Christoph Schumacher

Be a bit careful with your spending.

See where you can cut a bit and make sure you have a buffer, some kind of reserves, because these down periods will come, so that you're not completely caught out, because this is what creates the real stress.

And this is real for people.

If suddenly you're struggling to pay the bills, that's stress.

That's unpleasant.

So maybe be a bit more careful.

Maybe put a little bit more aside than you had in the past so you can see, so you can ride out these waves.

It's not doom and gloom in New Zealand.

It's not.

Most welcome.

Thanks for having me.

First of all, there's kind of two things happening at the same time.

First, about a quarter of the world's oil goes through the street of Hormuz and that's blocked at the moment.

So we have a global supply shock.

There's less oil going around than we need.

And as a result, prices go up.

So given that New Zealand imports all of its oil, petrol, diesel, whatever we use, we now pay more for the oil that's coming in and petrol retailers simply pass that on to the consumer.

by increasing the prices at the pump.

So that's the first thing.

The war in Iran causes a shortage of oil to reach us, becomes more expensive, we pay more.