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The Truth About NZ's Economy Right Now · Making Cents

• 0:00
  Survive
• 0:00
  to
• 0:00
  25,
• 0:01
  get
• 0:02
  the
• 0:02
  fix
• 0:02
  in
• 0:02
  26.
• 0:03
  Remember
• 0:04
  those
• 0:04
  sayings
• 0:05
  when
• 0:05
  we
• 0:05
  came
• 0:05
  up
• 0:05
  with
• 0:06
  these
• 0:06
  little
• 0:06
  rhymes
• 0:07
  to
• 0:07
  tell
• 0:07
  ourselves
• 0:07
  to
• 0:08
  just
• 0:08
  hang
• 0:09
  in
• 0:09
  there
• 0:09
  and
• 0:10
  the
• 0:10
  economy
• 0:10
  would
• 0:10
  get
• 0:11
  better?
• 0:12
  We're
• 0:13
  still
• 0:13
  waiting,
• 0:13
  unfortunately,
• 0:15
  and
• 0:15
  it
• 0:16
  might
• 0:16
  not
• 0:16
  be
• 0:17
  over
• 0:17
  yet,
• 0:18
  because
• 0:18
  look,
• 0:19
  we're
• 0:19
  not
• 0:19
  about
• 0:20
  doomerism
• 0:21
  here,
• 0:21
  but
• 0:21
  it's
• 0:21
  also
• 0:22
  not
• 0:22
  useful
• 0:23
  to
• 0:23
  stick
• 0:23
  our
• 0:23
  heads
• 0:24
  in
• 0:24
  the
• 0:24
  sand.
• 0:24
  And
• 0:25
  when
• 0:25
  the
• 0:25
  government
• 0:25
  put
• 0:26
  out
• 0:26
  their
• 0:26
  budget
• 0:26
  recently,
• 0:27
  they
• 0:27
  also
• 0:27
  put
• 0:28
  out
• 0:28
  a
• 0:28
  bunch
• 0:29
  of
• 0:29
  economic
• 0:29
  forecasting
• 0:30
  that
• 0:31
  could
• 0:31
  directly
• 0:31
  impact
• 0:32
  your
• 0:33
  life.
• 0:33
  We're
• 0:34
  talking
• 0:34
  cost
• 0:35
  of
• 0:35
  living
• 0:35
  going
• 0:35
  up
• 0:36
  again,
• 0:36
  but
• 0:36
  in
• 0:37
  specific
• 0:37
  areas,
• 0:38
  changes
• 0:39
  to
• 0:39
  the
• 0:39
  job
• 0:39
  market,
• 0:40
  interest
• 0:41
  rates.
• 0:42
  And
• 0:42
  if
• 0:42
  we
• 0:42
  at
• 0:42
  least
• 0:43
  know
• 0:43
  how
• 0:43
  these
• 0:44
  things
• 0:44
  are
• 0:44
  coming
• 0:45
  at
• 0:45
  us,
• 0:45
  we
• 0:46
  can
• 0:46
  plan
• 0:46
  for
• 0:46
  them.
• 0:47
  Who
• 0:47
  better
• 0:48
  to
• 0:48
  help
• 0:48
  us
• 0:48
  than
• 0:49
  Christoph
• 0:49
  Schumacher?
• 0:50
  Christoph
• 0:51
  is
• 0:51
  a
• 0:51
  professor
• 0:52
  of
• 0:52
  Innovation
• 0:52
  and
• 0:52
  Economics
• 0:53
  at
• 0:53
  Massey
• 0:53
  University
• 0:54
  and
• 0:55
  the
• 0:55
  director
• 0:55
  of
• 0:56
  the
• 0:56
  Knowledge
• 0:56
  Exchange
• 0:57
  Hub.
• 0:57
  But
• 0:57
  for
• 0:57
  all
• 0:58
  of
• 0:58
  that
• 0:58
  fancy
• 0:59
  introduction,
• 0:59
  you
• 1:00
  can
• 1:00
  actually
• 1:00
  talk
• 1:00
  like
• 1:01
  a
• 1:01
  real
• 1:01
  person,
• 1:01
  which
• 1:02
  is
• 1:02
  so
• 1:03
  important
• 1:03
  right
• 1:03
  now
• 1:04
  when
• 1:04
  we're
• 1:04
  in
• 1:04
  a
• 1:04
  fairly
• 1:05
  uncomfortable
• 1:05
  spot
• 1:06
  financially.
• 1:06
  It
• 1:07
  feels
• 1:07
  a
• 1:07
  bit
• 1:07
  like
• 1:08
  every
• 1:08
  year
• 1:08
  we
• 1:08
  get
• 1:09
  told
• 1:09
  next
• 1:10
  year
• 1:10
  will
• 1:10
  be
• 1:10
  better
• 1:10
  and
• 1:10
  then
• 1:11
  it's
• 1:11
  not
• 1:11
  happening.
• 1:12
  It
• 1:12
  was
• 1:12
  rough
• 1:12
  last
• 1:13
  year
• 1:13
  was
• 1:13
  rough.
• 1:14
  Economic
• 1:14
  growth
• 1:14
  was
• 1:15
  very,
• 1:15
  very
• 1:15
  slow.
• 1:16
  But
• 1:16
  finally,
• 1:17
  sort
• 1:17
  of
• 1:17
  in
• 1:17
  the
• 1:18
  fourth
• 1:18
  quarter,
• 1:18
  December
• 1:19
  quarter,
• 1:19
  we
• 1:20
  picked
• 1:20
  up
• 1:20
  a
• 1:20
  little
• 1:20
  bit
• 1:21
  of
• 1:21
  growth.
• 1:21
  And
• 1:22
  just
• 1:22
  when
• 1:22
  we
• 1:23
  thought
• 1:23
  things
• 1:23
  are
• 1:23
  getting
• 1:23
  better
• 1:24
  than
• 1:24
  the
• 1:25
  Middle
• 1:25
  east
• 1:25
  crisis
• 1:26
  happened.
• 1:26
  And
• 1:27
  that
• 1:27
  of
• 1:27
  course
• 1:27
  has
• 1:28
  slowed
• 1:28
  growth
• 1:28
  down
• 1:29
  and
• 1:29
  has
• 1:29
  put
• 1:30
  pressure
• 1:30
  on
• 1:30
  inflation
• 1:31
  which
• 1:31
  has
• 1:31
  gone
• 1:31
  up
• 1:32
  again.
• 1:32
  So
• 1:32
  yeah,
• 1:33
  if
• 1:33
  you're
• 1:33
  doing
• 1:33
  it
• 1:33
  tough
• 1:34
  right
• 1:34
  now,
• 1:34
  it's
• 1:35
  not
• 1:35
  just
• 1:35
  vibes.
• 1:36
  And
• 1:36
  when
• 1:36
  you
• 1:37
  understand
• 1:37
  the
• 1:37
  forces
• 1:38
  behind
• 1:39
  what's
• 1:39
  going
• 1:39
  on,
• 1:40
  it
• 1:40
  makes
• 1:40
  it
• 1:41
  a
• 1:41
  little
• 1:41
  easier
• 1:42
  to
• 1:42
  create
• 1:42
  that
• 1:43
  all
• 1:43
  important
• 1:44
  plan.
• 1:45
  Oil
• 1:45
  prices
• 1:46
  affect
• 1:46
  everything.
• 1:47
  If
• 1:47
  you
• 1:47
  buy
• 1:48
  something
• 1:48
  at
• 1:49
  the
• 1:49
  supermarket,
• 1:49
  well,
• 1:50
  it
• 1:50
  would
• 1:50
  have
• 1:50
  come
• 1:51
  from
• 1:51
  a
• 1:51
  producer,
• 1:52
  be
• 1:53
  transported
• 1:54
  to
• 1:54
  a
• 1:54
  processing
• 1:55
  plant,
• 1:55
  be
• 1:56
  transported
• 1:57
  to
• 1:57
  a
• 1:57
  distribution
• 1:57
  center.
• 1:58
  By
• 1:58
  the
• 1:58
  time
• 1:58
  it
• 1:59
  hits
• 1:59
  the
• 1:59
  supermarket,
• 2:00
  a
• 2:00
  lot
• 2:01
  of
• 2:01
  petrol
• 2:01
  would
• 2:01
  have
• 2:01
  been
• 2:01
  used
• 2:02
  up
• 2:02
  and
• 2:02
  that
• 2:03
  costs
• 2:03
  more
• 2:03
  and
• 2:03
  that
• 2:04
  goes
• 2:04
  straight
• 2:04
  onto
• 2:05
  the
• 2:05
  prices.
• 2:05
  When
• 2:06
  does
• 2:06
  all
• 2:06
  of
• 2:06
  this
• 2:06
  maybe
• 2:07
  finally
• 2:08
  get
• 2:09
  better?
• 2:09
  The
• 2:09
  numbers
• 2:10
  suggest
• 2:10
  that
• 2:11
  economic
• 2:12
  growth
• 2:12
  is
• 2:12
  going
• 2:12
  to
• 2:13
  be
• 2:13
  very
• 2:13
  slow
• 2:14
  the
• 2:14
  rest
• 2:14
  of
• 2:14
  the
• 2:15
  year.
• 2:15
  But
• 2:15
  there's
• 2:16
  also
• 2:16
  nothing
• 2:16
  in
• 2:17
  there
• 2:17
  that
• 2:17
  suggests
• 2:18
  we
• 2:18
  are
• 2:19
  ready
• 2:19
  for
• 2:19
  a
• 2:19
  disaster.
• 2:20
  So
• 2:20
  welcome
• 2:21
  to
• 2:21
  Making
• 2:21
  Sense.
• 2:22
  It's
• 2:22
  the
• 2:22
  podcast
• 2:23
  people
• 2:23
  who
• 2:23
  want
• 2:23
  financial
• 2:24
  freedom
• 2:24
  without
• 2:25
  giving
• 2:25
  up
• 2:25
  their
• 2:25
  coffee.
• 2:26
  I'm
• 2:26
  Francis
• 2:27
  Cook,
• 2:27
  financial
• 2:27
  journalist
• 2:28
  and
• 2:28
  fellow
• 2:29
  financial
• 2:29
  freedom
• 2:29
  seeker
• 2:30
  who
• 2:30
  makes
• 2:30
  money
• 2:31
  simple
• 2:31
  for
• 2:31
  you.
• 2:32
  And
• 2:33
  today,
• 2:34
  why
• 2:34
  is
• 2:34
  everything
• 2:35
  so
• 2:35
  expensive
• 2:36
  and
• 2:37
  when
• 2:37
  is
• 2:37
  it
• 2:37
  actually
• 2:38
  going
• 2:38
  to
• 2:38
  get
• 2:38
  better?
• 2:39
  This
• 2:39
  episode
• 2:40
  of
• 2:40
  Making
• 2:40
  Sense
• 2:41
  is
• 2:41
  supported
• 2:41
  by
• 2:41
  Odoo.
• 2:42
  The
• 2:42
  all
• 2:43
  in
• 2:43
  one
• 2:43
  solution
• 2:43
  to
• 2:44
  make
• 2:44
  running
• 2:44
  your
• 2:44
  business
• 2:44
  smoother
• 2:45
  and
• 2:45
  more
• 2:46
  affordable.
• 2:46
  Go
• 2:47
  to
• 2:47
  odoo.com,
• 2:48
  that's
• 2:48
  o-o.com
• 2:50
  for
• 2:50
  more.
• 2:51
  I
• 2:51
  want
• 2:51
  to
• 2:52
  help
• 2:52
  as
• 2:52
  many
• 2:52
  people
• 2:53
  as
• 2:53
  possible
• 2:53
  reach
• 2:54
  financial
• 2:54
  freedom
• 2:55
  by
• 2:55
  taking
• 2:55
  control
• 2:56
  of
• 2:56
  their
• 2:56
  money.
• 2:57
  You
• 2:57
  can
• 2:57
  help
• 2:57
  me
• 2:57
  in
• 2:58
  that
• 2:58
  mission
• 2:58
  two
• 2:59
  really
• 2:59
  easy
• 3:00
  ways.
• 3:00
  First
• 3:01
  hit
• 3:01
  subscribe
• 3:02
  wherever
• 3:02
  you
• 3:02
  like
• 3:03
  to
• 3:03
  listen.
• 3:03
  YouTube,
• 3:04
  Spotify,
• 3:04
  Apple
• 3:05
  Podcasts
• 3:05
  or
• 3:06
  any
• 3:06
  other
• 3:06
  podcast
• 3:07
  player.
• 3:07
  Then
• 3:08
  send
• 3:08
  this
• 3:08
  episode
• 3:09
  to
• 3:09
  a
• 3:09
  friend
• 3:09
  so
• 3:10
  we
• 3:10
  can
• 3:10
  all
• 3:10
  level
• 3:11
  up
• 3:11
  together.
• 3:12
  Then
• 3:12
  the
• 3:12
  show
• 3:12
  grows
• 3:13
  and
• 3:13
  I
• 3:13
  can
• 3:13
  keep
• 3:13
  giving
• 3:14
  you
• 3:14
  the
• 3:14
  money
• 3:14
  info
• 3:15
  that
• 3:15
  makes
• 3:15
  a
• 3:16
  difference
• 3:16
  for
• 3:16
  your
• 3:17
  life.
• 3:17
  Okay,
• 3:18
  back
• 3:18
  to
• 3:18
  it.
• 3:19
  Welcome
• 3:19
  Christophe,
• 3:20
  thank
• 3:20
  you
• 3:20
  so
• 3:20
  much
• 3:20
  for
• 3:21
  coming
• 3:21
  back
• 3:21
  in.
• 3:21
  The
• 3:21
  last
• 3:22
  time
• 3:22
  we
• 3:22
  were
• 3:22
  chatting
• 3:23
  live
• 3:23
  in
• 3:24
  front
• 3:24
  of
• 3:24
  the
• 3:24
  audience
• 3:24
  about
• 3:25
  all
• 3:25
  things
• 3:25
  economy
• 3:25
  and
• 3:26
  now
• 3:26
  we
• 3:26
  get
• 3:26
  to
• 3:26
  have
• 3:26
  a
• 3:26
  proper
• 3:27
  deep
• 3:27
  dive,
• 3:27
  just
• 3:27
  you
• 3:28
  and
• 3:28
  I
• 3:28
  so
• 3:29
  really
• 3:29
  appreciate
• 3:29
  you
• 3:30
  coming
• 3:30
  back
• 3:30
  on
• 3:30
  the
• 3:30
  podcast.
• 3:31
  I
• 3:32
  feel
• 3:32
  like
• 3:32
  I've
• 3:33
  been
• 3:33
  challenging
• 3:33
  people
• 3:33
  a
• 3:34
  lot
• 3:34
  about
• 3:34
  how
• 3:35
  they
• 3:35
  feel
• 3:35
  with
• 3:35
  their
• 3:35
  money.
• 3:35
  The
• 3:36
  tone
• 3:36
  of
• 3:36
  my
• 3:36
  DMs
• 3:37
  and
• 3:37
  the
• 3:38
  tone
• 3:38
  of
• 3:38
  the
• 3:38
  emails
• 3:39
  have
• 3:39
  gone
• 3:39
  a
• 3:40
  bit
• 3:40
  dark.
• 3:41
  I
• 3:41
  feel
• 3:41
  like
• 3:42
  everyone's
• 3:42
  been
• 3:42
  talking
• 3:42
  about
• 3:42
  Survive
• 3:43
  25
• 3:44
  and
• 3:44
  then
• 3:44
  the
• 3:44
  Fix
• 3:45
  in
• 3:45
  26.
• 3:46
  And
• 3:46
  now
• 3:46
  we've
• 3:47
  had
• 3:47
  a
• 3:47
  new
• 3:47
  budget
• 3:47
  from
• 3:47
  the
• 3:48
  government
• 3:48
  which
• 3:48
  came
• 3:48
  with
• 3:49
  all
• 3:49
  of
• 3:49
  this
• 3:49
  analysis
• 3:50
  that
• 3:50
  this
• 3:51
  year
• 3:51
  is
• 3:51
  not
• 3:51
  going
• 3:51
  to
• 3:51
  be
• 3:51
  great
• 3:52
  either.
• 3:53
  What
• 3:53
  do
• 3:53
  you
• 3:54
  think?
• 3:54
  What
• 3:54
  are
• 3:54
  you
• 3:54
  seeing
• 3:55
  when
• 3:55
  you
• 3:55
  look
• 3:55
  at
• 3:55
  some
• 3:56
  of
• 3:56
  the
• 3:56
  economic
• 3:56
  indicators
• 3:57
  and
• 3:58
  how
• 3:59
  things
• 3:59
  actually
• 3:59
  are
• 4:00
  out
• 4:00
  there?
• 4:00
  What
• 4:00
  are
• 4:01
  some
• 4:01
  of
• 4:01
  the
• 4:01
  facts
• 4:01
  behind
• 4:02
  the
• 4:02
  feelings?
• 4:03
  It
• 4:03
  feels
• 4:03
  a
• 4:03
  bit
• 4:03
  like
• 4:04
  every
• 4:04
  year
• 4:04
  we
• 4:04
  get
• 4:05
  told
• 4:05
  next
• 4:06
  year
• 4:06
  will
• 4:06
  be
• 4:06
  better
• 4:06
  and
• 4:06
  then
• 4:07
  it's
• 4:07
  not
• 4:07
  happening.
• 4:08
  It
• 4:08
  was
• 4:08
  rough
• 4:08
  last
• 4:09
  year
• 4:09
  was
• 4:09
  rough.
• 4:10
  Economic
• 4:10
  growth
• 4:10
  was
• 4:11
  very,
• 4:11
  very
• 4:11
  slow.
• 4:12
  But
• 4:12
  finally,
• 4:13
  sort
• 4:13
  of
• 4:13
  in
• 4:13
  the
• 4:14
  fourth
• 4:14
  quarter,
• 4:14
  December
• 4:15
  quarter,
• 4:15
  we
• 4:16
  picked
• 4:16
  up
• 4:16
  a
• 4:16
  little
• 4:16
  bit
• 4:17
  of
• 4:17
  growth.
• 4:17
  And
• 4:18
  just
• 4:18
  when
• 4:18
  we
• 4:19
  thought
• 4:19
  things
• 4:19
  are
• 4:19
  getting
• 4:19
  better,
• 4:20
  then
• 4:20
  the
• 4:21
  Middle
• 4:21
  east
• 4:21
  crisis
• 4:22
  happened.
• 4:23
  Oil
• 4:23
  is
• 4:23
  just
• 4:24
  such
• 4:24
  a
• 4:24
  crucial
• 4:25
  commodity
• 4:26
  that
• 4:27
  it
• 4:28
  affects
• 4:28
  everything.
• 4:29
  It
• 4:29
  puts
• 4:30
  prices
• 4:30
  up
• 4:31
  no
• 4:31
  matter
• 4:31
  where
• 4:31
  you
• 4:32
  look.
• 4:32
  And
• 4:32
  that
• 4:32
  of
• 4:33
  course
• 4:33
  has
• 4:33
  slowed
• 4:34
  growth
• 4:34
  down
• 4:34
  and
• 4:34
  has
• 4:35
  put
• 4:35
  pressure
• 4:35
  on
• 4:36
  inflation
• 4:36
  which
• 4:36
  has
• 4:37
  gone
• 4:37
  up
• 4:37
  again.
• 4:37
  Economists
• 4:38
  would
• 4:39
  now
• 4:39
  sort
• 4:39
  of
• 4:39
  use
• 4:39
  the
• 4:40
  bad
• 4:40
  words
• 4:40
  deflation.
• 4:41
  It's
• 4:42
  when
• 4:42
  the
• 4:42
  economy
• 4:43
  is
• 4:43
  slowing
• 4:44
  down
• 4:44
  but
• 4:44
  inflation
• 4:45
  is
• 4:45
  going
• 4:45
  up
• 4:45
  and
• 4:46
  unemployment
• 4:46
  is
• 4:47
  rising
• 4:47
  as
• 4:47
  well.
• 4:48
  So
• 4:48
  that
• 4:48
  indicates
• 4:49
  to
• 4:49
  us
• 4:50
  this
• 4:50
  is
• 4:50
  not
• 4:50
  just
• 4:50
  a
• 4:51
  short
• 4:51
  term
• 4:51
  issue,
• 4:52
  but
• 4:52
  there
• 4:52
  is
• 4:53
  something
• 4:53
  more
• 4:53
  systemic
• 4:54
  happening
• 4:54
  and
• 4:55
  that's
• 4:55
  what
• 4:55
  causes,
• 4:56
  I
• 4:56
  guess,
• 4:56
  the,
• 4:57
  the
• 4:57
  uncertainty
• 4:58
  and
• 4:58
  discomfort
• 4:59
  of
• 4:59
  people
• 5:00
  in
• 5:00
  the
• 5:00
  gloom
• 5:01
  as
• 5:01
  you
• 5:01
  have
• 5:02
  described.
• 5:03
  Yeah,
• 5:03
  well,
• 5:03
  exactly.
• 5:04
  I
• 5:04
  think
• 5:04
  that
• 5:04
  stagflation
• 5:05
  term
• 5:05
  is
• 5:06
  one
• 5:06
  of
• 5:06
  the
• 5:07
  scary
• 5:07
  words.
• 5:07
  It's
• 5:08
  behead.
• 5:08
  Right?
• 5:08
  Because
• 5:09
  people
• 5:09
  instantly
• 5:10
  associated
• 5:10
  with
• 5:11
  the
• 5:11
  70s,
• 5:11
  there
• 5:12
  were
• 5:12
  huge
• 5:12
  unemployment,
• 5:13
  double
• 5:14
  figure
• 5:14
  inflations
• 5:14
  around
• 5:15
  the
• 5:15
  world
• 5:15
  and
• 5:16
  we
• 5:16
  had
• 5:16
  no
• 5:16
  idea
• 5:17
  what
• 5:17
  to
• 5:17
  do.
• 5:18
  We
• 5:18
  are
• 5:18
  nowhere
• 5:19
  near
• 5:19
  the
• 5:19
  chest.
• 5:20
  Sort
• 5:20
  of
• 5:21
  at
• 5:21
  the
• 5:21
  start
• 5:21
  of
• 5:22
  that
• 5:23
  so
• 5:23
  no,
• 5:23
  there's
• 5:23
  no
• 5:24
  need
• 5:24
  for
• 5:24
  panic
• 5:25
  and
• 5:25
  we
• 5:25
  are
• 5:25
  much
• 5:26
  better
• 5:26
  prepared.
