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Speaker 1: Ocr aside for a second. The Reserve Bank made very

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Speaker 1: clear one thing yesterday where they think growth is going

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Speaker 1: to come from in this country. As we've spoken about

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Speaker 1: on the show lately, house prices aren't exactly running away

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Speaker 1: here like they are in Australia bar Queenstown. In previous recoveries,

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Speaker 1: that wealth effect kicks in. People go shopping with their

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Speaker 1: house prices going up, they feel a bit richer and

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Speaker 1: splash the cash. But this time the Bank says prices

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Speaker 1: are going to stay flat, pick up again later this year,

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Speaker 1: but only at the rate of income growth. In other words,

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Speaker 1: the opposite of what we're used to over the past

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Speaker 1: few decades. Usually, as anyone who's trying to buy a

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Speaker 1: house will know, the price of a three bity in

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Speaker 1: Auckland grows quicker than your salary. That's all changed now

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Speaker 1: because we have more supply, at least that's according to

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Speaker 1: the Bank yesterday. So without the tickle up, where does

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Speaker 1: economic growth come from? For nz inc Arna Breman answered

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Speaker 1: that question specifically yesterday and was very clear. Agricultural exports,

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Speaker 1: tourism and more recently some signs of life and manufacturing.

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Speaker 1: These are industries that bring us money from offshore, they

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Speaker 1: grow the pie. They provide the basis for other sectors

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Speaker 1: to pick up. If you're a farmer or a tourism

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Speaker 1: operator in Queenstown Audo to do this morning, you should

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Speaker 1: feel very proud of that, and we, through our government

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Speaker 1: should support them. That means staying off their backs, letting

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Speaker 1: them get on do what they do best, feeding the

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Speaker 1: world and providing unforgettable experiences for visitors. On manufacturing, it

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Speaker 1: is hard to ignore the energy debate. If we don't

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Speaker 1: have a steady and reliable supply of electricity, trying to

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Speaker 1: run a factory or a mill, as the Central North

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Speaker 1: Arland has learnt the hard way just recently becomes very difficult.

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Speaker 1: So while ALNNG coal for Huntley and methane target changes

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Speaker 1: might sound bad, they're basically what ensure that we support

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Speaker 1: the industries that support us. What the Reserve Bank said

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Speaker 1: unequivocally yesterday is that without them there is no growth.

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Speaker 1: Without growth, no new jobs. What does that do to tax,

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Speaker 1: no new hospitals? You get the picture. This is not

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Speaker 1: to say it's a perfect world. There are costs to

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Speaker 1: not doing environmental stuff, but for them to work, you

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Speaker 1: need the world on board and they're not. In the meantime,

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Speaker 1: the question is whether we can afford to bite the

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Speaker 1: economic hand that feeds us, and if you listen to

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Speaker 1: the bank, it would appear that we can't. For more

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Speaker 1: from Early Edition with Ryan Bridge, Listen live to News

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Speaker 1: Talks it'd be from five am weekdays, or follow the

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Speaker 1: podcast on iHeartRadio.