause at all.
And that is true here in New Zealand. We have
a lot of renewable shore, but it's not enough, so
much so that Genesis reported this a couple of months ago.
Is importing one million tons of coal to fire up Huntly,
So a lot about electricity comes from burning coal. It's
even more true overseas. I visited Italy last year. Italy's
(07:33):
electricity generation mix consists of fifty five percent from burning
fossil fuels, mostly natural gas and a bit of oil,
and they import it all and they get about forty
four percent from low carbon sources. So if you drive
an EV in Italy, you're basically driving a car powered
by coal or natural gas, you might as well be
driving petrol. In fact, refined petrol and modern cars are
(07:56):
better for the environment if you're thinking about buying a car.
But all of this, and I mentioned this just shows
the naivety and ignorance of all those greeny lovies who
championed the driving of evs, thinking that that alone would
help the environment and that would save the planet. What
you really need to do is support the growth of
renewables in the world. And what the world really needs
(08:17):
to do is find a new energy source not based
on burning stuff.
Speaker 1 (08:21):
Five percent Andrew Dickens.
Speaker 3 (08:23):
So we have two weather agencies. We have NIWA and
we have met Service, and you'd think that's say the
same things, but often they don't and I never understood that.
But anyway, the governments decided to merge them. And is
that a good thing? Why did we have two in
the first place. Philip Duncan as an old friend of
mine and he launched his own independent weather service and
(08:44):
we're going to talk to him about this next on
Newstalk's FB.
Speaker 2 (08:48):
Andrew Dickens on AFILI edition with one roof Make Your
Property Search Simple, Youth Talk.
Speaker 3 (08:54):
Zibby seventeen minutes out to five. The government's announced legislation
to merge Niwa have MET Service that will be introduced
later this year. It's all to save money and to
streamline our weather forecasting service. The Minister of State Owned Enterprises,
Simeon Brown says, it makes absolutely no sense to have
two separate entities, no kidding. Philip Duncan is the head
analyst at weather Watch New Zealand, and he joins me
(09:17):
now good morning to here.
Speaker 4 (09:17):
Philip, Good morning, Andrew.
Speaker 3 (09:19):
You're the head analyst or the only analyst.
Speaker 4 (09:22):
Pretty much only at these days.
Speaker 3 (09:24):
Very good okay. Who is better Niwa or MET service
and who should actually take.
Speaker 4 (09:29):
Charge Met Service? They're the ones that are tasked to
do the job that we tax fund them to do,
and they've got a fairly strong reputation. I know that
they've had times over the years where they've got things
wrong like we all have, but they're the ones that
have pretty much got the infrastructure, and not just that,
but the mindset of understanding how to communicate and use
(09:51):
the right words at the right time, something that is
definitely missing from newa who use quite extreme words quite
frequently and find them soales looking a bit silly after
the event doesn't come through.
Speaker 3 (10:03):
Okay, so you would agree the merger is the best outcome.
And I think the thing that you would love the
most about it is open data sharing. Tell me about that.
Speaker 4 (10:11):
Yes, if you had open data, we wouldn't be in
this problem in the first place, because what would have
happened is fifteen years ago. And by the way, it's
fantastic to hear the government finally saying what we've been
telling them for nearly fifteen years now, and some of
them really deny that this was happening. So it's good
to see that saying the right words. That's fantastic. But
you know, the infrastructure that NIEWA has got with their
(10:33):
quote unquote supercomputer, which is just a large computer they've got,
but that computing power mixed with net services rain radar
would have produced some really fantastic products from the government itself.
But because the government is really bad at sharing stuff
from department to department. So I'll give you a good example,
many many people in New Zealand volunteered their time to
(10:55):
give up where the data, to write it down a
little books and see that into NEEWAB. So many many
years Now NIWA believes that that data that was given
by volunteers is their intellectual property and they own it,
so they don't share it with anyone. Then, and you've
got met Service on the other side saying the same
thing about the rain radar that we all tax funded
for them, the public and if they just shared that stuff,
(11:16):
you wouldn't need and MEE were competing against met Service,
that would never have evolved. Instead, what would have evolved
is the New Zealand government having some really amazing products.
Open data would fix that and put us online with
the rest of the modern world.
Speaker 3 (11:28):
So basically you're saying a merger will save costs and
also come up with better forecasts, and that's all good.
Speaker 4 (11:33):
Yeah. The only worry I've got is that with this merger,
if it's still the same NEE were management running whatever
else they spin out, and then it's just smoke and
mirrors and nothing's really been done other than save a
few dollars. The public haven't gained anything from that. So
I hope that they structure us with a brand fresh
new space and management, and also one that's open and transparent,
(11:55):
which NIWA definitely has not been. To media outlets and
to ministers as well being quite dishonest.
Speaker 3 (12:01):
Thank you so much for your time today, Philip, and
congratulations on the success of your business. I saw you
right from the beginning starting it up and you've done
so very very well. I thank you. It's five twenty one.
Poor old sheep. You know, you grow a sheep and
you can't sell the meat or you sell the meeting.
You can't make any money. And then you've got the
wall and the wall is amazing. And then people weren't
using it, but now the government is going to use it.
(12:21):
We're going to look at this story next.
Speaker 2 (12:23):
The news you need this morning and the in depth
analysis early edition with Andrew Dickens and one roof Make
your Property search Simple.
Speaker 1 (12:31):
You've talked zid Bey.
Speaker 3 (12:33):
Yeah, it's five twenty three and Ryan Bridges back on Tuesday.
That means hit this back on Tuesday to WOOL. Big
win for the wall sector. The government's directing agencies to
use WOL were appropriate when building and refurbishing government buildings. Essentially,
the wall will be used for things like carpet, but
it will also be used for insulation. It's a wonderful fiber.
Associate Minister of Agriculture Mark Patterson is with me and
(12:53):
good morning to your mark.
Speaker 10 (12:55):
Good morning, Andrew.
Speaker 3 (12:57):
You're super keen for this.
Speaker 10 (12:58):
You're very happy, Yeah, very happy. And I mean the
sheep farms and the wide a wool sector is really
happy too. I mean, this is a great opportunity for them.
Speaker 3 (13:10):
Now. The thing is, when we've had these debates, everyone goes, oh,
but wolf's so expensive, is it?
Speaker 10 (13:16):
No, No, it's not. You know, it's a value proposition.
I guess we're trading off maybe some price against a
little bit of quality in terms of the properties of
wool hairs of the find natural fiber as you're saying
by it, degradable, et cetera. So yeah, there's potentially a
(13:37):
little bit of that. But I mean there's some price
stuff has built into the into this policy. Uh, you know,
they've got to account for that.
Speaker 3 (13:47):
So yeah, well, this is going to benefit the industry
and that's going to keep them on good footing. But
the whole thing about wool and lamb meat and sheep
in general is we need to get export dollars out
of them. So how do we do that.
Speaker 10 (14:01):
Well, things are going look too bead at the moment,
and hopefully the current you know, ruck us over seas
with the tarffs and that doesn't impact that too much.
But I mean we've seen a real upswing for our farmers,
our sheep and the farmers as well as a dairy farmers.
So that's you know, that's been really positive. But we
(14:24):
need that to be ongoing. So we've got to get
behind wolves one of those things where it's been so
low for so long that we've just got to get
behind that part of the industry to give a little
bit more diversification for hill country farmers. Otherwise we're just
going to turn the whole place in the pine trees.
(14:44):
So that's another element of this policy.
Speaker 3 (14:48):
Yeah, get it, totally get it. That's a very good
way in that interview, and I thank you so much
for your time today. The Associate Minister of Agriculture, mister
Mark Patterson, go the sheep. Remember the old days, you know,
when we had like ninety million sheep two million people
and everybody made sheep jokes overseas. What the numbers are
so low because the market's been so bad for so long.
