Category: Radio New Zealand

Source: Radio New Zealand

Auckland BioScience’s new MonteSera facility in Parque de las Ciencias of Uruguay. Photo: SUPPLIED/Auckland BioSciences

While animal blood might make some people squeamish, a New Zealand company putting it “to very good use” in the pharmaceutical industry is now expanding into South America.

Auckland BioSciences manufactures and exports animal-derived serum and plasma from mostly cattle and pig carcasses raised in Aotearoa. It is used in medical and life science research, including in the development of veterinary vaccines.

Serums are collected from animal blood, filtered, tested, and then used as a medium for cultivating viruses and cells to develop vaccines.

The firm has invested $4 million into the new sterile filtration site in partnership with major firm Montesera at Uruguay’s free-trade zone, Parque de las Ciencias – adding to its Tāmaki Makaurau home and another site in Brisbane.

In Uruguay, a team of a dozen staff will process and export South American-origin animal serum with capacity to filter up to 250,000 litres of animal blood each year.

Biosecurity Minister Andrew Hoggard with Uruguayan president Yamandú Orsi in Uruguay. Photo: SUPPLIED/MP Andrew Hoggard

Its freezer will be able to store up to 70 tonnes of serums, worth about $10m in inventory.

Company director and chairperson Gary Paykel said it will be about five times the size of its Auckland site and provided more choices for its pharmaceutical customers.

“It will enhance our reputation worldwide and offer a choice. We can say to them, we can supply you from a country that’s free of mad cow disease, free of foot and mouth and we know that the product is of the highest quality, or we can supply you from our Australian plant or South American.”

He said the company had come a long way in the past 12 years from starting out of a container with carcass supplies coming from an Ōtāhuhu abattoir.

“Only New Zealand product here, cattle and pigs, we use quite a bit of porcine blood, that’s used amongst other things for human eye drops.

“So it’s really a resource that was not used at all or wasted, if you like. Now it’s being put to very good use.”

From left to right: Auckland Bioscience’s Joyce Wang, William Gu, Daniel Maxwell, William Lee (also MonteSera) and Uruguay President Yamandú Orsí. Photo: SUPPLIED/Auckland BioSciences

Paykel said it had a range of interested suppliers which it will assess for quality and supply chain.

Major beef producer South America produced about a quarter of the world’s beef, driven by Brazil.

Uruguay, a country of just under 3.4 million people, led efforts to improve traceability of cattle from farm to plate over the past few decades.

Biosecurity Minister Andrew Hoggard, New Zealand Ambassador to Uruguay Kathryn Beckett, and Uruguay president Yamandú Orsí President were at the opening of the site in late October.

Hoggard said on Facebook, the plant was “the largest New Zealand investment in Uruguay”.

Paykel said New Zealand’s role in life sciences and biotechnology globally had grown in recent years.

“We are very much part of a global biotech infrastructure, New Zealand is playing a growing role in the whole life sciences industry, actually.”

Auckland BioSciences exports to 18 countries including the European Union, the United States, Japan, Brazil and India.

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Source: Radio New Zealand

Nicola Willis said the country’s screen sector contributed $3.5 billion to the economy each year. Photo: HAYKIRDI/Getty Images/ATEED

The finance minister says New Zealand is at risk of missing out on film productions as international competition intensifies.

The government is expanding eligibility for the International Screen Production Rebate scheme to allow smaller budget productions and digital effects only projects to benefit from the rebate.

Nicola Willis said the country’s screen sector contributed $3.5 billion to the economy each year.

“These changes ensure New Zealand remains a serious contender in an increasingly competitive global screen industry.

“They will help diversify our screen economy, build stronger partnerships in growing markets across Asia and the Middle East, and keep Kiwi talent in steady work while attracting new investment, skills and technology.”

From January next year the minimum spend for productions eligible to access the scheme would be lowered from $15 million to $4m.

More mid-budget productions would be enabled to qualify for a 5 percent additional “uplift” – with that part of the rebate’s eligibility threshold lowered from $30m to $20m – and post-production, digital and visual effects only projects would now also be able to access the funding boost.

The rebates would be funded through the additional $577 million provided to the scheme in the last Budget, bringing its total funding to $1.09b.

Willis said the updates would empower the screen sector to attract a broader range of productions.

