Penny claims current on-farm inflation is now sitting at aroun 13% - down from 15% at the end of last year.
However, this old mutt's mate is not sure what Penny has been smoking, because the Westpac man reckons on-farm inflation will be down to 4% by the end of this year and down to 2% by the end of 2024.
The Hound's mate suggests Penny needs to get out of Westpac's ivory tower on Auckland's Queen Street and out on the farm more often.
He reckons Penny would then find that the chances of on-farm costs falling to 4% by Christmas this year are about as likely as Westpac offering 3% mortgage rates at the same time!
