Latest / The SME Stream / SME Stream Weekly Wrap - 8th November

Transcript

SME Stream Weekly Wrap - 8th November · The SME Stream

• 0:00
  Speaker 1: Kyoda and welcome to the SMEE stream Weekly wrap Up,
• 0:03
  Speaker 1: brought to you by being Z. My name is Wilhelmina Shrimpton,
• 0:06
  Speaker 1: and every week I'll bring you a short, sharp and
• 0:09
  Speaker 1: very sweet summary of all of the latest business news.
• 0:12
  Speaker 1: As most of us know, when it comes to business,
• 0:14
  Speaker 1: there's peaks, there's pits, and everything in between. Often it's
• 0:18
  Speaker 1: hard to keep up with your own day to day,
• 0:20
  Speaker 1: let alone what's happening with the economy and how it
• 0:23
  Speaker 1: affects you. So that's where I come in, wrapping up
• 0:26
  Speaker 1: everything you need to know or may have missed over
• 0:28
  Speaker 1: the past week. And as a small business owner myself,
• 0:31
  Speaker 1: I'll be on this journey with you too. This week,
• 0:34
  Speaker 1: no surprise is here. The unemployment rate is up, but
• 0:37
  Speaker 1: not as high as we expected. The red Republican wave
• 0:40
  Speaker 1: dominated the US election, so what does that mean for
• 0:43
  Speaker 1: the markets? Plus the tech expert who built an entire
• 0:47
  Speaker 1: app with AI and how not to take business personally
• 0:50
  Speaker 1: with the lads from business in between, we all knew
• 0:58
  Speaker 1: it was coming and now are for a string of closures,
• 1:01
  Speaker 1: redundancies and budget cuts. Our unemployment rate has risen to
• 1:05
  Speaker 1: a near four year high. The rate reached four point
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  Speaker 1: eight percent in the September quarter, up point two percent
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  Speaker 1: from June, the highest recorded since December twenty twenty.
• 1:15
  Speaker 2: Rising unemployment is a reminder of how letting inflation get
• 1:21
  Speaker 2: a grip on the economy is so damaging.
• 1:25
  Speaker 1: Finance Minister Nikola Willis was quick to blame the previous government,
• 1:28
  Speaker 1: but the numbers actually came out slightly lower than expected
• 1:32
  Speaker 1: after economists originally picked it to land on five percent,
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  Speaker 1: and that could mean on paper that the labor market
• 1:39
  Speaker 1: is holding up better than previously thought.
• 1:41
  Speaker 3: And that ultimate peak for unemployment will come in a
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  Speaker 3: bit lower, which at the moment economists think about five
• 1:46
  Speaker 3: point five or five point six percent.
• 1:48
  Speaker 1: But this chat that the figures may not be telling
• 1:50
  Speaker 1: the true story. And after peeling back the layers, some
• 1:53
  Speaker 1: say it's because we've seen many Kiwis choose to leave
• 1:57
  Speaker 1: the labor force entirely.
• 1:59
  Speaker 4: Of those forty ten thousand fewer in jobs, only five
• 2:02
  Speaker 4: thousand were counted as an increase in unemployment, so the
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  Speaker 4: remaining got into what we call the not and labor
• 2:07
  Speaker 4: force group.
• 2:08
  Speaker 1: They're not defined as unemployed because they've either opted to
• 2:11
  Speaker 1: retrain or retire instead of looking for work.
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  Speaker 3: What that means less people participating in the workforce, and
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  Speaker 3: you've got this is what's called the discouraged worker effect,
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  Speaker 3: where people just give up.
• 2:21
  Speaker 1: The unemployment rate has of course been the byproduct of
• 2:24
  Speaker 1: putting the brakes in our spending to bring down inflation.
• 2:28
  Speaker 1: But as the Reserve Bank continues to make cuts to
• 2:30
  Speaker 1: the official cash rate, it'll start to turn around, albeit
• 2:33
  Speaker 1: a bit slowly.
• 2:34
  Speaker 5: Even while the economy is recovering, unemployment can stick around
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  Speaker 5: a bit, so we can expect it to keep rising
• 2:40
  Speaker 5: a little bit over the next little while.
