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The state of New Zealand’s economy is a disappointment. 

In a pre-Budget speech to the Employers and Manufacturers Association, Finance Minister Nicola Willis confirmed the Government had found savings to pay for tax cuts. 

However, she warned that the books are still in a structural deficit, with spending outpacing tax revenue.  

EMA CEO Brett O’Riley told Mike Hosking that while it was disappointing to hear how bad the economy has gotten; it’s heartening to know that there’s a long-term plan.  

He said the early hints of the Government’s economic growth plan was encouraging to a lot of people in the audience. 

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Rishi Sunak and Keir Starmer have hit the ground running in the UK. 

The leaders of the Conservative and Labour parties, respectively, are out and about ahead of the July 4 election. 

But Newstalk ZB UK correspondent Vincent McAviney told Mike Hosking that it hasn't been a smooth start for the Conservative leader. 

He says Sunak had an embarrassing faux par in Wales when he asked locals if they were excited to watch the upcoming football, despite Wales not getting through to the Euro finals. 

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It’s little surprise a large number of Kiwi teachers didn't pass some high-school subjects.  

New research has found a quarter of new primary school teachers failed maths and more than half failed science at NCEA Level One.  

More than half who pursued Level Two maths also failed.  

The Teaching Council's calling for more investment and widespread changes to how teachers are prepared for the classroom.  

Auckland University Dean of Education Mark Barrows told Mike Hosking that they've known for a while people heading into primary teaching tend to be under-qualified in those areas.  

He says providers need to think about how they can produce programmes that help students get past that. 

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A mining lobby group thinks the Resources Minister's decade-long vision for mining is achievable. 

Shane Jones has announced a draft strategy which would see a critical minerals list for New Zealand produced, and a detailed stock-take made of the country's known mineral potential.  

He wants to double export values in 10 years, from one billion to two.  

Straterra Chief Executive, Josie Vidal told Mike Hosking that there are quite a few mines in the pipeline which they want to get up and running. 

She says it takes a long time to do that, so they support the current fast-track process being discussed. 

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Major tornados hit Iowa, leaving towns devastated and people injured or dead. 

Greenfield was struck by the deadliest tornado of the storm, leaving homes and businesses destroyed, and while police confirmed fatalities at a news briefing, they were unable to say how many. 

The town’s hospital was among the buildings damaged, forcing the injured to find refuge elsewhere. 

US Correspondent Kathrine Firkin told Mike Hosking that there have been brutal storms right across the Midwest, but Iowa has borne the brunt of it. 

She said that the exact death tolls are unknown as authorities are still combing through debris trying to work out who is unaccounted for. 

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The Reserve Bank had a few surprises in its monetary policy update yesterday. 

While the OCR remaining at 5.5% was expected, Governer Adrian Orr’s signal that the cash rate may remain “restrictive” for longer, was not. 

Domestic inflation is proving more stubborn than expected, and the Bank is also considering hiking rates if it must. 

Malcolm Knight, Director of Advice Knight, told Mike Hosking that it’s not just increasing interest rates that are hurting Kiwis, but also rent costs, and the timing of loan repricings. 

He said that there's very clear signs of financial hardship as people are withdrawing their Kiwisavers to get by and going through matrimonial splits. 

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