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MARCH 6, 2025
Economy shifts gears By Mary Anne Gill
Brad Olsen came to Waipā last week wanting to shake the tag “Bad News Brad” a certain broadcaster has taken to calling him. “I feel like suddenly I can be Good News Brad, at least for the time being,” he told a gathering of business leaders at Mystery Creek. He revealed there was a “feeling of optimism” coming through the district. “There are still some mixed signals, but as I say to people, I would rather have the mixed signals we’re seeing now that what we saw six months ago when everything was moving in the
Brad Olsen
same direction, and that was down.” Olsen was referring to Infometrics’ latest quarterly economic monitor, and it was his first presentation with them. “We do think the economy is shifting gears,”. He said that was led by the Reserve Bank’s ability to put inflation back in the box and falling mortgage rates which meant more money was staying in households’ pockets than a year ago. But don’t expect more large falls, he said. “The Reserve Bank’s got to be a bit more careful that it doesn’t try and overstimulate the economy by cutting interest rates too much and then getting that inflation go up again.” In Waipā, spending increased in the fourth quarter ending December 31, while the decline in international tourists had steadied and was looking to head upwards. The housing market was still sluggish, and house prices were down 0.3 per cent, five percent shy of the 2021 peak. Construction and building consents have started to rise again, albeit marginally. The labour market had been on a downward curve nationally but Waipā was up. “That’s consistent with a lot of the other trends where we’re seeing that rural and provincial economies are starting to drive the job activity.”
Jobs in health, public administration, agriculture, manufacturing, arts and recreation, education, utilities and mining had all improved in Waipā last year over 2023 while construction, accommodation and food and retail trade had eased down. Waipā accounted for just over 14 per cent of the country’s agriculture, forest and fish gross domestic product – making it the district’s top earner – followed by manufacturing and construction. Olsen said he valued getting out into the communities because it allowed him to see first-hand what was happening. “It’s very hard to know if the grass is dry or not if you don’t get out of Wellington.” Flying into Hamilton Airport it was clear there was not a lot of grass around Waipā, he said. “I’m really glad that I took an international relations degree alongside economics at university because man it’s a good combo at the moment. “When did you ever think we would see a Chinese naval task force in the Tasman?” That would result in pressure going on to increase the Defence spend, said Olsen. And the tariff penalties President Donald Trump was imposing would impact New Zealand because the Continued on page 9
Teed up to sell
The Narrows Golf Course looking south in 2010 when it was a 5784m test for golfers with the club house bottom centre.
Developers are reportedly taking a keen interest in land which was once the Narrows Golf course. Golfers left the Narrows to a new home - the newly developed Tīeke Golf Estate - in 2022. Now, as Mary Anne Gill reports, the former club’s building has been demolished – and discussions continue over what to do with the rural-zoned land in the Waikato district. • Read her story today on Page 19.
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