Heather du Plessis-Allan Drive

The UK GDP figures are in- and the economy shrunk more than expected in July.

The 0.5 percent contraction was worse than economists had predicted, and sparked concerns of recession.

UK correspondent Gavin Grey says industrial action from healthcare workers and teachers and terrible weather are being blamed for the downturn.

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Tonight on The Huddle, Jordan Williams from the Taxpayers' Union and Jack Tame from ZB's Saturday Mornings and Q&A weighed in on a discussion about the following issues of the day- and more!

Yesterday's PREFU was eye-opening, and it raised the questions: Should National revise their plan for tax cuts? Can we actually afford them?

US News' Best Countries list has concluded New Zealand has amazing scenery and friendly people- but the nation isn't sexy. What do we think of this?

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The economic outlook and Government books were in better shape than predicted, but Treasury has issued a warning following PREFU.

According to one expert, Treasury claimed Government spending had exceeded the signalled Budget allowance in recent times- creating a grim outlook for the future.

Infometrics Principal Economist Brad Olsen warned further decisions around additional spending will have to be made in the context of raising more revenue or cutting spending elsewhere.

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Returns on low-risk managed funds, including Kiwisaver's Conservative and Moderate funds have been underperforming in recent years.

Kiwisaver's Conservative fund has delivered users 0.8 per annum over the last 5 years, as the financial climate gets more turbulent.

Milford Asset Management's Mark Riggall explains the dip in returns for investors.

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Higher-than-expected net migration is promised to prop up economic growth and fuel the property market- but Treasury has other ideas.

Treasury doesn't believe the influx of new people will improve the nation's productivity- rather, it believes the demand generated will outweigh the boost to the labour market and keep inflation high.

NZ Herald Wellington business editor Jenee Tibshraeny explores potential solutions here.

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Julian Savea says he's nowhere close to retirement.

The barnstorming outside back is on the move from the Hurricanes to Moana Pasifika for next year's Super Rugby campaign.

Sportstalk host D'Arcy Waldegrave explains further.

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Did I have a debate on my hands when I got home last night about the country’s debt levels. 

The husband gave me a huge telling off for saying yesterday that the Government had taken on too much debt. 

So I feel like I need to clear this up:

I don’t mind the level of debt New Zealand has. We've heard this a thousand times, but it’s worth saying again- we have very little debt in contrast to other countries in the OECD.

Actually, debt is good. If you borrow money to invest in things which make your country richer, like building roads for productivity or new schools for education, it’s a good thing.

Case in point- how else did you buy your house if not with a mortgage, AKA, debt?

And same with infrastructure- if you need to take on debt to build roads and schools in New Zealand, that’s fine, it’s actually a smart way to spread the cost over generations.

My problem is what we did with that debt. What have we got to show for it? Absolutely nothing.

In 2019, we had the tiniest, tiniest amount of debt. $5 billion in debt, that’s nothing.

By the time all of Grant’s promises have rinsed out our books in 2027, we will have $102 billion in debt. And what we have got to show for it? 

Grant keeps saying- oh, we needed to support businesses and people through the pandemic. 

Absolutely, he’s right. I will never begrudge smart spending that helped Kiwis out when they needed it.

But by far and away, the biggest cost was the wage subsidy. That cost us $19 billion. But what about the rest of it? That leaves $78 billion spent on - what? Nurses’ pay can’t account for all of it.

The truth is - and we know it - the pandemic gave Labour permission to spend. Some of the spending was fine, but then they didn't stop spending. And they blew a lot of our money on rubbish.

$1 billion for the Greens Jobs for Nature scheme.

$3 billion for NZ First.

$50 million on consultants for the bike bridge that never got built.

$33 million to buy the Bacon building in Kingsland for Auckland Light Rail, even though it’s going to get cancelled.

I could go on, but you get the picture. Debt, not bad. This debt, what a waste.

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Another slide for Labour in tonight's One News-Verian poll, with the National Party up two points to 39 percent, and Labour down one to 28.

The Greens and ACT are both down, on 10 percent.

Winston Peters' New Zealand First is back in the game, up one to poll 5 percent.

The Battle of the Chrises is neck and neck with both on 23 percent as preferred Prime Minister- Hipkins is up 2 percent, and Luxon up 3.

ZB senior political correspondent Barry Soper says Labour's fighting a losing battle as National retains their strong lead.

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Labour says the pandemic showed a need for more local healthcare worker training.

The party's announced it'll train another 335 doctors every year from 2027- and increase medical school places from next year.

Health spokesperson Ayesha Verrall says they've already increased the workforce by 2,000 people.

"So I think the National Party's attack line - that this should've happened earlier - is negated by the fact that we already grew our workforce. We're now choosing a different way."

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Experts are hoping to get to the bottom of mysterious banging noises coming from below an Auckland home.

For months, noises have reverberated from beneath the Forrest Hill house, on the North Shore - with council officials yet to figure out its origins.

Neighbour Lizzie Oakes hopes a new development may help solve the puzzle.

"I think an engineer has made contact with the homeowner, they seem to think it might be a sound they've heard somewhere, so I think they're having a meeting with the homeowner tomorrow."

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