1 00:00:09,093 --> 00:00:12,693 Speaker 1: You're listening to a podcast from News Talks be follow 2 00:00:12,773 --> 00:00:16,133 Speaker 1: this and our wide range of podcasts now on iHeartRadio. 3 00:00:16,733 --> 00:00:19,693 Speaker 2: So forecasts the economy will grow slower than hope next 4 00:00:19,733 --> 00:00:22,732 Speaker 2: year in today's Treasuries release of its half year Economic 5 00:00:22,773 --> 00:00:24,852 Speaker 2: and Fiscal update. To go through it, we're joined once 6 00:00:24,893 --> 00:00:28,013 Speaker 2: again by Brad Olson in for Metric CEO and Chief 7 00:00:28,173 --> 00:00:31,813 Speaker 2: economyss Gee Brad Good, Afternoon team, So what were the 8 00:00:32,093 --> 00:00:32,973 Speaker 2: big takeaways? 9 00:00:33,253 --> 00:00:35,693 Speaker 3: Well, as you've outlined, I mean, the economy has had 10 00:00:35,732 --> 00:00:37,653 Speaker 3: a bit more of a setback this year than where 11 00:00:37,693 --> 00:00:41,412 Speaker 3: Treasury had expected it to evolve at the budget. So 12 00:00:41,613 --> 00:00:45,292 Speaker 3: the economic recovery taking longer to get going and from 13 00:00:45,373 --> 00:00:47,852 Speaker 3: sort of a deeper, darker position, And all of that 14 00:00:47,933 --> 00:00:50,212 Speaker 3: means that the government is not taking in quite as 15 00:00:50,293 --> 00:00:53,092 Speaker 3: much tax revenue as it probably would have hoped to 16 00:00:53,132 --> 00:00:57,253 Speaker 3: have seen growth in that and of course expenses are higher. 17 00:00:57,493 --> 00:01:00,093 Speaker 3: All of that means that now the return to surplus 18 00:01:00,133 --> 00:01:04,253 Speaker 3: has been pushed out another year. On the government's new 19 00:01:04,373 --> 00:01:08,212 Speaker 3: preferred measure, the ober Gal X figure, it's now taking 20 00:01:08,373 --> 00:01:10,893 Speaker 3: until twenty thirty for the books to return to surplus, 21 00:01:11,373 --> 00:01:14,932 Speaker 3: probably twenty thirty one for the old Obergall measure. So 22 00:01:15,212 --> 00:01:18,053 Speaker 3: long story short, we're still having to borrow to spend 23 00:01:18,133 --> 00:01:20,413 Speaker 3: on day to day items for the next couple of years, 24 00:01:20,413 --> 00:01:23,413 Speaker 3: and that's sort of hasn't changed. It's also, of course, 25 00:01:23,493 --> 00:01:27,333 Speaker 3: leaving the debt position in a slightly more uncomfortable position. 26 00:01:27,373 --> 00:01:29,572 Speaker 3: It's it's sort of peaking and not coming down nearly 27 00:01:29,572 --> 00:01:33,893 Speaker 3: as quickly as everyone would like. It reaches a peak 28 00:01:34,013 --> 00:01:37,053 Speaker 3: of forty six point nine percent that's neck core crown 29 00:01:37,173 --> 00:01:40,013 Speaker 3: debt to GDP in twenty twenty seven to twenty eight, 30 00:01:40,133 --> 00:01:43,613 Speaker 3: so again higher than was expected and taking longer to 31 00:01:43,652 --> 00:01:44,292 Speaker 3: come back down. 32 00:01:44,773 --> 00:01:47,973 Speaker 4: Is that is that a genuinely risky number forty seven 33 00:01:48,013 --> 00:01:50,813 Speaker 4: percent of GDP? Or is that sort of just a 34 00:01:50,853 --> 00:01:52,133 Speaker 4: politically awkward number. 35 00:01:53,573 --> 00:01:55,733 Speaker 3: It's bits of both. I mean, at the moment, it's 36 00:01:55,773 --> 00:01:59,573 Speaker 3: it's palatable enough, particularly because look, to drive that down 37 00:02:00,133 --> 00:02:02,973 Speaker 3: considerably and quickly, you'd really have to cut quite a 38 00:02:02,973 --> 00:02:05,173 Speaker 3: lot of spending out to the point where New Zealanders 39 00:02:05,173 --> 00:02:08,093 Speaker 3: would feel that they would get less services and a 40 00:02:08,093 --> 00:02:10,533 Speaker 3: whole lot less in the economy all of a sudden. 