Nick Goodall

So maybe kick us off with a bit of a state of the economy and the things that the Reserve Bank will, of course, be considering, especially given we did get the New Zealand Activity Index data for December last week and also net migration data, which is a pretty important one when it comes to those macroeconomic figures.

So, yeah, take it away, mate.

Yeah, I think that's a good way of putting it.

I don't really have too much to add.

I think you covered so much of it off there.

And I think, yeah, it's all about improvement, right?

As long as the economy is improving, as long as we're starting to see increased net migration.

And I take your point that it's absolutely about fewer New Zealanders leaving in particular.

And I think there's been a few other stories and a bit more out there talking about the grass isn't always greener in Australia in terms of

The cost of living over there is still quite high as well.

Yes, probably still a stronger labour market at the moment, but that can't go on forever and it won't be for every industry either.

So for some people, it's not going to quite be as attractive.

Housing in particular isn't exactly much cheaper over there.

So having to get a mortgage,

You know, it might look very similar to what getting a mortgage over here might do.

You know, I'm sure many people saw that the official cash rate lifted in Australia last week.

So, you know, they're already on that upward cycle because they've got a stronger economy, because they're seeing strong growth in prices, because they've seen a lift in inflation.

they're having to fight against that sooner rather than later, whereas we're not quite at that point here in New Zealand.

So I think there are those differences that are worth paying attention to, and that will be of an influence, as you say, not just on fewer New Zealanders going there, but hey, if someone's looking to move to a different country and they're looking at Aussie or New Zealand or similar places,

maybe New Zealand starting to just squeak up on that growth of attractiveness at the back of an improving economy, even if it's a slowly improving economy.