The Reserve Bank has left the official cash rate unchanged at 5.5%. Adrian Orr told the media that he was pleased some of the sticky components of non-tradable inflation had eased up like building houses - but the parts that remain sticky are insurance, rates and rents and cpi inflation will take longer to go from 4% down to the preferred range than it took to go from 7% down to 4%.
Some commentators freaked out about the OCR staying where it is for longer but Adrian was confident things are on track...it's just that outputs are smaller and non-tradable inflation higher than where they projected it would be right now.
Annual consumer price inflation is expected to return to within the Committee’s 1 to 3 percent target range by the end of 2024.
Not many people noticed but Nicola Willis ruled out a foreign buyers tax today in question time to Barbara Edmonds.
The Government is scrapping the First Home Grant, which paid up to $10,000 per person for people buying their first home.
Apparently about 7,800 people used the grant last year according to Chris Bishop but Core Logic said 12,168 people applied for the grants in 2023 and said it definitely made a difference to many trying to get that 5% deposit.
Bishop admitted his policy sucks and stinks but he thinks he is doing the right thing - as you do when you are a Beagle Boy.
Budget 2024 will allocate $140 million in new funding for 1,500 new social housing places to be provided by Community Housing Providers (CHPs), not Kāinga Ora, thanks to savings found by ending the First Home Grant, according to flapping flounder Chris Bishop.
Chris Hipkins did not get a straight answer from Christopher Luxon today about why the announcement by Chris Bishop today indicated that the Government will be spending $105 million less on new social housing places than it will be saving by scrapping the First Home Grants?
"It's like Luxon lives in la la land where he says recited lines and does not hear the questions being put to him", said an organic punga.
"The share of home buyers has slipped to just 25% while investors are heading up on 21%" said a flax bush like he was some kind of expert on how things are travelling.
"Next you'll be telling me 15% of homeowners still have not rolled off their low Covid interest rates", said an Organic Punga - not to be outdone.
"We are not afraid to make tough choices", warbled a majestical Tui befoire yelling "YEAH RIGHT" and flying off to peck at Chris Bishop.
"Yes Bishop and his neoliberal mates are determined to smash the dream of first home buyers while giving $2.9 Billion to landlords. It speaks volumes about their priorities" - said G from G news.
"Greed is an issue of the heart", said Monty pushing away his biscuits for later
.
Winston Peters has confirmed $24 million in funding to Mike King's "I am Hope Foundation ( Gumboot Friday ), for free counselling sessions for under 25s. The $24 Million will be spread over four years. Matt Doocey tried to garner some limelight and credit too from this announcement - after gutting the Suicide Prevention Office of all its full time staff. It remains to be seen if this was a wise move.
Nobody reading this is Gerry Brownlee !!!
Hooray!!
Kiri Allan pleaded guilty to failing to accompany a police officer after crashing into a stationary vehicle. Kiri agreed to pay $5,296 in reparations for damage and she was convicted and fined $300.
A flight from London to Singapore experienced bad turbulence over the Indian Ocean and underwent a rapid descent with 23 Kiwis on board. There were quite a few spinal and head injuries.
Only a couple of kiwis were injured and a British 73 year old man died of a heart attack.
The first 50 kiwis rescued from New Caledonia arrived through the gates back in New Zealand this morning.
Most people said the worst thing was the stress of not knowing. Some people are running out of their medicines over there - so the remaining 200 kiwis are keen get back home.
Over on RNZ - Guyon has asked Jordan William if the Taxpayers' Union is a member of the Atlas Network. Williams responded, "of course.""I'm really open about it." He went on to say that he finds it "bizarre" that association with the Atlas Network was "suddenly an issue."
It's an issue because an ambush predator hiding in plain sight means people think things are normal as they try to nullify Te Tiriti, bulldoze our environmental protections, sell off our housing stock by stealth and make war on the poor.
The difference now is that people are able to see the context of the embedded influence gripping our political system and it is not some wild conspiracy theory...it's how economic power has organised itself to shape things around the world and right here in New Zealand is no different.
I do think I am slowly getting slimmer from all this soft food and I must mention the sterling job Vicki has done with the blender and adding various things to my nightly meals...yes I am guilty of being spoilt a bit.
Thank you for all your ongoing support.
Have a cosy night
G News - the good news
G