Five twenty six The early.
Speaker 2 (15:10):
Edition Full the Show podcast on iHeartRadio powered by News Talks.
Speaker 3 (15:14):
It be News Talks it b It is five twenty
seven The curious case of Benjamin Doyle. Benjamin Doyle spoke
on the controversy surrounding them yesterday and basically called themself stupid.
We found out that the Greens actively asked him to
delete his accounts before he came into Parliament, those accounts
which introduced us all to the Bussy. But they refused,
(15:37):
wanting to stand up for what they is and who
they stand for. Given that if I was the Greens,
I would have gone to the next person on the list.
If Doyle wasn't going to drop it, I would have
dropped him. I said last week they should go, they
should go, and I stand by that. I don't see
the need for anyone so stupid and bloody minded in
a taxpayer funded parliament. Doyle says the bussy stuff was
(15:59):
a no joke. I can understand that queens are all
always ironically calling each other queen's but that's not the
sort of joke I want to see in an MP.
But to claim Benjamin must be a child offender, I
thought was also a step too far. In fact, it's
a heinous accusation unless you have the proof, and that
goes with the Hamish candl case too, So if they
(16:20):
want to put those haters aside, perhaps they need to
stand up for himself with a defamation suit or even
maybe let the wife speak out, but again that will
be difficult. So again, the easiest way to deal with
it all is just to slope out the door. Benjamin
carrying on is probably not worth the Yanks, and this
whole thing is an ugly and entirely avoidable situation. That
(16:47):
pronounce thing is exhausting. We've just heard that Trump is
going to raise the tariff on Chinese goods to one
hundred and twenty five percent. It was one hundred and
four now one hundred and twenty five. However, he's announced
in ninety day pause on new tariffs, so maybe he's
negotiating going high and hoping to go low. Who knows.
But it's constantly moving, isn't it. On the way, we'll
(17:09):
play a little bit of Lady Gaga, but Lady Gaga
doesn't like us, and later we'll talk to Brad Olsen
about what's really happening with the global economy. This is
early edition. It's News Talk.
Speaker 1 (17:18):
Jenb the first word on the news of the day.
Speaker 2 (17:36):
Early Edition with Andrew Dickens and one roof Make your
Property Search, Simple News, Talk Zippy.
Speaker 3 (18:00):
According to You. I'm Andrew Dickinson for Ryan Bridge and
that is Lady Gaga from her new album Mayhem, which
debuted at number one in the American charts. And Lady
Gargar yesterday announced her first Australian tour in over a decade,
and she's going to play three dates in December in
Melbourne and Brisbane and in Sydney, all the big stadiums.
(18:21):
But she has nubbed New Zealand. She's not coming here.
She hasn't been here for over a decade. Last time
she was here she played three Spark Arena dates. So
why did she not come here? This is a question
because a number of acts recently have just decided not
to come here. And I've done quite a lot of
digging to try and find out why. Is it because
our stadiums are rubbish? Is it because our dollar is rubbish?
Why are they not coming? We're here, we're fans, don't
(18:43):
you love us? And from what I found out, it's
basically because they just can't be asked, you know. In
Lady Gargar's case, she's doing fifty two concerts around the world,
and then at the end she's going to come down
and do three in Australia. And then her management thought,
now do we want to get all the visas and
all the paper and all the stuff to go to
one extra concert when we've already made a truckload of money. No,
(19:05):
and they just cannot be bothered with us. And that's
just not good enough. Now some good news, bad news.
Good news, International student numbers are all but back to
pre pandemic levels. This is good news for our tertiary
institutions and their books. It's good news for us. All
shows we're still an attractive place and foreigner's eyes. Bad news.
Engineering firms have lost twelve hundred people this year. Bad
(19:28):
because engineers make stuff that make our lives better. They've
gone mostly because of the cessation of government jobs. In
the short term, national crane numbers are down fifteen percent
nearly twenty five percent in Auckland, a line but good news.
The sector says the pipeline of infrastructure that the government
has finally announced is a green shoot, and eighty six
(19:50):
percent of firms are confident that business will pick up
in the next twelve months. It's twenty one to six.
Andrew dicklous So around the country. Go into Dunedin first,
calum Proctic. Good morning to you.
Speaker 11 (20:03):
Morning, Andrew So.
Speaker 3 (20:04):
Queenstown boomed and the region just does not have enough
health services. So what's happening To address that?
Speaker 11 (20:10):
We'll look the local mayor's MPs and health providers. Along
with e we have put together a strategic report on
their concerns that I've delivered it to the Health Minister,
Simeon Brown. This report identifies ways to potentially improve publicly
funded health services by partnering with private hospitals, clinics and
investors in the Queenstown Lake Central Otago area. The Queenstown
(20:33):
MEUS Glenn Lewis. He says a road map is needed
urgently to meet the needs of the region because he says,
seventy percent of Kiwis who live more than two hours
from a hospital are in Central Otago and so a
long term solution for this problem is needed because they're
growing fast.
Speaker 3 (20:48):
How's the weather for your region?
Speaker 11 (20:50):
It's good all around today and Dunedan's fine and nineteen
good stuff.
Speaker 3 (20:53):
Claire Sherwoo joins me from christ Church. Good morning, now
the Red Zone is a lovely fields, great place for
concert You guys want more there?
Speaker 12 (21:02):
Yeah, Well, finally they decided to do some concerts in
the Red Zone. The electronic festival Urban Jungle became the
first to take place in the area that the Council
refers to a six to seven. The event was still
only part of their trialing of doing this. They say
that it's due to increase demand for outdoor event space
in christ Church now now saying that they're looking to
(21:22):
do more events in the space due to the increasing
venue shortage. There are some rules around it is sort
of close to residential areas, so one restriction, for example,
is that all events finished by ten thirty. The Council's
head of Recreation, Sports and Events in Nigel Cox, says
there was heaps of positive feedback of following Urban Jungle,
only one noise related complaint. He says, while there are
(21:44):
no further events booked the adjusted yet Council are completing
a full review.
Speaker 3 (21:48):
How can there be a noise related complaint when there's
nobody living there. That's the whole thing about the Red Zone.
Speaker 13 (21:53):
It's relatively close. I could hear it from my place.
Speaker 3 (21:55):
Oh I'm sorry, I was wondering, and I was wonder
why they finished at ten thirty. And I guess it's
because you know it's dark and they can't find their
way home.
Speaker 12 (22:03):
Yes, well that could be fair. It's pretty dark in there.
Speaker 3 (22:05):
Without the lighting. Now, how's the weather for your region?
Speaker 14 (22:08):
Dark?
Speaker 12 (22:08):
Now fine, northeast Lilies for a time, a bit later
and the high should be nineteen.
Speaker 3 (22:12):
It's the first week after daylight savings always a bit
disorientating to Wellington. We go Max Toll, good morning, Good morning.
The Lower Hutmea is not going to run for reelection
in the local body elections.
Speaker 6 (22:22):
No, this is that's Campbell Barry, the city's longest serving
labor mayor for more than fifty years, who, according to him,
is going out on top. He's choosing to go out
on top. He's told the Post he want seek a
third term. Still a young guy. In twenty nineteen, he
became the country's youngest ever mayor at twenty eight. That's
obviously been surpassed now. Not influenced by rates, he says,
(22:44):
not influenced by issues at Wellington Water, he insists he
chairs the oversight committee for Wellington Water. Also shooting down
rumors he fancies a tilt at central government. There are
people in the region who reckon hid do quite well
for labor. So what we're getting is time to do
something else, family.