“Modern screen production is borderless and dynamic. By staying agile and globally connected, we can turn Kiwi creativity into competitive advantage – keeping New Zealand on the world stage and growing one of our most distinctive export industries.”

Nicola Willis. Photo: RNZ / Mark Papalii

New Zealand Film Commission head of international attraction Philippa Mossman said changes to the rebate scheme would improve the position of the sector in an “intensely competitive” market.

New Zealand’s 20-25 percent rebate still lags behind other territories such as Australia (up to 40 percent), Ireland (32 percent), the UK (29 percent) and Canada (up to 29 percent).

Mossman said stronger rebates globally had seen fewer productions come to Aotearoa.

“We’re not at the top of the pack, and all over the world recently we’ve seen rebate rates increasing. It’s not a magic wand that will bring every single production in. We have to work hard to land every possible opportunity.”

She said the scheme had recently assisted productions such as Avatar: Fire and Ash, Minecraft, Spartacus: Chief of War and Predator: Badlands.

Mossman said the broader eligibility to the scheme would have flow-on benefits to tourism, hospitality and construction.

She said the move reinforced New Zealand’s reputation as a “creative powerhouse” in global film production.

A Screen NZ International survey in July revealed a sharp decline in productions and highlighted the need to improve the international competitiveness of the sector.

Vice chairperson Harry Harrison said the changes responded to the challenges facing the industry and acknowledged its contribution to the economy .

“Research has shown that every $1 of rebate investment generates more than $6 in economic return to New Zealand across Kiwi businesses, crew and creative professionals as well as tax payments back into the Government’s books.

“Kiwis make up over 82 percent of the workforce on these international productions, demonstrating the sector’s important role in employment and skills development,” Harrison said.

Actor Cliff Curtis said changes to the International Screen Production Rebate would make a real difference to the 34,000 people working in the country’s screen sector.

Curtis said people in industry were “heartened” to have the government listen to the sector’s pleas for greater support in the face of stiff international competition.

“These incentives are crucial. It means that we keep this connection with coming from where we come from and then going out into the big wide world and realising that we can lead. We’re not just in this race to survive we can actually lead our sector,” Curtis said.

He said the changes assisted the need to balance attracting international investment while also continuing to support local projects and story-telling.

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Source: Radio New Zealand

Chairperson Justine Smyth says she will step down as chairperson and board member within the next 12 months. Photo: Supplied / BCFNZ

Shareholders in telecommunications company Spark have grilled the board on its poor performance over the past couple of years.

Spark chairperson Justine Smyth told shareholders at the annual meeting the company was on track to deliver a flat underlying profit of just over a billion dollars in the year ending June 2026, which was little changed from the year earlier, assuming the 75 percent sale of its data centres went ahead.

Smyth also said she would step down as chairperson and board member within the next 12 months.

The company also laid out a strategy that renewed its focus on connectivity rather than an ambition to deliver broader digital services.

Chief executive Jolie Hodson said the telco had put in place a programme to drive mobile growth with new high data plans, brand campaigns and pricing.

“This is moving the dial and Spark remains the #1 mobile provider by some distance, with 41.4 percent total market revenue share,” Hodson said.

However, she said broadband remained competitive, with connections down 3.8 percent.

Hodson said the fresh strategy would see Spark partner with others to deliver key services, though it would retain control over all components of critical assets that deliver competitive advantage.

“Our new technology delivery model includes four key partnerships which allow us to leverage our partners’ global expertise and investments in AI and automation to deliver better customer experiences in a more efficient way,” Hodson said.

The transformation had resulted in $85m of savings in the second half of the June 2025 year.

“This ensures we are in a stronger position as we move into FY26 and embark on our new five-year strategy.

“After the first quarter of FY26, trading is tracking in line with our expectations, with the new brand campaign, iPhone launch, and price increases supporting mobile service revenue growth.”

She said a productivity programme was also on track, with significant savings delivered across labour and cost savings.

“Our focus over the next five years is on returning Spark to its history of stable performance, with predictable free cash flow and growing dividends over time.

“We have a proven track record of cost discipline and adapting our business when we need to, and portfolio management to support shareholder returns.

“The past couple of years have been incredibly challenging, and I acknowledge the impact this has had on our shareholders. We have taken decisive action to transform our business within this changing environment, and I am committed to seeing this through and returning Spark to growth,” Hodson said, as she offered herself for re-election to Spark’s board as executive director.

