Full Show Podcast: 29 July 2026
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What is the main topic discussed in this episode?
Newsmakers and the personalities. The big names talk to Mike. The Mike Hosking Breakfast with Defender Trophy. Epic adventure, greater purpose. News Talk ZB. Morning and welcome. Today, changes to immigration rules around the RSE workers. New rules for our bird industry in this bird flu era. Cost of living stats show that maybe normality's back. Supercars made us a fortune back in April. Mike and Ginny mixed it up. Politics Wednesday. Richard and Steve, they provide their worlds on a plate for us. Right, I'm in the middle of the week, seven past six. Welcome to It Turns Out. There's a lot in the name. Stats gave us the latest household living costs price indexes. Now, this is what we pay for stuff. This is the cost of our living.
Or, as is more often than not referred to by the media and the miserable, the cost of living crisis. In that name, the cost of living crisis, lies a lot of our problems. And a lot of our problems lie, of course, in our attitude. The cost of living crisis no longer actually exists. It arrived in COVID. It finished roughly when inflation dropped back to a more orderly level. Now, this is not to say... Things are perfect or brimming or bullish. It's just that it's not as bad as it was nor indeed anywhere close. The cost of living crisis we have decided has stuck. It makes us feel justified in moaning and it gives some political operators ammunition. The actual increase in our cost of living was 3.2%. Actually not bad.
What do the latest household living-cost stats tell us about the 'cost of living crisis'?
I mean, not great, but not bad. And just about in the Reserve Bank band. Take out petrol. which has got nothing to do with us, it would have been way, way lower. What was way lower was the interest rate costs on your mortgage. See, not everything is going up. We hear a lot about power and rates, and rightly so, but not a lot about the mass saving that's arrived in our bank accounts by paying interest rates that by any historic reading are now quite low. Like all stories, your individual circumstances matter. How much petrol you use, what your income is, what industry you are in, what sort of pay rise you got. They are, in fact, the majority of people you know, doing fine. They've got plentiful work. They are well paid.
They've got some savings. They take holidays. Wish the power bill was cheaper, of course, but by and large, life is decent and there is no crisis. It's getting close to the time. that if we can get the war out of the way, the oil at about 70-ish consistently, renewable power supply dropping generation prices, we will actually arrive economically at a pretty good spot. At 3.2% with a war, we are close to being, I reckon, about 2% without one. And that is what they call a sweet spot. All that's left is for those obsessed with the negativity of a crisis to recognize it isn't. News of the world in 90 seconds. Rocking and rolling in Japan overnight. 7.1. We're in the southern Kumamoto Prefecture. That's what it sounded like.
Here's the PM.
We're still assessing the extent of casualties and property damage, but we have already received reports of people being injured. There are also areas experiencing power outages and fires, as well as damage to roads and bridges and the collapse of buildings.
This block was in the middle of it.
The initial shock was, I think, about two minutes or something. I've never experienced that big earthquake, so I was not being able to stand still. So I was in holding rail or something. I feel like every 20 minutes, I feel like, you know, the land is shaking.
France and Spain still alike. This person's on the south coast of France. This was a really idyllic forest, like... So beautiful, so green and like the fire went directly through it and it was like so fast. It was really, really fast and there is like literally nothing left. These people in Madrid had to run for it.
There's no place like home, especially when you have children, she says.
I have an eight-year-old son, and they've taken great care of him here. We've been here since Friday, waiting for everything to be resolved as quickly as possible. On the geopolitical stage this morning, Zelensky and Netanyahu have been at the White House overnight.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–1:18
2
What do the latest household living-cost stats tell us about the 'cost of living crisis'?
1:18–20:04
3
How is the jobs market evolving according to June payroll and employment indicators?
20:04–27:06
4
What did RBA governor Michelle Bullock say about inflation and productivity?
27:06–59:31
5
What new biosecurity rules are being introduced for poultry after bird flu?
59:31–1:30:25
Speakers
4 identifiedMore from The Mike Hosking Breakfast
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Paul Goldsmith: Justice Minister on 90 reported citizen's arrests being carried out since powers began
David Satterfield: former US Ambassador in the Middle East on whether Trump rejecting Iran deal will impact US mid-terms
Brigitte Morten: political commentator on Labour and National launching their election campaigns ahead of November 7