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Movement in housing affordability could spell good news for first home buyers.

Cotality NZ's Housing Affordability report for Quarter 4 2025 shows the national value-to-income ratio fell to 7.2.

This is the lowest level since a brief period in 2019 and before that 2016

The Property Investors Federation's Matt Ball told Ryan Bridge it is still higher than the long-term national average of 6.8.

He says the decrease is great for young people - but it would be better for it to come down even more.

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You've got the feel a bit for the Air New Zealand boss.

If ever there was a poisoned chalice, he's drinking from it. He's glugging it back. Drowning in it.

They've suspended their guidance after the gas price went nuts. Doubled on Iran.

That's after announcing a loss of $60 million for the half year.

And now they're hiking prices - up to $90 on international fares - and, reportedly, looking at cutting some routes.

On top of all that you've got David Seymour barking loudly about selling half of you off.

His problems are financial, but the implications are very political. As they always are for the boss of our national carrier.

It's up there with the PM and Rennie's job at NZR in terms of profile and criticism.

But when the going gets tough, you've got to front.

If an NZX update of the kind we saw yesterday was put out by the CEO of a company not half owned by voters, then you'd get away with no public interviews.

But that is not the case for Air NZ.

I spoke to Greg Foran the other day - another Air NZ boss who timed his landing into the job terribly (COVID) - and thanked him for always fronting to the public when the going got tough.

Over the years, he made himself very available. Didn't really matter whether the news was good or bad. There was plenty of bad, engine issues, prices, Covid travel refunds etc.

Which begs the question, as the airline faces new headwinds, where in the world is Nikhil Ravishankar?

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New research highlights a need to send more public health procedures to the private system.

Westpac's latest healthcare report shows New Zealand currently spends about 10% of GDP on healthcare, split between 7% on public care and just 3% on private.

It argues the private sector is nimbler, with extra capacity that can help cut wait times and improve outcomes.

Private Surgical Hospitals Association Chief Executive Chris Roberts told Ryan Bridge its hospitals are investing in new facilities and operating theatres.

He says they don't tend to have the staffing issues some public hospitals do, so are looking to provide a bigger service.

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“Enormous” swings in the price of oil are making it very difficult to gauge the severity of the shock to markets from the Iran war, ANZ chief economist Sharon Zollner says.

Oil hit $120 per barrel yesterday but dropped back below $100 after the G7 nations signalled they could release strategic oil reserves.

Zollner told Ryan Bridge she agreed with Finance Minister Nicola Willis' assertion that the duration of the shock was just as important as its size.

Market volatility would continue, with “headlines all over the place”, and that uncertainty could lead to people spending less money.

But central banks would be keen not to do anything rash by rushing to raise interest rates, Zollner said.

For New Zealand’s Reserve Bank, “as long as inflation expectations remain well anchored then they can tolerate a bit of noise in the near term, rather than feel they need to deliberately head the recovery off in order to make sure inflation's back at 2% quickly”.

But if the shock was long and sustained “it will be more difficult to look through those inflationary impacts - and then it could get a bit ugly”.

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Iran's new Supreme Leader will likely be a prime target for the US and Israel.

Ayatollah Ali Khamenei's son - 56-year-old Mojtaba Khamenei will succeed his father - slain over a week ago.

Israel has launched a "wide-scale wave" of strikes against Iran - while it's retaliated with more Gulf nations under attack.

Turkey say NATO air defences have shot down another Iranian missile, entering its airspace.

Financial Times Middle East Editor Andrew England told Ryan Bridge Khamenei's appointment is a sign the regime is doubling down.

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On the Early Edition with Ryan Bridge Full Show Podcast 2025, ANZ Chief Economist Sharon Zollner shares her thoughts on how the New Zealand economy will react to the war in Iran.

A new Westpac report says we need to send more public health procedures to the private system, NZ Private Surgical Hospitals Association CEO Chris Roberts shares his thoughts.

Iran has appointed a new supreme leader, Financial Times Middle East editor Andrew England tells Ryan what we should know about about him.

Plus, Australia Correspondent Donna Demaio has the latest on fuel rations beginning in Western Australia in response to Iran war and hundreds of people evacuated to Darwin in Northern Territory floods, with loads of crocodile sightings.

Get the Early Edition Full Show Podcast every weekday on iHeartRadio, or wherever you get your podcasts.

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The war in Iran is not a shocking event in the sense that we knew it was coming.

Trump has been not so much hinting but sounding a fog horn for months. As we’ve been covering on this show, he’s been amassing military assets in the region since the end of January.

So not surprising. What has surprised is Iran hitting their neighbours, the Gulf states, so hard, including oil fields and refineries.

This has surprised markets. Hence what we’re seeing in Asia and at home.

Same goes for the price of oil. Yesterday when we talked about that Goldman Sacks estimate of $100 a barrel by the end of the week. We got there by the end of Monday.

Remember they also warned of $150 a barrel by the end of the month? Let’s hope we’re not there by Friday.

Oil and fertilizer run our agriculture sector. I listened to a grain farmer in Christchurch yesterday say daily harvesting costs would increase by $2000-$3000. Already.

We are not immune to the price spikes, but we’re also not very well insulated from them either.

We’re reliant on energy imports to keep us afloat now more than ever. Marsden Point used to refine 70% of our petrol and 90% of our diesel. Extracting oil and gas became a cardinal sin under Labour.

You don’t know what you’ve got ‘till it’s gone.

The international shocks, which as we all know, aren’t now so shocking, are also driving a surge in support for economic nationalism and self-reliance. Think New Zealand First.

To this government’s credit it has extended our emergency oil back-up supplies and done deals with the Singapore's of the world, so we don’t run out. As a back stop, we’re about to do LNG. But again, that’s imported and subject to shocks.

The more global events we have, the more we yearn for self-reliance and greater energy independence.

Our world-beating exports keep us afloat, but what use are they without a reliable supply of reasonably priced inputs that help produce them?

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