1 00:00:06,320 --> 00:00:09,240 Speaker 1: Kyoda. I'm Richard Martin in for Chelsea Daniels and this 2 00:00:09,320 --> 00:00:12,160 Speaker 1: is the Front Page, a daily podcast presented by the 3 00:00:12,200 --> 00:00:18,959 Speaker 1: New Zealand Herald. The government's focus on economic growth and 4 00:00:19,079 --> 00:00:22,599 Speaker 1: foreign investment is back in the spotlight. Later this week, 5 00:00:22,680 --> 00:00:26,320 Speaker 1: the much anticipated Investment Summit will take place in Auckland. 6 00:00:26,520 --> 00:00:30,320 Speaker 1: Businesses from over fourteen countries with six trillion dollars of 7 00:00:30,360 --> 00:00:33,800 Speaker 1: capital will be in attendance across Thursday and Friday, with 8 00:00:34,000 --> 00:00:38,080 Speaker 1: government ministers and labor representatives in attendance. It comes at 9 00:00:38,120 --> 00:00:40,879 Speaker 1: a critical time for the government, with mixed pole results 10 00:00:40,880 --> 00:00:44,520 Speaker 1: suggesting a difficult path to re election next year. Today 11 00:00:44,560 --> 00:00:46,560 Speaker 1: on the Front Page to talk us through who will 12 00:00:46,560 --> 00:00:49,000 Speaker 1: be in attendance and what it all means for the government, 13 00:00:49,280 --> 00:00:52,800 Speaker 1: we're joined by Enzed Herald Deputy Political editor and host 14 00:00:52,800 --> 00:01:00,920 Speaker 1: of On the Tiles podcast, Thomas Coglin. Thomas, what is 15 00:01:00,960 --> 00:01:03,800 Speaker 1: the purpose of the summit? What is the government actually 16 00:01:03,840 --> 00:01:05,000 Speaker 1: hoping to get out of it? 17 00:01:05,800 --> 00:01:09,560 Speaker 2: Well, the government wants to encourage more investment in New 18 00:01:09,640 --> 00:01:12,759 Speaker 2: Zealand economy in general. It's keen to get more foreign 19 00:01:12,840 --> 00:01:15,520 Speaker 2: investment into all parts of the New Zealand economy. So 20 00:01:15,560 --> 00:01:18,240 Speaker 2: that means you know, you start a business somewhere, perhaps 21 00:01:18,360 --> 00:01:21,800 Speaker 2: there is a foreign investor out there who wants to 22 00:01:22,040 --> 00:01:24,119 Speaker 2: buy into your business and help you grow it overseas. 23 00:01:24,240 --> 00:01:25,679 Speaker 3: That's the sort of broader government goal. 24 00:01:26,280 --> 00:01:30,520 Speaker 2: More specifically, this conference is about private investment and government projects, 25 00:01:30,520 --> 00:01:33,440 Speaker 2: so the public private partnerships. For example, the government is 26 00:01:33,480 --> 00:01:36,080 Speaker 2: more than a handful of sort of infrastructure projects. The 27 00:01:36,120 --> 00:01:39,040 Speaker 2: mainly in the infrastructure area that it is keen to build, 28 00:01:39,160 --> 00:01:42,080 Speaker 2: and it is less inclined to borrow the money and 29 00:01:42,080 --> 00:01:45,000 Speaker 2: do the building themselves as New Zealanders tended to do 30 00:01:45,040 --> 00:01:47,160 Speaker 2: in the past. You know, you borrow a whole lot 31 00:01:47,200 --> 00:01:48,120 Speaker 2: of money and. 32 00:01:48,000 --> 00:01:49,560 Speaker 3: You build a tunnel or whatever. 33 00:01:49,760 --> 00:01:52,720 Speaker 2: The government is keen to partner up with private investors 34 00:01:52,760 --> 00:01:57,360 Speaker 2: overseas who will raise the capital themselves, partner with builders 35 00:01:57,360 --> 00:01:59,240 Speaker 2: to deliver the project. They'll run it for a certain 36 00:01:59,280 --> 00:02:02,880 Speaker 2: amount of time. I mean, this is all sort of hypothetical. 37 00:02:02,960 --> 00:02:05,520 Speaker 2: These contracts look different depending on the project, but that's 38 00:02:05,520 --> 00:02:08,840 Speaker 2: just sort of your boilerplate example of how it works. 39 00:02:08,840 --> 00:02:11,760 Speaker 2: So the government's basically got a lot of infrastructure projects. 40 00:02:11,760 --> 00:02:14,880 Speaker 2: That's key to tickets in private finance. For these investors 41 00:02:14,880 --> 00:02:16,960 Speaker 2: from overseas are coming to have a look at them 42 00:02:17,040 --> 00:02:18,640 Speaker 2: and see if they if they stack out. 43 00:02:18,880 --> 00:02:22,280 Speaker 1: In layman terms, it's basically a big sales pitch to 44 00:02:22,320 --> 00:02:23,079 Speaker 1: the world, right. 45 00:02:23,840 --> 00:02:26,880 Speaker 2: Yeah, it's a it's a public private partnership sales convention. 