• 5:27
  What
• 5:27
  indicators
• 5:28
  are
• 5:28
  you
• 5:29
  keeping
• 5:29
  an
• 5:29
  eye
• 5:29
  on
• 5:29
  right
• 5:30
  now?
• 5:30
  What
• 5:30
  do
• 5:31
  you
• 5:31
  think
• 5:31
  are
• 5:31
  areas
• 5:32
  where
• 5:32
  there
• 5:32
  are
• 5:33
  interesting
• 5:34
  things
• 5:34
  happen?
• 5:35
  And
• 5:35
  I
• 5:35
  mean
• 5:35
  that
• 5:35
  as
• 5:35
  a
• 5:35
  very
• 5:36
  neutral
• 5:36
  descriptor.
• 5:37
  It
• 5:37
  could
• 5:37
  be
• 5:37
  interesting.
• 5:37
  Good,
• 5:38
  interesting,
• 5:38
  bad.
• 5:39
  GDP
• 5:39
  is
• 5:39
  always
• 5:40
  a
• 5:40
  value
• 5:40
  you
• 5:40
  need
• 5:41
  to
• 5:41
  look
• 5:41
  out
• 5:41
  for
• 5:41
  because
• 5:41
  that
• 5:42
  tells
• 5:42
  us
• 5:42
  how
• 5:43
  our
• 5:43
  economy
• 5:43
  is
• 5:44
  actually
• 5:44
  doing.
• 5:45
  Problem
• 5:45
  of
• 5:46
  course
• 5:46
  is
• 5:47
  takes
• 5:47
  about
• 5:47
  three
• 5:47
  to
• 5:48
  six
• 5:48
  months
• 5:48
  before
• 5:48
  we
• 5:49
  know
• 5:49
  the
• 5:49
  figures.
• 5:50
  But
• 5:50
  GDP
• 5:51
  is
• 5:51
  a
• 5:51
  crucial
• 5:51
  value
• 5:52
  and
• 5:53
  inflation
• 5:53
  of
• 5:54
  course
• 5:54
  as
• 5:54
  well.
• 5:55
  Look
• 5:55
  at
• 5:56
  some
• 5:56
  of
• 5:56
  the
• 5:56
  expectation
• 5:57
  of
• 5:58
  yields
• 5:59
  and
• 5:59
  bond
• 6:00
  market
• 6:01
  to
• 6:02
  just
• 6:02
  have
• 6:02
  an
• 6:03
  idea
• 6:03
  what
• 6:03
  the
• 6:03
  market
• 6:04
  thinks
• 6:04
  again.
• 6:05
  But
• 6:05
  the
• 6:05
  key
• 6:06
  factors
• 6:06
  are
• 6:06
  GDP
• 6:07
  and
• 6:07
  inflation
• 6:07
  because
• 6:08
  those
• 6:08
  are
• 6:08
  the
• 6:09
  values
• 6:10
  the
• 6:10
  Reserve
• 6:10
  bank
• 6:11
  government
• 6:11
  would
• 6:12
  use
• 6:12
  to
• 6:13
  decide
• 6:14
  what
• 6:14
  to
• 6:14
  do.
• 6:15
  Yeah,
• 6:15
  well
• 6:16
  we
• 6:16
  are
• 6:16
  recording
• 6:17
  this
• 6:17
  very
• 6:17
  soon
• 6:18
  after
• 6:18
  the
• 6:19
  government
• 6:19
  budget
• 6:20
  came
• 6:20
  out
• 6:20
  and
• 6:20
  of
• 6:21
  course
• 6:21
  it's
• 6:21
  very
• 6:21
  interesting
• 6:21
  where
• 6:22
  the
• 6:22
  government
• 6:22
  is
• 6:22
  putting
• 6:23
  its
• 6:23
  spending.
• 6:24
  I
• 6:24
  also
• 6:24
  find
• 6:24
  it
• 6:25
  very
• 6:25
  interesting
• 6:25
  the
• 6:26
  forecasts
• 6:26
  and
• 6:27
  the
• 6:27
  data
• 6:27
  that
• 6:27
  they
• 6:28
  put
• 6:28
  out
• 6:28
  of
• 6:30
  what
• 6:30
  information
• 6:31
  they
• 6:31
  are
• 6:31
  using
• 6:32
  to
• 6:32
  making
• 6:32
  those
• 6:32
  spending
• 6:33
  decisions
• 6:33
  on.
• 6:34
  And
• 6:34
  in
• 6:34
  that
• 6:35
  most
• 6:36
  recent
• 6:36
  one
• 6:36
  they
• 6:37
  were
• 6:37
  very
• 6:37
  clear
• 6:37
  that
• 6:37
  they
• 6:38
  see
• 6:38
  inflation,
• 6:39
  aka
• 6:40
  cost
• 6:40
  of
• 6:40
  living,
• 6:41
  going
• 6:41
  up
• 6:41
  to
• 6:41
  4%
• 6:42
  this
• 6:43
  year,
• 6:43
  which
• 6:44
  is
• 6:44
  outside
• 6:44
  the
• 6:45
  bounds
• 6:45
  of
• 6:45
  what
• 6:46
  they
• 6:46
  aim
• 6:46
  for.
• 6:46
  It's
• 6:47
  quite
• 6:47
  high.
• 6:48
  It's
• 6:48
  not
• 6:48
  as
• 6:48
  high
• 6:48
  as
• 6:48
  it
• 6:49
  has
• 6:49
  gone,
• 6:49
  but
• 6:49
  it's.
• 6:50
  It's
• 6:50
  not
• 6:50
  great.
• 6:51
  Right.
• 6:52
  And
• 6:52
  in
• 6:52
  that
• 6:53
  they
• 6:53
  were
• 6:53
  saying,
• 6:53
  as
• 6:54
  you
• 6:54
  mentioned,
• 6:55
  the
• 6:55
  fuel
• 6:55
  crisis,
• 6:56
  what's
• 6:56
  happening
• 6:56
  in
• 6:57
  Iran
• 6:57
  is
• 6:58
  a
• 6:58
  big
• 6:59
  factor
• 6:59
  in
• 7:00
  that.
• 7:00
  So
• 7:01
  when
• 7:01
  you
• 7:01
  saw
• 7:02
  that
• 7:02
  number
• 7:04
  and
• 7:04
  the
• 7:04
  reasoning
• 7:04
  behind
• 7:05
  it,
• 7:05
  what
• 7:05
  do
• 7:05
  you
• 7:05
  think?
• 7:06
  Is
• 7:06
  it
• 7:06
  going
• 7:06
  to
• 7:06
  be
• 7:07
  4%
• 7:07
  this
• 7:07
  year
• 7:08
  or
• 7:08
  is
• 7:08
  it
• 7:08
  possible
• 7:08
  that
• 7:09
  cost
• 7:09
  of
• 7:09
  living
• 7:10
  could
• 7:10
  even
• 7:11
  go
• 7:11
  higher?
• 7:11
  4%
• 7:12
  is
• 7:13
  probably
• 7:13
  a
• 7:13
  realistic
• 7:14
  value
• 7:15
  simply
• 7:15
  because
• 7:16
  of
• 7:16
  the
• 7:16
  oil
• 7:17
  shock.
• 7:17
  Oil
• 7:18
  prices
• 7:18
  affect
• 7:19
  everything.
• 7:20
  If
• 7:20
  you
• 7:20
  buy
• 7:20
  something
• 7:21
  at
• 7:21
  the
• 7:21
  supermarket,
• 7:22
  well,
• 7:22
  it
• 7:23
  would
• 7:23
  have
• 7:23
  come
• 7:23
  from
• 7:24
  a
• 7:24
  producer,
• 7:25
  be
• 7:26
  transported
• 7:27
  to
• 7:27
  a
• 7:27
  processing
• 7:28
  plant,
• 7:28
  be
• 7:29
  transported
• 7:29
  to
• 7:29
  a
• 7:30
  distribution
• 7:30
  center.
• 7:30
  By
• 7:31
  the
• 7:31
  time
• 7:31
  it
• 7:31
  hits
• 7:32
  the
• 7:32
  supermarket,
• 7:33
  a
• 7:33
  lot
• 7:33
  of
• 7:33
  petrol
• 7:34
  would
• 7:34
  have
• 7:34
  been
• 7:34
  used
• 7:34
  up
• 7:35
  and
• 7:35
  that
• 7:35
  costs
• 7:36
  more
• 7:36
  and
• 7:36
  that
• 7:36
  goes
• 7:37
  straight
• 7:37
  onto
• 7:37
  the
• 7:37
  prices
• 7:38
  and
• 7:38
  there's
• 7:38
  a
• 7:39
  trickle
• 7:39
  effect.
• 7:40
  An
• 7:40
  economy
• 7:40
  is
• 7:41
  not
• 7:41
  like
• 7:41
  a
• 7:41
  finely
• 7:42
  tuned
• 7:42
  sports
• 7:42
  car
• 7:43
  where
• 7:43
  a
• 7:43
  little
• 7:43
  pull
• 7:44
  on
• 7:44
  the
• 7:44
  steering
• 7:44
  wheel
• 7:45
  changes
• 7:45
  direction.
• 7:45
  It's
• 7:46
  like
• 7:46
  more
• 7:46
  a
• 7:47
  huge
• 7:47
  cruise
• 7:48
  liner.
• 7:49
  When
• 7:49
  something
• 7:49
  happens
• 7:50
  and
• 7:50
  you
• 7:50
  try
• 7:50
  to
• 7:51
  change
• 7:51
  direction,
• 7:52
  it
• 7:52
  takes
• 7:52
  quite
• 7:53
  some
• 7:53
  time
• 7:53
  for
• 7:53
  it
• 7:54
  to
• 7:54
  trickle
• 7:54
  through.
• 7:54
  So
• 7:55
  we
• 7:55
  haven't
• 7:55
  quite
• 7:56
  seen
• 7:56
  the
• 7:56
  full
• 7:56
  impact
• 7:57
  of
• 7:57
  the
• 7:57
  oil
• 7:57
  crisis
• 7:58
  yet
• 7:58
  on
• 7:59
  all
• 7:59
  the
• 8:00
  items
• 8:00
  we
• 8:01
  use
• 8:01
  every
• 8:01
  day.
• 8:02
  So
• 8:02
  that
• 8:02
  will
• 8:03
  increase
• 8:04
  inflation
• 8:05
  further.
• 8:06
  On
• 8:06
  top
• 8:07
  of
• 8:07
  this,
• 8:07
  and
• 8:07
  that's
• 8:08
  often
• 8:08
  ignored
• 8:08
  is
• 8:09
  that
• 8:09
  our
• 8:09
  inflation
• 8:10
  value
• 8:10
  is
• 8:10
  a
• 8:11
  compound
• 8:11
  value
• 8:12
  of
• 8:13
  imported
• 8:13
  inflation.
• 8:14
  Those
• 8:14
  are
• 8:14
  those
• 8:15
  goods
• 8:15
  we
• 8:15
  import.
• 8:16
  And
• 8:16
  if
• 8:16
  they
• 8:17
  become
• 8:17
  more
• 8:17
  expensive
• 8:17
  overseas.
• 8:18
  Well,
• 8:19
  we
• 8:19
  bring
• 8:20
  that
• 8:20
  inflation
• 8:21
  to
• 8:21
  New
• 8:21
  Zealand,
• 8:22
  but
• 8:22
  also
• 8:22
  the
• 8:23
  non
• 8:23
  tradable
• 8:24
  good,
• 8:24
  our
• 8:24
  domestic
• 8:25
  inflation.
• 8:25
  These
• 8:25
  are
• 8:26
  goods
• 8:26
  we
• 8:27
  don't
• 8:27
  trade
• 8:27
  like
• 8:28
  electricity,
• 8:29
  insurance,
• 8:29
  council
• 8:30
  rates
• 8:31
  and,
• 8:32
  and
• 8:32
  these
• 8:32
  have
• 8:33
  been
• 8:33
  going
• 8:33
  up.
• 8:34
  What
• 8:34
  has
• 8:34
  been
• 8:34
  driving
• 8:35
  inflation
• 8:35
  up
• 8:36
  before
• 8:36
  the
• 8:36
  oil
• 8:36
  crisis
• 8:38
  was
• 8:38
  not
• 8:38
  the
• 8:38
  imported
• 8:39
  goods,
• 8:40
  it's
• 8:40
  our
• 8:40
  domestic
• 8:41
  inflation
• 8:42
  and
• 8:43
  we
• 8:43
  still
• 8:43
  haven't
• 8:43
  got
• 8:43
  that
• 8:43
  under
• 8:44
  control.
• 8:44
  So
• 8:45
  yes,
• 8:45
  4%
• 8:45
  doesn't
• 8:46
  seem
• 8:46
  to
• 8:47
  be
• 8:47
  an
• 8:47
  unrealistic
• 8:48
  value
• 8:49
  at
• 8:49
  all.
• 8:49
  Yeah.
• 8:50
  Then
• 8:50
  the
• 8:50
  things
• 8:50
  you
• 8:50
  mentioned
• 8:51
  there,
• 8:51
  things
• 8:51
  like
• 8:52
  rates
• 8:52
  and
• 8:52
  insurance,
• 8:53
  those
• 8:54
  are
• 8:54
  things
• 8:54
  that
• 8:54
  people
• 8:54
  can't
• 8:55
  really
• 8:55
  avoid.
• 8:56
  That's
• 8:57
  really
• 8:57
  tricky.
• 8:57
  Is
• 8:58
  there
• 8:58
  anything
• 8:58
  we
• 8:58
  can
• 8:58
  do
• 8:58
  on
• 8:59
  those
• 8:59
  accounts?
• 8:59
  That
• 9:00
  is
• 9:00
  a
• 9:00
  real
• 9:00
  problem.
• 9:00
  We
• 9:01
  can't
• 9:01
  do
• 9:01
  anything.
• 9:01
  But
• 9:01
  it
• 9:01
  also
• 9:02
  means
• 9:02
  any
• 9:02
  changes
• 9:03
  in
• 9:04
  the
• 9:04
  OCR
• 9:04
  won't
• 9:05
  impact
• 9:05
  on
• 9:05
  that
• 9:05
  either.
• 9:06
  So
• 9:06
  there's
• 9:06
  nothing
• 9:07
  much
• 9:07
  government
• 9:07
  can
• 9:08
  do.
• 9:08
  The
• 9:08
  only
• 9:08
  way
• 9:09
  is
• 9:09
  to
• 9:09
  become
• 9:10
  better
• 9:10
  at
• 9:10
  it,
• 9:10
  more
• 9:11
  efficient
• 9:11
  in
• 9:12
  our
• 9:12
  public
• 9:13
  services.
• 9:13
  And
• 9:14
  that
• 9:14
  has
• 9:14
  been
• 9:14
  an
• 9:14
  issue
• 9:15
  the
• 9:15
  government
• 9:16
  has
• 9:16
  flagged
• 9:16
  from
• 9:17
  day
• 9:17
  one.
• 9:18
  Reducing
• 9:18
  the
• 9:18
  number
• 9:20
  of
• 9:21
  public
• 9:21
  servants
• 9:22
  was
• 9:22
  certainly
• 9:23
  one
• 9:24
  of
• 9:24
  those
• 9:24
  promises
• 9:25
  they
• 9:25
  made
• 9:26
  in
• 9:26
  the
• 9:26
  campaign.
• 9:27
  And
• 9:27
  there's
• 9:27
  something
• 9:28
  we
• 9:28
  need
• 9:29
  to
• 9:29
  look
• 9:30
  at
• 9:30
  because
• 9:30
  our
• 9:31
  domestic
• 9:31
  inflation
• 9:32
  hasn't
• 9:32
  been
• 9:33
  looking
• 9:33
  good.
• 9:34
  And
• 9:34
  there's
• 9:35
  something
• 9:35
  that
• 9:36
  would
• 9:37
  help
• 9:37
  people
• 9:38
  if
• 9:38
  council
• 9:38
  rates
• 9:39
  wouldn't
• 9:39
  go
• 9:39
  up
• 9:40
  necessarily
• 9:40
  or
• 9:41
  even,
• 9:41
  even
• 9:41
  go
• 9:42
  down
• 9:42
  if
• 9:43
  electricity
• 9:44
  prices
• 9:44
  or
• 9:44
  insurance
• 9:45
  prices,
• 9:46
  insurance
• 9:46
  costs
• 9:46
  have
• 9:47
  gone
• 9:47
  up
• 9:47
  hugely
• 9:48
  over
• 9:48
  the
• 9:49
  past
• 9:49
  few
• 9:49
  years,
• 9:50
  if
• 9:50
  those
• 9:51
  things
• 9:52
  which
• 9:52
  we
• 9:52
  can't
• 9:53
  avoid
• 9:54
  would
• 9:54
  not
• 9:55
  increase
• 9:55
  as
• 9:55
  much,
• 9:56
  that
• 9:56
  would
• 9:56
  help
• 9:56
  people
• 9:57
  as
• 9:57
  well
• 9:57
  with
• 9:58
  the
• 9:58
  cost
• 9:58
  of
• 9:58
  living
• 9:58
  crisis.
• 9:59
  So
• 9:59
  there
• 9:59
  must
• 10:00
  be
• 10:00
  a
• 10:00
  look,
• 10:01
  we
• 10:01
  must
• 10:01
  look
• 10:01
  at
• 10:01
  both
• 10:02
  sides
• 10:03
  of
• 10:03
  that
• 10:03
  coin.
• 10:03
  The
• 10:04
  tradable
• 10:04
  inflation,
• 10:05
  things
• 10:05
  like
• 10:06
  an
• 10:06
  oil
• 10:07
  shock
• 10:07
  where
• 10:07
  we
• 10:08
  have
• 10:08
  little
• 10:09
  power
• 10:09
  to
• 10:10
  change,
• 10:10
  but
• 10:11
  also
• 10:11
  our
• 10:11
  domestic
• 10:12
  inflation
• 10:13
  where
• 10:13
  we
• 10:13
  could
• 10:14
  do
• 10:14
  something.
• 10:15
  Yeah.
• 10:15
  If
• 10:15
  you
• 10:15
  were
• 10:15
  given
• 10:16
  a
• 10:16
  magic
• 10:16
  wand
• 10:16
  or
• 10:18
  even
• 10:18
  better,
• 10:18
  the
• 10:19
  ear
• 10:19
  of
• 10:19
  the
• 10:19
  Prime
• 10:19
  Minister
• 10:19
  and
• 10:20
  who
• 10:20
  is
• 10:20
  guaranteed
• 10:20
  to
• 10:21
  do
• 10:21
  just
• 10:21
  one
• 10:21
  thing.
• 10:22
  What
• 10:22
  would
• 10:22
  you
• 10:23
  like
• 10:23
  to
• 10:23
  see
• 10:23
  happen
• 10:24
  to
• 10:24
  tackle
• 10:24
  that
• 10:25
  cost
• 10:25
  of
• 10:25
  living
• 10:25
  for
• 10:26
  people?
• 10:26
  What
• 10:26
  do
• 10:26
  you
• 10:26
  think
• 10:26
  would
• 10:27
  move
• 10:27
  the.
• 10:27
  Lever
• 10:28
  the
• 10:29
  fastest,
• 10:29
  providing
• 10:30
  people
• 10:30
  with
• 10:30
  some
• 10:31
  financial
• 10:31
  support?
• 10:31
  Now
• 10:32
  that
• 10:32
  would
• 10:32
  help
• 10:32
  instantly.
• 10:33
  Right.
• 10:33
  But
• 10:34
  it's
• 10:34
  probably
• 10:34
  not
• 10:35
  a
• 10:35
  very
• 10:36
  sensible
• 10:36
  idea
• 10:37
  because
• 10:37
  today
• 10:38
  would
• 10:38
  require
• 10:39
  New
• 10:39
  Zealand
• 10:40
  to
• 10:40
  take
• 10:40
  on
• 10:40
  more
• 10:40
  debt
• 10:41
  and
• 10:41
  more
• 10:41
  debt
• 10:42
  needs
• 10:42
  to
• 10:42
  be
• 10:42
  serviced
• 10:42
  so
• 10:43
  there
• 10:43
  will
• 10:43
  be
• 10:43
  less
• 10:44
  money
• 10:44
  later
• 10:44
  on.
• 10:45
  And
• 10:45
  it's.
• 10:45
  Well,
• 10:46
  it
• 10:46
  would
• 10:46
  put
• 10:46
  more
• 10:46
  pressure
• 10:47
  on
• 10:47
  inflation,
• 10:48
  provide
• 10:49
  handouts
• 10:49
  and
• 10:49
  people
• 10:49
  will
• 10:50
  start
• 10:50
  spending
• 10:50
  more
• 10:51
  and
• 10:51
  inflation
• 10:52
  will
• 10:52
  go
• 10:52
  up
• 10:52
  again.
• 10:53
  So
• 10:53
  that's
• 10:53
  not
• 10:53
  a
• 10:53
  fix.
• 10:54
  So
• 10:54
  what
• 10:54
  might
• 10:55
  be
• 10:55
  the
• 10:55
  quickest
• 10:56
  cure
• 10:57
  might
• 10:57
  not
• 10:58
  be
• 10:58
  the
• 10:58
  smartest
• 10:59
  thing
• 11:00
  to
• 11:01
  do.
• 11:01
  And
• 11:01
  I
• 11:01
  think
• 11:01
  the
• 11:02
  government
• 11:02
  has
• 11:02
  signaled
• 11:03
  this
• 11:03
  quite
• 11:03
  well
• 11:03
  in
• 11:04
  the
• 11:04
  budget.
• 11:04
  It's
• 11:05
  a
• 11:05
  very
• 11:05
  no
• 11:05
  frills
• 11:07
  be
• 11:07
  disciplined
• 11:08
  now
• 11:09
  so
• 11:09
  we
• 11:09
  have
• 11:09
  more
• 11:10
  later
• 11:10
  kind
• 11:10
  of
• 11:11
  budget,
• 11:11
  which
• 11:11
  is
• 11:12
  not
• 11:12
  unusual
• 11:12
  in
• 11:12
  election
• 11:13
  years,
• 11:13
  but
• 11:13
  it's
• 11:14
  a
• 11:14
  very
• 11:14
  sort
• 11:14
  of
• 11:15
  grown
• 11:16
  up,
• 11:16
  very
• 11:16
  liberal
• 11:17
  kind
• 11:17
  of
• 11:18
  budget.
