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Prime Minister Chris Hipkins believes New Zealanders will recognise the domestic and global factors that have contributed to two consecutive quarters of negative economic growth, considered a technical recession, when it comes time to vote later this year. Statistics NZ data released yesterday confirmed market expectations by showing the economy had shrunk in the first three months of 2023. Revise...

New Zealand may not be in a recession, but it's certainly in a slowdown. On paper, the country has officially entered a "technical recession" after recording two consecutive quarters of negative growth. But in reality, the latest 0.1 percent drop in GDP could be revised up, meaning the recession never happened. Former Finance Minister Steven Joyce told Mike Hosking what is certain, is the economy...

Tonight on The Huddle, Georgina Stylianou, Director of Government Relations firm BRG and Sam Johnson, Projects Director at Still joined in on a discussion about the following issues of the day- and more! New Zealand has officially entered a 'technical recession' according to the GDP figures from Stats NZ. How grim is it out there? Will the economic climate get worse? After speaking up about her “n...

Corporate profits were expected to fall further in the United States, but expectations are being surpassed. Over the past year, consumers have grappled with persistent inflation, while companies reap record-breaking profits. Fisher Funds senior portfolio manager Sam Dickie says companies have been quicker to cut costs and consumer demand is still present. LISTEN ABOVE See omnystudio.com/listener f...

The data is in, and New Zealand is officially into a technical recession. New figures from Stats NZ show GDP fell 0.1 percent in the March quarter- the second consecutive quarter of negative growth.  NZ Herald business editor Liam Dann says there could be another bump that puts pressure on the Reserve Bank, but the GDP figure make it likely the bank won't increase rates. LISTEN ABOVE See omnystudi...

A leading economist says although it's shallow and technical, New Zealand is nonetheless in a recession. Stats NZ figures out today reveal GDP fell 0.1 percent in the March quarter- a second negative quarter of growth. Kiwibank chief economist Jarrod Kerr says there are still bumps in the road ahead. "We see contractions in the economy well before we see businesses laying off staff. And our busine...

It's official- New Zealand has entered a 'technical recession'. Newly released figures from Stats NZ show the GDP fell 0.1 percentage points from last quarter, following a drop in the December quarter. Finance Minister Grant Robertson says the destruction from the Auckland floods and Cyclone Gabrielle were chief contributors. ZB's senior political correspondent Barry Soper says New Zealand's exper...

The economy in the first quarter entered a recession, falling 0.1 per cent, in line with market expectations. Data from Stats NZ this morning showed how the economy performed in the first three months of 2023. And revised data showed GDP contracted by 0.7 per cent in the final quarter of 2022, worse than the 0.6 per cent recorded earlier. In the minutes following the release, the New Zealand dolla...

Our primary industry exports have reached $56 billion - his is 2.3 percent higher than expected and now worth 14 percent of New Zealand's total GDP. This growth has been down to the exports of dairy, seafood and processed food. By 2027, growth is predicted to reach $62 billion with new Fair Trade Agreements with the UK, EU and upgrades to our agreement with china opening doors for more products to...

A new report into our infrastructure is highlighting New Zealand's over-reliance on public debt to fund our infrastructure deficit - which currently is at $210 billion. It warns of two issues - government being too involved in deciding what infrastructure should be built where, and borrowing excessively to fund new infrastructure. Research fellow and report author at the New Zealand Initiative Dr....

All eyes are on the latest GDP number expected this morning. Economists are split on whether it will be another quarter of negative growth- after Q1 slipped back 0.6 percent. Another negative would technically put New Zealand into a recession. ASB Chief Economist Nick Tuffley joined Early Edition. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Economists are split over whether today's GDP figures will rise or fall. The data for the March quarter will be released at 10.45am. A decrease would mean the country was in a technical recession that quarter. But Westpac senior economist Michael Gordon says when it comes to recession, you need to take the broader view of whether the economy is running below par. He says there's still a very low u...

The seafood sector has net some gains. The value of Primary Sector exports have hit a record high, now worth 14 percent of New Zealand's total GDP. Seafood is forecast to grow by eight percent to $2.1 billion  Seafood New Zealand Chief Executive Jeremy Helson told Kate Hawkesby it's being driven by good price increases in a few key stocks. He says rock lobsters, hoki and mussels are all doing well...