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Source: Radio New Zealand

The two litre jar is going for roughly $500,000. It contains some of the rarest mānuka honey in the world. Photo: Naki Honey/Supplied

A New Zealand company has created what’s believed to be the world’s most expensive honey.

The Eternal Gold collection by Taranaki-based Naki Honey was inspired by archaeologists’ discovery of 3000-year-old honey sealed in Egyptian tombs that was still pefectly edible.

Just 73 jars have been produced, using honey from remote Taranaki bush. The honey is designed to last for centuries.

The collection was inspired by archaeologists’ discovery of 3000-year-old honey sealed in Egyptian tombs. This jar goes for $1000. Photo: Naki Honey/Supplied

It uses Unique Mānuka Factor (UMF) 25+ honey, a grade so rare it’s only harvested when the weather and flowering conditions in Taranaki are just right which is about once every two years.

It’s also among the highest-grade mānuka in the world.

Naki Honey’s Derek Burchell-Burger said the handcrafted vessels doubled as art pieces and featured gold plated details.

Prices range depending on size with the smallest going for $1000 and a two litre jar going for roughly $500,000.

“Every two years, we get to develop a particularly potent strand of mānuka honey. So this is the first one ever, the inaugural range, and we’ve got three tiers available.

“It’s not just a jar of honey. We’re also doing our foray into art.

Naki Honey’s Derek Burchell-Burger Photo: Naki Honey/Supplied

“It can be passed down the generations because it’s got amounts of that immunopotentiating chemical known as methylglyoxal in it.

“It does have a more stronger taste. It is a bit more herbal. We call it the Taranaki tang.”

Burchell-Burger said it was not designed to be used like regular honey a person would have on their morning toast, but similar to a whiskey collection that might be brought out for a special occasion.

The unveiling of the honey collection is taking place at the New Zealand Liberation Museum – Te Arawhata in northern France which is the only Kiwi museum outside Aotearoa.

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Source: Radio New Zealand

Augustine has become one of New Zealand Facebook’s favourite fashion brands, known for its bright, floral and sparkly pieces. Photo: Supplied / Augustine

Over the past decade, Augustine has become one of New Zealand Facebook’s favourite fashion brands.

At regular intervals through the year, founder Kelly Coe would hype up and release one of the seasonal releases from its labels and thousands of women across the country would clamour to get their hands on the (usually) bright, (frequently) floral and (often) sparkly pieces.

Prices would range generally from about $100 to $200.

While the VIP Facebook group still has more than 20,000 members, the clamour has died down – and many were surprised to spot Augustine and its associated brands being stocked by discount retailer The Outlet in recent weeks, with prices starting at about $20.

So what’s going on, and why would the brand do this?

Retail consultant Chris Wilkinson said it was “very telling” of where the market was and had generated a lot of interest.

He said while Augustine had been a “darling” brand that was at times “euphoric”, particularly among its social media following, the move was reflective of the fact that there had been a slowdown in demand for its type of product. It closed its Takapuna shop.

“She’s got a very unique brand and culture that sits behind it… the way things are has been very challenging.”

He said The Outlet’s main focus was on selling distressed or overstocked items.

An Augustine top listed on The Outlet. Photo: Supplied / The Outlet

Stock such as the Augustine clothing could bring in different audiences who would not typically shop there, he said.

Something similar would sometimes happen at Reduced to Clear, he said, when it stocked mixers such as specialty tonic water much more cheaply than they would normally be available for.

There could be an effect on the brand, he said, but brands sometimes had a limited lifespan anyway. Huffer had been picked up by The Warehouse.

The Outlet is stocking a “Siri” dress for $19 while it is on the Augustine site for $49.99, albeit with a different colour skirt.

Bodo Lang, marketing expert at Massey University, said that could be an issue. “Selling identical products at very different prices can create serious problems for brands, as it risks alienating both consumers and retailers. Both are crucial for a brand’s survival. After all, no one likes discovering they have paid more than someone else for the same item.”

He said there was a risk to the brand.