41 00:02:10,773 --> 00:02:12,893 Speaker 3: But it does mean that, Look, if a big challenge 42 00:02:13,013 --> 00:02:16,572 Speaker 3: erupted tomorrow, if you had geopolitical issues that turned into war, 43 00:02:16,653 --> 00:02:20,053 Speaker 3: if you saw another natural disaster. It's that debt headroom 44 00:02:20,093 --> 00:02:22,093 Speaker 3: that we use to sort of get ourselves out of 45 00:02:23,173 --> 00:02:26,012 Speaker 3: the picket, the tricky spot that we often find ourselves 46 00:02:26,013 --> 00:02:28,413 Speaker 3: and of course the last couple of decades has showing 47 00:02:28,453 --> 00:02:31,973 Speaker 3: that that happens quite frequently. So look, it's tough at 48 00:02:31,972 --> 00:02:35,413 Speaker 3: the moment because it really does highlight that again over time, 49 00:02:35,453 --> 00:02:38,293 Speaker 3: it's taking a lot longer than everyone expected and hoped 50 00:02:38,333 --> 00:02:41,373 Speaker 3: for the books to recover. And that's with you know, 51 00:02:41,493 --> 00:02:43,893 Speaker 3: to be fair, the government still putting a lot more 52 00:02:43,893 --> 00:02:47,013 Speaker 3: restraint on itself than previous governments who were adding a 53 00:02:47,013 --> 00:02:49,972 Speaker 3: lot more into the system, a lot harder to take away, 54 00:02:50,213 --> 00:02:52,453 Speaker 3: very easy to add spending into the system. 55 00:02:52,493 --> 00:02:56,893 Speaker 4: Though, So for households, you know, barring a horrible event 56 00:02:57,573 --> 00:03:00,093 Speaker 4: or war, war is a horrible event. But barring a 57 00:03:00,093 --> 00:03:03,532 Speaker 4: horrible event, does it the land cirplus actually change anything 58 00:03:03,813 --> 00:03:06,733 Speaker 4: in daily life for Kiwi households. 59 00:03:07,293 --> 00:03:09,893 Speaker 3: Not necessarily. If you're sort of you know, you're sitting 60 00:03:09,933 --> 00:03:12,453 Speaker 3: out there and going, well, what does it mean to 61 00:03:12,453 --> 00:03:13,853 Speaker 3: me as a household? You know, what am I going 62 00:03:13,893 --> 00:03:16,012 Speaker 3: to experience in the next three years that might have 63 00:03:16,093 --> 00:03:19,093 Speaker 3: been different from what I previously thought? Probably nothing it's 64 00:03:19,133 --> 00:03:21,613 Speaker 3: more that in the future, and as we continue to 65 00:03:21,653 --> 00:03:23,133 Speaker 3: go on, we're going to have to make more and 66 00:03:23,173 --> 00:03:26,693 Speaker 3: more difficult decisions over what we spend on and what 67 00:03:26,813 --> 00:03:29,132 Speaker 3: gets left out. And I think that's sort of a 68 00:03:29,173 --> 00:03:32,053 Speaker 3: message that Treasury is trying to convey quite strongly at 69 00:03:32,093 --> 00:03:35,173 Speaker 3: the moment, is that yes, things are happening. At the moment, 70 00:03:35,213 --> 00:03:37,853 Speaker 3: spending is happening. But if you know, all of a sudden, 71 00:03:37,893 --> 00:03:40,693 Speaker 3: you saw those debt figures, you know that weren't coming down, 72 00:03:40,773 --> 00:03:43,733 Speaker 3: and a big disaster struck, we would have to then 73 00:03:43,813 --> 00:03:46,173 Speaker 3: borrow considerably to get us out of the hole. And 74 00:03:46,253 --> 00:03:48,133 Speaker 3: at that point, to be blunt, we're probably going to 75 00:03:48,213 --> 00:03:50,533 Speaker 3: have to see tax increases to pay for that high 76 00:03:50,613 --> 00:03:53,253 Speaker 3: level of debt because you can't. I don't know about you, 77 00:03:53,333 --> 00:03:55,093 Speaker 3: but i've you know, people trying to take out a 78 00:03:55,133 --> 00:03:57,093 Speaker 3: mortgage when they don't pay off the first mortgage and 79 00:03:57,093 --> 00:03:58,733 Speaker 3: then just ask for more and more and more when 80 00:03:58,773 --> 