• 11:18
  And
• 11:19
  political
• 11:19
  liberalism
• 11:20
  doesn't
• 11:20
  mean
• 11:21
  anything
• 11:21
  goes.
• 11:21
  No,
• 11:22
  it
• 11:22
  simply
• 11:22
  means
• 11:23
  that
• 11:23
  the
• 11:23
  government
• 11:24
  puts
• 11:24
  responsibility
• 11:25
  back
• 11:26
  to
• 11:26
  the
• 11:26
  individual.
• 11:27
  You
• 11:27
  need
• 11:27
  to
• 11:27
  look
• 11:28
  after
• 11:28
  yourself
• 11:28
  and
• 11:29
  we
• 11:29
  won't
• 11:29
  intervene.
• 11:30
  So
• 11:30
  that
• 11:31
  suggests
• 11:31
  that
• 11:31
  we
• 11:31
  are
• 11:32
  not
• 11:32
  providing
• 11:33
  handouts
• 11:33
  or
• 11:33
  the
• 11:34
  government
• 11:34
  will
• 11:34
  not
• 11:34
  be
• 11:35
  giving
• 11:35
  hands
• 11:35
  out,
• 11:36
  but
• 11:36
  it
• 11:36
  puts
• 11:37
  the
• 11:37
  responsibility
• 11:38
  back
• 11:39
  on
• 11:39
  each
• 11:39
  of
• 11:39
  us
• 11:40
  to
• 11:40
  make
• 11:40
  sure
• 11:40
  we
• 11:41
  make
• 11:41
  the
• 11:41
  savings
• 11:42
  we
• 11:42
  need
• 11:43
  to
• 11:43
  make
• 11:43
  to
• 11:44
  solve
• 11:44
  the
• 11:44
  cost
• 11:44
  of
• 11:44
  living
• 11:45
  crisis
• 11:45
  and
• 11:45
  need
• 11:45
  to
• 11:45
  just
• 11:46
  get
• 11:46
  better
• 11:46
  at
• 11:46
  the
• 11:47
  things
• 11:47
  we
• 11:47
  do.
• 11:48
  At
• 11:48
  the
• 11:48
  heart
• 11:48
  of
• 11:48
  it
• 11:49
  is
• 11:50
  low,
• 11:50
  low
• 11:50
  productivity.
• 11:51
  Right.
• 11:51
  We
• 11:52
  rank
• 11:52
  right
• 11:53
  at
• 11:53
  the
• 11:53
  bottom
• 11:53
  of
• 11:53
  the
• 11:54
  OECD
• 11:54
  in
• 11:54
  terms
• 11:55
  of
• 11:55
  productivity.
• 11:56
  We
• 11:57
  just
• 11:57
  need
• 11:57
  to
• 11:58
  start
• 11:59
  solving
• 11:59
  that
• 12:00
  problem.
• 12:00
  I
• 12:00
  mean,
• 12:00
  one
• 12:01
  of
• 12:01
  the
• 12:01
  first
• 12:01
  things
• 12:02
  David
• 12:03
  Seymour
• 12:03
  did
• 12:03
  was
• 12:04
  get
• 12:04
  rid
• 12:05
  of
• 12:05
  the
• 12:05
  productivity
• 12:06
  commission
• 12:06
  because
• 12:07
  it
• 12:07
  hasn't
• 12:07
  done
• 12:08
  much
• 12:08
  because
• 12:08
  productivity
• 12:09
  had
• 12:09
  been
• 12:09
  falling.
• 12:10
  Even
• 12:10
  so,
• 12:10
  we
• 12:10
  had
• 12:11
  a
• 12:11
  commission,
• 12:11
  but
• 12:11
  didn't
• 12:12
  really
• 12:12
  do
• 12:13
  much
• 12:13
  to
• 12:13
  improve
• 12:14
  productivity
• 12:15
  either.
• 12:15
  Just
• 12:15
  by
• 12:15
  getting
• 12:16
  rid
• 12:16
  of
• 12:16
  the
• 12:16
  productivity
• 12:17
  commission
• 12:17
  doesn't
• 12:18
  mean
• 12:18
  we
• 12:18
  have
• 12:18
  gotten
• 12:19
  better.
• 12:19
  We
• 12:20
  haven't
• 12:20
  quite
• 12:20
  figured
• 12:21
  it
• 12:21
  out
• 12:21
  how
• 12:21
  to
• 12:22
  increase
• 12:22
  productivity.
• 12:23
  And
• 12:23
  if
• 12:23
  we
• 12:23
  could,
• 12:24
  then
• 12:24
  that
• 12:25
  would
• 12:26
  help
• 12:26
  because
• 12:26
  that
• 12:27
  would
• 12:27
  actually
• 12:28
  generally
• 12:28
  increase
• 12:29
  the
• 12:29
  pie.
• 12:30
  It's
• 12:30
  not
• 12:31
  just
• 12:31
  cutting
• 12:31
  it
• 12:32
  the
• 12:32
  same
• 12:32
  pie
• 12:32
  in
• 12:33
  different
• 12:33
  ways,
• 12:33
  but
• 12:34
  it
• 12:34
  would
• 12:34
  actually
• 12:34
  increase
• 12:36
  the
• 12:36
  pie
• 12:37
  and
• 12:37
  that
• 12:37
  would
• 12:37
  help.
• 12:38
  Yeah,
• 12:39
  it's
• 12:39
  interesting,
• 12:39
  isn't
• 12:39
  it,
• 12:40
  because
• 12:40
  I
• 12:40
  feel
• 12:40
  like
• 12:40
  this
• 12:40
  has
• 12:40
  been
• 12:40
  talked
• 12:41
  about
• 12:41
  for
• 12:41
  years
• 12:41
  now,
• 12:42
  that
• 12:42
  New
• 12:42
  Zealanders
• 12:43
  famously
• 12:44
  got
• 12:44
  really
• 12:45
  low
• 12:45
  productivity,
• 12:46
  where
• 12:47
  we
• 12:47
  go
• 12:47
  to
• 12:47
  work
• 12:48
  for
• 12:48
  many
• 12:48
  hours,
• 12:49
  we
• 12:49
  don't
• 12:49
  earn
• 12:50
  as
• 12:50
  much
• 12:50
  as
• 12:50
  other
• 12:50
  places
• 12:51
  or
• 12:51
  produce
• 12:52
  as
• 12:52
  much
• 12:52
  as
• 12:52
  other
• 12:52
  places
• 12:53
  for
• 12:53
  that
• 12:54
  time
• 12:54
  going
• 12:54
  to
• 12:54
  work.
• 12:55
  And
• 12:55
  people
• 12:55
  have
• 12:56
  been
• 12:56
  talking
• 12:56
  in
• 12:56
  circles
• 12:57
  about
• 12:57
  fixing
• 12:58
  this.
• 12:58
  Like
• 12:58
  you
• 12:58
  say,
• 12:58
  we
• 12:58
  had
• 12:58
  a
• 12:58
  whole
• 12:59
  productivity
• 12:59
  commission,
• 12:59
  didn't
• 13:00
  really
• 13:00
  seem
• 13:00
  to
• 13:00
  fix
• 13:00
  it.
• 13:01
  Is
• 13:01
  there
• 13:01
  a
• 13:01
  fix
• 13:02
  that
• 13:02
  we're
• 13:02
  just
• 13:02
  missing
• 13:03
  that?
• 13:03
  You
• 13:03
  see,
• 13:04
  the
• 13:04
  issue
• 13:04
  really
• 13:04
  is
• 13:05
  that
• 13:05
  the
• 13:05
  industries
• 13:06
  we
• 13:06
  focus
• 13:06
  on
• 13:07
  and
• 13:07
  we
• 13:07
  are
• 13:07
  good
• 13:07
  at
• 13:08
  are
• 13:08
  sort
• 13:08
  of
• 13:09
  at
• 13:09
  the
• 13:09
  end
• 13:09
  of
• 13:09
  their
• 13:10
  productivity
• 13:11
  growth.
• 13:12
  If
• 13:12
  you
• 13:12
  look,
• 13:12
  for
• 13:12
  example,
• 13:13
  at
• 13:13
  the
• 13:13
  dairy
• 13:14
  sector,
• 13:15
  there's
• 13:15
  only
• 13:15
  so
• 13:15
  much
• 13:16
  milk
• 13:16
  you
• 13:16
  can
• 13:17
  squeeze
• 13:17
  out
• 13:17
  of
• 13:17
  a
• 13:17
  cow
• 13:18
  and
• 13:18
  we've
• 13:18
  gotten
• 13:18
  pretty,
• 13:19
  pretty
• 13:19
  good
• 13:19
  at
• 13:20
  this.
• 13:20
  So
• 13:20
  there's
• 13:21
  not
• 13:21
  many
• 13:22
  productivity
• 13:22
  gains
• 13:23
  to
• 13:23
  be
• 13:23
  achieved
• 13:24
  the
• 13:24
  same.
• 13:25
  The
• 13:25
  whole
• 13:25
  primary
• 13:26
  sector,
• 13:27
  you
• 13:27
  can't
• 13:27
  easily
• 13:28
  grow
• 13:28
  more
• 13:28
  apple
• 13:29
  or
• 13:29
  kiwi
• 13:30
  fruit.
• 13:30
  And
• 13:31
  we
• 13:31
  can't
• 13:31
  let
• 13:32
  more
• 13:32
  people
• 13:32
  into
• 13:32
  the
• 13:32
  country
• 13:33
  of
• 13:33
  tourism
• 13:34
  without
• 13:34
  destroying
• 13:36
  what
• 13:36
  we
• 13:37
  have
• 13:37
  and
• 13:37
  why
• 13:37
  people
• 13:38
  would
• 13:38
  come
• 13:38
  and
• 13:38
  visit
• 13:38
  New
• 13:39
  Zealand.
• 13:39
  So
• 13:40
  part
• 13:40
  of
• 13:40
  the
• 13:40
  issue
• 13:41
  is
• 13:41
  that
• 13:41
  we
• 13:41
  are
• 13:42
  focusing
• 13:42
  on
• 13:42
  sectors
• 13:43
  where
• 13:44
  productivity
• 13:45
  gains
• 13:45
  are
• 13:45
  low.
• 13:46
  These
• 13:46
  are
• 13:46
  things
• 13:46
  that
• 13:47
  are
• 13:47
  not
• 13:47
  easily
• 13:47
  scalable.
• 13:49
  Think
• 13:49
  of
• 13:49
  somebody
• 13:49
  who
• 13:50
  develops
• 13:50
  a
• 13:50
  software
• 13:51
  program,
• 13:51
  you
• 13:52
  can
• 13:52
  just
• 13:52
  scale
• 13:52
  it
• 13:53
  up
• 13:53
  easily
• 13:53
  and
• 13:54
  take
• 13:54
  it
• 13:54
  to
• 13:54
  the
• 13:54
  world.
• 13:55
  You
• 13:55
  can't
• 13:55
  scale
• 13:56
  up
• 13:56
  producing
• 13:56
  more
• 13:57
  milk
• 13:58
  very
• 13:58
  easily.
• 13:59
  It's
• 13:59
  not
• 13:59
  a
• 13:59
  scalable
• 14:00
  kind
• 14:01
  of
• 14:01
  operation.
• 14:01
  When
• 14:02
  we
• 14:02
  already
• 14:03
  reached
• 14:04
  quite
• 14:04
  high
• 14:04
  levels
• 14:05
  of
• 14:05
  efficiency
• 14:06
  in
• 14:06
  these
• 14:06
  sectors,
• 14:06
  so
• 14:07
  the
• 14:07
  productivity
• 14:08
  growth
• 14:08
  is
• 14:08
  just
• 14:09
  slow,
• 14:09
  we
• 14:10
  simply
• 14:10
  would
• 14:11
  need
• 14:11
  to
• 14:12
  change
• 14:12
  our
• 14:13
  mindset
• 14:13
  to
• 14:15
  become
• 14:15
  more
• 14:15
  innovative
• 14:16
  and
• 14:17
  focus
• 14:17
  on
• 14:17
  sectors
• 14:18
  where
• 14:18
  that
• 14:19
  are
• 14:19
  easily
• 14:19
  scalable
• 14:20
  and
• 14:20
  where
• 14:20
  there
• 14:20
  is
• 14:21
  more
• 14:21
  productivity
• 14:22
  growth
• 14:22
  still
• 14:23
  available.
• 14:24
  But
• 14:24
  it's
• 14:24
  not
• 14:24
  a
• 14:25
  quick
• 14:25
  process
• 14:26
  because
• 14:26
  if
• 14:26
  you
• 14:26
  think
• 14:27
  of
• 14:27
  New
• 14:27
  Zealand,
• 14:27
  there's
• 14:28
  a
• 14:28
  strong
• 14:28
  hill
• 14:29
  history
• 14:29
  of
• 14:30
  what
• 14:30
  we
• 14:30
  do
• 14:31
  that's
• 14:31
  not
• 14:31
  easily
• 14:32
  changed.
• 14:33
  And
• 14:33
  we
• 14:33
  had
• 14:33
  it
• 14:34
  very
• 14:34
  good
• 14:34
  for
• 14:34
  a
• 14:34
  long
• 14:35
  time
• 14:35
  and
• 14:35
  that's
• 14:36
  made
• 14:36
  us
• 14:36
  a
• 14:36
  bit
• 14:36
  complacent
• 14:37
  and
• 14:37
  now
• 14:37
  it's
• 14:38
  difficult
• 14:38
  to
• 14:39
  change
• 14:39
  that
• 14:40
  mindset.
• 14:40
  Are
• 14:41
  there
• 14:41
  any
• 14:41
  areas
• 14:42
  where
• 14:43
  New
• 14:43
  Zealand
• 14:44
  has
• 14:44
  shown
• 14:45
  some
• 14:45
  good
• 14:46
  possibilities,
• 14:46
  areas
• 14:47
  that
• 14:47
  you
• 14:47
  think
• 14:47
  we
• 14:47
  could
• 14:48
  lean
• 14:48
  into
• 14:49
  that
• 14:49
  would
• 14:49
  be
• 14:50
  better
• 14:50
  and
• 14:50
  more
• 14:50
  scalable?
• 14:51
  Kiwis
• 14:52
  are
• 14:52
  clever
• 14:52
  people,
• 14:52
  very
• 14:53
  innovative
• 14:53
  people.
• 14:54
  New
• 14:54
  Zealand
• 14:54
  registers
• 14:55
  a
• 14:56
  lot
• 14:56
  of
• 14:56
  patents
• 14:57
  per
• 14:57
  person,
• 14:57
  but
• 14:58
  the
• 14:58
  problem
• 14:58
  is
• 14:59
  these
• 14:59
  patents
• 15:00
  never
• 15:00
  end
• 15:01
  up
• 15:01
  in
• 15:02
  global
• 15:03
  products.
• 15:03
  So
• 15:05
  we
• 15:05
  are
• 15:05
  good
• 15:05
  in
• 15:05
  coming
• 15:06
  up
• 15:06
  with
• 15:06
  things.
• 15:07
  We
• 15:07
  are
• 15:07
  very
• 15:07
  poor
• 15:08
  in
• 15:08
  converting
• 15:09
  these
• 15:09
  good
• 15:09
  ideas
• 15:10
  into
• 15:11
  success
• 15:12
  stories.
• 15:12
  Why
• 15:13
  is
• 15:13
  that?
• 15:13
  We
• 15:14
  don't
• 15:14
  like
• 15:14
  failure,
• 15:15
  but
• 15:15
  to
• 15:15
  have
• 15:15
  a
• 15:16
  good
• 15:16
  idea,
• 15:16
  you
• 15:16
  need
• 15:17
  to
• 15:17
  be
• 15:17
  allowed
• 15:17
  to
• 15:17
  fail.
• 15:18
  Great
• 15:19
  fan
• 15:19
  of
• 15:19
  Einstein.
• 15:20
  He
• 15:20
  famously
• 15:20
  said,
• 15:20
  if
• 15:21
  I
• 15:21
  knew
• 15:21
  what
• 15:21
  I
• 15:21
  was
• 15:21
  doing,
• 15:22
  it
• 15:22
  wouldn't
• 15:22
  be
• 15:22
  called
• 15:22
  research.
• 15:24
  I
• 15:24
  haven't
• 15:24
  heard
• 15:25
  that's
• 15:25
  good.
• 15:26
  When
• 15:26
  you
• 15:26
  start
• 15:27
  off
• 15:27
  something,
• 15:27
  you
• 15:28
  have
• 15:28
  no
• 15:28
  idea
• 15:29
  what
• 15:29
  will
• 15:30
  come
• 15:30
  out
• 15:30
  of
• 15:30
  it.
• 15:30
  And
• 15:31
  that's
• 15:31
  a
• 15:31
  risky
• 15:31
  part.
• 15:32
  And
• 15:32
  some
• 15:32
  ideas
• 15:32
  just
• 15:33
  don't
• 15:33
  work.
• 15:33
  But
• 15:34
  you
• 15:34
  need
• 15:34
  to
• 15:34
  be
• 15:34
  allowed
• 15:35
  to
• 15:35
  fail
• 15:35
  a
• 15:36
  few
• 15:36
  times
• 15:36
  to
• 15:37
  get
• 15:38
  the
• 15:38
  big
• 15:38
  winner.
• 15:39
  And
• 15:39
  you
• 15:39
  see,
• 15:39
  England
• 15:40
  is
• 15:40
  not
• 15:40
  very
• 15:40
  good
• 15:40
  in
• 15:41
  accepting
• 15:42
  sort
• 15:42
  of
• 15:42
  these
• 15:43
  upstart
• 15:43
  failures
• 15:43
  or
• 15:44
  maybe
• 15:44
  we
• 15:44
  can't
• 15:44
  afford
• 15:44
  them
• 15:45
  because
• 15:45
  we
• 15:45
  are
• 15:45
  reasonably
• 15:46
  small
• 15:47
  and
• 15:47
  don't
• 15:48
  have
• 15:48
  the
• 15:48
  financial
• 15:49
  means.
• 15:50
  Okay,
• 15:50
  so
• 15:51
  small
• 15:51
  recap.
• 15:51
  And
• 15:52
  correct
• 15:52
  me
• 15:52
  at
• 15:52
  any
• 15:52
  point
• 15:52
  if
• 15:53
  I'm
• 15:53
  putting
• 15:53
  words
• 15:53
  into
• 15:53
  your
• 15:54
  mouth
• 15:54
  incorrectly,
• 15:55
  um,
• 15:55
  that
• 15:56
  basically
• 15:56
  you
• 15:56
  see
• 15:56
  it
• 15:57
  as,
• 15:57
  you
• 15:57
  know,
• 15:58
  the,
• 15:59
  the
• 15:59
  inflation
• 16:00
  problem,
• 16:00
  the
• 16:00
  cost
• 16:00
  of
• 16:01
  living,
• 16:01
  the,
• 16:01
  the
• 16:02
  sort
• 16:02
  of
• 16:02
  general
• 16:03
  economic
• 16:05
  sadness
• 16:06
  that
• 16:06
  we're
• 16:07
  dealing
• 16:07
  with
• 16:07
  at
• 16:07
  the
• 16:07
  moment
• 16:08
  is
• 16:09
  coming
• 16:09
  down
• 16:09
  to
• 16:10
  we
• 16:11
  need
• 16:11
  to
• 16:11
  have
• 16:12
  an
• 16:12
  overall
• 16:12
  rev
• 16:13
  up
• 16:13
  of
• 16:13
  our
• 16:14
  economy.
• 16:14
  We
• 16:14
  need
• 16:14
  to
• 16:15
  deal
• 16:15
  with
• 16:15
  this
• 16:15
  productivity
• 16:16
  and
• 16:16
  maybe
• 16:16
  think
• 16:16
  about
• 16:16
  how
• 16:17
  we
• 16:17
  make
• 16:17
  money
• 16:17
  in
• 16:17
  general
• 16:19
  in
• 16:19
  order
• 16:19
  to
• 16:20
  fix
• 16:20
  these
• 16:20
  larger
• 16:21
  issues.
• 16:22
  And
• 16:22
  for
• 16:22
  that
• 16:22
  we
• 16:23
  need
• 16:23
  to
• 16:23
  maybe
• 16:23
  get
• 16:24
  a
• 16:24
  bit
• 16:24
  better
• 16:24
  at
• 16:25
  accepting
• 16:25
  some
• 16:26
  risks
• 16:26
  and
• 16:26
  building
• 16:27
  bigger
• 16:27
  and
• 16:27
  different
• 16:28
  things.
• 16:29
  How
• 16:29
  do
• 16:29
  we
• 16:29
  encourage
• 16:30
  that?
• 16:30
  Is
• 16:30
  that
• 16:30
  a
• 16:30
  government
• 16:30
  problem?
• 16:31
  Is
• 16:31
  that
• 16:31
  a
• 16:32
  business
• 16:33
  sector
• 16:33
  problem?
• 16:34
  Both.
• 16:34
  What
• 16:35
  do
• 16:35
  we
• 16:35
  do.
• 16:36
  It's
• 16:36
  probably
• 16:36
  a
• 16:36
  mix
• 16:37
  because
• 16:37
  we
• 16:37
  have
• 16:37
  success
• 16:38
  stories.
• 16:39
  Fisher
• 16:39
  Paykel
• 16:40
  Healthcare
• 16:41
  is
• 16:41
  globally
• 16:42
  super
• 16:42
  strong.
• 16:43
  We
• 16:43
  were
• 16:43
  able
• 16:44
  to
• 16:45
  build
• 16:45
  catamarans
• 16:46
  that
• 16:46
  were
• 16:47
  better
• 16:47
  than
• 16:47
  anyone
• 16:47
  else.
• 16:48
  We
• 16:48
  with
• 16:48
  big
• 16:48
  wind
• 16:48
  tunnels
• 16:49
  and
• 16:49
  a
• 16:49
  lot
• 16:49
  more
• 16:50
  money.
• 16:51
  So
• 16:51
  in
• 16:52
  the
• 16:52
  boating
• 16:52
  industry
• 16:53
  we've
• 16:54
  done
• 16:54
  great
• 16:54
  things.