“First, the discounts are substantial, often around 50 percent or slightly higher. Second, they apply to a wide range of garments, more than 150 in total, rather than a small, carefully selected few. Third, these discounted items are very easy to find online. Fourth, while Augustine’s own website states that its garments are available at two outlet stores, The Outlet website appears to list heavily discounted Augustine garments across far more than two stores – in fact, across most of New Zealand. This inconsistency poses a problem, as the availability of discounted products on The Outlet website does not align with the brand story presented on Augustine’s site.

“Collectively, these factors risk cheapening the brand. Deep and widespread discounts can make it harder to sell new-season items at full price, as customers learn that prices are likely to drop significantly within a few months. In addition, lower prices can attract a different clientele, and in fashion, social signalling is a powerful part of what consumers are really buying.”

Public relations consultant Chamanthie Sinhalage-Fonseka said there were other strong names selling via The Outlet who did it without cheapening their brand, such as Adidas and Birkenstock.

“But they are a different category from Augustine and their brand equity is created offshore. Brands also surf waves of consumer preferences and changing economic conditions in order to stay alive.

“Marc Jacobs has fallen in terms of designer prestige but as a result is more accessible to mid-range customers and can position themselves as top of mid-range rather than bottom of luxury.”

Augustine has been approached for comment.

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Source: Radio New Zealand

Despite warnings of a potential crash due to inflated AI share prices, markets around the world continue to hit records. Photo: 123RF

It would be good for markets to go through a small correction to avoid a bigger explosion, one fund manager says.

Despite warnings of a potential crash due to inflated AI share prices, markets around the world continue to hit records.

Murray Harris, head of KiwiSaver at Milford Asset Management, said it was a worry.

“The market is being buoyed by continuing prospects for lower interest rates… and companies that are doing well.

“There’s not a lot of reason for people to be thinking ‘oh this is going to end’ other than the professional investors like ourselves going ‘well this can’t last forever’.”

He said as prices pushed up, it would be useful to have occasional 10 to 15 percent falls.

“It would be healthy to have a bit of a pullback on markets and think of it like a pressure cooker. If it keeps building and building and building it’ll blow but if it lets off a little bit of steam, then we get a 10 percent or 15 percent pull back then the market can move higher again.”

But Rupert Carlyon, founder of Koura Wealth, said when adjusted for inflation the increases recorded did not look so dramatic.

“Over the last five or six years inflation has been about 35 percent so even a market that is up 35 percent today is basically where it was five years ago.”

He said even the big companies that seemed highly valued were strong on growth and return-on-equity measures. “I personally do not believe there has ever been a set of companies as strong in delivering the growth numbers that currently we have.”

He said there had been many warnings over the past five years that a market rally was unsustainable.

“We saw it when interest rates started going up, we saw it with the tech bubble kind of starting to burst a bit… every time it’s been proven wrong.”

What can investors do?

Harris said although the market felt “frothy” it was not a reason not to be invested.

“As an active manager, we can take protection through derivatives and we can move cash around and we’re doing that, and can look for opportunities outside the really highly inflated industries and assets. It kind of feels like it can’t keep going on forever, and it won’t.”

Some investors have moved money into assets such as gold. Harris said when he was in Sydney last week there was a line around the corner for a bullion dealer.

“That to me is a sign of a bubble, but it doesn’t mean the price can’t continue to go up… it does well when there is high inflation and a bit of geopolitical uncertainty because people go ‘well I have this physical thing and I can put it under my bed’, but at the end of the day it doesn’t generate any dividends or revenue or profits or income. You’re totally reliant on the person you sell it to being willing to pay more for it than you paid.”

He said people who were investing for the long term should look through the market movements.

“If you’ve got a 10-year view, we’ll see some sort of pullback at some point but if your goal hasn’t changed, your risk profile’s the same, then you stick with it.”

He said the market buoyancy seemed to be prompting a large number of transfers between KiwiSaver providers. “I think, with the confidence that people are getting from markets going up and their values going up and their balances getting bigger, they’re thinking ‘maybe I should do some more research’.”

Falling interest rates had also prompted people to move from term deposits to managed funds, he said.

Harris said he had seen a lot of money flow out of bank deposit into retail unit trust funds.

“We’ve seen record levels of flows into those from people that have taken money out of term deposits. That’s a sign that markets are at a toppy level.”

He said people need to understand the additional risk that came with investing in funds.

“We explain this to everyone who is investing with us, they could go down. You could be buying at a high point in the market. This is not going go be like your term deposit, that’s just going to keep your capital and give you a return.”