00:04:00,453 Speaker 3: they haven't shown that they can pay off the first 81 00:04:00,493 --> 00:04:03,613 Speaker 3: one don't get looked that favorably by the bank usually, 82 00:04:03,653 --> 00:04:06,693 Speaker 3: So like that would be the challenge. My biggest issue 83 00:04:06,733 --> 00:04:09,893 Speaker 3: still looking through the fiscals is how much money is 84 00:04:09,933 --> 00:04:12,293 Speaker 3: going to certain sectors that really do. I don't want 85 00:04:12,293 --> 00:04:14,293 Speaker 3: to say they're out of control, but man, they make 86 00:04:14,333 --> 00:04:16,933 Speaker 3: it hard to spend on other parts of the economy. 87 00:04:17,253 --> 00:04:19,533 Speaker 3: You look over the next sort of five years or so, 88 00:04:19,693 --> 00:04:22,493 Speaker 3: treasuries forecast today say that New Zealand will spend an 89 00:04:22,493 --> 00:04:25,973 Speaker 3: extra seven point seven billion dollars on paying for New 90 00:04:26,053 --> 00:04:29,693 Speaker 3: Zealand superannuation alone. That's more than the increase to the 91 00:04:29,813 --> 00:04:33,213 Speaker 3: entire health and education budgets combined. So like, in terms 92 00:04:33,213 --> 00:04:35,293 Speaker 3: of decisions that we have to make as a country, 93 00:04:35,853 --> 00:04:38,933 Speaker 3: government spending will continue to go up based on the 94 00:04:38,933 --> 00:04:41,773 Speaker 3: current settings unless we change them, and that means that, look, 95 00:04:41,813 --> 00:04:43,853 Speaker 3: at some point in the next in my mind five 96 00:04:43,853 --> 00:04:46,133 Speaker 3: to ten years, the government's going to have to say, look, 97 00:04:46,133 --> 00:04:49,373 Speaker 3: we're putting money towards the current settings. So no, there's 98 00:04:49,413 --> 00:04:51,893 Speaker 3: no more money for this industry, for that industry, there's 99 00:04:51,893 --> 00:04:54,493 Speaker 3: no more money for health or education because we're putting 100 00:04:54,493 --> 00:04:57,253 Speaker 3: it on other stuff. That's the sort of decision and 101 00:04:57,293 --> 00:04:58,933 Speaker 3: the trade offs that we're going to have to make 102 00:04:58,973 --> 00:04:59,573 Speaker 3: as a country. 103 00:05:00,133 --> 00:05:03,053 Speaker 4: So whose faulters this? Is it labour's over spending in 104 00:05:03,173 --> 00:05:06,173 Speaker 4: COVID times and post COVID times or is it the 105 00:05:06,493 --> 00:05:08,693 Speaker 4: government and their settings at the moment. 106 00:05:09,733 --> 00:05:12,333 Speaker 3: Look, there's all elements to it. I mean, in a sense, 107 00:05:12,373 --> 00:05:14,893 Speaker 3: the blame can go around a lot of places. Of course, 108 00:05:15,173 --> 00:05:19,253 Speaker 3: having those much higher interest rates and continuing to see 109 00:05:19,333 --> 00:05:21,933 Speaker 3: quite a level of support into the economy during COVID 110 00:05:22,413 --> 00:05:24,693 Speaker 3: was necessary at the time, but it also means that 111 00:05:24,693 --> 00:05:28,013 Speaker 3: we're spending an extremely large amount of money on repaying 112 00:05:28,013 --> 00:05:31,093 Speaker 3: that debt over the next couple of years. You know, 113 00:05:31,733 --> 00:05:33,933 Speaker 3: it's tens of billions of dollars that are going to 114 00:05:34,053 --> 00:05:37,573 Speaker 3: just sort of on the effective government mortgage all the time. 115 00:05:37,933 --> 00:05:41,213 Speaker 3: There's a lot of spending that has been decided in 116 00:05:41,333 --> 00:05:45,013 Speaker 3: previous years that you know that continues basically for every 117 00:05:45,133 --> 00:05:48,853 Speaker 3: year after that. So previous decisions by previous governments are 118 00:05:48,893 --> 00:05:51,413 Speaker 3: a little bit more locked in. And you've seen again 119 