• 16:55
  Even
• 16:55
  the
• 16:55
  dairy
• 16:56
  sector,
• 16:56
  we've
• 16:56
  come
• 16:57
  up
• 16:57
  with
• 16:57
  good
• 16:57
  things.
• 16:58
  So
• 16:58
  there
• 16:59
  are
• 16:59
  pockets,
• 17:00
  but
• 17:00
  it's
• 17:01
  not
• 17:01
  strategic.
• 17:02
  I
• 17:02
  think
• 17:02
  that
• 17:02
  is
• 17:03
  part
• 17:03
  of
• 17:03
  the
• 17:03
  issue.
• 17:04
  I
• 17:04
  always
• 17:04
  think
• 17:05
  sport
• 17:05
  is
• 17:05
  a
• 17:05
  good
• 17:06
  microcosmos
• 17:07
  to
• 17:07
  see
• 17:07
  what's
• 17:07
  going
• 17:07
  on
• 17:08
  in
• 17:08
  the
• 17:09
  real
• 17:09
  world.
• 17:10
  If
• 17:10
  you
• 17:10
  want
• 17:10
  to
• 17:10
  be
• 17:11
  successful
• 17:11
  here
• 17:11
  in
• 17:11
  New
• 17:11
  Zealand,
• 17:12
  there
• 17:12
  are
• 17:12
  no
• 17:13
  big
• 17:13
  institutions
• 17:13
  who
• 17:14
  support
• 17:14
  you,
• 17:14
  but
• 17:14
  you
• 17:15
  have
• 17:15
  individual
• 17:15
  pockets
• 17:16
  of
• 17:16
  brilliance
• 17:16
  where
• 17:17
  we
• 17:18
  have
• 17:18
  sports
• 17:18
  people
• 17:18
  who
• 17:18
  suddenly
• 17:19
  win
• 17:19
  eight
• 17:19
  gold
• 17:19
  medals
• 17:20
  or
• 17:20
  so
• 17:20
  at
• 17:20
  Olympic
• 17:21
  Games,
• 17:21
  but
• 17:22
  they
• 17:22
  have
• 17:22
  done
• 17:22
  so
• 17:23
  mainly
• 17:23
  by
• 17:23
  themselves
• 17:25
  rather
• 17:25
  than
• 17:26
  there
• 17:26
  be
• 17:26
  a
• 17:26
  strategic
• 17:27
  approach.
• 17:28
  And
• 17:28
  again,
• 17:28
  that
• 17:29
  comes
• 17:29
  down
• 17:29
  to
• 17:29
  money
• 17:30
  issue
• 17:30
  as
• 17:30
  well.
• 17:30
  We
• 17:31
  don't
• 17:31
  have
• 17:31
  that
• 17:32
  much
• 17:32
  money
• 17:32
  to
• 17:32
  fund
• 17:33
  all
• 17:33
  these
• 17:33
  different
• 17:33
  sports,
• 17:34
  but
• 17:34
  it's
• 17:34
  a
• 17:34
  reflection
• 17:35
  of
• 17:35
  what
• 17:35
  happens
• 17:36
  in
• 17:36
  the
• 17:36
  economy
• 17:37
  as
• 17:38
  a
• 17:38
  whole.
• 17:38
  So
• 17:39
  I
• 17:39
  guess
• 17:39
  it
• 17:39
  needs
• 17:39
  a
• 17:40
  combination.
• 17:40
  We
• 17:40
  need
• 17:41
  the
• 17:41
  business
• 17:41
  sector
• 17:42
  to
• 17:42
  come
• 17:42
  up
• 17:43
  and
• 17:43
  those
• 17:43
  people
• 17:43
  who've
• 17:43
  done
• 17:44
  well
• 17:44
  to
• 17:45
  share
• 17:45
  with
• 17:46
  us
• 17:46
  why
• 17:46
  and
• 17:47
  what
• 17:47
  worked
• 17:47
  and
• 17:47
  how
• 17:48
  it
• 17:48
  worked.
• 17:48
  But
• 17:48
  there
• 17:48
  needs
• 17:49
  to
• 17:49
  be
• 17:49
  the
• 17:49
  government
• 17:50
  support.
• 17:50
  And
• 17:51
  we
• 17:51
  have
• 17:51
  had
• 17:51
  this
• 17:51
  over
• 17:51
  the
• 17:52
  year
• 17:52
  with
• 17:52
  Callahan
• 17:53
  Innovation
• 17:53
  and
• 17:54
  Innovation
• 17:54
  grants.
• 17:55
  But
• 17:55
  it
• 17:55
  hasn't
• 17:56
  really
• 17:56
  worked.
• 17:57
  So
• 17:57
  we
• 17:57
  need
• 17:57
  to
• 17:57
  figure
• 17:57
  out
• 17:59
  what
• 17:59
  went
• 17:59
  wrong.
• 18:00
  Well,
• 18:00
  yeah,
• 18:00
  I
• 18:00
  was
• 18:00
  going
• 18:00
  to
• 18:01
  say
• 18:01
  they
• 18:01
  got
• 18:01
  rid
• 18:01
  of
• 18:01
  Callaghan
• 18:02
  Innovation
• 18:02
  as
• 18:02
  well,
• 18:03
  didn't
• 18:03
  they?
• 18:03
  Yeah.
• 18:04
  The
• 18:04
  Productivity
• 18:04
  Commission
• 18:05
  gone.
• 18:05
  Callaghan
• 18:06
  Innovation
• 18:06
  gone.
• 18:07
  Are
• 18:07
  we
• 18:07
  maybe
• 18:08
  going
• 18:08
  a
• 18:08
  little
• 18:08
  backwards
• 18:09
  on
• 18:09
  some
• 18:09
  of
• 18:09
  these
• 18:09
  ideas
• 18:10
  that
• 18:10
  you're
• 18:10
  suggesting?
• 18:11
  I
• 18:11
  hope
• 18:11
  not.
• 18:12
  But
• 18:12
  we
• 18:12
  certainly
• 18:13
  don't
• 18:13
  do
• 18:13
  as
• 18:14
  much
• 18:14
  as
• 18:15
  we
• 18:15
  could.
• 18:15
  Okay.
• 18:16
  And
• 18:16
  then
• 18:16
  the
• 18:16
  other
• 18:17
  thing
• 18:17
  of
• 18:17
  course
• 18:17
  is
• 18:17
  they
• 18:17
  are
• 18:18
  forecasting
• 18:19
  that
• 18:19
  unemployment
• 18:21
  towards
• 18:21
  the
• 18:21
  end
• 18:21
  of
• 18:21
  this
• 18:21
  year
• 18:22
  peaks
• 18:22
  at
• 18:23
  around
• 18:23
  the
• 18:23
  5.5%.
• 18:24
  Also
• 18:24
  not
• 18:24
  a
• 18:24
  great
• 18:25
  number.
• 18:25
  And
• 18:25
  I've
• 18:26
  heard
• 18:26
  a
• 18:26
  lot
• 18:26
  of
• 18:27
  it's
• 18:27
  quite
• 18:27
  anecdotal,
• 18:28
  but
• 18:29
  it
• 18:29
  is
• 18:29
  sort
• 18:30
  of
• 18:30
  a
• 18:30
  lot
• 18:30
  of
• 18:31
  stories
• 18:31
  I've
• 18:31
  heard
• 18:31
  of
• 18:31
  people
• 18:32
  looking
• 18:32
  for
• 18:32
  work
• 18:33
  for
• 18:33
  months
• 18:34
  and
• 18:34
  just
• 18:34
  not
• 18:34
  being
• 18:35
  able
• 18:35
  to
• 18:35
  get
• 18:35
  anything,
• 18:35
  a
• 18:35
  lot
• 18:36
  of
• 18:36
  competition
• 18:36
  out
• 18:36
  in
• 18:36
  the
• 18:36
  job
• 18:37
  market,
• 18:37
  quite
• 18:37
  hard
• 18:37
  to
• 18:37
  get
• 18:38
  new
• 18:38
  things.
• 18:39
  So
• 18:39
  do
• 18:39
  you
• 18:39
  think
• 18:39
  that's
• 18:40
  also
• 18:40
  linked
• 18:40
  into
• 18:41
  this,
• 18:41
  that
• 18:41
  if
• 18:41
  we're
• 18:41
  dealing
• 18:42
  with
• 18:42
  cost
• 18:42
  of
• 18:42
  living
• 18:43
  and
• 18:43
  then
• 18:43
  we've
• 18:43
  got
• 18:43
  this
• 18:44
  unemployment
• 18:44
  problem
• 18:44
  where
• 18:45
  people
• 18:45
  are
• 18:45
  increasingly
• 18:46
  finding
• 18:46
  it's
• 18:46
  a
• 18:46
  tough
• 18:47
  market
• 18:47
  out
• 18:47
  there
• 18:48
  that
• 18:48
  we
• 18:49
  do
• 18:49
  need
• 18:49
  to
• 18:50
  look
• 18:50
  at
• 18:51
  other
• 18:51
  ways
• 18:51
  of
• 18:52
  making
• 18:52
  money?
• 18:52
  I
• 18:53
  mean,
• 18:53
  the
• 18:53
  problem
• 18:54
  is
• 18:54
  New
• 18:54
  Zealand
• 18:54
  is
• 18:55
  so
• 18:55
  far
• 18:55
  away
• 18:55
  from
• 18:56
  a
• 18:56
  lot
• 18:56
  of
• 18:56
  other
• 18:56
  places.
• 18:57
  Right.
• 18:57
  And
• 18:57
  that
• 18:57
  does
• 18:58
  have
• 18:58
  an
• 18:58
  impact
• 18:58
  on
• 18:58
  what
• 18:59
  we
• 18:59
  can
• 18:59
  do.
• 18:59
  Do
• 19:00
  we
• 19:00
  need
• 19:00
  to
• 19:00
  embrace
• 19:02
  more
• 19:02
  of
• 19:02
  a
• 19:02
  digital
• 19:03
  future?
• 19:04
  Maybe
• 19:05
  what
• 19:05
  you
• 19:05
  hear,
• 19:06
  and
• 19:06
  it
• 19:06
  totally
• 19:07
  has
• 19:07
  economic
• 19:08
  reasons,
• 19:09
  if
• 19:09
  an
• 19:09
  economy
• 19:09
  is
• 19:10
  slowing
• 19:10
  down,
• 19:11
  it
• 19:11
  is
• 19:11
  always
• 19:12
  related
• 19:13
  to
• 19:13
  an
• 19:14
  increase
• 19:14
  in
• 19:15
  unemployment
• 19:17
  and
• 19:17
  the
• 19:17
  uncertainty
• 19:18
  at
• 19:18
  the
• 19:18
  moment.
• 19:19
  I
• 19:19
  think
• 19:19
  that's
• 19:19
  what's
• 19:20
  driving
• 19:21
  businesses
• 19:22
  from
• 19:22
  just
• 19:22
  holding
• 19:22
  back
• 19:23
  on
• 19:23
  investments
• 19:24
  because
• 19:24
  we
• 19:25
  don't
• 19:25
  know
• 19:25
  where
• 19:26
  interest
• 19:26
  rates
• 19:27
  in
• 19:27
  the
• 19:27
  OCR
• 19:28
  are
• 19:28
  going,
• 19:28
  we
• 19:29
  don't
• 19:29
  know
• 19:30
  what
• 19:30
  inflation
• 19:31
  will
• 19:31
  do.
• 19:32
  So
• 19:32
  companies
• 19:32
  are
• 19:33
  cautious,
• 19:33
  they're
• 19:33
  not
• 19:33
  necessarily
• 19:34
  expanding
• 19:34
  or
• 19:35
  investing,
• 19:35
  which
• 19:36
  simply
• 19:36
  means
• 19:36
  people
• 19:37
  find
• 19:37
  it
• 19:37
  harder
• 19:37
  to
• 19:38
  find
• 19:38
  jobs.
• 19:39
  Which
• 19:39
  sectors
• 19:39
  we
• 19:39
  need
• 19:40
  to
• 19:40
  get
• 19:40
  into.
• 19:40
  Well,
• 19:41
  digital
• 19:42
  information
• 19:42
  technology
• 19:43
  is
• 19:43
  certainly
• 19:44
  on
• 19:44
  the
• 19:45
  up.
• 19:45
  Aged
• 19:45
  care
• 19:46
  is
• 19:47
  something
• 19:47
  that
• 19:47
  is
• 19:48
  pretty
• 19:48
  resistant
• 19:49
  because
• 19:50
  we
• 19:50
  know
• 19:50
  the
• 19:50
  population
• 19:51
  is
• 19:51
  getting
• 19:51
  older,
• 19:51
  we
• 19:52
  know
• 19:52
  we
• 19:52
  need
• 19:52
  more
• 19:53
  health
• 19:53
  care.
• 19:54
  So
• 19:55
  that's
• 19:55
  an
• 19:55
  area
• 19:56
  certainly
• 19:57
  the
• 19:57
  whole
• 19:57
  medical
• 19:57
  space,
• 19:58
  medical
• 19:58
  equipment
• 19:59
  is
• 19:59
  certainly
• 19:59
  part
• 19:59
  where
• 20:00
  we
• 20:00
  can
• 20:00
  do
• 20:00
  well
• 20:00
  and
• 20:00
  we
• 20:00
  have
• 20:01
  done
• 20:02
  well
• 20:02
  in
• 20:02
  the
• 20:02
  part.
• 20:03
  But
• 20:03
  yes,
• 20:03
  the
• 20:03
  direction
• 20:04
  would
• 20:05
  probably
• 20:05
  be
• 20:05
  more
• 20:06
  high
• 20:06
  tech
• 20:06
  rather
• 20:07
  than
• 20:07
  primary.
• 20:08
  And
• 20:08
  I
• 20:08
  think
• 20:08
  the
• 20:09
  challenge
• 20:09
  for
• 20:09
  New
• 20:10
  Zealand
• 20:10
  is
• 20:10
  being
• 20:10
  so
• 20:11
  far
• 20:11
  away.
• 20:12
  We
• 20:12
  need
• 20:13
  to
• 20:13
  attract
• 20:14
  people
• 20:14
  wanting
• 20:15
  to
• 20:15
  work
• 20:15
  here
• 20:16
  for
• 20:16
  the
• 20:16
  lifestyle
• 20:17
  because
• 20:17
  this
• 20:17
  is
• 20:17
  what
• 20:17
  New
• 20:17
  Zealand
• 20:18
  has
• 20:19
  to
• 20:19
  offer.
• 20:19
  And
• 20:19
  especially
• 20:20
  in
• 20:20
  that
• 20:20
  digital
• 20:21
  age,
• 20:22
  people
• 20:22
  don't
• 20:22
  need
• 20:23
  to
• 20:23
  be
• 20:23
  in
• 20:23
  the
• 20:23
  center
• 20:24
  where
• 20:24
  everything
• 20:24
  happens.
• 20:25
  You
• 20:25
  can
• 20:25
  work
• 20:26
  from
• 20:26
  other
• 20:26
  countries.
• 20:27
  So
• 20:27
  the
• 20:28
  challenge
• 20:28
  will
• 20:28
  be
• 20:29
  to
• 20:29
  make
• 20:29
  New
• 20:29
  Zealand
• 20:30
  an
• 20:30
  attractive
• 20:31
  enough
• 20:31
  place
• 20:31
  to
• 20:32
  be
• 20:32
  so
• 20:32
  that
• 20:32
  people
• 20:33
  come
• 20:33
  here
• 20:34
  and
• 20:34
  work
• 20:35
  from
• 20:35
  here
• 20:35
  and
• 20:35
  develop
• 20:36
  things
• 20:36
  rather
• 20:37
  than
• 20:37
  our
• 20:38
  brightest
• 20:38
  leaving
• 20:39
  overseas.
• 20:40
  Yeah.
• 20:41
  Which
• 20:41
  feels
• 20:41
  like
• 20:41
  it's
• 20:41
  happening
• 20:42
  a
• 20:42
  lot.
• 20:42
  Recently
• 20:43
  you
• 20:44
  mentioned
• 20:44
  about
• 20:44
  the
• 20:44
  uncertainty
• 20:45
  that
• 20:45
  is
• 20:46
  keeping
• 20:46
  a
• 20:46
  lid
• 20:46
  on
• 20:47
  things
• 20:47
  and
• 20:47
  I
• 20:47
  think
• 20:47
  that's
• 20:48
  a
• 20:48
  really
• 20:48
  good
• 20:48
  point
• 20:49
  because
• 20:49
  one
• 20:49
  of
• 20:49
  the
• 20:49
  other
• 20:50
  forecasts
• 20:50
  that
• 20:50
  I
• 20:50
  found
• 20:51
  interesting,
• 20:51
  a
• 20:52
  lot
• 20:52
  of
• 20:52
  the
• 20:52
  numbers
• 20:52
  that
• 20:53
  they
• 20:53
  were
• 20:53
  putting
• 20:53
  out
• 20:54
  was
• 20:54
  based
• 20:54
  on
• 20:55
  the
• 20:55
  idea
• 20:55
  of
• 20:55
  they
• 20:56
  were
• 20:56
  saying,
• 20:56
  you
• 20:56
  know,
• 20:56
  we,
• 20:56
  we
• 20:56
  think
• 20:57
  the
• 20:57
  Iran
• 20:57
  situation
• 20:58
  is
• 20:58
  going
• 20:58
  to
• 20:58
  resolve
• 20:59
  quite
• 21:00
  soon.
• 21:00
  Now,
• 21:01
  I
• 21:01
  might
• 21:01
  be
• 21:02
  negative
• 21:03
  on
• 21:03
  this.
• 21:03
  I'm
• 21:04
  super
• 21:04
  open
• 21:04
  to
• 21:05
  hearing
• 21:05
  your
• 21:05
  perspective
• 21:06
  on
• 21:06
  it,
• 21:06
  but
• 21:07
  to
• 21:07
  me
• 21:07
  that
• 21:07
  feels
• 21:08
  a
• 21:08
  little
• 21:08
  bit
• 21:08
  rosy
• 21:10
  because
• 21:10
  I
• 21:10
  look
• 21:11
  at
• 21:11
  the
• 21:11
  decisions
• 21:11
  that
• 21:12
  are
• 21:12
  being
• 21:12
  made
• 21:12
  there.
• 21:13
  There's
• 21:14
  been
• 21:15
  many,
• 21:15
  many
• 21:16
  declarations
• 21:17
  of
• 21:17
  we've
• 21:17
  finally
• 21:17
  reached
• 21:18
  an
• 21:18
  agreement
• 21:18
  and
• 21:19
  then
• 21:19
  they
• 21:19
  haven't
• 21:19
  and
• 21:19
  they're
• 21:20
  bombing
• 21:20
  each
• 21:20
  other
• 21:20
  again.
• 21:21
  What
• 21:21
  do
• 21:21
  you
• 21:22
  think
• 21:22
  in
• 21:22
  terms
• 21:23
  of
• 21:24
  where
• 21:24
  you
• 21:25
  see
• 21:25
  that
• 21:25
  situation
• 21:26
  heading
• 21:26
  and
• 21:27
  the
• 21:27
  knock
• 21:27
  on
• 21:28
  impact
• 21:28
  on
• 21:29
  New
• 21:29
  Zealand
• 21:30
  and
• 21:31
  the
• 21:32
  economics
• 21:32
  of
• 21:32
  it?
• 21:33
  I'm
• 21:33
  with
• 21:33
  you
• 21:33
  on
• 21:33
  that
• 21:34
  one.
• 21:34
  I'm
• 21:34
  also
• 21:35
  a
• 21:35
  bit
• 21:35
  skeptical.
• 21:36
  I
• 21:36
  wouldn't
• 21:37
  call
• 21:37
  it
• 21:37
  over.
• 21:37
  And
• 21:38
  every
• 21:38
  time
• 21:39
  you
• 21:39
  check
• 21:39
  the
• 21:39
  news,
• 21:40
  President
• 21:41
  Trump
• 21:41
  has
• 21:41
  said
• 21:42
  something
• 21:42
  else.
• 21:42
  First,
• 21:43
  there's
• 21:43
  a
• 21:43
  deal,
• 21:43
  now
• 21:44
  there's
• 21:44
  no
• 21:44
  deal.
• 21:44
  And
• 21:45
  we
• 21:45
  have
• 21:45
  seen
• 21:45
  it
• 21:45
  over
• 21:46
  the
• 21:46
  past.
• 21:46
  You
• 21:47
  can't
• 21:47
  Trust
• 21:47
  those
• 21:48
  messages.
• 21:49
  So
• 21:49
  I'll
• 21:49
  be
• 21:50
  careful.
• 21:50
  So
• 21:50
  I
• 21:50
  don't
• 21:51
  see
• 21:51
  the
• 21:51
  issue
• 21:52
  being
• 21:52
  resolved
• 21:53
  that
• 21:53
  quickly.
• 21:54
  And
• 21:54
  even
• 21:54
  if
• 21:54
  it
• 21:55
  were
• 21:55
  resolved,
• 21:56
  we
• 21:56
  still
• 21:57
  see
• 21:57
  the
• 21:57
  follow
• 21:57
  on
• 21:57
  effects
• 21:58
  tripling,
• 21:59
  trickling
• 21:59
  through.
• 22:00
  So
• 22:01
  I
• 22:01
  don't
• 22:02
  think
• 22:02
  that
• 22:02
  issue
• 22:03
  will
• 22:03
  be
• 22:03
  fixed.
• 22:04
  What
• 22:04
  do
• 22:04
  you
• 22:05
  think
• 22:05
  in
• 22:05
  that
• 22:05
  case
• 22:05
  then?
• 22:06
  Is
• 22:06
  it
• 22:06
  just
• 22:06
  the
• 22:06
  new
• 22:07
  normal
• 22:07
  that
• 22:08
  things
• 22:08
  are
• 22:08
  quite
• 22:09
  uncertain
• 22:09
  and
• 22:09
  you
• 22:09
  just
• 22:10
  have
• 22:10
  to
• 22:10
  plan
• 22:10
  for
• 22:10
  uncertain?
• 22:11
  Yes,
• 22:12
  I
• 22:12
  believe
• 22:13
  we
• 22:13
  live
• 22:13
  in
• 22:13
  more
• 22:13
  uncertain
• 22:14
  times
• 22:14
  than
• 22:14
  probably
• 22:15
  ever
• 22:15
  before.
