aaand even more good news

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ANZ’s latest job advertisements survey rose a seasonally adjusted 2.9 percent in March, after a 1.2 percent rise the month before.

Advertisements on the internet climbed 2.8 percent, while newspaper ads rose 4.4 percent.

ANZ senior economist Sharon Zollner said there were differences between the north and the south.

“Job ads in the Auckland region continue to trend up strongly, Wellington job ads are holding their own and Canterbury’s job ads continue to trend down,” she said.

In the regions, Hawke’s Bay continues to be the pick of the bunch, rising 10 percent on a year ago.

Labour’s whole election policy is centered around running a better economy and addressing the out of control unemployment rate.

El Nino doesn’t seem to have hurt as much as we expected, and the milk prices haven’t dampened the rest of the economy one bit.

Apart from the fact Labour are led by a leader who continues to prove the Teflon John meme, it’s going to take quite a sudden and nasty downturn for Labour to get anywhere near the treasury benches.

 

– RNZ

 


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  • Effluent

    And yet, one of the lead stories this morning on red radio was about the out-of-control housing market.

    It’s entirely obvious that house prices can’t keep rising indefinitely, even with the inflow of hot money from China, and that the moment will arrive when it stalls; at that point, some late entrants to the market will go upside down, the banks will realise how exposed they are, and we will have a repeat performance of the GFC.

    Even if this doesn’t happen, real incomes aren’t rising, and many of our own children won’t be able to buy houses in their own country, let alone in the town they call home, if it’s Auckland.

    I hope I’m wrong, I don’t want to see it happen, but the signs are all in place for another bursting bubble.

    • Uncle Bully

      And yet while the economy is trucking along nicely, NZ is an attractive place to live for both returning ex-pats and foreigners. With immigration running high, interest rates very low, and land supply constrained, it’s not easy to see exactly when the soaring prices will level out, or even turn south.

      If non-resident foreigners do own a significant proportion of NZ housing, and for whatever reason those investors have need for their money elsewhere, I think their withdrawal from the market will be the catalyst for the house-of-cards that is the Auckland property market to start collapsing.

      What I would like to know, is what proportion of foreign property investment funding is investor equity vs cheap overseas-sourced borrowings. Maybe if that proportion is heavily weighted towards overseas borrowings, pressure on those overseas banks might be the catalyst?

  • Grizz30

    It is not so much about Teflon John but more about boomerang Andy.

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