1
00:00:00,040 --> 00:00:02,640
Speaker 1: And Liam Dan, the Herald's business editor at largest with me.

2
00:00:02,720 --> 00:00:05,640
Speaker 1: Liam Hellow, Hello, now I want to talk to you

3
00:00:05,640 --> 00:00:07,920
Speaker 1: about the unemployment data. But first have you seen what

4
00:00:08,000 --> 00:00:08,879
Speaker 1: Stats has just done?

5
00:00:09,800 --> 00:00:12,840
Speaker 2: Yes, yes, I did. Kind of made me laugh. I

6
00:00:12,880 --> 00:00:13,640
Speaker 2: shouldn't should it?

7
00:00:13,720 --> 00:00:15,200
Speaker 1: Did it make it? Why did it make you laugh

8
00:00:15,200 --> 00:00:16,560
Speaker 1: because it's such a basic error.

9
00:00:17,360 --> 00:00:19,880
Speaker 2: Well, yeah, it's kind of a basic ra So they

10
00:00:20,120 --> 00:00:23,880
Speaker 2: forgot to add the increase to car registration. So so

11
00:00:23,920 --> 00:00:27,080
Speaker 2: it turns out inflation was actually two point six percent

12
00:00:27,120 --> 00:00:29,560
Speaker 2: in the last quarter, not two point five. But the

13
00:00:29,600 --> 00:00:31,880
Speaker 2: bit that kind of made me laugh was but we're

14
00:00:31,920 --> 00:00:33,200
Speaker 2: just going to leave it there.

15
00:00:33,640 --> 00:00:35,360
Speaker 1: You know, why are they doing that? Because why wouldn't

16
00:00:35,360 --> 00:00:36,880
Speaker 1: they want to update it to be accurate.

17
00:00:37,840 --> 00:00:41,440
Speaker 2: I don't know. Maybe maybe it's more complicated to unwind it. Obviously,

18
00:00:41,760 --> 00:00:44,680
Speaker 2: all the economists in the Reserve Bank and everyone are

19
00:00:44,680 --> 00:00:46,239
Speaker 2: going to see that, and they're going to you know,

20
00:00:46,280 --> 00:00:47,879
Speaker 2: they're going to know. I don't. I don't think it's

21
00:00:47,880 --> 00:00:51,040
Speaker 2: going to be hugely material to what the Reserve Bank's thinking.

22
00:00:51,080 --> 00:00:53,840
Speaker 2: But yeah, I'm not sure. Is it too hard to

23
00:00:54,160 --> 00:00:56,440
Speaker 2: change the website? That's I mean, the main thing is

24
00:00:56,480 --> 00:00:59,320
Speaker 2: just the headlines. That's number sits there on the website.

25
00:00:59,360 --> 00:01:02,040
Speaker 2: Maybe it's Yeah, so William, this is not.

26
00:01:02,120 --> 00:01:05,400
Speaker 1: Good for stats because do you remember at the end

27
00:01:05,440 --> 00:01:07,640
Speaker 1: of last year when they counted how many people had

28
00:01:07,640 --> 00:01:09,440
Speaker 1: lost their jobs in Wellington and they said it was

29
00:01:09,480 --> 00:01:11,760
Speaker 1: twenty thousand and it was like only ten percent of that.

30
00:01:13,040 --> 00:01:15,080
Speaker 2: Yeah, look they're under it must be under a fair

31
00:01:15,080 --> 00:01:17,640
Speaker 2: bit of pressure. While you were away too. In one

32
00:01:17,680 --> 00:01:20,959
Speaker 2: of the last you know, sort of conferences with Adrian

33
00:01:21,160 --> 00:01:23,520
Speaker 2: or you know, they it was Select Committee. In fact,

34
00:01:23,520 --> 00:01:27,360
Speaker 2: actually they the Reserve Bank, you know, kind of were

35
00:01:27,440 --> 00:01:29,520
Speaker 2: using it as an excuse and it looked like an excuse

36
00:01:29,560 --> 00:01:32,200
Speaker 2: for some of the forecasting that hadn't been great. But

37
00:01:32,560 --> 00:01:34,640
Speaker 2: they were saying, look, we're just not getting the numbers

38
00:01:34,640 --> 00:01:37,960
Speaker 2: we want from stats in z We're not confident in

39
00:01:38,000 --> 00:01:40,640
Speaker 2: the you know, those GDP numbers that there's huge revision la.