46 00:02:27,000 --> 00:02:27,240 Speaker 3: Really. 47 00:02:27,760 --> 00:02:30,000 Speaker 2: They come in and if they like what they see, 48 00:02:30,080 --> 00:02:32,400 Speaker 2: they'll they'll ope ab out their walllets and potentially invested that. 49 00:02:32,720 --> 00:02:34,720 Speaker 1: Okay, So what are some of the key businesses that 50 00:02:34,760 --> 00:02:37,200 Speaker 1: are going to be in attendance because we're looking at 51 00:02:37,240 --> 00:02:38,760 Speaker 1: around one hundred or so, right. 52 00:02:38,800 --> 00:02:43,160 Speaker 2: Yeah, about one hundred businesses or organizations. Some of them 53 00:02:43,160 --> 00:02:47,120 Speaker 2: are small local construction firms and then you've got like 54 00:02:47,240 --> 00:02:51,480 Speaker 2: large ewe organizations. My Tagic Holdings from the South Island 55 00:02:51,760 --> 00:02:54,359 Speaker 2: is coming up. So these are these are like construction 56 00:02:54,400 --> 00:02:57,040 Speaker 2: and professional services firms, law firms from New Zealand. So 57 00:02:57,080 --> 00:02:59,160 Speaker 2: these are New Zealand firms that would be partnering with 58 00:02:59,200 --> 00:03:02,400 Speaker 2: these seas firms to try and deliver projects. If their 59 00:03:02,480 --> 00:03:05,520 Speaker 2: construction company or help with the legal you know that 60 00:03:05,600 --> 00:03:07,839 Speaker 2: the legal infrastructure of New Zealand. If their law firm. 61 00:03:07,880 --> 00:03:10,840 Speaker 2: You know, if you're you're a big international investment, you 62 00:03:10,840 --> 00:03:11,959 Speaker 2: want to you want to pick up the front of 63 00:03:11,960 --> 00:03:13,720 Speaker 2: a New Zealand lawyer to say, you know, how does 64 00:03:13,760 --> 00:03:15,760 Speaker 2: the r M A, how does the RMA work. That's 65 00:03:15,760 --> 00:03:18,040 Speaker 2: a that's a long conversation. And then you've got larger 66 00:03:18,200 --> 00:03:21,119 Speaker 2: organizations that are keen to get involved like that. They've 67 00:03:21,120 --> 00:03:23,560 Speaker 2: got some some pretty big portfolios at the moment and 68 00:03:23,600 --> 00:03:25,480 Speaker 2: they might be looking to say, you know that they've 69 00:03:25,480 --> 00:03:28,040 Speaker 2: got some local expertise. I mean to use the Nahoo 70 00:03:28,080 --> 00:03:30,360 Speaker 2: example again, they know the South Island back to front. 71 00:03:30,440 --> 00:03:32,359 Speaker 2: They've got a lot of capital themselves, but they might 72 00:03:32,400 --> 00:03:34,720 Speaker 2: want to partner up with a with an even larger 73 00:03:35,480 --> 00:03:39,280 Speaker 2: investment front from overseas to to do something to match 74 00:03:39,320 --> 00:03:41,440 Speaker 2: the capital and skills that I've got with with even 75 00:03:41,440 --> 00:03:44,000 Speaker 2: more capital from offshore. So that's the that's the local 76 00:03:44,040 --> 00:03:47,200 Speaker 2: side of things like Morrison's as there as well that 77 00:03:47,200 --> 00:03:50,760 Speaker 2: there are large New Zealand firm that that that manages funds. 78 00:03:50,840 --> 00:03:52,320 Speaker 3: You know, it's not it's not all international. 79 00:03:52,600 --> 00:03:55,760 Speaker 2: Then you've got some some large sort of blue chip 80 00:03:55,840 --> 00:03:59,960 Speaker 2: firms from overseas. So CVPQ, which is a big Canadian 81 00:04:00,080 --> 00:04:03,280 Speaker 2: and investment investment fund. They were the ones who were 82 00:04:03,280 --> 00:04:05,840 Speaker 2: looking at doing the Auckland light Rail public private partnership 83 00:04:05,840 --> 00:04:07,800 Speaker 2: from a few years ago before they've done before that 84 00:04:08,080 --> 00:04:08,600 Speaker 2: fell apart. 85 00:04:08,680 --> 00:04:09,320 Speaker 3: That's one of them. 86 00:04:09,440 --> 00:04:11,760 Speaker 2: You've got City Bank, one of the big American banks, 87 00:04:11,840 --> 00:04:15,360 Speaker 2: but some of the large Chinese Chinese banks which which 88 00:04:15,360 --> 00:04:17,640 Speaker 2: have a claim to being some of the some of 89 00:04:17,640 --> 00:04:20,760 Speaker 2: the largest banks in the world, head Construction, so they're 90 00:04:20,800 --> 00:04:25,239 Speaker 2: involved in the transmission gully provate public private partnership. China 91 00:04:25,279 --> 00:04:29,040 Speaker 2: Construction Bank, another very large Chinese bank, Hyundai, well a 92 00:04:29,040 --> 00:04:31,400 Speaker 2: member of the Hyundai group, so that that they were 93 00:04:31,400 --> 00:04:34,560 Speaker 2: obviously involved in the in the Theory project that that 94 00:04:34,560 --> 00:04:37,360 Speaker 2: that hasn't been going so well, but but that clearly 95 00:04:37,600 --> 00:04:40,279 Speaker 2: still interested enough to come over. So your big big films. 