• 2:42
  Speaker 1: You can listen to more insights and commentary from Finance
• 2:45
  Speaker 1: Minister Nikola Willis, Infometrics Principal economist Brad Elson, and NZ
• 2:50
  Speaker 1: Herald Business editor Liam Dan on the speed stream. It's
• 2:54
  Speaker 1: all anyone can talk about. And after the big red
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  Speaker 1: wave of Republicans dominated the US election, attention is now
• 3:02
  Speaker 1: turning to the effect that Donald Trump's second term as
• 3:04
  Speaker 1: president will have on the economy. So far, markets are
• 3:08
  Speaker 1: reacting strongly to the When the US dollar has surged
• 3:11
  Speaker 1: in value and bitcoin has hit a record high.
• 3:15
  Speaker 4: There's definitely a strong market reaction. There's probably still going
• 3:18
  Speaker 4: to be some volatility in the market as everyone tries
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  Speaker 4: to pick not only today but over the next couple
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  Speaker 4: of weeks and up until the twentieth of January when
• 3:27
  Speaker 4: President elect Trump is sworn in, what exactly is going
• 3:31
  Speaker 4: to happen first.
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  Speaker 1: So what does that mean for New Zealand investors looking
• 3:34
  Speaker 1: at the stock market?
• 3:35
  Speaker 4: If you're a professional investor and that's your job, then yeah,
• 3:38
  Speaker 4: you'll be paying a lot of attention to it. If
• 3:40
  Speaker 4: you're an average key we worried about your Kiwi saber,
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  Speaker 4: I don't know if I'd be immediately reacting right the second.
• 3:45
  Speaker 1: You can hear more from Infometrics principal economist Brad Olsen
• 3:49
  Speaker 1: talking about the US election results on the SMEA stream.
• 3:52
  Speaker 1: There's been a lot of boult tightening going on as
• 3:55
  Speaker 1: we've all been feeling the pinch, so it's no surprise
• 3:58
  Speaker 1: that stantzing Z has reports more rises in the cost
• 4:02
  Speaker 1: of living. Costs for the average Kiwi household increased three
• 4:06
  Speaker 1: point eight percent in the twelve months to September. The
• 4:09
  Speaker 1: numbers capture how inflation effects thirteen different household groups, including beneficiaries,
• 4:15
  Speaker 1: MULDI and retirees, whereas main inflation figures or the CPI
• 4:20
  Speaker 1: measures how inflation effects New Zealand as a whole, those
• 4:23
  Speaker 1: on lower income and the elderly felt the impact of
• 4:26
  Speaker 1: price rises more than many others did. And it's that
• 4:30
  Speaker 1: time of year where we're all spluttering over the finish line.
• 4:34
  Speaker 1: With summer holidays just within reach. A lot of us
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  Speaker 1: turn things up again, trying to bring in as much
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  Speaker 1: revenue and lock in as much work as possible before
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  Speaker 1: things go quiet, but unfortunately that increases the risk of burnouts.
• 4:48
  Speaker 1: New figures from Employment Hero show sixty one percent of
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  Speaker 1: kiwis have felt the effects of burnout in the last
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  Speaker 1: three months. The report, which surveyed just over one thousand
• 4:57
  Speaker 1: workers across the country, found that gen Z was doing
• 5:00
  Speaker 1: it particularly tough, but through the stress of it all
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  Speaker 1: a little bit of light, with sixty five percent of
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  Speaker 1: workers believing that their employers are committed to wellness and
• 5:10
  Speaker 1: if you're feeling particularly anxious or stressed, you can get
• 5:13
  Speaker 1: help by calling or texting one seven three seven at
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  Speaker 1: any time. Now, with that cost of living weighing heavily
• 5:20
  Speaker 1: on our minds, it's not unusual to let your debt
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  Speaker 1: get out of control, and for some of us, it's
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  Speaker 1: easier to bury our heads in the sand instead of
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  Speaker 1: actually dealing with it. Money mentalist Linda Moore caught up
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  Speaker 1: with Kerry Woodham to share her story of spiraling debt
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  Speaker 1: and how to get out of it.
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  Speaker 5: I ended up six hundred thousand dollars in debt and
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  Speaker 5: I'm an and bear in mind, I'm an accountant. I
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  Speaker 5: had my wonderful husband lost his job. I was looking
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  Speaker 5: after the finance. If he was stressed, I was stressed.