40
00:01:42,680 --> 00:01:45,120
Speaker 2: So you know, we take with a grain of salt

41
00:01:45,120 --> 00:01:47,520
Speaker 2: from the Reserve Bank under under pressure to Select Committee.

42
00:01:47,520 --> 00:01:51,600
Speaker 2: But you know, they were arguing that that it needed

43
00:01:51,600 --> 00:01:56,240
Speaker 2: to be better resourced. I wonder whether it's resourcing or prioritization.

44
00:01:56,320 --> 00:01:59,080
Speaker 2: Obviously the government's got no money to resource it, but

45
00:02:00,120 --> 00:02:02,160
Speaker 2: need to and have said that they maybe need to

46
00:02:02,200 --> 00:02:05,640
Speaker 2: look at where they're focusing and what the numbers are

47
00:02:05,680 --> 00:02:07,720
Speaker 2: that really matter, because there's a whole bunch of other

48
00:02:07,800 --> 00:02:10,960
Speaker 2: numbers that, you know, kind of nice to have interesting

49
00:02:11,120 --> 00:02:14,040
Speaker 2: bits of Kiwi information that get counted that I just

50
00:02:14,200 --> 00:02:16,040
Speaker 2: I think we're going to need to get these basics, right.

51
00:02:15,960 --> 00:02:18,679
Speaker 1: Yeah, totally. So who puts out the unemployment numbers?

52
00:02:19,880 --> 00:02:26,440
Speaker 2: Yeah, there'll be stats, so it is it is nuanced stuff.

53
00:02:26,480 --> 00:02:28,960
Speaker 2: You know, you'll get. So we're talking about whether it

54
00:02:29,000 --> 00:02:31,120
Speaker 2: goes up to economists talking about where it goes up

55
00:02:31,120 --> 00:02:34,160
Speaker 2: from five point one to five point two or five

56
00:02:34,240 --> 00:02:37,560
Speaker 2: point three, so you know, the margin ever era again

57
00:02:37,880 --> 00:02:42,239
Speaker 2: is pretty pretty tight. Although you know, if it goes

58
00:02:42,320 --> 00:02:44,400
Speaker 2: up from five point one to five point three, that

59
00:02:44,400 --> 00:02:46,480
Speaker 2: that I think a quick count would be another six

60
00:02:46,520 --> 00:02:49,440
Speaker 2: thousand people out of work. So it's you know, it's

61
00:02:49,480 --> 00:02:55,480
Speaker 2: pretty real. You know, there's the current number on classified

62
00:02:55,520 --> 00:02:57,880
Speaker 2: as unemployed at the last count was one hundred and

63
00:02:57,880 --> 00:03:01,480
Speaker 2: fifty six thousand, so yeah, pretty significant.

64
00:03:01,560 --> 00:03:03,600
Speaker 1: You're two, right, Liam Listen, Thanks very much, appreciate it,

65
00:03:03,639 --> 00:03:06,480
Speaker 1: Liam Dan, the Herald's Business editor at large.

66
00:03:06,520 --> 00:03:09,680
Speaker 2: For more from Heather Duplessy, Allen Drive listen live to

67
00:03:09,760 --> 00:03:12,800
Speaker 2: news Talks a b from four pm weekdays, or follow

68
00:03:12,840 --> 00:03:14,560
Speaker 2: the podcast on iHeartRadio