96 00:04:40,320 --> 00:04:43,160 Speaker 2: So there are also some Kiwi savers providers like Milford 97 00:04:43,240 --> 00:04:46,400 Speaker 2: Milford Asset Management who obviously do managed funds, but they 98 00:04:46,440 --> 00:04:49,200 Speaker 2: also run quite a popular kiwisaver so that they're here 99 00:04:49,240 --> 00:04:50,840 Speaker 2: on the on the New Zealand side of things, mid 100 00:04:50,880 --> 00:04:53,600 Speaker 2: Tubishi's here. So some really some really big names and 101 00:04:53,640 --> 00:04:56,200 Speaker 2: familiar names. But I think you have our colleagues across 102 00:04:56,200 --> 00:04:58,800 Speaker 2: the corridor at Businesses have done some some good reporting 103 00:04:58,839 --> 00:05:00,800 Speaker 2: on this that there are some big since thes as well, 104 00:05:00,880 --> 00:05:02,920 Speaker 2: like you know, the government's were making a big push 105 00:05:03,080 --> 00:05:06,440 Speaker 2: to Abu Dhabi and sorry, the United Barer Emirates and 106 00:05:06,560 --> 00:05:09,200 Speaker 2: some of the large and some of the large immorti 107 00:05:10,360 --> 00:05:13,320 Speaker 2: funds are not are not here. So so look it's yeah, 108 00:05:13,520 --> 00:05:15,040 Speaker 2: you can you can find some big names, but there 109 00:05:15,040 --> 00:05:17,480 Speaker 2: are also some some some places, some some firms that 110 00:05:17,480 --> 00:05:19,760 Speaker 2: you'd expect to see that that that that are not there. 111 00:05:19,920 --> 00:05:22,279 Speaker 1: Yees, So looking at that choice of firms and I 112 00:05:22,320 --> 00:05:25,039 Speaker 1: guess also the firms that that are not going to 113 00:05:25,040 --> 00:05:28,200 Speaker 1: be attending. What does that really say about what this 114 00:05:28,320 --> 00:05:29,480 Speaker 1: government is targeting? 115 00:05:29,800 --> 00:05:32,680 Speaker 3: The government is quite kean philosophically. 116 00:05:32,680 --> 00:05:34,760 Speaker 2: The government thinks that New Zealand would be better off if 117 00:05:34,800 --> 00:05:38,400 Speaker 2: it were more connected to international capital markets. If if 118 00:05:38,480 --> 00:05:41,320 Speaker 2: if New Zealand was seen as an attractive place to invest, 119 00:05:41,440 --> 00:05:43,400 Speaker 2: that would mean there would be more investment. And when 120 00:05:43,400 --> 00:05:46,480 Speaker 2: there is more investment, arguably the cost of capital decreases 121 00:05:46,520 --> 00:05:49,000 Speaker 2: because people there's so much demand to invest in New 122 00:05:49,040 --> 00:05:51,440 Speaker 2: Zealand that that people are willing to people are people 123 00:05:51,440 --> 00:05:54,000 Speaker 2: are willing to cut their pricess in theory, so so 124 00:05:54,000 --> 00:05:57,800 Speaker 2: so the government's of philosophical ideas more investment equals more 125 00:05:57,839 --> 00:06:00,280 Speaker 2: and more foreign investment in New Zealand means of all 126 00:06:00,279 --> 00:06:02,400 Speaker 2: the better economy and certainly when you look at the 127 00:06:02,440 --> 00:06:06,360 Speaker 2: relationship between foreign investment and things like productivity, and there's 128 00:06:06,360 --> 00:06:09,640 Speaker 2: some good evidence that foreign investment is good for that. 129 00:06:10,080 --> 00:06:13,080 Speaker 2: In terms of who's invited, I mean, the government doesn't 130 00:06:13,080 --> 00:06:16,400 Speaker 2: want any kind of low profile, kind of not all 131 00:06:16,400 --> 00:06:21,200 Speaker 2: that flash foreign funds coming and and certainly, you know, 132 00:06:21,279 --> 00:06:23,080 Speaker 2: it doesn't look like there's anyone on that list who's 133 00:06:23,120 --> 00:06:25,320 Speaker 2: just making up the numbers for it that way. So 134 00:06:25,320 --> 00:06:28,279 Speaker 2: so credit to the government, I guess that managed to find, 135 00:06:29,279 --> 00:06:31,279 Speaker 2: you know, a fairly solid slate. But the list is 136 00:06:31,279 --> 00:06:34,279 Speaker 2: mainly full of firms that have money to invest and 137 00:06:34,320 --> 00:06:38,080 Speaker 2: then then firms that have the