Selwyn Manning’s NZ Report to Australia’s FiveAA breakfast team Jane Reilly, Dave Penberthy and Mark Aiston – Collapse of Milk Powder Price Threatens NZ’s Economy + The mystery of the wandering long white pig – Recorded LIVE on 17/07/15.
A worldwide collapse in the price of milk is threatening to drive New Zealand into an economic recession.
Thursday morning saw the price of export milk powder collapse at the GlobalDairyTrade auction, wiping 13.5 percent off its break-even value and sinking to a six year low.
Only one year ago the Government was celebrating record milk exports. It called it white gold.
This year it costs farmers more to produce milk than they get in return. Farmers are having to borrow to balance the books.
It is all due to a global over supply of dairy products and waning demand.
* Yesterday, Fonterra, the New Zealand dairy products export giant, was forced to lay off 500 staff.
* News of the milk commodity collapse also caused the New Zealand Dollar to fall to a six year low to 65.08 U.S. Cents.
* There is speculation that the Reserve Bank of New Zealand will reduce the official cash rate in an attempt to lower interest rates
* Economic figures released this week show New Zealand’s annual inflation is just 0.3 per cent in the June quarter and sinking.
Yesterday, the Police, members of the public, animal management and the media were all involved in a hunt for an escaped pig.
It seems the only authority that was left out was air traffic control.
Police were alerted to sightings of a long white pig trotting along a busy west Auckland road. Concerned motorists thought the pig looked lost.
Despite a thorough search for the pig, it seemed to have disappeared. The mystery of the wandering long white then made national news.
By late evening, the mystery was solved.
The pig’s name is Ryeeena – and apparently she manages to sneak out of her paddock every couple of days. Ryeeena is known to enjoy the comforts of a nearby house. But if it is locked up, she sometimes trots off for a stroll.
Apparently the sow’s companion, Bailey, an eight year old Labrador dog, noticed Ryeeena was missing, sniffed her out and brought her back to their paddock.