00:05:52,093 --> 00:05:54,493 Speaker 3: a challenging ability for a new government to come in 120 00:05:54,533 --> 00:05:56,013 Speaker 3: and say, well, we're not going to do that because 121 00:05:56,053 --> 00:05:57,653 Speaker 3: people get used to it. You know, people have got 122 00:05:57,733 --> 00:06:00,613 Speaker 3: used to having anything from food and schools to a 123 00:06:00,613 --> 00:06:03,173 Speaker 3: whole lot of other policies that just weren't there, you know, 124 00:06:03,253 --> 00:06:06,253 Speaker 3: five ten years ago. To put some of this in perspective, 125 00:06:07,813 --> 00:06:11,053 Speaker 3: just before pandemic hit, you were seeing that core crown expenses, 126 00:06:11,093 --> 00:06:14,533 Speaker 3: So government spending effectively was it about twenty eight percent 127 00:06:14,653 --> 00:06:17,533 Speaker 3: of GDP At the end of the forecast period. In 128 00:06:17,573 --> 00:06:21,653 Speaker 3: twenty thirty, core crown expenses will still be thirty point 129 00:06:21,733 --> 00:06:24,733 Speaker 3: five percent of GDP, so more than two percentage points 130 00:06:24,773 --> 00:06:27,973 Speaker 3: more of the economy is now coming through and being 131 00:06:28,053 --> 00:06:31,293 Speaker 3: driven by government activity. So it is a real tough 132 00:06:31,293 --> 00:06:34,053 Speaker 3: one because it suggests that again we're living outside our 133 00:06:34,093 --> 00:06:37,093 Speaker 3: means and that there are some very very difficult calls, 134 00:06:37,133 --> 00:06:39,973 Speaker 3: Like if you are central government, and there's of course 135 00:06:40,053 --> 00:06:42,213 Speaker 3: been a lot of calls recently for you know, either 136 00:06:42,253 --> 00:06:44,653 Speaker 3: spending a whole lot more on one side of politics 137 00:06:44,733 --> 00:06:46,733 Speaker 3: or a whole lot less by other sides of politics. 138 00:06:47,133 --> 00:06:49,293 Speaker 3: In the middle of you've got the government going, well, 139 00:06:49,333 --> 00:06:51,413 Speaker 3: I sort of can't make anyone happy because I can't 140 00:06:51,453 --> 00:06:54,053 Speaker 3: spend a lot more because we're indeficite, but also can't 141 00:06:54,093 --> 00:06:56,453 Speaker 3: trim it as much back because you'd create all sorts 142 00:06:56,453 --> 00:06:58,533 Speaker 3: of challenges for low income households. 143 00:06:58,893 --> 00:07:01,013 Speaker 2: So on that note, spread do you think the government 144 00:07:01,013 --> 00:07:03,613 Speaker 2: needs to look at text reform or new revenue measures 145 00:07:03,653 --> 00:07:04,773 Speaker 2: to address that deficit? 146 00:07:05,773 --> 00:07:08,853 Speaker 3: I mean looks in an ideal economist, you'd sort of 147 00:07:08,893 --> 00:07:10,733 Speaker 3: do bits of everything. You'd have a little bit more 148 00:07:10,773 --> 00:07:13,373 Speaker 3: tax reform to try and broaden the base a little 149 00:07:13,413 --> 00:07:15,933 Speaker 3: bit more. You would run the ruler a whole lot 150 00:07:16,013 --> 00:07:19,213 Speaker 3: harder over some of the spending that government does, and 151 00:07:19,693 --> 00:07:22,333 Speaker 3: say to some industries and some sectors, look, you've got 152 00:07:22,333 --> 00:07:25,053 Speaker 3: support for quite a lot of time, but sorry, that's 153 00:07:25,173 --> 00:07:28,173 Speaker 3: ending today. And I would look quite seriously again about 154 00:07:28,213 --> 00:07:30,933 Speaker 3: some of those big, big spending items. I mean, at 155 00:07:30,933 --> 00:07:33,213 Speaker 3: the moment, even if we magiced up a whole bunch 156 00:07:33,253 --> 00:07:35,773 Speaker 3: of productivity, which we've been struggling with. To be fair, 157 00:07:36,373 --> 00:07:38,693 Speaker 3: even that wouldn't sort of put us away from the 158 00:07:39,213 --> 00:07:42,533 Speaker 3: pretty challenging fiscal conditions of the likes of Super. And look, 159 00:07:42,893 --> 00:07:44,453 Speaker 3: I know it sounds like I'm sort of banging on 160 00:07:44,453 --> 00:07:47,533 Speaker 3: about this one item. It is, it's sort of you know, 161 00:07:47,613 --> 00:07:49,653 Speaker 3: at one point it's going to be thirty billion dollars 162 00:07:49,693 --> 00:07:52,413 Speaker 3: that New Zealand spends on Super out towards the end 163 00:07:52,453 --> 00:07:54,373 Speaker 3: of the decade. At that point it's more than the 164 00:07:54,493 --> 00:07:57,693 Speaker 3: entire education budget at once. So like that one item, 165 00:07:57,933 --> 00:08:00,893 Speaker 3: that one incredibly large amount of money, is such a 166 00:08:00,933 --> 00:08:03,333 Speaker 3: fundamental one that unless you make a change to that, 167 00:08:03,693 --> 00:08:05,813 Speaker 3: I really don't think that you sort of make any 168 00:08:05,853 --> 00:08:08,853 Speaker 3: headway into the fiscal conditions at all. Every thing is 169 00:08:08,933 --> 00:08:09,573 Speaker 3: rats and mice. 170 00:08:10,853 --> 00:08:13,213 Speaker 4: Now, Brad, you said that the the you know, the 171 00:08:13,293 --> 00:08:17,773 Speaker 4: COVID spending was necessary, but surely the fact that the 172 00:08:17,853 --> 00:08:21,533 Speaker 4: economy was so overcooked and interest rates went through the 173 00:08:21,613 --> 00:08:24,213 Speaker 4: roof and we saw it having to house prices and stuff, 174 00:08:24,613 --> 00:08:28,533 Speaker 4: surely we can say now that you know, definitively too 175 00:08:28,573 --> 00:08:30,253 Speaker 4: much money was pumped into the economy. 176 00:08:31,453 --> 00:08:34,453 Speaker 3: Yes, to be clear, a lot of it was necessary 177 00:08:34,693 --> 00:08:36,973 Speaker 3: for a period of time. And I think the two 178 00:08:37,053 --> 00:08:39,933 Speaker 3: challenges that we've found looking back at COVID level spending 179 00:08:40,333 --> 00:08:42,853 Speaker 3: is that one, we left that support in place way 180 00:08:42,892 --> 00:08:45,093 Speaker 3: too long, Like we needed it at the start when 181 00:08:45,093 --> 00:08:47,413 Speaker 3: the economy was in a bad place, when we had 182 00:08:47,453 --> 00:08:49,733 Speaker 3: no idea, when we were coming out of lockdown, But 183 00:08:49,773 --> 00:08:51,933 Speaker 3: when we came out, when the economy started to get 184 00:08:51,933 --> 00:08:55,333 Speaker 3: its activity back up and running, we still provided that 185 00:08:55,372 --> 00:08:59,213 Speaker 3: support even though clearly the economy, the economic motor was humming. 186 00:08:59,732 --> 00:09:01,933 Speaker 3: So there's that challenge. There's also the fact that a 187 00:09:01,933 --> 00:09:05,132 Speaker 3: lot of stuff got counted as COVID spending when in hindsight, 188 00:09:05,173 --> 00:09:08,693 Speaker 3: you go, well, that wasn't really through us a pandemic. Again, 189 00:09:08,852 --> 00:09:11,333 Speaker 3: the likes of you know, paying for you know, health 190 00:09:11,533 --> 00:09:13,973 Speaker 3: and a whole lot of other eras was important during 191 00:09:13,973 --> 00:09:17,132 Speaker 3: a pandemic. Paying for jobs creation when the unemployment rate 192 00:09:17,173 --> 00:09:20,293 Speaker 3: got to its lowest level ever just about in modern history. 