construction, legal professional services 138 00:06:38,160 --> 00:06:41,159 Speaker 2: ability to deliver on on that on that investment, anyone 139 00:06:41,200 --> 00:06:45,719 Speaker 2: with money was probably probably welcome, and then I guess 140 00:06:45,720 --> 00:06:48,640 Speaker 2: you wouldn't want any kind of sort of dark money obviously, 141 00:06:48,680 --> 00:06:50,560 Speaker 2: but it doesn't appear that that's is the case. 142 00:06:53,400 --> 00:06:56,040 Speaker 4: With the schools, a private partner comes along and build 143 00:06:56,120 --> 00:06:58,720 Speaker 4: the school and then rather than just building something and 144 00:06:58,800 --> 00:07:01,600 Speaker 4: handing over to the ministry or school to maintain, which 145 00:07:01,640 --> 00:07:03,440 Speaker 4: you know, I think anyone listening will know from our 146 00:07:03,440 --> 00:07:06,920 Speaker 4: school property experience, the government has done really badly. It's 147 00:07:06,920 --> 00:07:09,080 Speaker 4: while we have rocking school buildings all over the country. 148 00:07:10,120 --> 00:07:15,000 Speaker 4: In a PPP a deliverer of the project in maintainment 149 00:07:15,560 --> 00:07:18,000 Speaker 4: for twenty five thirty years now. We've paid that so 150 00:07:18,040 --> 00:07:20,520 Speaker 4: it's not going maintenance, but that's built into the contract 151 00:07:20,920 --> 00:07:23,280 Speaker 4: and as an availability of payment and a maintenance payment 152 00:07:23,320 --> 00:07:25,080 Speaker 4: and all of those things. But they have to maintain 153 00:07:25,120 --> 00:07:29,160 Speaker 4: it to specified performance standards. And anyone who visits the 154 00:07:29,800 --> 00:07:32,040 Speaker 4: PPP schools that we have out there now will know 155 00:07:32,080 --> 00:07:35,120 Speaker 4: that are really well maintained. They're very high quality schools 156 00:07:35,120 --> 00:07:36,320 Speaker 4: and so you get what you're paid for. 157 00:07:40,720 --> 00:07:43,880 Speaker 1: Private public partnerships are something that this government is keen on, 158 00:07:43,960 --> 00:07:46,840 Speaker 1: but Business Desk reported last week that there aren't actually 159 00:07:46,920 --> 00:07:49,440 Speaker 1: that many ready to go in the near term. 160 00:07:49,640 --> 00:07:51,760 Speaker 3: Is that correct, Yeah, that's correct. 161 00:07:51,760 --> 00:07:55,280 Speaker 2: There's the government publishes these investment statements every cord. I 162 00:07:55,320 --> 00:07:58,200 Speaker 2: believe they were started by labor, but the current government 163 00:07:58,480 --> 00:08:01,800 Speaker 2: has begun publishing them more regular so that people labor. 164 00:08:01,880 --> 00:08:05,240 Speaker 2: Labor wasn't so so flash on publishing them in a 165 00:08:05,320 --> 00:08:08,200 Speaker 2: timely manner, so that the government, the government's publishing them 166 00:08:08,320 --> 00:08:10,160 Speaker 2: very regularly, so you get a look up of the 167 00:08:10,160 --> 00:08:13,160 Speaker 2: hood at what's happening investment wise, and at the moment, Yeah, 168 00:08:13,160 --> 00:08:17,000 Speaker 2: there there aren't very many PPPs ready to go to market, 169 00:08:17,320 --> 00:08:19,520 Speaker 2: just for I think are the first stage of the 170 00:08:19,520 --> 00:08:21,680 Speaker 2: Northland Expressway, which to be fair is a very large 171 00:08:21,720 --> 00:08:24,640 Speaker 2: PPP if that happens, and then a couple of smaller projects. 172 00:08:24,720 --> 00:08:26,840 Speaker 2: Chris Bishop, I think, in that story said that actually 173 00:08:26,920 --> 00:08:28,560 Speaker 2: that's quite a lot to go to market with it once, 174 00:08:28,640 --> 00:08:31,480 Speaker 2: and I guess you know, he's probably right, mainly because 175 00:08:31,480 --> 00:08:34,400 Speaker 2: that Northland Expressway projects so big. But certainly, you know, 176 00:08:34,400 --> 00:08:36,400 Speaker 2: if you if you're having all these people too Ortland 177 00:08:36,520 --> 00:08:38,679 Speaker 2: for the summit, you'll want to have a deeper, a 178 00:08:38,720 --> 00:08:41,559 Speaker 2: bigger stand to offer. The government is saying, well, look, 179 00:08:41,640 --> 00:08:44,040 Speaker 2: this is just the start, and this part of this 180 00:08:44,240 --> 00:08:46,920 Speaker 2: is about forging relationships with these businesses so that in 181 00:08:46,960 --> 00:08:48,880 Speaker 2: the long term, is we have more of these