• 22:16
  I
• 22:16
  mean,
• 22:16
  and
• 22:17
  if
• 22:17
  it
• 22:17
  wasn't
• 22:17
  the
• 22:17
  old
• 22:17
  crisis,
• 22:18
  then
• 22:18
  there
• 22:18
  were
• 22:18
  these
• 22:19
  punitive
• 22:19
  tariffs
• 22:20
  that
• 22:20
  were
• 22:20
  suddenly
• 22:20
  coming
• 22:21
  out
• 22:21
  of
• 22:21
  the
• 22:21
  US
• 22:22
  and
• 22:22
  then
• 22:22
  the
• 22:23
  European
• 22:23
  Union
• 22:24
  retaliating.
• 22:25
  All
• 22:25
  these
• 22:25
  things
• 22:25
  impact
• 22:26
  on
• 22:27
  us.
• 22:27
  While
• 22:28
  we
• 22:28
  have
• 22:28
  seen
• 22:28
  a
• 22:29
  big
• 22:29
  drive
• 22:29
  for
• 22:29
  globalization
• 22:30
  for
• 22:31
  a
• 22:31
  long,
• 22:31
  long
• 22:31
  time,
• 22:32
  it
• 22:32
  now
• 22:32
  almost
• 22:33
  feels
• 22:33
  like
• 22:33
  we
• 22:34
  are
• 22:34
  going
• 22:34
  back
• 22:35
  from
• 22:35
  that.
• 22:35
  Countries
• 22:36
  have
• 22:36
  started
• 22:36
  to
• 22:37
  be
• 22:37
  more
• 22:37
  protective.
• 22:38
  Tariffs
• 22:38
  are
• 22:39
  a
• 22:39
  sign
• 22:39
  of
• 22:39
  this.
• 22:39
  And
• 22:39
  when
• 22:40
  the
• 22:40
  US
• 22:41
  starts
• 22:41
  to
• 22:41
  impose
• 22:42
  terrorists
• 22:42
  left,
• 22:43
  right
• 22:43
  and
• 22:43
  center,
• 22:44
  then
• 22:44
  other
• 22:44
  countries
• 22:45
  will
• 22:45
  follow
• 22:47
  simply
• 22:47
  in
• 22:47
  retaliation.
• 22:48
  So
• 22:48
  there
• 22:49
  might
• 22:49
  be
• 22:49
  a
• 22:49
  trend
• 22:50
  going
• 22:51
  less
• 22:51
  global
• 22:52
  and
• 22:52
  then
• 22:52
  more
• 22:53
  focusing
• 22:54
  on
• 22:55
  yourself.
• 22:56
  And
• 22:57
  that
• 22:57
  seems
• 22:58
  to
• 22:58
  be
• 22:59
  the
• 22:59
  new
• 22:59
  normal.
• 23:00
  So
• 23:01
  yes,
• 23:02
  I
• 23:02
  think
• 23:02
  we
• 23:02
  simply
• 23:03
  need
• 23:03
  to
• 23:03
  get
• 23:04
  used
• 23:04
  to
• 23:04
  this
• 23:05
  because
• 23:06
  six
• 23:06
  months
• 23:06
  ago
• 23:07
  we
• 23:07
  were
• 23:07
  suddenly
• 23:08
  wondering
• 23:08
  about
• 23:09
  the
• 23:09
  tariffs.
• 23:09
  Then
• 23:10
  suddenly
• 23:10
  the
• 23:10
  oil
• 23:10
  crisis
• 23:11
  came.
• 23:11
  Even
• 23:11
  if
• 23:11
  we
• 23:11
  resolve
• 23:12
  this
• 23:12
  now,
• 23:13
  there'll
• 23:13
  be
• 23:14
  something
• 23:14
  else
• 23:14
  coming
• 23:15
  up.
• 23:16
  There
• 23:16
  always
• 23:17
  is.
• 23:17
  It's
• 23:18
  just,
• 23:18
  it's
• 23:19
  a
• 23:19
  little
• 23:19
  bit
• 23:19
  grim.
• 23:20
  So
• 23:20
  if
• 23:21
  that
• 23:21
  does
• 23:21
  happen,
• 23:22
  I
• 23:22
  agree
• 23:23
  with
• 23:23
  you
• 23:23
  that
• 23:23
  we
• 23:23
  are
• 23:23
  seeing
• 23:24
  this,
• 23:24
  this
• 23:24
  retreat
• 23:25
  away
• 23:25
  from
• 23:25
  what
• 23:26
  we
• 23:26
  had
• 23:26
  as
• 23:26
  the
• 23:27
  world
• 23:27
  order
• 23:27
  where
• 23:27
  countries
• 23:28
  worked
• 23:28
  in
• 23:28
  together
• 23:28
  and
• 23:29
  it
• 23:29
  was
• 23:29
  very
• 23:29
  much,
• 23:29
  you
• 23:30
  know,
• 23:30
  open
• 23:30
  borders,
• 23:31
  open
• 23:31
  trade
• 23:31
  was,
• 23:32
  was
• 23:32
  the
• 23:32
  push
• 23:33
  and
• 23:34
  now
• 23:34
  retreating
• 23:34
  back
• 23:34
  into
• 23:35
  protectionism.
• 23:35
  And
• 23:37
  it's
• 23:37
  an
• 23:37
  interesting
• 23:38
  trend.
• 23:38
  How
• 23:38
  do
• 23:39
  you
• 23:39
  think
• 23:39
  people
• 23:39
  will
• 23:40
  notice
• 23:41
  that?
• 23:41
  How
• 23:42
  will
• 23:42
  that
• 23:42
  show
• 23:42
  up
• 23:43
  in
• 23:43
  the
• 23:43
  average
• 23:44
  person's
• 23:44
  daily
• 23:45
  life
• 23:45
  if
• 23:46
  that
• 23:46
  trend
• 23:46
  continues?
• 23:47
  Well,
• 23:47
  the
• 23:48
  cost
• 23:48
  of
• 23:48
  living
• 23:49
  crisis
• 23:49
  is
• 23:49
  exactly
• 23:50
  such
• 23:50
  a
• 23:51
  manifestation.
• 23:52
  Things
• 23:52
  will
• 23:52
  become
• 23:54
  less
• 23:54
  affordable
• 23:55
  and
• 23:55
  we
• 23:55
  might
• 23:56
  see
• 23:56
  governments
• 23:57
  providing
• 23:57
  less
• 23:57
  handouts
• 23:59
  simply
• 23:59
  because
• 23:59
  they
• 23:59
  can't
• 24:00
  afford
• 24:00
  it
• 24:01
  anymore.
• 24:02
  If
• 24:02
  the
• 24:02
  economy
• 24:02
  is
• 24:02
  slow,
• 24:03
  there's
• 24:03
  less
• 24:03
  tax
• 24:04
  income
• 24:04
  for
• 24:04
  the
• 24:04
  government,
• 24:05
  there's
• 24:05
  less
• 24:05
  money
• 24:06
  to
• 24:06
  spend
• 24:06
  and
• 24:07
  then
• 24:07
  we
• 24:07
  start
• 24:08
  fixing
• 24:08
  the
• 24:08
  holes
• 24:08
  and
• 24:09
  the
• 24:09
  shortcomes
• 24:09
  by
• 24:09
  borrowing
• 24:10
  money.
• 24:10
  But
• 24:11
  that
• 24:11
  costs
• 24:12
  money
• 24:12
  as
• 24:12
  well.
• 24:12
  If
• 24:13
  the
• 24:13
  government
• 24:13
  borrows,
• 24:14
  they
• 24:14
  have
• 24:14
  to
• 24:14
  pay
• 24:14
  interest
• 24:14
  just
• 24:15
  like
• 24:15
  you
• 24:16
  and
• 24:16
  me
• 24:16
  when
• 24:17
  we
• 24:17
  borrow
• 24:17
  money
• 24:17
  from
• 24:18
  the
• 24:18
  bank.
• 24:18
  So
• 24:19
  there's
• 24:19
  a
• 24:19
  bit
• 24:19
  of
• 24:19
  a
• 24:19
  vicious
• 24:20
  circle.
• 24:21
  The
• 24:21
  more
• 24:22
  we
• 24:22
  spend
• 24:22
  on
• 24:22
  interest,
• 24:22
  the
• 24:23
  less
• 24:23
  we
• 24:23
  can
• 24:23
  spend
• 24:24
  on
• 24:25
  other
• 24:25
  things.
• 24:25
  So
• 24:26
  people
• 24:26
  might
• 24:27
  not
• 24:27
  like
• 24:27
  to
• 24:27
  hear
• 24:28
  this,
• 24:28
  but
• 24:28
  it's
• 24:28
  maybe
• 24:29
  a
• 24:29
  readjustment
• 24:30
  is
• 24:30
  required.
• 24:31
  Go
• 24:31
  back
• 24:32
  30,
• 24:33
  40,
• 24:33
  50
• 24:34
  years
• 24:34
  and
• 24:34
  the
• 24:35
  general
• 24:35
  expectation
• 24:36
  was
• 24:36
  that
• 24:37
  the
• 24:37
  government
• 24:37
  provides
• 24:38
  an
• 24:38
  environment
• 24:39
  in
• 24:40
  which
• 24:40
  we
• 24:40
  can
• 24:40
  look
• 24:40
  after
• 24:41
  ourselves,
• 24:42
  then
• 24:42
  that
• 24:42
  slightly
• 24:43
  changed
• 24:43
  to
• 24:44
  expecting
• 24:44
  the
• 24:45
  government
• 24:45
  to
• 24:46
  provide
• 24:46
  for
• 24:46
  us.
• 24:47
  Maybe
• 24:48
  we
• 24:48
  need
• 24:48
  to
• 24:48
  slightly
• 24:49
  go
• 24:49
  back
• 24:49
  on
• 24:50
  that
• 24:50
  and
• 24:50
  realize
• 24:51
  that,
• 24:51
  yeah,
• 24:52
  the
• 24:52
  best
• 24:52
  we
• 24:53
  can
• 24:53
  hope
• 24:53
  for
• 24:53
  is
• 24:53
  that
• 24:54
  the
• 24:54
  government
• 24:54
  provides
• 24:55
  an
• 24:55
  environment
• 24:56
  where
• 24:56
  we
• 24:56
  can
• 24:56
  thrive.
• 24:57
  But
• 24:57
  it's
• 24:57
  up
• 24:57
  to
• 24:58
  us
• 24:58
  to
• 24:59
  do
• 24:59
  so.
• 25:00
  And
• 25:01
  once
• 25:02
  we
• 25:02
  understand
• 25:03
  or
• 25:03
  accept
• 25:03
  this,
• 25:04
  then
• 25:05
  we
• 25:05
  might
• 25:06
  realize
• 25:06
  that
• 25:06
  the
• 25:07
  responsibility
• 25:08
  is
• 25:08
  on
• 25:08
  us.
• 25:08
  We
• 25:09
  can't
• 25:09
  always
• 25:09
  expect
• 25:10
  when
• 25:10
  prices
• 25:11
  go
• 25:11
  up
• 25:11
  due
• 25:11
  to
• 25:12
  whatever
• 25:12
  to
• 25:12
  suddenly
• 25:13
  get
• 25:13
  a
• 25:13
  government
• 25:14
  handout.
• 25:15
  And
• 25:16
  I
• 25:16
  think
• 25:16
  that's
• 25:16
  what
• 25:16
  the
• 25:17
  government
• 25:17
  was
• 25:17
  signaling
• 25:18
  as
• 25:18
  well.
• 25:18
  There
• 25:18
  was
• 25:19
  very
• 25:19
  little
• 25:19
  in
• 25:20
  there,
• 25:20
  tiny
• 25:21
  bits
• 25:21
  to
• 25:22
  help
• 25:22
  with
• 25:22
  the
• 25:22
  cost
• 25:22
  of
• 25:23
  living
• 25:23
  crisis.
• 25:24
  But
• 25:24
  it
• 25:24
  was
• 25:25
  quite
• 25:25
  clear
• 25:25
  that
• 25:27
  it's
• 25:27
  not
• 25:27
  going
• 25:27
  to
• 25:27
  be
• 25:28
  a
• 25:28
  time
• 25:28
  for
• 25:29
  handouts
• 25:30
  and
• 25:30
  quick
• 25:30
  fixes
• 25:32
  on
• 25:33
  those
• 25:33
  issues.
• 25:34
  I
• 25:34
  totally
• 25:34
  agree
• 25:35
  very
• 25:35
  much.
• 25:35
  The
• 25:35
  underlying
• 25:36
  vibe
• 25:36
  of
• 25:36
  the
• 25:36
  budget
• 25:37
  was
• 25:37
  a
• 25:37
  wee
• 25:38
  bit
• 25:38
  you're
• 25:38
  on
• 25:38
  your
• 25:38
  own
• 25:38
  kid.
• 25:40
  And
• 25:41
  they
• 25:41
  had
• 25:41
  to
• 25:41
  be
• 25:41
  fair.
• 25:42
  They'd
• 25:42
  flagged
• 25:42
  it
• 25:42
  ahead
• 25:43
  of
• 25:43
  time.
• 25:43
  They'd
• 25:43
  said
• 25:43
  it
• 25:43
  won't
• 25:44
  be
• 25:44
  a
• 25:44
  lolly
• 25:44
  scramble
• 25:44
  budget.
• 25:45
  They
• 25:45
  were
• 25:45
  not
• 25:45
  kidding.
• 25:46
  No
• 25:46
  lolly
• 25:46
  scrambling
• 25:47
  there.
• 25:48
  So
• 25:48
  if
• 25:48
  we
• 25:49
  explore
• 25:49
  that
• 25:49
  a
• 25:49
  bit
• 25:49
  further
• 25:50
  in
• 25:50
  terms
• 25:50
  of
• 25:51
  both,
• 25:52
  if
• 25:52
  it's
• 25:52
  the
• 25:53
  government
• 25:53
  providing
• 25:54
  an
• 25:54
  environment
• 25:55
  where
• 25:55
  people
• 25:55
  can
• 25:56
  thrive,
• 25:56
  what
• 25:57
  might
• 25:57
  that
• 25:57
  look
• 25:57
  like?
• 25:58
  And
• 25:58
  then
• 25:59
  also
• 25:59
  as
• 26:00
  individuals,
• 26:01
  what
• 26:01
  can
• 26:01
  we
• 26:02
  do
• 26:02
  to
• 26:02
  get
• 26:02
  ahead
• 26:03
  in
• 26:04
  times
• 26:04
  like
• 26:05
  this?
• 26:07
  It's
• 26:07
  a
• 26:07
  rough
• 26:08
  issue
• 26:09
  overall
• 26:09
  because
• 26:10
  we
• 26:10
  do
• 26:11
  believe
• 26:12
  in
• 26:12
  a
• 26:12
  welfare
• 26:13
  state.
• 26:13
  There
• 26:13
  are
• 26:14
  people
• 26:14
  who
• 26:14
  do
• 26:15
  need
• 26:15
  our
• 26:15
  help
• 26:15
  and
• 26:16
  who
• 26:16
  are
• 26:16
  disadvantaged.
• 26:17
  The
• 26:17
  challenge
• 26:18
  will
• 26:18
  be
• 26:18
  to
• 26:19
  differentiate
• 26:20
  those
• 26:20
  people
• 26:20
  from
• 26:21
  others
• 26:22
  who
• 26:23
  benefit
• 26:24
  but
• 26:24
  wouldn't
• 26:25
  really
• 26:25
  need
• 26:25
  to.
• 26:26
  And
• 26:26
  the
• 26:26
  danger
• 26:27
  by
• 26:28
  withdrawing
• 26:29
  these
• 26:29
  welfare
• 26:30
  this
• 26:31
  welfare
• 26:31
  support
• 26:31
  because
• 26:33
  people
• 26:33
  who
• 26:33
  might
• 26:33
  actually
• 26:34
  generally
• 26:35
  need
• 26:35
  it
• 26:36
  might
• 26:36
  now
• 26:36
  miss
• 26:37
  out.
• 26:37
  That
• 26:38
  is
• 26:38
  not
• 26:38
  an
• 26:38
  easy
• 26:39
  path
• 26:40
  to
• 26:40
  go
• 26:41
  for
• 26:41
  a
• 26:41
  government,
• 26:41
  but
• 26:42
  sometimes
• 26:43
  they
• 26:43
  are
• 26:43
  forced
• 26:44
  to
• 26:44
  simply
• 26:46
  there's
• 26:46
  no
• 26:46
  other
• 26:47
  options.
• 26:47
  I'm
• 26:48
  sure
• 26:48
  a
• 26:48
  government
• 26:48
  would
• 26:49
  always
• 26:49
  like
• 26:49
  to
• 26:50
  look
• 26:50
  after
• 26:50
  its
• 26:50
  people
• 26:51
  and
• 26:51
  provide
• 26:52
  some
• 26:53
  financial
• 26:53
  support
• 26:54
  when
• 26:54
  times
• 26:54
  are
• 26:54
  tough.
• 26:55
  But
• 26:56
  just
• 26:56
  as
• 26:56
  much
• 26:57
  as
• 26:57
  we
• 26:57
  would
• 26:58
  like
• 26:58
  to,
• 26:58
  for
• 26:58
  example,
• 26:59
  help
• 26:59
  our
• 26:59
  kids
• 27:00
  if
• 27:00
  you
• 27:00
  can,
• 27:01
  if
• 27:01
  we
• 27:02
  are
• 27:02
  struggling
• 27:02
  just
• 27:03
  to
• 27:03
  pay
• 27:03
  the
• 27:03
  mortgage
• 27:04
  and
• 27:04
  that
• 27:04
  might
• 27:04
  not
• 27:04
  be
• 27:05
  possible,
• 27:05
  there's
• 27:06
  the
• 27:06
  difference
• 27:06
  in
• 27:07
  what
• 27:07
  the
• 27:07
  government
• 27:07
  might
• 27:08
  like
• 27:08
  to
• 27:08
  do,
• 27:08
  but
• 27:09
  simply
• 27:09
  what
• 27:10
  it
• 27:10
  is
• 27:10
  able
• 27:11
  to
• 27:11
  do.
• 27:12
  And
• 27:12
  as
• 27:12
  you
• 27:13
  said,
• 27:13
  they
• 27:14
  flagged
• 27:14
  it
• 27:15
  ahead
• 27:15
  of
• 27:15
  time.
• 27:16
  This
• 27:16
  episode
• 27:17
  of
• 27:17
  Making
• 27:17
  Sense
• 27:18
  is
• 27:18
  supported
• 27:18
  by
• 27:19
  Odoo.
• 27:19
  Be
• 27:20
  honest,
• 27:20
  how
• 27:21
  many
• 27:21
  subscriptions
• 27:22
  are
• 27:22
  you
• 27:22
  paying
• 27:22
  for
• 27:22
  right
• 27:23
  now
• 27:23
  to
• 27:23
  run
• 27:23
  your
• 27:24
  business
• 27:24
  or
• 27:24
  side
• 27:24
  hustle?
• 27:25
  Because
• 27:26
  I
• 27:26
  reckon
• 27:26
  it's
• 27:27
  more
• 27:27
  than
• 27:27
  you'd
• 27:27
  like
• 27:27
  to
• 27:27
  admit
• 27:28
  and
• 27:28
  half
• 27:29
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• 27:29
  them
• 27:29
  don't
• 27:30
  even
• 27:30
  work
• 27:30
  together.
• 27:31
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• 27:32
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• 27:32
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• 27:32
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• 27:33
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  odoo.com
• 28:00
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• 28:00
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• 28:01
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  Quick
• 28:03
  interruption
• 28:03
  to
• 28:04
  say
• 28:04
  if
• 28:04
  you're
• 28:04
  enjoying
• 28:05
  this
• 28:05
  episode,
• 28:05
  you'll
• 28:06
  love
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• 28:09
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• 28:11
  jargon,
• 28:12
  no
• 28:12
  spreadsheets,
• 28:13
  just
• 28:13
  real
• 28:14
  talk
• 28:14
  about
• 28:14
  shares
• 28:15
  and
• 28:15
  how
• 28:15
  to
• 28:16
  make
• 28:16
  your
• 28:16
  money
• 28:16
  work
• 28:16
  for
• 28:17
  you.
• 28:17
  It's
• 28:17
  the
• 28:17
  thing
• 28:18
  I
• 28:18
  wish
• 28:18
  I'd
• 28:18
  had
• 28:19
  when
• 28:19
  I
• 28:19
  was
• 28:19
  starting
• 28:19
  out.
• 28:20
  You
• 28:20
  can
• 28:20
  sign
• 28:21
  up
• 28:21
  for
• 28:21
  free
• 28:22
  at
• 28:22
  Francisco
• 28:23
  Co
• 28:23
  NZ
• 28:24
  Invest.
• 28:25
  That's
• 28:25
  Francisco
• 28:26
  Co
• 28:27
  NZ
• 28:28
  Invest.
• 28:28
  But
• 28:29
  don't
• 28:29
  worry,
• 28:29
  I'll
• 28:29
  put
• 28:29
  the
• 28:30
  link
• 28:30
  in
• 28:30
  the
• 28:30
  show
• 28:30
  notes
• 28:31
  and
• 28:31
  the
• 28:31
  description
• 28:32
  of
• 28:32
  this
• 28:32
  podcast.
• 28:33
  All
• 28:33
  right,
• 28:34
  back
• 28:34
  to
• 28:34
  it.
• 28:36
  What
• 28:36
  do
• 28:36
  you
• 28:36
  think
• 28:36
  would
• 28:37
  be
• 28:37
  the
• 28:37
  ideal
• 28:38
  in
• 28:38
  terms
• 28:38
  of
• 28:38
  if
• 28:39
  you
• 28:39
  could
• 28:39
  change
• 28:39
  any
• 28:39
  settings?
• 28:41
  Whether
• 28:41
  it's
• 28:42
  sort
• 28:42
  of
• 28:42
  the
• 28:42
  big
• 28:43
  picture
• 28:43
  thing
• 28:43
  of
• 28:44
  what
• 28:44
  should
• 28:44
  we
• 28:45
  change
• 28:45
  some
• 28:45
  settings
• 28:45
  to
• 28:46
  make
• 28:46
  things
• 28:46
  a
• 28:46
  bit
• 28:46
  better?
