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Yesterday’s food price statistics were a stark reminder that Kiwis are still feeling the pain from the rising cost of living.
Despite the fact that higher interest rates are starting to bite and the economy is starting to slow, we cannot yet relax in the fight to beat inflation.
Anyone who … View moreYesterday’s food price statistics were a stark reminder that Kiwis are still feeling the pain from the rising cost of living.
Despite the fact that higher interest rates are starting to bite and the economy is starting to slow, we cannot yet relax in the fight to beat inflation.
Anyone who remembers the year to September 1987 will recall the country was in a pre-sharemarket crash, inflationary investment bubble. Mortgage rates were up at eye-watering heights, close to 20 per cent.
Most economists expect the Reserve Bank will need to deliver at least one more Official Cash Rate hike on May 24, taking it to 5.5 per cent.
That will see two-year fixed rates above 7 per cent.
Clearly, we are not seeing a repeat of those 1980s excesses.
With the size of the average mortgage so much larger now (nominally and relative to income) the pain will be real.
There’s no getting around the need to rebalance the economy and pay the price for the Covid stimulus-fueled boom - albeit a boom that successfully protected us from a far more serious economic slump than the one we now face.
But there is hope that we are nearing the end of this painful part of the economic cycle.
On Thursday, markets around the world cheered the news that US consumer price inflation had cooled again - the 10th consecutive month of deceleration.
The US Consumer Price Index climbed 4.9 per cent in April from a year earlier, less than the 5 per cent that Bloomberg’s survey of economists had expected.
Stripping out volatile prices like food and oil, the core measure (that central banks tend to focus on) was an improved 5.5 per cent.
Globally, commodity prices have plunged in the past year. We are now seeing the price effects of the pandemic play through in something like the transitory manner that most economists expected.
But the flow-on through to domestic economies - as local businesses pass on costs and wages rise - is taking longer to unwind.
There was a risk that domestic inflation would spiral and become embedded. And that required central bank action.
In New Zealand, the flooding and weather events have compounded food price inflation, but there will always arise short-term issues to deal with.
Despite that the April food price index rise was not actually a shock to economists - it was in line with expectations.
It won’t have shaken the view that topline inflation has peaked.
As that food price spike plays through the numbers, we’ll be left with wages and employment as the last piece of the puzzle to fall into place.
Once we can be sure that we see the rate of inflation is on the decline, there will be scope for the self-inflicted pain of monetary tightening to be eased.
In other words, the Reserve Bank will have regained some control of the economy - until the next big global shock at least.
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Bring a bit of nature inside with a simple tree mural in Resene colours.
Find out how to add colour to you child's room with this handy advice.
Talk to your provider and give them a chance to sort it. If it remains unresolved, you can talk to TDR – your free and independent complaint service.
TDR helps over 3,000 Kiwis every year with their telco troubles. Whether it’s a broadband, mobile or home phone billing issue, it’s free … View moreTalk to your provider and give them a chance to sort it. If it remains unresolved, you can talk to TDR – your free and independent complaint service.
TDR helps over 3,000 Kiwis every year with their telco troubles. Whether it’s a broadband, mobile or home phone billing issue, it’s free to resolve your complaint with TDR. It’s easy too – you can contact us online or by phoning 0508 98 98 98 – and we’ll start working with you and your provider.
Hi everyone, SPiCE (Sandringham Project in Community Empowerment) have produced a free audio Heritage Walking Tour of Sandringham. Local historian Andre Taber takes you on a trip around Sandringham, discovering how it became a hub for the South Asian Community and looks at what came before - the … View moreHi everyone, SPiCE (Sandringham Project in Community Empowerment) have produced a free audio Heritage Walking Tour of Sandringham. Local historian Andre Taber takes you on a trip around Sandringham, discovering how it became a hub for the South Asian Community and looks at what came before - the butchers, bakers and grocers who serviced the suburb when it was a farming community. You can download the audio tour here www.spice.org.nz...
It's a fascinating journey!
Accountant needed for a small business, please do recommend a good and efficient accountant. Thanks
The King's coronation took place over the weekend which saw our Prime Minister pledging allegiance to King Charles III. Do you think Aotearoa should say goodbye to the royal family?
Share your thoughts and reasons below.
