Forget golfing in Hawaii with The President which he's likely to do again over the holidays, there's only one Christmas present that brings a real smile to the John Key dial and that's popularity with the populous.

And Roy Morgan's become his Santa Claus sneaking down the chimney early and putting 49 percent in his goody bag, meaning with his current elves from the Maori Party, Act and United Future, he'd bolt into office again if an election was held. United Future even had a hundred percent lift in its rating, from nothing to 0.5 percent.

Labour, lumped together with The Greens, can only manage forty one and a half percent and even if Luigi Peters tacked on his six percent, they wouldn't make the grade.

There's also been a lift in the consumer confidence rating which is now comfortably ahead of the feeling across the ditch.

That's not all that surprising when you consider the bricks and mortar millionaires in Auckland continue to grow wealthier by the day, helped with a Christmas present from the dry as a chip Reserve Bank Guv Graeme Wheeler who dropped the mortgage rate yardstick to two and a half percent.

That saw the banks immediately reducing their lending rates but with floating rates still nudging six percent, their margins will keep the vaults in the style they've become accustomed to.

If you're touting around for money the advertised rates are simply the starting point.

The Guv was asked to explain in layman's language how the Reserve Bank sees the current housing climate. Looking at the questioner above his glasses, he thought a moment and declared in his clear as mud fashion that "they're not concerned about the credit aggregates."

Well not surprisingly my colleagues were a little dumbfounded and it was only when quoting the line back to the Dipton Drawler Bill English later than an explanation was forthcoming. The Guv's not worried about how much people are borrowing.

Imagine being a fly on the wall when those two are discussing economic policy!