• 28:47
  And
• 28:47
  then
• 28:48
  are
• 28:48
  there
• 28:48
  any
• 28:49
  things
• 28:49
  that
• 28:49
  the
• 28:49
  average
• 28:50
  New
• 28:50
  Zealander
• 28:51
  could
• 28:52
  be
• 28:52
  aiming
• 28:53
  for
• 28:53
  in
• 28:53
  this
• 28:54
  type
• 28:54
  of
• 28:54
  economic
• 28:54
  environment
• 28:56
  to
• 28:56
  make
• 28:56
  their
• 28:56
  life
• 28:56
  a
• 28:57
  little
• 28:57
  bit
• 28:57
  better?
• 28:58
  I
• 28:58
  think
• 28:58
  from
• 28:58
  a
• 28:58
  government
• 28:58
  perspective,
• 28:59
  we
• 29:00
  need
• 29:00
  to
• 29:00
  tackle
• 29:01
  that
• 29:01
  productivity
• 29:02
  issue.
• 29:02
  We
• 29:03
  need
• 29:03
  to
• 29:03
  tap
• 29:03
  into
• 29:04
  the
• 29:04
  Kiwi
• 29:05
  ingenuity
• 29:06
  and
• 29:06
  we
• 29:06
  just
• 29:06
  need
• 29:06
  to
• 29:07
  find
• 29:07
  some
• 29:08
  form
• 29:08
  of
• 29:08
  strategy
• 29:09
  to
• 29:09
  make
• 29:09
  it
• 29:09
  not
• 29:10
  coincidental
• 29:11
  if
• 29:11
  somebody
• 29:12
  gets
• 29:12
  it,
• 29:12
  but
• 29:12
  have
• 29:13
  a
• 29:13
  bit
• 29:13
  more
• 29:14
  behind
• 29:14
  it.
• 29:14
  We
• 29:15
  need
• 29:15
  to
• 29:16
  figure
• 29:16
  out
• 29:16
  why
• 29:17
  our
• 29:17
  businesses
• 29:19
  sometimes
• 29:19
  struggle.
• 29:19
  And
• 29:20
  that
• 29:20
  has
• 29:20
  a
• 29:20
  lot
• 29:20
  to
• 29:20
  do
• 29:20
  with
• 29:21
  compliance.
• 29:21
  New
• 29:21
  Zealand's
• 29:22
  compliance
• 29:22
  costs
• 29:23
  are
• 29:23
  unbelievably
• 29:24
  high.
• 29:25
  We
• 29:25
  also
• 29:26
  haven't
• 29:26
  maybe
• 29:26
  put
• 29:27
  as
• 29:27
  much
• 29:28
  emphasis
• 29:29
  on
• 29:30
  the
• 29:30
  whole
• 29:30
  management
• 29:31
  idea.
• 29:32
  In
• 29:32
  international
• 29:32
  rankings,
• 29:33
  the
• 29:33
  management
• 29:34
  qualities
• 29:34
  of
• 29:35
  New
• 29:35
  Zealand
• 29:35
  don't
• 29:36
  rank
• 29:36
  as
• 29:36
  highly
• 29:36
  as
• 29:37
  they
• 29:37
  possibly
• 29:38
  could.
• 29:38
  And
• 29:39
  that
• 29:39
  has
• 29:39
  possibly
• 29:40
  something
• 29:40
  to
• 29:40
  do
• 29:40
  with
• 29:40
  the
• 29:41
  fact
• 29:41
  that
• 29:42
  New
• 29:42
  Zealand
• 29:42
  I
• 29:42
  used
• 29:43
  to
• 29:43
  do
• 29:43
  be
• 29:43
  a
• 29:44
  jack
• 29:44
  of
• 29:44
  all
• 29:44
  trades.
• 29:45
  If
• 29:45
  you
• 29:45
  run
• 29:45
  your
• 29:46
  business,
• 29:46
  you
• 29:46
  do
• 29:46
  a
• 29:46
  bit
• 29:46
  of
• 29:46
  this,
• 29:47
  you
• 29:47
  do
• 29:47
  a
• 29:47
  bit
• 29:47
  of
• 29:47
  that,
• 29:48
  and
• 29:48
  you
• 29:48
  think,
• 29:49
  I
• 29:49
  can
• 29:49
  do
• 29:49
  that
• 29:49
  as
• 29:50
  well.
• 29:51
  Not
• 29:51
  realizing
• 29:52
  that
• 29:53
  we
• 29:53
  do
• 29:53
  believe
• 29:53
  in
• 29:54
  specializations.
• 29:54
  There
• 29:55
  might
• 29:55
  be
• 29:55
  people
• 29:55
  who
• 29:56
  focus
• 29:56
  on
• 29:56
  a
• 29:56
  specific
• 29:57
  area
• 29:57
  and
• 29:57
  get
• 29:57
  really
• 29:58
  good
• 29:58
  at
• 29:58
  it,
• 29:58
  but
• 29:59
  we
• 29:59
  tend
• 29:59
  to
• 29:59
  not
• 30:00
  quite
• 30:00
  believe
• 30:00
  in
• 30:01
  that.
• 30:01
  We
• 30:01
  sort
• 30:01
  of,
• 30:02
  I
• 30:02
  can
• 30:02
  do
• 30:02
  that
• 30:03
  myself
• 30:03
  kind
• 30:04
  of
• 30:04
  thing.
• 30:04
  It's
• 30:05
  all
• 30:05
  there.
• 30:05
  We
• 30:05
  just
• 30:06
  need
• 30:06
  to
• 30:06
  be
• 30:06
  a
• 30:06
  bit
• 30:07
  smarter
• 30:08
  with
• 30:08
  it.
• 30:08
  For
• 30:09
  people,
• 30:11
  difficult,
• 30:11
  maybe
• 30:12
  it
• 30:13
  requires
• 30:15
  some
• 30:15
  reflection.
• 30:16
  There's
• 30:17
  this
• 30:17
  famous
• 30:18
  thing
• 30:18
  in
• 30:18
  the
• 30:18
  idea
• 30:19
  of
• 30:19
  we
• 30:20
  can
• 30:20
  be
• 30:20
  prosperous
• 30:21
  without
• 30:22
  growth.
• 30:22
  We've
• 30:23
  gotten
• 30:23
  obsessed
• 30:24
  with
• 30:24
  the
• 30:24
  idea
• 30:24
  that
• 30:25
  GDP
• 30:26
  always
• 30:26
  needs
• 30:26
  to
• 30:26
  grow.
• 30:27
  Right.
• 30:27
  If
• 30:27
  we
• 30:27
  don't
• 30:28
  grow,
• 30:28
  we
• 30:28
  go
• 30:29
  backwards.
• 30:31
  That's
• 30:31
  a
• 30:31
  Ritz.
• 30:32
  It's
• 30:33
  driving.
• 30:33
  And
• 30:34
  that
• 30:34
  phrase,
• 30:35
  absolutely
• 30:35
  beautiful.
• 30:36
  That
• 30:36
  parts
• 30:37
  of
• 30:37
  our
• 30:37
  issue
• 30:37
  is
• 30:37
  that
• 30:39
  we
• 30:39
  buy
• 30:39
  things
• 30:40
  with
• 30:40
  money
• 30:40
  we
• 30:41
  don't
• 30:41
  have
• 30:42
  to
• 30:42
  impress
• 30:42
  people
• 30:43
  we
• 30:43
  don't
• 30:43
  care
• 30:43
  about.
• 30:44
  Yes.
• 30:45
  And
• 30:45
  that
• 30:45
  is
• 30:46
  part
• 30:46
  of
• 30:46
  the
• 30:46
  things.
• 30:47
  Maybe
• 30:47
  we
• 30:48
  can
• 30:48
  have
• 30:49
  some
• 30:50
  phones
• 30:50
  that
• 30:50
  are
• 30:50
  not
• 30:51
  the
• 30:51
  latest
• 30:51
  or
• 30:51
  drive
• 30:52
  a
• 30:52
  car
• 30:52
  that's
• 30:52
  a
• 30:52
  few
• 30:53
  years
• 30:53
  old
• 30:53
  or
• 30:54
  just
• 30:54
  reflecting
• 30:55
  on
• 30:55
  individuals
• 30:56
  that
• 30:56
  now
• 30:56
  is
• 30:57
  possibly
• 30:57
  the
• 30:58
  time
• 30:58
  to
• 30:59
  maybe
• 30:59
  be
• 31:00
  a
• 31:00
  bit
• 31:00
  more
• 31:00
  careful
• 31:01
  with
• 31:01
  your
• 31:01
  spending
• 31:02
  and
• 31:03
  realize
• 31:04
  what
• 31:04
  a
• 31:04
  beautiful
• 31:04
  country
• 31:05
  New
• 31:05
  Zealand
• 31:05
  is
• 31:05
  and
• 31:06
  enjoy
• 31:06
  what
• 31:06
  it
• 31:07
  offers
• 31:08
  rather
• 31:08
  than
• 31:09
  to
• 31:09
  feel
• 31:10
  under
• 31:10
  pressure
• 31:11
  to
• 31:11
  always
• 31:11
  keep
• 31:12
  up
• 31:13
  with
• 31:13
  the
• 31:13
  latest,
• 31:14
  most
• 31:15
  modern
• 31:15
  stuff.
• 31:16
  I
• 31:16
  want
• 31:16
  to
• 31:16
  pick
• 31:16
  up
• 31:16
  on
• 31:17
  a
• 31:17
  point
• 31:17
  that
• 31:17
  you
• 31:17
  made
• 31:17
  earlier
• 31:18
  as
• 31:18
  well
• 31:18
  when
• 31:18
  we
• 31:19
  were
• 31:19
  talking
• 31:19
  about
• 31:19
  some
• 31:19
  of
• 31:19
  the
• 31:19
  things
• 31:20
  that
• 31:20
  are
• 31:20
  driving
• 31:21
  that
• 31:21
  cost
• 31:21
  of
• 31:22
  living
• 31:22
  increase,
• 31:22
  the
• 31:23
  inflation
• 31:24
  being
• 31:25
  some
• 31:25
  of
• 31:25
  those
• 31:25
  locked
• 31:26
  in
• 31:26
  costs
• 31:26
  that
• 31:26
  people
• 31:26
  can't
• 31:27
  really
• 31:27
  avoid.
• 31:27
  You
• 31:28
  know,
• 31:28
  things
• 31:28
  like
• 31:28
  the
• 31:28
  council
• 31:29
  rates,
• 31:29
  the
• 31:29
  insurances,
• 31:30
  food.
• 31:31
  People
• 31:32
  are
• 31:32
  going
• 31:32
  to
• 31:32
  keep
• 31:32
  paying
• 31:32
  for
• 31:32
  that
• 31:32
  no
• 31:33
  matter
• 31:33
  what,
• 31:33
  because
• 31:34
  what
• 31:34
  else
• 31:34
  are
• 31:34
  you
• 31:35
  going
• 31:35
  to
• 31:35
  do?
• 31:36
  And
• 31:36
  what
• 31:36
  we've
• 31:37
  used
• 31:38
  through
• 31:38
  so
• 31:38
  much
• 31:39
  of
• 31:39
  history
• 31:40
  to
• 31:40
  control
• 31:40
  the
• 31:40
  cost
• 31:41
  of
• 31:41
  living
• 31:41
  and
• 31:41
  it's
• 31:42
  a
• 31:42
  blunt
• 31:43
  tool,
• 31:43
  but
• 31:43
  it's
• 31:43
  a
• 31:43
  tool
• 31:44
  that
• 31:44
  has
• 31:44
  worked
• 31:44
  until
• 31:44
  now
• 31:45
  and
• 31:45
  that's
• 31:46
  changing
• 31:46
  interest
• 31:46
  rates
• 31:47
  make
• 31:47
  debt
• 31:48
  more
• 31:48
  expensive.
• 31:48
  And
• 31:49
  we
• 31:49
  always
• 31:49
  talk
• 31:49
  about
• 31:49
  it
• 31:50
  in
• 31:50
  relation
• 31:50
  to
• 31:51
  mortgages,
• 31:52
  but
• 31:53
  it
• 31:53
  does
• 31:53
  of
• 31:53
  course
• 31:53
  impact
• 31:54
  all
• 31:54
  sorts
• 31:54
  of
• 31:54
  things.
• 31:55
  It's
• 31:55
  your
• 31:55
  mortgage,
• 31:56
  it's
• 31:56
  your
• 31:56
  credit
• 31:56
  card,
• 31:57
  it's
• 31:57
  business
• 31:57
  loans.
• 31:58
  When
• 31:58
  they
• 31:59
  change
• 31:59
  the
• 31:59
  official
• 31:59
  cash
• 32:00
  rate,
• 32:01
  all
• 32:01
  of
• 32:01
  those
• 32:02
  things
• 32:02
  are
• 32:02
  impacted.
• 32:03
  And
• 32:03
  that's
• 32:04
  why
• 32:04
  it
• 32:04
  can
• 32:04
  be
• 32:04
  such
• 32:04
  a
• 32:05
  wide
• 32:05
  ranging
• 32:05
  tool.
• 32:06
  So
• 32:07
  it
• 32:07
  has
• 32:07
  a
• 32:07
  lot
• 32:07
  of
• 32:07
  knock
• 32:08
  on
• 32:08
  impacts.
• 32:09
  It
• 32:09
  is
• 32:09
  often
• 32:10
  very
• 32:10
  unpleasant
• 32:11
  medicine.
• 32:11
  But
• 32:12
  yet
• 32:12
  as
• 32:12
  we
• 32:12
  saw
• 32:13
  in
• 32:13
  the
• 32:13
  sort
• 32:13
  of
• 32:14
  post
• 32:14
  Covid
• 32:14
  times
• 32:15
  when
• 32:15
  inflation
• 32:16
  did
• 32:16
  go
• 32:16
  nuts,
• 32:18
  if
• 32:18
  inflation
• 32:19
  goes
• 32:19
  up,
• 32:19
  that's
• 32:20
  worse.
• 32:21
  So
• 32:21
  interest
• 32:21
  rates
• 32:22
  going
• 32:22
  up,
• 32:22
  not
• 32:22
  fun.
• 32:23
  Inflation
• 32:24
  going
• 32:24
  up,
• 32:24
  more
• 32:25
  worse.
• 32:26
  If
• 32:26
  you
• 32:27
  know.
• 32:27
  Now,
• 32:27
  as
• 32:27
  you
• 32:27
  have
• 32:28
  pointed
• 32:28
  out,
• 32:29
  we
• 32:29
  are
• 32:30
  seeing
• 32:30
  inflation
• 32:30
  driven
• 32:31
  by
• 32:31
  things
• 32:32
  that
• 32:32
  people
• 32:32
  can't
• 32:32
  really
• 32:33
  avoid.
• 32:34
  If
• 32:34
  it
• 32:35
  is
• 32:35
  fuel,
• 32:36
  which
• 32:36
  then
• 32:36
  knocks
• 32:37
  onto
• 32:38
  so
• 32:38
  much
• 32:39
  else
• 32:39
  in
• 32:39
  our
• 32:40
  lives,
• 32:41
  if
• 32:41
  it
• 32:41
  is
• 32:41
  rates
• 32:42
  that
• 32:42
  we
• 32:43
  can't
• 32:43
  stop
• 32:43
  paying,
• 32:44
  they
• 32:44
  have
• 32:45
  signaled
• 32:45
  interest
• 32:45
  rates
• 32:46
  are
• 32:46
  probably
• 32:46
  going
• 32:46
  up.
• 32:47
  They're
• 32:47
  going
• 32:47
  to
• 32:47
  use
• 32:48
  the
• 32:48
  only
• 32:48
  tool
• 32:48
  they've
• 32:48
  got.
• 32:49
  But
• 32:49
  is
• 32:49
  that
• 32:50
  going
• 32:50
  to
• 32:50
  stop
• 32:50
  it?
• 32:51
  You're
• 32:51
  right.
• 32:51
  What
• 32:51
  we
• 32:52
  see
• 32:52
  is
• 32:52
  generally
• 32:53
  to
• 32:54
  fight
• 32:54
  inflation,
• 32:55
  the
• 32:55
  OCR
• 32:56
  goes
• 32:56
  up.
• 32:56
  It
• 32:57
  simply
• 32:57
  means
• 32:57
  money
• 32:58
  becomes
• 32:58
  more
• 32:58
  expensive
• 32:59
  and
• 32:59
  that
• 32:59
  means
• 33:00
  we
• 33:00
  spend
• 33:00
  less
• 33:01
  because
• 33:01
  suddenly
• 33:02
  you
• 33:03
  still
• 33:03
  live
• 33:03
  in
• 33:03
  the
• 33:03
  same
• 33:04
  house
• 33:04
  and
• 33:04
  you
• 33:05
  pay
• 33:05
  twice
• 33:05
  as
• 33:05
  much
• 33:06
  in
• 33:06
  interest
• 33:07
  because
• 33:07
  OCR
• 33:07
  has
• 33:08
  gone
• 33:08
  up.
• 33:08
  That'll
• 33:09
  stop
• 33:09
  you
• 33:09
  spending
• 33:10
  somewhere
• 33:11
  else.
• 33:12
  But
• 33:12
  the
• 33:13
  Reserve
• 33:13
  bank
• 33:13
  knows
• 33:14
  very
• 33:14
  well
• 33:14
  that
• 33:14
  the
• 33:15
  domestic
• 33:16
  inflation,
• 33:16
  inflation
• 33:17
  can't
• 33:18
  be
• 33:18
  changed
• 33:19
  by
• 33:19
  changing
• 33:19
  the
• 33:19
  ocr.
• 33:20
  And
• 33:21
  we've
• 33:21
  just
• 33:21
  seen
• 33:22
  the
• 33:22
  latest
• 33:23
  announcement.
• 33:24
  The
• 33:24
  Reserve
• 33:24
  bank
• 33:24
  governor
• 33:25
  kept
• 33:26
  the
• 33:26
  OCR
• 33:27
  where
• 33:27
  it
• 33:27
  was.
• 33:27
  There
• 33:28
  was
• 33:28
  no
• 33:28
  increase
• 33:29
  because
• 33:29
  normally
• 33:31
  external
• 33:32
  shocks
• 33:32
  like
• 33:32
  the
• 33:33
  oil
• 33:33
  crisis,
• 33:33
  Reserve
• 33:34
  banks
• 33:34
  don't
• 33:35
  tend
• 33:35
  to
• 33:35
  overreact
• 33:36
  and
• 33:37
  quickly
• 33:37
  increase
• 33:37
  USCR
• 33:38
  because
• 33:38
  the
• 33:38
  expectation
• 33:39
  is
• 33:39
  that
• 33:39
  it
• 33:40
  will
• 33:40
  normalize
• 33:42
  and
• 33:43
  an
• 33:43
  understanding
• 33:44
  that
• 33:44
  changing
• 33:44
  the
• 33:44
  OCR
• 33:45
  won't
• 33:45
  change
• 33:45
  our
• 33:45
  domestic
• 33:46
  inflation.
• 33:47
  So
• 33:47
  we
• 33:47
  have
• 33:47
  seen
• 33:48
  this
• 33:48
  and
• 33:48
  it
• 33:49
  was
• 33:49
  an
• 33:49
  interesting
• 33:50
  time
• 33:50
  because
• 33:51
  it
• 33:51
  was
• 33:51
  the
• 33:51
  first
• 33:51
  time
• 33:52
  our
• 33:52
  new
• 33:52
  Reserve
• 33:53
  bank
• 33:53
  governor
• 33:54
  had
• 33:54
  to
• 33:54
  make
• 33:55
  a
• 33:55
  crucial
• 33:55
  decision.
• 33:55
  And
• 33:56
  it
• 33:56
  was
• 33:56
  an
• 33:56
  easy
• 33:57
  one
• 33:57
  because
• 33:57
  increasing
• 33:58
  the
• 33:58
  OCR
• 33:59
  would
• 33:59
  have
• 33:59
  meant
• 34:00
  killing
• 34:00
  the
• 34:01
  little
• 34:01
  bit
• 34:01
  of
• 34:01
  growth
• 34:02
  we
• 34:02
  had
• 34:02
  anyway.
• 34:03
  But
• 34:04
  as
• 34:04
  you
• 34:05
  said,
• 34:05
  the
• 34:05
  inflation
• 34:06
  rate
• 34:06
  has
• 34:06
  gone
• 34:07
  outside
• 34:08
  the
• 34:08
  band,
• 34:09
  the
• 34:09
  1
• 34:09
  to
• 34:09
  3%
• 34:11
  band
• 34:11
  and
• 34:12
  the
• 34:12
  2%
• 34:12
  we
• 34:13
  target.
• 34:14
  So
• 34:14
  there
• 34:14
  could
• 34:14
  have
• 34:15
  been
• 34:15
  a
• 34:15
  response
• 34:16
  from
• 34:16
  the
• 34:16
  Reserve
• 34:16
  bank
• 34:17
  governor
• 34:17
  by
• 34:17
  saying,
• 34:17
  well,
• 34:18
  I
• 34:18
  care
• 34:18
  more
• 34:19
  about
• 34:19
  inflation
• 34:20
  than
• 34:20
  about
• 34:21
  the
• 34:21
  economy
• 34:22
  because
• 34:23
  the
• 34:23
  economy
• 34:23
  is
• 34:23
  the
• 34:24
  government's
• 34:24
  responsibility.
• 34:25
  Inflation
• 34:26
  is
• 34:26
  the
• 34:26
  Reserve
• 34:26
  Banks.
• 34:27
  She
• 34:27
  didn't
• 34:28
  increase
• 34:29
  the
• 34:29
  ocr.
• 34:30
  So
• 34:30
  there's
• 34:30
  a
• 34:30
  signal
• 34:31
  that
• 34:31
  our
• 34:31
  Reserve
• 34:32
  bank
• 34:33
  is
• 34:33
  encouraging
• 34:34
  growth.
• 34:35
  Possibly
• 34:35
  in
• 34:35
  the
• 34:35
  next
• 34:36
  round
• 34:36
  we
• 34:36
  will
• 34:37
  still
• 34:37
  not
• 34:37
  see
• 34:37
  an
• 34:38
  increase
• 34:38
  in
• 34:38
  the
• 34:38
  ocr.
