'I should be cheered on in public' for working hard and owning properties - Mark Richardson

Mark Richardson was roasted by his co-hosts on Thursday's edition of The AM Show after claiming he "should be cheered on in public" for "working hard" and owning multiple properties.

Frances Sweetman, a financial expert and portfolio manager at Milford Asset Management, was on the show discussing New Zealand's debt - which is expected to reach 48 percent of GDP by 2023.

Sweetman explained a lot of that debt was in mortgages - which was one of the financial stability risks of New Zealand's expensive housing market.

Sportsreader Richardson then chimed in.

"I feel, at the moment, like I'm being vilified - for trying hard, getting ahead, having property, having investment property, creating this equity that I can now borrow against to drive the economy," he said. "I really should be being cheered on out in public."

Sweetman and co-hosts Duncan Garner and Amanda Gillies couldn't contain their laughter, earning him a standing ovation.

"You're just telling us how wonderful you are," Gillies said.

Richardson's comments earned him a round of applause from his co-hosts.
Richardson's comments earned him a round of applause from his co-hosts. Photo credit: The AM Show

Richardson thanked his colleagues for the applause.

"Rather than vilifying me, thank me for creating and driving the top-down economy - because this is what we're talking about.

"What I'm saying, is this actually an example of how an economy is driven from the top down?" Richardson asked.

Sweetman wasn't so convinced.

"I don't necessarily think so," she responded. "I think we're in an environment where we've got lots and lots of stimulus - we've got very low interest rates, we've got wage rises, we've got fiscal spending and so confidence is high.

Frances Sweetman.
Frances Sweetman. Photo credit: The AM Show

"The risk is when interest rates rise… that's what's going to be very interesting now we've got these higher debt levels."

Other economists have said rising interest rates will be the only way to stop New Zealand's runaway house price inflation. 

ASB is predicting the official cash rate - which hasn't gone up since 2014 - will likely start rising before the end of 2021.