Ed

And the main thing I was saying there is oil prices don't impact New Zealand house prices in New Zealand.

The reason that house prices spiked back in 1973 when we had the first major oil crisis was there was a lot of inflation going on.

If we look at 1991, house prices went down because the New Zealand economy was already really, really weak.

In 2003, New Zealand house prices were already increasing.

We had that oil crisis and house prices just kept on going up and down.

And I was basically saying, if we look back at history, it doesn't have that much of an impact.

Like,

If we see the price of oil spike temporarily because there's a war, it doesn't necessarily cause lasting damage to the New Zealand property market.

Now, it does have other impacts that might hurt you as a New Zealand consumer, right?

So one of the things that Andrew and I have talked about on our podcast and in that YouTube video is New Zealand, if we see the price of diesel go up, that really does impact us because we have to pretty much import lots and lots and lots of things into New Zealand.

It takes oil and it takes diesel to ship goods from China over to the port of Tauranga.

It takes diesel to move the goods off the ships using forklifts and onto some trucks and then even more diesel to move those goods from the trucks over to your local warehouse and then, oh my gosh, there's another forklift which takes diesel

to unload those.

It takes diesel to move, to get the farmer's tractor to go and then it takes more diesel for the milking trucks, Fonterra's milking trucks, to pick up the milk and take it to the factory and then process it and then

then to power the trucks to go from the Fonterra factory to your local supermarket, right?

And so there is oil and there is diesel and there are petrol prices that impact the cost of all goods around us.

And so what the Reserve Bank of New Zealand is really looking at is if we start to see oil prices go up, which we have,

If we start to see diesel prices go up, which we have, at what point does that have spillover effects and flow on to the wider economy?

They're watching and waiting at the moment because it's a little bit of a finely balanced... God, you didn't think that this was going to go on this long, but here we go.

It's a little bit of a finely balanced...