Speaker 1 (23:01):
Et cetera.
Speaker 3 (23:01):
Okay, so how's your weather fine?
Speaker 6 (23:04):
Northerly's a high of nineteen central.
Speaker 3 (23:06):
And to Neiva RT a matter in Ucland and talking
about Mayor's Neva good morning greetings. Wayne Brown made a
video call. He was he just had it on his
lap as it wasn't on a stand, and we've got
a great view right up his nose. And now he's
in trouble.
Speaker 13 (23:19):
That's it up his nose while driving. So what happened
yes last week the Transport committee meeting? Now Brown beamed
in on that video call. Now, most of the time
Brown concentrates on driving, but he also looks down at times,
and at one point Counselor Andy Baker seemed to acknowledge
Brown's position, thanking him for his submission and saying happy driving.
(23:40):
So Brown has apologized for the offense. Now this is
punishable by a one hundred and fifty dollars fine and
twenty demerit points. But of course this is Brown's second
apology of the week. You'll remember yet to say sorry
to Desley Simpson for saying that she was only interested
in helping her constituents by lamborghinis.
Speaker 3 (23:55):
And how's Hawkin's weather?
Speaker 15 (23:56):
Fine?
Speaker 13 (23:57):
Fine, fine, fine fine? Twenty one is.
Speaker 3 (23:58):
The high very good. We're about to go to America
and talk about stuff. And of course, when you know
we're all getting tariff trauma, aren't we in It's like
tariff and Trump, Trump and tariff, the tea words that
we have to say the whole time. There are other
news stories out of America, like the fact that they've
got a big old measles Outbreck and that might be
because the guy in charge of health these days is
a vaccine skeptic. But we'll find out the details next.
(24:20):
With Mitch McCann. It is a seventeen to six newstalk set.
Speaker 2 (24:23):
B international correspondence with Ends and Eye Insurance Peace of
Mind for New Zealand business.
Speaker 3 (24:31):
Yes, since fourteen to six in the United States, we
go Mitch McCann, good morning to you, Good morning, how
are you? I'm all right? We have to talk about tariffs.
We talk about tariffs every hour. So what's happened now?
Speaker 15 (24:41):
There's actually been some breaking news a dramatic you tune
from Donald Trump in the last fifteen minutes. He has
decided to pause tariffs for nearly all of the countries involved.
Speaker 3 (24:50):
Are these reciprocal tariffs.
Speaker 15 (24:52):
So if you are at a rate of something huge
like forty percent or thirty percent, all tariffs now except
for China are going to be at ten percent for
ninety days. That's because Donald Trump, says, so many countries
are trying to come to the negotiating table, So a
big pause on those large reciprocal tariff rates. However, if
you're China, the news gets worse overnight. Here Donald Trump
(25:13):
enacted or imposed this one hundred and four percent tariff
rate on China. He says today this afternoon that China
has shown disrespect by implementing its own reciprocal tariff. So
he's going to raise it to one hundred and twenty
five percent, almost effective immediately. So Donald Trump raising the
tariff rate on China even further, but dropping it down
(25:35):
to ten percent for every other country.
Speaker 3 (25:37):
All right, and it goes We'll find out what happens
next hour. Now, there's a measles outbreak in Texas.
Speaker 15 (25:44):
Yeah, there certainly is, and nationally there are around six
hundred and fifty cases confirmed across twenty two US states,
but the vast majority of cases, around five hundred, are
from Texas. It's started with a Mennonite Christian population that
is historically underimmunized or partially immunized, and it has grown
and it has spread throughout the country. The reason the
(26:05):
story has been in the news even more in the
last couple of days is because Robert F. Kennedy, the
Health Secretary, he was controversially confirmed. In the last couple
of months, he has come out and said that the
MMR vaccine is the best front line protection to measles. However,
in the past he's been a vaccine skeptic, so he's
had a bit of a u tune as well on
(26:27):
this issue. Although he's facing some criticism from anti vaxxers
of saying things like we voted for you to challenge
the medical establishment, not parrot it. But I think most
health officials are happy that RFK is changing his mind
when it comes to vaccines.
Speaker 3 (26:42):
There's two dead children, there's an awful lot of people
in America. You know, you can overhype this a little bit,
And of course RFK has only been actually in an
office and working for three weeks, and as you're quite right,
has actually changed his attitude towards all vaccines or some vaccines.
So there's a little bit of hype about this.
Speaker 15 (27:00):
Yeah, there certainly is. I mean, this has been spreading
and measles is something that's prevented reasonably easy by the vaccine.
So there has been a fear among many people in
the health community that this could spiral out of control
and continue to grow and continue to grow. Hopefully with
that messaging for MARIOFK that will convince more people to
go and get that MMR vaccine if they haven't already
(27:22):
had it.
Speaker 3 (27:22):
Good surf, and I thank you so much much McCann.
It's now eleven to six, all right. The Reserve band
kept there promised to cut the official cash rate yesterday afternoon,
dropping twenty five basis points to three point five percent.
Nikola Willis has welcomed the news. She says she's keeping
a kose eye on the ongoing global economic instability ahead
of this year's budget. They but meanwhile, and Barbara Edmonds
(27:44):
says that they should be spending a bit more right
now to help us through this bad time, joining us
is Infanmetrics Principal economists Brad Olsen, and good morning to you. Brad.
Speaker 4 (27:54):
Good morning.
Speaker 3 (27:55):
So in your opinion, this was the right move, Yes,
very much.
Speaker 14 (27:59):
The right move, veriouscible and in line what the Reserve
Bank has been talking about previously anyway, And I think
that's important because when we've been looking through all of
the last couple of days, what's become very clear and
again very clear this morning is all of this can
change in an instant. So I think for the Reserve Bank,
they made it very clear that they are looking closely
at the tariffs. They're trying to understand all of those
(28:20):
trials and tribulations. But at the same time, they're not
willing to make a ration move. They're just trying to
understand what's going on.
Speaker 4 (28:26):
FIRS.
Speaker 3 (28:28):
All right, Well, the tap was said the whole thing
when I was talking about this yesterday. We're going, yes,
if you're going to offer certainty to business, just keep
going with the plan, because the plan is an extreme
zero point twenty five. So that's all right, But we
wanted to kind of know what the Reserve Bank thought
about the global economy. We had tariffs coming into effect
yesterday afternoon, economists are als saying they don't know what
they're going to do to the economy. Did you get
(28:48):
any better picture from the Reserve Bank?
Speaker 14 (28:51):
There was a little bit more clarity in there. We
still didn't expect them to have a full full understanding,
and I think again I'd rather they came out in
May with the do their next monetary policy statement, with
a full suite of forecast, with a whole bunch of
information that have had time to digest. Also, of course,
the changes that have even come through overnight, I mean
a pause to the tariffs, but also ratching up tensions
(29:12):
on China changes the game again for New Zealand. But
the bank did say that they were clearly concerned about
what it meant for the New Zealand economy. Said that
the increased trade barriers globally do create downside risks to
the outlook for economic activity and inflation in New Zealand.
And on the back of that you have seen markets
and in fact some of the wording from the Reserve
(29:34):
Bank generally imply that yes, interest rates could go lower
because of this. But there was also a little bit
of disagreement amongst the Monetary Policy Committee. It seems and
I think this is healthy because they really do need
to grapple with what is a pretty challenging topic. Most
members of the committee consider that recent global policy developments
like the tariff stuff has shifted the balance of risks
(29:55):
in New Zealand inflation lower, others though noted uncertainty around
the m inflation outlook, and the risks remain balanced, And
again I think that's appropriate. Yes, we're seeing tariffs around
the world, and in some senses that could raise prices,
but also if you have weak economic activity in New
Zealand because we're not trading as much, you could equally
see lower inflashy risks. So they have got to balance
(30:16):
this all up.