• 34:39
  So
• 34:39
  there's
• 34:39
  a
• 34:39
  acute
• 34:40
  awareness
• 34:40
  of
• 34:41
  what
• 34:41
  changing
• 34:41
  the
• 34:42
  interest
• 34:42
  rate
• 34:42
  does
• 34:43
  to
• 34:43
  the
• 34:43
  economy.
• 34:44
  And
• 34:44
  as
• 34:44
  you
• 34:44
  said,
• 34:44
  it's
• 34:45
  not
• 34:45
  just
• 34:45
  your
• 34:46
  mortgage
• 34:46
  rate
• 34:46
  that's
• 34:47
  one
• 34:47
  part,
• 34:47
  but
• 34:48
  business
• 34:48
  spending
• 34:49
  is
• 34:49
  another
• 34:49
  huge
• 34:50
  part.
• 34:50
  Businesses
• 34:51
  respond
• 34:52
  much,
• 34:52
  much
• 34:52
  quicker
• 34:53
  than
• 34:53
  individuals
• 34:54
  to
• 34:54
  changes
• 34:54
  in
• 34:54
  the
• 34:54
  ocr.
• 34:55
  If
• 34:55
  the
• 34:55
  OCR
• 34:56
  goes
• 34:56
  up,
• 34:56
  what
• 34:57
  we
• 34:57
  tend
• 34:57
  to
• 34:57
  do
• 34:57
  is
• 34:58
  we
• 34:58
  save
• 34:58
  a
• 34:58
  bit
• 34:58
  on
• 34:58
  the
• 34:59
  things
• 34:59
  we
• 34:59
  don't
• 34:59
  necessarily
• 35:00
  need.
• 35:00
  You
• 35:00
  can
• 35:00
  go
• 35:00
  out
• 35:01
  less
• 35:01
  often
• 35:01
  for
• 35:01
  dinner,
• 35:02
  maybe
• 35:02
  less
• 35:02
  to
• 35:02
  the
• 35:02
  movie,
• 35:03
  but
• 35:03
  we
• 35:03
  find
• 35:03
  ways.
• 35:05
  Businesses
• 35:05
  respond
• 35:06
  much,
• 35:06
  much
• 35:06
  quicker.
• 35:07
  Interest
• 35:07
  rates
• 35:08
  go
• 35:08
  up,
• 35:08
  they
• 35:08
  simply
• 35:09
  stop
• 35:09
  investing,
• 35:10
  they
• 35:10
  stop
• 35:11
  expanding.
• 35:12
  So
• 35:12
  stop
• 35:13
  hiring
• 35:13
  or
• 35:13
  stop
• 35:14
  hiring.
• 35:14
  Yes.
• 35:15
  So
• 35:15
  what
• 35:15
  we
• 35:16
  see
• 35:16
  is
• 35:16
  that
• 35:17
  the
• 35:17
  change
• 35:18
  of
• 35:18
  the
• 35:18
  OCR
• 35:19
  has
• 35:19
  a
• 35:19
  trickle
• 35:20
  effect
• 35:20
  and
• 35:20
  it's
• 35:21
  widely
• 35:21
  spread.
• 35:22
  So
• 35:23
  the
• 35:23
  Reserve
• 35:24
  bank
• 35:24
  is
• 35:25
  careful
• 35:26
  in
• 35:26
  doing
• 35:26
  so
• 35:27
  and
• 35:28
  we've
• 35:28
  seen
• 35:28
  that
• 35:28
  and
• 35:28
  it's
• 35:29
  a
• 35:29
  good
• 35:29
  sign.
• 35:30
  I
• 35:30
  was
• 35:30
  very
• 35:30
  happy
• 35:31
  to
• 35:31
  see
• 35:31
  that
• 35:31
  the
• 35:31
  OCR
• 35:32
  didn't
• 35:32
  go
• 35:33
  up
• 35:33
  because
• 35:33
  it
• 35:33
  is
• 35:34
  a
• 35:34
  very
• 35:34
  blunt
• 35:35
  tool
• 35:35
  that
• 35:35
  impacts
• 35:37
  in
• 35:37
  so
• 35:37
  many
• 35:37
  ways
• 35:38
  and
• 35:38
  right
• 35:39
  now
• 35:39
  possibly
• 35:39
  not
• 35:40
  the
• 35:40
  best
• 35:41
  tool
• 35:42
  to
• 35:42
  improve
• 35:43
  what's
• 35:43
  happening
• 35:44
  in
• 35:44
  New
• 35:44
  Zealand
• 35:44
  because
• 35:45
  you'll
• 35:45
  first
• 35:45
  need
• 35:46
  to
• 35:46
  get
• 35:46
  some
• 35:46
  momentum
• 35:47
  into
• 35:48
  economic
• 35:48
  growth
• 35:49
  because
• 35:49
  it
• 35:49
  is
• 35:49
  a
• 35:49
  tricklon
• 35:50
  effect.
• 35:50
  If
• 35:51
  business
• 35:51
  expectations
• 35:52
  are
• 35:52
  low,
• 35:53
  then
• 35:54
  it's
• 35:54
  as
• 35:55
  much
• 35:56
  numbers,
• 35:56
  it
• 35:57
  is
• 35:57
  emotions
• 35:58
  and
• 35:59
  a
• 36:00
  mindset.
• 36:01
  And
• 36:02
  I
• 36:02
  think
• 36:02
  that's
• 36:03
  a
• 36:03
  bigger
• 36:03
  danger.
• 36:03
  What
• 36:03
  we
• 36:04
  have
• 36:04
  Seen
• 36:05
  is
• 36:05
  that
• 36:06
  yes,
• 36:06
  petrol
• 36:06
  at
• 36:07
  the
• 36:07
  pump
• 36:07
  has
• 36:08
  gone
• 36:08
  up,
• 36:08
  but
• 36:09
  we
• 36:09
  are
• 36:09
  now
• 36:09
  seeing
• 36:09
  trickling
• 36:10
  this
• 36:10
  through
• 36:10
  into
• 36:11
  our
• 36:11
  expectations
• 36:13
  and
• 36:13
  our
• 36:13
  outlook.
• 36:14
  And
• 36:14
  that's
• 36:14
  a
• 36:14
  dangerous
• 36:15
  part
• 36:15
  because
• 36:15
  then
• 36:16
  things
• 36:16
  become
• 36:16
  sort
• 36:17
  of
• 36:17
  a
• 36:17
  self
• 36:17
  fulfilling
• 36:18
  prophecy.
• 36:18
  We
• 36:18
  now
• 36:19
  expect
• 36:19
  things
• 36:19
  to
• 36:20
  get
• 36:20
  worse.
• 36:20
  That
• 36:21
  means
• 36:21
  companies
• 36:22
  stop
• 36:23
  expanding,
• 36:24
  stop
• 36:24
  hiring
• 36:25
  people.
• 36:25
  That
• 36:25
  in
• 36:26
  itself
• 36:26
  makes
• 36:26
  things
• 36:27
  worse
• 36:27
  because
• 36:27
  suddenly
• 36:28
  unemployment
• 36:28
  starts
• 36:29
  to
• 36:29
  go
• 36:29
  up.
• 36:29
  That
• 36:29
  creates
• 36:30
  more
• 36:31
  unrest
• 36:31
  and
• 36:32
  more
• 36:32
  uncertainty
• 36:33
  in
• 36:33
  business
• 36:34
  world.
• 36:34
  So
• 36:34
  it's
• 36:34
  sort
• 36:35
  of
• 36:35
  a
• 36:35
  vicious
• 36:36
  circle.
• 36:37
  So
• 36:37
  once
• 36:37
  it
• 36:37
  gets
• 36:38
  into
• 36:38
  your
• 36:39
  head
• 36:39
  then
• 36:39
  things
• 36:40
  start
• 36:40
  to
• 36:40
  get
• 36:40
  tricky.
• 36:41
  And
• 36:41
  I
• 36:41
  think
• 36:41
  that's
• 36:42
  that
• 36:42
  understanding
• 36:43
  made
• 36:43
  the
• 36:43
  Reserve
• 36:44
  bank
• 36:44
  decide
• 36:44
  not
• 36:45
  to
• 36:46
  to
• 36:46
  change
• 36:46
  theories
• 36:46
  here.
• 36:46
  And
• 36:47
  we
• 36:47
  might
• 36:47
  not
• 36:47
  see
• 36:47
  another
• 36:48
  hike
• 36:49
  in
• 36:49
  the
• 36:49
  next
• 36:49
  round
• 36:50
  either.
• 36:51
  Maybe
• 36:52
  the
• 36:52
  Reserve
• 36:52
  bank
• 36:52
  waits
• 36:53
  to
• 36:53
  see
• 36:53
  what
• 36:53
  will
• 36:54
  happen
• 36:54
  with
• 36:54
  inflation.
• 36:55
  There's
• 36:56
  a
• 36:56
  great
• 36:56
  expectation
• 36:57
  and
• 36:57
  the
• 36:57
  market
• 36:57
  believes
• 36:58
  that
• 36:58
  there
• 36:58
  will
• 36:58
  be
• 36:59
  at
• 36:59
  least
• 37:00
  two
• 37:00
  rounds
• 37:01
  of
• 37:01
  sort
• 37:01
  of
• 37:01
  0.25%.
• 37:02
  It's
• 37:03
  by
• 37:03
  looking
• 37:03
  at
• 37:03
  the
• 37:04
  forward
• 37:04
  market.
• 37:04
  Will
• 37:05
  it
• 37:05
  materialize?
• 37:06
  Well,
• 37:07
  we'll
• 37:07
  see.
• 37:08
  Well
• 37:08
  I
• 37:08
  think
• 37:08
  that's
• 37:08
  such
• 37:09
  a
• 37:09
  good
• 37:09
  point
• 37:09
  as
• 37:09
  well
• 37:10
  because
• 37:10
  you
• 37:10
  see
• 37:11
  things
• 37:11
  like
• 37:11
  they'll
• 37:12
  do
• 37:12
  these
• 37:12
  like
• 37:12
  mood
• 37:12
  of
• 37:13
  the
• 37:13
  boardroom
• 37:13
  surveys
• 37:14
  and
• 37:14
  things
• 37:14
  like
• 37:14
  that.
• 37:15
  And
• 37:15
  I
• 37:15
  often
• 37:15
  see
• 37:17
  especially
• 37:17
  on
• 37:17
  social
• 37:18
  media
• 37:18
  like
• 37:18
  a
• 37:19
  lot
• 37:19
  of
• 37:19
  criticism
• 37:19
  saying
• 37:20
  well
• 37:20
  this
• 37:20
  doesn't
• 37:20
  reflect
• 37:21
  reality
• 37:21
  and
• 37:22
  this
• 37:22
  is
• 37:22
  just
• 37:22
  vibes.
• 37:23
  This
• 37:23
  is
• 37:23
  a
• 37:23
  bunch
• 37:23
  of
• 37:24
  CEOs
• 37:25
  being
• 37:25
  sad
• 37:26
  and
• 37:27
  like
• 37:27
  I
• 37:28
  get
• 37:28
  it.
• 37:29
  And
• 37:29
  I
• 37:29
  think
• 37:29
  that's
• 37:30
  a
• 37:30
  fair
• 37:30
  criticism
• 37:30
  in
• 37:30
  some
• 37:31
  ways.
• 37:31
  In
• 37:31
  other
• 37:31
  ways
• 37:31
  I
• 37:31
  think
• 37:32
  that's
• 37:32
  missing
• 37:32
  the
• 37:32
  point
• 37:33
  in
• 37:33
  that
• 37:33
  businesses
• 37:34
  are
• 37:34
  run
• 37:34
  by
• 37:34
  people
• 37:35
  and
• 37:35
  people
• 37:35
  are
• 37:36
  influenced
• 37:36
  by
• 37:36
  emotions
• 37:37
  and
• 37:37
  if
• 37:37
  they
• 37:37
  feel
• 37:38
  like
• 37:39
  there's
• 37:39
  not
• 37:39
  very
• 37:40
  many
• 37:40
  opportunities
• 37:40
  out
• 37:41
  there,
• 37:41
  whether
• 37:42
  or
• 37:42
  not
• 37:42
  that's
• 37:42
  true,
• 37:43
  that's
• 37:43
  still
• 37:43
  going
• 37:43
  to
• 37:43
  guide
• 37:44
  their
• 37:44
  actions.
• 37:45
  And
• 37:45
  when
• 37:45
  it's
• 37:46
  such
• 37:46
  an
• 37:46
  uncertain
• 37:47
  global
• 37:47
  environment,
• 37:48
  do
• 37:49
  you
• 37:49
  think
• 37:49
  there's
• 37:49
  anything
• 37:49
  more
• 37:49
  that
• 37:50
  could
• 37:50
  be
• 37:50
  happening
• 37:51
  here
• 37:52
  to
• 37:52
  say
• 37:52
  okay,
• 37:53
  we
• 37:53
  can't
• 37:54
  control
• 37:54
  all
• 37:54
  of
• 37:54
  these
• 37:54
  big
• 37:55
  global
• 37:55
  events,
• 37:55
  we
• 37:56
  can't
• 37:56
  control
• 37:57
  how
• 37:57
  trading
• 37:58
  partners
• 37:58
  might
• 37:58
  react,
• 37:59
  we
• 37:59
  can't
• 37:59
  control
• 38:00
  wars,
• 38:01
  we
• 38:01
  can't
• 38:01
  control
• 38:02
  what's
• 38:02
  happening
• 38:02
  all
• 38:03
  there.
• 38:03
  But
• 38:04
  is
• 38:04
  there
• 38:04
  anything
• 38:04
  we
• 38:04
  could
• 38:05
  be
• 38:05
  doing
• 38:05
  to
• 38:05
  increase
• 38:05
  that
• 38:06
  certainty
• 38:06
  here?
• 38:07
  To
• 38:07
  then
• 38:08
  make
• 38:08
  it
• 38:08
  so
• 38:08
  that
• 38:08
  people
• 38:09
  feel
• 38:09
  like
• 38:09
  they
• 38:09
  can
• 38:09
  make
• 38:10
  some
• 38:10
  of
• 38:10
  those
• 38:11
  bigger
• 38:11
  business
• 38:12
  moves
• 38:12
  and
• 38:13
  increase
• 38:13
  that
• 38:13
  certainty
• 38:14
  for
• 38:14
  action
• 38:14
  here?
• 38:15
  I
• 38:15
  think
• 38:16
  businesses
• 38:16
  have
• 38:17
  started
• 38:17
  to
• 38:18
  learn
• 38:18
  that
• 38:18
  risk
• 38:19
  assessment
• 38:19
  has
• 38:20
  to
• 38:20
  come
• 38:21
  now
• 38:21
  part
• 38:22
  of
• 38:22
  the
• 38:22
  regular
• 38:23
  things
• 38:23
  they
• 38:23
  need
• 38:24
  to
• 38:24
  do.
• 38:25
  We
• 38:25
  hit
• 38:25
  it
• 38:25
  very
• 38:25
  good.
• 38:26
  We
• 38:26
  all
• 38:27
  remember
• 38:27
  that
• 38:27
  rock
• 38:28
  solid
• 38:28
  economy
• 38:29
  for
• 38:29
  so
• 38:29
  long
• 38:29
  when
• 38:30
  inflation
• 38:30
  was
• 38:30
  almost
• 38:31
  non
• 38:31
  existent.
• 38:32
  Companies
• 38:32
  simply
• 38:33
  didn't
• 38:33
  start
• 38:34
  thinking
• 38:35
  about
• 38:35
  what
• 38:36
  could
• 38:36
  happen
• 38:36
  and
• 38:37
  how
• 38:37
  to
• 38:37
  prepare
• 38:38
  for
• 38:38
  it,
• 38:38
  possibly
• 38:39
  to
• 38:39
  diversify,
• 38:39
  assess
• 38:40
  risk
• 38:40
  strategies
• 38:41
  into
• 38:41
  place.
• 38:41
  And
• 38:42
  then
• 38:42
  suddenly
• 38:42
  it
• 38:42
  happened
• 38:43
  and
• 38:43
  it
• 38:43
  Caught
• 38:44
  everyone
• 38:44
  a
• 38:44
  little
• 38:44
  bit
• 38:44
  by
• 38:45
  surprise.
• 38:46
  So
• 38:46
  maybe
• 38:46
  companies
• 38:47
  need
• 38:47
  to
• 38:48
  account
• 38:48
  for
• 38:49
  changes
• 38:49
  in
• 38:49
  the
• 38:50
  OCR
• 38:50
  more
• 38:51
  in
• 38:51
  their
• 38:51
  business
• 38:52
  plans
• 38:52
  than
• 38:52
  they
• 38:52
  have
• 38:53
  done
• 38:53
  before.
• 38:53
  Maybe
• 38:54
  they
• 38:54
  need
• 38:54
  to
• 38:54
  do
• 38:55
  more
• 38:55
  global
• 38:56
  risk
• 38:56
  assessment
• 38:57
  and
• 38:57
  have
• 38:57
  strategies
• 38:58
  in
• 38:58
  place
• 38:58
  on
• 38:59
  what
• 38:59
  happens
• 39:00
  if
• 39:00
  it
• 39:00
  does
• 39:00
  come
• 39:01
  true.
• 39:02
  Businesses
• 39:02
  just
• 39:03
  need
• 39:03
  to
• 39:03
  be
• 39:05
  more
• 39:05
  vigilant
• 39:05
  in
• 39:06
  accounting
• 39:06
  for
• 39:07
  those
• 39:07
  risks,
• 39:07
  planning
• 39:08
  for
• 39:08
  those
• 39:08
  risks,
• 39:09
  and
• 39:09
  then
• 39:10
  confident
• 39:10
  hopefully
• 39:11
  will
• 39:11
  come
• 39:12
  back
• 39:12
  that
• 39:13
  these
• 39:13
  events
• 39:14
  are
• 39:14
  better
• 39:14
  managed
• 39:15
  rather
• 39:16
  than
• 39:16
  come
• 39:16
  as
• 39:17
  a
• 39:17
  big
• 39:17
  surprise.
• 39:18
  I
• 39:18
  think
• 39:18
  we
• 39:18
  see
• 39:19
  some
• 39:19
  huge
• 39:20
  changes
• 39:20
  in
• 39:21
  work
• 39:21
  in
• 39:21
  general
• 39:22
  if
• 39:22
  we
• 39:22
  sort
• 39:22
  of
• 39:22
  pull
• 39:22
  it
• 39:23
  back
• 39:23
  from
• 39:23
  the
• 39:23
  business
• 39:23
  environment.
• 39:24
  But
• 39:24
  even
• 39:24
  the
• 39:25
  way
• 39:25
  people
• 39:25
  go
• 39:25
  to
• 39:25
  work,
• 39:26
  huge
• 39:26
  changes
• 39:27
  in
• 39:27
  the
• 39:27
  type
• 39:27
  of
• 39:27
  work
• 39:27
  that
• 39:28
  is
• 39:28
  rewarded,
• 39:28
  rewarded
• 39:29
  and
• 39:29
  the
• 39:29
  type
• 39:29
  of
• 39:29
  work
• 39:29
  that
• 39:30
  is
• 39:30
  available.
• 39:31
  Do
• 39:31
  you
• 39:31
  see
• 39:31
  any
• 39:32
  more
• 39:32
  changes
• 39:32
  coming
• 39:33
  on
• 39:33
  that
• 39:33
  front
• 39:34
  for
• 39:34
  people
• 39:34
  that
• 39:34
  people
• 39:34
  can
• 39:35
  maybe
• 39:35
  prepare
• 39:35
  for?
• 39:36
  Absolutely,
• 39:37
  because
• 39:37
  the
• 39:38
  popularity
• 39:38
  of
• 39:39
  AI
• 39:39
  and
• 39:40
  the
• 39:40
  advances
• 39:41
  we
• 39:41
  have
• 39:41
  made
• 39:42
  in
• 39:42
  that
• 39:42
  space,
• 39:43
  that's
• 39:43
  only
• 39:43
  better
• 39:44
  will
• 39:44
  have
• 39:45
  huge
• 39:46
  impact
• 39:47
  on
• 39:47
  jobs
• 39:48
  that
• 39:48
  are
• 39:48
  very
• 39:49
  repetitive,
• 39:50
  that
• 39:50
  are
• 39:50
  very
• 39:50
  rule
• 39:51
  based
• 39:52
  and
• 39:52
  very
• 39:52
  well
• 39:53
  structured
• 39:53
  because
• 39:54
  these
• 39:55
  can
• 39:55
  be
• 39:55
  replaced
• 39:56
  and
• 39:56
  are
• 39:56
  starting
• 39:57
  to
• 39:57
  get
• 39:57
  replaced.
• 39:58
  Right.
• 39:58
  Just
• 39:58
  think
• 39:59
  of
• 39:59
  accounting,
• 40:00
  writing,
• 40:01
  all
• 40:01
  these
• 40:01
  kind
• 40:02
  of
• 40:02
  areas
• 40:03
  where
• 40:03
  we
• 40:03
  will
• 40:04
  see
• 40:04
  replacement.
• 40:05
  There
• 40:05
  will
• 40:05
  be
• 40:05
  pressure
• 40:06
  there,
• 40:06
  but
• 40:06
  there
• 40:07
  are
• 40:07
  also
• 40:07
  sectors
• 40:08
  that
• 40:08
  are
• 40:08
  not
• 40:09
  affected
• 40:09
  by
• 40:10
  it.
• 40:10
  For
• 40:10
  example,
• 40:11
  if
• 40:11
  you
• 40:11
  think
• 40:11
  of
• 40:11
  the
• 40:11
  whole
• 40:12
  construction,
• 40:12
  infrastructure
• 40:14
  building
• 40:14
  industry,
• 40:15
  your
• 40:15
  AI
• 40:16
  will
• 40:16
  not
• 40:16
  renovate
• 40:17
  your
• 40:17
  kitchen.
• 40:18
  You
• 40:18
  still
• 40:18
  need
• 40:18
  people
• 40:19
  to
• 40:19
  do
• 40:19
  this.
• 40:19
  It's
• 40:20
  the
• 40:20
  same
• 40:20
  with
• 40:21
  aged
• 40:21
  care
• 40:21
  and
• 40:22
  health.