Carlyon said investors should try to ignore the noise. “Over the last five or six years there’s been a huge amount of negativity in the press. There is a lot of people that don’t like and don’t want to believe the current market rally… what we’ve seen is the only smart way to be invested is to stay invested.”

Do passive investments exacerbate the market movements?

Mike Taylor, founder of Pie Funds, said there was the potential for exchange-traded funds to exacerbate any potential fall.

There has been a big increase in passively invested funds in recent years, which aim to replicate a market index rather than outperforming.

“The interaction between an ETF and the underlying market can work a bit like the futures market and the cash market,” Taylor said.

“When volatility rises, usually to the downside, outflows from ETFs then lead to lower underlying stock prices, which then lead to more outflows.

“If we had a period when prices fall rapidly this could be problematic, particularly when you consider leveraged ETFs.”

Harris said an index fund had no option but to buy the expensive AI stocks.

“The weighting of those companies goes up every day in the index and they’ve got to buy more. But similarly they’ll have to sell more when the markets drop.”

He agreed leveraged ETFs could have an even bigger impact.

“When the market’s gone up it has to buy four or five times the exposure of the market… If the price is down it has to sell four or five times the value of the stock it’s holding. That could have some quite big moves.”

Dean Anderson, founder of Kernel, said the question was not whether money was actively or passively managed but whether there was new money coming into or out of equities.

“If it is net new buying demand into equities, that say previously has been in term deposits or cash, whether that goes into direct stocks, active, or passive funds – it is ultimately net buying power for equities which would support higher prices. The same is true in reverse.

“The active manager may argue they don’t have to buy or sell stocks when cash goes into or out of the fund – but in practice that isn’t the case. If they had a lot of withdrawals, they will be a seller, equally if they get a lot of applications they will have to buy as they risk having their performance lag if they sit on too much cash for too long.”

Carlyon said retail investors were also more likely to follow trends. They have become a much more dominant force in recent years.

“When I started my career a market move of 1 percent or 1.5 percent in a day was kind of unusual, whereas we’ve seen two or three days this week which have been over that number.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Air NZ staff have been getting injured while trying to load heavier pets. (File photo) Photo: pixabay.com

Larger pets have been grounded on some of Air New Zealand’s domestic flights after a spate of injuries to staff as they try to load heavy carriers into aircraft holds.

Air New Zealand has introduced new size and weight restrictions for carriers on its smaller domestic flights. From next week, pets and carriers weighing more than a combined 60 kilograms will be grounded.

The changes had to be made for the safety of staff, Air NZ’s chief safety and integrity officer Nathan McGraw told Morning Report.

“Its a bit of a tough call… [we] appreciate this will be disappointing. It’s fair to say the number of larger pets is smaller in number.”

McGraw said there had been more than 50 injuries to staff in the past couple of years from loading large and bulky items into smaller aircraft holds.

“When you’re loading these carriers into confined spaces there’s a lot of moving, positioning and tilting – particularly if there’s a large animal inside that may move and shift which creates a risk of injury to our people and to the wellbeing of the pet.”

For anyone wanting to travel with an animal and carrier that weighed more than 60kg, McGraw said it was still possible, but they would need to go through a pet transport company.

“They work closely with our team,” he said, “and you can add the pet as you did in the past to your ticket, but it takes you through to those options.

“For a jet service we can carry those larger crates but through those transport companies.”

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Source: Radio New Zealand

Photo: AFP / Farooq Khan

Journalist Ged Cann says he started thinking about moving overseas out of concern over whether he would ever be able to build the kind of life he wanted in New Zealand.

“When it became clear the newly-elected National-led government was going to hand tax breaks back to property investors I decided the prospects for my generation affording a home and having a good life in New Zealand were limited.

“It was a choice between staying in a low-wage, high-cost-of-living country where half of my wage would go on mortgage repayments, or moving to a high-wage country with lower cost of living and more career options.”

He said he spoke to recruiters who said house prices and the high cost of living meant they struggled to attract and retain international talent, “hamstringing the likes of the tech and the international education sector”.

In the year to March 2025, 47,734 migrants left New Zealand for Australia – 86 percent of them were New Zealand citizens. Photo: Supplied / Qantas

He initially applied for a job that would have been based in South East Asia but after he interviewed for the role he was offered a job in Melbourne, with support for the move.