Speaker 3 (30:17):
And how about the dollar, because I mentioned this morning,
if the dollar remains low, that means it actually negates
the ten percent increase in prices of our products at America,
if you know what I mean. So if we have
a nice light low dollar, then then we can still
keep our exports at a good price point in America.
How's our dollar doing? What's happening with our dollar?
Speaker 14 (30:34):
I think I saw overnight it's pushed up just to touch,
But that's equally because of this expectation and talk of
a bit of a pause on tariffs. I think last
I saw it had popped just above fifty six US
sense that had been trading more on that fifty five
and low fifty five through parts of yesterday. Again, this
is almost an automatic stabilizer sort of effect, where you know,
(30:55):
when the challenges come through with those high prices, the
dollar drops to try and compensate, and at the same time,
if you start to see those better conditions, then the
dollar starts to push up a little bit higher. So
I think all of this highlights that we're still in
the early stages of trying to understand this. The Reserve
Bank didn't want to commit too much firepower too quickly.
That's been proven overnight to be very much the right call,
(31:17):
a little bit more of a stay of the course,
and they'll continue to assess in the future is good.
All the while the global economy still convulsing, and here
in New Zealand we're sort of just watch, waiting and worrying.
Speaker 3 (31:28):
Good Onion brad Olds, and I thank you, And of
course Christian Hawksby made the announcements yesterday. He's there for
the next six months, and then we don't know what's
happening is a placeholder. Is he acceptable to the government.
Will the government then start agitating for their own or
a more approvable reserve Bank governor will find that out
in the future. Anachurst and next Ocier in May It's
newsb at seven to six.
Speaker 2 (31:52):
Get ahead of the headlines on early edition Andrew Dickens
and One Room to Make Your Property Search Simple or.
Speaker 3 (32:01):
Heard from Mention McCann in the last half hour, it's
been announced he's in ninety day pause on the tariffs
and the Dow Jones is up over two thousand points.
Now make Huskin joins me more importantly if you look at,
well not more importantly, the other markets. If you look
at the Nasdak and the S and P, the Narsdack
particularly which is textocks and stuff, they're up like eight percent.
It's what happened the other day. Remember two days ago
there was the rumor now that he was going to pause,
(32:21):
and they did exactly this. Whereas this is an official
he's actually paused. So he is him backing down. He's cracked.
He's cracked and he's blinked, and so he's saving face
with the China thing. But this idea that everyone's ringing
him to do deals. That's probably true. I mean, most
people will want to do is deal. But all you've
got overnight from the EU is retaliatory numbers. The Chinese
are retaliatory. And you believe the Chinese when they say
(32:43):
they'll fight to the end, you believe them. They'll fight
for a thousand years exactly. So we've got ten percent,
everyone else has got ten percent. Just to explain this people,
because it's kind of important, because he's backed down on
the extra tariffs on top of the ten everyone got ten,
we got ten. The extra stuff is what he's back
down on for ninety days. So that's why the market's
going nuts. But how you navigate you as that Brad
(33:05):
was just saying, how you navigate your way through this?
God only knows. And he's mental, There's no other way
of putting it. He's mental and he's destroying the global economy.
And I think most people can probably see it now anyway.
So the finance Minister Nicola willis how do you plan?
How do you put together a budget? And so yesterday
what was interesting about Nicola Nichola gave us that briefing
two days ago. Remember that, so yesterday Charmers in Australia.
(33:28):
He called an emergency meeting. So how is it Nicola
didn't call an emergency meeting? Is an emergency meeting? Brad
just said it. It's a wait and see you because
we do not know. Nobody knows. How can you do
something if you don't know, without the facts that we
are living through history. Anyway, we'll do that and we'll
talk a bit of the f one Shawan Fitzpatrick on
the dock Mate. That was where he says my thanks
to producer Kenzi. I'm Andrew Dickens and I'll see you
(33:49):
again tomorrow.
Speaker 1 (33:53):
Your fav.
Speaker 4 (33:59):
Baby.
Speaker 2 (34:01):
For more from Early Edition with Ryan Bridge, listen live
to News Talks at b from five am weekdays, or
follow the podcast on iHeartRadio
The issues, the interviews and the insight.
Speaker 2 (00:05):
Andrew Dickens on early edition with one roof make your
Property search simple news talks.
Speaker 3 (00:11):
It'd be as goodbrding to you. Welcome to the program,
Welcome to your Thursday. And what's happening in the next
sixty minutes? Well MEEWA and met service out to merge. Now,
why we're there two weather agencies in the first place?
And will one agency mean the forecast will be right?
Independent forecast? The Philip A dun Philipper Philip duncan excuse me, Philip,
(00:32):
Philip will be with me in about five minutes time
by New Zealand Maid they say, And now the government says,
how buy wool carpets and their projects? What does that
mean for this fantastic fiber That story in ten our
thoughts on the curious case of Benjamin Doyle, just before
the five thirty and what is the Reserve Bank really
saying about the global economy. We've got Brad Olson in
(00:52):
just before six. We'll have these stories past Emit McCann
from the United States of America and correspondence from right
around New Zealand and news as it breaks, and you
can have your save giving me a text. The text
number ninety two ninety two. A small charge applies at
seven after five the agenda and it's Thursday, the tenth
of April and first of the Dominican Republic, where at
(01:16):
least one hundred and twenty four people have now died
and more than one hundred and fifty have been injured
after a roof collapsed at the nightclub in the capital
Santo Domingo. Hundreds of rescue workers are still continuing to
search for survivors of the incident, which happened just before
one am local time at the jet Set Club. Guests
of the nightclub were attending a concert. Tragically, the singer
(01:38):
Ravi Perez has been confirmed dead, along with Major League
Baseball players Octavio Dotel and Tony Blanco, and a provincial
governor also dies in the incident.
Speaker 4 (01:48):
Well.
Speaker 5 (01:48):
Among the people that are confirmed that are two former
MLB players major League Baseball players, there's also the governor
of a local province.
Speaker 6 (01:59):
Here.
Speaker 5 (01:59):
In fact, that governor, as she was buried underneath the rubble,
called the precedence of the Dominican Republic to let the
President know what was going on now.
Speaker 3 (02:11):
The tariff turmoil, it continues. China has now announced an
eighty four percent tariff on US imports. This comes after
Trump imposed a one hundred and four percent tariff on
Chinese goods entering the US.
Speaker 7 (02:25):
Right now, China's paying a one hundred and four percent
tarraff think of it, one hundred and four percent now,
it sounds ridiculous, but they charged US for many items
one hundred percent, one hundred and twenty five percent. Many
countries have They've ripped us off left and right.
Speaker 1 (02:43):
But now it's our turn to do the ripping.
Speaker 3 (02:47):
But do they anyway? To Europe, and the European Union
has voted to join China and Canada in pushing back
against the tariffs. The EU is set to impose extra duties,
mostly of about twenty five percent citaly not one hundred percent,
on a range of US imports that these view tariffs
will take effect from the fifteenth of April.
Speaker 8 (03:05):
Pease measures have an impact on markets, on the economy,
to wilder pressure on the administration to back off, so
that raises questions of credibility. How credible gets it for
the US to maintain these measures all the time.
Speaker 3 (03:21):
And finally, to King Charles, it was his wedding anniversary yesterday,
twenty years since he married Camilla. Also the same anniversary
of the death of his father. So that's tragic. But
here we go. Now, King Charles has become the first
British monarch to address a joint session of the Italian Parliament.
