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Speaker 1: Now the good news, speaking of the economy as we

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Speaker 1: are this morning, the good news is confidence seemingly is improving.

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Speaker 1: It has been a pretty decent week if you think

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Speaker 1: about it. Farmer's confidence is up and markedly our confidence

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Speaker 1: seems to be up a little bit. Still overall pessimistic,

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Speaker 1: but we are up nevertheless. And last week we saw

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Speaker 1: the business confidence starting to rise just a little bit.

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Speaker 1: And then come these newest numbers our current account that

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Speaker 1: came out yesterday. What a mess. We are a mess

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Speaker 1: in essence. And what this means is we buy more

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Speaker 1: from the world we sell it given her in the

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Speaker 1: business of selling stuff. That does make us very good business.

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Speaker 1: Of course, glass half full. The figure we got yesterday

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Speaker 1: is stable as a percentage of GDP, but the percentage

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Speaker 1: of GDP that is hopeless. That's the worry. This, by

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Speaker 1: the way, is for the June quarter in actual number terms,

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Speaker 1: that did widen by two hundred and sixty nine million dollars.

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Speaker 1: Now it's all part of the wider picture that we'll

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Speaker 1: get later on today. On the actual GDP, which we

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Speaker 1: mentioned earlier, has almost certainly gone backwards for the same period.

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Speaker 1: So join these two bits together and you've got an

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Speaker 1: economy going backwards, driven in part by the fact that

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Speaker 1: we buy more stuff than we sell. So think about

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Speaker 1: that scenario in your own life. You make a living

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Speaker 1: selling stuff, right, but you still buy more things. They

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Speaker 1: cost more than you make. You are sinking. That's the

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Speaker 1: story of this country. Our net investment liability position another

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Speaker 1: good comparison we can make to our own lives. Note

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Speaker 1: the words net liability was two hundred and five billion,

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Speaker 1: which is now almost fifty percent forty nine point seven

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Speaker 1: percent of GDP. That is over six billion more than

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Speaker 1: it was in the last quarter. It's getting worse. We

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Speaker 1: are more liable. You don't in life want to be liable.

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Speaker 1: You don't life want to deficit. It's really, you know,

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Speaker 1: in simple terms, in the deals that involve New Zealand

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Speaker 1: and the world, we have more liabilities then we have assets.

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Speaker 1: As I say, most of us don'trun our lives that way,

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Speaker 1: and yet we seem happy to watch our country being

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Speaker 1: run that way. It's the weirdest thing. It's become very

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Speaker 1: clear this week from the Torri far in our revelations

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Speaker 1: that we have people in decision making positions who have

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Speaker 1: no idea how to turn a dollar or spend a

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Speaker 1: dollar or value a dollar, or run anything that resembles

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Speaker 1: an economy or anything sort or size. The numbers don't lie.

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Speaker 1: The numbers aren't good, but they can't be a surprise

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Speaker 1: given the sort of people who've been in charge for

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Speaker 1: more from The Mic Asking Breakfast, Listen live to news

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