PPPs 182 00:08:48,920 --> 00:08:50,560 Speaker 2: go to market, that New Zealand is sort of a 183 00:08:50,559 --> 00:08:54,320 Speaker 2: trusted and reliable partner for them, and so perhaps the 184 00:08:54,400 --> 00:08:57,480 Speaker 2: relationships that are built at this at this summit leads 185 00:08:57,600 --> 00:09:00,560 Speaker 2: to PPP investments down the track. But you know, obviously 186 00:09:00,559 --> 00:09:02,760 Speaker 2: that time will tell whether they're right from thinking that, 187 00:09:02,960 --> 00:09:05,079 Speaker 2: But certainly if it goes well, you know, maybe who 188 00:09:05,120 --> 00:09:07,240 Speaker 2: knows five years time, some of these other PPPs go 189 00:09:07,280 --> 00:09:09,199 Speaker 2: to market. Some of the some of the relationships that 190 00:09:09,200 --> 00:09:12,280 Speaker 2: will forged this week be a fruit from terms of investment. 191 00:09:24,600 --> 00:09:26,960 Speaker 1: Labour's Farbara Edmonds is going to be there. Does this 192 00:09:27,000 --> 00:09:30,040 Speaker 1: suggest that we might finally see some cross party consensus 193 00:09:30,120 --> 00:09:33,240 Speaker 1: on infrastructure. Surely Labor has some different priorities on what 194 00:09:33,320 --> 00:09:34,760 Speaker 1: infrastructure it wants to see built. 195 00:09:34,880 --> 00:09:35,040 Speaker 3: Yeah. 196 00:09:35,120 --> 00:09:38,200 Speaker 2: I think one of the main things for Labor, one 197 00:09:38,240 --> 00:09:40,840 Speaker 2: of the main things for PPPs in general, is market certainty. 198 00:09:40,880 --> 00:09:43,880 Speaker 2: When things go really bad, a new government comes and 199 00:09:44,000 --> 00:09:47,400 Speaker 2: rips up contracts and changes the investment environment, and that 200 00:09:47,520 --> 00:09:49,839 Speaker 2: means that as a country, investors are less likely to 201 00:09:49,880 --> 00:09:51,560 Speaker 2: come here and sit up shop because they don't know 202 00:09:51,600 --> 00:09:52,880 Speaker 2: what the next government's going to do. 203 00:09:52,960 --> 00:09:53,080 Speaker 3: Now. 204 00:09:53,080 --> 00:09:55,320 Speaker 2: When Labor got into office last time around, it was 205 00:09:55,360 --> 00:09:57,839 Speaker 2: not philosophically very keen on PPPs, but. 206 00:09:57,800 --> 00:09:59,160 Speaker 3: It didn't rip up any contracts. 207 00:09:59,200 --> 00:10:02,160 Speaker 2: You know that the Transmission Gully PPP was finished and 208 00:10:02,400 --> 00:10:04,360 Speaker 2: had a funding top up and then opened by Labor. 209 00:10:04,440 --> 00:10:06,000 Speaker 2: Quite the fact that Labor wasn't very keen on the 210 00:10:06,040 --> 00:10:09,240 Speaker 2: idea of PPPs, it's still it's still allowed the project 211 00:10:09,280 --> 00:10:12,320 Speaker 2: to go ahead. And and so I think the fact 212 00:10:12,320 --> 00:10:14,800 Speaker 2: that Barbaria Edmonds is there sort of says like, hey, look, 213 00:10:14,840 --> 00:10:17,600 Speaker 2: you know, we're obviously with a labor party. We absolutely 214 00:10:17,640 --> 00:10:21,360 Speaker 2: different values and views on doing infrastructure, but don't be 215 00:10:21,400 --> 00:10:24,360 Speaker 2: afraid of the sovereign risk aspect to investing in New 216 00:10:24,440 --> 00:10:27,000 Speaker 2: Zealand because we're pro investment too. So I think there's 217 00:10:27,000 --> 00:10:29,080 Speaker 2: actually quite a big thing that she is there, quite 218 00:10:29,080 --> 00:10:31,840 Speaker 2: a big signal to those investors to come here, and particularly, 219 00:10:32,080 --> 00:10:33,480 Speaker 2: you know when you see all the crazy stuff that's 220 00:10:33,520 --> 00:10:36,600 Speaker 2: happening in the United States and actually some crazy stuff 221 00:10:36,600 --> 00:10:38,680 Speaker 2: that's happening in Europe and South am Euerica too, these 222 00:10:38,760 --> 00:10:41,400 Speaker 2: these big funds might look at you know, boring old 223 00:10:41,400 --> 00:10:43,880 Speaker 2: New Zealand and think, well, great, invest a few hundred 224 00:10:43,880 --> 00:10:46,000 Speaker 2: million dollars in building a road, and we've got this 225 00:10:46,320 --> 00:10:49,120 Speaker 2: asset which makes money for us over over a few decades, 226 00:10:49,200 --> 00:10:51,199 Speaker 2: and the future government isn't going to come along and 227 00:10:51,720 --> 00:10:53,640 Speaker 2: rip it up and cost us, you know, one hundreds 228 00:10:53,640 --> 00:10:55,560 Speaker 