Mike's Minute: Still more questions to answer for the Reserve Bank
The mail I'm getting got a bit more official yesterday with Fitch suggesting they think the Reserve Bank isn't done. A lot of people thought the Reserve Bank was done cutting because fill-in Governor Christian Hawkesby basically said as much last week. On the inference that it was over, swap rates on the wholesale market started going up. Why should you care? Because if you owe money to a bank a lot of their income to lend comes from the wholesale markets. If it goes up so does your interest rate, which is what has been happening since last Thursday. Now this is where we get into subtlety and nuance. Technically Hawkesby said the bank remains open to further action, so if you lined Hawkesby up in court he could defend himself. But as always in these matters it is the between the lines stuff, the nod and the wink stuff, that markets read. And they are reading an end and, as a result, the numbers are rising. Tied in, if another cut is coming as Fitch suggests, things are further complicated with our dollar, given places like Australia are doing the opposite. Their Reserve Bank is closer to hiking than cutting. That affects how the world sees our economy and our currency, at 87cents to the Australian dollar and at 43cents to the pound, looks anaemic. For good measure, Fitch seems downbeat about our recovery. They are calling 2% next year by way of GDP. They were saying 2.7%. This then brings in the Government. The Government, in election year, would like 2.7% over 2%. 2% they'd be able to milk but 2.7% is home court advantage. If you want one more thing that kind of backs up the Fitch funk, Black Friday didn’t work. Spending was down on last year. Personally, I think that’s about it being a crock of you-know-what and it's more clickbait than it is bargains and people are over being ripped off. But that’s just me. So anyway, Hawkesby leaves with a trail of questions left behind as he heads to the beach. If you are one of the so-often quoted ones who are rolling out of one mortgage into another, these are still tricky times to try and get right and you want to hope Fitch has misread it. See omnystudio.com/listener for privacy information.
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Richard Arnold: US Correspondent on Pete Hegseth facing scrutiny over potential war crime
The US Secretary of Defence is facing scrutiny for potentially having committed a war crime. Pete Hegseth is facing scrutiny over a strike he ordered on a boat in the Caribbean Sea suspected of smuggling drugs. The Washington Post reported last week that Hegseth authorised a highly unusual second strike to kill all survivors on the boat – reports Hegseth has denied. US Correspondent Richard Arnold told Mike Hosking that Hegseth has previously railed against the Geneva Convention and the legal rules of engagement. In his book, Arnold says, Hegseth shares an anecdote in which he tells the soldiers in his platoon to ignore such legal advice. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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Pollies: Mark Mitchell and Ginny Andersen on Scrutiny Week, Labour chasing the Māori seats, cabinet meetings
With the year nearing its end, Mark Mitchell and Ginny Andersen joined Mike Hosking for the final Politics Wednesday of 2025. They discussed Scrutiny Week, Labour’s decision to chase the Māori seats and what’s ahead as we enter an election year. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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Full Show Podcast: 03 December 2025
On the Mike Hosking Breakfast Full Show Podcast for Wednesday 3rd of December, Police Commissioner Richard Chambers outlined the Police's new targets in the wake of the McSkimming debacle. Liam Lawson has officially retained his seat for Racing Bulls next season! Former Ferrari and Williams manager Peter Windsor broke down the decision for us. And Ginny Andersen and Mark Mitchell joined Mike for their last Politics Wednesday of the year. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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Fiona Cooper: NZUS Council Executive Director on today's US Business Summit
New Zealand’s relationship with the "Land of Opportunity" is taking the spotlight in Auckland today. Business, trade, and political leaders are attending the annual US Business Summit. Christopher Luxon is set to open the summit, shedding light on the Government’s actions to strengthen bilateral ties. NZUS Council Executive Director Fiona Cooper told Mike Hosking New Zealand is doing great business with the US and the summit is about sharing stories about how to navigate the tariff turbulence. But at the same time, she says there are tonnes of opportunities in the US, in areas like technology, investment, education, agriculture, and aerospace, and this is about seizing them. LISTEN ABOVE See omnystudio.com/listener for privacy information.
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