193 00:09:20,492 --> 00:09:22,773 Speaker 3: Probably wasn't COVID level spending here. It was probably just 194 00:09:22,852 --> 00:09:24,373 Speaker 3: general support that we didn't need. 195 00:09:25,053 --> 00:09:27,013 Speaker 4: Now here's a text has come through because on the 196 00:09:27,012 --> 00:09:30,053 Speaker 4: show we've been talking about positivity and this textas says, 197 00:09:30,093 --> 00:09:32,813 Speaker 4: listen to Matt the fascist who keeps misleading on here 198 00:09:32,892 --> 00:09:35,292 Speaker 4: about things getting better? Are you going to still drag 199 00:09:35,333 --> 00:09:37,973 Speaker 4: on about that things are clearly getting worse? What do 200 00:09:37,973 --> 00:09:40,773 Speaker 4: you say to that text to Rob? I mean the 201 00:09:40,773 --> 00:09:43,813 Speaker 4: text to Rob, what do you say to Rob Brad Look. 202 00:09:43,612 --> 00:09:46,492 Speaker 3: I hear the point, like yeah, and you look at 203 00:09:46,492 --> 00:09:49,093 Speaker 3: some of the indicators, you look at consumer confidence and everything. 204 00:09:49,132 --> 00:09:51,013 Speaker 3: And I'm not saying that we're out of the woods yet, 205 00:09:51,413 --> 00:09:54,533 Speaker 3: but we are seeing better economic indicators in a number 206 00:09:54,533 --> 00:09:57,252 Speaker 3: of areas. Will be waiting quite with quite bita breath 207 00:09:57,252 --> 00:09:59,773 Speaker 3: at this point for Thursday morning at ten forty five 208 00:09:59,813 --> 00:10:02,252 Speaker 3: when we get the latest GDP figures, but we do 209 00:10:02,372 --> 00:10:04,213 Speaker 3: expect that to have pulled us out of the whole 210 00:10:04,573 --> 00:10:06,813 Speaker 3: a little bit compared to where we were, say, three 211 00:10:06,813 --> 00:10:09,573 Speaker 3: months ago. So I think the key point here is that, look, 212 00:10:09,612 --> 00:10:11,933 Speaker 3: I do genuinely think looking at the numbers that we're 213 00:10:11,933 --> 00:10:14,413 Speaker 3: seeing an improvement. But I don't want anyone to sort 214 00:10:14,413 --> 00:10:17,093 Speaker 3: of take that the wrong way and say everything's fine 215 00:10:17,132 --> 00:10:19,133 Speaker 3: and sold and everything in twenty twenty six is going 216 00:10:19,173 --> 00:10:22,093 Speaker 3: to be great. It's not, but it is going to 217 00:10:22,093 --> 00:10:24,413 Speaker 3: be on a better pathway. Most of the indicators are 218 00:10:24,413 --> 00:10:27,053 Speaker 3: starting to suggest that. But it's certainly not as sort 219 00:10:27,093 --> 00:10:30,372 Speaker 3: of as much of a big boost up as we'd 220 00:10:30,413 --> 00:10:32,533 Speaker 3: probably like to see. But we've got to be careful. 221 00:10:32,533 --> 00:10:34,773 Speaker 3: We're still trying to sort of wean the economy into 222 00:10:34,852 --> 00:10:37,253 Speaker 3: a better place after its head all the support, so 223 00:10:37,333 --> 00:10:39,333 Speaker 3: there is a bit more balance. I think that's needed 224 00:10:39,333 --> 00:10:39,852 Speaker 3: going forward. 225 00:10:39,933 --> 00:10:42,693 Speaker 2: Yeah, got to keep watering those green shoots, Brad. 226 00:10:43,293 --> 00:10:45,133 Speaker 3: That's the one. You need the patrograss to come through. 227 00:10:45,173 --> 00:10:46,773 Speaker 3: But you also don't want to trample on it too 228 00:10:46,892 --> 00:10:48,612 Speaker 3: quickly or play too many games on it. 229 00:10:48,732 --> 00:10:52,213 Speaker 2: After that, beautifully said Brad. Always good to get you on, mate, 230 00:10:52,293 --> 00:10:55,053 Speaker 2: Thank you very much. And I know we said this 231 00:10:55,173 --> 00:10:56,933 Speaker 2: a couple of days ago, but Merry Christmas if we 232 00:10:56,933 --> 00:10:58,933 Speaker 2: don't chet again. Mate, which I'm sure we want ame 233 00:10:59,012 --> 00:11:01,693 Speaker 2: to you, that is Brad. I'll send the CEO of 234 00:11:01,732 --> 00:11:04,372 Speaker 2: Infometrics and chief economists. 235 00:11:04,612 --> 00:11:07,252 Speaker 1: For more from News Talk, said B. Listen live on 236 00:11:07,333 --> 00:11:10,293 Speaker 1: air or online, and keep our shows with you wherever 237 00:11:10,333 --> 00:11:12,933 Speaker 1: you go with our podcasts on iHeartRadio