2: of millions of dollars. That the fact that that Barbaria 229 00:10:55,640 --> 00:10:57,719 Speaker 2: Edmonds is there gives them a lot of a lot 230 00:10:57,720 --> 00:11:00,319 Speaker 2: of certainty. I think that whatever happens their investments, I say, 231 00:11:00,520 --> 00:11:03,120 Speaker 2: under a future government, because obviously these projects will last 232 00:11:03,120 --> 00:11:05,199 Speaker 2: for decades, and you know in New Zealand, like the 233 00:11:05,240 --> 00:11:08,520 Speaker 2: longest the longest government we've had do we tend to 234 00:11:08,559 --> 00:11:10,600 Speaker 2: have these days as a nine year government. So you know, 235 00:11:11,000 --> 00:11:13,520 Speaker 2: whatever whatever happens with these investments, these investors know that 236 00:11:14,040 --> 00:11:15,920 Speaker 2: and then not to just in future there will be 237 00:11:15,920 --> 00:11:17,520 Speaker 2: another government and they want to make sure that their 238 00:11:17,559 --> 00:11:19,040 Speaker 2: investments safe under their government too. 239 00:11:19,200 --> 00:11:22,560 Speaker 1: Economic growth is a key priority for the government this year. 240 00:11:22,600 --> 00:11:24,640 Speaker 1: Do you think that that's resonating with voters. 241 00:11:25,240 --> 00:11:26,640 Speaker 3: It's a good question. I think. 242 00:11:27,160 --> 00:11:29,960 Speaker 2: I think voters would like to see economic growth because 243 00:11:30,040 --> 00:11:33,200 Speaker 2: economic growth is usually a good thing. So I think 244 00:11:33,400 --> 00:11:35,880 Speaker 2: because we haven't had very good economic growth for the 245 00:11:35,960 --> 00:11:39,160 Speaker 2: last few years, I imagine voters are thinking, yes, police, 246 00:11:39,160 --> 00:11:40,000 Speaker 2: we would like some of that. 247 00:11:40,040 --> 00:11:40,319 Speaker 3: Please. 248 00:11:41,320 --> 00:11:45,080 Speaker 2: You know, it means generally means higher incomes and a 249 00:11:45,120 --> 00:11:48,160 Speaker 2: good of life for New Zealanders. So I think voters 250 00:11:48,200 --> 00:11:50,480 Speaker 2: would like to see economic growth, whether or not heavy 251 00:11:50,520 --> 00:11:53,720 Speaker 2: with the tactics and the methods of the government is 252 00:11:53,800 --> 00:11:57,079 Speaker 2: using to get their economic growth, more foreign investment in particular. 253 00:11:57,640 --> 00:12:00,000 Speaker 2: That's that's that remains to be seen. There's a ten 254 00:12:00,000 --> 00:12:02,559 Speaker 2: Expayers Union poll out recently which actually showed that voters 255 00:12:02,600 --> 00:12:07,120 Speaker 2: were pretty supportive of more tourism, international students and the like. 256 00:12:07,320 --> 00:12:10,280 Speaker 2: So most of the government's policy leaders that it's looking 257 00:12:10,280 --> 00:12:13,800 Speaker 2: at using are supported by by a decent number of voters. 258 00:12:13,880 --> 00:12:16,920 Speaker 2: So so yeah, I suppose based on that poll voters 259 00:12:17,240 --> 00:12:19,600 Speaker 2: like what they're seeing. Obviously most current polling, here's the 260 00:12:19,640 --> 00:12:24,079 Speaker 2: government behind the opposition. So I suppose you know what, 261 00:12:24,160 --> 00:12:26,160 Speaker 2: what does that say? Well, that says the voters is 262 00:12:26,200 --> 00:12:29,800 Speaker 2: not very happy with the current government. Although whether whether 263 00:12:29,840 --> 00:12:32,800 Speaker 2: that those poles will reversed out once we get economic growth. 264 00:12:33,559 --> 00:12:36,040 Speaker 2: You know, typically based on what we've seen in the past, 265 00:12:36,320 --> 00:12:38,600 Speaker 2: when the economy is doing well, the government the government's 266 00:12:38,640 --> 00:12:41,960 Speaker 2: position and the polls improves. So maybe that's what that's 267 00:12:41,960 --> 00:12:44,280 Speaker 2: what the government's hoping for, is that is that once 268 00:12:44,320 --> 00:12:46,480 Speaker 2: they get the economic growth, if they get economic growth, 269 00:12:46,640 --> 00:12:49,600 Speaker 2: some of that pollingly that the opposition currently enjoys will 270 00:12:49,640 --> 00:12:50,680 Speaker 2: will reverse. 271 00:12:50,360 --> 00:12:55,240 Speaker 3: Out way for polling. 