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  Speaker 5: Just life God on top of it.
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  Speaker 1: Linda says a great starting point for getting yourself out
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  Speaker 1: of a sticky situation or avoiding one all together, is
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  Speaker 1: to define your relationship with money as if you were
• 6:00
  Speaker 1: dating it.
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  Speaker 5: Though, if you were dating money, So if you are
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  Speaker 5: you a good date? So do you nurture it? Do
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  Speaker 5: you take care of it? Are you aware of it?
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  Speaker 5: Or do you have a bit of a throwaway aspect
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  Speaker 5: of it? Where oh, there's plenty more out there. So
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  Speaker 5: if the state doesn't work, I'll just go and find
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  Speaker 5: someone out.
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  Speaker 1: If it's the latter, she says, it might be time
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  Speaker 1: to start doing the work. Her chat is full of
• 6:21
  Speaker 1: fantastic tips, anecdotes and metaphors, and you can listen to
• 6:25
  Speaker 1: it all on the SMEA stream. Some of us are
• 6:28
  Speaker 1: scared of it, and some of us are embracing it.
• 6:31
  Speaker 1: But AI has begun to shake up the workplace, whether
• 6:34
  Speaker 1: it's chat, GPT, image generation, or something much much bigger
• 6:38
  Speaker 1: the way we work as in for an overhaul. Expert
• 6:41
  Speaker 1: Paul Stenhouse spoke to Jack Tame about how he was
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  Speaker 1: able to build an app from scratch using just Ai,
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  Speaker 1: a potentially really useful tool for the small business owners
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  Speaker 1: among us.
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  Speaker 3: I don't know if it was a good idea, and
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  Speaker 3: it's a frustrating experience, but I can say there is
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  Speaker 3: a working app I wrote zero lines of code for.
• 7:02
  Speaker 3: That's kind of crazy.
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  Speaker 1: The idea was to create an app that tracks US
• 7:07
  Speaker 1: presidential race calls across networks in real time. Paul says
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  Speaker 1: the process wasn't without its frustrating moments, like anything in business,
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  Speaker 1: but says this could change the game. When it comes
• 7:17
  Speaker 1: to app and website developments.
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  Speaker 3: You still need to know kind of what the tech
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  Speaker 3: is trying to do, and what the concepts are, and
• 7:23
  Speaker 3: what the individual services are that make an application in
• 7:26
  Speaker 3: a website run. What you don't need to do, though,
• 7:28
  Speaker 3: is actually know how to do the actual code, the
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  Speaker 3: language part.
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  Speaker 1: I'm of course, all for anything that makes my life
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  Speaker 1: easier and takes off some of the load. Listen to
• 7:36
  Speaker 1: the full and very fascinating chat on the SMEA stream. Finally,
• 7:41
  Speaker 1: the lads from Business in Between have a bit of
• 7:43
  Speaker 1: a couple's therapy session with their business coach, Dive Foster.
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  Speaker 2: I'm not doing a good job and i know it's
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  Speaker 2: kind of my part, and I'm going to start sharing
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  Speaker 2: it with Shay. Of actually getting out there and selling
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  Speaker 2: and knocking on doors and getting rejected by fifteen people
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  Speaker 2: in the sixteenth one is like, shit, this is perfect
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  Speaker 2: for like, we're just not doing that.
• 8:01
  Speaker 1: Networking and hustling is, of course a massive part of business,
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  Speaker 1: and for many of us that takes time, which means money,
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  Speaker 1: and not every approach returns a bite or even a
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  Speaker 1: little nibble.
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  Speaker 2: For me, I'm bogged down too much in the day
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  Speaker 2: to day and i can't get out of it, and
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  Speaker 2: I'm not prioritizing it, and rejection sucks.
• 8:19
  Speaker 1: They also talk about interview goal setting and how not
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  Speaker 1: to take business personally, something I'm sure a lot of
• 8:25
  Speaker 1: us could learn from. Check out the full episode on
• 8:28
  Speaker 1: the SMEA stream. And that's it for the weekly Wrap.
• 8:32
  Speaker 1: I'll be back next Friday with more business news and
• 8:35
  Speaker 1: the best bits on the SMEA stream