TLDR: This week in our political economy and in the global economy:
the Retirement Commissioner called for changes to the Accommodation Supplement and for much more housing for the elderly because of an expected doubling of retirees struggling to pay their rent or mortgage from NZ Superannuation; Tuesday’s email
the Government offered concessions to farmers refusing to cooperate on emissions reductions, including expanding the types, numbers and value of trees they could claim to offset methane and nitrous oxide emissions; Thursday’s email
protests against the Chinese Government’s super-strict covid controls spread last weekend in a way that threatened to challenge the Government itself, but a police crackdown has quietened the protests and now Beijing is looking to accelerate vaccinations and ease the controls; Monday’s email
ANZ’s economists forecast a peak-to-trough fall in wage-adjusted house prices of 32%, which would see prices back 10% below pre-Covid levels by next year’s election; Wednesday’s email; and,
US Federal Reserve Chair Jerome Powell appeared to pivot the world’s largest central bank towards slower interest rate increases, just as Aotearoa threatens to sharply increase our rate hikes. Thursday’s email
Other places I’ve been
I also spoke on NewstalkZB about the Retirement Commission’s report.
Substack of the day
Ka kite ano
Have a great weekend
Bernard
PS: Lynn and I are in Australia visiting friends and family this week and next week, so we’re doing a bit less. It also means no Ask Me Anything or Hoon this coming Friday Dec 9. We’ll be back for the final AMA and Hoon of the year on Dec 16.
The week that was for the week to Dec 2