ADRIAN ORR our NEW RBNZ GOVERNOR

[Aaron]

"To be eligible for NZ Super, you need to be aged 65 or over and be a legal resident of New Zealand. You can get NZ Super even if you’re still working.

Currently you need to have lived here for 10 years since age 20. Starting in July 2024, however, this residency requirement is gradually increasing to 20 years by July 2042.

You'll need to have lived in New Zealand, the Cook Islands, Niue or Tokelau (or a combination of these) for 20 years since age 20, with 5 of those years from age 50 or older.

https://sorted.org.nz/guides/retirem...till%20working.

A bit disingenuous of me suggesting old people could just come in and pick up the pension. I imagine only healthy oldies with plenty of capital will be welcomed to our shores. You would hope so, it is not like they would have a long working life and much to contribute to the country otherwise. I guess if they can afford NZ house prices it would help keep the housing market buoyant.

[Aaron]

A bit disingenuous of me suggesting old people could just come in and pick up the pension. I imagine only healthy oldies with plenty of capital will be welcomed to our shores. You would hope so, it is not like they would have a long working life and much to contribute to the country otherwise. I guess if they can afford NZ house prices it would help keep the housing market buoyant.

Thinking about it further Chris Luxon is opening the residential market to foreigners isn't he, so wealthy foreigners can just buy the houses without worrying about immigration. Chris has got all the solutions for NZ.

A heart warming story in the herald today David Hisco ex ANZ bank doubled his money over 6 years making $3mill on the sale of his $6mill property. Admittedly 2018 to 2024 was a great time for rich people thanks to Labour and Adrian Orr. What I liked most about the story is that David featured in an earlier discussion I had about flat taxes and I was worried he was paying tax on every dollar of his $3mill plus salary while others were getting tax free capital gains. Turns out David is as well, great that Chris Luxon's focus is on helping A-listers as C-listers and bottom feeders are dragging us all down.

https://www.nzherald.co.nz/business/...BSNIZYGK6PARQ/

David came up in a discussion I had with smart people proposing a dumb idea (flat tax). See here if you do not understand progressive taxation.

https://www.sharetrader.co.nz/showth...l=1#post763732

Mind you the median house price went up from $520k to $800k so most asset owners made at least 54% although a simple annualising it is only 9% tax free a year.

Interesting that in the same paper today, actual productive hard working dairy farmers are doing it tough with rising costs (inflation) eating into their profits. Residential property is great as there are very few inputs once the house is built, although outputs are limited too, but the price of houses should be the focus for any NZ govt as that is where the average voter and politician's wealth resides.

https://www.interest.co.nz/charts/re...an-price-reinz

Interesting chart. What was the OCR over that time .25%? Funding for lending started in Dec 2020. You know what they say "correlation is not causation" but it makes you wonder what/who might be responsible for high house prices in NZ?

Bring on the rate cuts and get the wealth effect cranking Adrian, it worked a charm last time and no reason to expect it to be any different when you do it again..