Type 'Not For Print' if you wish your comments to be … View moreThe King's coronation took place over the weekend which saw our Prime Minister pledging allegiance to King Charles III. Do you think Aotearoa should say goodbye to the royal family?
Share your thoughts and reasons below.
Type 'Not For Print' if you wish your comments to be excluded from the We Say You Say column of your local paper.
Aucklanders are waking up to more rain and strong gusts this morning, with showers - some heavy - and possible thunderstorms and hail all featuring on today’s forecast.
A total of 1247 lightning strikes were recorded in the North Island between 8pm and 6am, according to MetService this morning.
… View moreAucklanders are waking up to more rain and strong gusts this morning, with showers - some heavy - and possible thunderstorms and hail all featuring on today’s forecast.
A total of 1247 lightning strikes were recorded in the North Island between 8pm and 6am, according to MetService this morning.
Auckland saw 329 lightning strikes, while the Waikato region was described as the “lightning rod” of the north by meteorologist Alec Holden; clocking in 414 strikes in total overnight.
Waka Kotahi is warning for motorists to expect delays on Auckland’s Harbour Bridge “due to ongoing strong wind gusts”.
“[The] Harbour Bridge will be operating with 4 lanes in each direction during this morning’s peak travel period. Expect delays. Take extra care especially if you are in a lighter or high-sided vehicle,” the organisation said
It is also set to be a cold day. MetService is forecasting a temperature high of 14C, while an overnight low of 8C will mean for an extra blanket or two.
Just after 6am, the weather authority reported conditions to be feeling like 13C and that people would need three layers of clothing - including something windproof.
Strong westerly winds are also on the cards. Gusts of up to 56km/h are expected, MetService said.
A sudden cluster of thunderstorms hit the city overnight - about 9pm - bringing in howling winds, heavy rain and hail stones the size of peanut M&Ms.
Loud thunder turned into lightning - at one point, striking the Sky Tower.
Members of the public from various parts of the city took to social media to share photos of giant hail stones and dramatic video footage - including the spectacular moment the Sky Tower was struck.
The hailstorm was reported in suburbs around Auckland - including in Point Chevalier and Mt Albert.
While heavy rain and thunderstorms were also reported in Mt Eden, Onehunga, Titirangi, Massey, Ponsonby and parts of South Auckland.
The size of the hailstones was described by one Mt Albert resident as being “as big as M&Ms”.
“The most intense thunderstorm I’ve ever experienced is rolling over Ponsonby right now,” one local said.
Deputy Prime Minister Carmel Sepuloni had a frightening experience as the plane she was travelling on attempted to land at Auckland Airport during the weather event.
“The plane was getting knocked around. Ended up circling for about 45 minutes and then landing safely,” she shared on social media.
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But your Broadband and Power bills don't need to Neighbours!
It can be stressful to find more ways to save money. Comparing your bills using NZ Compare is one simple way you can cut costs!
It only takes a couple of minutes to check if you're on the right plan, for the right price. … View moreBut your Broadband and Power bills don't need to Neighbours!
It can be stressful to find more ways to save money. Comparing your bills using NZ Compare is one simple way you can cut costs!
It only takes a couple of minutes to check if you're on the right plan, for the right price. Remember the longer you leave it, the more money you could be choosing to spend instead of SAVE.
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Auckland Mayor Wayne Brown has today declared a state of local emergency as a deluge has hit Tāmaki Makaurau and other parts of the North Island.
Firefighters have responded to 88 calls for help, 22 of which were urgent, across flood-affected Auckland and Northland.
Driving conditions are … View moreAuckland Mayor Wayne Brown has today declared a state of local emergency as a deluge has hit Tāmaki Makaurau and other parts of the North Island.
Firefighters have responded to 88 calls for help, 22 of which were urgent, across flood-affected Auckland and Northland.
Driving conditions are treacherous and the Northern Motorway is closed between Northcote Rd and Esdmonde Rd in both directions.
“This morning, at my request, the Deputy Mayor and I received an urgent phone briefing from Auckland Emergency Management Civil Defence,” Auckland Mayor Wayne Brown said in a statement.
“After carefully considering the advice of the Duty Controller I have decided to declare a precautionary State of Local Emergency. The decision is based on the lessons we learnt from the Anniversary Auckland floods.
