On Fonterra, Bagrie says the 50 cent payout downgrade may not be the last, with the world now awash with milk and geostrategic manoeuvring around China in play.

On inflation, he says New Zealand is heading for about 4% headline for the year to June, with core inflation near 2.5 to 3% the bigger worry, and Australia’s higher inflation hurting competitors more than us.

On interest rates, he says the official cash rate, now 2.5%, is likely to rise at least once more this year towards a neutral 3%, awkwardly close to the election.

On politics, Bagrie says celebrity candidates echo a modern Rob’s mob, and that Parliament needs ‘more plumbers than preachers’.

CountryWide CONNECT with Andy Thompson & Sarah Perriam-Lampp is our daily rural show livestreamed from 11am-1pm. Visit country-wide.co.nz on how to watch/listen or download the CountryWide CONNECT mobile app, available on Apple iOS and Android.