“There are a lot more opportunities, and wages really are markedly higher. Adjusting for the exchange rate, my wage increased 31 percent after moving to Melbourne.

“I find the workforce are also more dynamic. I remember the day I arrived on the 6am flight out of Christchurch I sat in a café and found myself accidentally eavesdropping, and I was staggered at the number of young people coming and going, discussing business ideas, or new products, or start-ups they were involved in.”

He said the perks were better, too.

“Unions here are stronger, which means overtime payments and things like higher rates on weekends are enforced as a matter of course. The minimum superannuation contribution is also much higher here – 12 percent of earnings, compared to 3 percent for KiwiSaver. The difference that makes is massive, and you visibly see your retirement savings grow every fortnight.”

He is one of many New Zealanders who have made the leap for better work opportunities in Australia.

In the year to March 2025, the most recent for which data is available, 47,734 migrants left New Zealand for Australia, of whom 86 percent were New Zealand citizens.

Accounting for people moving the other way, the net loss was just under 30,000.

New Zealand’s annual net loss averaged about 30,000 a year during 2004 to 2013, and 3000 a year during 2014 to 2019, Stats NZ said.

Australian recruiters are working hard to appeal to New Zealand job hunters, as this country’s labour market continues to struggle.

There are ads on Trade Me from Australian firms wanting to hire New Zealanders including air conditioning technicians on $45 to $55 an hour with assistance with relocation and a sign-on bonus, carpenters, land development surveyors, technicians, civil engineers and roofers.

“The number of job listings that contain the key words of ‘Australia’ or some combination of ‘move/relocate to Australia’ is small, accounting for about 0.05 percent of all listings annually. While we’ve seen the total number of these listings gradually increase over the last five years, there’s not enough data to draw meaningful conclusions from,” a spokesperson said.

Seek’s New Zealand site offers the option of searching for roles in Australia, and there are almost 18,000 available.

A recent Seek posting that was emailed to New Zealand jobhunters asked teachers to relocate to Victoria from New Zealand and earn up to A$118,063 a year plus 12 percent superannuation.

Seek said the number of New Zealand applications for Australian roles was higher now than before Covid. Just over 1 percent of all applicants for Australian jobs are in New Zealand.

About a quarter of New Zealanders were applying for jobs in Queensland. That was followed by Victoria at 22.5 percent.

Just over 11 percent were applying for trades and services roles.

Kiwibank chief economist Jarrod Kerr said he had recently been at a building industry conference where participants told him they expected many of the people featured as “apprentices of the year” would go to Australia once they finished their training.

“That’s just one example, there have been others telling me that… accountants, lawyers… it’s frustrating for them to train them up and they leave.”

Westpac chief economist Kelly Eckhold said the Australian labour market was a lot stronger than New Zealand’s and had been for some time.

That was helping to drive stronger population growth there, too.

“We tend to find with net migration is that it is inversely correlated with the unemployment rate differential.

“So with our unemployment rate now at 5.3 percent versus the 4.3 percent there, that reflects a sizeable difference in terms of labour market demand and conditions. Usually our unemployment rate would be a bit lower than Australia’s.”

He said the situation was likely to continue for at least the next six months.

“Our forecast for the unemployment rate suggests another increase in the unemployment rate in the fourth quarter, which is where we’re sitting now in reality. So 5.4 percent. And my colleagues in Australia have got much lower unemployment rate forecasts, peaking at around about 4.5 percent there and thereabouts.”

It should start to narrow towards the middle of next year, he said.

“That’s when we are expecting to see much stronger employment growth.”

People were being paid more in Australia, he said.

“The per capita income level in Australia is stronger than here. So on average, that would be the case. Quite difficult, I think, to make direct comparisons.

“The tax and superannuation differences are significant between New Zealand and Australia. So you have to sort of look a little bit beyond the actual wage rate or the monthly pay, I think. That’s true… also, you have to remember that, you know, the cost of living is also higher in Australia, particularly if you want to buy a house.

“If you were going to move from, say, Auckland to Sydney, for example, you would have to price in a noticeably higher cost for accommodation. And certainly, if you expected to buy a house, you would probably find that you would need to trade down relative to what you think you could afford in New Zealand. “

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