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In this weekly wrap, we unpack all the reaction and predictions from the recent OCR cut, the latest retail trade survey numbers are out, and the government prepares to release its fiscal update. Plus .. an inspiring chat with Marc Ellis about his journey from sports and TV star to business star.

This podcast contains general information only, not professional advice. BNZ and NZME are not liable for any losses resulting from this podcast.

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There's questions over what will come next for the OCR after today's 50 basis point cut.

The Reserve Bank has hinted more cuts will come in the new year.

However, Infometrics Principal Economist Brad Olsen has warned this might not be the right approach.

"A lot of economic forecasters are wondering - when do we get back to those more normal and considered steps, given that the economy is already starting to show some early signs of turning around?"

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The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

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The US economy is just humming along at the moment, isn't it?

2.8% is their lucky number this morning. 2.8% annualised GDP for the September quarter.

Better than the Eurozone, better than the UK, and much better than New Zealand.

We're still going backwards.

We went balls to the wall with interest rate hikes post Covid and we were the first to do it. Adrian Orr and the Reserve Bank held higher for longer and the hangover is hitting like a 40 ounce of Smirnoff in the morning.

It's not pretty, is it?

Sure, the rates are coming down and we saw more of that yesterday, but boy, the mess that wrecking ball has left behind.

What's interesting about the Americans, even though their consumer confidence is low, as ours is well, they are still going out and using the credit card to buy stuff.

In other words, the sentiment there isn't matching the reality, which is what we're seeing in the GDP number they announced this morning, which we should envy.

Of course, they're a country that's run on domestic consumption. We run on trade and we haven't been helped by the likes of China and Europe. They're the markets that we must sell to, to make a buck.

But there is a question here for Nicola Willis, now that inflation is beat, how much further will you go with the belt tightening? Is a return to surplus at all costs, at any costs worth it?

She's repeatedly said not. How much does she mean that?

I guess we'll find out when we get the numbers for December on the 17th.

The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

See omnystudio.com/listener for privacy information.

The Finance Minister's playing down expectations of a surplus, ahead of Treasury's opening of the books next month.

The Reserve Bank cut the Official Cash Rate by half a percent, to 4.25 -- warning of slower economic growth.

Finance Minister Nicola Willis told Ryan Bridge the OCR cut is welcome news, but agrees there is still more to do.

"Of course, we want to see the economy growing faster, that's why we're so focussed on removing red tape, making sure people can get resource consents quicker, and getting infrastructure out the door," she said.

She says forecasts show the economy will grow much faster in 2025, compared to this year.

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The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

See omnystudio.com/listener for privacy information.

Homeowners can expect some relief - as the Reserve Bank cuts the OCR down in its final update of the year.

The central bank has slashed the rate 50 basis points today - to sit on 4.25 percent.

It's now forecasting 4.1 percent by March next year, 3.6 percent by the end of next year, with an endpoint of 3.1 percent by March 2027.

ZB political correspondent Barry Soper says Governor Adrian Orr has warned this will depend on how things track - as the economy is in for a slow recovery.

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The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

See omnystudio.com/listener for privacy information.

It’s a tale of two economies, for now.

The Reserve Bank is forecasting more OCR cuts next year, sooner than previously expected, after yesterday's 50-basis point cut to 4.25%.

But Governor Adrian Orr says growth remains weak globally.

Former Finance Minister Steven Joyce told Mike Hosking there are green shoots in the economy, but they're confined to specific sectors like commercial property, dairy, kiwifruit, and the tech sector.

He says big-employing industries like service and retail have been flat as a pancake, alongside residential property and construction.

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The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

See omnystudio.com/listener for privacy information.

The Reserve Bank remains concerned about domestic inflation as it points to more OCR cuts next year following the latest 50 basis point cut.

Inflation is now at 2.2%, with weak global demand pushing tradeable inflation down to -1.6%.

But non-tradeable inflation —things like insurance, rates, power and rents— remains at 4.9%.

Reserve Bank Assistant Governor Karen Silk told Mike Hosking that needs to be brought down to just under 3%, which is where it's historically sat.

She says this type of inflation, which is less responsive to monetary policy, remains persistent.

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The podcasts in the SME Stream contain general information only, not financial or professional advice. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

See omnystudio.com/listener for privacy information.