• 40:22
  We
• 40:22
  still
• 40:23
  need
• 40:23
  people
• 40:24
  to
• 40:24
  look
• 40:24
  after
• 40:25
  other
• 40:25
  people,
• 40:25
  to
• 40:26
  help
• 40:27
  others.
• 40:27
  We
• 40:27
  still
• 40:28
  need
• 40:28
  medicine
• 40:29
  will
• 40:29
  have
• 40:29
  an
• 40:29
  impact,
• 40:30
  doctors
• 40:31
  will
• 40:31
  have
• 40:31
  support,
• 40:31
  but
• 40:32
  we
• 40:32
  still
• 40:32
  need
• 40:32
  those
• 40:33
  people
• 40:33
  right
• 40:34
  there.
• 40:34
  So
• 40:35
  as
• 40:35
  with
• 40:36
  any
• 40:36
  great
• 40:36
  disruptor
• 40:37
  in
• 40:37
  technology,
• 40:39
  some
• 40:39
  people
• 40:39
  will
• 40:39
  lose
• 40:40
  their
• 40:40
  jobs
• 40:40
  of
• 40:40
  it,
• 40:41
  but
• 40:41
  it
• 40:41
  will
• 40:41
  create
• 40:42
  new
• 40:42
  jobs
• 40:43
  as
• 40:43
  well.
• 40:44
  Yeah,
• 40:44
  well,
• 40:45
  I
• 40:45
  mean,
• 40:45
  you
• 40:45
  look
• 40:45
  at
• 40:45
  even
• 40:46
  the
• 40:46
  Industrial
• 40:46
  revolution,
• 40:47
  we've
• 40:47
  seen
• 40:47
  this
• 40:47
  before.
• 40:47
  There
• 40:48
  is
• 40:48
  this
• 40:48
  period
• 40:48
  of
• 40:49
  destruction
• 40:49
  where
• 40:50
  other
• 40:50
  things
• 40:51
  that
• 40:51
  we've
• 40:52
  had
• 40:52
  for
• 40:52
  years,
• 40:53
  decades,
• 40:53
  sometimes
• 40:53
  even
• 40:54
  hundreds
• 40:54
  of
• 40:54
  years
• 40:55
  are
• 40:56
  gone.
• 40:56
  But
• 40:57
  then
• 40:57
  you
• 40:57
  get
• 40:57
  other
• 40:58
  jobs
• 40:58
  that
• 40:58
  come
• 40:58
  from
• 40:58
  that.
• 40:59
  There's
• 40:59
  still
• 40:59
  someone
• 41:00
  who
• 41:00
  needs
• 41:00
  to
• 41:01
  maintain
• 41:01
  the
• 41:01
  new
• 41:02
  machines
• 41:02
  or
• 41:03
  work
• 41:03
  with
• 41:03
  the
• 41:04
  new
• 41:04
  AI
• 41:04
  and
• 41:05
  interpret
• 41:06
  what's
• 41:06
  coming
• 41:06
  from
• 41:06
  it.
• 41:07
  And
• 41:08
  so
• 41:08
  I
• 41:08
  do
• 41:08
  think
• 41:09
  trying
• 41:10
  to
• 41:10
  push
• 41:11
  back
• 41:11
  on
• 41:12
  change
• 41:12
  is
• 41:13
  pointless.
• 41:14
  It
• 41:15
  the
• 41:15
  genie
• 41:15
  is
• 41:15
  often
• 41:15
  out
• 41:15
  of
• 41:16
  the
• 41:16
  bottle
• 41:16
  no
• 41:16
  matter
• 41:16
  what.
• 41:17
  It's
• 41:17
  then
• 41:17
  figuring
• 41:18
  out,
• 41:18
  okay,
• 41:18
  if
• 41:18
  this
• 41:19
  is
• 41:19
  the
• 41:19
  new
• 41:19
  situation,
• 41:20
  what
• 41:20
  are
• 41:21
  the
• 41:21
  opportunities
• 41:21
  that
• 41:21
  can
• 41:21
  be
• 41:22
  found
• 41:22
  in
• 41:22
  that?
• 41:22
  Right?
• 41:23
  Yep.
• 41:24
  Funnily
• 41:24
  enough,
• 41:24
  a
• 41:25
  great
• 41:25
  economist,
• 41:25
  Minette
• 41:26
  Keynes,
• 41:26
  wrote
• 41:27
  a
• 41:27
  paper
• 41:28
  almost
• 41:28
  100
• 41:29
  years
• 41:29
  ago
• 41:30
  where
• 41:30
  it
• 41:30
  was
• 41:31
  about
• 41:31
  the
• 41:32
  future
• 41:32
  of
• 41:32
  my
• 41:32
  grandchildren.
• 41:33
  And
• 41:34
  his
• 41:35
  belief
• 41:35
  was
• 41:35
  that
• 41:36
  with
• 41:36
  the
• 41:36
  new
• 41:36
  technologies,
• 41:37
  we
• 41:37
  now
• 41:37
  only
• 41:38
  will
• 41:38
  work
• 41:38
  20
• 41:38
  hours
• 41:39
  a
• 41:39
  week
• 41:39
  because
• 41:39
  machines
• 41:40
  will
• 41:40
  take
• 41:41
  over
• 41:41
  a
• 41:41
  Lot
• 41:41
  of
• 41:41
  the
• 41:41
  stuff.
• 41:42
  And
• 41:42
  we'll
• 41:43
  have
• 41:43
  to
• 41:43
  find
• 41:43
  ways
• 41:44
  of
• 41:44
  entertaining
• 41:45
  ourselves
• 41:45
  almost.
• 41:46
  And
• 41:46
  look
• 41:47
  at
• 41:47
  this.
• 41:47
  We
• 41:47
  work
• 41:47
  more
• 41:48
  than
• 41:48
  we
• 41:49
  did
• 41:49
  back
• 41:49
  then.
• 41:50
  Every
• 41:50
  time
• 41:50
  we
• 41:50
  thought
• 41:52
  new
• 41:52
  technologies
• 41:53
  will
• 41:53
  make
• 41:53
  our
• 41:53
  life
• 41:54
  so
• 41:54
  much
• 41:54
  easier
• 41:54
  that
• 41:55
  we
• 41:55
  won't
• 41:55
  be
• 41:55
  knowing
• 41:56
  what
• 41:56
  to
• 41:56
  do
• 41:56
  with
• 41:56
  our
• 41:57
  spare
• 41:57
  time.
• 41:57
  It
• 41:58
  hasn't
• 41:58
  worked.
• 41:59
  It
• 41:59
  has
• 41:59
  only
• 42:00
  put
• 42:00
  more
• 42:01
  work
• 42:01
  on
• 42:01
  our
• 42:01
  plate.
• 42:02
  So
• 42:02
  I
• 42:02
  don't
• 42:03
  think
• 42:03
  this
• 42:04
  time
• 42:04
  around
• 42:04
  it
• 42:04
  will
• 42:04
  be
• 42:06
  much
• 42:06
  different
• 42:07
  either.
• 42:08
  We're
• 42:09
  very
• 42:09
  good
• 42:09
  at
• 42:09
  finding
• 42:09
  ways
• 42:10
  to
• 42:10
  give
• 42:10
  ourselves
• 42:10
  more
• 42:10
  work.
• 42:11
  Exactly.
• 42:12
  If
• 42:12
  you
• 42:12
  want
• 42:12
  to
• 42:12
  work,
• 42:13
  you'll
• 42:13
  find
• 42:13
  something
• 42:14
  to
• 42:14
  do,
• 42:14
  right?
• 42:14
  Yeah,
• 42:15
  yeah.
• 42:15
  100%.
• 42:17
  Okay.
• 42:17
  So
• 42:17
  coming
• 42:17
  back
• 42:18
  to
• 42:18
  this
• 42:18
  idea
• 42:18
  of
• 42:19
  where
• 42:19
  we
• 42:19
  started
• 42:19
  at
• 42:20
  the
• 42:20
  beginning,
• 42:20
  this
• 42:21
  feeling
• 42:21
  that
• 42:21
  people
• 42:21
  have
• 42:21
  been
• 42:21
  slogging
• 42:22
  through
• 42:22
  for
• 42:22
  a
• 42:23
  wee
• 42:23
  while,
• 42:23
  looking
• 42:24
  for
• 42:24
  the
• 42:24
  recovery,
• 42:25
  it
• 42:25
  just
• 42:25
  keeps
• 42:25
  getting
• 42:25
  pushed
• 42:26
  back
• 42:26
  and
• 42:26
  pushed
• 42:26
  back.
• 42:27
  Where
• 42:27
  do
• 42:28
  you
• 42:28
  think
• 42:28
  we
• 42:28
  might
• 42:29
  be
• 42:29
  at
• 42:29
  in
• 42:29
  terms
• 42:30
  of
• 42:30
  is
• 42:30
  a
• 42:30
  recovery
• 42:31
  coming?
• 42:31
  How
• 42:32
  long
• 42:32
  might
• 42:32
  it
• 42:32
  take?
• 42:32
  And
• 42:33
  what
• 42:33
  should
• 42:33
  people
• 42:33
  be
• 42:33
  watching
• 42:34
  for
• 42:34
  to
• 42:34
  know
• 42:34
  it's
• 42:35
  coming?
• 42:35
  If
• 42:36
  I
• 42:36
  knew,
• 42:37
  I'd
• 42:38
  be
• 42:38
  a
• 42:38
  very
• 42:38
  wealthy
• 42:38
  man,
• 42:39
  I
• 42:39
  suppose.
• 42:39
  What
• 42:40
  do
• 42:40
  the
• 42:40
  numbers
• 42:41
  say?
• 42:41
  The
• 42:41
  numbers
• 42:41
  suggest
• 42:42
  that
• 42:43
  economic
• 42:43
  growth
• 42:44
  is
• 42:44
  going
• 42:44
  to
• 42:44
  be
• 42:44
  very
• 42:45
  slow
• 42:46
  for
• 42:46
  the
• 42:46
  rest
• 42:47
  of
• 42:47
  the
• 42:47
  year.
• 42:48
  Inflation
• 42:49
  won't
• 42:50
  help,
• 42:50
  unemployment
• 42:51
  won't
• 42:51
  help,
• 42:52
  but
• 42:52
  there's
• 42:53
  also
• 42:53
  nothing
• 42:53
  in
• 42:53
  there
• 42:53
  that
• 42:54
  suggests
• 42:55
  we
• 42:55
  are
• 42:55
  ready
• 42:56
  for
• 42:56
  a
• 42:56
  disaster.
• 42:57
  Now,
• 42:57
  New
• 42:57
  Zealand
• 42:58
  as
• 42:58
  a
• 42:58
  country
• 42:58
  is
• 42:59
  actually
• 42:59
  in
• 42:59
  surprisingly
• 43:00
  good
• 43:00
  shape.
• 43:00
  Our
• 43:01
  debt
• 43:01
  level
• 43:01
  is
• 43:01
  way
• 43:02
  below
• 43:02
  what
• 43:03
  a
• 43:03
  lot
• 43:03
  of
• 43:03
  countries
• 43:04
  in
• 43:04
  the
• 43:04
  OECH
• 43:05
  are.
• 43:05
  It
• 43:06
  has
• 43:06
  gone
• 43:06
  up
• 43:06
  to
• 43:06
  about
• 43:06
  60%
• 43:07
  of
• 43:08
  our
• 43:08
  GDP,
• 43:09
  but
• 43:09
  that's
• 43:09
  low
• 43:10
  compared
• 43:10
  to
• 43:11
  countries
• 43:11
  like
• 43:11
  the
• 43:11
  US
• 43:12
  or
• 43:12
  the
• 43:12
  UK,
• 43:12
  which
• 43:13
  are
• 43:13
  well
• 43:13
  over
• 43:13
  100,
• 43:14
  120%
• 43:15
  of
• 43:15
  their
• 43:15
  GDP.
• 43:16
  So
• 43:16
  New
• 43:16
  Zealand
• 43:17
  is
• 43:17
  in
• 43:17
  relatively
• 43:18
  good
• 43:18
  shape
• 43:18
  and
• 43:19
  the
• 43:19
  government
• 43:20
  now
• 43:20
  believes
• 43:21
  we
• 43:21
  get
• 43:21
  back
• 43:21
  to
• 43:22
  positive
• 43:22
  numbers
• 43:23
  a
• 43:23
  year
• 43:23
  earlier
• 43:24
  than
• 43:24
  expected.
• 43:25
  Right.
• 43:25
  So
• 43:25
  we
• 43:26
  are
• 43:26
  still
• 43:26
  running
• 43:26
  a
• 43:27
  budget
• 43:27
  deficit,
• 43:28
  but
• 43:28
  it's
• 43:28
  getting
• 43:29
  smaller
• 43:29
  and
• 43:29
  big,
• 43:30
  so
• 43:30
  that's
• 43:31
  a
• 43:31
  good
• 43:31
  sign.
• 43:32
  Maybe
• 43:32
  we
• 43:32
  need
• 43:33
  to
• 43:33
  get
• 43:33
  used
• 43:33
  to
• 43:34
  the
• 43:34
  fact
• 43:34
  that
• 43:35
  waiting
• 43:37
  for
• 43:37
  that
• 43:37
  big
• 43:38
  improvement
• 43:38
  is
• 43:40
  not
• 43:40
  the
• 43:40
  right
• 43:40
  thing
• 43:41
  to
• 43:41
  do.
• 43:41
  But
• 43:42
  look
• 43:42
  at
• 43:42
  the
• 43:42
  things
• 43:43
  how
• 43:43
  they
• 43:43
  are
• 43:44
  right
• 43:44
  now
• 43:44
  and
• 43:44
  accept
• 43:45
  that
• 43:45
  this
• 43:45
  is
• 43:46
  how
• 43:46
  it's
• 43:47
  going
• 43:47
  to
• 43:47
  be.
• 43:47
  Because
• 43:47
  otherwise
• 43:48
  it's
• 43:48
  just
• 43:48
  getting
• 43:48
  a
• 43:48
  bit
• 43:48
  frustrating
• 43:49
  being
• 43:50
  told
• 43:50
  year
• 43:51
  after
• 43:51
  year,
• 43:52
  this
• 43:52
  year,
• 43:52
  next
• 43:53
  year
• 43:53
  will
• 43:53
  be
• 43:53
  better,
• 43:53
  and
• 43:54
  then
• 43:54
  next
• 43:54
  year
• 43:55
  and
• 43:56
  so
• 43:56
  on.
• 43:57
  So
• 43:57
  maybe
• 43:57
  it's
• 43:58
  more
• 43:59
  of
• 43:59
  accepting
• 44:00
  that
• 44:00
  this
• 44:01
  is
• 44:02
  how
• 44:02
  it's
• 44:02
  gonna
• 44:03
  go
• 44:04
  and
• 44:04
  how
• 44:04
  it
• 44:05
  will
• 44:05
  stay.
• 44:05
  I
• 44:06
  understand
• 44:06
  the
• 44:07
  gloom,
• 44:07
  but
• 44:09
  it's
• 44:09
  a
• 44:09
  nice
• 44:10
  place
• 44:10
  to
• 44:10
  be
• 44:11
  in
• 44:11
  New
• 44:11
  Zealand,
• 44:12
  so
• 44:13
  we
• 44:13
  might
• 44:14
  sometimes
• 44:14
  just
• 44:15
  forget
• 44:16
  that
• 44:16
  it
• 44:16
  is.
• 44:17
  Given
• 44:17
  some
• 44:18
  of
• 44:18
  the
• 44:18
  issues
• 44:19
  we
• 44:19
  have.
• 44:19
  And
• 44:21
  New
• 44:21
  Zealand
• 44:21
  is
• 44:21
  a
• 44:21
  small,
• 44:22
  isolated
• 44:23
  economy,
• 44:23
  we
• 44:24
  are
• 44:24
  punching
• 44:24
  above
• 44:25
  our
• 44:25
  weight
• 44:25
  in
• 44:25
  quite
• 44:26
  a
• 44:26
  few
• 44:27
  areas,
• 44:28
  so
• 44:28
  don't
• 44:29
  forget
• 44:29
  that
• 44:30
  as
• 44:30
  well.
• 44:30
  Yeah,
• 44:31
  well,
• 44:31
  okay.
• 44:32
  For
• 44:32
  the
• 44:32
  average
• 44:32
  person
• 44:32
  then,
• 44:33
  who
• 44:33
  might
• 44:33
  be
• 44:33
  listening
• 44:34
  to
• 44:34
  this
• 44:34
  and
• 44:35
  trying
• 44:35
  to
• 44:35
  figure
• 44:35
  out
• 44:36
  what
• 44:36
  next
• 44:37
  for
• 44:37
  themselves,
• 44:38
  is
• 44:38
  there
• 44:38
  anything
• 44:38
  you'd
• 44:39
  say
• 44:39
  to
• 44:39
  them
• 44:39
  either
• 44:39
  to
• 44:40
  give
• 44:40
  them
• 44:40
  a
• 44:40
  little
• 44:40
  bit
• 44:40
  of
• 44:40
  hope
• 44:41
  for
• 44:41
  the
• 44:41
  future
• 44:41
  or
• 44:42
  to
• 44:43
  say,
• 44:43
  you
• 44:43
  know,
• 44:44
  this
• 44:44
  is
• 44:44
  something
• 44:45
  you
• 44:45
  could
• 44:45
  control
• 44:46
  to
• 44:46
  maybe
• 44:47
  take
• 44:47
  back
• 44:47
  a
• 44:47
  bit
• 44:47
  of
• 44:48
  agency
• 44:48
  here?
• 44:49
  Exactly
• 44:49
  the
• 44:49
  same
• 44:49
  things
• 44:50
  that
• 44:50
  you
• 44:50
  have
• 44:50
  said
• 44:50
  in
• 44:51
  many
• 44:51
  of
• 44:52
  your
• 44:52
  podcasts
• 44:53
  before
• 44:53
  too.
• 44:54
  Be
• 44:54
  a
• 44:54
  bit
• 44:55
  careful
• 44:56
  with
• 44:56
  your
• 44:56
  spending,
• 44:57
  see
• 44:58
  where
• 44:58
  you
• 44:58
  can
• 44:59
  cut
• 45:00
  a
• 45:00
  bit
• 45:00
  and
• 45:00
  make
• 45:00
  sure
• 45:01
  you
• 45:01
  have
• 45:01
  buffer
• 45:02
  some
• 45:02
  kind
• 45:03
  of
• 45:03
  reserves
• 45:03
  because
• 45:04
  these
• 45:04
  down
• 45:05
  periods
• 45:05
  will
• 45:06
  come
• 45:06
  so
• 45:07
  that
• 45:07
  you're
• 45:07
  not
• 45:07
  completely
• 45:08
  caught
• 45:08
  out
• 45:09
  because
• 45:09
  this
• 45:09
  is
• 45:09
  what
• 45:10
  creates
• 45:10
  the
• 45:10
  real
• 45:10
  stress
• 45:11
  and
• 45:11
  this
• 45:12
  is
• 45:12
  real
• 45:12
  for
• 45:12
  people.
• 45:14
  If
• 45:14
  suddenly
• 45:14
  you're
• 45:15
  struggling
• 45:16
  to
• 45:16
  pay
• 45:16
  the
• 45:16
  bills,
• 45:17
  it's
• 45:18
  stress
• 45:18
  that's
• 45:19
  unpleasant.
• 45:20
  So
• 45:21
  maybe
• 45:22
  be
• 45:22
  a
• 45:22
  bit
• 45:23
  more
• 45:23
  careful,
• 45:23
  maybe
• 45:24
  put
• 45:24
  a
• 45:24
  little
• 45:24
  bit
• 45:24
  more
• 45:25
  aside
• 45:25
  than
• 45:26
  you
• 45:26
  hid
• 45:26
  in
• 45:26
  the
• 45:26
  past
• 45:27
  or
• 45:27
  you
• 45:27
  can
• 45:27
  see
• 45:27
  so
• 45:27
  you
• 45:28
  can
• 45:28
  ride
• 45:28
  all
• 45:28
  these
• 45:29
  waves.
• 45:29
  It's
• 45:30
  not
• 45:30
  doom
• 45:31
  and
• 45:31
  gloom
• 45:31
  in
• 45:31
  Ethereum.
• 45:32
  It's
• 45:33
  not
• 45:33
  love
• 45:34
  it.
• 45:35
  Thank
• 45:35
  you
• 45:35
  so
• 45:35
  much
• 45:35
  Christophe
• 45:36
  for
• 45:36
  coming
• 45:36
  on.
• 45:36
  I
• 45:36
  always
• 45:37
  really
• 45:37
  appreciate
• 45:37
  your
• 45:37
  very
• 45:38
  considered
• 45:38
  thoughts.
• 45:39
  It's
• 45:40
  so
• 45:40
  good
• 45:40
  to
• 45:40
  talk
• 45:40
  to
• 45:41
  you.
• 45:41
  Look,
• 45:41
  if
• 45:41
  this
• 45:41
  episode
• 45:42
  was
• 45:42
  helpful
• 45:42
  to
• 45:42
  you,
• 45:43
  send
• 45:43
  it
• 45:43
  to
• 45:43
  a
• 45:43
  friend
• 45:44
  so
• 45:44
  we
• 45:44
  can
• 45:44
  all
• 45:44
  get
• 45:44
  prepared,
• 45:45
  level
• 45:45
  up
• 45:45
  our
• 45:46
  money
• 45:46
  to
• 45:46
  together.
• 45:46
  Until
• 45:47
  next
• 45:47
  time,
• 45:47
  have
• 45:48
  a
• 45:48
  great
• 45:48
  day.
• 45:50
  This
• 45:50
  podcast
• 45:50
  can
• 45:51
  only
• 45:51
  give
• 45:51
  you
• 45:51
  general
• 45:52
  information
• 45:52
  about
• 45:52
  how
• 45:53
  things
• 45:53
  work
• 45:53
  in
• 45:54
  most
• 45:54
  situations.
• 45:55
  It's
• 45:55
  not
• 45:56
  individual
• 45:56
  financial
• 45:57
  advice.
• 45:57
  If
• 45:58
  you're
• 45:58
  after
• 45:58
  that,
• 45:58
  a
• 45:59
  financial
• 45:59
  advisor
• 46:00
  is
• 46:00
  always
• 46:00
  the
• 46:01
  best
• 46:01
  bet.