betty: that was ian harper. america has a preference for wine in your part of the world.ot aussie wine at all. we will talk about that in trends, next. this is bloomberg. ♪ betty: you are watching daybreak australia. american drinkers are increasingly picking more expensive wine from new zealand ahead of cheaper options from australia and argentina. imagine the story has some national pride here as well. i know you are there and wellington. how has this happened? the wine industry in new zealand realized it cannot compete with large volume producers like australia. it has deliberately targeted a higher quality wine and americans are quite liking it at the moment. exportse of australian -- to the united states fell and new zealand rose. we overtook australia for the first time. >> at the south this trillion, i'm a little -- as i south australian, i'm a little perturbed by the story. is this the case of millennial's drinking more expensive wine than their parents? >> absolutely. increasing premiumization. forle are paying more good-quality wine. the baby boomers started dri

rishaad: ian harper talking to haidi there.debt, how the world's biggest shipbuilder was thrown a lifeline. ♪ haidi: this is "bloomberg markets: asia." it is 12:51 p.m. in sydney. rishaad: 10:51 a.m. in singapore. business flashhe headlines. united airlines changes policy on employee travel and will ensure crews flying as passengers on its planes are booked at least one hour before departure. the change follows the social media back last caused by this video which shows a united passenger forcibly removed from the aircraft. images did go viral and they were seen globally as david dao was taken off the flight to make way for an airline employee. the first bank earnings show a split between wall street and main street. j.p. morgan and citigroup beat political driven by turmoil and rate hike. wells fargo focusing on consumer and business banking reported sluggish results and a fall in total loans. rishaad: bp trying to close an northernon alaska's slope after a leak was discovered. it is minting gas and crude. the epa has yet to d

ian harper is one of austria's best-known economist and has been an rv a member since last may.elbourne and ask him if all strays quarter century without a recession was due to good design are just down to good luck. it has been in the exterior of good luck and good management. we have enormous resources in this country. our economic reform has been deliverinded, to enormous growth and progress. over time, that waxes and wanes and depends on the public mood. i emphasize that politics and economics go hand-in-hand. have thethat economist right to impose policy on the people. they need to be convinced that the policy is worth its costs and benefits. >> what is your take on the triple rating debate -- aaa rating debate? there seems to be an obsession holding onto it. his at preventing decisions from being made? >> i don't think the government is driven by the credit ratings. after all, it is the soften that makes his decisions based on what it considers best for the people, and it is not necessarily clear with the ratings agencies will do, how they will respond, so my view is it sh