The King and Queen, of course, as I said, celebrated
their twentieth wedding anniversary on the trip to Italy. Here
(03:41):
is some of the King's speech.
Speaker 9 (03:43):
We have benefited hugely from your influence over what we wear,
what we drink, and what we eat. I can only
hope you will forgive us for occasionally corrupting your wonderttle cuisine.
We do so, I promise to you with the greatest possible effect.
Speaker 1 (04:07):
I'm only a.
Speaker 3 (04:07):
Little disappointed that I didn't hear the King speaking a
little bit of Italian, because I think as Italian would
sound marvelous. It's coming up eleven half to five.
Speaker 2 (04:14):
On your radio and online on iHeartRadio Early edition with
Andrew Dickens and one roof Make Your Property Search Simple
Youth Talk.
Speaker 3 (04:24):
Said be I have never been surrounded by more unemployed people.
Now that's partly because of my age, but also because
of my profession. Many of my friends are journalists, and
many are connected to the media, and partly because I
also know a lot of people who work in public service,
and I know a lot of people involved in businesses
that provide service for the public service. And then I've
(04:47):
got a whole heap of friends involved in private business
who are also hurting, because frankly, we're all hurting. And meanwhile,
the world headlines are not uplifting. Trump imposing tariffs of
more than one hundred percent on China can't be good
for anyone. But yesterday I decided I must find a
reason to be hopeful, and I see that in the
drop in the ocr The drop in the ocr is
(05:08):
a good thing, not just for our personal pockets with
our interest rates, but also for the dollar, which I
think is a very critical thing these days. The lower
the interest rates, the lower the dollar. Money seeks higher
interest rates for better returns, And in Trump's tariff war,
that's a good thing. You see, we're facing a ten
percent tariff, which makes our products ten percent more expensive
(05:30):
in America. But if our dollar remains low, perhaps the
price point will remain unchanged in the United States. Perhaps
the States won't see our stuff as expensive, maybe they'll
keep buying it, and therefore the impact on us might
be reduced. So yesterday our dollar in fact crept a
little higher, but I saw the ten year treasury yields climbed.
(05:51):
This is in the United States, climb to round about
four point four to two percent. That is the highest
I've been since February, and that's higher than US. Investors
are partly believing that bonds in the States might provide
greater returns amid the uncertainty surrounding the global trade dynamics.
So they're buying the ten percent year old. Look at
that four point four to two percent, Why wouldn't you. Unfortunately,
(06:12):
when it comes to thirty year bonds in the United States,
that's not a good story. But whatever, long may that continue.
Long may the United States have higher interest rates than US.
And let's hope our dollar remains low because that might
be our saving.
Speaker 1 (06:27):
Grace Andrew Dickens.
Speaker 3 (06:29):
Now, now I drive an EV. I don't do it
to save the planet. I drive one because it's plain
out and out cheaper, because I do big mileage. I
go down to the Corrimandal every fortnight. My running costs
are coming in at about thirty percent compared to my
petrol only days, so it's good for my pocket. But
(06:50):
opponents of EV's right now are feeling a little vindicated
by a study that came out yesterday from Auckland University
in a Chinese university that says evs have not contributed
to a drop in polluting carbon dioxide emissions. I didn't
need a university study to tell me that if you
charge your EV using electricity that is generated by burning
(07:12):
fossil fuels, then you're not helping the cause at all.
And that is true here in New Zealand. We have
a lot of renewable shore, but it's not enough, so
much so that Genesis reported this a couple of months ago.
Is importing one million tons of coal to fire up Huntly,
So a lot about electricity comes from burning coal. It's
even more true overseas. I visited Italy last year. Italy's
(07:33):
electricity generation mix consists of fifty five percent from burning
fossil fuels, mostly natural gas and a bit of oil,
and they import it all and they get about forty
four percent from low carbon sources. So if you drive
an EV in Italy, you're basically driving a car powered
by coal or natural gas, you might as well be
driving petrol. In fact, refined petrol and modern cars are
(07:56):
better for the environment if you're thinking about buying a car.
But all of this, and I mentioned this just shows
the naivety and ignorance of all those greeny lovies who
championed the driving of evs, thinking that that alone would
help the environment and that would save the planet. What
you really need to do is support the growth of
renewables in the world. And what the world really needs
(08:17):
to do is find a new energy source not based
on burning stuff.
Speaker 1 (08:21):
Five percent Andrew Dickens.
Speaker 3 (08:23):
So we have two weather agencies. We have NIWA and
we have met Service, and you'd think that's say the
same things, but often they don't and I never understood that.
But anyway, the governments decided to merge them. And is
that a good thing? Why did we have two in
the first place. Philip Duncan as an old friend of
mine and he launched his own independent weather service and
(08:44):
we're going to talk to him about this next on
Newstalk's FB.
Speaker 2 (08:48):
Andrew Dickens on AFILI edition with one roof Make Your
Property Search Simple, Youth Talk.
Speaker 3 (08:54):
Zibby seventeen minutes out to five. The government's announced legislation
to merge Niwa have MET Service that will be introduced
later this year. It's all to save money and to
streamline our weather forecasting service. The Minister of State Owned Enterprises,
Simeon Brown says, it makes absolutely no sense to have
two separate entities, no kidding. Philip Duncan is the head
analyst at weather Watch New Zealand, and he joins me
(09:17):
now good morning to here.
Speaker 4 (09:17):
Philip, Good morning, Andrew.
Speaker 3 (09:19):
You're the head analyst or the only analyst.
Speaker 4 (09:22):
Pretty much only at these days.
Speaker 3 (09:24):
Very good okay. Who is better Niwa or MET service
and who should actually take.
Speaker 4 (09:29):
Charge Met Service? They're the ones that are tasked to
do the job that we tax fund them to do,
and they've got a fairly strong reputation. I know that
they've had times over the years where they've got things
wrong like we all have, but they're the ones that
have pretty much got the infrastructure, and not just that,
but the mindset of understanding how to communicate and use
(09:51):
the right words at the right time, something that is
definitely missing from newa who use quite extreme words quite
frequently and find them soales looking a bit silly after
the event doesn't come through.
Speaker 3 (10:03):
Okay, so you would agree the merger is the best outcome.
And I think the thing that you would love the
most about it is open data sharing. Tell me about that.
Speaker 4 (10:11):
Yes, if you had open data, we wouldn't be in
this problem in the first place, because what would have
happened is fifteen years ago. And by the way, it's
fantastic to hear the government finally saying what we've been
telling them for nearly fifteen years now, and some of
them really deny that this was happening. So it's good
to see that saying the right words. That's fantastic. But
you know, the infrastructure that NIEWA has got with their
(10:33):
quote unquote supercomputer, which is just a large computer they've got,
but that computing power mixed with net services rain radar
would have produced some really fantastic products from the government itself.
But because the government is really bad at sharing stuff
from department to department. So I'll give you a good example,
many many people in New Zealand volunteered their time to
(10:55):
give up where the data, to write it down a
little books and see that into NEEWAB. So many many
years Now NIWA believes that that data that was given
by volunteers is their intellectual property and they own it,
so they don't share it with anyone. Then, and you've
got met Service on the other side saying the same
thing about the rain radar that we all tax funded
for them, the public and if they just shared that stuff,
(11:16):
you wouldn't need and MEE were competing against met Service,
that would never have evolved. Instead, what would have evolved
is the New Zealand government having some really amazing products.
Open data would fix that and put us online with
the rest of the modern world.
Speaker 3 (11:28):
So basically you're saying a merger will save costs and
also come up with better forecasts, and that's all good.