The UK economy has bounced back and escaped recession- but only just. The region's GDP increased by 0.2 percent, following the 0.3 contraction recorded in March. UK correspondent Gavin Grey says estate agents, builders, and computer manufacturers have suffered over the last few months, but the hospitality sector has grown. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

GDP figures due to be released Thursday will confirm whether or not the country entered a technical recession. Opinions are divided, with ANZ forecasting a 0.2 increase, ASB forecasting a 0.1 increase and the Reserve Bank forecasting a 0.3 increase. But BNZ predicts GDP will decline 0.2 percent and Westpac expects a 0.4 percent drop. Infometrics Principal Economist Brad Olsen says it doesn't matte...

Auckland Airport have revised their dividend policy and reduced their payouts to shareholders. The airport will pay out 70 percent to 90 percent of net profit after tax, instead of 100 percent. Milford Asset Management portfolio manager Mark Riggall says Auckland Airport has an 'ambitious' infrastructure plan, and it needs to pull some levers to fund it. "They've also hiked their prices and they m...

The International Money Fund is warning the Government to rein in spending. S&P Global Ratings is also saying the country's near-record trade deficit remains a “key credit risk” for New Zealand. NZ Herald Wellington business editor Jenee Tibshraeny says the Government did a lot to stimulate the economy during Covid-19, creating more demand for imports. "What we saw was demand for imports shot...

Latest figures show New Zealand's current account deficit is $33 billion- 8.5 percent of GDP- in the year to March. That's down from $34.4 billion- or nine percent of GDP- in the year to December. ZB senior political correspondent Barry Soper says the current account deficit comes down to exports and that New Zealand is exporting more than it's importing. "For the IMF to come out and say that we'v...

Despite the price of goods and services rising sharply, new data confirms high business profits aren't the cause of inflation. A study commissioned by BusinessNZ and Sense Partners found that profit margins were lower than pre-Covid figures. Sense Partners economist Shamubeel Eaqub says the data speaks for itself- 'greedflation' is not to blame. "What we've seen is our farmers, our manufacturers,...

AA Smartfuel and Countdown's reward partnership is coming to an end. After working together for seven years they have decided to not renew the agreement which is set to expire in 2024, instead they will be launching new loyalty programmes. AA Smartfuel General Manager Ian Sutcliffe joined Mike Hosking. LISTEN ABOVE See omnystudio.com/listener for privacy information.

We're about to get a clearer picture of how the economy is tracking. GDP figures are out out tomorrow morning, revealing whether New Zealand has escaped a technical recession. Ahead of that, the latest figures on our current account deficit are due out this morning, effectively showing how much more we're importing than we're exporting. BusinessNZ Head of Advocacy Catherine Beard told Mike Hosking...

For the 55th year Fieldays is back - and this year is the first time since 2019 it is fully open to international attendees. Being the largest agricultural event in the Southern Hemisphere the event has a reputation for showing off cutting-edge farming technology and innovative agricultural practices. Fieldays CEO Peter Nation joined the Mike Hosking Breakfast. LISTEN ABOVE See omnystudio.com/list...

A law change will make it harder for overseas buyers to plant pine on good farm land. The Government is giving local councils the authority to determine where, and how much, carbon forestry can occur. The move limits trees used for carbon farming being planted on productive land, shifting the incentives to make planting on hillsides more attractive. Federated Farmers Meat and Wool Industry Chair T...

Australian economists see a higher risk of recession after soft Q1 GDP report. RBA Governor Philip Lowe has talked about navigating a narrow path to lower inflation while keeping unemployment down for the past year- but his tone has changed. The central bank surprised markets by raising rates and warned it could tighten again to reduce inflation, even at the cost of preserving jobs. HSBC Chief Eco...

New Zealand's population continues to grow at pace. The latest Stats NZ figures show New Zealand had a net new migration gain of 72,300 in the year to April. Kiwibank senior economist Mary Jo Vergara doesn't think this increase will be as inflationary as economists predicted. "Migration has implications for both the supply side and the demand side of the economy, but we think it'll add to the boos...