“While I am assured that emergency services are coping with the volume of call outs at the moment, and that they do not require emergency powers, I consider it is necessary to communicate to the public that this is something to take seriously.
“As I am in Sydney on Council business, I have delegated my responsibilities and powers to Desley Simpson, who is now Acting Mayor until I return,” Brown said.
So what does that mean for you?
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For the most part, the state of emergency does not affect daily life.
Schools can open if they are not already and people can go to work as usual.
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The state of emergency simply means agencies are able to access some powers they usually do not have.
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It means council staff are able to enter buildings at any time during working hours to assess the safety, evacuate people and prohibit the use of the building if it is deemed unsafe - and police have the power to support them in doing that
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The state of emergency also means that the Civil Defence Emergency Management Group have powers relating to the provision of the relief of distress including emergency food, clothing and shelter.
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It allows Fire and Emergency New Zealand to enter any properties and shore up or pull down structures that have been damaged and provide a danger to life or property.
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‘We recommend you are extra cautious’
Auckland Council is warning properties next to, above or below properties affected by existing landslides may be at increased risk of further landslides.
The council’s head of engineering resilience Ross Roberts said today’s rain may see further damage.
“In many areas, clifftop properties with existing landslides may encounter further damage.
“If your house has a red ‘entry prohibited’ placard, ensure you’re following the requirement to stay out.
“If your house has a yellow ‘restricted access’ placard, follow the restrictions given on the placard and seriously consider avoiding any entry for the duration of the event.
“If your house is next to a property with a placard, or if you see any signs of instability, or if you are concerned about the stability of the land around your house, we recommend you are extra cautious during this likely severe weather event and you may want to consider finding alternative accommodation during heavy rain.”
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This is such a beautiful film about the natural wonder which is in our backyard - Waititiko-Meola Creek. Follow it's journey from source to sea in stunning drone footage and find out about the story of its regeneration. Well worth a watch, grab a cuppa and spend an uplifting half an hour in … View moreThis is such a beautiful film about the natural wonder which is in our backyard - Waititiko-Meola Creek. Follow it's journey from source to sea in stunning drone footage and find out about the story of its regeneration. Well worth a watch, grab a cuppa and spend an uplifting half an hour in nature! 🥰 Follow the link to watch the full version vimeo.com...
Made with the support of Albert-Eden Local Board
Thunderstorms are expected Tuesday afternoon and evening (9 May) due to an active front. Some of these thunderstorms may become severe, producing localised torrential rain in excess of 40 mm/h and a slight chance of a damaging tornado.
Here's what you need to know:
- Surface and/or flash … View moreThunderstorms are expected Tuesday afternoon and evening (9 May) due to an active front. Some of these thunderstorms may become severe, producing localised torrential rain in excess of 40 mm/h and a slight chance of a damaging tornado.
Here's what you need to know:
- Surface and/or flash flooding is possible, especially about streams, rivers or narrow valleys - this may also lead to slips.
- Driving conditions will be hazardous with surface flooding and poor visibility in heavy rain. If any tornadoes occur, they will only affect very localised areas.
- Thunderstorm activity is expected to ease in Auckland in the early evening of Tuesday.
For information on preparing for and keeping safe during a storm, see the Civil Defence Get Ready website.
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11:20am Update: There is flooding on West Coast beaches, and schools have been evacuated due to flooding.
12pm Update: Auckland Mayor declares State of Emergency. “I am urging Aucklanders to remain calm but be vigilant. Please stay away from floodwaters and open drains. It is important that you follow the official advice of Auckland Emergency Management and Auckland Transport.”
Keep up with live updates on the Stuff website.
Hello beautiful people,
Sessions on wellness including different forms of meditation now available with me.
5 Wellness sessions for $65 (5 Sundays @ 1.5 hours each)
I also do tarot card reading - prices vary as per the requirement.
Discover your soul path and untangle life with me! Get in … View moreHello beautiful people,
Sessions on wellness including different forms of meditation now available with me.
5 Wellness sessions for $65 (5 Sundays @ 1.5 hours each)
I also do tarot card reading - prices vary as per the requirement.
Discover your soul path and untangle life with me! Get in touch.
Love
Nina
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