Speaker 4 (11:33):
Yeah. The only worry I've got is that with this merger,
if it's still the same NEE were management running whatever
else they spin out, and then it's just smoke and
mirrors and nothing's really been done other than save a
few dollars. The public haven't gained anything from that. So
I hope that they structure us with a brand fresh
new space and management, and also one that's open and transparent,
(11:55):
which NIWA definitely has not been. To media outlets and
to ministers as well being quite dishonest.
Speaker 3 (12:01):
Thank you so much for your time today, Philip, and
congratulations on the success of your business. I saw you
right from the beginning starting it up and you've done
so very very well. I thank you. It's five twenty one.
Poor old sheep. You know, you grow a sheep and
you can't sell the meat or you sell the meeting.
You can't make any money. And then you've got the
wall and the wall is amazing. And then people weren't
using it, but now the government is going to use it.
(12:21):
We're going to look at this story next.
Speaker 2 (12:23):
The news you need this morning and the in depth
analysis early edition with Andrew Dickens and one roof Make
your Property search Simple.
Speaker 1 (12:31):
You've talked zid Bey.
Speaker 3 (12:33):
Yeah, it's five twenty three and Ryan Bridges back on Tuesday.
That means hit this back on Tuesday to WOOL. Big
win for the wall sector. The government's directing agencies to
use WOL were appropriate when building and refurbishing government buildings. Essentially,
the wall will be used for things like carpet, but
it will also be used for insulation. It's a wonderful fiber.
Associate Minister of Agriculture Mark Patterson is with me and
(12:53):
good morning to your mark.
Speaker 10 (12:55):
Good morning, Andrew.
Speaker 3 (12:57):
You're super keen for this.
Speaker 10 (12:58):
You're very happy, Yeah, very happy. And I mean the
sheep farms and the wide a wool sector is really
happy too. I mean, this is a great opportunity for them.
Speaker 3 (13:10):
Now. The thing is, when we've had these debates, everyone goes, oh,
but wolf's so expensive, is it?
Speaker 10 (13:16):
No, No, it's not. You know, it's a value proposition.
I guess we're trading off maybe some price against a
little bit of quality in terms of the properties of
wool hairs of the find natural fiber as you're saying
by it, degradable, et cetera. So yeah, there's potentially a
(13:37):
little bit of that. But I mean there's some price
stuff has built into the into this policy. Uh, you know,
they've got to account for that.
Speaker 3 (13:47):
So yeah, well, this is going to benefit the industry
and that's going to keep them on good footing. But
the whole thing about wool and lamb meat and sheep
in general is we need to get export dollars out
of them. So how do we do that.
Speaker 10 (14:01):
Well, things are going look too bead at the moment,
and hopefully the current you know, ruck us over seas
with the tarffs and that doesn't impact that too much.
But I mean we've seen a real upswing for our farmers,
our sheep and the farmers as well as a dairy farmers.
So that's you know, that's been really positive. But we
(14:24):
need that to be ongoing. So we've got to get
behind wolves one of those things where it's been so
low for so long that we've just got to get
behind that part of the industry to give a little
bit more diversification for hill country farmers. Otherwise we're just
going to turn the whole place in the pine trees.
(14:44):
So that's another element of this policy.
Speaker 3 (14:48):
Yeah, get it, totally get it. That's a very good
way in that interview, and I thank you so much
for your time today. The Associate Minister of Agriculture, mister
Mark Patterson, go the sheep. Remember the old days, you know,
when we had like ninety million sheep two million people
and everybody made sheep jokes overseas. What the numbers are
so low because the market's been so bad for so long.
Five twenty six The early.
Speaker 2 (15:10):
Edition Full the Show podcast on iHeartRadio powered by News Talks.
Speaker 3 (15:14):
It be News Talks it b It is five twenty
seven The curious case of Benjamin Doyle. Benjamin Doyle spoke
on the controversy surrounding them yesterday and basically called themself stupid.
We found out that the Greens actively asked him to
delete his accounts before he came into Parliament, those accounts
which introduced us all to the Bussy. But they refused,
(15:37):
wanting to stand up for what they is and who
they stand for. Given that if I was the Greens,
I would have gone to the next person on the list.
If Doyle wasn't going to drop it, I would have
dropped him. I said last week they should go, they
should go, and I stand by that. I don't see
the need for anyone so stupid and bloody minded in
a taxpayer funded parliament. Doyle says the bussy stuff was
(15:59):
a no joke. I can understand that queens are all
always ironically calling each other queen's but that's not the
sort of joke I want to see in an MP.
But to claim Benjamin must be a child offender, I
thought was also a step too far. In fact, it's
a heinous accusation unless you have the proof, and that
goes with the Hamish candl case too, So if they
(16:20):
want to put those haters aside, perhaps they need to
stand up for himself with a defamation suit or even
maybe let the wife speak out, but again that will
be difficult. So again, the easiest way to deal with
it all is just to slope out the door. Benjamin
carrying on is probably not worth the Yanks, and this
whole thing is an ugly and entirely avoidable situation. That
(16:47):
pronounce thing is exhausting. We've just heard that Trump is
going to raise the tariff on Chinese goods to one
hundred and twenty five percent. It was one hundred and
four now one hundred and twenty five. However, he's announced
in ninety day pause on new tariffs, so maybe he's
negotiating going high and hoping to go low. Who knows.
But it's constantly moving, isn't it. On the way, we'll
(17:09):
play a little bit of Lady Gaga, but Lady Gaga
doesn't like us, and later we'll talk to Brad Olsen
about what's really happening with the global economy. This is
early edition. It's News Talk.
Speaker 1 (17:18):
Jenb the first word on the news of the day.
Speaker 2 (17:36):
Early Edition with Andrew Dickens and one roof Make your
Property Search, Simple News, Talk Zippy.
Speaker 3 (18:00):
According to You. I'm Andrew Dickinson for Ryan Bridge and
that is Lady Gaga from her new album Mayhem, which
debuted at number one in the American charts. And Lady
Gargar yesterday announced her first Australian tour in over a decade,
and she's going to play three dates in December in
Melbourne and Brisbane and in Sydney, all the big stadiums.
(18:21):
But she has nubbed New Zealand. She's not coming here.
She hasn't been here for over a decade. Last time
she was here she played three Spark Arena dates. So
why did she not come here? This is a question
because a number of acts recently have just decided not
to come here. And I've done quite a lot of
digging to try and find out why. Is it because
our stadiums are rubbish? Is it because our dollar is rubbish?
Why are they not coming? We're here, we're fans, don't
(18:43):
you love us? And from what I found out, it's
basically because they just can't be asked, you know. In
Lady Gargar's case, she's doing fifty two concerts around the world,
and then at the end she's going to come down
and do three in Australia. And then her management thought,
now do we want to get all the visas and
all the paper and all the stuff to go to
one extra concert when we've already made a truckload of money. No,
(19:05):
and they just cannot be bothered with us. And that's
just not good enough. Now some good news, bad news.
Good news, International student numbers are all but back to
pre pandemic levels. This is good news for our tertiary
institutions and their books. It's good news for us. All
shows we're still an attractive place and foreigner's eyes. Bad news.
Engineering firms have lost twelve hundred people this year. Bad
(19:28):
because engineers make stuff that make our lives better. They've
gone mostly because of the cessation of government jobs. In
the short term, national crane numbers are down fifteen percent
nearly twenty five percent in Auckland, a line but good news.
The sector says the pipeline of infrastructure that the government
has finally announced is a green shoot, and eighty six
(19:50):
percent of firms are confident that business will pick up
in the next twelve months. It's twenty one to six.
Andrew dicklous So around the country. Go into Dunedin first,
calum Proctic. Good morning to you.
