Ahiahi mārie, welcome to The Spinoff Daily. Today on The Spinoff: why it’s time to put the ‘taking sides’ GM debates of the 90s behind us, why we can’t we look away from the Polkinghorne trial, and some bite-sized reviews from the second week of the NZ International Film Festival. But first: Hayden Donnell says thank you to our unsing interest rate-cutting heroes.
“As the Reserve Bank wrestled with whether to prolong our collective financial suffering, one Stuff headline asked a question: ‘Is the economy sick enough for a rate cut?’ It at least had blocked nasal passages and a weird rash. But was it vomiting and sharting involuntarily in the middle of the lounge? Reserve Bank governor Adrian Orr had to be able to answer in the affirmative before he’d consider administering the sweet medicine of a 25-basis-point cut to the official cash rate. Thankfully he could. There are plenty of symptoms to point to: slowing GDP growth, along with flagging consumer demand and business confidence. But chief among them is the country’s large and growing unemployment rate. Around 196,000 New Zealanders are now on the Jobseeker benefit. They’re taking, in economics terms, ‘demand’ out of the economy, by being, in human terms, so miserably poor they can barely afford decaf coffee and a packet of bikkies.”
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Thank you to our unsung interest rate-cutting heroes
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