John Stevenson

So farmers are pretty motivated to improve that, Mike.

John Stevenson, who's the Pontera Cooperative Council Chair with us this morning.

That seems about right, but hey look, the Fonterra boards make the decision on that.

They have a lot more information than us, so we'll leave that to them on Thursday.

I know of farmers, particularly cropping farmers, that do supply our dairy industry, a lot of them have stored furt and sheds in anticipation of either supply or price challenges in the spring.

Certainly, the dairy NZ break-even milk price at the moment is at $8.36.

Repair job is probably the way I'd describe it.

You know, budget where there's nothing to give away, really no room to move as far as I can see.

The economy is just way too weak and the inflation is coming from things that are not the usual set of worries.

on top of another $100 to fill up your car, all those things are real costs that make for a lot of households that are very stretched.

At the end of the day, there's an investor behind those.

or a store owner who's decided that actually this is pretty hard going, has been hard going for five years, maybe I don't want to sign up and guarantee that lease for another five years.

And so I do think one of the positive things is that, you know, it's a bit like if you're used to flying, you get used to the turbulence.

And I think, you know, markets like the S&P 500 and that obviously are very used to turbulence because they seem to want to keep on going.

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