One of the numbers which has resonated has been the increase of government debt levels from around 20% of GDP to more than 50%. One way of putting this into a sense people can understand is seeing the LVR on your home loan go from something like 50% to 90%. (Don't trust the maths on that number; it's more about putting it into a sense people can understand).

On a more positive note it's feedback around what is happening in the hardest advice channel, mortgages. The REINZ April numbers today showed how big the hit has been. The number of properties sold decreased 78.5% in April compared to the same period last year. Ouch.

House sales and writing new loans is the lifeblood for mortgage advisers.

The good news though is we are hearing that there has already been a significant pick up in activity.

Yesterday's announcement that the wage subsidy will be extended is good news, but I don't expect many advisers to be claiming it. A 50% fall in revenue is a pretty big hurdle.  It's good for property investors as their tenants will be better able to pay rent.

In the insurance space the life companies have all be very active; albeit taking different paths.

I thought this post on LinkedIn from Whangarei-based adviser Nicki Spence summed things up well:

I'm absolutely loving the outpouring of support and offers of help that I see all around me at the moment- the covid thing can bugger off but can we please keep this new attitude going?

A new normal where support and lifting each other up with words and deeds of encouragement are standard would make this a great consolation prize for having to go through this.

Seeing how even some big companies are doing their bit is great too- in my wee bubble I've been watching how the insurers are responding and on the whole they've all been working hard to support advisers and customers to get through.

For one fund manager's view on the Budget click here.