Speaker 11 (20:03):
Morning, Andrew So.
Speaker 3 (20:04):
Queenstown boomed and the region just does not have enough
health services. So what's happening To address that?
Speaker 11 (20:10):
We'll look the local mayor's MPs and health providers. Along
with e we have put together a strategic report on
their concerns that I've delivered it to the Health Minister,
Simeon Brown. This report identifies ways to potentially improve publicly
funded health services by partnering with private hospitals, clinics and
investors in the Queenstown Lake Central Otago area. The Queenstown
(20:33):
MEUS Glenn Lewis. He says a road map is needed
urgently to meet the needs of the region because he says,
seventy percent of Kiwis who live more than two hours
from a hospital are in Central Otago and so a
long term solution for this problem is needed because they're
growing fast.
Speaker 3 (20:48):
How's the weather for your region?
Speaker 11 (20:50):
It's good all around today and Dunedan's fine and nineteen
good stuff.
Speaker 3 (20:53):
Claire Sherwoo joins me from christ Church. Good morning, now
the Red Zone is a lovely fields, great place for
concert You guys want more there?
Speaker 12 (21:02):
Yeah, Well, finally they decided to do some concerts in
the Red Zone. The electronic festival Urban Jungle became the
first to take place in the area that the Council
refers to a six to seven. The event was still
only part of their trialing of doing this. They say
that it's due to increase demand for outdoor event space
in christ Church now now saying that they're looking to
(21:22):
do more events in the space due to the increasing
venue shortage. There are some rules around it is sort
of close to residential areas, so one restriction, for example,
is that all events finished by ten thirty. The Council's
head of Recreation, Sports and Events in Nigel Cox, says
there was heaps of positive feedback of following Urban Jungle,
only one noise related complaint. He says, while there are
(21:44):
no further events booked the adjusted yet Council are completing
a full review.
Speaker 3 (21:48):
How can there be a noise related complaint when there's
nobody living there. That's the whole thing about the Red Zone.
Speaker 13 (21:53):
It's relatively close. I could hear it from my place.
Speaker 3 (21:55):
Oh I'm sorry, I was wondering, and I was wonder
why they finished at ten thirty. And I guess it's
because you know it's dark and they can't find their
way home.
Speaker 12 (22:03):
Yes, well that could be fair. It's pretty dark in there.
Speaker 3 (22:05):
Without the lighting. Now, how's the weather for your region?
Speaker 14 (22:08):
Dark?
Speaker 12 (22:08):
Now fine, northeast Lilies for a time, a bit later
and the high should be nineteen.
Speaker 3 (22:12):
It's the first week after daylight savings always a bit
disorientating to Wellington. We go Max Toll, good morning, Good morning.
The Lower Hutmea is not going to run for reelection
in the local body elections.
Speaker 6 (22:22):
No, this is that's Campbell Barry, the city's longest serving
labor mayor for more than fifty years, who, according to him,
is going out on top. He's choosing to go out
on top. He's told the Post he want seek a
third term. Still a young guy. In twenty nineteen, he
became the country's youngest ever mayor at twenty eight. That's
obviously been surpassed now. Not influenced by rates, he says,
(22:44):
not influenced by issues at Wellington Water, he insists he
chairs the oversight committee for Wellington Water. Also shooting down
rumors he fancies a tilt at central government. There are
people in the region who reckon hid do quite well
for labor. So what we're getting is time to do
something else, family.
Speaker 1 (23:01):
Et cetera.
Speaker 3 (23:01):
Okay, so how's your weather fine?
Speaker 6 (23:04):
Northerly's a high of nineteen central.
Speaker 3 (23:06):
And to Neiva RT a matter in Ucland and talking
about Mayor's Neva good morning greetings. Wayne Brown made a
video call. He was he just had it on his
lap as it wasn't on a stand, and we've got
a great view right up his nose. And now he's
in trouble.
Speaker 13 (23:19):
That's it up his nose while driving. So what happened
yes last week the Transport committee meeting? Now Brown beamed
in on that video call. Now, most of the time
Brown concentrates on driving, but he also looks down at times,
and at one point Counselor Andy Baker seemed to acknowledge
Brown's position, thanking him for his submission and saying happy driving.
(23:40):
So Brown has apologized for the offense. Now this is
punishable by a one hundred and fifty dollars fine and
twenty demerit points. But of course this is Brown's second
apology of the week. You'll remember yet to say sorry
to Desley Simpson for saying that she was only interested
in helping her constituents by lamborghinis.
Speaker 3 (23:55):
And how's Hawkin's weather?
Speaker 15 (23:56):
Fine?
Speaker 13 (23:57):
Fine, fine, fine fine? Twenty one is.
Speaker 3 (23:58):
The high very good. We're about to go to America
and talk about stuff. And of course, when you know
we're all getting tariff trauma, aren't we in It's like
tariff and Trump, Trump and tariff, the tea words that
we have to say the whole time. There are other
news stories out of America, like the fact that they've
got a big old measles Outbreck and that might be
because the guy in charge of health these days is
a vaccine skeptic. But we'll find out the details next.
(24:20):
With Mitch McCann. It is a seventeen to six newstalk set.
Speaker 2 (24:23):
B international correspondence with Ends and Eye Insurance Peace of
Mind for New Zealand business.
Speaker 3 (24:31):
Yes, since fourteen to six in the United States, we
go Mitch McCann, good morning to you, Good morning, how
are you? I'm all right? We have to talk about tariffs.
We talk about tariffs every hour. So what's happened now?
Speaker 15 (24:41):
There's actually been some breaking news a dramatic you tune
from Donald Trump in the last fifteen minutes. He has
decided to pause tariffs for nearly all of the countries involved.
Speaker 3 (24:50):
Are these reciprocal tariffs.
Speaker 15 (24:52):
So if you are at a rate of something huge
like forty percent or thirty percent, all tariffs now except
for China are going to be at ten percent for
ninety days. That's because Donald Trump, says, so many countries
are trying to come to the negotiating table, So a
big pause on those large reciprocal tariff rates. However, if
you're China, the news gets worse overnight. Here Donald Trump
(25:13):
enacted or imposed this one hundred and four percent tariff
rate on China. He says today this afternoon that China
has shown disrespect by implementing its own reciprocal tariff. So
he's going to raise it to one hundred and twenty
five percent, almost effective immediately. So Donald Trump raising the
tariff rate on China even further, but dropping it down
(25:35):
to ten percent for every other country.
Speaker 3 (25:37):
All right, and it goes We'll find out what happens
next hour. Now, there's a measles outbreak in Texas.
Speaker 15 (25:44):
Yeah, there certainly is, and nationally there are around six
hundred and fifty cases confirmed across twenty two US states,
but the vast majority of cases, around five hundred, are
from Texas. It's started with a Mennonite Christian population that
is historically underimmunized or partially immunized, and it has grown
and it has spread throughout the country. The reason the
(26:05):
story has been in the news even more in the
last couple of days is because Robert F. Kennedy, the
Health Secretary, he was controversially confirmed. In the last couple
of months, he has come out and said that the
MMR vaccine is the best front line protection to measles. However,
in the past he's been a vaccine skeptic, so he's
had a bit of a u tune as well on
(26:27):
this issue. Although he's facing some criticism from anti vaxxers
of saying things like we voted for you to challenge
the medical establishment, not parrot it. But I think most
health officials are happy that RFK is changing his mind
when it comes to vaccines.
Speaker 3 (26:42):
There's two dead children, there's an awful lot of people
in America. You know, you can overhype this a little bit,
And of course RFK has only been actually in an
office and working for three weeks, and as you're quite right,
has actually changed his attitude towards all vaccines or some vaccines.