272 00:12:55,320 --> 00:12:57,880 Speaker 5: So Forny, look, I mean, we've got you know, it's 273 00:12:57,920 --> 00:13:00,400 Speaker 5: a tough time for Kiwi's poles are bouncing around a lot. 274 00:13:00,960 --> 00:13:03,240 Speaker 5: Our job is to focus on what New Zealanders want 275 00:13:03,280 --> 00:13:05,320 Speaker 5: and that is all about us fixing the economy and 276 00:13:05,320 --> 00:13:07,880 Speaker 5: making sure we get money into Kiwi's back pockets, and 277 00:13:08,280 --> 00:13:09,640 Speaker 5: I can tell you don't give a lot of thought. 278 00:13:09,760 --> 00:13:11,760 Speaker 5: I'm here each and every day making sure that we're 279 00:13:11,760 --> 00:13:14,559 Speaker 5: actually growing the economy. That's why we're doing the infrastructure summit, 280 00:13:14,600 --> 00:13:16,520 Speaker 5: That's why we're going to India. Those are the things 281 00:13:16,520 --> 00:13:17,880 Speaker 5: that are actually going to power up the economy and 282 00:13:17,880 --> 00:13:19,440 Speaker 5: get Kiyi's more cash in the pop us so that 283 00:13:19,480 --> 00:13:22,360 Speaker 5: there's a trend of labor overtaking you. Well, I just 284 00:13:22,400 --> 00:13:25,240 Speaker 5: say to you, look, I never have obsessed too much 285 00:13:25,280 --> 00:13:27,560 Speaker 5: on poles, as you know when we've talked about them 286 00:13:27,600 --> 00:13:28,959 Speaker 5: in the past, and it's the same position. 287 00:13:30,480 --> 00:13:30,680 Speaker 3: Yeah. 288 00:13:30,679 --> 00:13:33,400 Speaker 1: Well, on the subject of polls, there was a Horizon 289 00:13:33,480 --> 00:13:36,120 Speaker 1: Research poll and stuff this week that found that thirty 290 00:13:36,200 --> 00:13:39,679 Speaker 1: nine percent of respondents were concerned about the coalition's performance. 291 00:13:39,960 --> 00:13:43,000 Speaker 1: Thirty eight percent were disappointed, compared to only ten percent 292 00:13:43,040 --> 00:13:45,560 Speaker 1: who felt pleased. So does this put some pressure on 293 00:13:45,679 --> 00:13:48,920 Speaker 1: the summit succeeding to really turn things around, or is 294 00:13:48,960 --> 00:13:51,960 Speaker 1: this just one small part of a bigger issue for 295 00:13:52,000 --> 00:13:52,520 Speaker 1: the coalition? 296 00:13:53,320 --> 00:13:57,559 Speaker 2: Well, polls, that's like, it's a quite interestingly worded question. 297 00:13:57,760 --> 00:14:00,200 Speaker 2: I suppose it's in the polling question. I mean, not 298 00:14:00,280 --> 00:14:04,160 Speaker 2: your question that those poles sort it's quite it sounds 299 00:14:04,200 --> 00:14:06,360 Speaker 2: quite similar to a right track wrong track question, which 300 00:14:06,360 --> 00:14:07,640 Speaker 2: is do you feel like the countries on the right 301 00:14:07,679 --> 00:14:09,720 Speaker 2: track and do you feel or on the wrong track? 302 00:14:09,800 --> 00:14:12,079 Speaker 2: And so voters feel like the countries are on the 303 00:14:12,120 --> 00:14:14,599 Speaker 2: wrong track, that tends to vote very bad as a 304 00:14:14,679 --> 00:14:17,360 Speaker 2: leading indicator for the party vote performance. So if the 305 00:14:17,480 --> 00:14:20,160 Speaker 2: voters are feeling negatively about the government, about the country 306 00:14:20,240 --> 00:14:22,440 Speaker 2: and the direction it's on, that tends to show up 307 00:14:22,480 --> 00:14:24,960 Speaker 2: in a few weeks or months and the party vote 308 00:14:24,960 --> 00:14:28,000 Speaker 2: performance of the government. Yeah, I think what their horizon 309 00:14:28,000 --> 00:14:30,080 Speaker 2: poll shows is what a number of right and wrong 310 00:14:30,120 --> 00:14:32,880 Speaker 2: track tolls and economic sentiment polls are shown, which is 311 00:14:32,880 --> 00:14:34,840 Speaker 2: that people are not feeling very good. People are not 312 00:14:34,880 --> 00:14:37,120 Speaker 2: feeling very good about the state of the economy and 313 00:14:37,160 --> 00:14:39,680 Speaker 2: the country, and therefore the government that runs the country 314 00:14:39,720 --> 00:14:42,960 Speaker 2: is not performing well. Like that does for pressure, I mean, 315 00:14:43,040 --> 00:14:44,560 Speaker 2: not so much on the summit, Like I don't think 316 00:14:44,640 --> 00:14:47,920 Speaker 2: the government is going to succeed or failed depending on 317 00:14:47,960 --> 00:14:50,160 Speaker 2: the summit, but it does put pressure on the government 318 00:14:50,560 --> 00:14:53,280 Speaker 2: to sort of actually deliver something tangible to voters before 319 00:14:53,320 --> 00:14:55,760 Speaker 2: the next election, just so it does have