Latest / Best of Business / Barry Soper: Newstalk ZB senior political correspondent on the Reserve Bank moving to increase the OCR for the first time in three years

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Barry Soper: Newstalk ZB senior political correspondent on the Reserve Bank moving to increase the OCR for the first time in three years · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks be follow
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  Speaker 2: With us High Barry.
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  Speaker 3: Good afternoon, Heather on that, Well, it was interesting today,
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  Speaker 3: wasn't It was a consensus unlike previous considerations of the OCR,
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  Speaker 3: and that probably falls into line with I think you
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  Speaker 3: pointed out earlier. Most economists felt that there should be
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  Speaker 3: a rise today. And for those mortgage interst rate holders
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  Speaker 3: who are worried that their mortgages will go up as
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  Speaker 3: a result of this, they needn't worry too much because
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  Speaker 3: the conventional wisdom is that because the bank had been
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  Speaker 3: indicating now for some time that the OCR was going
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  Speaker 3: to rise, then it won't flow through automatically as it
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  Speaker 3: has done on the past to mortgage interest rates. But
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  Speaker 3: what does that do for inflation? So what it's basically
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  Speaker 3: telling people, look, come keep your card in your wallet,
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  Speaker 3: because you know inflation has to come under control. But
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  Speaker 3: then I think people are finding it very hard anyway,
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  Speaker 3: so they're not out there spending as they normally would,
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  Speaker 3: so they probably did exactly the right thing today. Nikola
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  Speaker 3: Willis was asked whether the Reserve Bank, though, was being
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  Speaker 3: a little too reactive, but she wasn't about to buy
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  Speaker 3: into that one, given that the statutory independence of the
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  Speaker 3: central bank are is complete.
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  Speaker 2: It has been a difficult time for everyone though, trying
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  Speaker 2: to get the best data of information. Even just today
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  Speaker 2: I saw that world prices have gone up another few
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  Speaker 2: percentage points as we've seen missiles flying in the Middle East. Again,
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  Speaker 2: it's a difficult time to predict what's happening with growth,
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  Speaker 2: with inflation, with prices, and all of us are operating.
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  Speaker 1: In that way.
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  Speaker 2: The question isn't our things challenging right now? It's whose
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  Speaker 2: best place to fix it? And Labor has said that
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  Speaker 2: they would go back to their old ways and that
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  Speaker 2: was a living disaster.
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  Speaker 3: So she had a bit of a kick at Labor,
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  Speaker 3: as is her wants and the lead up to the election. Okay,
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  Speaker 3: so the solar power I told you it was going
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  Speaker 3: to happen today. Yeah, it's an interesting one this though,
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  Speaker 3: because the one of the issues is the plug in
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  Speaker 3: battery units, and I was unaware of them, I've got
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  Speaker 3: to say, until this came up today. They're being quite
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  Speaker 3: widely used in the UK and Germany. Did I'm not
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  Speaker 3: telling you about them?
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  Speaker 2: Yesterday when we talked.
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  Speaker 3: About them, not the plug in units, I think. But
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  Speaker 3: it's interesting, isn't it that they are used elsewhere, but
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  Speaker 3: Work in Safety here says that they pose a major risk.
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  Speaker 3: They're illegal here, but you can buy them in Ikea
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  Speaker 3: in Germany. Well you can, and Ikea is here now,
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  Speaker 3: so you know, I would imagine they will be on
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  Speaker 3: the market soon, because not only as the Labor Party
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  Speaker 3: says that they'll have this policy in place within twelve
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  Speaker 3: months of becoming the government, if that's what happens in November.
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  Speaker 3: The same and Brown the Energy Ministry, he's out there
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  Speaker 3: now saying, look, we're looking at officials to explore the
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  Speaker 3: possibility of allowing these things to be used in New Zealand.
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  Speaker 3: And I've got to say I take my hat off
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  Speaker 3: to Chloe Swarbrick today and it's not often I do that,
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  Speaker 3: but she's come up with a good idea. She said
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  Speaker 3: Parliament can lower New Zealander's power bills and reduce emissions
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  Speaker 3: before the election. She says both the Red and the
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  Speaker 3: Blue teams are on board with this one, and she
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  Speaker 3: said there's no reason why they can't progress it now
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  Speaker 3: with both of them agreeing to it, and the Greens
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  Speaker 3: would throw their weight in behind it, so you know
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  Speaker 3: we could have them sooner rather than later if you
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  Speaker 3: listen to the Green.
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  Speaker 2: Do you like the Act party policy for three strikes
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  Speaker 2: for burglary?
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  Speaker 3: Yes, I do, because if you look at I couldn't
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  Speaker 3: believe the figures for recidibus defenders when it comes to burglary.
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  Speaker 3: Last year, for example, one hundred and eighty four thousand
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  Speaker 3: New Zealanders were the victims of burglary. In this kind
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  Speaker 3: of absolutely appalling. It's a recidivus crime, with a majority
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  Speaker 3: of people released from prison for burglary sent back to prison.
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  Speaker 3: I think you mentioned it. Within two years of getting
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  Speaker 3: out for the same offense, nearly three quarters are re sentence.
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  Speaker 3: Now around one in four burglary victims have already been
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  Speaker 3: burgled before, and that's terrible. Fortunately, I think myself lucky
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  Speaker 3: I've never been burgled, and long may that be the case.
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  Speaker 3: But look the three strikes thing. Even if you're appearing
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  Speaker 3: for your first time on burglary, if it's as a
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  Speaker 3: result according to the law that they want to introduce,
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  Speaker 3: if you've committed one burglary, but it's a series that
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  Speaker 3: you've committed on the one charge and you're appearing for
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  Speaker 3: the first time in court, the judge can still give
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  Speaker 3: you that minimum three year sentence. And when you look
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  Speaker 3: at the three strikes legislation that was brought back by
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  Speaker 3: this government last year, it was introduced initially the three
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  Speaker 3: strikes by the John Key government back in twenty ten,
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  Speaker 3: was scrapped by Labor in twenty twenty three. I think
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  Speaker 3: it's good it's back on the books and this, I
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  Speaker 3: think is essential that burglars know that their time is
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  Speaker 3: up and let's hope they appreciate that, not sorry for
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  Speaker 3: them in the slightest by Thanks very much, Barry Soper,
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  Speaker 3: Senior political correspondent.
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