So there's a little bit of hype about this.
Speaker 15 (27:00):
Yeah, there certainly is. I mean, this has been spreading
and measles is something that's prevented reasonably easy by the vaccine.
So there has been a fear among many people in
the health community that this could spiral out of control
and continue to grow and continue to grow. Hopefully with
that messaging for MARIOFK that will convince more people to
go and get that MMR vaccine if they haven't already
(27:22):
had it.
Speaker 3 (27:22):
Good surf, and I thank you so much much McCann.
It's now eleven to six, all right. The Reserve band
kept there promised to cut the official cash rate yesterday afternoon,
dropping twenty five basis points to three point five percent.
Nikola Willis has welcomed the news. She says she's keeping
a kose eye on the ongoing global economic instability ahead
of this year's budget. They but meanwhile, and Barbara Edmonds
(27:44):
says that they should be spending a bit more right
now to help us through this bad time, joining us
is Infanmetrics Principal economists Brad Olsen, and good morning to you. Brad.
Speaker 4 (27:54):
Good morning.
Speaker 3 (27:55):
So in your opinion, this was the right move, Yes,
very much.
Speaker 14 (27:59):
The right move, veriouscible and in line what the Reserve
Bank has been talking about previously anyway, And I think
that's important because when we've been looking through all of
the last couple of days, what's become very clear and
again very clear this morning is all of this can
change in an instant. So I think for the Reserve Bank,
they made it very clear that they are looking closely
at the tariffs. They're trying to understand all of those
(28:20):
trials and tribulations. But at the same time, they're not
willing to make a ration move. They're just trying to
understand what's going on.
Speaker 4 (28:26):
FIRS.
Speaker 3 (28:28):
All right, Well, the tap was said the whole thing
when I was talking about this yesterday. We're going, yes,
if you're going to offer certainty to business, just keep
going with the plan, because the plan is an extreme
zero point twenty five. So that's all right, But we
wanted to kind of know what the Reserve Bank thought
about the global economy. We had tariffs coming into effect
yesterday afternoon, economists are als saying they don't know what
they're going to do to the economy. Did you get
(28:48):
any better picture from the Reserve Bank?
Speaker 14 (28:51):
There was a little bit more clarity in there. We
still didn't expect them to have a full full understanding,
and I think again I'd rather they came out in
May with the do their next monetary policy statement, with
a full suite of forecast, with a whole bunch of
information that have had time to digest. Also, of course,
the changes that have even come through overnight, I mean
a pause to the tariffs, but also ratching up tensions
(29:12):
on China changes the game again for New Zealand. But
the bank did say that they were clearly concerned about
what it meant for the New Zealand economy. Said that
the increased trade barriers globally do create downside risks to
the outlook for economic activity and inflation in New Zealand.
And on the back of that you have seen markets
and in fact some of the wording from the Reserve
(29:34):
Bank generally imply that yes, interest rates could go lower
because of this. But there was also a little bit
of disagreement amongst the Monetary Policy Committee. It seems and
I think this is healthy because they really do need
to grapple with what is a pretty challenging topic. Most
members of the committee consider that recent global policy developments
like the tariff stuff has shifted the balance of risks
(29:55):
in New Zealand inflation lower, others though noted uncertainty around
the m inflation outlook, and the risks remain balanced, And
again I think that's appropriate. Yes, we're seeing tariffs around
the world, and in some senses that could raise prices,
but also if you have weak economic activity in New
Zealand because we're not trading as much, you could equally
see lower inflashy risks. So they have got to balance
(30:16):
this all up.
Speaker 3 (30:17):
And how about the dollar, because I mentioned this morning,
if the dollar remains low, that means it actually negates
the ten percent increase in prices of our products at America,
if you know what I mean. So if we have
a nice light low dollar, then then we can still
keep our exports at a good price point in America.
How's our dollar doing? What's happening with our dollar?
Speaker 14 (30:34):
I think I saw overnight it's pushed up just to touch,
But that's equally because of this expectation and talk of
a bit of a pause on tariffs. I think last
I saw it had popped just above fifty six US
sense that had been trading more on that fifty five
and low fifty five through parts of yesterday. Again, this
is almost an automatic stabilizer sort of effect, where you know,
(30:55):
when the challenges come through with those high prices, the
dollar drops to try and compensate, and at the same time,
if you start to see those better conditions, then the
dollar starts to push up a little bit higher. So
I think all of this highlights that we're still in
the early stages of trying to understand this. The Reserve
Bank didn't want to commit too much firepower too quickly.
That's been proven overnight to be very much the right call,
(31:17):
a little bit more of a stay of the course,
and they'll continue to assess in the future is good.
All the while the global economy still convulsing, and here
in New Zealand we're sort of just watch, waiting and worrying.
Speaker 3 (31:28):
Good Onion brad Olds, and I thank you, And of
course Christian Hawksby made the announcements yesterday. He's there for
the next six months, and then we don't know what's
happening is a placeholder. Is he acceptable to the government.
Will the government then start agitating for their own or
a more approvable reserve Bank governor will find that out
in the future. Anachurst and next Ocier in May It's
newsb at seven to six.
Speaker 2 (31:52):
Get ahead of the headlines on early edition Andrew Dickens
and One Room to Make Your Property Search Simple or.
Speaker 3 (32:01):
Heard from Mention McCann in the last half hour, it's
been announced he's in ninety day pause on the tariffs
and the Dow Jones is up over two thousand points.
Now make Huskin joins me more importantly if you look at,
well not more importantly, the other markets. If you look
at the Nasdak and the S and P, the Narsdack
particularly which is textocks and stuff, they're up like eight percent.
It's what happened the other day. Remember two days ago
there was the rumor now that he was going to pause,
(32:21):
and they did exactly this. Whereas this is an official
he's actually paused. So he is him backing down. He's cracked.
He's cracked and he's blinked, and so he's saving face
with the China thing. But this idea that everyone's ringing
him to do deals. That's probably true. I mean, most
people will want to do is deal. But all you've
got overnight from the EU is retaliatory numbers. The Chinese
are retaliatory. And you believe the Chinese when they say
(32:43):
they'll fight to the end, you believe them. They'll fight
for a thousand years exactly. So we've got ten percent,
everyone else has got ten percent. Just to explain this people,
because it's kind of important, because he's backed down on
the extra tariffs on top of the ten everyone got ten,
we got ten. The extra stuff is what he's back
down on for ninety days. So that's why the market's
going nuts. But how you navigate you as that Brad
(33:05):
was just saying, how you navigate your way through this?
God only knows. And he's mental, There's no other way
of putting it. He's mental and he's destroying the global economy.
And I think most people can probably see it now anyway.
So the finance Minister Nicola willis how do you plan?
How do you put together a budget? And so yesterday
what was interesting about Nicola Nichola gave us that briefing
two days ago. Remember that, so yesterday Charmers in Australia.
(33:28):
He called an emergency meeting. So how is it Nicola
didn't call an emergency meeting? Is an emergency meeting? Brad
just said it. It's a wait and see you because
we do not know. Nobody knows. How can you do
something if you don't know, without the facts that we
are living through history. Anyway, we'll do that and we'll
talk a bit of the f one Shawan Fitzpatrick on
the dock Mate. That was where he says my thanks
to producer Kenzi. I'm Andrew Dickens and I'll see you
(33:49):
again tomorrow.
Speaker 1 (33:53):
Your fav.
Speaker 4 (33:59):
Baby.
Speaker 2 (34:01):
For more from Early Edition with Ryan Bridge, listen live
to News Talks at b from five am weekdays, or
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