something to say, 320 00:14:55,800 --> 00:14:57,840 Speaker 2: you know, to vote as well that we're making the 321 00:14:57,840 --> 00:15:01,520 Speaker 2: country better because because of the exposed and I suppose 322 00:15:01,880 --> 00:15:04,840 Speaker 2: whether summit might be successful and achieving their aim as 323 00:15:04,840 --> 00:15:08,040 Speaker 2: if the summit's able to court investment from someone and 324 00:15:08,160 --> 00:15:11,520 Speaker 2: because of that investment and infrastructure project is accelerated. The 325 00:15:11,560 --> 00:15:15,240 Speaker 2: ex party has this idea of accelerating infrastructure investment by 326 00:15:15,360 --> 00:15:18,040 Speaker 2: simply allowing more or less say well, look, if you 327 00:15:18,080 --> 00:15:20,240 Speaker 2: want to if there's any infrastructure project out there that 328 00:15:20,520 --> 00:15:22,400 Speaker 2: you think you can build and with no assistance from 329 00:15:22,400 --> 00:15:25,480 Speaker 2: the government, then you know, we would like to hear 330 00:15:25,520 --> 00:15:27,840 Speaker 2: from you. And if you can do it without us 331 00:15:27,840 --> 00:15:29,800 Speaker 2: putting up any money, then there's a chance you'll be. 332 00:15:29,800 --> 00:15:30,320 Speaker 3: Able to do it. 333 00:15:30,400 --> 00:15:32,000 Speaker 2: And then they look at that as a way of 334 00:15:32,040 --> 00:15:35,200 Speaker 2: accelerating investment, you know, or even when you look at 335 00:15:35,200 --> 00:15:36,720 Speaker 2: the roads that we want to build over the next 336 00:15:36,720 --> 00:15:39,240 Speaker 2: of thirty thirty years, we have a long pipeline of roads. 337 00:15:39,280 --> 00:15:41,240 Speaker 2: If a private investor comes and says, look, you know 338 00:15:41,280 --> 00:15:43,240 Speaker 2: that road that you want to build in fifteen years time, 339 00:15:43,360 --> 00:15:44,840 Speaker 2: I could do that as a PvP if you let 340 00:15:44,880 --> 00:15:47,280 Speaker 2: me start tomorrow, And that sort of works that way 341 00:15:47,360 --> 00:15:50,160 Speaker 2: where private investors look at the slate and if they 342 00:15:50,360 --> 00:15:52,080 Speaker 2: like something or else they can bring it forward, maybe 343 00:15:52,280 --> 00:15:55,480 Speaker 2: very downstream of this summit. You see stuff like that, 344 00:15:55,600 --> 00:15:57,400 Speaker 2: and the government would would then be able to go 345 00:15:57,400 --> 00:15:59,000 Speaker 2: to verses and say, look, as a result of our 346 00:15:59,040 --> 00:16:02,080 Speaker 2: investment changes, result of us courting this capital, we've actually 347 00:16:02,360 --> 00:16:05,000 Speaker 2: started to close the infrastructure deficite thanks to private capital. 348 00:16:05,120 --> 00:16:06,840 Speaker 2: You know, I'm not sure you'll see a massive changes 349 00:16:06,840 --> 00:16:09,440 Speaker 2: before the election though, because these things, particularly in the 350 00:16:09,440 --> 00:16:12,160 Speaker 2: infrastructure world, things move pretty slow, So I wouldn't be 351 00:16:12,200 --> 00:16:13,320 Speaker 2: getting ahead of myself. 352 00:16:13,840 --> 00:16:17,000 Speaker 1: Yeah, Like, are you expecting it to go well or yeah? 353 00:16:17,120 --> 00:16:20,000 Speaker 1: Is it just too short term thinking to think in 354 00:16:20,080 --> 00:16:22,040 Speaker 1: terms of success or failure about this? 355 00:16:22,960 --> 00:16:25,920 Speaker 2: I think if we see some projects Anington in the 356 00:16:26,040 --> 00:16:28,120 Speaker 2: short term, then I think it will be a success. 357 00:16:28,200 --> 00:16:31,360 Speaker 2: But I yeah, I don't. I wouldn't be expecting something 358 00:16:31,520 --> 00:16:32,680 Speaker 2: too tangible from it. 359 00:16:32,760 --> 00:16:34,840 Speaker 3: Thanks for joining us, Thomas no Wiries. Thank you. 360 00:16:38,200 --> 00:16:40,320 Speaker 1: That's it for this episode of The Front Page. You 361 00:16:40,320 --> 00:16:43,080 Speaker 1: can read more about today's stories and extensive news coverage 362 00:16:43,120 --> 00:16:45,840 Speaker 1: at zidherld dot co dot nzen. The Front Page is 363 00:16:45,840 --> 00:16:48,880 Speaker 1: produced by Ethan Sills. I'm Richard Martin. Subscribe to the 364 00:16:48,920 --> 00:16:52,120 Speaker 1: Front Page on iHeartRadio or wherever you get your podcasts, 365 00:16:52,160 --> 00:16:55,000 Speaker 1: and tune in tomorrow for another look behind the headlines.